TCRAP_Public/060717.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  

              Monday, July 17, 2006, Vol. 9, No. 140

                            Headlines

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

ACTIVE CRANE: Members Agree on Voluntary Liquidation
AGENTIS INTERNATIONAL: Liquidator to Present Wind-Up Report
AMT PROPERTIES: Creditors Must Prove Debts by July 19
ANICHETTE PTY: Members to Receive Liquidator's Wind-Up Report
BEST PRACTICE: To Declare Dividend for Priority Creditors

CAMPBELLFIELD AUTO: Shuts Down Business Operations
CORPORATE BANKINGS: Liquidator to Present Wind-Up Report
D'ANGELOZ LIMITED: Creditors Must Prove Debt by August 1
DAM CONTROL: Appoints Joint Liquidators
EMINENT FINANCIAL: Members Resolve to Wind Up Firm

EPICUREAN FOODS: Names Rod Slattery as Liquidator
ERDYNAST HOLDINGS: To Declare Dividend on July 19
FAMILY BOATS: Creditors Resolve to Wind Up Firm
FREERANGE ANIMATION: To Declare Second Dividend on July 21
GORDON INDUSTRIES: Undergoes Voluntary Wind-Up

INDS01 PTY: To Declare Dividend on July 21
INDUSTRIAL LAND: Court Issues Wind-Up Order
ISIK.COM PTY: Members Appoint Official Liquidators
ITERRA PTY: Enters Wind-Up Proceedings
JAMES HARDIE: SPF Not Qualified as Charity, PM says

JARMBIE OVERLAND: Members & Creditors to Get Liquidator's Report
KUNUNURRA TRANSPORT: To Declare a Final Dividend on July 19
LACRUM (CHEESE): Members and Creditors to Convene on July 19
MAKMUR AUSTRALASIA: Liquidates Business Operations
MAMBOURIN PTY: Creditors Appoint Liquidator

MJM MANAGEMENT: To Declare Dividend on July 19
NEV INTERIORS: Members and Creditors to Hear Wind-Up Report
PLUREE PTY: Ozem Kassem Appointed as Liquidator
PRBOAT PTY: Names Official Liquidator
QANTAS AIRWAYS: CFO Denies Suggestions on Value Write Down

QANTAS AIRWAYS: Unions Forge Web Site to Raise Public Awareness
QUEENSLAND UNDERWRITERS: Liquidator to Present Wind-Up Report
RANGE RECON: Faces Liquidation Proceedings
RED DOLPHIN: Members and Creditors Decide to Wind Up Firm
RUBIKCON PTY: To Declare Dividend for Unsecured Creditors

TELSTRA CORP: Postpones FTTN Proposal Due to Pricing Dispute
TE WHAI RAWA: Finnigan and Whittfield Named Joint Liquidators
VILLAGE BREAD: Creditors' Proofs of Claim Due on July 27


C H I N A   &   H O N G  K O N G

CHINA SOUTHERN (AIRLINES): To Purchase 50 Airbus A320 Carriers
CHINA SOUTHERN (SECURITIES): To Declare Bankruptcy, Insider Says
DRAGON LINK: Court to Hear Wind-Up Petition on August 2
EURO-TEC (H.K.): Faces Wind-Up Proceedings
GREAT WALL: Wind-Up Application Hearing Slated for August 9

H.K. TEMPO: Enters Wind-Up Proceedings
HO CHEUNG INVESTMENT: Wind-Up Process Commenced
HONGENT DEVELOPMENT: Wind-Up Hearing Slated for August 16
INCORPORATED OWNERS: Appoints Liquidators and Inspectors
OCEAN GRAND: Accounting Probe Extend to Other Subsidiaries

POLYAIM LIMITED: Court to Hear Wind-Up Bid on August 9
* Moody's Employs New Approach of Rating Chinese Companies


I N D I A

DUNLOP INDIA: Ruia to Dilute Stake to Raise Revival Funds
INDIAN OIL: Mulls Tie-Up with Calik Enerji for Refinery Project
GENERAL MOTORS: Fitch Says Merger May Affect Nissan's Ratings

I N D O N E S I A

BANK NEGARA: S&P Revises Outlook on B+ Rating to Stable
NOBLE FINANCE: Fitch Assigns 'B' Long-Term Issuer Default Rating
NOBLE FINANCE: S&P Places 'B' Corporate Credit Rating


J A P A N

DL CHINA: Liquidator Presents Wind Up Accounts on July 20
KANA SOFTWARE: Auditor Burr Pilger Expresses Going Concern Doubt
OCA INC: BofA & Secured Lenders Want Equity Committee Disbanded
SUMITOMO MITSUI: Moody's Upgrades Fin'l Strength Rating To D+
* Earnings Quality Key to Ratings of Major Banks, Fitch Says

* Profitability & Risk Management Key For Banks, S&P Says


K O R E A

HYNIX SEMICONDUCTOR: STMicro Talks End Without Result
* Korean Mobile Phone Industry Loses Momentum


M A L A Y S I A

AYER MOLEK: Awaits Court's Decision on Default Judgment Appeal
BUKIT KATIL: Public Shareholding Stands at 59.85%
CONSOLIDATED FARMS: Bourse Defers Delisting Pending Appeal
HARVEST COURT: Public Shareholding Spread Meets Requirement
MALAYSIA AIRLINES: Offers Monsoon Special Fare for Indian Routes

PILECON ENGINEERING: Public Shareholding Spread Pegged at 47.10%
PSC INDUSTRIES: Complies with Public Shareholding Requirement
PSC INDUSTRIES: Unit Faces EUR3.8-Mln Claims Payment Suit
TAP RESOURCES: AmBank Declares Event of Default
WEMBLEY INDUSTRIES: Public Shareholders Hold 59.73% Shares


P H I L I P P I N E S

MANILA ELECTRIC: NEDA Fears Possible Monopoly
MANILA ELECTRIC: Questions Php6.37-Billion Transco Bill


S I N G A P O R E

CHINA RESOURCES: Court to Hear Wind-Up Petition on July 21
DIGILAND INTERNATIONAL: Accepts 1,382,952,319 Rights Shares
GETRONICS NV: Sets Up Biller Service Provider for ING Bank
GETRONICS NV: Divests Regional Operations to Kapsch Group
JIN-WEN INVESTMENT: Faces Wind-Up Proceedings

MAE ENGINEERING: Eligro Deal Already in Advanced Stage
MDR LIMITED: Posts Changes of Shareholders' Percentage Interest
REFCO INC: Chap. 11 Trustee Taps Skadden Arps as Special Counsel
REFCO INC: GAIN Capital to Purchase FX Customer Accounts
REFCO INC: Refco Group Inks Settlement With West and Contractors


T H A I L A N D

AVANEX CORP: Reports Revised Second Quarter 2006 Net Loss
MDX PCL: Earns THB6.13 Billion in First Quarter 2006


     - - - - - - - -

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

ACTIVE CRANE: Members Agree on Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting of the members of Active
Crane Hire (NSW) Pty Limited on June 16, 2006, it was agreed
that a voluntary wind-up of the Company is appropriate and
necessary.

In this regard, Peter Paul Krejci was appointed as liquidator.

The Liquidator can be reached at:

         Peter Paul Krejci
         GHK Krejci, Level 9
         179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


AGENTIS INTERNATIONAL: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
A joint meeting of the members and creditors of Agentis
International Pty Limited will be held on July 19, 2006, at
10:00 a.m.

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

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

The Liquidator can be reached at:

         Kenneth W. Lamb
         Jones Condon
         Chartered Accountants
         77 Station Street
         Malvern, Victoria 3144
         Australia


AMT PROPERTIES: Creditors Must Prove Debts by July 19
-----------------------------------------------------
Creditors of AMT Properties Pty Ltd are required to formally
prove their debts by July 19, 2006, for them to share in the
Company's dividend distribution.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


ANICHETTE PTY: Members to Receive Liquidator's Wind-Up Report
-------------------------------------------------------------
A final meeting of the members of Anichette Pty Limited will be
held on July 21, 2006, at 10:00 a.m.

At the meeting, Liquidator M. E. Slaven will present final
accounts of the Company's wind-up.

The Liquidator can be reached at:

         M. E. Slaven
         Rangott Slaven Hundy, Chartered
         Accountants, Unit 12
         Level 3, Engineering House
         11 National Circuit, Barton
         Australian Capital Territory
         Australia


BEST PRACTICE: To Declare Dividend for Priority Creditors
---------------------------------------------------------
Best Practice Skills Pty Limited will declare dividend for its
priority creditors on July 19, 2006.

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

The liquidator can be reached at:

         A. R. M. Taylor
         Joint & Several Trustee
         Meertens, Chartered Accountants
         Level 1, 49 Woods Street
         Darwin, Northern Territory 0800
         Australia
         Telephone:(08) 8923 9239
         Facsimile:(08) 8942 3250


CAMPBELLFIELD AUTO: Shuts Down Business Operations
--------------------------------------------------
After their meeting on June 13, 2006, the members of
Campbellfield Auto Electrics Pty Limited decided to voluntarily
wind up the Company's operations.

Barry Keith Taylor was subsequently appointed as liquidator at a
creditors' meeting held that same day.

The Liquidator can be reached at:

         Barry Keith Taylor
         B. K. Taylor & Co.
         8th Floor, 608 St Kilda Road
         Melbourne 3004
         Australia


CORPORATE BANKINGS: Liquidator to Present Wind-Up Report
--------------------------------------------------------
A final meeting of the members and creditors of Corporate
Bankings Pty Limited will be held on July 21, 2006, at
11:30 a.m.

During the meeting, Liquidator Daniel Civil will report on the
Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

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


D'ANGELOZ LIMITED: Creditors Must Prove Debt by August 1
--------------------------------------------------------
Liquidator Robert Laurie Merlo requires creditors of D'Angeloz
Limited to file their proofs of debt by August 1, 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:

        R. L. Merlo
        Merlo Burgess & Co. Limited
        P.O. Box 51-486, Pakuranga
        Auckland, New Zealand
        Telephone: (09) 520 7101
        Facsimile: (09) 529 1360
        e-mail: merloburgess&co@xtra.co.nz


DAM CONTROL: Appoints Joint Liquidators
---------------------------------------
On June 29, 2006, Thomas Lee Rodewald and Sheree Ann Hart were
appointed joint and several liquidators to oversee the
liquidation of Dam Control Ltd.

The Joint Liquidators can be reached at:

         Thomas Lee Rodewald
         c/o Rodewald Hart Brown Limited
         P.O. Box 13-380, Tauranga
         New Zealand
         Telephone: (07) 571 6280
         Facsimile: (07) 571 6281
                  or

         38C Cavendish Drive, Manukau
         Auckland, New Zealand
         Telephone: (09) 262 3634
         Web site: www.rhb.co.nz/


EMINENT FINANCIAL: Members Resolve to Wind Up Firm
--------------------------------------------------
Members of Eminent Financial Group Pty Ltd convened on
June 15, 2006, and passed a special resolution to voluntarily
wind up the Company's operations.

The liquidator can be reached at:

         Paul Driver
         c/o Hardwicke's Chartered Accountants
         6 Phipps Close
         Deakin, Australian Capital Territory 2600
         Australia


EPICUREAN FOODS: Names Rod Slattery as Liquidator
-------------------------------------------------
At a general meeting on June 13, 2006, the members and creditors
of Epicurean Foods And Beverages Pty Limited resolved to close
the Company's business operations.

Subsequently, Rod Slattery was appointed as liquidator.

The Company also distributed its assets on July 5, 2006, to the
exclusion of creditors who were not able to file their claims.

The Liquidator can be reached at:

         Rod Slattery
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


ERDYNAST HOLDINGS: To Declare Dividend on July 19
-------------------------------------------------
Erdynast Holdings Pty Limited will declare its first and final
dividend on July 19, 2006.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced liquidation on January 24, 2006.

The liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         1st Floor, 10 Park Road
         Cheltenham 3192
         Australia


FAMILY BOATS: Creditors Resolve to Wind Up Firm
-----------------------------------------------
The creditors of Family Boats Pty Limited held a meeting on
June 16, 2006, and agreed to shut down the Company's business
operations.

David Anthony Hurst and Andrew Hugh Jenner Wily were appointed
as liquidators.

The Liquidators can be reached at:

         David Anthony Hurst
         Andrew Hugh Jenner Wily
         Armstrong Wily Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


FREERANGE ANIMATION: To Declare Second Dividend on July 21
----------------------------------------------------------
Freerange Animation Pty Limited notifies parties-in-interest of
its intention to declare a second dividend for creditors on July
21, 2006.

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

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first dividend on December 13, 2005.

The Liquidator can be reached at:

         John Frederick Lord
         PKF Chartered Accountants
         Level 10, 1 Margaret Street
         Sydney New South Wales 2000
         Australia
         Telephone:(02) 9251 4100
         Facsimile:(02) 9240 9821
         Web Site: http://www.pkf.com.au/


GORDON INDUSTRIES: Undergoes Voluntary Wind-Up
----------------------------------------------
The members of Gordon Industries Pty Limited convened on
June 16, 2006, and agreed that the Company's operations be wound
up voluntarily.

Allan Monger was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Allan Monger
         Monger Baker
         Suite 1, 47-51 Morts Road
         Mortdale, New South Wales 2223
         Australia


INDS01 PTY: To Declare Dividend on July 21
------------------------------------------
INDS01 Pty Limited will declare its first and final dividend for
priority creditors on July 21, 2006.  Moreover, it will also
declare an interim dividend for non- priority claims.

Creditors who were not able to file their claims by
July 7, 2006, will be excluded from the dividend distribution.

The liquidator can be reached at:

         Des Munro
         SimsPartners Chartered Accountants
         Level 4, 12 Pirie Street
         Adelaide, South Australia 5000
         Australia


INDUSTRIAL LAND: Court Issues Wind-Up Order
-------------------------------------------
The Supreme Court of New South Wales ordered the wind-up of
Industrial Land Development Pty Limited on June 16, 2006.

In this regard, D. I. Mansfield was named liquidator.

The Liquidator can be reached at:

         D. I. Mansfield
         Moore Stephens Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


ISIK.COM PTY: Members Appoint Official Liquidators
--------------------------------------------------
The members of Isik.Com Pty Limited held a meeting on
June 15, 2006, and agreed to shut down the Company's business
operations.

Antony de Vries and Riad Tayeh were appointed as liquidators.

