TCRAP_Public/060712.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  

            Wednesday, July 12, 2006, Vol. 9, No. 137

                            Headlines

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

ADSTEAM MARINE: SvitzerWijsmuller Proposes Cash Takeover
ADSTEAM MARINE: Winds AU$15MM Government Towage Contract
ANCHORAGE COMMERCIAL: Appoints Official Liquidator
APPLIED TRANSPORT: To Declare Dividend to Priority Creditors
AQUALOGIK PTY: Liquidator to Present Wind-Up Report

AWB LIMITED: U.S. Farmers File Class Action
BLACKTOWN CITY: To Declare Second Dividend on July 14
BRONWYN TAYLOR: Court to Hear CIR's Liquidation Bid on July 20
CA&D CONSTRUCTIONS: Federal Court Orders Wind-Up
CHROME IMAGING: Members Agree on Voluntary Wind-Up

DEVELOPMENT ACCESS: Court to Hear Liquidation Bid on July 20
EXCELSIOR PRINT: Members and Creditors to Hear Wind-Up Report
GLOBAL PROJECT: Liquidator to Present Wind-Up Report on July 14
HADFOM PTY: Members Agree on Voluntary Liquidation
HUON CORPORATION: Union Fears Closure of Mills Elastomers

INTEGRATED SOLUTIONS: Members & Creditors to Get Wind-Up Report
ION AUTOMOTIVE: Creditors' Proofs of Claim Due July 24
ION FINANCE: Enters Liquidation Proceedings
ION HOLDINGS: Creditors Must Prove Debts by July 24
ION NEW ZEALAND: To Receive Creditors' Claims Until July 24

KWIKEEZ REMOVALS: Liquidator to Report Wind-Up Details July 14
MASURAI LIMITED: Faces Liquidation Proceedings
MITTAGONG SMASH: Members and Creditors Set to Convene on July 14
N&J ENTERPRISES: To Declare Second and Final Dividend on July 13
PARKSTAFF PTY: Liquidator Set to Present Wind-Up Report

PARNELL LEVEL 2: High Court Appoints Joint Liquidators
PAULMEN SEALS: Court to Hear Liquidation Bid on July 20
PETAL & SPROCKET: To Declare First Dividend on July 14
PLANET INVESTMENTS: Inability to Pay Debt Prompts Wind-Up
RH ROAD: Creditors and Members Set to Meet on July 14

RICH FURNITURE: Appoints Hewitt as Receiver and Manager
ROCKYDAD PTY: Roderick Sutherland Named Official Liquidator
SATS AUSTRALIA: Enters Voluntary Wind-Up
SDI TECHNOLOGIES: Names Jamieson Louttit as Liquidator
SEEZ PTY: Members to Receive Wind-Up Report

SOFTWARE4RENT.BIZ PTY: Enters Creditors' Voluntary Wind-Up
TACK PTY: Liquidates Business Operations
TECKHONG HOLDINGS: Appoints Andrew Dunner as Liquidator
TRACKER MARINE: Appoints Receiver and Manager
WESTPOINT GROUP: Winds-Up 15 Westpoint-related Companies

WESTPOINT GROUP: Mr. Carey Wants Probe on ASIC and Westpoint


C H I N A   &   H O N G  K O N G

BOBCO TECHNOLOGY: Court Favors Wind-Up Petition
CASTLE PEAK: Creditors Meeting Slated on July 28
COOKIE COMPANY: Faces Wind-Up Proceedings
HCAPITAL ENTERPRISES: Members' Final Meeting Set on August 8
HHEALTH ENTERPRISES: Joint Liquidators to Present Wind-Up Report

INSTANT GREEN: Opts to Close Down Business
GAIN BUTTON: Receives Wind-Up Order from the Court
KWAN YIU KEE: Court Issues Wind-Up Order
LUCENT TECH: Sees $2-Billion Revenue in Third Quarter of FY2006
MARSON PROPERTIES: Joint Liquidators Step Aside

MEESPIERSON ASIA: Final Members' Meeting Set on August 7
MORRISON INVESTMENT: Liquidator Ceases to Act for Company
ONE CLICK: Court Issues Wind-up Order
SANGUINE INTERNATIONAL: Liquidators Cease to Act for Firm
SUN KWONG ENGINEERING: Enters Wind-Up Proceedings

TCL MULTIMEDIA: Warns of Huge First-Half Losses
TEAMSING ELECTRONICS: Liabilities Prompt Decision to Wind Up
THOMAS WALKER: Names Joint and Several Liquidators
WORLDPEX INVESTMENT: Liquidators Tam and Muk Step Aside


I N D I A

INDIAN OIL: Counters Shortfall Through New Technologies
* Government Keen on Sick PSU Sell-Off
* Public Shareholding in State Firms Declines


I N D O N E S I A

GARUDA INDONESIA: Management Urged to "Expect the Worst"
PERUSAHAAN LISTRIK: May Sell Islamic Bonds in September


J A P A N

KAWASAKI HEAVY: Moody's Says Credit Profile is Stronger
MITSUBISHI HEAVY: Moody's Reviews Credit Fundamentals


K O R E A

HYUNDAI MOTOR: Workers to Step Up Strike
KOREA EXCHANGE: Former Executive Charged with Bribery
LG CARD: Creditors Agree on Sale Methods
SAMSUNG GROUP: Announces Subsidiary Incentives
VK CORP.: Starts Revival Prodeedings with District Court


M A L A Y S I A

ANTAH HOLDINGS: Default Amount Hits Over MYR286 Million
CHG INDUSTRIES: Securities to Exit Official List on July 20
GEORGE TOWN: Court Postpones Hearing of Restraining Order Appeal
KIG GLASS: Fails to Submit Regularization Plan
KRETAM HOLDINGS: Lists and Quotes New Shares

LITYAN HOLDINGS: Files Appeal on SC's Rejection of Revamp Plan
LITYAN HOLDINGS: Completes Disposal of Property for MYR9.7 Mln
MALAYSIA AIRLINES: AirAsia Says Lifting of Floor Price is Unfair
OLYMPIA INDUSTRIES: Inks Three More Restructuring Pacts
SUGAR BUN: Embarks on Internal Reorganization

SUREMAX GROUP: Public Shareholding Spread Meets Requirement
TAP RESOURCES: Hong Leong Uplifts All Fixed Deposits
TENGGARA OIL: To Hold 36th Annual General Meeting on July 31


P H I L I P P I N E S

AFP SAVINGS: Ex-President Acquitted of Falsification Charges
GLATFELTER: Completes Purchase of NewPage Business for US$80MM
INTERNATIONAL WIRE: Closes Sale of Insulated Wire Businesses
MAYNILAD WATER: Manila Water Co. to Bid for Government Stake
PHILIPPINE LONG DISTANCE: Liquidity Position Improves 45%


S I N G A P O R E

CAPITAL GAIN: Creditors' Proofs of Debt Due on July 21
DREAMSCAPE CONSULTING: To Hold Contributories Meeting on July 21
EDUCATION SI: Court to Hear Wind-Up Petition on July 21
HAPE COMMUNICATIONS: Creditors Must Prove Debt by August 7
MDR LIMITED: Receives Acceptances for 795,811,228 Rights Shares


T H A I L A N D

* Gov't Expects Economy to Fall Short of Growth Expectations

     - - - - - - - -

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

ADSTEAM MARINE: SvitzerWijsmuller Proposes Cash Takeover
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
March 6, 2006, that there were speculations of potential bidders
that may seize Adsteam Marine Limited.  These potential bidders
include AP Moller, which owns towage company SvitzerWijsmuller,
Hutchison Whampoa and Swire, which part-own Adsteam's domestic
tug boat rival, Australian Maritime Services.  There were also
talks that ABN Amro was trying to buy all available Adsteam
shares and that Toll Holdings might be interested as well.

In an update, SvitzerWijsmuller A/S revealed a recommended cash
takeover offer for all of Adsteam's shares including those
issued on the exercise of share acquisition rights under
Adsteam's long-term incentive plan.

Under the terms of SvitzerWijsmuller's cash offer, Adsteam
shareholders will receive AU$2.54 per share.  The cash
consideration of AU$2.54 per share values Adsteam's equity at
AU$693 million and represents a substantial premium of:

   * 25.8% to the volume weighted average price of AU$2.02 per
     share on June 30, 2006;

   * 30.6% to the one-month volume weighted average price of
     AU$1.94 to the close of trading on June 30, 2006; and

   * 32.0% to the 12-month volume weighted average price of
     AU$1.92 per share to the close of trading on June 30, 2006.

The Adsteam Board has resolved to defer the decision to pay a
dividend while it waits on the outcome of SvitzerWijsmuller's
offer.

SvitzerWijsmuller's chief executive officer, Jesper T. Lok, said
that the Adsteam network in Australia, Oceania and the United
Kingdom, complements SvitzerWijsmuller's global network well, so
the businesses have a good strategic fit.

According to Mr. Lok, the overlap between the businesses is
minimal and the reductions resulting from the acquisition will
likewise be modest.  He added that Adsteam has good workplace
agreements in place and they do not envisage that they or the
operational side and the crewing of the tugs will be impacted by
the acquisition.

Mr. Lok disclosed that they intend to streamline the current
Adsteam head office to become the new Regional Head Office for
Oceania.  He believes that the acquisition will provide
attractive opportunities for employees from Adsteam and
SvitzerWijsmuller as part of a larger combined and global
business.

Mr. Lok asserts that the offer provides compelling value to
Adsteam shareholders.

Adsteam Chairman Bruce Corlett recommended that Adsteam
shareholders accept the offer from SvitzerWijsmuller once the
regulatory conditions to the offer have been satisfied or waived
and in the absence of a higher offer.

Mr. Corlett noted that the offer is subject to certain
conditions, including SvitzerWijsmuller:

   (a) receiving competition approvals in Australia and the
       United Kingdom;

   (b) receiving the necessary Foreign Investment Review Board
       approval in Australia;

   (c) acquiring at least 90% of the total number of Adsteam
       shares on issue as well as other conditions customary for
       transactions of this nature.

A full-text copy of the Conditions to the offer is available
free of charge at:

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

Mr. Corlett disclosed that Adsteam has entered into an agreement
with SvitzerWijsmuller under which it has agreed not to solicit
any alternative takeover or similar transaction until the later
of:

   * July 31, 2006; or

   * the end of the initial offer period under
     SvitzerWijsmuller's takeover offer for 100% of the ordinary
     shares in Adsteam; and

   * the later date agreed to in writing by SvitzerWijsmuller
     and Adsteam, subject to the earlier termination of the
     Confidentiality and Exclusivity Agreement between the
     parties in accordance with its terms.

A break fee will be paid to SvitzerWijsmuller only in the event
that any director of Adsteam changes his recommendation in
relation to the Takeover Offer because Adsteam or a third party
announces or proposes a takeover bid, scheme of arrangement,
capital reconstruction, sale of main undertaking or other
similar reorganization for or in relation to Adsteam before the
end of the offer period of the Takeover Offer.  

The break fee:

   (a) will be an amount equal to AU$6.9 million, which is based
       on an estimate of, and in reimbursement for,
       SvitzerWijsmuller's reasonable costs; and

   (b) must be paid by Adsteam to SvitzerWijsmuller by bank
       cheque within 3 days of the occurrence of an event of
       recommendation changes.

          SvitzerWijsmuller Assumes Outstanding Debts

As this is a recommended offer, Adsteam has agreed to provide
reasonable assistance to SvitzerWijsmuller to facilitate
fulfilling the regulatory conditions to SvitzerWijsmuller's
offer.  SvitzerWijsmuller will assume all of Adsteam's current
outstanding debt facilities.  The offer will be funded through
financing facilities currently in place.

For the formal commencement of the offer, Adsteam's Board
expects that:

   1) SvitzerWijsmuller's Bidder's Statement will be lodged with
      the Australian Securities and Investments Commission and
      Australian Stock Exchange Limited;

   2) Adsteam's Target's Statement will be lodged with the
      Australian Securities and Investments Commission and
      Australian Stock Exchange Limited within 10 business days
      of receipt of the Bidder's Statement; and

   3) SvitzerWijsmuller's Bidder's Statement and Adsteam's
      Target's Statement will be jointly despatched to Adsteam
      shareholders shortly thereafter.

                       Parties' Advisers

SvitzerWijsmuller is being advised by:

   -- Citigroup as financial adviser;

   -- Mallesons Stephen Jaques as legal adviser for Australian
      law; and

   -- Clifford Chance as legal adviser for English law.

Adsteam is being advised by:

   -- ABN AMRO as financial adviser;

   -- Freehills as legal adviser for Australian law; and

   -- Eversheds as legal adviser for English law.

Adsteam shareholders with questions on the takeover proposal
should contact:

   * the SvitzerWijsmuller Offer Information Line between 9:00
     a.m., and 5:00 p.m. Australian Eastern Standard Time from
     Monday to Friday, on:

     -- 1300 650 907 from within Australia; or

     -- +613 9415 4265 from outside Australia; or

   * the Adsteam Offer Information Line on 1800 24 23 00 from
     within Australia, between 8:00 a.m. and 6:00 p.m.
     Australian Eastern Standard Time from Monday to Friday.

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a  
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbour towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations. SvitzerWijsmuller
is a subsidiary of A.P. Moller - Maersk A/S.  Last year
SvitzerWijsmuller had a turnover of US$355 million and it
employs approximately 2,500 people.  

