TCRAP_Public/060707.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, July 7, 2006, Vol. 9, No. 134

                            Headlines

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

ARROW CONSTRUCTIONS: Court Orders Wind-Up
BALLARAT CENTRAL: Winds Up Business Operations
BARDEN CONSTRUCTION: Faces Liquidation Proceedings
BEARINGS INCORPORATED: To Declare its First and Final Dividend
BILL BUNDY: Members Decide to Shut Down Business Operations

BRAMPTON FISHING: Receiver and Manager Cease to Act for Company
CHRIS EDDY: Court Issues Wind-Up Order
CLINICAL DATA: Deloitte & Touche Raises Going Concern Doubt
CLINICAL DATA: Announces US$17 Million Private Placement
CLINTON TAXATION: Court to Hear Liquidation Petition on July 10

COCKBILLS PTY: Members to Hear Liquidator's Report July 10
CONCRETE CROWN: Creditors' Proofs of Claim Due on July 28
DAVKER PTY: Shareholders Decide to Wind Up Firm
FORTESCUE METALS: In Pilbara Financing Talks with Noble Group
GLADESVILLE BRIDGE: Schedules Final Meeting on July 12

HADLER PTY: Appoints Official Liquidators
HANNAH DEVELOPMENTS: Enters Liquidation Proceedings
HANZETTA PTY: Creditors Resolve to Close Business Operations
INSIGHT SURFBOARDS: TO Hold Final General Meeting on July 10
KORDOVAN (NO.3): Retravision Names Receiver and Manager

METAL STORM: Signs AU$5-Million Working Capital Facility
METAL STORM: Appoints John Nicholls as Non-Executive Director
MOOKI MEDIA: Sule Arnautovic Appointed as Liquidator
MORNING STAR: Liquidation Petition Slated for Aug. 3
NELSON PARKER: Decides to Close Operations

NEW ZEALAND FLAVOURS: Appoints Joint and Several Liquidators
QANTAS AIRWAYS: Will Decide on 450 Maintenance Jobs
QANTAS AIRWAYS: Seeks Code-Share Agreement with Jet Airways
ROLLINSON BUILDING: Creditors and Members Set to Meet on July 10
STONELAKE HOLDINGS: Set to Declare Dividend on July 11

SPORTS & EVENTS: Liquidation Petition Hearing Fixed on July 13
TECHBASE AUSTRALISIA: Creditors Must Prove Debts by July 28
VOLTRADE PTY: Members' Final Meeting Fixed on July 11
WESTPOINT GROUP: Mr. Carey Denies Withholding Assets
WILLIAM ELLIS: Undergoes Voluntary Liquidation

WKM FRANCIS: Prepares to Distribute Assets to Creditors
WINESHED LIMITED: Court to Hear Liquidation Bid on July 10


C H I N A   &   H O N G  K O N G

ASIA ALUMINUM: Moody's Downgrades Ba3 Rating to B1
AIJA 2003 HONG KONG: Final Members Meeting Set on August 4
AMOY INDUSTRIES: Liquidator Ceases to Act for Company
BALLY TOTAL: March 31 Balance Sheet Shows Shareholders' Deficit
CENTALIC PCB: Liquidator to Present Wind-Up Report

COLOUR BRIDGE: Names Seng and Lo as Joint Liquidators
DRAGON ART: Appoint Liquidator for Wind-Up Proceedings
EVER CHAMPION: Members Final Meeting Slated for July 31
FONTECH INDUSTRIAL: Enters Voluntary Liquidation
G.K. GOH DERIVATIVES: Members to Receive Wind-Up Report

JOYFUL DESIGN: Creditors' Proofs of Claim Due on July 19
LOIREY INVESTMENTS: Creditors Must Prove Debts by Aug 18
MAXIPO TECHNOLOGY: Appoints Joint and Several Liquidators
ORIENTAL TEAM: Shareholders Opt for Voluntary Liquidation
SECOM LIMITED: Members Final Meeting Slated for July 31

UPPLAN HOLDINGS: Faces Wind-Up Proceedings
VICTORY PACIFIC: Names Kuen as Official Liquidator
WINLOK TRADING: Creditors' Proofs of Claim Due on August 10


I N D I A

IBP COMPANY: Shareholders Endorse Merger with Parent Firm
KERALA STATE DRUGS: Revival Likely with Government's Help
NETGURU INC: Haskell & White Raises Going Concern Doubt


I N D O N E S I A

PERUSAHAAN LISTRIK: Rotates Power Blackouts Due to Power Deficit


J A P A N

KOBE STEEL: To Upgrade Brown Coal in Indonesian Plant
SOMPO JAPAN: June Revenues Drop 5.5% on Partial Suspension


K O R E A

HYUNDAI MOTOR: Chinese Arm Records 21.4% Rise in Sales
KOREA EXCHANGE: Labor Union Seeks to Nullify Kookmin Takeover
KRISPY KREME: Sees Revenue Decline in Fiscal 2006 First Quarter
TONG YANG MAJOR: Posts KRW17-Bil Net Loss for 1st Quarter 2006
TONG YANG MAJOR: Sells 49.9% of Cement Arm


M A L A Y S I A

BUKIT KATIL: Bourse to Delist Company on July 17
CYGAL BERHAD: Posts Outcome of 25th Annual General Meeting
FOREMOST HOLDINGS: Yaku Shin's Default Status Unchanged
FOREMOST HOLDINGS: Unveils 8th AGM Results
MALAYSIA AIRLINES: Government Decides to Drop Routes, Jala Says

METROPLEX BERHAD: Buys More Time to Fulfill SPA Conditions
METROPLEX BERHAD: Incurs MYR18-Milion Pre-tax Loss in 1Q/FY2006
MYCOM BERHAD: Disposes Of South African Unit for MYR499,900
PRIME UTILITIES: LBCN Retains Default Status Amid Debt Revamp
SUGAR BUN: Books MYR1.1-Million Loss on MYR3.9-Million Revenue

UNITED CHEMICAL: Seeks More Time to Complete Restructuring
WEMBLEY INDUSTRIES: Unable to Pay Debts Due to Insolvency
* S&P and RAM Discuss Issues Facing Malaysian Banks


P H I L I P P I N E S

STENIEL MANUFACTURING: Halts Shares Trading
VICTORIAS MILLING: BPI Sells Off Interest & Rights to Loans


S I N G A P O R E

AVESTA TECHNOLOGIES: Creditors Must Prove Claims by August 5
INFORMATICS HOLDINGS: Disposes of Malaysian Unit for MYR3.8 Mln
MAE EGINEERING: Court Orders Payment of SGD243,341 to Willie Teo
PEARL'S PARK: Court to Hear Wind-Up Petition on July 21
SPA ENGINEERING: Creditors Must Prove Debts by July 29


T H A I L A N D

ASIA HOTEL: Total Outstanding Loan Reduced to THB1.49 Billion
AVANEX CORP: Posts US$10.2-Mil. Net Loss in Third Quarter 2006
MDX PCL: Discloses Reasons to Dilution of Shareholding Stake
* BBPCL Fears Repeat of Another Economic Crisis in Thailand
* Customs Dept Seeks To Reduce Revenue Due to Economic Slowdown


* 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
============================================  

ARROW CONSTRUCTIONS: Court Orders Wind-Up
-----------------------------------------
The Supreme Court of New South Wales on June 1, 2006, ordered
the wind-up of Arrow Constructions Pty Limited and appointment
of Hugh Charles Thomas as liquidator.

Contact: Hugh Charles Thomas
         Liquidator
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia


BALLARAT CENTRAL: Winds Up Business Operations
----------------------------------------------
At an extraordinary general meeting on June 1, 2006, the members
of Ballarat Central Pty Limited decided to voluntarily wind up
the Company's operations.

David Henry Scott was subsequently appointed as liquidator at a
creditors' meeting held later that day.

Contact: David Henry Scott
         Liquidator
         Jones Condon, Ground Floor
         77 Station Street
         Malvern Victoria
         Australia


BARDEN CONSTRUCTION: Faces Liquidation Proceedings
--------------------------------------------------
An application to liquidate Barden Construction Ltd will be
heard before the High Court of Auckland on August 24, 2006, at
10:45 a.m.  

The Commissioner of Inland Revenue filed the petition with the
Court on June 8, 2006.

Parties wishing to attend the hearing are required to file an
appearance not later than August 22, 2006.

Contact: P.L. Windsor Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


BEARINGS INCORPORATED: To Declare its First and Final Dividend
--------------------------------------------------------------  
On July 11, 2006, Liquidator Peter Gountzos will distribute
first and final dividend for priority creditors of Bearings
Incorporated (Aust) Pty. Ltd.

Creditors who were not able to lodge their claims on June 27,
2006, will be excluded from sharing in the dividend
distribution.

Contact: Peter Gountzos
         Joint and Several Liquidator
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne Victoria 3000
         Australia
         Telephone: 9639 4779
         Facsimile: 9639 4773


BILL BUNDY: Members Decide to Shut Down Business Operations
-----------------------------------------------------------
Members of Bill Bundy (Holdings) Pty Limited convened on
June 6, 2006, and decided to shut down the Company's business
operations.

Subsequently, Graham Dudley Short was appointed to oversee the
Company's wind-up proceedings.

Contact: Graham Dudley Short
         Liquidator
         54 Sailors Bay Road
         Northbridge, New South Wales 2063
         Australia


BRAMPTON FISHING: Receiver and Manager Cease to Act for Company
---------------------------------------------------------------
Derrick Craig Vickers and Geoffrey Frank Totterdell ceased to
act as receiver and manager for Brampton Fishing Co. Pty Ltd on
June 1, 2006.


CHRIS EDDY: Court Issues Wind-Up Order
--------------------------------------
The Supreme Court of New South Wales released a wind-up order
for Chris Eddy Pty Ltd on June 1, 2006.

The Court also appointed Steven Nicols as liquidator.

Contact: Steven Nicols
         Liquidator
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


CLINICAL DATA: Deloitte & Touche Raises Going Concern Doubt
-----------------------------------------------------------
Deloitte & Touche LLP expressed substantial doubt about Clinical
Data, Inc.'s ability to continue as a going concern after
auditing the Company's financial statements for the fiscal years
ended March 31, 2006, and 2005.  The auditing firm pointed to
the Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.

Clinical Data incurred a US$50.9 million net loss for the year
ended March 31, 2006, compared to US$3.3 million of net income
earned in the prior year.  Total revenue for the year ended
March 31, 2006, increased 22% to US$68.8 million as compared to
US$56.4 million in fiscal 2005.  The increase was primarily due
to the inclusion of operating results for Genaissance
Pharmaceuticals, Inc., and Icoria, Inc., from the dates of their
acquisition.  Genaissance was acquired in October 2005 and
Icoria was acquired in December 2005.

At March 31, 2006, the Company's balance sheet showed
US$108.2 million in total assets and US$48.3 million in total
liabilities, resulting in a stockholders' equity of
US$59.7 million.

A full-text copy of the Company's annual report is available for
free at http://researcharchives.com/t/s?d21  

Clinical Data, Inc. (NASDAQ: CLDA) -- http://www.clda.com/-- is  
a worldwide leader in providing comprehensive molecular and
pharmacogenomics services as well as genetic tests to improve
patient care.  The Company, founded in 1972, is organized under
three worldwide divisions segmented by service offerings and
varying client constituents: PGxHealth(TM); Cogenics(TM); and
Vital Diagnostics(TM).  Clinical Data currently employs a staff
of over 430.  The Company is headquartered in Newton,
Massachusetts with operations in Texas, Connecticut, RTP - North
Carolina, Rhode Island, and California as well as
internationally in the United Kingdom, France, the Netherlands,
Italy and Australia.


CLINICAL DATA: Announces US$17 Million Private Placement
--------------------------------------------------------
Clinical Data, Inc., has entered into definitive agreements with
certain institutional and other accredited investors with
respect to the private placement of 1,039,783 shares of newly
issued common stock, and warrants to purchase 519,889 shares of
common stock, for a total purchase price of approximately
US$17 million.

"This transaction enhances Clinical Data's capacity to deliver
shareholder value," company president and chief executive
officer Drew Fromkin said.

"We believe the additional capital will strengthen our ability
to advance our key initiatives: commercializing molecular
diagnostics designed to improve patient outcomes; continuing the
Phase III clinical development of Vilazodone, the Company's
novel dual-mechanism antidepressant, while moving to spin off
Vilazodone into Precigen Therapeutics; and enhancing our genetic
services and analysis business while continuing to position the
Vital Diagnostics division as a leader in its space."

Gross proceeds from this financing will be used for general
working capital purposes, executing the Company's previously
announced restructuring activities, and launching its
proprietary clozapine-induced agranulocytosis and warfarin
response tests.

Management also anticipates pursuing new product initiatives
through the development and in-licensing of clinically relevant
biomarkers in several therapeutic classes.

Clinical Data, Inc. -- http://www.clda.com/-- is a worldwide  
leader in providing comprehensive molecular and pharmacogenomics
services as well as genetic tests to improve patient care.  The
Company, founded in 1972, is organized under three worldwide
divisions segmented by service offerings and varying client
constituents: PGxHealth(TM); Cogenics(TM); and Vital
Diagnostics(TM).  Clinical Data currently employs a staff of
over 430.  The Company is headquartered in Newton, Massachusetts
with operations in Texas, Connecticut, RTP - North Carolina,
Rhode Island, and California as well as internationally in the
United Kingdom, France, the Netherlands, Italy and Australia.

Deloitte & Touche LLP expressed substantial doubt about Clinical
Data's ability to continue as a going concern after auditing the
Company's financial statements for the fiscal years ended
March 31, 2006, and 2005.  The auditing firm pointed to the
Company's accumulated deficit, negative cash flows from
operations and the expectation that the Company will continue to
incur losses in the future.


CLINTON TAXATION: Court to Hear Liquidation Petition on July 10
---------------------------------------------------------------
The High Court of Tauranga will hear a petition to liquidate
Clinton Taxation Services Ltd on July 10, 2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on May 26, 2006.

Contact: G. N Jansen
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0408


COCKBILLS PTY: Members to Hear Liquidator's Report July 10
----------------------------------------------------------
Members of Cockbills Pty Limited will convene on July 10, 2006,
at 10:00 a.m. to hear Liquidator J. P. Downey's accounts of the
Company's wind-up and property disposal exercises.

Contact: J. P. Downey
         Liquidator
         Cole Downey & Co Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


CONCRETE CROWN: Creditors' Proofs of Claim Due on July 28
--------------------------------------------------------
John Trevor Whittfield and Boris van Delden were appointed joint
and several liquidators of The Concrete Crown Ltd on June 15,
2006.

In this regard, the Liquidators require the Company's creditors
to submit their proofs of claim by July 12, 2006, for them to
share in any distribution the Company will make.

Contact: John Whittfield
         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


DAVKER PTY: Shareholders Decide to Wind Up Firm
-----------------------------------------------
At an extraordinary general meeting of Davker Pty Limited on
June 7, 2006, shareholders agreed that it is in the Company's
best interests to wind up its operations.

