/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060714.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 14, 2006, Vol. 9, No. 139 Headlines A U S T R A L I A & N E W Z E A L A N D A.E. & S.L. KERR: Members to Receive Wind-Up Report on July 17 ASSET TEMPORARY: To Declare First and Final Dividend on July 17 AUSTRALASIAN PROMOTIONAL: Members Decide to Wind Up Operations BRANDS X: Creditors to Hear Wind-Up Report on July 18 COLUMBARD MANAGEMENT: Creditors Must Prove Debts by July 18 DAVLEN ROOF: Appoints Nicholas Crouch as Liquidator E.KATZ MANUFACTURING: To Declare First Dividend on July 17 EAST COAST HORT: Court Hears CIR's Liquidation Bid EDEN ELECTROPLATERS: Liquidation Process Commenced E&J PACKAGING: Enters Liquidation Proceedings FORTESCUE METALS: Proposed Woodstock-Abydos Rail Line Approved H.R. COOK: Placed Under Voluntary Liquidation HUNTER SUPPORT: Members Opt to Shut Down Firm JOE THE TAXI: Inability to Pay the Debt Prompts Wind-Up KENDOW CONSULTING: Appoints Joint Liquidators MAYLYN PTY: Liquidator to Present Wind-Up Report on July 18 MAYSTRAL PTY: Names James Alexander Shaw as Liquidator METAL STORM: Receives U.S. Marine Corps US$331,426 Contract MOTIVATION (2001) LIMITED: Faces Liquidation Proceedings MUSIC SYSTEMS: Court to Hear Liquidation Petition on July 31 PAREMATA HARBOUR: Creditors' Proofs of Claim Due on July 14 PASDONNAY PTY: To Declare Final Preferential Dividend on July 18 PETJEM INVESTMENTS: Liquidator to Give Final Report on July 18 PROTECTION FACTOR: Intends to Declare Dividend on July 17 QANTAS AIRWAYS: ACCC Accepts Orangestar Coordination Agreement RMW HOLDINGS: Members to Receive Wind-Up Report SHELLWAY PTY: Members' Final Meeting Fixed for July 17 SOAP DESIGN: Members and Creditors to Convene on July 17 TELSTRA CORPORATION: Sacks Technicians & Workers at Centers TREEALLA PTY: Shuts Down Business Operations WELLINGTON COLLEGE: Appoints Official Liquidators WERLEMAN BROS.: Members and Creditors to Receive Wind-Up Report WESTPOINT GROUP: Saville Buys Emu Brewery Site for AU$48.8 Mln WORLD MANAGEMENT: Appoints Peter Ngan as Liquidator YOUTH DIRECTIONS: Members Decide to Liquidate Business ZANWAVE QLD: Final General Meeting Fixed for July 17 * Australian Inflation Expectations High in July, Survey Says C H I N A & H O N G K O N G AGAPE UNITED: Court Orders Wind-Up CHUEN KEE MOTOR: Faces Wind-Up Proceedings EFFECT LEATHER: Court to Hear Wind-Up Bid on August 2 ETECH CONTROL: Creditors' & Contributories' Meetings Set July 19 H.K. TEAKWOOD: Prepares to Pay Final Dividend to Creditors H.K. TEMPO: Wind-Up Bid Hearing Slated for August 9 HI-SPEED TRANSPORTATION: Court to Hear Wind-Up Petition August 2 LOLLY QUEEN: Wind-Up Petition Hearing Fixed on August 9 OCEAN GRAND: Alleged Accounting Mishap, Rating on CreditWatch OCEAN GRAND: Bares Potential Accounting Mishap with Subsidiary PACPO INVESTMENT: Wind-Up Hearing Scheduled for August 2 POWTEK ELECTRONICS: Court Issues Wind-Up Order TAI ON ELECTRIC: Court to Hear Wind-Up Application on August 9 * Government's Action to Cool Down Economy Shows Result I N D I A LML LIMITED: Allots Equity Shares to Merrill Lynch * Government Likely to Release Oil Bonds for Oil Retailers I N D O N E S I A PERUSAHAAN LISTRIK: Plans to Sue Consumers on Power Theft PERUSAHAAN LISTRIK: To Sell Shares in Three Units in 2007 J A P A N LIBERTY GLOBAL: Files Amended 2005 Annual Report with U.S. SEC LIVEDOOR CO: Ex-CEO Was Actively Involved in Firm Takeovers K O R E A HANAROTELECOM: Posts KRW432-Bil Revenue for 1st Quarter 2006 HANAROTELECOM: Buys 1.3 Million New Shares in Affiliate HANAROTELECOM: To Guarantee Affiliate's Lease for KRW90-Billion HANAROTELECOM: Board Approves Loan for Affiliate KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt * Korea Introduces New Financial Regulations Effective July M A L A Y S I A CONSOLIDATED FARMS: Appeals Bourse's Decision to Delist Shares JOHAN CERAMICS: Complies with Public Shareholding Requirement KRAMAT TIN: June 30 Public Shareholding Spread Pegged at 47.10% LITYAN HOLDINGS: Public Shareholding Stands at 74.74% MALAYSIA AIRLINES: Seeks Shareholders' Okay on ADBU Termination MALAYSIA AIRLINES: Chan Defends Floor Price Lifting OLYMPIA INDUSTRIES: Enters Into Additional Restructuring Deals PANGLOBAL BERHAD: Public Shareholding Spread Meets Requirement PROTON HOLDINGS: Receives Huge Orders for Satria Neo TANCO HOLDINGS: Awaits Court's Decision on RO Extension Request TAP RESOURCES: Lists and Quotes Additional Shares P H I L I P P I N E S LEPANTO CONSOLIDATED: Mulls Restart of Copper Mining Operations MANILA ELECTRIC: Vows Not To Compromise Customers MAYNILAD WATER: France's Suez Mulls Stake Sale MIRANT CORP: Will Sell Philippine Business MIRANT CORP: Fitch Places B+ Rating on Watch Negative MIRANT CORP: S&P Places B+ Corporate Credit Rating on Neg. Watch S I N G A P O R E BARING COMMUNICATIONS: Accepting Proofs of Debt Until August 7 FLEXSYS PRIVATE: Creditors Should Prove Debt by August 7 HAGEMEYER ASIA: Creditors' Proofs of Debt Due on August 7 L&M GROUP: May Sell Subsidiaries to CSC Holdings PERALATAN BIOSAINS: Pays Preferential Dividend to Creditors SPH MEDIAWORKS: Creditors' Proofs of Claim Due on July 28 T H A I L A N D GLOBAL WATER: Plans New Marketing Strategy to Address Losses * Large Companies With Insolvent Balance Sheets - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ A.E. & S.L. KERR: Members to Receive Wind-Up Report on July 17 -------------------------------------------------------------- Members of A. E. & S. L. Kerr Pty Limited will hold a meeting on July 17, 2006, at 10:30 a.m., for them to receive Liquidator G. M. Rambaldi 's final accounts of the Company's wind-up and property disposal exercises. The Liquidator can be reached at: G. M. Rambaldi Pitcher Partners Level 19, 15 William Street Melbourne, Victoria 3000 Australia ASSET TEMPORARY: To Declare First and Final Dividend on July 17 --------------------------------------------------------------- Asset Temporary Personnel Pty Limited will declare its first and final dividend for employees on July 17, 2006. Creditors who were not able to prove their claims will be excluded from sharing in the dividend distribution. According to the Troubled Company Reporter - Asia Pacific, the Company commenced a wind-up of its operations on October 3, 2005. The liquidator can be reached at: Joseph Loebenstein Loebenstein Insolvency Services Pty Ltd 203 Balaclava Road Caulfield, North Victoria 3161 Australia AUSTRALASIAN PROMOTIONAL: Members Decide to Wind Up Operations -------------------------------------------------------------- After an extraordinary general meeting on June 15, 2006, the members of Australasian Promotional Products Group Pty Limited decided to voluntarily wind up the Company's operations. Creditors subsequently appointed Michael John Morris Smith as liquidator. The Liquidator can be reached at: Michael John Morris Smith Smith Hancock Chartered Accountants Level 4, 88 Phillip Street Parramatta, New South Wales 2150 Australia BRANDS X: Creditors to Hear Wind-Up Report on July 18 ----------------------------------------------------- A final meeting of the creditors of Brands X Change Pty Limited will be held on July 18, 2006, at 11.00 a.m. During the meeting, Liquidator Joseph Loebenstein will report on the Company's wind-up and property disposal exercises. The Liquidator can be reached at: Joseph Loebenstein Loebenstein Insolvency Services Pty Ltd 203 Balaclava Road Caulfield North, Victoria 3161 Australia COLUMBARD MANAGEMENT: Creditors Must Prove Debts by July 18 ----------------------------------------------------------- Liquidator Neil Raymond Donnell requires the creditors of Columbard Management N.Z. Ltd to submit their proofs of debt by July 18, 2006. Failure to comply with the requirement will exclude any creditor from sharing in any distribution the Company will make. The Liquidator can be reached at: Neil Raymond Donnell Grant Thornton Auckland Limited P.O. Box 1961, Auckland New Zealand DAVLEN ROOF: Appoints Nicholas Crouch as Liquidator --------------------------------------------------- At general meeting of the members of Davlen Roof Tiling Pty Limited held on June 15, 2006, Nicholas Crouch was appointed as liquidator to supervise the Company's wind-up activities. The Liquidator can be reached at: Nicholas Crouch Crouch Insolvency Chartered Accountants Level 28, 31 Market Street Sydney, New South Wales 2000 Australia E.KATZ MANUFACTURING: To Declare First Dividend on July 17 ---------------------------------------------------------- E.Katz Manufacturing Jewellers (A.C.T.) Pty Limited notifies parties-in-interest of its intention to declare its first dividend on July 17, 2006. Creditors whose proofs of claim have not been admitted on June 30, 2006, will be excluded from the dividend distribution. The liquidator can be reached at: Christopher J. Palmer O'Brien Palmer Level 4, 23 Hunter Street Sydney, New South Wales 2000 Australia EAST COAST HORT: Court Hears CIR's Liquidation Bid -------------------------------------------------- On July 13, 2006, the High Court of Napier heard a wind-up petition against East Coat Hort. Contractors Ltd The Commissioner of Inland Revenue filed the wind-up application on May 17, 2006. The plaintiff's solicitor can be reached at: Julia Dykema Inland Revenue Department Technical and Legal Support Group South Island Service Centre Ground Floor Reception 518 Colombo Street(P.O. Box 1782) Christchurch, New Zealand Telephone: (03) 968 0809 Facsimile: (03) 977 9853 EDEN ELECTROPLATERS: Liquidation Process Commenced -------------------------------------------------- Eden Electroplaters Limited commenced liquidation of its business following the appointment of Vivian Judith Fatupaito and Richard Dale Agnew as liquidators on June 22, 2006. In this regard, the Company's creditors are required to file their proofs of claim by September 22, 2006, for them to share in any distribution the Company will make. The Joint Liquidators can be reached at: Vivian Fatupaito PricewaterhouseCoopers, Level 8 PricewaterhouseCoopers Tower 188 Quay Street, (Private Bag 92-162) Auckland, New Zealand Telephone: (09) 355 8000 Facsimile: (09) 355 8013 E&J PACKAGING: Enters Liquidation Proceedings --------------------------------------------- The liquidation of E&J Packaging Limited commenced on June 22, 2006, following the appointment of Vivian Judith Fatupaito and Richard Dale Agnew as joint liquidators. In this regard, the Company's creditors required to file their proofs of claim by September 22, 2006, for them to share in any distribution the Company will make. The Joint Liquidators can be reached at: Vivian Fatupaito PricewaterhouseCoopers, Level 8 PricewaterhouseCoopers Tower 188 Quay Street, (Private Bag 92-162) Auckland, New Zealand Telephone: (09) 355 8000 Facsimile: (09) 355 8013 FORTESCUE METALS: Proposed Woodstock-Abydos Rail Line Approved -------------------------------------------------------------- The state government has given Fortescue Metals Group Ltd. the green light for the construction of a rail line through the Woodstock-Abydos protected area in the Pilbara region of West Australia, WA Business News relates. According to WA Business News, Indigenous Affairs Minister Sheila McHale said that the decision supporting the development of a proposed rail line to Port Hedland from the Chichester Ranges has a certain economic advantage. Ms. McHale said that the construction of the rail line would deliver jobs and economic benefits for the indigenous and non- indigenous Western Australians. Furthermore, Ms. McHale pointed out that the rock art in the area would remain totally protected through the proposed corridor, approximately 200 meters wide and 56 kilometers long. She clarified that lifting the protected area status did not mean that the Aboriginal Heritage Act no longer applied to sites in the corridor. She explained that, "[b]efore approval is granted for the railway, the developer would need to comply with strict conditions which protect rock art and minimize any other impact on Aboriginal heritage in the area." WA Business says that, according to Ms. McHale, the proposed FMG project has not been opposed by the local Palyku and Kariyarra Aboriginal groups, with both signing agreements promising economic benefits if the project went ahead. "FMG has also been proactive with respect to Aboriginal heritage management," the Minister said. WA Business recounts that the rail line is part of a 2004 State Agreement covering an FMG proposal to mine in the Chichester ranges, build port facilities in Port Hedland, and construct a railway linking the two locations. The final decision over the path of the rail line rests with the Planning and Infrastructure Minister, WA Business relates. It also notes that there is already a BHP Billiton-owned railway line operating within the protected area. About Fortescue Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. In 2005, Fortescue's chief executive officer, Andrew Forrest, admitted to a AU$500-million blowout on the cost of port and rail infrastructure in the Pilbara Project because of price hikes for steel, fuel, construction materials and contract labor. The Company also disclosed that the hampered progress of the Pilbara Project brings in the possibility that the Company may not meet its ore delivery schedule and pushes up costs at resource developments across Western Australia. In May 2005, the Australian Stock Exchange pressured Fortescue to explain matters about the project and to explain how the Company would be able to dispose of its lower grade order for 95% of the price obtained by rivals BHP Billiton and Rio Tinto for their top- quality products. The ASX then referred the matter to the Australian Securities and Investments Commission, which commenced a legal action against the Company. The ASIC alleges that Fortescue is engaged in misleading and deceptive conduct and has failed to comply with its continuous disclosure obligations when it announced various contracts with Chinese entities on Aug. 23 and November 5, 2004. In particular, Fortescue did not disclose that the Chinese parties had not reached a concluded agreement on fundamental aspects of the projects and they had merely agreed that they would in the future jointly develop and agree on the "agreed" matters. The ASIC is seeking civil penalties of up to AU$3 million against Fortescue. Fortescue is targeting first production in its Pilbara Mine in the first quarter of 2008. However, it has not yet struck a final financing deal with any party regarding the Project. H.R. COOK: Placed Under Voluntary Liquidation --------------------------------------------- At an extraordinary general meeting on June 9, 2006, the members of H.R. Cook Investments Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets disposal. Subsequently, Stuart Ariff was appointed as liquidator. As reported by Troubled Company Reporter - Asia Pacific, the Company had declared its first and interim dividend on July 5, 2006. The Liquidator can be reached at: Stuart Ariff Stuart Ariff Insolvency Administrators Australia Telephone:(02) 4929 7880 Facsimile:(02) 4929 7882 e-mail: office@sariff.com.au Web site: http://www.sariff.com.au/ HUNTER SUPPORT: Members Opt to Shut Down Firm --------------------------------------------- At an extraordinary general meeting on June 13, 2006, members of Hunter Support Services Pty Limited agreed that the Company must voluntarily commence a wind-up of its operations. Creditors consequently appointed Raymond George Tolcher as liquidator. The Liquidator