TCRAP_Public/060711.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, July 11, 2006, Vol. 9, No. 136

                            Headlines

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

ANA REAL: Liquidator to Present Wind-Up Report
ANTHONY J. COSTELLO: To Declare first and Final Dividend July 12
ARRABA INVESTMENTS: Faces Liquidation Proceedings
AWB LIMITED: ALP Documents Shows AU Gov't. Covered Up Kickbacks
BLUE CLOSE: Members and Creditors to Receive Wind-Up Report

COAST TO COAST: Court to Hear CIR's Liquidation Bid on August 24
COMEDIA PTY: Receivers and Managers Cease to Act for Company
CORE POTENTIAL: Faces Liquidation Proceedings
DASCH PTY: Creditors' Proofs of Claim Due on July 30
DIRUBE DESIGN: Winds Up Business Operations

FAIRVALE REALTY: Members Opt to Close Business Operations
FORTESCUE METALS: Confirms AU$360-Mil Equity Raising With Noble
FORTESCUE METALS: Signs MOU With Cullen on Iron Ore Rights
HEATHCLIFF HOLDINGS: Appoints Official Liquidator
HOUSING WORLD: Creditors' Proofs of Claim Due on August 13

IMPAQ AUSTRALIA: Members and Creditors to Receive Wind-Up Report
KENNING INVESTMENTS: Enters Voluntary Liquidation
KERILAND ORCHARDS: Creditors Must Prove Debts by July 29
MSM HOLDINGS: Names Ozem Kassem as Liquidator
MANDARIN TRAWLERS: Receivers and Managers Cease to Act for Firm

MANUFACTURERS OF COMMERCIAL: Creditors Resolve to Shut Business
MINCHEN HOLDINGS: Appoints Joint and Several Liquidators
MORONI TRANSPORT: To Declare Second Dividend on July 14
N.Y. INVESTMENTS: Creditors Decide to Close Operations
NEWBEACH NOMINEES: Receivers and Managers Step Aside

PAREKURA BAY: Creditors' Proofs of Debt Due on July 30
PLATEAU PASTORAL: Members Agree on Voluntary Liquidation
PRIMO PROMOTIONS: Members and Creditors to Convene on July 13
RENEWAL PTY: Priority Creditors' Proofs of Claim Due by July 13
S&V DEVELOPMENTS: Court to Hear Liquidation Bid on August 17

VOICE LIMITED: Appoints Joint and Several Liquidators
WEST KAURI: Court to Hear Liquidation Petition on July 17
* NZ's Key Commodity Exports Fell in June
* NZ Workers' Better Job Outlook Steady, Westpac Says


C H I N A   &   H O N G  K O N G

CIBA INDUSTRIAL: Court Issues Wind-Up Order
COSMOS GLOBAL: Wind-Up Petition Hearing Slated for July 12
EASEFUL STRATEGIC: Enters Wind-Up Proceedings
ETERNAL GLORY: Court Orders Wind-Up of Operations
GALLANT KING: Wind-Up Bid Hearing Slated for July 19

HO LING CONSTRUCTION: Faces Wind-Up Proceedings
HOE WAH ENGINEERING: Court to Hear Wind-up Petition on July 26
JUMBO FORTUNE: Court Favors Wind-Up Petition
JUMBO WAVE: Wind-Up Petition Hearing Set on August 16
KING SHING CONSTRUCTION: Court Issues Wind-Up Order

LEGEND INTERNATIONAL: Appoints Joint and Several Liquidators
POON WAI KEE: Court to Hear Wind-Up Bid on July 19
POP ENGINEERING: Court to Hear Wind-Up Bid on July 19
SUNNY TOYS: Wind-Up Petition Hearing Fixed on August 16
WANTED LIMITED: Faces Wind-Up Proceedings

WINDFULL INDUSTRIES: Court Orders Wind-Up
WINSPOWER LIMITED: Court Orders Appointment of Joint Liquidators
WTA (H.K.) COMPANY: Inks Deal to Sell and Transfer Business
* Chinese Banks Vow to Fight Bribery & Protect Financial Sector


I N D I A

GENERAL MOTORS: Nissan-Renault Tie-Up Will Not Hurt Fitch Rating
INDIAN OIL: Sri Lanka Threatens to Take Over Local Outlets
SAMTEL COLOR: Inks Joint Venture Pact with Hindustan Aeronautics


I N D O N E S I A

PERUSAHAAN LISTRIK: Asks Firms to Invest in Coal-Based Plants


J A P A N

ISHIKAWAJIMA HARIMA: Moody's Says Credit Profile is Improving
JML-MAYNDS: S&P Assigns B- Rating on Class G Certificate


K O R E A

DAEWOO ELECTRONICS: Videocon Set on Take-Over
KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt


M A L A Y S I A

AYER HITAM: Seeks Further Extension of Restraining Order
BUKIT KATIL: Asks Bourse to Reconsider Delisting Decision
CHG INDUSTRIES: Reviews Options to Address Default Issue
CONSOLIDATED FARMS: Bourse Delists Securities from Official List
DATUK KERAMAT: Court Defers Hearing of RO Extension Request

FEDERAL FURNITURE: Submits Regularization Plan for Approval
HARVEST COURT: Winds Up Australian Subsidiary to Curb Losses
LANKHORST BERHAD: To Hold 10th AGM on July 28
MALAYSIA AIRLINES: To Retain Discounted Fares Under New Policy
MALAYSIA AIRLINES: To Consider Share Capital Hike at EGM

MBF CORPORATION: Must Submit Regularization Plan in Six Months
PSC INDUSTRIES: Judge Denies Appeal Against Summary Judgment
SETRON MALAYSIA: Changes Name to Halifax Capital Berhad
TRU-TECH HOLDINGS: Bourse Commences Delisting Process


P H I L I P P I N E S

INTERNATIONAL WIRE: Closes Sale of Insulated Wire Businesses
LAFAYETTE MINING: Resumes Rapu-Rapu Operations
MAYNILAD WATER: Firms Interested in Acquiring Government Stake
STENIEL MANUFACTURING: Aims to Start Rehabilitation in Q3


S I N G A P O R E

INFORMATICS HOLDINGS: 23rd Annual General Meeting Set on July 31
INFORMATICS HOLDINGS: Members to Consider Name Change at Meeting
OFFSHORE JOINT: Creditors' Proofs of Claim Due on August 5
COSEM PTE: Intends to Distribute Dividend on August 5
PACIFIC EAST: Accepting Proofs of Debt Until August 7

HEXAGON TECHNOLOGY: Preferential Claims Due on August 8


T H A I L A N D

KRUNG THAI BANK: Fitch Upgrades Individual Rating to C/D
TANAYONG PCL: Business Partner to Buy 30% Stake for THB2 Billion


* BOND PRICING: For the Week 10 July to 14 July 2006

     - - - - - - - -

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

ANA REAL: Liquidator to Present Wind-Up Report
----------------------------------------------
A final meeting of the members of Ana Real Estate Australia Pty
Limited will be held on July 14, 2006 at 10.00 a.m.

During the meeting, members will receive Liquidator D. J. F.
Lombe 's final account showing how the Company was wound up and
how its property was disposed of.

The Liquidator can be reached at:

         D. J. F. Lombe
         c/o Deloitte Touche Tohmatsu
         Level 3, 225 George Street
         Sydney, New South Wales 2000
         Australia


ANTHONY J. COSTELLO: To Declare first and Final Dividend July 12
----------------------------------------------------------------
Liquidator K. L. Sutherland will declare its first and final
dividend to creditors of Anthony J. Costello Pty Ltd on July 12,
2006.

Creditors who were not able to prove their claims by
July 11, 2006 will be excluded from sharing in the dividend
distribution.

The Liquidator can be reached at:

         K. L. sutherland
         Bent & Cougle Pty Ltd Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


ARRABA INVESTMENTS: Faces Liquidation Proceedings
-------------------------------------------------
ANZ National Bank -- trading as National Bank of New Zealand --
on June 8, 2006, filed a petition to liquidate Arraba
Investments Ltd.

Hearing of the said petition is set on August 7, 2006, at 10:45
in the morning.

The solicitors of the petitioner can be reached at:

         S.C.D.A. Gollin
         Minter Ellison Rudd Watts
         Solicitors
         20th Floor, Lumley Centre
         88 Shortland Street, Auckland
         New Zealand


AWB LIMITED: ALP Documents Shows AU Gov't. Covered Up Kickbacks
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
May 25, 2006, Senator Tom Harkin of the United States Senate
Agriculture Committee has called for a U.S. probe into AWB
Limited's violations of the United Nation's oil-for-food
program.

In an update, The Advertiser relates, newly released documents
showed that the Australian Government has colluded with AWB
Limited and deliberately lied to the U.S. Senate to hide the
grain trader's kickbacks to former Iraqi president Saddam
Hussein.

According to the report, the Australian Labor Party's public
accountability spokesman, Kelvin Thomson, obtained the documents
through Freedom of Information.

The Advertiser cites Mr. Thomson as saying that the documents
showed that the Department of Foreign Affairs and Trade has co-
drafted a crucial letter to U.S. Senator Norm Coleman, chairman
of the sub-committee investigating the U.N. program, and briefed
AWB before and after its meeting with Australian Ambassador
Michael Thawley and Senator Coleman.

The documents, including e-mails between DFAT and the Australian
embassy officials, also revealed that DFAT had intended to keep
the list of topics for discussion between itself and Senator
Coleman's committee "very general," The Advertiser says.

The Advertiser notes that Mr. Thomson believes DFAT Federal
Minister Alexander Downer should resign, saying that, "The AWB
scandal shows that he and his department turned a blind eye to
the kickbacks with colossal damage to Australia's international
trading reputation."

According to Mr. Thomson, the ALP believes that the terms of
reference for Australia's Cole inquiry into AWB's alleged bribes
to Iraq were too narrow and would not be able to ask the
necessary question to reveal the Australian Government's full
involvement in the cover-up.

Mr. Thomson further says that "[t]he bribing of foreign
officials is an offense under Australian law, so you can't say
it's OK to bribe foreign officials. . .in the interests of
Australia's wheat trade.  Furthermore we were signed up to U.N.
sanctions and these bribes were in express breach of the U.N.
sanctions."

"There's no doubt that in the U.S. Senate, there is a very great
grievance that we lied to them," Mr. Thomson adds.

The Advertiser relates that a spokesman for the Department of
Foreign Affairs and Trade refused to comment on Mr. Thomson's
claims, saying that the matter was still being heard by the Cole
Inquiry.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.


BLUE CLOSE: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
A final meeting of the members and creditors of Blue Close Pty
Limited will be held on July 13, 2006 at 10.00 a.m.

During the meeting, Liquidator Roderick Mackay Sutherland will
report the activities that took place during the wind-up period
as well as the manner by which the Company's property was
disposed of.

As reported by the Troubled Company Reporter - Asia Pacific,
creditors wound up the Company's operations on August 30, 2004,

Subsequently, Mr. Sutherland declared its first and final
dividend on March 23, 2006.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


COAST TO COAST: Court to Hear CIR's Liquidation Bid on August 24
----------------------------------------------------------------
An application to liquidate Coast to Coast Interiors (2001) Ltd
will be heard before the High Court of Dunedin on August 24,
2006 at 10:00 a.m.  

The Commissioner of Inland Revenue filed the petition with the
Court on May 24, 2006.