Liquidator Alex Koutzoumis was consequently appointed to oversee
the Company's wind-up proceedings.

Contact: A. Koutzoumis
         Liquidator
         Holden & Bolster Avenir Pty Ltd
         Level 31, 264-278 George Street
         Sydney, New South Wales 2000
         Australia


FORTESCUE METALS: In Pilbara Financing Talks with Noble Group
-------------------------------------------------------------
Noble Group Limited is in talks with Fortescue Metals Group
Limited for an off-take and equity deal that would secure
financing for Fortescue's AU$2-billion Pilbara iron ore project,
The Australian says.

According to the report, Fortescue, which sought suspension from
the Australian Stock Exchange, is in the final stages of
negotiations over a keystone financing deal for its Pilbara
undertaking.

The Australian relates that the talks with Hong Kong-based Noble
is believed to involve a complex suite of project financing
underpinned by the issue of new equity to the trading company
that would, in turn, secure a package of debt finance and off-
balance sheet infrastructure lease agreements.

Fortescue's senior shareholders told The Australian that the
deal would most likely result in Noble Group leveraging a long-
term supply contract into substantial equity in either Fortescue
or the West Australian aspirant's rail and ports subsidiary,
Pilbara Iron Ore Infrastructure Limited.

Noble is understood to have signed off on an investment of up to
20% in Fortescue, The Australian says.  That would represent a
direct investment in either Fortescue or its infrastructure arm
of between AU$100 million and AU$400 million to secure, over 30
years, an undisclosed portion of Fortescue's Pilbara output.

Fortescue's operations director, Graeme Rowley, has confirmed
that a difficult and complex negotiation was nearing completion
and that the talks involved a variety of equity, debt, leasing,
and off-take possibilities.

However, in a report by Asia Pulse, the Board of Directors of
Noble Group clarified that it has not entered into any
definitive or binding agreement relating to an acquisition of a
stake in the shares or assets of Fortescue.  The Directors,
while confirming that Noble indeed had discussions with
Fortescue, assure Noble's investors that in the event it enters
into any agreement with the Australian miner, an appropriate
announcement will be promptly made.

                      About Fortescue  

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress of the Pilbara Project brings in the possibility that
the Company may not meet its ore delivery schedule and pushes up
costs at resource developments across Western Australia.  In May
2005, the Australian Stock Exchange pressured Fortescue to
explain matters about the project and to explain how the Company
would be able to dispose of its lower grade order for 95% of the
price obtained by rivals BHP Billiton and Rio Tinto for their
top-quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

Fortescue is targeting first production in its Pilbara Mine in
the first quarter of 2008.  However, it has not yet struck a
final financing deal with any party regarding the Project.


GLADESVILLE BRIDGE: Schedules Final Meeting on July 12
------------------------------------------------------
A final meeting of the members and creditors of Gladesville
Bridge Marina Pty Limited will be held on July 12, 2006, at
10:30 a.m.

During the meeting, Liquidator Daniel Civil will present final
account showing how the Company was wound up and how its
property was disposed of.

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


HADLER PTY: Appoints Official Liquidators
-----------------------------------------
Members of Hadler Pty Limited held a meeting on June 2, 2006,
and decided to wind up voluntarily the Company's business
operations.

Subsequently, E. R. Verge, G. A. Lopez and C. A. L. Huxtable
were appointed as liquidators.

Contact: N. Robertson
         Director
         Jones Condon Chartered Accountants
         Unit 44B, Level 1, Piccadilly Square West, 7
         Aberdeen Street, Perth, Western Australia 6000
         Australia


HANNAH DEVELOPMENTS: Enters Liquidation Proceedings
---------------------------------------------------
Shareholders of Hannah Developments Ltd on June 8, 2006,
resolved to liquidate the Company.

Subsequently, Rhys Michael Barlow was appointed liquidator.

Contact: Rhys Michael Barlow
         C/O BDO Spicers, Chartered Accountants
         Level Two, BDO House
         99-105 Customhouse Quay (P.O. Box 10-340)
         Wellington, New Zealand
         Telephone: (04) 472 5850
         Facsimile: (04) 473 3582
         e-mail: rhys.barlow@wlg.bdospicers.com


HANZETTA PTY: Creditors Resolve to Close Business Operations
------------------------------------------------------------
Creditors of Hanzetta Pty Ltd on June 5, 2006, resolved to close
the Company's business operations and distribute the proceeds of
its assets disposal

Subsequently, Robert Molesworth Hobill Cole was appointed as
liquidator.

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


INSIGHT SURFBOARDS: TO Hold Final General Meeting on July 10
------------------------------------------------------------
Members and creditors of Insight Surfboards Pty Limited will
hold their final meeting on July 10, 2006, at 10:00 a.m. at
Liquidator Geoffrey Mcdonald's office.

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


KORDOVAN (NO.3): Retravision Names Receiver and Manager
-------------------------------------------------------
Retravision (N.S.W.) Limited on June 2, 2006, appointed Martin
John Green as receiver and manager of Kordovan (No. 3) Pty
Limited.

Contact: Martin John Green
         Receiver and Manager
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


METAL STORM: Signs AU$5-Million Working Capital Facility
--------------------------------------------------------
Metal Storm Limited has signed a AU$5-million one-year working
capital facility with Harmony Investment Fund Limited.

The working capital facility will be used only if it is
necessary to supplement the Company's available cash reserves,
which include the AU$3 million raised under the recent Share
Purchase Plan.  The facility is secured by a fixed and floating
charge over Metal Storm's assets, which will be discharged once
the Company has completed the second stage of its planned
capital raising and any money owing under the facility is
repaid.

The second stage of the Company's capital raising plan is a
Renounceable Rights Issue of AU$27.5 million in unsecured
Convertible Notes with attaching Options.  The rights issue is
to be fully underwritten by Patersons Securities Limited and
fully sub-underwritten by Harmony.

A preliminary agreement was signed with Harmony on May 8, 2006,
under which Harmony agreed to facilitate the Rights Issue
subject to:

   (a) the satisfactory completion of due diligence;

   (b) the negotiation and execution of transaction documents;
       and

   (c) the obtaining of any necessary approvals required to
       implement the rights issue.

Harmony has completed due diligence process and has obtained
Foreign Investment Review Board approval to proceed with the
transaction.

A prospectus for the rights issue of convertible notes will be
lodged with the Australian Securities and Investments Commission
by July 31, 2006.

The combination of the planned AU$27.5-million Renounceable
Rights Issue and the recently completed AU$3-million Share
Purchase Plan is expected to provide sufficient funding to meet
the Company's cash requirements over the next three years.

Key terms of the Working Capital Facility are:

   Borrower      : Metal Storm Limited

   Lender        : Harmony Investment Fund Limited

   Facility Limit: AU$5 million

   Repayment Date: 1 year from the earlier of the date of
                   initial draw-down and August 31, 2006.

   Interest Rate : 10.00% per annum, to be paid quarterly in
                   arrears

   Undrawn
   Commitment Fee: 2% per annum to be paid quarterly in arrears
                   on the undrawn amount of the Facility Limit

   Security      : Fixed and floating charge over all the assets
                   and undertaking of the Company

   Availability  : Subject to execution of a Facility Agreement
                   with Harmony within 10 business days of the
                   execution of the agreement.  

                   Each drawing must be a multiple of AU$500,000
                   and Metal Storm must give 5 business days
                   notice prior to the proposed draw-down date.

   Repayments    : 100% of amount outstanding to be repaid on
                   the Repayment Date or on occurrence of an
                   Event of Default.  Metal Storm must ensure
                   that proceeds of the rights issue are applied
                   to repay the Loan.

   Lender Options: The Lender to be issued 10 million Options

   ASX Quotation : The Company will seek ASX quotation of the
                   Options.

To coordinate with the preparation of documentation in relation
to the Company's Renounceable Rights Issue, Metal Storm advised
the United States Securities and Exchange Commission that it has
been unable to timely complete its 2005 annual report on Form
20-F.  The Form is for the initial registration of a class of
securities of a foreign private issuer.

Metal Storm has changed the due date of its annual Form 20-F
from June 30, 2006, to July 15, 2006.

                         *     *     *

Metal Storm Limited -- http://www.metalstorm.com/-- is  
headquartered in Brisbane, Australia, and incorporated in
Australia, with an office in Arlington, Virginia.  Metal Storm
works with government agencies and departments, as well as
industries, to develop a variety of systems utilizing the Metal
Storm non-mechanical, electronically fired stacked ammunition
system.

Metal Storm reflected a loss of AU$10,914,600 in its Annual
Financial Report for the year ended December 31, 2005, which was
attributable to members of its parent company.  The Directors
noted that they are actively seeking funding to continue to the
Company's operations.

After auditing the Company's 2005 Annual Report, Winna Irschitz,
a partner at Ernst & Young, raised significant uncertainty
regarding the Company and its consolidated entity's ability to
continue as going concerns.

As stated in the 2005 Annual Report, Metal Storm's continuing
viability, and ability to continue as a going concern and to
meet debts and commitments as and when they fall due is
dependent on its ability to secure additional equity funding in
the near future and to continue the development and progress the
commercialization of its electronically initiated "stacked
projectile" weapons systems.


METAL STORM: Appoints John Nicholls as Non-Executive Director
-------------------------------------------------------------
John Nicholls will join Metal Storm Limited's Board as a non-
executive director immediately after the prospectus for the
announced capital raise is issued on July 14, 2006.

Mr. Nicholls' appointment will be confirmed after that date,
Executive Chairman Terry O'Dwyer says.

Mr. Nicholls is currently a non-executive director of a number
of other companies in Australia and Asia, including Harmony
Investment Fund Limited.

Mr. O'Dwyer relates that Mr. Nicholls has had extensive
experience with start-up and established companies, listed and
unlisted, as chief executive officer or a non-executive
director.  These companies, some he established himself, have
been engaged in a wide range of activities including
manufacturing, distribution, trading and merchant banking and
were located in Japan, China, Hong Kong, Taiwan, Malaysia,
Singapore, Indonesia, United States, Nigeria, and Australia.

"Mr. Nicholls' extensive experience in a wide range of local and
international companies will further complement the Board's
existing skills base," Mr. O'Dwyer says.

                      Dr. Alspach Retires

Dr. Dan Alspach has retired from the boards of Metal Storm
Limited and Metal Storm Inc., effective July 1, 2006.  

Mr. O'Dwyer notes that since his appointment three years ago,
Dr. Alspach has made a valuable contribution to the company
through his considerable experience as a U.S. defense contractor
and his guidance on commercial issues.

                         *     *     *

Metal Storm Limited -- http://www.metalstorm.com/-- is  
headquartered in Brisbane, Australia, and incorporated in
Australia, with an office in Arlington, Virginia.  Metal Storm
works with government agencies and departments, as well as
industries, to develop a variety of systems utilizing the Metal
Storm non-mechanical, electronically fired stacked ammunition
system.

Metal Storm reflected a loss of AU$10,914,600 in its Annual
Financial Report for the year ended December 31, 2005, which was
attributable to members of its parent company.  The Directors
noted that they are actively seeking funding to continue to the
Company's operations.

After auditing the Company's 2005 Annual Report, Winna Irschitz,
a partner at Ernst & Young, raised significant uncertainty
regarding the Company and its consolidated entity's ability to
continue as going concerns.

As stated in the 2005 Annual Report, Metal Storm's continuing
viability, and ability to continue as a going concern and to
meet debts and commitments as and when they fall due is
dependent on its ability to secure additional equity funding in
the near future and to continue the development and progress the
commercialization of its electronically initiated "stacked
projectile" weapons systems.


MOOKI MEDIA: Sule Arnautovic Appointed as Liquidator
----------------------------------------------------
At a general meeting on June 7, 2006, members of Mooki Media Pty
Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

Subsequently, Sule Arnautovic was appointed as liquidator to
manage the wind-up activities.

Contact: Sule Arnautovic
         Liquidator
         Jirsch Sutherland
         Level 2, 84 Pitt Street
         Sydney New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


MORNING STAR: Liquidation Petition Slated for Aug. 3
----------------------------------------------------
An application to liquidate Morning Star Freight (N.Z.) Ltd will
be heard before the High Court of Auckland on August 3, 2006, at
10:45 a.m.  

The plaintiff, Commercial Factors Ltd, filed the petition with
the Court on June 8, 2006.

Contact: R. L Brennan
         Blackwells, Barristers & Solicitors
         Level Five, 235 Broadway
         Newmarket, Auckland
         New Zealand


NELSON PARKER: Decides to Close Operations
------------------------------------------
At a general meeting of Nelson Parker Real Estate Pty Limited on
June 7, 2006, members agreed that it is in the Company's best
interests to wind up its operations.

Stephen John Hundy was consequently named liquidator.

Contact: Stephen John Hundy
         Liquidator
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit, Barton
         Australian Capital Territory 2600
         Australia


NEW ZEALAND FLAVOURS: Appoints Joint and Several Liquidators
------------------------------------------------------------
David Murray Blanchett and Peter Ross McLean were on June 15,
2006, appointed as joint and several liquidators to oversee the
liquidation of New Zealand Flavours Ltd.  

The Joint Liquidators require the Company's creditors of the
Company to submit their proofs of claim on or before July 14,
2006.

Contact: David Blanchett
         C/O Daniel Coombe
         3rd Floor, Beattie Rickman Centre
         corner of Bryce and Anglesea Sts
         Hamilton, New Zealand
         Telephone: (07) 838 3838
         Facsimile: (07) 839 4178


QANTAS AIRWAYS: Will Decide on 450 Maintenance Jobs
---------------------------------------------------
Qantas Airways Ltd will decide the fate of 450 maintenance jobs
at Melbourne Airport over the next two months, the Herald Sun
says.  

According to the report, Qantas' executive general manager of
engineering and maintenance services, David Cox, said that
options would be put to the 450-strong workforce over the next
two months.  Asked if it was possible the 737-work could be
shifted to the airline's maintenance operations in Avalon,
Victoria, Mr. Cox said that they "couldn't speculate."

As reported in the Troubled Company Reporter - Asia Pacific on
March 10, 2006, Qantas decided to cut 480 jobs with the closure
of its heavy-maintenance operations in Sydney.  Qantas told the
workers unions that retaining three wide-body heavy jet
maintenance facilities in Australia is "no longer viable," thus,
it decided to shift the work to its base in Avalon, Victoria,
rather than send the operations overseas.

"There will be a full range of options reviewed.  Each one of
those will be given a very fair test, and then we'll make a
decision," Mr. Cox said.

The Herald Sun relates that Qantas' Avalon base has 850
employees, most of which are employed by its contractor,
Forstaff.  The report notes that this arrangement gives Qantas
more flexibility in rostering staff.  Soon after the airline
decided to transfer its Boeing 747 heavy maintenance to
Victoria, it also decided to add 60 jobs.

The Avalon move, which is part of Qantas' campaign to slash
maintenance costs to compete with foreign carriers, already cost
a net of 340 engineering jobs in Sydney, the Herald Sun says.

