TCRAP_Public/060609.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

               Friday, June 9, 2006, Vol. 9, No. 114


                            Headlines

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

ACACIA CONSTRUCTIONS: Enters Voluntary Liquidation
AXIOM INDUSTRIES: Members Resolve to Wind Up Firm
BAY CLEANING: CIR Files Liquidation Application
BISHOPGATE PROPERTIES: Court to Hear Liquidation Bid on July 6
BOB COTTER: To Declare Dividend on June 14

BREMER BUSINESS: Appoints Official Liquidator
BTS MANAGEMENT: Receivers Cease to Act for Company
CALDER PLACE: Members Opt for Voluntary Liquidation
CNSW PTY: Final Meeting Slated for June 12
COYOTE HOLDINGS: Names Brown and Rodewald as Liquidators

ETNA PROPERTIES: Members Agree on Firm's Wind-Up
FIREBIRD AUSTRALIA: Creditors and Members to Get Wind-Up Report
FRANDOR PTY: Members Agree to Liquidate Business
HABODE (N.Z.) LIMITED: Appoints Official Assignee as Liquidator
HELLOBA PTY: Deryk Andrew to Oversee Wind Up

LAMPHEE ENTERPRISES: To Declare Dividend on June 14
L.D. SHIPPING: Receivers and Managers Named
MID NORTHERN: Court to Hear CIR's Liquidation Bid on June 12
NULIFE INSURANCE: Members Pass Resolution to Wind Up Firm
NYLEX LIMITED: U.S. Equity Group May Put in AU$20 Million

OMEGA 03: Creditors Must Prove Debts by June 26
OPAL FLOOR: Schedules Final Meeting on June 12
OZECO HEAT: Appoints Joint and Several Liquidators
PERONI HOLDINGS: Joint and Several Liquidators Named
PORTABLE SANITATION: Creditors' Proofs of Claim Due on June 20

PROVINCIAL FINANCE: Directors Face NZ$10 Million Lawsuit
ROBIN & MARGARET: Creditors Must Prove Debts by June 14
RUDDENKLAU CONTRACTING: Faces Liquidation Proceedings
SILVER FERN: Court to Hear Liquidation Petition on June 12
SR PRESENTS: Members Opt to Wind Up Business

TABLAP PTY: Names R. M. Sutherland as Liquidator
WETHNIC PTY: Schedules Final Meeting on June 13


C H I N A   &   H O N G  K O N G

BILLION TOP: Court Orders Winding-up
CENTRAL FINANCE: Liquidator Require Creditors' Proofs of Debt
DIAMOND TERM: Enters Wind-up Proceedings
FOREMOST BUILDING: Prepares to Pay Dividend to Creditors
HUABAO INT'L: Proposes to Cancel Share Premium to Offset Losses

HEALTH FROZEN: Creditors' Proofs of Claim Due on June 19
SEAPOWER BULLION: Creditors Must Prove Debts by June 19
SEAPOWER FINANCE: Receiving Proofs of Debt Until June 19
SEAPOWER FOREX: Creditors Must File Claims by June 19
SEAPOWER INVESTMENTS: Liquidator Asks Creditors to File Claims

SEAPOWER LOGISTICS: Creditors' Proofs of Claim Due June 19
SEAPOWER RESEARCH: Creditors to Submit Claims by June 19
TELHOPE INFORMATION: Creditors Must Prove Debts by June 23
ORIENTAL GREAT: Creditors' Proofs of Debt Due on June 19
* Fitch: China's Banks Remain Weak Despite Impressive Strides


I N D I A

INDIAN OIL: Liquidates INR835-crore Oil Bonds
NATIONAL TEXTILE: Two More Mills Await Closure


I N D O N E S I A

PERUSAHAAN LISTRIK: To Move Delay Planned Bond Sale to 2007


J A P A N

HEISEI DENDEN: Sells Off Business to Japan Telecom
MITSUBISHI MOTORS: Sells 8 Million Shares to China Motor Corp
PRINCE HOTELS: FY05 Net Loss Rises to JPY37.2 Billion


M A L A Y S I A

FEDERAL FURNITURE: Works to Submit Regularization Plan on Time
GEORGE TOWN: Court Adjourns Appeal Hearing to July 6
GEORGE TOWN: Inks Restructuring Deal with Golden Sun Group
KIG GLASS: AmMerchant Bank Resigns as Adviser
MALAYSIA AIRLINES: To Convene 35th AGM on June 26

MERCES HOLDINGS: Revenue Drops 9% to MYR0.81 Mln in 1st Quarter
MYCOM BERHAD: Aims to Execute All Scheme Agreements This Month
PAN MALAYSIA CORP: Clocks MYR4.9-Million Pre-tax Profit
PARK MAY: 33rd Annual General Meeting Slated for June 22
PARK MAY: Buys More Time to Complete Restructuring

PROTON HOLDINGS: Completes Feasibility Studies with Mitsubishi
PROTON HOLDINGS: Peugeot Confirms Possible Tie-up Talks
SETRON MALAYSIA: Schedules 34th AGM on June 26
SETRON MALAYSIA: Names Affin Merchant Bank as Principal Adviser
TENCO BERHAD: Seeks to Regularize Financial Condition


P H I L I P P I N E S

ARANETA PROPERTIES: Posts PHP15.91Mln Pre-operating Net Loss
GLOBE TELECOM: Fitch Revises IDR Rating Outlook to Positive
ISM COMMUNICATIONS: Posts PHP1.99-Mln Net Loss for First Quarter
ISM COMMUNICATIONS: Reveals Stockholders' Meeting Results
PILIPINO TELEPHONE: Reports Lost Stock Certificate

PRYCE CORP: Clarifies Article on Court Rejection of Rehab Plan
VULCAN INDUSTRIAL: Auditor Raises Going Concern Doubt
WELLEX INDUSTRIES: Records PHP0.52-Mln Net Loss for 1st Quarter


S I N G A P O R E

COMPACT METAL: Posts Losses Due to Harsh Market Conditions
COMPACT METAL: Creditors Favor Debt Restructuring Plan
O.S.L. SINKO: Intends to Declare Preferential Dividend
SEE HUP SENG: Enters Into Shares Placement Agreement
SNP DIGITAL: Creditors' Proofs of Claim Due on July 10


T H A I L A N D

SECONDARY MORTGAGE: To Sell THB1.8 Billion of Distressed Assets
THAI PETROCHEMICAL: Wants Unit to Pay Off Nearly THB2-Bil Debt

* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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


ACACIA CONSTRUCTIONS: Enters Voluntary Liquidation
--------------------------------------------------
Creditors of Acacia Constructions Pty Limited convened on
April 20, 2006, and decided to voluntarily wind up the Company's
operations, as the Company will not be able to pay its debts
within 12 months.

Stephen Jay of Nicholls & Co. was subsequently appointed as
liquidator.

Contact: Stephen Jay
         Liquidator
         Nicholls & Co. Chartered Accountants
         Suite 103, 1st Floor
         Wollundry Chambers, Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia


AXIOM INDUSTRIES: Members Resolve to Wind Up Firm
-------------------------------------------------
At a general meeting on April 19, 2006, members of Axiom
Industries Pty Limited decided that the Company must voluntarily
commence a wind-up of its operations.

Creditors subsequently named P. Ngan of Ngan & Co. as liquidator
to manage the Company's wind-up activities.

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


BAY CLEANING: CIR Files Liquidation Application
-----------------------------------------------
The Commissioner of Inland Revenue on May 9, 2006, filed before
the High Court of Rotorua a petition to liquidate Bay Cleaning
Services (2002) Ltd.

The petition will be heard before the High Court on June 12,
2006, at 10:45 a.m.

Contact: G.N. Ansen
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


BISHOPGATE PROPERTIES: Court to Hear Liquidation Bid on July 6
--------------------------------------------------------------
An application to put Bishopgate Properties Ltd into liquidation
will be heard before the High Court of Auckland on July 6, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the application before
the Court on May 8, 2006.

Contact: David Weaver
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna, Auckland
         New Zealand  
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


BOB COTTER: To Declare Dividend on June 14
------------------------------------------
Bob Cotter Tippers Pty Ltd will declare a first and final
dividend on June 14, 2006.

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

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


BREMER BUSINESS: Appoints Official Liquidator
---------------------------------------------
At a meeting held on April 21, 2006, members of Bremer Business
Park Pty Limited decided to wind up the Company's operations
voluntarily.

D.R. Vasudevan of Pitcher Partners was appointed as liquidator
to oversee the wind-up process.

Contact: D. R. Vasudevan
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


BTS MANAGEMENT: Receivers Cease to Act for Company
--------------------------------------------------
Adrian Lawrence Brown and James Henry Stewart ceased to act as
court-appointed receivers of BTS Management Pty Limited on
April 20,2006.  


CALDER PLACE: Members Opt for Voluntary Liquidation
---------------------------------------------------
At a meeting on April 18, 2006, members of Calder Place
Investments Pty Limited decided to close down the Company's
operations and appoint Robyn Erskine as official liquidator.

Contact: Robyn Erskine
         Liquidator
         Brooke Bird & Co. Chartered Accountants  
         471 Riversdale Road, East Hawthorn 3123
         Australia


CNSW PTY: Final Meeting Slated for June 12
------------------------------------------
A joint meeting of members and creditors of CNSW Pty Limited
will be held on June 12, 2006.

Liquidator Peter P. Krejci of GHK Green Krejci will report on
the wind-up process and the manner by which the Company's
property was disposed of.

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


COYOTE HOLDINGS: Names Brown and Rodewald as Liquidators
--------------------------------------------------------
Kenneth Peter Brown and Thomas Lee Rodewald on May 23, 2006,
were appointed liquidators to act jointly and severally by the
members of Coyote Holdings Ltd.

Contact: Thomas Lee Rodewald
         Rodewald Hart Brown Limited
         127 Durham Street, Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Web site: www.rhb.co.nz


ETNA PROPERTIES: Members Agree on Firm's Wind-Up
------------------------------------------------
The members of Etna Properties Pty Limited convened on
April 19, 2006, and agreed to wind up the Company's business
operations.

Subsequently, Mark Christopher Hall and Timothy James Clifton
were appointed as liquidators.

Contact: Timothy J. Clifton
         Mark C. Hall
         Liquidators
         Level 10, 26 Flinders Street
         Adelaide, Australia


FIREBIRD AUSTRALIA: Creditors and Members to Get Wind-Up Report
---------------------------------------------------------------
Creditors and members of Firebird Australia Pty Limited will
meet on June 12, 2006, at 11:00 a.m., to receive Liquidator
Christopher J. Palmer's account of the Company's wind-up and
property disposal.

Contact:  Christopher J. Palmer
          Liquidator
          Level 4, 23-25 Hunter Street
          Sydney, New South Wales 2000
          Australia


FRANDOR PTY: Members Agree to Liquidate Business
------------------------------------------------
At a general meeting on April 18, 2006, members of Frandor Pty
Ltd agreed that it is in the Company's best interest to close
down its business.  

Subsequently, Ian C. Babidge was named as liquidator to oversee
the Company's wind-up proceedings.

Contact: Ian C. Babidge
         Liquidator
         21 Everett Avenue, Dulwich
         South Australia 5064
         Australia


HABODE (N.Z.) LIMITED: Appoints Official Assignee as Liquidator
---------------------------------------------------------------
The Official Assignee was on May 22, 2006, appointed as official
liquidator of Habode (N.Z.) Ltd.

Contact: Official Assignee
         Insolvency and Trustee Service
         Private Bag 4714, Christchurch
         New Zealand
         Telephone: 0508 467 658
         Web site: www.insolvency.govt.nz


HELLOBA PTY: Deryk Andrew to Oversee Wind Up
--------------------------------------------
At a general meeting of Helloba Pty Ltd held on April 19, 2006,
Deryk Andrew of Bentleys MRI was appointed as liquidator to
oversee the Company's wind-up activities.

Contact: Deryk Andrew
         Liquidator
         c/o Bentleys MRI Sydney
         Business Recovery & Insolvency Partnership
         PO Box Q1165, QVB Post Office
         Sydney, New South Wales 1230
         Australia


LAMPHEE ENTERPRISES: To Declare Dividend on June 14
---------------------------------------------------
Lamphee Enterprises Pty Limited will declare its first and final
dividend on June 14, 2006, to the exclusion of creditors who
were unable to prove their claims.

Contact: Richard Judson
         Liquidator
         Members Voluntarys Pty Limited
         1st Floor, 10 Park Road
         Cheltenham 3192, Australia


L.D. SHIPPING: Receivers and Managers Named
-------------------------------------------
Daimler Chrysler Financial Services Australia Pty Limited had on
April 18, 2006, appointed Bruno Anthony Secatore and Daniel
Peter Juratowitch from Bentleys MRI as receivers and managers of
L.D. Shipping Pty Limited.

