TCRAP_Public/060613.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  

               Tuesday, June 13, 2006, Vol. 9, No. 116


                            Headlines

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

CIVONE INVESTMENTS: Court to CIR's Liquidation Bid on June 29
DAVID POLSON CONSULTING: Liquidation Process Commenced
FIRST DISTRIBUTORS: CIR Files Liquidation Petition
GMJ PLUMBING: Faces Liquidation Proceedings
GR PLANT: Court to Hear Liquidation Petition on June 29

HAWKE CONSTRUCTION: Shareholders Appoint Managh as Liquidator
LIVESTOCK SOLUTIONS: Creditors' Proofs of Claim Due on June 29
MONACO MOTOR: Court to Hear Liquidation Bid on July 13
OMNIPORT NAPIER: Shareholders Appoint Liquidator


C H I N A   &   H O N G  K O N G

BANK OF COMMUNICATIONS: Uncovers CNY200-Million Fraud Case
BLISS HERO: Faces Winding-up Proceedings
EXPRESSWAY INTERNATIONAL: Court to Hear Wind-up Petition July 19
FIBERMARK LIMITED: Creditors' Proofs of Claim Due on July 7
LEADKEEN INDUSTRIAL: Creditors, Contributories to Met on June 29

LEATHER'S BEST: Lui and Purser Cease to Act as Liquidators
LUEN YICK WATER: Briscoe Replaces Kennedy as Joint Liquidator
MOULIN GLOBAL: Liquidators to Meet with Creditors
MOULIN TRADING: Creditors & Contributors Meetings Set on June 29
SOJITZ TRADE: Creditors Must Prove Debts by July 7

SUNTEC FOOTWEAR: Wind-up Petition Hearing Set on July 26
UNITED BUILDING: Court to Hear Wind-up Bid on August 9
YUEN WA ENGINEERING: First Meetings Slated for June 21
YIU FAI WAREHOUSING: Members and Creditors Meetings Set June 20


I N D I A

BRITISH INDIA: BMS President Calls for Revival
UPTRON INDIA: Gov't Need Not Pay Workers, Supreme Court Says


J A P A N

ALL NIPPON: Fitch Says Firm Has Strong Lead Over Rival
LIVEDOOR CO: Shareholders Support Fund Adviser's Concerns


M A L A Y S I A

CHG INDUSTRIES: Securities Commission Rejects Appeal
CONSOLIDATED FARMS: Unit Receives Writ of Summon from Lee Foong
CONSOLIDATED FARMS: Defaults on Debt Payments
JIN LIN: Creditors to Meet on June 16
KAMDAR GROUP: To Hold Fourth Annual General Meeting on June 27

KIG GLASS: Updates on Group's Default Status
KIG GLASS: AmMerchant Bank Resigns as Adviser
KUMPULAN BELTON: Formulates Financial Regularization Plan
MBF CORPORATION: Fourth AGM Slated for June 28
METROPLEX BERHAD: In Talks with Lenders on Restructuring

TRADEWINDS CORPORATION: 33rd Annual General Meeting Set June 29


P H I L I P P I N E S

BENPRES HOLDINGS: Sells 18 Million Shares in Unit to Raise Funds
LAFAYETTE MINING: DENR Forms New Team to Decide on Test Run
* Banks' Bad Loan Ratio Rises to 8.24% in April


S I N G A P O R E

DE-DECOR SINGAPORE: Faces Wind-up Proceedings
DIGILAND INTERNATIONAL: Details Purpose of Rights Issue
EXPANDSHIP HOLDINGS: Court Issues Wind-Up Order
GN PACKAGING: Creditors' Proofs of Claim Due on July 8
PORT WELD: Court Hears Wind-up Petition


T H A I L A N D

THAI GERMAN: Releases Audited Yearly Financial Statement
* BOND PRICING: For the Week 12 June to 16 June 2006

     - - - - - - - -

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

CIVONE INVESTMENTS: Court to CIR's Liquidation Bid on June 29
-------------------------------------------------------------
The Commissioner of Inland Revenue on May 8, 2006, filed before
the High Court of Auckland a petition to liquidate Civone
Investments Limited.

The Court will hear the petition on June 29, 2006, at 10:45 a.m.

Contact: Justine Berryman
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         Auckland, New Zealand
         Telephone: (09) 984 1538
         Facsimile: (09) 984 3116


DAVID POLSON CONSULTING: Liquidation Process Commenced
------------------------------------------------------
The liquidation of David Polson Consulting Ltd commenced on
June 2, 2006.

Subsequently, Henry Martin van Dyk and Stephen Alan Dunbar were
appointed as liquidators.

The Liquidators require the Company's creditors to submit their
proofs of claim by July 6, 2006, in order to share in any
distribution the Company will make.

Contact: Henry Martin van Dyk
         c/o Nicola Hassan
         Polson Higgs
         P.O. Box 5346, Dunedin
         New Zealand
         Telephone: (03) 477 9923


FIRST DISTRIBUTORS: CIR Files Liquidation Petition
--------------------------------------------------
The High Court of Auckland on May 8, 2006, received an
application to liquidate First Distributors Limited from the
Commissioner of Inland Revenue.

Hearing of the application will be on July 6, 2006, at 10:45 in
the morning.

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



GMJ PLUMBING: Faces Liquidation Proceedings
-------------------------------------------
An application to put GMJ Plumbing Ltd into liquidation will be
heard before the High Court of Auckland on June 15, 2006, at
10:45 a.m.   

The High Court received the application from Kajes Petroleum Ltd
-- trading as Rockgas Waiheke -- on April 6, 2006.

Contact: Malcolm David Whitlock
         Whitlock & Co.
         C/O Level 2, Baycorp Advantage House
         15 Hopetoun Street
         Auckland, New Zealand


GR PLANT: Court to Hear Liquidation Petition on June 29
-------------------------------------------------------
An application to put GR Plant Hire Ltd into liquidation will be
heard before the High Court of Auckland on June 29, 2006, at
10:00 a.m.   

The High Court received the application from the Commissioner of
Inland Revenue on April 28, 2006.

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


HAWKE CONSTRUCTION: Shareholders Appoint Managh as Liquidator
-------------------------------------------------------------
The shareholders of Hawke Construction Ltd appointed John
Francis Managh as liquidator on June 1, 2006.

Contact: J.F. Managh
         Gladstone Chambers
         50 Tenneyson Street
         Napier, New Zealand
         Telephone: (06) 835 6280
         e-mail: jmanagh@xtra.co.nz


LIVESTOCK SOLUTIONS: Creditors' Proofs of Claim Due on June 29
--------------------------------------------------------------
Joint liquidators Henry David Levin and David Stuart Vance
require the creditors of Livestock Solutions Ltd to submit their
proofs of claim by June 29, 2006.