The Herald notes that Qantas did not threaten to send jobs
offshore, but insists it will consider this if savings targets
are not met.  Qantas' executive general manager of engineering
and maintenance services, David Cox, says that the airline needs
to do more to compete effectively with foreign airlines, whose
maintenance costs were 20% lower through outsourcing.  

According to Mr. Cox, Qantas would continue to send up to 20
aircraft overseas a year for maintenance checks when the work
could not be done in Australia.

Maintenance costs the airline about AU$1.2 billion annually, the
Herald Sun notes.

The Herald Sun relates that the future of the airline's 737
heavy maintenance base at Tullamarine is also being reviewed.

                      About Qantas Airways

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

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

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


QANTAS AIRWAYS: Seeks Code-Share Agreement with Jet Airways
-----------------------------------------------------------
Qantas Airways Limited, which launched three direct weekly
services from Sydney to Mumbai two years ago, has applied to the
International Air Services Commission to code-share services
with Jet Airways, to Mumbai, New Delhi, and Chennai from
Singapore, New Kerala reports.

Jet Air would code-share with Qantas on flights from Singapore
to all of Australia's capital cities, New Kerala says.

The report cites Qantas' head of sales and marketing, Rob
Gurney, as saying that the deal was aimed at expanding Qantas
coverage to Indian cities it did not fly to.  Mr. Gurney adds
that it is an important market for Qantas and is part of the
airline's plans to expand its presence in India.

According to the Sydney Morning Herald, the managing director of
the Centre for Asia Pacific Aviation, Peter Harbison, says that
the main reason for the code-share application was the tough
competition Qantas faced from Singapore Airlines into India.

Mr. Harbison says that it was possible for Qantas to eventually
fly daily into Mumbai and eventually to Europe via India.
The Herald notes that the deal will also allow Jet Air to expand
its long-haul route network coverage, which only includes
Singapore and London.

New Kerala, citing India's national channel quoting Mr. Gurney,
relates that Qantas planned to launch the code-share arrangement
on August 21, 2006, depending on the Commission's approval.

                Emirates' Extra Flights Proposal

The Herald also reports that Australian Federal Treasurer Peter
Costello said that Emirates Airlines should be granted greater
access into Australia in exchange for helping Qantas win flight
rights on Emirates routes.

The report says that Emirates wants to double its flights into
Australia to 98 by 2014.

The Herald notes that Tourism Minister Fran Bailey has also
sided with Emirates to push for extra flights.

However, The Age reports that Qantas had been lobbying against
an Emirates proposal that would double the UAE carrier's landing
rights in Australia to 16 flights a day by 2014.

Qantas argued that it would be disadvantaged if it were to
compete against airlines like Emirates who had a different
company structure and a better tax treatment.

                      About Qantas Airways

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

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

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


ROLLINSON BUILDING: Creditors and Members Set to Meet on July 10
----------------------------------------------------------------
Members and creditors of Rollinson Building Pty Ltd will hold a
meeting on July 10, 2006, at 10:30 a.m. to hear Liquidator Paul
Burness' final account of the Company's wind-up and property
disposal.

Contact: Paul Burness
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 5 15 Queen Street
         Melbourne Victoria 3000
         Australia
         Telephone:(03) 9613 5511
         Facsimile:(03) 9614 3233
         e-mail: www.worrells.net.au/


STONELAKE HOLDINGS: Set to Declare Dividend on July 11
------------------------------------------------------
Stonelake Holdings Pty Limited will declare its first and final
preferential dividend on July 11, 2006.

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

Contact: K. A. Strickland
         Liquidator
         SimsPartners
         Chartered Accountants and Business Advisors
         Level 12, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia


SPORTS & EVENTS: Liquidation Petition Hearing Fixed on July 13
--------------------------------------------------------------
An application to liquidate Sports and Events Merchandise Ltd
will be heard before the High Court of Auckland on July 13,
2006, at 10:45 a.m.  

Mainfreight International Ltd filed the petition with the Court
on May 15, 2006.

Contact: C N Lord
         Offices of Messrs Craig Griffin & Lord
         Solicitors
         187 Mt Eden Road, Mt Eden
         Auckland
         Postal Address: P.O. Box 9049
         or D.X. C.P. 31-003
         Newmarket, Auckland
         New Zealand


TECHBASE AUSTRALISIA: Creditors Must Prove Debts by July 28
-----------------------------------------------------------
Creditors of Techbase Australisia Pty Ltd are required to submit
their proofs of debt by July 19, 2006, to Joint Liquidators John
Howard Ross Fisk and Richard Dale Agnew

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

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


VOLTRADE PTY: Members' Final Meeting Fixed on July 11
-----------------------------------------------------
A final meeting of the members of Voltrade Pty Limited will be
held at Suite 46, Level 2, Oasis Shopping Centre, Broadbeach,
Australia, on July 11, 2006, at 10:00 a.m.

During the meeting, Liquidator Ross Vile will report about the
Company's wind-up and property disposal exercises.

Contact: Ross Vile
         Liquidator
         Suite 46, Level 2
         Oasis Shopping Centre
         Broadbeach, Australia


WESTPOINT GROUP: Mr. Carey Denies Withholding Assets
----------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
April 17, 2006, the Australian Securities and Investments
Commission obtained interim court orders freezing the assets of
four Westpoint companies and former Westpoint directors Norman
Phillip Carey, Graeme John Rundle, Cedric Richard Palmer Beck
and John Norman Dixon.

A subsequent TCR-AP report on June 19, 2006, stated that ASIC
counsel Stephen Owen-Conway told Justice Robert French that the
Westpoint directors were beneficiaries of trusts that could hold
unknown assets.  Mr. Owen-Conway said that these trusts and
those associated with other directors needed to be locked down
to ensure that some property was available to creditors.

In an update, The Herald Sun reports that the ASIC last week won
court approval to question Westpoint's founder, Mr. Carey, over
assets held in any discretionary trusts he may be linked to.  
Mr. Cary was ordered to appear after Mr. Owen-Conway convinced
the Court that Mr. Carey's written responses to questions about
his assets were "vague and unsatisfactory."

The Age recounts that Mr. Carey earlier claimed that his sole
asset is a 16% share in a racehorse called Great Nation.

Mr. Cary apologized to investors out of Court, saying, "I'm
extremely sorry to see them in this position but any amount of
me saying sorry to them isn't going to get their money back,"
The Australian relates.

The ASIC's Federal Court action is aimed at establishing what
money or assets Mr. Carey has access to ahead of any legal
action by investors to recoup their funds, The Australian says.

On June 5, 2006, in Perth's Federal Court, Mr. Carey was asked
to explain 11 accounting entries between August 5, 2005, and
November 19, 2005, which showed that he received sums of either
AU$3,000 or AU$2,000 on most occasions, the Daily Telegraph
reports.

Mr. Carey said that the money went to business expenses and to
"buy things for contractors and workers," the Courier Mail
relates.

            Mr. Carey Denies AU$12 Million in Trust

According to The Age, Mr. Carey was also asked why he did not
mention, in a May 4, 2006 affidavit that he was a beneficiary to
a trust -- the Quartz Trust -- that had about AU$12 million in
assets as of January 2006.  He explained that it was hard to be
sure what he owned because the ASIC had seized all of
Westpoint's documents.

Mr. Carey added that legal advice led him to believe he did not
have to mention the Quartz Trust because he was "no more than a
general beneficiary."

The ASIC is hoping that the examination will reveal a connection
between the trusts and Mr. Carey that will enable it to have
receivers appointed, the Daily Telegraph relates.

                Halter Transactions also Denied

The Australian Associated Press relates that Mr. Owen-Conway put
to Mr. Carey that he had an interest in Halter on the Channel
Islands tax haven of Guernsey and had also authorized
transactions on his behalf via a Singapore account to which he
was signatory.  Mr. Carey replied that he did not know what
Halter did, nor had he realized ownership of Guernsey-based
companies could not be revealed.  

Mr. Carey disclosed that Don Kennerly, an accountant,
established Halter about 18 years ago, but died in 2003 leaving
him in sole charge.  Mr. Carey said that he had been so busy
with Westpoint's 250-odd entities, he could not recall why he
had authorized Halter's financial transactions, The Age relates.

Mr. Carey denied drafting letters or sending an e-mail
correspondence authorizing transactions for Halter, saying that
he was computer illiterate and could not do so, the AAP relates.
He further said he would need to see Westpoint's seized
documents to be sure.

The Australian relates that Mr. Carey admitted to being
signatory to several bank accounts, including a trust, which
held assets of more than AU$12 million.  Mr. Carey clarified,
though, that he did not control the accounts and only acted
under instruction from a director of the companies, who was one
of his three siblings.

                    Lawyers Fees Questioned

According to The Australian, when questioned on how he was
paying his lawyer despite his meager assets, Mr. Carey replied
that he had been paid wages as recently as June 2006 by
Westpoint Realty and Keypoint Developments Pty Ltd.

Receivers have been appointed to both companies, The Australian
says.  Lawyers for the receivers were checking Mr. Carey's
claim.

             AIOFP Funds AU$2-Mln for Legal Action

The hearing comes as the Association of Independently Owned
Financial Planners mounts a AU$2-million legal fighting fund to
take on Westpoint's auditors KPMG, the Herald Sun reports.

The association is pressuring the ASIC to match its
contribution.  It has also enlisted the law firm Baker and
McKenzie to take up the fight, the report further says.

In a letter to the ASIC, AIOFP chief executive Peter Johnston
said, "What we are going to suggest should not be construed as
an admission of guilt, we simply want to find a workable
solution to help the creditors and the credibility of all
stakeholders in the industry."

The ASIC was considering a response to the planners' letter, but
pointed out that the ASIC Act did not allow it to provide
funding for private litigants.  Instead, the Act allows the ASIC
to take proceedings in the name of third parties, but only where
it is in the public interest for the regulator to do so, the
Herald relates.

The AU$2 million represents 1% of the exposure the planners and
their clients had to Westpoint, the Herald Sun explains.

                 AU$4,000 Weekly Living Expense

According to the Courier Mail, Mr. Carey requested AU$4,000 in
weekly living expenses, saying that that before Wespoint's
failure, the Company paid for all his needs.

The Courier Mail also notes that Mr. Carey has claimed he needs
AU$27,000 a year for food, AU$17,000 for a housekeeper,
AU$13,000 for personal training, AU$7280 for his children's
jujitsu and netball, and AU$10,000 for their orthodontic
treatment.

Mr. Carey also disclosed that he did not have a bank account, as
all his pay went into Westpoint accounts, and they paid his
expenses to make it easier with "compliance," the Courier Mail
relates.

                     About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  The ASIC
had applied to wind up the company on grounds of insolvency.  
The ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.  The
Westpoint Group's collapse is considered by many as the largest
of its type in recent years, with small investors being the
biggest group affected.  Investors are currently joining forces
to commence a class action against Westpoint and its advisors.


WILLIAM ELLIS: Undergoes Voluntary Liquidation
----------------------------------------------
At a general meeting on June 2, 2006, the members and creditors
of William Ellis Pty Limited decided to close the Company's
business operations and distribute the proceeds of its assets
disposal.

Liquidator Ralph Merrell was subsequently appointed to oversee
the Company's wind-up process.

Contact: Ralph Merrell
         Liquidator
         Merrell Associates Pty Ltd
         Suite 3, 571 Military Road
         Mosman, New South Wales 2088
         Australia


WKM FRANCIS: Prepares to Distribute Assets to Creditors
-------------------------------------------------------
Vivian Judith Fatupaito and Richard Dale Agnew were on June 12,
2006, appointed as joint and several liquidators of WKM Francis
Limited.

The Company's creditors are required to submit their proofs of
claim to the Liquidators by September 12, 2006, for them to
share in any distribution the Company will make.

According to the Troubled Company Reporter- Asia Pacific, the
Chief Executive of the Ministry of Fisheries filed the
liquidation petition against WKM Francis before the Court of
Tauranga on April 26, 2006.


WINESHED LIMITED: Court to Hear Liquidation Bid on July 10
----------------------------------------------------------
The High Court of Christchurch will hear a petition to liquidate
The Wineshed Limited on July 10, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on May 30, 2006.

Contact: Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch, New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


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


ASIA ALUMINUM: Moody's Downgrades Ba3 Rating to B1
--------------------------------------------------
Moody's Investors Service has downgraded Asia Aluminum Holdings
Ltd's corporate family and senior unsecured bond ratings to B1
from Ba3.  The ratings outlook is stable.  This concludes the
review for possible downgrade commenced on March 15, 2006,
following the announcement on the privatization of the Company.

According to Angela Choi, Moody's lead analyst, the rating
downgrade reflects Moody's concern that the issuance of US$583mn
in PIK or Payment In Kind notes issued by the new holding
company -- Asia Aluminum Investment - has increased the group's
consolidated leverage and weakened the financial flexibility of
Asia Aluminum Holdings.

"The cash flow of Asia Aluminum Holdings will need to cover the
coupon payment of the PIK notes after the three years grace
period in addition to serving its existing debt obligations" she
added.

The B1 corporate family rating continues to reflect the
Company's:



   * strong market position in the aluminum extrusion industry
     in China;

   * low cost position as it benefits from its economies of
     scale and China's low labor costs; and

   * proven cost-plus pricing model.

Moody's notes that the expansion project has experienced cost
overruns, but these are offset by lower execution risk following
the completion of the extrusion plant in one year's time.  
Moreover, the repurchase of CSD minority shareholding using part
of PIK note is expected to benefit Company's future cash flow.

In accordance with Moody's rating methodology for the mining
industry, the Company's overall performance indicates a B rating
range, which is consistent with the current B1 rating.

The stable outlook reflects Moody's expectation that the Company
will continue with its transparent financial disclosure policy
and corporate governance practices, as well as maintain its
leading position in China's aluminum extrusion market.

The ratings could experience upward pressure if:

   -- Asia Aluminum Holdings achieves its projected results and
generates positive free cash flow by 2008; and
    
   -- it completes its flat rolled product plant within budget
and on time.

On the other hand, downward ratings pressure could evolve if:

   -- further delays and cost overruns appear in the
      construction of its flat rolled products project; and

   -- operating performance weakens, such that average interest
      coverage falls below below 2.5x over the cycle.

                          *     *     *

Headquartered in Kowloon, Hong Kong, Asia Aluminum Holdings
Limited -- http://www.asiaalum.com/-- is the powerhouse of  
aluminum extrusion, offering comprehensive solutions in design
and engineering, extrusion, surface finishes, fabrication and
delivery.  The Company is quoted on the Hong Kong Stock Exchange
and is one of the largest investor-owned aluminum businesses in
Asia, serving the infrastructure, transportation, industrial,
and home improvement sectors.  The Company currently operates
five production facilities in Nanhai in China's Guangdong
Province with an aggregate capacity of 150,000 metric tons, and
is building a new avant-garde platform in the neighboring city
Zhaoqing, to facilitate future progressive business rollouts.  

In February 2006, Standard & Poor's Rating Services "BB" long-
term corporate credit rating on Asia Aluminum Holdings Limited
on CreditWatch with negative implications.  At the same time, it
also placed US$450 million in senior unsecured notes due 2011 on
CreditWatch with negative implications.  In March 2006, Moody's
Investors Service has placed the Ba3 corporate family rating and
senior unsecured bond rating of Asia Aluminum Holdings Limited
on review for possible downgrade.  