The solicitor for the plaintiff can be reached at:

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


COMEDIA PTY: Receivers and Managers Cease to Act for Company
------------------------------------------------------------
Derrick Craig Vickers and Geoffrey Frank Totterdell ceased to
act as receivers and managers of the property and undertakings
of Comedia Pty Limited on June 1, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Vickers and Mr. Totterdell were appointed on
February 15, 2006, as receivers and managers of the Company.


CORE POTENTIAL: Faces Liquidation Proceedings
---------------------------------------------
An application to liquidate Core Potential Ltd will be heard
before the High Court of New Plymouth on August 3, 2006, at
10:00 a.m.  

Hertz New Zealand Ltd filed the petition with the Court on
June 9, 2006.

The solicitor for the plaintiff can be reached at:

         R. A. Fraser
         Credit Services (N.Z.) Limited
         Level Six, 138 Victoria Street
         Christchurch, New Zealand


DASCH PTY: Creditors' Proofs of Claim Due on July 30
----------------------------------------------------
Grant Bruce Reynolds was appointed as liquidator to oversee the
liquidation of Dasch Pty Ltd on June 22, 2006.

Mr. Reynolds requires the creditors of the Company to submit
their proofs of claim by July 30, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059
         Burswood, East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 577 0243


DIRUBE DESIGN: Winds Up Business Operations
-------------------------------------------
After their extraordinary general meeting on June 9, 2006, the
members of Dirube Design Pty Limited decided to voluntarily wind
up the Company's operations.

Creditors appointed Michael Stephen Hawkins Royal as liquidator
at a creditors' meeting held that same day.

The Liquidator can be reached at:

         Michael Stephen Hawkins Royal
         Business Improvement and Restructuring Services
         Suite 9, 305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia
         Telephone:(02) 9531 8365
         Facsimile:(02) 9531 8367


FAIRVALE REALTY: Members Opt to Close Business Operations
---------------------------------------------------------
The members of Fairvale Realty Pty Limited held a meeting on
June 8, 2006, and agreed to shut down the Company's business
operations.

Subsequently, Stan Knysh was appointed as liquidator.

The Liquidator can be reached at:

         Stan Knysh
         Knysh & Associates
         Level 2, 20 Smith Street
         Parramatta, New South Wales 2150
         Australia


FORTESCUE METALS: Confirms AU$360-Mil Equity Raising With Noble
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on July 7,
2006, that 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.

In an update, WA Business News relates that on July 10, 2006,
Fortescue confirmed that it is negotiating an equity placement
worth more than AU$359.8 million with Noble Group.

The Sydney Morning Herald says that, according to Fortescue, it
was seeking strategic equity as part of a broader capital
raising program and Noble Group was one of a number of potential
partners it was negotiating with.

Fortescue disclosed that Noble Group has made an offer for an
equity placement of 10% of the fully diluted shares in the
Company, WA Business says.  The pricing of the offer was between
AU$359.8 million and AU$399.8 million.

According to the Sydney Herald, the deal with Noble Group would
see the establishment of a joint venture marketing company, to
be owned 51% by Noble Group and 49% by Fortescue, which would
sell Fortescue's iron ore into China.

AFX News Limited notes that with the deal confirmed, Fortescue's
trading suspension has been lifted.

As the TCR-AP stated, while it was in the final stages of
negotiations over the keystone financing deal for its
Pilbara undertaking, Fortescue asked the Australian Stock
Exchange to temporarily suspend trading of its shares.

The terms of the equity financing deal have not yet been agreed
on, AFX News Limited notes.

Fortescue's project in West Australia's remote northwest
remained on schedule and within budget, the Australian
Associated Press cites Fortescue as saying.  The Company also
said that the US$200-million facility set up in March has
enabled it to start the long lead items required to keep the
project on time.

According to the AAP, Fortescue said that a comprehensive
financing package was expected to be in place within this
quarter.

                      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.


FORTESCUE METALS: Signs MOU With Cullen on Iron Ore Rights
----------------------------------------------------------
According to a statement released to the Australian Stock
Exchange, Fortescue Metals Group Ltd. and Cullen Resources Ltd.
have signed a Memorandum of Understanding for Fortescue to earn
up to an 80% interest in the iron ore rights on a group of
Cullen's tenements in the West Pilbara Region, incorporating a
total tenement area of 460 square kilometers.

The tenements include significant extents of the Marra Mamba and
Brockman Iron Formations, which are the prime targets for iron
ore.  These formations host the adjacent Metawandy deposits of
Hamersley Iron Pty. Ltd., for which Inferred Resource of
225Mt@62.1% Iron has been reported.

The principal terms of the MOU are:

   (a) Fortescue commits to spend a minimum of AU$150,000;

   (b) Fortescue may earn 51% interest in the iron ore rights by
       sole funding total expenditure of AU$1 million within
       three years of the grant date of the last EL application;

   (c) Fortescue may earn a further 29% interest in the iron ore
       rights if it sole funds an additional AU$1 million and
       pays Cullen a resource payment.  This Resource Payment
       will be the greater of AU$500,000 and an amount
       calculated as 3 cents per ton of any JORC-compliant
       resource with a minimum grade of 62%, delineated by
       Fortescue.  The Resource Payment is capped at
       AU$1,050,000;

   (d) Cullen's residual interest -- 49% or 20% -- will be free
       carried to Decision to Mine; and

   (e) At DTM, Fortescue will negotiate in good faith a
       financing package to facilitate Cullen's participation in
       the mining development.  If Cullent does not participate
       it will receive a 1.5% FOB Royalty on the first to 15
       million tons of ore.

According to Cullen's exploration director, Dr. Chris Ringrose,
Cullen and Fortecue hold tenements over the target formations.

Dr. Ringrose says that a joint venture with Fortescue, which is
developing a major iron ore resource base in the region, would
allow the most cost effective and efficient exploration of the
iron formations in the area.

                      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.


HEATHCLIFF HOLDINGS: Appoints Official Liquidator
-------------------------------------------------
Members of Heathcliff Holdings Pty Limited on May 29, 2006,
passed a resolution to wind up the Company's operations.

Subsequently, Christopher J. Palmer was appointed as liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


HOUSING WORLD: Creditors' Proofs of Claim Due on August 13
----------------------------------------------------------
The members of Housing World II at Shell Cove Pty Limited
convened on August 13, 2006, and decided to wind up the
Company's operations and appoint Danny Vrkic as liquidator.

The Company said it will declare its first and final dividend on
July 27, 2006.  In this regard, creditors are required to
formally prove their debts by July 13, 2006, to share in the
Company's dividend distribution.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co -
         Wollongong Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546


IMPAQ AUSTRALIA: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------------
A joint meeting of the members and creditors of Impaq Australia
Pty Limited will be held on July 13, 2006, at 10:00 a.m.

At the meeting, Liquidator James Stewart will report on the
activities that took place during the wind-up period and the
manner by which the Company's property was disposed of.

The Liquidator can be reached at:

         James Stewart
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


KENNING INVESTMENTS: Enters Voluntary Liquidation
-------------------------------------------------
Members of Kenning Investments Pty Limited convened on
June 8, 2006, and resolved to wind up the Company's business
operations voluntarily.

Kenneth Cameron McKenzie was consequently appointed as
liquidator.

The Liquidator can be reached:

         Kenneth Cameron McKenzie
         2/66 Burke Road, Malvern East 3145
         Australia
         Telephone: 9563 5590


KERILAND ORCHARDS: Creditors Must Prove Debts by July 29
--------------------------------------------------------
Creditors of Keriland Orchards Ltd are required to submit their
proofs of debt by July 29, 2006, to Liquidator Kevin John
Gilligan.

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

The Liquidator can be reached at:

         John Gilligan
         P.O. Box 26-022, Epsom, Auckland
         New Zealand
         Telephone: (09) 834 4486
         Facsimile: (09) 834 4990


MSM HOLDINGS: Names Ozem Kassem as Liquidator
---------------------------------------------
At a separate meeting on May 26, 2006, members and creditors of
MSM Holdings Pty Limited agreed that the Company must
voluntarily commence a wind-up of its operations.

Ozem Kassem was subsequently appointed as liquidator.

The Liquidator can be reached at:

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


MANDARIN TRAWLERS: Receivers and Managers Cease to Act for Firm
---------------------------------------------------------------
John Patrick Cronin and William James Harris ceased to act as
receivers and managers for Mandarin Trawlers (Australia) Pty Ltd
on June 7, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Cronin and Mr. Harris were on April 4, 2005, appointed as
receivers and managers for the Company.


MANUFACTURERS OF COMMERCIAL: Creditors Resolve to Shut Business
---------------------------------------------------------------
After a meeting on June 9, 2006, creditors of Manufacturers of
Commercial Furniture Pty Limited resolved to close the Company's
business operations.

Subsequently, R. A. Sutcliffe was appointed as liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote, Victoria 3070
         Australia
         Telephone:(03) 9482 6277


MINCHEN HOLDINGS: Appoints Joint and Several Liquidators
--------------------------------------------------------
At an extraordinary general meeting of Minchen Holdings Pty
Limited held on June 5, 2006, Riad Tayeh and Antony de Vries
were appointed as liquidators.

The Liquidators can be reached at:  
         
         Riad Tayeh
         Antony de Vries
         de Vries Tayeh
         c/o Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


MORONI TRANSPORT: To Declare Second Dividend on July 14
-------------------------------------------------------
Moroni Transport Pty Limited will declare its second dividend on
July 14, 2006 to the exclusion of creditors who were not able to
prove their claims by June 27, 2006.

Moreover, creditors are advised to provide documentary evidence
to substantiate their debt or claim.

As reported by the Troubled Company Reporter - Asia Pacific,
the Company declared its first dividend on September 2, 2005.

The Liquidator can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East Victoria 3123
         Australia
         Telephone:(03) 9882 6666


N.Y. INVESTMENTS: Creditors Decide to Close Operations
------------------------------------------------------
At a general meeting on June 9, 2006, the creditors of N.Y.
Investments Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets disposal.

Subsequently, R. A. Sutcliffe was appointed as liquidator.

The Liquidator can be reached at:

         R. A. Sutcliffe
         Ground Floor, 192-198 High Street
         Northcote Victoria 3070
         Australia
         Telephone:(03) 9482 6277


NEWBEACH NOMINEES: Receivers and Managers Step Aside
----------------------------------------------------
Derrick Craig Vickers and Geoffrey Frank Totterdel cease to act
as receivers and managers for Newbeach Nominees Pty Limited on
June 1, 2006.

As reported by the Troubled Company Reporter - Asia Pacific,
Mr. Vickers and Mr. Totterdell were appointed as the Company's
receivers and managers on February 15, 2006.


PAREKURA BAY: Creditors' Proofs of Debt Due on July 30
------------------------------------------------------
Liquidator Grant Bruce Reynolds requires the creditors of
Parekura Bay Vineyard Estates Ltd to submit their proofs of debt
by July 30, 2006.

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

The Liquidator can be reached at:

         Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059
         Burswood, East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 577 0243


PLATEAU PASTORAL: Members Agree on Voluntary Liquidation
--------------------------------------------------------
The members of Plateau Pastoral Co Pty Limited convened on
June 8, 2006, and agreed that the Company should wind up its
operations voluntarily.

