TCRAP_Public/060608.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 8, 2006, Vol. 9, No. 113


                            Headlines

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

AARON TRANSPORT: Shareholders Opt for Voluntary Winding-up
AMVIA (NZ) LIMITED: Creditors Must Prove Debts by June 29
ANS CORP: Inability to Pay Debt Prompts Liquidation
AUTO TECH: Court to Hear Liquidation Petition on July 6
BANGALOE INVESTMENT: Members Opt for Voluntary Liquidation

BARRINGTON INDUSTRIES: Final Meeting Set for June 9
BOB COTTER: To Declare Dividend on June 14
BOLDERWOOD INDUSTRIES: Creditors' Proofs of Claim Due on June 30
DOMUS INVESTMENTS: Placed Under Voluntary Liquidation
DREAMWOOD PROPERTIES: Creditors Must Submit Claims by June 30

ERNEST KING: Members Agree to Wind Up Business
EVANS & TATE: Court Dismisses Wind-Up Petition
EVERGREEN MEMORIAL: To Distribute Final Dividend on June 14
F & D MARDEL: Members Name Joint Liquidators
FELTEX CARPETS: Looks Forward to Better Market Conditions

HEALTHCARE PROPERTIES: Receivers and Managers Appointed
INVESTMENT ADVISORY: Enters Liquidation Proceedings
JJ HAMILTON: Court to Hear Liquidation Bid on June 13
MOUNTAINGLOW PTY: Members Resolve to Wind Up Firm
MUDDY FARMER: Liquidation Hearing Slated for July 13

NATIONAL FINANCE 2000: Secured Investors May Get 30% Back
PERSPICACIOUS MEDIA: Members Resolve to Wind Up Company
PRAXIS CAFE: Liquidation Process Commenced
QANTAS AIRWAYS: S&P Revises Rating Outlook to Negative
SR ENTERTAINMENT: Members Resolve to Wind Up Firm

VELOCITY HOLDINGS: CIR Files Liquidation Petition
WINK DEVELOPMENTS: Liquidator to Present Wind-Up Report


C H I N A   &   H O N G  K O N G

BILL YEE: Members Final Meeting Set on July 14
EUROTEX LIMITED: Liquidators Cease to Act for Company
EVERYLUCK DEVELOPMENT: Court to Hear Winding-up Bid on July 5
FENIMORE ENTERPRISES: Members to Receive Wind-up Report July 4
HUTCHISON SATELLITE: Liquidator to Present Wind-up Report

KWAI HAI: Members Opt for Voluntary Winding-up
KWAN YIU: Faces Winding-up Proceedings
LEE SUN: Creditors and Contributories to Meet on June 27
MATRIX INDUSTRIES: Members & Creditors Meetings Set on July 6
ONE CLICK: Court to Hear Winding-up Petition on June 21

PACIFIC WINES: Creditors' Proofs of Claim Due on June 18
R A UNITED: Members Agree to Wind up Operations
ROYAL & SUN: Creditors' Proofs of Claim Due on July 5
SEAPOWER BULLION: Receives Creditors' Claims Until June 19
WORLDTEX LIMITED: Creditors Must Prove Debts by June 30


I N D I A

BHARAT PETROLEUM: Starts Lube Oil Making in Mumbai
DUNLOP INDIA: Shelves Aircraft Tire Manufacturing Venture


I N D O N E S I A

GARUDA INDONESIA: Aims to Complete Restructuring This Year


J A P A N

LIVEDOOR COMPANY: Fund Adviser Questions Meeting Agenda
PIONEER CORP: To Increase Plasma TV Panel Production
SANYO ELECTRIC: Will Repair Defective Mobile Phones for Free


K O R E A

CITIBANK KOREA: Fined KRW550 Million for Lending Irregularities
* Korean Economy Faces "Growing Dangers" in the Second Half


M A L A Y S I A

BUKIT KATIL: Third Quarter Results Show Poor Performance
COMSA FARMS: March 31 Balance Sheet Shows Strained Liquidity
DENKO INDUATRIAL: Posts Results for 1Q/FY2006
FOREMOST HOLDINGS: Revenue Drops 29% to MYR6.5 Million
FURQAN BUSINESS: Releases Third Quarter Financial Report

KAI PENG: Net Loss Jumps to MYR23.1 Million in Third Quarter
KAMDAR GROUP: Revenue and Losses Drop in First Quarter
MALAYSIA AIRLINES: Unwanted Routes Switched to FAX Start-up
METROPLEX BERHAD: Court to Hear Wind-Up Matters on June 12
PANGLOBAL BERHAD: Posts Lower Losses in 1Q/FY2006

PSC INDUSTRIES: Provides Update on Default Status
SETEGAP BERHAD: Books MYR3-Million Pre-tax Loss in First Quarter


P H I L I P P I N E S

HACIENDA LUISITA: Asks SC to Halt Land Distribution
STENIEL MANUFACTURING: Defaults on PHP690M Bank Debts
STENIEL MANUFACTURING: Trims Net Loss by 60.44% in First Quarter
ZEUS HOLDINGS: Incurs PHP238,520 Loss in First Quarter
* Low Investor Confidence Leads to Slump in Pre-Need Plan Sales


S I N G A P O R E

ACCORD CUSTOMER: Changes Name to mDR Limited
CREATIVE TECHNOLOGY: Apple Files Second Counter-Suit
LIANG HUAT: Ho Lee Group Secures Whitewash Waiver from SIC
SEE HUP SENG: CAD Probes Aborted 2004 Transaction
VIE SHIPPING: Pays Dividend to Preferential Creditors

VIKNESH JEWELLERS: Creditors' Meeting Slated for June 14


T H A I L A N D

SIAM AGRO: Auditor Says Balance Sheet is Stronger for 1st Qtr

     - - - - - - - -

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

AARON TRANSPORT: Shareholders Opt for Voluntary Winding-up
----------------------------------------------------------
Shareholders of Aaron Transport (2000) Ltd on May 5, 2006,
resolved to voluntary wind up the Company's operations and
appoint C.G. Carr as liquidator.

On May 31, 2006, the Troubled Company Reporter - Asia Pacific
reported that Teamtalk Ltd filed an application to liquidate the
Company before the Court of Auckland and is set to hear the
application on June 15, 2006.

Contact: C. G. Carr
         P.O. Box 109-266
         Newmarket, Auckland
         New Zealand
         Telephone: (09) 634 3744
         Facsimile: (09) 634 3740


AMVIA (NZ) LIMITED: Creditors Must Prove Debts by June 29
---------------------------------------------------------
Shareholders of Amvia (NZ) on May 25, 2006, appointed Peri
Micaela Finnigan and Victoria Toon as liquidators to act jointly
and severally for the Company.

The Liquidators will be receiving proofs of claim from the
Company's creditors until June 29, 2006.

Contact: Peri Finnigan
         McDonald Vague
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz


ANS CORP: Inability to Pay Debt Prompts Liquidation
---------------------------------------------------
On April 19, 2006, members of ANS Corp Pty Limited resolved to
put the Company into voluntary liquidation due to its inability
to pay debts on time.

Susequently, P. Ngan of Chartered Accountants was appointed as
liquidator to oversee the Company's liquidation activities.

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


AUTO TECH: Court to Hear Liquidation Petition on July 6
-------------------------------------------------------
An application to put Auto Tech Mechanical Ltd into liquidation
will be heard before the High Court of Auckland on July 6, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the application before
the High Court on April 27, 2006.

Contact: Jonathan Ridling
         Solicitor for the Plaintiff
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 985 7227


BANGALOE INVESTMENT: Members Opt for Voluntary Liquidation
----------------------------------------------------------
The members of Bangaloe Investments Pty Ltd. convened on April
20, 2006, and decided to wind up the Company's operations and
appoint Garth Desmond Olling and Paul Andrew Billingham as
liquidators.

Contact: Garth Desmond Olling
         Paul Andrew Billingham,
         Liquidators
         Chartered Accountants of Grant Thornton
         Level 17, 383 Kent Street
         Sydney New South Wales 2000
         Australia


BARRINGTON INDUSTRIES: Final Meeting Set for June 9
---------------------------------------------------
Members and creditors of Barrington Industries Pty Ltd. will
convene for their final meeting on June 9, 2006.

At the meeting, Liquidator P. Ngan will report on the Company's
wind-up operations and disposal of property.

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


BOB COTTER: To Declare Dividend on June 14
------------------------------------------
Bob Cotter Tippers Pty. Ltd. will declare its first and final
dividend on June 14, 2006, to the exclusion of creditors who
were unable to prove their claims.

Contact: Gregory Moloney
         Liquidator
         c/- Ferrier Hodgson (Qld)
         Chartered Accountants
         Level 7, 145 Eagle Street
         Brisbane Qld 4000
         Australia


BOLDERWOOD INDUSTRIES: Creditors' Proofs of Claim Due on June 30
----------------------------------------------------------------
Liquidator Barrie McCormick Campbell requires the creditors of
Bolderwood Industries Ltd to submit their proofs of claim by
June 30, 2006.

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

Contact: Barrie McCormick Campbell
         Mabee Halstead & Kiddle Limited
         Auckland, New Zealand
         Telephone: (09) 379 8011
         Facsimile: (09) 309 1910


DOMUS INVESTMENTS: Placed Under Voluntary Liquidation
-----------------------------------------------------
Members of Domus Investments Pty Limited resolved, during a
general meeting on April 20, 2006, to shut down the Company's
operations.

Michael Stephen Hawkins Royal, of Business Improvement and
Restructuring Services, was appointed as liquidator for the
Company.

Contact: Michael Stephen Hawkins Royal
         Liquidator
         Business Improvement and Restructuring Services
         Suite 9, 305 The Kingsway
         Caringbah, New South Wales 2229
         Australia
         Telephone: (02) 9531 8365
         Facsimile: (02) 9531 8367


DREAMWOOD PROPERTIES: Creditors Must Submit Claims by June 30
-------------------------------------------------------------
Liquidator Barrie McCormick Campbell requires the creditors of
Dreamwood Properties Ltd to submit their proofs of claim by
June 30, 2006.

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

Contact: Barrie McCormick Campbell
         Mabee Halstead & Kiddle Limited
         Auckland, New Zealand
         Telephone: (09) 379 8011
         Facsimile: (09) 309 1910


ERNEST KING: Members Agree to Wind Up Business
----------------------------------------------
At a meeting among members of Ernest W. King & Sons Pty Limited
on April 19, 2006, it was decided it is in the Company's best
interests to wind up its operations.

Contact: Brett Anthony Matthews
         Liquidator
         Tait Miller McIntyre & Co
         53 Junction Street,
         Nowra, New South Wales 2541
         Australia


EVANS & TATE: Court Dismisses Wind-Up Petition
----------------------------------------------
On June 6, 2006, the New South Wales Supreme Court dismissed
Australian Beverage Distributors' petition to wind up Evans &
Tate Limited, saying that the proceedings had "caused
considerable" harm to the winemaker, the Sydney Morning Herald
reports.

As reported in the Troubled Company Reporter - Asia Pacific on
May 26, 2006, ABD launched wind-up proceedings against Evans &
Tate and its subsidiary, Evans & Tate Premium Wines Pty Ltd.,
with the NSW Supreme Court on May 24, asserting that Evans &
Tate was insolvent and had been unable to pay its debts as and
when they fell due.  ABD contended that Evans & Tate should be
wound up "to prevent the further dissipation in the value of
assets available to unsecured creditors."

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

According to Scott Rochfort of the Sydney Herald, Justice
Richard White "blasted" ABD for having prematurely publicized
news of the action to the media.  Mr. Rochfort notes that it is
unlawful to publish news of a wind-up action within three days
of filing.

Justice White said that it was the likely news of the court
action that had caused Evans & Tate commercial damage.