can be reached at: Raymond George Tolcher Lawler Partners, Chartered Accountants 763 Hunter Street Newcastle West New South Wales 2302 Australia JOE THE TAXI: Inability to Pay the Debt Prompts Wind-Up ------------------------------------------------------- The members and creditors of Joe The Taxi Driver Pty Limited convened on June 9, 2006, and decided to wind up the Company's operations due to its inability to pay debts when they fall due. Geoffrey McDonald was consequently appointed as liquidator. The Liquidator can be reached at: Geoffrey McDonald c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia KENDOW CONSULTING: Appoints Joint Liquidators --------------------------------------------- Iain Bruce Shephard and Christine Margaret Dunphy were appointed as joint and several liquidators of Kendow Consulting Ltd on June 28, 2006. The Joint Liquidators can be reached at: Iain Shephard c/o Jessica Redican Shephard Dunphy Limited Level Two, Zephyr House 82 Willis Street, Wellington New Zealand Telephone: (04) 473 6747 Facsimile: (04) 473 6748 MAYLYN PTY: Liquidator to Present Wind-Up Report on July 18 ----------------------------------------------------------- The members of Maylyn Pty Limited will convene on July 18, 2006, at 10:00 a.m., to get an account of the manner of the Company's wind-up and property disposal from Liquidator M. G. Mccann. The Liquidator can be reached at: M. G. Mccann Grant Thornton Chartered Accountants Level 4, 102 Adelaide Street Brisbane Qld 4000 Australia MAYSTRAL PTY: Names James Alexander Shaw as Liquidator ------------------------------------------------------ At an extraordinary general meeting of the members of Maystral Pty Limited on June 14, 2006, members agreed to voluntarily wind up the Company's business operations. James Alexander Shaw was subsequently named liquidator. The Liquidator can be reached at: James Alexander Shaw Ferrier Hodgson, Chartered Accountants Level 3, 2 Market Street Newcastle, New South Wales 2300 Australia METAL STORM: Receives U.S. Marine Corps US$331,426 Contract ----------------------------------------------------------- The United States Marine Corps Warfighting Lab, Ground Combat Element Branch, awarded Metal Storm Limited a US$331,426 contract for the design, fabrication, and test of 18mm stacked round firing systems. Under the terms of the contract, Metal Storm will explore the feasibility of employing 18mm fin stabilized high explosive projectiles from an accessory under-barrel weapon for the M-16A4 service rifle. The signing of the contract follows previous advice to the market, on May 10, 2006, that the U.S. Marine Corps Systems Command had placed a notice on the U.S. Federal Business Opportunities Web site that it intends to award a Sole Source Research and Development Contract to Metal Storm. * * * Metal Storm Limited -- http://www.metalstorm.com/-- is headquartered in Brisbane, Australia, and incorporated in Australia, with an office in Arlington, Virginia. Metal Storm works with government agencies and departments, as well as industries, to develop a variety of systems utilizing the Metal Storm non-mechanical, electronically fired stacked ammunition system. Metal Storm reflected a loss of AU$10,914,600 in its Annual Financial Report for the year ended December 31, 2005, which was attributable to members of its parent company. The Directors noted that they are actively seeking funding to continue the Company's operations. After auditing the Company's 2005 Annual Report, Winna Irschitz, a partner at Ernst & Young, raised significant uncertainty regarding the Company's and its consolidated entity's ability to continue as going concerns. As stated in the 2005 Annual Report, Metal Storm's continuing viability, and ability to continue as a going concern and to meet debts and commitments as and when they fall due is dependent on its ability to secure additional equity funding in the near future and to continue the development and progress the commercialization of its electronically initiated "stacked projectile" weapons systems. MOTIVATION (2001) LIMITED: Faces Liquidation Proceedings -------------------------------------------------------- An application to liquidate Motivation (2001) Ltd will be heard by the High Court of Auckland on July 20, 2006, at 10:00 in the morning. The Commissioner of Inland Revenue filed the petition with the Court on May 3, 2006. The plaintiff's solicitor can be reached at: Geraldine Ann Ryan Auckland Service Centre 17 Putney Way (P.O. Box 76-198) Manukau City, New Zealand Telephone: (09) 984 2002 MUSIC SYSTEMS: Court to Hear Liquidation Petition on July 31 ------------------------------------------------------------ A petition to put Music Systems (Music) Ltd into liquidation will be heard before the High Court of Wellington on July 31, 2006, at 10:00 p.m. Phonographic Performances (N.Z.) Ltd filed the petition with the Court on June 9, 2006. The solicitor for the plaintiff can be reached at: D. J. G. Cox Offices of Rennie Cox Level Fifteen 126 Vincent Street, Auckland New Zealand PAREMATA HARBOUR: Creditors' Proofs of Claim Due on July 14 ----------------------------------------------------------- Creditors of Paremata Harbour Centre Ltd are required to submit their proofs of claim by July 14, 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: T.C.W. Bastion KBC House, 272 Karori Road Karori, Wellington New Zealand Telephone: (04) 476 5775 Facsimile: (04) 476 5778 PASDONNAY PTY: To Declare Final Preferential Dividend on July 18 ---------------------------------------------------------------- Pasdonnay Pty Ltd will declare a final preferential dividend on July 18, 2006, to the exclusion of creditors who were not able to prove their debts by July 4, 2006. As reported by the Troubled Company Reporter - Asia Pacific, the Company declared its first preferential dividend on October 14, 2005. The Company commenced a wind-up of its operations on August 5, 2006, TCR-AP said. The Liquidator can be reached at: K. A. Strickland SimsPartners Chartered Accountants and Business Advisors Level 12, 40 St George's Terrace Perth, Western Australia 6000 Australia PETJEM INVESTMENTS: Liquidator to Give Final Report on July 18 -------------------------------------------------------------- Members and creditors of Petjem Investments Pty Ltd will hold a final meeting on July 18, 2006, at 10:00 a.m. At the meeting, members will be asked: -- to receive the Liquidator Kim David Holbrook 's final wind-up report; and -- to approve the Liquidator's remuneration. Mr. Holbrook can be reached at: Kim David Holbrook Holbrook & Associates Chartered Accountants Level 2, 19 Pier Street (GPO Box M925) Perth, Western Australia 6001 Australia PROTECTION FACTOR: Intends to Declare Dividend on July 17 --------------------------------------------------------- Protection Factor Pty Limited will declare a first and final dividend on July 17, 2006. Creditors who were not able to file their claims by June 20, 2006, will be excluded from sharing in the dividend distribution. The liquidator can be reached at: G. T. Hancock Horwath Sydney Partnership Level 10, 1 Market Street Sydney, New South Wales 2000 Australia QANTAS AIRWAYS: ACCC Accepts Orangestar Coordination Agreement -------------------------------------------------------------- A draft determination by the Australian Competition and Consumer Commission proposes to give Qantas Airways Ltd. the go-ahead to coordinate flying and other activities with Singapore-based Orangestar, the holding company of Jetstar Asia and Valuair, The Australian reports. As reported in the Troubled Company Reporter - Asia Pacific on June 1, 2006, Qantas acquired the ACCC's "interim authorization" to enter a cooperation agreement with Jetstar and Jetstar Asia, which would result in the airlines being allowed to collaborate on airfares, schedules, and network routing. The Australian notes that Qantas owns 44.5% of Orangestar and wants to link the low-cost Asian carrier with its mainline operations as well as Jetstar International services as they come on line from later this year. According to AFX News Limited, Singapore Airlines-backed Tiger Airways opposes the agreement, arguing that it is anti- competitive, and asks the ACCC to either reject it or impose a number of conditions. However, the ACCC says that the tie-up would result in a net benefit to the public, noting that there was limited overlap on routes operated by Qantas and Orangestar and it did not expect extensive future competition between the two, The Australian relates. AFX News Limited relates that the ACCC is proposing to grant final authorization of the Orangestar Deal for a five-year term, on condition that the airlines do not withdraw from overlapping routes or allocate existing capacity to those routes. They are also not allowed to enter into any agreement that prevents either airline from entering routes to or from Australia, The Australian adds. The TCR-AP reported on April 6, 2006, that Jetstar Asia was seeking a fresh AU$31.2 million capital injection. The Australian says that a rocky start for Jetstar Asia saw the low- cost carrier reduce its fleet of A320s and Orangestar rack up losses of AU$27.4 million in the six months to December 31, 2005, The Australian relates. The Singapore investment was improving under new chief executive Chong Phit Lian, The Australian cites Qantas Chief Financial Officer Peter Gregg as saying. "It's going to take a bit of time but that's what we expected," Mr. Gregg says. The Australian relates that Qantas has also looked at similar ventures in Indonesia, the Philippines, and Thailand to build an Asian network and offset the advantages of mid-point carriers operating out of Asian hubs. 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. RMW HOLDINGS: Members to Receive Wind-Up Report ----------------------------------------------- A final meeting of the members of RMW Holdings Pty Limited will be conducted on July 17, 2006, at 10:00 a.m. During the meeting, Liquidator S. H. K. Shun will present final accounts of the Company's wind-up operations. The Liquidator can be reached at: S. H. K. Shun c/o Stanley & Williamson 1st Floor, 34 Burton Street Kirribilli, New South Wales 2061 Australia Telephone:(02) 9923 2666 SHELLWAY PTY: Members' Final Meeting Fixed for July 17 ------------------------------------------------------ The members of Shellway Pty Limited will hold a final meeting on July 17, 2006, at 10:00 a.m., to get an account of the manner of the Company's wind-up and property disposal from Liquidator John Raymond Gibbons. The Liquidator can be reached at: John Raymond Gibbons Ernst & Young Level 37, 680 George Street Sydney, New South Wales 2000 Australia Telephone:(02) 9248 4124 SOAP DESIGN: Members and Creditors to Convene on July 17 -------------------------------------------------------- A joint meeting of the members and creditors of Soap Design Pty. Limited will be held on July 17, 2006, at 10:30 a.m. During the meeting, Liquidator J. R. Lindholm will give a final report of the Company's wind-up and property disposal exercises. The Liquidator can be reached at: J. R. Lindholm Ferrier Hodgson Level 29, 600 Bourke Street Melbourne, Victoria 3000 Australia TELSTRA CORPORATION: Sacks Technicians & Workers at Centers ----------------------------------------------------------- The Communications Electrical Plumbing Union says that Telstra Corporation has axed 207 regional field technicians across New South Wales, including the Riverina, Central Coast and Newcastle, Illawarra and the north coast, the Trading Room Investor reports. CEPU postal and telecommunications secretary, Jim Metcher, criticized Telstra over the job cuts, the report says. "The loss of these valuable workers with their local knowledge of phone cable runs and locations of Telstra's infrastructure is something that cannot be replaced over a short period of time," Mr. Metcher contends. According to CEPU's branch organizer, Steve Dodd, the sackings are the result of a downgrading in maintenance and repairs to the network, ABC News Online relates. Pat Knowlan, the area general manager with Telstra Countrywide, explains that the redundancies are necessary for the company to remain competitive, ABC News says. Mr. Knowlan states that all workers will be offered generous redundancy packages. According to the Australian IT, Telstra spokeswoman Sarah McKinnon said that 97 of the redundancies have been previously announced and all were part of Telstra's plan to cut up to 12,000 jobs over the next five years, which was announced in November 2005. Telstra has been successful in improving its performance and service levels to country NSW over the past 10 years and would work to maintain those high levels in the future, Ms. McKinnon says. ABC Newcastle relates that, according to CEPU, the Hunter and central coast regions will be the hardest hit by the redundancies. The job cuts are necessary, ABC Newcastle cites Telstra's Country Wide general manager for Newcastle and Lake Macquarie, Chris Cusack, as saying. Mr. Cusack explains that the telecommunications environment is very competitive and the Novacoast region is one of the cost-competitive markets that the telco operates in, and unfortunately it has to make tough decisions to remain competitive. Mr. Cusack says they will be seeking applications for voluntary redundancies from the employees involved as part of the selection process. Telstra also plans to axe more than 200 jobs when it closes four telephone and broadband dispatch centers in Bendigo, Perth, Adelaide and Parramatta, the Australian Associated Pres reports. The Australian notes that hundreds of jobs at the remaining dispatch centers will be downgraded with staff facing pay cuts of up to AU$200 a week. Workers Protest About 100 workers from Telstra and its IT and financial services arm, KAZ Group, rallied outside the telco's Melbourne head office protesting against job cuts and owed entitlements, the AAP relates. According to the Herald Sun, Mr. Cooper says that the workers are also considering a strike against KAZ, which Telstra bought in 2004. The Australian relates that staff members at KAZ are taking the telco to court over lost entitlements. The Herald Sun reports that 60 workers at KAZ's Glen Iris data processing center claim they are owed AU$220,000 in unpaid entitlements by the firm. Subsequently, the center will be closed next month. Australian Council of Trade Unions president, Sharan Burrow, says that Telstra's reputation had diminished from being "one of the best employers in the country" to a corporate thief. 