TCRAP_Public/060630.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Friday, June 30, 2006, Vol. 9, No. 129

                            Headlines

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

AGENIX LIMITED: Signs Sale & Leaseback Contract for AU$5.15 Mln
AIR NEW ZEALAND: General Manager Michael Reed Resigns
ART & INDUSTRY: Winds Up Operations
ASSETS PERSONNEL: Schedules Final Meeting for July 3
ATHOL HOLDINGS: Court Appoints Joint Liquidators

BASILE INVESTMENTS: Initiates Liquidation Proceedings
BENDARRA PTY: Enters Voluntary Liquidation
BRECHIN PTY: Creditors' Proof of Debt Due on July 5
BREDHURST ENGINEERING: Members Agree on Liquidation
B WIRELESS: Appoints Official Receiver

E.X.A. ENGINEERING: Wind-Up Process Commenced
FARMHOUSE GROUP: Faces Liquidation Proceedings
FINJACK LIMITED: CIR Files Liquidation Petition
FUNCTIONAL NUTRACEUTICALS: Court to Hear Liquidation Bid July 3
HEAT PRINT: Members Resolve to Wind Up Firm

HOME OF BRIDES: Inability to Pay Debt Prompts Wind-Up
ILLAWARA SEASIDE: To Distribute Dividend on July 4
JP MORGAN COMMERCIAL: Creditors Must Prove Debt by July 12
JEWEL CITY: Names David Scott as Liquidator
KELDANCE PTY: Members & Creditors Review Wind-Up Report

LAGUNA BEACH: Receiver Steps Aside
MACHINING CENTRE: Creditors' Proofs of Debt Due on July 21
MERCANTILE & GENERAL: Members Opt for Liquidation
NATIONAL PACIFIC: Winds Up Business
PRESTIGE FINISHERS: Liquidator to Present Wind-Up Report

PRIMELIFE CORPORATION: Court Winds Up Cresthaven Village Scheme
SAKAKA LIMITED: Liquidation Petition Hearing Fixed on July 27
SASKA GROUP: Faces Liquidation Proceedings
SEATWISE PTY: Set to Pay Dividend to Creditors
SMI CABLES: Liquidator to Presents Wind-Up Report

S.N.&C. PTY: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Prepares Plan B if FTTN Talks Fail
WAIHEKE TAXI: Shareholders Opt for Voluntary Liquidation
WYNDHAM CONSTRUCTION: Court to Hear Liquidation Petition


C H I N A   &   H O N G  K O N G

AFFINITY SYSTEMS: Liquidator to Present Wind-Up Report
AMX LIMITED: Final Members Meeting Slated for July 24
CASON DEVELOPMENT: Members Set to Receive Wind-Up Report
CHINA STEP TECHNOLOGY: Names Cheung as Liquidator
FIRSTWORLD GARMENTS: Shareholders Agree on Voluntary Wind-Up

HINTONS PROPERTIES: Members to Receive Liquidator's Report
KAWAMURA COMPANY: Creditors' Meeting Moved to June 29
KENCO DEVELOPMENT: Liquidator to Present Wind-Up Report July 26
NATUZZI ASIA: Creditors' Proofs of Claim Due on July 21
PATPOM LIMITED: Members Decide to Voluntarily Wind Up Firm

PROSPERITY CHINA: Appoints Official Liquidator
RIGHTLINK SHIPPING: Creditors Must Prove Debts by July 24


I N D I A

HINDUSTAN PETROLEUM: Inks Sharing Pact with Sultanate of Oman
GENERAL MOTORS: S&P's B Rating Remain on CreditWatch Negative
SAMTEL COLOR: ICRA Downgrades Long-Term NCD Rating to LBB
SILVERLINE TECHNOLOGIES: Advisers Finalize Settlement Exercise
SVC SUPER CHEM: ICRA Suspends LD Rating


I N D O N E S I A

PERUSAHAAN LISTRIK: Government Repays Debt to State Oil Firm


J A P A N

JAPAN AIRLINES: Unable to Pay Dividends This Year
SUMITOMO METAL: Investors File Suit Over Alleged Bid Rigging


K O R E A

DAERIM CORPORATION: Ottogi Chosen as Preferred Bidder
DAEWOO PRECISION: S&T Dynamics To Buy Firm for KRW126.4 Billion
DAEWOO SHIPBUILDING: KDB Mulls Stake Sale in 2006
HYUNDAI ENGINEERING: Gets US$203-Million Dubai Deal
LG CARD: Delinquency Rate Falls 6.18% in May

NCSOFT: Downsizes U.S. Workforce by 25%
* Record KRW73.2 Billion Fine for Illegal Subsidies


M A L A Y S I A

AYER HITAM: Court to Decide on Creditors Meeting on August 18
AYER MOLEK: Unveils AGM Results
BUKIT KATIL: Unable to Settle Default Due to Insolvency
CHG INDUSTRIES: Court Denies RO Extension Against Bourse
CME GROUP: Holds 10th Annual General Meeting

CME GROUP: SC's Rights Issue Warrants Approval Expires
LITYAN HOLDINGS: Shareholders Okay All AGM Resolutions
MALAYSIA AIRLINES: Sells Headquarters to Fund Turnaround
MBF HOLDINGS: Court to Hear AmFinance Case on August 28
PETALING TIN: Proposed Acquisition Wins Shareholders' Nod

PROTON HOLDINGS: Expert Commends Firm for Selling MV Agusta


P H I L I P P I N E S

VITARICH CORP: Amends By-Laws on Voting Trust Agreements
* Japanese Rating Firm Raises Philippine Outlook to Stable


S I N G A P O R E

DMC CREATIVE: Creditors' Proofs of Claim Due on July 23
G15 INVESTMENT: Intends to Declare Creditors' Dividend
LINEFUSION PTE: Creditors Must Prove Debts by July 24
MITSUI O.M.T.: Liquidators to Receive Claims Until July 24


T H A I L A N D

NAKORNTHAI STRIP: Analysts Positive on G Steel Deal
* American Companies Anxious at Country's Political Turmoil


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

AGENIX LIMITED: Signs Sale & Leaseback Contract for AU$5.15 Mln
---------------------------------------------------------------
Agenix Limited has signed a sale and leaseback contract for
AU$5.15 million with a private buyer for a certain property in
Brisbane.

The initial lease term is six years, with two option periods of
four years each.  According to Agenix, the sale price exceeds
book value and the yield based on the initial rental is 7.8%.

The contract is unconditional and the transaction is expected to
settle by July 31, 2006.

Neil Leggett, Agenix's chief executive officer and managing
director, says that the deal for the Brisbane Property is a good
financial management.  Together with other recent transactions,
he believes that it demonstrates the conscious implementation of
Agenix's corporate strategy to transform itself by:

   (a) focusing on long-standing core competency of monoclonal
       antibody development;

   (b) ensuring Agenix is adequately funded;

   (c) completing a ThromboView(R) partnering deal with one of a
       number of parties with whom it is actively engaged in
       discussions; and

   (d) leveraging extensive scientific skill-base and
       infrastructure to bring new programs into the company to
       create a pipeline of cutting-edge product opportunities.

Mr. Leggett adds that the Company's remaining non-core assets,
including its human health d-dimer test business, will continue
to be rationalized in line with its strategy.

According to Mr. Leggett, Agenix is in a strong cash position
after a number of recent transactions, including:

   * a share placement of AU$3 million;

   * the sale of a property in Perth for AU$0.4 million;
   
   * the assignment of intellectual property and granting of
     certain distribution rights for the loss-making animal
     health business to American company IDEXX Laboratories from
     which Agenix is expected to realize AU$10.0 million when
     all relevant operational transfer milestones are completed
     -- AU$7.2 million has been received as of June 26, 2006;

   * sales initiatives, including above-budget sales of
     biological products, which will raise AU$2.6 million in
     cash -- more than previously forecast;

   * cost-cutting initiatives, including the announcement of
     redundancies; and

   * the Brisbane Property Sale.

Mr. Leggett contends that Agenix has the cash required to take
the company well beyond the point of where it expects to
complete a ThromboView(R) partnering deal, in which it
anticipates to receive financial support for ongoing clinical
trial costs.

Mr. Leggett relates that the development work on ThromboView(R)
in the last several months has achieved a number of critical
milestones and added substantial value to the company's offering
of a well-conducted, well-validated, and compliant program ready
to be partnered.

After the Brisbane Property Sale, Agenix is forecasting that it
will have cash on deposit of approximately AU$10 million.  It
will also have a Commonwealth Bank bill facility balance of less
than AU$2 million.  The bill facility balance is expected to be
repaid at the time of any disposal of human health business
assets.

Mr. Leggett notes that based on market research and
epidemiological analysis, Agenix's current market model
conservatively estimates that ThromboView(R) has the potential
to win peak market share of up to 16% of the PE market and up to
4% of the DVT market in the United States.  That level of market
penetration could result in combined end-user sales of over
US$350 million per annum in the United States alone.  The rest
of the world could be another US$200 million on top of that, Mr.
Leggett says.

                         About Agenix

Agenix Limited -- http://www.agenix.com/-- is a global health  
and biotechnology Company based in Brisbane, Australia.  The
Company runs a suite of established businesses in human and  
animal health diagnostics, and is focused on growing its world-
leading molecular diagnostic imaging R&D program.  Agenix's lead
candidate is its high-technology ThromboView blood clot-imaging
project, which is currently undergoing Phase II human trials in
the United States and Canada.  ThromboView uses radio-labeled
antibodies to locate blood clots in the body, and could
revolutionize the US$3 billion global clot diagnostic imaging
market.  ThromboView is being developed with the assistance of
the Federal Government through its START scheme.  Agenix employs  
110 staff and sells its products to more than 50 countries.   
ThromboView is a registered trademark of AGEN Biomedical.  
   