As reported in the TCR-AP on June 6, 2006, Evans & Tate
requested that its shares be placed in a trading halt because it
had learned that a judgment on the wind-up application was
expected to be delivered verbally in the Supreme Court on
June 5, 2006.

The TCR-AP recounts that Evans & Tate and ABD have been involved
in a commercial dispute for about two years in the NSW District
Court in Newcastle.  The dispute relates to the payment for more
than AU$240,000 of wine that ABD received from Cranswick Premium
Wines before Evans & Tate took over Cranswick three years ago.
Evans & Tate claimed that it was, in turn, owed AU$216,000 by
ABD, and decided to fight the wind-up process in the Newcastle
District Court in NSW.

The Advertiser relates that Justice White granted Evans & Tate
injunctive release against any future attempt by ADB to wind up
the Company.

The newspaper also cites Justice White as saying that the wind-
up proceedings launched by ABD were an abuse of process.  
Justice White had questioned whether ABD's action was designed
to provoke other Evans & Tate noteholders and creditors to join
the wind-up action, the Sydney Herald says.

Mr. Rochfort reports that Justice White's two-hour judgment also
directed ABD to pay Evans & Tate's legal costs.

                       About Evans & Tate

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

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


EVERGREEN MEMORIAL: To Distribute Final Dividend on June 14
-----------------------------------------------------------
Evergreen Memorial Park Pty. Limited will declare its first and
final dividend on June 14, 2006.

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

Contact: D. J. F. Lombe
         Liquidator
         Deloitte Touche Tohmatsu
         Level 3, 225 George Street
         Sydney, New South Wales 2000
         Australia


F & D MARDEL: Members Name Joint Liquidators
--------------------------------------------
Members of F & D Mardel Investments Pty Limited, on April 19,
2006, appointed Richard James Porter and David Ian Mansfield as
joint and several liquidators for the Company.

Contact: Richard James Porter
         David Ian Mansfield
         Liquidators
         Moore Stephens, Chartered Accountants
         460 Church Street, Parramatta
         New South Wales 2150
         Australia


FELTEX CARPETS: Looks Forward to Better Market Conditions
---------------------------------------------------------
Feltex Carpets Limited assured its shareholders that market
conditions are continuing to improve, ShareChat News says.

ShareChat relates that the Company's outlook remains unchanged
since March 2006, and while third quarter sales and margins had
proved difficult, there were signs of improvement in April and
May.

The report notes that Feltex anticipates its full-year earnings
before interest, tax, depreciation and amortization -- EBITDA --
to be around AU$20 million for the year to June.  Feltex's
forecast stripped out restructuring and one-off corporate costs.

Moreover, the carpet maker has indicated that it was also
looking at ways to reduce its debt and improve plant and asset
use.  ShareChat explains that Feltex was working to get back to
historic debt servicing levels, including reviewing the sale of
some non-core assets and investigating ways to raise new equity.

Feltex had identified asset sales of up to NZ$25 million, and
had sold NZ$6 million worth of assets to date.

ShareChat cites a spokesman for the company as saying that
Feltex was not expected to declare a dividend.

                          About Feltex   

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.  
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.  
The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.
Godfrey Hirst later sold out its nearly 9% stake in the Company.

In February 2006, Feltex reported a first half after tax loss of
NZ$11.83 million, down almost 200% compared to the net loss in
the previous year.


GRANDSCAPES PTY: Creditors' Final Meeting Set for June 9  
--------------------------------------------------------
The members of Grandscapes Pty Limited will have a final meeting
on June 9, 2006, at 10:00 a.m., at Level 2, Burton Glenn Allen
Chartered
Accountants, 57 Grosvenor Street, in Neutral Bay, New South
Wales.

Liquidators B. H. Allen and P.G. Burton, will give their final
account regarding the Company's winding up proceedings.

Contact: B. H. Allen
         P. G. Burton
         Joint and Several Liquidators
         Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street, Neutral Bay,
         NSW, Australia 2089


HEALTHCARE PROPERTIES: Receivers and Managers Appointed
-------------------------------------------------------
GE Commercial Corporation (Australia) Pty Ltd, on April 20,
2006, appointed David John Winterbottom and Oren Zohar, both of
Korda Mentha, as joint and several receivers and managers
of the property of Healthcare Properties Pty Limited pursuant to
a fixed and floating charge, which was:

   -- granted by the Company in favor of GIO Finance Limited
      dated May 5, 2000;

   -- registered with the Australian Securities and Investments
      Commission; and

   -- transferred to GE on June 3, 2003,

and pursuant to a real property mortgage, which was:

   -- given by the Company to GIO Finance Limited dated May 5,
      2000;

   -- registered with the Land Titles Office Perth; and

   -- transferred to GE on July 18, 2003.

Contact: David John Winterbottom
         Joint and Several Receiver and Manager
         Korda Mentha
         Level 5, 2 Chifley Square, Sydney,
         New South Wales, Australia

         Oren Zohar
         Joint and Several Receiver and Manager
         Korda Mentha
         37 St Georges Terrace, Perth Western Australia


INDEX SLIPWAY: Members Agree to Halt Operations  
-----------------------------------------------
The members of Index Slipway and Engineering Pty. Ltd. met on
April 18, 2006, and agreed to voluntarily wind up the Company's
operations and appoint Raymond William Richards and Grant Dene
Sparks of SimsPartners as Joint and Several Liquidators.

Contact: Raymond William Richards
         Grant Dene Sparks
         c/- SimsPartners
         Level 11, 145 Eagle Street
         Brisbane Qld 4000
         Australia
         Telephone: (07) 3831, 2700,
         Facsimile: (07) 3831 2799/ (07 3831 2799


INVESTMENT ADVISORY: Enters Liquidation Proceedings
---------------------------------------------------
The liquidation of Investment Advisory Services Ltd commenced on
May 24, 2006, and Grant Barry Meikle was appointed liquidator of
the Company.

Mr. Meikle will be receiving proofs of claim from the Company's
creditors until June 19, 2006.

Contact: Grant Barry Meikle
         20 Oxford Street, Richmond
         Nelson, New Zealand
         Telephone: (03) 543 9172


JJ HAMILTON: Court to Hear Liquidation Bid on June 13
-----------------------------------------------------
The Commissioner of Inland Revenue on April 28, 2006, filed
before the High Court of Auckland a petition to liquidate JJ
Hamilton's Irish Pub.

The Court will hear the petition on June 13, 2006, at 10:45 a.m.

Contact: Jonathan Ridling
         Solicitor for the Plaintiff
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 985 7227


MOUNTAINGLOW PTY: Members Resolve to Wind Up Firm
-------------------------------------------------
At a meeting on April 19, 2006, the members of Mountainglow Pty.
Ltd. agreed that it is in the Company's best interest to wind up
its operations.

At a separate meeting among the creditors, Barry Keith Taylor
was appointed as the Company's liquidator.

Contact: Barry Keith Taylor
         Liquidator
         B. K. Taylor & Company
         8/608 St Kilda Road
         Melbourne Victoria 3004
         Australia


MUDDY FARMER: Liquidation Hearing Slated for July 13
----------------------------------------------------
An application to put Muddy Farmer Group Ltd into liquidation
will be heard before the High Court of Auckland on July 13,
2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the application before
the High Court on April 28, 2006.

Contact: Jonathan Ridling
         Solicitor for the Plaintiff
         Auckland Service Centre
         17 Putney Way, Manukau City
         New Zealand
         Telephone: (09) 985 7227


NATIONAL FINANCE 2000: Secured Investors May Get 30% Back
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific,
National Finance 2000 went into receivership on May 9, 2006,
after failing to meet asset-to-debt ratios.

National Business Review had previously stated that thousands of
investors are facing millions of dollars in losses due to the
auto finance company's collapse.

In an update, Stuff.co.nz relates that, according to initial
estimates from the Company's receiver -- Colin McCloy, of
accountants PricewaterhouseCoopers -- secured investors in
National Finance may get as little as 30% of their money back,
though some investors will get nothing.

Stuff.co cites Mr. McCloy as saying that he was surprised how
bad the outlook was for the finance company's 2,026 investors.
Mr. McCloy said that the "quality of the loan book is so poor"
and that a significant proportion of loans were in arrears or
unlikely to be recovered.

"The upshot is that secured debenture stock-holders are only
likely to recover between 30% and 50% of their investment, but
subordinated investors won't be in a position to make any
recovery," Mr. McCloy points out.

According to Stuff.co, given the likely low level of funds
recovery, National Finance had decided to refer the receivership
"to relevant government authorities."  Mr. McCloy did not
elaborate on this matter.

Information supplied to the receivers showed that National
Finance held deposits of NZ$25.5 million and had made loans of
NZ$27.3 million to 3,765 individuals or companies, Stuff.co
reveals.  Mr. McCloy said that only about NZ$4 million of the
deposited money was subordinated investment.

The report adds that the timing of any return to investors would
depend on whether the Company's loan book was sold on or run
down in a managed fashion.  Either way it would be at least
months before investors saw any returns.


PAINTNOW PTY: Members and Creditors to Receive Wind-Up Report
-------------------------------------------------------------
The members and creditors of Paintnow Pty. Ltd. will hold a
final meeting on June 9, 2006.

At the meeting, Liquidator Stephen Baker will give the final
account of the Company's wind-up and property disposal.

Contact: Stephen Baker
         Liquidator
         Stephen Baker & Company
         Suite 2,98 Woolwich Road
         Woolwich New South Wales 2110
         Australia


PENBURN PTY: Acting Receiver and Manager Humphris Ceases to Act  
---------------------------------------------------------------
Penburn Pty. Limited's receiver and manager, Michael James
Humphris, ceased to act for the Company effective as of
April 13, 2006.


PERSPICACIOUS MEDIA: Members Resolve to Wind Up Company
-------------------------------------------------------
At a meeting on April 18, 2006, members of Perspicacious New
Media Group Pty Ltd agreed to voluntarily wind up the Company
and appoint Nicholas Crouch, of Crouch Insolvency, as
liquidator.

Contact: Nicholas Crouch
         Liquidator
         Crouch Insolvency Chartered Accountants
         Level 28, 31 Market Street,
         Sydney, New South Wales 2000
         Australia


PRAXIS CAFE: Liquidation Process Commenced
------------------------------------------
An application to put Praxis Cafe Restaurant Bar Ltd into
liquidation will be heard before the High Court of Auckland on
June 15, 2006, at 10:45 a.m.

The Accident Compensation Corporation filed the application
before the High Court on March 15, 2006.

Contact: Dianne Lester
         Maude & Miller 2/F., Floor
         McDonald's Building
         Cobham Court, Porirua City
         New Zealand


PUGH'S CARPETS: Members Decide to Cease Business Operations  
-----------------------------------------------------------
On April 19, 2006, members of Pugh's Carpets Pty. Ltd. decided
to voluntarily wind up the Company's operations.

At a subsequent meeting of creditors, William Bernard Abeyratne
and Loke Ching Wong, of Harrisons Insolvency, were named to
oversee the Company's wind-up.

Contact:  William Bernard Abeyratne
          Loke Ching Wong
          Joint and Several Liquidators
          c/- Harrisons Insolvency
          Level 5, 150 Albert Road
          South Melbourne, Victoria 3205
          Australia
          Telephone: (9696) 2885


QANTAS AIRWAYS: S&P Revises Rating Outlook to Negative
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BBB+/A-2'
corporate credit ratings on Qantas Airways Ltd., but revised the
outlook to negative from stable.  The outlook revision reflects
pressure on Qantas' cash flow from high fuel prices and
restructuring charges, and the prospect that fuel prices could
remain high for an extended period.

"Despite considerable inroads made on the cost front, Qantas'
finances are expected to remain under pressure from high fuel
costs and restructuring charges in fiscal 2007," said credit
analyst Jeanette Ward, Corporate & Infrastructure Finance
Ratings group.  These factors are expected to more than
offset the company's strong domestic operation -- which has a
highly defendable 65%-70% market share -- satisfactory yields,
and further unit-cost reductions under its "Sustainable Futures"
program.  Although one of the best-hedged airlines globally for
fuel, Qantas' earnings are particularly sensitive to the
current high fuel prices because of the roll-off of its very
favorable fuel hedges enjoyed in fiscal 2005.