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. TREEALLA PTY: Shuts Down Business Operations -------------------------------------------- The members and creditors of Treealla Pty Limited held a meeting on June 14, 2006. At the meeting, they agreed to shut down the Company's business operations and appoint Alfred Mccarthy as liquidator. The Liquidator can be reached at: Alfred McCarthy Gregory & McCarthy 75 Lead Street Yass, New South Wales 2582 Australia WELLINGTON COLLEGE: Appoints Official Liquidators ------------------------------------------------- Iain Bruce Shephard and Christine Margaret Dunphy were appointed joint and several liquidators to oversee the liquidation of Wellington College of Languages on June 26, 2006. The Joint Liquidators can be reached at: Iain Shephard c/o Andrew Croad Shephard Dunphy Limited Level Two, Zephyr House 82 Willis Street Wellington, New Zealand Telephone: (04) 473 6747 Facsimile: (04) 473 6748. WERLEMAN BROS.: Members and Creditors to Receive Wind-Up Report --------------------------------------------------------------- A joint meeting of the members and creditors of Werleman Bros. Pty Limited will be held on July 18, 2006, at 12:30 p.m. During the meeting, Liquidator P. W. Gidley will present accounts of the Company's wind-up operations and property disposal exercises. The Liquidator can be reached at: P. W. Gidley Lawler Partners Chartered Accountants 763 Hunter Street Newcastle West, New South Wales 2302 Australia WESTPOINT GROUP: Saville Buys Emu Brewery Site for AU$48.8 Mln -------------------------------------------------------------- Western Australian property developer Saville Australia, in conjunction with Babcock & Brown, has bought Westpoint Group's Emu Brewery development site in Perth for AU$48.8 million, Property Review says. As reported in the Troubled Company Reporter - Asia Pacific on March 17, 2006, Westpoint's receiver and manager, KordaMentha, took steps to sell the Emu development site. The Emu Brewery site covers about 1.8 hectares on the corner of Mounts Bay Road and Spring Street at the western end of the Perth Central Business District. The TCR-AP report noted that the property was expected to fetch as much as AU$70 million. It was the first of several Westpoint assets to be offered for sale after the Group's collapse. Property Review cites KordaMentha's head of real estate, Berrick Wilson, as saying that the sale is an exceptional outcome. According to WA Business News, Saville Australia's managing director, Sam Cheir, said that the site is already approved for multiple development options, including 1,037 apartments, commercial and retail development and a six-level car park with 1,460 bays. ABC Perth says that, according to receiver Mark Korda, the capital gains made on the property are significant and investors will see AU$25 million from the sale. Mr. Korda states that they will settle the property and then the liquidator of the mezzanine company will sort out who is entitled to the money. Meanwhile, KordaMentha has announced that expressions of interest for Westpoint's Warnbro Fair Shopping Centre option are welcome at the commencement of the public sale campaign on July 18, 2006, Property Review notes. About Westpoint Group Headquartered in Perth, Western Australia, the Westpoint Group - - http://westpoint.com.au/-- is engaged in property development and owns or manages retail and commercial properties with a total value of over AU$300 million. The Group's troubles began in 2005 when the Australian Securities and Investments Commission commenced investigations on 160 companies within the Westpoint Group. The ASIC's investigation led to ASIC initiating action in late 2005 in the Federal Court of Australia against a number of mezzanine companies in the Westpoint Group, including winding up proceedings. The ASIC contends that Westpoint projects are suffering from significant shortfall of assets over liabilities so that hundreds of investors are at serious risk of not receiving repayment of their investments. The ASIC also sought wind-up orders after the Westpoint companies failed to comply with its requirement to lodge accounts for certain financial years. These wind-up actions are still continuing. In February 2006, a wind-up order was issued by the Federal Court in Perth against Westpoint Corporation Pty Ltd. The ASIC had applied to wind up the company on grounds of insolvency. The ASIC believes that Westpoint Corporation is responsible for arranging, managing and coordinating Westpoint Group's property projects as well as holding money for other group companies. The ASIC was concerned that Westpoint Corporation was unable to pay its debts, including its obligations under the guarantees given to the mezzanine companies to make good expected shortfalls in the repayment of amounts owed to investors. The Westpoint Group's collapse is considered by many as the largest of its type in recent years, with small investors being the biggest group affected. Investors are currently joining forces to commence a class action against Westpoint and its advisors. WORLD MANAGEMENT: Appoints Peter Ngan as Liquidator --------------------------------------------------- Members of World Management Consulting Pty Limited convened on June 13, 2006, and decided to wind up the Company's business operations. Peter Ngan was subsequently appointed as liquidator. The Liquidator can be reached at: Peter Ngan Ngan & Co. Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia YOUTH DIRECTIONS: Members Decide to Liquidate Business ------------------------------------------------------ On June 13, 2006, members of Youth Directions New South Wales Pty Limited held a meeting and agreed to liquidate the Company's business operations. Subsequently, Raymond George Tolcher was appointed as liquidator. The Liquidator can be reached at: Raymond George Tolcher Lawler Partners, Chartered Accountants 763 Hunter Street Newcastle West, New South Wales 2302 Australia ZANWAVE QLD: Final General Meeting Fixed for July 17 ---------------------------------------------------- Members and creditors of Zanwave Qld Pty Ltd will hold their final general meeting on July 17, 2006, at 10:00 a.m., to receive Liquidator Ray Richards' wind-up report. The Liquidator can be reached at: Ray Richards SimsPartners Level 11, 145 Eagle Street Brisbane, Queensland 4000 Australia Telephone:(07) 3831 2700 * Australian Inflation Expectations High in July, Survey Says ------------------------------------------------------------- Australian consumer inflation expectations edged up in July, perhaps reflecting a renewed surge in petrol prices, Reuters reports, citing a survey from the Melbourne Institute Consumer Inflationary Expectations. The Institute noted that the survey was conducted in the week after news of escalating petrol prices due to rising political uncertainties in the Middle East and North Korea. Reuter relates that the Reserve Bank of Australia increased interest rates to 5.75% in May as a pre-emptive move against inflation, and financial markets are pricing in a real risk of another rise before 2006 ends. Inflationary expectations can themselves lead to higher inflation as workers demand higher wages in expectation of rising prices, Reuters says. ================================ C H I N A & H O N G K O N G ================================ AGAPE UNITED: Court Orders Wind-Up ---------------------------------- The High Court of Hong Kong ordered the wind-up of Agape United International on June 28, 2006. The wind-up petition was filed before the Court on April 8, 2006. CHUEN KEE MOTOR: Faces Wind-Up Proceedings ------------------------------------------ A petition to wind up the operations of Chuen Kee Motor Co Ltd will be heard before the High Court of Hong Kong on August 16, 2006, at 9:30 a.m. The Bank of China (Hong Kong) Ltd filed the petition with the Court on June 15, 2006. The solicitors for the petitioner can be reached at: Robertsons 57th Floor, The Centre 99 Queen's Road Central Hong Kong Telephone: 2521 7341 Facsimile: 2868 5820 EFFECT LEATHER: Court to Hear Wind-Up Bid on August 2 ----------------------------------------------------- The High Court of Hong Kong will hear a wind-up petition against Effect Leather Shoes Factory Ltd on August 2, 2006, at 9:30 a.m. Chan Kam Fung filed the petition before the Court on June 7, 2006. The solicitor for the petitioner can be reached at: Betty Chan For Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong ETECH CONTROL: Creditors' & Contributories' Meetings Set July 19 ---------------------------------------------------------------- The first meetings of creditors and contributories of Etech Control Co Ltd will be held at Rooms 3-4, 4/F., YMCA of Hong Kong, Salisbury Road, Tsimshatsui, Hong Kong on July 19, 2006, at 10:00 a.m. and 11:00 a.m. respectively. At the meetings, creditors and contributories will be asked to nominate liquidators and members of the Committee of Inspection in respect of the Company's wind-up exercise. H.K. TEAKWOOD: Prepares to Pay Final Dividend to Creditors ---------------------------------------------------------- Hong Kong Teakwood Works Ltd intends to pay its final dividend to the Company's ordinary unsecured creditors on July 17, 2006. The payment will be made by Liquidators Baker Tilly Hong Kong at: Baker Tilly Hong Kong 12/F., China Merchants Tower Shun Tak Centre, 168-200 Connaught Road Central Hong Kong H.K. TEMPO: Wind-Up Bid Hearing Slated for August 9 --------------------------------------------------- A wind-up petition against H.K. Tempo Recycling Co Ltd will be heard before the High Court of Hong Kong on August 9, 2006, at 9:30 a.m. Woo Sai Lung filed the petition with the Court on June 10, 2006. The solicitor for the petitioner can be reached at: Joseph Lo For Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong HI-SPEED TRANSPORTATION: Court to Hear Wind-Up Petition August 2 ---------------------------------------------------------------- A wind-up petition filed against Hi-Speed Transportation Co Ltd will be heard before the High Court of Hong Kong on August 2, 2006, at 9:30 in the morning. Lok Yiu Fu filed the petition with the Court on June 7, 2006. The solicitor for the petitioner can be reached at: Betty Chan For Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong LOLLY QUEEN: Wind-Up Petition Hearing Fixed on August 9 ------------------------------------------------------- The High Court of Hong Kong will hear a wind-up petition against Lolly Queen Co Ltd on August 9, 2006, at 9:30 in the morning. Yuen Pui Chung filed the petition with the Court on June 12, 2006. The solicitor for the petitioner can be reached at: Joseph Lo For Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong OCEAN GRAND: Alleged Accounting Mishap, Rating on CreditWatch ------------------------------------------------------------- Standard & Poor's Ratings Services on July 12, 2006, placed its BB- long-term corporate credit rating on Ocean Grand Holdings Ltd on CreditWatch with negative implications. At the same time, it also placed US$160 million in senior unsecured notes due 2010 on CreditWatch with negative implications. The rating actions follow an announcement that Ocean Grand has discovered potential accounting irregularities at its main aluminum extrusion subsidiary, OG Aluminium Co Ltd. Ocean Grand says it has lost contact with the subsidiary's financial controller. Ocean Grand has engaged Deloitte Touche Forensic Services to investigate. As a result, the company expects its 2005 annual results will not be released at the end of July, as scheduled. "To resolve the CreditWatch, we will need to verify the size and nature of the accounting irregularity and assess the company's internal control systems," said Standard & Poor's credit analyst Bei Fu. OG Foshan contributed about 38% of Ocean Grand's profit from operations in 2004. Ocean Grand's operations are progressing as planned, with new capacity at its site at Sanshui gradually coming on stream. The company is considering a potential acquisition, as expected, but has made no commitment. OCEAN GRAND: Bares Potential Accounting Mishap with Subsidiary -------------------------------------------------------------- Hong Kong-based aluminum products maker Ocean Grand Holdings advised the Hong Kong Stock Exchange of a potential accounting irregularity involving the group's wholly owned subsidiary, OG Foshan, and its financial controller, The Standard reports. The irregularity, which is expected to result to a CNY6-million loss, was discovered in the course of an audit related to a supplier that had transacted business with the Company's subsidiary during the 15 months to March this year. The Standard relates that Ocean Grand was unable to contact the subsidiary's financial controller, thus prompting the Company to report the matter to the mainland police, who are now looking into the Company's books and records. Moreover, Ocean Grand also engaged Deloitte Touche Forensic Services to investigate business dealings involving OG Foshan, other subsidiaries, customers, and suppliers as part of its internal investigation. OG Foshan -- a wholly owned subsidiary of Ocean Grand -- contributed 38% of the Group's operating profit in the year ended December 2004, The Standard adds. * * * Ocean Grand Holding's -- http://www.ogholdings.com/-- principal activities are the manufacture and sale of aluminum extrusion products and chemicals for use in electroplating and refining of gold material produced at facilities located in Nanhai of Guangdong Province and the Hong Kong Special Administrative Region of The People's Republic of China. On July 12, 2006, Standard & Poor's Credit Rating Services placed Ocean Grand's BB- long-term corporate credit rating and US$160 million in senior unsecured notes due 2010 on CreditWatch with negative implications due to the alleged accounting irregularities the Group recently discovered. PACPO INVESTMENT: Wind-Up Hearing Scheduled for August 2 -------------------------------------------------------- The hearing of a wind-up petition filed against Pacpo Investment Ltd is set on August 2, 2006, at 9:30 in the morning. Cheung Yam Loi filed the petition with the Court on June 2, 2006. The solicitor for the petitioner can be reached at: Betty Chan For Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong POWTEK ELECTRONICS: Court Issues Wind-Up Order ---------------------------------------------- A wind-up order was issued by the High Court against Powtek Electronics Co Ltd on June 28, 2006. The Troubled Company Reporter - Asia Pacific recounts that Teamedics Manufacturing Co Ltd filed the wind-up petition on April 19, 2006. TAI ON ELECTRIC: Court to Hear Wind-Up Application on August 9 -------------------------------------------------------------- The High Court of Hong Kong will hear a petition to wind up Tai On Electric Company Limited on August 9, 2006, at 9:30 a.m. Chow Wai Kit filed the petition with the Court on June 12, 2006. The solicitor for the plaintiff can be reached at: Betty Chan For Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong TEEMVICTORY LIMITED: Court Issues Wind-Up Order ----------------------------------------------- Teemvictory Limited received a wind-up order from the High court of Hong Kong on June 28, 2006. According to the Troubled Company Reporter - Asia Pacific, the Bank of China (H.K.) Ltd filed the petition with the Court on April 27, 2006. * Government's Action to Cool Down Economy Shows Result ------------------------------------------------------- First seen in recent years, China showed a year-on-year decline in its excessive lending as reflected on the mainland's new local currency loan amounting CNY360 billion as of June 2006, CNY102.7 billion less than in the same 2005 period, a central bank source told Xinhuanet News. Xinhuanet recounts that some economists and officials have expressed alarm at the country's excessive lending, saying it could lead to financial problems if investments end up being unprofitable. Heeding the call to discourage excessive lending, The People's Bank of China, on April 28, 2006, raised the minimum rate commercial banks charge on one-year loans in local currency, 27 basis points to 5.85%. It was the first increase since October 2004, Xinhuanet notes. Further, nine ministries under the State Council moved to cool down the heated real estate market by lifting the down payment requirement for housing purchases, China's latest round of the macro-control, Xinhuanet relates. According to Zhang Liqun, a macro-economics research fellow at the Development and Research Center of the State Council, the fast increase of China's money supply was a result of big trade surpluses and skyrocketing foreign exchange reserves brought by currency controls. ========= I N D I A ========= LML LIMITED: Allots Equity Shares to Merrill Lynch -------------------------------------------------- On July 13, 2006, LML Limited allotted 27,97,427 equity shares of INR10 each to Merrill Lynch Capital Markets Espana S.A.SV. at a premium of INR21.10 per share. The allotment is pursuant to the conversion of 2,000 Foreign Currency Convertible Bonds-Series B due 2010 of US$1,000 each. The Troubled Company Reporter - Asia Pacific reported that 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. 