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        T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Friday, June 16, 2006, Vol. 9, No. 119

                            Headlines

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

AEROSPACE JVCO: Creditors' Claims Due on June 20
A.G. KERR & SON: Decides to Close Business
CS CHINA: Enters Voluntary Liquidation
C.W. HART & SONS: To Hold Final Meeting on June 19
DEKA PROPERTY: Members Opt for Voluntary Liquidation

EVANS & TATE: Noteholders Allow Firm to Continue Trading
FEGAN NOMINEES: Wind-up Proceedings Initiated
FOCUS PROJECT: Faces Liquidation Proceedings
G,K&R DEAVES: Prepares to Pay Dividend to Creditors
GOURMET FAST: Names Gregory Parker as Liquidator

HAJEX PTY: Liquidator to Present Wind-up Report
IDAWAY HOLDINGS: Liquidation Petition Hearing Set June 22
JACK HONAN: Ceases to Operate
J A OLIVER: Creditors' Proofs of Claim Due on June 23
JATS NEW SOUTH WALES: To Distribute Final Dividend on June 20

LAURENDON COMPANY: Shareholders Appoint Wilson as Liquidator
MARSHALL BELL: Receiver Ceases to Act for Company
MUIR & GRAY: Members Decide to Liquidate Firm
MUSIC SYSTEMS: Court Set to Hear Liquidation Petition on June 19
NATURAL FOREST: Appoints Joint Liquidators

PARTY JUKEBOX: Liquidation Petition Hearing Set on June 19
PAT EVANS FORMWORK: Members & Creditors to Review Wind-up Report
POLLARD PAINTING: Supreme Court Issues Wind-up Order
QANTAS AIRWAYS: Airbus Delay Forces Carrier to Keep Old Planes
QANTAS AIRWAYS: Cancels Regional Flights Due to High Fuel Costs

ROBSHA HOLDINGS: Liquidation Process Commenced
ROCKMAN & PARTNERS: Winds Up Business
SEALEY CAFE: Creditors' Must Prove Debts by July 11
SELECT ENGINEERING: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: ACCC Talks May End This Month, Coonan Says

THORNQUEST PTY: To Declare Dividend on June 19
TORINO HOLDINGS: Court to Hear Liquidation Bid on June 26
WATERJET DESIGNS: Final Meeting Slated for June 19
WELL-PAVED PTY: Shuts Down Business Operations


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: CBRC Still Mulling Bank's Reform Plan
HOPSON DEV: Unfazed by Austerity Measures, Rating Downgrade
YUEN WA CONSTRUCTION: Faces Winding-up Proceedings


I N D I A

ANDHRA CEMENTS: ICICI Bank Takes 6% Stake
LML LIMITED: Allots Equity Shares at INR28.08 Per Share


I N D O N E S I A

BANK MANDIRI: Orders Borrowers to Settle Non-Performing Loans
DAVOMAS ABADI: S&P Rates New Proposed Senior Secured Notes 'B+'


J A P A N

LIVEDOOR CO: Shareholders OK Appointment of New Directors
LIVEDOOR CO: New Directors Apologize to Shareholders


K O R E A

YOUNG CHANG: U.S. Court Grants Chapter 15 Petition
YOUNG CHANG: Asks U.S. Court to Enforce Reorganization Plan
YOUNG CHANG: Wants Chapter 15 Case Closed


M A L A Y S I A

ANTAH HOLDINGS: Unit Wins Temporary Reprieve
ARTWRIGHT HOLDINGS: Seeks to Extend Guarantee Settlement to Dec.
AVANGARDE RESOURCES: Shareholders Pass AGM Resolutions
MALAYSIA AIRLINES: To Review Airbus Purchase Deal
MBF CORPORATION: Must Submit Revamp Plan to Avert Delisting

MENTIGA CORPORATION: 35th AGM Slated for June 29
MULTI-USAGE HOLDINGS: Schedules 14th AGM on June 28
PARACORP BERHAD: Prepares Financial Regularization Plan
POLYMATE HOLDINGS: Malayan Banking Files New Claims
SBBS CONSORTIUM: Court to Hear Request for Stay on July 5

TANCO HOLDINGS: To Conduct 47th Annual General Meeting June 29
TRU-TECH HOLDINGS: To Hold 13th Annual General Meeting June 28


P H I L I P P I N E S

PHIL. REALTY AND HOLDINGS: 1Q Net Income Slims to PHP29.22M
RADIO PHILIPPINES: Court Upholds Decision to Terminate Official
STENIEL MANUFACTURING: No Word from CVC to Rescind Share Sale
* Government Plans to Issue PHP53 Billion in Bonds Soon


S I N G A P O R E

CREATIVE TECHNOLOGY: ITC to Probe on Apple's Infringement Case
DAKA DESIGNS: Trading Suspended Due to Accounting Irregularities
DIGILAND INTERNATIONAL: Granted Option to Take Ximeta Shares
FHTK HOLDINGS: Investors Snap Up 53.4% of Rights Shares
SUM YUE INSTRUMENTATION: Court to Hear Wind-up Petition June 30

* Lim Ye Jin Named Assistant Official Assignee


T H A I L A N D

NAKORNTHAI STRIP: Creditors Resolve Several Resolutions
TMB BANK: S&P Gives BB- Rating to Proposed Hybrid Capital Issue

     - - - - - - - -

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

AEROSPACE JVCO: Creditors' Claims Due on June 20
------------------------------------------------
Creditors of Aerospace JVCO (Australia) Limited are required to
submit their proofs of claim by June 20, 2006, to Liquidator B.
A. Secatore.  

Those who fail to comply with this requirement will be excluded
from sharing in the Company's dividend distribution.

Contact: B. A. Secatore
         Liquidator
         Bentleys MRI
         114 William Street, Melbourne
         Victoria 3000, Australia


A.G. KERR & SON: Decides to Close Business
------------------------------------------
The members of A.G. Kerr & Son Proprietary Limited held a
meeting on May 1, 2006, and decided to shut down the Company's
business operations.

Subsequently, Victor Raymond Dye and Nicholas Giasoumi were
appointed as joint and several liquidators.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Joint & Several Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


CS CHINA: Enters Voluntary Liquidation
--------------------------------------
The members of CS China Investments Pty Limited convened on
May 2, 2006, and agreed that the Company wind up its operations
voluntarily.

Contact: Stephen Graham Longley
         David Laurence McEvoy
         Liquidators
         Freshwater Place, 2 Southbank Boulevard
         Southbank, Victoria 3006
         Australia


C.W. HART & SONS: To Hold Final Meeting on June 19
--------------------------------------------------
Member of C.W. Hart & Sons Pty Limited will hold a final meeting
on June 19, 2006, at 10:00 a.m., for them to receive Liquidator
Richard Judson's final account showing how the Company was wound
up and how its property was disposed of.

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


DEKA PROPERTY: Members Opt for Voluntary Liquidation
----------------------------------------------------
At a general meeting of the members of Deka Property Services
Pty Limited on May 1, 2006, it was agreed that a voluntary wind-
up of the Company's operations is appropriate and necessary.

In this regard, Victor Raymond Dye and Nicholas Giasoumi were
appointed as joint and several liquidators.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Joint Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


EVANS & TATE: Noteholders Allow Firm to Continue Trading
--------------------------------------------------------
Evans & Tate Limited's investors holding AU$20 million in
convertible notes agreed to allow the Company to continue
trading so as to ensure that creditors do not expose it to
another wind-up action, The Australian reports.

According to the Sydney Morning Herald, 98.8% of Evans & Tate
noteholders agreed at an extraordinary meeting on June 14, 2006,
to waive the condition that the Company's liabilities must not
exceed 80% of its total assets.

Evans & Tate, which owes AU$160 million, is already in breach of
this condition and could have been wound up by creditors if the
noteholders did not vote for the waiver, The Age explains.

The Australian points out that the Company's liabilities equate
to 89% of its assets under the superseded AGAAP accounting
standards, which noteholders agreed in December 2005 to continue
using to calculate the Company's debt position.

Yet, under the new international financial reporting standard --
AIFRS -- which is now mandatory for all Australian listed
companies, the notes are now classified as debt rather than
equity, causing Evans & Tate's liabilities to actually exceed
its assets by AU$48.3 million.

Despite divestment of two wineries and a reduction of wine
inventories, the Company has only been able to remain afloat
with ANZ Bank's help, The Australian relates.  ANZ agreed in
July last year to lend Evans & Tate an additional AU$10 million
in working capital.

Evans & Tate, therefore, owes ANZ about AU$106 million at
present, due for repayment or refinancing in December 2006,
while the convertible notes are due to be redeemed in October
2007 unless they are converted to equity.

According to The Australian, the Company expects ANZ to extend
the terms of its financing facility, but it has yet to secure
additional working capital needed by the end of the year if it
is to keep running.

The report cites Evans & Tate managing director Martin Johnson
as saying that the recent move shows "that the convertible
noteholders are supportive of what they've heard" regarding the
Company's turnaround plans.

The Sydney Herald says that Mr. Johnson conceded the Company had
major challenges, adding that Evans & Tate recognizes that it
has a big balance sheet problem and that its approach has always
been to become profitable first before cutting debt.

As reported in the Troubled Company Reporter - Asia Pacific on
May 26, 2006, Australian Beverage Distributors launched wind-up
proceedings against Evans & Tate and its subsidiary, Evans &
Tate Premium Wines Pty Ltd., with the New South Wales Supreme
Court on May 24, 2006.

In its application, the Sydney-based wine distributor asserted
that Evans & Tate was insolvent and had been unable to pay its
debts as and when they fell due.  ABD contended that Evans &
Tate should be wound up "to prevent the further dissipation in
the value of assets available to unsecured creditors."

ABD had also sought a declaration from the Supreme Court
that the notice of meeting of holders of Evans & Tate's
unsecured convertible notes is false and misleading.

However, ABD's attempts were dismissed as an "abuse of process"
by the Court last week.  The firm, which recently acquired a
small number of Evans & Tate convertible notes, did not turn up
at the meeting.

                       About Evans & Tate

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

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


FEGAN NOMINEES: Wind-up Proceedings Initiated
---------------------------------------------
At a meeting of Fegan Nominees Pty Limited on May 1, 2006,
creditors agreed that it is in the Company's best interests to
wind up its operations.

B. J. Marchesi was consequently named official liquidator.

Contact: B. J. Marchesi
         Liquidator
         Bent & Cougle Pty Limited Chartered Accountants
         Level 5, 332 St. Kilda Road
         Melbourne, Victoria 3000
         Australia


FOCUS PROJECT: Faces Liquidation Proceedings
--------------------------------------------
An application to put Focus Project Management Ltd into
liquidation will be heard before the High Court of Auckland on
June 22, 2006, at 10:00 a.m.   

The High Court received the application from Macsway Scaffolding
Ltd on March 21, 2006.

Contact: Malcolm David Whitlock
         Whitlock & Co
         Level Two, Baycorp House
         15 Hopetoun Street, Auckland
         New Zealand


G,K&R DEAVES: Prepares to Pay Dividend to Creditors
----------------------------------------------------
G,K&R Deaves Pty Limited will declare its first and final
dividend to unsecured creditors on June 19, 2006.