"Even though the pressure on Qantas' earnings is cushioned by
strong liquidity, the airline's credit metrics remain vulnerable
to any faltering in its growth and cost-reduction targets and
increasing competitive pressure," said Ms. Ward.  Consequently,
a rating downgrade could occur if, as a result of prolonged high
fuel prices or other competitive threats, Qantas' cash flow
generation is insufficient to maintain adequate, albeit weak,
credit metrics in the next 12-18 months.  During this period, it
is critical that Qantas demonstrates its ability and resolve to
restore its credit metrics to solid 'BBB+' levels before its
capital-investment program ramps up again in fiscal 2009.


SR ENTERTAINMENT: Members Resolve to Wind Up Firm
-------------------------------------------------
During a general meeting among SR Entertainment's members on
April 18, 2006, it was decided that a voluntary wind-up of the
Company's operations was appropriate.

Schon Condon and Bruce Gleeson, of Jones Condon, were nominated
to act liquidators of the Company.

Contact: Schon G. Condon
         Bruce Gleeson
         Joint Liquidators
         c/- Jones Condon Chartered Accountants
         Australia
         Telephone: (02) 9893 9499


TOTAL FRAME: Names R.A. Sutcliffe as Liquidator
-----------------------------------------------
The members and creditors of Total Frame Management Pty. Ltd.
met on April 19, 2006, and named R. A. Sutcliffe as the
Company's liquidator to oversee the Company's wind-up
activities.

Contact: R. A. SUTCLIFFE
         Liquidator
         Ground Floor, 192-198 High Street
         Northcote, Victoria, 3070
         Australia
         Telephone: (03) 9482 6277


TOTAL TELEVISION: To Declare Dividend on June 13
------------------------------------------------
Total Television Australia Ltd. will declare its first and final
dividend on June 13, 2006, to the exclusion of the creditors who
were not able to prove their claims.

Contact: G. F. Totterdell
         Liquidator
         Pricewaterhouse Coopers
         Level 19, QV1
         250 St George's Terrace
         Perth, Western Australia 6000


VELOCITY HOLDINGS: CIR Files Liquidation Petition
-------------------------------------------------
The Commissioner of Inland Revenue on April 7, 2006, filed
before the High Court of Auckland a petition to liquidate
Velocity Holdings Ltd.

The Court will hear the petition on June 15, 2006, at 10:45 a.m.

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


WINK DEVELOPMENTS: Liquidator to Present Wind-Up Report
-------------------------------------------------------
The members and creditors of Wink Developments Pty Limited will
convene at a final meeting on June 9, 2006, where the Company's
liquidator, P. Ngan, of Ngan & Co., will present his report
regarding the Company's wind-up activities and property
disposal.

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


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

BILL YEE: Members Final Meeting Set on July 14
----------------------------------------------
Members of Bill Yee International Ltd will convene for their
final general meeting at Rooms 801-3, China Merchants Building,
303-307 Des Voeux Road Central, Hong Kong on July 14, 2006 at
5:00 p.m.

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


EUROTEX LIMITED: Liquidators Cease to Act for Company
-----------------------------------------------------
Kennic Lai Hang Lui and Wu Kwai King on April 25, 2006, ceased
to act as liquidators of Eurotex Limited.


EVERYLUCK DEVELOPMENT: Court to Hear Winding-up Bid on July 5
-------------------------------------------------------------
An application to wind-up Everyluck Development Ltd will be
heard before the High Court of Hong Kong on July 5, 2006, at
9:30 a.m.

Bank of Communications Ltd filed the application before the High
Court on May 9, 2006.

Contact: Messrs. Deacons
         Solicitors for the Petitioner
         5/F., Alexandra House
         18 Chater Road, Central
         Hong Kong


FENIMORE ENTERPRISES: Members to Receive Wind-up Report July 4
--------------------------------------------------------------
Members of Fenimore Enterprises Ltd will convene for their final
general meeting at the liquidator's office on July 4, 2006 at
11:00 a.m.

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

Contact: Poon Cho Yiu
         Flat A, 1/F., Albron Court
         99 Caine Road, Central
         Hong Kong


HUTCHISON SATELLITE: Liquidator to Present Wind-up Report
---------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin of Hutchison
Satellite Systems Ltd will present final accounts of the
Company's wind-up operations.

The presentation will be made at the Joint Liquidators' office
on July 3, 2006, at 10:00 a.m.

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


KWAI HAI: Members Opt for Voluntary Winding-up
----------------------------------------------
Members of Kwai Hai Development Ltd on May 22, 2006, resolved to
voluntary wind up the Company's operations and appoint Yang
Zhiqiang as liquidator.

Contact: Yang Zhiqiang
         Room 2310-11, Shun Tak Centre
         West Tower, 200 Connaught Road
         Central, Hong Kong


KWAN YIU: Faces Winding-up Proceedings
--------------------------------------
An application to wind-up Kwan Yiu Kee Finishing Work Co. Ltd
will be heard before the High Court of Hong Kong on June 21,
2006, at 9:30 a.m.

Sin Ping Nam filed the application before the High Court on
April 24, 2006.

Contact: Betty Chan
         For Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


LEE SUN: Creditors and Contributories to Meet on June 27
--------------------------------------------------------
Creditors and contributories of Lee Sun Lan Tobacco Co Ltd will
convene at the Official Receiver's office on June 27, 2006, at
10:30 a.m. and 11:00 a.m. respectively to discuss wind-up
matters.

Contact: E. T. O'Connell
         Official Receiver & Provisional Liquidator
         10/F., Queensway Govt. Offices
         66 Queensway
         Hong Kong


MATRIX INDUSTRIES: Members & Creditors Meetings Set on July 6
-------------------------------------------------------------
Members and creditors of Matrix Industries Ltd Pacific Wines
will convene for their final meetings at the liquidator's office
on July 6, 2006, at 3:00 p.m. and 3:30 p.m. respectively.  

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

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


ONE CLICK: Court to Hear Winding-up Petition on June 21
-------------------------------------------------------
An application to wind-up One Click Eat Company Ltd will be
heard before the High Court of Hong Kong on June 21, 2006, at
9:30 a.m.

Vizmanos Airene Benez filed the application before the High
Court on April 24, 2006.

Contact: Betty Chan
         For Director of Legal Aid
         34/F, Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


PACIFIC WINES: Creditors' Proofs of Claim Due on June 18
--------------------------------------------------------
Liquidator Lo Shing Chi requires the creditors of Pacific Wines
and Spirits Ltd to submit their proofs of claim by June 18,
2006.

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

Contact: Lo Shing Chi
         Room 803, Hang Seng Wanchai Bldg
         200 Hennessy Road
         Wanchai, Hong Kong


R A UNITED: Members Agree to Wind up Operations
-----------------------------------------------
Members of R A United Technology Ltd on May 25, 2006, resolved
to voluntary wind up the Company's operations and appoint Lam
Wai Shan as liquidator.

Contact: Lam Wai Shan
         Room 1301, 13/F
         Henna Bldg, 99-92
         Jaffe Road, Wanchai
         Hong Kong


ROYAL & SUN: Creditors' Proofs of Claim Due on July 5
-----------------------------------------------------
Liquidator Phillip Brendan Gilligan requires the creditors of
Royal & Sun Alliance Insurance (H.K.) Ltd to submit their proofs
of claim by July 5, 2006.

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

Contact: Phillip Brendan Gilligan
         7/F., Alexandra House
         18 Chater Road, Central
         Hong Kong


SEAPOWER BULLION: Receives Creditors' Claims Until June 19
----------------------------------------------------------
Liquidator Stephen Briscoe requires the creditors of Seapower
Bullion Company Ltd to submit their proofs of claim by June 30,
2006.

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


WORLDTEX LIMITED: Creditors Must Prove Debts by June 30
-------------------------------------------------------
Liquidator Ko Chi Keung requires the creditors of Worldtex
(H.K.) Ltd to submit their proofs of claim by June 30, 2006.

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

Contact: Ko Chi Keung
         Rooms 510-511, 5/F
         Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong



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

BHARAT PETROLEUM: Starts Lube Oil Making in Mumbai
--------------------------------------------------
Bharat Petroleum Corporation has started producing lube oil in
Mumbai, in a bid to cash in on the growing overseas demand for
lube oil, Business Standard relates.

The Company's lube oil base stock plant would have an initial
capacity of 1.80 lakh tonne and trial production has already
started, Bharat Petroleum's director for marketing, S.
Radhakrishnan, told The Standard.

The high quality lube oil -- named Group II Plus -- is likely to
be commercialized by the end of August 2006.  Since it is of
premium quality, the oil is expected to largely cater to the
overseas market where there is a growing demand for lubricants,
Mr. Radhakrishnan said.

Companies like Total, Shell and some others have already shown
interest in equity participation for producing Group II Plus and
negotiations are still on, Mr. Radhakrishnan added.

                      About Bharat Petroleum

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.  On September 23, 2005, the Company delisted its shares
from the Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd.  In
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss.  By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.  
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005.  Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel.  On February 20, 2006, the Petroleum Ministry proposed
an increase of INR3 per liter each in petrol and diesel prices
and INR20 per cylinder increase in liquefied petroleum gas price
to save the oil companies from going bankrupt.


DUNLOP INDIA: Shelves Aircraft Tire Manufacturing Venture
---------------------------------------------------------
An equity sharing issue with a foreign collaborator has hampered
Dunlop India Limited's plans to make aircraft tires at its
Kolkota plant, The Indian Express reports.

Dunlop India was forced to hold off aircraft-tire manufacturing
talks as United Kingdom's Dunlop Aircraft Tyres Limited insists
on picking a stake in the Indian venture, the report says.

Dunlop India Chairman Pawan Ruia, who was confident only a month
ago that Dunlop will make plane tires within a few months,
confirmed that the plan is now being put on the shelf.

Mr. Ruia told Indian Express that he will settle the equity
sharing issue only after the labor issue at Dunlop's Sahagunj
plant is fully resolved.

The Troubled Company Reporter - Asia Pacific recounts that the
row between the labor unions and the management of Dunlop India
Ltd was settled on June 6, 2006, paving the way for the likely
commencement of commercial production at the Company's Sahagunj
plant in September.

The Ruia management has agreed to pay an enhanced package for
payment of first installment towards past dues.  The payments
will be made beginning June 20, 2006, the TCR-AP reported.  
Under the agreement, all workers who worked for 11 months as of
August 19, 2001, would get INR5,000 as first installment and
those having worked less than that period would get INR2,770.

However, the unions and the management would still discuss the
matter of attendance to arrive at the final amount, which was
agreed at INR30,000 per employee as one-time settlement, the
TCR-AP added.

Mr. Ruia is hoping that once the plant reopens, it will help
build the workers' confidence in the new management, Indian
Express relates.

                        About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahagunj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to reopen its plants.  
Both the Sahagunj and Ambattur plants were reopened in April
2006.


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

GARUDA INDONESIA: Aims to Complete Restructuring This Year
----------------------------------------------------------
State airline PT Garuda Indonesia aims to finalize its
restructuring plan by the end of 2006, including a
recapitalization by the Indonesian Government and a debt
repayment agreement worked out with its creditors, Flight
International News says.

Garuda Chief Executive Officer Emirsyah Satar said in an
interview at the IATA annual general meeting in Paris that the
Company drew up a new five-year restructuring plan in April and
presented it two weeks ago to creditors at meetings in the
United Kingdom and Singapore.  He said that the restructuring
plan provides for, among others, immediate overall cost-cuts of
5-10%, as well as fleet and network changes.