The Liquidators can be reached at:

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


ITERRA PTY: Enters Wind-Up Proceedings
--------------------------------------
On June 15, 2006, the Supreme Court of New South Wales issued an
order to wind up Iterra Pty Limited.

Antony de Vries was consequently appointed as liquidator.

The Liquidator can be reached at:

         Antony De Vries
         de Vries Tayeh
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2125
         Australia


JAMES HARDIE: SPF Not Qualified as Charity, PM says
---------------------------------------------------
Prime Minister John Howard supported the Australian Taxation
Office's refusal to endorse the Special Purpose Fund, entered
into by James Hardie Industries Ltd. and the NSW Government on
Dec. 1, 2005, as a tax concession charity, according to
published reports.

Mr. Howard maintains that the James Hardie asbestos victims'
fund does not qualify under any definition as a charity for
taxation purposes, The Age relates.

According to the report, James Hardie agreed last December to
set up the fund to provide up to US$4.5 billion over 40 years to
victims, in the condition that the fund and the company's
payments to it were tax deductible.

Concerns have been raised that the fund's heavy taxation level,
set at 45 cents in the dollar, would impede the company's
ability to compensate victims, the paper says.

Mr. Howard contends that it was obligatory for the company to
accept the financial burden of its actions.

"There's no argument that the contributions made by the company
to the fund to compensate the victims ... will be tax
deductible," the Australian Associated Press cites Mr. Howard
telling ABC Radio.

"As it is currently constituted, it does not by any stretch of
imagination meet the definition of a charity," Mr. Howard
maintains.

NSW Premier Morris Iemma argues that the focus of the fund
should be to provide payouts for victims and not the tax office.

"Let's just get on with ensuring that the victims get the
maximum amount of money from this fund -- not part of it being
diverted to the tax office," The Age cites Mr. Iemma telling ABC
Radio.

Meanwhile, opposition leader Kim Beazley says the Government has
no right to make money from asbestos victims, ABC Online
reports.  He notes that if Mr. Howard does not agree to it, the
Labor Party will use the next sitting of Federal Parliament to
try to exempt the fund from income tax.

Asbestos victims' leader Bernie Banton urged Mr. Howard to show
"real leadership" to overturn the tax office's decision.  He
said that he is optimistic Mr. Howard will listen to the state
and territory leaders who supported the charity call, The Age
relates.

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fibre cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.  By 2004, James
Hardie's former asbestos manufacturing subsidiaries -- Amaca Pty
Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around
150 defendants in asbestos litigation, and based on the
Foundation's own figures, they account for US$1,000,000,000 of
the predicted US$6,000,000,000 future asbestos liabilities in
Australia.  Although James Hardie stopped making asbestos
products in 1987, the average 35-year latency of mesothelioma,
an asbestos-related disease, means asbestos compensation funds
will be needed until mid-century.  In a 2005 report by a
company-hired actuary from KPMG, it was predicted that 4,915
Australians would contract mesothelioma from exposure to Hardie
products in the coming decades.  When less serious forms of
asbestos-related disease are included, James Hardie should
expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


JARMBIE OVERLAND: Members & Creditors to Get Liquidator's Report
----------------------------------------------------------------
A joint meeting of the members and creditors of Jarmbie Overland
Adventures Pty Limited will be held on July 21, 2006, at
11:00 a.m.

During the meeting, Liquidator Peter P. Krejci will give
accounts of the Company's wind-up and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company shut down its operations through a special resolution
passed by its creditors on July 4, 2005.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


KUNUNURRA TRANSPORT: To Declare a Final Dividend on July 19
-----------------------------------------------------------
Kununurra Transport Services Pty Ltd will declare a final
dividend for its creditors on July 19, 2006, to the exclusion of
creditors who were not able to prove their claims.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first dividend on March 10, 2006.

The liquidator can be reached at:

         Kim Wallman
         Telephone:(08) 9480 8233
         Facismile:(08) 9321 0429
         e-mail: kwallman@hlbwa.com.au


LACRUM (CHEESE): Members and Creditors to Convene on July 19
------------------------------------------------------------
A joint meeting of the members and creditors of Lacrum (Cheese)
Pty Limited will be conducted on July 19, 2006 at 11:00 a.m.

At the meeting, Liquidator Paul Cook will present accounts of
the Company's wind-up operations.

The Liquidator can be reached at:  

         Paul Cook
         Paul Cook & Associates
         105 Macquarie Street
         Hobart Tasmania 7000
         Australia
         Telephone:(03) 6223 2555
         Facsimile:(03) 6223 2556
         e-mail: info@pjc.com.au


MAKMUR AUSTRALASIA: Liquidates Business Operations
--------------------------------------------------
At an extraordinary general meeting on June 15, 2006, members of
Makmur Australasia Pty Limited agreed that the Company must
liquidate its business operations.

Victor Raymond Dye and Nicholas Giasoumi were appointed as
liquidators.

The Liquidators can be reached at:

         Victor Raymond Dye
         Nicholas Giasoumi
         Dye & Rennie Chartered Accountants
         Suite 8, 260 Auburn Road
         Hawthorn 3122
         Australia


MAMBOURIN PTY: Creditors Appoint Liquidator
-------------------------------------------
Members of Mambourin Pty Limited convened on June 14, 2006, and
decided to wind up the Company's business operations.

In this regard, Robert Molesworth Hobill Cole was appointed as
liquidator at a creditors' meeting held that same day.

The Liquidator can be reached at:

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


MJM MANAGEMENT: To Declare Dividend on July 19
----------------------------------------------
MJM Management Consultants Pty Limited will declare its first
and final dividend on July 19, 2006.

Creditors who were not able to file their claims by June 21,
2006, will be excluded from sharing in the Company's dividend
distribution.

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

The liquidator can be reached at:

         P. W. Gidley
         Lawler Partners Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


NEV INTERIORS: Members and Creditors to Hear Wind-Up Report
-----------------------------------------------------------
Members and creditors of NEV Interiors & Developments Pty
Limited will hold a final meeting on July 21, 2006, at
11:00 a.m.

During the meeting, Liquidator Schon G. Condon will present a
report on the Company's wind-up and property disposal.

The Liquidator can be reached at:

         Schon G. Condon RFD
         c/o Jones Condon
         Chartered Accountants
         Telephone:(02) 9893 9499


PLUREE PTY: Ozem Kassem Appointed as Liquidator
-----------------------------------------------
On June 15, 2006, the members and creditors of Pluree Pty
Limited convened at separate meetings and resolved to wind up
the Company's business operations.

Subsequently, Ozem Kassem was appointed as liquidator.

The Liquidator can be reached at:

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


PRBOAT PTY: Names Official Liquidator
-------------------------------------
Members of Prboat Pty Limited held a meeting on June 19, 2006,
and decided to wind up the Company's business operations.

Ross W. Carman was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Ross W. Carman
         Carmans Chartered Accountants
         Unit 3, 25 Terminus Street
         Castle Hill
         New South Wales
         Australia
         Telephone:(02) 9899 3977


QANTAS AIRWAYS: CFO Denies Suggestions on Value Write Down
----------------------------------------------------------
Qantas Airways Limited denied reports that it might have to
massively write down the value of its fleet, Steve Creedy writes
for The Australian.

As reported in the Troubled Company Reporter-Asia Pacific on
July 13, a broker has raised concerns that the airline could be
forced to massively write down the value of its fleet of 213
aircraft, estimated at AU$3 billion more than its market value.

Qantas' chief financial officer Peter Gregg contends that there
was no problem with the airline's valuation as it is based on
"cash-generating units" under new international accounting
standards, The Australian relates.

"The simple thing that could have been done by everybody
concerned would have been to check with the company," Mr. Gregg
tells the paper.  "[T]he auditors have agreed that you don't
separate international and domestic (sectors).  We separate
businesses (such as) Qantas and Jetstar.  The Qantas business
(combines) international and domestic and, as we know, the
combined entity is relatively successful," Mr. Gregg says.

             Talks Continue Over Delayed Deliveries

Meanwhile, Mr. Gregg discloses that talks with Airbus over the
double-decker A380 delivery delays are still ongoing.  He says
that "[w]e're working with them as to the delivery schedule --
obviously all the airlines are, because nobody wants to be
disadvantaged."

According to The Australian, Mr. Gregg's comments came as the
Qantas group announced rises in both international and domestic
yields for the year to May that came with a 4.2% rise in
traffic.

                      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.


QANTAS AIRWAYS: Unions Forge Web Site to Raise Public Awareness
---------------------------------------------------------------
Employee unions of Qantas Airways Limited will raise public
awareness of the airline's issues under a union internet
campaign, Steve Creedy writes for The Advertiser.

The airline's 11 unions, which include engineers, check-in
staff, pilots and flight attendants, have signed up for a joint
Web site to foster public opposition to the shifting of Qantas
jobs offshore, The Advertiser relates.

Richard Watts, a spokesperson for the Australian Council of
Trade Unions, clarifies that the unions are not trying to harm
Qantas's brand but will only be raising issues of concern to the
unions collectively through that site.

Mr. Watts explains a possibility of linking lists of those
planes, which are serviced overseas to the flight schedules "so
(travellers can see) whether their plane is serviced in
Australia or overseas."

The Advertiser relates that Qantas is reviewing narrow-body
maintenance in Melbourne and expects to make a decision within
three months on whether that work will remain in Australia or be
shifted to a cheaper country.

As reported in the Troubled Company Reporter-Asia Pacific on
July 7, Qantas will decide the fate of 450 maintenance jobs at
Melbourne Airport over the next two months.  The report cited
executive general manager of engineering and maintenance
services, David Cox, saying that options would be put to the
450-strong workforce over the next two months.

The Advertiser notes that many airlines are shifting jobs to
countries like China, where labor is cheaper.

According to Mr. Watts, the unions' efforts had gained impetus
since chief executive Geoff Dixon expressed support for the
federal Government's new workplace legislation.  Mr. Watts notes
that "[o]utsourcing and jobs going overseas are issues that all
of the group, not just the maintenance unions, have taken up as
a key concern."

The TCR-AP report noted that Qantas did not threaten to send
jobs offshore but insisted on considering the option if savings
targets are not met.  It also noted that Qantas would continue
to send up to 20 aircraft overseas a year for maintenance checks
when the work could not be done in Australia, adding that
maintenance costs the airline about AU$1.2 billion annually.

                      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.


QUEENSLAND UNDERWRITERS: Liquidator to Present Wind-Up Report
-------------------------------------------------------------
Liquidator L. R. Hendy will report on the wind-up of Queensland
Underwriters Limited to the Company's members and creditors on
July 18, 2006, at 9:30 a.m.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on December 19,
2005.

The Liquidator can be reached at:

         L. R. Hendy
         Lionel Hendy Chartered Accountants
         26 Gladstone Road
         Highgate Hill
         Australia


RANGE RECON: Faces Liquidation Proceedings
------------------------------------------
The High Court of Wellington on June 26, 2006, ordered the
liquidation of Range Recon Ltd and appointment of John Howard
Ross Fisk and Richard Dale Agnew as liquidators.

In this regard, the Joint Liquidators require the creditors of
the Company to submit proofs of claim by July 26, 2006, for them
to share in any distribution the Company will make.

As reported by The Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the wind-up petition with
the High Court of Wellington on May 8, 2006.

The Liquidators can be reached at:

         Richard Dale Agnew
         C/O PricewaterhouseCoopers
         113-119 The Terrace (P.O. Box 243)
         Wellington, New Zealand
         Telephone: (04) 462 7000
         Facsimile: (04) 462 7492


RED DOLPHIN: Members and Creditors Decide to Wind Up Firm
---------------------------------------------------------
The members of Red Dolphin Carpet Cleaning (Victoria) Pty
Limited held a meeting on June 7, 2006, and agreed to shut down
the Company's business operations.

Creditors consequently appointed Robert Molesworth Hobill Cole
as the liquidator.

The Liquidator can be reached at:

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


RUBIKCON PTY: To Declare Dividend for Unsecured Creditors
---------------------------------------------------------
Rubikcon Pty Ltd will declare its first and final dividend for
unsecured creditors on July 20, 2006, to the exclusion of those
who were not able to prove their claims by June 13, 2006.

The liquidator can be reached at:

         Ray Richards
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia


TELSTRA CORP: Postpones FTTN Proposal Due to Pricing Dispute
------------------------------------------------------------
Telstra Corp. Ltd. will defer the release of a proposal to build
a high-speed broadband network to August as it remains in
dispute with the Australian Competition and Consumer Commission
over pricing and cost estimates, Matt O'Sullivan writes for The
Sydney Morning Herald.

Telstra previously expected talks between the competition
watchdog to be completed by the end of June 2006.  As reported
in the Troubled Company Reporter-Asia Pacific on June 16, the
talks focused on:

   1) rules to govern a AU$3.1 billion high-speed fibre-optic
      network that Telstra plans to build; and

   2) wholesale prices that Telstra charges its rivals for
      access to its existing copper network.

Telstra regulatory chief Phil Burgess says that both Telstra and
the ACCC have issues, which he notes as "not an impasse, it's a
disagreement on some major issues that have to be resolved."

According to Mr. Burgess, the disagreement centered not on
regulatory policy but "facts like costs," adding that he is not
pessimistic about working through them.

The paper relates that the outcome of the talks is crucial to
whether the state decides to sell its remaining 51.8% stake in
Telstra and how it structures the AU$24 billion sale.

According to the report, resolution of the differences over any
plans for an FTTN network is critical to Telstra's planned third
partial offer as regulatory uncertainty would make the float
harder to sell.

"We have always said that anything that clarifies regulation is
going to be of benefit to the sale," T3 sales team spokesman Ian
Smith says.

Telstra suffered a crucial regulatory setback last month when
the ACCC rejected plans to charge rivals AU$30 per month to
access its existing phone lines, the Morning Herald notes.

The TCR-AP reported on June 19 ACCC's rejection of Telstra's
proposal.

According to Dow Jones Newswires, regulatory uncertainty
continues about the price Telstra can charge its rivals to
access its copper wire network to offer their own broadband
services, which could have a major bearing on its earnings
outlook.

              Government Stake Sale "within weeks"

The TCR-AP reported on July 6, that the Government is still
committed to the full sale of its 51.8% stake in Telstra with
Federal Treasurer Peter Costello and Finance Minister Nick
Minchin leaving open the prospect of parking the Government's
stake in the Future Fund, or pushing ahead with an institutional
float.