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

Contact: Ray Richards
         Liquidator
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


GOURMET FAST: Names Gregory Parker as Liquidator
------------------------------------------------
The members of Gourmet Fast & Fresh Sandwiches Pty Limited met
on May 3, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Gregory J. Parker as liquidator to manage the
     Company's wind-up activities.

Contact: Gregory J. Parker
         Liquidator
         Parker Insolvency
         Level 5, 49 Market Street
         Sydney, New South Wales 2000
         Australia


HAJEX PTY: Liquidator to Present Wind-up Report
-----------------------------------------------
A final meeting of the members of Hajex Pty Limited will be held
on June 19, 2006, at 3:00 p.m..

During the meeting, Liquidator Oren Zohar will report about the
Company's wind-up exercise and property disposal.

Contact: Oren Zohar
         Liquidator
         KordaMentha
         Level 11, 37 St. Georges Terrace
         Perth, Western Australia
         Australia
         Telephone: (08) 9221 6999


IDAWAY HOLDINGS: Liquidation Petition Hearing Set June 22
---------------------------------------------------------
The Commissioner of Inland Revenue on March 21, 2006, filed
before the High Court of Auckland a petition to liquidate Idaway
Holdings Ltd.

The High Court will hear the petition on June 22, 2006, at 10:00
in the morning.

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


JACK HONAN: Ceases to Operate
-----------------------------
The members of Jack Honan Pty Limited held a general meeting on
May 3, 2006, and resolved to close the Company's business
operations and distribute the proceeds of its assets.

Subsequently, James Alexander Shaw was appointed as liquidator.

Contact: James A. Shaw
         Liquidator
         Ferrier Hodgson Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia


J A OLIVER: Creditors' Proofs of Claim Due on June 23
-----------------------------------------------------
Liquidators David Stuart Vance and Barry Phillip Jordan require
the creditors of J A Oliver Construction Ltd to submit their
proofs of claim by June 23, 2006.

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

Contact: David Stuart Vance
         C/O Louise Craig at McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay, Wellington
         New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


JATS NEW SOUTH WALES: To Distribute Final Dividend on June 20
-------------------------------------------------------------
JATS New South Wales Pty Limited will distribute its first and
final dividend on June 20, 2006.

Creditors must submit their formal proofs of claim by June 19,
2006, to Liquidator Murrey Godfrey in order to share in the
dividend distribution.

Contact: Murray Godfrey
         Liquidator
         RMG Partners Chartered Accountants
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone (02) 9231 0889


LAURENDON COMPANY: Shareholders Appoint Wilson as Liquidator
------------------------------------------------------------
Shareholders of Laurendon Company Ltd on May 29, 2006, passed a
resolution to liquidate the Company and appoint Colin Brian
Wilson as liquidator.

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

Contact: C.B. Wilson
         Prince & Partners
         P.O. Box 3685, Auckland 1001
         New Zealand
         Telephone: (09) 379 5324
         Facsimile: (09) 307 0778
         e-mail: office@prince.co.nz


MARSHALL BELL: Receiver Ceases to Act for Company
-------------------------------------------------
Gideon Isaac Rathner had ceased to act as receiver of the fixed
assets of Marshall Bell Hawkins Pty Limited on May 2, 2006.


MUIR & GRAY: Members Decide to Liquidate Firm
---------------------------------------------
At an extraordinary general meeting on May 1, 2006, the members
of Muir & Gray Pty Limited agreed that the Company must
voluntarily commence a wind-up of its operations.

Victor Raymond Dye and Nicholas Giasoumi were appointed as
liquidators.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Liquidators
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


MUSIC SYSTEMS: Court Set to Hear Liquidation Petition on June 19
----------------------------------------------------------------
An application to put Music Systems (Operations) Ltd into
liquidation will be heard before the High Court of Auckland on
June 19, 2006, at 10:00 a.m.   

The High Court received the application from DDJ (Rentals) Ltd
on May 21, 2006.

Contact: Roger Mcl. Fraser
         R. A. Fraser & Associates, Solicitors
         Level Two, 151 Worcester Street
         Christchurch, New Zealand


NATURAL FOREST: Appoints Joint Liquidators
------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were on May
31, 2006, appointed as joint and several liquidators of Natural
Forest Products Ltd.

Contact: D. C. Parsons
         C/O C. Sanderson
         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone: (07) 957 8674
         Facsimile: (07) 957 8677


PARTY JUKEBOX: Liquidation Petition Hearing Set on June 19
----------------------------------------------------------
The High Court of Wellington on May 16, 2006, received an
application to liquidate Party Jukebox & Karaoke Ltd from DDJ
(Rentals) Ltd.

The Court will hear the petition on June 19, 2006, at 10:00 in
the morning.

Contact: Roger Mcl. Fraser
         R. A. Fraser & Associates, Solicitors
         Level Two, 151 Worcester Street
         Christchurch, New Zealand


PAT EVANS FORMWORK: Members & Creditors to Review Wind-up Report
----------------------------------------------------------------
The members and creditors of Pat Evans Formwork Pty Limited will
convene at a final meeting on June 19, 2006, at 10:00 a.m., to
get an account of the manner of the Company's wind-up and
property disposal from Liquidator Murray Godfrey.

Contact: Murray Godfrey
         Liquidator
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0889


POLLARD PAINTING: Supreme Court Issues Wind-up Order
----------------------------------------------------
The Supreme Court of New South Wales had on May 4, 2006, ordered
the winding up of Pollard Painting Pty Limited, and appointment
of Antony de Vries as liquidator.

Contact: Antony de Vries
         Liquidator
         De Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


QANTAS AIRWAYS: Airbus Delay Forces Carrier to Keep Old Planes
--------------------------------------------------------------
European aircraft maker Airbus said that delivery of the giant
Airbus A380 super-jumbo jets to Qantas Airways Ltd could be
delayed for another seven months, the Sydney Morning Herald
relates.

According to the report, Qantas may be forced to keep its fleet
of old Boeing 747-300s for another year due to the delay.

Scott Rochfort, of the Sydney Herald, says that Qantas
originally expected its first 555-seater Airbus to be delivered
this October.  The airline ordered 12 A380s.

Qantas Chief Executive Officer Geoff Dixon told the Sydney
Herald that the carrier would not be able to assess the full
impact of the delay for another two weeks.  The delay is
expected to cost Airbus millions of dollars in compensation to
Qantas.

Mr. Rochfort further says that the delivery postponement is
expected to create major problems for Qantas' fleet management,
training and scheduling plans, given that it has already been
forced to hold off the retirement of its four 747-300s.  Qantas
is not expected to replace its younger fleet of 747-400s until
the end of this decade.

"We would hope to alleviate some of the difficulties by
deferring the retirement of aircraft, redirecting capacity and
securing replacement capacity," Qantas said in a statement.

Mr. Dixon admitted that Qantas "would be quite seriously
impacted" if it would have to wait longer than expected.  Airbus
announced its first delay in June 2005.

Airbus attributed the latest delay to the "definition,
manufacturing and installation of electrical systems and
resulting harnesses" for the A380.  It said that the production
glitches would result in only nine of the jets being delivered
to their client-airlines next year instead of 25.

Airbus said that it was "fully aware of the burden this
industrial issue represents for the airlines who are anxious to
begin operating the A380."

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year, and yet
another one announced in February 2006 amidst uncertainty of
outsourcing the airline's heavy maintenance works overseas.

The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Qantas will slash 1,000 management, support and
administration jobs by the end of 2006 to counter a looming
AU$1-billion surge in its fuel bill.


QANTAS AIRWAYS: Cancels Regional Flights Due to High Fuel Costs
---------------------------------------------------------------
Qantas Airways Ltd is scrapping some of its flights to regional
Tasmania and South Australia due to rising fuel costs, The
Advertiser says.

Qantas Group regional airlines general manager Narendra Kumar
said that the airline would cease flights to Burnie, in
Tasmania's northwest, on July 31, 2006.  Moreover, flights to
South Australian tourist destinations Kangaroo Island and Port
Lincoln would cease on June 28.

The Advertiser also cites Mr. Kumar as saying that less than
half of the seats on aircraft flying to Port Lincoln and
Kangaroo Island in the past two months had been occupied.  He
said that the situation was even "more dire" on the airline's
Tasmanian route.

"The Qantas Group operates more than two million seats a year in
and out of Tasmania and more than 600,000 of them fly empty,"
Mr. Kumar explained.

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

Qantas started having problems in 2003 with the ill effects of
the Iraq War and the SARS outbreak, on top of the already
difficult period following the events of the 9/11 terrorist
attacks, the Afghanistan war and the terror threats, which lead
to a downturn in bookings to other Asian countries, and
affecting most of European routes as well.  The adverse effects
also affected other areas of the business including Qantas
Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year, and yet
another one announced in February 2006 amidst uncertainty of
outsourcing the airline's heavy maintenance works overseas.

The Troubled Company Reporter - Asia Pacific reported on May 19,
2006, that Qantas will slash 1,000 management, support and
administration jobs by the end of 2006 to counter a looming
AU$1-billion surge in its fuel bill.


ROBSHA HOLDINGS: Liquidation Process Commenced
----------------------------------------------
On May 25, 2006, Iain Bruce Shephard and Christine Margaret
Dunphy were appointed as liquidators to act jointly and
severally for Robsha Holdings Ltd.

The appointment of the liquidators commenced the liquidation of
the Company.

Contact: Christine Margaret Dunphy
         C/O Jessica Redican
         Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


ROCKMAN & PARTNERS: Winds Up Business
-------------------------------------
After an extraordinary general meeting on May 1, 2006, the
members of Rockman & Partners Pty Limited decided to voluntarily
wind up the Company's operations.

Victor Raymond Dye and Nicholas Giasoumi were subsequently
appointed as liquidators at a creditors meeting held that same
day.

Contact: Victor R. Dye
         Nicholas Giasoumi
         Liquidators
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


SEALEY CAFE: Creditors' Must Prove Debts by July 11
---------------------------------------------------
Creditors of Sealey Cafe Bar Ltd are required by Joint
Liquidators Peri Micaela Finnigan and Boris Van Delden to submit
their proofs of debt by July 11, 2006.

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

Contact: Peri Finnigan
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz


SELECT ENGINEERING: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of Select Engineering Pty Limited decided to wind up
the Company's operations at a general meeting held on May 1,
2006.

Subsequently, R. M. Sutherland was appointed as liquidator.

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


TELSTRA CORPORATION: ACCC Talks May End This Month, Coonan Says
---------------------------------------------------------------
Talks between Telstra Corporation Ltd. and the Australian
Competition and Consumer Commission could be completed by the
end of June 2006, Reuters reports, citing Australian
Communications Minister Helen Coonan.

Reuters relates that the Telstra-ACCC talks focus on two issues:

   -- rules to govern a AU$3.1 billion high-speed fibre-optic
      network that Telstra plans to build, and

   -- wholesale prices that Telstra charges its rivals for
      access to its existing copper network.

