TCRAP_Public/060713.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  

             Thursday, July 13, 2006, Vol. 9, No. 138

                            Headlines

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

AIR NEW ZEALAND: To Suspend Singapore Operations in October
ALFRESCO FLOORING: Supreme Court Issues Wind-Up Order
AUTOLUBE (VIC): Appoints Burness and Jess as Liquidators
AXIS STEEL: Members Resolve to Wind Up Business Operations
BARCLAY ALEXANDER: To Declare First and Final Dividend

BUILD TO LAST: Appoints Official Liquidator
C & D AUTOMATICS: Creditors' Proofs of Claim Due on July 31
EASTSIDE ASSET: Creditors and Members to Receive Wind-Up Report
ECOHYDRA AUSTRALIA: Enters Voluntary Liquidation
FLUID STEAM: Members Opt to Shut Down Business Operations

G & K SERVICES: Names Angus Carnegie Gordon as Liquidator
GARRY DENSON: Liquidator to Present Wind-Up Report on July 14
GEOFF THIESS: To Declare a Final Dividend on July 14
GLADESVILLE ELECTRICAL: Members Opt for Voluntary Wind-Up
HAVAMA PTY: Shuts Down Business Operations

HAWKDALE PTY: Members Pass Wind-Up Resolution
HOTEL CAPITAL: Liquidator to Present Wind-Up Report on July 14
KOTAHITANGA COMMUNITY: Creditors' Proofs of Claim Due on July 31
LAMBROU PTY: Appoints Joint and Several Liquidators
MARGUERITA CONTRACTING: Creditors Must Prove Debts by July 26

MELBOURNE ACCOUNTING: Names Schon G. Condon as Liquidator
MOULDING INDUSTRIES: Liquidator to Present Wind-Up Report
QANTAS AIRWAYS: May Write Down Aircraft Value, Broker Says
QED INTERNATIONAL: Members and Creditors to Hear Wind-Up Details
ROBERT BIRD: Receivers and Managers Named

RON O'MULLANE: Placed Under Voluntary Liquidation
SHANE P. CAULFIELD: Appoints Official Liquidator
SUCCESS CORNER: Receivers and Managers Step Aside
SUNHOUSE PTY: Liquidator to Present Wind-Up Report on July 14
TELSTRA CORPORATION: Rivals Reveal Alternative FTTN Plan

TRAVEL CONCEPTS: Members and Creditors to Hear Wind-Up Report
TUBIRDS PTY: Schedules Final General Meeting on July 13
TWIN INVESTMENTS: Enters Members' Voluntary Wind-Up
VISTABLUE PTY: Names Nick Orfanos as Liquidator
W&J RICHARDS: Set to Halt Business Operations

WORKFORCE PEOPLE: Shuts Down Business Operations
* S&P Revises Corporate Actions Treatment In Australia


C H I N A   &   H O N G  K O N G

BULUSAN INVESTMENTS: Joint Liquidators to Present Wind-Up Report
CASPER HI-TECH: Liquidator to Present Wind-Up Report
CHUNG MAN: Creditors Must Prove Debts by August 8
EVERBRIGHT CHUNG: Set to Pay Dividend on July 21
FOOK CHEUNG: Joint Liquidators Cease to Act for Company

FUHWA SECURITIES: Court to Hear Liquidation Petition on July 19
HOPSON DEVELOPMENT: Moody's Downgrades Rating to Ba2
M DREAM INWORLD: Court to Hear Wind-Up Petition on August 9
NATIONS-CRT LIMITED: Liquidators Cease to Act for Company
OCEAN JET: Court Issues Wind-Up Order

PACIFICPOSTMAN LIMITED: Liquidator Steps Aside
PAKTANK ASIA: Members to Receive Liquidator's Wind-Up Report
PINE DEVELOPMENT: Court to Hear Wind-Up Bid on August 23
PINE GROWTH: Faces Wind-Up Proceedings
SELBO INDUSTRIES: Appoints Joint and Several Liquidators

TARGET LAND: Court Favors Wind-Up Petition
TELECOMMUNICATIONS RESEARCH: Members Final Meeting Set August 7
WONDERWAY DEVELOPMENT: Members to Get Wind-Up Report from Lee


I N D I A

INDIAN OIL: Shares of Sri Lankan Arm Resume Trading
LML LIMITED: Allots Equity Shares on Conversion of FCCBs
* Bombay Stock Exchange Tightens Norms for Listing of Shares


K O R E A

HANAROTELECOM: Posts a KRW209.32 billion net loss for 2005
NOVELIS INC: Extends Consent Request for Senior Notes to July 19
THOMAS EQUIPMENT: CEO Recommends Closing of Korean Facility
* Number of Suspicious Financial Transactions Rise in 2005
* FSS Alerts Issued for Illegal Funds


M A L A Y S I A

AYER HITAM: June 30 Public Shareholding Spread Pegged at 53.99%
CYGAL BERHAD: Public Shareholding Spread Meets Requirement
FURQAN BUSINESS: Inks New Deal to Amend Share Sale Pact
KIG GLASS: Given Chance to Avert Delisting
KRETAM HOLDINGS: Complies with Public Shareholding Requirement

MALAYSIA AIRLINES: Accuses Former Executive of Breaching Duties
MALAYSIA AIRLINES: Parent Pays MYR650 Mln for ADBU Termination
MALAYSIA AIRLINES: Sees 2 Mil New Enrich Members by July 2007
MBF CORPORATION: Completes Sale of MIFC Stake
METROPLEX BERHAD: Default Amount Hits MYR1,769,860,134

TRU-TECH HOLDINGS: Submits Appeal Against Delisting


P H I L I P P I N E S

LEGEND INTERNATIONAL: Court-Appointed Liquidator to Reopen Firm
MIRANT CORP: Mirant NY-Gen Wants DIP Facility Raised to US$9.5 M
PHOTOCIRCUITS CORP: Files Plan & Disclosure Statement in NY
PHOTOCIRCUITS CORP: Hires Quisumbing Torres as Special Counsel
PHOTOCIRCUITS CORP: Panel Wants Court to Verify G. Cove's Liens


S I N G A P O R E

DREAMSCAPE CONSULTING: To Hold Creditors' Meeting on July 21
GOLD GREEN: Court to Hear Wind-Up Petition on July 21
JIANGSHAN INVESTMENT: Pays Dividend to Creditors
KIDA COLLAGE: Court to Hear Wind-Up Petition on July 14
ROGERS WORLDWIDE (SINGAPORE): Faces Wind-Up Proceedings


T H A I L A N D

CERTEGY INC: Earns US$36.3 Mil. Net Income in Qtr. Ended Dec. 31
TMB BANK: Fitch Affirms Long-Term Debt Rating at B+

     - - - - - - - -

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

AIR NEW ZEALAND: To Suspend Singapore Operations in October
-----------------------------------------------------------
Air New Zealand will be suspending flights to Singapore
effective October 2, 2006.  Air NZ Chief Executive Officer Rob
Fyfe explains that the suspension presents Air New Zealand with
aircraft and resources to pursue new opportunities.

Air New Zealand currently flies daily from Auckland to Singapore
using its Boeing 777-200ER aircraft, with less than a 30%
capacity share in this market.  The Airline says that it has
sustained significant losses flying to Singapore in recent
years.

Mr. Fyfe notes that North Asian routes represent substantially
greater growth prospects than South East Asia, which is already
well served with international airline capacity.

"We have the debut of our non-stop 777 service to Shanghai three
times a week from November 6, 2006, and early bookings are
looking strong," Mr. Fyfe says.

Mr. Fyfe reveals that the Airline is also preparing for the
beginning of a second daily service to London via Hong Kong in
October 2006.  In addition the cargo market drives Air New
Zealand's preference for building North Asia capacity, Mr. Fyfe
notes.

According to Ed Sims, Air New Zealand's Group General Manager,
there are around 1200 seats each way in total a day available on
all carriers between New Zealand and Singapore.  Less than 5% of
customers flying this route are traveling to and from Singapore.  
The majority is flying onwards to other destinations, Mr. Sims
says.

Air New Zealand is continuing discussions with Star Alliance
partners to enable an Air New Zealand code share on their
flights to Singapore going forward.

Customers affected by the suspension will be re-accommodated
through arrangements with Star Alliance partners, rebooked on
alternative Air New Zealand services or with other airlines.

The Airline's 22 staff in Singapore will be affected by the
decision and employment opportunities for them are currently
being investigated.

Pilots, cabin crew and the 777 aircraft will be redeployed
elsewhere on the international network.

The route review will see Air New Zealand's Boeing 777 aircraft
deployed on flights NZ1 from Heathrow to Auckland effective
October 29, 2006, and NZ2 from Auckland to Heathrow, both via
Los Angeles effective October 28, 2006.

Air New Zealand will also introduce the Boeing 777-200ER on
flights via Los Angeles to London and will not recommence twice
weekly summer season flights from Christchurch to Los Angeles.

In addition, in the current fuel price environment and with soft
demand, Air New Zealand will not be recommencing flying
Christchurch to Los Angeles from October 29, 2006, a service
which was originally planned with two weekly 777 flights for the
summer season.

Mr. Fyfe also signals that the Airline was closely examining the
frequency of its operations to Tahiti.

                      About Air New Zealand

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

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


ALFRESCO FLOORING: Supreme Court Issues Wind-Up Order
-----------------------------------------------------
The Supreme Court of New South Wales on June 9, 2006, ordered
the wind-up of Alfresco Flooring Pty Limited.

Subsequently, George Georges was appointed as liquidator.

The liquidator can be reached at:

         George Georges
         Ferrier Hodgson
         Level 29, 600 Bourke Street
         Melbourne, Victoria 3000
         Australia


AUTOLUBE (VIC): Appoints Burness and Jess as Liquidators
--------------------------------------------------------
At a general meeting of Autolube (Vic) Pty Limited on June 8,
2006, members appointed Paul Burness and Matthew Jess as the
Company's liquidators.

The Liquidators can be reached at:

         Paul Burness
         Matthew Jess
         Worrells Solvency & Forensic Accountants
         Level 5 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone: (03) 9613 5511
         Facsimile: (03) 9614 3233
         Web site: http://www.worrells.net.au/


AXIS STEEL: Members Resolve to Wind Up Business Operations
----------------------------------------------------------
At a general meeting on June 13, 2006, the members of Axis Steel
Fixing Pty Limited resolved to voluntarily wind up the Company's
business operations.

Subsequently, Schon Condon was appointed as liquidator.

The Liquidator can be reached at:

         Schon Condon
         Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone: (02) 9893 9499


BARCLAY ALEXANDER: To Declare First and Final Dividend
------------------------------------------------------
Barclay Alexander Finance Group Pty Limited will declare its
first and final dividend on July 14, 2006.

Creditors whose claims have not been admitted by July 4, 2006,
will be excluded from sharing in the dividend distribution.

The liquidator can be reached at:

         Hillary Orr
         PO Box 1022
         Blackwood, South Australia 5051
         Australia
         Telephone:(08) 8270 8600
         Facsimile:(08) 8270 8607


BUILD TO LAST: Appoints Official Liquidator
-------------------------------------------
Robert John Willis was on June 30, 2006, appointed as liquidator
of Build to Last Ltd.

In this regard, Mr. Willis requires the creditors of the Company
to submit their proofs of claim by July 31, 2006, for them to
share in any distribution the Company will make.

