TCRAP_Public/060612.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  

              Monday, June 12, 2006, Vol. 9, No. 115


                            Headlines

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

12 VOLT CARAVAN: Members and Creditors Review Wind-up Report
AIRONIC AUSTRALIA: Members Opt to Wind Up Firm
ALARMLINK MONITORING: Faces Liquidation Proceedings
ANTONIOS RENDERING: Placed Under Voluntary Liquidation
BACJACK PTY: Bank Appoints Receiver

BC INDUSTRIAL: Court to Hear CIR's Liquidation Bid on June 15
CHUBARRI PTY: To Declare Dividend on June 14
CONTRACT MESSENGER: CIR Files Liquidation Application
ELEMENT DIGITAL: Members Name Joint and Several Liquidators
ELLINGTON EAST: Court to Hear Liquidation Bid Today

ENVIRO BUILDING: Final Meeting Slated for June 12
ESK CELLARS: Shareholders Decide to Liquidate Business
FAMOUS FURNITURE: Receivers & Managers Cease to Act for Company
FORD AUSTRALIA: Fitch Lowers Issuer Default Ratings to B+
FORD MOTOR NEW ZEALAND: Fitch Downgrades IDR to B+ from BB

G.P. SECURITY: Members Decide to Shut Down Business
HCB PROPERTIES: Creditors Must Prove Debts by June 26
HIH INSURANCE: Liquidator To Pursue AU$400-Mln Claim vs. Buffet
K.D.K. CONSTRUCTIONS: Prepares to Pay Dividend on June 14
LASERTECH PTY: Enters Voluntary Liquidation

LJAK ON BUSINESS: Members Resolve to Wind up Operations
MEDICAL GAS: Liquidator to Present Wind-up Report
MERITAS PTY: Appoints D. G. Bramwell as Liquidator
NORTHCROSS INVESTMENTS: Creditors' Proofs of Debt Due on June 22
NRG FLINDERS: Fitch May Affirm BB+ IDR On Sale to Babcock

OPTIMUM PERSONNEL: Decides to Close Operations
PROVINCIAL FINANCE: SFC-Led Rescue Attempt Fails
RAVEN DEVELOPMENTS: Creditors Must Prove Debts by June 30
REEF VENTURES: To Distribute Dividend on June 16
ROB ONE: Members Opt for Voluntary Liquidation

RODANNA PTY: Creditors and Members to Get Wind-up Report
SAMSUN PTY: Wind-up Proceedings Initiated
TELSTRA CORPORATION: Senator Coonan Okays Local Presence Plan
THEOREM HOLDINGS: Court Set to Hear Liquidation Bid on June 19
TRAPS PTY: Members Agree on Liquidation

TRIGG ESTATES: Shareholders Opt for Voluntary Liquidation
* NZ Health Sector Prepares for Nation-wide Doctor Strike


C H I N A   &   H O N G  K O N G

AMATERAS.NET: Names Fulton and Tang as Liquidators
ASIA MANOR: To Transfer Business on June 28
CABLE AND WIRELESS: Appoints Joint and Several Liquidators
FULLWELL INVESTMENTS: Members Opt for Voluntary Winding-up
HONG KONG COMMITTEE: Members Appoint Liquidator

MOULIN GLOBAL: Liquidation Leaves Shareholders Empty-handed
PING ON OINTMENT: Faces Wind-up Proceedings
PRICE WATERHOUSE MANAGEMENT: Members Final Meeting Set July 10
SHEN WANG: Inks an Agreement to Transfer Business
WELKIN TRANSPORT: Liquidators Cease to Act for Company

WORLD FIRST: Names Joint and Several Liquidators


I N D I A

NATIONAL TEXTILE: Plans to Outsource Staff for Rajnagar Mills
* Fuel Price Hikes Not Enough, Oil Marketing Firms Say


I N D O N E S I A

PERUSAHAAN LISTRIK: Names Coal Miners to Supply Power


J A P A N

LIVEDOOR COMPANY: Denies Shareholders' Damages Claims
TOSHIBA MACHINE: Moody's to Review Ba1 Issuer Rating


M A L A Y S I A

FCW HOLDINGS: Posts MYR0.342-Million Loss in Third Quarter
HARVEST COURT: Works Out Plan to Regularize Financial Condition
HARVEST COURT: To Undertake Group-Wide Financial Assessment
HARVEST COURT: To Hold 28th AGM on June 26
LITYAN HOLDINGS: 13th AGM Slated for June 28

MALAYSIA AIRLINES: Total MSS Applications Hit 4,200
MENTIGA CORPORATION: March 31 Balance Sheet Shows Poor Liquidity
MENTIGA CORPORATION: Implements Restructuring Exercises
PAN MALAYSIA CAPITAL: Shareholders Endorse Par Value Reduction
PAN MALAYSIAN: Wants SC Approval of Rights Issue Proposal

PAXELENT CORPORATION: In Restructuring Talks with Other Parties
POLYMATE HOLDINGS: Posts Default Status Updates
SUREMAX GROUP: Has Yet to Submit Regularization Plan
TALAM CORPORATION: Court Extends Restraining Order for 180 Days


P H I L I P P I N E S

BENPRES HOLDINGS: Reports Developments on Balance Sheet Plan
CENTRAL AZUCARERA: Posts PHP77.5-Million Quarterly Net Income
INTERPHIL LABORATORIES: Pares Down 1Q Net Loss to PHP44.5 Mln
ZIPPORAH REALTY: Posts 842% Increase in First Quarter Net Loss


S I N G A P O R E

COMPACT METAL: Malaysian Unit Disposes of Properties
D&T FROZEN FOOD: Faces Bankruptcy Proceedings
MDR LIMITED: New Name Signals Fresh Start for Company
TZONS BUILDING: Yi Lin Files Bankruptcy Petition
XING MING: Court Hears Bankruptcy Petition


T H A I L A N D

TONGKAH HARBOUR: Provides Update on Progress of Various Projects

     - - - - - - - -

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

12 VOLT CARAVAN: Members and Creditors Review Wind-up Report
------------------------------------------------------------
A final meeting of the members and creditors of 12 Volt Caravan
Camping Marine Accessories Pty Limited will be held on
June 13, 2006, at 9:15 a.m., at the office of Liquidators Robyn
Erskine and Peter Goodin.

During the meeting, the Liquidators will discuss the wind-up
proceedings and the manner by which the Company's property was
disposed.

Contact: Robyn Erskine
         Peter Goodin
         Joint & Several Liquidators
         Brooke Bird & Co. Insolvency Practitioners
         471 Riversdale Road, Hawthorn East 3123
         Australia        
         Telephone:(03) 9882 6666


AIRONIC AUSTRALIA: Members Opt to Wind Up Firm
----------------------------------------------
After their general meeting on April 20, 2006, the members of
Aironic Australia Pty Limited decided to voluntarily wind up the
Company's operations.

Creditors subsequently nominated Pino Fiorentino and William
James Hamilton of Hamiltons Chartered Accountants as
liquidators.

Contact: Pino Fiorentino
         James Hamilton
         Liquidators
         c/o Hamiltons Chartered Accountants
         Level 17, 25 Bligh Street
         Sydney, New South Wales 2001
         Australia
         Telephone: (02) 9232 6611
         Fax: (02) 9232 6166


ALARMLINK MONITORING: Faces Liquidation Proceedings
---------------------------------------------------
An application to put Alarmlink Monitoring New Zealand 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 the Commissioner of
Inland Revenue on May 5, 2006.

Contact: S. N. McKenzie
         Preston Russell Law, Solicitors
         92 Spey Street, Invercargill
         New Zealand
         Telephone: (03) 211 0080
         Facsimile: (03) 211 0079


ANTONIOS RENDERING: Placed Under Voluntary Liquidation
------------------------------------------------------
Members of Antonios Rendering Pty Limited convened on April 19,
2006, and decided to liquidate the Company's business.

Robert Molesworth Hobill Cole of Cole Downey & Co. was appointed
as liquidator at a creditors' meeting held on the same day.

Contact: Robert M. H. Cole
         Liquidator
         Cole Downey & Co. Chartered Accountants
         Unit 2, 6 Moorabool Street
         Geelong, Victoria 3220
         Australia
           

BACJACK PTY: Bank Appoints Receiver
-----------------------------------
Australia and New Zealand Banking Group Limited appointed Robyn-
Lee Erskine as receiver of the property of Bacjack Pty Limited
on April 19, 2006.

Contact: Robyn-Lee Erskine
         471 Riversdale Road
         Hawthorn East, Victoria 3123
         Australia


BC INDUSTRIAL: Court to Hear CIR's Liquidation Bid on June 15
-------------------------------------------------------------
An application to put BC Industrial Engineers & Consultants Ltd
into liquidation will be heard before the High Court of Auckland
on June 15, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the application before
the Court on March 16, 2006.

Contact: S.J. Eisdell Moore
         C/O Meredith Connell, Level 17
         Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone: (09) 336 7556


CHUBARRI PTY: To Declare Dividend on June 14
--------------------------------------------
Chubarri Pty Limited will declare a first and final dividend on
June 14, 2006.

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

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


CONTRACT MESSENGER: CIR Files Liquidation Application
-----------------------------------------------------
The Commissioner of Inland Revenue on April 5, 2006, filed a
petition to liquidate Contract Messenger Services Ltd before the
High Court of Auckland.

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

Contact: S.J. Eisdell Moore
         C/O Meredith Connell, Level 17
         Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone: (09) 336 7556


ELEMENT DIGITAL: Members Name Joint and Several Liquidators
-----------------------------------------------------------
At a meeting on April 20, 2006, members of Element Digital Pty
Limited appointed Gess Michael Rambaldi and D. R. Vasudevan as
liquidators to act jointly and severally for the Company.

Contact: Gess Michael Rambaldi
         D. R. Vasudevan
         Joint & Several Liquidators
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


ELLINGTON EAST: Court to Hear Liquidation Bid Today
---------------------------------------------------
An application to put Ellington East Ltd into liquidation will
be heard before the High Court of Christchurch today, June 12,
2006, at 10:00 a.m.   

The High Court received the application from Tonking & Taylor
Limited on May 3, 2006.

Contact: Roger Mcl. Fraser
         Receivables Management (NZ) Ltd
         Level 8, 7 City Road
         Auckland, New Zealand
         Facsimile: (09) 919 3697


ENVIRO BUILDING: Final Meeting Slated for June 12
-------------------------------------------------
Members and creditors of Enviro Building Solutions Pty Limited
will meet today, June 12, 2006, to hear Liquidator G. Handberg's
final account of the Company's wind-up and disposal of property.

Contact: G. Handberg
         Liquidator
         D'Aloia Handberg Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia


ESK CELLARS: Shareholders Decide to Liquidate Business
------------------------------------------------------
Shareholders of Esk Cellars Ltd on May 17, 2006, passed a
resolution to liquidate the Company and appoint Robert Walker
and John Scutter as joint and several liquidators.

The Liquidators will be receiving proofs of claim from the
Company's creditors until June 20, 2006.

Contact: Robert Walker
         C/O Active Chartered Accountants
         Level Two, 330 High Street
         (P.O. Box 31-040), Lower Hutt
         New Zealand
         Telephone: (04) 586 4645
         Facsimile: (04) 569 6079


FAMOUS FURNITURE: Receivers & Managers Cease to Act for Company
---------------------------------------------------------------
Bruno A. Secatore and Stirling L. Horne ceased to act as
receivers and managers for The Famous Furniture Bazaar Pty.
Limited on April 26, 2006.


FORD AUSTRALIA: Fitch Lowers Issuer Default Ratings to B+
---------------------------------------------------------
Fitch Ratings has downgraded the long-term ratings for both Ford
Motor Company and Ford Motor Credit Company with a Negative
Rating Outlook, and assigned these Recovery Ratings:

   * Ford

     -- Issuer Default Rating to 'B+' from 'BB';

     -- Senior unsecured to 'BB-/RR3' from 'BB'.

   * FMCC

     -- Issuer Default Rating to 'B+' from 'BB'.

Fitch also affirms FMCC's senior unsecured debt at 'BB/RR2'.

Ford's newly assigned 'RR3' rating indicates average recovery
prospects of 50-70% in the event that further deterioration in
operating results eventually results in a filing for bankruptcy.
FMCC's new 'RR2' rating indicates superior recovery prospects of
70-90%.