In a follow up report, concerns about Telstra's share price and
the regulatory environment continued to cloud the sale, but the
Government intended to press ahead with full privatization, the
Daily Telegraph cites Mr. Minchin, as saying.

"The professional advice to us is that in terms of a retail
offer, the timing should be October-November," Mr. Minchin says
on ABC Television, adding, "[w]e need to make a final decision
within the next few weeks."

According to Dow Jones Newswires, Canberra is yet to make a
decision on whether or not it will go ahead with a share sale or
transfer some or all of its 51.8% stake into its so-called
Future Fund, an investment vehicle set up to fund government
pensions.

The Daily Telegraph recounts that the Government has said it
will not sell its remaining 51% stake in the telco unless it is
satisfied with the share price.

Mr. Minchin discloses that there's still some uncertainty about
the regulatory environment for Telstra that would cause
uncertainty for investors.

Dow Jones relates that according to Mr. Minchin, the Government
is almost certain to transfer some of its AU$24 billion stake
into its Future Fund later this year amid lackluster demand for
shares.

"If we do a retail offer it is unlikely that we would sell all 6
billion of our shares," Dow Jones cites Mr. Minchin telling the
Australian Broadcasting Corp. in an interview.  

He explains that the Government would like to sell as many
shares as the market can absorb, but on advice, it is unlikely
that those shares will be sold in a retail offer, thus some
shares may go to the Future Fund "though it may well be all of
the shares."

Mr. Minchin notes that a key sticking point for the Government,
and investors, is the uncertainty surrounding key regulatory
rulings, which could impact Telstra's earnings outlook.

                      Consortium Plan Dismissed

In another issue, the TCR-AP reported on July 13, 2006, that the
consortium of Telstra Corp.'s competitors -- AAPT, Internode,
iiNet, Macquarie Telecom, Optus, Powertel, Primus, Soul and
TransACT -- has unveiled its alternative plan.

In an update, the Sydney Morning Herald reports that Mr. Burgess
dismisses the Plan even if Telstra chose not to join the
consortium.

Mr. Burgess claims that the plan was an attempt by Singapore
Telecommunications -- which he labeled the "Singapore octopus" -
- to keep prices low for the unconditioned local loop and to
stop Telstra building an FTTN network.

Mr. Burgess says the consortium's proposals were "hard to take
seriously" because they do not contain financial operating or
deployment plans.  Mr. Burgess wants to know the details.

Agence France Presse previously said that if the sale goes
ahead, it would be the third tranche of Telstra shares sold by
the Government.  The first two, known as T1 and T2, were carried
out in 1997 and 1999.  AFP recounts that the T2 shares were
offered at $7.40 each.

                       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.


TE WHAI RAWA: Finnigan and Whittfield Named Joint Liquidators
-------------------------------------------------------------
Shareholders of Te Whai Rawa Co Ltd have appointed Peri Micaela
Finnigan and John Trevor Whittfield as joint liquidators for the
Company.

The Liquidators require the Company's creditors to submit their
proofs of claims by August 6, 2006, for them to share in any
distribution the Company will make.

The Joint Liquidators can be reached at:

         Peri Finnigan
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office, Auckland
         New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508
         Web site: www.mvp.co.nz/


VILLAGE BREAD: Creditors' Proofs of Claim Due on July 27
--------------------------------------------------------
Joint and several liquidators Henry David Levin and David Stuart
Vance require the creditors of The Village Bread Baker Ltd to
submit their proofs of claim by July 27, 2006.

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

The Joint Liquidators can be reached at:

         Henry David Levin
         C/O Lisa Lee at McCallum Petterson
         Level 11, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone: (09) 336 0014
         Facsimile: (09) 336 0010


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

CHINA SOUTHERN (AIRLINES): To Purchase 50 Airbus A320 Carriers
--------------------------------------------------------------
China Southern Airlines' board had approved and has since
reached an agreement to purchase 50 Airbus A320 carriers, the
China Post reports.

According to the China Post, the catalog price for the aircrafts
total to CNY26.53 billion, but the airline said it would pay
less without divulging the exact amount.

The Business Week relates that the 50 planes are part of an
agreement signed in December for China to buy 150 medium-range
Airbus aircraft.  The planes are scheduled for delivery by 2009
and 2010.

Rival carrier China Eastern Airlines had previously announced a
deal to buy 30 Airbus 320s, the China Post recounts.

                          *     *     *
Headquartered in Guangzhou, China, China Southern Airlines Co
Ltd. -- http://www.cs-air.com-- engages in the operation of  
airlines, as well as in aircraft maintenance and air catering
operations in the People's Republic of China and
internationally.  It provides commercial airlines, cargo
services, logistics operations, air catering, utility service,
hotel operation, travel services, aircraft leasing, and Internet
services.

On May 1, 2006, Fitch Ratings has downgraded China Southern
Airlines Company Limited's Foreign Currency and Local Currency
Issuer Default Ratings to B+ from BB-.

The Troubled Company Reporter - Asia Pacific reported in April
2006, that the carrier posted a net loss of CNY1.85 billion for
2005 versus a net loss of CNY48 million a year earlier.  


CHINA SOUTHERN (SECURITIES): To Declare Bankruptcy, Insider Says
----------------------------------------------------------------
China Southern Securities is expected to declare bankruptcy as a
result of illegal operation and appropriation of client
deposits, an insider told the China Business Daily News.

In addition, the source divulged that the courthouse had already
approved the Company's bankruptcy filing.

Business Daily says that once bankruptcy proceedings are
commenced, the local courthouse will auction the remaining
assets of the Company, the proceeds of which will be used to pay
off the Company's debts.   The Company is expected to settle
first its individual debts over its institutional debts.

The personal debts of the Company include the appropriation of
the deposits of clients and compensation for staffs.  Its
institutional debts, on the other hand, are mostly loans from
banks and entrusted financing reached a total of CNY12 billion.

The Troubled Company Reporter - Asia Pacific recounts that China
Jianyin Investment Co Ltd had previously undertaken a CNY8
billion loan from the central bank of China on August last year
for the purpose of taking over China Southern Securities'
business and individual debts.

Presently, the bankrupt liquidation group is working on a
settlement deal for the Company's remaining assets and debts,
the Business Daily adds.

                          *     *     *

China Southern Securities is one of China's largest brokerage
houses with a registered capital of 3.45 billion yuan (US$416.9
million) and boasts 56 major shareholders including China's
largest state-owned banks and insurance companies.

The Troubled Company Reporter - Asia Pacific reported in January
2004 that The China Securities Regulatory Commission and the
Shenzhen government have shut down securities brokerage China
Southern Securities because of mismanagement and irregularities.

In April 2005, the Commission ordered for the immediate closure
and liquidation of the Company.  However, the liquidation
proceeding was halted when China Jianying Investment decided to
bail out the Company in August last year in a hope to revive the
Company.


DRAGON LINK: Court to Hear Wind-Up Petition on August 2
-------------------------------------------------------
The High Court of Hong Kong will hear a wind-up bid against
Dragon Link Maintenance Ltd on August 2, 2006 at 9:30 in the
morning.

Leung Kam Wah filed the wind-up application with the Court on
June 7, 2006.

The solicitor for the plaintiff can be reached at:

         Joseph Lo
         For director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


EURO-TEC (H.K.): Faces Wind-Up Proceedings
------------------------------------------
An application to wind up the business operations of Euro-Tec
(H.K.) Ltd will be heard before the High Court of Hong Kong on
August 16, 2006, at 9:30 in the morning.

Dah Sing Bank Ltd filed the application with the Court on
June 16, 2006.

The solicitors for the petitioner can be reached at:

         K.B. Chau & Co
         16th Floor, Wing Lung Bank Building
         45 Des Voeux Road Central
         Hong Kong


GREAT WALL: Wind-Up Application Hearing Slated for August 9
-----------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
The Great Wall Industrial Ltd on August 9, 2006.

Ho Ka Yi, Alice presented the petition before the Court on
June 12, 2006.

The solicitor for the plaintiff can be reached at:

         Joseph Lo
         For director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


H.K. TEMPO: Enters Wind-Up Proceedings
--------------------------------------
Woo Sai Lung on June 10, 2006, filed before the High Court of
Hong Kong a petition to wind up H.K. Tempo Recycling Co Ltd.

The High Court of Hong Kong will hear the petition on
August 9, 2006, at 9:30 in the morning.

The solicitor for the plaintiff can be reached at:

         Joseph Lo
         For director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


HO CHEUNG INVESTMENT: Wind-Up Process Commenced
-----------------------------------------------
A wind-up petition filed against Ho Cheung Investment Ltd will
be heard before the High Court of Hong Kong on August 9, 2006,
at 9:30 in the morning.

Tse Hon Kai filed the petition with the Court on June 12, 2006.

The solicitor for the plaintiff can be reached at:

         Joseph Lo
         For director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


HONGENT DEVELOPMENT: Wind-Up Hearing Slated for August 16
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Hongent Development Ltd on August 16, 2006, at 9:30 in the
morning.

Wong Man Kit filed the petition on June 14, 2006.

The solicitor for the plaintiff can be reached at:

         Joseph Lo
         For director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


INCORPORATED OWNERS: Appoints Liquidators and Inspectors
--------------------------------------------------------
The Incorporated Owners of Kiu Yu and Kiu Fat Mansions on April
27, 2006, named the members of the Committee of Inspection in
respect of the Company's wind-up exercises.

The newly appointed Committee of Inspection members include:

         * Fan Chi Keung;

         * Building Department of H.K. S.A.R; and

         * Chan Li Chong.

In addition, Bruno Arboit and Simon Richard Blade were also
appointed joint and several liquidators.

The Liquidators can be reached at:

         Bruno Arboit
         12/F., China Merchants Tower
         Shun Tak Centre, 168-200
         Connaught Road, Central
         Hong Kong


OCEAN GRAND: Accounting Probe Extend to Other Subsidiaries
----------------------------------------------------------
Deloitte & Touche Forensic Services Limited would conduct an
internal investigation on the alleged accounting irregularities
in one of Ocean Grand Holding's subsidiary, The Infocast News
reports.

According to the report, the internal probe would now include
Ocean Grand subsidiaries:

         * Ocean Grand Chemicals;

         * OG Aluminium Foshan;

         * Hing Yip (Hong Kong);

         * Kenlap Zhuhai;

         * Kenlap Chemicals; and

         * Kenlap PGC.

The inquiry intends to ascertain the recoverability and
genuineness of certain accounts receivable, accounts payable,
sales and purchases and other transactions of certain
subsidiaries of the group and its subsidiaries, Infocast
relates.

The Troubled Company Reporter - Asia Pacific recounts that the
Group recently advised the Hong Kong Stock Exchange of a
possible accounting fraud involving a subsidiary, OG Foshan,
worth CNY6 million.

                          *     *     *

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.


POLYAIM LIMITED: Court to Hear Wind-Up Bid on August 9
------------------------------------------------------
The High Court of Hong Kong on June 10, 2006, received an
application from Alvin Fontanilla to wind up the business of
Polyaim Limited

The Court will hear the wind-up petition on August 9, 2006, at
9:30 in the morning.

The solicitor for the plaintiff can be reached at:

         Joseph Lo
         For director of Legal Aid
         34/F., Hopewell Centre
         183 Queen's Road East
         Wanchai, Hong Kong


* Moody's Employs New Approach of Rating Chinese Companies
----------------------------------------------------------
Moody's Investors Service on July 12, 2006, advised that it is
changing its approach for assigning different ratings to debt
raised by the same Chinese company or group.

The new process -- otherwise known as "notching" -- is said to
reflect lower potential expected loss for certain debt holders
due to legal and structural subordination.

Ken Chan, Moody's AVP/Analyst said in a statement that "this
proposed change is based on the ongoing evolution - towards
accepted Western standards - in Chinese practices and market
opinion on the bankruptcy process".

Moody's intention is to apply this notching approach to Chinese
corporate credits from August 15, 2006, onwards. It would
potentially affect eight ratings.

"Moody's recognizes the growing importance of China-based
issuers in the global debt capital markets and the gradual
improvements in China's legal system in clarifying creditors'
rights and priorities," said Min Ye, Moody's managing director
for China.

The agency surveyed lawyers, bankruptcy teams at accounting
firms and investors in the distressed-debt sector before making
a decision, Mr. Chan said.

"Although much remains uncertain regarding both the law and
practices in this area, Moody's believes the change is further
justified on the basis of current market opinion on the issue,"
he said.


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

DUNLOP INDIA: Ruia to Dilute Stake to Raise Revival Funds
---------------------------------------------------------
Dunlop India Limited's promoter, Pawan Ruia, plans to dilute his
equity stake in the Company to generate cash for the restart of
its tire-making facilities, The Financial Express reveals.

Mr. Ruia is likely to raise money through a private placement of
convertible warrants with overseas institutions and private
investors, The Express says.

According to The Economic Times, the Ruia Group had already tied
up with foreign banks an equity funds to infuse the much-needed
INR4-billion cash for Dunlop's rehabilitation.  The modality of
the deal is yet to be finalized but the Group stressed it wants
majority of the funds to be in foreign currency.

Mr. Ruia told The Economic Times that he would not offer his
stake to the investors.  Instead, the Company's capital base
would be expanded from the present level of INR450 million,
which would lead to the reduction of his holding.

On the other hand, Mr. Ruia brushed aside rumors that he has run
into financial problems.  He, however, admitted that he had
faced difficulties raising funds from domestic financial
institutions, as Dunlop is an ailing firm.  

As reported by the Troubled Company Reporter - Asia Pacific,
Dunlop is not yet allowed to trade at the Bombay Stock Exchange
and the Calcutta Stock Exchange since its former owners had not
paid the listing fee for several years.  

While Ruia has settled the dues, the bourses say the scrip will
not be listed again until Dunlop provides a clearance
certificate from the Board for Industrial and Financial
Reconstruction, which took the ailing Dunlop under its arms in
the late 90s.

Unless the Dunlop shares are listed, would-be investors are
likely to shun it.  Without a listing, they would not have any
exit route, the TCR-AP report stated.

Meanwhile, Dunlop expects to start production at its Ambattur
plant later this month, while the Shahgunj unit is schedule to
operate by September this year, The Express says.

After closing down in 2001, Dunlop re-opened its Ambattur plant
on April 10, 2006, and its Sahagunj factory on April 21 for
maintenance work.