Coming from a AU$161,000 net profit in 2002, Agenix ended 2003
with a AU$811,000 net loss, owing to huge R&D expense on
Thromboview.  By August 2004, the Company had announced a
AU$14.3-million loss for the six months ending June 30, 2004,
largely due to increased investments and one-off items including
legal fees associated with the Synbiotics patent case which was
resolved earlier, costs associated with the terminated Peptech
merger, additional licenses, improvements made to manufacturing
and regulatory infrastructure and losses associated with Milton
Pharmaceuticals.  Milton was sold in February 2005, but the
Company still suffers from continued losses.  In the Company's
report on its financials for the year ending June 30, 2005, net
loss was pegged at AU$12 million.


AIR NEW ZEALAND: General Manager Michael Reed Resigns
-----------------------------------------------------
Air New Zealand's General Manager for Australia, Michael Reed,
has resigned from the airline.  Mr. Reed's departure date has
not yet been finalized, but is expected to be in the second half
of August.

Mr. Reed has been General Manager for the last two and a half
years building the Air New Zealand brand, delivering sales
growth and most recently restructuring the Air New Zealand team
in Australia, Norm Thompson, Air New Zealand Group General
Manager for Short Haul Airlines, notes.

Mr. Thompson says that an executive search for Mr. Reed's
replacement will commence shortly.

                     About Air New Zealand

Based in Auckland, New Zealand, Air New Zealand is the country's
flag air carrier, with domestic and international passenger and
freight operations, and an aviation engineering business.  

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1,071 million held
as at June 30, 2005.  However, while Air NZ has a solid position
in New Zealand and other parts of the international network are
performing well, intense competition on trans-Tasman routes has
resulted in it being unprofitable for Air NZ.  International
competition also limits Air NZ's ability to expand.  Its
management is also aware of the airline's vulnerability to
external shocks and the actions of key competitors.


ART & INDUSTRY: Winds Up Operations
-----------------------------------
The creditors of Art & Industry Furniture Pty Limited convened
on May 23, 2006, and agreed to:

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

  -- appoint Geoffrey Trent Hancock as liquidator to manage the
     wind-up activities.

Contact: Geoffrey T. Hancock
         Liquidator
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9372 0777
         Fax: 9372 0606


ASSETS PERSONNEL: Schedules Final Meeting for July 3
---------------------------------------------------
Members and creditors of Assets Personnel Pty Limited will hold
a final meeting on July 3, 2006, at 11:00 a.m., for them to
receive Liquidator Joseph Loebenstein's final account showing
how the Company was wound up and how its property was disposed
of.

Contact: Joseph Loebenstein
         Liquidator
         Loebenstein Insolvency Services Pty Limited
         203 Balaclava Road, North Caulfield
         Victoria 3161, Australia


ATHOL HOLDINGS: Court Appoints Joint Liquidators
------------------------------------------------
The High Court of Wellington on June 12, 2006, appointed John
Howard Ross Fisk and Richard Dale Agnew as liquidators to act
jointly and severally for Athol Holdings Ltd.

Subsequently, the Joint Liquidators require the Company's
creditors to submit their proofs of claims by July 12,2006.

Contact: John Howard Ross Fisk
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         (P.O. Box 243), Wellington
         New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


BASILE INVESTMENTS: Initiates Liquidation Proceedings
-----------------------------------------------------
Robert Anthony Elms was on June 12, 2006, appointed as
liquidator of Basile Investments Ltd.

Mr. Elms now requires the Company's creditors to submit their
proofs of claim by June 30, 2006, or be excluded from sharing in
any distribution the Company will make.

Contact: Robert Anthony Elms
         Martin Jarvie PKF
         P.O. Box 1208
         Third Floor, 85 The Terrace
         Wellington, New Zealand
         Telephone: (04) 472 7919


BENDARRA PTY: Enters Voluntary Liquidation
------------------------------------------
At a general meeting of the members of Bendarra Pty Limited on
May 18, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

In this regard, Keith Anthony Robinson was appointed as
liquidator.

Contact: Keith Anthony Robinson
         Liquidator
         346 Carrington Street, Adelaide
         South Australia 5000, Australia


BRECHIN PTY: Creditors' Proof of Debt Due on July 5
---------------------------------------------------
Creditors of Brechin Pty Limited are required to submit their
proofs of claim by July 5, 2006, in order to share in the
Company's dividend distribution.

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


BREDHURST ENGINEERING: Members Agree on Liquidation
---------------------------------------------------
The members of Bredhurst Engineering Pty Limited held a meeting
on May 19, 2006, and agreed to shut down the Company's business
operations.

Subsequently, Victor Raymond Dye and Roger Darren Grant were
appointed as liquidators.

Contact: Victor R. Dye
         Roger D. Grant
         Liquidators
         Suite 8, 260 Auburn Road
         Hawthorn 3122, Australia


B WIRELESS: Appoints Official Receiver
--------------------------------------
Jennifer Eleizabeth Low was appointed as receiver and manager of
the property of B Wireless Technologies Pty Limited on May 26,
2006.

Contact: Jennifer E. Low
         Liquidator
         Sheridans Chartered Accountants
         Level 6, 40 St. George's Terrace
         Perth, Western Australia 6000
         Australia


E.X.A. ENGINEERING: Wind-Up Process Commenced
---------------------------------------------
After their general meeting on May 17, 2006, the members of
E.X.A. Engineering Pty Limited decided to voluntarily wind up
the Company's operations and appoint Liquidator Dean Mcveigh to
oversee the Company's wind-up exercise.

Contact: Dean R. Mcveigh
         Liquidator
         Foremans Business Advisors (Southern) Pty Limited
         Suite 8, 56-60 Bay Road
         Sandringham, Victoria 3191
         Australia


FARMHOUSE GROUP: Faces Liquidation Proceedings
----------------------------------------------
An application to liquidate Farmhouse Group Ltd will be heard
before the High Court of Napier on July 13, 2006 at 10:00 a.m.  

The Commissioner of Inland Revenue filed the petition with the
Court on May 17, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than July 11, 2006.

Contact: R.J. Collins
         Elvidge & Partners, Solicitors
         Corner of Raffles and Bower Streets
         Napier, New Zealand


FINJACK LIMITED: CIR Files Liquidation Petition
-----------------------------------------------
The Commissioner of Inland Revenue on May 24, 2006, filed before
the High Court of Wellington an application to liquidate Finjack
Ltd.

The High Court will hear the application on July 3, 2006, at
10:00 in the morning.

Parties interested to attend the hearing are required to submit
an appearance not later than June 30, 2006.

Contact: Mary Kate Crimp
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand Post House
         7-27 Waterloo Quay, Wellington
         New Zealand
         Telephone: (04) 890 1067
         Facsimile: (04) 890 0009


FUNCTIONAL NUTRACEUTICALS: Court to Hear Liquidation Bid July 3
---------------------------------------------------------------
The High Court of Hamilton will hear a petition to liquidate
Functional Nutraceuticals Ltd on July 3, 2006, at 10:45 a.m.

Contract Manufacturing of Supplements Ltd filed the petition
before the Court on May 25, 2006.

Contact: Craig Morice
         Rout Milner Fitchett
         Marble Arch, 167 Hardy Street
         Nelson, New Zealand


HEAT PRINT: Members Resolve to Wind Up Firm
-------------------------------------------
At an extraordinary general meeting on May 18, 2006, members of
Heat Print Pty Limited agreed that the Company must voluntarily
commence a wind-up of its operations.

David Raj Vasudevan and Andrew Reginald Yeo were appointed as
liquidators to oversee the wind-up activities.

Contact: David R. Vasudevan
         Andrew R. Yeo
         Liquidators
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


HOME OF BRIDES: Inability to Pay Debt Prompts Wind-Up
-----------------------------------------------------
At a meeting of Home of Brides Pty Limited held on May 25, 2006,
it was decided that the Company's operations be wound up
voluntarily due to its inability to pay its debts when they fall
due.

Daniel Civil was consequently appointed as liquidator.

Contact: Daniel Civil
         Liquidator
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


ILLAWARA SEASIDE: To Distribute Dividend on July 4
--------------------------------------------------
Illawara Seaside will declare a dividend to its creditors on
July 4, 2006.

Creditors who were not able to prove their claims will be
excluded from sharing in any distribution the Company will make.

Contact: Daniel Civil
         Liquidator
         c/o Rodgers Reidy Chartered Accountants
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


JP MORGAN COMMERCIAL: Creditors Must Prove Debt by July 12
----------------------------------------------------------
Creditors of JP Morgan Commercial Ltd are required by joint
liquidators John Howard Ross Fisk and Richard Dale Agnew to
submit their proofs of debt by July 12, 2006.

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

Contact: John Howard Ross Fisk
         c/o PricewaterhouseCoopers
         113-119 The Terrace
         (P.O. Box 243), Wellington
         New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


JEWEL CITY: Names David Scott as Liquidator
-------------------------------------------
At a general meeting of Jewel City Investments Pty Limited on
May 22, 2006, members agreed that a voluntary wind-up of the
Company's operations is appropriate and necessary.

In this regard, David H. Scott was appointed as liquidator.

Contact: David H. Scott
         Liquidator
         Jones Condon Chartered Accountants
         77 Station Street, Malvern
         Victoria 3144, Australia


KELDANCE PTY: Members & Creditors Review Wind-Up Report
-------------------------------------------------------
The members and creditors of Keldance Pty Limited will convene
at a final meeting on July 3, 2006, at 10:00 a.m., to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator G. M. Rambaldi.

Contact: G. M. Rambaldi
         Liquidator
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


LAGUNA BEACH: Receiver Steps Aside
----------------------------------
Grant Sparks of SimsPartners ceased to act as receiver and
manager of certain assets of Laguna Beach Housing & Land Pty
Limited.


MACHINING CENTRE: Creditors' Proofs of Debt Due on July 21
----------------------------------------------------------
Joint Liquidators Boris van Delden and Iain McLennan require the
creditors of Machining Centre Services Ltd to submit their
proofs of debt by July 21, 2006.

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

Contact: Boris van Delden
         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/


MERCANTILE & GENERAL: Members Opt for Liquidation
-------------------------------------------------
Members of The Mercantile & General Reinsurance Co. of Australia
Limited convened on May 18, 2006, and agreed to liquidate the
Company's business operations.

Ronald George Davies was subsequently appointed as liquidator.