Contact: Daniel P. Juratowich
         Bruno A. Secatore
         Receivers
         Bentleys MRI
         Level 7, 114 William Street
         Melbourne, Victoria 3000
         Australia


MID NORTHERN: Court to Hear CIR's Liquidation Bid on June 12
------------------------------------------------------------
An application to put Mid Northern Logging Ltd into liquidation
will be heard before the High Court of Rotorua on June 12, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the application before
the Court on May 2, 2006.

Contact: G.N. Ansen
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


NULIFE INSURANCE: Members Pass Resolution to Wind Up Firm
---------------------------------------------------------
Members of Nulife Insurance Limited had on April 18, 2006, opted
to shut down the Company's business and appoint Colin McIntosh
and Robyn Beverly Mckern as joint and several liquidators.

Contact: Colin McIntosh
         Robyn B. Mckern
         Joint and Several Liquidators
         c/o McGrathNicol+Partners
         Level 1, 161 Collins Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9038 3137
         Web site: www.mcgrathnicol.com.au/


NYLEX LIMITED: U.S. Equity Group May Put in AU$20 Million
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Nylex Limited announced a major restructuring of
its businesses that will cost about AU$10 million.

The Australian Associated Press relates that Nylex had started
talks with potential financiers and existing and potential
senior dent providers.  Nylex said on June 7, 2006, that it was
in talks with local and United States-based companies about
mezzanine financing and a capital raising.

The Age says that Kerry Stokes -- the chairman of Seven Network
and owner of a 14% stake in Nylex -- is believed to be playing a
key role in a AU$40 million recapitalization that could result
in a new owner for the plastics manufacturer.

It is believed that Mr. Stokes has brought in a U.S. private
equity group that met with the Nylex board and management this
week, the Age points out.

AAP reports that the U.S. equity group will put AU$20 million
into Nylex, effectively giving it control.

The other AU$20 million will be raised in mezzanine debt, which
gives the lender the right to convert to an ownership or equity
interest if the loan is not repaid on time.

                          About Nylex

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,  
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.

Nylex has been in restructuring for 11 years, the past six saw
the Company management balance between keeping creditors happy
and placating shareholders, who over time lost 90% of their
investments.  Nylex owed its bank lenders more than AU$400
million at the peak and has basically been in a controlled
liquidation of the mish-mash of assets built up in the 1990s.
  
The Company has sold many businesses to reduce its debt, moved
some production offshore and now has a strong balance sheet and
is looking for acquisitions.  It has also launched a major push
to build on its strong position in garden water control to
become a leader in overall household water conservation.
  
The Troubled Company Reporter - Asia Pacific reported on Nov.
29, 2005, that Nylex's future earnings are uncertain after
shareholders sold the Company's profitable asset, Lucrative AH
Plant Hire, to a rival controlled by Nylex shareholder and Seven
Network Chairman Kerry Stokes.

Shareholders agreed to sell AH Plant Hire to the Stokes-
controlled National Hire group for AU$111 million, which just
scrapped in at the bottom of the valuation range calculated by
independent expert Ernst & Young Valuation Services.  Nylex
directors decided to sell AH Plant Hire after failing to
complete the sale of the group's automotive business, which had
been expected to bring in AU$40 million.

Nylex is operating under the close supervision of a group of
banks, which are keen to end the five-year asset sell-off.

In May 2006, Nylex announced a big restructure that will cost
about AU$10 million, and has started talks with potential
financiers and existing and potential senior debt providers.

Also in May, the Company announced a profit downgrade, saying
that the underlying earnings of continuing businesses for the
current financial year are expected to be between AU$1.5 million
and AU$2 million, which falls short of its previous guidance.
The Company also disclosed that it expects to incur or make
provisions for restructuring costs, and assets carrying value
adjustments of AU$18 million.


OMEGA 03: Creditors Must Prove Debts by June 26
-----------------------------------------------
Shareholders of Omega 03 Ltd on May 26, 2006, appointed Jeffery
Philip Meltzer and Rachel Mason as joint and several
liquidators.

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

Contact: R.K. Mason  
         Meltzer Mason Heath
         Chartered Accountants
         Wellesley Street, Auckland
         New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


OPAL FLOOR: Schedules Final Meeting on June 12
----------------------------------------------
The members and creditors of Opal Floor Installations Pty
Limited will have its final meeting on June 12, 2006, at 11:a.m.
at Parker Insolvency, Level 5, in 49 Market Street, Sydney New
South Wales.

During the meeting, Liquidator G. J. Parker will discuss the
company's winding up proceedings and the manner by which its
property was disposed.

Contact: J. G. Parker
         Liquidator
         c/o Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


OZECO HEAT: Appoints Joint and Several Liquidators
--------------------------------------------------
Creditors of Ozeco Heat Pumps & Solar Pty Limited resolved to
wind up the Company's operations and appoint John William
Cunningham and John Richard Park as joint and several
liquidators to oversee the Company's winding-up process.

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


PERONI HOLDINGS: Joint and Several Liquidators Named
----------------------------------------------------
Thomas Lee Rodewald and Sheree Ann Hart on May 18, 2006, were
appointed liquidators to act jointly and severally for Peroni
Holdings Ltd.

Contact: Thomas Lee Rodewald
         Rodewald Hart Brown Limited
         127 Durham Street, Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Web site: www.rhb.co.nz


PORTABLE SANITATION: Creditors' Proofs of Claim Due on June 20
--------------------------------------------------------------
Liquidators Kevin Neil Wilson and Christine Joy Henderson
require the creditors of Portable Sanitation Ltd to submit their
proofs of claim by June 20, 2006.

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

Contact: K.N. Wilson
         HWI Limited, Chartered Accountants
         Level 3, 139 Carlton Gore Road
         Newmarket, Auckland
         New Zealand
         Telephone: (09) 307 8500


PROVINCIAL FINANCE: Directors Face NZ$10 Million Lawsuit
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance Limited was put into receivership on June 2,
2006, due to breach of covenants and ratios in its Trust Deed,
as well as a multi-million write-down for bad debts.

In an update, Stuff.co.nz relates that Provincial Finance
directors David Lyall and John Edilson are facing a lawsuit from
Graeme Fisher, a former business partner who claims that the
directors cost him NZ$10 million in stress and lost earnings.

Stuff.co notes that Mr. Fisher has offered to settle out of
court for NZ$950,000, otherwise he will go ahead with a
NZ$10-million civil claim.

According to the report, Mr. Edilson said that his and Mr.
Lyall's lawyers had told them that Mr. Fisher's claim was
"completely without merit."

The Dominion Post recounts that Mr. Fisher, Mr. Lyall and Mr.
Edilson set up Blenheim Finance in 2000, with Mr. Fisher owning
50% of the shares and Provincial Finance and its associated
parties owning the rest.

Mr. Fisher said that the consumer lending business went well
until a rival's complaint to the Commerce Commission sparked an
investigation.  According to Mr. Fisher, the commission's
involvement caused "panic," which suddenly pulled the plug on
his lending.  He sold his share in 2002 and the dispute is over
the way the sale was conducted.

Mr. Fisher later suffered a heart attack, his marriage broke up
and he has been declared bankrupt.

The Dominion Post says that Mr. Lyall and Mr. Edilson are trying
to put together a NZ$25 million-plus package to save Provincial
Finance, which owes NZ$300 million to 14,000 small investors.

A group of outside investors, including other finance companies,
are looking to raise at least NZ$11 million to help bail out
Provincial Finance.

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance   
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.


ROBIN & MARGARET: Creditors Must Prove Debts by June 14
-------------------------------------------------------
Liquidator Richard Judson will be receiving proofs of claim from
the creditors of Robin and Margaret Hill Insurance Agencies Pty
Limited until June 14, 2006.

Creditors who cannot prove their claims will be excluded from
sharing in any distribution the Company will make.

Contact:  Richard Judson
          Liquidator
          Members Voluntarys Pty Limited
          1st Floor, 10 Park Road
          Cheltenham 3192, Australia


RUDDENKLAU CONTRACTING: Faces Liquidation Proceedings
-----------------------------------------------------
An application to put Ruddenklau Contracting Ltd into
liquidation will be heard before the High Court of Timaru on
June 14, 2006, at 11:00 a.m.   

The High Court received the application from J.D. Reith and K.M.
Reith on May 23, 2006.

Contact: R.C. Gray
         C/O Meares Williams, Solicitors
         Level 6, Landsborough House
         287 Durham Street, Christchurch
         New Zealand
         Telephone: (03) 379 0059
         Facsimile: (03) 366 6299


SILVER FERN: Court to Hear Liquidation Petition on June 12
----------------------------------------------------------
An application to put Silver Fern Logging Ltd into liquidation
will be heard before the High Court of Rotorua on June 12, 2006,
at 10:45 a.m.

The Commissioner of Inland Revenue filed the application before
the Court on April 7, 2006.

Contact: G.N. Ansen
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


SR PRESENTS: Members Opt to Wind Up Business
--------------------------------------------
The members of SR Presents Pty Limited convened on April 18,
2006, and agreed to liquidate the Company's business operations.

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

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


TABLAP PTY: Names R. M. Sutherland as Liquidator
------------------------------------------------
At a general meeting of Tablap Pty Limited held on April 19,
2006, members decided to voluntarily wind up the Company's
operations and nominate R. M. Sutherland as liquidator.

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


WETHNIC PTY: Schedules Final Meeting on June 13
-----------------------------------------------
Creditors and members of Wethnic Pty Limited will convene for
their final general meeting at the KPMG, Level 13, Cairns
Corporate Tower, in 15 Lake Street, Cairns, Queensland,
Australia on June 13, 2006, at 4:30 p.m.

During the meeting, Liquidator Tony Jonsson will present the
account on the Company's wind-up and the disposal manner of its
property.

Contact: Tony Jonsson
         Liquidator
         c/o KPMG
         Level 13, Cairns Corporate Tower
         15 Lake Street, Cairns Qld 4870
         Australia


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

BILLION TOP: Court Orders Winding-up
------------------------------------
The Court of First Instance on May 24, 2006, ordered to wind up
the operation of Billion Top Holdings Ltd.

The wind-up petition was filed before the Court on February 23,
2006.


CENTRAL FINANCE: Liquidator Require Creditors' Proofs of Debt
-------------------------------------------------------------
Liquidator Stephen Briscoe of Central Finance requires the
Company's creditors to submit their proofs of claim on or before
June 19, 2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


DIAMOND TERM: Enters Wind-up Proceedings
----------------------------------------
The Court of First Instance on May 24, 2006, ordered Diamond
Term Ltd to wind up its operation.  

The Court received the wind-up petition on March 2, 2006.


FOREMOST BUILDING: Prepares to Pay Dividend to Creditors
--------------------------------------------------------
The Incorporated Owners of Foremost Building will issue its
first dividend on June 15, 2006.

Preferential creditors will receive 100% dividend while ordinary
and unsecured creditors will get 60%.

Contact: Baker Tilly Hong Kong
         Liquidator
         12/F., China Merchants Tower
         Shun Tak Centre
         168-200 Connaught Road Central
         Hong Kong


HUABAO INT'L: Proposes to Cancel Share Premium to Offset Losses
---------------------------------------------------------------
Huabao International is considering a capital reorganization
plan offset HKD384.791 million in accumulated losses, Infocast
News reports.

Under the plan, the directors proposed to increase the
authorized share capital of the Company from HKD337.69 million
to HKD887.69 million by the creation of an additional 3three
billion ordinary shares and 2.5 billion new convertible
preference shares.

Further, Huabao International plans to use all or part of the
credit arising from the share premium account in a maximum sum
of HKD384.791 million to offset the accumulated losses in full.  
The remaining balance of the credit arising from the share
premium cancellation, if any, will be transferred to the
contributed surplus account of the Company, Infocast says.

The Company told Infocast that it is not permitted to pay
dividends while accumulated losses remain.  However, if the
Company will cancel share premium, it will eliminate all or part
of the accumulated losses and will enhance the flexibility in
financial structure as well as in declaring dividends to the
shareholders in the future, the Company added.

Huabao has been recording losses for the recent years, according
to Infocast.

              Summary of Key Financial Information


                                2005-03-31  2006-03-31  
                                  HK$M       HK$M       %Change        
Turnover                          24.70      18.56      -24.86%
Operating Profit                  -.42       -.30        ---
Exceptional Items
Pre-Tax Profit/Loss               -6.37      -6.76       
Net Profit/Loss                   -6.42      -7.05
  
Earnings Per Share (cents)        -2.60      -2.85
Dividend Per Share (cents)
P/E (x)
Dividend Yield (%)

                          *     *     *

Headquartered in Hong Kong, Huabao International is engaged in
trading of consumer electronic products.  The major trading
products of this business segment are DVD players, DVD ICs and
spare parts.  The Company also trades fine chemicals, sales of
fine chemicals mainly involve flavors and fragrance.


HEALTH FROZEN: Creditors' Proofs of Claim Due on June 19
--------------------------------------------------------
Liquidator Stephen Briscoe of Health Frozen Foods Company Ltd
requires the Company's creditors to submit their proofs of claim
by June 19, 2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER BULLION: Creditors Must Prove Debts by June 19
-------------------------------------------------------
Seapower Bullion Company Ltd will be receiving creditors' proofs
of debt until June 19, 2006.  

