TCRAP_Public/060718.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

              Tuesday, July 18, 2006, Vol. 9, No. 141

                            Headlines

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

ACCOUNT HOLDINGS: Set to Halt Business Operations
ACTIVE-LINK: Creditors and Members to Hear Wind-Up Report
BLACK HOLDINGS: Placed Under Voluntary Liquidation
BOX HAVEN: Creditors' Meeting Scheduled for July 24
BUILDING SITE: To Declare Final Dividend on July 23

COBEST HOLDINGS: Members Agree on Voluntary Liquidation
D.W. & M.J. DOUGLAS: Shuts Down Business Operations
DUKE'S BISTRO: Liquidator to Present Wind-Up Report on July 24
EVANS & TATE: Sells Griffith Winery to TWG for AU$8 Million
GILLON CONSTRUCTION: Creditors Appoint Official Liquidator

HEATHER STREET: Creditors Must Prove Debts by July 28
HEINZ WATTIE'S: Members and Creditors Opt to Liquidate Business
HUON CORPORATION: Workers Stage Strike Over Announced Job Cuts
INTERPHASE CORPORATION: Priority Employees to Receive Dividend
JOHN & VICKI: Members and Creditors to Receive Wind-Up Report

LOUEY BROTHERS: Members Agree on Voluntary Liquidation
MACMURY PTY: Set to Halt Business Operations
MELLORS PTY: Members Meeting Fixed for July 21
SAGMANI COMMERCIAL: Members and Creditors to Hear Wind-Up Report
SB&W PTY: Members Opt to Shut Down Business Operations

SCM GROUP: To Declare First and Final Dividend on July 19
SMARTSTOCK PTY: Liquidator to Give Wind-Up Report on July 21
SPEEDY PAINTING: Appoints Paul Vartelas as Liquidator
STOREY TRADING: Members Resolve to Close Business Operations
THERAPEUTIC ARTS: Enters Liquidation Proceedings

T.S. & E. SERVICES: Members Name Rodney Slattery as Liquidator
TRANSOL CORPORATION: Postpones Dividend Declaration to July 21
UNITED FINANCE: Shareholders Decide Shut Down Operations
VALASIA'S PTY: Liquidator Scott to Present Wind-Up Report
WHAREMA PTY: Enters Voluntary Liquidation

* Slow Jobs Growth in South Australia Continues
* NZ Inflation Rate Unexpectedly High


C H I N A   &   H O N G  K O N G

ASIA FINANCIAL: Appoints Joint and Several Liquidators
ASIAN SERVICES: Creditors Must Prove Debts by August 4
BALL ASIA: Liquidator to Present Wind-Up Report on August 18
BEARD COMPANY: Cole & Reed Expresses Going Concern Doubt
BEARD COMPANY: PinnOak Makes US$660,000 Advance for Beard

CHIYODAGUMI LIMITED: Creditors' Proofs of Claim Due on August 15
FOREVER BRILLIANT: Members' Opt for Voluntary Wind-Up
FUJIDENKISEIKI LIMITED: Lam & Toohey Cease to Act as Liquidators
FUSION DESIGN: Members to Receive Liquidators' Report on Aug. 21
GELERT FAR EAST: Appoints Corkhill and Bruce as Liquidators

GOLDEN KEY: Final Members' Meeting Slated for August 24
GUANGDONG KELON: Regulator Fines and Bans Former Chairman
GREAT FORCE: Joint Liquidators Step Aside
HONDELA FINANCE: Liquidators Cease to Act for Company
L. K. K. MARKETING: Creditors' Proofs of Debt Due on August 14

MERNOM (H.K.) LIMITED: Receiving Proofs of Claim Until August 4
SAMLEX DEVELOPMENT: Names Official Liquidator
SKY GREAT: Prepares to Distribute Assets to Creditors
TURBO ELECTRONICS: Members' Final Meeting Slated for August 16
WEMBLEY (H.K.) LIMITED: Names Muk and Middleton as Liquidators

WINSUM ELECTRONIC: Creditors' Meeting Set on July 28
YIK SHEEN: Names Lap as Liquidator
ZUELLIG ALLIANCE: Creditors' Proofs of Claim Due on Aug. 14
* CBRC Head Warns Investment Risks to Some Industries


I N D I A

HINDUSTAN PETROLEUM: Board to Review Q1 Results on July 26
INDIAN OIL: Trouble Brews at Sri Lankan Unit
INDIAN OIL: To Resume Petrol Supply to Sri Lanka Next Week


I N D O N E S I A

BOURAQ AIRLINES: Tycoon Interested in Acquiring Firm


J A P A N

JAPAN AIRLINES: To Sell More Shares Abroad


K O R E A

EVEREX INC: Posts KRW4-Billion Net Loss in First Quarter 2006
HYUNDAI MOTOR: Former Gov't Official Charged for Taking Bribes
LG TELECOM: Posts KRW105.4-Billion Profit for 1st Quarter 2006
LG TELECOM: Adds 67,591 Subscribers in June 2006


M A L A Y S I A

AYER MOLEK: Public Shareholding Stands at 74.86%
FURQAN BUSINESS: Public Shareholding Level Pegged at 47.10%
MALAYSIA AIRLINES: Unveils 30.66% Public Shareholding Level
MALAYSIA AIRLINES: Halts Services to Beirut
MALAYSIA AIRLINES: Unveils Further Route Cuts Under Revamp Plan

MBF HOLDINGS: Court to Hear Pre-trial Case Management in October
MULTI-USAGE HOLDINGS: Complies with Public Spread Requirement
MYCOM BERHAD: Signs Two More Novation Agreements
PAN MALAYSIAN: Public Shareholders Hold 34.53% Shares
POLYMATE HOLDINGS: Public Shareholding Spread Meets Requirement

UNITED CHEMICAL: Total Default Amount Hits MYR9.9 Million
UNITED CHEMICAL: Becomes Wholly Owned Unit of Majurepak
* Securities Commission Junks Over 50% of First-Half IPO Plans


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Extends Fixed-Line Service License
LIBERTY TELECOMS: Shutdown Leads to PHP338-Million Net Loss
PHILODRILL CORP: Sells 100 Million Shares to APHC
* SEC Penalizes 15 Firms


S I N G A P O R E

L&M GROUP: To Hold Creditors Meeting on July 31
MEIKI COMPANY: Enters Voluntary Wind-Up
QUEST UNITED: Pays Dividend to Creditors
SEE HUP SENG: Unveils Shareholder's Change of Interest


T H A I L A N D

CERTEGY INC: S&P Downgrades US$200 Million Notes' Ratings to BB+
THAI HEAT: Plans Equity Investment with Burapa Steel


* BOND PRICING: For the Week 17 July to 21 July 2006

     - - - - - - - -

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

ACCOUNT HOLDINGS: Set to Halt Business Operations
-------------------------------------------------
The members of Account Holdings Pty Limited held a meeting on
June 19, 2006, and agreed to shut down the Company's business
operations.

In this regard, Ian Alexander Currie and Peter George Biazos
were appointed as liquidators.

The Liquidators can be reached at:

         Ian Alexander Currie
         Peter George Biazos
         Currie Biazos Insolvency Accountants
         Level 3, Christies Corporate Centre
         320 Adelaide Street
         Brisbane, Queensland 4000
         Australia


ACTIVE-LINK: Creditors and Members to Hear Wind-Up Report
---------------------------------------------------------
A joint meeting of the members and creditors of Active-Link
Electrical Services Pty Limited will be held on July 19, 2006,
at 9:30 a.m.

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

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

The Liquidator can be reached at:

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


BLACK HOLDINGS: Placed Under Voluntary Liquidation
--------------------------------------------------
After a general meeting on June 13, 2006, the members of Black
Holdings Pty Limited decided to voluntarily wind up the
Company's operations.

Subsequently, Geoffrey Paul Dwyer was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Paul Dwyer
         c/o WHK Greenwoods
         Level 32, 80 Collins Street
         Melbourne, Victoria 3000
         Australia


BOX HAVEN: Creditors' Meeting Scheduled for July 24
---------------------------------------------------
The creditors of Box Haven Holdings Pty Limited will hold a
final meeting on July 24, 2006.

During the meeting, creditors will be asked to:

   -- receive Liquidator Brian F. Mccann's wind-up report;

   -- receive the Liquidator's summary of receipts and  
      payments; and

   -- approve the Liquidator's fees.

The Liquidator can be reached at:

         Brian F. Mccann
         HLB Mann Judd McCann
         PO Box 263, West Perth 6872
         Australia


BUILDING SITE: To Declare Final Dividend on July 23
---------------------------------------------------
Liquidator Paul Sweeney will declare a final dividend for the
creditors of Building Site Services (AUST) Pty Limited on
July 23, 2006.

Creditors who were not able to prove their claims by
June 13, 2006, will be excluded from the dividend distribution.

The Liquidator can be reached at:

         Paul Sweeney
         SV Partners
         Level 16, 120 Edward Street
         Brisbane, Queensland 4000
         Australia  


COBEST HOLDINGS: Members Agree on Voluntary Liquidation
-------------------------------------------------------
At a general meeting on June 13, 2006, the members and creditors
of Cobest Holdings Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.

Subsequently, Geoffrey Paul Dwyer was appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Paul Dwyer
         c/o WHK Greenwoods
         Level 32, 80 Collins Street
         Melbourne, Victoria 3000
         Australia


D.W. & M.J. DOUGLAS: Shuts Down Business Operations
---------------------------------------------------
Members of D.W. & M.J. Douglas Pty Limited held a meeting on
June 13, 2006, and decided to voluntarily wind up the Company's
operations.