Contact: Ronald George Davies
         Liquidator
         Level 20, Darling Park Tower 2
         201 Sussex Street
         GPO Box 5085, DX 77
         Sydney, New South Wales 2001
         Australia


NATIONAL PACIFIC: Winds Up Business
-----------------------------------
At a general meeting on May 17, 2006, the members of National
Pacific Securities Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.

Subsequently, Paul Vartelas was appointed as liquidator.

Contact: Paul Vartelas
         Liquidator
         B. K. Taylor & Co.
         8th Floor, 608 St. Kilda Road
         Melbourne, Australia


PRESTIGE FINISHERS: Liquidator to Present Wind-Up Report
--------------------------------------------------------
The members and creditors of Prestige Finishers Pty Limited will
convene at a final meeting on July 3, 2006, at 10:30 a.m..

During the meeting, Liquidator Peter Ngan will present final
accounts of the Company's wind-up operations.

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


PRIMELIFE CORPORATION: Court Winds Up Cresthaven Village Scheme
---------------------------------------------------------------
The Australian Securities and Investments Commission relates
that, on June 28, 2006, the Federal Court of Australia finalized
the winding up of an unregistered managed investment scheme
relating to Primelife Corporation Limited and the proposed
Cresthaven Village in Mt. Evelyn, Victoria.

Justice Goldberg of the Federal Court made the orders after:

   * Andrew McLellan, an independent accountant, had been
     appointed to investigate and report on the past affairs
     of the scheme to identify the assets and the identity of
     the investors;

   * all investors were given an opportunity to consider Mr.
     McLellan's findings and were able to consider a proposal
     about how the scheme should be wound up; and

   * the Court heard that investors supported the wind-up
     proposal after the resolution of a dispute between the
     scheme and Primelife.

The wind-up proposal accepted by the Court involved the
distribution of the assets of the scheme to the investors.

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that the ASIC will continue to deal with 29 wind-
up proceedings for unregistered managed investment schemes.

Thirteen other schemes have been subject to wind-up orders, but
are awaiting final orders as to the manner in which they are to
be wound up.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.
  
Primelife almost skidded into insolvency when on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes. ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.  

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


SAKAKA LIMITED: Liquidation Petition Hearing Fixed on July 27
-------------------------------------------------------------
An application to liquidate Sakaka Limited will be heard before
the High Court of Auckland on July 27, 2006 at 10:45 a.m.  

Nando's Australia Pty Ltd filed the petition with the Court on
May 30, 2006.

Contact: C.M. Meechan
         Offices of Bell Gully, Level 22
         Vero Centre, 48 Shortland Street
         Auckland, New Zealand


SASKA GROUP: Faces Liquidation Proceedings
------------------------------------------
At a general meeting of the members of Saska Group Pty Limited
on May 19, 2006, it was agreed that a voluntary wind-up of the
Company's operations is appropriate and necessary.

Bruce Coombes was appointed as official liquidator.

Contact: Bruce Coombes
         Liquidator
         507 Norwest Central, 12 Century Circuit
         Baulkham Hills, New South Wales 2153
         Australia


SEATWISE PTY: Set to Pay Dividend to Creditors
----------------------------------------------
Seatwise Pty Limited will declare its first and final dividend
on July 5, 2006, to the exclusion of creditors who were not able
to prove their claims.

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


SMI CABLES: Liquidator to Presents Wind-Up Report
-------------------------------------------------
The members and creditors of SMI Cables Pty Limited will convene
at a final meeting on July 3, 2006, at 10:00 a.m.

During the meeting, Liquidator Richard Albarran's will present
an account showing how the Company was wound up and how its
property was disposed of.

Contact: Richard Albarran
         Liquidator
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


S.N.&C. PTY: Placed Under Voluntary Liquidation
---------------------------------------------
After their extraordinary general meeting on May 22, 2006, the
members of S.N.&C. Pty Limited decided to voluntarily wind up
the Company's operations and appoint Alan Kenneth Moffat to
oversee the Company's wind-up proceedings.

Contact: Alan K. Moffat
         Liquidator
         c/o Borough Mazars
         Level 6, 77 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


TELSTRA CORPORATION: Prepares Plan B if FTTN Talks Fail
-------------------------------------------------------
Telstra Corporation is preparing a plan for an upgrade, and
possible extension, of its pay-TV cable network to provide
super-fast broadband services if it cannot reach a deal with the
Australian Competition and Consumer Commission on optical fibre,
The Australian reports.

The Advertiser relates that the project  -- worth between
AU$1 billion and AU$3 billion -- is dubbed as Plan B after
months of talks with the ACCC over access to the mooted
AU$3.4-billion fibre-to-the-node network.

                          The Plan B

According to the reports, Telstra is planning to provide a
broadband footprint across Australia using a combination of the
hybrid-fibre-coaxial-cable technology used for pay-TV, next-
generation DSL technology -- which turns copper wires into high-
speed internet services -- and its new AU$1.1 billion third-
generation network now being built by Ericsson.

The Australian says that while the technology can provide speeds
equal to those on the proposed FTTN model, it is generally seen
as an inferior product because speeds slow due to high traffic
in a local zone.

However, the advantage of the technology is that Telstra's
rivals cannot piggyback their own technology on HFC in the same
way they can on the copper network.

                       ACCC's Position

ACCC Chairman Graeme Samuel says that Telstra should be talking
to the regulator about its concerns, adding that negotiating
through the media is pointless unless it is trying to influence
parties that are not part of the negotiating process, The
Advertiser relates.

Mr. Samuel further says that talks with Telstra over the roll-
out of the new optical fibre network has been "very
constructive" and remained so.

If there were two competing fibre-to-the-node plans from Telstra
and its rivals, there would unlikely be any competition issues,
The Advertiser cites Mr. Samuel as saying.

He further says, "Our role is not to say that plan is better
than this plan. . . our role is to ensure that whatever proposal
is there it allows for full competition in telecommunications."

                    Rivals Criticize FTTN

A report commissioned by a consortium of Telstra competitors has
criticized Telstra's FTTN proposal, saying that it is "an ideal
technology for an incumbent with anti-competitive ambitions,"
Whirlpool Broadband Multimedia relates.

According to Whirlpool, the consortium includes AAPT, Internode,
iiNet, Macquarie Telecom, Optus, Powertel, Primus, Soul and
TransACT.

The report produced by The Allen Consulting Group and Dandolo
Partners argues that the FTTN network would:

   * cover less than half the country,

   * return local loop monopoly to Telstra, and

   * damage broadband competition by reducing access to an
     unbundled loop.

Whirpool reports that the consortium will release an alternative
to Telstra's FTTN model in the coming weeks.  Whirlpool notes
that Telstra has previously called the idea "a self-serving plan
to rip-off Telstra shareholders and taxpayers" and has refused
to become involved, while some industry commentators considered
it a stunt.

However, The Advertiser cites Telstra's chief executive officer
Sol Trujillo as saying that there is "no example in the telco
world anywhere, other than some socialist country somewhere,
where a consortium has ever worked."

                         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.


WAIHEKE TAXI: Shareholders Opt for Voluntary Liquidation
--------------------------------------------------------
Shareholders of Waiheke Taxi Cooperative Ltd resolved on June 6,
2006, that the Company be placed into voluntary liquidation.

Subsequently, John Albert Price and Christopher Robert Ross
Horton were named joint liquidators.

Mr. Price and Mr. Horton now require the Company's creditors to
submit their proofs of claim by July 7, 2006, in order to share
in any distribution the Company will make.

Contact: J. A Price
         Horton Price Limited
         P.O. Box 9125, Newmarket
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Facsimile: (09) 366 7276


WYNDHAM CONSTRUCTION: Court to Hear Liquidation Petition
--------------------------------------------------------
An application to liquidate Wyndham Construction Ltd will be
heard before the High Court of Auckland on July 13, 2006 at
10:45 a.m.  

Schindler Lifts NZ Ltd filed the petition with the Court on
May 10, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than July 11, 2006.

Contact: K.G. Ogles
         Kevin Ogles & Associates, Solicitors
         707 Mt Albert Road, Royal Oak
         Auckland, New Zealand
         Telephone: (09) 624 2069
         Facsimile: (09) 624 2067


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

AFFINITY SYSTEMS: Liquidator to Present Wind-Up Report
------------------------------------------------------
Liquidator Chak Chun Keung will pn July 23, 2006, at 10:00 a.m.
present to members of Affinity Systems Ltd accounts of the
Company's wind-up.

Contact: Chak Chun Keung
         Room 603, Alliance Building
         130-136 Connaught Road Central
         Hong Kong


AMX LIMITED: Final Members Meeting Slated for July 24
-----------------------------------------------------
The final general meeting of the members of AMX Ltd will be held
at Unit 1303-4, 13/F., Block B, Sea View Estate, 28 Watson Road,
Hong Kong on July 24, 2006, at 11:00 a.m.

At the meeting, Liquidator Chu Kar Cheong will present final
accounts of the Company's wind-up exercise.


CASON DEVELOPMENT: Members Set to Receive Wind-Up Report
--------------------------------------------------------
Members of Cason Development Ltd will convene for their final
meeting at Liquidator Ho Seng Fung's office on July 24, 2006, at
10:00 a.m.

At the meeting, members will receive Mr. Fung's final account of
the Company's wind-up operations.

Contact: Ho Seng Fung
         Room 1204, CC Wu Building
         302-8 Hennessy Road
         Wanchai, Hong Kong


CHINA STEP TECHNOLOGY: Names Cheung as Liquidator
-------------------------------------------------
Kong Wing Cheung was named liquidator of China Step Technology
Development Ltd by a special resolution passed by the Company's
members on June 23, 2006.

Contact: Kong Wing Cheung
         21/F., Fee Tat Commercial Centre
         No 613 Nathan Road, Kowloon
         Hong Kong


FIRSTWORLD GARMENTS: Shareholders Agree on Voluntary Wind-Up
------------------------------------------------------------
Shareholders of Firstworld Garments Ltd on June 15, 2006, passed
a special resolution to voluntarily wind up the Company's
operations and appoint Poon Chi Wu and Poon Chin Chung as joint
liquidators.