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. * Government Likely to Release Oil Bonds for Oil Retailers ---------------------------------------------------------- The Government is likely to issue INR28,000 worth of oil bonds for oil retailers by the end of July, The Financial Express says, citing Petroleum Secretary MS Srinivasan. The bonds will be issued to compensate oil firms such Indian Oil Corporation, Bharat Petroleum Corporation, Hindustan Petroleum Corporation and IBP Company Limited for selling duel below costs, The Express relates. Mr. Srinivasan explained the oil bonds will help oil firms bridge the gap in retail prices of petrol, diesel, liquefied petroleum gas and kerosene and cost of production this fiscal. The bonds are to be released every quarter based on the under- recovery in revenue in the quarter. The Government expects to issue INR6,500 to INR7,000 crore worth of interest-bearing bonds with five to seven-year tenure this quarter, The Express reveals. As reported by the Troubled Company Reporter - Asia Pacific on April 20, 2006, the Government has not raised prices of petrol and diesel since September last year. This has negatively impacted the three state oil marketing companies, which sell fuel products at subsidized prices as ordered by the Government. The TCR-AP also reported on that the Government had issued bonds to oil firms to partly compensate them for their losses, while consumers saw a fuel price hike of 7% in June 2005, followed by a similar rise in September. ================= I N D O N E S I A ================= PERUSAHAAN LISTRIK: Plans to Sue Consumers on Power Theft --------------------------------------------------------- State power firm PT Perusahaan Listrik Negara intends to sue consumers who are illegally taking supply by tampering with their supply line or meter using a "power-saving" equipment, The Jakarta Post reports, citing a PLN official. According to the report, Murtaqi Syamsuddin, Perusahaan Listrik's distribution manager for West Java and Banten, relates that an unidentified company is selling the equipment, which disrupts the flow of energy to consumers or reduces the speed of their meters. This equipment also damages household power installations, Mr. Murtaqi notes. Mr. Murtaqi tells The Jakarta Post that the equipment has been on the market for the past two months, but the name and address of the distributor is never provided. PLN's primary concern is power theft by the management of industrial estates, hotels, and office buildings, Mr. Murtaqi says, adding that electricity theft is a criminal offense. According to Mr. Murtaqi, about IDR180 billion worth of electricity is being stolen each month. He notes that monthly revenue from the 2,700 major electricity consumers in West Java and Banten has dropped 20% from the prior months' IDR900 billion. Mr. Murtaqi relates that those consumers they have caught tampering with their home meters have been told to restore them to their previous condition. To keep a check on the problem, PLN plans to conduct surprise checks of homes and businesses for meters and supply lines that have been tampered with, The Jakarta Post relates. * * * Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. PLN posted an IDR4.92-trillion net loss in 2005, against a net loss of IDR2.02 trillion in 2004. As reported in the Troubled Company Reporter - Asia Pacific on June 30, 2006, the Indonesian Government had offered to settle PLN's debt to state oil and gas firm PT Pertamina, which Pertamina claimed has totaled IDR23.9 trillion. However, PLN acting president Djuanda Nugraha Ibrahim said that the Company owes PHP17 trillion to Pertamina. PERUSAHAAN LISTRIK: To Sell Shares in Three Units in 2007 --------------------------------------------------------- The Indonesian Government hopes to raise IDR5 trillion in proceeds from the divestment of shares in three PT Perusahaan Listrik Negara subsidiaries next year, The Jakarta Post says. Roes Aryawijaya, deputy for the energy sector at the Office of the State Minister for State Enterprises, said that part of the proceeds would be used to help finance PLN's coal-fired power plant projects. The Post notes that Mr. Aryawijaya did not name which units would be sold to investors. However, he said that the targeted companies would be those which turned a profit in the last three years. According to The Post, five of PLN's subsidiaries fit the requirement: 1) PT Indonesia Power, 2) PT PJB, 3) PT PLN Batam, 4) PT PLN E, and 5) PT Indonesia Comnet Plus, which provides telecommunications services. The Post says that the sixth PLN subsidiary, PT PLN Tarakan, has only made a profit during the past two years. Mr. Aryawijaya stated that despite the divestment program, the Government would still maintain more than a 51% stake in the companies. He said that the divestment plan has been agreed upon during the last PLN shareholders meeting, and he is confident that the company's management would pursue the plan. The Post cites the company's acting president director, Djuanda Ibrahim, as saying that PLN will launch an initial public offering for Indonesia Power next year to help turn the unit into a transparently run and major player in the Southeast Asian region. He adds that other divestment programs are still being discussed. Coal-fired Power Plant Projects The Government has asked PLN to develop up to 10,000 MW coal- fired power plants within the next three years to help avoid a power crisis in the country and reduce costly fuel consumption at homes, the Jakarta Post relates. The Post notes that the project would require a huge fund outlay. According to The Post, Energy and Mineral Resources Minister Purnomo Yusgiantoro disclosed that PLN will hold an open bidding to select contractors for the construction of 30 planned coal- fired power plants with a total capacity of 2,522 MW located outside Java. PLN will build another 10 plants within Java. After a meeting with PLN officials, Mr. Yusgiantoro reveals that "[t]he 30 power plants outside Java will be put up for tender." However, the firm may not conduct open bidding for the plants, if the selected companies can provide some of the financing, Bloomberg News relates. The Post notes that a decree issued by President Susilo Bambang Yudhoyono exempts PLN from a rule requiring open bidding for state projects to accelerate the awarding of power contracts. * * * Indonesian state utility firm PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- transmits and distributes electricity to around 30 million customers, roughly 60% of Indonesia's population. The Indonesian Government decided to end PLN's power supply monopoly to attract independents to build more capacity for sale directly to consumers, as many areas of the country are experiencing power shortages. PLN posted an IDR4.92-trillion net loss in 2005, against a net loss of IDR2.02 trillion in 2004. As reported in the Troubled Company Reporter - Asia Pacific on June 30, 2006, the Indonesian Government had offered to settle PLN's debt to state oil and gas firm PT Pertamina, which Pertamina claimed has totaled IDR23.9 trillion. However, PLN acting president Djuanda Nugraha Ibrahim said that the Company owes PHP17 trillion to Pertamina. ========= J A P A N ========= LIBERTY GLOBAL: Files Amended 2005 Annual Report with U.S. SEC -------------------------------------------------------------- Liberty Global Inc. filed, on June 30, 2006, a Form 10-K/A to amend its annual report for the year ended Dec. 31, 2005, with the United States Securities and Exchange Commission. Liberty Global filed this amendment to: (a) file under Item 8 -- Financial Statements and Supplementary Data -- and Item 15 -- Exhibits and Financial Statement Schedules -- the consolidated financial statements of its equity investees Telenet Group Holding NV and PrimaCom AG, each as required by Rule 3-09 of Regulation S-X; (b) correct certain historical operating data in the business discussion of its networks in France and Switzerland in Item I -- Business; (c) correct the projected cash interest payments on debt and capital lease obligations for fiscal 2006, 2007, 2008, 2009 and after 2010 in the discussion of financial commitments and contingencies in Item 7 -- Management's Discussion and Analysis of Financial Condition and Results of Operations; (d) correct the aggregate fair value of the Registrant's equity method and available-for-sale investments that were subject to price risk at Dec. 31, 2005, in the discussion of market risks related to the Registrant's cash and investments in Item 7A -- Quantitative and Qualitative Disclosures About Market; and (e) correct typographical errors and to make certain tabular and clarifying changes in Items 1 -- Business -- and Item 7 -- Management's Discussion and Analysis of Financial Condition and Results of Operations -- and in its consolidated financial statements and notes filed under Item 8 -- Financial Statements and Supplementary Data. Financials The Company reported an US$80 million net loss on US$5.2 billion of revenues for the year ended Dec. 31, 2005, compared to a US$21.4 million net loss on US$2.5 billion of revenues for the same period in 2004. At Dec. 31, 2005, Liberty Global's balance sheet showed US$23.4 billion in total assets, US$13.8 billion in total liabilities, and US$7.8 billion in stockholders' equity. The Company's balance sheet showed strained liquidity with US$2.2 billion in total current assets available to pay US$2.4 billion in current liabilities due within the year. A full-text copy of the Company's amended 2005 annual report is available for free at http://ResearchArchives.com/t/s?d17 Going Concern Doubt for Two Subsidiaries As reported in the Troubled Company Reporter on March 22, 2006, two auditing firms expressed a going concern opinion on Liberty Global's two subsidiaries, Torneos y Competencias S.A. and UnitedGlobalCom, Inc. Finsterbusch Pickenhayn Sibille, the Argentine member firm of KPMG International, expressed substantial doubt about Torneos y Competencias' ability to continue as a going concern after auditing the Company's financial statements for the years ended Dec. 31, 2004 and 2003. The auditing firm pointed to the Company's default with respect to two bank loans, past due payments on certain loans and a net working capital deficiency at Dec. 31, 2004. Arthur Andersen LLP expressed substantial doubt about UnitedGlobalCom's ability to continue as a going concern after auditing the Company's financial statements for the year ended Dec. 31, 2001. The auditing firm pointed to the Company's recurring losses from operations, its default under certain of its significant bank credit facilities, senior notes and senior discount note agreements, which resulted in a significant net working capital deficiency. About Liberty Global Headquartered in Englewood, Colorado, Liberty Global Inc. -- http://www.www.lgi.com/-- is an international broadband communications provider of video, voice and Internet access services, with consolidated broadband operations in 19 countries, primarily in Europe, Chile and Japan. Through its indirect wholly owned subsidiary UGC Europe, Inc., and its wholly owned subsidiaries UPC Holding B.V. and Liberty Global Switzerland, Inc., collectively Europe Broadband, Liberty Global provides video, voice and Internet access services in 13 European countries. Through Liberty Global's indirect controlling ownership interest in Jupiter Telecommunications Co., Ltd., the Company provides video, voice and Internet access services in Japan. Through the Company's indirect 80%-owned subsidiary VTR GlobalCom, S.A., it provides video, voice and Internet access services in Chile. * * * As reported in the Troubled Company Reporter on Feb 22, 2006, Standard & Poor's Ratings Services assigned its 'B' long-term corporate credit rating to U.S.-listed, international cable operator Liberty Global Inc. S&P said the outlook is stable. LIVEDOOR CO: Ex-CEO Was Actively Involved in Firm Takeovers ----------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific on May 30, 2006, Livedoor Co.'s four ex-directors, two external accountants, and both the Company and its unit, Livedoor Marketing Co., pled guilty to charges of accounting fraud and violating the Securities Exchange Law at their trial's first hearing on May 26, 2006. In an update Crisscross News relates that, at a hearing in the Tokyo District Court on July 11, 2006, former Livedoor Chief Financial Officer Ryoji Miyauchi testified that the Company's former president, Takafumi Horie, played key parts in the Company's decision-making process when it decided to take over other firms. According to The Japan Times, Mr. Miyauchi told the Court that Mr. Horie "had a strong desire to make his company No. 1 in Japan and then in the world in a short span of time." "He frequently took advantage of corporate acquisition deals, as it was hard to post earnings and profits while expanding the corporate group," Mr. Miyauchi relates. Mr. Miyauchi told the Court that he was involved in the fraud but was not second in command, saying that he was in charge of financial transaction matters and had jurisdiction over corporate acquisitions and other affairs. According to The Japan Times, Mr. Miyauchi's testimony could be used to show that Mr. Horie might have instructed other executives to engage in illegal activities. The Japan Times cites Mr. Miyauchi as telling the Court that when Livedoor management said it wanted to book the sale of new shares it was planning to float for the year to September 30, 2004, as genuine proceeds, "our accountants said booking it that way would be wrong, leading me to begin to think it was a bad thing to do." However, he and the other Livedoor managers "could not give up" following through with the falsification, Mr. Miyauchi told The Japan Times. When asked about booking bogus sales to companies Livedoor was planning to take over as its sales, Mr. Miyauchi said, "We deviated from the right path." Separate Case Against Y. Murakami The Japan Times relates that Mr. Miyauchi has also reportedly provided prosecutors with key information to help them build a separate case against Yoshiaki Murakami, founder of the Murakami fund. Mr. Murakami was charged with insider trading in June. Mr. Miyauchi has told prosecutors that Mr. Murakami encouraged Livedoor in 2004 to buy up shares of Nippon Broadcasting System Inc. Livedoor did decide to acquire a large stake in the radio broadcaster and told Mr. Murakami before the actual purchase, The Japan Times relates. * * * Headquartered in Tokyo, Japan, Livedoor Company, Limited -- http://corp.livedoor.com/en/-- is involved in out portal site "livedoor," financial business, corporate web solutions, data center and IP telephony business. The Troubled Company Reporter - Asia Pacific reported that in January 2006, Livedoor ex-president and founder Takafumi Horie, and other Livedoor directors were found to have conspired to cover up the Company's JPY310-million pre-tax loss for the business year ended September 2004, by doctoring financial accounts to instead show an inflated pre-tax profit of JPY5.03 billion. Moreover, Mr. Horie and the Company executives allegedly relayed false information on a merger, with the intent to boost the stock price of Livedoor's subsidiary, Livedoor Marketing Co. Following the accounting scandal surrounding the Company in January 2006, Livedoor's stock price plunged to JPY94 per share from over JPY300 per share. Livedoor was delisted from the Tokyo Stock Exchange on April 14, 2006. ========= K O R E A ========= HANAROTELECOM: Posts KRW432-Bil Revenue for 1st Quarter 2006 ------------------------------------------------------------ hanarotelecom Inc. revealed a 17% gain in revenues to KRW432.3 billion on the back of an increase in broadband revenues resulting from its merger with Thrunet and a continuous growth in voice net additions in its first-quarter earnings release for 2006. The Company stated that it posted EBITDA of KRW142.8 billion and an operating profit of KRW16 billion while significantly reducing its net loss to KRW 6.1 billion. The Company also said that it attracted 7,300 broadband subscribers in April 2006, posting a net addition for the first time this year, and acquired about 15,300 voice subscribers in April alone, continuing a sustained growth of net addition. This shows that hanarotelecom's aggressive marketing activities have led to a turnaround in operating results. In particular, the Company expanded optical LAN coverage in the first quarter of 2006 to 4,500 apartment complexes with 2.6 million households, which accounts for 52% of nationwide apartment complex coverage. In the voice business, hanarotelecom laid the foundation for accelerating subscriber net additions by adding 10 local call service areas and thus securing 80% of nationwide coverage areas. 