Ruia remained confident the two plants will start operations as
scheduled despite the ongoing dispute between Dunlop India's new
management and its workers at the Sahagunj plant in West Bengal,
TCR-AP reported.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahagunj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to reopen its plants.  
Both the Sahagunj and Ambattur plants were reopened in April
2006.


INDIAN OIL: Mulls Tie-Up with Calik Enerji for Refinery Project
---------------------------------------------------------------
Indian Oil Corporation is looking to team up with Turkey's Calik
Enerji for the construction of a refinery and petrochemical
facility in Turkey, The Associated Press reveals.

The US$6-billion project also includes constructing a pipeline
for transporting crude oil, AP says.

According to RealTimeTrading News, the Turkish government is
expected to approve the proposal by the end of this month.

As reported by the Troubled Company Reporter - Asia Pacific,
Indian Oil and Calik had first partnered in a joint bid for
Turkish Oil Co., or Tupras, last year.  The two companies
continued their partnership despite losing the Tupras bid to
Shell and Turkish conglomerate KOC Holdings.

The Shell-KOCH consortium bid US$4.14 billion for the Turkish
government's 51 percent stake in Tupras, while Indian Oil and
its local partner, the Calik Enerji group, withdrew from the
race after having bid US$4.12 billion.

                  About Indian Oil Corporation

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

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


GENERAL MOTORS: Fitch Says Merger May Affect Nissan's Ratings
-------------------------------------------------------------
Fitch Ratings said that the ratings of Nissan Motor Co., Ltd.
(rated 'A-'/Stable/ 'F2') could be negatively influenced if the
proposal to include General Motors Corp. (rated 'B'/Watch
Negative) in the current Renault-Nissan alliance becomes a
reality.  This despite noted positive synergies from the three-
way association.

Regarding the proposal initiated by Tracinda Corp., a major
shareholder of General Motors, to form a new alliance by
including the company in the current Renault-Nissan alliance,
both Nissan and Renault S.A.'s (rated 'BBB+'/Stable) board of
directors have given approval to proceed with exploratory
discussions, if General Motors supports the proposal.  Whether
or not the deal proceeds is now largely dependent on a decision
by the company's management.

Given the necessity of shared strategic goals for all parties
involved in a successful alliance, as shown in the case of the
Renault-Nissan alliance so far, Fitch thinks the new alliance is
unlikely to go ahead without General Motors management's
favorable acceptance of the proposal.  The agency views that
there is a high possibility that the proposed new alliance, if
realized, will eventually result in equity investment and
managerial involvement in General Motors by Renault and Nissan
under the leadership of their CEO, Carlos Ghosn.

The major areas of benefit for the three companies springing
from the new alliance will be cost reductions through the
widening of joint procurement projects, sharing of research and
development achievements, having common platforms for vehicles,
and exchanging production facilities for the better usage of
their production capacities.  On the other hand, Fitch also
underscores the probability that there will be negative aspects
to the deal.  Apart from channeling financial investments into
General Motors, both Renault and Nissan may also have to give
additional financial support, if necessary.  As many of the
problems General Motors currently has are deeply rooted and
cannot be resolved in a short period of time, it is expected
that a considerable amount of Renault and Nissan's management
resources will be spent revitalizing General Motors' operations
for a long time, if they are involved in the company's
management.

Fitch views that Nissan currently has weaker sales than expected
as a result of its low level of new model introductions.  In
addition, Nissan has a lot to do to achieve its mid-term goals,
including successful and continuous new model introductions, and
research and development to prepare for keener competition,
especially against its stronger Japanese rivals.  Fitch believes
the new partnership may hinder the company's efforts to achieve
its management goals.

                      About General Motors

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

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

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

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


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

BANK NEGARA: S&P Revises Outlook on B+ Rating to Stable
-------------------------------------------------------
Standard & Poor's Ratings Services revised the outlook on the
local currency counterparty credit rating on PT Bank Negara
Indonesia (Persero) Tbk to stable from positive.  At the same
time, Standard & Poor's is affirming its foreign and
local currency ratings on BNI (B+/Stable/B).

The outlook revision reflects the challenges the bank faces in
improving its key fundamentals, in particular its loan quality
and revenue growth.  BNI's loan quality had weakened as evident
from its latest first-quarter 2006 financial results, where its
gross non-performing assets rose to about 16.6%, from 14.4% at
the end of 2005.

"This weakening was mainly on account of an underlying weakening
of its corporate loan portfolio in a difficult operating
environment due to high interest rates and oil prices," said
Standard & Poor's credit analyst Adrian Chee.  "Going forward,
however, the bank's loan quality is expected to stabilize,
benefiting in particular from the currently proposed legislation
that would differentiate state-owned banks' assets from state
liabilities and thus allowing the bank to partially write-off
some NPLs.  Loan quality is also going to benefit from the
bank's internal initiatives to improve its credit risk
management process," Mr. Chee said.  Nevertheless, BNI is still
expected to take time to work through its NPL portfolio,
especially in restructuring its corporate loans.

The bank is also facing the challenge of growing its lending
business.  Loan growth has remained under pressure, as the bank
experienced a large number of loan repayments from its corporate
clients, while incremental loans have not fully taken off.  This
has placed some pressure on the bank's underlying profitability,
especially its revenue growth and interest margins.  While BNI
is expected to experience some pressure in interest margins from
lower loan growth and high interest cost, its efforts to develop
its sources of fee income and a lower non-accrual drag resulting
from a stabilizing credit quality should partially offset it.

The ratings on BNI continue to be underpinned by the bank's
satisfactory capitalization, its still-strong franchise as the
third-largest bank in the domestic banking system with a market
share of 10%-11% of system assets and deposits.  BNI is 99.9%
owned by the government of Indonesia.


NOBLE FINANCE: Fitch Assigns 'B' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned a 'B' Long-term foreign currency
Issuer Default Rating to Noble Finance B.V.  The Outlook for the
rating is Stable.

Fitch has also assigned an expected rating of 'B' and an
expected recovery rating of 'RR4' to the proposed US$240 million
senior secured notes due 2011 issued by Noble Finance B.V.  The
final ratings are contingent upon receipt of documents
conforming to information already received.

PT Mulia Intipelangi, owner of Mall Taman Anggrek; PT Mulia
Intanlestari, owner of Hotel Mulia Senayan; and PT Sanggarcipta
Kreasitama, owner of the Wisma Mulia office building, will
unconditionally and irrevocably guarantee, jointly and
severally, the interest and principal payments of the notes.  
The guarantors are affiliates of the Mulia group and the three
properties are managed by PT Mulia International, a property
management company within the group.  In view of the joint and
several guarantee, Fitch has assessed the credit based on the
pro-forma consolidated financials of the guarantors.

Noble's rating reflects the high financial leverage of the
guarantors, some currency mismatch between their revenues and
debt, a degree of property concentration risk and some
refinancing risk at the maturity of the notes.  Fitch considers
the guarantors' expected post-issue combined net debt/EBITDA of
around 5x by end-2006 reflects a relatively aggressive capital
structure, given that earnings of the properties are exposed to
the economic cycles in Indonesia.  The high financial leverage
also results in low interest coverage, with a pro-forma
EBITDA/gross interest of 1.75x, assuming a 10.35% coupon on the
notes.  The guarantors have only a limited natural hedge for
principal repayment as only revenues from the office and about
half of the revenues from the hotel, amounting to IDR326 billion
in 2005, are denominated in U.S. dollars.  Though revenues from
the mall are USD denominated, tenants pay in IDR, calculated at
a soft exchange rate that does not move in line with the actual
exchange rate movements.  However, based on current revenue
stream, the guarantors have adequate natural hedge for interest
payments.

Fitch also notes that Noble's debt servicing is dependent on
cash flows from only three properties, increasing the risk of
default in the event of curtailment of flows from any one of
them.  Given the limited scope of the business, and Fitch's view
that a substantial portion of the notes will have to be
refinanced at the end of the tenure, persistence of favorable
conditions in the debt markets will be critical for refinancing.
Fitch also notes that some of the Mulia group entities,
including its affiliates MILT and SCKT, have undergone debt
restructurings in the past.  However, these restructurings in
general had their origins during the Asian financial crisis of
the late 1990s.

Noble's rating is supported by the joint and several guarantee
by MIP, MILT and SCKT, resulting in the entire cash flows from
all three properties being available for debt servicing.  Fitch
considers the properties to be among the highest quality in
Jakarta in their respective categories.  All properties are
well-located, managed efficiently and carry strong brand equity.
Further support for the rating comes from the stability arising
out of the recurring nature of the cash flows, subject to
continued economic growth in Indonesia.  In 2005, on a pro-forma
consolidated basis, the three properties had a combined EBITDA
of IDR377 billion, with the mall, hotel and office contributing
42%, 35% and 23% respectively.

Mall Taman Anggrek is one of the largest malls in Jakarta with a
net lettable area of 98,500 square meters.  Being one of the
best malls in Jakarta, the lowest ever occupancy rate the mall
experienced in its 10-year existence was 89%.  In line with the
recovery of the Indonesian economy, average rentals in the mall
have increased by 22% between 2002 and 2005.  Located in the
central business district, Hotel Mulia Senayan has 996 rooms and
has achieved the highest number of room sales among five-star
hotels in Jakarta for the last six consecutive years.  The hotel
derived about 52% of its income in 2005 from food and beverages,
resulting in reduced dependence on room occupancy, which was low
with an average occupancy rate of 52% in 2005.  Wisma Mulia is
the tallest building in Jakarta and is leased out mainly to
large multi-floor users.  Key tenants include mobile operator,
PT Telekomunikasi Selular, and energy company, PT Energi Mega
Persada.  Overall occupancy is at around 70%.  While some of the
key leases are scheduled to expire during the tenor of the
notes, they are likely to be renewed as the tenants have made
large investments in interior fittings.

Fitch recognizes that the transaction structure appears
comprehensive and includes detailed investor protection
provisions, including a cash flow waterfall mechanism and excess
cash offer mechanism.  The cash flow waterfall mechanism is to
ensure that certain key expense items such as taxes and the
interest reserve account are funded during the tenor of the
notes and limits the possibility of funds being diverted for
other use prior to redemption of the notes.  However, Fitch
notes that the mechanism creates only a "virtual", rather than
an actual, sinking fund.  In addition, the excess cash offer
mechanism avails the noteholders of the opportunity to have some
of the notes prepaid on an annual basis.  Protections for the
noteholders within the structure include restrictions on
additional debt, related party transactions, sale of assets,
dividend payouts and additional investments.  Overall, these
measures help to ensure that cash is conserved for the repayment
of the notes.  The guarantors' business operations are also
restricted to those ancillary or complementary activities
related to the hotel, mall and office building.

Security pledged to the noteholders include pledge of shares in
Noble and the three guarantors, fiduciary security over bank
accounts, machinery and equipment, receivables and insurance
claims of the guarantors, mortgage of the office and mall
properties and fiduciary assignment of rights under the build,
operate and transfer agreement of the hotel.  While the security
package appears comprehensive, there is uncertainty over whether
security interests in Indonesia can be enforced in full and in
accordance with their terms, given the absence of a track record
of a consistent application of legal principles for security
enforceability in the Indonesian legal system.

By end August 2006, subordinated loans of US$65.3 million in
SCKT are expected to be converted into equity.  Thereafter, the
only outstanding indebtedness remaining other than the notes,
totaling US$22.7 million held at SCKT, will be subordinated with
no interest or principal payment during the tenure of the notes.
Fitch has treated the subordinated loans as equity in its
analysis.

The Stable Outlook reflects Fitch's expectation that the
operating metrics of the properties will continue to improve and
that the final transaction structure will conform to the terms
outlined above.  Material operational disruption in any
property, use of issue proceeds and internal accruals in a
manner that adversely affects debt servicing, and a sharp real
estate downturn may trigger a negative rating action.  A track
record of debt servicing, significant operational improvements
in the properties, and reduced financial leverage may result in
a positive rating action.


NOBLE FINANCE: S&P Places 'B' Corporate Credit Rating
-----------------------------------------------------
Standard & Poor's Ratings Services said today that it assigned
its 'B' corporate credit rating to Noble Finance B.V.  The
outlook is stable.

Noble Finance is a financing vehicle incorporated by its parent
guarantors, PT Mulia Intipelangi, PT Mulia Intanlestari, and PT
Sanggarcipta Kreasitama, three property holding companies based
in Indonesia.

Standard & Poor's also assigned its preliminary 'B' rating to
the proposed five-year US$240 million 144-A secured notes due
2011 to be issued by Noble Finance.  The proposed notes will be
jointly and severally guaranteed by the parent guarantors and
secured by the property assets held by them.

Noble Finance plans to use net proceeds from the bond issue to
on-lend to the parent guarantors for refinancing a similar
amount of debt.  The preliminary issue rating is based on the
draft offering circular sent to Standard & Poor's by the company
on June 12, 2006, and is subject to satisfactory final
documentation on legal and tax-related matters, and the Trust
Deed.

"The rating on Noble Finance B.V. reflects the highly leveraged
combined credit profile of its parent guarantors, their weak
cash flow generation, lack of transparency in group structure,
and modest business and tenant diversity of the three
properties," said Standard & Poor's credit analyst Greg Pau.
"The rating, however, benefits from the good asset quality and
stable occupancy rate of its properties, while the structure of
the proposed bond promises some discipline in debt reduction."

Each parent guarantor owns a property asset in the central
business district of Jakarta, Indonesia.  MIP owns a retail
shopping mall with condominium units, MILT owns a hotel
property, and SCKT owns an office building.  PT Mulia
International manages these three properties.  For the year
ended Dec. 31, 2005, the ratio of aggregated funds from
operations to total debt was very thin at 3%, with total debt to
total capitalization of 94%.

"Such an aggressive financial profile leaves very little buffer
against a possible operating cash flow shortfall that could
result from adverse changes and events affecting the operating
environment for the three properties," said Mr. Pau.
Nevertheless, the overall financial profile is expected to
improve modestly; FFO to total debt is projected to rise to
about 10%, while total debt to capitalization should remain
between 65% and 72% during the next five years.

Noble Finance's ability to generate its projected cash flow will
depend on a rapid increase in the occupancy rate of the office
building to over 90% by 2008, from 69% as of June 2006.  A delay
in reaching this target could have a large impact on its cash
flow generation.  The rating is also weakened by the record of
substantive inter-company transactions, and unclear linkages
between the Mulia Group entities involved and various
stakeholders in the bond transaction.  Mulia Group companies
were the developers and asset manager, through PT Mulia
International, for the three properties.  Although the three
properties operate in different segments, rental revenue could
be affected by changes in economic performance and events
affecting business and travelers' confidence in Indonesia.