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

The Liquidator can be reached at:

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


DUKE'S BISTRO: Liquidator to Present Wind-Up Report on July 24
--------------------------------------------------------------
A final meeting of the members and creditors of Duke's Bistro
Pty Limited will be held on July 24, 2006, at 11:30 a.m.

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

The Liquidator can be reached at:

         Murray Godfrey
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0889


EVANS & TATE: Sells Griffith Winery to TWG for AU$8 Million
-----------------------------------------------------------
Evans & Tate Limited has sold its winery in Griffith, NSW, for
AU$8 million, to the Terlato Wine Group, the Australasian
Investment Review reports.  The Griffith Sale, according to the
report, brings the amount that Evans & Tate will get from asset
realization to more than AU$30 million.

AIReview cites Evans & Tate as saying that "binding agreements
for the asset sale and for wine storage have been entered into
with TWG Australia Pty Limited.  Settlement is scheduled to be
completed by August 11, after final conditions precedent have
been satisfied."

According to AIReview, the buyer is the Terlato Wine Group of
the United States, which is based in the Napa Valley in the
United States with interests in France and Australia.  The
Australian joint venture is between Terlato and Michel
Chapoutier in the Malakoff Vineyard, which is in the Pyrenees in
western central Victoria.

"The sale is a very positive step towards delivering our
turnaround strategy," the Sydney Morning Herald cites Evans &
Tate's managing director, Martin Johnson, as saying.

According to AIReview, the Griffith Winery was the main winery
of the Cranswick Estates group, which Evans & Tate took over in
2003 in a deal that has led directly to the company's current
financial problems.

                      Mildura Sale Update

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that the sale of Evans & Tate's Mildura Winery
has been delayed due to Neqtar Ltd.'s planned listing on the
Alternative Investment Market of the London Stock Exchange.

As stated in the TCR-AP report, the Mildura Sale is subject  
to conditions that include Neqtar's listing on the London AIM.

In a release dated June 30, 2006, Evans & Tate stated that it
has received an updated proposal from Neqtar regarding its
intentions to complete the purchase of the Mildura Winery by
Neqtar's Australian subsidiary, SDS Beverages Food and Wine Pty.
Ltd., despite Neqtar postponing its AIM listing.

Accordingly, Evans & Tate agreed to continue to negotiate
exclusively with Neqtar regarding the sale until July 31, 2006.

Evans &t Tate's bank, ANZ, has also agreed to waive the
requirement to repay a temporary AU$12 million working capital
facility by June 30, 2006.  Evans & Tate welcomed ANZ's ongoing
support.

                 Sale Proceeds to Repay Debts

Evans & Tate stated that funds realized by the sale of its
wineries will be applied to the repayment of the temporary
facility as well as other bank debts and to meet restructuring
costs.

The Sydney Morning Herald recounts that Evans & Tate has already
written down the value of its inventory by AU$39 million over
the past year and reported a AU$44-million first-half loss.

The Herald notes that the sale of the wineries is seen as vital
in Evans & Tate's attempts to ease its crippling debts, which
are estimated to be more than AU$160 million.  The paper also
says that Evans & Tate is only being kept afloat at the mercy of
ANZ.

                     About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine  
company listed on the Australian Stock Exchange.  The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.    

In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt.  A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited.  It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies."  Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank.  The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries.

In July 2005, Evans & Tate has secured an additional AU$10
million in short-term working capital from ANZ.  In January
2006, Evans & Tate announced that it was selling off its
Griffith Winery to boost capital, but not without borrowing
another AU$12 million.  The Company is still seeking for buyers.  
In February 2006, Evans & Tate shed 20 jobs as part of a
restructure that it said was expected to result in cost savings
of about AU$2.5 million a year.


GILLON CONSTRUCTION: Creditors Appoint Official Liquidator
----------------------------------------------------------
Creditors of Gillon Construction Pty Limited convened on
June 19, 2006, and decided to wind up the Company's business
operations and appoint R. A. Sutcliffe as liquidator.

The Liquidator can be reached at:

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


HEATHER STREET: Creditors Must Prove Debts by July 28
-----------------------------------------------------
The creditors of Heather Street Investments 2003 Ltd are
required to submit their proofs of claim to Liquidator Daran
Nair by July 28, 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:

         Daran Nair
         Nair & Associates
         280 Great South Road, Greenlane
         Auckland, New Zealand
         Postal Address: P.O. Box 74322
         Market Road, Auckland
         Telephone: (09) 522 5182
         Facsimile: (09) 522 5183
         e-mail: daran@nair.co.nz


HEINZ WATTIE'S: Members and Creditors Opt to Liquidate Business
---------------------------------------------------------------
Members and creditors of Heinz Wattie's Frozen Foods Pty Limited
convened on June 13, 2006, and resolved to liquidate the
Company's business.

In this regard, Rod Slattery was appointed liquidator.

Meanwhile, the Company distributed its assets on July 6, 2006,
to the exclusion of creditors who were not able to prove their
claims.

The Liquidator can be reached at:

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


HUON CORPORATION: Workers Stage Strike Over Announced Job Cuts
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 10, 2006, Huon Corp.'s administrator, Tony Sims confirmed
that Empire Rubber, FRN, and Mills Elastomers, will be put on
the market.  According to the report, there were also fears of
expected job cuts.

In an update, The Bendigo Advertiser relates that on July 14,
2006, almost 600 workers went on strike at the three sister
organizations after 122 job losses were announced, 108 of them
are from Empire Rubber in Bendigo.

Mills Elastomers in Dandenong will lose 14 workers and jobs are
expected to go at FRN in Frankston, the Herald Sun says.

The Bendigo Advertiser relates that the employees have agreed on
a united strike rather than being told specifically which
workers faced redundancy.

The job losses will reduce Empire Rubber to a little more than
250 employees, about half the number of workers employed a few
years ago, the Bendigo Advertiser notes.

Rural Press Ltd. relates that workers are still on strike as of
July 17, 2006, vowing to continue until those facing redundancy
were guaranteed their entitlements, estimated to top
AU$5 million.

There was AU$30 million owing to the workers at the three
factories and the redundancies were being offered without the
promise of any entitlements being paid out, the Bendigo
Advertiser cites Antony Thow, the state secretary of the
National Union of Workers -- which represents the bulk of Empire
Rubber workers -- as saying.

Mr. Thow calls for the support of Empire Rubber's customers --
including Australia's major carmakers, saying that they owed it
to the workers.  He says "[t]hey've had the benefit of all of
the work these employees have put in over the years, and it's
time they came to the table and assisted."

According to the Herald Sun, Mr. Thow says local jobs were at
risk as big buyers Ford, Holden and Toyota increasingly used
imports.  But he says that the strike would affect the whole
industry because some parts, like those used in brakes, could
not be obtained elsewhere.

According to The Bendigo Advertiser, the Australian
Manufacturing Workers Union state secretary Dave Oliver said
that "[t]he supply to the car companies is stopped, and we
envisage that within two or three days, if this is not resolved,
there may be implications for the car manufacturing industry in
this country."

Mr. Oliver suggested that the car companies and the government
should "look at some ways of making sure that these employees
get what is actually theirs, because workers here today are not
asking for anything but what is rightfully theirs."

KPMG automotive partner David Gelb says that the effect of the
strikes on a car manufacturing industry increasingly subjected
to global pressures is not yet known, the Bendigo Advertiser
relates.

                 Employees Called Back for Work

According to ABC News Online, striking workers at Empire Rubber
are being urged to return to work.

Creditors were keen to see production resume at Empire Rubber as
soon as possible, the Rural Press says, citing administrator Ken
Sellars of SimsPartners.

Mr. Sellars relates that they have been told there will be a
degree of pressure applied to the car companies while the
strikes are in place.  He notes that the unions also understand
that a long-term strike will not be beneficial to everyone.

"Customers will start looking at alternatives if the factory
does not resume operating [today]," Mr. Sellers states,
according to ABC News.

                Mr. Schulz Should be Accountable

A previous Bendigo Advertiser report stated that it was
understood that Huon Corp.'s managing director John Schulz
diverted Empire Rubber's property holdings into personally
linked interests shortly after buying the firm from Nylex
Limited in December 2005.

According to the report, Mr. Sellars has confirmed that those
transactions are being investigated, explaining that a caveat
was placed on the property so it could not be sold or have its
title altered.

A subsequent report from the Bendigo Advertiser cites Bendigo's
Federal MP Steve Gibbons as saying that Mr. Schulz may be
compelled to appear before a parliamentary committee to give
evidence.

Mr. Gibbons said that the parliamentary committees had the power
to compel witnesses to appear before them and give evidence at
public hearings.

Mr. Gibbons reveals that the Minister for Employment and
Workplace Relations has asked the House of Representatives
Standing Committee on Employment, Workplace Relations and
Workforce Participation to specifically inquire into and report
on Employment in the Automotive Component Manufacturing Sector.

Moreover, Nylex should also be accountable, Mr. Oliver told the
paper.

"Nylex must be accountable to their long-term employees, because
a lot of these employees have given 20-years-plus service. . .
and Nylex can't simply turn its back and leave these workers on
the scrap heap high and dry," Mr. Oliver explained.

Meanwhile, Bendigo mayor David Jones hopes "the Federal
Government steps in and helps the workers."

                        *     *     *

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

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


INTERPHASE CORPORATION: Priority Employees to Receive Dividend
--------------------------------------------------------------
Interphase Corporation Pty Limited notifies parties-in-interest
of its intention to declare a first and final dividend to
priority employees on July 24, 2006.

Employees whose claims were not admitted by July 21, 2006, will
be excluded from sharing in the dividend distribution.