FI News relates that the airline has been unable to make
principal payments on its IDR7.42 trillion debt since last year,
due to fierce competition from budget airlines, increasing fuel
prices, a weaker rupiah, and sluggish demand after terrorist
attacks on tourists in Bali in October 2005.  Mr. Satar said
that Garuda lost IDR635.78 billion last year alone.

Citing Antara News, FI News said that Garuda's restructuring
plan foresees its debt being reduced to US$274 million from
US$794 million, in part through the conversion of debt into
equity.  Garuda last restructured its debts in 2001, when it
owed creditors a total of US$1.8 billion.  That debt
restructuring mainly covered an extension of the repayment
period and the conversion by the Indonesian Government of debt
into additional equity.

Garuda aims to secure approval of its new restructuring plan
from all its creditors by December 2006.  Mr. Satar did not
elaborate on the proposals presented to creditors, saying only
that they had several options, FI News says.

The Government had promised recapitalization to the Company, and
formed a team to work with Garuda in negotiating with creditors.

                     About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The carrier has been hit by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its debts with foreign creditors under the European
Credit Agency, which were due last December 31, 2005.  Garuda
Indonesia's debt totals IDR7.32 trillion, with IDR4.6 trillion
owed to its ECA creditors.

In March 2006, the Indonesian Government proposed to infuse
IDR2.3 trillion for PT Garuda Indonesia's debt restructuring, or
set up a "special-purpose vehicle" in a bid to pay the airline's
debts.  Sugiharto, the state-owned enterprises minister, said
that if the second option was agreed, the special-purpose
vehicle would repay debt principal and interest of IDR735.7
billion annually within a 10- year period.  Mr. Sugiharto added
that the financial sources would be from the airline's leasing
revenues of IDR275.8 billion a year and from the Government's
fund of IDR459.7 billion a year.  The carrier posted a SGD46.5
billion net loss in January, versus a net loss of IDR56.1
billion in the same period last year.


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

LIVEDOOR COMPANY: Fund Adviser Questions Meeting Agenda
-------------------------------------------------------
Scion Capital, LLC, a managing member and investment adviser to
private investment funds that own a combined 6.75% stake in
Japanese Internet firm Livedoor Co. Ltd, questions Livedoor's
agenda at its upcoming shareholders' meeting on June 14, 2006,
PR Newswire reports.

Scion Capital has rejected these proposals that Livedoor plans
to present for shareholder approval:

   -- the amendment of the Company's Articles of Incorporation;
      and

   -- the nomination of individuals who hold clear conflicts of
      interest to the Company's Board of Directors.

Scion plans to vote against these proposals and encourages other
shareholders to do the same, as the decisions to be made at the
upcoming meeting will have a direct impact on the Company.

Agenda Item 1 of the shareholders' meeting asks Livedoor
shareholders to amend the Company's Articles of Incorporation,
including extending the term of the new members of the Board of
Directors from less than one year to less than two years.  If
enacted, members of the new Board would be essentially free from
meaningful review by shareholders for up to two years at a time.

At this time, Scion Capital believes that the rights of Livedoor
shareholders need to be more fully protected, and the voice of
the shareholders should be heard on a more direct and regular
basis.

Scion Capital also questions other proposed amendments to
Livedoor's Articles of Incorporation, as it is not clear why
some amendments are being proposed at this time.  As such,
shareholders should question whether the proposed changes are in
their best interests.

Agenda Item 2 also causes concern, since it proposes to nominate
two officials of Usen Corp. to join the Company's Board of
Directors.  For Livedoor to effectively regroup and succeed, the
new Board of Directors must be composed of individuals who are
free from conflicts of interest that might interfere with their
ability to make decisions in the best interests of Livedoor
shareholders and all other stakeholders, including employees,
partners, and customers.  The Usen Corp. officials have a
conflict of interest since the firm is in talks with Livedoor
for a possible business tie-up and takeover of the Company.

Hence, Scion Capital contends that allowing Usen executives to
hold positions at Livedoor's Board of Directors could be harmful
to shareholders' interests.

Scion Capital urges Livedoor shareholders to consider their
decisions carefully, since their decisions would have a
significant impact on the Company's future operations.

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.

The Troubled Company Reporter - Asia Pacific reported that in
January 2006, Livedoor ex-president and founder Takafumi Horie,
and other Livedoor directors were found to have conspired to
cover up the Company's JPY310 million pre-tax loss for the
business year ended September 2004, by doctoring financial
accounts to 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 recounts that following the accounting scandal in
January, Livedoor's stock price plunged to JPY94 per share from
over JPY300 per share.  Livedoor was delisted from the Tokyo
Stock Exchange on April 14, 2006.

Four Livedoor ex-directors, two external accountants, and both
Livedoor and subsidiary Livedoor Marketing Limited, have 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.  The directors currently stand trial for the fraud charges,
while Mr. Horie is scheduled to stand trial within June 2006.


PIONEER CORP: To Increase Plasma TV Panel Production
----------------------------------------------------
Pioneer Corp. plans to increase production of its plasma display
panels for flat-screen televisions in anticipation of increased
demand ahead of the 2008 Beijing Olympics, Crisscross News
relates.

Pioneer President Tamihiko Sudo said that the Company aims to
start a new production line by the end of 2006, and is slated to
invest over JPY20 billion in order to boost annual capacity by
up to 400,000 panels, according to the Asahi Shimbun.

Analysts said the technology-savvy firm, which has weak
production and marketing capabilities, would not be able to
survive on its own.  Mr. Sudo said in a press conference that
Pioneer is open to a partnership with a rival firm.

Asahi reports that the Company plans to return to profit by
focusing on its high-end products and reducing annual production
capacity to 970,000 units next month.

                   About Pioneer Corp.

Headquartered in Tokyo, Japan, Pioneer Corporation --
http://www.pioneer.co.jp/-- manufactures consumer and   
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.

In December 2005, Pioneer announced a business-restructuring
plan that involved improving management efficiency through
organizational restructuring.  The Company dismantled its
current "internal Company" system on Jan. 1, 2006, and
reorganized into a two-department set-up featuring the Home
Entertainment Business Group and the Mobile Entertainment
Business Group.  All operations related to plasma displays, DVD
products and home audio products were integrated into the Home
Entertainment Business Group.  The Home Entertainment Business
Group staff, currently working at three locations, will be
consolidated at one location in Japan by 2007.  As part of
Pioneer's efforts to reduce fixed costs for the entire group, it
is also consolidating its worldwide production sites from 40 to
about 30, and cut 2,000 employees from its overseas workforce.

The Troubled Company Reporter - Asia Pacific stated on May 2,
2006, that Pioneer posted a tenfold increase in its net loss for
2005 to JPY84.9 billion, from a JPY8.8 billion net loss in 2004,
due to an increase in restructuring efforts to combat price
falls of its digital appliances.


SANYO ELECTRIC: Will Repair Defective Mobile Phones for Free
------------------------------------------------------------
Sanyo Electric Co. announced that it would repair W32SA-model
mobile phone handsets made for KDDI Corp.'s "au" phone service
free of charge, due to a program defect in the handsets,
Crisscross News reports.

Dow Jones reveals that according to the Company, all its 506,800
W32SA-model mobile phone handsets are subject to free repairs.  
Sanyo received complaints that some batteries of the mobile
phones had cracked and became deformed.  The Company explained
that defective software handling battery recharging may shorten
the length of use, causing the battery package to expand with
heat and sometimes crack.  Users can bring the defective mobile
phones for repair to KDDI's "au" shops or access the KDDI Web
site to download a modified version of the program.

The repairs are slated to set Sanyo back by about JPY1 billion,
but nevertheless, Sanyo will stick to its projected net profit
of JPY20 billion this year.

Headquartered in Osaka, Japan, Sanyo Electric Company Limited
-- http://www.sanyo.com/-- is one of the world's leading makers   
of consumer electronics products.

As reported by the Troubled Company Reporter - Asia Pacific on
May 25, 2006, Standard & Poor's affirmed the Company's negative
'BB' long-term corporate credit and 'BB+' senior unsecured debt
ratings, which were removed from CreditWatch.  According to
Standard & Poor's credit analyst Katsuyuki Nakai, Sanyo Electric
made progress in restructuring its underperforming segments, and
its cash flow generation is improving.  But the rating has a
negative outlook on uncertainties in the Company's restructuring
plans, which include business alliances in the white goods
segment, and its ability to recover fully in its financial
performance.  

The Company reported a JPY205.66 billion net loss for the
quarter ended March 31, 2006, as compared with the JPY171.54
billion net loss it posted for the same quarter in 2005.


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

CITIBANK KOREA: Fined KRW550 Million for Lending Irregularities
---------------------------------------------------------------
South Korea's anti-trust watchdog had fined Citibank Korea and
Kookmin Bank a combined KRW6.9 billion for irregularities in
lending and for unfairly supporting business units, Reuters
reports.

According to Reuters, the Fair Trade Commission said that
Citibank Korea -- a wholly owned unit of Citigroup -- and
Kookmin had given some customers the impression that interest
rates could fall on their mortgages if overall lending rates
fell.  However, the banks did not reduce their rates, despite
general market rate declines.

"We took notice of the fact that they had not cut the rates
between 2002-2005 when market rates had been falling, bucking
customers' expectations that their borrowing costs could be
cut," Park Tae-dong, an FTC official, told Reuters.

The FTC also said that Citibank Korea provided unfair support to
a start-up firm in 2001 and 2002.

Citibank is required to pay KRW550 million of the aggregate fine
amount, while Kookmin is required to pay the remaining bulk, or
KRW6.35 billion, after the FTC ruled that Kookmin had wiped out
accumulated bonus points given to credit card holders whose card
transactions were suspended for more than one year, and unfairly
supported an asset management unit.  

The ruling against Citibank and Kookmin comes a year after the
FTC fined 11 local banks a total of KRW10 billion for fee-fixing
by their in-house credit card operations, the report says.

Reuters relates that the FTC is also separately investigating
whether local banks and a bank association colluded in setting
deposit rates and commission fees.

Shinhan Bank, a major arm of Korea's No.2 financial services
firm Shinhan Financial Group, was ordered by the FTC to correct
its unfair support to a business unit but was not fined.

The FTC contends that it will continue to monitor any irregular
activities and, if needed, revise rules to spread the principle
of competition in the financial sector.

                      About Citibank Korea

Headquartered in Seoul, Korea, Citibank Korea --
http://citibank.co.kr/english/index.html-- was launched in  
November 2004 in a merger between the local banking unit of
United States-based financial giant Citigroup and KorAm, then
Korea's seventh-largest lender.  Citibank Korea offers
transactional banking, treasury and risk management instruments,
loans syndication, capital markets expertise, and credit cards
and wealth management.  It has 4,100 employees and 238 consumer
branches.

The TCR-AP reported on July 21, 2005, that the labor union of
Citibank Korea filed with the Seoul Districts Prosecutors office
a lawsuit against the Bank for allegedly deceiving customers, as  
result of the KRW600 billion in loans offered at the end of 2002
with payments linked to floating market rates.  Despite the fall
in Korea's market rates, Citigroup's former Korean banking unit  
did not lower loan rates.

The TCR-AP then reported that the Financial Supervisory Service
launched in early December 2005 an investigation into Citibank
Korea over more than KRW10 billion in derivatives trading
losses, to find out whether the trading activities were properly
managed.

The legal actions are on top of the labor dispute between
Citibank's workers and its management, which led to series of
strikes and work slow-down.  Around 2,500 unionized workers
claim discrimination and have ignored directions from management
and launched work stoppages to pressure management, while
management has cut their salaries.

After numerous rounds of talks, the unions and the management
have finally reached a compromise.


* Korean Economy Faces "Growing Dangers" in the Second Half
-----------------------------------------------------------
The second half of 2006 will see growing dangers for Korea's
economy as factors like oil prices, interest rates and the
exchange rate are showing no signs of improvement, Digital
Chosunilbo says.