As reported in the Troubled Company Reporter - Asia Pacific on
May 9, 2006, the sale of the Government's 51% stake in Telstra
is effectively on hold until the telco's concerns over access
pricing and regulations applying to its proposed "fibre-to-the-
node" broadband network are ironed out with the ACCC.

The TCR-AP had said that the Government is trying to end
regulatory uncertainty that is threatening the sale, which had
been planned for October or November 2006, and expected to
generate AU$26.6 billion.  The Government hopes to hand out a
formal decision on whether the sale will proceed this year in
July.

Senator Coonan, according to Reuters, said that the timing of a
final outcome of the talks would depend on reaction to a
document Telstra is expected to draw up for public consultation
once the talks have wound up.

Reuters recounts that Telstra warned in March 2006 that it might
not pay its planned 28 cents-a-share annual dividend if key
regulatory issues, including those related to the new network,
were not resolved.

The Parliament approved the sale of the Government's 51.8% stake
in Telstra last year, but the Government has yet to finally
approve it, Reuters says.

Investment bankers have recommended October or November as the
best time for the share sale, which will be Australia's biggest
ever if the shares are sold in one batch.

                         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.


THORNQUEST PTY: To Declare Dividend on June 19
----------------------------------------------
Thornquest Pty Limited will declare a priority dividend on June
19, 2006, to the exclusion of its creditors who were not able to
prove their claims.

Contact: A. R. M. Taylor
         Liquidator
         Meertens Chartered Accountants
         Level 10, 68 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone: (08) 8418 8900
         Fax: (08) 8232 5077


TORINO HOLDINGS: Court to Hear Liquidation Bid on June 26
---------------------------------------------------------
The High Court of Christchurch on May 22, 2006, received an
application to liquidate Torino holding Ltd from Connel Wagner
Ltd.

The Court will hear the application on June 26, 2006, at 10:00
in the morning.

Contact: Owen Godfrey Paulsen
         Cavell Leitch Pringle& Boyle, Solicitors
         Level 15, Clarendon Tower
         Worcester Street, Christchurch
         New Zealand
         Telephone: (03) 379 9940
         Facsimile: (03) 379 2408


WATERJET DESIGNS: Final Meeting Slated for June 19
--------------------------------------------------
A final meeting of the members and creditors of Waterjet Designs
Pty Limited will be conducted on June 19, 2006, at 11:00 a.m.

Liquidator Warren White will present his final account regarding
the Company's wind-up operations at that meeting.

Contact: Warren White
         Liquidator
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


WELL-PAVED PTY: Shuts Down Business Operations
----------------------------------------------
The members of Well-Paved Pty Limited held a meeting on May 2,
2006, and decided to wind up the Company's operations
voluntarily.

Barry Keith Taylor was appointed as liquidator.

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


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

AGRICULTURAL BANK: CBRC Still Mulling Bank's Reform Plan
--------------------------------------------------------
http://news.xinhuanet.com/english/2006-06/14/content_4696822.htm

The China Banking Regulatory Commission is still studying a
suitable reform plan for the Agricultural Bank of China,
Xinhuanet reports.  

According to Xinhuanet, some newspapers quoted Chairman Liu
Mingkang of CBRC as saying the government is considering
transforming the Bank into small institutions or reshuffling the
bank on its own conditions.  

However, CBRC spokesman Lai Xiaomin denied rumors that the
banking giant would be broken up into smaller units.  He
explained that China's central authorities is working on a
revamp plan for Agricultural Bank.

Mr. Lai acknowledged that the Bank is plagued by heavy
historical burdens, leaving many problems unsettled.  But he
said he is confident the Bank's reform will lead to stability.

Meanwhile, vice-chairman Wang Jianxi of the state-onwed Central
Huijin Investment Corporation told Xinhuanet that the Government
may inject funds into Agricultural Bank to shore up its balance
sheets in preparation for market listing.

According to Xinhuanet, analysts agree that the bank would need
up to US$70 billion to clear its non-performing loans before it
could meet overseas listing standards.

Agricultural Bank is widely believed to be the worst hit by
massive lending to the rural sector, with a non-performing loan
ratio of 24.75% reported at the end of March, compared with the
one to two percent level reported by established overseas banks.

The Troubled Company Reporter -Asia Pacific recounts that the
Agricultural Bank has lagged behind other major Chinese
commercial banks, which have received government injections of
new capital and been allowed to link up with foreign partners in
preparation for raising money on foreign stock.

                          *     *     *

The state-owned Agricultural Bank of China --
http://www.abocn.com/is the mainland's fourth largest bank.    
It has lagged behind other major Chinese commercial banks, which
have received government injections of new capital and been
allowed to link up with foreign partners in preparation for
raising money on foreign stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.


HOPSON DEV: Unfazed by Austerity Measures, Rating Downgrade
-----------------------------------------------------------  
Property tightening measures introduced in the mainland last
month has not yet affected Hopson Development Holdings, Infocast
News reports, citing Hopson Development Deputy Managing Director
and Chief Financial Officer Tam Lai-Ling.

According to Mr. Lai-ling the company's sales reported
remarkable rise last month, whereas the Company's sales for the
first half of June nearly doubled.

He said that the Company will make adjustment in response to the
mainland's austerity policies.

Meanwhile, Moody's Investors Service has recently placed the
"Ba1" corporate family and senior unsecured ratings of Hopson on
review for possible downgrade.

Mr. Lai-ling told Infocast that the rating firm was concerned
about the impact of austerity measures on the Company as well as
on the increase in the Company's capital expense.  

However, he said the rating firm's decision will not affect the
Company's business and the Company does not have any plan to
issue convertible notes or bonds at present.

                          *     *     *
Hopson Development Holdings is based in Hong Kong but
predominantly operates in Mainland China.  The Group's principal
activities are investment holding, property development,
property investment and property management.


YUEN WA CONSTRUCTION: Faces Winding-up Proceedings
--------------------------------------------------
A petition to wind-up Yuen Wa Construction Company Ltd will be
heard before the High Court of Hong Kong July 5, 2006, at 9:30
in the morning.

The High Court received the application from Chim Wan Nin on
May 10, 2006.

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


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

ANDHRA CEMENTS: ICICI Bank Takes 6% Stake
-----------------------------------------
ICICI Bank has finalized an agreement to purchase a 6% stake in
Andhra Cements Limited for INR50 crore, The Economic Times
reports.

Sify says that ICICI Bank has decided to take 66.18 lakh shares
of Andhra Cements, and that the funds are likely to be disbursed
shortly pursuant to a sanction letter dated May 18, 2006.

Andhra Cements, which will have a post-issue equity base of
INR117 crore, will also see promoter GP Goenka group pump in
INR30 crore as part of the overall restructuring deal, Sify
relates.

JP Morgan was planning to pick up a 14.95% stake in Andhra
Cements for a consideration of INR75 crore, according to The
Economic Times.

The Times says that JP Morgan and Andhra Cements have been
negotiating over this arrangement for almost six months.  In
mid-February this year, JP Morgan and Andhra Cement signed an
informal memorandum of understanding.  However, JP Morgan backed
out from the deal in the final stage due to a difference of
opinion with Andhra Cement's management.

                  About Andhra Cements Limited

Cement manufacturer Andhra Cements Limited is part of the
Kolkata-based Duncan Goenka group.  It is still sick and is
subject to rehabilitation.  The original promoter of the Company
handed over the reins to Gouri Prasad Goenka in 1994 when the
company was already under the Board for Industrial and Financial
Reconstruction.  The company has been operating under the
sanctioned rehabilitation scheme of the BIFR dated June 16,
1994.  The Company is expected to turn around by 2006-07.


LML LIMITED: Allots Equity Shares at INR28.08 Per Share
-------------------------------------------------------
LML Limited, on June 14, 2006, allotted 67,15,769 equity shares
of INR10 each at a premium of INR28.08 per share to Merrill
Lynch Capital Markets Espana S.A.SV.

The allotment was made pursuant to the conversion of 5,879
foreign currency convertible bonds of US$1,000 each for a total
of US$5,879,000 into equity shares.

The Troubled Company Reporter - Asia Pacific recounts that the
Financial Restructuring Committee of LML Limited's board of
directors, on June 2, 2006, allotted 11,42,331 equity shares of
INR10 each at a premium of INR28.08 per share to Credit Suisse
(Singapore) Limited.  The exercise was part of the conversion of
1,000 foreign currency convertible bonds - Series A due 2008 of
USD1000 each into equity shares.

                        About LML Limited

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

LML Limited posted a net loss of INR26 crore for the quarter
ended March 31, 2006, as compared to a INR1.19-crore net profit
in the corresponding quarter last fiscal year.


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

BANK MANDIRI: Orders Borrowers to Settle Non-Performing Loans
-------------------------------------------------------------
Bank Mandiri asked its corporate borrowers to settle their non-
performing loans, which comprise 26.2% of its total loans,
otherwise it would be forced to seek legal action against them,
Reuters News reports.

The Bank's bad loans amount to IDR27 trillion, which led to an
88% drop in its 2005 net profit to IDR604 billion, against a
IDR5.26-trillion net profit in 2004.

The Jakarta Post states that, according to Bank Mandiri
President Agys Martowardojo, the Bank was willing to work with
debtors who were committed to settling their debts by offering
softer repayment terms, otherwise, it would file a lawsuit with
debtors who would not settle their loans as soon as possible.

The Bank plans to reduce its non-performing loans from 26% of
its total loans to 15% by December 2006, Reuters adds.

Bank Mandiri named the major debtors whose loans exceed
IDR1 trillion each as:

   * A. Latief Group
   * Argo Pantes Group
   * Batam Textile Industry
   * Batavindo Group
   * Bosowa Group
   * Djajanti Group
   * Domba Mas Group
   * Gunung Meranti Group
   * Mahakam Group
   * PT Anugrah Lingkar Selatan
   * PT APAC
   * PT Benang Sari Indahtexindo
   * PT Bina Mentari Tunggal
   * PT Bisma Narendra
   * PT Bumi Acid Jaya
   * PT Flora Sawita Chemindo
   * PT Garuda Indonesia
   * PT Great River International
   * PT Kalimantan Energi Lestari
   * PT Kertas Kraft Aceh
   * PT Kiani Kertas
   * PT Merpati Nusantara Airlines
   * PT Pakerin
   * PT Perkebunan Nusantara II
   * PT Petrowidada
   * PT Semen Kupang
   * PT Suba Indah Tbk
   * PT Sulfindo Adi Usaha
   * Raja Garuda Mas Group
   * Top Jaya Group

                       About Bank Mandiri

Bank Mandiri -- http://www.bankmandiri.co.id/-- is Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, and provides comprehensive financial services to more
than six million corporate and individual consumers, as well as
small and medium-sized enterprises in Indonesia

Bank Mandiri's troubles began in December 1999, when the state
bank, which combined four other state banks, posted losses
totaling IDR6.8 trillion (US$942 million) during the first two
months of operation.  In September 2003, Bank Mandiri asked the
approval of shareholders to hold a quasi-reorganization so that
it can pay dividends to shareholders in 2004.  Before the quasi-
reorganization, there had been loss accumulation worth
IDR163 trillion.  As of September 2005, Bank Mandiri's non-
performing loans comprised 24.57% of its total loans.  
Accumulated unresolved debts and higher interest rates led to
the 7.49% increase in the bank's non-performing loans.  
Subsequently, Bank Mandiri is subject to special monitoring by
the central bank due to its high level of non-performing loans,
although it can still extend credit to borrowers.  In December
2005, Bank Mandiri reported that its third-quarter net profits
plummeted 56.7% to IDR610.7 billion from IDR1.41 trillion in the
same period in 2004.  In February 2006, the Bank sought the
Government's help to resolve its non-performing loan problems
and to approve its plan to set up a debt management agency
together with Bank Negara Indonesia, as a state finance law and
a finance ministry regulation prohibit state banks from writing
off debts without permission from the Finance Minister.