The Liquidator can be reached at:

         Murray Godfrey
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0889


JOHN & VICKI: Members and Creditors to Receive Wind-Up Report
-------------------------------------------------------------
A joint meeting of the members and creditors of John & Vicki
Fashions Pty Limited will be conducted on July 24, 2006, at
10:00 a.m.

During the meeting, Liquidator David Henry Scott will present
accounts of the Company's wind-up operations.

The Liquidator can be reached at:

         David Henry Scott
         Jones Condon
         Chartered Accountants
         77 Station Street
         Malvern, Victoria 3144
         Australia


LOUEY BROTHERS: Members Agree on Voluntary Liquidation
------------------------------------------------------
At a general meeting of Louey Brothers Pty Limited on June 16,
2006, members agreed to voluntarily wind up the Company's
business operations.

In this regard, Russell Graeme Peake was appointed as
liquidator.

The Liquidator can be reached at:

         Russell Peake
         Jenkins Peake & Co. Chartered Accountants
         1st Floor, Lexen Building
         200 Malop Street
         PO Box 1570, Geelong, 3220
         Australia
         Telephone: (03) 5223 1000
         Facsimile: (03) 5221 4938


MACMURY PTY: Set to Halt Business Operations
--------------------------------------------
The members and creditors of Macmury Pty Limited met on
June 13, 2006, and agreed to:

  -- voluntarily wind up the Company's business operations; and

  -- appoint Liquidator Rod Slattery to manage the wind-up
     activities.

The Company also distributed its assets on July 6, 2006, to the
exclusion of creditors who were not able to prove their claims.

The Liquidator can be reached at:

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


MELLORS PTY: Members Meeting Fixed for July 21
----------------------------------------------
Members of Mellors Pty Ltd will hold their final meeting on
July 21, 2006, at 10:15 a.m.

During the meeting, Liquidator Richard Judson will present final
accounts of the Company's wind-up operations.

Moreover, the Company disclosed it intends to declare its first
and final dividend.  In this regard, creditors are required to
file their proofs of claim by July 19, 2006, to share in the
Company's dividend distribution.

As reported by the Troubled Company Reporter - Asia Pacific,
the Company commenced liquidation of its business on February
28, 2006.

The Liquidator can be reached at:

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


SAGMANI COMMERCIAL: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Sagmani Commercial Property
Services Pty Limited will convene at a final meeting on
July 24, 2006, at 10:15 a.m., to get an account of the manner of
the Company's wind-up and property disposal from Liquidator
Murray Godfrey.

The Liquidator can be reached at:

         Murray Godfrey
         RMG Partners
         Level 12, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9231 0889


SB&W PTY: Members Opt to Shut Down Business Operations
------------------------------------------------------
After an extraordinary general meeting on June 15, 2006, the
members of SB&W Pty Limited resolved to voluntarily wind up the
Company's operations.

Rodney Slattery was subsequently appointed as liquidator at a
creditors' meeting held that same day.

The Liquidator can be reached at:

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


SCM GROUP: To Declare First and Final Dividend on July 19
---------------------------------------------------------
SCM Group Pty Ltd will declare a first and final dividend for
creditors on July 19, 2006.

Creditors who were not able to prove their claims by
July 12, 2006, will be excluded from the Company's dividend
distribution.

The Liquidator can be reached at:

         I. A. Currie
         c/o Currie Biazos Insolvency Accountants
         Level 3, 320 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3220 0994
         Web Site: http://www.cbia.com.au/


SMARTSTOCK PTY: Liquidator to Give Wind-Up Report on July 21
------------------------------------------------------------
A joint meeting of the members and creditors of Smartstock Pty.
Limited will be held on July 21, 2006, at 10:00 a.m., where
Liquidator Peter P. Krejci will present the activities that took
place during the wind-up period as well as the manner by which
the Company's property was disposed of.


The Liquidator can be reached at:

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


SPEEDY PAINTING: Appoints Paul Vartelas as Liquidator
-----------------------------------------------------
Members of Speedy Painting Service (Vic) Pty Ltd convened on
June 15, 2006, and resolved to wind up the Company's business
operations.

Paul Vartelas was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Paul Vartelas,
         B.K. Taylor & Co., 8th Floor
         608 St Kilda Road
         Melbourne
         Australia


STOREY TRADING: Members Resolve to Close Business Operations
------------------------------------------------------------
At an extraordinary general meeting on June 14, 2006, the
members of Storey Trading Pty Limited resolved to close the
Company's business operations.

Subsequently, William Bernard Abeyratne and Loke Ching
Wong were appointed as liquidators.

The Liquidator can be reached at:

         William Bernard Abeyratne
         Loke Ching Wong
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: 9696 2885


THERAPEUTIC ARTS: Enters Liquidation Proceedings
------------------------------------------------
The liquidation of Therapeutic Arts Trust commenced following
the appointment of Murray G. Allot as liquidator on June 23,
2006.

Mr. Allot requires the creditors of the Company to submit their
proofs of claim by July 21, 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:

         Murray G. Allot
         111 Bealey Avenue, P.O. Box 29-432
         Christchurch, New Zealand
         Telephone: (03) 365 1028
         Facsimile: (03) 365 6400


T.S. & E. SERVICES: Members Name Rodney Slattery as Liquidator
--------------------------------------------------------------
At an extraordinary general meeting on June 15, 2006, members of
T.S. & E. Services Pty Limited agreed that the Company must
voluntarily commence a wind-up of its operations.

Creditors consequently appointed Rodney Slattery to oversee the
Company's wind-up proceedings.

The Liquidator can be reached at:

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


TRANSOL CORPORATION: Postpones Dividend Declaration to July 21
--------------------------------------------------------------
Transol Corporation Limited's first and final dividend
declaration, which was initially slated for June 20, 2006, was
moved to July 21, 2006.

The Company's creditors are required to submit their proofs of
claim to Liquidator Stephen R. Dixon for them to share in the
dividend distribution.

The Liquidator can be reached at:  

         Stephen R. Dixon
         Horwath BRI (Vic) Pty. Ltd.
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


UNITED FINANCE: Shareholders Decide Shut Down Operations
--------------------------------------------------------
Shareholders of United Finance Pty Limited met on
June 16, 2006, and resolved to shut down the business
operations.

The liquidator can be reached at:

         Alex Koutzoumis
         Holden & Bolster Avenir Pty. Ltd.
         Level 31, 264-278 George Street
         Sydney, New South Wales 2000
         Australia


VALASIA'S PTY: Liquidator Scott to Present Wind-Up Report
---------------------------------------------------------
A joint meeting of Valasia's Pty Limited will be held on
July 24, 2006, at 10:30 a.m.

During the meeting, Liquidator David Henry Scott will present
accounts of the Company's wind-up operations.

The Liquidator can be reached at:

         David Henry Scott
         Jones Condon Chartered Accountants
         77 Station Street
         Malvern, Victoria 3144
         Australia


WHAREMA PTY: Enters Voluntary Liquidation
-----------------------------------------
The members of Wharema Pty Limited convened on June 13, 2006,
and agreed that the Company should wind up its operations
voluntarily.

Geoffrey Paul Dwyer was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Geoffrey Paul Dwyer
         c/o WHK Greenwoods
         Level 32, 80 Collins Street
         Melbourne, Victoria 3000
         Australia


* Slow Jobs Growth in South Australia Continues
-----------------------------------------------
South Australia continues to suffer from slow jobs growth, a
loss of highly skilled workers, and population growth that lags
the nation, Anthony Keane of The Advertiser relates citing
Access Economics' report, as saying.

In its Business Outlook report, the forecaster says that while
SA's economic outlook is solid, the state is expected to have a
steadily shrinking share of the national economy and population
in the future.

The report explains that there are increasing question marks on
the state's skill base as many highly skilled workers are lost
to other states.  Thus, average wages in the state are slipping
increasingly behind the national equivalent average wage.

According to The Advertiser, Business SA chief executive Peter
Vaughan says that SA's "population is a train wreck that will
happen if we don't do something about it."

Mr. Vaughan further says they need a Federal and State
Government agreement wherein over the next 10-15 years, they
take the bulk of Australia's migration into SA on conditional
visas.

In return SA would receive tax cuts and rebates from the Federal
Government during that time, Mr. Vaughan explains.

The Access Economics report says that SA has not benefited from
the resources boom as much as larger mining states of WA and
Queensland, The Advertiser relates.

"One reason for this could be timing," the report says, adding
that "[t]he state can't maximize the potential of its huge
uranium resources due to strict regulations -- which don't look
like being unraveled for some time."


* NZ Inflation Rate Unexpectedly High
-------------------------------------
ShareChat News cites Statistics New Zealand, as saying that,
as measured by the Consumer Price Index, New Zealand's:

   (a) annual inflation rate rose from 3.3% to an unexpectedly
       high 4% in the June quarter; and

   (b) inflation for the quarter was 1.5%;

Both figures were above the predictions of economists who took
part in a Reuters poll, ShareChat notes.

This is the fourth consecutive quarter that the inflation rate
has been above the 1-3% band the Reserve Bank is mandated to
maintain by the Government, the New Zealand Press Association
says.

According to SNZ, the biggest contributor to the CPI this
quarter came from transportation with the rising of both petrol
and international air travel prices.

ShareChat relates that SNZ's Food Price Index was also up 1% in
June and 2.9% for the year.


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

ASIA FINANCIAL: Appoints Joint and Several Liquidators
------------------------------------------------------
The members of Asia Financial (Assets Management) Ltd on July 4,
2006, appointed Cosimo Borrelli and Grace Jacqueline Walsh as
joint and several liquidators.