The downgrade and Negative Outlook reflect Fitch's expectation
of persistent revenue deterioration through at least 2006 due to
continued market share losses, deteriorating mix, price
competition, a lack of key product introductions, coupled with
lack of tangible progress in reducing its cost structure.
Despite an aggressive spending plan in 2006 to reduce its fixed
cost structure, persistently high commodity prices, and
financial and operational stresses at Ford's supply base are
likely to more than offset any progress in 2006, and Fitch
expects that Ford will see little relief in either cost category
over the near term.  The unfavorable trend of revenues and key
cost factors is expected to result in accelerated negative cash
flows through 2006 and into 2007.

Ford will be challenged to reverse negative cash flows given a
relatively sparse product pipeline over the next several years.
Ford has taken a number of steps to address its fixed cost
structure through employee buyouts, the recent health care
agreement with the UAW and certain plant closures, although cash
savings are likely to be insufficient to reverse negative cash
flows prior to the 2007 UAW contract re-opening.  Ford's latest
restructuring program extends through the 2012, with the bulk of
facility closures not commencing until after 2007, limiting
Ford's ability to achieve near-term cost reductions.  The
success of the restructuring program will, to a large degree,
depend on the success of the OEM's ability to negotiate further
benefit reductions and operational flexibility in the 2007
contract.  Ford's U.S. supplier base remains fragile throughout
the supply chain, which could result in higher direct costs,
manufacturing inefficiencies or production interruptions at
Ford.

Although Ford has benefited from an improved passenger car
portfolio and the strong market position of its core F-Series
products, this has been insufficient to outpace the decline in
midsize and large SUV sales, including the Explorer, which have
historically been strong profit contributors.  Ford also faces
intensifying competition in the large pickup market from a
refreshed GM lineup and the opening of a new Toyota plant later
this year.

Ford Credit, a strong provider of dividends over the past
several years, is expected to demonstrate significantly reduced
profitability and dividends going forward, resulting from a
smaller portfolio, a reduced benefit from lower loss accruals,
and higher interest rates.  Fitch also recognizes that Ford has
shown improvement and profitability in its operations outside
the United States, including Europe, its Premium Automotive
Group, Latin America, and in its Mazda holdings.  Although
Jaguar operations remain a significant drain on P.A.G., the
turnaround in the consolidated group over the past several years
has been a positive to this point.

Ford's 'RR3' Recovery Rating is based on an analysis of a
potentially restructured Ford.  Fitch's restructuring analysis
incorporates a Chapter 11 filing of North American operations
and would result in significant claims from working capital
liabilities in addition to unsecured debtholders.  Fitch also
factored in liabilities related to on and off-balance sheet
liabilities that could augment claims.  Fitch did not factor in
claims related to potential termination or alteration of legacy
OPEB and pension costs.

In the event of a filing, Fitch anticipates that Ford would not
attempt to terminate its pension plans.  Changes to OPEB
liabilities, as with the recent agreement between Ford and the
UAW, would have to be negotiated as part of a new labor
agreement in the event of a Chapter 11 filing, without resulting
in claims against the estate.  The restructured enterprise value
includes reduced production volumes and sufficient cost
reductions to achieve a 3% operating margin in North America,
plus asset values associated with international operations and
its 100% ownership of Ford Credit.

Liquidity remains adequate to finance restructuring requirements
and negative cash flows through the reopening of the UAW
contract.  Cash and short-term VEBA at March 31, 2006, totaled
US$23.7 billion, supplemented by long-term VEBA -- US$6.5
billion at yearend 2005 -- that could be utilized to fund health
care expenditures over the near term.  Over the past several
years, with the assistance of dividends from Ford Credit and the
sale of Hertz, Ford has been able to maintain a strong level of
liquidity, and has modestly reduced debt.

Debt maturities remain very extended.  Legacy liabilities are
expected to decline in 2006 due to Ford's recent health care
agreement with the UAW and a re-measurement of health care and
pension liabilities due to higher interest rates.  However,
potential pension legislation could accelerate funding
requirements.

FMCC's IDR remains linked to those of Ford due to the close
business relationship between them.  Fitch expects FMCC's
earnings and dividends to decline noticeably in 2006 primarily
due to lower receivables outstanding and margins.  FMCC has
benefited from lower provision expense, as the quality of its
receivables pool has increased, the pace of these improvements
is expected to slow going forward.  Fitch believes that FMCC
maintains a good degree of liquidity relative to its rating.
Supporting this is FMCC's ability to sell or securitize a broad
spectrum of assets such as retail finance, lease, and wholesale
loans.

Moreover, FMCC continues to hold high cash balances and its
assets mature faster than its debt.  The 'RR2' Recovery Rating
indicates superior recovery prospects on unsecured debt
resulting from solid unencumbered asset protection, although
discounted to account for stressed performance and disposition.  
For a breakdown of unencumbered asset coverage, please see
Fitch's Credit Update on Ford Motor Credit, dated March 13,
2006, and available on the Fitch Ratings web site at
http://www.fitchratings.com

Fitch has downgraded the ratings of other Ford entities with a
Negative Rating Outlook:

   * Ford Motor Co. of Australia

     -- Issuer Default Rating to 'B+' from 'BB';

     -- Senior debt to 'BB-/RR3' from 'BB'.

   * Ford Credit Australia Ltd.

     -- Issuer Default Rating to 'B+' from 'BB'.

   * FCE Bank Plc

     --Issuer Default Rating to 'B+' from 'BB'.

   * Ford Capital B.V.

     -- Issuer Default Rating to 'B+' from 'BB'.

   * Ford Credit Canada Ltd.

     -- Issuer Default Rating to 'B+' from 'BB'.

   * Ford Motor Capital Trust II

     -- Preferred stock to 'B-/RR6' from 'B+'.

   * Ford Holdings, Inc.

     -- Issuer Default Rating to 'B+' from 'BB';

     -- Senior debt to 'BB-/RR3' from 'BB'.

   * PRIMUS Financial Services (Japan)

     -- Issuer Default Rating to 'B+' from 'BB'.

   * Ford Credit de Mexico, S.A. de C.V.

     -- Issuer Default Rating to 'B+' from 'BB'.

   * Ford Motor Credit Co. of New Zealand

     -- Issuer Default Rating to 'B+' from 'BB'.

   * Ford Credit Co S.A. de CV

     -- Issuer Default Rating (IDR) to 'B+' from 'BB'.

Fitch has also taken these rating actions:

   * Ford Credit Australia Ltd.

     -- Senior Unsecured affirmed at 'BB/RR2';

     -- Short-Term IDR affirmed at 'B';

     -- Commercial Paper affirmed at 'B'.

   * Ford Motor Co.

     -- Short-term Issuer Default Rating, rated 'B', is
        withdrawn.

   * Ford Motor Credit Co.

     -- Short-term Issuer Default Rating affirmed at 'B';

     -- Commercial paper affirmed at 'B';

     -- Senior debt affirmed at 'BB/RR2'.

   * FCE Bank Plc

     -- Senior Unsecured affirmed at 'BB/RR2'.

     -- Short-term Issuer Default Rating affirmed at 'B';

     -- Commercial Paper affirmed at 'B';

     -- Short-term Deposits affirmed at 'B';

   * Ford Capital B.V.

     -- Senior Unsecured affirmed at 'BB/RR2'.

   * Ford Credit Canada

     -- Short-term Issuer Default Rating affirmed at 'B';

     -- Commercial Paper affirmed at 'B';

     -- Senior Unsecured affirmed at 'BB/RR2'.

   * PRIMUS Financial Services (Japan)

     -- Senior Unsecured affirmed at 'BB/RR2';

     -- Short-term IDR affirmed at 'B'.

   * Ford Motor Credit Co. of New Zealand

     -- Senior Unsecured affirmed at 'BB/RR2';

     -- Short-Term IDR affirmed at 'B';

     -- Commercial Paper affirmed at 'B'.

   * Ford Credit Co. S.A. de C.V.

     -- Senior Unsecured affirmed at 'BB/RR2'.


FORD MOTOR NEW ZEALAND: Fitch Downgrades IDR to B+ from BB
----------------------------------------------------------
Fitch Ratings has downgraded the long-term issuer default rating
of Ford Motor Credit Co. of New Zealand to 'B+' from 'BB'.  The
Outlook for the ratings is negative.

Moreover, Fitch affirmed these ratings for Ford Motor New
Zealand's:

   -- Senior Unsecured at 'BB/RR2';

   -- Short-Term IDR at 'B';

   -- Commercial Paper at 'B'.

The downgrade and Negative Outlook reflect Fitch's expectation
of persistent revenue deterioration through at least 2006 due to
continued market share losses, deteriorating mix, price
competition, a lack of key product introductions, coupled with
lack of tangible progress in reducing its cost structure.


G.P. SECURITY: Members Decide to Shut Down Business
---------------------------------------------------
At a meeting held on April 19, 2006, members of G.P. Security
Pty Limited decided that it is appropriate and necessary to shut
down the Company's operations.

Subsequently, Liquidator Nicholas Crouch was appointed to
oversee the Company's wind-up.

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


HCB PROPERTIES: Creditors Must Prove Debts by June 26
-----------------------------------------------------
Liquidators Karen Betty Mason and Jeffery Philip Meltzer require
the creditors of HCB Properties Ltd to submit their proofs of
claim by June 26, 2006.

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

Contact: K.B. Mason
         Meltzer Mason Heath
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


HIH INSURANCE: Liquidator To Pursue AU$400-Mln Claim vs. Buffet
---------------------------------------------------------------
HIH Insurance Group's liquidator, Tony MacGrath, will go ahead
with a AU$400-million damages claim against General Re, the
reinsurance arm of Warren Buffett's Berkshire Hathaway, the
Sydney Morning Herald says.

According to the Sydney Herald, the Claim, which seeks
compensation for HIH's decision to spend hundreds of millions of
dollars taking over FAI Insurances Limited and FAI General
Insurance Company, was filed in the NSW Supreme Court in 2004
but has not been served on any defendant.

As reported in the Troubled Company Reporter - Asia Pacific on
May 15, 2006, HIH took over FAI for AU$300 million in 1998.  The
takeover has been partly blamed for HIH's collapse in March
2001.

Mr. McGrath had earlier initiated suits against reinsurers from
which he has recovered around AU$2 billion.  He has also
previously named Federal MP and parliamentary secretary Malcolm
Turnbull as defendant in a legal action on behalf of HIH
creditors.

During a preliminary court scuffle with Gen Re over access to
documents in February 2006, Mr. McGrath undertook to give the
reinsurer advance notice once a decision had been made.

The Sydney Herald relates that HIH still needs to decide on
whether the case will also proceed against the other potential
defendants, including Mr. Turnbull, and his former employer,
investment bank Goldman Sachs Australia, who were FAI's
financial advisers at the time of HIH's takeover.

In the meantime, the Sydney Herald says, the NSW Supreme Court
has given Mr. McGrath a three-month extension for serving his
other big damages suit, also seeking hundreds of millions of
dollars, relating to the losses incurred by HIH as it continued
to trade while insolvent.

Gen Re and Guy Carpenter are also named as potential defendants
in that suit.  Its other targets include the now-defunct audit
firm Arthur Andersen, HIH's actuary David Slee, and several
individuals.

In a court ruling issued on June 8, 2006, Justice Carolyn
Simpson said that Mr. McGrath deserved the extra time to
negotiate a settlement.

Guy Carpenter, a subsidiary of U.S.-listed insurance and
consulting group Marsh & McLennan, acted as broker in 1998 when
FAI bought a reinsurance contract from National Indemnity, a
subsidiary of Mr. Buffett's Berkshire Hathaway, which the HIH
royal commission found allowed FAI to overstate its profits by
AU$29 million.

Gen Re, which was taken over by Berkshire Hathaway in 1998, sold
FAI a second policy, which the royal commission found boosted
the same profit by AU$28 million.

According to the Sydney Herald, Gen Re is expected to vigorously
defend both suits.

                      About HIH Insurance  

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
failure, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.  

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.  
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

In November 2005, the Australian Liquidators received a court
order granting permission to convene meetings of creditors of
the eight HIH companies that formerly held Australian insurance
licenses to consider and vote on the proposed Schemes of
Arrangement.  On November 25, 2005, the English Provisional
Liquidators received a similar court order from the High Court
in England.  These meetings were held on March 29, 2006.