HINTONS PROPERTIES: Members to Receive Liquidator's Report
----------------------------------------------------------
Members of Hintons Properties Ltd will be receiving Liquidator
Kam Chi Kan and Yu Shi Kuen's final report on the Company's
wind-up and property disposal.

The report will be presented at Room 801, The Centre Mark, 287-
299 Queens Road Central, Hong Kong on July 25, 2006, at 10:00
a.m.


KAWAMURA COMPANY: Creditors' Meeting Moved to June 29
-----------------------------------------------------
The creditors meeting of Kawamura Co Ltd held on June 16, 2006,
was adjourned to June 29, 2006, due to lack of quorum.

The next meeting will be held at Liquidator Cheng Hong Cheung's
office.

At the meeting, creditors will be asked to determine whether or
not to accept certain accounts receivable as bad debt.

Contact: Cheng Hong Cheung
         Room 1005, Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


KENCO DEVELOPMENT: Liquidator to Present Wind-Up Report July 26
---------------------------------------------------------------
Members of Kenco Development Ltd will be receiving Liquidator
Susanna Bik-Chu Lung's final report on the Company's wind-up
operations and property disposal.

The report will be presented at 2503 Bank of America Tower, 12
Harcourt Road, Central, Hong Kong on Ju8ly 26, 2006, at 10:00
a.m.


NATUZZI ASIA: Creditors' Proofs of Claim Due on July 21
-------------------------------------------------------
Joint Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce
require the creditors of Natuzzi Asia Ltd to file their proofs
of claim by July 21, 2006.

Failure to prove debts on the due date will exclude any creditor
from participating in any distribution the Company will make.

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


PATPOM LIMITED: Members Decide to Voluntarily Wind Up Firm
----------------------------------------------------------
On June 16, 2006, members of Patpom Limited passed a resolution
to voluntarily wind up the Company's operations.

In this regard, Thomas So Chun Cheong and Lee Chuen Kei were
appointed as liquidators.

The Joint Liquidators require the Company's creditors to submit
their proofs of claim by July 24, 2006, in order to share in the
Company's dividend distribution.

Contact: Lee Chuen Kei
         Unit A, 9/F., Two Chinachem Plaza
         68 Connaught Road Central
         Hong Kong


PROSPERITY CHINA: Appoints Official Liquidator
----------------------------------------------
Shareholders of Prosperity China Trading Co Ltd passed a
resolution on June 15, 2006, appointing Choi Wai Kin as official
liquidator.

Contact: Choi Wai Kin
         Room 208, Wang Sun House
         Wang Fuk Court, Tai Po
         New Territories
         Hong Kong


RIGHTLINK SHIPPING: Creditors Must Prove Debts by July 24
---------------------------------------------------------
Creditors of Rightlink Shipping Co Ltd are required to prove
their debts by July 14, 2006, or be excluded from sharing in any
distribution the Company will make.

Contact: Lee Angel
         Liquidator
         Room 2506, 25th Floor
         China Insurance Group Building
         141 Des Voeux Road Central
         Hong Kong


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

HINDUSTAN PETROLEUM: Inks Sharing Pact with Sultanate of Oman
-------------------------------------------------------------
Hindustan Petroleum Corporation Ltd, with a consortium led by
Oilex, Videocon, GAIL and Bharat Petroleum Corporation Limited,
has signed an exploration and production sharing agreement for
Block No. 56 with the Sultanate of Oman on June 28, 2006.

This is the Corporation's first international exploration
venture where it would be having 12.5% participating interest in
the exploration, development and production phases.

             About Hindustan Petroleum Corporation

Mumbai-based Hindustan Petroleum Corporation Ltd
-- http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of  
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


GENERAL MOTORS: S&P's B Rating Remain on CreditWatch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services on June 27, 2006, said that
all its ratings on General Motors Corporation -- including the
'B' corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating-- remain on CreditWatch with
negative implications, where they were placed March 29, 2006.

The CreditWatch update follows GM's announcement that
approximately 35,000 hourly employees have agreed to participate
in GM's accelerated attrition program.  Although up to 5,000
Delphi Corporation employees can return to GM, GM seems poised
to reach its 2008 goal of reducing 30,000 manufacturing jobs
about two years early.  The program will reduce greatly the
number of idled employees currently in the long-term layoff pool
known as the "JOBS Bank."  GM expects to take a net after-tax
charge in the second quarter of about $3.8 billion, most of
which is not expected to be cash.

The attrition program announcement bolsters GM's progress in
reducing labor costs as part of turning around its troubled
North American operations.  

"Still, market share losses, and the need to execute on the
other cost-based aspects of the plan such as plant closings,
remain concerns," said Standard & Poor's credit analyst Robert
Schulz. The most pressing near-term issue is resolving several
issues concerning GM's exposure to Delphi, its former unit and
an important supplier.

"We expect GM's ratings to remain on CreditWatch for several
more months," Mr. Schulz continued, "because court hearings on
Delphi's motion to reject its labor contracts were adjourned
until Aug. 11, and hearings on Delphi's request to reject
unprofitable supply contracts with GM have also been postponed
until the same date.  But, we expect negotiations between
Delphi, the United Auto Workers, and GM to continue."

Delphi has offered its employees an attrition program similar to
GM's, and preliminary acceptance rates seem strong.  A lower
Delphi headcount is likely to be an important factor toward
resolving GM's exposure to Delphi.

GM's pending secured bank deal is considered an incremental
positive for GM's liquidity, even prior to establishment of the
new bank facility.  S&P believes that GM's liquidity is adequate
to meet near-term funding requirements, including payments to
participants in the accelerated attrition program.

                      About General Motors

General Motors Corp. -- http://www.gm.com/-- the world's  
largest automaker, has been the global industry sales leader for
75 years.  Founded in 1908, GM today employs about 327,000
people around the world.  With global headquarters in Detroit,
GM manufactures its cars and trucks in 33 countries, including
India.  In 2005, 9.17 million GM cars and trucks were sold
globally under the following brands: Buick, Cadillac, Chevrolet,
GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and
Vauxhall.  GM operates one of the world's leading finance
companies, GMAC Financial Services, which offers automotive,
residential and commercial financing and insurance.  GM's OnStar
subsidiary is the industry leader in vehicle safety, security
and information services.

General Motors made losses of around US$7.6 billion in its North
American automotive operations in 2005.  This included the costs
of decision to close down as many as 12 North American plants
and cut 30,000 jobs by the end of 2008.  The losses were also
due to charges related to factory job losses, its finance arm
GMAC and the bankruptcy of former subsidiary Delphi Corp.  GM
had to make these big restructuring announcements to cut costs
and return to profitability as soon as possible.  


SAMTEL COLOR: ICRA Downgrades Long-Term NCD Rating to LBB
---------------------------------------------------------
ICRA Limited has downgraded the rating for the INR250-million
Long-Term Non-Convertible Debenture Programme of Samtel Color
Limited to LBB from the LBBB- assigned earlier.  LBB is the
inadequate-credit-quality rating assigned by ICRA.  The rated
instrument carries high credit risk.

The downgrade of rating follows Samtel's delay in meeting its
repayment obligations against term loans from banks and
financial institutions because of the liquidity pressures
brought about by a sharp decline in the Company's income and
profits.  

With demand for the competing flat display panels growing in the
domestic market, realizations from sales of color picture tubes
-- Samtel's mainstay -- were affected significantly in 2005-06.  
This, in turn, led to the Company posting a steep decline in its
turnover and profits for 2005-06 over the previous fiscal.  The
rating action duly factors in Samtel's leading position in the
domestic market, and the Company's plans to introduce a product
range that meets the changing market demands better.

                    About Samtel Color Limited

Samtel Color Limited -- with an annual production capacity of
6.3 million CPTs -- is the largest domestic manufacturer of the
product.  As on March 31, 2005, Samtel's promoters Satish Kaura
and family held 58.84% of its equity, while the rest was held by
financial institutions, strategic investors, and the general
public.  The Company reported a profit after tax of
INR8.3 million on an operating income of INR7,831 million in
2005-06, as against a profit after tax of INR645 million on an
operating income of INR9,685 million in 2004-05.


SILVERLINE TECHNOLOGIES: Advisers Finalize Settlement Exercise
--------------------------------------------------------------
Silverline Technologies Ltd Company's restructuring adviser,
First Call India Equity Pvt Ltd, is now in the final stage of a
settlement process pursuant to the Company's resurgence strategy
announced last month.

Under the revamp plan, the Company will focus on the Business
Process Outsourcing and Information Technology consulting areas
of business through a mix of organic and M&A activities, the
Troubled Company Reporter - Asia Pacific reveals.

Silverline will scout for strategic partnership opportunities
worldwide while aiming for quality leadership at all levels.

A key focus area for the Company will be negotiating strategic
relationships in IT software development and maintenance and
product lifecycle management solutions as well as on the
customer care and service management and education segments.  In
customer care and service management, the scope of business will
cover help desk, network management, security and applications
support.

Another prime business focus segment will constitute Business
Process Outsourcing in the areas of finance and accounting,
legal, human resources, engineering and architecture, knowledge
management, animation and media and entertainment, the Company
informed the Bombay Stock Exchange.  

Silverline Technologies will also clear all outstanding issues
with its stakeholders, Mr. Subramanian said, while pointing out
that the Company will strive to increase both shareholder value
as well as transparency in its functioning.  

             About Silverline Technologies Limited

Mumbai-based Silverline Technologies Limited provides a
comprehensive set of eBusiness consulting and IT services
including strategic consulting, creative design, technology
integration and implementation, as well as management and
maintenance of Internet and Legacy applications.  The Company
focuses its market on telecommunication and financial services,
as well as banking and other related industries that use IBM
mainframes, client servers, ORACLE, SYBASE, intranet and web
technologies.  Operations of the Group are carried out in India.

The Company's problems began in 2001 when it suffered a decline
in profitability and increase in collection period resulting
from cash flow mismatches.  Subsequently, the Company closed
redundant facilities and trimmed payrolls as a result of the
slowing economy.  Aimed at leveraging its underutilized assets,
Silverline Technologies took up a restructuring exercise that
involves a proposal to hive off one or more of its undertakings
located in India.  The Company planned to sell, transfer, lease
or otherwise dispose of its Indian undertakings.  It also
proposed to raise additional resources either through debt or
equity and increase its authorized capital.