The liquidator can be reached at:

    Robert John Willis
    CST Nexia Limited
    Chartered Accountants
    P.O. Box 76-261, Manukau City
    New Zealand
    Telephone: (09) 262 2595


C & D AUTOMATICS: Creditors' Proofs of Claim Due on July 31
-----------------------------------------------------------
Joint Liquidators Paul Graham Sargison and Gerald Stanley Rea
will be receving proofs of claim from creditors of C & D
Automatics Ltd until July 31, 2006.

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

The Joint Liquidators can be reached at:

    P.G. Sargison
    Gerry Rea Associates
    P.O. Box 3015
    Auckland, New Zealand
    Telephone: (09) 377 3099
    Facsimile: (09) 377 3098


EASTSIDE ASSET: Creditors and Members to Receive Wind-Up Report
---------------------------------------------------------------
A final meeting of the members and creditors of Eastside Asset
Pty Limited will be held on July 14, 2006, at 10:00 a.m., at the
Boardroom of Summers Legal, Level 5, Next Building, at 16
Milligan Street (Corner Hay Street) Perth, Australia.

During the meeting, Liquidator D. Mclay will give the final
accounts of the Company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

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


ECOHYDRA AUSTRALIA: Enters Voluntary Liquidation
------------------------------------------------
After a meeting on June 10, 2006, the members of Ecohydra
Australia Pty Limited decided to voluntarily wind up the
Company's operations.

Subsequently, Graham Segal and Nicholas May were appointed as
joint liquidators.

The Liquidators can be reached at:

         Graham Segal
         36 Dodds Street
         Queensland 4019
         Australia

         Nicholas May
         171 Argyle Road
         London W13
         United Kingdom


FLUID STEAM: Members Opt to Shut Down Business Operations
---------------------------------------------------------
Members of Fluid Steam Pty Ltd convened on June 9, 2006, and
decided to voluntarily wind up the Company's operations.

Leigh Dudman was appointed as liquidator at a creditors' meeting
held that same day.

The Liquidator can be reached at:

         Leigh Dudman
         B. K. Taylor & Co.
         8th Floor, 608 St. Kilda Road
         Melbourne, Victoria 3004
         Australia


G & K SERVICES: Names Angus Carnegie Gordon as Liquidator
---------------------------------------------------------
The members of G & K Services (NSW) Pty Limited convened on
June 13, 2006, and agreed that the Company should wind up its
operations voluntarily.

Angus Carnegie Gordon was subsequently named liquidator at a
creditors' meeting held later that day.

The liquidator can be reached at:

         Angus Carnegie Gordon
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


GARRY DENSON: Liquidator to Present Wind-Up Report on July 14
-------------------------------------------------------------
The members and creditors of Garry Denson Metal Roofing Pty
Limited will convene at a final meeting on July 14, 2006, at
10:30 a.m., to get an account of the manner of the Company's
wind-up and property disposal from Liquidator Roderick Mackay
Sutherland.

The liquidator can be reached at:

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


GEOFF THIESS: To Declare a Final Dividend on July 14
----------------------------------------------------
Geoff Thiess Developments Pty Limited will declare its final
dividend on July 14, 2006.

Creditors who were not able to prove their claims by
July 12, 2006, will be excluded from sharing in any distribution
the Company will make.

As reported by The Troubled Company Reporter - Asia Pacific, the
Company commenced a voluntary wind-up of its operations on
September 12, 2005.

The Liquidator can be reached at:  

         Michael Owen
         BDO Kendalls
         Level 18, 300 Queen Street
         Brisbane, Queensland 4000
         Australia


GLADESVILLE ELECTRICAL: Members Opt for Voluntary Wind-Up
---------------------------------------------------------
At an extraordinary general meeting on June 13, 2006, members of
Gladesville Electrical Services Pty Limited decided that the
Company must voluntarily commence a wind-up of its operations.

Creditors consequently appointed Angus C. Gordon as liquidator.

The Liquidator can be reached at:

         Angus C Gordon
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


HAVAMA PTY: Shuts Down Business Operations
------------------------------------------
At a general meeting on June 9, 2006, the members of Havama Pty
Limited resolved to close the Company's business operations 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


HAWKDALE PTY: Members Pass Wind-Up Resolution
---------------------------------------------
Members of Hawkdale Pty Ltd held a general meeting on
June 9, 2006, and passed a special resolution to voluntarily
wind up the Company's business operations.

The liquidator can be reached at:   

         Ian Richard Hall
         David Clement Pratt
         Waterfront Place, 1 Eagle Street
         Brisbane, Queensland 4001
         Australia


HOTEL CAPITAL: Liquidator to Present Wind-Up Report on July 14
--------------------------------------------------------------
A general meeting of the members and creditors of Hotel Capital
Trading Pty Limited will be held on July 14, 2006, at 10:00 a.m.

During the meeting, Liquidator Antony De Vries will present
accounts of the Company's wind-up exercise.

The Liquidator can be reached at:

         Antony De Vries
         de Vries Tayeh
         Corporate Strategy and Insolvency
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Austalia


KOTAHITANGA COMMUNITY: Creditors' Proofs of Claim Due on July 31
----------------------------------------------------------------
Creditors of Kotahitanga Community Trust are required to submit
their proofs of claim to Joint and Several Liquidators Stephen
Mark Lawrence and Anthony John McCullagh by July 31, 2006.

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

The Joint and Several Liquidators can be reached at:

    Stephen Lawrence
    Horwath Corporate (Auckland) Limited
    P.O. Box 3678, Auckland 1015
    New Zealand
    Telephone: (09) 303 5448
    Facsimile: (09) 302 0536


LAMBROU PTY: Appoints Joint and Several Liquidators
---------------------------------------------------
Riad Tayeh and Antony de Vries were appointed as liquidators at
an extraordinary general meeting of Lambrou Pty Limited held on
June 12, 2006.

The Liquidators can be reached at:

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


MARGUERITA CONTRACTING: Creditors Must Prove Debts by July 26
-------------------------------------------------------------
Marguerita Contracting Ltd commenced liquidation of its business
on June 28, 2006, following the appointment of John Michael
Gilbert as liquidator.

In this regard, Mr. Gilbert requires the creditors of the
Company to submit their proofs of claim by July 26, 2006, for
them to share in any distribution the Company will make.

The Liquidator can be reached at:

    J.M. Gilbert
    c/o C & C Strategic Limited
    Private Bag 47-927, Ponsonby
    Auckland, New Zealand
    Telephone: (09) 376 7506
    Facsimile: (09) 376 6441


MELBOURNE ACCOUNTING: Names Schon G. Condon as Liquidator
---------------------------------------------------------
The members of Melbourne Accounting Pty Limited held a general
meeting on June 9, 2006, and decided to wind up the Company's
operations.

Schon G. Condon and Bruce Gleeson were consequently appointed as
liquidators.

The Liquidators can be reached at:

         Schon G. Condon
         Bruce Gleeson
         Jones Condon Chartered Accountants
         Level 1 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone:(02) 9893 9499


MOULDING INDUSTRIES: Liquidator to Present Wind-Up Report
---------------------------------------------------------
A final meeting of the members and creditors of Moulding
Industries Pty Limited will be held on July 14, 2006, at
9:00 a.m.

During the meeting, Liquidator D. Mclay will present his report
of the Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

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


QANTAS AIRWAYS: May Write Down Aircraft Value, Broker Says
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Qantas Airways Ltd.'s full year profit for
2005/2006 will be at the lower end of analysts' forecasts,
reinforced by the AU$1-billion increase in fuel costs.

A report from the Sydney Morning Herald reveals that the price
of oil may not be Qantas' only major financial headache at the
moment.  A broker has raised concerns that the airline could be
forced to massively write down the value of its fleet of 213
aircraft.

Macquarie Equities is concerned that Qantas may soon have to cut
the value of is fleet, which by some estimates is about
AU$3 billion more than its market value, The Age notes.

The Sydney Herald recounts that Qantas' 2004 annual report
stated that the AU$9.4 billion value of its fleet was
AU$2.6 billion above market value.  The Herald relates that a
recent Macquarie Equities note stated that the carrier's weak
profit outlook "could challenge in-use valuations" if this
continued.

According to the Sydney Herald, Qantas has not provided a
valuation of its aircraft in its 2005 report.  However,
Macquarie analyst Paul Huxford estimates that the gap could be
about AU$3 billion, given the rise in the Australian dollar.

Mr. Huxford explains that the justification for the higher
carrying value was supported by "in-use valuation."  However, he
says that over the longer term, it is possible that the carrying
value of the aircraft could be reduced.

The Age notes that the airline could have an even tougher time
justifying the book value of its planes, given Qantas has a much
older and less fuel efficient fleet than many of its
competitors.

According to The Age, Qantas' apparent fleet over-valuation also
appears to have blown out in recent years.  In Qantas' 2001
report, the airline undervalued its fleet by AU$1.7 billion
against market value, The Age relates.

The Age also notes that the market expects Qantas to report a
27% dip in full-year net profit to AU$560 million next month.

The Sydney Herald adds that the coming year is looking even
tougher, with analyst consensus tipping a AU$520 million net
profit in 2006-2007.

                      About Qantas Airways

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

In 2003, Qantas began suffering the effects of the Iraq War and
the SARS outbreak, on top of other events like the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affected most of its European routes.  These affected other
areas of Qantas' business including Qantas Flight Catering,
Qantas Holidays and Australian Airlines.  Qantas started
reviewing, and widened, the range of initiatives it had put in
place following the triggering events.  These initiatives
included the reduction of staffing numbers through the use of
accumulated leave to the equivalent of 2,500 full-time employees
by June 2003 and by the equivalent of 1,000 employees between
July and September 2003; a restructuring program involving 1,000
redundancies, 400 permanent positions eliminated through
attrition and 300 permanent positions converted from full time
to part time; a freeze on capital and discretionary expenditure;
expansion of the leave without pay program; increased use of
part time workers; significant restructuring of work practices
and activities; and reduction of capital expenditure, including
retirement of some aircraft and deferral of delivery of new
aircraft.

In December 2003, Qantas unveiled its new low cost-carrier
airline, Jetstar Asia, which later failed to gain access to
crucial markets such as Indonesia and China.  In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.  Qantas went into another round of job cuts
in late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year, and yet
another one announced in February 2006 amidst uncertainty of
outsourcing the airline's heavy maintenance works overseas.

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


QED INTERNATIONAL: Members and Creditors to Hear Wind-Up Details
----------------------------------------------------------------
Members and creditors of Qed International Pty Limited will
convene on July 14, 2006, at 10.00 a.m.

During the meeting, Liquidator Geoffrey McdonaLD will present
accounts of the Company's wind-up.

The Liquidator can be reached at:

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


ROBERT BIRD: Receivers and Managers Named
-----------------------------------------
On June 8, 2006, Kerian William Hutchison and Justin Denis Walsh
were appointed as receivers and managers of all the assets and
undertakings of Robert Bird Pty Limited.

The Receivers and Managers can be reached at:

         Kerian William Hutchison
         Justin Denis Walsh
         Ernst & Young
         Level 5, Waterfront Place
         1 Eagle Street, Brisbane
         Queensland 4000, Australia
         Telephone:(07) 3011 3333


RON O'MULLANE: Placed Under Voluntary Liquidation
-------------------------------------------------
At a general meeting on June 11, 2006, the members of Ron
O'Mullane (D.G.O.) Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.