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building  
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER FINANCE: Receiving Proofs of Debt Until June 19
--------------------------------------------------------
Seapower Finance Ltd will be receiving creditors' proofs of
debts until June 19, 2006.  

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building  
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER FOREX: Creditors Must File Claims by June 19
-----------------------------------------------------
Seapower Forex Limited has been placed into liquidation.

Hence, Liquidator Stephen Briscoe is asking the Company's
creditors to lodge their proofs of debt by June 19, 2006, in
order to share in any distribution the Company will make.

Contact: Stephen Briscoe
         5/F., Allied Kajima Building  
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER INVESTMENTS: Liquidator Asks Creditors to File Claims
--------------------------------------------------------------
Liquidator Stephen Briscoe will be receiving proofs of debt of
the creditors of Seapower Investments & Services Company Ltd on
or before June 19, 2006.  

Any creditor who fails to comply with the requirement will be
excluded from sharing in any distribution the Company will make.

Contact: Stephen Briscoe
         5/F., Allied Kajima Building  
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER LOGISTICS: Creditors' Proofs of Claim Due June 19
----------------------------------------------------------
Creditors of Seapower Logistics Ltd are asked to submit their
proofs of debt on or before June 19, 2006, to the Company's
liquidator and solicitors.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building  
         138 Gloucester Road
         Wanchai, Hong Kong


SEAPOWER RESEARCH: Creditors to Submit Claims by June 19
--------------------------------------------------------
Liquidator Stephen Briscoe is asking the creditors of Seapower
Research Ltd to submit their proofs of debt by June 19, 2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Building  
         138 Gloucester Road
         Wanchai, Hong Kong


TELHOPE INFORMATION: Creditors Must Prove Debts by June 23
----------------------------------------------------------
Liquidators Nicolas Timothy Hill and Stephen Briscoe are
receiving proofs of debt from the creditors of Telhope
information Development Company Ltd until June 23, 2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


ORIENTAL GREAT: Creditors' Proofs of Debt Due on June 19
--------------------------------------------------------
Liquidator Stephen Briscoe requires the creditors of Oriental
Great Ltd to submit their proofs of claim by June 19, 2006.

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

Contact: Stephen Briscoe
         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


* Fitch: China's Banks Remain Weak Despite Impressive Strides
-------------------------------------------------------------
Fitch Ratings on June 8, 2006, said Chinese banks have made
impressive strides in recent years and that government-led as
well as banks' own internal reforms have significantly improved
the sector's risk profile.

However, in a comprehensive report published entitled "The
Chinese Banking System", the agency also cautioned that despite
this improvement, Chinese banks continue to face serious
challenges and banking industry risk remains one of the largest
vulnerabilities facing the economy.

Charlene Chau, Fitch Financial Institution Director in Beijing
relates that key weaknesses include:
    
    -- widespread corruption and ineffectual corporate
       governance;
    
    -- underdeveloped risk management and internal control
       systems;
    
    -- weak accounting and legal frameworks; and
    
    -- poor (albeit gradually improving) profitability, asset
       quality and capital

Although the financial performance of Chinese banks has
generally improved, the Chinese banking system remains one of
the weakest in the world.  All Chinese banks, to varying
degrees, continue to demonstrate thin profit margins, relatively
low capital, weak asset quality, and underdeveloped risk
management systems, Fitch said.  

The report states that the results of recent reform measures
have been mixed, with China's larger, premier banks clearly
benefiting from reforms, while weaknesses at other institutions
remain largely unaddressed.

Ms. Chu said, "Going forward, deeper and more comprehensive
reforms - including improvements in the supporting financial
infrastructure and a resolution of the government and Communist
Party's role in the financial system - will be necessary to
improve overall systemic risk."

Fitch believes that the medium-term outlook for economic growth
in China remains strong, however, it also expressed concern that
less productive investment could give rise to new bad debts,
particularly if the economy decelerates. Such a turn of events,
according to Fitch, could undo some of the hard-earned progress
in bank reforms over the last decade.

The report also notes that while managing credit risk remains
the principal challenge for Chinese banks, the agency is also
concerned about rising market risk as Chinese authorities pursue
further exchange rate and interest rate liberalization, start to
relax long-standing controls on capital outflows, and introduce
new trading activities.


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

INDIAN OIL: Liquidates INR835-crore Oil Bonds
---------------------------------------------  
Indian Oil Corporation, on June 7, 2006, sold 7.07% oil bonds
worth INR835 crore, including INR70 crore of its subsidiary IBP
Company Limited, Zee News reports.  The bonds are to mature in
March 2009 in the secondary market trade.

Zee News says that the issue size was worth INR250 crore with a
green shoe option.  Amidst hardening interest rates, the issue
generated a good response.

The Company had earlier liquidated bonds worth INR860 crore in
the three-year and nine-year category in April 2006.

The Troubled Company Reporter - Asia Pacific recounts that the
INR6,571-crore worth of oil bonds received in March 2006 has
helped Indian Oil post a net profit of INR4,031 crore in the
fourth quarter of fiscal year 2005-06, a rise of 351% over the
net profit of INR892.92 crore recorded in the same quarter of
the previous fiscal year.

                  About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.  

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite skyrocketing global prices.  For
years, Indian Oil has been selling fuel at subsidized prices,
which is way below the costs it pays for importing fuel from
overseas markets.  The Company has not been able to pass on the
high prices leading to large under-recoveries and losses.   
Early this year, the Government has offered a bailout package to
help rescue oil companies, including Indian Oil, from going
bankrupt.  Under the package, the Government issued Indian Oil,
Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth
INR10,000 crore to INR12,000 crore to compensate them for not
raising LPG and kerosene prices.  The move was expected to
improve their balance sheets.


NATIONAL TEXTILE: Two More Mills Await Closure
----------------------------------------------
Two more mills owned by National Textile Corporation are facing
closure, The Times of India relates, citing Union Textiles
Minister Shankersinh Vaghela.

The Textile Ministry is awaiting clearance from the state
government to evaluate and sell the land where the two mills are
located, The Times adds.

Mr. Vaghela said that the Voluntary Retirement Scheme for the
mill workers had already been announced.  However, he refused to
disclose any further information to The Times.

Meanwhile, Mr. Vaghela says that under the Scheme for Integrated
Textile Parks, three more textile parks are slated to come up in
Gujarat, Bharat Textile News reveals.  The additional parks will
bring the total number of the integrated parks up to five.  
These parks, according to the report, will have potential to
grow and will also provide employment opportunities.

Furthermore, with an investment of INR100 crore, a textile plaza
is also to be set up at Jahangir Mill compound in the city,
Bharat Textile adds.

As reported by the Troubled Company Reporter - Asia Pacific,
National Textile Corporation is implementing a turnaround
strategy focused on reviving and modernizing 22 mills and the
sale of most other defunct assets.

               About National Textile Corporation

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


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

PERUSAHAAN LISTRIK: To Move Delay Planned Bond Sale to 2007
-----------------------------------------------------------
PT Perusahaan Listrik may delay a planned sale of dollar-
denominated Islamic bonds until 2007, as it awaits foreign
funding for new power generation projects, Antara News reveals.

XFN-Asia states that, according to PLN power generation unit PT
Indonesia Power's president, Abimanyu Suyoso, they are hoping
for the certainty of a proposed power plant construction program
before they could determine overseas funding for that program.  
But since the program is uncertain as yet, they would postpone
the Islamic bond sale worth IDR23.47 trillion to next year.  

According to Antara News, Perusahaan Listrik needs to construct
power plants with 10,000-megawatt capacity so as to meet rising
power demand.

                          *     *     *

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

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

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


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

HEISEI DENDEN: Sells Off Business to Japan Telecom
--------------------------------------------------
Low-rate fixed-line phone service operator Heisei Denden Co.
plans to sell its entire operations to Japan Telecom Co., as it
now faces bankruptcy proceedings, Crisscross News relates.

Crisscross News says that the Tokyo District Court decided on
June 7, 2006, to initiate bankruptcy proceedings against Heisei.
The proceedings would terminate the Company's telephone services
automatically.

According to Kyoto News Service, Heisei Denden subscribers can
still receive services on some 140,000 fixed and high-speed
digital lines with the planned business sale.

The Troubled Company Reporter - Asia Pacific said on April 21,
2006, that Heisei had filed for court protection from its
creditors in October 2005, and submitted its rehabilitation
proposal to the Tokyo District Court on April 10, 2006.  
However, its financial sponsor, Dream Technologies Corp., did
not agree with the restructuring plan as it was not convinced of
the effectiveness of that plan.

As a result of the Company's decision to stop rehabilitation,
two affiliate firms that had procured funds from investors to
lease communications systems to Heisei are unable to pay back
the funds, worth JPY49 billion.

Headquartered in Tokyo, Japan, Heisei Denden Company, Limited
was established in 1990, offering cut-rate fixed-line telephone
services to customers.  The Company was forced to seek court
protection last year due to a small number of subscribers and
heavy capital investments.  As of March 31, 2006, the Company's
debts totaled JPY130 billion.


MITSUBISHI MOTORS: Sells 8 Million Shares to China Motor Corp
-------------------------------------------------------------
Mitsubishi Motors Corp. sold 8.6 million shares to China Motor
Corp.'s investment arm, Hwa Hong Investment Co. Limited (Samoa),
for JPY1.7 billion, AFX News reports.

Hwa Hong now holds a 0.68% stake in Mitsubishi Motors,
equivalent to 37.54 million shares.  China Motor and Hwa Hong
own a combined 47 million shares in Mitsubishi Motors, which
also holds a 14% stake in China Motor.

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

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

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

                          *     *     *

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

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

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


PRINCE HOTELS: FY05 Net Loss Rises to JPY37.2 Billion
-----------------------------------------------------
Prince Hotels, Inc., the hotel chain of reorganized Seibu
Holdings, Inc., posted a JPY5-billion increase in its net loss
for the 2005 fiscal year ended March 31, 2006, to
JPY37.2 billion, from a net loss of JPY32 billion in 2004,
Crisscross News says.

According to the Japan Times, Prince Hotels Inc.'s losses
increased on fierce competition from rival hotels and new hotel
operators, as well as slow earnings from its leisure facilities
due to reduced spending by players at its golf courses and a
drop in the number of visitors to its ski resorts.

Seibu Holdings, which was delisted from the Tokyo Stock Exchange
in 2004 following an accounting scandal, plans to spend
JPY193.51 billion to rehabilitate its Prince Hotels chain,
including the renovation of the Hakone Prince Hotel in Kanagawa
Prefecture and improvement of facilities at Karuizawa Prince
Hotel in Nagano Prefecture.  Seibu plans to re-list its shares
at the Stock Exchange by improving earnings via the disposal of
non-profitable assets.


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

FEDERAL FURNITURE: Works to Submit Regularization Plan on Time
--------------------------------------------------------------
Federal Furniture Holdings (M) Berhad, on June 1, 2006,
disclosed that it is still formulating its regularization plan,
which is to be submitted to relevant authorities for approval.  
The Company only has two more months to finalize its
Regularization Proposal.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.

As reported by the Troubled Company Reporter - Asia Pacific on
March 16, 2006, the Securities Commission extended the time for
Federal Furniture to complete the implementation of its
restructuring exercise through March 15, 2007.

            About Federal Furniture Holdings Berhad

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.  With only two more
months prior to submitting its Restructuring Plan to authorities
for approval, Furniture Holdings Berhad admitted it has not yet
finalized its Financial Regularization Plan.


GEORGE TOWN: Court Adjourns Appeal Hearing to July 6
----------------------------------------------------
The Court of Appeal has adjourned to July 6, 2006, the hearing
of an appeal in relation to George Town Holdings Berhad's
Restraining Order.

The Troubled Company Reporter - Asia Pacific recounts that the
Court of Appeal, on March 28, 2006, decided to dismiss a motion
filed by an unnamed "intervenor" for the Court to set aside an
interim restraining order entered on September 19, 2005, in
favor of George Town and its 22 subsidiary and associate
companies.

The intervenor appealed the Court's dismissal order.

The Court has further ordered that the Restraining Order be
continued until the disposal of the appeal.