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

Contact: Henry David Levin
         C/O Lisa Lee at McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand  
         Telephone: (09) 336 0000
         Facsimile: (09) 336 0010


MONACO MOTOR: Court to Hear Liquidation Bid on July 13
------------------------------------------------------
Cheng Xi Gu, on May 5, 2006, filed before the High Court of
Auckland a petition to liquidate Monaco Motor Company Ltd.

The Court will hear the application on July 13, 2006, at 10:45
in the morning.

Contact: S.J. Ropati
         Level One, 105 Queen Street
         P.O. Box 37-396, Parnell
         Auckland, New Zealand
         Telephone: (09) 377 1530
         Facsimile: (09) 377 1533


OMNIPORT NAPIER: Shareholders Appoint Liquidator
------------------------------------------------
Shareholders of Omniport Napier Ltd on June 2, 2006, resolved to
liquidate the Company and appoint Douglas Kim Fisher as
liquidator.

Subsequently, the Liquidator fixed June 29, 2006, as the last
day for creditors to submit their proofs of claim.

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


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

BANK OF COMMUNICATIONS: Uncovers CNY200-Million Fraud Case
----------------------------------------------------------
Bank of Communications on June 10, 2006, discovered a case of
financial fraud involving about CNY200 million or US$25 million
in one of its branches in a recent self-examination, the
Standard reports.

In a news release posted on the bank's website on Saturday, the
bank said that the fraud was detected at a branch in Shenyang,
capital of Liaoning Province, during a recent exercise aimed at
addressing suspected fraud cases and upgrading the customer
information management system, the China Daily relates.

The Bank of Communication did not specify how much it could
lose, The Standard says.

Learning from the experience, the bank said that it would try to
enforce internal control to avoid similar cases in the future.

According to China Daily, an emergency mechanism and other
measures have been adopted by the bank to reduce losses, it also
promised to enhance internal controls and improve its risk
monitoring and control abilities.

Meanwhile, China Daily adds that the head of Bank of
Communication's Shenyang branch -- Dai Jinggui -- was removed
from his post two weeks ago, possibly after getting involved in
illegal operations.  New branch director Tan Shuguang, however,
refused to link his predecessor's removal to the fraud, claiming
it was a regular personnel transfer.

The paper quotes an unidentified insider saying that quite a few
of the branch's officials are involved in the fraud.

                          *     *     *
Founded in 1908, Bank of Communications is one of four oldest
banks in China and one of the early note-issuing banks of China.  
BOCOM was also China's first state-owned shareholding commercial
bank.  With a 20% stake owned by HSBC, BOCOM was listed in Hong
Kong in June 2005, becoming the first major commercial bank from
the Chinese mainland to be listed overseas.

Earlier, the Bank faced a fraud case involving CNY220 million at
its Jinzhou branch in Liaoning.  According to the National Audit
Office, several staff members at the branch had forged documents
to deceive the lender's Shanghai headquarter about the
cancellation of loans made out to 175 companies.


BLISS HERO: Faces Winding-up Proceedings
----------------------------------------
An application to wind up Bliss Hero Development Ltd will be
heard before the High Court of Hong Kong on July 26, 2006, at
9:30 a.m.

Ho Kai Yung filed the application before the High Court on
May 25, 2006.

Contact: Paul W. Tse
         Solicitors for the Petitioner
         Rooms 1308-9, 13/F
         Kwong Wah Plaza
         11 Tai Tong Road, Yuen Long
         New Territories, Hong Kong


EXPRESSWAY INTERNATIONAL: Court to Hear Wind-up Petition July 19
----------------------------------------------------------------
The High Court of Hong Kong will on July 19, 2006, hear a
winding-up petition filed against Expressway International
Logistics (H.K.) Ltd.

Geologistics Ltd filed the application before the Court on May
18, 2006.

Contact: C.P. Cheung & Co
         Solicitors for the Petitioner
         Room 2301, 23/F., Golden Centre
         188 Des Voeux Road Central
         Hong Kong


FIBERMARK LIMITED: Creditors' Proofs of Claim Due on July 7
-----------------------------------------------------------
Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce
require the creditors of Fibermark (H.K.) Ltd to submit their
proofs of claim by July 7, 2006.

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

Contact: Thomas Andrew Corkhill
         Iain Ferguson Bruce
         Liquidators
         8th Floor, Gloucester Tower
         The Landmark
         11 Pedder Street, Central
         Hong Kong


LEADKEEN INDUSTRIAL: Creditors, Contributories to Met on June 29
----------------------------------------------------------------
Creditors and contributories of Leadkeen Industrial Ltd will
convene for their first meetings on June 29, 2006, at 10:00 a.m.
and 11:00 a.m., respectively.

The meeting will be held at the Auditorium of Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong.


LEATHER'S BEST: Lui and Purser Cease to Act as Liquidators
----------------------------------------------------------
Kennic Lai Hang Lui and Rupert James Purser on May 16, 2006,
ceased to act as liquidators for Leather's Best international
(H.K.) Ltd.


LUEN YICK WATER: Briscoe Replaces Kennedy as Joint Liquidator
-------------------------------------------------------------
The High Court of Hong Kong on March 27, 2006, ordered the
appointment of Stephen Briscoe in place of David John Kennedy as
liquidator to act jointly and severally for Luen Yick Water
Limited.


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


MOULIN GLOBAL: Liquidators to Meet with Creditors
-------------------------------------------------
Joint and Several Liquidators Roderick John Sutton and Desmond
Chung Seng Chiong are scheduled to meet with the creditors of
Moulin Global Eyecare Holdings Ltd on June 29, 2006, at 11:30
a.m.

A meeting with the Company's contributories will follow at 12:30
p.m.

The meetings will be held at the Auditorium of Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong.


MOULIN TRADING: Creditors & Contributors Meetings Set on June 29
----------------------------------------------------------------
Creditors of Moulin Global Eyecare Trading Limited will meet
with Joint and Several Liquidators Roderick John Sutton and
Desmond Chung Seng Chiong on June 29, 2006, at 2:30 p.m.

Subsequently, the Liquidators will meet the Company's
contributories at 3:30 p.m.

The meetings will be held at the Auditorium of Duke of Windsor
Social Service Building, 15 Hennessy Road, Wanchai, Hong Kong.


SOJITZ TRADE: Creditors Must Prove Debts by July 7
--------------------------------------------------
Liquidators Natalia K. M. Seng and Susan Lo require the
creditors of Sojitz Trade and Investment Services (H.K.) Company
Ltd to submit their proofs of claim by June 30, 2006.

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

Contact: Natalia K.M. Seng
         Joint and Several Liquidators
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


SUNTEC FOOTWEAR: Wind-up Petition Hearing Set on July 26
--------------------------------------------------------
An application to wind up Suntec Footwear Corporation Ltd will
be heard before the High Court of Hong Kong on July 26, 2006, at
9:30 a.m.

The Bank of Ayudhya Public Company filed the application before
the High Court on May 26, 2006.