HIH's collapse is known to be the nation's biggest corporate
failure.


K.D.K. CONSTRUCTIONS: Prepares to Pay Dividend on June 14
---------------------------------------------------------
K.D.K. Constructions Pty Limited will declare a first and final
dividend on June 14, 2006, to the exclusion of creditors who
were unable to prove their claims.

Subsequently, a final members meeting will be held on June 19,
2006, at 11:30 a.m., to receive Liquidator Richard Judson's
accounts of the Company's wind-up process and disposal of
property.

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


LASERTECH PTY: Enters Voluntary Liquidation
-------------------------------------------
At a general meeting of Lasertech Pty Limited held on April 19,
2006, members decided that a wind-up of operations is in the
Company's best interests.

Subsequently, creditors named Dino Travaglini as liquidator at a
meeting held on the same day.

Contact: Dino Travaglini
         Liquidator
         c/o Moore Stephens
         Level 3, 12 Saint Georges Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9225 5355


LJAK ON BUSINESS: Members Resolve to Wind up Operations
-------------------------------------------------------
Members of LJAK On Business Pty Limited convened on April 24,
2006, and resolved to cease the Company's operations.

Creditors met on the same day and appointed Barry Keith Taylor
of B. K. Taylor & Co. to oversee the liquidation proceedings.

Contact: Barry Keith Taylor
         Liquidator
         B. K. Taylor & Co.
         8th Floor, 608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


MEDICAL GAS: Liquidator to Present Wind-up Report
-------------------------------------------------
A final meeting for the members and creditors of Medical Gas
Systems Pty Limited is fixed on June 16, 2006, at 10:15 a.m.

During the meeting, Liquidator P. Ngan will give final accounts
of the Company's wind-up and disposal of property.

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


MERITAS PTY: Appoints D. G. Bramwell as Liquidator
--------------------------------------------------
On April 24, 2006, Meritas Pty Limited appointed Donald Gordon
Bramwell as liquidator to oversee the Company's wind-up
operations.

Contact: Donald Gordon Bramwell
         Liquidator
         c/o Shearer & Elliss
         5 King William Road, Unley
         South Australia 5061
         Australia


NORTHCROSS INVESTMENTS: Creditors' Proofs of Debt Due on June 22
---------------------------------------------------------------
Shareholders of Northcross Investments Ltd on May 22, 2006,
passed a resolution to liquidate the Company and appoint Jeffery
Philip Meltzer and Karen Betty Mason as joint and several
liquidators.

The Liquidators will be receiving proofs of claim from the
Company's creditors until June 22, 2006.

Contact: K.B. Mason
         Meltzer Mason Heath
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


NRG FLINDERS: Fitch May Affirm BB+ IDR On Sale to Babcock
---------------------------------------------------------
Fitch Ratings commented that the ratings of Flinders Power
Partnership -- NRG Flinders -- are likely to be affirmed if the
sale of NRG Flinders to Babcock & Brown is completed in
accordance with the proposed financial and acquisition
structure.

However, until completion of the transaction, which is expected
in the third quarter of 2006, NRG Flinders' 'BBB-' project debt
bank facility rating and its 'BB+' Long-term Issuer Default
Rating continue to be under Rating Watch Evolving.

Fitch placed its ratings for NRG Flinders on RWE on January 16,
2006, after an announcement that its United States-based parent,
NRG Energy Inc., was considering various strategic alternatives
with respect to its Australian investments, including a
potential sale of its assets.  On June 2, 2006, NRG Energy
entered into a sale agreement to sell NRG Flinders to the
Australian investment bank Babcock & Brown for AU$317 million.
Babcock & Brown will also assume AU$238 million of non-recourse
debt and AU$42 million in cash.  The transaction is subject to a
number of conditions, which includes third-party financing
approvals.

The acquisition of the NRG Flinders assets will assist Babcock &
Brown in its objective of establishing a listed Babcock & Brown-
branded diversified power generation fund, potentially by the
end of 2006.

NRG Flinders is a South Australia-based electricity generator,
acquired under 100-year lease by NRG Energy in 2000.  NRG
Flinders' operations comprise 960MW of generation capacity,
including Northern and Playford power stations; output from
Osborne cogeneration facility -- long-term power purchase
agreement -- as well as rights to the Leigh Creek coalfield,
responsibility for the township and the railway.


OPTIMUM PERSONNEL: Decides to Close Operations
----------------------------------------------
Creditors of Optimum Personnel Solutions Pty Limited convened on
April 21, 2006, and decided to wind up the Company's business
voluntarily.

Subesequently, Sule Arnautovic of Jirsch Sutherland was
appointed as liquidator.

Contact: Sule Arnautovic
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2001
         Australia
         Telephone: (02) 9233 2111
         Fax: (02) 9233 2144


PROVINCIAL FINANCE: SFC-Led Rescue Attempt Fails
------------------------------------------------
South Canterbury Finance revealed that its attempt to buy
Provincial Finance Limited out of receivership has failed, The
Dominion Post reports.

Last week, SFC had warned investors in Provincial Finance that
they may recover less than half of the money they put in if the
Company is not bailed out of receivership, the newspaper
recounts.

As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance 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.  The Company owes
NZ$300 million to 14,000 small investors.

                         The Rescue Plan

According to Roeland Van Den Bergh of Dominion Post, SFC had
earlier led a rescue plan for Provincial Finance.  As part of
this plan, SCF went to the financial planning industry to raise
at least NZ$11 million, which, if combined with the
NZ$16.5 million from Provincial Finance's owners -- David Lyall
and John Edilson -- will recapitalize the business.

A letter circulated by SFC's Allan Hubbard and Ed Sullivan said
that the rescue plan was the best chance for investors to
recover all their money, Stuff.co.nz relates.

"While it is accepted this is a lot of money, the very real
concern is that if we leave the receiver in place, the shortfall
will mean a payment to debenture holders of approximately 40 to
50 cents in the dollar as against the very real opportunity of
recovering full value," the SFC letter stated.

Under the rescue plan, SCF would manage Provincial Finance under
contract, but will not become a shareholder, Dominion Post adds.

The Timaru-based company had agreed to buy up to NZ$25 million
of Provincial Finance's assets.  Stuff.co notes that SFC had
received a provisional valuation for Provincial Finance's Tasman
Pacific Insurance of between NZ$21 million and NZ$25 million.

                      SFC Concedes Defeat

In an update on June 9, 2006, Dominion Post cites SFC as saying
that it "hit a brick wall" after the cost of the rescue blew out
to NZ$45 million.

According to the latest report, the team of "Good Samaritans"
led by Mr. Hubbard conceded defeat in their bid to bail
Provincial Finance out of receivership.

                   Receivers Still Optimistic

However, despite SFC's unsuccessful bid, Provincial Finance's
receivers, John Waller and Maurice Noone, of
PricewaterhouseCoopers, admitted that while they are
disappointed, they still think the Company can get almost, if
not all, of the investors' money back.

Dominion Post says that Mr. Waller dismissed the forecast that
debenture holders would get less than half of their money back,
saying they were likely to get their investment returned over
time.  Mr. Waller said that there are various ways of doing it.

The report explains that the returns would depend on the quality
of the 28,000 outstanding loans, which were worth
NZ$320 million.  Provincial Finance's directors and auditors had
been through the rest of the loans and were looking at losses of
at least NZ$60 million.

"Providing the book holds up (with losses at that level) there's
a fair chance people will get most if not all of their debenture
stock back. Any further write-offs on the book could scuttle
it," Dominion Post quotes Mr. Waller.

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.


RAVEN DEVELOPMENTS: Creditors Must Prove Debts by June 30
---------------------------------------------------------
Liquidator Curtis John Mountfort requires the creditors of Raven
Developments Ltd to submit their proofs of claim by June 30,
2006.

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

Contact: Curtis John Mountfort
         Mountfort & Associates
         P.O. Box 82-161, Auckland
         New Zealand
         Telephone: (09) 272 2241
         Facsimile: (09) 272 2251


REEF VENTURES: To Distribute Dividend on June 16
------------------------------------------------
Reef Ventures Pty Limited will distribute a first and final
dividend on June 16, 2006, to the exclusion of creditors who
were not able to prove their claims.

Contact: Robert Hutson
         Liquidator
         KordaMentha (Queensland)
         Level 2, Corporate Centre One
         2 Corporate Court, Bundall
         Queensland 4217, Australia
         Telephone: (07) 5574 1322
         Fax: (07) 5574 1433


ROB ONE: Members Opt for Voluntary Liquidation
----------------------------------------------
Members of Rob One Pty Limited convened on April 26, 2006, and
resolved to voluntarily wind up the Company's operations.

Subsequently, Liquidator Samuel Richwol was appointed to oversee
the Company's liquidation.

Contact: Samuel Richwol
         Liquidator
         O'Keeffe Walton Richwol
         431 Burke Road, Glen Iris 3146
         Australia
         Telephone:(03) 9822 9823


RODANNA PTY: Creditors and Members to Get Wind-up Report
--------------------------------------------------------
The members and creditors of Rodanna Pty Limited will hold a
final meeting on June 14, 2006, at 12:00 p.m. to receive
Liquidator P.W. Gidley's accounts of the Company's wind-up and
property disposal.

Contact: P. W. Gidley
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302, Australia


SAMSUN PTY: Wind-up Proceedings Initiated
-----------------------------------------
The members and creditors of Samsun Pty Limited convened on
April 19, 2006, and decided to close down the Company's
operations.

They also resolved to appoint Ozem Kassem of Bentleys MRI Sydney
as official liquidator.

Contact: Ozem Kassem
         Liquidator
         Bentleys MRI Sydney Business Recovery & Insolvency
         Partnership
         Level 8, 50 Carrington Street
         Sydney, New South Wales
         Australia
         Telephone: (02) 8221 8477
         e-mail: okassem@sydbri.bentleys.com.au


TELSTRA CORPORATION: Senator Coonan Okays Local Presence Plan
-------------------------------------------------------------
Communications Minister Helen Coonan has approved Telstra
Corporation's local presence plan for rural and regional
Australia, the Australian Associated Press reports.

As reported in the Troubled Company Reporter - Asia Pacific on
March 8, 2006, Senator Coonan had previously rejected Telstra's
initial Local Presence Plan for being insufficient and for not
containing forward commitments or enough information about the
Company's strategy for rural and regional Australia.

Telstra submitted the initial draft plan in December 2005, but
after her review, Senator Coonan returned it for improvement.  
The recently approved Plan is the third that Telstra submitted.

The TCR-AP explained that Telstra's LPP is part of the new laws
introduced into the Parliament in 2005.  These laws require
Telstra to regularly draw up local presence plans to ensure that
it does not desert rural and regional areas after it is
privatized.  The new requirements were key recommendations that
listed a range of problems Telstra and the Government needed to
address before the telco gets sold off.

According to the Sydney Morning Herald, Senator Coonan
acknowledged that the latest LPP would ensure that Telstra
maintained its presence in the bush.  Senator Coonan also noted
that the latest LPP was a significant improvement, containing 27
commitments, up from 17 in the previous document.

"Telstra needed to establish the document as a commitment to
future action rather than just a statement of current or past
action," Senator Coonan said in a statement.

"The plan also details the benefits that each of the local
presence commitments will deliver to people living in regional,
rural and remote Australia," she added.

AAP says that the LPP will be effective from July 1, 2006, and
will remain in force until June 2009.

Telstra will also be required to revise its Plan and resubmit it
to the minister every three years.

The telco is expected to report on the progress of its LPP by
August 2007, which will be assessed by the Australian
Communications and Media Authority.

                         About Telstra

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


THEOREM HOLDINGS: Court Set to Hear Liquidation Bid on June 19
--------------------------------------------------------------
An application to put Theorem Holdings Ltd into liquidation will
be heard before the High Court of Auckland on June 19, 2006, at
10:00 a.m.

CPT Custodian Pty Ltd filed the application before the Court on
April 24, 2006.