The Restraining Order was first granted by the Kuala Lumpur High
Court on March 9, 2005, to:

     * George Town Holdings Berhad;
     * George Town Chemist Sdn Bhd;
     * Super Departmental Stores (George Town) Sdn Bhd;
     * Super Tanjung Department Stores Sdn Bhd;
     * Super Kinta Departmental Stores Sdn Bhd;
     * Usra Iwaki Plastic Technology (M) Sdn Bhd;
     * Batu Road Supermarket Sdn Bhd;
     * Super Clothing Manufacturing (M) Sdn Bhd;
     * Alpine Sign Sdn Bhd;
     * Arrow- Mega Development Sdn Bhd;
     * Euro Growth Sdn Bhd;
     * GT Design Sdn Bhd;
     * GT Group Management Sdn Bhd;
     * Super Parking Sdn Bhd;
     * Syarikat Great Eastern Clothing Manufacturing (M) Sdn
       Bhd;
     * Arrow Projects Sdn Bhd;
     * George Town Chemist (Penang) Sdn Bhd;
     * Golden Pharmaceutical Sdn Bhd;
     * Keramat Supermarket Sdn Bhd;
     * Principle Innovation Sdn Bhd;
     * Sky Dynamics Sdn Bhd;
     * The Super Pastry Centre Sdn Bhd; and
     * Super Kinta Goldsmith Sdn Bhd.

The firms had obtained the Restraining Order under Section
176(10) of the Companies Act, which restrained and stayed for a
period of 90 days further proceedings in any action or the
institution or commencement of any proceedings against the
Company or any of the companies.

The Restraining Order was secured to allow the Group to finalize
its Proposed Restructuring Scheme

Under the Scheme:

   -- the Group will seek the indulgence of its lenders and
      creditors to restructure the terms and repayment
      schedule of the borrowings of the group companies;

   -- the Group will rationalize and reorganize the existing
      stores and further increase the stores to create a
      critical mass so that the Company is able to enjoy
      economies of scale;

   -- the Group had started to rationalize and stream line the
      business operations of the Company's retail business
      through a review and improvements in the IT systems,
      business performance reporting and key retail business
      policies in order to improve efficiency and
      profitability; and

   -- the Proposals will be financed through the issuance of
      shares and bonds subject to the approval of the relevant
      authorities.

The Group faced numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  In an effort to settle the debts and come to an agreement
with the creditors, the Group had prepared an initial scheme for
the purposes of a debt-restructuring scheme.  The Group has
obtained a Restraining Order and applied for extensions of the
Order so it could finalize its scheme of arrangement.

                About George Town Holdings Berhad

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


GEORGE TOWN: Inks Restructuring Deal with Golden Sun Group
----------------------------------------------------------
George Town Holdings, on May 11, 2006, entered into a Memorandum
of Understanding with Golden Sun Group Company Limited in
relation to the proposed acquisition of assets pursuant to the
proposed restructuring of George Town and its subsidiaries.

The Company will make available to Bursa Malaysia Securities its
plan to regularize its financial condition once finalized.

Being an affected issuer of Bursa Malaysia Securities Berhad's
Practice Note 17, George Town is required to implement exercises
to regularize its financial condition, the Troubled Company
Reporter - Asia Pacific recounts.

                About George Town Holdings Berhad

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


KIG GLASS: AmMerchant Bank Resigns as Adviser
---------------------------------------------
AmMerchant Bank Berhad, on May 11, 2006, resigned as KIG Glass
Industrial Berhad's adviser in relation to its proposal to
regularize its financial condition pursuant to Practice Note
17/2005 of Bursa Malaysia Securities Berhad's Listing
Requirements.

The Troubled Company Reporter - Asia Pacific recounts that KIG
Glass is required to regularize its financial condition after
falling into the Practice Note 17 category.  

In the absence of a plan to regularize its financial condition,
KIG Glass would likely face the prospects of delisting, the TCR-
AP said.  In this respect, KIG Glass, on May 11, 2006, entered
into a restructuring agreement with Permintex Holdings Sdn Bhd
and Permintex Berhad in respect of the reverse takeover of KIG
Glass by Permintex Holdings through Permintex Bhd.

The restructuring agreement will involve:

     * acquisitions;
     * a shareholders' scheme;
     * a debt settlement;
     * a placement of the Company's shares;
     * a transfer of listing status; and
     * disposal of the company.

               About KIG Glass Industrial Berhad

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

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


MALAYSIA AIRLINES: To Convene 35th AGM on June 26
-------------------------------------------------
Malaysia Airline System Berhad's 35th Annual General Meeting
will be held at Auditorium, 1st Floor, South Wing, MAS Academy,
No. 2, Jalan SS7/13, Kelana Jaya, 47301 Petaling Jaya, in
Selangor Darul Ehsan, on June 26, 2006, at 10:00 a.m.

During the meeting, members will be asked to:

   -- receive and adopt the Directors' Report and the Audited
      Financial Statements for the financial period ended
      December 31, 2005, together with the Auditors' Report;

   -- approve the Directors' fees for the financial period ended
      December 31, 2005;

   -- re-elect as directors

      * Dato' Dr. Mohd Munir bin Abdul Majid;
      * Datuk Amar Haji Abdul Aziz bin Haji Husain;
      * Keong Choon Keat;
      * Martin Gilbert Barrow;
      * Iris Jala; and
      * Datuk Haji Yusoff;

   -- reappoint Ernst & Young as Auditors and to authorize the
      Directors to fix their remuneration;

   -- authorize the board of directors to issue shares in the
      Company's capital at any time, provided that the aggregate
      number of shares to be issued will not exceed 10% of the
      issued share capital of the Company and that the authority
      will continue to be in force until the conclusion of the
      Company's next Annual General Meeting; and

   -- transact any other ordinary business for which due notice
      has been given.

                     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.  The Company now has a shortfall of
MYR1,585,359,000.


MERCES HOLDINGS: Revenue Drops 9% to MYR0.81 Mln in 1st Quarter
---------------------------------------------------------------
Merces Holdings Berhad, on May 31, 2006, filed with Bursa
Malaysia Securities Berhad its financial report for the first
quarter ended March 31, 2006.

The Group's revenue was mainly derived from construction works
and sale of development properties.  For the current quarter,
turnover was MYR0.810 million, 9% lower than the previous year's
corresponding period of MYR0.899 million.

Loss before tax for the first quarter ended March 31, 2006, was
MYR0.952 million compared to the loss before tax of MYR1.087
million reported in the previous year corresponding period.

Turnover for the current quarter was MYR0.810 million compared
to MYR12.790 million reported in the immediate preceding
quarter.  Loss for the current quarter was MYR0.952 million
compared to loss of MYR1.593 million in the immediate preceding
quarter.

As of March 31, 2006, the Company's balance sheet showed
MYR106,755,000 in total assets and MYR81,088,000 in total
liabilities.

The March 31 balance sheet also showed strained liquidity with
MYR79,550,000 in total current assets available to pay
MYR81,088,000 in total current liabilities coming due within the
next 12 months.

The Company's board of directors did not recommend any interim
dividend for the financial quarter ended March 31, 2006.

In view that market for the property development remains soft,
the Company's directors do not expect an improvement in the
results of the Group for the remaining period of financial year
ending 31 December 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  

        810         1,286             810          1,286

* Profit/(loss) before tax  

       -953        -1,087            -953         -1,087

* Profit/(loss) after tax and minority interest

       -952        -1,086            -952         -1,086

* Net profit/(loss) for the period

       -952        -1,086            -952         -1,086

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

      -1.87         -2.13           -1.87          -2.13


* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.5000                       0.5200

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

   http://bankrupt.com/misc/tcrap_mercesholdings060806.xls

   http://bankrupt.com/misc/tcrap_mercesholdingsnotes060806.pdf

                  About Merces Holdings Berhad

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


MYCOM BERHAD: Aims to Execute All Scheme Agreements This Month
--------------------------------------------------------------
Pursuant to its restructuring scheme, Mycom Berhad is working
towards executing all its scheme documents and an underwriting
agreement by June 2006.

Upon completion of the exercise, the Company's board of
directors will then work towards completing the Restructuring
Scheme within a tentative timeframe, subject to approvals being
obtained from the Securities Commission and the lenders for the
extension of time.

                            Proposed
  Major Outstanding Events  Timeline   Status of Implementation
  ------------------------  --------   ------------------------
* Execution of trust deed   06/2006    The Company, on May 24,
  and other creditors'                 2006, entered into
  agreements                           several agreements with
                                       parties in respect of the
                                       total debts to be
                                       restructured under the
                                       Restructuring Scheme.
                                       The Company expects to
                                       complete the execution of
                                       all the other scheme
                                       documents by June 2006.

* Execution of the          06/2006    The Underwriting
  Underwriting Agreement               Agreement will executed
  in connection with the               in conjunction with the
  Rights Issue with                    creditors agreements.
  Warrants

* Approval of floating      07/2006    To be met.
  rate note holders at an
  extraordinary general
  meeting and execution of
  offshore agreement

* Books Closing Date for    08/2006     To be met.
  the Capital Reduction,
  Capital Consolidation and
  Rights Issue with Warrants

* Dispacth of Abridged      08/2006     To be met.
  Prospectus, Rights
  Subscription Forms and
  Notice of Provisional
  Allotment

* Listing of the new Mycom  09/2006     To be met.
  shares, warrants,
  Irredeemable Convertible
  Unsecured Loan Stocks,
  Redeemable Unsecured Loan
  Stocks and Irredeemable
  Convertible Bonds on the
  Bursa Malaysia Securities
  Berhad

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.  
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  In its
proposal to streamline its operations and focus on property
development activities after restructuring, Mycom had proposed
to undertake a series of acquisitions of property companies and
land, as well as the disposal of certain assets in the future
years.  Mycom believes that both its corporate and debt
restructuring would the group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.

As of March 31, 2006, the Company's balance sheet showed poor
liquidity with MYR56,129,000 in current assets available to pay
current liabilities of MYR1,302,071,000 coming due within the
next 12 months.


PAN MALAYSIA CORP: Clocks MYR4.9-Million Pre-tax Profit
-------------------------------------------------------
Pan Malaysia Corporation Berhad, on May 31, 2006, submitted for
public release its unaudited financial report for the first
quarter ended March 31, 2006.

For the financial period ended March 31, 2006, the Group
recorded revenue of MYR59.9 million and gross profit of
MYR12.5 million as compared to the previous year corresponding
period's MYR81.0-million revenue and MYR16.2-million gross
profit.  The lower revenue and gross profit were mainly due to
the continued soft retail environment faced by the food
operations in Australia.

For the quarter under review, the Group recorded a gain on
disposal of assets of MYR8.1 million.  After taking into account
the share of results of an associate, the Group recorded pre-tax
profit of MYR4.9 million for the period under review as compared
to MYR6.8 million in the previous year corresponding period.

The current quarter recorded revenue of MYR59.9 million and pre-
tax profit of MYR4.9 million as compared to the preceding
quarter's revenue of MYR79.0 million and pre-tax loss of MYR8.8
million.  In the preceding quarter, the higher revenue was
mainly due to the traditionally year end festive seasons while
the pre-tax loss was mainly due to impairment of investments in
an associated company.

The challenging trading environment is expected to continue for
the financial year ending December 31, 2006, especially in
respect of rising input cost.  The Group will continue to focus
on cost control measures to mitigate the effects of rising
costs, increasing its market share for existing products and
introduction of new product lines.  In addition, the later part
of the financial year will normally see better trading for the
Group.

The Company's board of directors did not recommend any interim
dividend for the financial quarter ended March 31, 2006.


               Summary of Key Financial Information

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

* Revenue  

     59,893        81,012          59,893         81,012

* Profit/(loss) before tax  

      4,851         6,800           4,851          6,800

* Profit/(loss) after tax and minority interest  

      3,666         4,747           3,666          4,747

* Net profit/(loss) for the period

      3,666         4,747           3,666          4,747

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

       0.51          0.58            0.51           0.58

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.5677                       0.5375

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

   http://bankrupt.com/misc/tcrap_panmalaysiacorp060806.xls

                 About Pan Malaysia Corporation

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past due to skyrocketing
operating expenses.  The group has been selling assets to curb
losses.  In the fiscal year ending December 31, 2005, the
Company booked a net loss of MYR6.8 million.


PARK MAY: 33rd Annual General Meeting Slated for June 22
--------------------------------------------------------
Park May Berhad's 33rd Annual General Meeting will be held at
Level 1, Wira Hotel, 123 Jalan Thamboosamy, in Off Jalan Putra,
Kuala Lumpur, on June 22, 2006, at 11:00 a.m.

During the meeting, members will be asked to:

   -- receive and adopt the Audited Financial Statements for the
      year ended December 31, 2005, and the Reports of the
      Directors and Auditors;

   -- re-elect YBhg Dato' Mohd Nadzmi Mohd Salleh who retires in
      accordance with Article 80 of the Company's Article of
      Association;

   -- approve the Directors' fees of MYR226,000 for the year
      ended December 31, 2005;

   -- reappoint Messrs Ernst & Young as Auditors and to
      authorize the Directors to fix their remuneration;

   -- renew the shareholders' mandate authorizing the Company
      and its subsidiaries to enter into recurrent related party
      transactions of a revenue or trading nature which are
      necessary for the day-to-day operations of Park May Berhad
      Group; and

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

                   About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad
-- http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of MYR23.17
million, making it an affected listed issuer under Bursa
Malaysia Securities' Practice Note 4 category.  As an Affected
Listed Issuer, the Company is required to regularize its
financial condition.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR 38.9 million and total liabilities of MYR92.1
million.  It also showed stained liquidity with MYR13,973,000 of
total current assets available to pay total current liabilities
of MYR87,038,000 in the next 12 months.