Contact: Lau, Wong & Chan
         Solicitors for the Petitioner
         18th Floor, World Trust Tower
         50 Stanley Street
         Central, Hong Kong


UNITED BUILDING: Court to Hear Wind-up Bid on August 9
------------------------------------------------------
An application to wind up United Building Material (H.K.) Ltd
will be heard before the High Court of Hong Kong on August 9,
2006, at 9:30 a.m.

E Man Construction Company Ltd filed the application before the
High Court on May 25, 2006.

Contact: Knight & Ho
         Solicitors for the Petitioner
         Rooms 2207-2210, 22/F
         World Wide House
         19 Des Voeux Road Central
         Hong Kong


YUEN WA ENGINEERING: First Meetings Slated for June 21
------------------------------------------------------
Creditors and contributories of Yuen Wa Engineering Company Ltd
will convene for their first meetings on June 21, 2006, at 3:00
p.m. and 5:00 p.m., respectively.

The meetings will be held at 18/F., Henley Building, 5 Queen's
Road Central, Hong Kong.


YIU FAI WAREHOUSING: Members and Creditors Meetings Set June 20
---------------------------------------------------------------
Members and creditors of Yiu Fai Warehousing Ltd will hold final
meetings on June 20, 2006, at 2:00 p.m. and 2:30 p.m.
respectively at the liquidator's office.

During the meeting, the Company's members and creditors will
decide whether to accept the resignation of Fan Wai Kuen as
joint and several liquidator and subsequently appoint Stephen
Briscoe as replacement.

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


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

BRITISH INDIA: BMS President Calls for Revival
-----------------------------------------------
The national president of trade union Bharatiya Mazdoor Sangh is
urging the Indian Government to take suitable steps to revive
state textile firm British India Corporation Limited, Hindustan
Times relates.

Girish Awasthi told The Times that British India Corp is
"passing through a bad phase" due to mismanagement and absence
of proper government policy to upgrade sick textile mills, The
Times says.

Mr. Awasthi was concerned over a recent show cause notice issued
by the Board of Industrial and Financial Reconstruction to
British India Corp.  He added that laxity of the Company's
management brought about the situation.

Mr. Awasthi suggested that the BMS take up the issue with the
Government to ensure that British India Corp's mills were
provided the best management and other support for revival.

According to The Times, BMS leaders are set to meet soon to
discuss the issue.

                 About British India Corporation

The British India Corporation Ltd was taken over by the
Government of India in 1981 through the acquisition of all
private shares.  The Company has two woolen mills  -- Cawnpore
Woollen Mills Branch (Lalimli) at Kanpur in Uttar Pradesh and
New Egerton Woollen Mills Branch at Dhariwal in Punjab -- under
its direct control.  It also has two cotton subsidiaries, Elgin
Mills Co. Ltd. and Cawnpore Textiles Ltd., at Kanpur in Uttar
Pradesh.  In 1993, the Company was referred to the Board for
Industrial and Financial Reconstruction, which declared it a
Sick Industrial Company.  The BIFR passed orders on October 31,
1994, recommending the winding up of the Company.  Against this
order of BIFR, the Company filed an appeal before the Appellate
Authority of Industrial and Financial Reconstruction on Dec. 26,
1996.  The AAIFR also dismissed BIC's appeal on May 9, 1997, as
the AAIFR felt that no rehabilitation scheme was feasible for
the Company.  In 1999, BIC's two cotton subsidiaries were wound
up by the High Court.  The Company has been implementing a
INR214 crore rehabilitation scheme since early 2003 as per BIFR
orders.


UPTRON INDIA: Gov't Need Not Pay Workers, Supreme Court Says
------------------------------------------------------------
The Supreme Court has stated that the state government has no
legal obligation to pay workers' wages of a sick industrial
company, even if the firm is state-owned, Business Standard
reports.

These observations were made in the case between the State of
Uttar Pradesh and Uptron Employees' Union where the Board for
Industrial and Financial Reconstruction directed the Government
to pay wages to employees of the defunct Uptron India Limited.  
  
The Government appealed to the Supreme Court and said that the
BIFR had no power to pass the order, The Standard relates.

The Supreme Court set aside the order and observed it was "most
unfortunate" that the BIFR and the Allahabad High Court did not
take up the workers' case for 12 years as the appeal was pending
before it.  The Supreme Court explained that the rights of the
workers are governed by the Companies Act.

Furthermore, the Supreme Court asked the BIFR and the Allahabad
High Court to dispose of the case preferably within six months.  

Uptron India Limited was the Uttar Pradesh state government's
venture in the electronic industry.  The firm manufactured black
and white, and color television sets. The Company was referred
to the BIFR on
Dec. 5, 1998.


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

ALL NIPPON: Fitch Says Firm Has Strong Lead Over Rival
------------------------------------------------------
Fitch Ratings said on June 9, 2006, that the credit quality gap
between Japan's top two airlines continues to widen with All
Nippon Airways Co. Limited -- rated 'BB+'/Stable -- benefiting
from market improvements while its rival, Japan Airlines
Corporation -- rated 'BB-'/Stable -- continues to be grounded by
internal woes.  The agency adds that going forward, the speed of
credit quality improvements and the potential for rating
upgrades would depend largely on the airlines' ability to
improve efficiency of operations to offset any further increase
in oil prices

Fitch Tokyo Corporate team director Satoru Aoyama said, "Fuel
prices have been rising since April 2006, leading to uncertainty
in the airlines' FYE07 profits.  However, a superior demand-
supply balance and improved operational efficiency are likely to
favor All Nippon, and if the shift of passengers to All Nippon
from JAL continues, ANA may experience greater revenues gains.  
These would help alleviate increased fuel costs, while JAL would
benefit little from improved market conditions."

The agency also explained that the two carriers' strategic and
operational differences -- fuel hedging, flight networks, fleet
type and operational flexibility -- and the shift of passengers
to ANA from JAL led to a greater gap in the two carriers' FYE06
financial performance.  All Nippon posted an FYE06 operating
profit of
JPY88.8 billion, against an estimated JPY74-billion profit by
management and a JPY77.7-billion profit for 2005, whereas JAL
reported an operating loss of JPY26.8 billion, compared to a
profit of
JPY3.2 billion for 2005 at FYE05 -- JPY56.1 billion after
adjustments caused by change in the pension scheme in FYE05.  
According to Fitch, although the gap was mainly due to fuel
costs, the impact of such cost increases affected the two
companies differently, reflecting disparate fuel hedging and
operational strategies.  All Nippon' s conservative full fuel
cost hedging mitigated the fuel cost rises, and its
concentration in short-haul flights and its narrow-body and
medium-size aircrafts have led to greater fuel efficiency,
resulting in the carrier's lower proportion of fuel costs to
revenues compared with JAL -- 21.8%.  JAL's historically low
hedging level -- around 30%-40% -- and its extensive
international flight networks with greater use of wide-body
aircraft exacerbated the negative effect of the high fuel costs
on its already thin profit margins.