According to a report by the Troubled Company Reporter - Asia
Pacific on May 29, 2006, Moody's Investors Service had upgraded
the Bank's subordinated debt rating to Ba3 from Ba1, and its
senior debt rating to Ba3 from Ba1, on higher foreign currency
bond ceilings.


DAVOMAS ABADI: S&P Rates New Proposed Senior Secured Notes 'B+'
---------------------------------------------------------------  
Standard & Poor's Ratings Services has assigned its 'B+' rating
on the new proposed five-year senior secured notes of up to
US$150 million to be issued by Davomas International
Finance Co. Ltd., a special purpose financing vehicle
wholly owned by Indonesia's PT Davomas Abadi Tbk.

As a result of the new proposed notes, Standard & Poor's has
withdrawn its 'B+' rating on the previous proposed five-year
US$150 million guaranteed senior notes to be issued by Davomas
International.

The new issue is secured by a charge over its two new production
lines, a lien on all assets of Davomas International and pledges
over the following:

   -- 51.9% of the shares in Davomas and all the outstanding
      shares of the companies that are holding these Davomas
      shares; and

   -- two accounts that are set up in relation to the
      transaction.

Davomas will also unconditionally and irrevocably
guarantee the new issue.

"Standard & Poor's believes that Davomas' liquidity position and
near-term financial profile would not be affected, regardless of
the success of the new proposed notes," said Standard & Poor's
credit analyst Royston Quek.  This is because Davomas has a
satisfactory liquidity position as of Dec. 31, 2005, with cash
and cash equivalents of IDR427.5 billion (US$47.6 million),
against short-term financial obligations of IDR25.3 billion, he
said.


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

LIVEDOOR CO: Shareholders OK Appointment of New Directors
---------------------------------------------------------
Shareholders of Livedoor Co. Ltd approved a proposal to appoint
current President Kozo Hiramatsu, Executive Vice President
Yukihiro Shimizu, Vice President Noritaka Ochiai, and two other
outside directors at the Company's stockholders' meeting on
June 14, 2006, Crisscross News reveals.

According to the Japan Times, Livedoor had also proposed to
appoint Yasuhide Uno, president of cable broadcaster Usen Corp.;
Usen Director Eiji Sato; and former Sony Corp. director, Teruo
Masaki, to its Board of Directors.  Accordingly, the
shareholders approved their appointments.

AFX News relates that Mr. Uno had earlier bought a 12.75% stake
in Livedoor from Fuji Television Network, Inc., after which Usen
Corp. and the Company formed a business tie-up.  Usen reportedly
plans to acquire Livedoor via an equity swap.

Of the Company's 154,814 shareholders as of March 31, 2006, only
1,794 shareholders came to vote at the meeting, although around
20,000 shareholders voted via mail and the Internet, the Times
says.

                       About Livedoor Co.

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.


LIVEDOOR CO: New Directors Apologize to Shareholders
----------------------------------------------------
At the extraordinary shareholders' meeting on June 14, 2006, the
newly appointed directors of Internet firm Livedoor Co. Ltd
apologized to shareholders for the recent troubles plaguing the
Company, the Japan Times says.

Livedoor representative director Noriyuki Yamazaki told
shareholders that its internal investigation found that former
Livedoor directors had "doctored" the Company's financial
statements for the business year ended September 2004.  He says
that they are looking for the motive behind the falsification.

Japan Times cites Livedoor President Kozo Hiramatsu as
explaining that there was no monitoring system that regulated
the activities of the directors who held all authority and
information.  Now, the Company has put up a corporate compliance
system to prevent a repeat incident.

After the shareholders' meeting, shareholders were divided about
Livedoor's future.  Japan Times notes that some were unsure
about the Company's tie-up with Usen Corp., which they
considered unstable, while others' faith were restored by
President Hiramatsu, who seemed sincere in answering questions
about the Company.

                          *     *    *

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.  Since April 2006, several
groups of shareholders have filed damages suits against the
Company, seeking compensation for losses incurred as a result of
its share price fall.


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

YOUNG CHANG: U.S. Court Grants Chapter 15 Petition
--------------------------------------------------
The Hon. Judge Paul Snyder of the United States Bankruptcy Court
for the Western District of Washington has, on May 25, 2006,
entered an order recognizing Young Chang Company Limited's
bankruptcy proceedings at the Incheon District Court in Korea,
as the foreign main proceeding pursuant to Chapter 15 of the
U.S. Bankruptcy Code.

As reported in the Troubled Company Reporter - Asia Pacific, on
January 13, 2006, Young Chang, through its foreign
representative, Ho Seok Lee, filed for relief under Chapter 15
with the U.S. Bankruptcy Court for the purpose of having its
proceeding in Korea recognized, and thus preventing Samsong
Manufacturing Co., Ltd., from pursuing a civil action against
the Company in the Pierce County Superior Court.  Through its
civil action, Samsong seeks to seize United States-based
accounts receivable owed to Young Chang as payment for Young
Chang's KRW2.1 billion debt to Samsong.

In his order, Judge Snyder also suspends any right of any party-
in-interest, other than the foreign representative, to transfer,
encumber or otherwise dispose of Young Chang assets.  Judge
Snyder rules that the administration and realization of all or
part of the Debtor's assets within the United States is      
entrusted to the foreign representative.

Headquartered in Incheon, Korea, Young Chang Co. Ltd. --
http://www.youngchang.com/-- manufactures several brands of  
pianos, including Bergmann, Young Chang, and Pramberger
Signature Series, which are sold in more than 45 countries
throughout the world.  The company, which has won numerous
awards for its manufacturing excellence.

In early 2004, Samick Korea -- the parent of Samsong
Manufacturing Co., Ltd. -- acquired 26.5% of Young Chang's
stock, while Samsong acquired a 22.08% stake, giving Samick
control over Young Chang.  In September 2004, however, the
Korean Fair Trade Commission, citing violation of Korea's
antitrust laws, unwound Samick's takeover of Young Chang.  Young
Chang then filed for bankruptcy under Korea's Company
Reorganization Act at the Incheon District Court, Department of
Bankruptcy, Republic of Korea, and was declared insolvent.  The
Company also defaulted on a KRW460-million (US$400,000) debt.

More information on the Company's Chapter 15 proceeding is
available at http://www.chapter15.com/
   

YOUNG CHANG: Asks U.S. Court to Enforce Reorganization Plan
-----------------------------------------------------------
On May 30, 2006, Young Chang Company Limited, through foreign
representative Ho Seok Lee, asked the United States Bankruptcy
Court for the Western District of Washington to issue a
permanent injunction pursuant to Section 1521 of the U.S.
Bankruptcy Code, enforcing the Company's Korean Reorganization
Plan and preventing Samick Musical Instruments Company Ltd. from
recovering in U.S. Courts any amount that is in excess of what
it was permitted to receive under the Plan.

                       The Loan Agreements

Jason T. Dennett, Esq., at Carlson & Dennett, P.S., recounts
that in March 2004, Samick Korea acquired 26% of Young Chang's
stock.  Samsong Manufacturing Co, a wholly owned subsidiary of
Samick Korea, acquired an additional 22.08% of Young Chang's
stock.  The stock ownership gave Samick Korea control over Young
Chang.  

According to Mr. Dennett, in June 2004, Young Chang borrowed an
aggregate of KRW2.1 billion from Samsong through two separate
loan agreements with a one-year term.  The first loan agreement
-- KRW1.1 billion -- became due on June 10, 2005, and the second
loan -- KRW1 billion -- became due on June 13, 2005.  No
securities were provided for the loans.

                   FTC Unwinds Samick Takeover

The Korean Fair Trade Commission took action in August 2004 to
unwind Samick Korea's takeover of Young Chang on the basis that
it was a violation of Korea's anti-trust laws.  The Korean FTC
ordered Samick Korea and Samsong to transfer and divest all of
their shares in Young Chang within one year, as well as froze
the voting rights of Samick Korea in Young Chang, allowing Young
Chang's original management to regain control of the Company.

Mr. Dennett notes that the Seoul High Court stayed the FTC's
ruling earlier in 2006, but at present, Young Chang and its
wholly owned American subsidiary, A N D Music Corp., are
operating independently from Samick Korea.

          Samsong Files Claim in Korean Bankruptcy Case

Young Chang was declared insolvent in September 2004, and filed
a bankruptcy petition under Korea's Company Reorganization Act.  
The Korean Bankruptcy Court secured all of Young Chang's assets
and froze all its liabilities.

Samsong then filed a KRW2.1 billion secured claim against Young
Chang.  The Company and its foreign representative objected to
Samsong's secured claim.

On December 20, 2004, Young Chang filed a separate civil action
against Samsong with the Incheon District Court, contesting the
validity of the versions of the loan agreements which include
the assignment of Young Chang's US$1.8 million accounts
receivable due from A N D Music as security.

In September 2005, the Incheon District Court found that the
supplemental loan agreements were valid.  Young Chang appealed
that decision, which appeal is still pending.

                    The Reorganization Plan

On February 28, 2005, Ho Seok Lee submitted a Reorganization
Plan for Young Chang to the Incheon District Court, Department
of Bankruptcy.  The Plan was approved on July 26, 2005.

Young Chang's Reorganization Plan provides for two alternate
schedules for payment to Samsong, depending on whether Samsong's
claims are secured, or unsecured.  If it is determined that the
purported assignment is void, such that Samsong is an unsecured
creditor, Young Chang will pay only 40% of the KRW2.1 billion
loans over a five-year period, during years 6-10 of the Plan.  
If Samsong is found to be a secured creditor, then Young Chang
must pay 90% of the loan amount, evenly in payments of five
years, during years 2-6 of the Plan and an additional 10% in
stock.

              Samsong Files Suit in Pierce County

On April 29, 2005, Samsong filed a lawsuit against A N D Music
with the Superior Court of Pierce County, in Washington, to
recover the accounts receivable that A N D Music owes Young
Chang.  Samsong alleges that its loans were secured by those
accounts receivable as stated in the supplemental loan documents
contested in the Korean civil action.  Trial in the Pierce
County case is pending and is presently set for hearing on
December 11, 2006.

                 Young Chang's Chapter 15 Filing

On January 13, 2006, Young Chang filed a petition under Chapter
15 of the United States Bankruptcy Code with the U.S. Bankruptcy
Court for the Western District of Washington.