Contact: M.T. Davies
         Solicitor for the Plaintiff
         C/O Meredith Connell, Level 17
         Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone: (09) 336 7610


TRAPS PTY: Members Agree on Liquidation
---------------------------------------
At a general meeting on April 24, 2006, members of Traps Pty
Limited opted to close down the Company's business and appoint
Raymond A. Sutcliffe as liquidator.

Contact: Raymond A. Sutcliffe
         Liquidator
         c/o Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone: (03) 9482 6277
         Fax: (03) 9482 1219


TRIGG ESTATES: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------
Shareholders of Trigg Estates Ltd on May 23, 2006, passed a
resolution to liquidate the Company and appoint Bryan Edward
Williams as liquidator.

Mr. Williams requires the Company's creditors to submit their
proofs of claim by June 21, 2006, to share in any distribution
the Company will make.

Contact: Bryan Williams
         C/O Bryan Williams & Associates
         131 Taupaki Road, Taupaki
         Auckland, New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


* NZ Health Sector Prepares for Nation-wide Doctor Strike
---------------------------------------------------------
Junior doctors have threatened to hold a five-day strike
starting June 15, 2006, in a long-running dispute with the
health board over working hours, The Press says.

According to the report, the Resident Doctors' Association has
warned about the walkout by 2,500 junior doctors, which is
likely to affect more than 10,000 patients as elective surgery,
outpatient appointments and mental health clinics are postponed
or cancelled.

The nationwide strike by the junior editors follows a strike by
radiation therapists and comes in the midst of a clash between
general practitioners and the Ministry of Health over
consultation fees.

The Press relates that in Canterbury, 170 cancer patients have
had their radiation therapy postponed because of an industrial
action by 250 members of the Association of Professional and
Executive Employees in a dispute over pay.  The five-day action
by radiation therapists will end on June 13, 2006.

Moreover, thousands of patients are likely to miss out on cut-
price consultations as GP leaders advise members not to sign
contracts giving the Government greater control over their fees
in return for a subsidy, worth an average NZ$27 per visit for
patients aged 45 to 64.

In the latest developments, Stuff.co.nz reports that 300
patients in the district face having their elective surgery
cancelled and 3,500 will have outpatient appointments postponed
if junior doctors walk off the job later this week, forcing
senior doctors to abandon all but emergency care and life-
preserving services.

According to press reports, contingency planning for the junior
doctors' strike is progressing in Canterbury, with daily
meetings between senior district health board managers.

The Canterbury District Health Board general manager of hospital
and specialist services Jock Muir said that all elective surgery
and outpatient clinics would stop from Thursday.  Fewer complex
cases would be done in the days before, with cardiac surgery
stopping after June 13.

However, the report notes that patients affected by the
cancellations would be contacted directly.

Under legislation to protect life-preserving services, five
striking registrars would be on call to work if all other health
board resources were "exhausted".  The board has set up a strike
information hotline on 0800 2255 60.

The Press cites Dr. Nigel Murray, advocate for the 21 district
health boards, as saying that he would go into talks today and
tomorrow "with every intent and effort to find an agreeable
solution."

Claims by the union that boards were only offering a committee
to consider reducing hours were untrue.  "We want a contractual
commitment to working together," Murray said.


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

AMATERAS.NET: Names Fulton and Tang as Liquidators
--------------------------------------------------
Members of Amateras.Net Ltd on June 5, 2006, passed a special
resolution appointing James T. Fulton and Cordelia Tang as joint
and several liquidators.

Contact: James Fulton
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


ASIA MANOR: To Transfer Business on June 28
-------------------------------------------
Asia Manor Development Company Ltd, a property investment firm
located at 1330 Prince's Building, No 10 Chater Road, Central
Hong Kong, has agreed to transfer its business together with all
its assets to Tsoi Sing Ho and Fong Hing Man.

The transferee, located at Unit C, 7/F., Centre 600, No 82, King
Lam Street, Kowloon, Hong Kong intends to carry on the business
of the transferor under the name Asia Manor Development.

All debts and obligations incurred by the transferor up to the
transfer date shall be paid by the transferor absolutely and
that liabilities of the transferee shall cease after one month
of the date of the last publication of this notice, unless
proceedings are instituted prior to such expiration.  


CABLE AND WIRELESS: Appoints Joint and Several Liquidators
----------------------------------------------------------
Paul David Stuart Moyes and Yeung Betty Yuen were appointed as
joint and several liquidators by members of Cable and Wireless
(Pacific) Ltd on June 2, 2006.

Contact: Yeung Betty Yuen
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


FULLWELL INVESTMENTS: Members Opt for Voluntary Winding-up
----------------------------------------------------------
A resolution to wind up Fullwell Investments Ltd and to appoint
Fang Lin Hui Ming as liquidator was passed by the Company's
members at an extraordinary general meeting on June 9, 2006.

Contact: Fang Lin Hui Ming
         21/F., Fee Tat Commercial Centre
         No. 613 Nathan Road, Kowloon
         Hong Kong


HONG KONG COMMITTEE: Members Appoint Liquidator
-----------------------------------------------
Members of Hong Kong Committee of the Pacific Basin Economic
Council Ltd on May 23, 2006, passed a resolution appointing Ying
Hing Chiu as liquidator.

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


MOULIN GLOBAL: Liquidation Leaves Shareholders Empty-handed
-----------------------------------------------------------
Moulin Global Eyecare Holdings will be liquidated without
shareholders receiving a cent, Bloomberg News reports.

According to Bloomberg, Madam Justice Susan Kwan of the High
Court of Hong Kong on June 5, 2006, issued winding-up orders for
the Company and its two subsidiaries, Moulin Global Eyecare
Trading and Leadkeen Industrial.

Hence the Company, which went bankrupt in June 2005, will be
liquidated and Ferrier Hodgson Ltd was appointed as the
Company's liquidator.

Ferrier Hodgson's John Batchelor told Bloomberg that some
creditors may recover 30% to 40% of debt.  However, there would
be nothing left for shareholders.

According to Mr. Batchelor, Moulin's creditors will receive
between US$135 million and US$159 million, mostly from the sale
of Moulin's U.S. subsidiary, Eye Care Centers of America earlier
this year.  Moulin's creditors comprise of 30 banks and up to
700 trade creditors.

Bloomberg relates that Hong Kong-based Moulin's auditor resigned
in April 2005 after the company disclosed accounting errors
following the purchase of Eye Care Centers of America Inc., the
second-largest U.S. optical chain, in 2004.  Because of this
creditors sought their money back, HSBC Holdings Plc applied to
the city's High Court to put Moulin into bankruptcy.

With Moulin and its units owing creditors more than HKD3.6
billion (US$464 million), the Provisional Liquidators of Moulin
Global Eyecare Holdings sold Eye Care Centers of America to
Highmark Incorporated for US$602 million, the Troubled Company
Reporter - Asia Pacific recounts.

Mr. Batchelor said Moulin is expected to receive between $135
million and $160 million from the sale, which should be
completed in the third quarter.

As reported by TCR-AP, the Liquidators previously sold Moulin's
factories and retail network for HKD90 million, as well as its
Asian distribution network for HKD10 million.

                          *     *     *

Based in Hong Kong, Moulin Global Eyecare Holdings
-- http://www.moulin.com.hk/-- was once the world's third-
largest maker of eyeglasses until it went into liquidation last
year.  The primary activity of the Company was manufacturing and
designing ophthalmic goods, the Company was also engaged in
distribution and retailing of optical frames and sunglasses.  

Chairman Ma Bo-kee founded Moulin on 1960 as a spectacle
workshop with 12 workers. It listed on the stock exchange in
1993 and was ranked by Forbes Global in 1998 among the 300 best
small firms in the world.  By last year, it had more than 5,000
workers with business in the United States and Europe.

Moulin's debt problems surfaced shortly after its auditor,
Deloitte Touche Tohmatsu, resigned in April last year.  Moulin
went bankrupt in June 2005 owing almost HKD3.6 billion, HKD2.4
billion of this are owed from creditors in Hong Kong.

Police are currently investigating Mr. Ma and his son Cary Ma
Lit-kin, the Company's chief executive.


PING ON OINTMENT: Faces Wind-up Proceedings
-------------------------------------------
An application to wind up Ping On Ointment Company Ltd will be
heard before the High Court of Hong Kong on June 14, 2006, at
9:30 a.m.

Chow Shiu Kei filed the application before the High Court on
April 10, 2006.

Contact: Au Yeung, Lo & Chung
         Solicitors for the Petitioner
         Rooms 1203-4, 12th Floor
         Far East Consortium Building
         No. 121 Des Voeux Road Central
         Hong Kong


PRICE WATERHOUSE MANAGEMENT: Members Final Meeting Set July 10
--------------------------------------------------------------
Members of Price Waterhouse Management Consultants Ltd will
convene for their final general meeting at Level 28, Three
Pacific Place, 1 Queen's Road East, Hong Kong on July 10, 2006
at 10:00 a.m.

During the meeting, Liquidator Ying Hing Chiu and Chung Miu Yin
will present final accounts of the Company's wind-up operations.


SHEN WANG: Inks an Agreement to Transfer Business
-------------------------------------------------
Chan Wong Wang, sole proprietor of Shen Wang Co has agreed to
transfer its business to Cheung Hok Sau.

The transferee, located at Room A-B, 16/F., Seabright Plaza,
Nos.9-25 Shell Street, North Point, Hong Kong intends to carry
on the business of the transferor under the name Shen Wang Co.

All debts and obligations incurred by the transferor up to the
transfer date shall be paid by the transferor absolutely and
that liabilities of the transferee shall cease after one month
of the date of the last publication of this notice, unless
proceedings are instituted prior to such expiration.

Contact: Li, Wong & Lam
         Solicitors for the Transferor and Transferee
         Room 908, 9/F., One Pacific Place
         No. 88 Queensway, Hong Kong


WELKIN TRANSPORT: Liquidators Cease to Act for Company
------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin on June 5, 2006, ceased to act
as liquidators for Welkin Transport Company Ltd.


WORLD FIRST: Names Joint and Several Liquidators
------------------------------------------------
Members of World First Holdings Ltd on May 30, 2006, passed a
special resolution appointing Leung Hok Lim and Leong Ting Kwok
as joint and several liquidators.

Contact: Leung Hok Lim
         26/F., Citicorp Centre
         18 Whitfield Road
         Causeway Bay, Hong Kong


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

NATIONAL TEXTILE: Plans to Outsource Staff for Rajnagar Mills
-------------------------------------------------------------
National Textile Corporation is considering outsourcing staff
abroad for its textile mills, Business Standard reports.

To begin with, the state-owned firm will outsource around 600
production workers from overseas for its Ahmedabad-based
Rajnagar Mill.  The facility has 85 workers left since National
Textile offered its voluntary retirement scheme in 2002, The
Standard says.
   
According to the report, the Company expects production at its
Rajnagar factory to start before December 2007.  The mill will
operate with 30 spindles with capacity of production of 10,588
kilograms per day.    

National Textile chairman and managing director K. R. Pillai
told The Standard that the Company is also looking at trimming
its workforce from 21,500 to less than 15,000 in 22 mills across
India.

The job cut is part of National Textile's strategy to make the
Company reap profits of at least INR50 crore in fiscal year
2007-08, The Standard relates.

Meanwhile, the Company will be asking advice from top advisors,
including Ernst & Young, to make a new model for its joint
venture scheme after its earlier proposal failed to attract
potential partners.  The Company will meet the advisers on
June 13, 2006.

               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
21,500 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.


* Fuel Price Hikes Not Enough, Oil Marketing Firms Say
------------------------------------------------------
India's oil marketing companies insist that the fuel price
increases recently approved by the Union Cabinet are not enough
to offset skyrocketing global oil prices, The Financial Express
relates.

As reported by the Troubled Company Reporter - Asia Pacific, the
Government raised petrol prices by 9.2% and diesel prices by
6.6% on June 5, 2006.  The Government has agreed to increase
retail prices due to pressure from refiners who have complained
of losses because domestic fuel prices have not kept up with
rising global oil prices.

Although the oil firms welcome the price hikes, they feel the
increase is not enough to offset under-recoveries.  The increase
in petrol and diesel prices would give oil marketing firms only
INR9,200 crore, whereas they have projected INR73,500 crore in
revenues for 2006-07 due to the firming up of global crude oil
prices, the Indian Oil Corporation told Financial Express.  
Indian Oil alone has been suffering under-recoveries of
INR100 crore a day.