According to the report, global oil prices "are stretching the
Korean economy to breaking point."  The price of benchmark Dubai
oil, which accounts some 70% of domestic consumption, soared to
US$65.37-per-barrel on June 6, 2006.  The average price of Dubai
oil has stood at US$60.39 between January and May 2006.  
Chosunilbo explains, citing a Finance Ministry official, that if
the price reaches the US$65 level on average this year, it will
drag down economic growth rate by 0.51 percentage points.

Chosunilbo relates that the reality of the economic slowdown
caused by the appreciation of the Korean won against the United
States dollar will increasingly sink in, according to Citibank
Korea's forecast reflected in a recently published report.  The
report predicts that the dollar will drop to KRW920 in three
months.  Experts believe that if it does, exporters will no
longer be able to manage losses and stop operating factories.

Chosunilbo cites The Samsung Economic Research Institute as
stating that exporting manufacturers break even when a dollar
buys KRW953.  However, the average exchange rate in May has
fallen to KRW941.20 already, and the majority of exporters have
started to see losses.

Meanwhile, the report notes that, according to analysts, U.S.
and Europe are showing signs of hiking interest rates, which
will put pressure on Korea to follow suit.  If the overnight
call rate for inter-bank loans rises just 0.5 percentage points,
the interest households and companies have to pay increases,
hitting consumption and investment.


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

BUKIT KATIL: Third Quarter Results Show Poor Performance
---------------------------------------------------------
Bursa Malaysia Securities Berhad, on May 31, 2006, received
Bukit Jatil Berhad's financial report for the third quarter
ended March 31, 2006.

The Company recorded a higher turnover of MYR0.817 million for
the current quarter, as compared to a turnover of MYR0.695
million in the third quarter last year due to an increase in
latex output and higher prices.

The Company's pre-tax loss of MYR1.665 million for the current
quarter ended March 31, 2006, is lower then the pre-tax loss of
MYR89.990 million registered in the preceding year corresponding
quarter due to provision for doubtful debts amounting to
MYR88.274 million made in the preceding year quarter ended
March 31, 2005.

As of March 31, 2006, the Company's balance sheet showed
MYR57,148,000 in total assets and MYR135,320,000 in total
liabilities, resulting in a stockholders' equity deficit of
MYR78,172,000.

The Company's March 31 balance sheet also showed very poor
liquidity with MYR1,055,000 in total current assets available to
pay MYR132,696,000 in total current liabilities coming due
within the next 12 months.

There were no dividends proposed for the current financial
quarter.

In view of the uncertainties in global economic conditions and
the Company's current financial position, the board of directors
expects the Company to operate under a very challenging
environment for the subsequent financial year.

               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  

        817           695           2,379          2,158

* Profit/(loss) before tax  

     -1,665       -89,990         -32,565        -92,581

* Profit/(loss) after tax and minority interest  

     -1,665       -89,990         -32,565        -92,581

* Net profit/(loss) for the period

     -1,665       -89,990         -32,565        -92,581

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

      -2.52       -136.04          -49.23        -139.96

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

   -1.1817                        -0.6894

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

   http://bankrupt.com/misc/tcrap_bukitkatil060706.pdf

                    About Bukit Katil Berhad

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.  As of December 31, 2005, the
Company recorded a deficit of MYR129,981,000.  The Company, on
Dec. 16, 2005, presented an application to regularize its
financial condition through debt restructuring, which was
subsequently rejected by the Securities Commission.

Bukit Katil Resources Berhad's board of directors is of the
opinion that the Company is insolvent, as it is unable to pay
its debts in full as they come due.  As of April 30, 2006, Bukit
Katil owes its creditors a total of MYR72,276,858.


COMSA FARMS: March 31 Balance Sheet Shows Strained Liquidity
------------------------------------------------------------
Comsa Farms Berhad, on May 31, 2006, submitted for public
release its financial report for the fourth quarter ended
March 31, 2006.

The comparatives of three months and 12 months ended March 31,
2005, have been restated to reflect the true and fair view of
the financial position of Comsa based on the audited accounts
for the financial year ended March 31, 2005.  Hence, the results
of the current quarter and the previous quarter are not
comparable to each other.

The Group's revenue for the current quarter comprises
contribution from sale of eggs and feedmilling.  The Group
suffered a net loss of MYR54.5 million for the year mainly due
to rising raw material cost and provision for doubtful debts.

The decrease in Group's loss before taxation for the current
quarter was mainly due to the lower provision for bad and
doubtful debts and the reversal of impairment loss

The Company's March 31 balance sheet showed strained liquidity
with MYR27,780,000 in total current assets available to pay
MYR204,963,000 in total current liabilities coming due within
the next 12 months.

There was no dividend declared for the financial period 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  

      9,366             0          59,939        128,705

* Profit/(loss) before tax  

    -33,141      -201,841         -54,533       -191,603

* Profit/(loss) after tax and minority interest  

    -33,153      -204,993         -54,560       -195,924

* Net profit/(loss) for the period

    -33,153      -204,993         -54,560       -195,924

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

     -44.18       -273.18          -72.71        -261.09

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

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

    -0.9800                      -0.2500

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

   http://bankrupt.com/misc/tcrap_comsafarms060706.pdf

                    About Comsa Farms Berhad

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


DENKO INDUATRIAL: Posts Results for 1Q/FY2006
---------------------------------------------
Denko Industrial Corporation Berhad, on May 31, 2006, submitted
for public release its financial report for the first quarter
ended March 31, 2006.

For the quarter under review, the Group registered revenue of
MYR26.9 million, as against a revenue of MYR36.4 million in the
same quarter last year.  The decrease was attributed to poor
performance in the trading and molding divisions.  There was no
revenue from the garment division as it has ceased operation
since February 2005.

The Group posted a pre-tax loss of MYR2.35 million in the
quarter ended March 31, 2006, as against a pre-tax loss of
MYR2.13 million in the same quarter last year.

The Company's balance sheet as of March 31, 2006, revealed
strained liquidity with MYR45,043,000 in current assets
available to pay current liabilities of MYR63,242,000 coming due
within the next 12 months.

The Company's board of directors does not recommend any interim
dividend in the current quarter.

The Group's business activities remain challenging with the
current uncertain global market conditions.  The Group has to
further improve its core businesses by implementing cost cutting
measures to further enhance productivity, efficiency, integrate
product design and innovation.

               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  

      6,517        22,524           6,517         22,524

* Profit/(loss) before tax  

       -133        -4,425            -133         -4,425

* Profit/(loss) after tax and minority interest

       -133        -4,425            -133         -4,425

* Net profit/(loss) for the period

       -133        -4,425            -133         -4,425

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

      -0.25         -8.41           -0.25          -8.41

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.1800                        0.1800

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

   http://bankrupt.com/misc/tcrap_denkoindustrial060706.xls

   http://bankrupt.com/misc/tcrap_denkoindustrialnotes060706.pdf

           About Denko Industrial Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
current financial condition was regularized.   The Company's
March 31, 2006, balance sheet revealed strained liquidity with
MYR45,043,000 in current assets available to pay current
liabilities of MYR63,242,000 due in the next 12 months.  The
Company has net current liabilities of MYR18,199,000.


FOREMOST HOLDINGS: Revenue Drops 29% to MYR6.5 Million
------------------------------------------------------
Foremost Holdings Berhad, on May 31, 2006, filed with Bursa
Malaysia Securities Berhad its financial report for the first
quarter ended March 31, 2006.

Group revenue for the current quarter of MYR6.5 million is
approximately 29% of that recorded in the corresponding quarter
in the previous year.  The significant reduction in revenue is
mainly due to de-consolidation of Axasupreme Sdn Bhd, Yaku Shin
(JB) Sdn Bhd and Yaku Shin (Malaysia) Sdn Bhd and discontinuance
of production of low-margin and loss making products by YKSM and
YKSJB in the previous year.

As YKSM had been placed under receivership since November 15,
2005, it is not consolidated in the financial quarter.  YKSJB's
accounts are consolidated until March 30, 2006 when it was
subsequently disposed. The disposal of 58.75%equity interest in
YKSJB in the current quarter had resulted in a gain of MYR0.766
million and thereby led to a reduced loss in the current
financial quarter

In the current quarter, the Group recorded a marked improvement
whereby it has reduced its losses to MYR0.133 million compared
to a loss of MYR10.938 million in the immediate preceding
quarter.  The immediate preceding quarter's results included
impairment losses on investment in a subsidiary, Axasupreme Sdn
Bhd of MYR6.499 million. The marked improvement in the current
quarter is mainly due to a gain of MYR0.766 million on the
disposal of an investment.

The Directors do not recommend any interim/final dividend for
the financial period ended March 31, 2006.

Except for the Corporate Guarantee for the account of YKSM where
a provision of RM7.50million had been made and where the actual
amount of liability cannot yet be determined, the Group is
optimistic that the current financial year will see a marked
improvement over the previous year.

               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  

      6,517        22,524           6,517         22,524

* Profit/(loss) before tax  

       -133        -4,425            -133         -4,425

* Profit/(loss) after tax and minority interest

       -133        -4,425            -133         -4,425

* Net profit/(loss) for the period

       -133        -4,425            -133         -4,425

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

      -0.25         -8.41           -0.25          -8.41

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.1800                        0.1800

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

   http://bankrupt.com/misc/tcrap_foremostholdings060706.xls

  http://bankrupt.com/misc/tcrap_foremostholdingsnotes060706.pdf

                 About Foremost Holdings Berhad

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


FURQAN BUSINESS: Releases Third Quarter Financial Report
--------------------------------------------------------
Bursa Malaysia Securities Berhad, on May 31, 2006, received
Furqan Business Organisation Berhad's financial report for the
third quarter ended March 31, 2006.

In the quarter under review, the Group recorded higher loss
before tax of MYR4.46 million compared to loss before tax of
MYR1.34 million in the same quarter last year mainly due to
higher allowance for doubtful debts made for lease receivables.

Lower loss before tax of MYR4.46 million for current quarter
compared to loss before tax of MYR6.45 million for the preceding
quarter were mainly due to unfavorable result from leasing
sector and impairment loss on subsidiary company's real property
asset recorded in previous quarter.

As of March 31, 2006, the Company's balance sheet showed
MYR291,881,184 in total assets and MYR208,039,568 in total
liabilities.

In addition, the Company's March 31 balance sheet also showed
strained liquidity with MYR204,873,951 in total current assets
available to pay MYR208,039,568 in total current liabilities
coming due within the next 12 months.

The Directors do not recommend any interim/final dividend for
the financial period 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  

     11,660        17,246          11,660         17,246

* Profit/(loss) before tax  

     -4,456        -1,339          -4,456         -1,339

* Profit/(loss) after tax and minority interest

    -5,792         -3,459         -5,792          -3,459

* Net profit/(loss) for the period

    -5,792         -3,459         -5,792          -3,459

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

     -1.30          -0.84          -1.30           -0.84
  
* Dividend per share (sen)  

      0.00           0.00           0.00            0.00

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

     0.4600                       0.4800

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

   http://bankrupt.com/misc/tcrap_furqanbusiness060706.xls

   http://bankrupt.com/misc/tcrap_furqanbusinessnotes060706.pdf

           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 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.


KAI PENG: Net Loss Jumps to MYR23.1 Million in Third Quarter
------------------------------------------------------------
Kai Peng Berhad on May 31, 2006, submitted for public release
its financial report for the third quarter ended March 31, 2006.

Revenue increased by 1.21% from MYR114.2 million to MYR115.6
million on a year-on-year comparison.  The Group recorded
MYR23.1 million loss before tax in the quarter under review as
compared to MYR0.3 million profit before tax for the same
quarter last year.

Revenue decreased from MYR45.5 million in the immediate
preceding quarter to MYR33 million this quarter in the current
financial period.  The decrease is mainly due to lower sales
from the manufacturing and trading of steel bars.