The Petition was filed by Ho Seok Lee, the Company's foreign
representative, for the purpose of having the Company's
proceeding in Korea recognized, and thus preventing Samsong from
pursuing a civil action in the Pierce County Superior Court.  
Through its civil action, Samsong seeks to seize United States-
based accounts receivable owed to Young Chang as payment for
Young Chang's KW2.1 billion debt to Samsong.   

Young Chang's Chapter 15 petition was granted by the U.S. Court
on May 25, 2006.

More information on the Company's Chapter 15 proceeding is
available at http://www.chapter15.com/    

                  The Hyundai Development Sale

In May 2006, Hyundai Development Company agreed to purchase
Young Chang.  The sale closed on May 29, 2006.  By June 2006,
Hyundai will pay off all of Young Chang's creditors in amounts
equal to the present value of the totals in the Reorganization
Plan.  By June 20, 2006, the Korean Bankruptcy Court will close
Young Chang's bankruptcy case.

                Pierce Case Should Not Be Pursued

Young Chang alleges that in the Pierce County Case, Samsong
seeks to recoup a larger portion of its outstanding loans than
it is entitled to.  Such a result would be directly contrary to
the ruling of the Korean Bankruptcy Court.  Samsong would suffer
no prejudice if it were denied the opportunity to pursue its
claims for a second time in Pierce County, since it had full
access to the Korean civil and bankruptcy courts to pursue its
claims against Young Chang.   

Thus, Young Chang wants the U.S. Court to prevent Samsong from
further recovering on the Loans.

Headquartered in Incheon, Korea, Young Chang Co. Ltd. --
http://www.youngchang.com/-- manufactures several brands of  
pianos, including Bergmann, Young Chang, and Pramberger
Signature Series, which are sold in more than 45 countries
throughout the world.  The company, which has won numerous
awards for its manufacturing excellence.


YOUNG CHANG: Wants Chapter 15 Case Closed
-----------------------------------------
Ho Seok Lee, Young Chang Company Limited's foreign
representative, asks the United States Bankruptcy Court for the
Western District of Washington to close the Company's
proceedings under Chapter 15 of the U.S. Bankruptcy Code.

Mr. Ho says that although the Company's bankruptcy proceeding in
Korea was recognized by the U.S. Court as the main foreign
proceeding only recently, Hyundai Development Company's purchase
of Young Chang and its subsequent pay-off of Young Chang's
creditors, the Korean Reorganization Plan will soon be
completed.

The Company expects the Incheon District Court in Korea to close
its bankruptcy case by June 20, 2006.

                   HDC Purchases Young Chang

In May 2006, a consortium made up of Hyundai Development, Woori
Bank and Leading Investment & Securities Co. acquired an 87%
stake in Young Chang for KRW70.6 billion (US$74.3 million).

Hyundai Development, alone, bought a 57.3% stake in the musical
instrument maker for KRW56.3 billion.

The sale was closed on May 29, 2006.  Under the agreement, HDC
will pay off all of Young Chang's creditors in amounts equal to
the present value of the totals in the Korean reorganization
plan by mid-June 2006.

                Young Chang's Chapter 15 Filing

On January 13, 2006, Young Chang Company Limited filed a
petition under Chapter 15 of the U.S. Bankruptcy Code with the
U.S. Bankruptcy Court for the Western District of Washington.

The Petition was filed by Mr. Ho for the purpose of having the
Company's proceeding in Korea recognized, and thus preventing
Samsong Manufacturing Co., Ltd., from pursuing a civil action in
the Pierce County Superior Court.  Through its civil action,
Samsong seeks to seize U.S.-based accounts receivable owed to
Young Chang as payment for Young Chang's KW2.1 billion debt to
Samsong.   

The Hon. Judge Paul Snyder approved Young Chang's Chapter 15
Petition on May 25, 2006.

More information on the Company's Chapter 15 proceeding is
available at http://www.chapter15.com/  

                       About Young Chang

Headquartered in Incheon, Korea, Young Chang Co. Ltd. --
http://www.youngchang.com/-- manufactures several brands of  
pianos, including Bergmann, Young Chang, and Pramberger
Signature Series, which are sold in more than 45 countries
throughout the world.  The company has won numerous awards for
its manufacturing excellence.


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

ANTAH HOLDINGS: Unit Wins Temporary Reprieve
--------------------------------------------
Antah Holdings Berhad's wholly owned subsidiary, Kaseh Lebuhraya
Sdn Bhd, obtained on June 5, 2006, an Ad-Interim Injunction
against ECK Construction Sdn Bhd preventing ECK from filing a
wind-up petition against Kaseh.  A Kuala Lumpur High Court judge
has now fixed a full Inter-Parte Injunction Hearing on June 19,
2006.

ECK is claiming MYR19.8 million from Kaseh as payment for
construction fees.  ECK served the notice on Kaseh on May 16,
2006.

Kaseh, however, disputed ECK's claim as Kaseh's previous sub-
contractor had already settled the full outstanding amount owed
to ECK.  As such, Kaseh insisted that there is no debt to which
it is liable to ECK.  Kaseh asserted that ECK's statutory right
under section 218 of CA 1965 does not arise.

Kaseh has also commenced a legal action against ECK for a court
declaration that it does not owe any amount to ECK.  Kaseh is
asking MYR300,000 from ECK as payment for damages.

                   About Antah Holdings Berhad

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of houseware and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.

In 2003, the Company announced that it was undertaking a Debt
Restructuring Exercise involving the Company's financial
institution lenders and other creditors of Antah
Group.  The Proposed Debt Restructuring Exercise was
subsequently approved by the Company's scheme creditors.  
However, due to the adverse financial position of the Company
and changes to certain key components in the Proposed Debt
Restructuring Exercise, the Company was unable to proceed with
the implementation of the aforesaid Debt Restructuring Exercise

On February 6 and May 8, 2006, the Company entered into several
agreements with certain parties to undertake a proposed
restructuring scheme with the intention of restoring the Company
onto stronger financial footing via an injection of new viable
businesses.

According to the Troubled Company Reporter - Asia Pacific on
May 11, 2006, financial institutions extended a total loan
facility of MYR281,401,000 to the Company.  To date, Antah paid
MYR48,247,000.  As of April 30, 2006, Antah's total loan default
plus interest has reached MYR286,442,000.

The Company's balance sheet as of March 31, 2006, revealed that
it is suffering tight liquidity with current liabilities of
MYR626,846,000 exceeding total current assets of MYR82,422,000.


ARTWRIGHT HOLDINGS: Seeks to Extend Guarantee Settlement to Dec.
----------------------------------------------------------------
Artwright Holdings Berhad on June 6, 2006, submitted an
application for an extension through December 7, 2006, of its
time to complete the implementation of a proposed settlement of
shortfall profit guarantee.

Artwright Holdings on November 3, 2003, entered into an
agreement with Yong Yoke Keong, Iskandar Holdings Sdn Bhd and
Yong Chew Keat for a settlement relating to the shortfall in the
profit guarantee that was given by the Guarantors pursuant to
the listing of the Company on the Second Board of the Kuala
Lumpur Stock Exchange on May 21, 1996.

The Proposed Settlement will involve the restricted issue on a
non-renounceable basis of free warrants to the existing
shareholders of Arwright, other than the Guarantors and person
connected to the Guarantors.  A nominal amount issue price of
MYR1 due to Artwright as consideration for the Warrants will be
borne by the Guarantors.

On December 9, 2004, the Securities Commission approved the
Proposed Settlement.

                 About Artwright Holdings Berhad

Headquartered in Kuala Lumpur, Malaysia, Artwright Holdings
Berhad -- http://www.artwright.com/-- is involved in the  
trading of drafting equipment, office furniture and specialized
computer furniture.  Its other activities include research and
development of office interior markets and products and
investment holding.  The Company floundered after the 1997/98
Asian financial crisis.  Over-gearing and concentration on high-
end products severely affected the company's fortunes as the
high-end furniture business was considered a highly cyclical
industry.  It subsequently became a Practice Note 4 stock under
the Kuala Lumpur Stock Exchange Listing Requirements.  The
Company, though, has since restructured its financial position
and was taken out of PN4 in June 2004.  However, Artwright and
some of its subsidiaries needed to undergo a voluntary debt-
restructuring scheme to all termed-out lender in order to fully
wipe out its debts.  The Company said that it will continue to
work with its financial adviser, KPMG Financial Services Sdn
Bhd, to arrive at a settlement with all termed-out lenders.


AVANGARDE RESOURCES: Shareholders Pass AGM Resolutions
------------------------------------------------------
Shareholders of Avangarde Resources Berhad passed two ordinary
resolutions at the Company's Sixth Annual General Meeting on
June 6, 2006.

At the meeting, shareholders:

   -- received the Audited Financial Statements for the
      financial year ending December 31, 2003, together with the
      Reports of the Directors and Auditors; and

   -- received the Audited Financial Statements for the
      financial year ended December 31, 2004, together with the
      Directors' and Auditors' reports.

                About Avangarde Resources Berhad

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

The Company's balance sheet as of March 31, 2006, showed
strained liquidity, with current liabilities of MYR147,506,000
exceeding current assets of MYR9,289,000.


MALAYSIA AIRLINES: To Review Airbus Purchase Deal
-------------------------------------------------
Malaysia Airlines will review the terms of its deal for six
A380s after manufacturer Airbus advised delays for the delivery
of the jets, Associated Press reports.

In a statement released on June 13, 2006, Malaysia Airlines said
that it has been advised by Airbus that only nine of the A380s
will be delivered in 2007 to its launch customers.

On Tuesday, Airbus said deliveries of its 555-passenger plane
would be further delayed by up to seven months due to production
bottlenecks, which is expected to cost its parent, European
Aeronautic Defence and Space Co N.V., some EUR2 billion or
MYR9.26 billion, AP says.

It is the second time that production of the A380 has been
delayed.  According to AP, Airbus, on September 2005 informed
Malaysia Airlines that the first A380 jetliner it ordered would
be delivered in July 2007, six months later than planned.

Although a bit disappointed, Malaysia Airlines at that time said
that it would continue to engage with Airbus to ensure that any
negative impact to customers and the carrier's finances are
curbed, AP adds.

The Star Online reports that the national carrier, which ordered
the aircraft from Airbus three years ago, is counting on the
giant aircraft to help lower operating cost by flying more
people to popular destinations.  It was reported that the
airline and airport operator Malaysia Airports Holdings Bhd
would invest millions to set up new hangars and other
infrastructure to accommodate the new jet plane.  

Malaysia Airlines and its holding company, Penerbangan Malaysia
Berhad, will review the terms of the purchase agreement to
decide on the next step, the national carrier told reporters.

When asked by Agence France Presse if the statement meant that
Malaysia Airlines was considering taking legal action, a
spokesman said "it means the agreement has to be scrutinized for
options that are available under such eventuality."  

                    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.


MBF CORPORATION: Must Submit Revamp Plan to Avert Delisting
-----------------------------------------------------------
As an affected listed issuer pursuant to Amended Practice Note
17 of Bursa Malaysia Securities Berhad's Listing Requirements,
MBf Corporation is looking into formulating a plan to regularize
its financial condition.