Adding to the gap in financial was the FYE06 revenue growth.  
All Nippon's air transportation revenues grew by 6.2% in FYE06,
whereas JAL's revenue growth reached 1.9%.  The improvement in
Japan's air passenger market supported revenue growth in both
companies' air transportation businesses, and the recovery of
the Japanese economy, as well as solid corporate results and
stable private spending supported domestic passenger volumes and
higher airfares.  Although several anti-Japan demonstrations in
China in 2005 reduced tourist passenger volumes in the China
routes, the overall international passenger business is growing
steadily due to the absence of major external shocks and the
general recovery in both business and private travel demands,
despite the introduction of fuel surcharges.  While both
companies reported solid revenue growth in FYE06, a series of
safety incidents and internal warring in JAL, which was widely-
reported in the media, resulted in its customers choosing to fly
with All Nippon.  Thus, JAL's domestic passenger volumes
recorded a 1.9% decline in FYE06 compared to ANA's 2.2%
increase.  In the international passenger market, while the
China factor has negatively affected both companies, JAL's
efforts to cut part of international operations resulted in
lower passenger volumes and supply of seats.  JAL's
international passenger volumes declined by 3.7%, while ANA's
increased by 0.4% in FYE06.

As the Japanese economy continues to improve, Fitch views that
air passenger demand might remain stable in the domestic routes
and continue to grow in international routes, despite higher
airfares.  Fare increases and fuel surcharges are also ongoing,
which should increase the two airlines' revenues at FYE07.  
However, their earnings are under downward pressure due to
higher fuel costs while the fuel hedging is unlikely to provide
a meaningful protection, as fuel prices remain persistently
high.  Thus, the speed of credit quality improvement and a
possible rating upgrade will be determined by the success of
each company in improving the efficiency of their operations,
which would mitigate any risk from any adverse events including
a further fuel price rise.

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline    
company in terms of revenue.  The Company, which was founded in
1952, provides these services:

   1. Scheduled air transportation business;

   2. Nonscheduled air transportation business and business
      utilizing aircraft;

   3. Business of buying, selling, leasing and maintenance of
      aircraft and aircraft parts; and

   4. Aircraft transportation ground support business, including
      passenger boarding procedures and loading of hand baggage.

All Nippon's core business is domestic passenger transportation,
which accounts for 43% of its total revenues before inter-
segment adjustments.


LIVEDOOR CO: Shareholders Support Fund Adviser's Concerns
---------------------------------------------------------
Scion Capital, LLC, a managing member and investment adviser to
private investment funds that own a combined 6.75% stake in
Japanese Internet firm Livedoor Co. Ltd said that some Livedoor
shareholders called to express their support for the firm's
concerns about Livedoor's proposals at its upcoming
stockholders' meeting on June 14, 2006, PR Newswire reveals.

The Troubled Company Reporter - Asia Pacific reported on June 8,
2006, that Scion Capital had rejected these proposals that
Livedoor plans to present for shareholder approval:

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

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

Scion plans to vote against these proposals and encouraged
Company shareholders to follow suit, as the decisions to be made
at the upcoming meeting will greatly affect the Company.

The first agendum seeks to extend the term of new members of the
Board of Directors from less than one year to less than two
years, rendering them safe from a meaningful review by
shareholders for the two-year period.  The second agendum seeks
to allow two officials from Usen Corp., which is in talks with
Livedoor for a possible business tie-up and takeover, to join
the Company's Board of Directors, thus, a conflict of interest.

According to PR Newswire, Livedoor's management commented that
non-Japanese shareholders had largely agreed with the proposals
subject to approval at the upcoming meeting, which seemed to
Scion Capital that only 6.75% of Livedoor's shareholders,
incidentally the stake held by the firm, rejected the proposals,
whereas it is aware that a higher percentage disagrees with such
proposals.  Scion Capital is concerned that due to the change in
the Company's stockholders since the record date of March 31,
2006, the vote taken at the June 14, 2006 meeting might not
reflect the true wishes of current Livedoor shareholders.  If
the results of the meeting would not benefit shareholders, Scion
Capital would look into seeking a second extraordinary general
meeting to propose an agenda supported by a majority of Livedoor
shareholders.  

                          *     *     *

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

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

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

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


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

CHG INDUSTRIES: Securities Commission Rejects Appeal
----------------------------------------------------
The Securities Commission, on May 31, 2006, rejected CHG
Industries Berhad's appeal of the SC's decision denying the
Company's proposed debt and restructuring scheme.

The Troubled Company Reporter - Asia Pacific earlier reported
that
CHG Industries, on June 3, 2004, entered into an agreement with
Linmax Group Sdn Bhd to undertake a corporate and debt
restructuring exercise, which involves a capital reduction, the
injection of fresh assets and a transfer of its listing status.

According to the TCR-AP, on April 6, 2006, the Securities
Commission disallowed CHG Industries' application in relation to
the proposals under the Company's Restructuring Scheme as the
revised proposals submitted were not able to address the SC's
concerns.

Specifically, the SC noted that:

   -- the Proposals do not provide the appropriate benefits
      to the shareholders of CHG;

   -- the Proposals involve, among others, the acquisition of
      three companies which are involved in businesses in the
      competitive and unpredictable timber industry; and

   -- there are conflicting interests with the businesses of
      the Sinar Tiasa Group as the promoters are also involved
      in the upstream and downstream businesses in the timber
      industry in other companies that are both listed and
      unlisted on Bursa Malaysia Securities Berhad.

                 About CHG Industries Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding  
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.  The Company's
financial problems started when it defaulted on loan facilities
in 1999.  CHG Industries, on June 3, 2004, entered into an
agreement with Linmax Group Sdn Bhd to undertake a corporate and
debt restructuring exercise, which involves a capital reduction,
the injection of fresh assets and a transfer of its listing
status.  The plywood and veneer product maker will be
transformed into a mechanical and engineering company through
the injection of the assets of Linmax Group Sdn Bhd.  CHG said
the restructuring via Linmax will enable its existing
shareholders to participate in Linmax, which has income-
generating assets, and keep the company listed on the local
bourse.  The proposed restructuring scheme had been expected to
be completed this year.  However, the Securities Commission on
April 6, 2006, rejected the Company's restructuring proposal
because the Proposals do not provide the appropriate benefits to
the shareholders of CHG.  On May 8, 2006, the Company submitted
an appeal to the Securities Commission with revisions to address
the issues raised by the regulator.  The revised Proposals are
now pending the approval of the Securities Commission and other
relevant authorities.


CONSOLIDATED FARMS: Unit Receives Writ of Summon from Lee Foong
---------------------------------------------------------------
Consolidated Farms Berhad's subsidiary -- Consolidated Liquid
Eggs Sdn Bhd -- had been named as defendant in a Writ of Summon
dated May 11, 2006, filed by Lee Foong Hardware Supplied &
Services Sdn Bhd in the Magistrates Court of Kuala Lumpur.  The
Writ was served on Consolidated Liquid Eggs on June 1, 2006.