The Joint Liquidators can be reached at:

         Cosimo Borrelli
         5th Floor, Allied Kajima Bldg
         138 Gloucester Road, Wanchai
         Hong Kong


ASIAN SERVICES: Creditors Must Prove Debts by August 4
------------------------------------------------------
Liquidator Allesandra Maria Emilia Bullani requires the
creditors of Asian Services Fashion & Garments Co Ltd to submit
their proofs of claim by August 4, 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:

        Allesandra Maria Emilia Bullani
        Via Gaggini da Bissone 16
        6901 Lugano
        Switzerland


BALL ASIA: Liquidator to Present Wind-Up Report on August 18
------------------------------------------------------------
Liquidator Joyce L. Genord will present to members of Ball Asia
Pacific Holdings Ltd a report on the Company's wind-up exercise.

Ms. Genord will give her report at a members meeting to be held
at 1618 Grand Century Place, Tower 1, 193 Prince Edward Road
West, Kowloon, Hong Kong on August 18, 2006, 10:00 a.m.


BEARD COMPANY: Cole & Reed Expresses Going Concern Doubt
--------------------------------------------------------
Cole & Reed P.C. of Oklahoma City, Oklahoma, raised substantial
doubt about The Beard Company's ability to continue as a going
concern after auditing the Company's consolidated financial
statements for the year ended Dec. 31, 2005.  The auditor
pointed to the company's recurring losses and negative cash
flows from operations during each of the last five years.

During the three years ended Dec. 31, 2005, the Company took
several steps which reduced its negative cash flow to some
degree, including:

   -- salary deferrals by its chairman and president and
      deferrals of directors' fees into its Deferred Stock
      Compensation Plans, and suspension of the Company's 100%
      Matching contribution under its 401(k) Plan;

   -- six private debt placements that raised gross proceeds of
      US$4,434,000 during the period and an additional
      US$193,000 in the first quarter of 2006;

   -- a loan of US$850,000 in the first half of 2005, borrowed
      from a related party to finance most of the cost of the
      fertilizer plant in China;

   -- a loan of US$1,100,000 in the fourth quarter of 2005,
      borrowed from a pond owner to begin construction of the
      Pinnacle Project -- a coal plant for its coal fines
      recovery project in West Virginia; and

   -- a US$350,000 long-term bank credit facility secured on
      March 28, 2006.

In addition to the cash infusion from the Pinnacle Project, the
Company expects to generate cash of at least $50,000 from the
disposition of the remaining assets from two of its discontinued
segments, and can sell certain other assets to generate cash if
necessary.  In addition, the Company expects to receive fund
from the binding arbitration scheduled to be held at the end of
June 2006.

The Company believes that the cash infusion from their Pinnacle
Project, together with the funds from the new bank revolving
credit facility, will provide sufficient working capital to
sustain its activities until the operations of the Pinnacle
Project and the China fertilizer plant are generating positive
cash flow from operations.

The Company reported a US$2,160,000 net loss on US$1,379,000 of
total revenues for the year ended Dec. 31, 2005.

At Dec. 31, 2005, the Company's balance sheet showed
US$4,464,000 in total assets and US$10,439,000 in total
liabilities, and a stockholders' deficit of US$5,983,000.

The Company's Dec. 31 balance sheet also showed strained
liquidity with $820,000 in total current assets available to pay
$3,268,000 in total current liabilities coming due within the
next 12 months.

A full-text copy of the Company's 2005 Annual Report is
available for free at:

     http://researcharchives.com/t/s?b92

                         About Beard Company

Based in Oklahoma City, Oklahoma, The Beard Company --
http://www.beardco.com/home.htm-- focuses on fuel and chemical  
production.  It operates coal fines reclamation facilities in
the United States, has produced carbon dioxide gas since the
early 1980's, and operates organic chemical compound fertilizer
plants in China.  

The Company also operates its e-Commerce segment, which develops
business opportunities to leverage Starpay's(TM) intellectual
property portfolio of Internet payment methods and security
technologies.


BEARD COMPANY: PinnOak Makes US$660,000 Advance for Beard
----------------------------------------------------------
PinnOak Resources, LLC has advanced an additional US$660,000 to
Beard Pinnacle, LLC -- The Beard Company's wholly owned
subsidiary -- bringing the total advances to US$9 million.

The Company entered into an agreement with PinnOak Resources,
LLC, in February related to the funding of the construction and
operation of a pond fines recovery facility.  PinnOak agreed to
provide the funding to finance the Project, while Beard Pinnacle
awaits outside funding for the Project.  Beard Pinnacle executed
a promissory note in favor of PinnOak to reflect the amount of
funds advanced.

As of May 4, 2006, the amount of the note had been increased
from US$5,100,000 to US$9,000,000 and PinnOak had advanced an
additional US$940,000 to Beard Pinnacle, increasing the total
advances against the Note to US$6,850,000.  Other advances made
against the note by Beard Pinnacle were:

     May 23, 2006  - US$835,000; total advances was
                     US$7,685,000;

     June 21, 2006 - US$655,000; total advances was
                     US$8,340,000; and

     July 3, 2006  - US$660,000; total advances was
                     US$9,000,000.

Based in Oklahoma City, Oklahoma, The Beard Company
-- http://www.beardco.com/-- focuses on fuel and chemical  
production.  It operates coal fines reclamation facilities in
the U.S., has produced carbon dioxide gas since the early
1980's, and operates organic chemical compound fertilizer plants
in China.

The Company also operates its e-Commerce segment, which develops
business opportunities to leverage Starpay's(TM) intellectual
property portfolio of Internet payment methods and security
technologies.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on June 19, 2006,
Cole & Reed, P.C., in Oklahoma City, Oklahoma, raised
substantial doubt about Beard Company's ability to continue as a
going concern after auditing the company's consolidated
financial statements for the year ended Dec. 31, 2005.  The
auditor pointed to the company's recurring losses and negative
cash flows from operations.


CHIYODAGUMI LIMITED: Creditors' Proofs of Claim Due on August 15
----------------------------------------------------------------
The members of Chiyodagumi (H.K.) Limited on July 5, 2006,
passed a special resolution to wind up the Company's operations
and appoint Chan Sek Kwan as liquidator.

Mr. Chan requires the Company's creditors to file their proofs
of claim by August 15, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Chan Sek Kwan Rays
         Unit G, 12/F., Seabright Plaza
         9-23 Shell Street, North Point
         Hong Kong


FOREVER BRILLIANT: Members' Opt for Voluntary Wind-Up
-----------------------------------------------------
Members of Forever Brilliant Investments Ltd resolved on July 3,
2006, to voluntarily wind up the Company's operations.

Subsequently, Eliza Suk Ying Wu was named liquidator.

The Liquidator can be reached at:

         Eliza Suk Ying Wu
         8th Floor, Henley Bldg
         5 Queen's Road, Central
         Hong Kong


FUJIDENKISEIKI LIMITED: Lam & Toohey Cease to Act as Liquidators
----------------------------------------------------------------
Rainier Hok Chung Lam and John James Toohey ceased to act as
joint liquidators of Fujidenkiseiki (H.K.) Ltd on July 10, 2006.


FUSION DESIGN: Members to Receive Liquidators' Report on Aug. 21
----------------------------------------------------------------
Members of Fusion Design Asia Limited will convene on August 21,
2006, 10:00 a.m. at Room 1701, Olympia Plaza, 255 King's Road,
North Point, Hong Kong, to receive a report on the Company's
wind-up exercise from Liquidators Lui Wan Ho and Lui Yee Lin.


GELERT FAR EAST: Appoints Corkhill and Bruce as Liquidators
-----------------------------------------------------------
Members of Gelert Far East Ltd on July 3, 2006, appointed
Thomas Andrew Corkhill and Iain Ferguson Bruce as the Company's
joint and several liquidators.

The Joint Liquidators can be reached at:

         Thomas Andrew Corkhill
         8th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


GOLDEN KEY: Final Members' Meeting Slated for August 24
-------------------------------------------------------
Members of the Golden Key Garments (Asia) Ltd will convene at
17th Floor, Shun Kwong Commercial Bldg, No. 8 Des Voeux Road
West, Sheung Wan, Hong Kong on August 24, 2006, at 11:30 in the
morning.

At the meeting, Liquidator Liu Wing Ting will present a report
on the Company's wind-up operation.


GUANGDONG KELON: Regulator Fines and Bans Former Chairman
---------------------------------------------------------
The China Securities Regulatory Commission imposed a CNY300,000-
fine on former Guangdong Kelon Electrical Holdings chairman Gu
Chujun for allegedly taking part in accounting fraud, The
Standard reports.

In addition, the regulator also banned Mr. Gu from conducting
business and holding any position in a listed Company, the
report adds.

Moreover, Xinhuanet News says that Mr. Gu will be denied senior
management positions in any listed companies in China.

Mr. Gu is facing charges with "embezzling and misappropriating"
huge amounts of Kelon's assets, Xinhuanet adds.

The Troubled Company Reporter - Asia Pacific recounts that CSRC
discovered Kelon was using falsified annual reports for the
years 2002, 2003 and 2004.  Moreover, the Company reportedly
overstated its revenue and omitted substantial information from
the annual reports.

As a result, CSRC ordered the Company to pay CNY600,000 fine.  
In addition, other Company directors were ordered to pay a total
of CNY1.250 million in fines, TCR-AP said.

                          *     *     *

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical
Holdings Company Limited -- http://www.kelon.com/-- is one of  
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.  Before the latest scandal involving it's former
Chairman, the refrigerator maker was saddled with 2004 net
losses, after seeing a CNY197.3 million net profit in 2003 and a
similar substantial profit in 2002.  With the outbreak of the
scandal, it suspended trading of some of its shares and had its
assets frozen.  The Company was taken over China's Hisense Group
in a CNY900-million acquisition agreement in September 2005.