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.  The Company had undertaken steps in a plan to divest
non-core businesses since May 2003 as part of its business
transformation program and has raised money to support its
rescue plan designed to trim down debts and repay borrowings.  
Adsteam's debt was estimated to be AU$360 million.  As of
June 30, 2005, the Company reported an "improved balance sheet"
as it was able to reduce its debt to AU$302 million, achieved
through the sale of non-core assets, improved earnings, improved
debtor management and a tight dividend policy.


ADSTEAM MARINE: Winds AU$15MM Government Towage Contract
--------------------------------------------------------
The Australian Government awards Adsteam Marine Limited with a
five-year contract for the provision of emergency towage
services covering these areas:

   (a) Southern Western Australia,
   (b) South Australia,
   (c) Victoria-Tasmania,
   (d) New South Wales,
   (e) Southern and Central Queensland, and
   (f) Northern Australia.

According to John Moller, Adsteam's Managing Director, the
Government has upgraded the nation's emergency response
capabilities so that comprehensive coverage will be available
around the Australian coast.

The five-year contract is effective from July 1, 2006, and is
worth AU$15 million.  The contract represents the final phase of
the Government's upgrading of maritime emergency response
capabilities.  It follows extensive work by the Government to
develop a long-term solution to ensure national salvage and
emergency towage capability.

Mr. Moller notes that a contract for Northern Western Australia
was previously awarded to another company, as was the contract
for a dedicated emergency towage vessel for the northern Great
Barrier Reef and Torres Strait region.

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.  The Company had undertaken steps in a plan to divest
non-core businesses since May 2003 as part of its business
transformation program and has raised money to support its
rescue plan designed to trim down debts and repay borrowings.  
Adsteam's debt was estimated to be AU$360 million.  As of
June 30, 2005, the Company reported an "improved balance sheet"
as it was able to reduce its debt to AU$302 million, achieved
through the sale of non-core assets, improved earnings, improved
debtor management and a tight dividend policy.


ANCHORAGE COMMERCIAL: Appoints Official Liquidator
-------------------------------------------------
The Official Assignee was appointed as liquidator of Anchorage
Commercial Fisheries Ltd on June 26, 2006.

The Liquidator can be reached at:

    Official Assignee's Office
    Insolvency and Trustee Service
    Private Bag, 4714
    Christchurch, New Zealand
    Telephone: 0508 467 658
    Web site: www.insolvency.govt.nz/


APPLIED TRANSPORT: To Declare Dividend to Priority Creditors
------------------------------------------------------------
Applied Transport Pty Limited will declare a first and final
dividend to priority creditors on July 14, 2006.

Creditors who were not able to prove their claims by June 17,
2006, will be excluded from sharing in any distribution the
Company will make.

The liquidator can be reached at:

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


AQUALOGIK PTY: Liquidator to Present Wind-Up Report
---------------------------------------------------
A final meeting of the members and creditors of Aqualogik Pty
Limited will be held on July 14, 2006, at 11.00 a.m.

During the meeting, members and creditors will receive
Liquidator Michael E. Wayland's final account showing how the
Company was wound up and how its property was disposed of.

The Liquidator can be reached at:

         Michael E. Wayland
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


AWB LIMITED: U.S. Farmers File Class Action
-------------------------------------------
Six American wheat farmers have launched a class action against
AWB Limited in the United States, claiming that the wheat
exporter's dealings in overseas markets damaged their own
incomes, ABC Rural reports.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2006, that American and Canadian wheat farmers were preparing to
file a AU$1-billion damages lawsuit against AWB with the New
York Federal Court.  The TCR-AP report said that the lawsuit
would pertain to claims by American wheat growers that they lost
trade worth hundreds of millions of dollars with Iraq when AWB
paid almost AU$300 million in kickbacks to former Iraqi dictator
Saddam Hussein's regime.

According to The Age, Kansas wheat farmer Veryl Switzer, is the
lead plaintiff in the lawsuit.

The Age relates that several U.S. trial lawyers, including
Washington attorney L. Palmer Foret and Atlanta-based lawyer
Roderick E. Edmond, who specializes in medical negligence cases,
are handling the lawsuit.

Radio New Zealand relates that the U.S. farmers' spokesman, Bill
Fletcher, says that the lawsuit has been filed in the District
of Columbia.

                         Non-Iraqi Deals

The Sydney Morning Herald says that the class action is founded
on alleged breaches by AWB, and its American subsidiary, AWB
USA, of the U.S. Foreign Corrupt Practices Act and seeks damages
under the Racketeer Influenced and Corrupt Organizations Act.

As reported in the TCR-AP, lawyers for the farmers planned to
use the Racketeer Influenced and Corrupt Organizations Act,
which covers bribery, kickbacks, and extortion.

Radio New Zealand notes that the RICO Act also contains a civil
component, which allows for damages against foreign companies
that engage in alleged corrupt activity.

ABC Rural notes that while some of the allegations relate to the
Iraq market, others relate to deals in Yemen, Pakistan and
Indonesia.

The Sydney Herald says that AWB's abuse of the United Nations
food program and "bribery" of Iraqi officials are only part of
the class action.  The statement of claim also accuses AWB of:

   * bribing officials in Yemen to secure a wheat contract in
     1999;

   * bribing Pakistani officials for a contract to export wheat
     to Pakistan in 2000;

   * sabotaging the Indonesian wheat market to shut out U.S.
     rivals by fraudulently manipulating and then ripping off
     the U.S. Agriculture Department export credit program in
     2002;
     and

   * committing perjury and obstructing justice in an effort to
     cover up its corrupt Iraqi dealings.

According to News.co, the claim also focuses on evidence
uncovered by the Cole inquiry that AWB recovered an US$8-million
debt for BHP-related company Tigris Petroleum by artificially
inflating wheat prices through oil-for-food contracts.

Lawyers for the U.S. farmers are demanding a jury trial and will
argue for tens of millions of dollars in compensation and the
application of racketeering law provisions, which allow the
tripling of any damages, and any appropriate "additional or
alternative relief," the Sydney Herald relates.

It will be several days before AWB is officially served with the
U.S. writ, The Age notes.

                 Others May Join Class Action

According to The Age, it is believed that representatives of the
Canadian Wheat Farmers Association are also considering joining
the class action.

The Australian Associated Press also notes that U.S. Wheat
Associates, which went public in 2003 with claims pertaining to
AWB's activities in Iraq, has said that it would consider
joining the action if it was approached.

                          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.


BLACKTOWN CITY: To Declare Second Dividend on July 14
-----------------------------------------------------
Liquidator Riad Tayeh will declare a second dividend on
July 14, 2006, for Blacktown City Rugby League & Sports Club
Limited.

Creditors whose debts have been admitted by July 13, 2006, will
share in the dividend distribution.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first dividend on March 3, 2006.

The Liquidator can be reached at:

         Riad Tayeh
         c/o de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia
         Telephone:(02) 9633 3333
         Facsimile:(02) 9633 3040


BRONWYN TAYLOR: Court to Hear CIR's Liquidation Bid on July 20
--------------------------------------------------------------
The High Court of Auckland will on July 20, 2006, hear a
petition to liquidate Brownwyn Taylor Accounting Services Ltd.

The Commissioner of Inland Revenue filed the petition on May 8,
2006.

The solicitor for the plaintiff can reached at:

    S.J. Eisdell Moore
    c/o R. E. Harvey
    Meredith Connell, Level 17
    Forsyth Barr Tower
    55-65 Shortland Street
    Auckland, New Zealand


CA&D CONSTRUCTIONS: Federal Court Orders Wind-Up
------------------------------------------------
The Federal Court of Australia on June 9, 2006, ordered the
wind-up of CA&D Constructions Pty Limited and appointment of
Steven Nicols as liquidator.

The Liquidator can be reached at:

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


CHROME IMAGING: Members Agree on Voluntary Wind-Up
--------------------------------------------------
At a general meeting on June 8, 2006, members of Chrome Imaging
Pty Limited resolved that the Company must voluntarily commence
a wind-up of its operations.

Antony de Vries and Riad Tayeh were subsequently appointed as
liquidators.

The Liquidators can be reached at:

         Antony De Vries
         Riad Tayeh
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


DEVELOPMENT ACCESS: Court to Hear Liquidation Bid on July 20
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Development Access Builders Ltd on July 20, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on May 8, 2006.

The solicitor for the plaintiff can be reached at:

    S.J. Eisdell Moore
    c/o R. E. Harvey
    Meredith Connell, Level 17
    Forsyth Barr Tower
    55-65 Shortland Street
    Auckland, New Zealand


EXCELSIOR PRINT: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
A final meeting of the members and creditors of Excelsior Print
Group Pty Limited will be held on July 14, 2006, at 9.30 a.m.

During the meeting, Liquidators Robyn Erskine and Peter Goodin
will give the accounts on the wind-up and property disposal
exercises.

The Liquidators can be reached at:

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


GLOBAL PROJECT: Liquidator to Present Wind-Up Report on July 14
---------------------------------------------------------------
A final meeting of the creditors and members of Global Project
Group Pty Limited will be held on July 14, 2006, at 2:30 p.m.

During the meeting, members will be asked:

  -- to receive a report from the Liquidator on the
     conduct of the liquidation;

  -- to consider and, if thought fit, pass a resolution
     for the approval of the liquidator's fees; and

  -- to transact any other business that may properly be
     conducted.

Telephone conference facilities will be available.

As reported in the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on January 20,
2006.

The liquidator can be reached at:

         Martin Jones
         Ferrier Hodgson
         Level 26, Bankwest Tower
         108 St George's Terrace
         Perth, Western Australia 6000
         Australia


HADFOM PTY: Members Agree on Voluntary Liquidation
--------------------------------------------------
At a general meeting on June 9, 2006, the members of Hadfom Pty
Limited resolved to voluntarily liquidate the Company's business
and distribute the proceeds of its assets disposal.

Subsequently, Nicholas Craig Malanos was appointed as
liquidator.

The Liquidator can be reached at:

         Nicholas Craig Malanos
         Star Dean-Willcocks
         GPO Box 3969
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9223 2944


HUON CORPORATION: Union Fears Closure of Mills Elastomers
---------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 10, 2006, Huon Corp.'s administrator, Tony Sims confirmed
that Empire Rubber, FRN, and Mills Elastomers, will be put on
the market.  Mr. Sims revealed that a number of potential buyers
have already expressed interest in the businesses.

In an update, Star News Group relates that a Huon competitor is
in negotiations to purchase Mills Elastomers.

According to the report, the Australian Manufacturing Workers'
Union fears that Mills Elastomers could sack all of its workers
if the competitor acquires the factory to shut down its
business.

"There is one expression of interest who is competing in the
same space as Huon who could purchase the business to close it
down and ensure its competition is removed," Star News cites
Union assistant state secretary, Steve Dargavel, as saying.

Mr. Dargavel said that the move was not out of character for the
highly competitive automotive parts industry, which was
constantly being pressured by car manufacturers seeking cheaper
prices on parts.

Star News relates that, according to Mr. Sims, the
administrators are working closely with unions in determining an
appropriate buyer, adding that applicants will go through a
screening process.

Mr. Sims explained that Mills was already a stable business
compared to Huon's Frankston and Bendigo businesses.  Yet, he
said that the sale process would take up to eight weeks to
complete.

Mr. Sims said that no Mills workers have been sacked since Huon
entered into administration, Star News notes.

                        *     *     *

Based in Victoria, Australia, Huon Corp. manufactures car parts.  
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, and Ford.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.


INTEGRATED SOLUTIONS: Members & Creditors to Get Wind-Up Report
---------------------------------------------------------------
The members and creditors of The Integrated Solutions Company
Pty Limited will convene on July 14, 2006, to get an account of
the manner of the Company's wind-up and property disposal from
Liquidator R. W. Whitton.

The Liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone (02) 8346 6000


ION AUTOMOTIVE: Creditors' Proofs of Claim Due July 24
------------------------------------------------------
Joint Liquidators William Guy Black and Kerryn Mark Downey
require the creditors of Ion Automotive (New Zealand) Ltd to
submit their proofs of claim by July 24, 2006.

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

The Joint Liquidators can be reached at:

    William G. Black
    c/o Helen Gair
    McGrath Nicol + Partners (N.Z.) Ltd
    Level Two, 18 Viaduct Harbour Avenue
    (P.O. Box 91-644)
    Auckland, New Zealand
    Telephone: (09) 366 4655
    Facsimile: (09) 366 4656


ION FINANCE: Enters Liquidation Proceedings
-------------------------------------------
The liquidation of Ion Finance New Zealand Ltd commenced after
the appointment of Joint Liquidators William Guy Black and
Kerryn Mark Downey on June 30, 2006.

In this regard, the Company's creditors are required to submit
their proofs of claim to the Liquidators by July 24, 2006, for
them to share in any distribution the Company will make.

The Joint Liquidators can be reached at:

    William G. Black
    c/o Helen Gair
    McGrath Nicol + Partners (N.Z.) Ltd
    Level Two, 18 Viaduct Harbour Avenue
    (P.O. Box 91-644)
    Auckland, New Zealand
    Telephone: (09) 366 4655
    Facsimile: (09) 366 4656


ION HOLDINGS: Creditors Must Prove Debts by July 24
---------------------------------------------------
Creditors of Ion Holdings (N.Z.) Ltd are required to submit
their proofs of claim by July 24, 2006 to Joint Liquidators
William Guy Black and Kerryn Mark Downey.