The suit is in respect of goods sold and delivered to
Consolidated Liquid Eggs.  Lee Foong claims:

   * MYR10,823.35 from Consolidated Liquid Eggs, together with
     interest of 8.0% per year, from judgment date until full
     resolution;

   * other costs; and

   * any other relief to be granted by the Court.

The mention date for the suit has been fixed on September 19,
2006.

Consolidated Farms had appointed lawyers to defend the suit.  
The Company will seek the indulgence of the plaintiff for an
abeyance in the proceedings pending the review by the Board of
Directors of Confarm to ascertain its financial position before
deciding the way forward for the Confarm Group.

                 About Consolidated Farms Berhad

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


CONSOLIDATED FARMS: Defaults on Debt Payments
---------------------------------------------
Consolidated Farms Berhad and its subsidiaries were unable to
pay the amount of principal and interest in respect of its
credit facilities on May 31. 2006.

The Confarm Group owes a total of MYR144,113,000 to:

     * Bank Pertanian Malaysia -- MYR46,261,000;

     * Bumiputra Commerce Bank Berhad -- MYR61,600,000;

     * Malayan Banking Berhad -- MYR23,347,000; and

     * AmMercnat Bank Berhad -- MYR12,901,000.

There has been no material development in respect of the
Company's plan to regularize its financial position.

                 About Consolidated Farms Berhad

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


JIN LIN: Creditors to Meet on June 16
-------------------------------------
Pursuant to an order issued by the High Court on April 7, 2006,
under Section 176 of the Companies Act 1965, Jin Lin Wood
Industries Berhad, on May 24, 2006, issued a notice to convene a
meeting of the scheme creditors of the Company on June 16, 2006.

During the meeting, members will be asked to consider, and if
thought fit, approve the Modified Proposed Scheme of Arrangement
with creditors.  

Jin Lin's advisers are attending to matters necessary to
implement the Company's Proposed Restructuring Scheme approved
by the Securities Commission.

                  About Jin Lin Wood Industries

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment and investment holding.  Jin Lin
was listed in 2000, at the tail end of the timber price rally.  
It went bust two years later, when demand for wood products and
their prices were at their cyclical lows.  The Company's
management blamed the failure to "bad timing" as the company
came in when the market was going down.  The Company hopes that
its proposed a restructuring scheme, which involves the change
of its core business from timber-based to the manufacturing of
granite and marble products, will be completed as early as this
year.  The restructuring also involves schemes of arrangement
with shareholders and creditors, disposal of Jin Lin and shares
placement.  The Proposed Restructuring Scheme is currently in
the implementation stage and awaits shareholders' approval.  The
shareholders are expected to convene and discuss the
restructuring scheme in the second quarter of 2006.  

The Company's balance sheet as of March 31, 2006, revealed
strained liquidity with current assets of MYR3.8 million
available to pay current liabilities of MYR98.9 million.


KAMDAR GROUP: To Hold Fourth Annual General Meeting on June 27
--------------------------------------------------------------
Kamdar Group Berhad's Fourth Annual General Meeting will be held
at Cempaka-Raya Room, Mezzanine Floor, Hotel Equatorial Kuala
Lumpur, in Jalan Sultan Ismail, Kuala Lumpur, on June 27, 2006,
at 10.00 a.m.

During the meeting, members will be asked to:

   -- receive the Company's Audited Financial Statements for the
      financial year ended  December 31, 2005, together with the
      relevant Directors' and Auditors' Reports;

   -- approve the payment of a first and final dividend of 5%
      per ordinary share of MYR1.00 each less 28% Malaysian
      Income Tax for the financial year ended December 31, 2005;

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

   -- re-elect as directors:

      * Harsukhlal A/L Maganlal Kamdar;
      * Jayesh R Kamdar A/L Rajnikant;
      * Hamendra A/L B.M. Kamdar; and
      * Dato' Mohamed Nizam Bin Abdul Razak;

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

   -- empower Directors to issue new shares in the Company
      provided that the aggregate number of shares issued does
      not exceed 10% of the issued share capital of the Company
      for the time being and that the authority will continue in
      force until the conclusion of the next Annual General
      Meeting of the Company and that the Directors be
      authorized to obtain the approval from Bursa Securities
      for the listing and quotation of the additional shares so
      issued; and

   -- transact any other business which may properly be
      transacted at an Annual General Meeting for which due
      notice will have been given.

            About Kamdar Group (Malaysia) Berhad

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


KIG GLASS: Updates on Group's Default Status
--------------------------------------------
KIG Glass Industrial Berhad issued an update in relation to
defaults of all principals and interests by the Company and its
subsidiaries as of April 30, 2006.

As of April 30, KIG Glass owes Bumiputra Commerce Bank Berhad a
total of MYR51,588,499 for bankers acceptances, term loans,
trust receipts, as well as revolving credit and letter of
credit.

KIG Ceramics, on the other hand, defaulted on a total of
MYR10,860,150 to Bumiputra Commerce Bank Berhad.  KIG Ceramics
also owes Overseas Union Bank Berhad MYR3,905,709, and The
Labuan branch of Bumiputra Commerce Bank Limited MYR9,425,537.  
The Company also defaulted on MYR888,943 as overdraft payment to
RHB Bank Berhad.

Meanwhile, the updated figures for KIG's subsidiary Zibo Jiali
Glass Industry Co. Ltd. is not available to date because of a
voluntary wind-up application against the subsidiary filed with
the Court in People's Republic of China.  The principal amount
Zibo Jiali owed to United Overseas Bank Limited, China is
USD1,400,000.

KIG and its subsidiaries are unable to service the loan
repayments to the banks and financial institutions as the
Company and one of its subsidiaries -- Ziabo Jiali -- had ceased
operations on May 27, 2005, and February 15, 2006, respectively.

The Troubled Company Reporter - Asia Pacific recounts that on
May 11, 2006, KIG unveiled its restructuring proposal, which
includes a debt settlement proposal to resolve the default
issue.  

The Company is in the process of finalizing its restructuring
exercise in line with its regularization exercise since the
Company is under Practice Note 17 of the Bursa Malaysia
Securities Berhad.

The Company's board of directors has formed the opinion that the
Group and the Company are insolvent.

               About KIG Glass Industrial Berhad

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

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


KIG GLASS: AmMerchant Bank Resigns as Adviser
---------------------------------------------
AmMercant Ban Berhad has resigned as KIG Glass Industrial
Berhad's adviser in relation to the Company's restructuring
proposal.  The resignation took effect on June 1, 2006.

KIG Glass, meanwhile, is finalizing the appointment of another
adviser to continue the finalization of the Company's
regularization plan as proposed.

The Troubled Company Reporter - Asia Pacific recounts that KIG
Glass Industrial Berhad, on May 11, 2006, entered into a
restructuring agreement with Permintex Holdings Sdn Bhd and
Permintex Berhad in respect of the reverse takeover of KIG Glass
by Permintex Holdings through Permintex.