The Troubled Company Reporter - Asia Pacific reported recently
that Guangdong Kelon is facing possible de-listing of its shares
from China's stock exchanges for failing to submit its first
quarter financial report ending March 31, 2006 on an appointed
date.


GREAT FORCE: Joint Liquidators Step Aside
-----------------------------------------
Gabriel Chi Kok Tam and Jacky Chung Wing Muk ceased to act as
joint and several liquidators of Great Force Industries Ltd on
July 6, 2006.

As reported by Troubled Company Reporter - Asia Pacific, the
Joint Liquidators had on July 6, 2006, presented to the members
and creditors their report on the Company's wind up.


HONDELA FINANCE: Liquidators Cease to Act for Company
-----------------------------------------------------
Lo Kin Cheng and Darach Haughey ceased to act as joint and
several liquidators of Hondela Finance Ltd on June 21, 2006.

The Troubled Company Reporter - Asia Pacific recounts that the
Joint Liquidators had already presented their report of the
Company's wind-up to members of the Company on June 21, 2006.


L. K. K. MARKETING: Creditors' Proofs of Debt Due on August 14
--------------------------------------------------------------
Liquidator Ng Lai Ching requires the creditors of Lee Kum Kee
Marketing Services Ltd to submit their proofs of debt by
August 14, 2006.

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

The Liquidator can be reached at:

         Ng Lai Ching
         2803 Universal Trade Centre
         3-5 Arbuthnot Road
         Hong Kong


MERNOM (H.K.) LIMITED: Receiving Proofs of Claim Until August 4
---------------------------------------------------------------
Joint Liquidators Ying Hing Chiu and Chung Miu Yin require the
creditors of Mernom (H.K.) Ltd to submit their proofs of claim
by August 4, 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:

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


SAMLEX DEVELOPMENT: Names Official Liquidator
---------------------------------------------
Chow Cheuk Lap was named liquidator of Samlex Development Ltd on
June 30, 2006.

The Liquidator can be reached at:  

         Chow Cheuk Lap
         Rooms 501-503, 5th Floor
         Hang Seng Bldg., 77 Des Voeux Road
         Central, Hong Kong


SKY GREAT: Prepares to Distribute Assets to Creditors
-----------------------------------------------------
In preparation of any distribution of Sky Great Shipping Ltd's
assets, the creditors of the Company are required to submit
their proofs of claim by August 14, 2006, to Liquidator Lam Ying
Sui.

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:

         Lam Ying Sui
         Room 1004-1005, Allied Kajima Bldg
         138 Gloucester Road
         Wanchai, Hong Kong


TURBO ELECTRONICS: Members' Final Meeting Slated for August 16
--------------------------------------------------------------
A final meeting of the members of Turbo Electronics Mfg. Company
Lt will be held at Units 2009-18, 20/F., Shui On Centre, Nos. 6-
8 Harbour Road, Wanchai, Hong Kong on August 16, 2006, 10:00
a.m.

During the meeting, Liquidator Tam Kwok Ming will present a
report on the Company's wind up.


WEMBLEY (H.K.) LIMITED: Names Muk and Middleton as Liquidators
--------------------------------------------------------------
Shareholders of Wembley (H.K.) Ltd passed a resolution on
July 3, 2006, appointing Jacky Chung Wing Muk and Edward Simon
Middleton as joint liquidators.

The Joint Liquidators can be reached at:

         Jacky Chung Wing Muk
         8th Floor, Prince's Bldg
         10 Chater Road Central
         Hong Kong


WINSUM ELECTRONIC: Creditors' Meeting Set on July 28
----------------------------------------------------
Creditors of Winsum Electronic Services Ltd will convene on
July 28, 2006, 5:30 p.m. at Room 502, 5th Floor, Prosperous
Bldg, 48-52 Des Voeux Road, Central, Hong Kong.

During the meeting, creditors will be asked to:

    a) consider and receive a statement of position of the
       Company's affairs as prepared by the Directors; and

    b) appoint liquidator/s to oversee the Company's wind-up
       exercise.


YIK SHEEN: Names Lap as Liquidator
----------------------------------
Chow Cheuk Lap was named official liquidator of Yik Sheen Ltd on
June 30, 2006.

The Liquidator can be reached at:

         Chow Cheuk Lap
         Rooms 501-503, 5th Floor
         Hang Seng Bldg., 77 Des Voeux Road
         Central, Hong Kong


ZUELLIG ALLIANCE: Creditors' Proofs of Claim Due on Aug. 14
-----------------------------------------------------------
Creditors of Zuellig Alliance Holdings Ltd are required to
submit their proofs of claim to Liquidator David Zuellig by
August 14, 2006.

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

The Liquidator can be reached at:

         David Zuellig
         13/F., Shui On Centre
         6-8 Harbour Road, Wanchai
         Hong Kong


* CBRC Head Warns Investment Risks to Some Industries
------------------------------------------------------
China Banking Regulatory Commission chairman Liu Mingkang warned
investors like banks and other financial institutions to pay
special attention to investment risks in power, coal, steel,
real estate, auto and transportation industry, the Xinhuanet
News reports.

Speaking before a conference on Chinese financial situation in
the first half of this year, Mr. Mingkang told the leaders of
major banks and financial institutions "the overcapacity problem
and adjustment of industrial structure in these industries may
increase credit risks of banks".

"Banks should pay intensive attention to possible risks
concerning loans to enterprises with high-level energy
consumption and pollution, because these enterprises may face
operational difficulties under circumstances of fuel price hike
and governmental macro-control policy," he said.

In addition, Mr. Mingkang asked all banking institutions to
tighten their credit standards so as to discourage the availment
of loans.

Xinhaunet relates that China's loans outstanding totaled
CNY21.53 trillion at the end of June, up 15.24 percent from June
last year.


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

HINDUSTAN PETROLEUM: Board to Review Q1 Results on July 26
----------------------------------------------------------
Hindustan Petroleum Corporation Ltd's board of directors will
meet on July 26, 2006, to consider the Company's unaudited
financial results for the first quarter ended June 30, 2006.

             About Hindustan Petroleum Corporation

Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


INDIAN OIL: Trouble Brews at Sri Lankan Unit
--------------------------------------------
The Ceylon Petroleum Corporation Trade Union Alliance wants
Indian Oil Corporation's subsidiary, Lanka Indian Oil
Corporation, barred from the Sri Lankan oil business, saying
that the firm harms the interest of local workers and endangers
national security, Hindustan Times reports.

Sri Lankan oil workers threatened to stage a protest if the Sri
Lankan Government did not give them a hearing by July 19, 2006,
the report says.

The Union claimed that the Indian Oil subsidiary was aiming at a
monopoly, as it commands 28% of the local retail oil business in
Sri Lanka and is working to grab another 12% share.

DJ Rajakaruna of the CPC Trade Union Alliance however clarified
that the Union is not against Indian Oil or its unit but of the
granting of a monopoly to a foreign company.

"We do not mind Indian Oil's existence in the country as long as
it has no monopoly," Mr. Rajakaruna explained.  "Given the
volatile security situation in the island, it was extremely
risky to let IOC have a monopoly over the local fuel market," he
added.

The Troubled Company Reporter - Asia Pacific recounts that
Lanka-Indian Oil's decision to stop retailing petrol in its 158
outlets in mid June, following a dispute over the payment of
government subsidy to the tune of US$70 million, had triggered
fears in the minds of Sri Lankans.

Though Lanka-Indian Oil's case on the subsidy issue is strong
and defensible, the unions and the political elite feel that the
country is at the mercy of a foreign company in as vital an area
as oil, The Times says.

However, Lanka-Indian Oil chief executive officer K Ramakrishnan
said that the unions' fears were baseless.  Speaking to
Hindustan Times, Mr. Ramakrishnan said that the Indian Oil
subsidiary had only 22% of the market.

The threat of an agitation for its ouster from the country is
the second major problem faced by Lanka-Indian Oil in July.

Earlier, the Sri Lankan Oil Minister AHM Fowzie threatened to
take over Lanka-Indian Oil's outlets if it did not resume petrol
supplies in 30 days' time.

The dispute has since been settled through a compromise
agreement.

                  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.  

According to press reports, 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.


INDIAN OIL: To Resume Petrol Supply to Sri Lanka Next Week
----------------------------------------------------------
The Indian Oil Company said that its supply of petrol to the Sri
Lankan market will resume next week, Islamic Republic News
Agency.

Sri Lanka's Petroleum and Petroleum Resources Development
Minister AHM Fowzie said the "Indian Oil has agreed to resume
importing and selling petrol through its retail outlets
islandwide, after discussions with me," IRNA relates, citing
Colombo News.

Indian Oil officials promised they will resume supply of petrol
by July 24.  There will be no change in the price, the minister
added.

As reported by the Troubled Company Reporter - Asia Pacific,
Indian Oil suspended the sale of petrol at its outlets last
month, citing the Sri Lankan government's failure to pay
INR7.6 billion in subsidies.

                  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.  

According to press reports, 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.


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

BOURAQ AIRLINES: Tycoon Interested in Acquiring Firm
----------------------------------------------------
Indonesian businessman Rachmat Gobel is interested in acquiring
Bouraq Airlines, which had ceased operations due to financial
difficulties, the Jakarta Post reports.

According to newspaper Kompas, Mr. Gobel was cited as saying
that he has yet to make a decision on whether to buy the
airline, since his team would study the Company's condition
first, although he said that Bouraq has a solid reputation and
had been operating in the industry for a long time.