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. hanarotelecom 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. hanarotelecom 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. Standard and Poor's gives both hanarotelecom's long-term foreign issuer credit and long-term local foreign issuer credit a BB rating. HANAROTELECOM: Buys 1.3 Million New Shares in Affiliate ------------------------------------------------------- hanarotelecom Inc. has bought 1,300,000 shares in affiliate company hanaromedia Inc. On June 30, 2006, hanarotelecom paid a total of KRW6.5 trillion for the shares in the media company, whose main businesses are video-on-demand and value-added services. The acquisition put hanarotelecom as a majority shareholder in hanaromedia, with a 65% stake, holding a total of about 3,380,000 of hanaromedia's 5,200,000 shares. hanarotelecom's capitalization in hanaromedia now totals KRW18.5 billion. The shares purchase also signifies the start of hanarotelecom's entry into TV-Portal services. This is the third time hanarotelecom bought shares from its affiliate. The first was on March 8, 2006, involving 780,000 shares for KRW5.5 billion. Another 1,300,000 shares were purchased on March 31, 2006, for KRW6.5 billion. About hanaromedia hanaromedia Inc. -- http://www.hanaromedia.co.kr/-- engages in video-on-demand and value-added services. As of the end of the first quarter of 2006, hanaromedia had total assets of KRW18.28 billion, total liabilities of KRW3.67 billion, revenues of KRW19 million and a net loss of KRW836 million. 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. hanarotelecom 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. hanarotelecom 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. Standard and Poor's gives both hanarotelecom's long-term foreign issuer credit and long-term local foreign issuer credit a BB rating. HANAROTELECOM: To Guarantee Affiliate's Lease for KRW90-Billion --------------------------------------------------------------- hanarotelecom Inc.'s board of directors has approved a resolution to provide a KRW90 billion debt guarantee to hanaromedia Inc., an affiliate company. If hanaromedia fails to pay lease fees, hanarotelecom will take over the lease agreement or acquire leased assets. The debt guarantee is related to an equipment lease for hanaromedia's operations, although a lessor has not yet been decided. The guarantee will be for a period of up to 48 months. About hanaromedia hanaromedia Inc. -- http://www.hanaromedia.co.kr/-- engages in video-on-demand and value-added services. As of the end of the first quarter of 2006, hanaromedia had total assets of KRW18.28 billion, total liabilities of KRW3.67 billion, revenues of KRW19 million and a net loss of KRW836 million. 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. hanarotelecom 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. hanarotelecom 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. Standard and Poor's gives both hanarotelecom's long-term foreign issuer credit and long-term local foreign issuer credit a BB rating. HANAROTELECOM: Board Approves Loan for Affiliate ------------------------------------------------ hanarotelecom Inc.'s board of directors has approved a loan of as much as KRW60 billion for affiliate company hanaromedia Inc. hanaromedia intends to use the money to secure equipment for the provision of services and for its own operations. The resolution was passed on June 22, 2006, with five out of six outside directors present together with audit committee members. The loan term is set for three years but repayment terms and interest rate are yet to be decided by the Representative Director of hanarotelecom. About hanaromedia hanaromedia Inc. -- http://www.hanaromedia.co.kr/-- engages in video-on-demand and value-added services. As of the end of the first quarter of 2006, hanaromedia had total assets of KRW18.28 billion, total liabilities of KRW3.67 billion, revenues of KRW19 million and a net loss of KRW836 million. 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. hanarotelecom 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. hanarotelecom 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. Standard and Poor's gives both hanarotelecom's long-term foreign issuer credit and long-term local foreign issuer credit a BB rating. KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt ---------------------------------------------------------------- KANA Software Inc.'s auditor, Burr, Pilger & Mayer LLP, expressed substantial doubt about the Company's ability to continue as a going concern after auditing the Company's financial statement for the year ending Dec. 31, 2005. Burr Pilger pointed to the Company's recurring losses from operations, net capital deficiency, negative cash flow from operations and accumulated deficit. The Company incurred a US$17.96 million net loss on US$43.1 million of revenues in 2005. Total revenues decreased by 12% from US$48.9 million for the year ended Dec. 31, 2004, primarily as a result of fewer license transactions in 2005 than in 2004. As of Dec. 31, 2005, the Company's balance sheet reported assets amounting to US$35.71 million and debts totaling US$45.5 million. As of Dec. 31, 2005, the Company reported a US$9.79 million equity deficit from a US$3.16 million positive equity at Dec. 31, 2004. In December 2005, the Company consolidated its research and development operations into one location in Menlo Park, California to optimize the Company's research and development processes and decrease overall operating expenses. As a result, the Company terminated the employment of 15 employees based in New Hampshire. As a result of this consolidation, the Company incurred a restructuring charge of US$282,000 related to employee termination costs. Additionally, the Company recorded a US$186,000 restructuring charge during 2005 related to a change in evaluation of the real estate conditions in the United Kingdom, a change in the sublease estimates in the United States and the consolidation of our research and development operations in Menlo Park, California. A full-text copy of the Company's Annual Report in Form 10-K filed with the United States Securities and Exchange Commission is available for free at http://ResearchArchives.com/t/s?d7d KANA Software Inc. provides multi-channel customer service software applications. KANA's integrated solutions allow companies to deliver service across all channels, including email, chat, call centers and Web self-service, so customers have the freedom to choose the service they want, how and when they want it. The Company's target market is the Global 2000 with a focus on large enterprises with high volumes of customer interactions, such as banks, telecommunications companies, high- tech manufacturers, healthcare organizations and government agencies. The Company is headquartered in Menlo Park, California, with offices throughout the United States and Europe, and in Japan, Hong Kong, and Korea. * Korea Introduces New Financial Regulations Effective July ----------------------------------------------------------- South Korea's Financial Supervisory Service and Financial Supervisory Commission revealed new financial regulations which will be promulgated starting July 1, 2006, the Troubled Company Reporter - Asia Pacific learns from the FSC's Weekly Newsletter. The new regulations are: 1. Updated Foreign Exchange Monitoring System The FSS will step up monitoring of foreign exchange transactions by launching the newly upgraded Foreign Exchange Monitoring System on July 1. The new monitoring system utilizes foreign exchange transactions data reported to Bank of Korea and is thus expected to help the FSS significantly improve monitoring of irregular foreign exchange transactions without data request to financial institutions. 2. Eased Requirements for Credit Rating Business License To attract new entrants and increase competition in the credit rating industry, requirements for the credit rating business license were relaxed, with the required number of credit rating specialists lowered from 30 to 20. For companies that specialize in rating corporate bonds and commercial papers in 3 or less industries or specialize in rating ABS, only 10 specialists will be required. 3. Amended Rules for Management of Institutional Investors of MMF Deposits Changes were made to the rules on the management of institutional investors of deposits intended for purchases of money market funds that mandates forward MMF pricing for institutional investors. With forward pricing, an order placed for MMF purchase is executed on the following day at the closing valuation of the fund on the order date. The change relieves securities companies from the double funding required in order to execute an MMF order and helps the Korea Securities Finance Corporation manage its deposits more efficiently. 4. Major Accounting Firms of Audit Quality Control Subject to Review by FSS As part of efforts to improve preemptive supervision, the FSS will directly review the audit quality control systems of major accounting firms. Specifically, the accounting firms that audit one percent or more of all listed companies, audit a company with assets of more than KRW1 trillion, employ thirty of more certified public accounts, or are selected by the Chairman of the Securities and Futures Commission will be subject to direct review by the FSS. =============== M A L A Y S I A =============== CONSOLIDATED FARMS: Appeals Bourse's Decision to Delist Shares -------------------------------------------------------------- On July 12, 2006, Consolidated Farms Berhad submitted an appeal to Bursa Malaysia Securities Berhad to reconsider its decision to delist the Company's securities from the Official List. As reported by the Troubled Company Reporter - Asia Pacific, the Bourse, on July 5, 2006, decided to delist Confarm's securities on July 17, as the Company does not have an adequate level of financial condition to warrant continued listing on the Bourse. The Bourse suspended Confarm's securities on July 5, until further notice, as the Company has failed to regularize its financial condition within the prescribed timeframe stipulated by Bursa Malaysia Securities Berhad pursuant to the Listing Requirements. The Bourse advised that it may commence delisting procedures against the Company if it fails to meet the requirement. About Consolidated Farms Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd -- http://www.confarm.com/-- is engaged in poultry farming which includes operating of breeder farm, production and processing of organic fertilizer, feed milling and manufacturing and sale of egg trays. Other activities include manufacturing and processing of eggs into pasteurized eggs and de-shelled hard-boiled eggs. The Company is a Practice Note 4 concern currently undergoing a restructuring exercise to address its debt problem. The company had appointed Deloitte KassimChan Business Services Sdn Bhd as advisor for the restructuring exercise. Consolidated Farms was mired with MYR122-million debt on account of its expansion plan, which included the purchase of equipment and facilities. As of March 31, 2006, Confarm said that it will not be able to settle all its debts in full when they fall due within the next 12 months and hence, the Company is unable to provide a solvency declaration. The Company's April 30, 2006, balance sheet showed total liabilities of MYR203,323,000 exceeding total assets of MYR133,822,000, resulting into a stockholders' equity deficit of MYR69,501,000. The Company also recorded a negative cashflow of MYR10,220,000 in the quarter ended April 30, 2006. JOHAN CERAMICS: Complies with Public Shareholding Requirement ------------------------------------------------------------- Based on the record of depositors as of June 30, 2006, Johan Ceramics Berhad confirmed that its public shareholding spread was 28.14% and were held by 2,191 public shareholders holdings not less than 100 shares each. 