The Company's March 31 balance sheet revealed strained liquidity
with MYR69,990,000 in total current assets available to pay
MYR122,129,000 in total current liabilities coming due within
the next 12 months.

No interim dividend has been recommended.

              Summary of Key Financial Information

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

* Revenue

     33,009        54,574         115,558        114,175

* Profit/(loss) before tax  

    -23,066           276         -24,875         -3,916

* Profit/(loss) after tax and minority interest  

    -23,066           207         -25,191         -4,270

* Net profit/(loss) for the period

    -23,066           207         -25,191         -4,270

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

     -22.85          0.21          -24.95          -4.69

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.0100                        0.2600

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

   http://bankrupt.com/misc/tcrap_kaipeng060706.xls

   http://bankrupt.com/misc/tcrap_kaipengnotes060706.pdf

                      About Kai Peng Berhad

Headquartered in Selangor, Darul Ehsan, Malaysia, Kai Peng
Berhad Kai manufactures, markets and distributes steel products.  
Other activities include provision of information and
communication technology services, undertaking steel fabrication
and engineering works and investment holding.  Operations are
carried out principally in Malaysia.  Kai Peng was on May 9,
2006, classified under Practice Note 17 of Bursa Malaysia
Securities Berhad after its shareholders' equity failed to meet
the listing requirement.  As an affected listed issuer, the
Company is required to submit a financial regularization plan or
risk the possibility of delisting.


KAMDAR GROUP: Revenue and Losses Drop in First Quarter
------------------------------------------------------
Bursa Malaysia Securities Berhad on May 31, 2006, received
Kamdar Group's financial report for the first quarter ended
March 31, 2006.

The Group's revenue for the quarter ended March 31, 2006, is
MYR30.099 million as compared to MYR30.363 million in the prior
financial period ended March 31, 2005, a decrease of 0.9%.

The Group's loss before taxation has decreased from MYR3.062
million for the prior financial period ended March 31, 2005, to
MYR1.526 million for the quarter under review mainly due to the
listing expenses of MYR2.226 incurred in the prior financial
period.

For the financial year ended March 31, 2006, the Group recorded
revenues of approximately MYR30.099 million as compared to
approximately MYR63.179 million in the preceding quarter ended
December 31, 2005, a decrease of MYR33.080 million.  

The Group' loss before taxation for the current quarter ended
March 31, 2006, of MYR1.526 million as compared to a profit
before tax of MYR12,274 million in the preceding quarter ended
December 31, 2005.  The major decrease in Group's revenue is
mainly due to increased sales during the festive period in the
last quarter of the previous year.

The Directors did not recommend any interim dividend for the
financial 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  

     30,099        30,363          30,099         30,363

* Profit/(loss) before tax  

     -1,526        -3,062          -1,526         -3,062

* Profit/(loss) after tax and minority interest  

     -2,153        -3,672          -2,153         -3,672

* Net profit/(loss) for the period

     -2,153        -3,672          -2,153         -3,672

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

      -1.71         -2.95           -1.71          -2.95

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     1.0700                       1.0900

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

   http://bankrupt.com/misc/tcrap_kamdargroupnotes060706.pdf

              About Kamdar Group (Malaysia) Berhad

Malaysia-based Kamdar Group (Malaysia) Berhad is principally
involved in retailing of textile and textile-based products.  
Its other activities include letting out of properties and
investment holding.  The Group has been suffering rating
downgrades due to its declining comparable store sales, less-
than-favorable results, escalated debt level and weaker
prospects for future cashflow.  In 2005, Kamdar barely broke
even at the operating level -- before depreciation, interest and
tax -- as listing expenses and loss on the disposal of a
subsidiary swamped its operating profits.  As such, the Group
suffered a pre-tax loss of about MYR4 million.  The Group's net
gearing ratio tipped over one time following the huge losses and
a heavier debt burden of MYR142.56 million.  Overall, KGMB's
debts are about 30% higher than the expected MYR110 million.  
The Group's current debt level is deemed high vis-a-vis its
relatively weak operating performance.


MALAYSIA AIRLINES: Unwanted Routes Switched to FAX Start-up
-----------------------------------------------------------
A new airline is being established in Malaysia to take over
smaller routes dropped by national carrier Malaysia Airlines,
Flight International reports.

Privately owned AirAsia, which agreed in March to take over most
Malaysia Airlines' domestic routes, said it will subcontract
operation of rural air services to a new airline named Fly Asian
Xpress, or FAX.  The service will be subsidized by the Malaysian
Government and the new carrier is due to launch services on
August 1, 2006.

AirAsia told Flight International that FAX will be a private
company, not owned by AirAsia.  The carrier will be headed by
Mohamed Zahari, who previously worked with Malaysia Airlines.
AirAsia will also second one of its senior managers to the new
carrier to monitor its operations.

FAX's fleet will comprise six Fokker 50s and five de Havilland
Canada DHC-6 Twin Otters, currently operated by Malaysia
Airlines exclusively in the East Malaysian states of Sabah and
Sarawak on Borneo.

According to the Troubled Company Reporter - Asia Pacific,
Malaysia is working to restructure its operations under a
government-approved revival plan.  Its restructuring will see it
withdrawing from 99 of the 118 domestic routes on which it
currently flies and closing 16 of its 32 domestic stations.  
AirAsia, which operates Boeing 737-300s but is changing to an
Airbus A320 fleet, will be taking over many of the routes as
well as some of Malaysia Airlines' 737-400s.

MAS plans to cut as many as 5,000 jobs by the end of July
because on August 1, 2006, its domestic operation will be
withdrawing from non-trunk routes.

                    About Malaysia Airlines

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

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

Malaysia Airlines 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.  The
Company's balance sheet as of March 31, 2006, showed strained
liquidity with total current assets of MYR3,328,129,000
available to pay MYR4,913,488,000 in total current liabilities
due in the next 12 months.


METROPLEX BERHAD: Court to Hear Wind-Up Matters on June 12
----------------------------------------------------------
The Kuala Lumpur High Court will hear Metroplex Berhad's
application to strike out a wind-up petition filed by Morgan
Stanley Emerging Markets Inc.

The wind-up petition had been served on Metroplex Berhad on
April 26, 2005, by the solicitors of Morgan Stanley.  Morgan
Stanley asserts payment of its US$7,126,960 claim for the credit
facilities granted by a syndicate of lenders to Legend
International Resorts Limited, whose obligations were guaranteed
by Metroplex Berhad.

The Kuala Lumpur High Court had issued an order appointing Kuan
Mei Ling of RSM Nelson Wheeler Teo Corporate 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 High Court will hear the Provisional Liquidator's Report on
June 27, 2006.

                     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.   


PANGLOBAL BERHAD: Posts Lower Losses in 1Q/FY2006
-------------------------------------------------
PanGlobal Berhad, on May 31, 2006, filed with Bursa Malaysia
Securities Berhad its financial report for the first quarter
ended March 31, 2006.

For the quarter under review, the Group registered a revenue of
MYR71.2 million as against a revenue of MYR69.5 million in the
same period last year.

The loss before taxation for the current quarter of MYR12.9
million is lower compared to loss before taxation of MYR27.8
million in the corresponding quarter of the previous year
because the Company's insurance subsidiary registered a profit
before tax of MYR2.3 million in the current quarter compared to
the corresponding quarter's loss before tax of MYR14.8 million,
offset by higher mining costs due to increase in fuel cost and
higher depreciation and amortization recorded by the coal mining
subsidiary in the current quarter.

The Company's March 31 balance sheet showed strained liquidity
with MYR204,634,000 in total current assets available to pay
MYR262,883,000 in total current liabilities coming due within
the next 12 months.

The Directors do not recommend any interim/final dividend for
the financial period 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  

     71,225        69,459          71,225         69,459

* Profit/(loss) before tax  

    -12,859       -27,759         -12,859        -27,759

* Profit/(loss) after tax and minority interest  

    -13,056       -27,958         -13,056        -27,958

* Net profit/(loss) for the period

    -13,056       -27,958         -13,056        -27,958

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

      -9.32        -19.95           -9.32         -19.95

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

    -2.4200                       -2.3300

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

   http://bankrupt.com/misc/tcrap_panglobalbhd060706.xls

   http://bankrupt.com/misc/tcrap_panglobalbhdnotes060706.pdf

                  About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad --
http://home.panglobal.com.my/-- is engaged in underwriting all  
classes of general insurance business, extracting of logs,
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  It is now
awaiting required approvals to implement the corporate
rehabilitation program.   


PSC INDUSTRIES: Provides Update on Default Status
-------------------------------------------------
Pursuant to Practice Note 1, PSC Industries Berhad, on May 31,
2006, provided updates on its default in the payment of loans.

On May 4, 2006, the Senior Assistant Registrar of Kuala Lumpur
High Court had allowed AmBank (M) Bhd's application for summary
judgment with costs against PSC Industries and Penang
Shipbuilding & Construction Sdn Bhd.  A Notice of Appeal to the
Judge in Chambers has been filed against the decision.

Meanwhile, Danaharta Managers Sdn Bhd, on December 9, 2005,
obtained summary judgment against the Company in respect of a
judgment sum of MYR39,802,687.54 as of January 31, 2004, plus
interest and costs.  The Company has filed notice of appeal
against the summary judgment, which will be heard by the judge
in Chambers and the date set for hearing has been adjourned to
June 27, 2006.

Apart from these, there was no change to the status of the
default in payments since April 28, 2006.

The Company is currently evaluating various issues in
formulating a regularizations plan for the Group pursuant to
Practice Note 17/2005.  The Company is monitoring its financial
and operating performance closely to improve its financial
solvency.

                   About PSC Industries Berhad

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

As of March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders' equity
deficit.  The Company's March 31 balance sheet also revealed
weak liquidity with MYR68,773,000 in total current assets
available to pay MYR673,409,000 in total current liabilities
coming due within the next 12 months.


SETEGAP BERHAD: Books MYR3-Million Pre-tax Loss in First Quarter
----------------------------------------------------------------
Setegap Berhad, on May 31, 2006, filed with Bursa Malaysia
Securities Berhad its financial report for the first quarter
ended March 31, 2006.

The Group registered a loss before taxation of MYR3 million for
the quarter under review as compared to a loss before taxation
of MYR6 million for the quarter ended March 31, 2005.  Turnover
is stable at MYR14.8 million as compared to MYR13.3 million
recorded in the preceding quarter.

Comparatively, the results for the quarter show an improvement
whereby losses are reduced. Due to the present competitive
market, as well as, rising prices, the Group strive to achieve a
breakeven result from operations.  Interest cost is being
accrued pending the resolution of the loans with the lenders.

As of March 31, 2006, the Company's balance sheet showed
MYR71,401,000 in total assets and MYR176,007,000 in total
liabilities, resulting in a stockholders' equity deficit of
MYR104,606,000.

The Company's March 31 balance sheet also revealed strained
liquidity with MYR49,721,000 in total current assets available
to pay MYR171,768,000 in total current liabilities coming due
within the next 12 months.

There was no dividend proposed in respect of the current
financial quarter.

Based on current business conditions, prospects for the
following reporting quarters of the financial year is not
favorable.  However, the Group looks forward to the
implementation of the ninth Malaysian Plan, which is expected to
inflate the construction industry again.

Negotiations with the Company's lenders to restructure its
outstanding loans are still ongoing.  The future of the Company
is dependant on the successful outcome of these negotiations,
which will also enable the Company to improve on its present
negative financial position.