PARK MAY: Buys More Time to Complete Restructuring
--------------------------------------------------
Park May Berhad disclosed that there has been no significant
development in respect of its plan to regularize the group's
financial position.

In this respect, the Company will be submitting an application
to the Securities Commission to extend by 17 months until
December 26, 2006, the deadline for the Company to complete its
restructuring.

                   About Park May Berhad

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --
http://www.parkmayberhad.com/-- provides public bus  
transportation in Peninsular Malaysia, categorized as stage bus
and express bus.  Its other activities include operation and
construction of light rail transit system, trading and property
holding, and investment holding and managing operation.
The Company has defaulted in its payment of monthly interest of
MYR1.1 million on its MYR135.6 million Combined and Converted
Short Term Loan Facility due on April8, 1999.  On December 30,
1999, the Corporate Debt Restructuring Committee successfully
assisted Park May Berhad to finalize a debt restructuring scheme
with its lenders and main suppliers involving debt outstanding
as at even date of MYR146 million.  On April 17, 2000, the
Securities Commission approved Park May's Proposals.  On
February 28, 2003, Park May registered a deficit in
shareholders' equity on a consolidated basis of
MYR23.17 million, making it an affected listed issuer under
Bursa Malaysia Securities' Practice Note 4 category.  As an
Affected Listed Issuer, the Company is required to regularize
its financial condition.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR 38.9 million and total liabilities of
MYR92.1 million.  It also showed stained liquidity with
MYR13,973,000 of total current assets available to pay total
current liabilities of MYR87,038,000 in the next 12 months.


PROTON HOLDINGS: Completes Feasibility Studies with Mitsubishi
--------------------------------------------------------------
Proton Holdings Bhd has completed feasibility studies in
relation to the technical aspects outlined as per its Memorandum
of Understanding in cooperation with Japan's Mitsubishi Motors
Corporation, The Edge Daily reports.

Proton told The Edge that studies with regard to commercial
aspects were still in progress, pursuant to their MoU signed in
February 2006 to explore the feasibility of cooperation in the
development of new Proton vehicles and components supply.

Other aspects of the MoU include technical support for
production, engineering and quality control from Mitsubishi to
Proton and Proton's vendors, and the manufacturing at Proton's
facilities.  Mitsubishi now provides engines and transmission
systems in the Iswara, Wira, Satria, Arena, Waja, Perdana and
Gen.2 models.

Meanwhile, Proton also said it had, together with Petroliam
Nasional Bhd, identified the product range that could be
feasible for implementation pursuant to their memorandum of
intent, The Edge relates.

Both parties on January 27, 2006, signed the MOI to develop
larger engines and environmentally friendly alternative fuel
systems, The Edge adds.

                    About Proton Holdings

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

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

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


PROTON HOLDINGS: Peugeot Confirms Possible Tie-up Talks
-------------------------------------------------------
French carmaker PSA Peugeot Citreon, on May 31, 2006, confirmed
that it was in initial tie-up discussions with Proton Holdings
Berhad, Business Times reports.  Peugeot, however, pointed out
that there were no concrete cooperation talks just yet.

The Edge Daily reports that Proton and Peugeot were discussing a
possible wider partnership than the one Proton has with Japanese
car manufacturing giant Mitsubishi Motors Corporation.

Proton managing director Syed Zainal Abidin Syed Mohd Tahir told
a news conference that talks with Europe's second-largest
carmaker had reached "quite advanced details".  It was reported
that he hoped Proton and PSA could finalize a pact that would
include joint vehicle platform development and sourcing of
components in the near future.

As reported by the Troubled Company Reporter - Asia Pacific on
May 9, 2006, Peugeot may eventually take up an equity stake in
Proton, adding that the senior management of both companies have
met and are likely to sign a memorandum of understanding in a
few months.

The TCR-AP also reported that Proton's shareholders and the
Malaysian Government had resumed partnership talks with
Germany's Volkswagen AG.  In January 2006, the German firm
pulled out of a joint venture plan with Proton after it failed
to win control of the Malaysian firm.

Proton is looking at potential partnerships with foreign firms
in order to boost its local market share, which started to
decline as foreign-made rivals become a more attractive option
to locally made cars, often blamed on shoddy parts and service
quality, the TCR-AP added.

                     About Proton Holdings

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

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

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


SETRON MALAYSIA: Schedules 34th AGM on June 26
----------------------------------------------
Setron Malaysia Berhad's 34th Annual General Meeting will be
held at Ballroon III, Lobby Floor, Hilton Kuching, Jalan Tunku
Abdul Rahman, in 93100 Kuching, Sarawak, on June 26, 2006, at
10:00 a.m.

During the meeting, members will be asked to:

   -- receive and adopt the Company's Audited Financial
      Statements for the financial year ended December 31, 2005,
      and the related Reports of Directors and Auditors;

   -- approve the directors' fees for the year ended Dec. 31,
      2005;

   -- re-elect retiring directors

      * Hamzah bin Mahmood;
      * Zailan bin Mohd Zahid;
      * Datuk Hj Zainal Abidin bin Hj Ahmad;
     * Hj Zainurin bin Hj Ahmad;
      * Prof. Dato' Mohd Hamdan bin Hj Adnan;
      * Dato' Hj Hamzah bin Hj Ghazalli;
      * Gajalie bin Sazalie;
      * Tan Sri Dato' Othman bin Mohd Rijal;
      * Dato' Tan Eng Guan; and
      * Jamel bin Matin;

   -- reappoint Ernst & Young as Auditors and to authorize the
      Directors to fix their remuneration for the ensuing year;

   -- authorize the Directors to issue and allot ordinary shares
      in the Company provided always that always that the
      aggregate number of shares to be issued pursuant to the
      resolution will not exceed 10% of the issued share capital
      for the time being of the Company and that the authority
      will continue in force until the conclusion of the
      Company's next Annual General Meeting of the Company;

   -- approve the Company's name change from Setron (Malaysia)
      Berhad to Halifax Capital Berhad; and

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

                 About Setron (Malaysia) Berhad

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad is principally involved on the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia. Setron (Malaysia) Berhad has
become an affected listed issuer pursuant to the Amended
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad
Listing Requirements, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
share capital and that shareholders' equity is less than the
minimum issued and paid up share capital as required under the
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition and submit a
restructuring plan to the Securities Commission and other
relevant authorities for approval.

For the quarter under review, the Company registered a net loss
of MYR0.45 million as against a net loss of MYR0.32 million in
the same quarter last year.  The Company's balance sheet as of
March 31, 2006, showed strained liquidity with its current
liabilities of MYR9,199,000 exceeding current assets of
MYR1,323,000.


SETRON MALAYSIA: Names Affin Merchant Bank as Principal Adviser
---------------------------------------------------------------
Setron Malaysia Berhad on June 1, 2006, appointed Affin Merchant
Bank Berhad to act as its principal adviser to propose a
regularization plan for consideration by the Company's board of
directors.

As reported by the Troubled Company Reporter - Asia Pacific on
May 11, 2006, Setron has become an affected listed issuer
pursuant to the Amended Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad Listing Requirements.

Setron fell into the PN17 category as its shareholders' equity
on consolidated basis is less than 25% of its issued and paid-up
share capital and that shareholders' equity is less than the
minimum issued and paid up share capital as required under the
Listing Requirements, the TCR-AP said.

As an affected listed issuer, Setron is required to regularize
its financial condition and submit a restructuring plan to the
Securities Commission and other relevant authorities for
approval of implementation within such timeframe as stipulated
by the Bursa Securities.

                 About Setron (Malaysia) Berhad

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad is principally involved on the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia. Setron (Malaysia) Berhad has
become an affected listed issuer pursuant to the Amended
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad
Listing Requirements, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
share capital and that shareholders' equity is less than the
minimum issued and paid up share capital as required under the
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition and submit a
restructuring plan to the Securities Commission and other
relevant authorities for approval.

For the quarter under review, the Company registered a net loss
of MYR0.45 million as against a net loss of MYR0.32 million in
the same quarter last year.  The Company's balance sheet as of
March 31, 2006, showed strained liquidity with its current
liabilities of MYR9,199,000 exceeding current assets of
MYR1,323,000.


TENCO BERHAD: Seeks to Regularize Financial Condition
-----------------------------------------------------
Tenco Berhad is exploring various options to regularize its
financial condition, Bursa Malaysia Securities Berhad reveals.

Once the Company has settled on a plan to restructure its
finances, the Company will engage a merchant banker or a
participating organization that may act as a principal adviser,
who will make necessary announcements for and on behalf of
Tenco.

Tenco is required to submit its regularization plan to relevant
authorities not later than January 8, 2007, or around seven
months from June 1, 2006.

                       About Tenco Berhad

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.  
The Group operates in Malaysia, Singapore and Canada.  Tenco is
classified as a Practice Note 17 company and was ordered by the
Bursa Malaysia Securities Berhad to formulate a plan to
regularize the Company's financial condition.  The Company fell
into the PN17 classification because its current shareholders'
equity on a consolidated basis is less than 25% of its issued
and paid up capital, and it defaulted on various loan facilities
and is unable to provide a solvency declaration.


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

ARANETA PROPERTIES: Posts PHP15.91Mln Pre-operating Net Loss
------------------------------------------------------------
Araneta Properties Incorporated posted a PHP15.91-million net
loss for the first quarter ending March 31, 2006, an 8.75%
increase from the previous corresponding period's net loss of
PHP14.63 million.

Revenue generated for the first quarter of 2006 represents
rental income from its land located at Manticao Misamis
Oriental, while the increase in operating expenses for the first
quarter of 2006 compared with the first quarter of 2005 is
brought about mainly with the implementation of Value Added Tax
and regional increase in basic commodities.

                    The Status of the Company

As at March 31, 2006, the Company said that it continued to
experience a deficit caused mainly by its pre-operating status.

On January 24, 2005, Araneta Properties entered into a lease
agreement with Platinum Group Metals Corporation, as lessee, for
the lease of land where the non-operating smelted plant of the
Company is located.  The lease contract will be for a period of
10 years subject to renewal upon the mutual agreement of the
parties.  The contract called for an initial payment of
PHP0.6 million, which included one-month advance rental, deposit
amounting to PHP0.2 million and security deposit of
PHP0.4 million.

Araneta Properties also entered into a sale contract with PGMC
on January 24, 2005, for the sale of its non-operating smelter
plant for a total consideration of PHP150 million.  In
accordance with the agreement, Araneta received PHP2 million on
the initial signing of the contract together with checks dated
April 24, 2005, and July 24, 2005, amounting to PHP3 million and
PHP5 million, respectively.  The remaining balance was and will
be received in monthly installments of PHP2 million every month
starting January 24, 2005, until October 24, 2011.

The sale of the non-operating properties resulted in a gain
amounting to PHP37.6 million.  That figure was reported in the
Company's income statement for the year 2005.

In spite of the fact that the Company incurred losses since
1997, the Company remains to be liquid.  The Company's total
liability as of March 31, 2006, is only 33% of its total assets.
Additionally, 86% of the total value of the Company's assets
amounting to PHP1.86 billion represents the cost of Real Estate
for Sale and Development.  The Company is optimistic that when
it launches its commercial operation, the value of the land
shall dramatically increase and eventually give the Company a
profit margin.

Araneta Properties' financial report for the quarter ended
March 31, 2006, reflects these key figures:

                 Araneta Properties Incorporated
                     Financial Highlights
                      (in PHP millions)

                              As of           As of  
                             03/31/2006      12/31/2005  
                             ----------      ----------  
     Total Assets              1,606.87        1,610.28
     Total Liabilities           558.54          546.03
     Total Equity              1,048.33        1,064.25

                                   Quarter Ending  
                             03/31/2006      03/31/2005  
                             ----------      ----------
     Net Loss                     15.91           14.63
     Revenues                      0.54               -
     Expenses                     16.45           14.63

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

     http://bankrupt.com/misc/ARA_17Q_Mar2006.pdf

                     About Araneta Properties

Araneta Properties, Inc., formerly known as Integrated Chrome
Corporation, was originally organized to mine chrome ore and
produce ferros metal or commonly known as ferrochrome.  It
changed its name to its present one and changed its primary
purpose to that of land and property development in 1997 with
the entry of the Araneta Group.  With its diversification to the
property development business, it relegated its original primary
purpose to that of a secondary concern.  ARA is now engaged in
the fine-tuning of a master plan for the development of 1,500
hectares of land located in the municipality of San Jose del
Monte, Bulacan, and Caloocan City.

               Significant Doubt on Going Concern

J. Carlitos G. Cruz, of Sycip Gorres Velayo & Company raised
significant doubt on Araneta Properties' ability to continue as
a going concern, noting that the Company has incurred a net loss
of PHP22.9 million in 2005 and PHP55.9 million in 2004, and has
a deficit of PHP651.3 million and PHP626.6 million as of
December 31, 2005, and December 31, 2004, respectively.