The Joint Liquidators can be reached at:

    William G. Black
    c/o Helen Gair
    McGrath Nicol + Partners (N.Z.) Ltd
    Level Two, 18 Viaduct Harbour Avenue
    (P.O. Box 91-644)
    Auckland, New Zealand
    Telephone: (09) 366 4655
    Facsimile: (09) 366 4656


ION NEW ZEALAND: To Receive Creditors' Claims Until July 24
-----------------------------------------------------------
Joint Liquidators William Guy Black and Kerryn Mark Downey will
be receiving proofs of claim from creditors of Ion New Zealand
Ltd until July 24, 2006.

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

The Joint Liquidators can be reached at:

    William G. Black
    c/o Helen Gair
    McGrath Nicol + Partners (N.Z.) Ltd
    Level Two, 18 Viaduct Harbour Avenue
    (P.O. Box 91-644)
    Auckland, New Zealand
    Telephone: (09) 366 4655
    Facsimile: (09) 366 4656


KWIKEEZ REMOVALS: Liquidator to Report Wind-Up Details July 14
--------------------------------------------------------------
The members and creditors of Kwikeez Removals Pty Limited will
hold a final meeting on July 14, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

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


MASURAI LIMITED: Faces Liquidation Proceedings
----------------------------------------------
An application to liquidate Masurai Limited will be heard before
the High Court of Whangarei on July 17, 2006, at 10:45 a.m.  

The Chief Executive of the Ministry of Fisheries of Wellington
filed the petition with the Court on June 13, 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:

    Dianne s. Lester
    Credit Consultants Debt Services NZ Ltd
    Level Three, 3-9 Church Street
    Wellington, New Zealand
    Telephone: (04) 470 5972


MITTAGONG SMASH: Members and Creditors Set to Convene on July 14
----------------------------------------------------------------
A general meeting of the members and creditors of Mittagong
Smash Repairs Pty Limited will be held on July 14, 2006, at
10:30 a.m.

During the meeting, Liquidator R. W. Whitton will report on the
Company's wind-up and property disposal.

The Liquidator can be reached at:

         R. W. Whitton
         c/o Lawler Partners
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 8346 6000


N&J ENTERPRISES: To Declare Second and Final Dividend on July 13
----------------------------------------------------------------
N&J Enterprises Pty Limited will declare a second and final
dividend on July 13, 2006.

Creditors who were not able to prove their claims by
June 28, 2006, will be excluded from sharing in any distribution
the Company will make.

The liquidator can be reached at:

         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6000
         Australia


PARKSTAFF PTY: Liquidator Set to Present Wind-Up Report
-------------------------------------------------------
A general meeting of the members and creditors of Parkstaff Pty
Limited will be held on July 14, 2006 at 10:30 a.m.

Liquidator Geoffrey Mcdonald will present final accounts of the
Company's wind-up operations.

As reported in the Troubled Company Reporter - Asia Pacific, the
Company on January 20, 2006, resolved to wind up its operations
due to its inability to pay debts.

The Liquidator can be reached at:

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


PARNELL LEVEL 2: High Court Appoints Joint Liquidators
------------------------------------------------------
Parnell Level 2 Limited has commenced a wind-up of its
operations on June 29, 2006.

In this regard, the High Court of Auckland appointed Grant
Robert Graham and Brendon James Gibson as official liquidators.

The Joint Liquidators can be reached at:

    Grant Robert Graham
    C/O Mark Mcginley
    Ferrier Hodgson & Co
    Level Sixteen, Tower Centre
    45 Queen Street (P.O. Box 982)
    Auckland, New Zealand
    Telephone: (09) 307 7865
    Facsimile: (09) 377 7794


PAULMEN SEALS: Court to Hear Liquidation Bid on July 20
-------------------------------------------------------
An application to liquidate Paulmen Seals Ltd will be heard
before the High Court of Auckland on July 20, 2006 at 10:45 a.m.  

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

The solicitor for the plaintiff can be reached at:

    S.J. Eisdell Moore
    C/O R. E. Harvey
    Meredith Connell, Level 17
    Forsyth Barr Tower
    55-65 Shortland Street
    Auckland, New Zealand


PETAL & SPROCKET: To Declare First Dividend on July 14
------------------------------------------------------
Petal & Sprocket Pty Limited will declare its first dividend on
July 14, 2006.

In this regard, creditors are required to submit their proofs of
debt by July 13, 2006, for them to share in the Company's
dividend distribution.

As reported in the Troubled Company Reporter - Asia Pacific, the
Company embarked on a voluntary wind-up of its operations on
January 6, 2006.

The liquidator can be reached at:

         Peter James Hedge
         GPO Box 4366
         Sydney, New South Wales 2001
         Australia


PLANET INVESTMENTS: Inability to Pay Debt Prompts Wind-Up
---------------------------------------------------------
Planet Investments Pty Limited on June 8, 2006, commenced a
creditors voluntary wind-up of its operations after determining
that it will not be able to pay debts coming due within 12
months.

The liquidator can be reached at:

         Stephen Jay
         Nicholls & Co., Chartered Accountants
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia


RH ROAD: Creditors and Members Set to Meet on July 14
-----------------------------------------------------
A final meeting of the members and creditors of RH Road Freight
Pty Limited will be held on July 14, 2006, at 11:00 a.m.

During the meeting, Liquidator D. Mclay will report on the
Company's wind-up and property disposal activities.

The Liquidator can be reached at:

         D. Mclay
         PO Box 1595
         Booragoon, Western Australia 6954
         Australia
         Telephone:(08) 9330 4658
         Facsimile:(08) 9330 9028


RICH FURNITURE: Appoints Hewitt as Receiver and Manager
-------------------------------------------------------
Andrew Stewart Reed Hewitt was appointed as receiver and manager
of Rich Furniture Removals Pty Ltd on June 2, 2006.

The Receiver and Manager can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton, Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


ROCKYDAD PTY: Roderick Sutherland Named Official Liquidator
-----------------------------------------------------------
At a general meeting on June 8, 2006, members of Rockydad Pty
Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

In this regard, Roderick Mackay Sutherland was appointed as
liquidator to manage the wind-up activities.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland Chartered Accountants
         GPO Box 4256
         Sydney, New South Wales 2001
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


SATS AUSTRALIA: Enters Voluntary Wind-Up
----------------------------------------
Members of Sats Australia & New Zealand Pty Limited on June 7,
2006, passed a resolution to voluntarily wind up the Company's
operations.

Frank Lo Pilato was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2611
         Australia
         Telephone:(02) 6247 5988


SDI TECHNOLOGIES: Names Jamieson Louttit as Liquidator
------------------------------------------------------
SDI Technologies (Aust.) Pty Limited was placed in a members'
voluntary liquidation on June 9, 2006.

Subsequently, Jamieson Louttit was appointed as liquidator.

The Liquidator can be reached at:

         Jamieson Louttit
         Jamieson Louttit & Associates
         Level 15, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0505
         Facsimile:(02) 9231 0303


SEEZ PTY: Members to Receive Wind-Up Report
-------------------------------------------
A final meeting of the members of Seez Pty Limited will be held
on July 13, 2006, at 10:00 a.m.

During the meeting, Liquidator Robert Welch will present final
accounts of the Company's wind-up and property disposal.

The Liquidator can be reached at:

         Robert Welch
         Level 3, 118 Queen Street
         Melbourne 3000
         Australia
         Telephone: 9603 0097


SOFTWARE4RENT.BIZ PTY: Enters Creditors' Voluntary Wind-Up
----------------------------------------------------------
At an extraordinary general meeting of Software4rent.Biz Pty
Limited held on June 8, 2006, a special resolution to
voluntarily wind up the Company was passed.

Stephen Jay was consequently appointed as liquidator.

The Liquidator can be reached at:

         Stephen Jay
         Nicholls & Co., Chartered Accountants
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnston Street
         Wagga Wagga, New South Wales
         Australia


TACK PTY: Liquidates Business Operations
----------------------------------------
Members and creditors of Tack Pty Limited on June 8, 2006,
resolved to wind up the Company's business operations.

Subsequently, Ozem Kassem was 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 8433
         e-mail: okassam@sydbri.bentleys.com.au


TECKHONG HOLDINGS: Appoints Andrew Dunner as Liquidator
-------------------------------------------------------
At an extraordinary general meeting on June 8, 2006, members of
Teckhong Holdings Pty Limited decided that the Company must
voluntarily commence a wind-up of its operations.

Andrew Leonard Dunner was appointed as liquidator.

The liquidator can be reached at:

         Andrew Leonard Dunner
         23 Erin Street
         Richmond Victoria 3121
         Australia
         Telephone:(03) 9428 1888


TRACKER MARINE: Appoints Receiver and Manager
---------------------------------------------
Bradley Vincent Hellen and Ann Fordyce were appointed as joint
and several receivers and managers of all the assets of Tracker
Marine Australia Pty Ltd on June 7, 2006.

The Receivers and Managers can be reached at:

         Bradley Vincent Hellen
         Ann Fordyce
         c/o Pilot Partners Chartered Accountants
         Level 5, 175 Eagle Street
         Brisbane Qld 4000
         Australia


WESTPOINT GROUP: Winds-Up 15 Westpoint-related Companies
--------------------------------------------------------
The Australian Securities and Investments Commission has
commenced proceedings in the Federal Court seeking the winding
up of another 15 companies related to Westpoint Group and the
appointment of liquidators to those companies.

ASIC contends that these companies are insolvent:

   1) Forestview Nominees Pty Ltd -- receiver and manager
      appointed

   2) Bowesco Pty Ltd -- receiver and manager appointed

   3) Eastlands Pty Ltd

   4) Goldtag Pty Ltd -- controller appointed

   5) Westpoint Money Management Pty Ltd

   6) Asset Build (Aust.) Pty Ltd

   7) Cinema City Development Pty Ltd

   8) Westpoint Consulting Group Pty Ltd

   9) Jetstone Pty Ltd

  10) Network Company Pty Ltd

  11) Pagelight Nominees Pty Ltd

  12) Kingdream Pty Ltd -- receiver and manager appointed

  13) Juson Pty Ltd CAN

  14) Bridgeview Holdings Pty Ltd

  15) Westside Brisbane Developments Pty Ltd

ASIC's database records Norman Phillip Carey as the ultimate
shareholder of these companies except for Westpoint Money
Management, Pagelight Nominees, Kingdream, Juson and Westside
Brisbane Developments.  The sole shareholder of each of those
five companies is Westpoint Corporation Pty Ltd, which is in
liquidation.

Mr. Carey is also recorded as a director of all companies except
Bowesco, where Karen Carey is a sole director.

The applications will return to court on August 11, 2006, for a
directions hearing.

                     About Westpoint Group

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

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


WESTPOINT GROUP: Mr. Carey Wants Probe on ASIC and Westpoint
------------------------------------------------------------
Norm Carey, the former director of the Westpoint Group, has
demanded an inquiry into the property group's collapse, ABC News
Online reports.

ABC News cites Mr. Carey as saying that the Australian
Securities and Investments Commission has cleared the financing
schemes used by Westpoint to fund its development projects.

The Daily Telegraph cites Mr. Carey's sister, Karen Carey as
arguing that Westpoint's investors were betrayed by the ASIC,
which initially indicated that it would not stop the company
from using promissory notes to raise funds.  "Those notes were
developed by Freehills (the major commercial law firm)," Ms.
Carey says.

ABC News recounts that in 2000, the ASIC issued a letter to Mr.
Carey's lawyers saying that it would be taking no further action
unless any additional information came to its attention.

However, the ASIC contends that the document, known as a "no-
action" letter, did not prevent it from forming a different view
at a later date and was not a green light to commit offenses,
ABC News relates.

Ms. Carey asserts that accusations against Westpoint did not
adequately explain the level of risk involved with the mezzanine
finance-based investment products were wrong.  She claims that
the information memorandum clearly detailed the risks and "if
they weren't relayed to investors then it was the fault of the
financial planners who promoted the Westpoint mezzanine property
financing products to their clients."

Mr. Carey alleges that Westpoint's collapse has been
manufactured by the ASIC and its actions.  He contends that it
could have been avoided by adopting a commercial solution.

Accordingly, Mr. Carey wants a public inquiry or royal
commission into the matter.  "Including Westpoint but also,
importantly, the way ASIC has handled it," the ABC News cites
Mr. Carey, as saying.

                    Sister Employs Mr. Carey

As reported in the Troubled Company Reporter - Asia Pacific on
July 7, 2006, Mr. Carey was asked why he did not mention, in a
May 4, 2006 affidavit that he was a beneficiary to a trust --
the Quartz Trust -- that had about AU$12 million in assets as of
January 2006.

According to a News.co report, Ms. Carey may be able to tell the
ASIC exactly what the mysterious Quartz Trust is and whether any
of its AU$12 million in assets belong to the 4,000 out-of-pocket
investors of the Westpoint property group.

News.co cites Ms. Carey telling The Sunday Times that she
expects to be cross-examined given Mr. Carey's evidence.

Ms. Carey became embroiled in the controversy surrounding the
property group's collapse after it emerged that in April 2006
that she was appointed director of five Carey family companies
-- including Quartz Nominees, a Carey family trustee at the
center of the court inquiry, News.co relates.