Subsequently, Richard Dillon was appointed as liquidator.

The Liquidator can be reached at:

         Richard Dillon
         43 Auburn Street
         Moree, New South Wales
         Australia


SHANE P. CAULFIELD: Appoints Official Liquidator
------------------------------------------------
The Federal Court of Australia, New South Wales on June 9, 2006,
made an order to appoint Christopher J. Palmer as the official
liquidator of Christopher J. Palmer Pty Limited

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 34 Hunter Street
         Sydney, New South Wales 2000
         Australia


SUCCESS CORNER: Receivers and Managers Step Aside
-------------------------------------------------
Kenneth Stewart Sellars and Mathew Campbell ceased to act as
receivers and managers of Success Corner Pty Ltd on June 8,
2006.


SUNHOUSE PTY: Liquidator to Present Wind-Up Report on July 14
-------------------------------------------------------------
A final meeting of the members and creditors of Sunhouse Pty
Limited will be held on July 14, 2006.

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

The Liquidator can be reached at:

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


TELSTRA CORPORATION: Rivals Reveal Alternative FTTN Plan
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 30, 2006, a consortium of Telstra Corp.'s competitors --
AAPT, Internode, iiNet, Macquarie Telecom, Optus, Powertel,
Primus, Soul and TransACT -- planned to release an alternative
to Telstra's fibre-to-the-node broadband network model.

The nine telco rivals have criticized Telstra's own FTTN plan,
saying that it would sabotage competition and create a "two-
tier" system in which only four million households would get
access.

A follow-up report from the Courier Mail relates that on
July 10, 2006, the consortium has unveiled its alternative plan.

According to the report, the key to the proposal is the creation
of a special company called SpeedReach, which would
independently govern the network.

News.com notes that if Telstra wants to be included, the rival
group wants the Government to impose access for all players.

According to TeleGeography, the consortium said that a jointly
constructed FTTN network including Telstra would result in
coverage of around five million people, as opposed to the four
million that Telstra plans to cover by going solo.

However, if Telstra does not participate in the proposed
network, the group said that it would build a network focusing
on metropolitan markets, the Courier Mail relates.  The group
adds that the network could be financed as an infrastructure
asset, like a gas pipeline or motorway.

According to the consortium, it has already had discussions with
a number of financiers for the AU$4.1 billion project.

              Alternative Plan is More Advantageous

Whirlpool News says that the proposal claims to have several
advantages over Telstra's network, including the state of its
ownership.

Whirlpool cites David Tudehope, Chief Executive Officer of
Maquarie Telecom, as saying that "the national benefit of FTTN
can be significantly enhanced if the network is not exclusively
owned by Telstra, but instead owned wholly or partly by players
other than Telstra, be they other telcos or financial
investors."

On the other hand, Paul Broad, Managing Director of PowerTel,
says that as long as the "FTTN network has the governance
mechanism we propose (SpeedReach)" as well as a "managed process
to transition from ULLS to FTTN," the proposal should be carried
through.

Whirlpool notes that the proposal has been sent to the
Government, the Australian Competition and Consumer Commission,
and Telstra for consideration.

                Telstra will Proceed With Plan

According to ZDNet Australia, Telstra asserts that the
consortium's proposal is incomplete.

"If they spent less time announcing and more time working, we
might actually have seen a real network plan by now," ZDNet
Australia cites a Telstra spokesperson as saying through a
telephone interview.

The spokesperson says that Telstra has been in "serious talks
with the ACCC for some time . . . serious talks about a real
network plan," adding that the consortium's proposal is just a
consultant's report.  "We will release details of our plan once
the ACCC is happy with the proposal," the spokesperson tells
ZDNet Australia.

Telstra says that it has already rejected the group's proposal
in May and would proceed with its own plans, ZDNet Australia
notes.

                         About Telstra

Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian  
telecommunications and information services company.  Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TRAVEL CONCEPTS: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
The members and creditors of Travel Concepts International Pty
Ltd will hold a final meeting on July 13, 2006, at 10.00 a.m.,
to get an account of the manner of the Company's wind-up and
property disposal from Liquidator Paul Burness.

The Liquidator can be reached at:

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


TUBIRDS PTY: Schedules Final General Meeting on July 13
-------------------------------------------------------
The members and creditors of Tubirds Pty Limited will hold their
final meeting on July 13, 2006, at 2:30 p.m.

During the meeting, members and creditors will be asked:

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

   -- to consider, and if thought fit, pass a resolution
      for the destruction of the company's books and records;
      and

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

Telephone conference facilities will be available.

The liquidator can be reached at:

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


TWIN INVESTMENTS: Enters Members' Voluntary Wind-Up
---------------------------------------------------
The members of Twin Investments Pty Limited convened on
June 9, 2006, and agreed that the Company should wind up its
operations voluntarily.

Manfred Holzman was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Manfred Holzman
         Holzman Associates Chartered Accountants
         Level 2, 32 Martin Place
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9222 9070
         Facsimile:(02) 9222 9071


VISTABLUE PTY: Names Nick Orfanos as Liquidator
-----------------------------------------------
The members of Vistablue Pty Limited held a meeting on
June 9, 2006, and agreed to shut down the Company's business
operations and appoint Nick Orfanos as liquidator.

The Liquidator can be reached at:

         Nick Orfanos
         Nicholas Orfanos
         Level 1, 147 Frome Street
         Adelaide, South Austre 5000
         Australia
         Telephone: 08 8224 0440
         Facsimile: 08 8224 0470.
         e-mail:  Nick.orfanos@adelaide.on.net


W&J RICHARDS: Set to Halt Business Operations
---------------------------------------------
Members of W&J Richards Pty Limited held a general meeting on
June 8, 2006, and resolved that the Company should wind up its
operations voluntarily.

Ken Whittingham was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Ken Whittingham
         BDO Chartered Accountants & Advisers
         2 Market Street
         Sydney, New South Wales 2000
         Australia
  

WORKFORCE PEOPLE: Shuts Down Business Operations
------------------------------------------------
Members of Workforce People Pty Limited convened on
June 12, 2006, and passed a special resolution to wind up the
Company's operations.

Robert Knox Dobbie was subsequently appointed liquidator.

The Liquidator can be reached at:

         Robert Knox Dobbie
         Dobbie Services Pty. Limited
         Certified Practising Accountants
         Level 7, 16-20 Barrack Street
         Sydney, New South Wales
         Australia


* S&P Revises Corporate Actions Treatment In Australia
------------------------------------------------------
Standard & Poor's Index Services says that effective January 1,
2007, S&P Index Services Australia will change its treatment of
specific corporate actions for Australian indices.

After a revision of its policy and procedures for the treatment
of specific corporate actions, these changes will be made to S&P
Australia's index methodology:

   1) Nonrecurring special distributions and special dividends
      will be treated as capital returns, so that a price
      adjustment is made to the starting price of a stock for
      the purpose of calculating an index; and

   2) Cash takeover offers and mergers and acquisitions of index
      stocks subject to removal from the index will be removed
      from the index at the cash offer price.  This change
      applies only to those events that are fixed cash offers,
      with no scrip option.  For events that carry a cash or
      scrip option or both, the best market price (last) will
      continue to be used.

Both S&P and the Australian Stock Exchange have aligned the
treatment of nonrecurring special distributions and special
dividends to ensure consistency across market data sources.  
"ASX regards a single, clearly defined, and consistent
methodology in this area as a step forward for promoting market
transparency and reducing uncertainty," ASX Information Services
general manager, Jason Keady says.

"This is a positive step forward for Australian Indices, and
will bring our treatment of these corporate actions in line with
global best practice," head of Index Services Australia Jason
Hill adds.

A "Questions and answers" document regarding the specific
change, together with more information and data on the S&P
Australian indices can be found at
http://www.standardandpoors.com.au


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

BULUSAN INVESTMENTS: Joint Liquidators to Present Wind-Up Report
----------------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin will present
to members of Bulusan Investments Limited final accounts of the
Company's wind up.

The presentation will be made during a members' meeting to be
held at Level 28, Three Pacific Place, 1 Queen's Road East, Hong
Kong on August 8, 2006, at 10:00 a.m.


CASPER HI-TECH: Liquidator to Present Wind-Up Report
----------------------------------------------------
Liquidator Soong Ching-Wah will present to members of Casper
(H.K.) Hi-Tech Ltd final accounts of the Company's wind up.

The presentation will be made during a members' meeting to be
held at No. 463 Hua Cheng Road, Hsing Chuang City, Taipei,
Taiwan on August 14, 2006, at 11:00 a.m.


CHUNG MAN: Creditors Must Prove Debts by August 8
-------------------------------------------------
Creditors of Chung Man Sik Ltd are required to submit their
proofs of debt to Liquidator Cheung Yim Ping by August 8, 2006.

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

The Liquidator can be reached at:

    Cheung Yim Ping
    4th Floor, Luen Hop Bldg
    No. 176 Junction Road
    Kowloon, Hong Kong


EVERBRIGHT CHUNG: Set to Pay Dividend on July 21
------------------------------------------------
Everbright Chung Cheong DVD Development Co Ltd will pay dividend
to preferential creditors on July 21, 2006.

The payment will be administered by Baker Tilly Hong Kong at
12/F., China Merchants Tower, Shun Tak Centre, 168-200 Connaught
Road Central, Hong Kong.


FOOK CHEUNG: Joint Liquidators Cease to Act for Company
-------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin ceased to act as joint and
several liquidators of Fook Cheung Investment Co Ltd on
July 3, 2006.


FUHWA SECURITIES: Court to Hear Liquidation Petition on July 19
---------------------------------------------------------------
An application to wind up Fuhwa Securities Co Ltd was received
by the High Court of Hong Kong on December 23, 2005, from Allen
& Overy.

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

The petitioner can be reached at:

    Allen & Overy
    9th Floor, Three Exchange Square
    Central, Hong Kong


HOPSON DEVELOPMENT: Moody's Downgrades Rating to Ba2
----------------------------------------------------
Moody's Investors Service on July 11, 2006, downgraded the
corporate family and senior unsecured ratings of Hopson
Development Holdings Limited to Ba2 from Ba1.  The ratings
outlook is stable.  This concludes the ratings review initiated
on June 13, 2006.

"The downgrade reflects that Hopson's projected financial
metrics over the next two years will be weaker than those
Moody's has expected as a result of its rapid business expansion
such that de-leveraging is deemed unlikely.  Furthermore, taking
into consideration the company's capital expenditure and
investment plans going forward, Moody's is of the opinion that
the projected credit metrics will be more appropriate for a Ba2
rating," says lead analyst Kaven Tsang.

Aside from its cash on hand at HKD2.35 billion as of end of
FY2005, Hopson will also rely on successful achievement of its
sale and pre-sale plans, asset disposals and uninterrupted
refinancing to meet its sizeable committed capex/investment and
debt repayment going forward.

The rating downgrade reflects the risks of higher cash flow
volatility arising from increasing uncertainties of its
operating environment as a result of further tightening of
macro-economic control to contain the overheated property
sector.

Despite that the first five months' sales performance was in
line with the company's expectation, the recent measures are
expected to dampen market sentiments, slowing sales and thus the
company's operating cash flow amidst an already tight credit
environment of the sector.