Christopher Michael Williamson and Kimberley Andrew Strickland
were subsequently appointed as liquidators.

The Liquidators can be reached at:

         Christopher Michael Williamson
         Kimberley Andrew Strickland
         SimsPartners, Level 12
         Dwyer Durack House, 40 St George's Terrace
         Perth, Western Australia 6000
         Australia


PRIMO PROMOTIONS: Members and Creditors to Convene on July 13
-------------------------------------------------------------
The members and creditors of Primo Promotions Pty Ltd will hold
their final meetings on July 13, 2006, at 10.00 a.m. and 10.30
a.m., respectively to:

-- receive the final receipts and payments from Liquidator Paul
    Burness;

-- receive formal notice of the end of the
    administration and;

-- discuss other business that may be considered with the
    foregoing.

The Liquidator can be reached at:

         Paul Burness
         Worrells Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5500
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au


RENEWAL PTY: Priority Creditors' Proofs of Claim Due by July 13
---------------------------------------------------------------
Renewal Pty Limited will declare its second and final dividend
on July 13, 2006.

Priority creditors whose debts or claims have not already been
admitted are each required by June 13, 2006 to formally prove
their debts to share in the dividend distribution.

As reported by the Troubled Company Reporter - Asia Pacific,
The Company declared its first dividend to priority creditors on
December 8, 2005.

The Liquidator can be reached at:  

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


S&V DEVELOPMENTS: Court to Hear Liquidation Bid on August 17
------------------------------------------------------------
A liquidation petition filed by the Commissioner of Inland
Revenue against S&V Developments Ltd will be heard before the
High Court of Auckland on August 17, 2006.

The petition was filed with the Court on May 17, 2006.

The solicitor for the plaintiff can be reached at:

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


VOICE LIMITED: Appoints Joint and Several Liquidators
-----------------------------------------------------
Dennis Clifford Parsons and Katherine Louise Kenealy were on
June 29, 2006, appointed as joint and several liquidators to
oversee the liquidation of The Voice Limited.

The Liquidators can be reached at:

         Indepth Forensic Limited
         Insolvency Practitioners
         P.O. Box 278, Hamilton
         New Zealand
         Telephone: (07) 957 8674
         Facsimile: (07) 957 8677


WEST KAURI: Court to Hear Liquidation Petition on July 17
---------------------------------------------------------
An application to liquidate West Kauri (1999) Ltd will be heard
before the High Court of Whangarei on July 17, 2006, at 10:45
a.m.  

Asia Pacific Timbers Ltd filed the petition with the Court on
May 17, 2006.  

Parties wishing to attend the hearing are required to file an
appearance not later than July 14, 2006.

The solicitor for the plaintiff can be reached at:

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


* NZ's Key Commodity Exports Fell in June
-----------------------------------------
The prices of New Zealand's key commodity exports fell in June
2006, ShareChat News reports, citing data from ANZ Bank.

The ANZ World Commodity Index fell 0.9% in June, after two
months of strong rises.  However, the overall level of the index
remained relatively high, the New Zealand Press Association
cites ANZ economist Steve Edwards, as saying.

Although commodity prices peaked in May 2005, and then suffered
10 months of decline, half of the fall was recovered in the past
three months.  The index is now 3.6% below last year's peak, the
NZPA relates

Dairy was the sole commodity to remain unchanged over the month,
the NZPA notes.

Mr. Edwards says that the New Zealand dollar dropped 0.7% in
June so that overall returns in the hands of exporters were up.

According to the NZPA, Mr. Edwards said that continued elevated
prices, and a weaker New Zealand dollar, would underpin a
rebound in rural farm incomes in the 2006/2007 season.


* NZ Workers' Better Job Outlook Steady, Westpac Says
-----------------------------------------------------
The hope of better job prospects and higher earnings in 2007 has
kept worker confidence steady in the June quarter, ShareChat
News reports, citing a survey.

The Westpac Dermott Miller Employment Confidence index is flat
at 123.7.  An index above 100 indicates that there are more
optimists than pessimists, the New Zealand Press Association
explains.

According to ShareChat, workers are reassured by tightness in
the job market and continued strong wage growth, arresting a
decline in the index for the last five quarters.  So although
confidence was flat, low unemployment and strong employment
growth in the first quarter suggested that employers were
"looking to retain staff in anticipation of an eventual upturn
in the economy," ShareChat cites Westpac economist Brendan
O'Donovan, as saying.

"Unsurprisingly," rural workers were the most optimistic about
the future, reflecting their exposure to the lower currency's
effect on export earnings, ShareChat relates.  However,
confidence was not high for the moment, the NZPA says.  
Perceptions about current labor conditions were down and fewer
workers reported higher earnings than a year ago, the NZPA
notes.

ShareChat also notes that recent job ad figures indicated
employment growth in the second quarter had slowed.  

O'Donovan says that given the fact businesses would continue to
have their profits squeezed, the risk was that labor demand
would continue to slow.

Mr. O'Donovan further says that it would also take time for
export incomes to improve and herd sizes to increase, meaning it
could be late 2007/2008 before the full effect on job growth and
wages was felt.

A weakening dollar might continue to bolster people's hopes, Mr.
O'Donovan says, "but we expect that worker sentiment will
continue to edge down toward a more neutral outlook through this
year and into 2007."


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

CIBA INDUSTRIAL: Court Issues Wind-Up Order
-------------------------------------------
The High Court of Hong Kong on June 21, 2006, ordered the
wind-up of Ciba Industrial Co Ltd's operations.

According to The Troubled Company Reporter - Asia Pacific, Syn
Mou Investment Company Ltd filed the petition with the Court on
April 21, 2006.


COSMOS GLOBAL: Wind-Up Petition Hearing Slated for July 12
----------------------------------------------------------
The High Court of Hong Kong will on July 12, 2006, at 9:30 a.m.
hear a wind-up petition filed against Cosmos Global Ltd.

Hallmark Cards Incorporated filed the petition with the Court on
May 11, 2006.
The solicitors for the petitioner can be reached at:
         
         Allen & Overy
         9/F., Three Exchange Square
         Central, Hong Kong


EASEFUL STRATEGIC: Enters Wind-Up Proceedings
---------------------------------------------
Dell (China) Co Ltd on May 23, 2006, filed a wind up petition
against Easeful Strategic Ltd with the High Court of Hong Kong.

The Court is set to hear the petition on July 26, 2006, at 9:30
a.m.

The solicitors for the petitioner can be reached at:

         So Keung Yip & Sin
         Solicitors for the Petitioner
         17/F., Standard Chartered Bank Bldg
         4 Des Voeux Road Central
         Hong Kong
         Telephone: 2810 8908
         Facsimile: 2801 4148


ETERNAL GLORY: Court Orders Wind-Up of Operations
-------------------------------------------------
A petition to wind up the operations of Eternal Glory
International Ltd was favored by the High Court of Hong Kong on
June 21, 2006.

The Troubled Company Reporter - Asia Pacific recounts that Leung
Hei Wan filed the wind-up petition on March 27, 2006.


GALLANT KING: Wind-Up Bid Hearing Slated for July 19
----------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition filed
against Gallant King Development Ltd on July 19, 2006, at 9:30
in the morning.

The Incorporated Owners of Hip Wo House filed the petition with
the Court on May 19, 2006.

The solicitors for the petitioner can be reached at:

         W. K. To & Co.
         11/F., Wheelock House
         20 Pedder Street
         Central, Hong Kong


HO LING CONSTRUCTION: Faces Wind-Up Proceedings
-----------------------------------------------
An application to wind up Ho Ling Construction Company Ltd will
be heard before the High Court of Hong Kong on July 26, 2006, at
9:30 a.m.

Kan Man Tik Kan filed the application with the Court on May 29,
2006.

The solicitor for the petitioner can be reached at:

         Betty Chan
         For Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


HOE WAH ENGINEERING: Court to Hear Wind-up Petition on July 26
--------------------------------------------------------------
A wind-up petition filed against Hoe Wah Engineering services
Limited will be heard before the High Court of Hong Kong on July
26, 2006, at 9:30 in the morning.

Wing Shing Electrical Engineers filed the petition with the
Court on May 16, 2006.

The solicitors for the petitioner can be reached at:

         Chris H.M. Yuen & Co.
         Room 804B, World Wide House
         19 Des Voeux Road Central
         Hong Kong


JUMBO FORTUNE: Court Favors Wind-Up Petition
--------------------------------------------
The High Court of Hong Kong on June 19, 2006, ordered the
wind-up of Jumbo Fortune (H.K.) Ltd's operation.

According to the Troubled Company Reporter - Asia Pacific, Man
Financial Ltd filed with the High Court of Hong Kong the wind-up
petition on March 17, 2006.   The petition was heard before the
Court on May 17, 2006.


JUMBO WAVE: Wind-Up Petition Hearing Set on August 16
-----------------------------------------------------
The High Court of Hong Kong will hear a liquidation petition
against Jumbo Wave Ltd on August 16, 2006 at 9:30 a.m.

Carjade Company Ltd filed the petition with the Court on June
16, 2006.

The solicitors for the plaintiff can be reached at:

         Eddie Lee & Company
         Rooms 1710-11, 17th Floor
         Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong


KING SHING CONSTRUCTION: Court Issues Wind-Up Order
---------------------------------------------------
The High Court of Hong Kong on June 21, 2006, ordered the
Wind-up of King Shing Construction Ltd's operations.

As reported by the Troubled Company Reporter - Asia Pacific, Mok
Wing Kit filed with the High Court a wind-up petition against
the Company on March 17, 2006.


LEGEND INTERNATIONAL: Appoints Joint and Several Liquidators
------------------------------------------------------------
Kevin Edward Flynn and Cosimo Borrelli were on June 9, 2006,
appointed as joint and several liquidators for Legend
International Resorts Ltd.

As reported by The Troubled Company Reporter - Asia Pacific, the
High Court of Hong Kong ordered the wind up of the Company's
operations on June 9, 2006.

The Liquidators can be reached at:

         5/F., Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


POON WAI KEE: Court to Hear Wind-Up Bid on July 19
--------------------------------------------------
The High Court of Hong Kong on May 19, 2006, received a petition
to wind up the operations of Poon Wai Kee Engineering Co Ltd
from Sun First International Ltd.

The petition will be heard on July 19, 2006, at 9:30 in the
morning.

The solicitors for the petitioner can be reached at:

         Y. T. Chan 7 Co.
         5th Floor, the Chinese Bank Bldg
         61-65 Des Voeux Road Central
         Hong Kong
         Telephone: 25225157
         Facsimile: 28106280


POP ENGINEERING: Court to Hear Wind-Up Bid on July 19
----------------------------------------------------
The High Court of Hong Kong will hear a petition to liquidate
Pop Engineering Ltd on July 19, 2006 at 9:30 a.m.

Woo Shing filed the petition with the High Court on May 19,
2006.
The solicitor for the plaintiff can be reached at:

         Betty Chan
         For Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


SUNNY TOYS: Wind-Up Petition Hearing Fixed on August 16
-------------------------------------------------------
MGA Entertainment Inc on June 14, 2006, filed with the High
Court of Hong Kong a wind-up petition against Sunny Toys
Industrial Co Ltd.

The Court is set to hear the petition on August 16, 2006, at
9:30 a.m.