AIJA 2003 HONG KONG: Final Members Meeting Set on August 4
----------------------------------------------------------
Members of Aija 2003 Hong Kong Congress Ltd will convene for
their final meeting on August 14, 2006, at 11:00 a.m.

At the meeting, members will receive Joint Liquidators Michael
John Lintern Smith and Christopher Edwin Michael Lambert's final
accounts of the Company's wind up operation.

Contact: Michael John Lintern Smith
         Christopher Edwin Michael Lambert
         57th Floor, The Centre
         99 Queen's Road Central, Hong Kong


AMOY INDUSTRIES: Liquidator Ceases to Act for Company
-----------------------------------------------------
Peng Qin had ceased to act as liquidator of Amoy Industries
(International) Ltd on June 23, 2006.


BALLY TOTAL: March 31 Balance Sheet Shows Shareholders' Deficit
---------------------------------------------------------------
Bally Total Fitness Holding Corporation filed its financial
results for the first quarter ended March 31, 2006, and for the
fiscal year ended Dec. 31, 2005, with the United States
Securities and Exchange Commission on June 27, 2006.

For the three months ended March 31, 2006, the Company earned
US$32,670,000 of net income on US$255,166,000 of revenues.

At March 31, 2006, the Company's balance sheet showed
US$452,102,000 in total assets and $977,898,000 in total
liabilities, resulting in a US$1.43 billion stockholders'
deficit.

For the fiscal year ended Dec. 31, 2005, the Company incurred a
US$9,614,000 net loss on US$1 billion of revenues.

At Dec. 31, 2005, the Company's balance sheet showed
US$480,094,000 in total assets and US$1.9 billion in total
liabilities, resulting in a US$1.46 billion stockholders'
deficit.

Full-text copies of the Company's Quarterly Report and 2005
Annual Report is available for free at:

    Quarterly Report: http://researcharchives.com/t/s?cee  

                            -- and --

    2005 Annual Report: http://researcharchives.com/t/s?ced  

Bally Total Fitness Holding Corporation --
http://www.Ballyfitness.com/-- is the largest and only  
nationwide commercial operator of fitness centers, with over 400
facilities located in 29 states, Mexico, Canada, Korea, China
and the Caribbean under the Bally Total Fitness, Bally Sports
Clubs and Sports Clubs of Canada brands.  Bally offers a unique
platform for distribution of a wide range of products and
services targeted to active, fitness-conscious adult consumers.

                         *     *     *    

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.  The CreditWatch update
followed Bally's announcement that it will not meet the March
16, 2006, deadline for filing its annual report on SEC Form 10-K
for the year ending Dec. 31, 2005.

As reported in the Troubled Company Reporter on Aug 11, 2005,
Moody's Investors Service affirmed the Caa1 corporate family
rating and debt ratings of Bally Total Fitness Holding
Corporation.  The affirmation reflected continued high risk of
default and Moody's estimate of recovery values of the various
classes of debt in a default scenario.


CENTALIC PCB: Liquidator to Present Wind-Up Report
-------------------------------------------------
Liquidator Lee Pak Yin, Lawrence, will report to the members of
Centalic PCB Services Ltd final accounts of the Company's wind-
up.

Mr. Lee will present his report during a members' meeting to be
held at 6B Cameron Plaza, 23 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong on August 2, 2006, 10:00 in the morning.


COLOUR BRIDGE: Names Seng and Lo as Joint Liquidators
-----------------------------------------------------
The members of Colour Bridge Ltd on June 23, 2006, appointed
Natalia K M Seng and Susan Y H Lo as joint and several
liquidators to oversee the Company's liquidation.

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


DRAGON ART: Appoint Liquidator for Wind-Up Proceedings
------------------------------------------------------
On June 23, 2006, shareholders of Dragon Art Charitable
Foundation Ltd resolved to voluntarily wind up the Company's
operation and appoint Chu Kam Chiu as official liquidator.

Contact: Chu Kam Chiu
         Room 804, 8/F
         Pottinger Street, Central
         Hong Kong


EVER CHAMPION: Members Final Meeting Slated for July 31
-------------------------------------------------------
Members of Ever Champion Investment Ltd will convene for their
final meeting on July 31, 2006, at 10:00 at at Room 2506, 25/F.,
China Insurance Group Bldg, 141 Des Voeux Road Central, Hong
Kong.

During the meeting, Liquidator Lee Angel will present final
accounts of the Company's wind up operation.


FONTECH INDUSTRIAL: Enters Voluntary Liquidation
------------------------------------------------
Members of Fontech Industrial Ltd held a general meeting on June
26, 2006, and agreed that:

    -- the Company be wound up voluntarily; and

    -- Loo Mei Ling be appointed as liquidator to divide and
       distribute the assets of the Company.

Contact: Loo Mei Ling
         9/F., Surson Commercial Bldg
         140-142 Austin Road, Tsimshatsui
         Kowloon, Hong Kong


G.K. GOH DERIVATIVES: Members to Receive Wind-Up Report
-------------------------------------------------------
Members of G.K. Goh Derivatives (H.K.) Ltd will be receiving
Liquidator Lee Angel's report regarding the Company's wind up on
July 31, 2006, at 10:30 a.m.

The presentation will be made at Room 2506, 25/F., China
Insurance Group Bldg, 141 Des Voeux Road Central, Hong Kong.

As reported by the Troubled Company Reporter - Asia Pacific,
members of the Company passed a resolution on January 24, 2006,
to voluntarily liquidate the Company.  


JOYFUL DESIGN: Creditors' Proofs of Claim Due on July 19
--------------------------------------------------------
Joint Liquidators Lai Kar Yan and Darach Haughey will be
receiving proofs of debt from creditors of Joyful Design Ltd
until July 19, 2006.

Failure to prove claims by the due date will exclude a creditor
from sharing in any distribution the Company will make.

Contact: Lai Kar Yan
         35/F., One Pacific Place
         88 Queensway
         Hong Kong


LOIREY INVESTMENTS: Creditors Must Prove Debts by Aug 18
--------------------------------------------------------
Creditors of Loirey Investments Ltd are required to submit their
proofs of debt by August 18, 2006, to Liquidator Sun Yiu Wai.

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

The Troubled Company Reporter-Asia Pacific recounts that on
February 27, 2006, members of the Company resolved to wound up
its business voluntarily.

Contact: Sun Yiu Wai
         Loirey Investments Ltd
         1401 Hutchison House
         10 Harcourt Road
         Hong Kong


MAXIPO TECHNOLOGY: Appoints Joint and Several Liquidators
---------------------------------------------------------
The members of Maxipo Technology International Ltd on June 23,
2006, appointed Puen Wing Fai and Lo Yeuk Ki as joint and
several liquidators to oversee the Company's liquidation.

The Liquidators require the Company's creditors to submit their
proofs of claim by July 31, 2006, for them to share in the
Company's dividend distribution.

Contact: Puen Wing Fai
         21/F., Kwan Chart Tower
         6 Tonnochy Road, Wanchai
         Hong Kong


ORIENTAL TEAM: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------
Members of Oriental Team Holdings Ltd resolved on June 21, 2006,
to voluntarily wind up the Company and appoint Luk Wing Hay as
liquidator.

Contact: Luk Wing Hay
         9/F., Surson Commercial      
         140-142 Austin Road, Tsimshatsui
         Kowloon, Hong Kong


SECOM LIMITED: Members Final Meeting Slated for July 31
-------------------------------------------------------
Members of Secom Ltd will convene for their final meeting at
Room 2506, 25/F., China Insurance Group Bldg, 141 Des Voeux Road
Central, Hong Kong on July 31, 2006, at 11:00 a.m.

At the meeting, members will receive Liquidator Lee Angel's
final accounts of the Company's wind-up operation.


UPPLAN HOLDINGS: Faces Wind-Up Proceedings
------------------------------------------
francis/notices
A petition to wind up Upplan Holdings Ltd will be heard by the
High Court of Hong Kong on August 2, 2006, at 9:30 in the
morning.

Tse Sui Luen Jewellery Corp Ltd filed the petition with the
Court on June 7, 2006.

Contact: Messrs. Preston Gates & Ellis
         Solicitor for the Petitioner
         35/F., Two International Finance Centre
         8 Finance Street, Central, Hong Kong


VICTORY PACIFIC: Names Kuen as Official Liquidator
--------------------------------------------------
Members of Victory Pacific (H.K.) Ltd on June 22, 2006,
appointed Billy Lee Sze Kuen as official liquidator.

Contact: Billy Lee Sze Kuen
         12/F., Lockhart Road
         Wanchai, Hong Kong


WINLOK TRADING: Creditors' Proofs of Claim Due on August 10
-----------------------------------------------------------
Joint Liquidators Lin Kim Ming and Ng Sau Yuk require the
creditors of Winlok Trading Limited to submit their proofs of
claim by August 10, 2006.

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

Contact: Lin Kin Ming
         Unit 1005, Tower B
         Hunghom Commercial Centre
         37 Ma Tau Wai Road, Kowloon
         Hong Kong




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

IBP COMPANY: Shareholders Endorse Merger with Parent Firm
---------------------------------------------------------
At a meeting held on June 29, 2006, shareholders of IBP Company
Limited approved the merger of the Company and its parent,
Indian Oil Corporation Limited, a disclosure with the Bombay
Stock Exchange reveals.

Indian Oil planned the merger earlier this year.  In April, the
Indian Oil board met and gave the merger proposal an in-
principle approval.  The plan was subsequently referred for
endorsement to the Ministry of Company Affairs, which convened
the meeting among Indian Oil shareholders.

The merger would be completed by December this year, The Hindu
reports, citing Indian Oil chairman and managing director
Sarthak Behuria.

Mr. Behuria told The Hindu that post-merger, the Government
holding in Indian Oil would drop from 82.03% to 80.35%, while
the capital base of the Company would rise from INR1,168 crore
to INR1,192 crore.

All the employees of IBP will be absorbed into the merged
entity.  Currently, IBP has 897 officers and 1,202 staff, while
Indian Oil has 5,435 officers and 9,875 staff.

IBP will be retained as a brand and will be a separate division
of Indian Oil like the oil refiner's other divisions.

                   About IBP Company Limited

Headquartered in West Bengal, India, IBP Company Limited
-- http://www.ibpoil.com/-- is engaged in the storage,  
distribution and marketing of petroleum, chemicals and aluminum
cryogenic containers.  The Company operates in three segments:
Petroleum, Chemicals and Engineering.  The Company has been
suffering from a string of losses since last year due to a
Government mandate to sell fuel to the public at subsidized
prices.  In September 2005, IBP warned the Government that it
would go bankrupt if it will not raise petrol, diesel, liquefied
petroleum gas and kerosene prices.  The Company had reported a
79% decline in net profit at INR12.44 crore for the year ended
March 31, 2006, as compared with INR58.87 crore in the previous
fiscal year.  The Government recently granted the Company
INR400 crore in oil bonds to offset losses.


KERALA STATE DRUGS: Revival Likely with Government's Help
---------------------------------------------------------
Kerala State Drugs and Pharmaceuticals Limited may start revival
exercises soon after Finance Minister T.M. Thomas Isaac
presented a revised rehabilitation proposal to the Government,
Business Line reports.

Sources told Business Line that the Government had denied a
previous revival plan prepared by the Company's management.  The
Company is confident that the Government will approve its
amended proposal.

The new scheme will see the Government extending a INR12-crore
bailout package to the Company, Business Line says.  The funds
will be used to finance default payments to banks and creditors,
pay statutory dues and employee entitlements.  The scheme will
also see the Company receiving regular supply orders from the
Health Department for a minimum off-take of 70% of the annual
production at rates applicable under competitive bidding.

The proposal, if implemented, would drive the complete
turnaround of Kerala State Drugs, sources told Business Line.  
By 2009-10, the Company would have sufficient financial strength
to consider further expansion of existing activities or venture
into projects intended for its diversification, the sources
said.

Meanwhile, Newindpress reveals that the revival of Kerala State
Drugs has turned out to be a major challenge for the Government.  
In the revised budget, the Government has allotted INR3 crore as
working capital for the Company.  However, the amount may not be
enough to fully revive the state drug maker, Newindpress adds.

Aside from its cashflow problems, the Company is also facing
labor shortage, Business Standard says.  The Company has already
lost 50% of its employees who have availed of the Company's
voluntary retirement package.  It is now left with 214 workers.

Kerala State Drugs and Pharmaceuticals Limited was incorporated
with a paid-up capital of INR4.2 crore under the Company's Act
in December 1971 and started commercial production in September
1974 with a unit to formulate several commonly used drug
preparations.  According to the Public Sector Restructuring and
Internal Audit Board, the Company was a viable firm until it
confined itself to manufacture of formulations or essential
drugs in 1983.  When the Company began production of bulk drugs
such as Vitamin A, it incurred huge losses that led to a
negative net worth of the Company.  Subsequently, orders at hand
could not be serviced for lack of sufficient working capital.  
The Company's current loan liability stands at INR49 crore with
a negative net worth at INR56.07 crore during 2003-04.


NETGURU INC: Haskell & White Raises Going Concern Doubt
-------------------------------------------------------
netGuru Inc. reported financial results for fiscal 2006 fourth
quarter and fiscal year ended March 31, 2006.

On Nov. 18, 2005, the Company completed the sale of its Research
Engineers International business to Bentley Systems, Inc., and
in January 2006, the Company sold its French subsidiary.  All
amounts pertaining to the Company's REI business and French
subsidiary are accounted for as discontinued operations.  Final
fiscal 2006 year-end results included a net gain on sale of the
REI business of US$21.5 million.

Net revenues for the quarter were US$1.10 million, compared to
US$1.13 million in the fourth-quarter fiscal 2005.  Revenues
from collaborative software sales and services were US$274,000,
compared to US$203,000 in the fourth-quarter last year; revenues
from IT services were US$822,000, compared to US$926,000.  Gross
profit for the quarter was US$517,000 versus US$554,000 in
fourth-quarter a year ago.

Total operating expenses for the current fourth quarter
increased US$360,000 to US$1.56 million from US$1.20 million in
the fourth-quarter fiscal 2005 due primarily to an increase in
lawsuit settlements and professional fees.  Operating loss for
the quarter was US$1.04 million, compared to an operating loss
of US$647,000 in the fourth-quarter last year.

Net loss for the quarter was US$1.85 million and included a loss
from continuing operations of US$927,000 and a loss from
discontinued operations of US$925,000.  For fiscal 2005 fourth
quarter, net income was US$138,000 and included a loss from
continuing operations of US$769,000 and income from discontinued
operations of US$907,000.

Net revenues for fiscal 2006 were US$3.87 million, compared to
US$4.55 million in fiscal 2005.  Net revenues from collaborative
software products and services were US$969,000 versus US$748,000
in fiscal 2005, and net revenues from IT services were
US$2.90 million versus US$3.80 million in the prior fiscal year.  
Gross profit for fiscal 2006 was US$1.63 million, compared to
US$1.99 million in fiscal 2005.