Meanwhile, Hopson's Ba2 ratings continue to reflect its
established leadership and brand equity in Guangzhou,
underpinned by a successful track record in large-scale
residential developments in the city.  The ratings also
recognize its moderate geographical diversification, covering
four cities in various regions including Guangzhou, Beijing,
Tianjin and Shanghai.

The ratings outlook is stable, reflecting Moody's expectation
that Hopson will successfully achieve its sales targets and
manage its development expenses, such that ongoing positive
operating cash flow will be generated.  The stable outlook
further reflects Moody's expectation that the company will slow
down its capex expansion going forward and maintain continued
uninterrupted access to bank financing.

The ratings could undergo a further downgrade if Hopson:

    1) fails to meet Moody's sales expectation;

    2) executes aggressive land acquisition or capex, beyond
       Moody's expectations, such that its balance sheet is
       further geared up; or

    3) experiences a significant downturn in China's property
       market and no counterbalancing actions are taken, such as
       deleveraging.

A weakening in liquidity and financial profiles with cash
holdings falling to a level insufficient to cover 12-month
forward maturing debt obligations and the company fails to take
recovery actions, such as asset disposals, or maintaining its
current ability to roll-over domestic borrowings, could also
pressure the rating.  In terms of financial metrics, Moody's
sees failures by adjusted leverage to fall below 45% by end-
2008, or OCF/adjusted debt below 15-20%, or OCF/interest under
4x as a signal for considering a further downgrade.

The ratings could experience upward pressure if Hopson
successfully:  

    a) establishes a sustainable track record in achieving its
       sales projections over the next two to three years;

    b) demonstrates an ongoing ability to manage its financial
       profile through China's property cycle;

    c) builds up a sizable portfolio of stable recurring income;
       and/or

    d) manages to strengthen its liquidity position, such that a
       consistent surplus free cash flow is generated.

In terms of financial metrics, Moody's sees adjusted leverage
consistently below 35-40%, OCF/adjusted debt over 25-30% and
OCF/interest above 6-7x as a signal for considering an upgrade.

Hopson Development Company Holdings Limited (Hopson) is one of
the largest property developers in China . Its principal
businesses are residential developments in four major cities:
Guangzhou, Beijing, Shanghai and Tianjin.


M DREAM INWORLD: Court to Hear Wind-Up Petition on August 9
-----------------------------------------------------------
The High Court of Hong Kong will on August 9, 2006, hear a
petition to wind up the business of M Dream Inworld Ltd.

Mallesons Stephen Jaques filed the petition with the Court on
June 10, 2006.

The petitioner can be reached at:           

    Mallesons Stephen Jaques
    37th Floor, Two Intl Finance Centre
    8 Finance Street, Central
    Hong Kong
    Telephone: 3443 1000
    Facsimile: 3443 1299


NATIONS-CRT LIMITED: Liquidators Cease to Act for Company
---------------------------------------------------------
On July 3, 2006, Ying Hing Chiu and Chung Miu Yin ceased to act
as joint and several liquidators of Nations-CRT Ltd.


OCEAN JET: Court Issues Wind-Up Order
-------------------------------------
A petition to wind up the operations of Ocean Jet Development
Ltd was favored by the High Court of Hong Kong on June 27, 2006.

According to The Troubled Company Reporter - Asia Pacific, Hong
Kong Win Mode Industries Ltd filed the petition before the Court
on June 10, 2005.


PACIFICPOSTMAN LIMITED: Liquidator Steps Aside
----------------------------------------------
Po Sin Man ceased to act as liquidator for Pacific Postman Ltd
on June 27, 2006.


PAKTANK ASIA: Members to Receive Liquidator's Wind-Up Report
------------------------------------------------------------
Members of Paktank Asia Pacific Ltd will be receiving Suen Pui
Yee's final account of the Company's wind-up at a meeting on
August 8, 2006, at 10:00 a.m.

The meeting will be held at 8th Floor, Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong.


PINE DEVELOPMENT: Court to Hear Wind-Up Bid on August 23
--------------------------------------------------------
The High Court of Hong will hear the wind-up petition against
Pine Development Ltd on August 23, 2006.

David Kong filed the wind-up petition before the Court on
June 24, 2006.

The solicitors for the petitioner can be reached at:

    Messrs. Hau Lau Li & Yeung
    Units 1702-7, 17th Floor
    Far East Finance Centre
    No. 16 Harcourt Road
    Admiralty, Hong Kong
    Telephone: 2586 1881
    Facsimile: 2596 0909


PINE GROWTH: Faces Wind-Up Proceedings
--------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Pine Growth Manufacturing Company Ltd on August 23, 2006.

David Kong filed the petition with the Court on June 24, 2006.

The solicitors for the petitioner can be reached at:

    Messrs. Hau, Lau, Li & Yeng
    Units 1702-7, 17th Floor
    Far East Finance Centre
    No. 16 Harcourt Road
    Admiralty, Hong Kong
    Telephone: 2586 1881
    Facsimile: 2596 0909


SELBO INDUSTRIES: Appoints Joint and Several Liquidators
--------------------------------------------------------
Kenny King Ching Tam and Mat Ng were on May 17, 2006, appointed
as joint and several liquidators of Selbo Industries Ltd.

The Joint Liquidators can be reached at:
  
    17/F., Chun Wo Commercial Centre
    23 Wing Wo Street, Central
    Hong Kong


TARGET LAND: Court Favors Wind-Up Petition
------------------------------------------
The High Court of Hong Kong on June 26, 2006, ordered the
wind-up of Target Land Estate Ltd.  

According to the Troubled Company Reporter - Asia Pacific, the
Bank of China (Hong Kong) Ltd filed the petition with the Court
on April 4, 2006


TELECOMMUNICATIONS RESEARCH: Members Final Meeting Set August 7
---------------------------------------------------------------
The members of Telecommunications Research & Consulting Ltd will
convene for their final meeting at 31/F., The Center, 99 Queen's
Road Central, Hong Kong on August 7, 2006, at 10:00 a.m.

During the meeting, Liquidator Chan King Sang will present final
accounts of the Company's wind-up exercise.


WONDERWAY DEVELOPMENT: Members to Get Wind-Up Report from Lee
-------------------------------------------------------------
Members of Wonder Way Development Ltd will convene for their
final meeting on August 7, 2006, 9:30 in the morning at Rooms
1901-2, Park-In Commercial Centre, 56 Dundas Street, Kowloon,
Hong Kong.

At the meeting, Liquidator Lee Kwok On will present final
accounts of the Company's wind-up exercise.



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

INDIAN OIL: Shares of Sri Lankan Arm Resume Trading
---------------------------------------------------
Shares of India Oil Corporation's Sri Lankan subsidiary resumed
trading on July 11, 2006, after the Indian oil retailer
dismissed reports over a possible take over by the Sri Lankan
government, Lanka Business Online reveals.

As reported by the Troubled Company Reporter - Asia Pacific, Sri
Lanka's Minister of Transport and Petroleum Development AHM
Fowzie gave Lanka-Indian Oil Company a 30-day ultimatum to
resume fuel sales or face losing their 160 retail outlets.

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

However, Lanka-Indian Oil Managing Director K Ramakrishnan
explained the subsidy issue has been amicably sorted out, with
amendments to their existing agreement being inked before the
end of the month, according to Business Online.

Mr. Ramakrishnan also assured the Sri Lankan Government that
with the support of Indian Oil Corp, the local oil retailer has
arranged for the delivery of two import parcels of petrol and
diesel to the Trincomalee and Colombo ports on July 14-15 and
August 4-5, respectively, Colombo Page says.

"There is no cause for any alarm or concern for anyone in the
functioning of our company," Lanka-Indian Oil said in a
statement to the stock exchange.   The Company added that the
firm will be selling fuel through its sheds on or before
August 8, 2006.

The Company also requested the stock exchanges not to halt
trading of shares without proper justification or communications
from the concerned entity, Colombo Page adds.

                  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.


LML LIMITED: Allots Equity Shares on Conversion of FCCBs
--------------------------------------------------------
On July 11, 2006, LML Limited allotted 27,97,427 equity shares
of INR10 each to Credit Suisse (Singapore) Limited at INR31.10
each including a premium of INR21.10 per share on conversion of
2,000 Foreign Currency Convertible Bonds - Series A due 2008 of
US$1000 each.

The Company undertook the exercise pursuant to the conversion of
2,000 FCCBs into Equity Shares as approved by the Financial
Restructuring Committee of Directors.

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

On June 14, 2006, LML allotted 67,15,769 equity shares of INR10
each at a premium of INR28.08 per share to Merrill Lynch Capital
Markets Espana S.A.SV., the TCR-AP reported.  The allotment was
made pursuant to the conversion of 5,879 foreign currency
convertible bonds of US$1,000 each for a total of US$5,879,000
into equity shares.

                       About LML Limited

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

As reported by the Troubled Company Reporter - Asia Pacific on
June 28, 2006, ICRA has downgraded the rating assigned to the
INR1,250-million preference share capital program of LML Limited
to "LC" from "LBB" following prolonged disruption of
manufacturing operations subsequent to lockout at its Kanpur
factory.


* Bombay Stock Exchange Tightens Norms for Listing of Shares
------------------------------------------------------------
The Bombay Stock Exchange has decided to revise and tighten the
norms for listing shares of initial public offering and follow-
on public issue to check fraudulent operators entering the
capital market.

An important requirement under new norms, which will come into
effect from August 1, 2006, is that due diligence for IPOs and
FPOs for less than INR10 crore has to be done by merchant
bankers and chartered accountants appointed by the BSE.

This requirement will be waived off if a financial institution
or a scheduled commercial bank has appraised the project in the
preceding 12 months.

The minimum number of public shareholders after the issue will
be 1,000 for small-cap companies.

Small-cap companies are those companies that have a market
capitalization of less than INR25 crore or companies that tap
the IPO market with an issue size of less than INR10 crore.

Under the new norms, BSE said minimum post-issue paid-up capital
and minimum issue size for small cap companies should be
INR3 crore.

Again, for small-cap companies tapping the IPO/FPO market, the
minimum market capitalization is stipulated at INR5 crore and
the minimum turnover of the company should be INR3crore in each
of the preceding 12-month period.

For large-cap companies, the minimum post-issue paid-up capital
of the applicant company should be INR3 crore, while the minimum
issue size is stipulated at INR10 crore.

Under the existing norms, new companies can be listed on the
BSE, if their issued and subscribed equity capital after the
public issue is INR10 crore.

In addition to this, the issuer company should have a post issue
net worth of INR20 crore.

BSE said that the new norms would be in addition to the
conditions prescribed under the Securities and Exchange Board of
India Disclosure and Investor Protection Guidelines, 2000.


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

HANAROTELECOM: Posts a KRW209.32 billion net loss for 2005
----------------------------------------------------------
Hanaro Telecom Inc. posted a net loss of KRW209.32 billion for
the year ending December 31, 2005, compared to the
KRW13.04 billion net profit that the company posted for full-
year 2004, the Troubled Company Reporter - Asia Pacific learns
from a regulatory filing with the United States Securities and
Exchange Commission.