The solicitors for the petitioner can be reached at:

         William W.L. Fan & Co.
         Room 507, 5th Floor, Hang Seng Bldg
         77 Des Voeux Road Central
         Hong Kong


WANTED LIMITED: Faces Wind-Up Proceedings
-----------------------------------------
A petition to wind up the operations of Wanted (Far East) Ltd
was favored by the High Court of Hong Kong on June 21, 2006.

The Troubled Company Reporter - Asia Pacific reported recently
that on April 20, 2006, The Apparel Manufacturing Group Ltd
filed the wind-up petition against the Company.


WINDFULL INDUSTRIES: Court Orders Wind-Up
-----------------------------------------
The High Court of Hong Kong on June 21, 2006, ordered the wind-
up of Windfull Industries Ltd.

The Troubled Company Reporter- Asia Pacific recounts that on
April 19, 2006, the Bank of China (Hong Kong) Limited filed the
wind-up petition against the Company.


WINSPOWER LIMITED: Court Orders Appointment of Joint Liquidators
----------------------------------------------------------------
The High Court of Hong Kong on June 20, 2006, ordered the
appointment of Lau Siu Hung and Liang Yang Keng as joint and
several liquidators to oversee the wind-up of Winspower Ltd.

The Liquidators can be reached at:

         2/F., Wing Yee Commercial Bldg
         5 Wing Kut Street, Central
         Hong Kong


WTA (H.K.) COMPANY: Inks Deal to Sell and Transfer Business
-----------------------------------------------------------
WTA Hong Kong Company Ltd -- carrying on a business of a
Japanese Restaurant named Tanuki, located at Unit 12B, 10
Knutsford Terrace, Kowloon, Hong Kong -- has agreed to sell and
transfer its business to Modern Gold Ltd.

The transfer was completed on July 1, 2006.

The transferee -- located at Shop 1, Promenade Level, Tower 2,
China Hong Kong City, 33 Canton Road, Tsim Sha Tsui, Kowloon
Hong Kong -- has to decide whether to carry on the former
business name of Tanuki.

Liability of the transferee for all debts and obligation arising
from the business of the transferor shall cease after one month
of the date of the last publication of this notice, unless
proceedings are instituted prior to such expiration.


* Chinese Banks Vow to Fight Bribery & Protect Financial Sector
---------------------------------------------------------------
Some 68 members of the China Banking Association promised to
fight commercial bribery and protect the country's financial
sector by signing a commitment on anti commercial bribery,
promote fair competition and resist illegal transaction, The
Xinhuanet reports.

According to the report, members will cooperate with a special
working program headed by the China Banking Regulatory
Commission.

Moreover, members of the association, including all major
domestic banks, asset management companies and rural co-
operatives, signed three conventions on fair competition in the
sector, moral behavior of staff and the rational flow of talent.

CBRC vice chairman Jiang Dingzhi expressed that "signing the
commitment and the three conventions will play an active role in
protecting a good market order of the banking industry".

Yang Mingsheng, president of the Agricultural Bank of China,
said the bank will carry out specific rules and regulations in
anti-commercial bribery and self-discipline.

The Agricultural Bank has been one of the hardest hit by
commercial banking fraud that is currently a major problem of
the financial sector.


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

GENERAL MOTORS: Nissan-Renault Tie-Up Will Not Hurt Fitch Rating
----------------------------------------------------------------
The potential alliance between General Motors Corp, Renault and
Nissan, as currently proposed, would not have implications for
the credit rating of GM, according to Fitch Ratings.

Although certain benefits could be realized from such an
alliance over the long term, the ratings for GM -- IDR rated 'B'
and on Rating Watch Negative by Fitch -- in the near term will
be driven primarily by the turnaround efforts at its North
American auto operations. The resolution of the Delphi situation
and completion of the sale of a controlling interest in GMAC are
also key factors in the current rating.

GM's challenges in North America, on the revenue and the cost
side, remain numerous, and an alliance is unlikely to have a
significant effect on either in the short term.  Over the long-
term, the alliance could result in purchasing synergies and
other engineering, design and manufacturing efficiencies.  
However, these synergies typically require a timeframe of at
least four years to be realized to a meaningful degree, even if
implemented successfully, as frequently demonstrated through the
industry.  GM is already undertaking such an effort on its own
as it moves to a global design process, with the ultimate
benefits yet to be determined.

At GM, Ford and DaimlerChrysler, either internally or through
alliances, moving to global platforms has proven to be a long-
term challenge, while transplant manufacturers continue to
realize the benefits of further leveraging existing platforms.  
Historically, the industry's track record with regard to
alliances, and GM's in particular, has been notably poor.  With
GM's purchasing, design, engineering and manufacturing
strategies still evolving, further alliances could certainly
complicate and cause revisions to existing efforts before
realizing any ultimate benefits.  Should the alliance progress,
there could also be an adverse impact on the supply base, which
is already experiencing substantial stress.

It is also unlikely that an alliance, or a higher-profile role
by Mr. Ghosn, would have a near term effect on one of GM's
primary structural cost issues - the lack of flexibility
incorporated in GM's existing UAW contract.  Over the long-term,
any alliance strategy would certainly address the partners'
global manufacturing footprint, including capacity issues. Given
GM's high manufacturing cost base in the United States, an
alliance could be expected to try and steer production to more
cost efficient plants and locations.  This is likely to cause
the UAW to weigh in on the alliance, potentially complicating
and alliance agreement and the September 2007 contract talks
where GM will already be seeking further concessions to existing
wages, benefits and other structural terms.

Prior to any alliance agreement, Fitch expects that GM's board
and its potential alliance partners would clearly delineate
areas of cooperation and the decision-making process between the
partners.  If the major reason Tracinda is encouraging an
alliance is to have Carlos Ghosn take on a primary role in GM's
restructuring, this would certainly be an area of substantive
deliberation at GM's board.  At this stage of GM's restructuring
efforts, Fitch expects that this decision would not be taken
lightly or quickly.

On the revenue side, GM has benefited from recent product
introductions in the higher-priced SUV segment, but remains
exposed to sliding market share, a continuing industry decline
in the mid-size and full-size SUV market, price competition and
concerns surrounding volumes and pricing in the important heavy-
duty pickup market.  On the cost side, GM has made progress in
certain cost areas, including health care and its employee
buyout program, but remains exposed to operating and financial
stresses in its supply base, high commodity costs and other
fixed costs.  Despite progress on the cost side, other cost and
revenue pressures make it unlikely that GM will reverse negative
operating cash flows in 2006.

                      About General Motors

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

On June 30, 2006, Standard & Poor's Ratings Services held all
its ratings on General Motors Corp. -- including the 'B'
corporate credit rating and the 'B+' bank loan rating, but
excluding the '1' recovery rating -- on CreditWatch with
negative implications, where they were placed March 29, 2006.

On June 22, 2006, Fitch assigned a rating of 'BB' and a Recovery
Rating (RR) of 'RR1' to General Motor's (GM) new $4.48 billion
senior secured bank facility.  The 'RR1' (recovery of 90%-100%)
is based on the collateral package and other protections that
are expected to provide full recovery in the event of a
bankruptcy filing.

On June 21, 2006, Moody's Investors Service assigned a B2 rating
to the secured tranches of the amended and extended secured
credit facility of up to $4.5 billion being proposed by General
Motors Corporation, affirmed the company's B3 corporate family
and SGL-3 speculative grade liquidity ratings, and lowered its
senior unsecured rating to Caa1 from B3.  Moody's said the
rating outlook is negative.


INDIAN OIL: Sri Lanka Threatens to Take Over Local Outlets
----------------------------------------------------------
The Sri Lankan Government warned that it may take over Indian
Oil Corporation's fuel outlets in the country if the Company
does not resume sales within 30 days, Business Standard reports.

The petrol stations of Indian Oil's subsidiary, Lanka-Indian Oil
Company, suspended its operations in June 2006 following a
dispute with the Government over US$71 million in payments to
cover subsidies, The Standard says.

According to The Hindu, the subsidy has not been cleared since
July 2004.  As a result, Lanka-Indian Oil stopped fuel imports
after it exhausted its credit options and pending settlement
with the Government.

Sri Lanka's Minister of Transport and Petroleum Development AHM
Fowzie threatened that he will acquire all Indian Oil outlets if
the Company fails to comply with his order, The Standard
relates.  However, Lanka-Indian Oil said that the Sri Lankan
Government could not force it to resume production as the
Government owes it money for selling fuel at state-mandated
prices which were below the cost of production.

A Lanka-Indian Oil executive told Agence France Presse that the
Company had not been informed of the ultimatum, but said that
fresh stocks of gasoline would arrive next week.

Lanka-Oil Managing Director K. Ramakrishan said that altough the
payments dispute was settled last month, a formal agreement that
would allow the Company to function freely was still pending,
AFP notes.

"There are still outstanding matters to be finalized," Mr.
Ramakrishan said.  "We are getting a shipment of petrol next
week and by early August all outlets will have petrol."

                   About Indian Oil Corporation

Indian Oil was established as Indian Oil Company Limited in
1959.  Indian Oil Corporation was formed in 1964 with the merger
of Indian Refineries Limited with the Indian Oil Company Ltd.  
Indian Oil's countrywide network of over 22,000 sales points is
backed for supplies by its extensive, well spread out marketing
infrastructure comprising 167 bulk storage terminals,
installations and depots, 94 aviation fuelling stations and 87
LPG bottling plants.  Its subsidiary, IBP Co. Ltd, is a stand-
alone marketing company with a nationwide network of over 3,000
retail sales points.  

In spite of its large production capacity and smooth operations,
Indian Oil incurred huge losses as a result of a Government
mandate, which prohibits public sector oil marketing firms from
raising fuel prices despite high global prices.  For years,
Indian Oil has been selling fuel at subsidized prices, which is
way below the costs it pays for importing fuel from overseas
markets.  The Company has not been able to pass on the high
prices leading to large under-recoveries and losses.  In early
2006, the Government has offered a bailout package to help
rescue oil companies, including Indian Oil, from going bankrupt.  
Under the package, the Government issued Indian Oil, Bharat
Petroleum, Hindustan Petroleum and IBP oil bonds worth INR10,000
crore to INR12,000 crore to compensate them for not raising LPG
and kerosene prices.  The move was expected to improve their
balance sheets.


SAMTEL COLOR: Inks Joint Venture Pact with Hindustan Aeronautics
----------------------------------------------------------------
Electronics display systems maker Samtel Color Limited signed a
joint venture agreement with Hindustan Aeronautics Limited for
the development and manufacture of avionics display systems,
Business Line reports.

The joint venture will take off with the manufacture of multi-
functional displays and head-up displays required for Hindustan
Aeronautic's star programs such as IJT, LCA and SU-30 MKI.  It
will later diversify into civil and industrial sector of Indian
and international market, according to Business Line.

Samtel would be the majority shareholder in the joint venture
with 60% stake and the rest will be held by Hindustan
Aeronautics, the report says.

Samtel chairman and managing director Satish Kaura is optimistic
the undertaking will help improve Samtel's declining finances,
Business Line adds.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company reported a profit after tax of INR8.3 million on an
operating income of INR7,831 million in 2005-06, as against a
profit after tax of INR645 million on an operating income of
INR9,685 million in 2004-05.

                    About Samtel Color Limited

Samtel Color Limited -- with an annual production capacity of
6.3 million CPTs -- is the largest domestic manufacturer of the
product.  As on March 31, 2005, Samtel's promoters Satish Kaura
and family held 58.84% of its equity, while the rest was held by
financial institutions, strategic investors, and the general
public.  