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

Bursa Malaysia Securities will commence delisting procedures
against MBf Corporation should the Company fail to submit the
Plan on time.

                  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.


MENTIGA CORPORATION: 35th AGM Slated for June 29
------------------------------------------------
The 35th Annual General Meeting of Mentiga Corporation Berhad
will be held at Junior Ballroom 2, Level 2, Hotel Nikko, 165
Jalan Ampang, in 50450 Kuala Lumpur, on June 29, 2006, at 2:30
p.m.

During the meeting, members will be asked to:

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

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

   -- re-elect as directors

      * Muhammad Nasir Bin Puteh;
      * Yusof Ali Bin Haji M.Zain; and
      * Hazli Bin Ibrahim;

   -- reappoint auditors and authorize the directors to fix
      the auditors' remuneration;

   -- transact any other business of which due notice will be
      given.  

                 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.


MULTI-USAGE HOLDINGS: Schedules 14th AGM on June 28
---------------------------------------------------
Multi-Usage Holdings Berhad's 14th Annual General Meeting will
be held on June 28, 2006, at Sunway Hotel, Seberang Jaya, No 11,
Lebuh Tenggiri Dua, Pusat Bandar Seberang Jaya, Seberang Jaya,
in 13700 Prai, Penang, at 11:00 a.m.

The purpose of the meeting is for members to:

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

   -- approve Directors' fee of MYR62,000 for the year ended
      December 31, 2005;

   -- re-elect as directors

      * Dato' Hj. Noordin Bin Abdullah; and
      * Kim Lim Chong;

   -- reappoint Messrs. Deloitte KassimChan as auditors and
      authorize the directors to fix their remunerations;

   -- authorize the Company's directors to issue and allot
      ordinary shares from the unissued capital of the Company
      provided always that the aggregate number of shares to
      be issued does not exceed 10% of the Company's current
      issued capital, and that the authority will continue
      in force until the conclusion of the next Annual General
      Meeting of the Company or the expiration of the period
      within which the next Annual General Meeting is required
      by law to be held or revoked by resolution passed by the
      shareholders in general meeting whichever is the
      earlier; and

   -- transact any other business of which due notice will
      have been given in accordance with the Company's
      Articles of Association.

               About Multi-Usage Holdings Berhad

Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's
principal activities are development of properties, manufacture
and sale of cement concrete products, cement bricks, hollow
blocks, stones and all kinds of building materials.  The Company
is also engaged in contracting works for construction project,
provision of management services, hiring of mobile crane and
other heavy equipment, trading of furniture and investment
holding.  The Group operates predominantly in Malaysia.

As of March 31, 2006, the Company's balance sheet showed
strained liquidity with MYR42,524,000 in total current assets
available to pay MYR60,784,000 in total current liabilities in
the next 12 months.


PARACORP BERHAD: Prepares Financial Regularization Plan
-------------------------------------------------------
Paracorp Berhad is evaluating various options to formulate a
restructuring plan to regularize its financial condition for
submission to the Securities Commission.

On May 8, 2006, the Company was classified under the Amended
Practice Note 17 category of Bursa Malaysia Securities Berhad's
Listing Requirements because:

   * its consolidated shareholders' equity of MYR7.956 million
     as of December 31, 2005, does not meet the Bourse's
     listing requirement; and

   * the Company's auditors have expressed a modified opinion
     with an emphasis on the Company's going concern in the
     Audited Financial Statements as of December 31, 2005.

As an affected listed issuer, the Company is required to submit
a financial regularization plan by January 7, 2007.

                     About Paracorp Berhad

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company has been incurring losses in the past.  For the
quarter ended March 31, 2006, the Company recorded a net loss of
MYR12.3 million and a basic loss per share of 9.26 sen.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR106,347,000 and total liabilities of
MYR110,465,000, resulting in a MYR41,180,000 stockholders'
equity deficit.  The Company's March 31 balance sheet also
showed strained liquidity with MYR50,909,000 in total current
assets available to pay MYR101,857,000 in total current
liabilities coming due within the next 12 months.


POLYMATE HOLDINGS: Malayan Banking Files New Claims
---------------------------------------------------
Malayan Banking Berhad has filed a fresh suit against Polymate
Holdings Berhad and its subsidiary, Polymate Industries (M) Sdn
Bhd.

In the new suit, which was served on the Defendants on June 7,
2006, Malayan Banking is asserting a claim of MYR3,311,206 as of
December 31, 2005, and an annual default interest of 10% on the
whole amount from January 1, 2006, to the date of full
settlement.

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

The Troubled Company Reporter - Asia Pacific recounts that
Polymate Holdings and its wholly owned subsidiary, ABI Malaysia
Sdn Bhd, were served with a Writ of Summons and Statement of
Claim dated May 18, 2006, by Malayan Banking.

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

                  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.


SBBS CONSORTIUM: Court to Hear Request for Stay on July 5
---------------------------------------------------------
SBBS Consortium Berhad's application for a restraining and stay
order, which came up for hearing on June 5, 2006, was adjourned
by the Kuala Lumpur High Court to July 5, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
SBBS, on March 21, 2006, filed an application for a Restraining
and Stay Order so it could:

   -- review and consider the feasibility of the proposals for  
      the corporate and debt restructuring scheme;  

   -- initiate consultation with SBBS's major creditors in  
      relation to a proposed debt settlement; and

   -- engage and seek consultation from appointed consultants  
      on the best possible structure to restructure SBBS.  

On March 20, 2006, SBBS entered into a 60-day Memorandum of
Understanding with PC Capital Sdn Bhd.  The signing of the MOU
is aimed at setting the intentions of both parties to undertake
a corporate and debt restructuring scheme in order to revive
SBBS' financial and operational performance.  

During the 60-day negotiation period, SBBS and PC Capital will
embark on exercises in order to facilitate the implementation of
the Scheme.

THe TCR-AP said that upon finalization of the negotiation and if
the parties are agreeable to all the final terms of the
proposals and the fulfillment all conditions, the parties will
enter into a definitive restructuring agreement before the MOU
expires.   

                       About SBBS Consortium

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.   
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.  On May 9, 2006, the SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.


TANCO HOLDINGS: To Conduct 47th Annual General Meeting June 29
--------------------------------------------------------------
Tanco Holdings Berhad will hold its 47th Annual General Meeting
in Agong & Madura Hall at Duta Palms Resort & Anglers' Club,
Jalan Desa Permai, Bandar Country Homes, in 48000 Rawang,
Selangor Darul Ehsan, on June 29, 2006, at 10:30 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 reports of
      the directors and auditors;

   -- approve payment of Director's fees of MYR118,000 in
      respect of fiscal 2005;

   -- re-elect as directors

      * Dato' Tan Jing Nam;
      * Dato' Dr. Mohd Aminuddin bin Mohd. Rouse; and
      * William Leong Jee Keen;

   -- consider and, if thought fit, reappoint Dato' Dr. Mohd.
      Noordin bin Haji Keling as director of the Company and to
      hold office until conclusion of the Company's next annual
      general meeting;

   -- reappoint Messrs. Monteiro & Heng as auditors of the
      Company and to authorize the board of directors to fix
      their remuneration;

   -- empower the Board to issue new ordinary shares of MYR1
      each in the Company, provided that the aggregate number or
      shares issued doe not exceed 10% of the issued and paid-up
      share capital of the Company; and

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

                  About Tanco Holdings Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings
Berhad -- http://www.tancoresorts.com/-- operates resort, golf  
and marina clubs and provides management services.  Its other
activities include provision of exchange services in relation to
vacation ownership schemes; property holding and development;
provision of consultancy services; money lending business;
travel and tour agent; multimedia related business; and
investment holding.  The Group carries out its operations in
Malaysia, the British Virgin Islands, New Zealand and Mauritius.  
The Company is placed under Bursa Malaysia Securities Practice
Note 17 because its lackluster financial performance, as well as
mounting debts and defaults.  As an affected listed issuer, the
Company is required to submit and implement a regularization
plan to avoid delisting.


TRU-TECH HOLDINGS: To Hold 13th Annual General Meeting June 28
--------------------------------------------------------------
Tru-Tech Holdings Berhad will hold its 13th Annual General
Meeting at the Company's Conference Room, Lot 45, Batu 12, Jalan
Johor Bahru - Kota Tinggi, Mukim of Plentong, in 81800 Ulu
Tiram, Johor Darul Takzim, on June 28, 2006, at 11:00 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;

   -- reappoint Isao Kakimoto, a director over the age of 70,
      pursuant to Section 129(6) of the Companies Act, 1965;

   -- re-elect retiring directors

      * Dato' Mohamed Shamsuddin Bin Mohd. Noor;
      * Ngo Kong Song; and
      * Quek Tiang Yew;

   -- appoint Messrs Horwath as Auditors of the Company, in
      place of retiring Auditors Messrs PriceWaterhouseCoopers,
      to hold office until the conclusion of the next Annual
      General Meeting at a remuneration to be determined by the
      Directors; and

   -- transact any other matter for which due notices will be
      given.

                 About Tru-Tech Holdings Berhad

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

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


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

PHIL. REALTY AND HOLDINGS: 1Q Net Income Slims to PHP29.22M
-----------------------------------------------------------
In the three months ended March 31, 2006, Philippine Realty and
Holdings Corporation posted a consolidated net income
PHP29.22 million, a 16.36% decline from the PHP1.45-million net
income recorded in the three months ended March 31, 2005.

The Company reveals that its rental income dropped by 38.72%
compared to 2005 as major areas were not leased out beginning
first quarter of this year.  Some building management contracts
were terminated, thus the decrease in management fees by
subsidiary PRHC Property Managers, Inc.

Philippine Realty states that its net underwriting income
increased significantly due to higher bookings by Meridian
Assurance Corporation.  Two condominium units were sold during
the first quarter contributing to a PHP7.09-million income.

Equity in net income of subsidiaries and associates soared by
138% from PHP15.13 million in the first quarter of 2005 to
PHP36.06 million in the first quarter of 2006 due to the jump in
net income registered by I-Bank from PHP174.73 million to
PHP403.87 million.

Another affiliate, A Brown Co., Inc., registered a net income of
PHP14.71 million.

General and administrative expenses decreased by a modest 7.06%
from PHP24.47 million in 2005 to PHP22.75 million in 2006, due
to cost-cutting measures implemented by management.

Receivables dropped significantly due to the collection of
receivables from reinsurers by PHP51 million.

Accounts payable and accrued expenses increased due to the
accrual of interest by PHP8.88 million for the first quarter of
2006 and payment of claims by subsidiary Meridian Assurance
Corporation.