Operating expenses for fiscal 2006 totaled US$7.76 million,
which included an impairment charge of US$2.92 million to
account for a third-quarter write off of goodwill related to the
IT services and collaborative software divisions.  Operating
expenses in fiscal 2005 were US$4.38 million.  Operating loss
for fiscal 2006 was US$6.13 million versus an operating loss of
US$2.39 million in fiscal 2005.

Net income for fiscal 2006 was US$14.7 million and included a
loss from continuing operations of US$6.57 million and income
from discontinued operations of US$21.2 million.  Net loss for
fiscal 2005 was US$788,000 and included a loss from continuing
operations of US$2.79 million and income from discontinued
operations of US$2.00 million.

The Company commented that a special committee of its board of
directors has been evaluating the possible divestiture of some
of or all of the Company's remaining assets and operations, as
well as possible mergers and strategic acquisitions for the
Company and its information technology, collaborative software,
and engineering business process outsourcing businesses.  
Discussions with public and private entities have been, or are
being, held involving potential asset purchases, common stock
purchases, and reverse mergers.  The Company anticipates
entering into merger or sale agreement with one or more parties;
however, neither the timing nor completion of a deal can be
assured.

The Company further commented that its future capital
requirements will depend upon many factors, including sales and
marketing efforts, the development of new products and services,
possible future corporate mergers or strategic acquisitions or
divestitures, the progress of research and development efforts,
and the status of competitive products and services.  The
Company believes that the proceeds that remain from its sale of
its REI business, together with its operating revenues and the
proceeds from the sale of its French subsidiary, will be
adequate to extinguish all of its remaining liabilities and fund
its current operations through October 2006.  However, to the
extent the Company is in need of any additional financing, there
can be no assurance that any such additional financing will be
available on acceptable terms, or at all.  In addition, any
future financing may cause significant dilution to existing
stockholders.

                        Going Concern Doubt

Haskell & White LLP, in Irvine, Calif., raised substantial doubt
about netGuru Inc.'s ability to continue as a going concern
after auditing its consolidated financial statements for the
year ended March 31, 2006.  The auditor pointed to the Company's

   -- operating losses;

   -- negative cash flows from operations;

   -- sale of a significant portion of its operating assets;

   -- partial liquidation distribution to stockholders during
      the year ended March 31, 2006; and

   -- contemplation of selling additional operating assets.

A full-text copy of the Company's annual report is available for
free at http://ResearchArchives.com/t/s?ce4

                           About netGuru

netGuru, Inc. (Nasdaq: NGRU) -- http://www.netguru.com/-- is an  
engineering services company offering engineering business
process outsourcing (EBPO) services for the architecture,
engineering, and construction (A/E/C) industry; document/project
collaboration software/solutions for A/E/C companies, enterprise
software providers, software integrators, and other businesses
engaged in document/project-centric operations; and technical
services and support.  netGuru offices are located in the United
States, Europe, and India.


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

PERUSAHAAN LISTRIK: Rotates Power Blackouts Due to Power Deficit
----------------------------------------------------------------
State utility firm PT Perusahaan Listrik Negara has had to
rotate blackouts up to three times a week in Lampung, Sumatra,
due to a lack of power supply, the Jakarta Post reports.

The blackouts, which occur without prior notice and have caused
damage to electronic appliances, have caused several customers
to raise complaints with the Company.

According to PLN Lampung manager Budi Harsono, the blackouts are
due to a 10-megawatt deficit in its power generation capacity.  
Yet, he said that with the operation of the Tarahan power plant
in Bandarlampung in September 2007, he hopes that there would be
sufficient power supply to meet local demand.

Citing PLN south & central Sumatra manager Marna Sumarna, the
Post relates that the power deficit has also hit other areas in
Sumatra, such as South and West Sumatra, Riau and Bengkulu.  Mr.
Haroson said they have encouraged consumers to be efficient with
their power use during the 6:00 p.m. to 10:00 p.m. peak hours,
so as not to waste much needed electricity.

                          *     *     *

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to some 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 an
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 in 2005, almost four times the IDR3.47-trillion
subsidy in 2004.


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

KOBE STEEL: To Upgrade Brown Coal in Indonesian Plant
-----------------------------------------------------
Kobe Steel Ltd. Plans to build a large demonstration plant in
Indonesia in order to enhance brown coal into high-rank coal for
power generation, the Engineer Online relates.

The Company signed cooperation agreements with Bumi Resources, a
natural resources investment firm, and its unit, Arutmin
Indonesia, to build the plant in Arutmin's Satui mine in
Southern Kalimantan, for around JPY8 billion.

Engineer Online adds that plant construction is slated to begin
towards the end of 2006.  Trial production of the upgraded
efficient brown coal is expected by the second quarter of 2008,
and samples would be provided to Japanese power firms for use.  
After a two-year trial period, Kobe expects to build a
commercial plant by 2010.

                      About Kobe Steel

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,  
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steel makers, as well as the top  
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.

According to a report by the Troubled Company Reporter - Asia
Pacific on June 29, 2006, Kobe Steel shareholders filed a class
action suit against the Company over its alleged bid rigging on
steel bridge construction public works projects.  Shareholders
claimed that the Company had paid fines of JPY201 million by May
to rig bids for public bridge construction projects between
April 2002 and October 2004, and are seeking the same amount in
compensation.

Fitch Ratings Agency had upgraded Kobe Steel's long-term foreign
and local currency Issuer Default Ratings to 'BB+' from 'BB' on
May 31, 2006, while affirming its short-term IDR at 'B'.  The
Company's total adjusted debt/operating EBITDAR had improved to
2.6x at FYE06 from 9.3x at FYE02, whereas it has repaid more
than JPY500 billion of debt since 2000.  Its FYE06 net income
had risen by 35% year-on-year to JPY84.6 billion, mainly due to
higher average steel prices.


SOMPO JAPAN: June Revenues Drop 5.5% on Partial Suspension
----------------------------------------------------------
Sompo Japan Insurance Inc.'s premium revenues for June 2006 fell
5.5% to JPY107.3 billion from the previous year after it was
ordered to suspend part of its operations by the Financial
Services Agency, Crisscross News reveals.

The Troubled Company Reporter - Asia Pacific reported on May 29,
2006, that the FSA ordered Sompo to suspend part of its
operations for two weeks beginning June 12, 2006, after
discovering that the Company did not distribute legitimate
payouts in 1,128 cases totaling JPY120 million.  Sompo admitted
it had rejected 27,273 claims amounting to JPY900 million.

According to the FSA, Sompo staff had to reach an "excessive
sales target."  In order to achieve the target, Company sales
staff pretended to sell non-life insurance policies by paying
the premiums on the policies themselves.  Sales staff at a
Yamaguchi Prefecture branch had also used seals with the same
name as existing customers in order to renew insurance
contracts, without the customers' consent, or used the seals for
new insurance contracts.

Kyodo News says that the Company's premium revenues from its
automobile insurance contracts had fallen 5.3%, whereas revenues
from its fire insurance contracts had dropped 13%.  Despite a
2.1% rise in its premium revenues for the April-May period,
revenues for the April-June period had fallen 0.5% on the
decline in June revenues.

                          *     *     *

Sompo Japan Insurance, Inc. --
http://www.sompo-japan.co.jp/english/-- was formed from the  
merger of The Yasuda Fire and Marine Insurance Company with
Nissan Fire & Marine Insurance Co. Limited, in July 2002.  The
Company provides non-life insurances including voluntary
automobile insurance, fire insurance, marine insurance, personal
accident insurance and compulsory automobile liability
insurance, as well as life insurance through its stake in former
CIGNA subsidiary Sompo Japan Himawari Life.  It also provides
reinsurance, asset management, and venture capital.


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

HYUNDAI MOTOR: Chinese Arm Records 21.4% Rise in Sales
------------------------------------------------------
Hyundai Motor Co.'s Chinese joint venture -- Beijing Hyundai
Automotive Corp. -- said that its sales in the first half of
2006 had risen 21.4% from the first half in 2005, helped by new
auto models, Reuters reports.

Beijing Hyundai, a 50-50 joint venture between Hyundai Motor and
Beijing Automotive, sold 132,975 vehicles in the first six
months of 2006, compared with the 109,564 units sold in the same
period last earlier.

According to Reuters, the result was helped by the new Accent
brand, with around 10,000 units in sales since it was introduced
in March 2006.  Beijing Hyundai says that it will most likely
meet its 300,000-unit target set for 2006.

                      About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company --
http://www.hyundai-motor.com/-- has been selling cars in the  
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  Hyundai produces 14 models of cars
and minivans, as well as trucks, buses, and other commercial
vehicles.  The Company reestablished itself as Korea's leading
carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since
reduced to about 45%.  The Company also manufactures machine
tools for factory automation and material- handling equipment.

The Troubled Company Reporter - Asia Pacific reported that the
Hyundai Automotive Group is facing its deepest crisis since
chairman Chung Mong-koo took over in 1999, with problems like
the falling United States dollar, high oil prices and union
demands aggravated by a sweeping criminal investigation
regarding the carmaker's alleged creation of slush funds that
were used by at least two lobbyists to bribe government
officials for business favors, including having KRW55 billion of
Hyundai's bad debts written off.

Chairman Chung has been indicted early in May 2006 for fraud
charges.

Some of the group's official business has been on hold since the
probe on the slush fund started and several top executives were
summoned for questioning.


KOREA EXCHANGE: Labor Union Seeks to Nullify Kookmin Takeover
-------------------------------------------------------------
Korea Exchange Bank's labor union and some senior officials have
asked prosecutors to investigate Kookmin Bank and its former
executives over accounting irregularities, states Market Watch.

According to the report, KEB employees have been working to
nullify Kookmin Bank's planned acquisition of KEB.

The KEB employees said that the Financial Supervisory Commission
should not approve the acquisition deal, as local banking law
prevents a bank heavily penalized for a violation of financial
regulations or fair trade rules within the past five years from
acquiring another local bank, Market Watch relates.

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that the United States-based Lone Star Funds has
agreed to sell its 64.62% stake in KEB to Kookmin Bank.  Kookmin
Bank will have to pay KRW6.4 trillion for the takeover.

                     Kookmin's Accounting

A TCR-AP report on August 26, 2004, cited the FSC as stating
that Kookmin Bank will be slapped with a KRW2-billion fine for
violating accounting standards on its provisioning strategy
related to its credit card and other loans.  The regulator said
that Kookmin Bank was also in violation of accounting rules for
asset-backed securities issues in its financial statements for
full-year 2003.

Subsequent TCR-AP reports also stated that the FSC approved the
fine and banned Kookmin's then-chief executive, Kim Jung-Tae,
from seeking another term as CEO, as well as getting a board
position in any bank.  Other officials were similarly
reprimanded.

Media reports stated that Kookmin Bank had a KRW550-billion
misstatement in its 2003 reports related to the bank's merger
with its credit card unit, on top of understating its loan-loss
provisions by KRW158.6 billion, while overstating its losses by
KRW309.6 billion, avoiding KRW310.6 billion in taxes.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--   
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.

South Korean politicians -- led by the main opposition Grand
National Party -- alleged that the KEB shares were sold cheap to
United States-based Lone Star Funds after the Bank's financial
status was incorrectly reported.  Korea Exchange denied the
allegations in March 2006.  The Board of Audit and Inspection
and the Supreme Public Prosecutors' Office initiated separate
investigations into the matter.

On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


KRISPY KREME: Sees Revenue Decline in Fiscal 2006 First Quarter
---------------------------------------------------------------
Krispy Kreme Doughnuts, Inc. (NYSE: KKD), expects to report
revenues of US$116 million for the first quarter of fiscal 2007,
which ended April 30, 2006, compared to revenues of US$153
million for the first quarter of fiscal 2006.  The decrease in
revenues principally reflects a decrease in the number of
Company stores, lower sales to franchisees from the Company's
Manufacturing and Distribution segment, and lower royalties and
fees from franchisees.

Systemwide sales fell approximately 17% in the first quarter of
fiscal 2007 compared to the first quarter of the prior year
primarily due to a 19% decrease in the number of factory stores
to 310 (total stores, including satellites, decreased 6%).  
Average weekly sales per factory store increased 10% and 2% in
Company stores and system-wide, compared to the first quarter of
fiscal 2006.  Average weekly sales per store increased
approximately 10% for Company stores and decreased approximately
11% system-wide, compared to the first quarter of fiscal 2006.  
The average sales per unit data reflect, among other things,
store closures and the related shift in off-premises doughnut
production into a smaller number of stores.

System-wide sales data include sales at all Company and
franchise locations.  System-wide sales are a non-GAAP financial
measure; however, the Company believes system-wide sales
information is useful in assessing the overall performance of
the Krispy Kreme brand and, ultimately, the performance of the
Company.

"We are taking steps to turn around the Company," Daryl
Brewster, President and Chief Executive Officer, said.  "We have
filed our fiscal 2005 financial statements.  We have reached an
initial settlement of the ERISA class action.  We continue to
see growth in our international markets, including two new
international development agreements.  We are also seeing signs
of stability in the United States."

The Company's financial results continue to be adversely
affected by the substantial costs associated with the legal and
regulatory matters.  The Company expects to report a net loss
for the first quarter of fiscal 2007.

                     Financial Position

The Company ceased consolidation of its sole remaining
consolidated franchisee, Glazed Investments, in early February
2006 when Glazed filed for bankruptcy protection.  Substantially
all of Glazed's assets subsequently were sold to another of the
Company's franchisees, which is continuing the business, and
Glazed's affairs are being wound up.  The Company believes that
the amount, if any, it will be required to pay pursuant to its
guarantee of a portion of certain of Glazed's indebtedness will
not be significant.  The indebtedness totaled US$13 million.

The Company believes that cash flow from operations, combined
with other anticipated cash inflows, will be sufficient to meet
its liquidity needs.  As of April 30, 2006, the Company's cash
balance was US$19 million and its indebtedness was US$121
million, compared to approximately US$20 million and US$122
million at Jan. 29, 2006.  The January amount excludes any
amount relating to Glazed Investments, its sole consolidated
franchisee at the time.  As of April 30, 2006, the Company had
no consolidated franchisees.

In May 2006, the Company sold for cash its notes receivable from
Krispy Kreme Australia for their par balance of approximately
US$3.8 million and entered into a definitive agreement to sell
its interest in Krispy Kreme UK for approximately US$5.6 million
cash.  The Company's unused borrowing capacity under its credit
facilities is expected to have declined during the quarter due
to a reduction in the operating earnings on which such
availability depends.  The Company's operating plan for fiscal
2007 does not forecast any additional borrowings under these
credit facilities.

                      About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) --http://www.krispykreme.com/-- is a leading   
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 320 Krispy Kreme stores and 80
satellites operating system-wide in 43 U.S. states, Australia,
Canada, Mexico, the United Kingdom, and the Republic of South
Korea.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.