As reported by the Troubled Company Reporter - Asia Pacific on
June 30, 2006, ICRA Limited has downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.  
LBB is the inadequate-credit-quality rating assigned by ICRA.  
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the Company's income and profits.  


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

PERUSAHAAN LISTRIK: Asks Firms to Invest in Coal-Based Plants
-------------------------------------------------------------
PT Perusahaan Listrik Negara has requested companies interested
in investing in the development and construction of 10 proposed
coal-fired steam power plants to join a pre-qualifying process,
Antara News relates.

The Company issued an announcement saying that it would make
available pre-qualification documents from July 10, 2006, to
July 14, 2006, but firms must first pay a non-refundable fee of
IDR10 million.  Interested firms would demonstrate the design,
engineering, construction, procurement and commissioning of the
power plants, seven of which will have a capacity of 300-400
megawatts while three have 600 to 700-megawatt capacities.
Qualified firms will be able to bid for the construction
projects, Antara adds.

                          *     *     *

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

As reported in the Troubled Company Reporter - Asia Pacific on
April 26, 2006, Perusahaan Listrik incurred a net loss of
IDR4.92 trillion in 2005, versus a net loss of IDR2.02 trillion
in 2004.


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

ISHIKAWAJIMA HARIMA: Moody's Says Credit Profile is Improving
-------------------------------------------------------------
A recent report by Moody's Investors Service shows that despite
the somewhat challenging operating environment of Ishikawajima-
Harima Heavy Industries Co., Ltd., its credit profile shows
signs of improvement.

The Japanese heavy industry is currently benefiting from rising
demand for private-sector capital investment in the domestic
market and from a robust increase in exports underpinned by a
favorable global economy.  Demand is particularly strong in
regions such as Asia and the Middle East, where there are a
number of plants under construction and projects for oil and gas
and liquid natural gas, according to the report entitled: "2006
Japanese Heavy Machinery Industry Outlook."

Moody's vice President and report author Maki Hanatate said,
"With a worldwide increase in investment in infrastructure and
energy, and the rated heavy machinery companies' carrying out
strategies for overseas business expansion, the firms have been
posting growing overseas sales and orders received.  Moody's
views this diversification of earnings sources as generally
positive."

Meanwhile, a steady decline in domestic public works projects, a
substantial rise in raw material costs such as for steel, copper
and aluminum and the appreciation of the yen have led to a
downward earning pressure on the Company.  The report states
that increasing capital expenses associated with the expansion
of production facilities, such as for commercial aircraft and
engines, has also pressured Ishikawa-Hajima's earnings growth in
the short run.

Author Hanatate said, "Despite these challenges, sector
companies' credit fundamentals may gradually continue to improve
and stabilize, based on their ongoing structural reforms and
successful overseas diversification," adding that "Moody's
expects that the companies' current efforts will start to show
in their revenue opportunities and margins in the near to
intermediate term."

Headquartered in Tokyo, Ishikawajima-Harima Heavy Industries
Co., Ltd. was established in 1853 as a shipbuilding firm.  As of
March 2006, the Company's capital was worth JPY64.9 billion, and
it has 28 branches in Japan and 12 offices overseas.

As reported in the TRoubled COmpany Reporter - Asia Pacific on
June 5, 2006, Standard & Poor's Ratings Services affirmed its
'BB+' long-term corporate credit and 'BBB-' senior unsecured
debt ratings on the Company.


JML-MAYNDS: S&P Assigns B- Rating on Class G Certificate
--------------------------------------------------------
Standard & Poor's Ratings Services had on July 7, 2006, assigned
its ratings to the JPY84.6 billion JML-Maynds Trust Certificates
class A1 to G and X, which are due in March 2012.  The trust
certificates are ultimately secured by an 85.7% joint ownership
stake in Shinjuku Maynds Tower, located in Minami-Shinjuku,
Tokyo.

The ratings address the full and timely payment of interest and
the ultimate full repayment of principal by the transaction's
legal final maturity in 2012 for the class A1 and A2 trust
certificates, the full payment of interest and ultimate full
repayment of principal by the transaction's legal final maturity
for the class B1 to G trust certificates, and the timely payment
of available interest for the interest-only class X certificate.

The ratings are based on:

   -- The quality of the property that ultimately secures the
      trust certificates;

   -- Credit support provided by a subordination structure and
      overcollateralization; and

   -- The soundness of the transaction's legal structure.

The ratings assigned on JML-Maynds JPY84.6-billion trust
certificates due 2012 are:

     Class       Rating              Amount

      A1          AAA           JPY33.5 billion
      A2          AAA            JPY1.8 billion
      B1           AA            JPY7.6 billion
      B2           AA            JPY0.4 billion
      C1            A            JPY6.6 billion
      C2            A            JPY2.0 billion
      D1          BBB            JPY6.7 billion
      D2          BBB            JPY2.3 billion
      E1           BB            JPY5.2 billion
      E2           BB            JPY4.8 billion
      F             B           JPY10.7 billion
      G            B-            JPY3.0 billion
      X           AAA           JPY84.6 billion


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

DAEWOO ELECTRONICS: Videocon Set on Take-Over
---------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 29, 2006, that Daewoo Electronics Corp.'s creditors have
short-listed five unnamed bidders, four of which are foreign
firms, to conduct due diligence on the home appliances and
television maker.  The bidders include United States-based
Whirlpool Cooperation and India's Videocon Industries Ltd.

In an update, Silicon India relates that Videocon is all set to
take over the Korean company in a move designed to help Videocon
achieve its goal of being one of the top 10 consumer electronics
companies.

Silicon India cites local media reports as indicating that
Videocon is preparing to sign the papers to take over Daewoo
Electronics' worldwide business.  The reports said that the deal
could be worth as much as US$600 million.

According to Silicon India, if the deal with Daewoo goes
through, Videocon's portfolio would now include almost all major
brands in India and across the world.  Videocon's present
portfolio includes Videocon, Sansui, Akai, Kenstar, Hyundai,
Toshiba, Electrolux and Kelvinator.

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer   
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for KRW$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.

The Korea Asset Management Corporation and Woori Bank are among
the main creditors of Daewoo Electronics, which has undergone a
radical restructuring aimed at returning the Company to profit.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.


KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt
----------------------------------------------------------------
Burr, Pilger & Mayer LLP, expressed substantial doubt about KANA
Software, Inc.'s ability to continue as a going concern after
auditing the Company's financial statement for the year ending
Dec. 31, 2005.

Burr Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

The Company incurred a US$17.96 million net loss on US$43.1
million of revenues in 2005.  Total revenues decreased by 12%
from US$48.9 million for the year ended Dec. 31, 2004, primarily
as a result of fewer license transactions in 2005 than in 2004.

As of Dec. 31, 2005, the Company's balance sheet reported assets
amounting to US$35.71 million and debts totaling US$45.5
million.  As of Dec. 31, 2005, the Company reported a US$9.79
million equity deficit from a US$3.16 million positive equity at
Dec. 31, 2004.

In December 2005, the Company consolidated its research and
development operations into one location in Menlo Park,
California to optimize the Company's research and development
processes and decrease overall operating expenses.  As a result,
the Company terminated the employment of 15 employees based in
New Hampshire.  As a result of this consolidation, the Company
incurred a restructuring charge of US$282,000 related to
employee termination costs.  Additionally, the Company recorded
a US$186,000 restructuring charge during 2005 related to a
change in evaluation of the real estate conditions in the United
Kingdom, a change in the sublease estimates in the United States
and the consolidation of our research and development operations
in Menlo Park, California.

A full-text copy of the Company's Annual Report in Form 10-K
filed with the United States Securities and Exchange Commission
is available for free at http://ResearchArchives.com/t/s?d7d

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including e-
mail, chat, call centers and Web self-service, so customers have
the freedom to choose the service they want, how and when they
want it.  The Company's target market is the Global 2000 with a
focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe.


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

AYER HITAM: Seeks Further Extension of Restraining Order
--------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad, on July 4, 2006,
submitted to the Kuala Lumpur High Court an application to
further extend the Restraining Order that expired on July 3,
2006.

The Troubled Company Reporter - Asia Pacific recounts that the
Company applied for the restraining order so as to facilitate
its proposed restructuring scheme, which was announced on
August 17, 2005.

No hearing date of the said application has been fixed as yet.

                       About Ayer Hitam

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

The Proposed Restructuring Scheme includes provisions on:

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


BUKIT KATIL: Asks Bourse to Reconsider Delisting Decision
---------------------------------------------------------
Bukit Katil Resources Berhad was notified on June 30, 2006, that
its securities will be removed from the Official List of Bursa
Malaysia Securities Berhad on July 17, 2006.

On July 4, 2006, the Company submitted an appeal against the
Bourse's decision to delist the Company's securities.  In this
regard, the delisting will be deferred pending Bursa Malaysia's
decision on the Appeal.

Bukit Katil wants to have the delisting action deferred in order
to avoid total loss by the Company's shareholders.  Bukit Katil
related that it is currently insolvent and is selling its core
assets to partly settle debts owed to a financial institution.  
Subsequent to the disposal, the only chance for the Company to
attract a potential white knight is its listing status.  Hence,
the Company said that delisting its securities will effectively
remove any venue for its stakeholders to recover part of their
equity or debts otherwise not recoverable from its current
position.

As of November 22, 2005, Bukit Katil has more than 6,000
shareholders with a paid-up capital of MYR66.15 million.  In
addition, based on the proof of debt exercise carrier out in
conjunction with the Company's proposed restructuring scheme
which was recently rejected by the Securities Commission, Bukit
Katil has a total of 34 scheme creditors which are owed a total
of MYR102.82 million.  Of the 34 scheme creditors, 13 have
supported the Company's proposed restructuring for them to
recover a portion of their loans to Bukit Katil.

Since the Securities Commission's rejection of the restructuring
proposal on May 10, 2006, the Company has been actively sourcing
for viable white knights and new assets.  As such, the Company
would require time to perform adequate due diligence before
being able to make a comprehensive proposal to the Securities
Commission for approval.

In view of these factors, Bukit Katil is requesting Bursa
Malaysia to re-consider its delisting decision and grant the
Company a period of six months to regularize its financial
position.

                   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.

As of March 31, 2006, the Company's balance sheet showed
MYR57,148,000 in total assets and MYR135,320,000 in total
liabilities, resulting in a stockholders' equity deficit of
MYR78,172,000.


CHG INDUSTRIES: Reviews Options to Address Default Issue
--------------------------------------------------------
Following the Securities Commission's rejection of CHG
Industries Berhad's appeal in respect of the its proposed debt
restructuring scheme, the Company is presently evaluating all
available options to address its outstanding debts to lenders.

CHG Industries has defaulted on MYR190,236,292 debts -- due and
owed at the agreed cut-off date of December 31, 2003 -- to its
bank creditors.

The Troubled Company Reporter - Asia Pacific recounts that the
Securities Commission, on May 31, 2006, rejected CHG Industries'
appeal of the SC's decision denying the Company's proposed debt
and restructuring scheme.

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

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

Specifically, the SC noted that:

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

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

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

Meanwhile, the Company declared that it is currently insolvent
and will not be able to settle in full all its current
liabilities in the next 12 months.