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. In this regard, the Company has complied with the public shareholding spread requirement pursuant to the Listing Requirements of Bursa Malaysia Securities Berhad. About Johan Ceramics Berhad Headquartered in Malaysia, Johan Ceramics Berhad principally engages in the manufacture and sale of glazed ceramic wall and floor tiles. The Company's balance sheet as of March 31, 2006, showed accumulated losses of MYR35.5 million in shareholders equity. The Company was classified as an affected listed issuer under the Amended Practice Note 17 category of Bursa Malaysia Securities Berhad's Listing Requirements after its auditors expressed doubt on the Company's ability to continue as a going concern and after its shareholders' equity plunged below the listing requirement. As an affected issuer, the Company is required to formulate and implement a plan to regularize its financial condition. KRAMAT TIN: June 30 Public Shareholding Spread Pegged at 47.10% --------------------------------------------------------------- Kramat Tin Dredging Berhad said it has complied with Bursa Malaysia Securities Berhad's public spread rule, which requires 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 Company's public shareholding spread as of June 30, 2006, is 47.10% and the number of public shareholders with not less than 100 shares is 1,360. About Kramat Tin Dredging Berhad Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging Berhad is currently in the process of identifying suitable business opportunities. The Company ceased its mining operations in 1988. In 2001, Bursa Malaysia Securities Berhad classified Kramat Tin as a Practice Note 10 company, given its inadequate level of operations. To avoid being de-listed, Kramat Tin, in 2004, entered into an arrangement to restructure its operational and financial position. Currently, Kramat Tin is seeking the approval of the regulatory authorities for its Proposed Restructuring Scheme. For the financial year ended December 31, 2005, with the scheme still pending completion, Kramat Tin registered a smaller loss of MYR524,000 compared with the MYR1.3-million net loss in 2004. LITYAN HOLDINGS: Public Shareholding Stands at 74.74% ----------------------------------------------------- Lityan Holdings Berhad's public shareholding spread as of June 30, 2006, is 74.74% comprising 10,303 shareholders holding not less than 100 shares each. Consequently, Lityan has complied with the public shareholding spread requirement 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 Lityan Holdings Berhad Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings Berhad -- http://www.lityan.com.my/-- sells and provides maintenance services and rental of computer equipment, peripherals, telecommunication equipment and related services. The Company's other activities include provision of building maintenance and management services, developing and marketing of new client-server programming tools and application software, operation of public mobile data network, property investment and investment holding. The Group carries out its operations in Malaysia and the Philippines. The Company had been classified as an affected listed issuer pursuant to Practice Note 17 as issued by the Bursa Malaysia Securities Berhad on May 10, 2005. On January 16, 2006, the Company entered into a conditional Restructuring Agreement to undertake the Proposed Restructuring Scheme with the intention of restoring the Company onto stronger financial footing via an injection of new viable businesses. The total amount of debts defaulted by Lityan Holdings Berhad and its subsidiaries as of June 30, 2006, has reached MYR12,565,005. MALAYSIA AIRLINES: Seeks Shareholders' Okay on ADBU Termination --------------------------------------------------------------- An Extraordinary General Meeting of the shareholders of Malaysia Airlines System Berhad will be held on July 28, 2006, at 10:00 a.m., at the MAS Academy, No. 2, Jalan SS7/13, Kelana Jaya, in 47301 Petaling Jaya, Selangor Darul Ehsan. During the meeting, shareholders will consider and, if thought fit, approve the proposed early termination of the agreement for domestic business unbundling entered into between Malaysia Airlines and its parent, Penerbangan Malaysia Berhad. The shareholders will be asked to allow Malaysia Airlines to proceed with the Proposed Early Termination upon the terms of the termination agreement signed by the carrier and its parent on July 11, 2006. As reported by the Troubled Company Reporter - Asia Pacific, 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 July 11, 2006 Bursa Malaysia disclosure, Malaysia Airlines said that 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. 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. 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: Chan Defends Floor Price Lifting --------------------------------------------------- Transport Minister Datuk Seri Chan Kong Choy supports the Cabinet's decision to lift the floor price of Malaysia Airlines and allow the carrier to resume three lucrative domestic routes, The Edge Daily reports. As reported by the Troubled Company Reporter - Asia Pacific on July 11, 2006, the Government reversed an earlier decision to impose a minimum floor price on Malaysia Airlines for its 22 domestic routes from August 1, 2006, as part of the rationalization of the domestic routes to allow AirAsia to take over the bulk of the local flights. The two carriers had on February 27, 2006, inked an agreement where Malaysia Airlines was not allowed to sell its tickets below certain prices. According to the TCR-AP, AirAsia chief executive officer Datuk Tony Fernandes had expressed that the lifting of the floor price caused unfair competition. However, Mr. Chan insisted that the Cabinet's decision is fair and did not violate the domestic route rationalization agreement, as both carriers do not have a floor price, according to The Edge. Mr. Chan explained that the Government reversed its decision so that Malaysia Airlines can offer discounted rates to the handicapped, retirees and senior citizens. The decision to remove the floor price was made not just to benefit the people but also the country and aviation industry, The Star Online cites Mr. Chan as saying. Mr. Chan added AirAsia should not have anything to complain about as the Government was being fair and transparent. The Transport Minister also refuted a claim by AirAsia that it was not formally informed by the Government on the decision, The Star relates. He said that AirAsia had been formally informed of the decision and the ministry was prepared to listen to the budget airline's complaints any time. About Malaysia Airlines Headquartered in Selangor, Malaysia, Malaysia Airlines -- http://www.malaysiaairlines.com/-- services domestic and international flights. Its global network comprised 32 domestic and 86 international destinations. Of the 86 international destinations, 17 were operated in collaboration with our airline partners. The carrier made a loss after tax of MYR1.3 billion for fiscal year 2005, due to high fuel and operating costs, and unprofitable routes. In late February 2006, it unveiled a radical rescue plan to raise MYR4 billion in order to stay afloat and return to profitability by 2007. Under the restructuring plan, the airline pledged to cut its budget by 20% across the board, terminate many unprofitable routes, freeze recruitment except for front-line staff, crack down on corruption by encouraging Whistle-blowing and stop corporate sponsorship. OLYMPIA INDUSTRIES: Enters Into Additional Restructuring Deals -------------------------------------------------------------- Olympia Industries Berhad, on July 12, 2006, inked agreements in respect of its restructuring scheme. Olympia's subsidiary Miles & Miles Leisure Sdn Bhd -- formerly known as Olympia Travels & Tours Sdn Bhd -- has signed a novation agreement with Mycom Berhad and Alliance Bank Malaysia Berhad wherein Miles & Miles will novate and transfer all its rights and obligations under an agreement dated July 7, 1998, made between Alliance Bank and Miles & Miles for credit facilities of up to the maximum aggregate principal sum of MYR4,980,000 to Mycom. Olympia Industries also entered into a novation agreement with Mycom and AmBank Berhad wherein Olympia will novate and transfer all its rights and obligations under a letter dated August 24, 1994, issued by AmBank granting Olympia a revolving credit facility of up to the maximum aggregate principal sum of MYR10,000,000 to Mycom. In addition, Olympia Land Berhad, Mycom and AmBank entered into an agreement wherein Olympia Land will novate and transfer all its rights and obligations under a letter of offer dated March 6, 1997, issued by AmBank granting Olympia Land a revolving credit facility of up to the maximum aggregate principal sum pf MYR3,000,000 to Mycom. Furthermore, a novation agreement was inked by Mascon Sdn Bhd, Olympia Industries and United Overseas Bank wherein Mascon will novate and transfer all its rights and obligations under a loan agreement dated October 23, 1996, made between Mascon, Asian International Merchant bankers Berhad -- now known as Public Merchant Bank -- as the manager and agent and the syndicated lenders for a term loan facility of up to the maximum aggregate principal sum of MYR230,000,000 to Olympia Industries. Pursuant to a statutory vesting certificate made between Public Merchant Bank and Pengurusan Danaharta Nasional Bhd, all rights, interests and title of Public Merchant Bank under the Loan Agreement and pursuant to the facility have been transferred to Pengurusan. By a deed of assignment dated August 25, 2005, made between Pengurusan, Danaharta Managers Sdn Bhd and United Overseas Bank, Pengurusan had assigned all its rights, interest and title under the Loan Agreement and the facility to United Overseas Bank. On even date, Olympia Industries and United Overseas Bank entered into a supplemental agreement to vary the terms of the Loan Agreement. The principal amount together with any interest payable under the said facility to be restructured is based on the cut off date as of September 30, 1998, amounted to MYR125,033,868. The Troubled Company Reporter - Asia Pacific recounts that Olympia Industries, on June 28, 2006, entered into 14 novation and supplemental agreements with relevant parties in respect of the remaining debts to be restructured under the Company's revamp scheme. On July 7, 2006, the Group also entered into three supplemental and novation agreements in respect of its restructuring. According to the TCR-AP, the Company expects to progressively enter into further agreements to settle the balance of its outstanding debts. About Olympia Industries Berhad Headquartered in Kuala Lumpur, Malaysia, Olympia Industries Berhad organizing and managing numbers forecast pools and public lotteries, operation of recreation clubs, investment holding and property development. Other activities include trading in securities, paint spraying of aluminium, other metal products and architectural products, letting of properties, maintaining and operating internet based transaction facilities and services, food and beverage business, events organizer and project management, travel and tours agency, servicing of oil and gas pipeline, asset management, money lending and stockbroking. Operations are carried out in Malaysia, Papua New Guinea and Singapore. The Company has incurred continuous losses in the past and has also been fined many times by Bursa Malaysia Securities for failing to maintain appropriate standards of corporate responsibility and accountability to the investing public. As of March 31, 2006, the Company's balance sheet showed MYR991,747,000 in total assets and MYR1,971,727,000 in total liabilities, resulting in a shareholders' equity deficit of MYR979,980,000. PANGLOBAL BERHAD: Public Shareholding Spread Meets Requirement -------------------------------------------------------------- The public shareholding spread of PanGlobal Berhad as of June 30, 2006, stands at 62.35% of the total shareholding in the hands of 12,041 public shareholders. As such, the Company 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. About PanGlobal Berhad Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad -- http://home.panglobal.com.my/-- is engaged in underwriting all classes of general insurance business, extracting of logs, sawmilling, manufacturing of veneer and extraction of coal. Other activities include property investment and development and leasing of real estate, investment holding, business management, building and fitness club management. PanGlobal is a Practice Note 4/2001 company. The Bursa Malaysia Securities has required the Company to regularize its financial condition, curb huge losses and settle debts in order to continue operating. The Company has already submitted a Proposed Restructuring Scheme to the Securities Commission on September 9, 2005. On April 6, 2006, the Securities Commission approved PanGlobal Berhad's proposed restructuring scheme. The Company's March 31, 2006, balance sheet revealed total assets of MYR694,257,000 and total liabilities of MYR1,033,963,000 resulting into a shareholders' deficit of MYR339,706,000. PROTON HOLDINGS: Receives Huge Orders for Satria Neo ---------------------------------------------------- Proton Holdings Berhad's distribution arm, Proton Edar Sdn Bhd, has already received 2,000 orders for Satria Neo following the launch of the new model last month, Business Times reports. Proton chief executive officer Datuk Maruan Mohd, who earlier handed over the keys of the first 30 Satria Neo owners, welcomes the overwhelming response from the public. "Since its launch on June 16, to date we have recorded bookings of more than 2,000 units and about 200 cars have been registered on the road," Mr. Mohd told Business Times. Mr. Mohd is confident that the sporty two-door Satria Neo will generate a monthly sales volume of up to 2,500 units, The Times relates. Proton expects the new model to improve its image and boost the firm's profitability and market share. As reported by the Troubled Company Reporter - Asia Pacific, The Malaysian carmaker has been losing its market share to stronger rivals like Toyota Motor Corporation and even its local competitor, Perodua. Proton lost 9% of its local market share in the three months ended March 31, 2006, from a year ago, as more buyers turned to overseas brands after the Government cut import taxes. According to the TCR-AP, the Government cut import taxes for vehicles assembled in South-East Asia to 5% from 15% in March, removing more than two decades of tariff protection for Proton. Although Proton was able to drop its prices by 7%, it could not compete with Toyota's 11% price cut. Proton's sales in the three months to March 2006 slumped 25%. Meanwhile, Proton aims to introduce its Satria Neos to overseas markets such as the United Kingdom and Australia by the third quarter of this year, The Times says. Regionally, Thailand and Indonesia will be among the first markets for Satria Neo. About Proton Holdings Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.proton-edar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. Proton was reported to be among Malaysia's worst-performing companies in 2005, after competition from foreign carmakers and a lack of new models lost the firm local market share and subsequently led it into a loss. It has since brought in a new chief, sold its loss-making MV Agusta motorbike firm and pledged to find a new technology partner. The Company has been under increasing pressure, with its share of domestic sales falling to 44% from 75% over the past decade. The Troubled Company Reporter - Asia Pacific reported on May 4, 2006, that Proton was expected to finalize a recovery plan and seal an alliance with a strategic partner by the end of this year. TANCO HOLDINGS: Awaits Court's Decision on RO Extension Request --------------------------------------------------------------- The Kuala Lumpur High Court will, on July 18, 2006, deliver its decision in respect of Tanco Holdings Berhad's application to extend by another three months the restraining order granted by the Court. According to the Troubled Company Reporter - Asia Pacific, Tanco Holdings sought extension of the restraining order -- which expired on June 30, 2006 -- extended to the Company and its subsidiaries: * JKMB Development Sdn Bhd; * Palm Springs Development Sdn Bhd; * Palm Springs Resort Management Berhad; * Popular Elegance (M) Sdn Bhd; * Tanco Development Sdn Bhd; * Tanco Land Sdn Bhd; * Tanco Properties Sdn Bhd; * Tanco Resorts Berhad; and * Tanco Club Berhad. As reported by the TCR-AP on August 18, 2004, the High Court of Malaya in Kuala Lumpur entered a Restraining Order in favor of the Tanco Group to allow it time to formalize its Scheme of Arrangement with its creditors. About Tanco Holdings Berhad Headquartered in Selangor Darul Ehsan, Malaysia, Tanco Holdings