The company reported a 10% increase in its operating revenue
from KRW1.45 trillion in 2004 to KRW1.59 trillion in 2005.  The
increase comes from a 20% increase in subscribers -- which
includes broadband Internet and voice -- from 4,294,276 in 2004
to 5,157,881 in 2005.  Corporate leased lines also increased to
8,080 in 2005 from 7,958 the year before.  Voice revenues
increased 29% to KRW375.25 billion, while leased line revenue
gets an 11% increase to KRW44.26 billion.  The company's
broadband Internet subscribers contributed a total of
KRW1.07 trillion to the total revenue, a 9% increase from 2004's
KRW985.43 billion.  Hanarotelecom gets around 91.2% of its
revenues from its broadband and voice services.

Hanarotelecom, however, recorded a 24% increase in its expenses.  
Operating expenses topped KRW1.55 trillion in 2005, a 16%
increase from a year before, while non-operating expenses
amounted to KRW230.31 billion, up 130% from 2004's
KRW100.08 billion.

The increase in operating expenses in 2005 was primarily due to
increases of KRW71.4 billion in sales commissions,
KRW55.8 billion in depreciation and KRW23.6 billion in
telecommunications equipment lease expenses.  The company's
acquisition of Thrunet increased operating expenses by
KRW151.2 billion, including increases in sales commissions,
depreciation and telecommunications equipment lease expenses of
KRW45.7 billion, KRW33.5 billion and KRW38.3 billion,
respectively.

The increase in non-operating expenses in 2005 was primarily due
to:

   (1) an increased level of loss on disuse of property and
       equipment, resulting in an account of KRW60.6 billion;

   (2) impairment loss on intangibles, totaling
       KRW79.2 billion, related to the company's acquisition of
       Thrunet; and,

   (3) early retirement allowance payments of KRW21.9 billion to
       260 axed employees in connection with restructuring
       initiatives in 2005.

The company also has a working capital deficit of
KRW191.80 billion, 63% higher than 2004's recorded deficit of
KRW117.71 billion.

The company has not declared any dividends for five years now.

                     Revenue per Subscriber

Hanarotelecom's revenue per subscriber of broadband services has
declined over the years, due to:

   (1) revenue levels among long-term subscribers declining
       slightly due to the impact of discounts provided in
       connection with customers shifting into longer term
       contracts;

   (2) slower increases in numbers of subscribers yielding fewer
       installation and connection charges than in years of
       rapidly increasing subscriber bases; and

   (3) the increasing proportion of subscribers who are exempt
       from modem rental fees after using our services over
       three years.

The average revenue per subscriber in voice services decreased
though 2004 due to rapid growth in the total number of
subscribers and the larger proportion of lower usage
subscribers.  In 2005, however, average revenue per subscriber
began to recover mainly due to an increase in the number of
subscribers using our voice services as their primary phone
service.

Customer churn is a measure of the number of customers who
stopped using Hanarotelecom's services.  For 2005, the company's
average monthly churn rate increased slightly to 1.8% for 2005
from 1.7% for 2004 as a result of increased competition.

Hanaro's 2005 annual report is available for free at:

   http://bankrupt.com/misc/Hanaro_Telecom_Fiscal2005.pdf

                      About hanarotelecom

Hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  In June 2001,
the company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables (HFC) and Broadband
Wireless Local Loop (BWLL) into a single brand called HanaFOS.  
Hanaro offers VoIP services to its broadband business customers
as a bundled service and also as a stand alone service.  Its
VoIP infrastructure consists of an ADSL / VDSL circuit, a
splitter and a modem.  The splitter, which is connected through
a DSL or cable modem line, converts the user's voice into
digital data packets, which are further passed on through the
Internet.  The operator had 1.5 million VoIP subscribers at the
end of July 2005.

On February 22, 2006, Hanarotelecom adopted a resolution on a
50% reduction of capital stock without payment to shareholders.  
If the capital reduction is approved at the annual general
meeting of shareholders to be held this year, two registered
common shares will be consolidated into one registered common
share, with the par value remaining at KRW5,000, decreasing the
number of total outstanding shares from 463,353,012 to
231,676,506 and the amount of paid-in capital from
KRW2,316,765,060,000 to KRW1,158,382,530,000.  Hanaro explained
that it plans to eliminate the accumulated deficit of
KRW1.07 trillion with about KRW1.16 trillion of gains from the
capital reduction.  Based on the improved financial structure,
it will pursue shareholder-friendly initiatives such as a
dividend payout or purchase of treasury stock.

Moody's Investor Service has given Hanarotelecom's long-term
corporate family and its senior unsecured debt a Ba2 rating
effective January 13, 2005.  While Standard and Poor's gives
both Hanaro's long-term foreign issuer credit and long-term
local foreign issuer credit a BB rating effective January 13,
2005.


NOVELIS INC: Extends Consent Request for Senior Notes to July 19
----------------------------------------------------------------
Novelis Inc. is extending the expiration date in connection with
its previously announced consent solicitation relating to its 7-
1/4% Senior Notes due 2015 (CUSIP Nos. 67000XAA4, C6780CAA1 and
67000XAB2) in order to allow holders additional time to deliver
their consents.

Novelis is soliciting consents to its proposed amendments to the
indenture pursuant to which the Notes were issued that would
give Novelis until December 31, 2006, to become current in its
reporting obligations and a waiver of any and all defaults
caused by its not timely filing certain reports with the
Securities and Exchange Commission.  The consent solicitation,
which was scheduled to expire at 5:00 p.m., New York City time,
on July 12, 2006, will now expire at 5:00 p.m., New York City
time, on July 19, 2006, unless extended to a later time or date.

Upon the terms and subject to the conditions of the consent
solicitation, holders of record as of 5:00 p.m., New York City
time, on June 21, 2006, who validly deliver and do not revoke
their consents prior to the Expiration Date, will receive an
initial consent fee for each US$1,000 in principal amount of
Notes with respect to which consents are received equal to the
product of US$15 multiplied by a fraction, the numerator of
which is the aggregate principal amount of Notes outstanding on
the Expiration Date and the denominator of which is the
aggregate principal amount of Notes as to which Novelis received
and accepted consents.

If Novelis has not filed its Annual Report on Form 10-K for the
year ended December 31, 2005, with the SEC by 5:30 p.m., New
York City time, on September 30, 2006, Novelis will pay to these
holders an additional US$5 for each US$1,000 in principal amount
of Notes as to which Novelis has received and accepted consents.  
These consent fees are collectively referred to as the "Consent
Fees."

The effectiveness of the proposed amendments and waiver and the
payment of the Consent Fees are subject to the receipt of valid
consents that are not revoked in respect of at least a majority
of the aggregate principal amount outstanding of the Notes.  
Holders of the Notes may revoke their consents at any time
before the proposed amendments and waiver become effective, but
upon receipt by Novelis of the consents of a majority of holders
of the Notes the waiver will become effective, a supplemental
indenture setting forth the amendments will be executed and
consents may no longer be revoked unless Novelis fails to pay
holders the Consent Fees.

Citigroup Corporate and Investment Banking is serving as the
solicitation agent for the consent solicitation.

                          About Novelis

Based in Atlanta, Georgia, Novelis Inc. (NYSE: NVL) (TSX: NVL)
-- http://www.novelis.com/-- provides customers with a regional  
supply of technologically sophisticated rolled aluminum products
throughout Asia, Europe, North America, and South America.  The
company operates in 11 countries and has approximately 13,000
employees.  Through its advanced production capabilities, the
company supplies aluminum sheet and foil to the automotive and
transportation, beverage and food packaging, construction and
industrial, and printing markets.

Novelis Asia has majority ownership in two separate entities:
Novelis Korea Limited and Aluminium Company of Malaysia.  
Together, they operate three manufacturing facilities in the
Asian region and manufacture a broad range of sheet and light
gauge products.

                           *     *     *

As reported in the Troubled Company Reporter on May 18, 2006,
Moody's Investors Service placed the ratings of Novelis Inc.,
and its subsidiary, Novelis Corporation, under review for
possible downgrade.  In a related rating action, Moody's changed
Novelis Inc's speculative grade liquidity rating to SGL-3 from
SGL-2.

Novelis Corporation's Ba2 senior secured bank credit facility
rating was placed on review for possible downgrade.

Novelis Inc.'s Ba3 corporate family rating; Ba2 senior secured
bank credit facility and B1 senior unsecured regular
bond/debenture were placed on review for possible downgrade.


THOMAS EQUIPMENT: CEO Recommends Closing of Korean Facility
-----------------------------------------------------------
James E. Patty, Chief Executive Officer of Thomas Equipment,
Inc., recommended, on July 3, 2006, the termination of all
operations of Thomas Equipment Asia, Inc., to the Company's
Board of Directors.  Thomas Equipment Asia is the Company's
subsidiary with operations in Busan, South Korea.

The Company reported that as part of its restructuring and
operational review, Mr. Patty visited the Busan plant on
June 27, 2006.  Upon Mr. Patty's arrival, the office manager
advised him that Lim Chul Jin, president of Thomas Equipment
Asia, and all workers had quit as a sign of solidarity and
support for the recently terminated President of the Company,
Clifford Rhee.  Including the office manager, four former
employees of the Company were on the premises upon Mr. Patty's
arrival.  The Company said that Mr. Patty was further advised
that if certain undefined conditions were met, all the workers
would immediately return to work.

The Company further disclosed that on June 28, 2006, David M.
Marks, Chairman of the Company, received a facsimile of a letter
dated June 26, 2006, from Mr. Lim, terminating his employment
with the Company and its subsidiaries.

The Company reported that it has been advised by Mr. Rhee that
the workers would return to its Busan plant if certain demands
by Mr. Lim were met.  The Company's senior management however
declined to have any discussions or negotiations with Mr. Lim
regarding the resumption of operations in the Busan plant given
their recommendation to close that manufacturing facility.

Mr. Patty also recommended:

    1. In an orderly fashion, that the Company sell its finished
       goods located in Busan, South Korea;

    2. The Company relocate certain of its other intellectual
       and capital assets to its plant in Centreville, New
       Brunswick, Canada; and

    3. The Company or its agent proceed to sell its land and
       improvements in Busan, South Korea, and apply the
       proceeds, net of any financial costs and charges from the
       closure, to reduction of its senior debt with Laurus
       Master Funds, Ltd.  In connection with its recent
       financing with Laurus, the Company perfected Laurus'
       security interest in all of its assets in South Korea.

Mr. Patty says that these recommendations reflect his and the
senior managements team's agreement on the steps necessary to
restructure and make the Company successful and these
recommendations had nothing to due with the actions of Mr. Lim
or Company's former workers in Busan.

                      About Thomas Equipment

Headquartered in Milwaukee, Wisconsin, Thomas Equipment, Inc. --
http://www.thomas-equipment.com/-- is a technologically  
advanced global manufacturer of a full line of skid steer and
mini skid steer loaders as well as attachments, mobile screening
plants and six models of mini excavators.  The Company
distributes its products through a worldwide network of
distributors and wholesalers.  In addition, the Company's wholly
owned subsidiaries manufacture specialty industrial and
construction products, a complete line of potato harvesting and
handling equipment, fluid power components, pneumatic and
hydraulic systems, spiral wound metal gaskets, and packing
material.

At March 31, 2006, Thomas Equipment Inc.'s balance sheet showed
a stockholders' deficit of US$31,289,000, compared to the
US$67,129,000 stockholders' deficit at June 30, 2005.