The restructuring agreement will involve:

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

KIG Glass agreed to the restructuring proposals since it has
been unable to repay its debts due to its "poor financial
position" and "loss-making businesses" since 2002.

KIG Glass has approximately one month from June 2, 2006, to
submit a Regularization Plan as to the relevant authorities for
approval.

In the absence of a plan to regularize its financial condition,
KIG Glass would likely face the prospects of delisting.  In this
respect, the Board has decided to embark on the Proposals
formulated to provide a better recovery to the Company's
shareholders and creditors.

               About KIG Glass Industrial Berhad

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

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


KUMPULAN BELTON: Formulates Financial Regularization Plan
--------------------------------------------------------
Kumpulan Belton Berhad is in the process of drawing up a
financial regularization plan in compliance with Amended
Practice Note 17 of Bursa Malaysia Securities Berhad's Listing
Requirements.

The Company has another seven months to submit its
Regularization Plan to the relevant authorities for approval.

As reported by the Troubled Company Reporter - Asia Pacific on
May 12, 2006, Kumpulan Belton was identified as an affected
listed issuer of Practice Note 17, as its consolidated
shareholders' equity as of December 31, 2005, was less than 25%
of its issued an paid up capital.

As an affected issuer, the Company is required to submit a
Regularization Plan to the relevant authorities for approval and
implement the Regularization Plan within the timeframe
stipulated by the relevant authorities.

In the event that the Company fails to comply with the
obligation to regularize its condition, all its listed
securities will be suspended from trading, as the case may be,
and delisting procedures will be commenced against the Company.

                  About Kumpulan Belton Berhad

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.  The Company and some of its subsidiaries are
involved in litigations and winding-up petitions.  These legal
actions arose from the Company's inability to meet its payment
obligations.


MBF CORPORATION: Fourth AGM Slated for June 28
----------------------------------------------
MBF Corporation Berhad will hold its Fourth Annual General
Meeting at Armada Hotel, Laksamana Ballroom, Level 3, Lorong
Utara C, Section 52, 46200, ihn Petaling Jaya, Selangor Darul
Ehsan, on June 28, 2006, at 10:00 a.m.

During the meeting, members will be asked to:

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

   -- approve payment of Directors' fees amounting to MYR120,000
      for the year ended December 31, 2005;

   -- re-elect Datuk Azizan bin Abdul Rahman and Dato' Yap Ping
      Kon as directors;

   -- re-appoint Messrs Ernst & Young as auditors of the Company
      and to authorize the directors to fix the auditors'
      remuneration;                                                        

   -- empower Directors to issue new shares in the Company
      provided that the aggregate number of shares issued does
      not exceed 10% of the issued share capital of the Company
      for the time being and that such authority will continue
      in force until the conclusion of the next Annual General
      Meeting of the Company and that the Directors be
      authorized to obtain the approval from Bursa Securities
      for the listing and quotation of the additional shares so
      issued;

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

                  About MBf Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, MBF Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively. The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.  The Company is classified under Bursa
Malaysia Securities Berhad's Practice Note 17 category and is
required to formulate a plan to raise its shareholders' equity
to meet the Bourse's Listing Requirements.


METROPLEX BERHAD: In Talks with Lenders on Restructuring
--------------------------------------------------------
Metroplex Berhad is in negotiations with its lenders on the
Proposed Composite Scheme of Arrangement to regularize its
financial condition.  The Scheme will be disclosed at the Bursa
Malaysia Securities Berhad upon submission to relevant
authorities.

As reported by the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Metroplex Berhad's unaudited quarterly results
for the financial year ended January 31, 2006, revealed that the
Company has a deficit in the shareholders' equity on a
consolidated basis amounting to MYR196.3 million.  The deficit
in the shareholders' equity is mainly attributable to Metroplex
Group's accumulated losses exceeding the Group's paid-up share
capital and reserves.

As such, Metroplex is an affected listed issuer of Practice Note
No. 17/2005 of the Listing Requirements of Bursa Securities.  

As an affected listed issuer, Metroplex is required to submit a
regularization plan to the relevant authorities for approval or,
where the relevant authorities' approvals are not required,
obtain all other approvals necessary for the implementation of
the Plan within a timeframe stipulated by Bursa Securities.

The Company has approximately another six months from June 1,
2006, to submit its Proposed Scheme to the relevant authorities
for approval.

In the event Metroplex fails to comply with the obligation to
regularize its condition, all its listed securities will be
suspended from trading on the fifth market day after expiry of
the Submission Timeframe or Implementation Timeframe, as the
case may be, and delisting procedures will be commenced against
Metroplex.

                   About Metroplex Berhad

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


TRADEWINDS CORPORATION: 33rd Annual General Meeting Set June 29
---------------------------------------------------------------
The 39th Annual General Meeting of Tradewinds Corporation Berhad
will be held at Mahkota Ballroom 2, Hotel Istana Kuala Lumpur,
73, in Jalan Raja Chulan, Kuala Lumpur, on June 29, 2006, at
10:00 a.m.

During the meeting, members will be asked to:

   -- receive the Audited Financial Statements for the financial
      year ended December 31, 2005, together with the reports of
      the Directors and Auditors;

   -- re-elect as directors

      * Tan Sri Datuk Amar (Dr) Hamid bin Bugo;
      * Abdul Jabbar bin Abdul Majid; and
      * Syed Azmin bin Mohd Nursin;

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

   -- reappoint Messrs PricewaterhouseCoopers as Auditors of the
      Company for the ensuing financial year and to authorize
      the Directors to determine their remuneration; and
  
   -- authorize the Directors to issue shares in the Company at
      any time to such persons, upon such terms and conditions
      and for such purposes as the Directors will in their
      absolute discretion deem fit provided always the aggregate
      number of shares to be issued will not exceed 10% of the
      issued share capital of the Company and the relevant
      approvals of the regulatory bodies will have been
      obtained.

               About Tradewinds Corporation Berhad

Tradewinds Corporation Berhad -- formerly known as Pernas
International Holdings Berhad -- is one of Malaysia's largest
and most dynamic investment holding company. The group is
focused on a diverse range of business activities, which include
plantations, hotels, manufacturing, and properties, and aims to
be the premier investment company.  The Group has entered into a
restructuring scheme to settle debts, curb losses and streamline
its operations.  In 2004, the Group's debt was significantly
restructured with the reorganization of the hotel businesses.  
The Company also unveiled a new logo after its change of name in
July 2004, in line with its corporate re-branding exercise.  The
Group divested some non-core assets in line with its objective
to streamline its businesses.  In February 2005, the
acquisitions of property development land to diversify earnings
and improve cash flow were completed.  

The Company's March 31 balance sheet showed strained liquidity
with MYR1,016,770,000 in total current assets available to pay
MYR1,211,706,000 in total current liabilities coming due within
the next 12 months.  The Company has net current liabilities of
MYR194,936,000.