The TCR-AP recounts that Hindustan Petroleum Corporation Ltd,
Bharat Petroleum Corporation Limited, Indian Oil Corporation,
and IBP Company Limited are losing INR160 crore per day on
under-recoveries.  
  
Bharat Petroleum chairman and managing director Ashok Sinha
said, "We have been losing INR40 crore per day on sale of sale
of retail petroleum products below cost.  Price hike will help
to reduce the under recoveries but it will not offset the entire
loss. The domestic fuel prices have been frozen for nearly nine
months."

A senior Hindustan Petroleum official added, "Prices of kerosene
and cooking gas were left unchanged.  LPG under-recoveries are
pegged at INR7,779 crore with a required increase of INR114.45
per cylinder.  Kerosene under-realizations are pegged at
INR19,403 crore and the required increase has been projected at
INR7.16 a litre.  This would have a major impact on our balance
sheet. kerosene prices have remained unchanged since March 2002
and LPG since November 2004 despite a 60% jump in cost of raw
material."

Following the price hikes, Indian Oil expects to reduce its
losses by INR57 billion in fiscal 2007 due to the fuel price
hike, the TCR-AP said.  Bharat Petroleum also project sits
losses to drop by INR60 billion over 10 months to March 2007,
while Hindustan Petroleum is looking to cut INR20 billion from
its losses.


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

PERUSAHAAN LISTRIK: Names Coal Miners to Supply Power
-----------------------------------------------------
PT Perusahaan Listrik Negara short-listed 15 mining companies to
supply some 40 million tons of coal for the Company's power
capacity expansion program, Antara News reveals, citing a PLN
official.

XFN-Asia cites Perusahaan Listrik's primary energy director,
Tonny Agus Marwoto, as saying that the Company had picked the 15
miners from 20 bidders, and they would choose from among the 15
after bidding for coal pricing begins.

PLN is paving the way for its "crash program," which targets to
increase power capacity by 10,000 megawatts with the
construction of coal-fired plants by 2009.

The Company is slated to spend IDR54.03 trillion to build 24
coal-fired power plants in order to generate additional power to
avert a national power crisis.  Of the 24 plants, 10 would be
situated in Java.

                          *     *     *

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
=========

LIVEDOOR COMPANY: Denies Shareholders' Damages Claims
-----------------------------------------------------
Former directors of Internet firm Livedoor Co. Ltd asked the
Tokyo District Court on June 8, 2006, to reject the claims
asserted by 96 shareholders who filed a damages suit against the
Company, Crisscross News reveals.

Through the lawsuit, shareholders are seeking compensation for
losses incurred due to a drop in Livedoor's share prices in the
wake of an accounting fraud scandal.

According to the Japan Times, the defendants admitted to
manipulating Livedoor's financial statements, but said that the
shareholders did not have evidence to prove that they would not
have bought Company shares if they were not inflated.  They also
said that there is no link between the fraud and the amount of
damages claimed.

The shareholders are seeking billions of yen in damages, Kyodo
News relates.

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

The TCR-AP recounts that following the accounting scandal in
January, Livedoor's stock price plunged to JPY94 per share from
over JPY300 per share.  Livedoor was delisted from the Tokyo
Stock Exchange on April 14, 2006.

On April 26, the first batch of shareholders commenced a legal
action against the Company seeking JPY2 billion in compensation
for their investment losses.  A second group, composed of 110
shareholders, filed a damages suit against the Company, seeking
JPY940 million, according to a TCR-AP report on June 1, 2006.  
Subsequently, another group of 1,600 shareholders filed a
damages suit on June 7, 2006, seeking JPY10.21 billion in
compensation.

Four Livedoor ex-directors, two external accountants, and both
Livedoor and subsidiary Livedoor Marketing Limited, have pled
guilty to charges of accounting fraud and violating the
Securities Exchange Law at their trial's first hearing on
May 26, 2006.  This while Mr. Horie denied the charges against
him.  The directors currently stand trial for the fraud charges,
while Mr. Horie is scheduled to stand trial this month.

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


TOSHIBA MACHINE: Moody's to Review Ba1 Issuer Rating
----------------------------------------------------
Moody's Investors Service, on June 9, 2006, placed under review
Toshiba Machine Co. Limited's Ba1 issuer rating for possible
upgrade, on the view that the Company is likely to continue
improving its earnings stability and capital structure over the
intermediate term.

Toshiba Machine shifted its resources to product segments with
high growth and profit margin potential and has implemented
intensive fixed-cost reductions, enabling it to improve and
stabilize profitability and cash flow generation, and used cash
flow to strengthen its capital structure.  The Company recorded
about 10% operating profit margins in the last two fiscal years,
and its total debt to total capitalization ratio improved
significantly to 37% at end-March 2006 from 55% at end-March
2004.

In the current phase of its action plan, Toshiba Machine is
focusing its resources on products for growing industries, such
as IT, semiconductor-related fields, automobiles and
nanotechnologies.  Although demand from these industries is
somewhat cyclical in nature, current demand remains strong, with
an increasing number of back-orders.  Moody's expects that
Toshiba Machine will use generated cash flow to further reduce
debt and improve its capital structure.

The rating review will focus on Toshiba Machine's financial
strategy, and will address its ability to maintain and enhance
its profit margins and the cash flow from its product portfolio.

Headquartered in Shizuoka, Japan, Toshiba Machine Co., Limited
is one of the world's leading manufacturers of molding equipment
and machine tools.


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

FCW HOLDINGS: Posts MYR0.342-Million Loss in Third Quarter
----------------------------------------------------------
FCW Holdings Berhad has submitted for public release its
financial report for the third quarter ended March 31, 2006, to
the Bursa Malaysia Securities Berhad.

For the quarter ended March 31, 2006, the Group achieved revenue
of MYR3.153 million and reported a loss of MYR0.342 million,
compared to the MYR2.971-million revenue and MYR0.325-million
profit it achieved in the same quarter last year.    

The Group generated a loss before tax of MYR0.342 million during
the quarter under review compared to the immediate preceding
quarter's loss before tax of MYR0.09 million.  Lower loss in the
preceding quarter was mainly due to the fulfillment of orders,
which were previously delayed.

The Board did not recommend any payment of dividend in respect
of the current interim financial period ended March 31, 2006.

With one quarter remaining before the current financial year
ends, FCW said that efforts are continued to replenish the
Group's order books and to expand its current network for the
distribution of communication equipment.  In the meantime, cost
efficiency measures and better utilization of its current
resources will be employed to sustain its current level of
operations.

               Summary of Key Financial Information

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

* Revenue  

      3,153         2,971          10,398         16,281

* Profit/(loss) before tax  

       -342          -325            -759            761

* Profit/(loss) after tax and minority interest  

       -264          -265            -572            915

* Net profit/(loss) for the period

       -264          -265            -572            915

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

      -0.09         -0.10           -0.21           0.33

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

     0.1000                       0.1000

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

   http://bankrupt.com/misc/tcrap_fcwholdings060906.xls

   http://bankrupt.com/misc/tcrap_fcwholdingsnotes060906.pdf

                   About FCW Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.   
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.  

FCW Holdings was, on May 5, 2006, classified under Bursa
Malaysia Securities Berhad's Practice Note 17 category since its
shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the Company
is required to submit a plan to regularize its financial
condition.  Bursa Malaysia Securities may suspend or delist
FCW's shares should the Company fail to formulate a
regularization plan.


HARVEST COURT: Works Out Plan to Regularize Financial Condition
---------------------------------------------------------------
Harvest Court Industries Berhad disclosed that it is still
working out a plan to regularize its financial condition
pursuant to Practice Note 17/2005 of Bursa Malaysia Securities
Berhad's Listing Requirements.

Harvest Court had earlier asked Bursa Malaysia to extend the
deadline by which the Company must comply with the Listing
Requirements until March 2008.  Furthermore, the Company also
submitted an application for an extension of its deadline to
submit a regularization plan to the relevant authorities through
March 7, 2007.  

The applications with Bursa Malaysia are pending approval.  In
the event that the applications are approved, Harvest Court has
nine months to submit its regularization plan to the relevant
authorities and 22 months from June 1, 2006, to implement the
regularization plan to comply with the Listing Requirements.

              About Harvest Court Industries Berhad

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

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


HARVEST COURT: To Undertake Group-Wide Financial Assessment
-----------------------------------------------------------
An unnamed independent adviser was appointed to carry Harvest
Court Industries Berhad's group-wide financial and viability
assessment.

The Adviser will look at options to improve the Group's
financial position for the long-term benefit of all
shareholders, in addition to restructuring the Group's
businesses to meet the Securities Commission's requirements, and
most importantly, to maximize potential return to all interested
parties.

Meanwhile, the Company provided an update on various credit
facilities that it and its subsidiaries defaulted as of May 31,
2006:

   Borrower            Loan Facilities     Amount Paid To Date
   --------            ---------------     -------------------
   HCIB                   MYR8,000,000                       -
   HC(M) Sdn Bhd             7,000,000                       -
   Harvest Rimba Sdn Bhd     3,933,000                       -
   HCIB                      2,000,000                       -
   HCIB                      5,000,000            MYR2,610,000
   Harvest Court Corp        2,450,000                       -
   Harvest Court Marketing   2,200,000                       -
   Quantum Pro               1,500,000               1,500,000
   HC(M) Sdn Bhd             1,300,000                       -
   Harvest Lumber            5,300,000                 535,000
   Harvest Exporters         1,450,000                       -
   Quantum Pro               1,000,000                       -

              About Harvest Court Industries Berhad

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

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


HARVEST COURT: To Hold 28th AGM on June 26
------------------------------------------
Harvest Court Industries Berhad will hold its 28th Annual
General Meeting at the Crystal Room, 2nd Floor, Crystal Crown
Hotel Harbour View, 217, Persiaran Raja Muda Musa, in 42000 Port
Klang, Selangor Darul Ehsan, on June 26, 2006, at 10.00 a.m.

During the meeting, members will be asked to:

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

   -- approve the payment of Directors' Fees for the year ended
      December 31, 2005;

   -- re-elect as directors Madam Ng Ai Cheng and Dato' Zainal
      Bin Md Deros;

   -- reappoint Shamsir Jasani Grant Thornton as auditors of the
      Company and to authorize the Directors to fix the
      auditors' remuneration;

   -- authorize the Directors to issue shares of the Company
      provided that the aggregate number of shares issued will
      not exceed 10% of the issued capital of the Company for
      the time being excluding the number of ordinary shares
      arising from the exercise of Employees' Share Option
      Scheme, and such authority will continue to be in force
      until the conclusion of the next annual general meeting of
      the Company;

   -- authorize the Directors to obtain approval for the listing
      and quotation for the additional shares so issued on the
      Bursa Malaysia Securities Berhad; and

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

              About Harvest Court Industries Berhad

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

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


LITYAN HOLDINGS: 13th AGM Slated for June 28
--------------------------------------------
Lityan Holdings Berhad's 13th Annual General Meeting will be
held at The Greens I Room, Tropicana Golf & Country Resort,
Jalan Kelab Tropicana, in 47410 Petaling Jaya, Selnagor Darul
Ehsan, on June 28, 2006, at 10:00 a.m.

During the meeting, members will be asked to:

   -- receive the audited financial statements together with the
      reports of directors and auditors for the year ended
      December 31, 2005;

   -- re-elect as directors Dato' Mohd Noh Bin Rajab and Lim
      Teik Ee;

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

   -- reappoint Wong Weng Foo & Company as auditors and to
      authorize the Directors to fix the Auditors' remuneration;

   -- empower Directors to issue shares in the Company provided
      that the aggregate number of shares issued does not exceed
      10% of the issued capital of the Company for the time
      being, and that the Directors be empowered to obtain the
      approval for the listing of and quotation for the
      additional shares so issued on the Bursa Malaysia
      Securities Berhad and that such authority will continue in
      force until the conclusion of the next annual general
      meeting of the Company; and

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

                  About Lityan Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.   

The Company had been classified as an affected listed issuer
pursuant to Practice Note 17 as issued by the Bursa Malaysia
Securities Berhad on May 10, 2005.  On January 16, 2006, the
Company entered into a conditional Restructuring Agreement to
undertake the Proposed Restructuring Scheme with the intention
of restoring the Company onto stronger financial footing via an
injection of new viable businesses.