* Number of Suspicious Financial Transactions Rise in 2005
----------------------------------------------------------
The number of reports on dubious financial transactions made by
financial institutions in Korea increased 49-fold in 2005 from
2002, The Korea Times reports.

According to the Korea Financial Intelligence Unit, local
financial institutions filed 13,459 reports on odd financial
transactions suspected as money laundering practices in 2005.  
This figure is up from the 4,680 cases reported in 2004 and 275
cases in 2002.

The agency attributed the increase in reports by banks and other
financial firms to stricter enforcement of rules on the neglect
of duty to report dubious transactions suspected to be money
laundering.

The Korea Times says that since November 2001, financial
companies have been required to report cash transactions of
KRW50 million to the KoFIU.


* FSS Alerts Issued for Illegal Funds
-------------------------------
The Financial Supervisory Service alerted investors over illegal
fund products that have no means to protect investors, The Korea
Times reports.

This after the FSS found 21 illegal fund products and reported
them to the police for investigation.

According to the report, illegal fund products are sold by
unlicensed operators and investors purchasing them are
unprotected by law.

The FSS said that real estate funds account for about half of
the illegal funds.

The FSS said that an illegal fund it reported to the police
recently sold investments in housing projects in Beijing.  The
fund creator lured investors by guaranteeing more than a 20%
return on investments.

"[] Illegal fund creators tried to take advantage of rising
demand for overseas real estate investment amid hikes in
property prices overseas and deregulations in foreign currency
transactions," an FSS official said.

Seven illegal domestic real estate funds sought profits by
investing in pension and resort businesses.

Illegal funds also often adopt the Internet as a means to
attract investors.  An illegal fund creator, who looked for
investors in an Internet equity investment community, was also
reported to police.

The FSS is asking fund investors to check if a fund is created
by a licensed asset management firm, before buying, The Times
says.


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

AYER HITAM: June 30 Public Shareholding Spread Pegged at 53.99%
---------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia 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 53.99% of the total shareholding in the hands of
7,300 public shareholders.

                        About Ayer Hitam

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

The Proposed Restructuring Scheme includes provisions on:

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


CYGAL BERHAD: Public Shareholding Spread Meets Requirement
----------------------------------------------------------
Based on the record of depositors as of June 30, 2006, Cygal
Berhad confirmed that its public shareholding spread was 52.33%
and were held by 2,678 public shareholders holding not less than
100 shares each.

Thus, the Company has complied with the public shareholding
spread requirement pursuant to the Listing Requirements of Bursa
Malaysia Securities Berhad.

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.

                       About Cygal Berhad

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

On Nov. 19, 2001, Cygal Berhad and its subsidiary companies
finalized a debt restructuring agreement with their lenders on
involving debts outstanding of approximately MYR230 million.
The Troubled Company Reporter - Asia Pacific reported on
January 13, 2006, that Cygal has obtained the consent of the
majority of its financial institution creditors for a further
extension of time within which Cygal is to meet the conditions
precedent as stipulated in its Nov. 2001 Settlement Agreement
with its creditors.  The deal relates to the settlement of
Cygal's MYR229,637,109 debt to its lenders.  The Securities
Commission later gave Cygal until August 31, 2006, to start
implementing its corporate exercises.


FURQAN BUSINESS: Inks New Deal to Amend Share Sale Pact
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that
Furqan Business Organization Berhad, on March 3, 2006, entered
into a Share Sale Agreement with directors Wong Ah Choy and Chin
Kim Lan to acquire 200,000 ordinary shares of MYR1.00 each in
Discover Orient Holidays Sdn Bhd for a total cash consideration
of MYR7,500,000.

On July 10, 2006, the Company entered into a supplemental
agreement with vendors Wong Ah Choy and Chin Kim Lan to add,
delete, vary, amend, alter and change certain terms and
conditions of the Share Sale Agreement.

Under the Supplemental Agreement, the consideration of
MYR7.5 million will be replaced with a new consideration of
MYR7 million.  The unpaid MYR4-million balance is to be paid by
July 31, 2006, without any late payment interest.  In addition,
the net tangible asset of Discover Orient will be amended to
MYR3.2 million as of March 3, 2006.

As reported by the TCR-AP on May 13, 2006, the Furqan's board of
directors believes that the prospects of the business are
encouraging.  The Board also believes that Discover Orient's
strong position in the market, which caters to the higher end
tourists, will further enhance the leisure and hospitality
business unit of the FBO Group.  This is due to the fact that
Discover Orient is long established in the industry since 1992.  
Barring any natural calamities like SARS and the bird flu, the
profitability of Discover Orient should be maintainable in light
of the established networking.   Nevertheless, the Company is
covered by the three-year profit guarantee provided.

Furqan Business will use internal funds to finance the
acquisition, which is expected to enhance the hospitality,
travel and leisure business of the Group.

               About Furqan Business Organization

Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services.  Other activities
include contractor, leasing and hire purchase financing
facilities.  The Group's operations are substantially carried
out in Malaysia.  The Company's operating cash flow has
persistently remained in negative since December 31, 2002.  
Rating Agency Malaysia has downgraded the rating of the
Company's MYR37.66 million Redeemable Convertible Loan Stocks,
from BB3 to B1, with a negative outlook.  At the same time, the
rating agency is maintaining the Rating Watch on the Company.  
The downgrade is premised on the deterioration in Furqan's
business profile, especially in its leasing business, which is
currently the main revenue contributor to the Group.


KIG GLASS: Given Chance to Avert Delisting
------------------------------------------
Bursa Malaysia Securities Berhad has given KIG Glass Industrial
Berhad until July 15, 2006, to explain why its securities should
not be removed from the Official List.

The Bourse may commence delisting procedures against KIG Glass
should the Company fail to submit a written explanation on the
stipulated date.

As reported by the Troubled Company Reporter - Asia Pacific, KIG
Glass Industrial is facing possible delisting after it 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.

On November 8, 2005, KIG declared that it is an affected listed
issuer pursuant to Practice Note 17/2005 of the Bursa Malaysia
Securities Berhad.  As an affected listed issuer, the Company is
required to submit a regularization plan to relevant authorities
for approval within eight months from Nov. 8, and to implement
the regularization plan within the timeframe stipulated by the
relevant authorities.  On June 21, 2006, KIG sought an extension
of time up to eight months up to March 7, 2007, for it to submit
a regularization plan to the relevant authorities.

Bursa Securities, on July 7, 2006, rejected the extension
application.  Pursuant to Bourse rules, a trading suspension was
to be imposed on the listed securities of KIG.  However, as the
listed securities of the Company have already been suspended
since March 8, 2006, the suspension will continue regardless of
the current development.

               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: Complies with Public Shareholding Requirement
--------------------------------------------------------------
Kretam Holdings 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 69.38% of the total shareholding in the hands of
6,169 public shareholders.

                  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.


MALAYSIA AIRLINES: Accuses Former Executive of Breaching Duties
---------------------------------------------------------------
Malaysia Airlines System Berhad filed a civil claim on July 11,
2006, with the High Court of Malaya at Kuala Lumpur against
former director and chairman Tan Sri Dato' Tajudin bin Ramli,
Naluri Corporation Berhad, Promet (Langkawi) Resorts Sdn Bhd,
Kauthar Venture Capital Sdn Bhd and Pakatan Permai Sdn Bhd.

Malaysia Airlines claimed that Mr. Ramli, during his tenure as
director, chairman and principal executive officer, had breached
his fiduciary duties in allowing the Company to enter into
various projects and business with third parties in total
disregard of the Company's interests.

The Company also alleged that Naluri, Promet, Kauthar and
Pakatan had respectively and at various times and situation
conspired with Mr. Ramli to cause loss and damage to Malaysia
Airlines.

The relief claimed by the Company against the Defendants is for
substantial damages and to account for misappropriation of the
Company's property in relation to the claims.

As of July 11, 2006, the Writ of Summons and Statement of Claim
has been filed in the High Court of Malaya at Kuala Lumpur -
Civil Division and is pending service on the Defendants.

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


MALAYSIA AIRLINES: Parent Pays MYR650 Mln for ADBU Termination
--------------------------------------------------------------
Malaysia Airlines System Berhad, on July 11, 206, entered into
an early termination agreement for domestic business unbundling,
or ADBU, with parent Company Penerbangan Malaysia Bhd, the
Company said in a statement to Bursa Malaysia Securities Berhad.

According to the disclosure, Malaysia Airlines and Penerbangan
Malaysia, on July 30, 2002, signed the ADBU in relation to the
removal of the domestic business profit and loss account from
the carrier's accounts.

In the Bursa Malaysia filing, Malaysia Airlines said the
termination of the agreement was part of the rationalization of
the domestic airline services sector announced by the Government
earlier this year.  

As a result of the proposed termination, all arrangements under
the agreement would cease, including the cash flow arrangements
whereby Penerbangan would reimburse Malaysia Airlines all costs
associated with the domestic business, while the carrier would
pay its parent all the associated revenue that it earns
domestically.

Penerbangan was initially required to give Malaysia Airlines 12
months' notice in writing to terminate the agreement but this
was not possible since strict timelines were imposed on the
carrier for the completion of the rationalization of the
domestic airlines sector, The Star Online says.

In this regard, Penerbangan will pay the national carrier the
agreed amount of MYR650 million as full and final compensation
for the early termination of the ADBU, Bernama reports.

Penerbangan will also pay the carrier up to MYR200 million for
the actual loss, that is the net difference between the net book
value of the assets to be disposed of and the aggregate amount
of all proceeds received by Malaysia Airlines from the said
assets disposal, Bernama adds.

The Star reports that Malaysia Airlines would use the
compensation to finance expenses incurred, which included the
cost to right-size its workforce involved in the domestic
operations due to the termination.

As reported by the Troubled Company Reporter - Asia Pacific,
Malaysia Airlines would release 3,089 employees between July and
December 2006 and a further 3,000 plus in the next two years to
achieve an overall manpower reduction of approximately 6,000.

The carrier expects to achieve cost savings of about
MYR250 million per annum through its mutual separation scheme
exercise, and about 25% reduction of overall manpower when the
employee strength is eventually downsized.

The proposed termination, subject to the approval of the
Company's shareholders and if necessary shareholders of
Penerbangan, is expected to be completed by August 1, 2006.

Malaysia Airlines said that the proposal will not have any
effect on its issued and paid-up capital, shareholdings of major
shareholders nor its earnings for the financial year ending
December 31, 2006.

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines --
http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


MALAYSIA AIRLINES: Sees 2 Mil New Enrich Members by July 2007
-------------------------------------------------------------
In line with its business turnaround plan, Malaysia Airlines is
keen on increasing its Enrich Frequent Flyer membership to two
million by July next year, The Edge Daily relates.

The Edge says that the carrier aims to double the number of its
frequent fliers through aggressive promotions such as the recent
launch of its enhanced loyalty program structure and expanded
range of services and privileges.

Malaysia Airlines' general manager for corporate marketing Raja
Nordiana Zainal Shah told The Edge that the new program was also
expected to boost revenue by 50% this year to MRY75 million.  
Ms. Raja Nordiana noted that revenue will come from hotels,
credit cards as well as shopping partners but not ticket sales.

Bernama reports that aside from Enrich's new look, Malaysia
Airlines will also introduce the Silver membership, which will
come after the basic enrich blue.  The new tier will bridge the
gap between the Blue and Gold membership.