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

BENPRES HOLDINGS: Sells 18 Million Shares in Unit to Raise Funds
----------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange on June 9,
2006, Benpres Holdings Corp. said that it disposed of a total of
18,786,000 shares in its subsidiary, Digital Telecommunications,
through the PSE.

The shares disposed on these dates are:

       Date                       Volume
       ----                       ------
       05/08/2006              5,000,000
       05/09/2006                800,000
       05/10/2006              4,000,000
       05/11/2006                100,000
       05/12/2006                100,000
       05/15/2006              1,500,000
       05/16/2006                100,000
       05/17/2006              4,500,000
       05/26/2006                500,000
       05/30/2006              2,186,000
       ----                       ------
       Total:                 18,786,000

The shares were sold for PHP24.5 million in aggregate, and the
proceeds of the share sale will go towards funding the Company's
working capital.

                          *     *     *

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.

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 Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also 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.

On March 13, 2003, Benpres Holdings convened a Special
Stockholders' Meeting to obtain stockholders' consent to
delegate to the Board of Directors the authority to take all
actions and matters necessary and desirable for the
restructuring of the Company's obligations under the BSMP.  The
stockholders granted full authority to the BOD to negotiate with
the creditors without the need for prior stockholders' approval.

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.

Benpres announced the BSMP 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.

In 2005, Ferrier Hodgson Corporate Advisory (WA) Pty Limited was
appointed as financial adviser to assist the Company in
addressing its long-term direct obligations, as well as
contingent obligations arising from outstanding guarantees and
commitments.  The creditors formed the Benpres Creditors'
Committee to facilitate the overall process for the financial
restructuring of the Company.

After auditing the Company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the Company's balance
sheet management plan.


LAFAYETTE MINING: DENR Forms New Team to Decide on Test Run
-----------------------------------------------------------
The Department of Environment & Natural Resources created a team
of seven volunteer experts to determine whether the Rapu-Rapu
mine of Lafayette Philippines, Inc., should be allowed to
conduct a test run after it was shut down in October 2005 due to
two spill incidents that allegedly polluted nearby waters, the
Manila Bulletin relates.

The Troubled Company Reporter - Asia Pacific reported on May 15,
2006, that Lafayette Philippines sought the Philippine
Government's approval of a test run of its processing plant in
Rapu-Rapu, Albay, before resuming operations.

In an interview, DENR Mining Undersecretary Demetri Ignacio said
that they are validating whether the Company's lapses can be
remediated, and whether there are solutions or not.  DENR
Secretary Angelo T. Reyes is reading every report on the issue
in order to make an informed, responsive decision, the Bulletin
notes.

The Bulletin states that Lafayette Philippines has shifted
operations to copper-zinc production from goldsilver mining, and
claimed that it would significantly reduce the use of toxic
chemical cyanide, which caused the 2005 spill incidents.  The
DENR is checking Lafayette's claim that it would need only 25%
of cyanide to separate copper and zinc.

DENR Mines and Geosciences Bureau metallurgical technology head
Juancho Pablo S. Calvez supported Lafayette's claim, saying that
the Company would need lesser cyanide for its copper-zinc
detoxification process, as its zinc tails that have a maximum
cyanide content of 12 parts per million before discharge could
be reduced to an acceptable 0.1 parts per million with the use
of reagent sodium metabisulfite.

The new DENR team will also look into resolving the problem of
acide mine drainage in the area.

According to Mr. Ignacio, the decision to approve Lafayette's
proposed test run depends on whether it has completed the
conditions required by the Mine Rehabilitation Fund Committee,
which includes the prevention of backflow of tailings, regular
pumping of slurry and its maintenance at a minimum level in the
pond, a proper re-channeling of storm water from the mill so
that the rain water will not go to the active waterways,
emergency measures to prevent contamination of marine life,
emergency warning and alert system for the local residents, and
total systems review.

                          *     *     *

Lafayette Mining Philippines, Incorporated, is a subsidiary of
Australian firm Lafayette Mining, Incorporated --
http://www.lafayettemining.com/-- which has been listed on the     
Australian Stock Exchange since August 1997.  Lafayette
Philippines is currently developing a polymetallic project
involving copper, gold, zinc and silver on the Island of Rapu-
Rapu in the Philippines.

The Department of Environment and Natural Resources' former
secretary, Mike Defensor, ordered the closing of Lafayette
Philippines when the Company's mine tailings were accidentally
spilled into the Albay Gulf in October 2005, killing thousands
of fish and destroying the livelihood of fishermen in the area.  
The Company was also fined PHP10.7 million for violating the
Clean Water Act and its environmental compliance certificate.


* Banks' Bad Loan Ratio Rises to 8.24% in April
-----------------------------------------------
The Bangko Sentral ng Pilipinas states that the non-performing
loan ratio of commercial banks had risen to 8.24% in April 2006
from 8.01% in March, though still lower than a recorded 11.24%
ratio in April 2005, BusinessWorld relates.

The Philippine Star reports that the rise was due to a slump in
interbank lending, which reduced the total loan portfolio by
1.9%, while non-performing loans rose by 0.9%.  The bad loans
amounted to PHP154.11 billion against a total loan portfolio of
PHP1.87 trillion as of April 30, 2006, the Philippine Inquirer
adds.

Excluding interbank lending, banks' total loan portfolios rose
1.45, resulting in a drop in the non-performing loan ratio to
9.95% in April from 9.99% in March, against last year's 13.3%,
according to BusinessWorld.

The Philippine Daily Inquirer states that the ratio of
restructured loans to total loans climbed to 5.33% in April from
the 5.2% in March.  Restructured loans which turned sour again
fell by 1.4%, therefore improving the ratio to total
restructured loans to 46.74%.  Of the PHP100 billion in
restructured loans, PHP46.88 billion are non-performing.

In the report by The Star, provisions set aside for non-
performing assets improved to 41.94% in April from 41.65% in
March, and 78.76% for non-performing loans from 78.61%.

According to the Inquirer, the BSP expects demand for loans to
be boosted by favorable domestic interest rates and improved
business sentiment as a result of steady progress in fiscal
consolidation and other key economic reforms.

However, so far, bank lending in the Philippines has remained
"anemic" due to banks' high non-performing loans and assets,
weak capital base and high lending rates despite falling
treasury bill and bond yields, the Inquirer adds.


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

DE-DECOR SINGAPORE: Faces Wind-up Proceedings
---------------------------------------------
An application to wind up De-Decor Singapore Pte Limited was
filed with the High Court of Singapore on May 31, 2006, by IFS
Capital Limited.

The wind-up application will be heard before the Court on
June 30, 2006, at 10:00 a.m.