Noble Finance benefits from the central locations of the mall
and the hotel properties, which are expected to continue
generating cash flows for debt servicing.  Nevertheless, supply
expansion in domestic retail space in 2006 and in hotel rooms in
2007 may slow down growth in rental rates.  In addition, the
proposed bond structure contains some buffer for interest
servicing against cash flow shortfall and provides for the
possibility of early partial redemption if cash flows are better
than expected.

The stable outlook is based on Standard & Poor's expectation
that the operations of the mall and hotel continue to provide
steady cash flows for debt servicing, and that the office
property improves its occupancy rate steadily in the next two
years.  It also assumes that the issuer and parent guarantors
refrain from entering into any related-party transactions to the
detriment of the issuer or parent guarantors.


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

DL CHINA: Liquidator Presents Wind Up Accounts on July 20
---------------------------------------------------------
DL China International Limited's shareholders will convene for a
final meeting on July 20, 2006, at:

           3-1 Marunouchi 3-chome, Chiyoda-ku
           Tokyo, Japan

Accounts on the company's liquidation process will be presented
during the meeting.  

The liquidator can be reached at:

           Ysuhisa Tsuruhashi
           Yoshinobu Ushioda
           3-1 Marunouchi 3-chome, Chiyoda-ku
           Tokyo, Japan


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 $17.96 million net loss on $43.1 million
of revenues in 2005.  Total revenues decreased by 12% from $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 $35.71 million and debts totaling $45.5 million.  
As of Dec. 31, 2005, the Company reported a $9.79 million equity
deficit from a $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 $282,000 related to employee
termination costs.  Additionally, the Company recorded a
$186,000 restructuring charge during 2005 related to a change in
evaluation of the real estate conditions in the United Kingdom,
a change in the sublease estimates in the United States and the
consolidation of our research and development operations in
Menlo Park, California.

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

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

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


OCA INC: BofA & Secured Lenders Want Equity Committee Disbanded
---------------------------------------------------------------
Bank of America, N.A., as agent for the secured lenders of OCA,
Inc., and its debtor-affiliates, asks the United States
Bankruptcy Court for the Eastern District of Louisiana to
disband the Official Committee of Equity Security Holders.

B. Franklin Martin, III, Esq., at McGlinchey Stafford, PLLC, in
New Orleans, Louisiana, asserts that the Court should disband
the Equity Committee for these reasons, among others:

   (a) the Debtors' equity security holders are not entitled to
       a distribution under the absolute priority rule;

   (b) the Debtors are on the eve of soliciting votes on a plan
       that provides for contingent payments to equity holders,
       notwithstanding their lack of legal entitlement to that
       distribution;

   (c) the Equity Committee's promised litigation tactics and
       delay will destabilize the Debtors' cases and business
       operations, thereby jeopardizing value and risking the
       loss of the current plan payments to equity security
       holders;

   (d) tremendous recent trading volume in the delisted common
       stock of OCA has resulted in a number of investment funds
       and other sophisticated parties, who can adequately
       represent themselves, becoming some of the largest
       equityholders of OCA; and

   (e) the costs of the Equity Committee will be borne only by
       the senior creditors and not the equity class, creating a
       "no risk, all upside" dynamic for the Equity Committee
       that is disruptive to the Debtors' attempts to stabilize
       their operations.  

Appointment of an equity committee is only justified when there
is a substantial likelihood that shareholders will receive a
meaningful distribution pursuant to the strict application of
the absolute priority rule and the shareholders are unable to
represent their interests in the case without an official
committee.  

Upon the Debtors' emergence, their obligations to the secured
lenders would amount to $103 million.  The Debtors currently
estimate its unsecured claims to aggregate $6 million.  The
Debtors have prepared a valuation of the Reorganized Debtors'
enterprise value, estimated to be between $73 million and $94
million.  The Debtors clarified that a significant portion of
this projected value is entirely speculative and may not be
realized by the Reorganized Debtors for a considerable time
after their emergence, if at all.  The estimated value of what
the Debtors call "core assets" -- assets directly related to the
operation of servicing orthodontists -- is only in the range of
$46 million and $68 million.  

BofA and the secured lenders believe the Debtors' actual value
is materially lower than the Debtors' projections.  

                            About OCA

Based in Metairie, Louisiana, the United States, OCA, Inc.
-- http://www.ocai.com/-- provides a full range of operational,  
purchasing, financial, marketing, administrative and other
business services, as well as capital and proprietary
information systems to approximately 200 orthodontic and dental
practices representing approximately almost 400 offices.  The
Debtor's client practices provide treatment to patients
throughout the United States and in Japan, Mexico, Spain, Brazil
and Puerto Rico.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No. 06-
10179).  Three Debtors also filed for bankruptcy protection on
June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).  William H.
Patrick, III, Esq., at Heller Draper Hayden Patrick & Horn, LLC,
represents the Debtors.  Patrick S. Garrity, Esq., and William
E. Steffes, Esq., at Steffes Vingiello & McKenzie LLC represent
the Official Committee of Unsecured Creditors.  Carmen H.
Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B. Cheatham,
Esq., at Adams and Reese LLP represent the Official Committee of
Equity Security Holders.  When the Debtors filed for protection
from their creditors, they listed $545,220,000 in total assets
and $196,337,000 in total debts.


SUMITOMO MITSUI: Moody's Upgrades Fin'l Strength Rating To D+
-------------------------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating of Sumitomo Mitsui Banking Corporation to D+
from D.  The 'D' BFSR of SMBC Europe Plc, a wholly owned
subsidiary of SMBC, was placed on review for possible upgrade.

All long-term and short-term ratings of SMBC and its
subsidiaries, including senior unsecured debt, deposit and other
long-term ratings, are unaffected by the review.  The outlooks
for all credit ratings and SMBC's BFSR are stable.

The BFSR upgrade is prompted by SMBC's delayed but successful
recovery of a stable relationship between its pre-provision
earnings and credit expenses, which enabled its parent, Sumitomo
Mitsui Financial Group, to manage down its large amount of
government-held preferred shares outstanding to approximately
JPY896billion, or less than 20% of its Tier I capital
(JPY4.6trillion as of March 2006).  While the recovery of the
operating environment surrounding Japanese banks has been a
major factor behind this development, Moody's also highly
evaluates SMFG's management's ability to make this turnaround
after its net losses for FYE3/2005.

SMFG's large scale and diverse presence in the Japanese economic
and financial system mean that its franchise and its performance
should benefit from the generally positive environment.  In
Moody's view, SMBC is the most efficiently managed institution
among Japanese megabanks, and on a risk adjusted assets basis,
its ROA -- pre-provision profit -- has been the highest among
peers.

In Moody's view, SMBC's concentration exposure remains high,
with significant residual exposure to affiliated insurers.
However, the overall quality of these exposures has shown
improvements.  The bank's potential scale of market risks also
remain large, as it has substantial JGB exposures and reduced
but still sizeable equity risk, although it has managed down its
market risk appetite to cope with emerging opportunities in
business lines such as domestic middle markets and retail
consumer banking.

Moody's expects that SMFG's capital structure, Tier I ratio, and
SMBC's BFSR will remain constrained due to its plan to redeem
its remaining government-held preferred shares outstanding
during FYE3/2007 and its long-term need to deal with its large
amount of other preferred securities held by its private
investors.  SMBC's evolving risk appetite, involving booking
assets inside and outside Japan, may also add to its capital
requirements.  Although the impact of Basle II on SMBC's minimum
capital requirements is not clear at this moment, SMFG's capital
level will remain constrained.

Review of SMBCE's BFSR will focus on its standalone financial
fundamentals and franchise.

This rating was upgraded:

   * Sumitomo Mitsui Banking Corporation: bank financial
     strength rating to D+ from D

This rating was placed on review for possible upgrade:

   * SMBC Europe Plc: bank financial strength rating of D


* Earnings Quality Key to Ratings of Major Banks, Fitch Says
------------------------------------------------------------  
Fitch Ratings comments that profitability continues to be a
challenge for Japan's major banks, despite the record high net
income for the year ended March 2006.  The agency published
these and other findings in a special report this week, noting
that this was in spite of Japan banks' asset quality problems
now being a thing of the past and the improvement in capital
quality.

The special report follows a review of the results for the year
ended March 2006 for six main Japanese banking groups:

   1. Mizuho Financial Group,
   2. Mitsubishi UFJ Financial Group,
   3. Sumitomo Mitsui Financial Group,
   4. Resona Holdings,
   5. Mitsui Trust Holdings, and
   6. Sumitomo Trust & Banking.

Fitch noted that, in aggregate, the record high profit for FYE06
was fuelled by the reversal of loan loss reserves that masked
modest underlying profitability.

"As capital constraints and credit and market risks are reduced,
management at the banks' have become more confident and forward
looking in their planning.  The challenge for them now is how to
increase underlying profitability and retained earnings," said
Reiko Toritani, senior director, Financial Institutions, Japan.

Asset quality problems, which had lasted for more than a decade,
are no longer a concern.  Disclosed NPLs fell by 36% in FYE06,
and at the end of the term, NPLs, net of reserves, accounted for
a mere 0.5% of total loans or 7% of the banks' Tier 1 capital.
Loan loss provisioning for FYE06, excluding the write-back of
reserves, was about 30 basis points of the banks' total loans.
Fitch considers this is provisioning under a normal operating
environment for Japanese banks.  At the same time, capital
quality has improved substantially over the past three years
fuelled by accumulation of retained earnings, a reduction in
deferred tax assets and the banks, excluding Resona Holdings,
had repaid 50% of previously-injected public funds by end-March
2006.  Subsequently, following full repayment by Mitsubishi UFJ
Financial Group and Mizuho Financial Group, Sumitomo Mitsui
Financial Group will repay the remainder of public funds owed by
end-March 2007.

Market risk exposure in the form of stock investments fell to
about 50% of the banks' Tier 1 capital at end-March 2006, from
over 200% in 2000.  While stock market exposure has reduced,
market risk on interest rates has increased.  Although a rise in
yen interest rates is beneficial for the banks' loan to deposit
spread, it will negatively affect their bond portfolios and the
banks' funding and liquidity costs will start to increase albeit
slowly.  Liquidity of the banks is expected to remain abundant
for some time, supported by the still weak loan growth and a
high level of JGB investments following the increasing trend in
deposits.

Many of the banks' Long-term IDRs are on Positive Outlook,
reflecting the ongoing improvements in their balance sheets.
Although the "quantity of capital" still lags that of banks in
the 'AA' range, "quality of capital" is no longer a primary
concern for management.  Consequently, "quality of earnings"
will be the main theme for the banks' growth going forward and
for Fitch's ratings.  By the banks' forecasts, their ROE, at a
consolidated basis, will be 10% for the current year ending
March 2007.  This compared with around 15% for large European
banks, which are on average also in the 'AA' range.
The report, titled "Japan Major Banks-Review for 2006 and
Outlook", is available on http://www.fitchratings.com


* Profitability & Risk Management Key For Banks, S&P Says
---------------------------------------------------------
As asset deterioration risks diminish, profitability and risk
management are becoming key credit factors for Japan's banks,
Standard & Poor's Ratings Services said in a report released on
July 14, 2006.  The report details recent revisions to Japanese
banking regulations and accounting rules, from both the
perspective of assumed government support and stand-alone credit
quality.

Standard & Poor's raised its ratings on Japan's six major
banking groups a number of times between 2004 and the first half
of 2006, reflecting an economic turnaround in Japan and a
reduction in the banks' asset erosion risk.

Meanwhile, Japan's 25 rated regional banks generally improved
their fundamental profitability and made progress in NPL
disposals, which helped improve their capitalization.  As a
result, Standard & Poor's raised its ratings on 11 regional
banks between January 2005 and June 2006.  Backed by
strengthened financial profiles, we believe there is low risk of
significant deterioration in the major Japanese banks' and rated
regional banks' credit quality in the near future, and that it
is highly likely they will be able to maintain their present
ratings.

The net NPL ratio of Japan's six major bank groups declined to
0.6% as of March 31, 2006, which was on par with that of major
banks in Europe.  At the same time, the regional banks' average
ratio improved to 2.4%, indicating that Japan's rated banks have
turned the corner in fixing their bad loan troubles.
Nevertheless, it would be premature too say that the NPL problem
has been solved.  Many loans that emerged from non-performing
status were reclassified as normal or precautionary loans
following financial restructuring, such as debt-for-equity swaps
and loan forgiveness.  In addition, there are some regional
banks that are lagging in NPL disposals.

A key rating factor for Japan's banks will be their ability to
maintain fundamental profitability while absorbing credit costs.
The ratio of operating profit before credit costs to total
assets over the past five years averaged 0.80% for Japan's three
megabanks, which is still much lower than the 2.59% average for
major banks in the U.S.  Although the interest rate spread --
interest rates on loans minus interest rates on deposits -- is
over 3% at many U.S. banks, it remains a modest 0.96% - 1.69% at
Japan's major banks.  A key issue will be whether Japan's banks
can successfully improve profitability via their efforts to
increase lending to small and midsize enterprises, strengthen
fee income and derivative products, and dispose of low-profit
equity holdings.

Improving capital quality remains a key issue for major banks.
The banks have made progress in reducing deferred tax assets,
which had inflated their capitalization substantially, but the
amount of outstanding preferred shares and preferred securities
in the market remains high.  The repayment of public funds,
which were injected mainly in the form of preferred shares, is
progressing.  However, this repayment will not completely
eliminate the quality problem of preferred shares and
securities, as most of the redemptions are achieved by selling
another round of preferred stocks or securities to the private
sector.  Therefore, Japanese banks are pressed to reduce their
preferred stocks and securities held by the private sector and
improve the quality of their capitalization through the
accumulation of retained earnings.

Upward pressure on market interest rates greatly increases the
importance of interest rate risk management.  Higher market
interest rates tend to increase net interest income as lending
rates surpass those paid out on deposits.  On the other hand,
the main negative impact of higher interest rates is devaluation
losses on bond holdings.  Generally, higher interest rates
positively affect the overall earnings of Japanese banks, as the
increase in lending income exceeds losses on bonds.  However, it
is possible that short-term interest rates could remain
temporarily flat while long-term interest rates rise, so a
bank's ability to deal with an increase in solely negative
factors is important.  Presently, the major banks and stronger
regional banks have risk management systems capable of adjusting
to a drop in the value of bond holdings.  However, regional
banks remain comparatively vulnerable due to the long durations
of their bond holdings.