The airline also planned to increase the Enrich membership at
other existing overseas markets such as Australia, Singapore,
United Kingdom and the United States, Bernama cites Ms. Raja
Nordiana.

Enrich was introduced in 1999 after the split from Passages --
the shared Asian frequent flyer programme comprising Malaysia
Airlines and Cathay Pacific, Thai Airways and Singapore
Airlines.  Its current membership is spread over a total of 240
countries with the strongest in Malaysia at around 60%.  

                    About Malaysia Airlines

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- services domestic and  
international flights.  Its global network comprised 32 domestic
and 86 international destinations.  Of the 86 international
destinations, 17 were operated in collaboration with our airline
partners.

The carrier made a loss after tax of MYR1.3 billion for fiscal
year 2005, due to high fuel and operating costs, and
unprofitable routes.  In late February 2006, it unveiled a
radical rescue plan to raise MYR4 billion in order to stay
afloat and return to profitability by 2007.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze
recruitment except for front-line staff, crack down on
corruption by encouraging Whistle-blowing and stop corporate
sponsorship.


MBF CORPORATION: Completes Sale of MIFC Stake
---------------------------------------------
MBf Corporation completed on July 7, 2006, the disposal of its
entire equity interest in MIFC Credit & Leasing Sdn Bhd for
MYR15,000, and has received the MYR10,000 down payment from the
purchaser.

As reported by the Troubled Company Reporter - Asia Pacific, MBf
Corporation entered on May 8, 2006, into a conditional share
sale agreement with Permai Mas Sdn Bhd for the disposal of
1,500,002 ordinary shares of MYR1 each in MIFC Credit & Leasing
representing the entire equity interest for MYR15,000.

The disposal is expected to enable MBf Corp to realize its
investments, improve the net assets position of the MBf Corp
group, to dispose of non-core companies in the group, to reduce
its gearing as well as to raise cash for working capital
requirements.


                  About MBf Corporation Berhad

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

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to aviod getting
delisted.


METROPLEX BERHAD: Default Amount Hits MYR1,769,860,134
------------------------------------------------------
Metroplex Berhad's default amount as of June 30, 2006, has
reached MYR1,769,860,134.

Currently, Metroplex is in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement, which will
essentially address the default issue.  Upon finalization of the
Proposed Scheme, an announcement will be made to Bursa
Securities.

A list of the Company's credit facilities in default as of
June 30, 2006, is available for free at:

   http://bankrupt.com/misc/tcrap_metroplex071206.pdf

                      About Metroplex Berhad

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

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

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


TRU-TECH HOLDINGS: Submits Appeal Against Delisting
---------------------------------------------------
Tru-Tech Holdings Berhad, on July 11, 2006, submitted an appeal
against Bursa Malaysia Securities Berhad's decision to delist
the Company's securities from the Official List on July 17,
2006.

In view of he appeal, the delisting of Tru-Tech's securities
will be deferred pending the Bourse's decision on the Appeal.

The Troubled Company Reporter - Asia Pacific reported on
July 11, 2006, that Bursa Malaysia has decided to delist Tru-
Tech on July 17, 2006, after discovering that the Company's
financial position is not sufficient to warrant continued
listing on the Bourse's Official List.

                 About Tru-Tech Holdings Berhad

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

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


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

LEGEND INTERNATIONAL: Court-Appointed Liquidator to Reopen Firm
---------------------------------------------------------------
The court-appointed liquidator of Legenda International Resorts
Inc. (LIRL) vowed to reopen the Legenda Hotel and Casino in
Subic without firing a single employee, the Manila Standard
Today says.

According to The Manila Times, the High Court of Honk Kong
appointed Kelvin Flynn, of Alvarez and Marsal, as liquidator on
June 9, 2006, to take over the management and operation of the
Hong Kong-based hotel and casino company in Subic.

The Manila Times relates that the Hong Kong Court also issued an
order for the powers of Legenda's board of directors to cease
immediately.

The Hong Kong Court's order comes after Legenda International
has been engaged in a "tug-of-war" with the Philippine Amusement
and Gaming Corp.  Standard Today says that Pagcor closed down
the Legenda Hotel in May after Legenda International failed to
remit 15% of revenues to the state-run gaming company.

Specifically, Pagcor revoked Legenda International's gaming
license for its failure to pay the Philippine Government its
license fees amounting to more than PHP365 million, as well as
for holding an illegal cockfight, Standard Today says.

Mr. Flynn said that he plans to bring in new management
personnel with expertise in hotel and gaming to reoperate the
hotel and casino.  He said that the new management team would
help market Legenda Hotel in the international market.

The Times relates that Mr. Flynn has already terminated the
service of Legend International president and chief executive
officer Khoo Boo Boon and is replacing him with Martin Yupangco
of Alvarez & Marshal.

Standard Today also notes that, according to Mr. Flynn, he would
file a petition for rehabilitation to pay the company's debts to
existing creditors, including Morgan Stanley, Pagcor and Subic
Bay Metropolitan Authority.

Mr. Khoo insisted that the "liquidator and Yupangco" has to have
a court order from the Philippines before they can take over the
company, The Times says.  


MIRANT CORP: Mirant NY-Gen Wants DIP Facility Raised to US$9.5 M
----------------------------------------------------------------
Mirant NY-Gen, LLC, a Mirant Corporation debtor affiliate, has
discovered that its US$4,500,000 existing DIP Facility is not
enough to finance the final remediation plan approved by the
Federal Energy Regulatory Commission.  The Final Remediation
Plan provides for the remediation of Mirant NY-Gen's Swinging
Bridge hydroelectric facility.

Accordingly, Mirant NY-Gen asks Judge Michael D. Lynn of the
United States Bankruptcy Court for the Northern District of
Texas to permit it to amend its DIP Facility.

The First Amendment provides that:

    (1) the amount of the commitment of the DIP Facility will be
        increased by US$5,000,000 -- from US$4,500,000 to
        US$9,500,000; and

    (2) the original revolving credit facility will be changed
        to a term loan or term loans not to exceed US$9,500,000
        which, once repaid or prepaid, may not be reborrowed.

Mirant NY-Gen also seeks Judge Lynn's permission to execute the
First Amendment to the DIP Facility Agreement and all other
related documents.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that   
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on January 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts.  (Mirant Bankruptcy
News, Issue No. 100; Bankruptcy Creditors' Service, Inc.,
215/945-7000)

                           *     *     *

Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to power generator and developer Mirant Corp. and
said the outlook is stable.  That rating reflected the credit
profile of Mirant, based on the structure the company expects to
have on emergence from bankruptcy at or around year-end 2005,
S&P said.


PHOTOCIRCUITS CORP: Files Plan & Disclosure Statement in NY
-----------------------------------------------------------
Photocircuits Corporation delivered its Disclosure Statement
explaining its Chapter 11 Plan of Liquidation to the United
States Bankruptcy Court for the Eastern District of New York on
March 3, 2006.

                       Overview of the Plan

The Debtor is in the process of consummating a sale of
substantially all of its operating business assets as a going
concern for the benefit of its creditors with American Pacific
Financial Corporation, which will require the transfer of title
to the 45-A Property and 45-B Property.

American Pacific's purchased offer consist of:

   a) cash of US$35.5 million (US$3.5 million of which will be
      applied to reimburse Stairway for the draw on the letter
      of credit);

   b) the assumption of US$2.1 million of administrative
      obligations consisting primarily of outstanding checks and
      accounts payable to post-petition vendors;

   c) the assumption of US$1.5 million of accrued but unpaid
      vacation pay to employees; and

   d) a series of non-interest bearing contingent promissory
      notes in favor of the estate in the aggregate amount of
      US$5.5 million.

The Notes indicated in the Asset Purchase Agreement mature one
each in years 2006, 2007, 2008, 2009 2010 and 2011.  The closing
date for the sale of the Debtors' assets is scheduled for
March 10, 2006.

The Plan is also subject to the Debtors' ability to obtain Court
approval of two settlements reached with various parties.  The
first settlement is the Stairway/CMK Parties Settlement and the
settlement with Messrs. Endee, Wohlgemuth and Robbins, the
Debtor's shareholders.

If the settlements with Stairway, the CMK Parties and the Endee
Parties are approved, the Debtor's debt structure before further
reduction from objections to Claims will be:

   a) Stairway (senior secured lender) -- approximately
      US$22.9 million;

   b) CMK (junior secured creditor) -- US$5.2 million;

   c) Other liens/cure costs -- US$4.85 million;

   d) Administrative claims -- (Estimated) US$4.0 million; and

   e) Unsecured creditors -- US$50 million;

The Plan provides that the estates of Photocircuits, Alpha
Forty-Five LLC and Beta Forty-Five LLC will be substantially
consolidated.

The Plan also provides all holders of claims against the Debtors
with greater recoveries than would be available if all the
assets and interests of the Debtors were liquidated in a
proceeding under chapter 7 of the Bankruptcy Code and
distributed by a Chapter 7 trustee in accordance with the
statutory scheme and priorities contained in the Bankruptcy
Code.

                          Plan Funding

The Debtor tells the Court that the Plan will be funded from the
proceeds from the sale of the assets after payment of the
various classes of Allowed Secured Claims and all other assets
recovered by the Litigation Trustee.  The Restructuring
Committee will nominate an individual to act as Distributing
Agent to make the Distributions under the Plan.

                       Treatment of Claims

Under the Plan, All Allowed Administrative Expense Claims,  
estimated at US$4.0 million, unless:

   a) previously paid or assumed by American Pacific; or

   b) disputed by the Debtor or the Committee,

will be paid in full, in cash, as soon as practicable after the
Effective Date but no later than within 30 days of the Effective
Date of the Plan or within 10 days of entry of the Court's Final
Order allowing that Claim.

Allowed Secured Real Estate Tax Liens will be paid in full at
the closing of the sale of the Debtors' real property assets.

The Stairway Secured Claim consists of the First priority
Secured Claim of Stairway in the aggregated amount of
US$24 million, which will be satisfied in the Allowed amount of
US$22.9 million at the Closing of the Debtors' sale of the
assets to American Pacific or such other purchaser if the
Debtors' proposed sale to American Pacific does not close.

The CMK Secured Claim consists of the Junior Secured Claim of
the CMK parties in the aggregate amount of approximately
US$32 million which claim, will be satisfied in the reduced and
Allowed amount of US$5.2 million at the closing of the sale of
the Debtors' assets to American Pacific or such other purchaser
if the Debtors' proposed sale to American Pacific does not
close.

Allowed Priority Claims related to employees will be paid in
full by assumption of certain obligations by the purchaser of
the Debtor's assets.

Each holder of an Allowed Unsecured Claim will not receive
payment, in full, on the Effective Date of the Plan.  The Debtor
estimates that the Filed Unsecured Claims will be approximately
US$50,000,000.

Holders of Shareholder Interests will not receive a distribution
under the Plan and all Allowed Shareholder Interests will be
cancelled upon the Effective Date.

Headquartered in Glen Cove, New York, Photocircuits Corporation
-- http://www.photocircuits.com/-- was the first independent  
printed circuit board fabricator in the world.  Its worldwide
reach comprises facilities in Peachtree City, Georgia;
Monterrey, Mexico; Heredia, Costa Rica; and Batangas,
Philippines.