The Company filed for protection under chapter 11 of the United
States Bankruptcy Code on Oct. 16, 2005 (Bankr. D. Del. Case No.
05-14268).  M. Blake Cleary, Esq., Margaret B. Whiteman, Esq.,
and Matthew Barry Lunn, Esq., at Young Conaway Stargatt &
Taylor, LLP, represent the Debtor in its restructuring efforts.  
When the Debtor filed for protection from its creditors, it
estimated US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).  The bankruptcy filing will facilitate the sale of 12
Krispy Kreme stores, as well as the franchise development rights
for Colorado, Minnesota and Wisconsin, for approximately
US$10 million to Westward Dough, the Krispy Kreme area developer
for Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to
US$50 million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


TONG YANG MAJOR: Posts KRW17-Bil Net Loss for 1st Quarter 2006
--------------------------------------------------------------
Tong Yang Major Corp. posted a KRW17-billion net loss for the
first quarter ended March 31, 2006, down 24.8% from the
KRW22.31-billion net loss for the previous corresponding period,
the Troubled Company Reporter - Asia Pacific finds out from the
company's financials.

Tong Yang suffered a full-year net loss of KRW7.45 billion in
2005.

The company's net sales fell to KRW68.55 billion in the 2006
first quarter, from KRW70.03 billion in the first quarter of
2005.  It registered a gross profit of KRW6.46 billion with a
KRW62.09 billion cost of goods account.  

Tong Yang also retains its illiquid position as current assets
declined 27.86% to KRW242.34 billion as of March 31, 2006, from
KRW335.94 million a year before.  Current liabilities as of
March 31, 2006, stood at KRW695.06 billion.

Tong Yang's first quarter report shows these key accounts:

                   Tong Yang Major Corporation
                          (KRW Millions)

                                        As of March 31,
                                      2006           2005
                                      ----           ----
     Total Current Assets          242,344        335,936
     Total Assets                1,046,139      1,357,450
     Total Current Liabilities     695,058      1,040,445
     Total Liabilities             915,690      1,293,863
     Total Stockholders' Equity    130,448         63,586

                                    For the Quarter Ending
                                  03/31/2006      03/31/2005
                                  ----------      ----------
     Sales                          68,551         70,025
     Gross Profit                    6,459          9,485
     Operating Profit               (3,605)           993
     Non-Operating Income            7,888          7,536
     Non-Operating Expenses         21,279         30,835
     Net Loss                       16,997         22,305

Tong Yang Major Corporation -- http://www.tycement.co.kr/--  
operates a construction business.  The company constructs
apartment complexes and provides residential building remodeling
service.  Tong Yang Major also operates a petrochemicals trading
business and provides insurance and financial services through
its subsidiaries.


TONG YANG MAJOR: Sells 49.9% of Cement Arm
------------------------------------------
Tong Yang Major Corp. said it sold 4.99 million shares in its
affiliate Tong Yang Cement Corp. to Pangaea Capital Management
Singapore Ltd., Bloomberg News reports.

Tong Yang Major sold the 49.9% stake for KRW224.6 billion
(US$235 million), or KRW45,000 a share.  The proceeds will be
used to improve the company's finances and reduce its debt-to-
equity ratio.  

Tong Yang Major retains a 32.1% stake in Tong Yang Cement after
the sale.

Tong Yang Major Corporation -- http://www.tycement.co.kr/--  
operates a construction business.  The company constructs
apartment complexes and provides residential building remodeling
service.  Tong Yang Major also operates a petrochemicals trading
business and provides insurance and financial services through
its subsidiaries.

Tong Yang suffered a full-year net loss of KRW7.45 billion in
2005 and KRW17.00 billion in the first quarter of 2006.


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

BUKIT KATIL: Bourse to Delist Company on July 17
------------------------------------------------
Bursa Malaysia Securities Berhad has decided to delist Bukita
Katil Resources Berhad from the Official List on July 17, 2006,
as the company does not have an adequate level of financial
condition to warrant continued listing.  The Bourse released its
decision after consulting with the Securities Commission.

The Company's securities may remain deposited with the Bursa
Depository notwithstanding the delisting of the securities from
the Official List.  It is not mandatory for the securities of
the Company to be withdrawn from Bursa Depository.

Alternatively, the Company's shareholders who intend to hold
their securities in the form of physical certificate can
withdraw these securities from their Central Depository System
accounts with Bursa Depository, at any time after the securities
of the Company are delisted from the Official List of Bursa
Securities by submitting the application form for withdrawal in
accordance with the procedures prescribed by Bursa Depository.

Bukit Katil is currently in the process of making an appeal to
the Bursa Securities to reconsider its decision to delist the
Company's securities.

                   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.


CYGAL BERHAD: Posts Outcome of 25th Annual General Meeting
----------------------------------------------------------
Cygal Berhad's shareholders have approved all resolutions tabled
at the Company's 25th Annual General Meeting held on June 30,
2006.

During the meeting, the Company's shareholders:

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

   -- re-elected as directors

        * Chin Kok Wah;
        * Siaw Sat Lin;
        * Dato' Sri Haji Abd Rahim BIn Haji Abdul;
        * Mohd Rashid Bin Mat Ali;
        * Tan Sri Dato' Ahmad Sabki Bin Jahidin; and
        * Dato' Jaffar Indot;

   -- reappointed Messrs SC Associated as the Company's
      auditors for the financial year ending December 31, 2006,
      and authorized the Directors to fix the auditors'
      remuneration; and

   -- authorized the Directors to issue shares in the Company
      at any time provided that the aggregate number of the
      shares to be issued will not exceed 10% of the total
      issued share capital of the Company.

                       About Cygal Berhad

Headquartered in Kuala Lumpur, Malaysia, Cygal Berhad's
principal activity is civil and building construction works.  
Its other activities include housing development; manufacturing
and trading in ready mix concrete; trading in building
materials; leasing of aircraft parts and equipment; provision of
hotel management services; and investment holding.  The Group's
activities are located in Malaysia and Hong Kong.

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.

The Troubled Company Reporter - Asia Pacific reported on
January 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in its Nov. 2001 Settlement Agreement
with its creditors.  The deal relates to the settlement of
Cygal's MYR229,637,109 debt to its lenders.  The Securities
Commission later gave Cygal until August 31, 2006, to start
implementing its corporate exercises.


FOREMOST HOLDINGS: Yaku Shin's Default Status Unchanged
-------------------------------------------------------
Foremost Holdings Berhad disclosed that its 58.75% owned
subsidiary, Yaku Shin (Malaysia) Sdn Bhd has continued to
default on payments of interest and principal sum to Bumiputra-
Commerce Bank Berhad amounting to MYR5,048,467.

As reported by the Troubled Company Reporter - Asia Pacific,
Yaku Shin, on October 17, 2005, received a default notice in
respect of baking facilities granted by Bumiputra-Commerce Bank.

Yaku Shin has been facing tight cash flow since 2003 when it
incurred a loss before tax of MYR26 million.  For the year ended
December 31, 2003, Yaku Shin recorded a turnover of
MYR235 million as compared to MYR193 million in the preceding
year ended December 31, 2002.  The sharp increase in sales was
due to unusually large customer orders for selected models of
audio speakers.  For the same year, Yaku Shin recorded a loss
before taxation of MYR26 million.  The loss was for the most
part due to soaring costs associated to added manpower hired to
cope with the spike in sales, and the complexity of the designs
of the speaker models which triggered:

     * high material yield loss;
     * high production rejects;
     * high subcontractor costs due to insufficient in-house
       capacity;
     * excessive manpower requirement and overtime; and
     * high freight costs including air freight charges incurred
       in order to meet delivery schedules and replacement of
       rejected speakers.

Following 2003, over and above the onset of keen competition
from global competitors, the local speaker industry has been
inundated with industry-wide spates of raw material shortage and
escalating material costs that was triggered by the onset of
rising oil and selected commodity prices such as steel and
copper.  The resultant effect for Yaku Shin was declining sales
since 2003, continued operational losses in spite of
improvements achieved in the efficiency of its production
process, raw material sourcing, supplier risk management, and
reduction of manpower.

In order to address the default issue, Foremost and Yaku Shin
has negotiated with Bumiputra-Commerce for an expeditious
resolution to the default status, with the view of reaching a
workable debt settlement program.  Foremost is also looking for
parties interested in the industry to undertake a capital
injection for Yaku Shin via an issuance of new shares in the
unit, and considering a probable disposal of its equity stake in
Yaku Shin where possible.

                  About Foremost Holdings Berhad

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.  Foremost was classified as an affected listed
issuer under Bursa Malaysia Securities Berhad's Practice Note 17
due to its "insufficient financial position to warrant continued
listing" and is required to draft a plan to regularize its
finances.


FOREMOST HOLDINGS: Unveils 8th AGM Results
------------------------------------------
Foremost Holdings Berhad held its 8th Annual General Meeting on
June 30, 2006.

During the meeting, the Company's shareholders empowered the
board of directors to allot and issue shares in the capital of
the Company at any time provided that the aggregate number of
shares issued does not exceed 10% of the Company's issued share
capital.  This authorization is, however, subject to approvals
from Bursa Malaysia Securities Berhad, the Securities Commission
and other relevant authorities.

The shareholders also passed a resolution allowing the Company
and its subsidiaries to enter into any of the category of
recurrent transactions of a revenue or trading nature with the
related parties, which are necessary for the Group's day-to-day
operations.

Although most of the meeting's resolutions were passed, the
shareholders disallowed the re-election of directors Teh Hong
Beng and Koid Hang Say @ Koid Hun Seng, as well as the
reappointment of Wong Liu & Partners as the Company's auditors.

                 About Foremost Holdings Berhad

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.  Foremost was classified as an affected listed
issuer under Bursa Malaysia Securities Berhad's Practice Note 17
due to its "insufficient financial position to warrant continued
listing" and is required to draft a plan to regularize its
finances.


MALAYSIA AIRLINES: Government Decides to Drop Routes, Jala Says
---------------------------------------------------------------
Malaysia Airlines would have kept its domestic non-trunk routes
had the Government not decided to revamp the local aviation
sector by having two national carriers, The Star Online reports,
citing Malaysia Airlines managing director Idris Jala.

According to Mr. Jala, the Company never planned to drop the
local routes including rural air services.  In fact, the carrier
had offered to continue flying the non-trunk routes under its
business turnaround plan, The Star relates.

Malaysia Airlines respected the Government's decision on
dividing the domestic sector into trunk and non-trunk routes and
was working with the Government to arrive at a workable
solution, according to TMC Net.  The arrangement of Malaysia
Airlines flying trunk routes and AirAsia flying non-trunk routes
would work as long as both airlines maintained connectivity, TMC
adds.

As reported by the Troubled Company Reporter - Asia Pacific,
Malaysia Airlines will hand over 99 non-trunk routes next month
to low-cost carrier AirAsia.  Starting August 1, 2006, the
carrier will fly its remaining 19 domestic trunk routes.

                    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, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.

Malaysia Airlines posted a pre-tax loss of MYR309.118 million
for the first quarter ended March 31, 2006, against a pre-tax
profit of MYR112.017 million in the same quarter of 2005.  The
Company's balance sheet as of March 31, 2006, showed strained
liquidity with total current assets of MYR3,328,129,000
available to pay MYR4,913,488,000 in total current liabilities
due in the next 12 months.


METROPLEX BERHAD: Buys More Time to Fulfill SPA Conditions
----------------------------------------------------------
Metroplex Berhad is given another month -- until July 31, 2006
-- to fulfill the conditions of a sale and purchase agreement
that the Company signed with Lembaga Kumpulan Wang Simpanan
Pekerja.

The Agreement is in respect of the proposed disposal by
Metroplex Berhad's subsidiary, Metroplex Holdings, of a shopping
complex known as "The Mall" to Lembaga for a total cash
consideration of MYR438 million.

As reported by the Troubled Company Reporter - Asia Pacific, the
Proposed Disposal has already gained the approvals of the
Foreign Investment Committee and the Company's board of
directors.  The Proposal is still pending approval of the Kuala
Lumpur High Court and Metroplex shareholders.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a winding-up petition against the Company with the Kuala
Lumpur High Court.  Morgan Stanley also filed for a summons to
appoint a provisional liquidator for the wind up.  Until and
unless a provisional liquidator is appointed pursuant to the
application to the Court by the Petitioner to appoint
provisional liquidator for Metroplex, the winding-up petition
will not have significant impact on the Group's operations as MB
is currently working out a debt-restructuring scheme.  In the
event the wind-up petition succeeds, the Company will be put
into liquidation.


METROPLEX BERHAD: Incurs MYR18-Milion Pre-tax Loss in 1Q/FY2006
---------------------------------------------------------------
Metroplex Berhad filed on June 30, 2006, with the Bursa Malaysia
Securities Berhad its financial report for the first quarter
ended April 30, 2006.

For the quarter under review, the Group's revenue rose to
MYR35 million compared to MYR28.4 million in the same quarter in
2005.  Pre-tax loss in the first quarter 2006 was
MYR17.9 million as against the MYR19.6-million loss in the
quarter ended April 30, 2005.

The hotel and leisure division registered a 9% improvement in
revenue of MYR18.6 million and pre-tax profit of MYR0.2 million
respectively for the current quarter compared to revenue of
MYR17 million and pre-tax loss of MYR1.8 million in the same
quarter last year.

The property investment division reported a pre-tax profit of
MYR3.1 million against a revenue of MYR9.2 million for the
current quarter, compared to pre-tax profit of MYR2.9 million
for the previous year's corresponding quarter on the back of a
revenue of MYR8.9 million.

The property development division reported a pre-tax loss of
MYR6.8 million for the current quarter compared to
MYR7.2 million in the previous year's corresponding quarter.  
Revenue for the current quarter was MYR1.5 million compared to
MYR189,000 for the quarter ended April 30, 2005.

The construction, quarrying, trading and other divisions
reported a pre-tax loss of MYR14.4 million for the current
quarter compared to MYR13.5 million in the previous year's
corresponding quarter.  Revenue generated by this division was
MYR5.8 million in the current quarter compared to MYR2.3 million
for the same quarter last year.

Metroplex Berhad's April 30, 2006, balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' equity deficit
of MYR203,260,000.

The Company's balance sheet as of April 30, 2006, also showed
strained liquidity with current assets of MYR475,839,000
available to pay current liabilities of MYR1,386,119,000 coming
due in the next 12 months.

The Company has no distributable reserves from which a dividend
may be declared.

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

   http://bankrupt.com/misc/tcrap_metroplexbhd070606.xls

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a winding-up petition against the Company with the Kuala
Lumpur High Court.  Morgan Stanley also filed for a summons to
appoint a provisional liquidator for the wind up.  Until and
unless a provisional liquidator is appointed pursuant to the
application to the Court by the Petitioner to appoint
provisional liquidator for Metroplex, the winding-up petition
will not have significant impact on the Group's operations as MB
is currently working out a debt-restructuring scheme.  In the
event the wind-up petition succeeds, the Company will be put
into liquidation.


MYCOM BERHAD: Disposes Of South African Unit for MYR499,900
-----------------------------------------------------------
Mycom Berhad on June 30, 2006, entered into a sale and purchase
agreement with Amaraka Investments No.33 (Proprietary) Limited
for the disposal of the Company's entire equity interest in the
capital of Mycom South Africa (Proprietary) Limited to Amaraka
Investments for MYR499,900.