According to The Daily Telegraph, the examination aims to
determine whether any cash from Westpoint's investors has made
its way into the trust and whether money in the trust is being
used to finance Mr. Carey's AU$4,000-a-week lifestyle.

The TCR-AP report noted that Mr. Carey requested for a AU$4,000
in weekly living expenses.

News.co relates that as the recently installed director of
Keyworld Investments, Ms. Carey pays her brother more than
AU$300,000 a year to do property deals from a West Perth office.

Ms. Carey asserts that the businesses are functioning with fully
documented business plans and the staff to execute them.  "I
employ Norm and other staff and they run the business," Ms.
Carey says.

                 R. Beck Avoids Receivership

ABC News also notes that on July 7, 2006, the Federal Court has
ordered receivers to seize the personal assets of two other
Westpoint directors -- John Dixon and Richard Beck.

According to The Australian, Mr. Beck has staved off the
appointment of receivers to his own multi-million-dollar
property empire.

The Australian notes that Judge Robert French has ordered that,
dependent on undertakings being entered into by Mr. Beck and his
wife, trustees, rather than receivers, should be appointed.

Accordingly, on July 10, 2006, Mr. Beck filed undertakings to
the Federal Court regarding the management of his property
trust, including 47 properties, worth tens of millions of
dollars.  The action came as the ASIC moves to wind up 15
companies related to Westpoint and Mr. Carey, The Australian
relates.

Neil Gentilli, Mr. Beck's lawyer, argued that the appointment of
receivers to the trust properties could lead to default clauses
being put into effect on the mortgages.  

Mr. Beck asserted that the properties were not his but those of
the family trust.

                     About Westpoint Group

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

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


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

BOBCO TECHNOLOGY: Court Favors Wind-Up Petition
-----------------------------------------------
The High Court of Hong Kong ordered on June 21, 2006, the
wind-up of Bobco Technology Ltd.  

The Troubled Company Reporter - Asia Pacific reported that Lam
Wai Ming -- former creditor of the Company -- filed the petition
with the Court on April 24, 2006.


CASTLE PEAK: Creditors Meeting Slated on July 28
------------------------------------------------
Creditors of Castle Peak Properties Ltd will convene on July 28,
2006, 11:00 in the morning at the offices of Ferrier Hodgson
Ltd, 14/F., hong Kong Club Bldg, 3A Chater Road, Central, Hong
Kong.

The meeting was called for the purposes under the Companies
Ordinance of Hong Kong.

Creditors may vote either in person or by proxy, forms of
proxies must be lodged on or before July 27, 2006, at the place
of the meeting.


COOKIE COMPANY: Faces Wind-Up Proceedings
-----------------------------------------
The High Court of Hong Kong on June 21, 2006, ordered the wind-
up of Cookie Company Limited.

As reported by the Troubled Company Reporter - Asia Pacific, Lai
Kwai Chuen filed the wind-up petition with the Court on
April 24, 2006.


HCAPITAL ENTERPRISES: Members' Final Meeting Set on August 8
------------------------------------------------------------
A final meeting of the members of Hcapital Enterprises Ltd will
be held on August 8, 2006, 10:00 in the morning at Level 28,
Three Pacific Place, 1 Queen's Road East, Hong Kong.

At the meeting, Joint Liquidators Ying Hing Chiu and Chung Miu
Yin will present final accounts of the Company's wind up.


HHEALTH ENTERPRISES: Joint Liquidators to Present Wind-Up Report
----------------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin will present
to members of Hhealth Enterprises Ltd  final accounts of the
Company's wind-up exercise.

The presentation will be made on August 8, 2006, 10:00 in the
morning at Level 28, Three Pacific Place, 1 Queen's Road East,
Hong Kong.


INSTANT GREEN: Opts to Close Down Business
------------------------------------------
The High court of Hong Kong on June 21, 2006, issued an order to
wind up the operations of Instant Green Landscaping Ltd.

Kam Kwok Fai filed the wind-up petition with the Court on May 9,
2006, the Troubled Company Reporter - Asia Pacific recounts.


GAIN BUTTON: Receives Wind-Up Order from the Court
--------------------------------------------------
Gain Button Development Ltd was on June 21, 2006, ordered by the
High Court of Hong Kong to wind up its operations.

According to the Troubled Company Reporter- Asia Pacific, the
Bank of China filed the wind-up petition with the Court on April
25, 2006.


KWAN YIU KEE: Court Issues Wind-Up Order
---------------------------------------
The High Court of Hong Kong on June 21, 2006, issued a wind-up
order for Kwan Yiu Kee Finishing Work Co Ltd was approved and
ordered by the High Court of Hong Kong on
June 21, 2006.

According to The Troubled Company Reporter - Asia Pacific, the
wind-up petition was filed by Sin Ping Nam before the Court on
April 24, 2006.


LUCENT TECH: Sees $2-Billion Revenue in Third Quarter of FY2006
---------------------------------------------------------------
Lucent Technologies expects revenue for the third quarter ended
June 30, 2006, to be $2.04 billion, subject to the completion of
its quarterly closing process.  

The Company's revenues were $2.14 billion in the second quarter
of fiscal 2006 and $2.34 billion in the year-ago quarter.  The
sequential and year-over-year declines were due primarily to
lower sales to North American mobility customers.  To a lesser
extent, the year-over-year decline was due to decreased revenues
in China.

"During the third quarter, our North American mobility business
was adversely impacted by a slowdown in spending on some of our
current-generation wireless solutions," said Lucent Technologies
Chairman and CEO Patricia Russo.  

"However, we are beginning to see some of our customers move
toward the next phase of mobile high-speed data.  And in fact,
we recently announced contracts with Verizon Wireless and
Telecom New Zealand for our EV-DO RevA solution, which we expect
to make commercially available in late September.

"Overall, our year-to-date results also have been affected to
some extent by delays in spending that we believe are
attributable to the consolidation efforts of certain customers,"
added Ms. Russo.  "That said, we believe consolidation will lead
to opportunities as service providers look to us to help them
integrate their large, complex networks."

"We expect investment in both CDMA and UMTS to increase going
forward, driven by the introduction of EV-DO RevA and HSDPA
solutions," said Lucent Technologies Chief Operating Officer
Frank D'Amelio.  

"As a result, assuming that our EV-DO RevA and HSDPA rollouts
remain on track, we expect that mobility deployments in North
America will enable us to make the fourth quarter our highest
quarterly revenue period for fiscal year 2006 by a significant
margin."

The Company will report its quarterly results on Wednesday,
July 26, 2006.

                      About Lucent Technologies

Headquartered in Murray Hill, New Jersey, Lucent Technologies
(NYSE: LU) -- http://www.lucent.com/-- designs and delivers the  
systems, services and software that drive next-generation
communications networks.  Backed by Bell Labs research and
development, Lucent uses its strengths in mobility, optical,
software, data and voice networking technologies, as well as
services, to create new revenue-generating opportunities for its
customers, while enabling them to quickly deploy and better
manage their networks.  Lucent's customer base includes
communications service providers, governments and enterprises
worldwide.

                         *     *     *

As reported in the Troubled Company Reporter on April 7, 2006,
Moody's Investors Service placed Lucent Technologies, Inc.'s B1
corporate family rating, B1 senior unsecured rating, B3
subordinated rating, and B3 trust preferred rating under review
for possible upgrade following the company's announcement of a
definitive merger agreement with Alcatel.


MARSON PROPERTIES: Joint Liquidators Step Aside
-----------------------------------------------
Gabriel CK Tam and Jacky CW Muk ceased to act as joint and
several liquidators of Marson Properties Ltd on June 20, 2006.


MEESPIERSON ASIA: Final Members' Meeting Set on August 7
--------------------------------------------------------
Members of Meespierson Asia (H.K.) Ltd will convene for their
final meeting at 2001 Central Plaza, 18 Harbour Road, Wanchai,
Hong Kong on August 7, 2006, at 10:00 a.m.

At the meeting, members will receive Liquidator Chiu Soo Ching,
Katherine's final account of the Company's wind up exercise.


MORRISON INVESTMENT: Liquidator Ceases to Act for Company
---------------------------------------------------------
Chan Sin Yu ceased to act as liquidator of Morrison Investment
Ltd on July 3, 2006.


ONE CLICK: Court Issues Wind-up Order
-------------------------------------
The High Court of Hong Kong on June 21, 2006, ordered the
Wind-up of One Click Eat Co Ltd.

The Troubled Company Reporter - Asia Pacific recounts that on
April 24, 2006, Vizmanos Airene Benez filed the wind-up petition
before the Court.


SANGUINE INTERNATIONAL: Liquidators Cease to Act for Firm
---------------------------------------------------------
Gabriel CK Tam and Jacky CW Muk ceased to act as liquidators of
Sanguine International Ltd on June 20, 2006.


SUN KWONG ENGINEERING: Enters Wind-Up Proceedings
-------------------------------------------------
Cheung Wan Wah filed an application before the High Court of
Hong Kong to wind up the business of Sun Kwong Engineering Ltd
on April 26, 2006, The Troubled Company Reporter - Asia Pacific
recounts.

After hearing the petition on June 21, 2006, the Court ordered
the Company to wind up its operations.


TCL MULTIMEDIA: Warns of Huge First-Half Losses
-----------------------------------------------
TCL Multimedia Technolgy issued a profit warning in anticipation
that the group may record substantial losses for the six months
ended June 30, 2006, the Infocast News reports.

In a statement to the Hong Kong Stock Exchange, the Company said
the Group may record huge first-half losses as a result of its
lackluster operations in Europe.

According to Infocast, the financial performance of its European
business is much worse than expected as the rapid development of
flat panel display and the market pressure of its replacement
for CRT TV went beyond the Company's forecast.

The Company expressed that substantial efforts have been made to
turn around the European business, yet financial results remain
very unsatisfactory and the operating environment is expected to
continue to be tough.

However, Infocast notes that the Company is currently exploring
measures to reorganize its Europe operation in order to minimize
incurring further losses.

TCL Multimedia told Infocast that its greatest challenge is
reviving its North American and European divisions.

                          *     *     *

Headquartered in New Territories, Hong Kong, TCL Multimedia
Technology Holdings Limited -- http://www.tclcom.com/-- is  
formerly known as TCL International Holdings Limited.  The
Group's principal activities are designing, manufacturing and
selling electronic products like colored TV, DVD players, VCD
players, home cinema hi-fi systems, mobile handsets, internet
related information technology products, refrigerators and
washing machines.  Its other activity includes trading
electronic parts and components used in the production of color
television sets.

The Troubled Company Reporter - Asia Pacific reported on January
9, 2006, that China's TCL Multimedia Technology Holdings Ltd.
expects its money-losing North American and European operations
to break even this year, a half year behind previous targets,
citing TCL Multimedia Chairman Li Dongsheng.  The North American
and European operations, which operate under the RCA and Thomson
brands, respectively, posted losses of about HK$30 million in
2005.


TEAMSING ELECTRONICS: Liabilities Prompt Decision to Wind Up
------------------------------------------------------------
Shareholders of Teamsing Electronic Co Ltd resolved to
voluntarily wind up the Company's operation on June 26, 2006, as
the Company was unable to continue its business due to its
liabilities.

In this regard, Tony Yuen Wai Ken was appointed liquidator to
oversee the Company's wind-up exercise.

The Liquidator can be reached at:

    Unit 1602-3, 16th Floor
    Yue Xiu Bldg, 160-174 Lockhart Road
    Wanchai, Hong Kong


THOMAS WALKER: Names Joint and Several Liquidators
--------------------------------------------------
Natalia K. M. Seng and Susan Y. H. Lo were named joint and
several liquidators of Thomas Walker (H.K.) Ltd on
June 23, 2006.

The Joint Liquidators can be reached at:

    Level 28, Three Pacific Place
    1 Queen's Road East, Hong Kong


WORLDPEX INVESTMENT: Liquidators Tam and Muk Step Aside
-------------------------------------------------------
Joint and Several Liquidators Gabriel CK Tam and Jacky CW Muk
ceased to act for Worldpex Investment Ltd on June 20, 2006.


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

INDIAN OIL: Counters Shortfall Through New Technologies
-------------------------------------------------------
Indian Oil Corporation plans to invest INR200 crore to automate
over 1,000 retail outlets by March 2007 after it completes a
vehicle tracking systems for 20,000 trucks by year-end, Business
Standard reports.

Indian Oil chairman Sarthak Behuria told The Standard that the
automated service is aimed at attracting more customers by
providing value-added services.  

According to Mr. Behuria, the automated facility is part of
Indian Oil's move to adopt new technologies to counter severe
shortfall in realizations brought about by skyrocketing global
oil prices.

As reported by the Troubled Company Reporter - Asia Pacific,
Indian Oil is incurring losses of INR3-4 a liter on petrol,
INR6-7 on diesel and INR120 per cylinder on liquefied petroleum
gas.
  
Domestic oil industry has suffered losses of INR70,000 crore of
which INR28,000 crore is waived through duty cuts.  The
Government has also issued oil bonds worth of INR24,500 crore to
public sector companies in a bid to offset losses incurred by
selling fuel products at Government mandated prices.
  
                  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.


* Government Keen on Sick PSU Sell-Off
--------------------------------------
Government officials are finalizing a proposal to dispose of
sick public sector undertakings through negative bidding as
recommended by the Planning Commission, The Telegraph reports.  