Standard & Poor's incorporates potential government support as
well as assessments of financial profiles in determining its
ratings on Japanese banks.  Risk factors regarding government
support include:

   -- Credit ratings reflect a mid- to long-term perspective,
      and government support for banks could change in the long
      term.

   -- The regulatory stance could shift toward market discipline
      amid globalization and deregulation trends.

   -- The counter-party rating incorporates the obligor's
      overall debt servicing ability, including subordinated
      debt.

In some cases, subordinated creditors have incurred losses, and
government support has not necessarily protected sub-debt
creditors.

The government's ability to provide capital injections to
prevent insolvency has grown via Article 102 of the Deposit
Insurance Law and the Law on Enhancement of the Functions of the
Financial System.  Furthermore, the 2003 capital injection into
Resona Bank Ltd. and the crisis management of Ashikaga Bank Ltd.
have basically shown that the measures provide protection for
subordinated debt and that implicit government support exists
for banks over a certain size.

The full report "Bank Industry Risk Analysis: Japan" is
available in Japanese on Standard & Poor's Research Online at
http://www.researchonline.jpor via CreditWire Japan on  
Bloomberg Professional at SPCJ .


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

HYNIX SEMICONDUCTOR: STMicro Talks End Without Result
-----------------------------------------------------
Hynix Semiconductor Inc. said that discussions on a proposal by
STMicroelectronics SA for "strategic" options on Hynix's memory
chip business have ended without result, AFX News Limited
states.

STMicro had offered to discuss how to strategically deal with
Hynix's memory chip operations, but Hynix saw the talks as
having ended without specific agreements, AFX News says, citing
a Hynix disclosure with the stock exchange.

According to the report, Hynix's statement came as a response to
the stock market's request for details regarding the talks.

According to local reports in July 2005, STMicro offered to
transfer its NOR flash memory lines to Hynix and buy a 5% to 10%
stake in the South Korean chipmaker.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc.
-- http://www.hynix.com/-- is a semiconductor manufacturer.   
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

In October 2001, the Company was placed under joint management
by the members of the Creditor Financial Institutions' Council
and since then, the Company has been working towards improving
its financial condition through debt restructuring and execution
of various self-rescue plans such as disposals of business
divisions, business work-out and achievement of a KRW1.70-
trillion net income in 2004.

Hynix was rescued from debt in December 2002 through a KRW3.25-
trillion bailout by bank creditors.

The Creditor Council terminated the joint management earlier
than the original date after the Company raised external funds
in an aggregate amount of US$1.80 billion in July 2005.

In July 2005, Moody's Investor Service affirmed its B1 senior
unsecured rating for Hynix Semiconductor's US$500 million bonds
upon its successful closing.  At the same time, Moody's has
affirmed its Ba3 corporate family rating for Hynix, removing
both ratings from provisional status.

The TCR-AP reported on July 5, 2006, that Standard & Poor's
Ratings Services revised to positive from stable the outlooks on
its 'B+' long-term corporate credit ratings on Hynix
Semiconductor  and its U.S. subsidiary, Hynix Semiconductor
Manufacturing America Inc.


* Korean Mobile Phone Industry Loses Momentum
---------------------------------------------
Korea's mobile handset industry is showing signs of losing its
momentum, as many local handset makers are facing crisis due to
squeezed market shares and lower profit margins, The Hangkyoreh
reports.

The Hangkyoreh recounts that last week, VK Corporation declared
bankruptcy.  The report says that VK's bankruptcy is another
example of how local mobile handset makers are grappling with a
two-pronged challenge: price competition from global companies
and a stronger local currency that is raising prices for Korean
goods overseas.

According to The Hangkyoreh, local handset makers have failed to
respond to fast-changing market conditions.  Moreover, the South
Korean won's appreciation against the U.S. dollar has compounded
the problem, making sales sluggish in overseas markets.

"As global competitors have played a strong game of catch-up in
those areas where South Korean companies previously held the
upper hand, such as uniqueness of design and diversity of
models, the weaknesses of local firms have become more
conspicuous," the report cites Roh Geun-chang, an analyst at
Korea Investment & Securities Co., as saying.

The Hangkyoreh notes that as of the end of May 2006, exports of
handsets stood at US$6.88 billion, down 9.9% from the same
period in 2005.  The operating profit rate for the handset
business of Samsung Electronics Co. tumbled to 10% in the first
quarter of this year from the 20% recorded during its heyday.  
LG Electronics Inc. also posted KRW30.9 billion in operating
losses during the January-March period of 2006.

Samsung Electronics, the world's No. 3 mobile handset maker, saw
its gap with second-ranked Motorola widened from 2.5% in the
first quarter of last year to 7.4% in the first quarter of this
year.  Additionally, No. 5 mobile phone manufacturer Sony
Ericsson Mobile Communications Ltd. has narrowed its gap with
South Korea's LG Electronics, the No. 4 maker, The Hangkyoreh
relates.

The report states that LG Electronics is also focusing its
efforts on the sale of premium model Chocolate Phone in order to
make a comeback in the market.  Rumors are circulating that its
mobile phone business will soon be up for acquisition in a
merger.

Pantech is also struggling not to lag behind within ever-
worsening market conditions, The Hangkyoreh adds.


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

AYER MOLEK: Awaits Court's Decision on Default Judgment Appeal
--------------------------------------------------------------
The Kuala Lumpur High Court will on September 15, 2006, release
its decision on The Ayer Molek Rubber Company's application to
set aside a default judgment entered against it by Mirra Sdn
Bhd.

As reported in the Troubled Company Reporter - Asia Pacific, the
Kuala Lumpur High Court on April 13, 2006, heard a wind-up
petition filed by Mirra Sdn Bhd against Ayer Molek Rubber
Company Berhad.

Through its Petition, Mirra asserts a MYR3,224,690 claim against
Ayer Molek, as at December 8, 2005.  The claim relates to a
Judgment in Default dated November 22, 2005, obtained by Mirra
in its favor, on account of work done for Ayer Molek.  The
interest under the statement of claim is at 8% per annum on the
judgment sum of MYR2,097,316, from March 24, 1999, up to the
full settlement of the claim.

Since 1999, Ayer Molek was in constant negotiation with Mirra to
pay the amount it allegedly owed, but taking into account the
fact that the development plans by the Company, which involved
the conversion of land, was aborted.  Hence, the Company argued
that Mirra should not claim the contracted sum but rather the
abortive fees.

In August 2005, the parties had reached a settlement amount of
MYR300,000 on account of Mirra's work for Ayer Molek.  Yet, due
to several conditions, which were not fulfilled by Mirra, the
settlement arrangement came to a standstill.  Following the
breakdown of negotiations, the wind-up petition was presented
against Ayer Molek. Subsequently, the Court issued a wind-up
order against Ayer Molek.

Ayer Molek's solicitor immediately filed an appeal of the Wind-
Up Order with the Court of Appeals and filed an application for
stay of the execution proceeding.  On May 17, 2006, the Kuala
Lumpur High Court then granted a stay of the Wind-up Order
pending the Ayer Molek's Appeal.  The Company was also ordered
to deposit MYR2,097,316 into the Court pending the Appeal, and
to abide with any further directives.

                 About Ayer Molek Rubber Company

Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party.  It operates solely in
the domestic market.  Ayer Molek has suffered recurring losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.  For the quarter ended March 31, 2006, the
Group did not register revenues following a wind-up order issued
by the Kuala Lumpur High Court against the Company on April 13,
2006. The Group booked accumulated losses of MYR21,177,000 as of
March 31, 2006.


BUKIT KATIL: Public Shareholding Stands at 59.85%
-------------------------------------------------
Bukit Katil Resources Berhad's public shareholding spread as of
June 30, 2006, is 59.85% comprising 6,242 shareholders holding
not less than 100 shares each.

Consequently, Bukit Katil 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 Bukit Katil Berhad

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.

As of December 31, 2005, the Company recorded a deficit of
MYR129,981,000.  The Company, on Dec. 16, 2005, presented an
application to regularize its financial condition through debt
restructuring, which was subsequently rejected by the Securities
Commission.

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


CONSOLIDATED FARMS: Bourse Defers Delisting Pending Appeal
----------------------------------------------------------
Bursa Malaysia Securities Berhad has deferred the removal of
Consolidated Farms Berhad's securities from the Official List
pending decision on the Company's appeal against the delisting.

The Company will further announce the decision of the Appeals
Committee in due course.

Bursa Malaysia Securities Berhad has decided to delist the
securities of Consolidated Farms Berhad from the Official List
on July 17, 2006, as the Company "does not have an adequate
level of financial condition" to warrant continued listing on
the Bourse, TCR-AP recounts.

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

                    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.


HARVEST COURT: Public Shareholding Spread Meets Requirement
-----------------------------------------------------------
Harvest Court Industries Berhad said it has complied with Bursa
Malaysia Securities Berhad's public spread rule, which requires
a listed issuer to have at least 25% of its listed shares in the
hands of a minimum of 1,000 public shareholders holding not less
than 100 shares each.

The Company's public shareholding spread as of June 30, 2006, is
63.78% and the number of public shareholders with not less than
100 shares is 2,423.

                 About Harvest Court Industries

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


MALAYSIA AIRLINES: Offers Monsoon Special Fare for Indian Routes
----------------------------------------------------------------
Malaysia Airlines will offer return tickets from India to Kuala
Lumpur at INR10,300 under a discount scheme, Business Standard
reports.

The special discount scheme called "online monsoon airfare"
would be applicable on the airlines' five Indian destinations
such as Bangalore, Chennai, Delhi, Hyderabad and Mumbai, the
report says.  

The online monsoon airfare is valid only for the month of July,
with the outbound journey to be completed by August 7, 2006.  
Bookings would be open until July 31.

Malaysia Airlines' offer followed a recent order by the Cabinet
to allow the carrier to offer discounted fares through the
lifting of the carrier's floor price.

As reported by the Troubled Company Reporter - Asia Pacific, 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.

                    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.


PILECON ENGINEERING: Public Shareholding Spread Pegged at 47.10%
----------------------------------------------------------------
The public shareholding spread of Pilecon Engineering Berhad as
of June 30, 2006, is 79.42% comprising of 25,889 public
shareholders holding not less than 100 shares each.

Hence, the Company has complied with Bursa Malaysia Securities
Berhad's public shareholding rule, which 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 Pilecon Engineering Berhad

Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works.  The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works.  It also undertakes resort operation and
complex management services.  The Group operates in Malaysia,
Hong Kong and Singapore.  The Company is currently undergoing a
MYR354-million debt-restructuring exercise.  The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.  
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.


PSC INDUSTRIES: Complies with Public Shareholding Requirement
-------------------------------------------------------------
PSC Industries Berhad advised that as of June 30, 2006, 48.07%
of the Company's total shares are in the hands of 3,877 public
shareholders holding not less than 100 shares each.

As such, 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 PSC Industries Berhad

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

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

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


PSC INDUSTRIES: Unit Faces EUR3.8-Mln Claims Payment Suit
---------------------------------------------------------
On July 7, 2006, the Registrar of Kuala Lumpur High Court had
allowed Tractors Malaysia (1982) Sdn Bhd's application for
summary judgment against PSC Industries Berhad's subsidiary,
PSC-Naval Dockyard Sdn Bhd.

Under the Judgment, Tractors Malaysia is asserting a
EUR3,795,000 claim for unpaid services.

PSC Industries intends to appeal the decision.

                  About PSC Industries Berhad

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

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

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


TAP RESOURCES: AmBank Declares Event of Default
-----------------------------------------------
TAP Resources Berhad's Redeemable Convertible Secured Loan
Stocks holder, AmBank Berhad, on July 12, 2006, declared an
event of default and that the loan stocks are due and payable.

The declaration is pursuant to a trust deed entered into between
TAP Resources and AmTrustee on May 8, 2003.

The Company was required to settle by July 15, 2006, all the
outstanding amount of MYR19,047,348 being the redemption of the
RCSLS, interests and default interests.

AmTrustee will institute appropriate proceedings against the
Company to enforce the RCSLS, the provisions of the Trust Deed
and the security documents.

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

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

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

                   About TAP Resources Berhad

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

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


WEMBLEY INDUSTRIES: Public Shareholders Hold 59.73% Shares
----------------------------------------------------------
Wembley Industries Holdings Berhad has fully complied with
Paragraph 8.15 of the Bursa Malaysia Securities Berhad's Listing
Requirements whereby a listed issuer must ensure that at least
25% of the total listed shares are in the hands of a minimum
public shareholders holding not less than 100 shares each.

As of June 30, 2006, 59.73% of Wembley shares were held by
10,402 shareholders holdings not less than 100 shares each.

               About Wembley Industries Holdings

Headquartered in Sarawak Malaysia, Wembley Industries Holdings
Berhad is a developer of commercial properties and investment
holding.  Its other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget
hotel.

The Company has been placed under the Practice Note 4 category
due to its tight cash flow position.  On January 7, 2003,
Malaysia's Foreign Investment Committee approved the Company's
regularization plan.  Subsequently, on April 7, 2003, the FIC
revised its approval to include the possible participation of
Daewoo Corporation, the former turnkey contractor of Plaza
Rakyat Project in the Company's Proposed Debt Restructuring.  
The Company's ability to continue as a going concern hinges on
the successful implementation of the Scheme.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR422,729,000 and total liabilities of
MYR1,214,178,000, resulting in a MYR791,749,000 stockholders'
equity deficit. The Company's accumulated losses as of March 31,
2006, have reached MYR1,063,555,000.


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

MANILA ELECTRIC: NEDA Fears Possible Monopoly
---------------------------------------------
The National Economic and Development Authority has warned
against monopoly over power generation and distribution by
Lopez-controlled Manila Electric Company, The Manila Standard
says.

NEDA director general Romulo Neri had urged the Government to
tighten its rules on cross-ownership between the distribution
and generation sectors amid the possibility of a Meralco
affiliate taking over the 600-megawatt Masinloc power plant in
Zambales province, The Standard relates.

According to the report, Mr. Neri recommended that the
Government should work to avoid private monopolies as it
continues to divest stakes in the generation sector.

He said Republic Act No. 9136, or the Electric Power Industry
Reform Act of 2001, should be reviewed as the Masinloc
experience showed a conflict of interest when parties involved
have a stake in both generation and distribution sectors.