                  About CHG Industries Berhad

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding  
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.

The Company's financial problems started when it defaulted on
loan facilities in 1999.  CHG Industries, on June 3, 2004,
entered into an agreement with Linmax Group Sdn Bhd to undertake
a corporate and debt restructuring exercise, which involves a
capital reduction, the injection of fresh assets and a transfer
of its listing status.  The plywood and veneer product maker
will be transformed into a mechanical and engineering company
through the injection of the assets of Linmax Group Sdn Bhd.  
CHG said the restructuring via Linmax will enable its existing
shareholders to participate in Linmax, which has income-
generating assets, and keep the company listed on the local
course.  The proposed restructuring scheme had been expected to
be completed this year.  However, the Securities Commission on
April 6, 2006, rejected the Company's restructuring proposal
because the Proposals do not provide the appropriate benefits to
the shareholders of CHG.  On May 8, 2006, the Company submitted
an appeal to the Securities Commission with revisions to address
the issues raised by the regulator.  The revised Proposals are
now pending the approval of the Securities Commission and other
relevant authorities.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR85,504,000 and total liabilities of MYR275,805,000,
resulting into a shareholders' deficit of MYR190,301,000.


CONSOLIDATED FARMS: Bourse Delists Securities from Official List
----------------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to delist the
securities of Consolidated Farms 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 on
the Bourse.

As reported by the Troubled Company Reporter - Asia Pacific on
May 31, 2006, the Bourse has decided to suspend Consolidated
Farms' securities effective June 5, 2006, until further notice
as the Company has failed to regularize its financial condition
within the prescribed timeframe stipulated by Bursa Malaysia
Securities Berhad pursuant to the Listing Requirements.  The
Bourse advised that it may commence delisting procedures against
the Company if it fails to meet the requirement.

Following the delisting, the Company's securities will remain
deposited with Bursa Depository.  It is not mandatory for the
securities of the Company to be withdrawn from Bursa Depository.

Shareholders of the Company 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.

                 About Consolidated Farms Berhad

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

The Company's April 30, 2006, balance sheet showed total
liabilities of MYR203,323,000 exceeding total assets of
MYR133,822,000, resulting into a stockholders' equity deficit of
MYR69,501,000.  The Company also recorded a negative cashflow of
MYR10,220,000 in the quarter ended April 30, 2006.


DATUK KERAMAT: Court Defers Hearing of RO Extension Request
-----------------------------------------------------------
The Court of Appeal has postponed to a still undetermined date
the hearing of Datuk Keramat's request to extend the restraining
order granted by the Kuala Lumpur High Court in the Company's
and its 36 subsidiaries' favor.

The Court of Appeal directed that the Restraining Order be
continued until the disposal of the appeal.

As reported by the Troubled Company Reporter - Asia Pacific, the
Group, on March 9, 2005, obtained a restraining order which
restrained and stayed further proceedings against the Group as
it working to finalize a scheme of arrangement with its
creditors.

Datuk Keramat's 36 associated companies, which were granted the
restraining order, are:

     1. George Town Holdings Berhad;
     2. DKH Management Sdn Bhd;
     3. Steady Capital Sdn Bhd;
     4. George Town Chemist Sdn Bhd;
     5. Super Departmental Stores (George Town) Sdn Bhd;
     6. Super Tanjung Department Stores Sdn Bhd;
     7. Super Kinta Departmental Stores Sdn Bhd;
     8. Usra Iwaki Plastic Technology (M) Sdn Bhd;
     9. Batu Road Supermarket Sdn Bhd;
    10. DKH Bina Sdn Bhd;
    11. Super Clothing Manufacturing (M) Sdn Bhd;
    12. DKH Properties Sdn Bhd;
    13. UMBC Holdings Sdn Bhd;
    14. DKH Mergers and Acquisitions Sdn Bhd;
    15. DKH International Sdn Bhd;
    16. Profile Vantage Sdn Bhd;
    17. Asia Incorporated Businesses Sdn Bhd;
    18. Impian Saksama Sdn Bhd;
    19. Alpine Sign Sdn Bhd;
    20. Arrow- Mega Development Sdn Bhd;
    21. Euro Growth Sdn Bhd;
    22. GT Design Sdn Bhd;
    23. GT Group Management Sdn Bhd;
    24. Super Parking Sdn Bhd;
    25. Syarikat Great Eastern Clothing Manufacturing (M) Sdn
        Bhd;
    26. Herald Square Sdn Bhd;
    27. Asia Incorporated Publishers Sdn Bhd;
    28. Arrow Projects Sdn Bhd;
    29. George Town Chemist (Penang) Sdn Bhd;
    30. Golden Pharmaceutical Sdn Bhd;
    31. Keramat Supermarket Sdn Bhd;
    32. Principle Innovation Sdn Bhd;
    33. Sky Dynamics Sdn Bhd;
    34. The Super Pastry Centre Sdn Bhd;
    35. Super Kinta Goldsmith Sdn Bhd; and
    36. Alpine Express Sdn Bhd.

The Companies face numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  In an effort to settle the debts and come to an agreement
with the creditors, the Companies had prepared an initial scheme
for the purposes of a debt restructuring scheme.

Since the Group has not yet completed its Proposed Restructuring
Scheme, it needs an extension of the Restraining Order from the
Court of Appeal.

                   About Datuk Keramat Holdings
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them.  On January 24, 2005,
the Company was served with a wind-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
Company.  The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia.  In an effort to settle the debts and
come to an agreement with the creditors, the Companies had
prepared an initial scheme for the purposes of a debt
restructuring scheme under Section 176(10) of the Companies Act,
1965.


FEDERAL FURNITURE: Submits Regularization Plan for Approval
-----------------------------------------------------------
Federal Furniture Holdings (M) Berhad on July 5, 2006, submitted
its Regularization Plan to Bursa Malaysia Securities Berhad for
approval.

The Troubled Company Reporter - Asia Pacific recounts that on
June 24, 2004, the Board of Directors of Federal Furniture has
proposed a capital reduction, a share premium reduction, rights
issue with warrants and a debt settlement scheme with some of
its financial institution lenders to restructure and settle a
substantial part of its total bank borrowings.

The TCR-AP said that on March 16, 2006, the Securities
Commission extended the time for Federal Furniture to complete
the implementation of its restructuring exercise through
March 15, 2007.

            About Federal Furniture Holdings Berhad

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed  
company on the Kuala Lumpur Stock Exchange and is Malaysia's
premier furniture and interior design group.  It consists of
companies in all the main sectors of the furniture-related
industries, from manufacturing, marketing, exporting, contract
furnishing and interior design to retail.

On June 24, 2004, the Board of Directors of Federal Furniture
has proposed a capital reduction, a share premium reduction,
rights issue with warrants and a debt settlement scheme with
some of its financial institution lenders to restructure and
settle a substantial part of its total bank borrowings.  
Furniture Holdings has yet to finalize its Financial
Regularization Plan.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR145,551,934 and total liabilities of
MYR151,217,536, resulting into a shareholders' deficit of
MYR5,665,602.


HARVEST COURT: Winds Up Australian Subsidiary to Curb Losses
------------------------------------------------------------
Harvest Court Industries Berhad's sub-subsidiary, Harvest Timber
Products (Australia) Pty Limited, commenced on May 29, 2006, a
wind-up of its operations and appointed Gregory Stuart Andrews
of G.S. Andrews & Associates Certificated Practising Accountants
as administrator.

Harvest Court Industries decided to wind-up its Australian unit
in a bid to cut further losses brought about by its foreign
operations and focus on its domestic business.

The Group expects to incur a loss of MYR1,641,320 from the wind-
up exercise.

Having considered all the current and future prospect of Harvest
Timber, the board of directors of Harvest Court is of the
opinion that creditors' voluntary liquidation is in the best
interests of the Group.

                 About Harvest Court Industries

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


LANKHORST BERHAD: To Hold 10th AGM on July 28
---------------------------------------------
Lankhorst Berhad's 10th annual general meeting will be held on
July 28, 2006, at 10:00 a.m., at TAR, Royal Commonwealth
Society, No. 4, Jalan Birah, in Damansara Heights 50490, Kuala
Lumpur.

During the meeting, members will be asked to:

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

   -- re-elect directors Rosthman Ibrahim and Marzuki Rafie;

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

   -- reappoint Messrs. PKF as Auditors and to authorize the
      Directors to fix their remuneration;

   -- authorize the Directors to issue and allot shares in
      the Company at any time provided that the total number of
      shares issued does not exceed 10% ofn the issued share
      capital of the Company;

   -- approve the proposal to change the Company's name to
      ARK Resources Berhad; and

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

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  In the event
Lankhorst fails to comply with all the provisions of PN 17/2005,
Bursa Securities may take any action against the Company
including but not limited to delisting proceedings against
Lankhorst.  The Company is currently under the protection of a
Restraining Order pursuant to Section 176 of the Companies Act,
1965 and currently formulating a debt and capital restructuring
scheme to improve the Company's financial position to be
announced in due course.


MALAYSIA AIRLINES: To Retain Discounted Fares Under New Policy
--------------------------------------------------------------
The Malaysian Government has allowed Malaysia Airlines to
continue offering discounts on domestic routes so it could fare
well with rival AirAsia, The Associated Press reports.

According to The Associated Press, the Government reversed its
earlier decision to impose a minimum floor price on Malaysia
Airlines for its 22 domestic routes as part of the
rationalization of the domestic routes to allow AirAsia to take
over the bulk of the local flights.  The removal of the floor
price, which takes effect on August 1, 2006, will enable
Malaysia Airlines to provide discounts to passengers especially
to the disabled and the senior citizens.

The Troubled Company Reporter - Asia Pacific stated that under
the February 27, 2006, deal signed by Malaysia Airlines and
AirAsia, the former was not allowed to sell its tickets below
certain prices.  Malaysia Airlines later announced that it was
withdrawing all its special discounted fares from August 1
including the popular supersavers as well as the disabled and
senior citizen discounts.

Travelers welcome the development since the Government's latest
decision will result in a price war between the two carriers,
thus causing fare prices to drop, The Star Online says.  
However, AirAsia is not happy with the news as the floor price
was one of the ways by which it could compete with Malaysia
Airlines.

AirAsia Chief Executive Officer Datuk Tony Fernandes insisted
that the floor price needed to be maintained as Malaysia
Airlines received a MYR1 billion subsidy from the Government and
the funding made it an unfair competition if Malaysia Airlines
did not adhere to a minimum floor price, The Star relates.  
Malaysia Airlines executive director and chief financial officer
Tengku Azmil Zahruddin, however, denied that the carrier was
granted subsidy by the Government.

Mr. Zahruddin explained that state-owned Penerbangan Malaysia
Bhd is paying compensation of MYR650mil to Malaysia Airlines in
line with the contractual terms of the domestic agreement under
the Widespread Asset Unbundling Agreement, according to The
Star.  Mr. Zahruddin clarified that the compensation is not a
subsidy but a one-off contractual obligation.

Meanwhile, the Government has also agreed to Malaysia Airlines
reinstating Johor Baru-Kuching, Kuala Lumpur-Tawau and Kuala
Lumpur-Sandakan routes, as these have high international traffic
and high business class passengers, according to Bernama.  The
additional routes bring Malaysia Airlines destinations to 22.