Mycom South Africa is a private limited company incorporated in
the Republic of South Africa on July 5, 1995, and is a wholly
owned subsidiary of Mycom.  Amaraka, on the other hand, is a
private limited company incorporated in the Republic of South
Africa, which is involved in the businesses of investments and
investment holdings.

The proposed disposal is deemed completed on June 30, 2006, if
approvals from the relevant authorities in the Republic of South
Africa are not required.

Mycom expects to gain MYR1.9 Million from the sale, the proceeds
of which will be used as working capital for the Company.

Mycom South Africa is relatively dormant and the Group has been
incurring losses for many years and is in a net tangible
liabilities position as of June 30, 2005, up to the present. The
board of directors is of the view that the proposed disposal is
an opportunity for the Mycom Group to exit from the loss making
entities in the Republic.  The proposed disposal is also in line
with the restructuring scheme of Mycom to dispose of non-
contributing or non-core business subsidiaries to focus on its
core activities after the completion of the restructuring
scheme.

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.  

The Company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  As of
March 31, 2006, the Company has incurred accumulated losses of
MYR1.15 million.  It has total assets MYR841 million and total
liabilities of MYR1.4 billion resulting in a shareholders'
equity deficit of MYR512 million.


PRIME UTILITIES: LBCN Retains Default Status Amid Debt Revamp
-------------------------------------------------------------
Prime Utilities Berhad's subsidiary, LBCN Development Sdn Bhd,
is still unable to settle its default payments while
restructuring of the loan facilities is in progress.

As reported by the Troubled Company Reporter - Asia Pacific,
LBCN in 2003 defaulted on banking facilities granted by Bank
Islam Malaysia Berhad, Malayan Banking Berhad and Stockware
Capital Sdn Bhd.

The TCR-AP further reported that Bursa Malaysia Securities
Berhad, on June 30, 2006, publicly reprimanded Prime Utilities
Berhad for breaching Bursa Malaysia's disclosure rules by
failing to make an immediate public announcement of LBCN's
default.  The facilities were defaulted in 2003 but the Company
only made the disclosure on April 13, 2006.

                 About Prime Utilities Berhad

Headquartered in Selangor, Malaysia, Prime Utilities Berhad
-- http://www.prime.com.my/-- is a property development company  
listed on the Main Board of Bursa Malaysia Securities Berhad.  
The principal activities of the Prime Group of companies is the
development of a 1,373 acres township known as Alam Perdana in
the Mukim of Ijok, District of Kuala Selangor.  The township of
Alam Perdana will comprise of 15,630 units of bungalows, semi-
detached, single and double-storey linked houses, low-cost
flats, medium-cost apartments, condominiums, shop offices and
retail complexes, when fully developed.

After booking losses since 1999, the Company has continuously
taken necessary steps to improve its financial position.  In
2005, Bursa Malaysia Securities Berhad has publicly reprimanded
and imposed fines twice on the Company for failing to submit its
financial reports on time.

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR202,965,000
available to pay current liabilities of MYR352,441,000 within
the next 12 months.  The Company, as of April 30, has total
assets of MYR768,138,000, and total liabilities of
MYR471,177,000, resulting to a shareholders' equity of
MYR296,961,000.  The Company has a debt-to-equity ratio of 1.6.


SUGAR BUN: Books MYR1.1-Million Loss on MYR3.9-Million Revenue
--------------------------------------------------------------
Sugar Bun Corporation Berhad on June 30, 2006, submitted for
public release its financial report for the first quarter ended
April 30, 2006.

For the quarter under review, the Group registered a
MYR3.9-million revenue as against MYR7.2-milion revenue in the
same quarter last fiscal year.

Comparatively, the turnover for the quarter is lower than that
of the corresponding quarter in the previous year due to the
Group's policy to focus its fast food business through
franchising wherein all existing outlets except for certain
strategic ones being retained, have been franchised out, the
Company disclosed in its financial statement.

The Group's other business operations in hospitality, property
and resort management too have not shown much improvement and
this had invariably contributed to the overall drop in the
overall turnover, the Company said.

The Group's net loss declined to MYR1.1 million in the quarter
ended April 30, 2006, as against a net loss of MYR3.1 million in
the quarter ended April 30, 2005.  This is mainly due to finance
cost of approximately MYR0.81 million over provided for in
previous year now accounted for.  

As of April 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR24,627,000
available to pay current liabilities of MYR28,251,000 coming due
in the next 12 months.

The Company's April 30 balance sheet also showed total assets of
MYR116,242,000, and total liabilities of MYR68,907,000,
resulting to shareholders' equity of 47,335,000.

The Company has accumulated loss of MYR46,190,000 as of April
2006.

There was no interim dividend recommended for the current
quarter and financial period to-date.

A full-text copy of the Company's financial report is available
for free at:

   http://bankrupt.com/misc/tcrap_sugarbun070606.pdf

                About Sugar Bun Corporation Bhd

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is  
engaged in the operation and franchising of restaurants,
bakeries and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services.  Operations of the Group are carried out
mainly in Malaysia.  The Company is currently undertaking a
corporate and debt restructuring program to wipe out its
accumulated losses.  As of April 30, 2006, the Company has
accumulated losses of MYR46,190,000.


UNITED CHEMICAL: Seeks More Time to Complete Restructuring
----------------------------------------------------------
United Chemical Industries Berhad's board of directors, on
June 16, 2006, requested the Securities Commission to extend the
time for the Company and Majuperak Holdings Berhad to complete
United Chemical's restructuring exercises.

The Securities Commission is currently reviewing the extension
application, which was filed through Alliance Merchant Bank
Berhad.

In view of the extension application, United Chemicals,
Perbadanan Kemajuan Negeri Perak and Majuperak had, on June 29,
2006, agreed to extend the completion date of the debt
restructuring agreement to September 30, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, the
completion of United Chemical's restructuring is pending:

   -- private placement by Perbadanan Kemajuan Negeri Perak via
      offer for sale of up to 4,000,000 ordinary shares in
      Majuperak of MYR0.50 at an odder price of MYR0.70; and

   -- administrative matters in relation to:

        * the admission to the Official List and the listing of
          an quotation for the new ordinary shares of Majuperak
          and irredeemable convertible preference shares on the
          Securities Exchange;

        * the issue of redeemable convertible secured loan
          stocks and redeemable convertible unsecured loans
          stocks to the creditors of United Chemicals; and

        * the transfer of listing status of UCI on the Second
          Board of Securities Exchange to Majuperak whereby
          Majuperak shares will be listed on the Main Board of
          the Securities Exchange.

             About United Chemical Industries Berhad

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company which
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.  United
Chemicals and Geotextiles (M) Sdn Bhd ceased manufacturing
operations in April 2003.  The companies plan to dispose of the
entire principal operation assets without intention to resume
business operations.

The Group has ceased its manufacturing operations and under the
proposed corporate restructuring exercise, the listing status
will be assumed by a new company, which will have a core
business of property development and related activities.


WEMBLEY INDUSTRIES: Unable to Pay Debts Due to Insolvency
---------------------------------------------------------
Wembley Industries Berhad's board of directors, on June 30,
2006, declared that the Company will not be able to settle its
default payments due to insolvency.

In order to address its insolvency, the Company is taking steps
to secure an extension to fulfill conditions stipulated in the
Company's debt restructuring agreement and thereafter implement
the scheme.

The Board is of the opinion that the Company will regain its
solvency status upon a successful implementation of its Proposed
Restructuring Scheme.

            About Wembley Industries Holdings Berhad

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.  The Company has been placed under the Practice Note 4
category due to its tight cash flow position.  On January 7,
2003, Malaysia's Foreign Investment Committee approved the
Company's regularization plan.  Subsequently, on April 7, 2003,
the FIC revised its approval to include the possible
participation of Daewoo Corporation, the former turnkey
contractor of Plaza Rakyat Project in the Company's Proposed
Debt Restructuring.  The Company's ability to continue as a
going concern hinges on the successful implementation of the
Scheme.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR422,729,000 and total liabilities of
MYR1,214,178,000, resulting in a MYR791,749,000 stockholders'
equity deficit.  The balance sheet also showed strained
liquidity with MYR415,545,000 in total current assets available
to pay MYR1,214,178,000 in total current liabilities coming due
within the next 12 months.  The Company's accumulated losses as
of March 31, 2006, have reached MYR1,063,555,000.


* S&P and RAM Discuss Issues Facing Malaysian Banks
---------------------------------------------------
Banks in Malaysia have charted steady improvements in their
financial profiles, although they are likely to experience a
more challenging phase ahead, said a report titled "Malaysian
Banking Outlook," jointly published by Standard & Poor's Ratings
Services and its affiliate Rating Agency Malaysia Bhd.  

The commercial banking sector has been steadily improving its
key fundamentals, such as loan quality and capitalization, while
profitability has been stable, according to the report.  With
banking systems typically exhibiting a close nexus with the
country's economic conditions, the banks in Malaysia are also
facing more challenges ahead.

"These challenges are attributed to the pressures on the
household segment resulting from a higher overall cost of
living, as well as increased interest cost burden on consumers
and SMEs -- the two key segments that have been driving loan
growth over the past five years," said Standard & Poor's credit
analyst Adrian Chee.

While rising interest rates have been a positive impact so far,
Malaysian banks are expected to see narrower net interest
margins again.  This is mainly attributed to the continued
intense competition.  The commercial banking sector is also
experiencing increasing liberalization, with regulatory
initiatives allowing greater flexibility to incumbent foreign
banks as well as the entrance of foreign Islamic financial
institutions into the country.

At the same time, the Islamic banking sector in Malaysia, as
well as in the Persian Gulf, have been experiencing strong
growth rates and undergoing continuous regulatory developments.  
Nevertheless, the Gulf Islamic banks have fared better in
profitability than their Malaysian counterparts.  This is
predominantly due to differences in margins and in market share
of Islamic banks in the higher-yielding consumer market.

"Despite the different operating environment Islamic banks in
Malaysia are in, as compared to the Gulf, the authorities are
striving to facilitate growth of Islamic banking in Malaysia,
with an aim of achieving the target of Islamic segment
constituting 20% of the total banking assets by 2010," said Mr.
Chee.


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

STENIEL MANUFACTURING: Halts Shares Trading
-------------------------------------------
In a letter to the Philippine Stock Exchange dated July 5, 2006,
Steniel Manufacturing Corp. disclosed that:

   1. Shareholders representing at least two-thirds of STN's
      issued and outstanding capital stock authorized the
      Company to enter into rehabilitation proceedings;

   2. STN's board of directors resolved that the Company's
      annual shareholders' meeting will be postponed to any time
      in September but not later than Sept. 30, 2006, due to the
      ongoing restructuring plans and to await the completion of
      the transfer of shares in Steniel (Netherlands) Holdings,
      B.V., which was earlier disclosed to the Exchange; and

   3. Mr. Stanley Leung and Mr. Christopher Wilifried Heine
      resigned as members of STN's Board of Directors.

Subsequently, the Company's shares have stopped trading as of
July 6, 2006.

                  About Steniel Manufacturing

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

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

                          *     *     *

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


VICTORIAS MILLING: BPI Sells Off Interest & Rights to Loans
-----------------------------------------------------------
Victorias Milling Corp. disclosed to the Philippine Stock
Exchange that at a meeting of its Board of Directors on June 30,
2006, it was informed that the Bank of the Philippine Islands
and BPI AMTG have sold all their rights, title and interest in
and to the Company loans, including all the collaterals,
security interests, mortgages, and similar rights and privileges
related to these loans, to Asset Pool A (SPV-AMC), Inc. (APA).

                     About Victorias Milling

Headquartered in Victorias City, Bacolod, Victorias Milling
Company Inc. -- http://www.victoriasmilling.com/-- was  
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
Company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.  However, the Company
has incurred significant losses from operations, which adversely
affected its financial condition and cash flow position.

On July 4, 1997, the Company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all VMC creditors or any of its subsidiaries from
enforcing their claims, to allow the Company or any of its
subsidiaries to continue to their normal business operations.
The SEC also ordered the formation of a Management Committee to
oversee the Company's operations and rehabilitation.

VMC has an accumulated deficit of PHP3.7 billion, PHP3.6 billion
and PHP3.3 billion as of August 31, 2005, 2004, and 2003,
respectively, and capital deficiency of PHP1.8 billion and
PHP1.6 billion as of August 31, 2005 and 2004, which adversely
affected its financial condition and cash flow position.

VMC further defaulted on payments of its maturing liabilities to
creditors, which are currently under a debt restructuring
program.  Except for Victorias Foods Corporation, VMC's other
consolidated subsidiaries -- Canetown Development Corporation,
Victorias Quality Packaging Company Inc., and Victorias
Agricultural Land Corporation -- have also incurred significant
losses from operations, and have accumulated deficits and
capital deficiencies, which have adversely affected their
financial condition and cash flow position.  Moreover, the other
related companies, North Negros Marketing Co., Inc., has
declared bankruptcy, while Caneland Sugar Corporation has ceased
milling operations in April 1997.

According to a report by the Troubled Company Reporter on
May 31, 2006, Victorias Milling's balance as of August 31, 2005,
showed total assets worth PHP7.19 billion, versus total
liabilities amounting PHP9 billion, resulting to a stockholders'
equity deficit of PHP1.8 billion.


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

AVESTA TECHNOLOGIES: Creditors Must Prove Claims by August 5
------------------------------------------------------------
The creditors of Avesta Technologies Pte Limited are required to
prove their claims by August 5, 2006.

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

Contact: Low Sok Lee Mona
         Teo Chai Choo
         Liquidators
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


INFORMATICS HOLDINGS: Disposes of Malaysian Unit for MYR3.8 Mln
---------------------------------------------------------------
Informatics Holdings on June 28, 2006, entered into a share and
purchase agreement to sell its Malaysian subsidiary to Kozai
Trading Sdn Bhd.

Under the Agreement, Informactics will divest Futurekids
Learning Centre Sdn Bhd to Kozai Trading Sdn Bhd for
MYR3,800,000.

The sale of the property -- which is located at 33-A Lorong Abu
Siti, 10400 Pulau Pinang, Malaysia -- will not affect the
Company's net tangible assets per share.

               About Informatics Holdings Limited

Informatics Holdings Ltd -- http://www.informatics.edu.sg/--    
was established in 1983, in response to Asia's economic growth  
fostering tremendous demands for skilled Information  
Technology manpower and knowledge-based workers to build and  
sustain the rapid economic development in the region.   
Informatics' core business activities are training and  
education, IT-related services and franchise operations.   
Informatics was at the center of a scandal that began in mid-
April 2004 when it admitted that it has overstated profits and  
understated costs for the nine months ended December 2003 in its  
quarterly financial statement.  The scandal started a string of  
losses for the education services provider.  Informatics  
Holdings, however, managed to cut its losses for the fourth  
successive quarter in its third-quarter financial results for  
the fiscal year 2006.  

Due to continued financial support from majority shareholder  
Berjaya and efforts to sell non-core assets, Informatics  
holdings hopes to get back to black by continuing to increase  
revenue and control costs.  The Company is currently looking  
into agreements with underwriters on an earlier proposed rights  
issue, in order to raise working capital.