"The failure of the Masinloc winning bidder YNN to secure a
power supply contract underscores the importance of concluding
negotiations between National Power Corp. and electric
distributors for power supply contracts prior to bidding, as
stipulated in the Epira, Mr. Neri said.

As reported by the Troubled Company Reporter - Asia Pacific, YNN
Pacific Consortium submitted the highest bid of US$561.74
million for Masinloc plant in a public bidding held in December
2004.  Masinloc was sold without a power supply contract,
leaving it up to the winning bidder to obtain its own deal with
electric power distributors.  YNN has started negotiations with
the Lopez-controlled Meralco.

The only other bidder, First Generation Holdings Corp. -- which
is also controlled by the Lopez family -- submitted a bid of
US$274.85 million, which was less than half the bid of YNN and
30% below the government's reserve price of US$388 million.

FirstGen and Meralco are the power generation subsidiary and
power distribution associate, respectively, of First Philippine
Holdings Corp.

                           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.


MANILA ELECTRIC: Questions Php6.37-Billion Transco Bill
-------------------------------------------------------
Manila Electric Company has questioned a bill from National
Transmission Corporation worth Php6.37 billion, the bulk of
which represents overdue charges for ancillary services, The
Philippines daily Inquirer reports.

In a disclosure to the Philippines Stock Exchange, Meralco
confirmed the amount but said it was refuting certain items in
the billing.

Meralco is currently verifying the amounts stated and is in the
process of consulting with Transco regarding the validity of
certain items in the said billing statement, The Inquirer
reveals.

                           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.


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

CHINA RESOURCES: Court to Hear Wind-Up Petition on July 21
----------------------------------------------------------
A wind-up petition against China Resources (Singapore) Pte Ltd
will be heard before the High Court of the Republic of Singapore
on July 21, 2006, at 10:00 a.m.

The wind-up petition was filed by China Resources (Holdings) Co.
Ltd on June 27, 2006.

The Plaintiffs' solicitors can be reached at:

         Messrs Madhavan Partnership
         No. 80 Robinson Road #08-01/02
         Singapore 068898


DIGILAND INTERNATIONAL: Accepts 1,382,952,319 Rights Shares
-----------------------------------------------------------
Digiland International Limited has received valid acceptances
and excess applications for a total of 1,382,952,319 Rights
Shares with 5,531,809,276 Warrants as of the Book Closure Date
on July 10, 2006.

Pursuant to the undertaking, Dr. Vincent Tan Kim Yong subscribed
for the whole of his entitlement under the Rights Issue, being
506,831,000 Rights Shares with 2,027,324,000 Warrants.

The Company received valid acceptances for a total of 63,372,441
Rights Shares with 2,653,489,764 Warrants, representing
approximately 95.27% of the total number of Rights Shares with
Warrants under the Rights Issue.

Valid applications for excess Rights Shares with Warrants were
received for a total of 719,579,878 Rights Shares with
2,878,319,512 Warrants, representing approximately 103.34% of
the total number of Rights Shares with Warrants under the Rights
Issue.

The balance of 32,923,572 Rights Shares with 131,694,288
Warrants, which were not validly accepted or subscribed for,
were allocated to satisfy the excess applications.  The Company
had, in determining the basis of allocation of the excess Rights
Shares with Warrants, given preference to the Shareholders for
the rounding of odd lots, and ranked substantial shareholders
and Directors last in priority.

          About Digiland International Limited

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.  The Company has been
reporting a string of losses in the recent years due to the
negative impact of the highly cyclical nature of the computer
industry.  Sales were adversely affected by the shortening
product cycles of IT products and downward pressure on selling
prices as newer and more technologically advanced products enter
mass production.  Aside from recurring losses, the Company's
subsidiaries have also been bombarded by wind-up petitions filed
by creditors.


GETRONICS NV: Sets Up Biller Service Provider for ING Bank
----------------------------------------------------------
ING Bank and Getronics N.V. will be working together to develop
a European platform for the electronic distribution and
processing of payment slips.  

The two companies have formally joined forces in order to assist
businesses with sending and processing billing and invoice
information for private individuals.  

On July 10, ING Bank and Getronics PinkRoccade signed a
memorandum of understanding to create a Biller Service Provider
joint venture.

The new Biller Service Provider anticipates the increasing
integration of invoicing and payment streams and will initially
be aimed at businesses providing services to private
individuals.  The BSP also intends to provide services in due
course for business-to-business invoicing.  In addition to
processing payment slips, the new system will, in the future,
also be capable of handling other types of documents.

The Biller Service Provider provides businesses with the
opportunity to send electronic payment slips to private
individuals Internet banking facilities.  The individual
concerned can then read the digital payment slip and pay it with
a single click, without having to endlessly fill in details, as
is now the case in the Netherlands.  With a couple of mouse
clicks, individuals will also be able to view the relevant
invoice on the Internet in a highly secure environment.  Once
payment has been made, the digital payment slips and relevant
invoices will be archived immediately.

Getronics PinkRoccade is market leader in the Netherlands in the
production and fulfilment of transaction documents, such as
payment slips.  Clients who are presently outsourcing the
production and processing of their payment slips to Getronics
PinkRoccade, and potential clients, now have the possibility of
using digital payment slips.  Getronics PinkRoccade is
developing and managing the secure ICT-platform for the Biller
Service Provider.  Getronics PinkRoccade will mainly be using
existing, market-proven products in order to ensure that the
Biller Service Provider provides a fully cost-effective, secure
and high quality service.

ING Bank is market leader in processing payments for business.  
ING bank is providing and developing financial services for the
joint venture, which will further improve INGs service provision
and its position in the area of international and national
payments & cash management.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.

                        *     *     *

As reported in the TCR-Europe on March 9, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Dutch IT services group Getronics N.V. to 'B' from 'B+'.

At the same time, Standard & Poor's lowered its ratings on
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two
notches below the corporate credit rating.  Standard & Poor's
also lowered its ratings on Getronics' EUR300 million senior
secured bank loan to 'B' from 'B+', the same as the corporate
credit rating.  The loan has a '3' recovery rating, indicating
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.

   
GETRONICS NV: Divests Regional Operations to Kapsch Group
---------------------------------------------------------
Getronics N.V. and Kapsch Group -- a family-owned specialist
Austrian Communications and Information Technology company --
disclosed an agreement under which Kapsch will acquire the
business activities of Getronics in Austria, the Czech Republic,
Slovakia and Poland.  Getronics will continue to maintain a
strong presence in the region through its Global Service Centre
in Budapest.

Getronics, the international workspace ICT services company, has
signed an agreement with Kapsch group whereby the business
assets and liabilities of Getronics Austria, and all shares in
Getronics Czech Republic, Slovakia and Poland will be
transferred to Kapsch.  The agreement, conditional upon
regulatory (anti-trust) procedures, is expected to close by mid-
September 2006.  The deal is proceeding in full accordance with
all relevant laws and regulations.

The decision to sell Getronics' operations in Austria, the Czech
Republic, Slovakia and Poland was the result of a thorough
strategic review of the company's operations in late 2005.  
Early in 2006, Getronics, assisted by KPMG Corporate Finance,
began looking for a suitable strategic business partner in the
region.  Kapsch was selected because of its excellent reputation
and the considerable potential synergies arising from the deal.

By acquiring Getronics' Austrian, Czech, Slovak and Polish
operations, Kapsch will be able to expand its presence in the
ICT market, leveraging the high quality ICT services delivery
capabilities and the skilled personnel of the Getronics
operation and its coverage in the region.  This deal enables
Getronics to focus on strengthening and expanding its core
businesses worldwide while continuing to provide the same high
levels of service to its international clients in the Austrian,
Czech, Slovak and Polish markets through its strategic business
partner and its Global Service Centres.

Getronics' Hungarian operations and, in particular, its Global
Service Center in Budapest will continue to play an important
role in Getronics' global operations and will remain a key hub
for servicing its clients in Eastern Europe and the rest of the
world.  Getronics' Austrian, Czech and Polish operations employ
approximately 270 people and had a turnover in 2005 of
approximately EUR45million.  No further financial details will
be disclosed.

                      About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.   The
company has regional offices in Boston, Madrid and Singapore.  
Its shares are traded on Euronext Amsterdam.

                        *     *     *

As reported in the TCR-Europe on March 9, Standard & Poor's
Ratings Services lowered its long-term corporate credit rating
on Dutch IT services group Getronics N.V. to 'B' from 'B+'.

At the same time, Standard & Poor's lowered its ratings on
Getronics' senior unsecured notes to 'CCC+' from 'B-', still two
notches below the corporate credit rating.  Standard & Poor's
also lowered its ratings on Getronics' EUR300 million senior
secured bank loan to 'B' from 'B+', the same as the corporate
credit rating.  The loan has a '3' recovery rating, indicating
expectation of meaningful (50%-80%) recovery of principal in the
event of a payment default.


JIN-WEN INVESTMENT: Faces Wind-Up Proceedings
---------------------------------------------
Lau Chin Huat on June 23, 2006, filed before the High Court of
the Republic of Singapore an application to wind up Jin-Wen
Investment Ltd.

The High Court will hear the wind-up petition on July 21, 2006,
at 10:00 a.m.

The Plaintiff's solicitors can be reached at:

         Messrs Rajah & Tann  
         No. 4 Battery Road
         #15-01 Bank of China Building
         Singapore 049908


MAE ENGINEERING: Eligro Deal Already in Advanced Stage
------------------------------------------------------
A share and purchase agreement between MAE Engineering Limited
and Eligro Sdn Bhd is already in the advanced stage.

The Agreement is in respect of a proposal made by Mae
Engineering Limited and Eligro on December 29, 2005, for the
purchase a substantial 38% of the issued and paid up share
capital of Lereno Sdn Bhd.  

The two parties have mutually agreed to extend the exclusive
period for the conduct of the due diligence, negotiation and
finalization for the proposed acquisition for another three
months until September 29, 2006.

All terms in the preliminary agreement remain unchanged.  The
negotiation for the Sale and Purchase Agreement is progressing
smoothly.

The Company will provide further updates on the Proposed
Acquisition as and when there is further material development.
  
              About MAE Engineering Limited

Headquartered in Singapore, MAE Engineering Limited is engaged
in the provision of integrated electrical and mechanical
engineering services including designing, planning and
procurement.  These services are categorized into electrical
installations, mechanical installations, electrical power supply
installations, instrumentation and building automation as well
as maintaining electrical and mechanical systems.  The Group
also offers consulting and specialist services to oceanariums
and aquariums.  The Group has disposed off its prawn and fish
farming as well as edutainment businesses, after suffering
accumulated losses of SGD48 million as of September 30, 2005.  
The Company also suffered a liquidity crunch since September 30,
2005, when its total current liabilities of SGD23,695,000
exceeded its total current assets of SGD5,582,000.

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


MDR LIMITED: Posts Changes of Shareholders' Percentage Interest
---------------------------------------------------------------
On July 13, 2006, mDR Limited posted a series of changes to its
substantial shareholders' percentage level.

The Company's substantial shareholders with the respective
change in the percentage level are:

     * Economic Development Board -- from 11.02% to 7.34%;
     * EDB Investments Pte Ltd -- from 11.02% to 7.34%;
     * EDBV Management Pte. Ltd. -- from 11.02% to 7.34%;
     * PLE Investments Pte Ltd -- from 8.69% to 5.79%;
     * Semitech Electronics Ltd -- from 4.24% to 6.37%;
     * Ronnie Poh Tian Peng -- from 7.49% to 9.18%;
     * Henry Tan Hor Thye -- from 9.09% to 13.28%;
     * Goh Thiam Poh -- from 3.36% to 5.05%;
     * Temasek Holdings (Pte.) Limited -- from 8.69% to 5.79%;  
     * Fullerton Fund Investments Pte Ltd. -- from 8.69% to
       5.79%); and  
     * Seletar Fund Investments Pte Ltd -- from 8.69 % To 5.79%.  

The change in interest was due to the allotment and subsequent
listing and quotation of 513,150,742 Rights Shares.

                       About mDR Limited

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

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


REFCO INC: Chap. 11 Trustee Taps Skadden Arps as Special Counsel
----------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 trustee of the estate of Refco
Capital Markets, Ltd., asks the U.S. Bankruptcy Court for the
Southern District of New York for authority to employ Skadden,
Arps, Slate, Meagher & Flom LLP, as his special counsel.

Mr. Kirschner says that Skadden Arps provides various legal
services to the Debtors, including Refco Capital Markets, Ltd.

In this regard, Mr. Kirschner, wants Skadden to continue
providing some, but not all, of those services to RCM,
including:

   (a) continuing advice with respect to the litigation matters
       that were stayed pursuant to the Court's November 28,
       2005 order and the Refco Securities Lawsuit;

   (b) claims resolution where the claim has been asserted
       against one or more Other Refco Companies as well as RCM
       -- other than claims by other Chapter 11 Debtors against
       RCM;

   (c) matters involving ACM Advanced Currency Markets S.A., and
       RCM's ownership interest in ACM;

   (d) matters involving consolidated tax returns filed or to be
       filed by the Chapter 11 Debtors;

   (e) recoveries against third parties arising under "cross
       margin" agreements, whether or not involving the Other
       Chapter 11 Debtors;

   (f) pending litigation between Cargill, Incorporated and the
       Chapter 11 Debtors;

   (g) in consultation with Bingham McCutchen LLP, the Trustee's
       general bankruptcy counsel, the prospective settlement
       between the Refco Companies and BAWAG P.S.K. Bank fur
       Arbeit und Wirtschaft und Osterreichische Postsparkasse
       Aktiengesellschaft and its affiliates;

   (h) any matters remaining in the preference action -- or
       enforcement of the settlement -- against the SPhinX
       Funds;

   (i) continuing advice with respect to the pending
       investigations by the United States Department of Justice
       and the Securities and Exchange Commission; and

   (j) motions, applications, answers, orders, reports and
       papers necessary to the administration of the RCM estate
       other than in connection with matters with respect to
       which RCM wishes to take a position different than the
       position taken by the Other Chapter 11 Debtors.

Among other things, Skadden will not be rendering services to
RCM with respect to:

   (a) whether and on what terms RCM or its creditors
       participate in a Chapter 11 plan with the Other Chapter
       11 Debtors;

   (b) claims between RCM and the Other Chapter 11 Debtors
       arising out of intercompany transactions; and

   (c) advice with respect to "corporate actions" that may be
       necessary or desirable relating to various securities
       held by RCM.