MALAYSIA AIRLINES: Total MSS Applications Hit 4,200
---------------------------------------------------
Malaysia Airlines received a total of 4,200 applications for its
mutual separation scheme, which closed on June 7, 2006, The Star
Online reports.

The national carrier told The Star that the applications were
well within its target of reducing workforce by 3,000 to 5,000
employees.  

The redundancy package, which was offered to over 18,000
permanent and confirmed Malaysian employees worldwide, is part
of Malaysia Airlines' business turnaround plan to transform
itself into a profitable company.

Malaysia Airlines managing director and chief executive officer
Idris Jala is confident of achieving the carrier's manpower
right-sizing targets through the MSS, natural attrition and
contract expiry.

According to The Star, the carrier has 1,170 employees who will
retire this year and the next two years.  Around 2,761 staff
contracts will also expire as early as three months and between
one to five years.

Mr. Idris said that based on the profile of the applicants,
Malaysia Airlines was looking at achieving its objective by
August 2006 by releasing around 3,000 employees in the higher
salary bracket.  He added that with a high number of employees
retiring and those whose contracts were expiring this year and
in the next two years, the carrier should be able to reduce its
manpower by 30%.

A panel comprising leaders from Malaysia Airlines will review
applications for the MSS and employees would be notified of the
status of their applications by the end of the month.

                    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.


MENTIGA CORPORATION: March 31 Balance Sheet Shows Poor Liquidity
----------------------------------------------------------------
Mentiga Corporation Berhad, on May 29, 2006, filed with Bursa
Malaysia Securities Berhad its financial report for the first
quarter ended March 31, 2006.

The revenue for the financial period ended March 31, 2006, was
higher at MYR8.24 million compared to MYR1.59 million for the
corresponding period last year.  The increase of revenue is due
to sales of exclusive logging works and fellable timber of
MYR7.17 million during the financial period.

The Group's pre-tax profit after minority interest increased to
MYR3.47 million for the financial period ended March 31, 206, as
compared to the MYR4.19 million in losses from the same
financial period last year.  This is mainly due to the profits
from sales of exclusive logging works and fellable timber.

For the quarter under review, the Group reported pre-tax profit
after minority interest increased to MYR3.47 million compared to
MYR4.60 million losses for the previous quarter.  

The March 31 balance sheet showed poor liquidity with
MYR16,064,000 in total current assets available to pay
MYR142,477,000 in total current liabilities coming due within
the next 12 months.

No interim dividend has been recommended for the current
financial to date.

The plywood manufacturing operation is currently experiencing a
shortage of materials supply and escalating increase of cost of
production.  In line with these challenging operating
conditions, the group anticipates lower sales and earnings for
the second quarter.  The Group will strive to improve on its
financial performance for the financial year 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  

      8,244         1,590           8,244          1,590

* Profit/(loss) before tax  

      3,472        -4,193           3,472         -4,193

* Profit/(loss) after tax and minority interest

      3,472        -4,193           3,472         -4,193

* Net profit/(loss) for the period

      3,472        -4,193           3,472         -4,193

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

       9.26        -11.18            9.26         -11.18

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

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

    -1.7700                      -1.5200

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

   http://bankrupt.com/misc/tcrap_mentigacorp060906.xls

   http://bankrupt.com/misc/tcrap_mentigacorpnotes060906.pdf

                About Mentiga Corporation Berhad

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible  
delisting from the Official List of Bursa Malaysia Securities.  
The Group has submitted a revised comprehensive proposal to the
Securities Commission on March 16, 2005, to regularize its
financial condition and to restore the Group's shareholders'
fund from being in a deficit position in order to remove Mentiga
from being classified as a Practice Note 4 company.

As of March 31, 2006, the Company's balance sheet showed poor
liquidity with MYR16,064,000 in total current assets available
to pay MYR142,477,000 in total current liabilities coming due
within the next 12 months.


MENTIGA CORPORATION: Implements Restructuring Exercises
-------------------------------------------------------
Mentiga Corporation advised the Bursa Malaysia Securities Berhad
that it is still in the process of implementing restructuring
exercises, which were approved by shareholders at the Company's
Extraordinary General Meeting on March 28, 2006.

The Company is working on:

   -- the proposed revaluation of the Group's property assets;

   -- the proposed debt settlement via the issue of new
      ordinary shares of MYR1.00 each in Mentiga as settlement
      of an amount owed by Mentiga to its shareholder --
      Amanah Saham Pahang Berhad;

   -- the proposed restricted issued of redeemable convertible
      preference shares of MYR1.00 each in Mentiga to ASPA;

   -- the proposed employee share option scheme for eligible
      employees and directors of Mentiga and its subsidiaries;

   -- the proposed disposal by Selat Bersatu Sdn Bhd, a 56%-
      owned subsidiary of Mentiga, of 18,900 ordinary shares
      of IDR1,000,000 each in PT Rebinmas Jaya representing
      its entire 90% equity interest in PTRJ to Delloyd
      Plantation Sdn Bhd and Taipan Hectares Sdn Bhd, for a
      cash consideration of MYR61,200,000;

   -- the proposed increase in the authorized share capital of
      Mentiga; and

   -- the proposed amendments to the Memorandum and Articles
      of Association of Mentiga.

                About Mentiga Corporation Berhad

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible  
delisting from the Official List of Bursa Malaysia Securities.  
The Group has submitted a revised comprehensive proposal to the
Securities Commission on March 16, 2005, to regularize its
financial condition and to restore the Group's shareholders'
fund from being in a deficit position in order to remove Mentiga
from being classified as a Practice Note 4 company.

As of March 31, 2006, the Company's balance sheet showed poor
liquidity with MYR16,064,000 in total current assets available
to pay MYR142,477,000 in total current liabilities coming due
within the next 12 months.


PAN MALAYSIA CAPITAL: Shareholders Endorse Par Value Reduction
--------------------------------------------------------------
Pan Malaysia Capital Berhad's shareholders at an extraordinary
general meeting on May 15, 2006, approved the proposed par value
reduction as part of efforts to regularize the Company's
financial condition.

Upon completion of the Proposed Par Value Reduction, the
Company's present issued and paid-up share capital would be
reduced from MYR815.31 million to approximately
MYR326.12 million.  Based on the reduced share capital, the
Company would need to achieve revenue on a consolidated basis of
not less than approximately MYR16.34 million per annum, which
represents more than 5% of the Reduced Share Capital to
regularize its level of operations pursuant to Practice Note 17
of Bursa Malaysia Securities Berhad's Listing Requirements.

The Board is confident that due to the improving market
sentiment on Bursa Securities envisaged for 2006 and the
projected GDP growth of 6% for the Malaysian economy in 2006,
the Company would be able to achieve the Requisite Revenue in
the second half of 2006, which upon the completion of the
Proposed Par Value Reduction would enable the Company to
regularize its level of operations and cease to be an affected
listed issuer.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company, on May 22, 2006, applied to the High Court of Malaya to
obtain the Court's sanction in respect of the Proposed Par Value
Reduction.  The implementation of the Proposed Par Value
Reduction is pending the sanction of the Court.

               About Pan Malaysia Capital Berhad

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


PAN MALAYSIAN: Wants SC Approval of Rights Issue Proposal
---------------------------------------------------------
Pan Malaysian Industries Berhad on May 31, 2006, submitted an
application to the Securities Commission for approval of the
Company's proposed share consolidation and proposed rights
issue.

As reported by the Troubled Company Reporter - Asia Pacific on
March 13, 2006, Pan Malaysian has proposed a capital
restructuring scheme comprising of a capital reduction and
rights issue.

Under the capital reduction scheme, the par value of Pan
Malaysian shares will be reduced to 5 sen from 50 sen and two 5
sen shares will be consolidated into one 10 sen share, bringing
down Pan Malaysian's share capital from 2.48 billion shares of 5
sen each to 1.24 billion shares of 10 sen each.  The value of
the share capital would remain at MYR124 million.  

According to the TCR-AP, it is expected that the unaudited
accumulated losses of the company as at December 31, 2005,
amounting to about MYR1.34 billion would be completely written-
off upon completion of the proposed capital reconstruction.

Pan Malaysian has also proposed a renounceable rights issue of
up to a maximum of 2.67 billion new ordinary shares of 10 sen
each in Pan Malaysian on a basis on three rights shares for
every two existing 10 sen shares, TCR-AP said.  

The maximum amount of rights shares assumes that all existing
warrants of the Company are exercised prior to the
implementation of the Company's proposed par value reduction
scheme.  

                 About Pan Malaysia Industries

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.  The
Company has been suffering recurring losses since 1999.  Its
March 31, 2006, balance sheet showed strained liquidity with
MYR141,733,000 in total current assets available to pay
MYR319,327,000 in total current liabilities coming due within
the next 12 months.  The Company has net current liabilities of
MYR177,594,000.


PAXELENT CORPORATION: In Restructuring Talks with Other Parties
---------------------------------------------------------------
Paxelent Corporation Berhad says that it is still negotiating
its proposed restructuring with all relevant parties and has not
finalized the negotiation yet.

The Company is formulating a scheme to regularize its financial
condition pursuant to Practice Note 17/2005 of Bursa Malaysia
Securities Berhad's Listing Requirements, of which it is an
affected issuer.

                   About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

Despite booking in positive earnings, the Company has not met
the scheduled repayment obligations of Settlement Agreements
with several financial institutions arising from the
crystallization of corporate guarantees to the Company's former
subsidiaries, which had been wound up.  The Company's Board is
currently actively pursuing various restructuring schemes to
address the default.  These schemes would involve raising funds
through partial disposal of assets, potential debts waivers and
rescheduling of the debts.  On-going discussions with the
financial institutions have been positive and the directors are
confident that agreements could be reached on debts waivers and
rescheduling of the debts in the near future.  

Meanwhile, the Company's balance sheet as of March 31, 2006,
revealed strained liquidity with current assets of MYR26,570,000
available to pay current liabilities of MYR64,739,000 due within
the next 12 months.


POLYMATE HOLDINGS: Posts Default Status Updates
-----------------------------------------------
Polymate Holdings Berhad provided an update on the default
status of its three subsidiaries.  The Subsidiaries have
defaulted on various credit facilities to financial institutions
aggregating to MYR226.8 million as of May 31, 2006.

The three subsidiaries are:

     * ABI Malaysia Sdn Bhd;
     * Polymate Packaging Sdn Bhd; and
     * Polymate Industries (M) Sdn Bhd.

Details of the default are available for free at:

   http://bankrupt.com/misc/tcrap_polymateholdings060906.pdf

Meanwhile, Polymate disclosed that it is still negotiating with
lending banks to restructure the Group's credit facilities and
is actively working out schemes to regulate its financial
condition.

                 About Polymate Holdings Berhad

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


SUREMAX GROUP: Has Yet to Submit Regularization Plan
----------------------------------------------------
Suremax Group Berhad is still in the process of formulating a
regularization plan to be submitted to the Securities Commission
for approval in due course.

The Company is required to submit the Plan to the Commission
within seven months from June 1, 2006.

Meanwhile, Suremax disclosed that there is no change in its
default status in relation to the banking facilities granted by
the lenders of the Company and of its three subsidiaries:

     * Suremax Builders Sdn Bhd;
     * Suremax Land Sdn Bhd; and
     * Suremax Marketing Sdn Bhd.

Suremax's management is currently negotiating with the lenders
to restructure the existing debts on terms acceptable to the
Group and the lenders.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered losses since 2004 due to sluggish market
demand.  For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


TALAM CORPORATION: Court Extends Restraining Order for 180 Days
---------------------------------------------------------------
The Kuala Lumpur High Court, on June 1, 2006, extended the
restraining order it granted to Talam Corporation Berhad's
subsidiary -- Maxisegar Sdn Bhd -- for another 180 days, from
June 27, 2006, to December 27, 2006.

According to the Troubled Company Reporter - Asia Pacific, the
Restraining Order was obtained to facilitate the convening of
creditors meeting concerning the implementation of a proposed
debt-restructuring scheme.

                      About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.  The Company
has accumulated losses and debt in the past few years.  In a bid
to cut back on its borrowings, the firm has agreed to sell off
some of its assets.  The sales are expected to slash the
Company's short-term debts, which amounted to MYR1.8 billion as
of January 31, 2005.