As reported by the Troubled Company Reporter- Asia Pacific, on
June 1, 2006, Informatics Holdings has made great strides in
restructuring its operations.  It slashed its net losses by 68%
or SGD48.4 million from SGD71.2 million in fiscal year ended
March 31, 2005, to SGD22.8 million in fiscal year ended
March 31, 2006.


MAE EGINEERING: Court Orders Payment of SGD243,341 to Willie Teo
----------------------------------------------------------------
The High Court of Singapore on June 29, 2006, ordered MAE
Engineering Limited to pay Willie Teo Chin Kiang SGD243,341.98,
in respect of a suit filed by the latter in 2005.

MAE Engineering said that it is presently seeking legal advice
for an appeal against the judgment.

The Company added it has already made the provision for the
judgment amount in its accounts for the previous financial year
ending March 31, 2006.

                 About MAE Engineering Limited

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.  

As of March 31, 2006, the Company's balance sheet showed
SGD7,404,000 in total assets and SGD27,257,000 in total
liabilities, resulting in a SGD19,853,000 stockholders' equity
deficit.  The Company's March 31 balance sheet also revealed
strained liquidity with SGD6,346,000 in total current assets
available to pay SGD27,200,000 in total current liabilities
coming due within the next 12 months.
            

PEARL'S PARK: Court to Hear Wind-Up Petition on July 21
-------------------------------------------------------
An application for the winding-up of Pearl's Park Departmental
Store Pte Limited will be heard before the High Court of
Singapore on July 21, 2006, at 10:00 a.m.

The wind-up petition was filed by L'oreal Singapore Pte Ltd on
June 23, 2006.

Contact: Drew & Napier LLC
         Solicitors for the Plaintiff
         20 Raffles Place #17-00
         Ocean Towers
         Singapore 048620


SPA ENGINEERING: Creditors Must Prove Debts by July 29
------------------------------------------------------
Spa Engineering Pte Limited notifies parties-in-interest of its
intention to declare a dividend pursuant to an order by the High
Court of Singapore.

Liquidator Wee Seng Tiong of 1 Coleman Street #06-10, The
Adelphi, Singapore will be receiving proofs of claim until
July 29, 2006.

Failure to comply with the requirement will exclude a creditor
from sharing in the Company's dividend distribution.

Contact: Wee Seng Tiong
         1 Coleman Street #06-10
         The Adelphi, Singapore


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

ASIA HOTEL: Total Outstanding Loan Reduced to THB1.49 Billion
-------------------------------------------------------------
On July 4, 2006, Asia Hotel Public Company Limited submitted a
report to the Stock Exchange of Thailand outlining the progress
of its rehabilitation plan.

The Company recounts that before entering debt restructuring
with five financial institutions -- Bangkok Metropolitan Bank,
Siam City Bank, Bank Thai, Phatratanakij Finance, and Industrial
Finance Corporation of Thailand -- it had outstanding loan equal
to THB1.58 billion, plus THB471.68 million in accrued interest,
totaling to an outstanding debt of THB2.049 billion.

In August 1999, Asia Hotel entered into debt restructuring
agreements with the five financial institutions, which resulted
to a reduction of its total outstanding debt to THB1.90 billion.
The reduced debt consisted of basic outstanding loan amounting
THB1.58 billion and THB321.42 million in accrued interest.  
Pursuant to the restructuring deal, the loan payback period was
extended to 16 years and 9 months, from September 1999 to
May 2016.

The Company relates that as of December 31, 2005, its
outstanding debt totaled THB1.92 billion, consisting of
THB1.32 billion basic loan and THB599.88 million in accrued
interest.
       
In its update, Asia Hotel discloses that in June 2006, it was
able to amend the terms and conditions of the August 1999 Debt
Restructuring Agreements with the five financial institutions.
As of June 30, 2006, the Company's total outstanding debt
amounts to THB1.49 billion.  

Specifically, the Company says that the significant amendments
pertain to:

   1. the reduction of the accrued interest from
      THB599.88 million to THB214.34 million;

   2. the extension of the payback period from 10 years
      (2006-2016) to 15 years (2006 -2021); and

   3. the reduction of the interest rate from MLR-1% in 2006 and
      MLR 2007-2016 to MLR-0.5% for the whole payback period
      from 2006 to 2021.

                          *     *     *

Headquartered in Bangkok, Thailand, Asia Hotel Public Company
Limited was incorporated on March 24, 1964, and has been
publicly listed   since 1989.  The Company and its two
subsidiaries, Asia Pattaya Hotel Company Limited and Asia
Airport Hotel Company Limited, are involved in the hotel
business, with its principal activities consisting of room
service and operating restaurants.  Another subsidiary, Zeer
Property Company Limited is primarily involved in the
construction and the building of shopping complexes.
  
The Troubled Company Reporter - Asia Pacific reported on
March 28, 2006, that Asia Hotel is operating under a capital
deficit in the amount of THB1.21 billion, and the total current
liabilities exceeded its total current assets in the amount of
THB311 million.

Under its debt restructuring agreements with five financial
institutions, the Company's total outstanding debt amounts to
THB1.49 billion as of June 30, 2006.

The Stock Exchange of Thailand has attached an "SP" sign to Asia
Hotel, which means that trading in the Company's securities is
prohibited.  The "SP" remains until the Company is able to
resolve the causes of possible delisting.


AVANEX CORP: Posts US$10.2-Mil. Net Loss in Third Quarter 2006
--------------------------------------------------------------
Avanex Corporation generated net revenue of US$40.1 million in
its third fiscal quarter ended March 31, 2006, compared with
US$36.1 million in the prior quarter and US$40.3 million in the
third fiscal quarter of the prior year.

The company reported a net loss of US$10.2 million in the third
fiscal quarter of 2006, a 45.2% improvement over the net loss of
US$18.5 million in the prior quarter, and a 46.2% improvement
over the net loss of US$18.9 million in the third fiscal quarter
of the prior year.

"I am pleased with the progress the company has made," Jo Major,
president and CEO of Avanex said.  "We achieved a 45% reduction
in net loss from the second fiscal quarter of this year, and we
achieved a similar reduction in net loss from the third fiscal
quarter of last year.  We continued to meet our restructuring
objectives and reached important milestones, including becoming
RoHS compliant and returning to revenue growth.  As we complete
the transition of our manufacturing operations, we are able to
focus more on generating revenue, increasing our market share,
and launching industry leading new products.

"In addition to the steady progress that we are showing on our
income statement, our balance sheet also substantially improved.
During the third fiscal quarter, US$21.4 million was converted
from debt into equity and we raised net proceeds of US$44.7
million in an equity stock offering," said Mr. Major.

Fiscal Third Quarter Highlights:

    -- Raised net proceeds of US$44.7 million in an equity stock
       offering and ended the quarter with US$82.1 million in
       cash and short-term investments;

    -- US$21.4 million of long term convertible notes converted
       into equity;

    -- A 45.2% reduction in net loss over the second fiscal
       quarter of 2006;

    -- Launched eight new products including a Xenpak Compatible
       Hot-Pluggable EDFA and an industry leading Optical
       Performance Monitoring solution;

    -- Met RoHS compliance requirements across all product
       lines;

    -- Completed planned manufacturing transfers from Italy and
       France on schedule.

             Fourth Quarter 2006 Fiscal Year Outlook

Revenue is expected to be between US$42 million and $45 million
in the fourth fiscal quarter of 2006.  Gross margin for the
fourth fiscal quarter of 2006 is expected to increase over the
third fiscal quarter of 2006.

                        Going Concern Doubt

Deloitte & Touche LLP expressed substantial doubt about Avanex
Corporation's (Nasdaq: AVNX) ability to continue as a going
concern after it audited the Company's financial statements for
the fiscal year ended June 30, 2005.  The auditing firm pointed
to the Company's recurring losses and negative cash flows from
operations.

                           About Avanex

Avanex Corporation (NASDAQ: AVNX) -- http://www.avanex.com/--
provides Intelligent Photonic Solutions(TM) to meet the needs of
fiber optic communications networks for greater capacity, longer
distance transmissions, improved connectivity, higher speeds and
lower costs.  These solutions enable or enhance optical
wavelength multiplexing, dispersion compensation, switching and
routing, transmission, amplification, and include network-
managed subsystems.  Avanex was incorporated in 1997 and is
headquartered in Fremont, Calif.  Avanex also maintains
facilities in Elmira, N.Y.; Shanghai, China; Nozay, France; San
Donato, Italy; and Bangkok, Thailand.


MDX PCL: Discloses Reasons to Dilution of Shareholding Stake
------------------------------------------------------------
M.D.X. Public Company Ltd informs the Stock Exchange of Thailand
that shareholders in its subsidiary, Gateway Development Ltd.,
resolved to increase Gateway's capital by THB36 million by
issuing 360,000 new ordinary shares par valued at THB100.

In accordance with Gateway's Article of Association, allotment
would be done through rights offering to its existing
shareholders in respect to their shareholding portion.

According to MDX, the proceeds from the capital increase would
be used for business expansion.

However, MDX -- which is Gateway's major shareholder with
199,993 shares or 99.99% of Gateway's total registered capital
-- is under rehabilitation pursuant to the Bankruptcy Act, and
is therefore restricted from performing operations other than
its normal businesses.  Furthermore, an investment would require
up to THB36 million and the Company is in need to reserve cash
for debt repayment under its rehabilitation plan.  As a result,
MDX says, it is not ready to invest in Gateway's plan of
increasing capital by buying the ordinary shares.

Yet, MDX informs the SET that Roy Isaraporn Jutabha, an existing
shareholder of Gateway, exercised his right to acquire all the
ordinary shares offered.  Thus, the shareholding portion of MDX
decreased to 35.71%, while that of Mr. Jutabha increased to
64.28%.

           Plan Administrator's Opinion on Transaction

The Company's Plan Administrator, Prapa Tiankasem, at Wittayu
Planner Co., Ltd., said that the Company's renouncement on the
acquisition of the capital-increasing ordinary shares was in
compliance with the rehabilitation plan and was supportive of
the Company's fund allocation to debt repayment.  In addition,
Ms. Tiankasem stated that Gateway still exhibited losses from
operations with high-retained losses, thus, with the Company's
smaller shareholding portion in Gateway, it would recognize less
loss allocation in its consolidated financial statement.

                 About Gateway Development Ltd

Gateway Development Co. Ltd's major businesses were in the field
of utilities and infrastructures management and services.  At
present, it provided utilities services to Gateway City
Industrial Estate.  As of September 30, 2005, the Company's
total assets stood at THB210.28 million and its total liability
totaled THB537.21 million, resulting to total equity deficit of
THB326.93 million.

                        About MDX Pcl

M.D.X. Public Company Limited and its subsidiaries develop
industrial estates for plants and factories.  The Group
develops, provides and manages infrastructure as well as all
necessary facilities and utilities such as power, water,
wastewater treatment, telecommunications, and solid waste
disposal systems.

The Company has been operating with a capital deficit for years,
with a THB8.85 billion deficit in 2002 as the highest in the
last five years.  In its annual report for the year ended
December 31, 2005, MDX reported a reduced of THB5.83 billion,
compared with the THB6.23 billion in 2004.

The Company is implementing a rehabilitation plan, which has
been approved by the Central Bankruptcy Court in April 2003.   
The approved rehabilitation plan has major steps relating to the
transfer of some assets and liabilities to a special purpose
company established for managing and selling the Company's
secondary assets.  Some important steps of the plan are still
under implementation.  The ability of the Company and its
subsidiaries to continue their businesses as going concerns
depends on the success of the Company in business restructuring
in accordance with the rehabilitation plan.

The Stock Exchange of Thailand has attached an "SP" sign to MDX,
which means that trading in the Company's securities is
prohibited.  The "SP" remains until the Company is able to
resolve the causes of possible delisting.


* BBPCL Fears Repeat of Another Economic Crisis in Thailand
-----------------------------------------------------------
The head of Bangkok Bank Public Co. Ltd warned that Thailand may
soon face another economic crisis if it fails to address two
pressing issues: the lack of governance and the failure to
adhere to the sufficiency-economy model, The Nation reports.

According to the report, many analysts believe that the current
political crisis and economic malaise in the country are a
result of poor governance, inefficient bureaucracies and corrupt
independent organizations.

The Nation cites Kosit Panpiemras, executive chairman of BBPCL
and former secretary-general of the National Economic and Social
Development Board, as saying that "if the Kingdom continues to
spend beyond its means, the problems that arise from poor
governance might worsen, pointing to a rise in crony capitalism,
conflicts of interest, insider trading and monopolies."  

Mr. Panpiemras said that with the politically connected
businesses at the center of Thailand's political crisis, the
sufficiency economy is being considered as a model that can help
correct poor governance while achieving sustainable economic and
social development.

Analysts also fear that the current political stalemate will
lead to an economic crisis while others worry about potential
violence.

Mr. Panpiemras explained that as a result of poor governance,
political leaders adopt policies for short-term popularity at
the expense of long-term, sustainable development.

The Nation relates that Mr. Panpiemras stated that the idea of
sufficiency economy, or well-balanced capitalism, is simple, for
it is based on following one's conscience.  Moreover, he cited
the King reminding people to follow simple moral rules like not
to be greedy, to be moderate and live within their means.


* Customs Dept Seeks To Reduce Revenue Due to Economic Slowdown
---------------------------------------------------------------
The Customs Department wants to reduce its revenue target for
the current fiscal year from THB120 billion to THB80 billion due
to lower imports caused by the economic slowdown, The Nation
says.

The Nation recounts that the Finance Ministry has already agreed
to reduce the revenue target to THB100 billion, but the
department wants to cut it further by THB20 billion, said Sathit
Limpongpun, director-general of the Customs Dept.  

Mr. Sathit attributed the move to lower-than-expected imports
and lower tariffs on several items due to free-trade agreements.  
Moreover, he said that the Thailand baht has been stronger than
the expected THB41.50 as against the US dollar.

Mr. Sathit told The Nation that overall global tax collection
had declined as tariff reductions worldwide reduced costs for
local operators.

The Thai Government's income from the Customs Department is
expected to be about 5% of total tax revenue, The Nation notes.

The Nation adds that over the first eight months of the fiscal
year starting October 2005, the Customs Dept. collected tax
revenue of THB64.95billion, which is 17.8% lower than its eight-
month target.


* 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        77.48     -76.83
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       121.3      -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        39.13    -224.64
Shenz China Bi-B               200017        39.13    -224.64
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        14.84      -6.25  
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        13.47     -87.63
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
Zarva Technology Co. Ltd.         688       101.76    -102.01

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
Steady Safe Tbk                  SAFE        19.65      -2.43
Suba Indah Tbk                   SUBA        85.17      -9.18
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        98.36     -74.34
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

C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
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         7.51      -7.88
Hantex PCl                      HTX/F         7.51      -7.88
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       178.27    -734.30
Tanayong PCL -F               TYONG/F       178.27    -734.30
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




                            *********


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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                 *** End of Transmission ***