SVC SUPER CHEM: ICRA Suspends LD Rating
---------------------------------------
ICRA Limited has suspended the LD rating assigned to the Non-
Convertible Debenture Programme of SVC Super Chem Ltd.  ICRA
assigns LD rating to distressed bonds.

The suspension follows ICRA's inability to carry out a rating
surveillance with SVC not providing the relevant information as
sought by ICRA.

According to its suspension policy, ICRA may suspend any rating
outstanding if, in its opinion, there is insufficient
information to assess such rating during surveillance.  ICRA
will withdraw the rating in case it remains under suspension for
a period of three years.

Incorporated in 1989, SVC Super Chem is promoted by ATV group.  
The company is engaged in the manufacture of other organic
chemicals.  Its plants are located in Chhata at Mathura, Uttar
Pradesh, India.  


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

PERUSAHAAN LISTRIK: Government Repays Debt to State Oil Firm
------------------------------------------------------------
The Indonesian Government has offered to settle the outstanding
debts of state utility firm PT Perusahaan Listrik Negara owed to
state oil firm PT Pertamina, in light of Pertamina's threats to
cut off its fuel supply to the Company, the Jakarta Post
relates.

Pertamina had said that it would reduce its fuel deliveries to
PLN by 50% starting July 2006 if the Company would not repay the
installments on its IDR23.9-trillion overall debt.  This caused
concern as a reduction in fuel supplies could lead to massive
power blackouts, since most of PLN's power generation plants are
fuel-based.

According to PLN officials, the Company could not settle its
debt to Pertamina as it was awaiting its fuel subsidy from the
Government.

PLN's acting president, Djuanda Nugraha Ibrahim, said that the
Government agreed to swap part of PLN's debt to Pertamina for
Pertamina's debt to the Government.  The offset would cover
around IDR3.5 trillion in debt.

Mr. Ibrahim claimed that PLN only owed IDR17 trillion to
Pertamina, the Post reports.

                          *     *     *

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

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

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


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

JAPAN AIRLINES: Unable to Pay Dividends This Year
-------------------------------------------------
Japan Airlines Corp. informed its shareholders that it would not
be able to pay out dividends this year, due to a consolidated
net loss of JPY47.2 billion for the year ended March 3, 2006,
and a JPY26.8-billion operating loss, the Japan Times reveals.

JAL's departing chief executive officer, Toshiyuki Shinmachi,
apologized to shareholders and asked them to be patient.  He
explained that rising aviation fuel prices and several safety-
related incidents had reduced the Company's passenger volume.

Japan Times relates that several shareholders were irked by the
Company's excuses for failing to pay dividends, saying that
rival All Nippon Airways Co. paid out dividends despite the rise
in fuel prices, which is a worldwide problem and does not only
affect JAL.  All Nippon posted a net profit of JPY26.7 billion
for the business year ended March 3, 2006.

According to the report, shareholders also criticized the
internal disputes between JAL executives, voicing out their
concerns on whether the new management would be able to guide
the Company back to profit.

Newly appointed JAL Chief Executive Officer Haruka Nishimatsu
said he will prioritize uniting the Company and regaining public
trust, Japan Times states.

                          *     *     *

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia.  Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred.  Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States.  Rising aviation fuel prices compounded JAL's
situation.

The Troubled Company Reporter - Asia Pacific stated on
May 12 2006, that JAL posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents in 2005 that caused
passengers to shift to its rival All Nippon Airways, and an
increase in aviation fuel costs.

Japan Airlines currently needs to refinance a JPY100-billion
debt in order to graduate from rehabilitation by its March 2007
deadline.


SUMITOMO METAL: Investors File Suit Over Alleged Bid Rigging
------------------------------------------------------------
Shareholders of Sumitomo Metal Industries Ltd. filed a class
action suit against the Company's management with the Kobe
District Court over an alleged rigging of bids for steel bridge
construction public works projects, the Jiji Press reports.

According to the suit, Sumitomo Metal paid fines of
JPY135 million in May for rigging bids for public bridge
construction projects between April 2002 and October 2004.  
Shareholders claim that Sumitomo's management failed to
establish an effective inner control system to prevent their
respective companies from becoming involved in bid rigging.

The suit seeks compensation totaling JPY35 million for damages
from three company executives, including Chairman Hiroshi
Shimozuma.

A spokesman for Sumitomo Metal said that the Company cannot
comment on the issue as it has yet to receive a written
complaint from the plaintiffs.

Sumitomo Metal -- http://www.sumitomometals.co.jp/-- is one of
Japan's leading seamless pipe producers; it also makes steel
sheets, steel construction materials and industrial components.
It also manufactures wheels, axles, and other components in the
manufacturing of trains.  SMI also offers engineering services
for construction, energy facilities, and environment
regenerating.


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

DAERIM CORPORATION: Ottogi Chosen as Preferred Bidder
-----------------------------------------------------
Ottogi Corp., a South Korean food processor, secured exclusive
rights to negotiate to buy fish products company Daerim Corp.,
Bloomberg News reports, citing a creditor bank.

Woori Bank told Bloomberg in an e-mail statement that if no deal
is struck between Ottogi and Daerim, a group led by KDB Capital
Corp., a unit of state-run Korea Development Bank, will be able
to negotiate about a sale.

More than 10 bidders originally vied for Daerim and submitted
letters of intent to Samil PricewaterhouseCoopers LLP, which
arranged the sale.

Woori Bank and other creditors own 92.5% of Daerim after they
bailed the Company out of bankruptcy in 2002.

Daerim posted an annual net income of KRW11.60 billion for the
fiscal year 2005/06 ending March 31, 2006, a 49.44% increase
from the KRW7.76-billion net income for the fiscal year ended
March 31, 2005.

Daerim Corporation -- http://www.daerimi.com/-- specializes in  
deep sea fishing of pollock, cod, tuna, mackerel, and squid.  
The Company's fishing territories cover domestic coastal areas,
the North Pacific, South Atlantic, Western Africa, and Southeast
Asia.  Daerim also manufactures, wholesales, and resells raw
fish and processed frozen seafood.


DAEWOO PRECISION: S&T Dynamics To Buy Firm for KRW126.4 Billion
---------------------------------------------------------------
S&T Dynamics Co., an auto parts maker, and a group of investors
will buy a controlling stake in Daewoo Precision Industries Co.
for KRW126.4 billion, Bloomberg News reports.

The S&T Dynamics Group signed a contract to buy 51% of Daewoo
Precision's common shares and 100% of its preferred stock from
creditors, Bloomberg says, citing a regulatory filing by the
Company.

According to the report, the S&T Dynamics Group is the second
preferred bidder after Hyosung Corp.  Daewoo Precision creditors
scrapped talks with Hyosung late in 2005.

State-run restructuring agency Korea Asset Management Corp. owns
34% of Daewoo Precision, while Seoul Guarantee Insurance Co.
holds 19.7% and Woori Bank has 6.9%.

Asia Times relates that in a statement to the National Assembly,
KAMCO said that it plans to wrap up sales in Daewoo Precision
before the end of the year.  

                         About KAMCO

Korea Asset Management Corp. was set up in 1997 to manage bad
loans from troubled financial companies in the wake of a
financial meltdown that hit Asia's third-largest economy in late
1997.

The asset management company said that it plans to buy
KRW1.6 trillion worth of bad loans from non-banking financial
institutions in 2006.

                   About Daewoo Precision

Headquartered in Busan, South Korea, Daewoo Precision Industries
Co., Ltd. -- http://www.dwpi.co.kr/-- is a specialized auto  
parts manufacturing company, which has been spun off in Feb. 6,
2002, as a well performing company with sound assets and an
industry average level of debt to equity ratio.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
February 20, 2006, that Daewoo Group collapsed after borrowing
heavily to finance expansion.  The blow to the Group came with
the 1997 Asian financial crisis, with a debt of around
US$80 billion as of July 1999.

As stated in that TCR-AP report, five former affiliates of
Daewoo Group, which individually went bankrupt and were
separated from the group in 1999, had been up for sale:

   1. Daewoo Engineering & Construction Co.,
   2. Daewoo International Corp.,
   3. Daewoo Shipbuilding & Marine Engineering Co.,
   4. Daewoo Electronics Corp., and
   5. Daewoo Precision Industries Co.


DAEWOO SHIPBUILDING: KDB Mulls Stake Sale in 2006
-------------------------------------------------
Korea Development Bank is looking into selling its 31% stake in
Daewoo Shipbuilding & Marine Engineering Co. later this year,
according to a Bloomberg News report.

KDB Deputy Governor Kim Jong Bae said that the bank is waiting
for a proposal from a consulting company on the sale method of
its stake in Daewoo Shipbuilding.  The bank expects the proposal
to be in by September or October.

According to Bloomberg, KDB is also consulting on the
shipbuilder's ideal ownership structure and on the effects if
the bank kept its stake.

KDB holds the largest stake in Daewoo Shipbuilding, followed by
state-run Korea Asset Management Corp. with a 19% stake.  Both
parties stated in 2005 that they would consider selling their
shares in Daewoo this year.

                       KAMCO Is Different

Mr. Kim, however, said that KBD and KAMCO has different
approaches when it comes to Daewoo Shipbuilding.

"Korea Development had a different motivation than Korea Asset
Management in holding the Daewoo shares.  Korea Development was
involved in the shipbuilder's establishment and development.
Korea Asset, which liquidates non-performing assets at financial
companies, became one of Daewoo's shareholders after it swapped
some debts.  Korea Asset's mission is to maximize returns on its
investments," Mr. Kim said.

               About Daewoo Shipbuilding and Marine

Headquartered in Seoul, South Korea, Daewoo Shipbuilding and
Marine Engineering Co. -- http://www.dsme.co.kr/-- has  
developed into one of the world's premium specialized
shipbuilding and offshore contractor that builds various
vessels, offshore platforms, drilling rigs, floating oil
production units, submarines, and destroyers.  The shipbuilder
has been under a creditors-led corporate restructuring program
since 1999 along with some other affiliates after its parent,
Daewoo Group, collapsed under heavy debt exposure.  Daewoo
Shipbuilding is up for sale and the Korea Development Bank and
Korea Asset Management Corporation plan to start the sale
process of their remaining stakes in the second half of 2006.