Berhad -- http://www.tancoresorts.com/-- operates resort, golf and marina clubs and provides management services. Its other activities include provision of exchange services in relation to vacation ownership schemes; property holding and development; provision of consultancy services; money lending business; travel and tour agent; multimedia related business; and investment holding. The Group carries out its operations in Malaysia, the British Virgin Islands, New Zealand and Mauritius. The Company is placed under Bursa Malaysia Securities Practice Note 17 because of its lackluster financial performance, as well as mounting debts and defaults. As an affected listed issuer, the Company is required to submit and implement a regularization plan to avoid delisting. TAP RESOURCES: Lists and Quotes Additional Shares ------------------------------------------------- TAP Resources Berhad's additional 6,546,160 new ordinary shares of MYR1 each were granted listing and quotation by Bursa Malaysia Securities Berhad on July 13, 2006. The shares were derived from the conversion of 6,546,160 irredeemable convertible unsecured loan stock 2003/2006 into 6,546,160 ordinary shares. About TAP Resources Berhad TAP Resources Berhad is principally engaged in property development. Its other activities include general contracting; manufacturing and general trading of building materials, construction chemicals, ready mixed concrete and non-baked bricks; installing air-conditioners, process control and switch gear automation; selling of electrical goods; and investment holding. The Group operates wholly in Malaysia. As of April 30, 2006, the Company registered a net loss of MYR3.57 million and a net current deficit of MYR48.56 million. The Company has defaulted in the redemption of the balance of MYR31,734,381 redeemable convertible secured loan stocks . It has also defaulted in the payment of interests, default interests and overdue interests totaling approximately MYR3.1 million. ===================== P H I L I P P I N E S ===================== LEPANTO CONSOLIDATED: Mulls Restart of Copper Mining Operations --------------------------------------------------------------- Lepanto Consolidated Mining Co. is keen on reopening its copper mine in Mankayan, Benguet, after five years of closure, The Philippine Daily Inquirer reports. Lepanto Chairman Felipe Yap told The Inquirer that global copper prices have climbed up to as high as US$3.00 per pound this year, from a record low of US$0.70 in 2001, a price that had forced the Company to shut down its Mankayan operations. In view of rising metal prices, the mining firm said that it will resume copper production by September 2006 through a new project, The Inquirer says. Lepanto has filed with the Board of Investments an application for the registration of the Victoria copper-gold flotation project as a new project on a non-pioneer status, The Philippine Star reveals. BusinessWorld says that the registration's approval will entitle Lepanto to a four-year income tax holiday that can be extended for another three years subject to compliance with certain conditions, and lower tariff on the acquisition of capital equipment. Mr. Yap did not disclose how much the Company is investing in the revival its copper operations, but said that it is targeting Chinese smelters and the Philippine Associated Smelting & Refining Corp. as possible markets, The Star says. Lepanto expected to earn US$47 million per year from the Victoria copper-gold flotation project, according to The Star. Meanwhile, news of Lepanto's plan to resume copper production buoyed the miner's shares on Thursday, July 13, 2006. Lepanto A shares -- restricted to local investors -- were up Php0.01 or 3.57% at Php0.29 on 13.6 million shares. The B shares -- available to both locals and foreigners -- were up Php0.01 or 3.13% at Php0.33 on 3.78 million shares. About Lepanto Consolidated Lepanto Consolidated Mining Company -- http://www.lepantomining.com/-- was incorporated primarily to be involved in the exploration and mining of gold, silver, copper, lead, zinc and all kinds of ores, metals, minerals, oil, gas and coal and their related by-products. The Company was incorporated in 1936 and until 1997 was operating an enargite copper mine. It shifted to gold bullion production in the same year through its Victoria Project. Lepanto operated a copper flotation plant from August 2000 to December 2001, when copper operations were suspended due to the presence of excessive penalty elements in the mill feed and copper concentrate. Lepanto sells its gold bullion production to London's Johnson Matthey. Lepanto is now one of the country's top producers of gold and its by-products, copper and silver. The Company also has investments in other areas through its subsidiaries such as hauling business, diamond drilling business, insurance business, manufacturing of industrial diamond tools for mining exploration, marble cutting and the construction industry. The Troubled Company Reporter - Asia Pacific reported on Jan. 27, 2006, that Lepanto Consolidated is working to recover from a PHP400-billion loss incurred in the past two years due to labor disputes. MANILA ELECTRIC: Vows Not To Compromise Customers ------------------------------------------------- Manila Electric Company assures its customers that it will not enter into deals that would compromise client interest, ABS-CBN News reports. The Lopez-controlled utility firm denied accusations that it has hiked power rates after an alleged electricity supply contract with YNN consortium and Ranhill Berhad, the report says. Customers are wary that Meralco's rates could skyrocket once a supply deal is reached since Meralco and its supplier will have to recoup through higher rates the US$561 bid price issued by the consortium. The consortium was expected to run the Masinloc plant very soon until negotiations for the acquisition was delayed due to the absence of a supply contract, ABS-CBN says. Meralco vice-president and corporate communication head Elpi Cuna Jr., however, appeased customers saying that the Company will not sign contracts that will not benefit the public. He added that the Company is aware of the impact of such transaction in bringing back investors' interest in the power industry as a whole. "Any supply agreement that Meralco enters into whether with First Gas or with our other independent power producers is meant to bring down the generation component in Meralco's electricity bill. We also need to be assured that Meralco will have some sort of insurance in having additional capacity in the future, which in turn, assures consumers continuity in electric supply," Mr. Cuna said About MERALCO Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the largest utility in the Philippines, providing power to 4.1 million customers in metropolitan Manila and more than 100 surrounding communities. As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers. Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. * * * A March 31, 2006 report by the Troubled Company Reporter - Asia Pacific stated that the Company posted a 79.7% decrease in its 2005 net losses to PHP411 million from PHP2.03 billion in 2004, due to provisions for probable losses while awaiting a Supreme Court final decision on a pending unbundling rate case, and the adoption of new accounting standards. The TCR-AP further stated on April 27, 2006, that the Company filed a report with the Philippine Stock Exchange, indicating a 66.1% decline in its net loss from January to March 2006 to PHP748 million, against a PHP2.2 billion loss for the same period in 2005. According to a subsequent TCR-AP report on April 24, 2006, Manila Electric cannot seek a loan to expand its facilities unless it repays outstanding short-term debts amounting to around PHP4.7 billion. MAYNILAD WATER: France's Suez Mulls Stake Sale ---------------------------------------------- French utility firm Suez SA is planning to dispose of its 16% interest in water concessionaire Maynilad Water Services Inc. when the Government sells its 84% stake in October this year, ABS-CBN News reports, citing Reuters. The Government confirmed that Suez has tag-along options, but the parties have not yet agreed on how these options will be exercised, ABS-CBN says. As reported by the Troubled Company Reporter - Asia Pacific, the Government will divest its stake in Maynilad under a reprivatization exercise. The Government has re-acquired its Maynilad holding last year from Benpres Holdings Corporation through a debt-to-equity swap deal. According to ABS-CBN, the Government has set a minimum bid of US$56.4 million for its 84% interest in Maynilad, apart from a US$30 million performance bond. The minimum bid amount would go to water regulator Metropolitan Waterworks and Sewerage System, which lent money to Maynilad to fund its operations after Benpres entered into a debt restructuring agreement with its creditors. The amount in excess of the minimum bid would go to Maynilad to help fund its capital expenditure needs for the rest of the water concession period of up to 2022. Eleven investor groups, including seven foreign firms, have expressed interest in Maynilad, ABS-CBN reveals. Prospective bidders include construction firm DMCI Holdings Inc., Manila Water Corp., United States-based AMROC Investments Asia Ltd and two unidentified firms represented only by law firms. * * * Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks, Inc., was incorporated on January 22, 1997 as a joint venture between the Parent Company and Suez-Lyonnaise Des Eaux, now known as Suez Environnement, primarily to bid for the operation of the privatized system of waterworks and sewerage services of the Metropolitan Waterworks and Sewerage System for Metropolitan Manila. According to a report by the TCR-AP on Nov. 19, 2003, the Company filed for corporate rehabilitation with the Quezon City Regional Trial Court, saying it could not pay its debts following an international arbitration panel's decision regarding the early termination of Maynilad's water concession agreement with Metropolitan Waterworks & Sewerage System. On Aug. 6, 2004, the Rehabilitation Court directed Maynilad Water to submit a revised rehabilitation plan based on a full draw of a US$120-million performance bond within a non- extendable 30-day period or until September 6, 2004. On September 9, 2004, Maynilad Water, its shareholders, MWSS, and the Department of Finance set out their intents in a Memorandum of Understanding relating to the restructuring of: -- the financial obligation of Maynilad Water with various banks; and -- the unpaid Concession Fees of Maynilad Water under the Concession Agreement. Debt Capital and Restructuring Agreement On April 29, 2005, Maynilad Water, its shareholders, bank creditors, and MWSS executed a debt capital and restructuring agreement to set out the terms and conditions of their understanding and to govern their respective rights and obligations in connection with the restructuring of the debt and capital of Maynilad Water. The DCRA provides, among others, the capital restructuring and restructuring of debt and concession fees of Maynilad Water, and will take effect upon the satisfaction of precedent conditions set forth in the DCRA, including Court approval. The Rehabilitation Court approved the DCRA on June 1, 2005, and the DCRA was effected on July 20, 2005. MIRANT CORP: Will Sell Philippine Business ------------------------------------------ Mirant Corp., which recently dropped an unsolicited bid to buy rival NRG Energy Inc., revealed plans of selling its international assets and buy back up to US$1.25 billion of its stock, Manila Standard Today reports. As reported in the Troubled Company Reporter - Asia Pacific on July 13, 2006, Mirant revealed a strategic plan to enhance shareholder value. The elements of Mirant's plan are: (1) the immediate launch of a modified "Dutch Auction" tender offer for up to 43 million shares of Mirant common stock, using available cash and cash to be distributed to Mirant upon completion of a term loan to be entered into by Mirant's Philippines business, and (2) the commencement of auction processes to sell Mirant's Philippines and Caribbean businesses. As Mirant generates cash through these sales, it plans to continue returning cash to its shareholders. According to press reports, Mirant disclosed that it is starting auctions to sell its Philippine and Caribbean businesses and expects the transactions to close by mid-2007. Mirant hired Credit Suisse as financial advisor for the sale of its Philippine business, which includes ownership interests in three generating facilities. JPMorgan will serve as advisor for the sale of the Caribbean unit, which includes controlling stakes in utilities in Jamaica and Grand Bahama and minority investments in two others. Standard Today recounts that Mirant had previously said that it planned to recapitalize its business in the Philippines. Mirant had expected to raise around US$1.2 billion in refinancing for its core Philippine assets, a source close to the plan told Reuters in March 2006. Alena Mae Flores of Standard Today notes that the remaining Mirant businesses will consist of the company's United States operations, which it expects to generate enough cash to meet all capital requirements and planned environmental capital expenditures. Standard Today further says that among the Philippine assets put up for sale are three generating facilities -- Sual, Pagbilao and Ilijan -- with a combined power capacity of 2,203 megawatts. The TCR stated that the Philippines business contributed US$370 million in adjusted EBITDA in 2005. In light of its decision to sell its Philippines business, Mirant has adjusted its plan to recapitalize the business. The recapitalization will now consist of a US$700 million term loan for which Mirant has obtained a commitment from Credit Suisse. The term loan will be prepayable at par. Ms. Flores cites an industry source as saying that the sale of Mirant assets in the Philippines has drawn interest from nine companies: AIG, One Energy, Mitsubishi, China Light and Power Holdings, Korea Electric Power Corp., Tokyo Electric Power Co., Kyushu Electric Co., Ayala Group, Aboitiz Group and First Pacific Corp./Metro Pacific Corp. led by businessman Manuel Pangilinan. Energy Secretary Raphael Lotilla said Mirant's move "was not entirely unexpected" given the financial condition of Mirant Philippines' mother company in the U.S. after emerging from a bankruptcy protection in January, Standard Today says. Mr. Lotilla said that Mirant's plants remained profitable. "Higher expected economic growth supported by rising foreign direct investments demonstrates that investor confidence remains intact and will help sustain the profitability of these plants," he added. Share Repurchases Mirant's Board of Directors authorized the repurchase of up to 43 million shares of Mirant common stock for an aggregate purchase price of up to US$1.25 billion. The repurchase will be made through a modified "Dutch Auction" tender offer in which Mirant's shareholders will be given the opportunity, subject to certain conditions, to sell all or a portion of their shares of Mirant common stock to Mirant at a price not less than US$25.75 and not more than US$29.00 per share. The tender offer will commence today and will be funded through a combination of cash on hand and cash distributed to Mirant upon completion of a term loan to be entered into by Mirant's Philippines business. Estimated Available Cash The TCR said that proceeds for the tender offer will come from available cash on hand of US$885 million and cash to be distributed to Mirant upon completion of the US$700 million term loan to be entered into by Mirant's Philippines business. The remainder of the term loan will be used to pay off existing debt in the Philippines. About Mirant Corp. 