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

BENPRES HOLDINGS: Reports Developments on Balance Sheet Plan
------------------------------------------------------------
At the annual stockholders' meeting of Benpres Holdings Corp. on
June 9, 2006, shareholders elected to the Board of Directors:

   * Oscar M. Lopez;
   * Manuel M. Lopez;
   * Eugenio Lopez III;
   * Felipe B. Alfonso;
   * Vicente T. Paterno;
   * Washington Z. Sycip; and
   * Angel S. Ong.

Messrs. Paterno and Sycip are independent directors.

The stockholders also approved the amendment of the articles of
incorporation to reduce the number of directors from eight to
seven, as well as an amendment of the by-laws to change the date
of their annual meeting from the last Wednesday of May to the
second Thursday of June.

Benpres president Angel S. Ong disclosed these developments in
the Company's Balance Sheet Management Plan at the meeting:

   1. Benpres, under its updated debt restructuring proposal,
      sets sustainable debt level at US$200 million
      (PHP10.63 billion), half of the current level at
      US$400 million (PHP21.27 billion).  The Company proposes
      to swap the balance for assets.

   2. The latest proposal projects payment of sustainable debt
      in 10 years from dividends provided by core investments in
      the power and media industries.  Benpres received
      PHP508 million in dividends from investee First Philippine
      Holdings Corp. in 2005.

   3. Benpres identified shares in First Philippine
      Infrastructure Development Corp., which holds its interest
      in Manila North Tollways Corp. and Digital
      Telecommunications Philippines, Inc., as assets for
      exchange or divestment in order to retire a portion of its
      debt.

   4. Benpres continues to entertain parties who wish to acquire
      other Benpres investments such as telecom unit BayanTel
      and cable service provider Beyond Cable.

   5. Creditors are set to complete due diligence on Benpres
      this month, to be followed by a new commercial term sheet
      negotiation to begin in the third quarter of this year.

   6. Ferrier Hodgson Corporate Advisory (WA) Pty Limited is
      Benpres' current financial adviser of Benpres while White
      & Case provides legal advice.

Benpres announced its Balance Sheet Management Plan in June
2002, to address all its financial obligations via these
methods:

   -- debt reduction by getting the relevant subsidiaries to
      repay their debts as guaranteed by the Parent Company;

   -- raising cash through orderly asset sales; and

   -- cost reduction and suspension of capital investment.

The BSMP is also designed to accommodate various scenarios
depending on the success of the Company's asset sale and debt
reduction initiatives.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of Dec. 31,
2005, excluding guarantees in its unit, Maynilad Water Services,
Inc.  As of Dec. 31, 2005, consolidated current liabilities
exceeded consolidated current assets by PHP22.12 billion.  Net
loss attributable to Benpres Holdings' equity holders for the
year ended Dec. 31, 2004, amounted to PHP1.2 billion.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the BSMP, all of
Benpres' liabilities were computed as of May 31, 2002.  As
proposed in the BSMP, the Company would make good faith semi-
annual payments on its direct and contingent obligations.  The
first payment was made on December 2, 2002, and succeeding
payments were made in June and December 2003, June and November
2004, and May and November 2005.

                          *     *     *

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.


CENTRAL AZUCARERA: Posts PHP77.5-Million Quarterly Net Income
-------------------------------------------------------------
Central Azucarera de Tarlac posted a net profit of
PHP77.49 million for the quarter ended March 31, 2006, against a
net loss of PHP119.28 million for the same period last year, the
Troubled Company Reporter learns from the Company's financial
results submitted to the Philippine Stock Exchange.

Total revenues for the quarter ended March 31, 2006, 2006 stood
at PHP340.92 million, against the PHP103.6-million revenue in
2005, due to the resumption of its milling operations after the
end of a year-long dispute with its workers who went on strike
in November 2004.

Central Azucarera's quarter report for the period ended
March 31, 2006, reflects these key figures:

                  Central Azucarera de Tarlac
                     Financial Highlights
                      (in PHP thousands)

                               As of           As of  
                             03/31/2006      06/30/2005  
                             ----------      ----------
                             (unaudited)      (audited)
     Current Assets           1,197,364       1,068,416
     Total Assets             1,590,993       1,666,407
     Current Liabilities      1,418,649       1,378,111
     Total Liabilities        1,567,285       1,613,910
     Stockholders' Equity        23,708          52,497

     Net Income (Loss)           77,494        (119,281)

The Company's third quarter report for the financial year
July 1, 2005, to June 30, 2006, is available for free at:
                 
   http://bankrupt.com/misc/CAT_17Q_Mar2006.pdf

The increase in the Company's total current assets was brought
on by:

   1. a significant cash increase by P13.9 million (394%) from
      PHP3.5 million last June 30, 2005, to PHP17.5 million in
      March 31, 2006.

   2. receivables increased by 4%, from PHP1.012 billion in
      June 30, 2005, to PHP1.06 billion in March 31, 2006,
      mainly due to advances granted to planters for crop
      establishment-planters account.

                          *     *     *

Central Azucarera de Tarlac was incorporated in 1927 and renewed
in 1976.  It operates a sugar mill and refinery, distillery and
carbon dioxide plants in Barrio San Miguel, Tarlac City.  The
sugar cane milled is sourced within the Tarlac district and
nearby towns of Pampanga.  Affiliate Hacienda Luisita, Inc.,
provides around 1/3 of the mill's cane requirements.

                         Labor Disputes

On Oct. 23, 2004, the Company's labor union filed a Notice of
Strike due to a deadlock in its collective bargaining agreement.
During mediation-conciliation, the Union struck by blocking the
entry and exit from the Company premises on Nov. 6, 2004.

On Nov. 10, 2004, the Secretary of the Department of Labor &
Employment issued an order to take over the case and directed
the strikers to return to work.  The Union filed a Motion of
Reconsideration, which was denied on Nov. 22, 2004.

On Dec. 2, 2004, the Union filed a petition for certiorari with
the Court of Appeals, seeking to amend the Nov. 10 DOLE order.  
On Dec. 13, 2004, the Union filed an urgent Manifestation and
Motion invoking the principle of hierarchy of the Court to
suspend the proceeding while its certiorari petition is pending
with the Court of Appeals.

On Jan. 14, 2005, Sec. Patricia Sto. Tomas rendered a decision
declaring the strike staged by the Union as illegal and ordering
the Company to immediately pay unpaid wages and benefits due the
striking workers.

On Jan. 19, 2005, the union filed a Motion for Partial Issuance
of Writ of Execution on earned wages and benefits.

On March 11, 2005, the Union filed a certiorari petition with
the Court of Appeals seeking to annul the Decision dated Jan.
14, 2005.  A week later, the Union filed a Reiterating Motion
for Writ of Execution, which DOLE granted on July 27, 2005, by
issuing a Notice of Levy and Notice of Sale on an Execution og
Personal Property on Sept. 13 2005.

On Sept. 16, 2005, the Company filed a Motion to Quash the Writ
of Execution on the gorund that the Notice of Levy and Sale
violated Section 9, Rule 39 of the Rules of Court.

Update: on Dec. 8, 2005, Central Azucarea de Tarlac and the
Company's Labor Union entered into a Memorandum of Agreement to
end the strike staged on Nov. 6, 2004, and the negotiation for
Collective Bargaining Agreement from July 1, 2004, to July 1,
2006.

Terms of the memorandum of agreement between the Company and the
union members addressed the demands including back wages,
bonuses, salary and wage adjustments, among others.

                       Loan Restructuring

There are also ongoing negotiations with the creditor banks to
restructure loans into more serviceable terms, particularly
conversion of the PHP776.6-million short-term loans into long-
term facilities with a five-year term.  As of June 30, 2005,
PHP50 million of the loans were converted into long-term debt.  
Management believes that with the resumption of the Company's
mill operations on Dec 10, 2005, and favorable outcome on the
restructuring of its long-term debt, it will be able to generate
revenues to turn around its current-year results of operations.

The scheduled payments of the long-term loans from creditor
banks amounting to PHP176.1 million and from a related party
amounting to PHP10 million are:

        Year                              Amount
        ----                              ------
        Creditor Banks:
        2006                      PHP 23,555,597
        2007                          33,043,848
        2008                          34,057,024
        2009                          30,260,955
        2010                          22,495,000
        2011                          22,680,000
        Related party:
        2006                          10,000,000

               Auditor Raises Going Concern Doubt

After auditing Central Azucarera's financial report for the
fiscal year ended June 30, 2005, Auditors Sycip, Gorres, Velayo
& Co. notes that financial statements indicate that the Company
halted its mill operations due to a labor strike in November
2004 as a result of a Collective Bargaining Deadlock and was
only settled on Dec. 8, 2005, and which brought considerable
hardship to the Company's financial and operational condition.  
The Company has not been able to pay its maturing loans with
creditor banks.  Because of the situation, the Company incurred
a PHP550.4-million net loss, leading to a deficit of
PHP230 million as of June 30, 2005, and has placed the Company
in a tight liquidity position.  These conditions cast
significant doubt on the Company's ability to continue as a
going concern.

The Company's consolidated balance sheet for the year ended
June 30, 2005, showed PHP1,666,407,394 in total assets versus
PHP1,613,910,806 in total liabilities.  The June 30, 2005,
balance sheet also showed strained liquidity with
PHP1,068,416,381 in total current assets available to pay
PHP1,378,111,272 in total current liabilities within the 2005-
2006 fiscal year.

The ability of the Company to continue as a going concern
depends largely on the resolution of the labor dispute,
successful negotiation with the creditor banks and the
resumption of milling operations.


INTERPHIL LABORATORIES: Pares Down 1Q Net Loss to PHP44.5 Mln
-------------------------------------------------------------
Interphil Laboratories, Inc., has cut down its net loss from
PHP65.01 million in the quarter ending December 31, 2005, to
PHP44.50 million in the quarter ending March 31, 2006.  The
Company credits its aggressive pricing strategy and cost
reduction programs for the PHP20.51 million decrease in its
first quarter net loss.

Interphil's sales and services revenue grew by 13%, from
PHP390.8 million in the first three months of 2005 to
PHP442.9 million in the first three months of 2006.  The Company
says that this was due to the higher prices of its products,
which became effective in January 2006.  

Still, the Company has to contend with a decrease in production
volume, due mainly to the poor performance of the old or
relatively mature products--which have faced lower-priced
competition.  The Company also has to contend with lower market
shares as competitors launch their own brands as patents held by
the Company's clients (mostly multinational companies) expire.

Production volume, product mix and escalating costs of fuel and
electricity continue to affect the Company's bottom line.

Interphil's financial statements for the quarter ending
March 31, 2006, reflects these key figures:

                  Interphil Laboratories, Inc.
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Current Assets              942.13          895.24
     Total Assets              1,792.37        1,756.39
     Current Liabilities       1,039.67          959.95
     Total Liabilities         1,223.74        1,143.26
     Stockholders' Equity        568.63          613.13

                                   Quarter Ending
                             03/31/2006      12/31/2005
                             ----------      ----------
     Net Loss                     44.50           65.01
     Revenues                    442.85          390.78

The Company had a full-year net loss of PHP102.85 million in
2005, compared with a PHP112.50 million net loss in 2004.

Interphil's first quarter 2006 financial report is available for
free at:

   http://bankrupt.com/misc/ILI_17Q_Mar2006.pdf

Interphil Laboratories, Inc. -- http://www.interphil-lab.com/--  
manufactures, processes and packages drugs, chemicals,
pharmaceuticals, and veterinary products. The Company is a
leading contract manufacturer of pharmaceuticals servicing the
production requirements of both local and foreign pharmaceutical
firms.

Interphil is "the largest and most modern pharmaceutical toll
manufacturer in the Philippines and probably in Asia today."
Patronized by more than 50 transnational companies and producing
over 1,000 different brands and forms, it supplies more than
half of the total pharmaceutical requirement of the Philippines.

                  Interphil's Plan of Operation

   * Business restructuring.  Interphil will now focus on the
     clients whose volumes and revenues contribute the most to
     the Company.  As it is, only 150 of the 1,000 products in
     Interphil's product line has a significant contribution to
     its bottom line.