HYUNDAI ENGINEERING: Gets US$203-Million Dubai Deal  
---------------------------------------------------
Hyundai Engineering & Construction Co. Ltd. has clinched a
US$202.6-million order from Dubai Ports World as part of the
United Arab Emirates' large-scale port expansion plan, the
Korean Times reports.

Under the deal, Hyundai Engineering will construct nine
buildings for a new terminal, and reclaim land from the sea at
Jebel Ali Port, which is the largest port in the Middle East.

                    About Hyundai Engineering  

Headquartered in Seoul, South Korea, Hyundai Engineering &  
Construction Company Limited -- http://www.hdec.co.kr/-- is  
involved in civil engineering, housing development projects and
other contracted construction works in South Korea and
internationally.  Its operations fall into the following key
areas: building, civil works, plant and power works.  Within the
building and housing section, HDEC is involved in construction
and architecture, and has been involved in residential,
commercial and institutional building projects.

The Troubled Company Reporter - Asia Pacific reported on
December 17, 2003, that the creditor banks of Hyundai
Engineering agreed to roll over its debts, which amount to
KRW6 trillion, starting 2004.  The debt extension is valid until
2006 and applies to KRW1.72 trillion in loans that come due
beginning 2004 and about KRW4 trillion in loan guarantees
related to construction activities.

The TCR-AP reported that Hyundai Engineering ran into a
liquidity problem in 2000 after extending massive subsidies to
prop up its weak subsidiaries and loss-making businesses.  Huge
outstanding debts in Iraq further strained the contractor's
finances.

Creditors of Hyundai Engineering & Construction Co. relinquished
direct control of Korea's top builder in May 2006, more than
five years after it lapsed into a liquidity crisis.


LG CARD: Delinquency Rate Falls 6.18% in May
--------------------------------------------
LG Card Co.'s delinquency rate fell to 6.18% in May 2006
compared to a month earlier, Bloomberg News reports, citing a
regulatory filing to the Korea Stock Exchange.

The delinquency ratio, comprising of loans overdue for more than
30 days as well as refinanced debt, is a decline from 6.24% in
April.  According to The Korea Times, April's result represented
a 0.26 percentage point decline from March.  The April 2006
figure is below that of the 10.93% in April 2005.

The Korean Times relates that LG Card attributes its lower
default rate to active write-offs of its bad assets.  The
Company's risky assets amounted to KRW1.7 trillion in April
2006, down 3.4% from a month earlier and 40.4% from a year
earlier.

                       About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services  
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.  At the end of October 2003, LG Card had
KRW3.24 trillion more debt than assets and had faced threats of
liquidity crisis and court receivership.  LG Card has been in
the hands of creditors since it was rescued from bankruptcy
through a KRW5-trillion debt-for-equity swap and a further KRW1-
trillion bailout in late 2004.  Creditors are hoping to recover
the bailout amount through a sale of the credit card issuer.

LG Card made a recovery in 2005 after posting a net profit of
KRW1.36 trillion.


NCSOFT: Downsizes U.S. Workforce by 25%
---------------------------------------
NCsoft Corp. is laying off 70 of 300 employees in its United
States operations due to a slowdown in game sales, The Korea
Times reports.

The computer game maker is getting rid of most of 25% of its
U.S. workers, mostly support staff, for the first time since it
started operating in North America in 2001.  NCsoft's U.S.
business is based in Austin, Texas.

NCsoft Public Relations Manager Min Ji-sun, however, clarifies
that the move is not because the Company failed, but due to the
fact that the game industry is "volatile and dynamic" and that a
restructuring was necessary to cope up.

NCsoft has enjoyed worldwide success of its multi-player online
games like "Guild Wars" and "City of Heroes."  The Company
recorded KRW339 billion in global sales in 2005 with an
operating profit of KRW76 billion.

                            Glitches

NCsoft began to suffer from slow sales since late 2005.  Its
latest game "Auto Assault" did not do as well as expected.  
Another project, "Tabula Rasa," had also been delayed, affecting
the firm's profitability.

In its report to investors last month, NCsoft indicated that it
expected an operating profit of KRW57 billion this year, which
is 25% less than 2005.

The Korea Times cites F13.net, a U.S. game webzine, as relating
that the subscriber number of its "City of Heroes" games has
declined to just over 100,000, while "Auto Assault" never had
more than 10,000 users.

                         Identity Theft

NCsoft is facing an identity theft class action.  The Class
Action Reporter stated on March 30, 2006, that 8,574 people are
seeking US$1,026 each in damages for their stolen identities.
  
The suit arose after it was discovered that some players of
online game "Lineage" were using identities of others that they
obtained from the Internet or through other illegal channels.   
It estimated up to 1.22 million identities theft.

In a subsequent report on May 4, 2006, the Class Action Reporter
said that Company plans to appeal a court ruling that ordered it
to pay about US$500 each to five players of its popular online
game, "Lineage II."  According to the CAR report, while the
damages awarded were small, the case is dangerous for NCsoft
"because it could provide fuel for claimants who are demanding  
millions of dollars in another, much larger, identity theft
case."

The Company, which has strongly denied liability, would
potentially face claims of more than US$1 billion if the class
action were to succeed in its present form.

                          About NCsoft

Headquartered in Seoul, South Korea, NCsoft --
http://www.ncsoft.com/-- is the world's largest independent  
online game company. Established in 1997 as a systems
integration company, NCsoft leapt forward to become the world's
leading online game software company.  In Korea, its blockbuster
hit game "Lineage" commands a 47% market share and attracts the
greatest number of concurrent users in the world.  Currently
there are more than four million active subscribers worldwide
playing Lineage.

NCsoft Austin is a subsidiary of NCsoft.


* Record KRW73.2 Billion Fine for Illegal Subsidies
---------------------------------------------------
South Korean wireless operators were slapped with the heaviest-
ever fines of KRW73.2 billion for handset subsidies exceeding
legal guidelines, The Korea Times reports.

The Korea Communications Commission, Korea's telecom regulator,
said that four carriers -- SK Telecom, KTF, LG Telecom and KT --
had engaged in subsidy-related illegalities for the past two
months.  KCC Secretary General Chung Jong-ki said KCC
investigators found that the four paid out an average of
KRW110,000 in unlawful subsidies on top of allowed subsidies.

The Times explains that mobile operators are currently permitted
to offer handset subsidies as long as they provide them at
preset rates, which are reported to the Government.

According to The Times, SK Telecom was ordered to pay
KRW42.6 billion in fines, the biggest amount slapped by the KCC.  
KTF and LG Telecom faced fines amounting to KRW12 billion and
KRW15.1 billion.

KT, Korea's top landline telecom carrier that runs its own
mobile telephony service in collaboration with wireless arm KTF,
was also ordered to pay KRW3.6 billion in fines.

The report says that the stiff competition on the mobile
landscape prompted the carriers to offer excessive subsidies,
which caused the KCC to act sternly.  The commission has also
signified its intention to mete out business suspension if the
operators continue to break subsidy-associated rules.


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

AYER HITAM: Court to Decide on Creditors Meeting on August 18
-------------------------------------------------------------
An application filed by Ayer Hitam Tin Dreding Malaysia Berhad
and subsidiaries Motif Harta Sdn Bhd and Pembinaan AHT Sdn Bhd
to postpone a creditors' meeting to a yet undetermined date was
approved by the High Court of Kuala Lumpur on May 17, 2006.

In an update on June 28, 2006, a High Court Judge directed the
parties to put in their written submissions within the
stipulated timeframe.  The matter is now fixed for decision on
August 18, 2006.

The Group's application is in respect of its proposed
restructuring scheme, which was announced on August 17, 2005.

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of May 31, 2006, Ayer Hitam's payment defaults have reached
MYR40 million.  The Company has presented a restructuring
proposal, which was rejected by the Securities Commission after
determining that the Scheme is not a comprehensive proposal
capable of resolving all the financial issues faced by the
Company.   

The Proposed Restructuring Scheme includes provisions on:

     * capital reduction;
     * amendments to the company's Memorandum of Association;
     * rights issue;
     * private placement;
     * debt settlement; and
     * disposal of Motif Harta Sdn Bhd.


AYER MOLEK: Unveils AGM Results
-------------------------------
All resolutions tabled at The Ayer Molek Rubber Company Berhad's
19th Annual General Meeting held on June 28, 2006, have been
duly approved by the Company's shareholders.

During the meeting, the Company's members:

   -- received and adopted the audited financial statements
      of the Company for the year ended December 31, 2005,
      together with the related reports of the Directors and
      Auditors;

   -- re-elected as director Raja Dato' Abdul Rashid Bin Raja
      Badiozaman;

   -- approved the payment of Directors' fees of MYR20,000 for
      the year ended December 31, 2005; and

   -- reappointed Moores Rowland as auditors for the ensuing
      year and to authorize the board of directors to fix the
      auditors' remuneration.

                 About Ayer Molek Rubber Company

Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has suffered recurring losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.   

For the quarter ended March 31, 2006, the Group booked a net
loss of MYR281,000 and no revenue.  No dividend has been paid or
proposed.  The Company's March 31, 2006, balance sheet showed
tight liquidity with current assets of MYR1,037,000 available to
pay current liabilities of MYR5,503,000 coming due in the next
12 months.


BUKIT KATIL: Unable to Settle Default Due to Insolvency
-------------------------------------------------------
Bukit Katil Resources Berhad's board of directors believes that
the Company is insolvent, and is unable to pay its debt in full
within the next 12 months.

As of May 31, 2006, the Company's loan facilities that are in
default include:

   -- MYR58,147,566 to Bumiputra Commerce Bank Berhad;

   -- MYR7,468,411 to OCBC Bank (Malaysia) Berhad; and

   -- MYR7,181,876 to Alliance Merchant Bank Berhad.