The Post relates that Bouraq had asked the Transportation
Ministry if it could resume operations.  The Company suspended
its operations in July 2005 since it could not compete with the
rising number of budget airlines, and the Ministry had revoked
its license in the same month due to its failure to ply its
routes.

Transportation minister Hatta Rajasa said that they would give
the Company a second chance, after it has submitted its
proposal, since Bouraq said it is conducting a feasibility study
on the restart of its operations, and would receive fresh funds.

                          *     *     *

Bouraq Indonesia Airlines was an airline based in Jakarta,
Indonesia, which operated regional and international services.  
Its main bases were Surabaya Airport, Soekarno-Hatta
International Airport, Jakarta, with a hub at Sepinggan
International Airport, Balikpapan.  Bouraq ceased scheduled
operations in July 2005 and issued staff termination notices
March 2006 after prolonged financial problems and successive
failures to seek new investors.


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

JAPAN AIRLINES: To Sell More Shares Abroad
------------------------------------------
Japan Airlines Corp. has decided to increase its sale of new
shares overseas to 405 million shares from the initially planned
350 million, whereas it would sell 295 million shares in Japan,
Crisscross News relates.

The Troubled Company Reporter - Asia Pacific stated on July 3,
2006, that the Company would be selling around 750 million
shares or some 26.4% of its outstanding issued shares in order
to raise funds to buy new airplanes.  The offer price for the
shares, worth around JPY223 billion, would be decided from
July 19 to July 21, 2006, and would be offered in August.

                          *     *     *

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  Due to a series of safety related incidents,
the JAL Group was subjected to a business improvement order and
administrative warnings relating to assurances on air
transportation safety issued by the Ministry of Land,
Infrastructure and Transport in March 2005.  For the JAL Group,
there was a year-on-year decline in passenger demand on
international routes, due mainly to a delay in the recovery of
demand on routes to China and Southeast Asia.  Domestic
passenger demand also fell below its year-earlier level,
particularly among individual passengers, as a result of factors
such as the series of safety problems that occurred.  Demand for
international cargo services also fell year-on-year, due to weak
demand on routes from Japan to East Asian countries and the
United States.  Rising aviation fuel prices compounded JAL's
situation.

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.  Fitch
Ratings Tokyo analyst Satoru Aoyama said that the Company's debt
obligations and expenses for new aircraft have placed it in an
unfavorable financial position.  Fitch assigned a BB- rating on
the Company, which is three notches lower than investment grade,
whereas Moody's Investors Service affirmed its Ba3 senior
unsecured and issuer ratings for Japan Airlines International
Co., Ltd., as well as its Ba3 issuer rating for Japan Airlines
Domestic Co., Ltd.  The rating affirmation is in response to the
Japan Airlines group's recent announcement of its planned share
issue.

The Troubled Company Reporter - Asia Pacific stated on May 12,
2006, that JAL posted a consolidated net loss of
JPY47.24 billion for the business year 2005 ended March 31,
2006, due to safety-related incidents in 2005 that caused
passengers to shift to its rival All Nippon Airways, and an
increase in aviation fuel costs.


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

EVEREX INC: Posts KRW4-Billion Net Loss in First Quarter 2006
-------------------------------------------------------------
Everex Inc. reported a net loss of KRW4.07 billion for the first
quarter of 2006, Bloomberg News says.

The company posted a net profit of KRW194.93 million in the
first quarter of 2005.  

According to the report, sales for the first quarter of 2006
totaled KRW944.04 million, a 77% decline from the previous
year's KRW4.12 billion.

                       About Everex Inc.

Headquartered in Kyungki-Do, South Korea, Everex Inc. --
http://www.cheilcom.com/-- develops and manufactures  
semiconductor equipment used in fabrication and inspection
processes.  The Company's main products include photoresist
processing equipment, degassing systems, memory module testers,
and chip testers.  Everex also provides information technology
services such as Internet call centers.

The Company had a 2005 full-year net loss of KRW20.02 billion on
KRW5.63 billion sales.  Current assets as of December 31, 2005,
stood at KRW8.74 billion, while current liabilities stood at
KRW20.22 billion.  As of December 31, 2006, the Company also
posted an equity deficit of around KRW5.15 billion, with total
liabilities pegged at KRW28.53 billion against total assets of
KRW23.38 billion.

The Company has not paid out any dividends since 1999.


HYUNDAI MOTOR: Former Gov't Official Charged for Taking Bribes
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that
former senior government official Byeon Yang Ho was arrested on
June 12, 2006, for taking bribes in connection with a slush fund
allegedly created by Hyundai Motor Co.  

According to the TCR-AP report, Mr. Byeon was the first former
South Korean official to be linked to the bribery probe
involving Hyundai Motor.  Mr. Byeon reportedly received about
KRW200 million in bribes from a Hyundai Motor broker.

In an update, Bloomberg News relates that Mr. Byeon has been
charged on June 30, 2006, for taking bribes.

Along with Mr. Byeon, Yon Won Young, a former chief executive
officer at state-owned Korea Asset Management Corp., was also
charged for receiving a bribe of unspecified amount, prosecutor
Chae Dong Wook told Bloomberg.  Mr. Yon has been under arrest
since June 24, 2006.

The Bloomberg report also details that Mr. Byeon received the
bribes in 2001 and 2002 while serving as a finance ministry
policy coordinator.  The bribes were paid by Kim Dong Hun, the
ex-chief of accounting firm Ahn Kwon & Co.

Mr. Byeon once headed the Finance and Economy Ministry's
Financial Policy Bureau.  According to Bloomberg, he has also
been under investigation for his role in the 2003 sale of a
controlling stake in Korea Exchange Bank to Dallas-based Lone
Star Funds.  He quit the ministry in 2005.

                      About Hyundai Motor

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

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

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

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


LG TELECOM: Posts KRW105.4-Billion Profit for 1st Quarter 2006
--------------------------------------------------------------
LG Telecom Ltd. posted a KRW105.4-billion net profit for first
quarter of 2006, up 28.7% from the previous quarter's recorded
net profit of KRW81.9 billion and 321.9% more than the previous
corresponding period's recorded net profit of KRW25.0 billion,
the Troubled Company Reporter - Asia Pacific learns from the
Company's first quarter earnings release.

The company reported revenues of KRW942.9 billion for the first
quarter of 2006, marginally higher than the previous quarter's
revenue of KRW937.3 billion, and 14.3% higher than the result
for the first quarter of 2005.  Operating cost was pegged at
KRW836.6 billion for the first quarter this year, against the
KRW779.4 billion for the first quarter last year.

Service revenue in the first quarter of 2006 increased by 1.5%
to KRW722.4 billion quarter on quarter from increased new
subscriber and high average revenue per user customers.  
Operating cost is up by 2.3% QoQ due to increased acquisition
cost and handset installment credit insurance while operating
profit decreased by 11.2% to KRW106.3 billion QoQ.  

A of March 31, 2006, the Company's balance sheet showed strained
liquidity, with current assets of KRW1.19 trillion, versus
current liabilities of KRW1.23 trillion.  Total assets stood at
KRW3.85 trillion while total liabilities was at KRW2.50 trillion
as of March 31, 2006.

                       About LG Telecom

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology. In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and MusicOn is a
popular instant messenger.

LG Telecom's senior implied rating, issuer rating and senior
unsecured rating are all rated Ba2 by Moody's Investor Services.  


LG TELECOM: Adds 67,591 Subscribers in June 2006
------------------------------------------------
LG Telecom, Ltd.'s subscribers grew 67,591 from May 2006 to
total 6,764,638 in June 2006, the Troubled Company Reporter -
Asia Pacific learns from the Company's Monthly Fact Sheet.

The number represents a 9% increase from the number of
subscribers a year before, which totaled 6,189,670.

LG Telecom activated 349,537 lines in June 2006, 47% more than
the 238,591 in May.  The number of deactivated lines also grew
43% from 196,810 in May to 281,946 in June.  Consequently, the
Company's churn rate rose from 2.9% in May to 4.2% in June 2006.  
Customer churn is a measure of the number of customers who
stopped using LG Telecom's services.  

                   ARPU Rises 3% in May 2006

Moreover, LG Telecom posted a KRW41,134 average revenue per user
in May 2006, up KRW1,313 -- 3% -- from April 2006's recorded
ARPU of KRW39,821.

                       About LG Telecoms

Headquartered in Kangnam-gu, Seoul, South Korea, LG Telecom Ltd.
-- http://www.lgtelecom.com/-- is a telecommunications and  
mobile phone operator controlled by the LG Group, one of the
country's largest chaebol.  It is Korea's smallest wireless
operator. LG Telecom became one of the first companies to launch
a commercial 3G service using PCS technology.  In 1997, this was
followed up by launching the second PCS network, offering
greatly increased data transmission speeds.  LG Telecom also
offers a variety of internet services. BankOn is one of the most
popular mobile banking services in South Korea and MusicOn is a
popular instant messenger.

LG Telecom's senior implied rating, issuer rating and senior
unsecured rating are all rated Ba2 by Moody's Investor Service.


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

AYER MOLEK: Public Shareholding Stands at 74.86%
------------------------------------------------
The Ayer Molek Rubber Company Berhad's public shareholding
spread as of June 30, 2006, is 74.86% comprising 2,013
shareholders holding not less than 100 shares each.

Consequently, Ayer Molek 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 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.


FURQAN BUSINESS: Public Shareholding Level Pegged at 47.10%
-----------------------------------------------------------
The public shareholding spread of Furqan Business Organization
Berhad as of June 30, 2006, is 74.55% comprising of 17,312
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 Furqan Business Organization

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


MALAYSIA AIRLINES: Unveils 30.66% Public Shareholding Level
-----------------------------------------------------------
Malaysia Airlines disclosed that its public shareholding spread
as of June 30, 2006, is 30.66% comprising 11,249 public
shareholders holding not less than 100 shares each.