A negative bidding means that a company seeking to buy out a
sick firm must also bid for the amount of debt it will take
over.

In this regard, the Board for Reconstruction of Public Sector
Enterprises is working to determine which sick PSUs are
candidates for the sell-off, the Telegraph says.

The Government and the BRPSE decide on a sick PSU after
evaluating its cash flow, profitability, growth rate and earning
power as well as its capability to implement a turnaround
strategy.

According to The Telegraph, the Government has created a new
policy which would see companies with zero net worth divested.  
In addition, the Government said that it would no longer extend
any sovereign guarantees for loans taken for revival.

In the past, the Government was forced to write off debts before
sell-off, a practice that buried the Government in mounting
deficit, The Telegraph reveals.  Since such costs were at times
higher than the amount earned by the Government, planners feel
that a negative bidding will prove less expensive.

The disposal plans are already in place but Government officials
will put the exercise on hold until it obtains the approval of
Prime Minister Manmohan Singh, who firmly opposes the
disinvestment, Financial Express reports.

Once the Prime Minister gives the greenlight for the disposal,
the Government will consider brining in private partners to
revive the sick PSUs instead of just preparing revival packages,
The Express says.

If the Government decides to rope in a private partner, it would
have two options: either induct a minority partner, which will
provide technical or financial expertise but not have management
control, or a majority partner with management control if the
firm's revival is a risky proposition, The Express adds.


* Public Shareholding in State Firms Declines
---------------------------------------------
The public is apparently moving away from public sector
undertakings in favor of more profitable companies, while
foreign institutional investors are grabbing big stakes in the
state-owned firms, The Financial Express relates.

From 2005-2006, public holding has decreased in 24 of 40 listed
PSUs, The Express says.   Foreign institutional investors, on
the other hand, raised their stake in more than 30 PSUs.

According to The Express, even banks are staying away from
state-owned entities.

Experts explained that secondary market performance of the PSUs
depend a lot on factors like the sector to which it belongs and
the level of autonomy in the day-to-day affairs by the
Government, The Express relates.

ICICI Securities Davesh Kumar cited that investors are cautious
in injecting money into loss-making state oil firms, but may put
their investments in the lucrative heavy engineering and metal
PSUs.

The Express release that most of the oil companies have received
a cold response from the average retail investor.  Last year,
the total stake held by the Indian public in PSUs like Bharat
Petroleum Corp Limited, Hindustan Petroleum Corp Limited,
Chennai Petroleum, IBP Company Limited and Kochi Refineries has
plummeted significantly.

On the other hand, public shareholding in Hindustan Copper Ltd,
Hindustan Organic Chemical, HMT and Power Trading Corporation
has risen, The Express adds.


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

GARUDA INDONESIA: Management Urged to "Expect the Worst"
--------------------------------------------------------
State Enterprises Minister Sugiharto urged the management of
flagship carrier PT Garuda Indonesia to apply the principle of
"business not as usual" instead of "business as usual" in order
to retain a sense of crisis, Antara News reports.

The Troubled Company Reporter - Asia Pacific reported on
June 21, 2006, that the Indonesian Government planned to put up
a "state-enterprise restructuring fund" to bail out the Company.  
Proceeds for the fund would come from the securitization of
certain minority stakes held by the Government in private and
state-owned firms such as PT Freeport Indonesia Co., PT Indosat
Tbk and PT Sucofindo.

Garuda Indonesia was unable to pay IDR2.89 billion due in
December 2005 to holders of promissory notes due to fierce
competition from budget airlines, increasing fuel prices, a
weaker rupiah, and sluggish demand after terrorist attacks on
tourists in Bali in October 2005.  According to Garuda Chief
Executive Officer Emirsyah Satar, the Company posted
IDR635.78 billion in losses in 2005 alone.

Mr. Sugiharto said that with the help of the restructuring fund,
Garuda could re-negotiate its debts with foreign creditors such
as the European Credit Agency.

                          *     *     *

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The carrier has been hit by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its debts with foreign creditors under the European
Credit Agency, which were due last December 31, 2005.  Garuda
Indonesia's debt totals IDR7.32 trillion, with IDR4.6 trillion
owed to its ECA creditors.

In March 2006, the Indonesian Government proposed to infuse
IDR2.3 trillion for PT Garuda Indonesia's debt restructuring, or
set up a "special-purpose vehicle" in a bid to pay the airline's
debts.  Sugiharto, the state-owned enterprises minister, said
that if the second option was agreed, the special-purpose
vehicle would repay debt principal and interest of IDR735.7
billion annually within a 10- year period.  Mr. Sugiharto added
that the financial sources would be from the airline's leasing
revenues of IDR275.8 billion a year and from the Government's
fund of IDR459.7 billion a year.  The carrier posted a SGD46.5
billion net loss in January, versus a net loss of IDR56.1
billion in the same period last year.

A TCR-AP report on June 8, 2006, stated that Garuda Indonesia
hopes to garner creditor approval for its proposed restructuring
plan by December 2006.  The restructuring plan entails immediate
overall cost-cuts of 5-10%, as well as fleet and network
changes, among others.


PERUSAHAAN LISTRIK: May Sell Islamic Bonds in September
-------------------------------------------------------
State power firm PT Perusahaan Listrik Negara may offer Islamic
bonds worth IDR22.61 trillion in September as against an initial
plan to sell them in the first six months of 2006, Reuters News
relates.

Investor Daily reports that the Company plans to use its
January-June audited financial reports as the basis for the
bonds issue, according to Alhilal Hamdi.  Proceeds from the
bonds issue would go towards funding the construction of power
plants with an expected capacity of 2,000 megawatts.

Since Islamic law prohibits the use and payment of interest,
Islamic bonds are arranged as a profit-sharing plan, where the
bondholder's income is similar to a rental payment on property,
Reuters adds.  Islamic banking assets account for 1% of total
bank assets in Indonesia.

PLN aims to construct several power plants in order to produce a
combined capacity of 10,000 megawatts from 2006 to 2010 in order
to keep up with increasing local power demand.

                          *     *     *

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.

A report by the Troubled Company Reporter - Asia Pacific on June
30, 2006, states that the Indonesian Government had offered to
settle PLN's debt to state oil & gas firm PT Pertamina, whih
totaled IDR23.9 trillion, according to the firm.  But PLN acting
president Djuanda Nugraha Ibrahim says that the Company owes
PHP17 trillion to Pertamina.


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

KAWASAKI HEAVY: Moody's Says Credit Profile is Stronger
-------------------------------------------------------
A recent report by Moody's Investors Service shows that despite
the somewhat challenging operating environment of Kawasaki Heavy
Industries, 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 Kawasaki'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."

Established in 1856, Kawasaki Heavy Industries, Ltd. --
http://www.khi.co.jp/index_e.html-- is a Japanese firm that  
manufactures motorcycles and all-terrain vehicles, although it
also manufactures ships, industrial plants, tractors, trains,
industrial robots and aerospace equipment together with its
subsidiaries.


MITSUBISHI HEAVY: Moody's Reviews Credit Fundamentals
-----------------------------------------------------
Moody's Investors Service reports that the credit profile of
Mitsubishi Heavy Industries, Ltd., has shown signs of recovery
despite a still somewhat challenging operating environment.

Growing demand for private-sector capital investment in the
domestic market and strong exports underpinned by a favorable
global economy have attributed to industry growth.  There is
strong demand in the Asian & Middle Eastern regions, where there
are a number of plants under construction and projects for oil
and gas and liquid natural gas, according to the Moody's report,
"2006 Japanese Heavy Machinery Industry Outlook," authored by
Moody's Vice President & Senior Analyst Maki Hanatate.

Mr. Hanatate notes that Mitsubishi Heavy has been posting rising
overseas sales and orders received on the worldwide increase in
investments for infrastructure & energy projects.  The Company
has also implemented strategies for overseas business expansion.  
Moody's views this diversification of earnings sources as
generally positive, he added.

However, 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 local yen have created
downward earning pressure for Mitsubishi Heavy.  Increasing
capital expenses on the expansion of production facilities, such
as for commercial aircraft and engines, has also strained the
Company's earnings growth in the short run, the report says.  
And yet, despite these challenges, Moody's expects that
Mitsubishi Heavy's credit fundamentals may continue to improve
and stabilize, based on its ongoing structural reforms and
overseas diversification, Mr. Hanatate adds.  Moody's also
expects that the Company's current efforts will start to show in
its revenue opportunities and margins in the near to
intermediate term.

Mitsubishi Heavy Industries, Ltd. --
http://www.mhi.co.jp/indexe.html-- was founded by Yataro  
Iwasaki in 1884 as a shipbuilding firm called Nagasaki Shipyard
& Machinery Works, which was later named Mitsubishi Shipbuilding
Co. Ltd., and then again launched as Mitsubishi Heavy
Industries, Ltd. in 1934 as a private firm that manufactured
ships, heavy machinery, airplanes and railroad cars.

In 1950, Mitsubishi Heavy was divided into three separate
entities on a law aimed toward dissolving Nagasaki Shipyard &
Machinery Works and thus dismantling the overconcentration of
economic power.  It wads later consolidated in 1964 and repborn
as Mitsubishi Heavy Industries, Ltd.


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

HYUNDAI MOTOR: Workers to Step Up Strike
----------------------------------------
Hyundai Motor Co.'s unionized workers will intensify their
ongoing strike in the coming weeks, as the management's response
to their calls for pay raises and better working conditions fell
short of expectations, The Hankyoreh reports, citing Hyundai's
labor union.

As reported in the Troubled Company Reporter - Asia Pacific,
around 44,000 unionized workers have staged a partial strike
since June 26, 2006, demanding a 9.1% rise in basic salary and
other incentives.

The Hankyoreh recounts that the meeting between Hyundai Motor
management and the labor union failed to produce a compromise.  

According to the report, the parties have been set to meet again
yesterday, July 11, 2006, to try to reach a settlement of the
dispute.  A labor union official had earlier warned that another
failure in the management's side would lead to the workers
stepping up their strike.

The Hankyoreh relates that the labor unrest came at a
particularly sensitive time this year, as company Chairman Chung
Mong-koo is in court on charges of misappropriating company
funds and bribing government officials.  Chairman Chung was
released from prison late in June 2006 after putting up a
KRW1-billion bail.

                      About Hyundai Motor

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

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

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

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


KOREA EXCHANGE: Former Executive Charged with Bribery
-----------------------------------------------------
A former executive at Korea Exchange Bank has been found guilty
of receiving bribes in connection to the 2003 sale of a
controlling stake in KEB to Lone Star Funds, Bloomberg News
reports.

Cheon Yong Jun, KEB's former chief deputy of business strategy,
was sentenced to one year in jail and was fined KRW200 million
for receiving KRW200 million in 2003 from Park Soon Poong, head
of Elliot Holdings, which is a consultant to the United States-
based Lone Star.

Mr. Park was also handed out a suspended one-year prison term
and 120 hours of community service.  These are the first
convictions as a result of the prosecutors' probe into Lone
Star's takeover of KEB.

                       Former VP Summoned

In a separate update, Bloomberg says that KEB's former vice
president, Lee Dal Yong, was summoned by prosecutors probing
allegations of bribery and false accounting in the Lone Star
Sale.

Chae Dong Wook, a prosecutor at the Supreme Prosecutors' Office,
said that Mr. Lee is being questioned as a possible defendant.  
Mr. Lee was vice president of KEB from 2003 to 2004, in charge
of strategy and planning.

The Troubled Company Reporter - Asia Pacific reported on
June 27, 2006, that KEB's former president, Lee Kang-won, and
other key figures allegedly involved in the Lone Star Sale
scandal are to be summoned by prosecutors.

The TCR-AP stated that KEB's former president admitted to the
Board of Audit and Inspection that there was a mistake in
calculating the bank's capital adequacy ratio before it was sold
to Lone Star.  President Lee admitted that the Bank for
International Settlements' capital adequacy ratio of KEB was
below the minimum requirement for a sound bank.

                      About Korea Exchange

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

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

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

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


LG CARD: Creditors Agree on Sale Methods
----------------------------------------
Creditors of LG Card Co. have, in principle, agreed to the terms
of sale of the card issuer, setting the ground for the
resumption of the sale process that has been stalled due to
regulatory set-backs, The Korea Times reports, citing unnamed
sources.

Korea Times relates that the state-owned Korea Development Bank,
the largest shareholder of LG Card with a 23% stake, and other
major creditors, managed to narrow key differences late last
week and will formally agree to the methods of the sale in
written agreements.

According to the report, Woori Bank, Industrial Bank of Korea
and the National Agricultural Cooperative Federation have all
virtually agreed to the methods of sales and plan to send
written endorsements.

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that South Korea's Financial Supervisory Service
ruled that LG Card should be sold through a public tender
instead of a stake sale.  The report noted that the creditors
had sought to be exempted from a public sale by treating LG Card
as a company in restructuring, because they were concerned that
a public sale may result in a lower price than a stake sale, as
well as delays in the process.

According to the Korean security trading regulations, if more  
than 10 shareholders sell shares in a company outside the market
within six months, it should be a tender offer.  A tender offer
is a takeover bid in the form of a public invitation to
shareholders to sell their stock, generally at a price above the
market price.