Contact: Hin Tat Augustine & Partners
         Solicitors for the Plaintiff
         20 Upper Circular Road
         # 02-10/12 The Riverwalk
         Singapore 058416


DIGILAND INTERNATIONAL: Details Purpose of Rights Issue
-------------------------------------------------------
Digiland International Limited, on April 7, 2006, unveiled a
proposed renounceable non-underwritten rights issue of up to
696,296,013 new ordinary shares in the Company, at an issue
price of SGD0.005 for each Rights Share with up to three free
detachable warrants, on the basis of one Rights Share with three
Warrants for every 10 Shares held by Entitled Shareholders as of
a books closure date to be determined by the directors of the
Company, fractional entitlements to be disregarded.  Each
Warrant will carry the right to subscribe for one new Share.

The Rights Issue has been proposed to raise funds for the
working capital of the Company.

Fiscal year 2005 was a very difficult year for the Company as it
faced severe financial difficulties which resulted in the
Company implementing a scheme of arrangement with its scheme
creditors which details are set out in the Company's Circular to
its shareholders dated0 December 2, 2005.  It also started
taking steps to return to profitability, which included the
Company's revision of its business strategy.  The Company began
to move away from the traditional high-volume low-margin
business of pure hardware distribution to focus on higher value-
added distribution and value added services, which yield higher
margins.

The Rights Issue has been proposed to raise funds for the
working capital of the Company for it to execute its revised
business strategy.

In respect of the aggregate SGD5 million received by the Company
pursuant to the investment agreement dated October 3, 2005,
entered into between the Company and Dr. Vincent Tan Kim Yong,
the Company used the proceeds for working capital, including
payments for goods purchased from suppliers, administrative
expenses, monthly rental and salaries.

The minimum and maximum estimated net proceeds from the Rights
Issue after deducting estimated expenses for the Rights Issue
are expected to be approximately SGD2.28 million and
SGD3.23 million before the exercise of the Warrants.

If all the Warrants are exercised, the estimated gross proceeds
arising from such exercise of Warrants will range from
SGD20,273,240 and SGD27,851,841.

The Company intends to use the net proceeds from the Rights
Issue and the eventual exercise of the Warrants, if any, for the
Company's working capital.  Pending the deployment of the
proceeds for the purpose mentioned above, such proceeds may be
deposited with banks or financial institutions, invested in
short-term money markets or marketable securities
or used for any other purpose on a short-term basis as the
directors of the Company may deem fit.

Taking into account the Company's internal resources, operating
cash flows and banking facilities and the Company's current
plans, the Directors are of the opinion that the minimum
proceeds will be sufficient to meet the Company's present
funding requirements.

            About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the Company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.


EXPANDSHIP HOLDINGS: Court Issues Wind-Up Order
-----------------------------------------------
The High Court of the Republic of Singapore has issued a wind-up
order against Expandship Holdings (Pte) Limited on May 19, 2006.

The wind-up petition was filed by James Logan Swanson before the
High Court on April 19, 2006.

Contact: The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118

         Ang & Partners
         Solicitors for the Plaintiff
         150 Beach Road #32-00
         The Gateway West
         Singapore 189720
       
   
GN PACKAGING: Creditors' Proofs of Claim Due on July 8
------------------------------------------------------
GN Packaging Industries Pte Limited notifies parties-in-interest
of its intention to declare preferential dividend to creditors.

The Company's creditors are requested to file their proofs of
claim by July 8, 2006, for them to share in the dividend
distribution.

Contact: Don M. Ho
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate advisory & Recoveries
         Equity Plaza20 Cecil Street #12-02 & 03
         Singapore 049705
         Phone: 6532 0320
         Fax: 6532 0331


PORT WELD: Court Hears Wind-up Petition
---------------------------------------
The Honorable Judicial Commissioner Sundaresh Menon of the High
Court of the Republic of Singapore heard on June 2, 2006, a
wind-up petition against Port Weld Engineering Pte Limited.

As reported by the Troubled Company Reporter - Asia Pacific,
Jade Machine Tool Pte Limited filed the petition on April 21,
2006, with the High Court.

Contact: Hoh Law Corporation
         Solicitors for the Applicant
         110 Middle Road #09-00
         Chiat Hong Building
         Singapore 188968


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

THAI GERMAN: Releases Financial Report for Fiscal Year 2005
-----------------------------------------------------------
Thai-German Products Public Company Limited submitted to the
Stock Exchange of Thailand a summary of its audited financial
statements for the year ended December 31, 2005.

Thai German posted a THB29,468,149 net loss for the year ended
December 31, 2005, against a THB6,063,875,782 net profit for the
year ended December 31, 2004.

According to the Company, its gross profit margin dropped from
18% to 11% in 2004 and 2005 respectively.  The Company explained
that because of limited working capital, it could not directly
purchase raw material from manufacturers.  The purchase price
from agent is higher than manufacturer price.

The Company also relates that selling price of finished goods to
both local and foreign market decreased to approximately 20-25%
due to over supply of raw material in the world market.   
Consequently, this pushed selling price of finished goods to
drop automatically since the third quarter of 2005.

The Company's balance sheets as of December 31, 2005, and as of
December 31, 2004, reflect these key figures:

                                    2005             2004
                                    ----             ----
   Total Current Assets      THB1,047,503,658   THB818,423,875
   Total Non-Current Assets     1,010,976,622    1,067,701,636
   Total Assets                 2,058,480,280    1,886,125,511
   Total Current Liabilities      640,189,966      372,275,803
   Total Non-Current
      Liabilities               1,327,177,112    1,393,268,357
   Total Liabilities            1,967,367,078    1,765,544,160
   Total Shareholders Equity       91,113,202      120,581,351
   Total Liability &
      Shareholders Equity       2,058,480,280    1,886,125,511

The Company's income statements for the years 2005 and 2004
show:

                                    2005             2004
                                    ----             ----
   Total Revenue           1,636,910,149    1,506,101,013
   Total Expenses          1,660,042,402    1,487,595,979
   Net Profit (Loss)         (29,468,149)   6,063,875,782

                          *     *     *

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- is the manufacturer of stainless steel pipe, tube, and sheet
in Thailand under the name of "TGPRO" founded by Pracha
Leelaprachakul in 1973.

Currently, the Company is listed under the "Rehabco," or
Companies under rehabilitation, sector of the Stock Exchange pf
Thailand in accordance with Thailand's Bankruptcy Act.


* BOND PRICING: For the Week 12 June to 16 June 2006
----------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     9
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       9.250%    10/15/06     9
BIL Finance Ltd                       8.000%    10/15/07     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     9
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    23
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     7
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     6
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    03/28/07     2
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Ranhill Power Bhd                     5,800%    06/27/11     5
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/08/17    72
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%    06/29/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Bhd                     4.000%    04/29/19    68
Titisan Modal Bhd                     5.000%    04/28/20    73
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     4
YTL Cement Bhd                        4.000%    11/10/15     1


PHILIPPINES
-----------

Philippine Government                7.500%     03/30/16    75


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         4.880%    11/20/12     1
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets Ltd                   5.625%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1




                            *********

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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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                 *** End of Transmission ***