PHOTOCIRCUITS CORP: Hires Quisumbing Torres as Special Counsel
--------------------------------------------------------------
Photocircuits Corporation sought and obtained permission from
the United States Bankruptcy Court for the Eastern District of
New York to employ Quisumbing Torres, as its special counsel.

Quisumbing Torres is expected to:

   a) render legal advice;

   b) draft and prepare all relevant sale and purchase
      agreements;

   c) assist in obtaining all government approvals and
      registrations;

   d) advise the Debtor on the transaction's tax implications
      under Philippine law; and

   e) attend the closing of the Proposed Sale transaction.

Cornelio B. Abuda, Esq., a member at Quisumbing Torres,
disclosed the Firm's professionals' billing rates:

      Professional                Hourly Rate
      ------------                -----------
      Partners                  US$220 - US$225
      Associates                US$115 - US$185
      Legal Assistants             US$65

Mr. Abuda assured the Court that Quisumbing Torres is a
"disinterested person" as that term is defined in section
101(14) of the bankruptcy code.

Headquartered in Glen Cove, New York, Photocircuits Corporation
-- http://www.photocircuits.com/-- was the first independent  
printed circuit board fabricator in the world.  Its worldwide
reach comprises facilities in Peachtree City, Georgia;
Monterrey, Mexico; Heredia, Costa Rica; and Batangas,
Philippines.  The Company filed for chapter 11 protection on
Oct. 14, 2005 (Bankr. E.D.N.Y. Case No. 05-89022).  Gerard R.
Luckman, Esq., at Silverman Perlstein & Acampora LLP, represents
the Debtor in its restructuring efforts.  Ted A. Berkowitz,
Esq., and Louis A. Scarcella, Esq., at Farrell Fritz, P.C.,
represent the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it estimated
more than US$100 million in assets and debts.


PHOTOCIRCUITS CORP: Panel Wants Court to Verify G. Cove's Liens
---------------------------------------------------------------
The Official Committee of Unsecured Creditors appointed in the
Chapter 11 cases of Photocircuits Corporation asks the United
States Bankruptcy Court for the Eastern District of New York to
determine the extent, validity and priority of the liens
asserted by the City of Glen Cove against the Debtor's property.

Specifically, Glen Cove asserts that the Debtor has past due
water and sewer charges aggregating US$2,372,378, a portion of
which, consisting a principal amount of US$1,041,015 plus
accrued interest, was added to Glen Cove's 2005 tax roll with
respect to the Debtor's real property identified on the Nassau
County tax map as Section 21, Block S, Lot 212P.

In addition, Glen Cove asserts that the Debtor has unpaid city
and school district taxes aggregating US$478,285.

Glen Cove contends that its claims against the Debtor for past
due water and sewer charges, including both the Pre-2004 Charges
and the 2004 and Subsequent Charges, as well as its claims for
city and school district taxes, are all secured by liens against
the Debtor's property and that the liens "are all first
priority, priming, senior liens, by virtue of certain provisions
of New York state law and the City of Glen Cove local law."

The Committee disputes that the 2004 and Subsequent Charges give
rise to secured claims in favor of Glen Cove and that any
property of the Debtor other than Parcel 212P is subject to
liens of Glen Cove arising from unpaid water and sewer charges.

Accordingly, the Committee requests a declaratory judgment that:

   (a) the Water and Sewer Charges Liens are limited in amount
       to the Pre-2004 Charges; and

   (b) as limited, the Water and Sewer Charges Liens do not
       encumber any property of the Debtor other than Parcel
       212P.

The Committee also argues that the Water and Sewer Charges Liens
were not filed of record and were not perfected during the
Debtor's bankruptcy filing, except with respect to liens against
Lot 212P arising from the Pre-2004 Charges

Hence, the Committee believes that it is entitled to avoid the
Water and Sewer Charges Liens, except with respect to liens
against Lot 212P arising from the Pre-2004 Charges pursuant to
Section 545(b) of the Bankruptcy Code and to preserve the
avoided liens for the benefit of the Debtor's estate pursuant to
Section 551 of the Bankruptcy Code.

Headquartered in Glen Cove, New York, Photocircuits Corporation
-- http://www.photocircuits.com/-- was the first independent  
printed circuit board fabricator in the world.  Its worldwide
reach comprises facilities in Peachtree City, Georgia;
Monterrey, Mexico; Heredia, Costa Rica; and Batangas,
Philippines.  The Company filed for chapter 11 protection on
Oct. 14, 2005 (Bankr. E.D.N.Y. Case No. 05-89022).  Gerard R.
Luckman, Esq., at Silverman Perlstein & Acampora LLP, represents
the Debtor in its restructuring efforts.  Ted A. Berkowitz,
Esq., and Louis A. Scarcella, Esq., at Farrell Fritz, P.C.,
represent the Official Committee of Unsecured Creditors.  When
the Debtor filed for protection from its creditors, it estimated
more than $100 million in assets and debts.


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

DREAMSCAPE CONSULTING: To Hold Creditors' Meeting on July 21
------------------------------------------------------------
Dreamscape Consulting Pte Ltd will hold a creditors meeting at
18 Cross Street, #08-01 Marsh & McLennan Centre, Singapore
048423, on July 21, 2006, at 3:30 p.m.

At the meeting, creditors will:

   -- get an update on the status of liquidation;

   -- be asked to approve the liquidators' remuneration; and

   -- receive their first and final dividend.

The liquidator 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


GOLD GREEN: Court to Hear Wind-Up Petition on July 21
-----------------------------------------------------
An application for the winding-up of Gold Green Corporation Pte
Ltd will be heard before the High Court of the Republic of
Singapore on July 21, 2006, at 10:00 a.m.

The wind-up petition was filed by Poh Huat Heng Corporation Pte
Ltd on June 23, 2006.

The solicitors for the petitioner can be reached at:

         Bih Li & Lee
         79 Robinson Road,
         #24-08 CPF Building
         Singapore 068897


JIANGSHAN INVESTMENT: Pays Dividend to Creditors
------------------------------------------------
Jiangshan Investment Consortium Ltd Pte Limited has paid its
second and final dividend to creditors on July 10, 2006.

The creditors received 50% of their admitted unsecured claims.


KIDA COLLAGE: Court to Hear Wind-Up Petition on July 14
-------------------------------------------------------
An application for the wind-up of Kida Collage Pte Ltd will be
heard before the High Court of the Republic of Singapore on
July 14, 2006, at 10:00 a.m.

The wind-up petition was filed by the Company on June 22, 2006.

The solicitors for the applicant can be reached at:

         H.A. & Chung Partnership
         100 Cecil Street #09-02
         The Globe, Singapore 069532


ROGERS WORLDWIDE (SINGAPORE): Faces Wind-Up Proceedings
-------------------------------------------------------
Rogers Worldwide (Hong Kong) Ltd on June 30, 2006, filed before
the High Court of the Republic of Singapore an application to
wind up Rogers Worldwide (Singapore) Pte Ltd.

The Official Receiver can be reached at:

         The Insolvency & Public Trustee's Office
         45 Maxwell Road #05-11 & #06-11
         URA Centre, East Wing
         Singapore 069118


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

CERTEGY INC: Earns US$36.3 Mil. Net Income in Qtr. Ended Dec. 31
----------------------------------------------------------------
Certegy Inc. (NYSE: CEY) reported results for fourth quarter and
full year ending Dec. 31, 2005.

Revenues for the quarter ending Dec. 31, 2005, totaled
US$295.8 million, compared to US$281.8 million for the same
period of the prior year.  For the quarter ending Dec. 31, 2005,
net income was US$36.3 million, compared to US$33.6 million for
the same period in 2004.

Revenues for the full year ending Dec. 31, 2005, were
US$1.1 billion, compared to US$1 billion for the same period of
the prior year.  For the quarter ending Dec. 31, 2005, net
income was US$130 million, compared to US$103 million for the
same period in 2004.

"We are pleased with the overall margin expansion and strong
growth in earnings per share," stated Lee A. Kennedy, chairman
and chief executive officer of Certegy.  "All of our businesses
are on solid ground going into 2006, and we remain very
encouraged with our continued progress in developing new
customer relationships and expanding our product offerings.  We
are especially pleased to announce a seven-year extension of our
card processing agreement with the National Australia Bank.  
Looking to the future, we are extremely excited about the
opportunity to further leverage our products across the Fidelity
National customer base around the globe."

Headquartered in St. Petersburg, Florida, Certegy Inc. --
http://www.certegy.com/-- provides credit and debit processing,  
check risk management and check cashing services, merchant
processing and e-banking services to over 6,000 financial
institutions, 100,000 retailers and 100 million consumers
worldwide.  Certegy maintains a strong global presence with
operations in the United States, United Kingdom, Ireland,
France, Chile, Brazil, Australia, New Zealand, Thailand and the
Caribbean.

As a leading payment services provider, Certegy offers a
comprehensive range of transaction processing services, check
risk management solutions and integrated customer support
programs that facilitate the exchange of business and consumer
payments.  Certegy generated over US$1.1 billion in revenue in
2005.

Certegy Inc.'s 7-1/8% Senior Subordinated Notes due 2015 carry
Moody's Investors Service's B1 rating and Standard & Poor's B+
rating.


TMB BANK: Fitch Affirms Long-Term Debt Rating at B+
---------------------------------------------------
Fitch Ratings affirmed on July 12, 2006, the international Long-
term debt rating of B+ assigned to TMB Bank's Hybrid Tier 1
securities following the Bank of Thailand's revised guidelines
governing interest deferral conditions of such securities in
June 2006 as the hybrid rating is already sufficiently notched
from the senior rating.

The revised guidelines -- amending the February 2006 regulations
-- state that the distribution of returns on Hybrid Tier 1
securities may be made from profits or retained earnings.  
However, if a commercial bank has a non-profit year, the
distribution of returns can be made only if it is approved by
the BOT on a case-by-case basis.  

The BOT will take into consideration the commercial bank's
financial status such as:

    -- The status of its Tier 1 capital

    -- its ability to be profitable; and

    -- the level of its retained earnings.

Fitch notes that TMB currently has large retained losses of
THB45.7 billion, which suggests that should it report a loss in
any six-month period, it might not be permitted to pay interest
on its hybrid.

In March 2006, Fitch affirmed TMB's:

    * Long-term foreign currency Issuer Default Rating at BB+
     (positive)

    * Short-term foreign currency rating at B

    * Foreign currency subordinated debt rating at BB

    * Individual rating at D; and

    * Support rating at 3

The rating were assigned following the bank's announcement of a
planned THB12 billion rights issue.  TMB's planned capital
increase and the support of its 16.1% strategic shareholder,
Development Bank of Singapore, should help strengthen the bank's
financial position in the medium term, notwithstanding a
weakening operating environment in 2006.  Nonetheless, while the
hybrid was issued in May 2006, the rights issue has been delayed
due to poor market conditions.

Investors should note that given TMB's low loan loss reserve
coverage of impaired loans -- 44% at end-March 2006 -- and its
weak profitability, the risk of reporting a loss is not
insignificant, which under the revised guidelines could result
in non-payment of interest, depending on how stringent the BOT
decides to interpret the guidelines.



                            *********


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
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Maryland, USA.  Catherine Gutib, Valerie Udtuhan, Francis
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and Peter A. Chapman, Editors.

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