The Korea Times notes that the LG Card creditors have reached a
consensus on how to sell the firm.  As the FSS advised, bidders
will have to buy stakes not only from major shareholders, but
also from minority shareholders who want to dispose of their
stakes.

Under the public tender offer rule, bidders for a controlling
stake should ask minority shareholders about their intention to
sell.  If the shareholders say yes, they should also buy their
shares, along with a controlling stake.  In this case, bidders
should buy more than a controlling stake to acquire LG Card, and
they face a higher price tag.

Currently, Shinhan Financial Group, National Agricultural
Cooperative Federation, Hana Financial Group, SC First Bank and
MBK Partners are competing for LG Card.  Deal watchers expect
that at least two buyers may drop their bids due to the
increased cost.

KDB officials said that the LG creditors will select a preferred
bidder as early as August.  They said that considering the time
creditors need to obtain approval from the FSS and the Fair
Trade Commission for the merger, the sale may go through early
2007.

Korea Times recounts that the reins of the card firm were handed
over to the KDB and other creditors in 2004 after they rescued
it from bankruptcy through a KRW5 trillion debt-for-equity swap
and a further KRW1 trillion in bailout funds.

                        About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com-- provides installment finance services  
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5 trillion
(US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout in late 2004.  Creditors are hoping to
recover the bailout amount through a sale of the credit card
issuer in 2006.


SAMSUNG GROUP: Announces Subsidiary Incentives
----------------------------------------------
Samsung Group has been implementing a system that rewards
productive subsidiaries twice each year -- once for every half-
year period, Maeil Business says.  The product incentive system
grades the subsidiaries and their business units under ranks A,
B and C, according to profitability, so as to motivates the
companies to aim for better results.

According to Maeil, bonuses are also provided according to rank,
as companies that receive the A grade are given a 150% bonus,
100% bonus for those with the B grade, and 50% for those with
the C grade.

Maeil notes that Samsung Group released the results for the
first half of the year to the public on July 7, 2006.

According to the information released by the group, its
semiconductor business unit received an A grade for the first
half of 2006.  The LCD-TV unit and wireless handset units also
received a 150% bonus for robust sales during the first six
months of the year.

Samsung Corning and Samsung Electro-Mechanics also received an A
rank.

Samsung SDI, however, received a B rank due to falling display
panel prices.

                      About Samsung Group

Headquartered in Seoul, Korea, Samsung Group --
http://www.samsung.co.kr/-- the "chaebol" or industrial group  
has surpassed its former archrival, the erstwhile Hyundai Group,
to become the number one business group in South Korea.

Samsung's flagship unit is Samsung Electronics, reportedly the
world's top maker of dynamic random-access memory and other
memory chips, as well as a global heavyweight in all sorts of
electronic gear including LCD panels, DVD players, and cellular
phones.

Other affiliated companies include credit-card unit Samsung
Card, Samsung General Chemicals, Samsung Life Insurance, Samsung
Securities, and trading arm Samsung Corporation.

The Troubled Company Reporter - Asia Pacific reported on
December 14, 2005, that Samsung Group is facing a lawsuit filed
by creditors of Samsung Motors, seeking KRW4.73 trillion in
damages.  Creditors including Woori Bank and the Seoul Guarantee
Insurance Corp. wanted to recoup losses stemming from the
carmaker's insolvency in 1999 as its efforts to sell its stake
in Samsung Life Insurance Inc. was unsuccessful.  The Group
contributed 3.52 million unlisted shares of Samsung Life as
collateral, but the insurer failed to list as it could not meet
regulatory rules, involving distribution of dividends to
policyholders.  The claims filed by Samsung Motors creditors
include the Company's debts worth KRW2.45 trillion and overdue
loan interest of KRW2.28 trillion, which has been accumulated
over the past few years.


VK CORP.: Starts Revival Prodeedings with District Court
--------------------------------------------------------
VK Corp. has filed for revival proceedings and asset protection
at the Suwon District Court on July 6, 2006, The Korea Herald
says.  Subsequently, the Court has ordered VK Corp.'s assets to
be protected from those seeking debt repayment on July 7, 2006.  

According to the report, the Court's order followed the
Financial Supervisory Service's announcement on July 7 that VK
Corp. defaulted on promissory notes worth KRW1.78 billion,
payable to its creditor banks.

As reported by the Troubled Company Reporter - Asia Pacific,
creditors of VK Corp., led by Industrial Bank of Korea, has
declared the mobile phone manufacturer insolvent after the
default.

The Korea Herald says that 10 VK creditors -- including IBK,
Nonghyup, Korea Development Bank, Korea Credit Guarantee Fund,
and Korea Exchange Bank -- will likely see KRW86.5 billion in
bad loans.

The report notes that VK's request for revival proceedings is
based on the revised Integrated Liquidation Act, which took
effect in April 2006.  The new act is designed to ensure
management rights when a company goes bankrupt, which leaves
hope for VK that its chief executive officer, Lee Chul-sang,
might hold on to his position.

The Herald cites an unnamed VK official as saying that the
Company's chances to be revived are high if the court protection
is accepted, and if Mr. Lee stays on as CEO.  A capital
injection of around KRW2 billion to KRW3 billion might also help
the Company start generating revenues.

Before the difficulties in cash flow, the Company has shown
steady growth, with annual revenues reaching as much as
KRW400 billion.  Yet, the company was slowly overwhelmed by
global handset makers and the strength of the Korean won against
the dollar.

                      About VK Corporation

VK Corporation -- http://www.vkmobile.com-- specializes in   
manufacturing reusable batteries including plastic lithium
polymer batteries used in mobile phones and notebook computers.
The company also produces, sells, and exports mobile handsets
using global system for mobile communication (GSM).


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

ANTAH HOLDINGS: Default Amount Hits Over MYR286 Million
-------------------------------------------------------
Antah Holdings Berhad's total default amount owed to various
credit facilities has hit MYR286,442,000 as of March 31, 2006.

According to the Troubled Company Reporter - Asia Pacific on
May 11, 2006, financial institutions extended a total loan
facility of MYR281,401,000 to the Company.  As of April 30,
2006, Antah's total loan default plus interest was pegged at
MYR286,442,000.

Details of the Company's defaulted credit facilities are
available for free at:

   http://bankrupt.com/misc/tcrap_antahholdings071106.xls

                   About Antah Holdings Berhad

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

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

The Company's March 31, 2006, balance sheet showed total assets
of MYR698,224,000 and total liabilities of MYR1,051,307,000
resulting into a shareholders' deficit of MYR353,083,000.  The
Company's default on its credit facilities totaled
MYR286,442,000, as of March 31, 2006.


CHG INDUSTRIES: Securities to Exit Official List on July 20
-----------------------------------------------------------
Bursa Malaysia Securities Berhad, on July 5, 2006, notified CHG
Industries Berhad that the Company's securities will be removed
from the Official List on July 20, 2006, for failing to submit
its financial reports on time.

The Troubled Company Reporter - Asia Pacific recounts that Bursa
Malaysia, on June 30, 2006, publicly reprimanded and imposed a
fine on CHG for failing to furnish its 2005 Annual Audited
Accounts by the April 30, 2006 deadline.  The public reprimand
and fine were imposed after taking into consideration various
relevant factors including the fact that the Company had
previously breached the Bursa Securities Listing Requirements.

On April 28, 2006, the Company was publicly reprimanded and
fined MYR25,000 by Bursa Securities for breach of Listing
Requirements for failing to furnish to Bursa Securities for
public release its annual audited accounts for the financial
year ended December 31, 2003, on the due date.  The Company
issued its 2003 Annual Report only on June 8, 2004.

Upon delisting, the Company's securities will remain deposited
with the 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 anytime 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 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.


GEORGE TOWN: Court Postpones Hearing of Restraining Order Appeal
----------------------------------------------------------------
The Court of Appeal has postponed to a yet undetermined date the
hearing on George Town Holdings Berhad's request for extension
of the restraining order period.

As reported by the Troubled Company Reporter - Asia Pacific, the
Court of Appeal, on March 28, 2006, decided to dismiss a motion
filed by an unnamed "intervenor" to set aside an interim
restraining order entered on September 19, 2005, pertaining to
George Town Holdings and its 22 subsidiary and associate
companies.  The Court of Appeal ruled that the Restraining Order
be continued until the disposal of the appeal.

The Restraining Order was first granted by the Kuala Lumpur High
Court on March 9, 2005, to:

     * George Town Holdings Berhad;
     * George Town Chemist Sdn Bhd;
     * Super Departmental Stores (George Town) Sdn Bhd;
     * Super Tanjung Department Stores Sdn Bhd;
     * Super Kinta Departmental Stores Sdn Bhd;
     * Usra Iwaki Plastic Technology (M) Sdn Bhd;
     * Batu Road Supermarket Sdn Bhd;
     * Super Clothing Manufacturing (M) Sdn Bhd;
     * Alpine Sign Sdn Bhd;
     * Arrow- Mega Development Sdn Bhd;
     * Euro Growth Sdn Bhd;
     * GT Design Sdn Bhd;
     * GT Group Management Sdn Bhd;
     * Super Parking Sdn Bhd;
     * Syarikat Great Eastern Clothing Manufacturing (M) Sdn
       Bhd;
     * Arrow Projects Sdn Bhd;
     * George Town Chemist (Penang) Sdn Bhd;
     * Golden Pharmaceutical Sdn Bhd;
     * Keramat Supermarket Sdn Bhd;
     * Principle Innovation Sdn Bhd;
     * Sky Dynamics Sdn Bhd;
     * The Super Pastry Centre Sdn Bhd; and
     * Super Kinta Goldsmith Sdn Bhd.

The Restraining Order was secured to allow the Group to finalize
its Proposed Restructuring Scheme.

Under the Scheme:

   -- the Group will seek the indulgence of its lenders and
      creditors to restructure the terms and repayment
      schedule of the borrowings of the group companies;

   -- the Group will rationalize and reorganize the existing
      stores and further increase the stores to create a
      critical mass so that the Company is able to enjoy
      economies of scale;

   -- the Group had started to rationalize and stream line the
      business operations of the Company's retail business
      through a review and improvements in the IT systems,
      business performance reporting and key retail business
      policies in order to improve efficiency and
      profitability.

   -- the Proposals will be financed through the issuance of
      shares and bonds subject to the approval of the relevant
      authorities.

                About George Town Holdings Berhad

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 due to stiff competition.  It
had closed over 10 outlets in the past four years.   The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.  The Company is also facing a possible
delisting from the official list of the Bursa Malaysia
Securities for failing to submit its financial reports on time.  
The Company is classified under the Bursa Malaysia Securities
Berhad's Practice Note 17 category, where it is required to
submit a plan to regularize its financial condition.


KIG GLASS: Fails to Submit Regularization Plan
----------------------------------------------
KIG Glass Industrial Berhad has failed to submit its
regularization plan to relevant authorities for approval
pursuant to the Listing Requirements of Bursa Malaysia
Securities Berhad.  The Plan was due on July 7, 2006.

In this regard, the Company's securities will remain suspended
until further notice.

The Troubled Company Reporter - Asia Pacific recounts that KIG
Glass had sought more time to comply with the Listing
Requirements.  The Company had, on June 30, 2006, applied for
extension of time for it to submit its Plan to relevant
authorities as it was still finalizing the proposed terms of the
Plan.

               About KIG Glass Industrial Berhad

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

As of December 31, 2005, the KIG Group's accumulated losses
stood at almost MYR300 million.  The shareholders' funds of the
KIG Group was in deficit of approximately MYR93 million while
its total borrowings amounted to approximately MYR104 million.  
The Company's board of directors has formed the opinion that the
Group is insolvent as of March 31, 2006.


KRETAM HOLDINGS: Lists and Quotes New Shares
--------------------------------------------
Kretam Holdings Berhad's additional 2,853,362 new ordinary
shares of MYR1 each were listed and quoted on July 10, 2006,
with the Bursa Malaysia Securities Berhad.

The Shares were derived from the conversion of MYR2,853,362
redeemable convertible secured loan stocks-C 2003/2006 into
2,853,362 new ordinary shares.

                  About Kretam Holdings Berhad

Kretam Holdings Berhad is a Malaysian company engaged in the
operation of an oil palm plantation and investment holding.  
Through its subsidiaries, it is also involved in the cultivation
of oil palm; the milling and sale of oil palm products;
plantation and palm oil mill management; general contracting for
construction, civil engineering and mechanical works; the
provision of project management, administrative and related
services, and property rental, development and management.  In
addition, Kretam Holdings specializes in the provision of data
processing services; stock and share broking and futures
broking; the provision of services as a nominee and agent; the
provision and maintenance of stock market information
dissemination systems, and the operation of hydroelectric power
stations.  The Company has a large number of directly or
indirectly held subsidiaries, as well as an associated company,
Pantai Dalam Development Sdn. Bhd., a 49%-owned property
developer.  The Company had incurred recurring losses in the
past.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR161,427,000 and total liabilities of
MYR268,350,000, resulting into a stockholders' deficit of
MYR106,923,000.


LITYAN HOLDINGS: Files Appeal on SC's Rejection of Revamp Plan
--------------------------------------------------------------
Lityan Holdings Berhad submitted on July 6, 2006, an application
for a review of the Securities Commission's decision to reject
the Company's proposed restructuring scheme.