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

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

                    About Malaysia Airlines

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

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


MALAYSIA AIRLINES: Halts Services to Beirut
-------------------------------------------
Malaysia Airlines has suspended its thrice-weekly Airbus A330
services to and from Beirut, Lebanon, effective July 17, 2006,
as the airport serving the city has been temporarily closed.

The national airline's scheduled flights from Kuala Lumpur,
Malaysia, to Beirut via Dubai and vice versa on Tuesdays,
Fridays and Sundays will now be changed to Kuala Lumpur-Dubai-
Kuala Lumpur until further notice.

In conjunction with the revised operations, the departure of the
Kuala Lumpur-Dubai flights MH156 for July 16 and 18, 2006, had
been rescheduled from 0725 hours to 1600 hours.  Passengers are
being notified of this development.  However, the Dubai-Kuala
Lumpur flights MH157 will depart on schedule at 2035 hours.

In addition, Malaysia Airlines is reviewing the overall
operations of the subsequent Kuala Lumpur-Dubai return flights
MH156/157 and will update customers accordingly.

Malaysia Airlines will resume its flights to the Lebanese
capital once the airport is opened.

                     About Malaysia Airlines

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

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


MALAYSIA AIRLINES: Unveils Further Route Cuts Under Revamp Plan
---------------------------------------------------------------
Malaysia Airlines is dropping some flights to China, Indonesia
and Japan, in line with its business turnaround plan, Agence
France Presse relates.

According to AFP, the national carrier will cancel within the
next three months twice-weekly return flights from Kota Kinabalu
in eastern Sabah state to Shanghai, and twice-weekly services
from Tawau in Sabah to Tarakan in Indonesia.  Its thrice-weekly
Airbus A330-300 return service from Kuala Lumpur to Fukuoka,
Japan will be cut, as will the twice-weekly Airbus A330-300
direct service between Kuala Lumpur and Chengdu in China.

Malaysia Airlines would make alternative arrangements at its own
cost for travelers who still wish to continue their travel plans
as originally booked, The Edge Daily says.  Where customers opt
for refunds, the airline will waive all refund administrative
charges and reimburse the full cost of their tickets.

The carrier's managing director, Idris Jala, told The Edge that
the network right-sizing is expected to enhance connectivity and
frequency through the KL International Airport.

Currently, Malaysia Airlines operates only two daily waves of
flight arrivals and departures through KLIA, but after August 1,
2006, the airline will shift to four waves per day, Mr. Jala
said.

The Troubled Company Reporter - Asia Pacific recounts that in
March 2006, Malaysia Airlines announced the beginning of its
"route rationalization plan," which involves cutting certain
domestic destinations and long-haul international routes.  Route
changes announced included the axing of flights to cities in
India, China and Europe.

Meanwhile, AFP reports that Malaysia Airlines is looking to
harness on existing and future code share agreements with
partner airlines to ensure minimal impact on the route revamp on
Malaysia's position as a popular tourist destination.

Through code-sharing, the carrier will continue to promote
connectivity between Malaysia and key international destinations
as well as contribute towards the overall efforts by the various
authorities to increase tourist arrivals to Malaysia, AFP adds.

                    About Malaysia Airlines

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

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


MBF HOLDINGS: Court to Hear Pre-trial Case Management in October
----------------------------------------------------------------
MBf Leasing Sdn Bhd's application for summary judgment against
MBF Holdings Berhad and MBf Printing Industry Sdn Bhd, which was
fixed for mention on July 12, 2006, has been adjourned to
September 12, 2006.

The pre-trial case management and the MBf Holdings Group's
appeal against the order of the Court striking out certain
portions of the claim in the suit has now been fixed for mention
on October 30, 2006.

The Troubled Company Reporter - Asia Pacific earlier reported
that the MBF Holdings group has been granted orders on Oct. 25,
2005, to strike out the position of the claim in the suit that
relates to a settlement agreement between the parties.

The TCR-AP recounts that in October 2004, MBf Holdings, together
with its subsidiaries, lodged with the High Court of Malaya at
Kuala Lumpur, a request for an injunction against MBf Leasing,
restraining it from presenting, advertising or prosecuting a
winding up petition against the MBf Holdings group.

Together with MBf Holdings, the subsidiary-plaintiffs are:
     
     * Alamanda Development Sdn Bhd;
     * MBf Trading Sdn Bhd;
     * MBf Automobile Sdn Bhd; and
     * MBf Printing Industry Sdn Bhd

The injunction application was made following a notice served by
MBf Leasing against MBf Holdings on September 10, 2004, in
respect of a debt owed by Alamanda, MBf Property Services Sdn
Bhd, which was purportedly guaranteed by the Company.  
Subsequently, the MBf Leasing also issued letters of demand to
the Company as principal debtor/guarantor and to its
subsidiaries as principal debtors for facilities granted to its
subsidiaries.

A MYR18-million settlement sum will be paid in cash and assets.  
In the midst of identifying the mechanics of the settlement, the
MBf Leasing issued the notice pursuant to Section 218 of the
Companies Act 1965 on the Company.  Subsequently, the Defendant
also served the letters of demand on the Company and its
subsidiaries as principal debtor/guarantor and principal debtors
respectively of the facilities granted.

Of the total MYR77,568,321 claims asserted by MBf Leasing,
MYR25,688,140 had been accounted for in the books of MBf
Holdings group and MYR51,880,181 had been disclosed as
contingent liabilities.  

                        About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action.  The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


MULTI-USAGE HOLDINGS: Complies with Public Spread Requirement
-------------------------------------------------------------
Multi-Usage Holdings Berhad's public shareholding spread as of
June 30, 2006, was 57.43% comprising 4,135 public shareholders
holding not less than 100 shares each.

Consequently, Multi-Usage has complied with the public
shareholding spread requirement pursuant to the Listing
Requirements of Bursa Malaysia Securities Berhad.

                About Multi-Usage Holdings Berhad

Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's
principal activities are development of properties, manufacture
and sale of cement concrete products, cement bricks, hollow
blocks, stones and all kinds of building materials.  The Company
is also engaged in contracting works for construction project,
provision of management services, hiring of mobile crane and
other heavy equipment, trading of furniture and investment
holding.  The Group operates predominantly in Malaysia.

As of March 31, 2006, the Company's auditors expressed doubt on
the Group's financial position and the Company's proposed
restructuring scheme.  According to the auditors, the Company's
ability to go on as a going concern hinges on the implementation
of its restructuring scheme.


MYCOM BERHAD: Signs Two More Novation Agreements
------------------------------------------------
Mycom Berhad, on July 13, 2006, entered into several agreements
with relevant parties involving part of the total debts to be
restructured under the Company's restructuring scheme.

Mycom Berhad inked a novation agreement with Mascon Sdn Bhd and
Public Bank Berhad wherein Mascon will novate and transfer all
its rights and obligations under a letter of offer dated
July 30, 1997, issued by Public Bank granting Mascon banking
facilities comprising an overdraft facility of up to
MYR1,000,000 and a banker's guarantee of up to MYR2,000,000 to
Mycom.

On even date, Mycom and Public Bank entered into a supplemental
agreement to vary the terms of the Letter of Offer.  The
principal amount, amounting to MYR964,622, together with any
interest payable under the facility to be restructured, is based
on the cut off date of January 27, 2000, and will be settled in
full by Mycom through:

   -- the issuance of MYR964,622 nominal amount of 2006/2012
      Irredeemable Convertible Unsecured Loan Stocks to Public
      Bank; and

   -- the issuance of 51,832 ordinary shares of MYR1 each in
      Mycom to Public Bank as compensation for the low/zero
      interest/coupon rate in respect of the 2006/2012 ICULS.

In addition, the accrued interest from January 28, 2000, onwards
will be waived by Public Bank.

Furthermore, a novation agreement dated July 13, 2006, was
entered into between Mascon, Mycom and RHB Bank Berhad wherein
Mascon will novate and transfer all its rights and obligations
under a letter of offer dated July 12, 1996, issued by RHB,
granting Mascon various credit facilities of up to the maximum
aggregate principal sum of MYR7,000,000 comprising:

   * an overdraft facility of up to the maximum aggregate
     principal sum of MYR1,500,000;

   * a revolving credit facility of up to the maximum
     aggregate principal sum of MYR3,000,000; and

   * a letter of credit/trust receipt/bankers acceptance of up
     to the maximum aggregate principal sum of MYR2,500,000 to
     Mycom.

On even date, Mycom and RHB entered into a supplemental
agreement to vary the terms of the Letter of Offer.  The
principal amount together with any interest payable under the
said facilities to be restructured basing on the cut off date as
of September 30, 1998, amounted to MYR1,503,171, MYR2,512,344
and MYR1,002,165, respectively, and will be settled in full by
Mycom through:

   -- the issuance of MYR1,503,171 nominal amount of 2006/2012
      ICULS to RHB in respect of the OD Facility;

   -- the issuance of MYR2,512,344 nominal amount of 2006/2012
      ICULS to RHB in respect of RC Facility;

   -- the issuance of MYR1,002,165 nominal amount of 2006/2012
      ICULS to RHB in respect of the Bankers Acceptance
      Facility;

   -- the issuance of 80,770 Mycom Shares to RHB as
      compensation for the low/zero interest/coupon rate in
      respect of the 2006/2012 ICULS in respect of the OD
      Facility;

   -- the issuance of 134,995 Mycom Shares to RHB as
      compensation for the low/zero interest/coupon rate in
      respect of the 2006/2012 ICULS in respect of RC
      Facility; and

   -- the issuance of 53,849 Mycom Shares to RHB as
      compensation for the low/zero interest/coupon rate in
      respect of the 2006/2012 ICULS in respect of the Bankers
      Acceptance Facility.
      