According to Mr. Cruz, the Company's ability to continue as a
going concern depends on the successful development and
completion of its real estate for sale and development asset and
the subsequent sale of the same at reasonable margins.

               Joint Venture with Sta. Lucia Realty

The Company commenced regular activities of its real estate
business in June 2005 after recovering from the regional crisis
that hit the real estate industry in 1997.  The Company,
together with Sta. Lucia Realty and Development Inc. began their
activities based on their joint venture agreement dated June 5,
2003.  Under the agreement, Sta. Lucia will, at its own cost,
develop Araneta-owned lands.  Araneta will be responsible for
the delivery of the parcels of land free from liens and
encumbrances including any claims of tenants or third parties
and from any form of litigation.  Once developed, properties
will be shared by the parties either through cash or lot
overrides.  Araneta will receive 40% of the saleable lots, in
case of a lot override while Sta. Lucia will get 60% of the net
sales proceeds or the saleable lots.  The Company plans to
receive its share in the joint venture operation through a cash
override.

                          Debt Default

The Company also has a PHP38.5-million loan with China Banking
Corporation and a PHP192.7-million loan with the Philippine
National Bank.  The Company indicated in its 2005 annual report
that it is in default in both, and is still in the process of
restructuring its debts for its settlement.

Araneta Properties has defaulted payment on its loans with CBC,
which were due on January 22, 2001, because of continuous
losses.  As of December 31, 2005, negotiations on the debt
restructuring agreement between the Company and CBC are still
ongoing.  Among the terms under the proposed debt restructuring
agreement are:

   (1) full waiver of penalty charges amounting to
       PHP781.7 million as of December 31, 2005;

   (2) release by CBC of the land subject to real estate
       mortgages; and,

   (3) settlement of the principal and interest of the loan
       through remittance by the Company to CBC of a certain
       amount of proceeds from the Company's share in the joint
       venture operation.

The Company also said that it defaulted on its PNB Loan due to
continuous losses.  Management believes that the waiver of
penalty charges amounting to PHP58.7 million in 2005 and
PHP49.4 million in 2004 can be negotiated with PNB.  On Oct. 15,
2004, PNB communicated its willingness to enter into a dacion en
pago for the settlement of the loan in exchange for certain
properties of a Company stockholder.  Under the proposed terms,
PNB will waive penalties and reduce interest charges.  As of
December 31, 2005, the Company and a Company stockholder are
still in the process of documenting the said dacion.  

On February 16, 2006, the Company settled its PNB Loan by way of
dacion en pago.  Under the compromise agreement, PNB waived the
full penalty charges and reduced interest charges to
PHP10.58 million.  The total compromise amount under the dacion
is PHP49.08 million, in exchange of the transfer of certain
properties of a Company stockholder to the PNB.


GLOBE TELECOM: Fitch Revises IDR Rating Outlook to Positive
-----------------------------------------------------------
Fitch Ratings revised on June 7, 2006, the outlook on the
Philippines' Globe Telecom Inc.'s long-term local currency
Issuer Default Rating to positive from stable.  At the same
time, the agency has affirmed the rating at 'BB+' and the 'BB'
long-term foreign currency IDR with a stable outlook, which
reflects the outlook of the Republic of the Philippines' long-
term foreign currency IDR of 'BB'.  Fitch also affirmed the
rating on Globe's senior unsecured debt instruments at 'BB'.

Even though Globe reported only modest improvement in its
financial profile in FY05 -- which was a consequence of the
acute competition and share buyback in H105 -- the company is
expected to consolidate its market position over the course of
2006 leading to further strengthening of key credit protection
measures.  This should be supported by generally more rational
competition than was witnessed during H204 and H105, growth in
cellular subscribers and the relatively weak operating leverage
of most competitors.  That said, Fitch acknowledges that
persistent margin pressures, ongoing investment requirements and
the company's inclination to allocate more of its cash flow to
boost shareholder returns will likely limit the improvement in
Globe's financial profile to a moderate extent.

Globe's ratings are supported by its entrenched second-ranking
position within the Philippine cellular industry -- where Globe
and PLDT account for around 95% of industry subscribers -- its
improving position in the fixed-line voice and internet services
markets, and its very sound level of financial flexibility.  
That said, the neutral regulatory environment and lack of
comparably well-financed competitors effectively support Globe's
efforts to sustain its position as the primary challenger to the
incumbent.  However, Fitch notes that Globe remains highly
dependent upon its cellular operations for cash flow growth and
that the industry faces challenging times ahead in light of the
slowdown in subscriber growth, the intensely competitive nature
of the cellular segment and the recent launch of 3G services --
in which four operators have so far been licensed.

Competition and Globe's decision to purge many inactive
customers contributed to the modest revenue growth in FY05
compared to prior years.  Combined with rapid network expansion,
Globe also experienced margin pressure.  However, the launch of
innovative loyalty plans in late 2005 has had positive effects
in terms of ARPU and subscriber growth as well as in reducing
churn and subscriber acquisition costs, culminating in
substantial margin improvement in Q106.  At FYE05, Globe had
around 12.5 million cellular subscribers -- which Fitch
estimates to be a market share of 36% -- but by Q106 its
subscriber base had risen to 13.2m with Globe enjoying the
majority of net subscriber additions in the quarter.

Consistent with its affiliates within the SingTel group, Globe
employs good fiscal discipline and prudent financial policies.
Globe has improved its financial profile over time even though
credit metrics had generally been quite strong for its ratings.
For instance, net adjusted debt to EBITDAR at FYE05 was 1.6x
while FFO to gross interest was 7.5x.  The company's liquidity
remains quite sound; Globe's cash reserves of PHP10.9 billion at
FYE05 plus committed lines of credit totalling some PHP7.3
billion and consistent positive FCF adequately covers current
debt outstanding of PHP7.9 billion.  Fitch believes that Globe
evidencing an ability to sustain net adjusted leverage around or
below 1.3x as being a possible trigger for an upgrade of the
local currency IDR.  On the other hand, Globe sustaining higher
leverage could prompt a change in Outlook while net adjusted
leverage of 2.0x or more could trigger a downgrade of the local
currency rating.  A debt-funded acquisition would also likely
prompt negative rating action should any such transaction result
in a meaningful heightening of financial and/or business risk in
the near-term.


ISM COMMUNICATIONS: Posts PHP1.99-Mln Net Loss for First Quarter
----------------------------------------------------------------
ISM Communications Corporation posted a PHP1.99-million net loss
for the quarter ending March 31, 2006, slightly up from the
PHP1.95-million net lost in the first quarter in 2005.

Since the Company is not operating, its main revenue, coming
from interest income, increased 417.24% from PHP0.29 million in
the first quarter 2005 to PHP1.50 million in the first quarter
2006.

ISM Communications' first quarter report reflects these key
figures:

                 ISM Communications Corporation
                     Financial Highlights
                       (in PHP millions)

                               As of           As of
                             03/31/2006      03/31/2005
                             ----------      ----------
     Current Assets               17.39           27.06
     Total Assets                445.76           36.01
     Current Liabilities           0.76           27.03
     Total Liabilities           450.24           27.03
     Capital Deficiency            4.48           (8.98)

                                   Quarter Ended  
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                      1.99            1.95
     Revenues                      1.50            0.29

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

   http://bankrupt.com/misc/ISM_17Q_Mar2006.pdf

ISM Communications Corporation, formerly Itogon-Suyoc Mines,
Inc., was originally a gold-producing company with mines in the
municipalities of Itogon and Suyoc in Benguet Province.  In June
2002, the Securities and Exchange Commission approved the change
in the Company's primary purpose from a mining company to one
engaged in the business of information technology,
telecommunications, multi-media and other similar business, and
relegating the original primary purpose to one of the secondary
purposes.

In its annual report for the year ended December 31, 2005, ISMCC
disclosed that it has not declared any dividends for the last
four fiscal years and subsequent quarter.

For the 2006 fiscal year, the Company posted total assets of
PHP208,637,317, and total liabilities of PHP211,125,485.  Its
capital deficiency was equal to PHP2,488,168 as of December 31,
2005.

Moreover, the Company has experienced a PHP13,417,340 net loss
in 2005, a PHP3,886,920 net loss in 2004, and a PHP5,926,023 net
loss in 2003.


ISM COMMUNICATIONS: Reveals Stockholders' Meeting Results
---------------------------------------------------------
At the annual stockholders' meeting of ISM Communications
Corporation held on May 31, 2006, these individuals were elected
directors of the Company for the current year:

    1. Roberto V. Ongpin
    2. Eric O. Recto
    3. Gregorio Ma. Araneta III -- independent
    4. Craig Ehrlich
    5. Jaime C. Gonzalez
    6. Alberto M. Montilla
    7. Ignacio R. Ortigas
    8. Rafael B. Ortigas
    9. Roberto V. San Jose
   10. Scott Sproule -- independent
   11. Luciano H. Tan -- independent
   12. Jose Ernesto C. Villaluna, Jr. -- independent

At the organizational meeting of the board of directors held
immediately afterwards, these individuals were elected officers
of the Company for the current year:

   Chairman                 :     Roberto V. Ongpin
   Vice Chairman            :     Craig Ehrlich
   President                :     Eric O. Recto
   Vice Presidents          :     Rafael B. Ortigas
                            :     Ignacio R. Ortigas
                            :     Antonio Jose K. Garcia
   Vice President/Treasurer :     Sonia Veras
   Corporate Secretary      :     Roberto V. San Jose
   Asst. Corp. Secretary    :     Ana Maria A. Katigbak
                            :     Cliburn Anthony A. Orbe

The Board elected as members and secretary of the Executive
Committee:

   Chairman                 :     Roberto V. Ongpin
   Members                  :     Eric O. Recto
                            :     Rafael B. Ortigas
   Excom Secretary          :     Cliburn Anthony A. Orbe

Sonia Veras was designated as Compliance Officer under the Anti-
Money Laundering Manual.  Jose Armando Sta. Ana was appointed as
Compliance Officer under the Manual of Corporate Governance.

Roberto V. San Jose, Ana Maria A. Katigbak, Josephine A. Manalo
and Sonia C. Veras were also designated as the Company's
corporate information officers for disclosure requirements of
the Philippine Stock Exchange and Securities and Exchange
Commission.

The Board also elected these directors to the Company's
Different Committees:

   Audit Committee: Scott Sproule (Chairman)
                    Alberto M. Montilla
                    Rafael B. Ortigas

   Nomination Committee: Gregorio Ma. Araneta III (Chairman)
                         Jaime C. Gonzalez
                         Rafael B. Ortigas

   Compensation Committee: Roberto V. Ongpin (Chairman)
                           Craig Ehrlich
                           Eric O. Recto

   Stock Option Committee: Roberto V. Ongpin (Chairman)
                           Eric O. Recto
                           Rafael B. Ortigas


PILIPINO TELEPHONE: Reports Lost Stock Certificate
--------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Pilipino
Telephone Corp. reported a lost stock certificates for the month
of May 2006.

The lost stock certificate pertains to that of Roderick V. Diaz,
with certificate no. 133150, indicating 30,000 shares.

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

The Troubled Company Reporter - Asia Pacific reported that, as
of March 31, 2006, PilTel had an outstanding long-term debt
of PHP17.334 billion -- net of debt discount and including
current portion -- a decrease of PHP335.80 million, or 1.9% from
the PHP17.67 billion balance at year-end 2005 because of the
revaluation of the U.S. dollar- and Japanese yen-denominated
loans, as the Philippine peso appreciated against those
currencies.

The unamortized debt discount as of March 31, 2006, was
PHP3.924 billion as against the PHP4.2 billion as of Dec. 31,
2005.

PilTel owes Smart Communications Inc. PHP14.73 billion or 69.6%
of the total restructured debt.  PilTel's restructured
obligations are secured by substantially all of its present and
future assets under its Mortgage Trust Indenture, entered on
June 4, 2001, with Chase Manhattan Bank as security agent for
the creditors.

         Default and Possible Corporate Rehabilitation

As of March 31, 2006, PilTel acknowledges that it is not in
compliance with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of the current portion of interest-
bearing financial liabilities.

PilTel may not be able to restructure or otherwise pay the
claims of its unrestructured debt.

However, default on and acceleration of PilTel's unrestructured
indebtedness does not create a cross-default under PilTel's
restructured indebtedness or any indebtedness of PLDT.

If PilTel's non-participating creditors take forceful measures
to enforce their claims, it is possible that the Company would
be required to submit to a court-supervised rehabilitation
proceeding or an involuntary insolvency proceeding seeking
liquidation.  All of PilTel's creditors that participated in the
debt restructuring agreed that they would submit the Company to
a rehabilitation proceeding in those circumstances and petition
for the adoption of a plan of rehabilitation that includes the
financial terms of the debt-restructuring plan.