              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  

     14,844        13,304          14,844         13,304

* Profit/(loss) before tax  

       -823        -3,661            -823         -3,661

* Profit/(loss) after tax and minority interest  

     -3,000        -6,040          -3,000         -6,040

* Net profit/(loss) for the period

     -3,000        -6,040          -3,000         -6,040

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

      -6.29        -12.85           -6.29         -12.85

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

    -6.2900                      -12.8500

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

   http://bankrupt.com/misc/tcrap_setegapbhd060706.xls

   http://bankrupt.com/misc/tcrap_setegapbhdnotes060706.pdf

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities consist of the construction and maintenance
of roads, railways and building, including services rendered on
quarrying.  The Company's other activities include manufacturing
and selling offroad construction equipment, asphalt plants,
mixing plants, asphalt emulsions and premix.  The Group also
provides mechanical and electrical services, leases machinery
and investment holding.  

Setegap's cash flow and profitability were adversely affected by
the Asian financial crisis in 1997/98. In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee on the restructuring of its MYR95.29-million debt.  
The Company had, in October 2000, entered into a debt
restructuring agreement with its creditors.  But because of the
Company's unsuccessful attempts to raise funds to regularize its
debt problems, the October 2000 debt restructuring agreement was
technically in default in 2003.  

Setegap and its subsidiaries suffered losses for the past four
consecutive financial years since the financial year ended
December 31, 2002, which had led to a negative unaudited
shareholders' fund of MYR98.25 million as of Dec. 31, 2005.  On
November 11, 2005, Bursa Securities had served the Company with
a notice to show cause on the delisting of the securities of the
Company.  Without a scheme to regularize its financial position,
Setegap will risk being delisted.  On February 24, 2006, Bursa
Malaysia required the Company to submit its proposed
regularization plan to relevant authorities to avoid de-listing
procedures.


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

HACIENDA LUISITA: Asks SC to Halt Land Distribution
---------------------------------------------------
Hacienda Luisita Inc. asked the Supreme Court to issue a
temporary restraining order against a decision by the
Presidential Agrarian Reform Council, the Department of Agrarian
Reform and other concerned government agencies to scrap the
Company's stock distribution and instead distribute 5,000
hectares of its sugar estate to tenant farmers, the Manila
Bulletin says.

According to HLI counsel Vigor Mendoza, the DAR tried to mislead
the Supreme Court by stating in a manifestation on Feb. 9, 2006,
that it had suspended the implementation of the distribution
program, so that the High Court would not issue a temporary
restraining order.

The DAR had sought advice from the Office of the Solicitor
General on the Comprehensive Agrarian Reform Program to
distribute the land to farmers, but did not await the Office's
opinion when it came up with its interpretation of the program,
according to Mr. Mendoza.  On May 24, 2006, the DAR sent a
letter to Hacienda Luisita, ordering it to be present at a field
investigation of the estate according to Agrarian Reform
Secretary Nasser Pangandaman's order to issue notices of
coverage to all identified landholdings.  Mr. Pangandaman had
also announced to the press that HLI's land would be distributed
to farmer-beneficiaries this month.

The Bulletin states that HLI said the DAR and the Presidential
Agrarian Reform Council had overstepped boundaries when they
ordered the Company to scrap its stock distribution option to
farmers in lieu of distributing land to them.

Headquartered in Tarlac City, Philippines, Hacienda Luisita
Incorporated is a sprawling farm owned by the family of former
Philippine President Corazon Cojuangco Aquino.  Its woes started
when workers staged protests over the displacement of Haciend
workers affected by the closure of sugar mill Central Azucarera
de Tarlac.  The decision to shut down Central Azucarera was due
to heavy losses incurred from falling sugar prices both locally
and abroad.  Tension in the sugar estate escalated after a
reported violent dispersal of striking workers at the Hacienda
on November 16, 2004, that resulted to the death of seven
persons.  In an effort to resolve the dispute, Hacienda Luisita
proposed a stock distribution option, which was later junked by
the Government due to violations of the provisions of the
Comprehensive Agrarian Reform Law.  The land title distribution
to around 5,000 farmer beneficiaries is expected in the first
half of 2006.


STENIEL MANUFACTURING: Defaults on PHP690M Bank Debts
-----------------------------------------------------
Steniel Manufacturing Corporation said that a recent disclosure
by its creditor banks stating that it was in default of
PHP690 million in debts would not hamper the proposed management
buyout of the firm, the Philippine Daily Inquirer reports.

The Inquirer cites Steniel President Genesis Goldi Golingan as
saying that the Company was to meet with banks to propose a
business plan and ways to repay its debts.

In a corporate disclosure submitted to the Philippine Stock
Exchange on June 6, 2006, Steniel Manufacturing disclosed that
it has received formal notice of default from the Metropolitan
Bank and Trust Company-Trust Banking Group pursuant to the
Omnibus Agreement entered into among STN, Metrobank, Chinatrust
Commercial Bank and the Bank of the Philippine Islands.

               Creditor Banks Are Not Pleased

In an earlier disclosure, Steniel said that its management
decided to extend an offer of its own shares to its parent firm
Steniel (Belgium) Holdings NV to stave off growing uncertainty
within the Company.

Rey Enano, of the Manila Standard, writes in his business column
that the creditor-banks of Steniel were displeased by this
latest development.  Steniel, Mr. Enano states, rejected a deal
offered by a group of new investors closely associated with food
and beverage giant, San Miguel Corporation.

Mr. Enano believes that the new group of investors "would have
improved the shareholders' value of the company, revived its
operations and restructured its finances."

The supposed deal was endorsed by Steniel's creditors as it
would make the Company "profitable again and allow it to pay
back loans and credits to banks and suppliers."

The deal did not materialize when Steniel Chairman Percival King
and Mr. Golingan announced that directors and officers instead
were taking over the Company.

Creditor-banks quickly rejected the management takeover of
Steniel and alerted their lawyers to start foreclosure moves on
the Company to immediately protect their exposure on Steniel.

                      Missed Opportunities

According to Mr. Enano, San Miguel Corporation is a potential
big customer of Steniel in the light of San Miguel's latest
expansion binge in the food business.  San Miguel is certain to
face growing packaging requirements from Del Monte Pacific,
NutriAsia Philippines, and National Foods of Australia.

Del Monte is a bigger market for Steniel.  About 67% of Del
Monte's revenues come from processed food and 27% from beverage.
It enjoys leadership positions in pineapple juice and solids,
juice drinks, tomato-based ketchup and sauces, and other
condiments, Mr. Enano explains.

More importantly, Mr. Enano adds, the backing of creditor-banks
will make Steniel a sturdier company amid the highly competitive
export business.

                San Miguel Buyout Plan Not True?

Steniel, however, said it has no knowledge of a takeover plan by
a group that includes San Miguel as reported by the Manila
Standard, Bloomberg News reports.

The newspaper, without citing a source for its information,
reported that San Miguel and a group of investors are in buyout
talks with the Company's owner, Citigroup Inc.'s CVC Asia
Pacific, Limited.  San Miguel will be a minority stockholder
after the takeover, it said.

"We are not aware of any offer or negotiations for the takeover
of Steniel with CVC," Steniel Chairman Perry Pe said in a
statement to the PSE.

                  About Steniel Manufacturing

Steniel Manufacturing Corporation -- http://www.steniel.com/--  
was incorporated in 1963 primarily to engage in manufacturing,
processing, and selling all kinds of paper products, paper board
and corrugated carton containers, and all other allied products
and processes.  The Company and its subsidiaries have
established a strong foothold in the packaging industry by
offering a broad line of packaging products from corrugated
carton boxes to paper, plastic containers, and flexible
packaging.  STN stands as the single largest independent
manufacturer of corrugated fibreboard containers in the
Philippines.  About 99% of its revenues come from the corrugated
packaging business while the remaining 1% is from rigid
plastics.

On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. whereby all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.

                          Debt Default

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005, to certain lender banks.  Management
has submitted its proposed plans and programs for the repayment
of the loans, which include, among others, the disposal of idle
assets of subsidiary companies, proceeds of which will be used
to pay off the loans, and extension of the repayment term of the
loans.


STENIEL MANUFACTURING: Trims Net Loss by 60.44% in First Quarter
----------------------------------------------------------------
Steniel Manufacturing Corporation reports an operating loss of
PHP7.64 million in the first quarter of 2006, a decrease of
PHP11.67 million or 60.44% from its PHP19.31-million operating
loss for the previous corresponding quarter, and slightly lower
than the PHP8.7 million loss forecasted for the same period.

Consolidated sales revenue for the quarter ended March 31, 2006,
reached PHP190.54 million, lower than the PHP239.90 million
sales revenue in the first quarter last year.  Operating
expenses on a consolidated basis for the current quarter total
PHP21.29 million, lower than the 2005 first quarter's PHP24.41
million.

Financing charges of PHP29.06 million, however, brought the
Company's net loss to PHP31.02 million for the first quarter of
2006, down 22.97% from the previous corresponding quarter's
PHP40.27 million.

                       Financial Position

Current assets as of March 31, 2006, totaled PHP491.02 million
as compared with assets worth PHP468.18 million as of Dec. 31,
2005.  The prompt collection of receivable is one of the main
focuses throughout the group, thus explaining the lower balances
as at reporting period.  Meanwhile, the increase in inventories
is due to increased paper inventory level while the increase in
prepayments and other current assets is mainly coming from
excess input value-added taxes.

The decrease in property, plant and equipment relates materially
to depreciation.  There are no significant capital expenditures
during the period.  Neither is there any significant capital
spending anticipated in the immediate future.

Consolidated current liabilities totaled PHP1.74 billion as of
March 31, 2006, as compared to PHP1.15 billion as of Dec. 31,
2005.  

Steniel Manufacturing's financial report for the first quarter
reflects these key accounts:

                Steniel Manufacturing Corporation
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets              491.02          468.18
     Current Liabilities       1,109.30        1,145.35
     Total Assets              1,739.34        1,730.93
     Total Liabilities         1,109.30        1,145.35
     Total Equity                630.04          585.58

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                     31.02           40.27
     Revenues                    190.54          239.90
     Expense                     176.89          234.81

The Company's first quarter results for the fiscal year 2006 is
available for free at:

    http://bankrupt.com/misc/STN_17Q_Mar2006.pdf

Steniel Manufacturing Corporation -- http://www.steniel.com/--  
was incorporated in 1963 primarily to engage in manufacturing,
processing, and selling all kinds of paper products, paper board
and corrugated carton containers, and all other allied products
and processes.  The Company and its subsidiaries have
established a strong foothold in the packaging industry by
offering a broad line of packaging products from corrugated
carton boxes to paper, plastic containers, and flexible
packaging.  STN stands as the single largest independent
manufacturer of corrugated fibreboard containers in the
Philippines.  About 99% of its revenues come from the corrugated
packaging business while the remaining 1% is from rigid
plastics.

On October 30, 2000, Metro Pacific Corporation and Philippine
International Paper Corporation entered into a Sale and Purchase
Agreement with Steniel (Netherlands) Holdings B.V. wherein all
the 636,193,025 common shares collectively owned by MPC and PIPC
representing approximately 72.6% of the issued and outstanding
capital stock of the company were sold to Steniel (Netherlands)
in accordance with the terms and conditions provided for in the
SPA.

               Significant Doubt on Going Concern

In Steniel Manufacturing's 2005 Annual Report, Geraldine
Hammond-Apostol of Isla Lipana and Co., the Company's
independent auditors, raised substantial doubt on Steinel's and
its subsidiaries' ability to continue as a going concern since
the Company incurred a net loss of PHP185.15 million for the
year ended December 31, 2005, and a net loss of PHP158.82
million in 2004.

                          Debt Default

Steniel Manufacturing did not meet its maturing obligations due
as of December 31, 2005 to certain lender banks.  The management
has submitted its proposed plans and programs for the repayment
of the loans, which include, among others, the disposal of idle
assets of subsidiary companies, proceeds of which will be used
to pay off the loans, and extension of the repayment term of the
loans.

                         Operating Plans

In their 2006 first quarter report, Steniel Manufacturing
outlines these operating plans:

   1. The group's marketing strategy will continue to focus on
      reestablishing Steniel's presence among multinationals
      corporations.  The marketing team will concentrate in
      serving industries and developing market sectors
      characterized by economical production runs, reasonable
      prices and acceptable credit terms.