The Company's consolidated first quarter report for the period
March 31, 2006, shows these key figures:

           Philippine Realty and Holdings Corporation
                     Financial Highlights
                      (in PHP millions)

                               As of           As of
                             03/31/2006      12/31/2005  
                             ----------      ----------
     Current Assets            3,228.48        3,253.82
     Total Assets              4,525.34        4,515.02
     Current Liabilities       1,729.60        1,749.69
     Total Liabilities         1,088.44        1,088.44
     Total Equity              1,707.68        1,675.89

                                   Quarter Ending  
                             03/31/2006      03/31/2005
                             ----------      ----------
     Net Income                   29.60           35.39
     Revenues                     70.66            1.71
     Cost and Expenses            40.65           33.35

Philippine Realty's financial report for the first quarter 2006
is available for free at:

    http://bankrupt.com/misc/RLT_17Q_Mar2006.pdf

              About Philippine Realty and Holdings

Philippine Realty and Holdings Corporation is one of the leading
real estate developers in the country.  It was incorporated on
July 13, 1981, but development activities began only in 1986
when capitalization was increased to PHP100 million from the
initial PHP2 million to accommodate the entry of new
stockholders.  The Company's main real estate activity since it
started operations has been the development and sale of
residential/office condominium projects and to a limited extent,
the lease of commercial and office spaces.

Subsidiaries include:

   * Tektite Insurance Brokers, Inc.
   * PRHC Property Managers, Inc.
   * Meridian Assurance Corporation
   * Universal Travel Corporation
   * Le Cheval Holdings, Inc.
   * Alexandra (U.S.A), Inc.
   * A. Brown Company, Inc.
   * International Exchange Bank

               The Parent-Company's Going Concern

After auditing Philippine Realty's annual report for the fiscal
year ended December 31, 2005, Ofelia Garnad, of C.L. Manabat &
Co. notes the existence of a material uncertainty that may cast
significant doubt on the Company's ability to continue as a
going concern.  According to Ms. Garnad, the going concern doubt
is brought about by the fact that the Company has suffered
recurring losses from operations and its financial position
indicates that sufficient cash flows have to be generated to
fully service its liabilities and finance its working capital
requirements.

            Status of the Parent Company's Operations

The Parent Company's operations have been severely affected by
the slump in the local real estate industry that started when
the regional economic crisis hit the country in the middle of
1997.  It has experienced a continued decline in sales and has
to contend with higher interest rates.  

With the property market being heavily dependent on bank
financing -- and the economic crisis not only brought
prohibitive lending rates but also restricted credits to the
real estate industry -- the Parent Company registered a net
income of PHP323.5 million in 2005, which is not enough to cover
a deficit of PHP2.24 billion as of December 31, 2005.

The Parent Company is also burdened by its debt obligations.  As
of December 31, 2005, it has a debt-to-equity ratio of 1.56:1,
better than the 2.32:1 in 2004.  Total interest expense for 2005
and 2004 are PHP4.8 million and PHP78 million.

               Parent Company's Plan of Operations

Starting in 1998, Philippine Realty has offered its land
properties and certain condominium units to the banks and other
major creditors as payment for its obligations through dacion en
pago to substantially reduce its unpaid obligations.  It has
also suspended the development and completion of several of its
real estate projects, and had implemented cost-cutting measures
including the substantial reduction of its workforce.

               Stay Order and Rehabilitation Plan

In December 2002, the Parent Company's Board of Directors
resolved to file a petition for a corporate rehabilitation with
the Regional Trial Court in Quezon City.  A Stay Order was
granted on December 16, 2002, after the petition was deemed
sufficient both in form and in substance.

Among the salient features of the Stay Order are:

   * A stay in the enforcement of all claims against Philippine
     Realty, its guarantors and sureties not solidarily liable
     with the Parent Company;

   * Prohibiting the Parent Company from selling, encumbering,
     transferring or disposing in any manner any of its
     properties except in the ordinary course of business;

   * Prohibiting the Parent Company from making any payment of
     its liabilities outstanding as of the filing of instant
     petition;

   * Prohibiting the Parent Company's suppliers of goods and
     services from withholding supply of goods and services in
     the ordinary course of business for as long as it makes
     payments for the goods and services supplied after the
     issuance of the Stay Order; and

   * Directing the payment in full of all administrative
     expenses incurred after the issuance of the Stay Order.

On February 6, 2003, the Court conducted a series of hearings
for the purpose of receiving various inputs from the Company,
the creditors and the rehabilitation receiver as well.  In the
course of the proceedings, the Court noted that all the creditor
banks were in agreement that the Company is susceptible to
rehabilitation as it is solvent and its business is viable.  

The objectives of the rehabilitation plan are:

   1. to pay all of Philippine Realty's creditors in a fair and
      just manner;

   2. to complete and deliver the Andrea Skyline Condominium
      units to its existing buyers; and

   3. to protect the investments of the shareholders,
      particularly the small public investors, by keeping the
      business viable and profitable.

                     Status of Debt Service

As of December 31, 2005, the Parent Company's total debts stands
at PHP2.2 billion inclusive of accrued interest of
PHP232.27 million, of which PHP1.31 million would be repaid via
dacion en pago and the remaining PHP890.57 million by way of
debt restructuring.    The Parent Company has already settled
its debts with International Exchange Bank and Equitable PCI
Bank.

                       Debt Restructuring

The debt restructuring scheme will be divided into two tranches:

   Tranche A -- would be a term loan facility to cover
                contractual interest and principal repayment
                over 10 years with a grace period of one year on
                interest payments and five years on principal
                repayments.  

   Tranche B -- would be a zero coupon bond facility where the
                payments will depend on the availability of
                cash.  

Both tranches bear an annual interest of 5%.


RADIO PHILIPPINES: Court Upholds Decision to Terminate Official
---------------------------------------------------------------
The Court of Appeals supported the decision of television
station Radio Philippines Network-9 to terminate assistant vice-
president of operations Rolando Demetillo in its efforts to trim
down its board of directors, the Manila Times reveals.

The National Labor Relations Commission had earlier declared Mr.
Demetillo's dismissal from the Company as illegal.  RPN-9
officials filed an appeal with the Appellate Court, which
overturned the NLRC ruling, saying that Mr. Demetillo could not
force the station to retain him if his services were no longer
needed.  The Court said that Mr. Demetillo's termination was a
rightful business decision, and was not subject to review by the
labor arbiter nor the NLRC, since it did not violate any labor
laws.

According to the Times, RPN-9 hired Mr. Demetillo as a security
services manager in 1994.  He was later promoted to assistant
vice-president of general services in 1998, with a PHP10,000
increase in his monthly salary.  However, a review of the
Company's operations in 1999 indicated that it was incurring
heavy losses.  Thus, RPN-9 decided to offer retirement packages
to its executives in order to streamline its organization.

Since Mr. Demetillo did not qualify for the retirement package,
which was intended for managers who were 60 years old and had
rendered at least 10 years of service to the Company, he was
given separation pay and other benefits totaling PHP429,999.

                          *     *     *

Radio Philippines Network (RPN 9) -- http://www.rpn9.com/-- is   
a Philippines flagship VHF television network of the Government
Communications Group headed by the Press Secretary.

According to a Troubled Company Reporter - Asia Pacific report
on May 4, 2006, the Company's debts amounted to PHP5 billion,
and the Philippine Government seeks to compromise with the
network's creditors on a restructuring of its debts, in order to
push through with a planned privatization of the Company.


STENIEL MANUFACTURING: No Word from CVC to Rescind Share Sale
-------------------------------------------------------------
CVC Asia Pacific has yet to respond to creditor-banks of Steniel
Manufacturing Corp., which had sought to rescind the sale by
Steniel (Belgium) Holdings, N.V., of its stake in Steniel
(Netherlands) Holdings, B.V., to CVC, Manila Standard Today
says.

The Troubled Company Reporter - Asia Pacific stated on June 15,
2006, that Steniel's largest creditor, Metropolitan Bank & Trust
Co., had declared the Company in default last week as it had not
paid its debts totaling PHP700 million since 2004.

The Standard writes that, according to a source familiar with
the matter, Steniel's creditor-banks are considering filing a
lawsuit in Hong Kong, where CVC Asia Pacific is based, in order
to force the firm to nullify the sale.  The creditors said that
their last resort would be to foreclose on Steniel's assets,
although they were sufficient to pay its debts.

                    About Steniel Manufacturing

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

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

                          *     *     *

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


* Government Plans to Issue PHP53 Billion in Bonds Soon
-------------------------------------------------------
The Philippine Government is awaiting better market conditions
before it proceeds to issue U.S. dollar and euro-denominated
bonds worth PHP53.15 billion, which it hopes to do so before
September, Malaya News relates.

According to The Manila Times, Finance Secretary Margarito Teves
said that the Bangko Sentral ng Pilipinas had approved the bond
issue last week, to be managed by Citigroup, Deutsche Bank and
JP Morgan Chase & Co.

According to the reports, the Government had previously sold
PHP79.72 billion in 25-year bonds and PHP33.61 billion in 10-
year bonds in January 2006.  It needed an additional PHP53.15
billion to meet its foreign borrowing requirements for this
year.

Mr. Teves said that they would consult the BSP on the bond
issue, and the three Hong Kong-based banks would decide the
amount of the bonds, and when to issue them, Malaya News adds.

The Government plans to stick with its commercial borrowing
program totaling PHP212.6 billion, in order to meet its maturing
debts and fund its deficit.

Moody's Investors Service had issued a 'B1' rating on Philippine
sovereign debts, which were also rated 'BB-' by Standard &
Poor's Rating Agency.


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

CREATIVE TECHNOLOGY: ITC to Probe on Apple's Infringement Case
--------------------------------------------------------------
Creative Technology Ltd said that the United States
International Trade Commission has voted to investigate Apple
Computer Inc. over a patent infringement relating to its iPod
portable media player.

Creative has requested the ITC to issue a permanent exclusion
order and permanent cease and desist order.

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

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

Creative stated that the ZEN Patent covers the user interface in
Creative NOMAD and ZEN portable digital media players and the
iPod, iPod Nano and iPod Mini.

ITC's hearing on the case is expected in approximately five to
eight months.  Typically, the Commission would issue its ruling
in 12 to 15 months of the institution of the investigation.  The
ITC would set a date for completing the investigation within 45
days after institution of the investigation.

                    About Creative Technology

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


DAKA DESIGNS: Trading Suspended Due to Accounting Irregularities
----------------------------------------------------------------
Trading in the shares of Daka Designs Limited which has been
halted since January 15, 2006, will be converted into a trading
suspension until further notice.

The Singapore Exchange Limited imposed the trading halt after
Auditor KPMG observed certain irregularities in the operations
and accounting records of the Company as part of their special
audit review.  

KPMG has now completed its review of the Company's transactions,
operations and corporate governance practices. In their report,
KPMG has raised certain concerns regarding the accuracy of the
Company's accounting records, financial statements and
statements made in its prospectus and to the Exchange.  KPMG
also observed irregularities in the Company's use of its initial
public offer proceeds and its transactions with Daka
Manufacturing Limited.  DML is wholly owned by Daka Industrial
Limited, which is in turn 18%-owned by the Company.

The concerns and irregularities raised by KPMG in its report may
amount to breaches under the Securities and Futures Act and
other laws in Singapore.  Consequently, the SGX has informed the
Monetary Authority of Singapore and lodged a report with the
Commercial Affairs Department to initiate investigations into
the matter.

The SGX has also asked the Company to review its state of
affairs, report its findings and make adjustments, if any, to
its financial statements.