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 CORP: Fitch Places B+ Rating on Watch Negative ----------------------------------------------------- Fitch Ratings places the ratings of Mirant Corp. (MIR), including the Issuer Default Rating of 'B+', and its subsidiaries on Rating Watch Negative following its announced plans to buy back stock and sell its Philippine and Caribbean assets. The company plans to use available cash on-hand of approximately US$1.2 billion and repatriated funds of US$376 million from a refinancing of the Philippine assets to repurchase up to 43 million shares of common stock under an auction process for a total price of up to US$1.25 billion. This use of cash along with the sale of Mirant's higher margined international assets, which Fitch expected would generate 30% to 40% of consolidated EBITDA in 2006, will also reduce the company's liquidity position and thus financial flexibility. The announcement follows a recent unsolicited offer to purchase a competitor which has since been terminated, and Fitch believes further strategic announcements are likely as management has not yet articulated its plans for the cash generated from the sale of the international assets. Redeployment of the sales proceeds combined with the planned treasury share repurchase and pending sale of international assets will transform Mirant's business franchise, risk and financial profile. Mirant will be challenged to redeploy the cash generated from the international asset sales in a manner that maintains leverage and coverage metrics. Consequently, in the absence of the use of the proceeds from the sale of the international assets to pay down debt in a material way, Fitch expects to downgrade Mirant's ratings. Mirant, through its subsidiaries, is engaged in the generation and sale of electricity in the wholesale power markets in the United States. Additionally, Mirant has interests in power projects and vertically integrated utilities in the Philippines and the Caribbean. Ratings affected are: * Mirant Corp -- Issuer Default Rating (IDR) 'B+'. * Mirant Mid-Atlantic LLC -- IDR 'B+'; -- Pass-through certificates 'BB+/Recovery Rating RR1'. * Mirant North America, Inc. -- IDR 'B+'; -- Senior secured bank debt 'BB/RR1'; -- Senior secured term loan 'BB/RR1'; -- Senior unsecured notes 'BB-/RR1'. * Mirant Americas Generation, LLC -- IDR 'B+'; -- Senior unsecured notes 'B/RR5'. Fitch's Recovery Ratings, introduced in 2005, are a relative indicator of creditor recovery on a given obligation in the event of a default. MIRANT CORP: S&P Places B+ Corporate Credit Rating on Neg. Watch ---------------------------------------------------------------- Standard & Poor's Ratings Services placed the 'B+' corporate credit ratings on Mirant Corp. and its subsidiaries: * Mirant North American LLC, * Mirant Americas Generating LLC, and * Mirant Mid-Atlantic LLC on CreditWatch with negative implications. The CreditWatch listing follows Mirant's announcement that they will buy back up to 43 million common shares with cash on hand and cash to be freed up from a near-term recapitalization of its Philippines business. Mirant also announced that its Philippines and Caribbean businesses will be sold through an auction process. The use of cash to buy back the company's common stock will reduce Mirant's liquidity position to levels below those established, when the company emerged from bankruptcy in late 2005. The sale of the international assets will reduce future cash flow and more importantly, reduces the company's portfolio diversification. The share repurchases and divestitures are both negative for credit quality and could lead to a downgrade of company ratings. Mirant's management stated on their analyst call that as the company generates cash, they plan to return it to their shareholders, and that at present, there is no intention to repay any debt at MNA, MAG or MIRMA. "Standard & Poor's expects to resolve the CreditWatch with negative implications listing over the near term," said Standard & Poor's credit analyst Arthur F. Simonson. After the sale of the international assets, Mirant will largely be a U.S. merchant power generator. "We will analyze the company's ability to generate cash flow and the volatility profile of that cash flow in relation to Mirant's capital structure, when determining the appropriate rating levels," he continued. ================= S I N G A P O R E ================= BARING COMMUNICATIONS: Accepting Proofs of Debt Until August 7 -------------------------------------------------------------- Liquidators of Baring Communications Equity (Asia-Pacific) Limited will be receiving proofs of debt from creditors until August 7, 2006. Creditors who will not be able to prove claims on the due date will be excluded from sharing in any distribution the Company will make. The liquidators can be reached at: Chee Yoh Chuang Lim Lee Meng 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423 FLEXSYS PRIVATE: Creditors Should Prove Debt by August 7 -------------------------------------------------------- Flexsys Private Limited notifies parties-in-interest of its intention to declare dividend to creditors. In this regard, creditors are required to prove their debt by August 7, 2006, for them to share in the dividend distribution. The liquidator can be reached at: Tan Siok Kheng Low Mei Mei Maureen 18 Cross Street #07-03 Marsh & McLennan Centre Singapore 048423 HAGEMEYER ASIA: Creditors' Proofs of Debt Due on August 7 --------------------------------------------------------- Creditors of Hagemeyer Asia Pacific Electronics Private Limited are required to prove their claims by August 7, 2006. Failure to comply with the requirement will exclude any creditor from sharing in the dividend distribution. Bob Yap Cheng Ghee Neo Ban Chuan c/o 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 L&M GROUP: May Sell Subsidiaries to CSC Holdings ------------------------------------------------ L&M Group Investments Limited may enter into exclusive negotiations to sell its subsidiaries to CSC Holdings Limited. The L&M Group units which may be disposed of are: * L&M Foundation Specialist Pte Limited; and * L&M Geotechnic Pte Limited. Currently, no agreement has been reached between L&M and CSC Holdings yet as negotiations are ongoing. About L&M Group Investments Limited Founded in 1971 and listed on the Stock Exchange of Singapore since 1984, L&M Group Investments Ltd delivers its specialized engineering and construction services through two divisions -- Geotechnic and Structural Systems. Geotechnic Division undertakes the design and construction of geotechnical engineering and heavy foundation works, the sale of building products and rental of engineering equipment. Structural Systems Division undertakes the design and construction of structural and civil engineering works. In December 2005, the Company sought to appoint a judicial manager to revive the Company's operations. The High Court of Singapore placed the Company under judicial management on January 11, 2006, under Bob Low Sie of Messrs Bob Low Sie & Company. The Judicial Management Order will remain in force until January 9, 2007. PERALATAN BIOSAINS: Pays Preferential Dividend to Creditors ----------------------------------------------------------- Peralatan Biosains (S) Pte Limited has paid its first and final dividend to creditors on May 29, 2006. Creditors received 70.765 % of their admitted preferential claims. The Assistant Official Receiver can be reached at: Chan Wang Ho The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 SPH MEDIAWORKS: Creditors' Proofs of Claim Due on July 28 --------------------------------------------------------- Creditors of Sph Mediaworks Limited are requested to file their proofs of claim by July 28, 2006, for them to share in the Company's dividend distribution. The liquidator can be reached at: Peter Chay Fook Yuen c/o KPMG 16 Raffles Quay #22-00 Hong Leong Building Singapore 048581 =============== T H A I L A N D =============== GLOBAL WATER: Plans New Marketing Strategy to Address Losses ------------------------------------------------------------ To address continued operating losses, Global Water Systems Co., a subsidiary of Eastern Water Resources Development and Management Plc, intends to adopt a new marketing strategy, the Bangkok Post reports. Wanchai Lawatanatrakul, chief executive of East Water, told Bangkok Post that Global Water is planning to offer franchises instead of long-term leases to cut maintenance costs. He said that to date, the Company has leased out about 3,000 machines. Bangkok Post relates that under the new franchise system, investors would have to maintain the machines themselves, removing the burden from Global Water. "If the Company received enough revenue through the new system, it would become profitable in two years", Mr. Lawatanatrakul told Bangkok Post. Bangkok Post recounts that Global Water, which supplies drinking-water vending machines, posted a loss of THB6 million in the first six months of 2006. Bangkok Post notes that the Company has been posting an average of THB10 million in losses per year over the past three years. * * * Global Water Systems Co is a wholly owned subsidiary of Eastern Water Resources Development & Management Public Company Limited. 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Ltd. 600385 19.58 -12.18 Shanghai Xingye Housing Company Ltd 600603 14.90 -72.98 Shenyang Hejin Holding Company Ltd. 633 83.18 -20.87 Shenz China Bi-A 17 39.13 -224.64 Shenz China Bi-B 200017 39.13 -224.64 Shenzhen Dawncom Business Tech And Service Co., Ltd 863 79.84 -37.30 Shenzhen Shenxin Taifeng Group Co. Ltd. 34 95.27 -44.65 Shenzen Techo Telecom Co., Ltd. 555 14.84 -6.25 Sichuan Changjiang Packaging Holding Co. Ltd. 600137 13.11 -72.76 Sichuan Topsoft Investment Company Limited 583 113.12 -148.61 SMI Publishing Group Ltd. 8010 10.48 -7.83 Songliao Automobile Co. Ltd. 600715 49.56 -3.76 Sun's Group Manufacturing Company Limited 988 103.02 -72.80 Taiyuan Tianlong Group Co. Ltd 600234 13.47 -87.63 Theme International Holdings Limited 990 22.46 -0.77 UDL Holdings Limited 620 12.48 -7.15 Wealthmark International (Holdings) Limited 39 11.32 -2.43 Winowner Group Co. Ltd. 600681 38.03 -62.88 Xinjiang Hops Co. Ltd 600090 101.34 -135.99 Yantai Hualian Development Group Co. Ltd. 600766 59.99 -7.66 Yueyang Hengli Air-Cooling Equipment Inc. 622 49.89 -17.71 Zarva Technology Co. Ltd. 688 101.76 -102.01 INDIA PT Dharmala Intiland DILD 197.91 -6.62 INDONESIA Ades Waters Indonesia Tbk ADES 21.35 -8.93 Bukaka Teknik Utama Tbk BUKK 44.45 -107.00 Hotel Sahid Jaya SHID 71.05 -4.26 Jakarta Kyoei Ste JKSW 44.72 -38.57 Mulialand Tbk MLND 160.45 -19.82 Multibreeder Adirama Indonesia MBAI 64.54 -2.31 Pakuwon Jati Tbk PWON 188.41 -50.78 Panca Wiratama Sakti Tbk PWSI 39.72 -18.82 PT Steady Safe SAFE 19.65 -2.43 PT Toba Pulp Lestrari Tbk INRU 403.58 -198.86 PT Unitex Tbk UNTX 29.08 -5.87 PT Voksel Electric Tbk VOKS 44.01 -11.74 PT Wicaksana Overseas International Tbk WICO 84.36 -32.88 Sekar Bumi Tbk SKBM 23.07 -41.95 Steady Safe Tbk SAFE 19.65 -2.43 Suba Indah Tbk SUBA 85.17 -9.18 Surya Dumai Industri Tbk SUDI 105.06 -30.49 Unitex Tbk UNTX 29.08 -5.87 JAPAN Hanaten Co., Ltd. 9870 167.79 -1.63 Mamiya-OP Co., Ltd. 7991 152.37 -67.11 Montecarlo Co. Ltd. 7569 66.29 -3.05 Nihon Seimitsu Sokki Co., Ltd. 7771 23.82 -1.10 Sumiya Co., Ltd. 9939 89.32 -11.57 Tenryu Lumber Co., Ltd. 7904 187.75 -44.48 Tokai Aluminum Foil Co., Ltd. 5756 106.49 -12.55 Yakinikuya Sakai Co., Ltd. 7622 79.44 -11.14 MALAYSIA CHG Industries Bhd CHG 25.95 -41.38 Cygal Bhd CYG 57.63 -61.56 Consolidated Farms Berhad CFARM 38.50 -11.55 Emico Holdings Bhd EMI 42.56 -1.92 Jin Lin Wood Industries Berhad JLW 21.68 -1.74 Mentiga Corporation Berhad MENT 21.59 -13.41 Mycom Bhd MYC 227.68 -114.64 Lityan Holdings Bhd LIT 28.86 -8.43 Olympia Industries Bhd OLYM 255.84 -227.85 Panglobal Bhd PGL 189.92 -50.36 Park May Bhd PMY 14.45 -12.26 PSC Industries Bhd PSC 62.80 -116.18 Setegap Berhad STG 34.44 -12.54 Tru-Tech Holdings Berhad TRU 15.86 -16.71 Wembley Industries Holdings Bhd WMY 118.32 -176.02 PHILIPPINES APC Group Inc. APC 67.04 -163.14 Atlas Consolidated Mining and Development Corp. AT 32.94 -35.77 Cyber Bay Corporation CYBR 11.54 -58.06 East Asia Power Resources Corp. PWR 92.55 -64.61 Fil-Estate Corporation FC 33.30 -5.80 Filsyn Corporation FYN 19.20 -8.83 Filsyn Corporation FYNB 19.20 -8.83 Global Equities Inc. GEI 24.18 -1.81 Gotesco Land, Inc. GO 17.34 -9.59 Gotesco Land, Inc. GOB 17.34 -9.59 Prime Media Holdings Inc. PRIM 11.12 -15.52 Prime Orion Philippines Inc. POPI 98.36 -74.34 Swift Foods Inc. SFI 26.95 -8.23 Unioil Resources & Holdings UNI Company Inc. 10.64 -9.86 United Paragon Mining Corp. UPM 21.19 -21.52 Universal Rightfield Property Holdings Inc. UP 45.12 -13.48 Uniwide Holdings Inc. UW 61.45 -30.31 Victorias Milling Company Inc. VMC 127.83 -32.21 Vitarich Corporation VITA 75.04 -4.27 SINGAPORE ADV Systems Auto ASA 18.68 -6.50 China Aviation Oil (Singapore) Corporation CAO 211.96 -390.07 Compact Metal Industries Ltd. CMI 54.36 -25.64 Falmac Limited FAL 10.90 -0.73 Gul Technologies Singapore Limited GUL 152.80 -27.74 Informatics Holdings Ltd INFO 22.30 -9.14 L&M Group of Companies LNM 56.91 -10.59 Liang Huat Aluminium Ltd. LHA 19.30 -76.43 Lindeteves-Jacoberg Limited LJ 225.52 -53.23 LKN-Primefield Limited LKN 150.70 -12.72 Mae Engineering Ltd MAE 11.42 -7.79 PDC Corporation Limited PDC 11.63 -7.88 Pacific Century Regional PAC 1381.26 -107.11 See Hup Seng Ltd. SHS 17.36 -0.09 SOUTH KOREA C & C Enterprise Co. Ltd. 38420 28.05 -14.50 Cenicone Co. Ltd. 56060 36.82 -1.46 Everex Inc. 47600 23.15 -5.10 EG Greentech Co. 55250 186.00 -1.50 EG Semicon Co. Ltd. 38720 166.70 -12.34 Inno Metal Inc. 70080 28.56 -0.33 KP&L Company Limited 9810 15.03 -3.81 Radix Co. Ltd. 16160 53.78 -17.69 Quality & Tech 15260 32.33 -1.14 Shinil Industrial Co., Ltd. 2700 41.51 -3.44 Tong Yang Major 1520 2332.81 -86.95 THAILAND Bangkok Rubber PCL BRC 70.19 -56.98 Bangkok Rubber PCL BRC/F 70.19 -56.98 Central Paper Industry PCL CPICO 40.41 -37.02 Central Paper Industry PCL CPICO/F 40.41 -37.02 Circuit Electronic Industries PCL CIRKIT 20.37 -64.80 Circuit Electronic Industries PCL CIRKIT/F 20.37 -64.80 Daidomon Group Pcl DAIDO 12.92 -8.51 Daidomon Group Pcl DAIDO/F 12.92 -8.51 Datamat PCL DTM 17.55 -1.72 Datamat PCL DTM/F 17.55 -1.72 Diana Department Store Pcl DIANA 12.71 -1.71 Diana Department Store Pcl DIANA/F 12.71 -1.71 Everland Public Company Ltd EVER 56.71 -311.47 Everland Public Company Ltd EVER/F 39.12 -12.05 Hantex PCl HTX 7.51 -7.88 Hantex PCl HTX/F 7.51 -7.88 Kuang Pei San Food Products Public Co. POMPUI 12.51 -9.87 Sahamitr Pressure Container Public Co. Ltd. SMPC 20.77 -28.13 Sri Thai Food & Beverage Public Company Ltd SRI 18.29 -43.37 Sri Thai Food -F SRI/F 18.29 -43.37 Tanayong PCL TYONG 178.27 -734.30 Tanayong PCL -F TYONG/F 178.27 -734.30 Thai-Denmark PCL DMARK 21.37 -18.88 Thai-Denmark -F DMARK/F 21.37 -18.88 Thai-Wah PCL TWC 91.56 -41.24 Thai-Wah PCL -F TWC/F 91.56 -41.24 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Catherine Gutib, Valerie Udtuhan, Francis Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is $575 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***