However, as stated in the Company's 2005 annual report, the laws
and procedures governing a rehabilitation proceeding in the
Philippine courts remain untested in significant respects.  It
cannot be assured that a rehabilitation plan, which incorporates
the financial terms of the debt-restructuring plan, would be
adopted promptly or at all.  Even if a rehabilitation plan was
adopted, it cannot be assured that Piltel would prove to be
financially viable afterwards.


PRYCE CORP: Clarifies Article on Court Rejection of Rehab Plan
--------------------------------------------------------------
Pryce Corporation sent a letter to the Philippine Stock Exchange
on June 5, 2006, regarding an article published in the
Philippine Star entitled: Court of Appeals turns down Pryce
rehab plan.

The Troubled Company Reporter - Asia Pacific reported on June 6,
2006, that the Philippine Court of Appeals had rejected the
rehabilitation plan of Pryce Corp. in terms of a debt to
creditor Bank of the Philippine Islands, and ordered the Company
to pay BPI PHP100 million on account of this debt.

The report further states that Pryce Corp. had borrowed
PHP100 million from BPI to maintain operations, and the loan was
secured by mortgages on its properties.  Yet, Pryce sought
rehabilitation on July 9, 2004, stating that it could not pay
its debts to the bank due to weak business following the Asian
financial crisis.  A Makati City regional trial court then
granted Pryce's petition to pay its debts via dacion en pago, or
delivery and transfer of ownership of a thing by the debtor to
the creditor as an accepted equivalent of the performance of
obligation, on Jan. 17, 2005.

According to Pryce Corp., the Court of Appeals' decision
pertains to only one Company creditor, which is BPI.  Under the
Interim Rules of Procedure on Corporate Rehabilitation, all
decisions of the Commercial Court are final and executory.  The
Makati RTC decision still stands since the decision of the Court
of Appeals is not yet final.  Pryce Corp. had recently filed a
motion for reconsideration of the CA decision, and if the High
Court would deny that motion, then the Company can take the
matter up to the Supreme Court.
       
Pryce Corporation -- http://www.prycegardens.com/-- formerly
Pryce Properties Corporation, was incorporated as a property
holding and real estate development company.  The Company's real
estate undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.
In 1997, LPG and industrial gases became the dominant business.  
Thus, the Company changed its name to Pryce Corp. and its
primary purpose from that of a property company to a
manufacturing company.

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

                          *     *     *

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

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

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

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


VULCAN INDUSTRIAL: Auditor Raises Going Concern Doubt
-----------------------------------------------------
Vulcan Industrial & Mining Corp. posted a net loss of
PHP29 million for the financial year ended Dec. 31, 2005,
against a PHP47.94-million net loss in 2004, the Troubled
Company Reporter - Asia Pacific finds our from the Company's
2005 annual report submitted to the Philippine Stock Exchange.

Revenues in 2005 total PHP43.91 million compared to
PHP60.14 million in 2004.  The decrease in revenue for 2005 was
brought about mainly by the low in demand of aggregates in
construction industry and other infrastructure projects.  Net
loss amounted to PHP16.84 million in 2005 compared to
PHP40.99 million in 2004.

The Company has not declared dividends for the last three years,
and has a debt-to-equity ratio of 0:59:1 as of Dec. 31, 2005,
compared to a ratio of 0:53:1 as of Dec. 31, 2004.

Vulcan's 2005 annual financial report reflects these key
consolidated figures:

                     Financial Highlights
                          (in PHP)

                               As of           As of
                             12/31/2005      12/31/2004
                             ----------      ----------
                                              (restated)
     Current Assets          54,733,079      67,281,644
     Total Assets           841,321,401     824,542,692
     Current Liabilities    281,793,856     219,067,588
     Total Liabilities      312,188,372     285,345,417
     Stockholders' Deficit   68,775,847      51,774,029

     Net Loss                29,001,518      47,938,863

The Company's annual report for the period ended December 31,
2005, is available for free at:

   http://bankrupt.com/misc/VUL_17A_Dec2005.pdf

After auditing Vulcan Industrial's financial report for the year
ended December 31, 2005, Sycip, Gorres, Velayo & Co. raised
significant doubt on the Company's ability to continue operating
as a going concern due to its difficulty in meeting its
obligations to creditor banks.  The Company and its subsidiary's
current liabilities exceeded current assets by PHP227.1 million
in 2005, and by PHP151.8 million in 2004, and its recurring
losses are due to its share in the net losses of subsidiary
Vulcan Materials Corp.  

Vulcan Industrial continues to be adversely affected by the
slump in the business and economic environment, particularly in
the construction industry, but expects to have sufficient
working capital for the next 12 months.  The Company intends to
implement a program this year to raise additional funds.

Incorporated in 1953, Vulcan Industrial is involved in finding,
developing and producing oil and gas reserves and other mineral
properties, although it is not very active at present.  The
Company participates in several Service Contracts and
Geophysical Survey and Exploration Contracts entered into with
the Philippine Government, through the Department of Energy.  
Vulcan Materials Corporation, a 51% owned subsidiary, is
involved in mining and sale of aggregates.

On December 27, 2002, the Company and Metropolitan Bank & Trust
Co. entered into an agreement to refinance the Company's
maturing short-term loan of PHP30 million dated December 26,
2002.  As approved by MBTC's Executive Committee, the short-term
loan was converted into a five-year term loan, inclusive of a
six-month grace period on principal repayments.  The principal
will be paid in 18 equal quarterly installments of
PHP1.7 million commencing at the end of the ninth month from the
drawdown date.  The term loan is fully secured by properties of
National Bookstore, Inc., a related company.  Interest will be
at the prevailing lending rate.  MBTC waived the commitment fees
and pre-payment penalties on the loan.  In 2005 and 2004, the
Company was unable to pay the principal installments due
totaling PHP6.7 million, and has difficulty paying interests
accruing the principal loan balances but it has obtained
advances from its related company to pay obligation as they
fall due.  Starting November 2003, the Company was unable to pay
interests accruing on the principal loan balances.  Accordingly,
the whole amount of the loan was classified as current.

On December 15, 2000, the Board approved the change in the
Company's corporate name from Vulcan Industrial & Mining
Corporation to The Vulcan Resources Corporation.  As of May 12,
2006, the Securities & Exchange Commission has yet to approve
the proposed change in Company.


WELLEX INDUSTRIES: Records PHP0.52-Mln Net Loss for 1st Quarter
---------------------------------------------------------------
Wellex Industries, Inc., posted a PHP0.52 million net loss for
quarter ended March 31, 2006, a 1.96% increase from the PHP0.51
million net loss in the first quarter of 2005.  

The Company reported PHP0.15 million in revenues for the first
quarter of 2006, compared with the PHP0.20 million in the first
quarter of 2005.  Wellex has ceased commercial operations, and
as such, the only revenues it got come from leasing out
warehouse facilities and from rental income.

Cost and expenses for the first quarter of 2006 amounted to
PHP5.90 million, a marginal increase of 0.77% compared to the
PHP5.86 million recorded in previous corresponding period.

Wellex Industries' first quarter financial report reflects these
key figures:

                     Wellex Industries, Inc.
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             03/31/2006      03/31/2005
                             ----------      ----------
     Current Assets              118.65          227.19
     Total Assets              2,648.13        2,704.34
     Current Liabilities         140.59          557.71
     Total Liabilities           746.22          711.16
     Total Equity              1,901.90        1,993.17

                                   Quarter Ending  
                             03/31/2006      03/31/2005  
                             ----------      ----------
     Net Loss                      0.52            0.51
     Revenues                      0.15            0.20
     Expense                       5.90            5.86

The Company's first quarter results are available for free at:

http://bankrupt.com/misc/Wellex_Inds_Quarterly_Report_033106.pdf

                     About Wellex Industries

Wellex Industries, Inc., was originally incorporated as Republic
Resources and Development Corporation, whose primary purpose was
to engage in the business of mining and oil exploration.  
However, due to financial distress, the firm's business
operations have been suspended.  The Company's present activity
is focused on reorganizing its operations in preparation for its
new business and is focusing its business activities in
injection molding and vacuum forming with encouraging prospects.

In 1996, WIN's new management has developed a business plan for
the rehabilitation of the company, principally by changing its
primary business from mining and oil exploration to real estate
and energy development.  Mining, however, will continue to be
one of the Company's secondary purposes.  In 1997, it
subsequently transformed to a holding company for manufacturing
concerns with the entry of the Wellex Group.  The Company has
since then been able to initiate projects which have been true
to its vision.  In November 1999, WIN formalized the entry of
Plastic City Industrial Corporation into the Group.  PCIC is the
Philippines' first fully integrated manufacturer of plastic
products used in a number of industries.

                       Going Concern Doubt

After auditing Wellex Industries' financial statements for the
year ended December 31, 2005, Joycelyn J. Villaflores, of Diaz
Murillo Dalupan and Co. raised significant doubt on the
Company's ability to continue as a going concern since the Group
had been incurring losses in prior years and had a deficit of
PHP1.369 billion and PHPP1.273 billion as of December 31, 2005
and 2004.


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

COMPACT METAL: Posts Losses Due to Harsh Market Conditions
----------------------------------------------------------
Compact Metal Industries Limited filed with the Singapore Stock
Exchange its financial report for the fiscal year ended
December 31, 2005.

For the full-year ended December 31, 2005, the Group's turnover
decreased by 19% from SGD97.3 million in 2004 to SGD78.9 million
as a result of the difficult market condition in the building
industry.

The Group's operating loss before tax increased from
SGD11 million to SGD23.5 million.  The substantial losses were
mainly incurred by a facade engineering work subsidiary.  It
incurred losses of SGD12 million for several projects mainly
attributable to claims by main contractors and cost over-runs
due to unexpected delays experienced by certain projects.  
The Group is continuing to seek legal redress against a main
contractor and separately, a supplier.  

The Group also has provided for impairment loss of
SGD4.9 million on its properties, plant and machinery.  Interest
expenses accounted for SGD5.2 million and further provision for
bad debts totaled SGD2 million.

The Company's December 31, 2005, balance sheet showed strained
liquidity with SGD46,512,000 in current assets available to pay
current liabilities of SGD127,846,000 coming due within 12
months.  The Company has a shortfall of SGD81,335,000.

There was no dividend declared or recommended for the fiscal
year under review.

The Company's 2005 Financial Report is available for free at:

   http://bankrupt.com/misc/tcrap_compactmetal060806.pdf

             About Compact Metal Industries Limited

Compact Metal Industries Limited's principal activities are
manufacturing and fabricating aluminium sections and other metal
products, undertaking aluminium architectural contracts and
engineering works and sub-contracting building construction
projects.  Its other activities include trading aluminium and
related products, and hotel ownership and others. The Group
operates in Singapore, Malaysia, Indonesia, the Philippines, and
Australia

In 2002, the Company unveiled its Restructuring Scheme.  As part
of its restructuring efforts, the Company has entered into a
memorandum of understanding with a proposed investor on February
23, 2006, concerning the proposed investor's equity investment
in the Company.

TAs of December 31, 2005, the Company's balance sheet showed
strained liquidity with SGD46,512,000 in current assets
available to pay current liabilities of SGD127,846,000 coming
due within 12 months.  The Company has a shortfall of
SGD81,335,000.


COMPACT METAL: Creditors Favor Debt Restructuring Plan
------------------------------------------------------
Compact Metal Industries Limited has reached an in-principle
consensus with its creditor banks and proposed investor Ching
Gim Huat on an overall structure of the Company's proposed debt
restructuring exercise.

The approval is in respect of the memorandum of understanding
entered into between Compact Metal and Mr. Ching on February 23,
2006.

The Company believes that the debt restructuring exercise will
be implemented in accordance with its terms and has instructed
solicitors to proceed with drafting of the required legal
agreements and professional advisers to make the necessary
applications to the relevant authorities.

The Company's board of directors will make further announcements
to update on developments concerning the progress of the debt
restructuring exercise and the Proposed Investor's investment in
the Company.  

Shareholders should note that the debt restructuring exercise
and the proposed investment by the Proposed Investor are subject
to finalization and approval of definitive legal agreements,
final approval of creditor banks and regulatory and other
approvals and conditions to be obtained, and there is no
assurance that the same will be achieved.

             About Compact Metal Industries Limited

Compact Metal Industries Limited's principal activities are
manufacturing and fabricating aluminium sections and other metal
products, undertaking aluminium architectural contracts and
engineering works and sub-contracting building construction
projects.  Its other activities include trading aluminium and
related products, and hotel ownership and others. The Group
operates in Singapore, Malaysia, Indonesia, the Philippines, and
Australia

In 2002, the Company unveiled its Restructuring Scheme.  As part
of its restructuring efforts, the Company has entered into a
memorandum of understanding with a proposed investor on Feb. 23,
2006, concerning the proposed investor's equity investment in
the Company.

As of December 31, 2005, the Company's balance sheet showed
strained liquidity with SGD46,512,000 in current assets
available to pay current liabilities of SGD127,846,000 coming
due within 12 months.