An application in relation to a proposed debt restructuring
scheme had been submitted to the Securities Commission on
December 16, 2005.  The Securities Commission subsequently
rejected the application on May 10, 2006.  The Company's board
of directors is currently deliberating its next course of action
and an announcement will be made in due course.

                    About Bukit Katil Berhad

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


CHG INDUSTRIES: Court Denies RO Extension Against Bourse
--------------------------------------------------------
The Kuala Lumpur High Court, on June 27, 2006, struck out CHG
Industries Berhad's application to extend a restraining order
aimed at blocking proceedings by Bursa Malaysia Securities
Berhad to delist CHG's securities from the Official List.

However, the Court adjourned to September 27, 2006, the hearing
on the Company's application to extend the Restraining Order
that would bar creditors from pursuing legal actions.

The Restraining Order was granted in favor of CHG Industries and
its two subsidiaries, Cheng Hin Timber Industries Sdn Bhd and
CHG Plywood Sdn Bhd, by the Kuala Lumpur High Court on August 2,
2004.  The purpose of the Order is to restrain any secured or
unsecured creditor from initiating legal proceedings against the
Company and its subsidiaries.

The Restraining Order has already been extended several times
upon the Company's request.

                  About CHG Industries Berhad

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


CME GROUP: Holds 10th Annual General Meeting
--------------------------------------------
The shareholders CME Group Berhad approved and adopted all
resolutions tabled at the Company's 10th Annual General Meeting
held on June 28, 2006.

During the meeting, members were asked to:

   -- receive and adopt the Financial Statements for the year
      ended December 31, 2005, together with the reports of the
      directors and auditors;

   -- re-elect Dato' Khairi Bin Mohamad as director;

   -- approve the Directors' fees;

   -- reappoint Messrs Deloitte & Touche as Auditors and to
      authorize the Directors to fix their remuneration; and

   -- empower the Directors to issued shares of the Company
      provided that the aggregate number of shares issued
      pursuant to this resolution shall not exceed 10% of the
      Company's issued capital.

The meeting was held at the Mutiara Room of Empress Hotel, Jalan
ST 1C/7, Medan 88, Bandar Baru Salak Tinggi, in 43900 Sepang,
Selangor Darul Ehsan.

                    About CME Group Berhad

Headquartered in Selangor, Malaysia, CME Group Berhad is
involved in investment holding.  The Company has been
continuously incurring losses in the past years due to high
administrative and operating expenses.  For the first quarter
ended March 31, 2006, the Group suffered a net loss of
MYR496,000, while its balance sheet showed a net deficit of
MYR11,775,000.


CME GROUP: SC's Rights Issue Warrants Approval Expires
------------------------------------------------------
The Securities Commission's approval for the CME Group Berhad's
Rights Issue with Warrants proposal expired on June 16, 2006,
after the Company failed to complete the exercise on the
scheduled date.

In relation to the expiry of the Rights Issue, CME Group will be
arranging for a loan from a financial institution to fund part
of the purchase consideration for the Shoplot Acquisition
amounting to MYR8.5 million.  The Shoplot Acquisition was
earlier proposed to be funded from part of the proceeds from the
Rights Issue.

In this regard, the Company and Muara Segar (M) Sdn Bhd had
mutually agreed to extend the time for completion of the Shoplot
Acquisition up to December 31, 2006.

                     About CME Group Berhad

Headquartered in Selangor, Malaysia, CME Group Berhad is
involved in investment holding.  The Company has been
continuously incurring losses in the past years due to high
administrative and operating expenses.  For the first quarter
ended March 31, 2006, the Group suffered a net loss of
MYR496,000, while its balance sheet showed a net deficit of
MYR11,775,000.


LITYAN HOLDINGS: Shareholders Okay All AGM Resolutions
------------------------------------------------------
All resolutions proposed at Lityan Holdings Berhad's 13th Annual
General Meeting on June 28, 2006, were duly passed by the
Company's shareholders.

During the meeting, members were asked to:

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

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

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

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

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

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

                  About Lityan Holdings Berhad

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

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


MALAYSIA AIRLINES: Sells Headquarters to Fund Turnaround
--------------------------------------------------------
Malaysia Airlines has decided to divest its head office building
in Kuala Lumpur to Permodalan Nasional Berhad for
MYR130 million, The Star Online reports.

The asset disposal is aimed at raising cash to fund the
carrier's three-year revival program, ABC Asia Pacific News
relates.

As reported by the Troubled Company Reporter - Asia Pacific, the
carrier is disposing of its non-core assets to initially boost
cashflow.  In this regard, CB Richard Ellis was chosen to assist
the airline in a major restructure of its property portfolio.

In a statement to Bursa Malaysia Securities Berhad, Malaysia
Airlines revealed that the net book value of the 35-storey
airline and ticketing business headquarters was MYR81.2 million
at the end of December 2005.

On completion of the sale, Malaysia Airlines expects to realize
a gain of MYR46 million, the statement said.

Moreover, Malaysia Airlines told The Star that PNB has agreed to
a two-year tenancy agreement, which would allow the carrier to
rent certain parts of the building after the sale.

                    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.


MBF HOLDINGS: Court to Hear AmFinance Case on August 28
-------------------------------------------------------
The Kuala Lumpur High Court has adjourned for mention on
August 28, 2006, the pre-trial case management relating to MBf
Holdings Berhad's case against AmFinance Berhad.  The case was
initially heard on June 28, 2006.

The Troubled Company Reporter - Asia Pacific recounts that on
November 5, 2004, MBf Holdings and its subsidiaries, Alamanda
Development Sdn Bhd and MBf Project Management Sdn Bhd served a
Writ of Summons against AmFinance Berhad.

The Writ was filed following a demand by AmFinance for payment
of debts allegedly owed by Alamanda on loan facilities in the
aggregate of MYR132.9 million as of August 31, 2004, plus
accrued interest at 2.5% above the Base Lending Rate per annum
and additional default interest of 1% per annum on the principal
sum of approximately MYR103.15 million, from September 1, 2004,
until date of full payment.  The Alamanda loan was purportedly
guaranteed by MBf Holdings.

The Plaintiffs' claims are for the relief of:

   -- a declaration that the Deed of Novation dated April 1,
      2000, between MBF and Alamanda, and the Defendant is
      void and unenforceable;

   -- a declaration that the Deed of Novation dated April 1,
      2000, between the 2nd Alamanda and MBf Project, and the
      Defendant is void and unenforceable; and

   -- a declaration that the Corporate Guarantees dated
      September 14, 1996, January 16, 1997, January 17, 1997,
      June 26, 1997, June 12, 2000, by MBf Holdings in favor of
      the Defendant are void and unenforceable.

The Plaintiffs are advised that the action against the Defendant
is premised on a sound legal basis.  Save as disclosed, the suit
does not have any material financial impact on the Plaintiffs.

                       About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action.  The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


PETALING TIN: Proposed Acquisition Wins Shareholders' Nod
---------------------------------------------------------
At Petaling Tin Berhad's extraordinary general meeting on
June 28, 2006, shareholders approved the Company's proposed
acquisition of all of Terus Idaman Sdn Bhd's rights, title,
interests and obligations for the remaining term of 87 years of
Terus Idaman's sub-lease for a parcel of leasehold land for a
total cash consideration of MYR38 million.

The Troubled Company Reporter - Asia Pacific recounts that the
Proposed Acquisition obtained the approval of the Foreign
Investment Committee on June 8, 2006.

The FIC stated that it has no objections to the Proposal
provided that:

   -- the property acquired will be developed as housing or
      commercial projects, and at least 75% of the total value
      of building materials and fittings used for the
      construction project should be of local materials; and

   -- the Company will submit a certification issued by a
      certified consultant regarding the total value of the
      local building materials and fittings used within six
      months after the commencement of the construction
      project or upon the completion of the project.

                   About Petaling Tin Berhad

Headquartered in Kuala Lumpur, Malaysia, Petaling Tin Berhad
engages in property development, property investment and
investment holding.

The Company has applied to regularize its financial condition
after incurring substantial losses in the past years.  In
September 2005, the Company was released from the Practice Note
17 category after its quarterly report for the period ended July
31, 2005, showed that the Company's business or operations
generated a revenue on a consolidated basis of MYR66.946
million, which represents more than 5% of the issued and paid-up
capital of the Company.  The Company is continuously working on
its recovery.

For the first quarter ended January 31, 2006, Petaling Tin
Berhad has recorded a pre-tax loss of MYR1,884,386, as compared
to pre-tax loss of MYR407,372 for the quarter ended January 31,
2005.  Despite the losses, financial year 2006 is expected to be
positive in view of the Government's recent fiscal measures to
rebuild overall consumer confidence.


PROTON HOLDINGS: Expert Commends Firm for Selling MV Agusta
-----------------------------------------------------------
An expert on the global automotive industry lauded Proton
Holdings Berhad for getting out of the MV Agusta deal at the
right time, The Star Online relates.

Speaking at a business conference on June 27, 2006, Professor
Garel Rhys said that the Malaysian carmaker was right in its
decision to sell MV Agusta and concentrate on enhancing its car
models instead of going into the motorcycle business, The Star
says.

Mr. Rhys explained that Proton did not have enough human capital
to turn both itself and MV Agusta around.  

"MV Agusta would have taken a considerable amount of funds and a
long time to turn around," Mr. Rhys said, adding that its
unusual shareholding structure also did not help.  Mr. Rhys said
Proton needed new products, though it had to be careful that the
development was not financed via cash.

The Minority Shareholder Watchdog Group has put an end to the
issues shrouding Proton Holdings Berhad's disposal of Italian
bike maker MV Agusta, the Troubled Company Reporter - Asia
Pacific recounts.  The watchdog released its decision after
Proton has made all the necessary explanations regarding the
sale.  The MSWG confirmed that the disposal was appropriate as
MV Agusta was mired in losses and debts.

Former Proton chief executive officer Tengku Mahaleel Tengku
Ariff criticized Proton Holding's rationale for selling the
firm's stake in MV Agusta for EUR1, or MYR 4.44.  He rejected
the Board's explanation that it sold its MV Agusta shares for a
meager price because Agusta was losing money and that Proton had
spent MYR500 million on the premium bike maker.  He insisted
that maintaining the stake would have been good for the national
carmaker and agreed an independent inquiry should be established
to settle the matter once-and-for-all.