The Troubled Company Reporter - Asia Pacific recounts that the
Securities Commission, on June 9, 2006, denied Lityan Holdings'
restructuring proposal, as there were issues that raised
concerns regarding the Scheme.

In view of the SC's rejection, Bursa Malaysia Securities Berhad
commenced delisting procedures on June 13, 2006, against Lityan.

Trading in Lityan's shares have been suspended since June 16,
2006.

                     About Lityan Holdings Berhad

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

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

The total amount defaulted by Lityan Holdings Berhad and its
subsidiaries as of June 30, 2006, has reached MYR12,565,005.


LITYAN HOLDINGS: Completes Disposal of Property for MYR9.7 Mln
--------------------------------------------------------------
Lityan Holdings Berhad completed on July 10, 2006, its disposal
of 22 pieces of freehold lands all situated in Mukim Krubong,
Ditrict of Melaka Tengah, Melaka, for MYR9,684,300.

Lityan Holdings' subsidiaries -- Lityan Marketing Sdn Bhd and
Imagebase Sdn Bhd -- on April 26, 2005, entered into conditional
sale and purchase agreements with  GJH Construction Sdn Bhd for
the 193.686-care property.

Lityan stated that the Proposed Disposals are necessary to
address the repayment of bank borrowings owed to Affin-ACF
Finance Berhad, which is currently under litigation, and to
finance the working capital of the Lityan Group.  

Furthermore, the Subject Lands are a non-core asset of the
Lityan group and do not generate significant income for the
group besides the rental of MYR141,160 per annum.  Hence, the
Proposed Disposals would not have an impact on the current on-
going operations of the Lityan group.

                     About Lityan Holdings Berhad

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

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

The total amount defaulted by Lityan Holdings Berhad and its
subsidiaries as of June 30, 2006, has reached MYR12,565,005.


MALAYSIA AIRLINES: AirAsia Says Lifting of Floor Price is Unfair
----------------------------------------------------------------
Low-cost rival AirAsia will file a complaint with the Cabinet
next week over the lifting of the floor price set for rival
Malaysia Airlines, The Star Online reports.

As reported by the Troubled Company Reported - Asia Pacific,
Malaysia Airlines disclosed that the Government had permitted it
to offer discounted fares on local routes to better compete with
AirAsia, a move expected to spark a price war that would benefit
customers.

AirAsia group deputy chief executive Kamarudin Meranum told
Agence France Presse that Malaysia Airlines' surprise move to
give discounts on domestic flights was unfair and a "total
deviation" from an agreed plan to share local services.

Mr. Meranum added AirAsia was shocked that the announcement came
from Malaysia Airlines and not from the Government, AFP relates.

The Government had earlier set a minimum floor price to Malaysia
Airlines' routes under a new aviation policy, which will take
effect on August 1, 2006, the TCR-AP reported.  Under the
original agreement, Malaysia Airlines will not be allowed to
offer discounts except for pensioners, the handicapped, military
personnel and the media.

However, the Government had reversed its decision before AirAsia
takes over 99 of Malaysia Airlines' domestic routes next month.

AirAsia's chief executive officer, Tony Fernandes, said that
Malaysia Airlines was not allowing AirAsia to compete on a level
playing field and the unfair competition may force it to tie up
with two foreign carriers, which had approached AirAsia for
interlining into Malaysia, AFP reports.

According to The Star, Mr. Fernandes had last week urged the
Government to retain the floor price on Malaysia Airlines,
saying the national carrier was already receiving US$275-million
subsidy from the Government.

Malaysia Airlines executive director and chief financial officer
Tengku Azmil Zahruddin, however, denied that the carrier
received subsidy from the Government, the TCR-AP reported.

Mr. Zahruddin explained that state-owned Penerbangan Malaysia
Bhd is paying compensation of MYR650 million to Malaysia
Airlines in line with the contractual terms of the domestic
agreement under the Widespread Asset Unbundling Agreement.
Mr. Zahruddin clarified that the compensation is not a subsidy
but a one-off contractual obligation.

                    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.


OLYMPIA INDUSTRIES: Inks Three More Restructuring Pacts
-------------------------------------------------------
On July 7, 2006, Olympia Industries Berhad entered into three
agreements in respect of its restructuring scheme.

The Company inked an agreement to extend the deadline to fulfill
conditions precedent to the conditional restructuring and
acquisition agreement dated March 19, 2005, between the Company,
Ashak bin Hassan and Hadijah bt Ali Budin for another six months
to December 19, 2006.  The sale and purchase agreement was in
respect of the proposed acquisition by Olympia Industries of
119,100,000 existing ordinary shares of MYR1 each in MA Realty
Sdn Bhd representing approximately 66.2% equity interest in MA
Realty for a purchase consideration of MYR79,440,000 to be
satisfied by the issuance of 75,657,143 new ordinary shares of
MYR1 each in Olympia Industries at an issue price of MYR1.05 per
Olympia Share.

Moreover, Olympia also entered into another deal to extend the
deadline for fulfill conditions precedent of the conditional
restructuring and acquisition agreement dated March 19, 2003,
between the Company, Lim Kee Seng and Chong Mee Onn for another
six months to December 19, 2006.  The agreement refers to the
proposed acquisition by Olympia Industries on 79,553,000
existing ordinary shares of MYR1 each in Naturelle Sdn Bhd
representing approximately 37.9% equity interest in Naturelle
for a purchase consideration of MYR41,690,000 to be satisfied by
the issuance of 41,690,000 new OIB Shares at an issue price of
MYR1 per Olympia Share.

Lastly, Olympia Industries signed a pact for the extension pf
the deadline to fulfill conditions of a restructuring deal
between the Company and Bukit Seremban Jaya Sdn Bhd for further
six months to December 19, 2006.  Under the deal, Olympia
Industries proposed to acquire 100,000 existing ordinary shares
of MYR1 each in Harta Sekata Sdn Bhd representing approximately
78.0% equity interest in Bukit Seremban for MYR48,360,000, to be
satisfied by the issuance of 48,360,000 new Olympia shares at an
issue price of MYR1 per Olympia Share.

The Troubled Company Reporter - Asia Pacific recounts that
Olympia Industries had, on June 28, 2006, entered into 14
novation and supplemental agreements with relevant parties in
respect of the remaining debts to be restructured under the
Company's revamp scheme.

According to the TCR-AP, the Company expects to progressively
enter into further agreements to settle the balance of its
outstanding debts.

                 About Olympia Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

As of March 31, 2006, the Company's balance sheet showed
MYR991,747,000 in total assets and MYR1,971,727,000 in total
liabilities, resulting in a shareholders' equity deficit of
MYR979,980,000.


SUGAR BUN: Embarks on Internal Reorganization
---------------------------------------------
Sugar Bun Group has undertaken an internal reorganization
exercise to improve the performance of the Group, which has not
been satisfactory for the past years.

Under the exercise, SB Franchise Management will act as the
holding company of all other subsidiaries involved in fast food
operations, while SB Resorts will be the holding company for SB
Lifestyle and for any other companies involved in property
development, management and investment.  

Meanwhile, dormant subsidiary SB Rewards will be retained in
preparation for the Group's eventual diversification into other
businesses or industries.  Consequently, SB Rewards' name has
been changed to Borneo Oil & Gas Corporation Sdn Bhd.  The Group
is presently exploring into the possibility of entering into the
oil, gas and energy related industries.

The reorganization exercise is aimed at streamlining the Group's
structure making it more identifiable and more cost-effective.  
It will also enable the Group to consolidate and be in better
position to embark on other business ventures to diversify its
earning base.

The exercise has no material effect on the Company or Group's
assets or earnings for the year ending January 31, 2007.  The
exercise involves transfers of shareholdings in affected
subsidiaries at par within the Group and there is no divestment
of any shares of subsidiaries to external parties.

                 About Sugar Bun Corporation Bhd

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


SUREMAX GROUP: Public Shareholding Spread Meets Requirement
-----------------------------------------------------------
Suremax Group Berhad has complied with the level of public
shareholding spread as prescribed under Bursa Malaysia
Securities Berhad's Listing Requirement.

The Bourse requires a listed issuer to have at least 25% of its
listed shares in the hands of a minimum of 1,000 public
shareholders holding not less than 100 shares each.

The public shareholding spread of the Company as of June 30,
2006, stands at 82.75% of the total shareholding in the hands of
3,438 public shareholders.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.  Suremax
Group has suffered losses since 2004 due to sluggish market
demand.  For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


TAP RESOURCES: Hong Leong Uplifts All Fixed Deposits
----------------------------------------------------
TAP Resources Berhad's Redeemable Convertible Secured Loan
Stocks Holder -- Hong Leong Bank Berhad -- had, on July 6, 2006,
informed that it would be uplifting all fixed deposits pledged
to it and use the proceeds to partially settle any outstanding
amount due.  Hong Leong will also commence foreclosure
proceedings on the charged properties to recover due outstanding
balance.

TAP Resources had proposed to provide additional security in the
form of landed property and shares in a private limited company.  
The Company was also required to redeem or cause to be redeemed
the charged properties or the properties to be charged to Hong
Leong Bank as security for the RCSLS by September 30, 2006.

The Troubled Company Reporter - Asia Pacific recounts that the
35,716,932 three-year nominal value 5% coupon Redeemable
Convertible Secured Loan Stocks totaling MYR35,716,932 issued on
June 30, 2003, to the three RCSLS holders -- AmBank Berhad,
AmMerchant Bank Berhad and Hong Leong Bank Berhad -- in respect
of the various Trust Deeds entered into between TAP Resources
Berhad and AmTrustee Berhad has matured on June 30, 2006.

As of June 30, 2006, a total of MYR3,982,551 RCSLS has been
converted into new ordinary shares of TAP.

The Company has defaulted in the redemption of the balance of
MYR31,734,381 RCSLS.  It has also defaulted in the payment of
interests, default interests and overdue interests totaling
approximately MYR3.1 million.

                   About TAP Resources Berhad

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.    

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.


TENGGARA OIL: To Hold 36th Annual General Meeting on July 31
------------------------------------------------------------
The 36th Annual General Meeting of Tenggara Oil Berhad will be
held on July 31, 2006, at 9:00 a.m., at Dewan Berjaya, Bukit
Kiara Equestrian & Country Resort Jalan Bukit Kiara, Off Jalan
Damansara, in Kula Lumpur.

During the meeting, members will be asked to:

   -- receive the Audited Financial Statements for the
      financial year ended January 31, 2006, together with the
      Reports of the Directors and Auditors;

   -- approve the payment of Directors' fees for the
      financial year ended January 31, 2006;

   -- re-elect directors

        * Kumaresan a/l Thurairaju;
        * Encik Idris bin Mohd Noh; and
        * Encik Majidin bin Abdullah;

   -- reappoint Messrs. Ernst & Young as Auditors of the
      Company until the conclusion of the next Annual General
      Meeting and to authorize the Directors to fix their
      remuneration;

   -- empower 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% of the Company's issued
      share capital; and

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

                    About Tenggara Oil Berhad

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  The Group intends to dispose of its property and
construction operations and had ceased its general timber
merchant activities by the end of year 2000.  As part of a
corporate revamp exercise, the Company has repositioned itself
in the oil and gas business, which will be its core business.  
The Group will accelerate its involvement in this industry,
through investment in joint ventures and through acquisitions.
The Company is headquartered in Kuala Lumpur, Malaysia.  

Tenggara Oil incurred a lower pre-tax loss of MYR3.9 million for
the fourth quarter of the fiscal year ended January 31, 2006, as
against a loss of MYR8.3 million in the corresponding quarter
last fiscal year due to the lower operating losses in the
lubricant division, investment holding and other divisions.  The
Company's current pre-tax loss is, however, higher compared to
the MYR1.9-million loss in the preceding quarter.  The pre-tax
loss for the quarter under review was largely attributable to
the higher operating loss of investment holding, as well as the
ready mix concrete division.  Higher losses in these divisions
were primarily due to provision for doubtful debts.  Tenggara is
in the process of formulating a restructuring scheme with
relevant parties.


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

AFP SAVINGS: Ex-President Acquitted of Falsification Charges
------------------------------------------------------------
The Supreme Court overturned a Court of Appeals ruling that had
declared the Armed Forces & Police Savings & Loan Association
Inc.'s former president and general manager Noel Andaya guilty
of falsifying certain private documents of the group, the Manila
Bulletin reveals.

During his stint as AFPSLAI President, Mr. Andaya had sought to
increase the Association's capitalization via external
borrowings and charged a "finder's fee," which was 1% of the
amount that could be borrowed.  The AFPSLAI Board of Trustees
then passed a resolution on June 1, 1988, to establish the
"Finder's Fee Program," where Association members who borrowed
an amount not less than PHP100,000 would be entitled to the
proposed "finders' fee."

The Bulletin relates that in 1991, the Central Bank asked then
Armed Forces Chief of Staff Gen. Lisandro Abadia to request that
the National Bureau of Investigation look into AFPSLAI"s
financial condition, as well as the Finder's Fee Program.  It
was discovered that Mr. Andaya had approved the disbursement of
PHP21,000 from the Association's funds as a finder's fee of
AFPSLAI's time deposit section clerk Diosdado Guillas.  AFPLSAI
associate member Ernesto Hernandez had solicited a
PHP2.1-million investment for the Association from Rosario
Mercader, and had asked Mr. Andaya to file the "finder's fee" in
Mr. Guillas' name, so that we would not have to report it in his
income tax return.