Malaysia Airlines managing director Idris Jala said that under
the new aviation policy, the carrier will have a free hand to
restructure its domestic operation to make it profitable after
the Aug. 1 revamp, Bernama adds.

                  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: To Consider Share Capital Hike at EGM
--------------------------------------------------------
Malaysia Airlines System Berhad will hold an extraordinary
general meeting on July 28, 2006, at 10:00 a.m., at the
Auditorium, 1st Floor, South Wing, MAS Academy, No. 2, Jalan
SS7/13, Kelana Jaya, in 47301 Petaling Jaya, Selangor Darul
Ehsan.

During the meeting, members will consider and, if thought fit,
approve the proposed increase in te Company's authorized share
capital.  The Company plans to raise its authorised share
capital from MYR10,000,000,000 comprising 9,000,000,000 ordinary
shares of MYR1 each, one special rights redeemable preference
share of MYR1 and 100,000,000,000 redeemable convertible
preference shares of MYR0.01 each to MYR10,000,100,001
comprising 9,000,000,000 ordinary shares of MYR1 each, one
special rights redeemable preference share of MYR1,
100,000,000,000 redeemable convertible preference shares of
MYR0.01 each and 1,000,000 redeemable preference shares of
MYR0.10 each by the creation of 1,000,000 redeemable preference
shares.

Moreover, the members will also be asked to discus and approve
the amendments to the Company's Memorandum and Articles of
Association.

                     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.


MBF CORPORATION: Must Submit Regularization Plan in Six Months
--------------------------------------------------------------
MBF Corporation Berhad advised that it is still looking into
formulating a plan to regularize its financial condition
pursuant to the Bursa Malaysia Securities Berhad's Listing
Requirements.

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

As an affected listed issuer pursuant to Amended Practice Note
17 of Bursa Malaysia Securities Berhad's Listing Requirements,
MBf Corporation must submit the Plan by the deadline, the
Troubled Company Reporter - Asia Pacific recounts.

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

                  About MBf Corporation Berhad

Headquartered in Kuala Lumpur, Malaysia, MBF Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively.  The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to meet the Bourse's
Listing Requirements.


PSC INDUSTRIES: Judge Denies Appeal Against Summary Judgment
------------------------------------------------------------
The Judge in Chambers of the Kuala Lumpur High Court dismissed
on July 3, 2006, PSC Industries Berhad's appeal against a
summary judgment obtained by AmBank Berhad on January 25, 2006.

PSC Industries is considering filing a further appeal against
the Judge's decision.

The Troubled Company Reporter - Asia Pacific recounts that on
April 15, 2005, PSC Industries received a letter of demand from
Ambank Berhad for the repayment of an aggregate amount of
MYR3,157,432.31 as of March 31, 2005, under a term-loan
facility.

The Senior Assistant Registrar of Kuala Lumpur High Court had,
on May 4, 2006, allowed Ambank's application for summary
judgment with costs against PSC Industries erhad and Penag
Shipbuilding & Construction Sdn Bhd.

                  About PSC Industries Berhad

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan for
the Group pursuant to Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad's Listing Requirements.  The Company
is also looking at various measures to improve its financial
solvency.

As of March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders' equity
deficit.  


SETRON MALAYSIA: Changes Name to Halifax Capital Berhad
-------------------------------------------------------
Setron (Malaysia) Berhad's board of directors, on July 3, 2006,
received the Certificate of Incorporation on Change of Name from
the Companies Commission of Malaysia.

The Company has proposed on June 28, 2006, to change its name
from Setron (Malaysia) Berhad to Halifax Capital Berhad.

                 About Setron (Malaysia) Berhad

Headquartered in Kuala Lumpur, Malaysia, Setron (Malaysia)
Berhad is principally involved on the assembly and sale of
television receivers, video and audio products, the distribution
of household electrical appliances and the provision of
investment holding in Malaysia. Setron (Malaysia) Berhad has
become an affected listed issuer pursuant to the Amended
Practice Note 17/2005 of the Bursa Malaysia Securities Berhad
Listing Requirements, as its shareholders' equity on
consolidated basis is less than 25% of its issued and paid-up
share capital and that shareholders' equity is less than the
minimum issued and paid up share capital as required under the
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition and submit a
restructuring plan to the Securities Commission and other
relevant authorities for approval.

For the quarter under review, the Company registered a net loss
of MYR0.45 million as against a net loss of MYR0.32 million in
the same quarter last year.


TRU-TECH HOLDINGS: Bourse Commences Delisting Process
-----------------------------------------------------
After having considered all facts and circumstances, Bursa
Malaysia Securities Berhad will delist the securities of
Tru-tech Holdings Berhad on July 17, 2006.

The Bourse made the decision after discovering that the
Company's financial position is not sufficient to warrant
continued listing on the Bourse's Official List.

Notwithstanding the delisting, the Company's securities will
remain deposited with Bursa Depository.  It is not mandatory for
the securities of the Company to be withdrawn from Bursa
Depository.

Shareholders of the Company 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.

                 About Tru-Tech Holdings Berhad

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.  Bursa Malaysia Securities
Berhad, on May 26, 2006, decided to suspend trading in the
securities of Tru-Tech Holdings Berhad from June 5, 2006, as the
Company has failed to regularize its financial condition
pursuant to the Bourse's Listing Requirements.

The Company's March 31, 2006, balance sheet showed total assets
of MYR43,930,000 and total liabilities of MYR131,614,000,
resulting into a stockholders' deficit of MYR87,684,000.


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

INTERNATIONAL WIRE: Closes Sale of Insulated Wire Businesses
------------------------------------------------------------
International Wire Group, Inc., disclosed the closing of the
sales of its insulated wire subsidiaries in the Philippines and
Mexico to Draka Holding N.V. and Draka Mexico Holding, S.A. de
C.V.  These transactions, together with the sale of certain U.S.
insulated wire assets to Copperfield, LLC, in November 2005 and
the subsequent collection of retained accounts receivable,
complete IWG's exit from the insulated wire business.

Mark K. Holdsworth, Chairman of the Board of Directors of IWG,
said, "The Draka transactions, which closed on July 3, 2006,
complete the process of exiting the insulated wire business
world-wide.  Net cash proceeds from the exit of the insulated
wire business since November 2005 total approximately US$75
million.  We are quite pleased with the results of this
important strategic initiative.  Moreover, we were also able to
complete the acquisition of IWG High Performance Conductors,
Inc. on March 31, 2006, and establish a strong market presence
in specialty high-performance conductors for the aerospace,
medical device and sensor industries."

Rodney D. Kent, Chief Executive Officer, stated, "In addition to
strengthening our balance sheet, the exit from the insulated
wire business will help facilitate our continued focus on
growing key areas within our core bare wire markets and
specialty high-performance conductors business."  Mr. Kent
added, "The Company continues to grow in these two businesses,
and with substantial scale, we expect to continue to be able to
better serve our customer needs."

International Wire Group, Inc. is a manufacturer and marketer of
wire products, including bare, silver-plated, nickel-plated and
tin-plated copper wire, for other wire suppliers and original
equipment manufacturers or "OEMs".  Their products include a
broad spectrum of copper wire configurations and gauges with a
variety of electrical and conductive characteristics and are
utilized by a wide variety of customers primarily in the
aerospace, appliance, automotive, electronics and data
communications, industrial/energy and medical device industries.  
The company manufactures and distributes its products at 13
facilities located in the United States, Belgium, France, Italy,
Mexico and the Philippines.

                          *     *     *

Standard & Poor's assigned these ratings on International Wire:

    -- Long-term foreign issuer credit: D, and

    -- Long-term local issuer credit: D.


LAFAYETTE MINING: Resumes Rapu-Rapu Operations
----------------------------------------------
Lafayette Mining Philippines, Inc., a local unit of Australian
mining firm Lafayette Mining Ltd., has restarted its operations
on July 10, 2006, after a six-month suspension on pollution
charges, ABS-CBN News relates, citing Reuters News.

The Troubled Company Reporter - Asia Pacific reported that on
June 14, 2006, the Government approved Lafayette Phils.'
proposed 30-day test run to determine whether its repairs
complied with environmental standards, pending the fulfillment
of certain conditions.

The mining firm had paid a PHP10-million fine imposed by the
Government after two cyanide spills occurred in the Company's
Rapu-Rapu mine in 2005, causing its suspension in October that
year.

According to the Manila Times, the Department of Environment &
Natural Resources Secretary Angelo Reyes flew to Rapu-Rapu,
Albay, where the Company's mine is located, and approved the
proposed restart of the mine's operations.  Lafayette's director
and corporate secretary, Joselito Sarmiento, said that the 30-
day test run will be conducted with transparency and the public
can view the test run.

Reuters adds that the Company expects to generate up to
PHP13.72 billion in annual revenues from the production of
600,000 ounces of silver, 50,000 ounces of gold, 14,000 tons of
zinc and 10,000 tons of copper concentrates.

Lezapi auxiliary Bishop Lucilo Quiambao and Sorsogon Bishop
Arturo Bastes are set to lead a rally to protest the resumption
of the Company's mining operations in Albay today, July 11,
2006, the Times relates.  The Bicol Association of Catholic
Schools and local civic groups will support the planned rally.

                          About LPI

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

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


MAYNILAD WATER: Firms Interested in Acquiring Government Stake
--------------------------------------------------------------
Nine local and foreign groups are interested in acquiring the
Philippine Government's 83.97% stake in Maynilad Water Services,
Inc., BusinessWorld reports.

Malaysian power firm Ranhill Berhad has expressed interest in
joining a consortium to bid for the stake, according to
Metropolitan Waterworks & Sewerage System chairman Oscar I.
Garcia, although the firm has not commented on the matter and
Malaysian officials also declined to comment.

Filipino-Australian consortium Ausphil Tollways Corp. is also
interested in bidding for Maynilad, and Ausphil President
Ricardo Penson said that they have teamed up with an Australian
water firm and Macquarie Infrastructure Group, and has submitted
a letter of intent for the Government's stake in the Company.  
The consortium has obtained bidding documents from the MWSS on
July 7, 2006.

The firms that have bought bodding documents from the MWSS are:

   * Gil Valera and Associates;
   * Singaporean Allied Energy Systems Pte Limited;
   * Japan's Marubeni Corp.;
   * Amroc Investments Asia Ltd.;
   * DM Consunji Inc.; and
   * firms represented by Villaraza Angcangco Law Offices,
     Gancayo Law Officies, and another firm represented by
     Romulo Mabanta Law Office.

The purchase of bidding documents ended on July 10, 2006,
BusinessWorld says.  The MWSS welcomes interest from foreign
groups, but emphasized the need to partner with local firms in
accordance with foreign ownership limitations.

Maynilad creditor World Bank applauded the MWSS' efforts to
privatize the Company.  The Company secured a PHP loan from WB,
payable in five years with the first tranche to be released next
year.

The Government has appointed ABN Amro as the financial adviser
in the stake sale.  Bidders will be carefully reviewed, and
those who qualify must have a net worth of PHP6 billion and are
financially capable to operate a water utility firm.  Qualified
bidders will be informed on Aug. 25, 2006 if they are eligible
to joint in a pre-bidding conference on Sept, 27, 2006.  All
bids must be handed in by Oct. 24, 2006, and awarding of the
stake is slated for December this year.