   2. The Company will further enhance operating efficiencies
      group wide by reducing waste levels and bringing down
      manufacturing costs.

   3. Improve the Company's liquidity position through the
      effective and efficient management of working capital
      resources.  As in the past, emphasis will be given to the
      prompt collection of trade receivables and inventories
      will be kept at targeted levels by controlling raw
      materials procurement and ensuring prompt delivery of
      finished goods.

   4. The Company will negotiate for the restructuring and
      renewal of its bank loan facilities, which matured in
      December 2005, in order to support the financial and
      operating plans of the Steniel Group.

The Company's marketing strategy will continue to focus on
reestablishing Steniel's presence among multinationals and top
corporations.  Its marketing team will concentrate in serving
industries and developing market sectors characterized by
economical production runs, reasonable prices and acceptable
credit terms.


ZEUS HOLDINGS: Incurs PHP238,520 Loss in First Quarter
------------------------------------------------------
Zeus Holdings, Inc., posted a PHP238,520 net loss for the first
quarter ended March 31, 2006, against a PHP248,648 net loss for
the same period last year.

Moreover, Zeus Holding's balance sheet also reflected strained
liquidity with PHP154,868 in current assets available to pay
PHP1,177,870 in current liabilities coming due within the next
12 months.

The Company recorded a capital deficiency equal to PHP1,023,002.

Zeus Holding's first quarter report is available for free at:

http://bankrupt.com/misc/Zeus_Holdings_Quarter_Report033106.pdf

Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business.  After 15 years, the Company
diversified into other businesses and closed its garment
operations.  It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company.  Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.

The Company has not declared any cash dividend for the last two
fiscal years.

The Company is in the process of finding other means and
resources to address liquidity and capital deficiency problems
by way of infusion of property or cash by new investors or
introduction of a new business to the Company.

Its parent company, PICOP Holdings Inc., is committed to support
Zeus Holdings' operations.  In the immediate term, PHI will
provide the cash requirements of the Company.

As reported in the Toubled Company Reporter - Asia Pacific on
June 6, 2006, Lilian Linsangan, of Punongbayan & Araullo,
expressed substantial doubt about Zeus Holdings, Inc.'s ability
to
continue as a going concern after auditing the Company's
financials for the year ended December 31, 2005.  The going
concern doubt is due to the Company's capital deficiency
resulting from losses incurred in prior years and the absence of
any investing and operating activity.


* Low Investor Confidence Leads to Slump in Pre-Need Plan Sales
---------------------------------------------------------------
Low investor confidence in the pre-need industry in the wake of
several scandals on pre-need firms has had a negative impact, as
shown in the 29.81% drop in sales for the first quarter 2006 to
PHP6.42 billion from PHP9.15 billion in 2005, the Manila Times
reports.

According to data from the Non-Traditional Securities Department
of the Securities and Exchange Commission, the number of plans
sold in the first quarter fell 43.23% to 79,638 from 140,285 for
the same period last year.  The percentage decrease is shown as:

   Life insurance plans: 58.82% drop to 23,906 from 58,056;

   Education plans: 54.89% drop to 11,430 from 25,449; and

   Pension plans: 22.13% drop to 44,302 from 56,890.

The Philippine Star states that initial collections from plans
sold decreased to PHP776.54 million from PHP973.97 million, or a
20.3% decline.

The pre-need industry expects flat growth this year with the
adoption of International Accounting Standards in the
preparation of financial statements, as well as difficulties in
the business environment, the Star adds.  


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

ACCORD CUSTOMER: Changes Name to mDR Limited
--------------------------------------------
Following the approval of shareholders at an Extraordinary
general Meeting held on May 31, 2006, Accord Customer Care
Solutions Limited's named has been changed to "mDR Limited"
effective June 6, 2006.

               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, these obligations are 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.


CREATIVE TECHNOLOGY: Apple Files Second Counter-Suit
----------------------------------------------------
Apple Computer Inc has filed a second copyright lawsuit and a
United States trade complaint against Creative Technology,
Reuters reports.

In its latest lawsuit, Apple claims Creative is infringing three
patents relating to using icons, and displaying and editing
data.  Apple is seeking cash damages and a court order to
prevent patent infringements, Reuters says.

Apple's second counter-suit was filed in a district court in
Texarkana, Texas on June 1, 2006.  The counter-suits came after
Creative filed patent complaints against Apple last month in a
federal court and with a U.S. trade agency.

The Troubled Company Reporter - Asia Pacific reported that on
May 15, 2006, Creative filed a complaint with the United States
International Trade Commission seeking an investigation on
whether Apple Computer has violated Section 337 of the Tariff
Act of 1930 through its importation and sale after importation
into the United States of iPods and iPod Nanos that infringe
U.S. Patent 6,928,433, which Creative refers to as the "Zen
Patent."  In its complaint, Creative said that the U.S. Patent
Office issued the Zen patent to Creative on August 9, 2005.

According to the TCR-AP, Creative also filed a lawsuit against
Apple Computer with the United States District Court for the
Northern District of California that seeks an injunction and
increased damages for Apple Computer's willful infringement of
the Zen Patent.

Reuters was unable to reach a spokesman in Singapore's Creative
for comment.

                  About Creative Technology

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.  
The Company also makes modems and CD and DVD drives for PCs.  
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.  Tough competition in the electronics market has
hurt Creative, causing it to incur recurring losses.  The
Company reported a net loss of US$114.33 million in the three
months to March 31, 2006, reversing the year-ago profit of
US$15.91 million due to one-time charges and a drop in flash
memory prices, which led to an inventory writedown.  The Company
is also facing ongoing disputes with several companies in the
United States.  Creative also periodically receives licensing
inquiries and threats of potential future patent claims from a
variety of entities, including Lucent Technologies, MPEG LA,
Dyancore Holdings, Advanced Audio Devices and Nichia
Corporation.


LIANG HUAT: Ho Lee Group Secures Whitewash Waiver from SIC
----------------------------------------------------------
Liang Huat Aluminium Limited's new investor, Ho Lee Group Pte
Limited, and parties acting in concert with its have obtained a
whitewash waiver from the Securities Industry Council on June
2006.  As such, Ho Lee and its partners will not be required to
make a mandatory general offer for all the remaining shares in
Liangu Huat, which they do not already own, following the
allotment and issuance of new Shares by the Company to Ho Lee.

As reported by the Troubled Company reporter - Asia Pacific,
Liang Huat, on April 13, 2006, entered into a conditional
investment agreement with Ho Lee Group for a subscription of new
shares in the Company representing a controlling stake by Ho
Lee.  Under the Investment Agreement, the cash consideration in
respect of the Investment is SGD3,000,000 and is to be satisfied
in full by the allotment and issuance of 70% of all issued
ordinary shares of the Company on Completion credited as fully
paid up.

The Whitewash Resolution is subject to these conditions:

     * a majority of the Company's independent shareholders
       being present and voting at a general meeting held before
       the allotment of shares, approving a resolution to waive
       their rights to receive a general offer from the Ho Lee
       Group to acquire all the issued shares in the Company;

     * the Ho Lee Group abstaining from voting on the Whitewash
       Resolution; and

     * the Company appointing an independent financial adviser
       to advise the Independent Shareholders on the Whitewash
       Resolution

The conditions attached to the Whitewash Waiver granted by the
SIC will be fully set out in the circular to be dispatched in
due course by the Company to its shareholders.  The Board will
appoint the Independent Financial Adviser subsequently and make
prompt announcement of the same.

Upon the granting of the Whitewash Waiver by the SIC, one of the
conditions precedent as set out in the Investment Agreement has
been fulfilled.  The Company is in the process of fulfilling the
remaining conditions precedent as set out in the Investment
Agreement in order for Completion to take place.

The Company will make prompt and timely announcements of further
developments concerning the Modified Schemes and the Investment
Agreement.

                About Liang Huat Aluminium Limited

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a winding up
petition filed by Lim Ah Siong t/a Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


SEE HUP SENG: CAD Probes Aborted 2004 Transaction
-------------------------------------------------
The Commercial Affairs Department has requested the See Hup Seng
Limited's assistance in connection with an investigation being
carried out by CAD relating to a past transaction entered into
by the Company in 2004 that has since been aborted.

The Company is unable to provide any further details as the
investigation is on-going.

                  About See Hup Seng Limited

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The Group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.   

The Group's balance sheet as of December 31, 2005, revealed
strained liquidity, with SGD12.8 million in current assets
available to pay SGD28.5 million of current liabilities coming
due within the next 12 months.  As of December 31, 2005, the
Group incurred accumulated losses of SGD28 million.


VIE SHIPPING: Pays Dividend to Preferential Creditors
-----------------------------------------------------
Vie Shipping Pte Limited has declared its first and final
preferential dividend of 79.45% on May 29, 2006.

Preferential creditors who have proved their debts are
encouraged to claim their dividends at the office of The
Official Receiver.

Contact: Kamala Ponnampalam
         Assistant Official Receiver
         The Official Receiver's Office
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


VIKNESH JEWELLERS: Creditors' Meeting Slated for June 14
--------------------------------------------------------
The first meeting of creditors of Viknesh Jewellers Pte Limited
will be held at Liquidator Tam Chee Chong's office on June 14,
2006, at 10:00 a.m.

During the meeting, creditors will be asked:

   -- to consider the appointment of a Committee of
      Inspection; and

   -- to consider any the matters brought before the meeting.

Contact: Tam Chee Chong
         Liquidator
         6 Shenton Way
         #32-00 DBS Building Tower Two
         Singapore 068809


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

SIAM AGRO: Auditor Says Balance Sheet is Stronger for 1st Qtr
-------------------------------------------------------------
Siam Agro-Industry Pineapple and Others Public Co Ltd, on
May 15, 2006, submitted to the Stock Exchange of Thailand its
first quarter financial report for the fiscal year 2006.

Somckid Tiatragul, a certified public accountant prepared the
financial report for the Company.

According to Mr. Tiatragul, the Company fully complied with the
business reorganization plan and has significantly strengthened
its balance sheet and its ability to continue as a going
concern.

According to Siam Agro's financial report for the quarter ended
March 31, 2006, the Company posted an outstanding 245.58%
increase in its net profit, from a net loss of THB8.63 million,
for the quarter ending March 31, 2005, to a net profit of
THB12.57 million.

The Company's financial report also reflected a 25.04% increase
net sales, from THB186.7 million for the first quarter of last
year to THB233.46 million for the first quarter of 2006.  Siam
Agro said that the increase of sales revenue is due to higher
sale volume partially offset by softer selling prices and
rapidly appreciating Thai Baht versus the U.S. Dollar.
             
Higher net profit reported in the quarter as gross margin was
favorably impacted by significantly lower fruit costs despite
increased sugar and energy costs, the Company adds.

Siam Agro further said that reduced commission costs and lower
interest costs increased its net profit.

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

   http://bankrupt.com/misc/saicoe2.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Siam Agro-Industry Pineapple
and Others Public Company Limited -- http://www.saico.co.th/--  
manufactures and distributes processed tropical fruits.  Its
core products are derived from processing fresh pineapple and
consist of canned pineapple, aseptic pineapple juice
concentrate, aseptic pineapple single strength juice and aseptic
pineapple crush.  The Company also produces other kinds of
tropical fruit products such as canned mixed fruit, pink guava
puree, passion puree and tomato ketchup.  Its main brands are
SAICO and Del Monte.  Siam Agro-Industry is currently in
rehabilitation under the Bankruptcy Act.  Its securities are
placed under the Rehabco Sector of the Stock Exchange of  
Thailand.  

The Company has been working with a capital deficit from 2001 to
2004, with 2001 having the biggest deficit of THB622.44 million,
and a steady decline to THB572.09 million in 2004.





                            *********


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