The Quezon City Regional Trial Court convicted Mr. Andaya on
Jan. 29, 2002, on the charges of falsifying private documents.
Mr. Andaya appealed the case with the Court of Appeals, which
ruled in favor of the lower court, so he brought the case to the
Supreme Court.

The SC's decision, written by Justice Consuelo Ynares Santiago,
read that, "In all criminal prosecutions, the burden of proof is
on the prosecution to establish the guilt of the accused beyond
reasonable doubt. . .. However, in the case at bar, the
prosecution failed to prove the third essential element of the
crime charged in the information.  Thus, petitioner (Andaya)
should be acquitted due to insufficiency of evidence."

The SC ruled that government prosecutors were not able to prove
that the document falsification was conducted by Mr. Andaya with
intent to cause damage to AFPSLAi, only that he caused the
preparation of the voucher or document in the name of Mr.
Guillas.

                          *     *     *

The Armed Force and Police Savings and Loans Association --
http://www.afpslai.com.ph/-- is a non-stock savings and loan  
association established by the Armed Forces of the Philippines
and registered with the Securities and Exchange Commission in
1972.  AFPSLAI aims to promote industry, frugality and savings
among its members.  The organization is supervised by the Bangko
Sentral ng Pilipinas.  To date, there are 21 branches nationwide
with more to be established in strategic locations to serve more
than 398,040 members from the Armed Forces of the Philippines,
Philippine National Police, Bureau of Jail Management and
Penology and Bureau of Fire Protection.

The Troubled Company Reporter - Asia Pacific reported on May 5,
2006, that the Association's board of directors expelled its
former President, retired Colonel Conrado Tolentino for
disclosing documents to the Daily Tribune that showed that the
Association incurred a PHP517 million loss in 2003 and 2004, on
mismanagement of investments in its banking and lending units --
Centennial Savings Bank and the Centennial Financing
Corporation, without the Board's knowledge.


GLATFELTER: Completes Purchase of NewPage Business for US$80MM
--------------------------------------------------------------
In April 2006, Glatfelter (NYSE:GLT) completed its acquisition
of NewPage Corporation's carbonless business operations, based
in Chillicothe and Fremont, Ohio, for US$80 million in cash plus
an estimated working capital adjustment of US$1.8 million,
subject to certain post-closing adjustments.  The acquired
business had revenues of approximately US$440 million in 2005
and employs about 1,700 people.  These facilities will operate
as part of the Printing & Carbonless Papers Division of
Glatfelter's Specialty Papers Business Unit.

"The completion of this transaction marks a significant
milestone in our vision to become the global supplier of choice
in Specialty Papers and Engineered Products," George H.
Glatfelter II, Chairman and Chief Executive Officer, said.  "A
comprehensive program is underway to integrate these assets into
Glatfelter's Specialty Papers business.  We look forward to
building a powerful specialty platform around the Chillicothe
and Fremont facilities to better serve our customers and build
greater value for shareholders."

                        About Glatfelter

Based in York, Pa., Glatfelter --http://www.glatfelter.com/--  
is  a global manufacturer of specialty papers and engineered
products.  U.S. operations include facilities in Spring Grove,
Pa., and Neenah, Wis.  International operations include
facilities in Germany, France and the Philippines.  Glatfelter's
common stock is traded on the New York Stock Exchange under the
ticker symbol GLT.

Glatfelter's 6-7/8% Series B Notes due 2007 carry Moody's
Investor Service's Ba1 rating and Standard & Poor's Rating
Services' BB+ rating.

                          *     *     *

As reported in the Troubled Company Reporter on April 5, 2006,
Standard & Poor's Ratings Services assigned its 'BB+' senior
unsecured bank loan rating to the US$300 million credit facility
maturing in 2011 of Glatfelter (P.H.) Co. (BB+/Stable/--), based
on preliminary terms and conditions.

At the same time, Standard & Poor's placed its 'BB+' ratings on
Glatfelter's existing $150 million 6.875% notes maturing 2007 on
CreditWatch with negative implications.  All other ratings,
including the company's corporate credit rating, were affirmed.
The outlook is stable.


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.


MAYNILAD WATER: Manila Water Co. to Bid for Government Stake
------------------------------------------------------------
The Board of Directors of Manila Water Co., Inc., a subsidiary
of Ayala Corp., has given the go signal for the firm to bid for
the Philippine Government's 83.97% stake in Maynilad Water
Services, Inc., Manila Bulletin says, citing XFN Asia.

The Troubled Company Reporter - Asia Pacific had, on July 11,
2006, stated that several local and foreign firms, including
AustPhil Tollways Corp., Marubeni Corp. of Japan, and DM
Consunji Inc., have expressed interest in acquiring the stake
held by Metropolitan Waterworks & Sewerage System, and have
purchased bidding documents for the stake sale.  The Philippine
Inquirer says that the MWSS has set the minimum required bid for
the stake at PHP3.13 billion.  The deadline for the submission
of bids is Oct. 24, 2006, and MWSS expects to award the contract
to the winning bidder before 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.


PHILIPPINE LONG DISTANCE: Liquidity Position Improves 45%
---------------------------------------------------------
Philippine Long Distance Telephone Company's liquidity position
has improved significantly during fiscal 2005 compared to 2004.

The company's filing, for the fiscal year ended December 31,
2005, to the United States Securities and Exchange Commission
reveals PHP50.6 billion in total current assets as against
PHP56.5 billion in total current liabilities, or a working
capital deficit of PHP5.99 billion.  Considering that the
company had a working capital deficit of PHP10.8 billion during
the same period in 2004 indicates that the company's current
liquidity position has improved by PHP4.8 billion or 44.7%.

The company's long-term debt decreased by PHP45.486 billion, or
31%, to PHP103.544 billion at December 31, 2005, largely due to
debt amortizations and prepayments in line with efforts to
reduce overall debt level and also due to the appreciation of
the peso, according to the SEC filing.

PLDT's debt was reduced 33% to PHP73.397 billion by December 31,
2005.  In addition, the debt levels of Smart, Mabuhay and ePLDT
at December 31, 2005, relative to the debt balances during the
comparable period in 2004 decreased 22-, 25- and 44 percent to
PHP26.941 billion, PHP3.04 billion and PHP165 million,
respectively, due to the peso appreciation and debt
amortizations during 2005, according further to the SEC filing.

Based in Makati City, Philippines, the company provides
telecommunications service in the Philippines, and operates in
Wireless, Fixed Line, and Information and Communications
Technology segments.


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

CAPITAL GAIN: Creditors' Proofs of Debt Due on July 21
------------------------------------------------------
Capital Gain Investment Pte Limited notifies parties-in-interest
of its intention to declare a dividend pursuant to an order by
the High Court of Singapore.

In this regard, creditors are requested to file their proofs of
claim by July 21, 2006, in order to share in the dividend
distribution.

The Assistant Official Receiver can be reached at:

         Karen Loh
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


DREAMSCAPE CONSULTING: To Hold Contributories Meeting on July 21
----------------------------------------------------------------
Dreamscape Consulting Pte Ltd will hold a meeting for
contributories on July 21, 2006, at 2:30 p.m.

During the meeting, contributories will be asked:

-- to approve the liquidators' remuneration; and

-- to declare the first and final dividend to creditors.

The liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o RSM Chio Lim
         18 Cross Street #08-01
         Marsh & McLennan Centre
         Singapore 048423


EDUCATION SI: Court to Hear Wind-Up Petition on July 21
-------------------------------------------------------
An application to wind up Education Si Pte Limited will be heard
before the High Court of Singapore on July 21, 2006, at 10:00
a.m.

The wind-up petition was filed by RE Properties Pte Ltd on
June 29, 2006.

The Plaintiff's solicitors can be reached at:

         Messrs. Allen and Gledhill
         One Marina
         Boulevard #28-00
         Singapore 018989


HAPE COMMUNICATIONS: Creditors Must Prove Debt by August 7
----------------------------------------------------------
Liquidators of Hape Communications Private Limited will be
receiving proofs of debt from the Company's creditors until
August 7, 2006.

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

The liquidators can be reached at:

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


MDR LIMITED: Receives Acceptances for 795,811,228 Rights Shares
---------------------------------------------------------------
Accord Customer Care Solutions Care Solutions has received valid
acceptances and excess applications for a total of 795,811,228
Rights Shares as of the Book Closure Date on June 16, 2006.

Based on the total issued share capital of the Company of
1,026,301,485 Shares as at the
Books Closure Date, 513,150,742 Rights Shares were available
under the Rights Issue.

Valid acceptances were received for a total of 462,060,231
Rights Shares, representing approximately 90.04% of the
513,150,742 Rights Shares available under the Rights Issue.  
Excess applications, on the other hand, were received for a
total of 333,750,997 Rights Shares, representing approximately
65.04% of the 513,150,742 Rights Shares available under the
Rights Issue.

The balance of the provisional allotments not taken up by
Entitled Shareholders and their renouncees and Purchasers
pursuant to the Rights Issue and disregarded fractional
entitlements to the Rights Shares, amounting in aggregate to
51,090,511 Rights Shares, will be used to satisfy any excess
applications for the Rights Shares.

All the provisional allotments of 695,712 Rights Shares which
would otherwise have been provisionally allotted to foreign
shareholders were sold "nil-paid" on the Singapore Securities
Trading Limited.

The net proceeds from all such sales, after deduction of all
expenses therefrom, will be pooled and thereafter distributed to
foreign shareholders in proportion to their respective
shareholdings or, as the case may be, the number of shares
entered against their names in the Depository Registry as of
June 16, 2006, and sent to them at their own risk by ordinary
post.  If the amount of net proceeds to be distributed to any
single foreign shareholder is less than SGD10, such amount shall
be retained or dealt with as the Directors may, in their
absolute discretion, deem fit in the interests of the Company
and no Foreign Shareholder shall have any claim whatsoever
against the Company, the Manager, the Underwriters, the Share
Registrar or CDP in connection therewith.

The Rights Issue was fully subscribed and the Company has raised
net proceeds of approximately SGD19.83 million after deducting
estimated expenses of approximately S$0.70 million.  Up to
SGD15.10 million of the total proceeds will be used for the
Group's current working capital purposes.  The balance of up to
SGD4.73 million will be allocated for the capital expenditure of
the Group's AMS business segment in the region.

The Company is currently in negotiations with its lenders to
restructure its financial obligations. As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets.  As the timing of receipt
of proceeds from the recovery is dependent on, inter alia, stock
market conditions and the conclusion of negotiations, the
Company may be required to use up to SGD5.00 million from the
net proceeds from the Rights Issue to repay its lenders, if
necessary.

The Company is also currently in negotiations with Nokia for the
settlement of in-warranty claims and intends to repay such
settlement amount with proceeds from the recovery of its
investments in non-operational assets. In the event the Company
reaches a settlement with Nokia and proceeds from the recovery
of the Company's investments in non-operational assets are not
received in time to be utilized for payment of the settlement
amount, up to SGD2.50 million from the net proceeds from the
Rights Issue will be used to pay the settlement amount to Nokia.

The Company will announce any material disbursement of the
proceeds from the Rights Issue accordingly and will provide a
status report on the use of the proceeds from the Rights Issue
in the annual report of the Company.

Pending the deployment of the proceeds from the Rights Issue,
the proceeds may be deposited with banks and financial
institutions, invested in short-term money markets and
marketable securities, as the Directors may deem appropriate in
the interests of the Group.

                    About mDR Limited

mDR Limited -- formerly Accord Customer Care Solutions -- is the
leading provider of after market services for consumer mobile
communication and digital electronic devices in Asia Pacific.  
ACCS is a spin-off from supply network solutions provider Accord
Express Holdings Pte Limited.  ACCS provides a wide spectrum of
after market services to both its trade partners and end
consumers.  ACCS provides professional, efficient and convenient
services to its end consumers by establishing one-stop single
brand or multi-brand proximity centers that are conveniently and
strategically located.  ACCS has been posting consecutive losses
since the first quarter of 2005 due to bad investments, when it
incurred a net loss of SGD3.79 million.  Meanwhile, 12 of its
former executives are facing an ongoing case over a cheating
scam involving mobile phone giant Nokia.  The executives were
accused of falsifying phone repair claims to cheat Nokia out of
SGD4.3 million.  They were also charged with falsifying
financial documents and overstating profits.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets.  The timing of receipt of
proceeds from the recovery is dependent on stock market
conditions and conclusion of negotiations.


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

* Gov't Expects Economy to Fall Short of Growth Expectations
------------------------------------------------------------
Thailand's Finance Ministry is mulling to revise its revenue
estimate for the fiscal year 2007 as the Ministry is expecting
that Thailand's economy would fall short of the expected 5-6
percent economic growth, the FNWeb News reports.

Suparut Kawatkul, permanent Secretary of Finance, told FNWeb
that the Government is considering the budget thoroughly since
it is expecting THB1.48 trillion in revenue if the country's
economy would grow at 5-6 percent.

Many economic analysts are projecting that the Thai economy
would only grow at 3% next year, FNWeb relates.

Meanwhile, Mr. Kawatkul told FNWeb that the postponement of
budget spending for the 2007 fiscal year from October 2006 to
March 2007 due to the political uncertainties would shorten the
spending period to only six months.  However, he expressed that
the ministry would attempt to balance the revenue and spending
as much as possible.




                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
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