O.S.L. SINKO: Intends to Declare Preferential Dividend
------------------------------------------------------
O.S.L. Sinko Private Limited notifies parties-in-interest of its
intention to declare dividend to preferential creditors.

Creditors are therefore advised to file their proofs of claim by
June 23, 2006, in order to share in the dividend distribution.

Contact: Peter Chay Fook Yuen
         Tham Sai Choy
         c/o KPMG
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


SEE HUP SENG: Enters Into Shares Placement Agreement
----------------------------------------------------
See Hup Seng Limited on June 7, 2006, entered into a Placement
Agreement, where subscribers have agreed to subscribe to an
aggregate of 18,800,000 new ordinary shares in the Company's
capital at SGD0.11 per Placement Share.

   Name of Subscriber         Number of Placement Shares
   ------------------         --------------------------
   Aw Yong Wee                         2,000,000
   Chan Hiang Ngee                     1,000,000
   Koh Kok Leong                       1,000,000
   Lee See Kee                         2,800,000
   Loke Chee Choong                    1,000,000
   Pek Choon Heng                      1,000,000
   Yap Sew                            10,000,000

   Total                              18,800,000

In consideration of the Subscribers taking the Placement Shares
and subject to the completion of the Placement, the Company also
granted each of the Subscribers an option to subscribe option
shares at the option exercise price of SGD0.12 per Option Share.

   Name of Subscriber          Number of Option Shares
   ------------------          -----------------------
   Aw Yong Wee                         2,000,000
   Chan Hiang Ngee                     1,000,000
   Koh Kok Leong                       1,000,000
   Lee See Kee                         2,800,000
   Loke Chee Choong                    1,000,000
   Pek Choon Heng                      1,000,000
   Yap Sew                            10,000,000

   Total                              18,800,000

The relevant Subscriber may exercise each of the Options at any
time, and from time to time, during the option period commencing
from June 7, 2006, and expiring on June 6, 2009.

The Placement is conditional upon receipt of in-principle
approval from the Singapore Exchange Securities Trading Limited
for the listing and quotation of the Placement Shares and the
Option Shares on the official list of the Stock Exchange of
Singapore Dealing and Automated Quotation System.

The Placement Price represents a premium of about 2.4% to the
weighted average price of SGD0.1074 for trades done for the
ordinary shares of the Company on June 7, 2006.

The Option Exercise Price represents a premium of about 11.7% to
the weighted average price of SGD0.1074 for trades done for the
ordinary shares of the Company on June 7, 2006.

The Placement Shares represent approximately 9.19% of the
existing issued and paid-up share capital of the Company and
approximately 8.42% of the enlarged issued and paid-up share
capital of the Company.

The Option Shares represent approximately 9.19% of the existing
issued and paid-up share capital of the Company and
approximately 8.42% of the enlarged issued and paid-up share
capital of the Company.

The Placement Shares and the Option Shares will be allotted and
issued pursuant to the general mandate to issue shares passed by
way of an ordinary resolution by the shareholders of the Company
at its annual general meeting held on April 28, 2006.

The Placement Shares, when issued and fully paid, will rank pari
passu in all respects with the existing Shares save that it
shall not rank for any entitlements, distributions, dividends or
rights, the record date in respect of which falls prior to the
date of issue of the Placement Shares.

The Option Shares, when issued and fully paid, will rank pari
passu in all respects with the existing Shares save that it
shall not rank for any entitlements, distributions, dividends or
rights, the record date in respect of which falls prior to the
date of issue of the Option Shares.

The net proceeds from the Placement, after deducting expenses
related to the Placement, is estimated to be approximately
SGD2,048,000 and will be utilized for increasing the Group's
plant capacity, purchase of machinery and equipment and as
working capital.

                   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.

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, See Hup Seng Limited's auditors, Messrs Moore
Stephens, highlighted a going concern issue for the Company
after auditing its financial statements for the year ended
December 31, 2005.  According to the Auditor, the ability of the
Group and the Company to continue as going concerns is dependent
on these factors:

   * successful completion of the proposed debt restructuring  
     exercise;

   * reduction of discretionary operating costs and disposal  
     of non-core assets; and

   * the generation of significant positive cash flows.


SNP DIGITAL: Creditors' Proofs of Claim Due on July 10
------------------------------------------------------
The creditors of SNP Digital Publishing Pte Limited are required
to submit their proofs of claim by July 10, 2006, to Liquidator
Chia Soo Hien.

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

As reported in the Troubled Company Reporter - Asia Pacific, SNP
Digital Publishing Pte Limited was placed under members'
voluntary wind-up on June 2, 2006.

Contact: Chia Soo Hien
         Liquidator
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


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

SECONDARY MORTGAGE: To Sell THB1.8 Billion of Distressed Assets
---------------------------------------------------------------
Secondary Mortgage Corporation is planning to restructure and
sell THB1.8 billion worth of distressed assets, the Bangkok Post
reports, citing the Company's director, Naris Chaiyasoot.

Mr. Chaiyasoot said that after improving SMC's finances, the
firm would implement a securitization programme for the loan
assets or the 500,000 units projected to be built under the Ua-
athorn low-income housing project over the next five years.

Bangkok Post explains that Secondary Mortgage was established by
the Government as an agency under the Finance Ministry, to
support the securitization of mortgage assets.  However, the
agency's portfolio has been hit by a fraud scandal involving
former executives colluding with private property developers and
mortgage lenders.

According to the Post, an investigation launched in 2005 found
that SMC's portfolio included assets purchased from private
lenders involving falsified documents aimed at inflating sale
prices to the state agency.

SMC estimates that the fraud case cost the agency some
THB440 million in losses.  The agency's current non-performing
loans account for 42% of its total portfolio, the Post adds.

Mr. Chaiyasoot explained that of the THB1.8 billion in non-
performing assets, THB800 million would be cleared through debt
restructuring and another one billion sold off to state-owned
Asset Management Corp.

Mr. Chaiyasoot believes that the clean-up program would help
improve SMC's financial status and credibility.

                          *     *     *

Secondary Mortgage Corporation -- http://www.smcthailand.com/--  
was established in 1997 by the Emergency Decree on Secondary
Mortgage Finance Corporation B.E. 2540 and started to operate
business in 1998.  It is a state enterprise under the Ministry
of Finance, and is 100% owned by the Government.  Its role is to
promote and develop secondary mortgage market.  This will
increase the availability of housing finance to home buyers,
improve the stability in the banking and monetary system, and
ultimately encourage home ownership for low- and medium-income
families.  It has two main businesses:

   (1) Portfolio Investment: Purchasing mortgage loans from
       approved financial institutions in the primary market for
       retained portfolio investment; and

   (2) Mortgage-Backed Securities or Securitization: Pooling
       mortgage loans into Mortgage-Backed Securities for sales
       to investors and guaranteeing timely payment of interest
       and principal on the securities.


THAI PETROCHEMICAL: Wants Unit to Pay Off Nearly THB2-Bil Debt
--------------------------------------------------------------
TPI Oil Co., a wholly owned subsidiary of Thai Petrochemical
Industry Plc, owes its parent firm an aggregate of THB1.94
billion, The Nation reports.

According to the report, due to TPI Oil's debt, Thai Petrochem
decided to stop distributing oil to its subsidiary.  Thai
Petrochem normally sold oil products worth THB1.5 billion to
THB2 billion per month to TPI Oil.

The Nation cites Thai Petrochem's newly appointed chief
operating officer, Piti Yimprasert, as saying that the Company's
board of directors had approved the move to terminate oil
supplies to TPI Oil since it was a month overdue on its debt.

Mr. Yimprasert said that Thai Petrochem's cash flow would be
affected and it may be unable to buy crude oil within three
months if TPI Oil continues to delay payment.  He noted that TPI
Oil usually takes only three to seven days to pay the parent
firm.

Bangkok Post explains that TPI Oil is one of six wholly owned
subsidiaries that remain under the control of Thai Petrochem
founder Prachai Leophairatana and his family despite the fact
that their holdings were reduced to 4% after the Company
underwent debt rehabilitation.  About half of TPI Oil's sales
are derived from its 60 petrol stations and the rest from sales
to fishing boats.

Although TPI's board has been changed with the entry of PTT Plc
as the major shareholder, the directors in the six subsidiaries
remain unchanged, the Post relates.

Mr. Yimprasert expressed hopes that TPI Oil could resume normal
business activities within two months under Thai Petrochem's
control.  "TPI will try to gain control in its subsidiaries one
way or another," he added.

"Actually, if those companies are running as usual, we won't try
to exercise our right as the major shareholder in order to avoid
further disputes with Mr. Leophairatana but under this
situation, we have no choice," Mr. Yimprasert contends.

As reported in the Troubled Company Reporter - Asia Pacific on
May 8, 2006, Mr. Leophairatana has been dismissed from his
executive position in Thai Petrochem after the Business
Development Department of Commerce Ministry endorsed the set of
directors representing the new shareholders led by PTT.

Meanwhile, the Stock Exchange of Thailand rejected Thai
Petrochem's request to exit the Rehabco sector since the Company
has yet to comply with the SET requirement to remove Mr.
Leophairatana from its board.

                          *     *     *

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated  
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.  The Thai
Government was reorganizing the bankrupt company, which had
defaulted on $2.7 billion in loans, until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.  In
December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical.  The money
was used to pay for a bulk of the Company's defaulted loans. The
Company has since been trying to get out of restructuring.

Troubled Company Reporter-Asia Pacific reported on April 28,
2006, that the Central Bankruptcy Court of Thailand approved
Thai Petrochemical's exit from business rehabilitation.  The
Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                            Total
                                         Shareholders   Total
                                            Equity     Assets
Company                        Ticker       ($MM)       ($MM)
------                         ------    ------------  ------


AUSTRALIA

Acma Engineering & Const.
Group Limited                     ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd  AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       132.81     -45.03
Tooth & Company Limited           TTH       170.09     -72.91
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.29     -71.23
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
   Cooperation Holdings Ltd.      638        25.79     -43.45
China Kejian Co. Ltd.              35        57.73    -151.52
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Fujian Changyuan Investment
   Holdings Limited               592        61.49     -17.88
Gold-Face Holdings Limited        396       193.41     -28.41
Guangdong Meiya Group
   Company Limited                529       107.16     -49.54   
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd                   557        62.19    -115.50
Hainan Dadonghai Tourism          613        17.81      -6.63
Hainan Dadongh-B               200613        17.81      -6.63
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd     832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech                 620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       153.92     -29.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Genuine New Material        156        94.17     -65.04
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd  600385        19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenz China Bi-A                   17        50.08    -206.09
Shenz China Bi-B               200017        50.08    -206.09
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34       123.68     -21.06
Shenzhen Techno Telecom
   Co. Ltd.                       555        13.82      -4.67
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd    600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co. Ltd 600234        55.29     -46.27
Theme International Holdings Ltd  990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71

INDIA

Dharmala Intiland                DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Surya Dumai Industri Tbk         SUDI       105.06     -30.49

JAPAN

Hanaten Co Ltd                   9870       167.79      -1.63
Nihon Seimitsu Co., Ltd          7771        24.33      -0.59
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd     5756       106.49     -12.55

MALAYSIA

CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        57.63     -61.56
Consolidated Farms Berhad       CFARM        38.50     -11.55
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Mentiga Corporation Berhad       MENT        21.59     -13.41
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        28.86      -8.43
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        14.45     -12.26
PSC Industries Bhd                PSC        62.80    -116.18
Setegap Berhad                    STG        34.44     -12.54
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       118.32    -176.02

PHILIPPINES

APC Group Inc.                    APC         N/A        N/A
Atlas Consolidated Mining and
   Development Corp.               AT        32.94     -35.77
East Asia Power Resources Corp.   PWR       128.99     -19.44
Fil-Estate Corporation             FC        59.32      -6.12
Filsyn Corporation                FYN        21.90      -2.91
Filsyn Corporation               FYNB        21.90      -2.91
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        14.44      -7.05
Gotesco Land, Inc.                GOB        14.44      -7.05
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI       105.76     -83.47
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings
   Company Inc.                   UNI        22.71      -2.38
United Paragon Mining Corp.       UPM        18.19     -12.04
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        18.68      -6.50
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        69.38     -10.18
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore Ltd    GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        27.59      -6.73
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC        11.63      -7.88
Pacific Century Regional          PAC      1381.26    -107.11

SOUTH KOREA

Cenicone Co. Ltd.               56060        36.82      -1.46
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
Inno Metal Inc.                 70080        28.56      -0.33
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
Tong Yang Major                  1520      2332.81     -86.95

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        56.71    -311.47
Hantex PCl                        HTX        12.36      -1.83
Hantex PCl                      HTX/F        12.36      -1.83
Kuang Pei San Food Products
   Public Co. Ltd.             POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG      1439.26    -694.22
Tanayong PCL -F               TYONG/F      1439.26    -694.22
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24





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S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland, USA.  Valerie Udtuhan, Francis Chicano, Erica
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Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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