Daka Designs Limited is principally involved in designing,
developing and marketing of innovative products for the consumer
market.  The Group operates in Hong Kong, the United States of
America, Macau, and the United Kingdom.


DIGILAND INTERNATIONAL: Granted Option to Take Ximeta Shares
------------------------------------------------------------
On November 19, 2005, and January 16, 2006, Digiland
International Limited entered into an agreement and an addendum
agreement with Ximeta, Inc., for the grant by Ximeta to Digiland
of manufacturing rights and distribution rights in respect of
Ximeta's products.

In connection with the grant of the manufacturing and
distribution rights, Ximeta, on June 14, 2006, granted Digiland
an option to subscribe for shares in Ximeta constituting 6.96%
of the enlarged issued share capital of Ximeta.

Under the Agreement, the consideration for the grant of
manufacturing and distribution rights was US$1.5 million which
was payable in three installments on Nov. 19, 2005, Dec. 31,
2005, and January 31, 2006.

The distribution rights extend to the world and the term of the
Agreement is for a period of five years from November 19, 2005,
and will be automatically renewed for another five years.  
Either party may terminate the Agreement by giving six months'
notice in writing.

Meanwhile, the terms of the Option under the Agreement provides
for US$1 consideration for the Grant of Option.  The aggregate
exercise price is US$1 for all the shares constituting 6.96% of
the enlarged issued share capital of Ximeta.  

Digiland may exercise the Option at any time until November 19,
2006.

              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.


FHTK HOLDINGS: Investors Snap Up 53.4% of Rights Shares
-------------------------------------------------------
As of the close of the renounceable non-underwritten rights
issue on June 9, 2006, FHTK Holdings Limited received valid
acceptances and excess applications for a total of 2,629,092,312
rights shares, representing approximately 53.4% of the total
number of rights shares offered under the Rights Issue.

Valid acceptances were received for a total of 1,255,972,430
rights shares representing approximately 25.5% of the total
number of Rights Shares offered under the Rights Issue.  
Meanwhile, excess applications were received for a total of
1,373,119,882 rights shares representing approximately 27.9% of
the total number of rights shares offered under the Rights
Issue.

As disclosed in the Offer Information Statement dated May 24,
2006, the balance of the provisional allotments of 2,294,760,356
rights shares not taken up by Entitled Shareholders and
purchasers pursuant to the Rights Issue will be allotted:

   -- to satisfy excess applications for the rights shares as
      the Directors may, in their absolute discretion, deem
      fit in the interests of the Company, provided that in
      the allotment of any excess Rights Shares, preference
      will be given to the rounding of odd lots and that the
      Directors and substantial shareholders of the Company
      will rank last in priority for the allotment of such
      excess Rights Shares; and

   -- to the investors and certain creditors of the Company to
      discharge in full or partially the debts owed by the
      Company to the respective creditors.  The Loans will be
      fully discharged upon completion of the Rights Issue.

The Company has raised net proceeds of SGD12.1 million after
deducting estimated expenses from the Rights Issue, and
discharged debts amounting to SGD11.5 million through the
allotment and issue of Rights Shares not taken up by entitled
shareholders and purchasers pursuant to the Rights Issue in
favor of the investors and creditors.

The Company intends to utilize the net proceeds of the Rights
Issue of SGD12.1 million to repay certain investors, certain
bank loans and for the Group's additional working capital.

Pending the deployment of the net proceeds from the Rights Issue
for the purpose mentioned above, the proceeds may be deposited
with banks and financial institutions, invested in short-term
money markets and marketable securities, and used for any other
purposes on a short-term basis, as the Directors may, in their
absolute discretion, deem fit.

Where any acceptances and excess applications for Rights Shares
is unsuccessful or invalid, or where the number of excess Rights
Shares allotted is less than that applied for, the amount paid
on acceptance and application or the surplus application amount
will be refunded to such applicants without interest or any
share of revenue or other benefit arising within 14 days after
the closing date.

                   About FHTK Holdings Limited

FHTK Holdings Limited -- http://www.fhtk.com.sg/-- distributes  
fruits and agricultural products such as apples, banana,
nectarines, pears and peaches through its own SunMoon brand. The
Company's agricultural products division distributes fresh
garlic as well as manufactures dehydrated garlic and onion
products.  The Group currently leases and manages 18 plantations
and totaling 1,630 hectares in the Shandong province in China.

The Company currently owes 11 separate trade creditors in China
a total of SGD2.8 million.  The individual debts range from
SGD85,000 to SGD668,000, and were incurred separately over a
period of time.  The creditors have taken separate legal actions
against the Company.


SUM YUE INSTRUMENTATION: Court to Hear Wind-up Petition June 30
---------------------------------------------------------------
Lim Men See on May 26, 2006, filed an application for the
winding up of Sum Yue Instrumentation Engineering Pte Limited.

The petition will be heard before the High Court of Singapore on
June 30, 2006, at 10:00 a.m.

Contact: H.T. Sam & Company
         Solicitors for the Applicant
         No. 3 Shenton Way
         #08-08 Shenton House
         Singapore 068805


* Lim Ye Jin Named Assistant Official Assignee
----------------------------------------------
In the exercise of the powers conferred by Subsection 3 of
Section 17 of the Bankruptcy Act, the Minister for Law appointed
Lim Yew Jin to be Assistant Official Assignee for the Republic
of Singapore.

The appointment will take effect from July 1, 2006, for as long
as Mr. Lim remains in the Insolvency & Public Trustee's Office.

Contact: Insolvency & Public Trustee's Office
         45 Maxwell Road, #06-11
         The URA Centre (East Wing)
         Singapore 069118
         e-mail: mlaw_ipto_enquiry@mlaw.gov.sg
         Web site: http://www.minlaw.gov.sg/ipto   


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

NAKORNTHAI STRIP: Creditors Resolve Several Resolutions
-------------------------------------------------------
The creditors of Nakornthai Strip Mill Public Company Ltd on
June 8, 2006, convened and approved the amendments to the
Company's business reorganization plan.

The implementations of the approved amendments, however, are
still subject to the Central Bankruptcy Court's approval.

The Amended Plan provides for:

1. Principal Amount Under the Master Restructuring Agreement

   After the Plan's completion date, each creditor has the right
   to convert the outstanding Restructured Term Loan into new
   ordinary shares of the Company at the conversion price of
   THB0.42 per share.

   At least 20% of the Restructured Term Loan of each creditor
   will be converted into new ordinary shares of Nakornthai
   within 45 days from the date the Company has registered the
   increase of its registered share capital for issuance of new
   shares for debt-to-equity conversion.

   At least 40% of the Restructured Term Loan of each creditor
   will be converted into new ordinary shares of Nakornthai
   within six months from the Completion Date.

   All remaining Restructured Term Loan of each Creditor will be
   converted into new ordinary shares of Nakornthai at the end
   of an 18-month period from the Completion Date.

2. Past Accrued Interest

   All past accrued interest will be repaid in kind on the date
   the Bankruptcy Court approves the proposed amendments to the
   Plan by means of new convertible debt that will not be paid
   in cash, but will be convertible into new shares of the
   Company.

   The creditors will convert the new convertible debt within
   18 months after the Completion Date.  Conversion made
   before the end of a 45-day period after the Completion
   Date will be at par value (THB8.25 per share), and
   Conversion made thereafter will be at the Converted Price.

3. Deferred Interest

   All Deferred Interest will be repaid in kind on the Court
   Approval Date, by means of new convertible debt that will
   not be paid in cash, but will be convertible into new shares
   of the Company.

   Creditors will convert the new convertible debt within 18
   months after the Completion Date.  Conversion made before
   the end of the 45-day period after the Completion Date will
   be at the par value (THB8.25 per share), and conversion made
   thereafter will be at the Converted Price.

4. Eligible Creditors

   Only creditors who are creditors on record of the Company
   before the Court Approval Date are eligible to participate in
   the debt-to-equity conversion.

5. Silent Period

   All new shares issued pursuant to the debt-to-equity
   conversion will be subject to a six-month lock-up period.

6. Capital Reduction by Reduction of Par Value

   First capital reduction: As soon as practicable after the
   end of a 45-day period after the Completion Date, the
   Company will register the reduction of its share capital
   by decreasing of the par value of shares, in an amount
   that will cover the amount of share premium loss at that
   point of time.

   Second capital reduction: As soon as practicable after the
   end of an 18-month period after the Completion Date, the
   Company will register the reduction of its share capital
   by decreasing of the par value of shares, in an amount
   that will cover the amount of share premium loss at that
   point of time.

7. Working Capital Credit Lines

   Secured creditors shall provide to the Company US$50 million
   to US$75 million working capital credit lines as soon as
   possible after the Court Approval Date.

8. Other Creditors

   The repayment term for Class 4 creditors will be reduced from
   12 years to 10 years.

   The repayment term for Class 5, Class 7 and Class 13
   creditors will be reduced from 10 years from to 8 years.

9. Tender Offer Requirement:

   All relevant parties will be notified of the tender offer
   regulations.

The termination of the Company's business reorganization will be
subject to the fulfillment of these conditions, unless otherwise
waived by the Creditors Committee:

   -- The Company has sufficient profits to cover its
      accumulated loss, and has retained positive retained
      earning for two consecutive quarters immediately prior to
      the application for termination.

   -- The capital reduction to cover all share premium loss has
      been completed.

                          *     *     *

Nakornthai Strip Mill Public Company Limited is a Thailand based
manufacturing company.  The Group's principal activities are
manufacturing and selling of hot-rolled coil steel.  These
products can be used in downstream industries such as structural
steel industry, container industry, steel pipe industry and gas
tank industry.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Nakornthai has announced a recapitalization plan
involving THB4 billion in debt restructuring to ensure a US$50-
75 million credit line for working capital.


TMB BANK: S&P Gives BB- Rating to Proposed Hybrid Capital Issue
---------------------------------------------------------------
Standard & Poor's Ratings Services has assigned its 'BB-' rating
to Thailand's TMB Bank Public Co. Ltd.'s proposed hybrid Tier-1
securities.

Standard & Poor's believes the size of the proposed issue would
not materially impact the bank's financial profile.

The differential between the counterparty credit rating on TMB
Bank and the proposed securities reflects certain circumstances
of a narrow profits test where the bank would have the option to
skip interest payments on the securities.  It also reflects the
terms and conditions of the subordinated securities.  TMB Bank
is not obliged to pay interest if it expects not to declare net
profit on its financial statements for the six-month period or
fiscal year during which any interest payment would be due and
payable.  The rights of the holders of the securities concerning
any missed payments are noncumulative.

The Tier-1 securities will rank pari passu with all debt
securities or other similar obligations of the bank that
constitute Tier-1 capital in accordance with applicable
regulations, or other similar obligations of any subsidiary of
TMB Bank, but in priority to all classes of ordinary equity
securities.  The Tier-1 securities will be subordinated to
depositors and subordinated debt of the bank.

If the Tier-1 securities are still outstanding after 30 years,
the bank has the option, subject to the prior approval of the
Bank of Thailand, to issue ordinary shares, which will raise
sufficient cash to redeem the Tier-1 securities at their
principal amount.




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S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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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