However, MSWG believed that the Board has given careful
consideration to what it considers to be the right decision.

                     About Proton Holdings

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

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

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


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

VITARICH CORP: Amends By-Laws on Voting Trust Agreements
--------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Vitarich Corp.
reveals that its Board of Directors amended the Company's by-
laws at its regular meeting held on June 29, 2006:

The amended portion pertains to Article XIII, Voting Trust
Agreements.  The Amended By-Law now contains these provisions:

   Section 52. Any voting trust agreement executed by
   stockholders in relation to the Corporation's loans from
   banks will be filed with the Securities & Exchange Commission
   only when the creditor banks formally declare the Corporation
   in payment default, and the voting trust agreement will not
   be effective and enforceable until certified copies are filed
   with the Corporation, through the President or the Secretary,
   and with the SEC, in accordance with the Corporation Code of
   the Philippines and other applicable laws, rules and
   regulations.

   Section 53. Within a period of five business days from the
   filing with the Corporation of a certified copy of the voting
   trust agreement duly received by the SEC, the Corporation
   will cancel the stock certificates in the manes of the
   trustors and issue new stock certificates covering the shares
   in the name of the voting trustees, stating that the same are
   being issued pursuant to the voting trust agreement in the
   Corporation's books.  It will be noted that the transfer in
   the name of the voting trustees is made pursuant to the
   voting trust agreement.

   Section 54. If after the expiration of the 5 business days,
   the Corporation (or any of its officers, including the
   Secretary) fails or refuses to cancel the stock certificates
   in the names of the trustors and issue new stock certificates
   in the name of the voting trustees pursuant to the voting
   trust agreement:

   a. the voting trustees will have the right to vote on the
      shares covered by the voting trust agreement; and

   b. an assistant secretary, who will be appointed by the
      voting trustees through their representatives in the
      Corporation's Board of Directors, will cancel and issue
      new stock certificates in the name of the trustees.  The
      assistant secretary will be appointed from among those
      nominated by the representatives of the creditor banks in
      the Corporation's Board of Directors upon demand of the
      voting trustees concerned.

The Company has authorized the Corporate Secretary to act on its
behalf in securing the necessary approval from the SEC to effect
the amendments of the By-Laws of the Corporation.

                          *     *     *

Vitarich Corporation was incorporated and organized in the
Philippines.  As at Dec. 31, 2005 and 2004, the Company holds
100% interests in Philippines' Favorite Chicken, Inc. and
Gromax, Inc., both domestic corporations.  The Company is
presently engaged in poultry breeding and in the manufacture and
distribution of various poultry products such as chicken, animal
and aqua feeds, and day-old chicks, among others.

After auditing Vitarich's 2005 annual report, Punongbayan &
Araullo raised substantial doubt the Company's ability to
continue as a going concern, due to significant losses for the
past three years, including net losses worth PHP249.3 million in
2005 and PHP291.2 million in 2004, resulting in significant
deficit amounting to PHP1.8 billion as of Dec. 31, 2005.


* Japanese Rating Firm Raises Philippine Outlook to Stable
----------------------------------------------------------
Japanese Rating & Investment Information Agency raised its
credit outlook for the Philippines from negative to stable and
affirmed its credit rating at BBB-, Malaya News relates.

The rating agency hailed the Government's efforts in its aim for
fiscal reconstruction, particularly its implementation of the
expanded value-added tax, according to ABS-CBN News.  The
Government's firm stand on fiscal reconstruction may increase
its credit rating, the agency said.

However, R&I will monitor the Government's ability to attract
investors to its growth sectors, such as business process
outsourcing, and the impact of fiscal reforms on the country's
political situation, Malaya News says.  The VAT implementation
is slated to raise revenues by .4% of the country's gross
domestic product, enabling the Government to balance its deficit
by 2008, leading to controlled interest payments and protection
against interest-rate fluctuations.

R&I said that remittance by overseas Filipino workers have
helped to stabilize the foreign exchange rate, and offset
foreign trade deficits, adding that the Government should
concentrate its efforts on creating employment and
infrastructure developments.


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

DMC CREATIVE: Creditors' Proofs of Claim Due on July 23
-------------------------------------------------------
Liquidators Lau Chin Huat will be receiving proofs of claim from
creditors of DMC Creative Pte Limited by July 23, 2006.

Failure to prove claims by the due date will exclude any
creditor from sharing in the Company's dividend distribution.

Contact: Lau Chin Huat
         Liquidator
         c/o 6 Shenton Way #32-00
         DBS Building Tower Two
         Singapore 068809


G15 INVESTMENT: Intends to Declare Creditors' Dividend
------------------------------------------------------
G15 Investment Holdings Pte Limited notifies parties-in-interest
of its intention to declare a dividend to creditors.

In this regard, the Company's creditors are required to file
their proofs of debt by July 24, 2006, for them to share in the
Company's dividend distribution.

Contact: Lim Say Hui
         Liquidator
         101 Thomson Road
         #28-03A United Square
         Singapore 307591


LINEFUSION PTE: Creditors Must Prove Debts by July 24
-----------------------------------------------------
Creditors of Linefusion Pte Limited are required to prove their
debts by July 24, 2006, in order to share in any distribution
the Company will make.

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


MITSUI O.M.T.: Liquidators to Receive Claims Until July 24
----------------------------------------------------------
Mitsui O.M.T. Pte. Limited notifies parties-in-interest of its
intention to declare a dividend pursuant to an order by the High
Court of Singapore.

Creditors are requested to file their proofs of claim with
Liquidators Bob Yap Cheng Ghee and Neo Ban Chuan by July 24,
2006, in order to share in the dividend distribution.

Contact: Bob Yap Cheng Ghee
         Neo Ban Chuan
         Liquidators
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


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

NAKORNTHAI STRIP: Analysts Positive on G Steel Deal
---------------------------------------------------
Analysts are positive and said that G Steel Plc's acquisition of
convertible debt claims of Nakornthai Strip Mill Plc, making it
the major shareholder in NSM, is a win-win deal for both
companies, The Nation says.

The Troubled Company Reporter- Asia Pacific reported on June 28,
2006, that G Steel would invest US$180 million to buy a secured
right which will be used to convert Nakornthai Strip's debt into
equity.

According to The Nation, while G Steel would have the burden of
paying Nakornthai's loan and a THB2.2-billion capital increase
shares issuance to finance the deal, the acquisition would be
advantageous to both parties in terms of synergy.

Ayudhya Securities analyst Natanee Savirasarid told The Nation
that the new shares to be issued by G Steel would create a
dilution effect of about 16%, subsequently lowering G Steel's
fair value from THB1.64 to THB1.38 per share.

Ms. Savirasarid said that Nakornthai would also benefit from the
deal because its creditors would have greater confidence in its
debt-servicing ability.  However, she note that Nakonthai had
yet to be included in the broker's "buy" recommendation list.

An analyst at Merchant Partner Securities also said that the
deal would slim down the companies' production costs and sharpen
competitiveness, The Nation relates.  According to the MPS
analyst, G Steel's debt-to-equity ratio would be raised from
0.28 times to 0.42 after it borrows the funds and issues shares
in exchange for buying the US$180-million convertible claims
from On City Holding.

Furthermore, Globlex Securities told The Nation that G Steel's
costs from incurred interest is projected to increase by
THB116 million in 2006 and another THB470 million next year.

"Whether the deal is worthwhile depends on the benefits from
synergy.  We are reviewing their performance and studying the
comments about the business outlook from executives," Globlex
said.

The Troubled Company Reporter - Asia Pacific recounts that
Standard & Poor's placed the G Steel's B+ rating on creditwatch
with negative implications, while Moody's Investors Service
placed G Steel's B1 corporate family rating and senior unsecured
bond rating on review for a possible downgrade after the
Nakornthai deal.

                          *    *    *

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.


* American Companies Anxious at Country's Political Turmoil
-----------------------------------------------------------
The current political climate in Thailand resulted to loss in
foreign direct investment from American companies as they shift
investment to Malaysia, The Nation reports.

According to the report, U.S. companies are putting their
investments for Thailand on hold while waiting for the political
condition in the country to return to normal.

Meanwhile, Malaysia and other neighboring countries could
benefit from the current situation if they play their cards
well, The Nation relates.

Various organizations connected with foreign trade and
investments believe that U.S. corporations are likely to take a
wait-and-see approach before taking decisions on investing in
Thailand because of its current uncertain situation, the report
says.

U.S. corporations are particularly worried that a new government
might come out and change some of the policies of the previous
government concerning foreign investment.

Thailand is currently preparing for its October 2006 national
election.


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

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

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd. AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       132.81     -45.03
Tooth & Company Limited           TTH        99.25     -74.39
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.29     -71.23
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        61.49     -17.88
Gold-Face Holdings Limited        396       193.41     -28.41
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-B               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd.  600385       19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        50.08    -206.09
Shenz China Bi-B               200017        50.08    -206.09
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        13.82      -4.67
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.    600715       49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        55.29     -46.27
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

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

JAPAN

Hanaten Co., Ltd.                9870       167.79      -1.63
Mamiya-OP Co., Ltd.              7991       152.37     -67.11
Montecarlo Co. Ltd.              7569        66.29      -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771        24.33      -0.59
Sumiya Co., Ltd.                 9939        89.32     -11.57
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

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

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        32.94     -35.77
Cyber Bay Corporation            CYBR        11.54     -58.06
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        33.30      -5.80
Filsyn Corporation                FYN        19.20      -8.83
Filsyn Corporation               FYNB        19.20      -8.83
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        17.34      -9.59
Gotesco Land, Inc.                GOB        17.34      -9.59
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI       105.76     -83.47
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings       UNI        22.71      -2.38
Company Inc.
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Uniwide Holdings Inc.              UW        61.45     -30.31
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        18.68      -6.50
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        69.38     -10.18
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        27.59      -6.73
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC        11.63      -7.88
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

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

THAILAND

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





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S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Catherine Gutib, 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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