                          *     *     *

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on Nov. 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On Aug. 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


STENIEL MANUFACTURING: Aims to Start Rehabilitation in Q3
---------------------------------------------------------
Steniel Manufacturing Corp. hopes to implement its business plan
in the third quarter of 2006 pending approval from its creditor
banks, BusinessWorld relates, citing Company President Goldi D.
Golingan.

For now, Steniel's main concern is to reduce its debts and turn
around to generate profits.  Mr. Golingan added that foreclosure
is one of the Company's options, which is not necessary as yet,
since its creditors have said that foreclosure of Steniel's
assets is a last resort.

As reported by the Troubled Company Reporter - Asia Pacific on
July 7, 2006, the Philippine Stock Exchange had suspended
trading in Steniel's shares on July 6, 2006; the shares have
traded at PHP0.26 per share prior to the suspension.

An earlier TCR-AP report on July 4, 2006, stated that Steniel
was negotiating with creditors Metrobank, Bank of the Philippine
Islands and China Trust (Philippines) Commercial Bank Corp. for
a 10-year extension -- until 2016 -- to pay its debts totaling
PHP850 million.  Metrobank holds 53% of the Company's debts.

Steniel's business plan involves:

   -- expanding the Company's plant capacity in Davao City to
      65,000 metric tons from 45,000 metric tons mainly for
      banana exporters;

   -- setting up a packaging plant in Cebu City to increase
      production to 18,000 metric tons from 12,000 metric tons
      to cater to the electronics, food and furniture industry;

   -- increasing converting capacity in General Santos City; and

   -- closing its Cavite plant temporarily to avoid further
      losses and planning a "right size configuration" to serve
      selected clients in Luzon.

The Company's expansion program is slated to cost up to
PHP300 million, BusinessWorld adds.

                     About Steniel Manufacturing

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

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

                          *     *     *

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


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

INFORMATICS HOLDINGS: 23rd Annual General Meeting Set on July 31
----------------------------------------------------------------
The 23rd Annual General Meeting of Informatics Holdings Ltd will
be held on July 31, 2006, at Informatics Campus, 12 Science
Centre Road, Singapore 609080 at 1:30 p.m.

During the meeting, members will be asked to:

   -- receive and adopt the audited Financial Statements for the
      year ended March 31, 2006, together with the reports of
      Directors and Auditors;

   -- approve the payment of Directors' fees of S$123,750 for
      the year ended March 31, 2006, [2005:145,000];

   -- re-elect the following Directors who are retiring pursuant
      to Article 71 of the Company's Articles of Asociation;

        a.) Mr. Ung Gim Sei
        b.) Mr. Anderson Tang Siu Ki

   -- re-elect the following Directors who are retiring pursuant
      to Article 75 of the Company's Articles of Association

        a.) Prof. Chew Soon Beng@ Teo Soon Beng
        b.) Mr. Valentine Philip Ortega
        c.) Mr. Wong Wee Woon
        d.) Ms. Tong Chiu Fai

   -- reappoint Messrs Ernst & Young as Auditors of the Company  
      and to authorize the Directors to fix their remuneration
      and;

   -- transact any other business that may be transacted at an  
      annual General Meeting of which due notice shall have been  
      given

   -- authorize the Directors of the Company to allot and issue
      shares in the Company provided that the aggregate number
      of shares and convertible securities to be allocated and
      issued must not be more than 50% of the issued share
      capital of the Company; and

   -- allow the Directors to offer and grant options in
      accordance with the provisions of the Informatics Group
      Share option Scheme.

               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.


INFORMATICS HOLDINGS: Members to Consider Name Change at Meeting
----------------------------------------------------------------
Informatics Holdings Ltd will hold a general meeting on
July 31, 2006, at 2:30 p.m. or as soon practicable following the
conclusion or adjournment of its 23rd Annual General Meeting.

During the meeting, members will be asked:

-- to consider and approve the proposed change of company name
    from "Informatics Holdings Ltd" to "Informatics Education
    Ltd";

-- to approve the proposed modification of the Informatics
    Group Share Option Scheme; and

-- to approve the proposed amendments to the Company's
    Memorandum and Articles of Association.

              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.


OFFSHORE JOINT: Creditors' Proofs of Claim Due on August 5
----------------------------------------------------------
Offshore Joint Services Pte Limited notifies parties-in-interest
of its intention to distribute dividend to creditors.

In this regard, Liquidators Chee Yoh Chuang and Lim Lee Meng
will be receiving creditors' proofs of claim until August 5,
2006.

The Liquidators can be reached at:

         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


COSEM PTE: Intends to Distribute Dividend on August 5
-----------------------------------------------------
The creditors of Burnet Investments Pte Limited are required to
prove their debts by June 19, 2006, before Liquidators Chee Yoh
Chuang and Lim Lee Meng.

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

The Liquidators can be reached at:

          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423


PACIFIC EAST: Accepting Proofs of Debt Until August 7
-----------------------------------------------------
An intended dividend will be distributed for creditors of
Pacific East Asia Resources (Pte) Ltd.

In this regard, Liquidators Keith Gordon Cameron and   
Christopher Gibson-Robinson will be accepting proofs of debt
from the Company's creditors until April 7, 2006.

The Liquidators can be reached at:

         c/o 5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


HEXAGON TECHNOLOGY: Preferential Claims Due on August 8
-------------------------------------------------------
Hexagon Technology Pte Limited will pay preferential claims to
creditors by way of way of wages, salary, retrenchment benefit
or ex-gratia payment, vacation leave or superannuation or
provident fund payments and any amount which is payable pursuant
to Section 328 (4) or (6) of the Companies Act (Cap. 50).

The Company's receiver and manager hereby requires parties-in-
interest to submit their proofs of claim by August 8, 2006, for
them to share in any distribution the Company will make.

The receiver and manager can be reached at:

         c/o K C Yin & Co
         Certified Public Accountants, Singapore
         100 Tras Street
         #16-01 Amara Corporate Tower
         Singapore 079072
         Telephone: 6323 1613
         Facsimile: 6323 1763


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

KRUNG THAI BANK: Fitch Upgrades Individual Rating to C/D
--------------------------------------------------------
On July 10, 2006, Fitch Ratings upgraded the individual rating
of Krung Thai Bank Public Company Limited to C/D from D.  

The agency has also affirmed KTB's:

    * Long-term foreign currency Issuer Default Rating at BBB+
      (stable)

    * Short-term foreign currency rating at F2

    * Foreign currency subordinated debt rating at BBB; and

    * Support rating at 2.

At the same time, Fitch Ratings (Thailand) Limited has affirmed
KTB's National ratings at Long-term AA+(tha), Short-term
F1+(tha) and National subordinated debt rating at AA(tha).  The
Outlook on all the ratings is stable.

The rating upgrade reflects the bank's improved financial
position over the past two years.  Fitch notes that KTB's
ratings are underpinned by strong government ownership and
support, as well as improving financial strength.  Although
government ownership and control provide support to the Long-
term debt ratings, these factors have tended to weaken KTB's
stand-alone financial performance.

KTB is the second-largest Thai bank with an 18% market share
with the Financial Institutions Development Fund holding 56.4%
of its shares.  Given KTB's size and importance to the financial
system and economy, as well as its state ownership and control,
Fitch believes that there is a high probability that the bank
would receive state support, if necessary.  The government is
likely to retain a majority stake for the foreseeable future.

Over the past two years, KTB's underlying operating performance
has improved significantly.  It reported a net profit of THB13
billion in 2005, up from THB11.1 billion the prior year, despite
a significant increase in its tax expenses in 2005 as it has
used up its tax benefits on losses carried forward.  KTB's pre-
tax profit rose more sharply to THB17.3 billion from THB11.1
billion the prior year due mainly to improved interest income,
lower funding costs and smaller provisions.

In Q106, net profit continued to improve to THB4.8billion from
THB4.3 billion in Q105 mainly as a result of rising loan yields,
improved fee income and higher gains on investments.  These
factors also helped the bank's net interest margin improve to
3.4% in 2005 and to an annualized 3.9% in Q106 from 2.9% in
2004.  While the operating environment for 2006 has deteriorated
significantly due to slower economic growth and political
turmoil, KTB's performance should generally remain stable.

Since a large loan reclassification in Q204, KTB's impaired
loans have fallen to THB99.1 billion at end-2005 and THB97.2
billion at end-March 2006 from THB123.3 billion at end-2004 on
the back of its debt restructuring effort, bad loan write-offs
and sale of impaired loans to the government's AMC.

While reserve coverage has fallen to 38.8% at end-March 2006,
following the loan reclassification in 2004 and bad loan write-
offs, additional provisioning should be absorbed by the recovery
in earnings.  The loan re-classification ordered by the BOT
prompted KTB to review its risk-management systems.  This also
resulted in a management shake-up.

Management is now focused on improving the bank's culture and
organization to be more commercially oriented, and on shifting
its focus to retail banking, the benefits of which are likely to
become more visible in the medium term. Mortgage and personal
loans now made up about 16% of the bank's loan book.

At end-March 2006, KTB's Tier 1 capital ratio stood at 8.3% of
risk-weighted assets while total capital ratio stood at 11.9%.
Earnings recovery should help underpin capital adequacy.


TANAYONG PCL: Business Partner to Buy 30% Stake for THB2 Billion
----------------------------------------------------------------
An unnamed business partner of Tanayong PCL will inject around
THB2 billion in cash to acquire a 30% stake in the Company, The
Nation Multimedia reports.

According to the report, Tanayong had already informed the Stock
Exchange of Thailand that the new investor had completed due
diligence prior to its decision to acquire a stake in the
Company.

Keeree Kanjanapas, the Company's executive chairman, told The
Nation that Tanayong's executives and the new partner had
already met with SET officials earlier this month to report the
progress of the Company's rehabilitation which already includes
the planned acquisition of stake.

Based on the plan, the new partner will also provide new
technology to the company aside from the cash considerations,
The Nation relates.  

Yet, Mr. Kanjanapas explained that even with the injection of
THB2 billion into the Company's account, it is still
insufficient for the full recovery of all of Tanayong's
projects.

"To revitalize and expand the existing projects we will need
THB5 billion," Mr. Kanjanapas said.

The Company's existing housing projects are Regent Royal Place I
and II, Thana Place-King Kaew and Thana Place-Lad Phrao, in
addition to Thana City.

Mr. Kanjapas further told The Nation that the name of Tanayong's
new partner will be divulged late this month.

                          *     *     *

Headquartered in Bangkok, Thailand, Tanayong Public Company
Limited -- http://www.tanayong.co.th/-- manages, develops and  
invests in property for both residential and commercial
purposes; investment in various infrastructure projects such as
investment in Electric Train Bangkok Mass Transit System;
ownership and operation of hotels, apartments, restaurants and
clubs; and provision of financial services and investment
holding.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with the SET
requirements.


* BOND PRICING: For the Week 10 July to 14 July 2006
----------------------------------------------------

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    23
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 8.850%    03/15/10     7
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     9
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd                     10.000%    06/30/49    61
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     7
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     2
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/09/16    74
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Corporation Bhd            2.000%    02/08/12     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1

SINGAPORE
---------
Rabobank Singapore                    1.000%    01/15/13    75
Rabobank Singapore                    1.000%    11/03/13    72
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1



                            *********


S U B S C R I P T I O N   I N F O R M A T I O N
   
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  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.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
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mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
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                 *** End of Transmission ***