   * Procurement re-engineering.  Interphil is strengthening
     relationships with its suppliers through commodity
     management approach, to allow negotiations for better
     prices and payment terms, leveraging particularly on total
     consolidated volumes.

   * Reducing Energy Consumption.

   * Decreasing working capital needs.  Billing cycle time has
     been shortened and inventory levels reduced, resulting in a
     considerable lowering of daily cash requirements.


ZIPPORAH REALTY: Posts 842% Increase in First Quarter Net Loss
--------------------------------------------------------------
Zipporah Realty Holdings, Inc., and its subsidiaries posted a
PHP7.54-million net loss for the first quarter of 2006, an
842.50% increase from the PHP0.80-million net loss reported for
the first quarter in 2005.

This as revenues increased 9.59% from PHP0.73 million in the
quarter ended March 31, 2005, to PHP0.80 million in the current
fiscal year's first quarter.  Expenses also decreased 7.13% to
PHP8.34 million.

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

                 Zipporah Realty Holdings, Inc.
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             03/31/2006      12/31/2005
                             ----------      ----------
     Total Assets              1,203.38        1,205.99
     Total Liabilities           966.92          962.00
     Total Equity                236.45          243.99

                                   Quarter Ending
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Loss                      7.54            0.80
     Revenues                      0.80            0.73
     Expenses                      8.34            8.98

The Company's first quarter 2006 report is available for free
at:

   http://bankrupt.com/misc/ZIP_17Q_Mar2006.pdf

Zipporah Realty Holdings, Inc., was originally incorporated as a
mining firm.  Presently, it is primarily engaged in real estate
holding and development with mining as its secondary purpose.
Its main source of revenue comes from sales of real estate
properties.  The Company's subsidiary, EBEDEV, Inc., launched
its first project, the Westmont Village Project along Dr. A.
Santos Avenue in Sucat, Paranaque, which started commercial
operations in January 1996.

The Company was affected by the Asian crisis resulting in
unstable exchange rates, a rise in interest cost, except in 1999
where interests stabilized, and increase in stock market
uncertainties.  Likewise, the depreciation of the Philippine
peso has resulted in the tightening of bank loans, which
eventually caused the rise in interest rates and general
slackening of property market.  This situation resulted in the
increase in loans and payments of interest by both the parent
and its subsidiary.

Uncertainties remain as to whether the country will continue to
be affected by regional trends in the coming months.  The
subsequent effect of such regional trends in the economic
environment of the Philippines will continue to affect the
parent company and its subsidiary in the foreseeable future.

               Significant Doubt on Going Concern

After auditing Zipporah's annual report for the period ended
December 31, 2005, Luis Canete and Co., pointed out conditions
that caused the auditor to raise substantial doubt on the
Company's and its subsidiary's ability to continue as a going
concern.  The auditor cites that the Company has a deficit of
PHP744.51 million and a net loss of PHP32.67 million in 2005.


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

COMPACT METAL: Malaysian Unit Disposes of Properties
----------------------------------------------------
On May 30, 2006, Compact Metal Industries Limited's Malaysian
arm -- Compact Metal Industries Sdn Bhd -- entered into a sale
and purchase agreement with Stardime Resources Sdn Bhd for the
sale of two freehold industrial land in Mukim of Tebrau,
District of Johor Bahru, Malaysia.

The consideration for the sale is MYR3.9 million, which was
arrived at on a "willing buyer willing seller" basis.  Upon
execution of the agreement, MYR390,000 will be paid to Compact
Metal's solicitor, Leng & Co., as deposit.  The balance of
MYR3.51 million will be paid within three months from the date
of the purchase with an extension of one month subject to
payment of interest at 10% per annum on the unpaid amount.

The properties were sold since the Compact Group's Malaysian
subsidiary is required to pay its bank loans against which the
Properties had been mortgaged.  The Properties had been on the
market for a period of two years and the MYR3.9 million offer is
the only firm offer received.

The coating plant housed in the Properties would be moved to the
Group's main factory in Kulai.  The sale of the Properties is in
line with the Group's restructuring plans to consolidated all
the Group's Malaysian operations in Kulai.

The Company's directors believe that the sale of the Properties
is in the best interests of the Group as the factory operations
will be consolidated under one roof and the proceeds of the sale
will be applied to repay the Group's Malaysian subsidiary's
outstanding bank loans, thus reducing indebtedness of the Group.  
The sale is not expected to have any material adverse effect on
the Group's operations.  The Properties were valued in February
2006 at MYR5 million.

More details of the sale agreement is available for free at:

  http://bankrupt.com/misc/tcrap_compactmetal060906.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.

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.


D&T FROZEN FOOD: Faces Bankruptcy Proceedings
---------------------------------------------
An application for a bankruptcy order against Chua Wee Thong --
trading as D&T Frozen Food -- was presented before Assistant
Registrar David Lee Yeow Wee in the High Court of the Republic
of Singapore on June 9, 2006.

The petition was filed by Abwin Private Limited through
solicitors March Han Advocates and Solicitors.

Contact: Koh Juat Jong
         Registrar
         Supreme Court, Singapore


MDR LIMITED: New Name Signals Fresh Start for Company
-----------------------------------------------------
Singapore-listed Accord Customer Care Solutions Limited on
June 9, 2006, started trading under a new name -- "MDR" -- on
the Main Board of the Singapore Exchange Securities Trading
Limited.

The name -- mDR Limited -- is essentially an acronym
encompassing the key products and services of the Company,
including Mobile, Devices, Distribution, Repair,
Retail and Reverse Logistics, the Company said in a statement to
the Singapore Stock Exchange.

According to the Company, the new name reflects the its renewed
focus on its core businesses of after-market services and
distribution and retail, and a commitment to excellence in
service to its principals and their customers.

Philip Eng, Chairman of mDR, said that "[the] new name and
identity will signal a fresh start for all stakeholders of the
Company."

With the approval given last week at an extraordinary general
meeting by shareholders on the Rights Issue, as well as
underwriting commitments for the Rights Issue by two financial
institutions, the Company will be able to raise net proceeds of
approximately SGD20.08 million required for its working capital
needs and business expansion in the region.

"With the funds from the Rights Issue, as well as the recent
acquisition of the AMS business from Semitech, this Company will
be able to stand on firmer footing.  We will be able to pursue
business opportunities that we have not been able to, due to
limited or lack of resources both for the AMS and DMS
businesses.  There is still a lot to be done, but overall, we
are more assured of the future of this Company," Mr. Eng said.

                        About mDR Limited

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

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


TZONS BUILDING: Yi Lin Files Bankruptcy Petition
------------------------------------------------
On June 2, 2006, Assistant Registrar Sharon Lim of the High
Court of Singapore heard Yi Lin Timber & Construction Pte
Limited's bankruptcy petition against Tzons Building Products
Pte LImited.

The petition was filed through solicitors M&A Law Corporation.

Contact: Koh Juat Jong
         Registrar
         Supreme Court, Singapore


XING MING: Court Hears Bankruptcy Petition
------------------------------------------
An application for a bankruptcy order against Xing Ming Glass
Construction was mentioned before Assistant Registrar Sharon Lim
at the Supreme Court of Singapore on June 2, 2006.

The Petition was filed by Carlton Glass Enterprise Pte Limited
through solicitor Kalpanath & Company.

Contact: Koh Juat Jong
         Registrar
         Supreme Court, Singapore


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

TONGKAH HARBOUR: Provides Update on Progress of Various Projects
----------------------------------------------------------------
Tongkah Harbour Public Company Limited and D.S. Prudential Co.,
Ltd., the Company's financial advisor, provide an up-to-date
progress on the various projects of the Company and those of its
affiliates.

Tongkah Harbour relates that it continues to focus on its core
business, which is mineral exploration and mining, and property
development.  The activities currently in progress include:

   (1) expediting the implementation of the mining program of
       Tungkum Ltd.;

   (2) directing its mining subsidiary, Cholsin Ltd. -- as its
       quarry crushing plant operator;

   (3) conducting its andesite mining project in Saraburi
       Province;

   (4) managing tin mining on its offshore leases at Phuket; and

   (5) reviewing options and overseeing property development
       for the Company's land banks in Phuket and Bangkok.

The update includes:

1. Exploration and Mining

   (a) Gold Mining

       THL has a 98.86% effective working interest in TKL, which
       has 100% control of the mineral concessions for
       exploration and mining of gold and related minerals in
       Loei Province, Northeast Thailand.

       Mine Development
       ----------------
       During the quarter, focus has been on furthering the Loei
       Gold Project development pursuant to the approved design
       plans and supervision by the Company's engineering team.
       Financing had been formally approved with the Board of
       Directors of Export-Import Bank of Thailand and Bankthai
       Public Company Limited.  The term loan is for US$13.3
       million for plant construction and equipment.

   (b) Andesite Mining

       Cholsin Limited is under contract to handle the rock
       crushing operations for THL.  As such, Cholsin operates
       the rock crushing plant and provides both equipment and
       manpower.

       THL is operating under a 10-year license and will work on
       another 10-year licensed area, which has been approved
       recently by the Ministry of Industry.  All other permits
       are kept current as required by Government authorities.

   (c) Andesite Sales

       Andesite sales for the first quarter of year 2006
       increased from THB5.02 million to THB10.97 million when
       compared to the previous year.  The increase was mainly
       due to increased sale and delivery of ballast to the
       contractors for the State Railway of Thailand.

       The Company continues to take steps to diversify its
       product market so that the Company is not so dependent on
       railway ballast sales alone to ensure operational
       success.  The diversification includes prospects such as
       the production of railway sleepers, high strength
       concrete for the construction industry, and modified
       asphaltic road surfacing.

   (d) Offshore Tin Mining

       There was no income from tin due to the high royalty rate
       on tin which caused the Company to temporarily stop the
       tin mining operation in April 2005.  The Company is
       negotiating for a review of the royalty rate with the
       Department of Primary Industry and Mining to adopt a more
       competitive rate.

       In connection with tin mining prospects farther offshore,
       the Company has raised its share holdings in Sea Minerals
       Limited to 83.70%.  SML controls extensive offshore tin
       resources estimated to exceed 50,000 tons of tin, which
       far exceeds the world's current stockpiles.  In this
       regard, the Company has completed the technical
       feasibility study of mining this deposit and has
       initiated contact with engineering and resource
       evaluation firms in Europe and Malaysia experienced in
       offshore mining and dredging.  Upon completing the
       financial feasibility study and verification of its
       reserves and technical study by independent third party,
       SML will seek listing of its shares for trading on the
       Alternative Investment Markets of the London Stock
       Exchange.

2. Property Development

   (a) Phuket Property Holdings

       On October 5, 2004, the Siam Commercial Bank Pcl.
       transferred the land at Saphan Hin in Phuket, adjacent to
       the town center, totaling 6-3-51.3 rai under title deed #
       2613, to the Company after receiving the last payment of
       THB10 million.  This land transfer consolidates the
       Company's land holding providing a contiguous area with
       sea frontage of 24-3-36.4 rai at Phuket Bay.  Holding
       this contiguous land bank provides the Company with much
       more flexibility in developing the area, particularly in
       line with the Company's Phuket Bay Rehabilitation and
       Development Plan proposal, already presented to the Royal
       Thai Government.  The Phuket Government is currently
       preparing the terms of reference for a bidding process to
       develop Phuket Bay.

   (b) Sky Cliff Building (Rachadapisek Road)

       The 29-story "Le Metro" condominium project is on
       temporary hold due to the high increase in costs of
       construction materials following the sharp increase in
       the price of crude oil.  Given that the development is a
       luxury class development employing very high quality
       specifications, the increase in construction material
       costs dramatically impacted the Company's ability to move
       forward with the project while allowing it to still make
       a profit.  As such, Management determined that it was in
       the best interest of the Company to keep this project on
       hold, pending oil price stabilization which would then
       allow construction materials to settle at more reasonable
       prices, which would in turn increase the project's profit
       margin.

       The building construction permit has been extended by one
       year by Bangkok Metropolitan Administration.  Currently,
       the Company is negotiating with an institutional fund to
       double the equity base and lessen the Company's
       dependency on bank borrowings.

                          *     *     *

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily  
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.  

The Company is placed under the Rehabco Sector of the Stock
Exchange of Thailand and is currently rehabilitating its
business.





                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
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