With respect to intercreditor and intercompany issues in the
Chapter 11 cases, Skadden will:

    -- not, without a waiver from RCM, represent the Other
       Chapter 11 Debtors in litigation against RCM;

    -- continue to provide information and analysis to the
       Chapter 11 Debtors regarding intercompany claims;

    -- continue to represent the Other Chapter 11 Debtors in
       formulating a plan of reorganization; and

    -- continue to investigate intercompany claims as provided
       in the Engagement Letter.

Skadden and the Debtors have previously agreed that the firm's
bundled rate structure will apply to these cases.  Skadden's
hourly rates under the bundled rate structure range from:

       $585 to $830 for partners;
       $560 to $640 for counsel;
       $295 to $540 for associates; and
        $90 to $230 for legal assistants and support staff.

Skadden will allocate its fees and disbursements among the
various Chapter 11 Debtors, including RCM, to charge each estate
appropriately for the services provided on behalf of the estate.  
Skadden, RCM and the Other Refco Debtors have agreed that:

     * 2/3 of the fees and expenses Skadden incurred in
       connection with the "stockbroker" litigation culminating
       in the order appointing the RCM Trustee will be allocated
       to RCM and 1/3 to the Other Refco Debtors; and

     * Skadden's other fees incurred appropriately on behalf of
       all the Refco Companies will be allocated 40% to RCM and
       60% to the Other Refco Debtors.

J. Gregory Milmoe, a member of Skadden, assures the Court that
the firm does not have any connection with the Debtors, their
affiliates, their creditors, any other party-in-interest, their
attorneys and accountants, and the United States Trustee or any
person employed in the Office of the United States Trustee.  
Moreover, Skadden is a disinterested person as defined under
Section 101(14) of the Bankruptcy Code and does not represent
any interest that is adverse to the estates of the Chapter 11
Debtors, including RCM.

                         About Refco Inc.

Based in New York, New York, Refco Inc.
-- http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its Chapter 11 cases.

Refco LLC, an affiliate, filed for Chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006.


REFCO INC: GAIN Capital to Purchase FX Customer Accounts
--------------------------------------------------------
In a motion filed with the U.S. Bankruptcy Court for the
Southern District of New York on June 30, 2006, Refco Inc.
proposed to enter into an agreement with privately held GAIN
Capital Group, under which GAIN would acquire the Refco FXA
retail customer account information and related assets.  The
proposed agreement provides RFXA customers with the potential to
recover up to 100% of account balances.  The proposed agreement
is reflected in a non-binding term sheet that is subject to
documentation and Bankruptcy Court approval, among other
conditions.

RFXA currently has 15,000 retail foreign exchange trading
accounts.  Upon the closing date of the proposed transaction,
40% of RFXA's customers could receive a full recovery of their
account balances, if they open an account with GAIN and execute
at least one trade.  Customers with larger deposits can also
receive up to 100% recovery provided they meet certain trading
thresholds, as outlined in the term sheet.

"We chose to work with GAIN for a number of reasons," Refco's
Chief Restructuring Officer David Pauker said.  "GAIN is a
leader in the industry and expressed early interest in the RFXA
clients.  They also have both the financial and operational
resources necessary to help achieve a smooth transition for
customers and to offer continued support for their ongoing
trading needs.  Just as important, GAIN and FOREX.com have an
exemplary record with the
National Futures Association and, unlike RFXA, are regulated as
a futures commission merchant.  Their reputation in the industry
speaks for itself."

"The proposed agreement benefits creditors by reducing a portion
of the pre-petition customer claims against RFXA," continued Mr.
Pauker.  These claims, which include customer deposits, total
over $100 million.

"At the same time, the proposed transaction with GAIN represents
a much improved recovery for RFXA customers," Mr. Pauker said.

"We are pleased to be able to offer Refco FX clients the ability
to recover up to 100 percent of their assets and at the same
time to trade forex with a regulated firm," said GAIN's Chief
Executive Officer Mark Galant.  GAIN Capital Group and FOREX.com
are registered with the National Futures Association as a
Futures Commission Merchant.

"In addition, if a RFXA customer chooses to opt into the program
but does not recoup the full amount of their online account
balance, they would still retain all their rights to the balance
of their claim as a general unsecured creditor of Refco," Mr.
Galant said.

                 Terms of the Proposed Agreement

Under the terms of the proposed agreement, GAIN will offer RFXA
clients the option to open an account at FOREX.com, GAIN's
retail division.  For RFXA clients who opt to do so, GAIN has
agreed to immediately fund an amount equal to the lesser of the
customer's aggregate RFXA account balance or $150 per account
when the client activates a new account.  Clients with balances
of $40 or less would be able to withdraw their funds immediately
upon opening their account at FOREX.com.  For customers with
larger deposits, GAIN has agreed to reimburse customers up to
their full account balance, payable in 25% increments every six
months, provided they meet certain trading thresholds.

Mr. Pauker said that, at present, it is not expected that RFXA
will have sufficient assets to pay its creditors in full.  In
addition to customer and trade liabilities, which exceed
$140 million, RFXA is a guarantor of Refco's secured bank debt
and unsecured bonds, which total in excess of $1 billion.  RFXA
has approximately $54 million of cash and securities, much of
which is claimed as collateral by Refco's secured lenders.  RFXA
is also owed money by some Refco affiliates, but the timing and
amount of those recoveries is uncertain; Refco's lenders also
assert claims to those receivables.

                    About GAIN Capital Group

Headquartered in Bedminster, New Jersey, GAIN Capital Group
-- http://www.gaincapital.com/-- is a leading provider of  
foreign  exchange services, including direct-access trading and
asset management.  Founded in 1999 by Wall Street veterans, GAIN
Capital Group is one of the largest, most respected firms in the
online forex industry, servicing clients from more than 140
countries and supporting trade volume in excess of $100 billion
per month.  The company operates sales offices in New York and
Shanghai.

The company operates two full service web portals. FOREX.com
services individual investors of all experience levels with a
full-service trading platform, lower account minimums and
extensive education and training.  The company's flagship
service, GAIN Capital focuses on the needs of professional forex
traders, including hedge funds and money managers.

                        About Refco Inc.

Based in New York, New York, Refco Inc.
-- http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).  
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its Chapter 11 cases.

Refco LLC, an affiliate, filed for chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for Chapter 11 protection on June 6, 2006.


REFCO INC: Refco Group Inks Settlement With West and Contractors
----------------------------------------------------------------
Refco Group Ltd., LLC, Albert Togut, the Chapter 7 Trustee
appointed to oversee the liquidation of Refco, LLC's estate,
West Loop Associates LLC and the Contractors, Alps Construction,
Inc., KCE Ltd. and Griswold, Heckel & Kelly Associates, Inc.,
have reached a comprehensive settlement to resolve West Loop's
request, the Mechanic's Liens and the Claims.

In a stipulation approved by the Hon. Robert Drain of the United
States Bankruptcy Court for the Southern District of New York,
each of the Contractors agree to:

   (i) reduce by 5% the outstanding principal amount of each of
       its Claim  pertaining to the Properties;

  (ii) waive all attorney's fees and accrual of any interest to
       which each Contractor may be entitled;

(iii) take the necessary steps to discharge and release the
       Mechanic's Liens so that the threatened default against
       West Loop may be averted;

  (iv) release Refco LLC from any further claims relating to the
       Contracts, the Mechanic's Liens, and their Claims;

   (v) withdraw their Claims against Refco LLC; and

  (vi) file no additional proofs of claim against Refco LLC.

Refco Group will pay the Contractors $747,579 in the aggregate
in full satisfaction of the Mechanic's Liens, the Claims, and
any other amounts due in connection with the Contracts.

                   West Loop's Motion to Compel

West Loop had asked the Court to compel Refco Group to comply
with its postpetition lease obligations.

Refco Group leases seven floors of an 18-story office building
owned by West Loop in the central business district of Chicago,
Illinois.  Refco, LLC, occupied some or all of the leased
premises.

Refco Group continues to occupy the Premises pursuant to a March
2006 Stipulated Order among Debtors, West Loop and Man
Financial, Inc.  The Stipulated Order contemplates rejection of
the Lease effective August 15, 2006.

Sidney P. Levinson, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California, contends that until the effective
rejection date, RGL is required "to timely perform all
obligations under the Lease to the extent required by Section
365(d)(3) of the Bankruptcy Code.  Among those obligations, Mr.
Levinson said, is a Lease covenant to either discharge or bond
any mechanic's liens filed against the Property as a result of
work performed or alleged to have been performed on the
Premises.

Mr. Levinson noted that Refco LLC has entered into a series of
agreements with Alps Construction, Inc., KCE Ltd. and Griswold,
Heckel & Kelly Associates, Inc., for the construction work to be
performed at the leased Premises.  The Contractors have sought
relief from the bankruptcy stay to commence a foreclosure action
in Illinois against RGL, Refco LLC, and West Loop.

The Contractors assert that Refco LLC or RGL failed to pay for
the work, leaving a balance in excess of $700,000, including
amounts owed for work that was not completed until nearly one
month after RGL's bankruptcy filing.  The Contractors have filed
mechanic's liens of more than $700,000 against the Property.

Although the Bankruptcy Court denied the Contractors' request,
the ruling did not fully resolve the problems West Loop faced.

Mr. Levinson relates that by letter dated April 19, 2006, West
Loop's mortgage lender, Greenwich Capital Financial Products,
Inc., issued a notice of default to West Loop based on the
existence of the Mechanic's Liens.  The notice of default
provides that, unless the Mechanic's Liens are discharged or
bonded, West Loop will be held in default under its purchase
money loan agreement dated October 7, 2005.

Unless the Court compels RGL to discharge or bond the Mechanic's
Liens, West Loop and, by consequence, RGL's estate will suffer
substantial damages that could and should otherwise be avoided
if RGL complies with its lease obligations, Mr. Levinson told
Judge Drain.

                      RGL Costs Reimbursement

Mr. Togut, informed the Court that he reviewed West Loop's
request and RGL's contracts with Alps, KCE and GHK.  Mr. Togut
believed that the Contractors' Claims and Mechanic's Liens are
legitimate obligations and that Refco LLC is responsible for
payment of the Claims.  Thus Mr. Togut asks the Court for
permission to reimburse $747,579 to RGL for the payment of the
Claims, pointing out that Refco LLC was the contracting party
and the beneficiary of the Contractors' services.

                          About Refco Inc.

Based in New York, New York, Refco Inc.
-- http://www.refco.com/-- is a diversified financial services  
organization with operations in 14 countries and an extensive
global institutional and retail client base.  Refco's worldwide
subsidiaries are members of principal U.S. and international
exchanges, and are among the most active members of futures
exchanges in Chicago, New York, London and Singapore.  In
addition to its futures brokerage activities, Refco is a major
broker of cash market products, including foreign exchange,
foreign exchange options, government securities, domestic and
international equities, emerging market debt, and OTC financial
and commodity products.  Refco is one of the largest global
clearing firms for derivatives.

Refco Capital Markets Ltd. is Refco's operating subsidiary based
in Bermuda.

The Company and 23 of its affiliates filed for Chapter 11
protection on Oct. 17, 2005 (Bankr. S.D.N.Y. Case No. 05-60006).
J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, represent the Debtors in their restructuring efforts.  Luc
A. Despins, Esq., at Milbank, Tweed, Hadley & McCloy LLP,
represents the Official Committee of Unsecured Creditors.  Refco
reported $16.5 billion in assets and $16.8 billion in debts to
the Bankruptcy Court on the first day of its chapter 11 cases.

Refco LLC, an affiliate, filed for Chapter 7 protection on Nov.
25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC, is a
regulated commodity futures company that has businesses in the
United States, London, Asia and Canada.  Refco, LLC, filed for
bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for Chapter 11 protection on June 6, 2006.


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

AVANEX CORP: Reports Revised Second Quarter 2006 Net Loss
---------------------------------------------------------
Avanex Corp. disclosed that in connection with the filing of its
quarterly report on Feb. 14, 2006, to the U.S. Securities and
Exchange Commission, the net loss for its second fiscal quarter
has been revised.

The company finalized the accounting treatment for the
extinguishment of the capital leases at the company's French
subsidiary.  In the previously announced results, the one-time
non-cash gain of US$4.5 million was recognized as other income
in the company's second quarter financial statements.  The final
accounting treatment will spread this gain over the twelve-year
term of the remaining lease.

The company previously reported a net loss of US$13.4 million.  
The revised net loss included in the Form 10-Q for the second
fiscal quarter is US$18.5 million.  For the second fiscal
quarter, excluding certain items, the company previously
reported a non-GAAP net loss of US$9.3 million.  The revised
non-GAAP net loss for the second fiscal quarter is US$9.1
million.

                      Going Concern Doubt

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

                          About Avanex

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


MDX PCL: Earns THB6.13 Billion in First Quarter 2006
----------------------------------------------------
M.D.X. Public Company Ltd. disclosed its financial results for
the first quarter ended March 31, 2006.

The company posted a THB6.13 billion net profit in the first
three months of 2006, compared to a THB49.86 million net loss
for the quarter ended Dec. 31, 2006.

Moreover, the auditor of the Company, Somchai Kurujitkosol of
S.K. Accountant Services, relates that the Central Bankruptcy
Court has released the Company from the rehabilitation plan as
it was already duly complied.  The Court ordered the
cancellation of the plan on May 9, 2006.

Mr. Kurujitkosol said that the Company gained from the
cancellation of the plan, as it was able to relieve them of
liabilities amounting to THB6.35 billion in the company's
consolidated financial statements.

At March 31, 2006, M.D.X. Pcl's balance sheet showed:

                                         (in thousand Baht)

                                  03/31/06         12/31/05
                                 ---------       ----------
     Total current assets        1,417,549    1,223,755
     Total assets                3,829,184    3,719,038
     Total current liabilities     114,190          187,016
     Total liabilities           1,715,237    8,062,476
     Total liabilities and
       Shareholders' equity      3,829,184    3,719,038

A full-text copy of the Company's Balance Sheet for the Fiscal
Year ending March 31, 2006, is available for free at:

       http://bankrupt.com/misc/MDXE1.xls

                      About the Company

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

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

In January 2006, MDX filed for a petition with the Central
Bankruptcy Court to cancel the Company's Rehabilitation Plan
since it was already duly complied.  The Court in May 2006,
approved the petition to release the company from the plan.



                            *********


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 ***