In addition, the accrued interest from October 1, 1998, onwards
will be waived by RHB.

The Company expects to progressively enter into further
agreements for the balance of the outstanding debts with the
lenders and the relevant announcements to be made in due course.

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.  

The Company is also involved in hotel operation, provision of
management and financial services and investment holding.  
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  As of
March 31, 2006, the Company registered accumulated losses of
MYR1,155,517,000.   The Company's March 31, 2006, balance sheet
showed total assets of MYR841,845,000 and total liabilities of
MYR1,333,871,000, resulting into a shareholders' deficit of
MYR512,631,000.


PAN MALAYSIAN: Public Shareholders Hold 34.53% Shares
-----------------------------------------------------
Pan Malaysian Industries 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, 34.53% of Pan Malaysian shares were held by
44,836 shareholders holding not less than 100 shares each.

                 About Pan Malaysia Industries

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysian
Industries Berhad is involved in the operation of departmental
and specialty stores and hypermarket.  Its other activities
include investment and property holding.  The Group's operation
is predominantly in Malaysia, Hong Kong and Singapore.

The Company has been suffering recurring losses since 1999.  As
of March 31, 2006, the Company's balance sheet revealed total
assets of MYR733,190,000 and total liabilities of MYR782,051,000
resulting into a  stockholders' deficit of MYR48,861,000.


POLYMATE HOLDINGS: Public Shareholding Spread Meets Requirement
---------------------------------------------------------------
Polymate Holdings Berhad's public shareholding spread according
to the Record of Depositors as of June 30, 2006, was 75.34% of
its total paid up capital with 50,959,617 shares held by 2,497
public shareholders each holding not less than 100 shares.

As such, the Company 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.

                 About Polymate Holdings Berhad

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/-- is engaged in the  
manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.

Polymate Holdings is in the process of working out possible
plans to regularize its condition.  Operations in its
subsidiaries will be revived when a workable restructuring
scheme is formalized with its lenders and when fresh working
capital can be injected into the operations.  On April 28, 2006,
Bursa Malaysia Securities Berhad publicly reprimanded and
imposed a total fine of MYR84,000 on Polymate Holdings Berhad
for breach of the Bourse's Listing Requirements.  This was
followed by another public reprimanded on May 26, 2006.

Meanwhile, Polymate says that it is still negotiating with its
lenders to restructure the Group's credit facilities and is
working on various schemes to regulate its financial position.


UNITED CHEMICAL: Total Default Amount Hits MYR9.9 Million
---------------------------------------------------------
United Chemical Industries Berhad informed that as of June 30,
2006, the Company's total default amount has reached
MYR9,879,692.

Of the total amount, MYR6,182,614 is owed to RHB Bank Berhad as
an unsecured term loan, while the remaining MYR3,697,078 is owed
to Bank Industri Malaysia Berhad as secured term and revolving
credits.

The Troubled Company Report - Asia Pacific recounts that as of
March 31, 2006, United Chemical's outstanding loans defaulted
amounted to a total of MYR9,805,676.

             About United Chemical Industries Berhad

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company which
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of March 31, 2006, the Company posted accumulated losses of
MYR94,030,173 and a shareholders' deficit of MYR72,349,087.


UNITED CHEMICAL: Becomes Wholly Owned Unit of Majurepak
-------------------------------------------------------
United Chemical Industries Berhad became a wholly owned
subsidiary of Majuperak Berhad effective May 25, 2006.

This development followed the completion of United Chemical's
exercise on shares capital reduction, consolidation of shares
and shares exchange on May 25, 2006.

            About United Chemical Industries Berhad

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company which
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of March 31, 2006, the Company posted accumulated losses of
MYR94,030,173 and a shareholders' deficit of MYR72,349,087.

As of June 30, 2006, United Chemical's total default amount has
reached MYR9,879,692.


* Securities Commission Junks Over 50% of First-Half IPO Plans
--------------------------------------------------------------
More than half of the 51 initial public offering proposals in
January to June 2006 were rejected by the Securities Commission
on concerns of weak corporate governance and business viability,
The New Straits Times reports.

For the first six months of the year, the regulator has denied
28 firms that wished to sell shares in the public, most of them
Mesdaq applications.  Only 18 applications were approved.  Aside
from these, four IPO plans were either returned or withdrawn by
promoters while one was deferred.

This is a sharp contrast to its approval of 48 new listings
during the same period last year, as the SC continues to impose
higher standards to improve the quality of listed companies, The
New Straits Times reveals.

As of June 30, 2006, there were 248 corporate submissions with
the SC, 173 of which were received this year and 75 were brought
forward from last year.

The old submissions were part of a backlog as the SC had to
first process 72 outstanding Mesdaq applications transferred to
it when it took over the processing function from Bursa Malaysia
in January last year, New Straits Times says.


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

BAYAN TELECOMMUNICATIONS: Extends Fixed-Line Service License
------------------------------------------------------------
The National Telecommunications Commission, on July 13, 2006,
issued an order allowing Bayan Telecommunications Inc. to extend
its license to operate a fixed-line service in Metro Manila up
to June 2, 2009, for a PHP1,200 fee, ABS-CBN News reveals.

According to the Manila Times, NTC Chief Ronald O. Solis said
that they granted the extension to Bayantel in the interest of
public service, since the Company would operate in these areas:

   -- Makati City
   -- Mandaluyong City
   -- Marikina City
   -- Paranaque City
   -- Pasay City
   -- Pasig City
   -- Las Pinas municipality
   -- Pateros municipality
   -- San Juan municipality
   -- Taguig municipality

Bayantel had sought the extension after disclosing that it had
spent some PHP162.98 million on equipment and PHP9.94 million on
services to install wireless landline networks to service the
areas, allowing subscribers to make and receive calls on
cellular phone-sized handsets via a seven-digit landline number.  
The Company is also seeking to extend its operating license to
other areas in Visayas and Mindanao.

As of Dec. 31, 2005, Bayantel's subscribers had increased to
306,000 from 269,000 in 2004.  The Company's net income rose 52%
to PHP378 million in the first quarter this year, the Times
says, whereas net revenues fell 6% from the previous period last
year on a drop in local, international long-distance and
domestic long-distance revenues.  

Bayan Telecommunications Holdings Corporation, which is 85.4%
owned by Benpres Holdings Corp. and the Lopez Group, was
incorporated on October 15, 1993.  Bayan Telecommunications Inc.
-- http://www.bayantel.com.ph/-- is the operating arm of BTHC  
and is formerly known as International Communications
Corporation.  BayanTel is a telecommunications company offering
an extensive breadth of traditional links and circuitry as well
as cutting edge data and voice applications.  BayanTel's
existing service areas in Metro Manila and Bicol, as well as its
local exchange service areas in the Visayas and Mindanao regions
combined, cover a population of over 25 million, nearly 33% of
the population of the Philippines.

BayanTel is duly enfranchised to provide these major
telecommunications services:

   * Local Exchange Carrier service;
   * International Gateway Facility service;
   * Leased Line service, domestic and international;
   * Public Trunk Radio service; and
   * Public Calling Office service

In a report by the Troubled Company Reporter - Asia Pacific on
July 4, 2006, the Company has paid over PHP900 million in
principal and interest on its debts amounting to
PHP25.39 billion in aggregate, of which creditors own
PHP14.74 billion, while PHP10.65 billion is due to its
bondholders.

On June 28, 2004, the Pasig Regional Trial Court Branch 158
approved the Company's financial rehabilitation based on
sustainable debt level of PHP17.13 billion, payable over 19
years.  According to RTC Judge Rodolfo R. Bonifacio, the
remainder of BayanTel's debt may be converted to another
appropriate instrument that will not be a financial burden to
parent Benpres Holdings Corp.  It also mandated BayanTel to
treat all creditors equally.  Some of BayanTel's creditors have
appealed the lower court decision.


LIBERTY TELECOMS: Shutdown Leads to PHP338-Million Net Loss
-----------------------------------------------------------
Liberty Telecoms Holdings, Inc., posted a PHP338.44 million net
loss for the fiscal year 2005, a 22% improvement over the
PHP436.41 million net loss for the fiscal year 2004.

The Company recorded a PHP102 million revenue account for the
full year of 2005, down 49% from 2004's recorded revenue of
PHP200.26 million.  The Company's expenses also declined from
PHP636.67 million in 2004 to PHP440.50 million in 2005.

The results reflected a suspension of commercial operations
starting from April 2005, which resulted in 67% decrease in the
operating revenue from subscription income, from
PHP184.22 million in 2004 to PHP59.89 million in 2005.  Cost of
service decreased from PHP270.17 million in 2004 to
PHP216.65 million in 2005 brought about by the shutdown of the
nationwide backbone of LBNI.  Operating expenses also decreased
because of the suspension of commercial operations of the two
subsidiaries.  Net loss was PHP436.41 million in 2004 and
PHP338.43 million in 2005.

                     Shutdown of Operations

The consolidated assets of the Company decreased by 6.71%, from
PHP3.49 billion in 2004 to PHP3.26 billion in 2005.  Total
current assets decreased in 2005, at PHP105.20 million from
PHP115.82 million at yearend 2004.  On the other hand, current
liabilities for the same period increased from
PHP1.23 billion in 2004 to PHP1.34 billion in 2005.  This led to
a further deterioration of Liberty Telecoms' liquidity as shown
by its current ratio, 0.08 times in 2005, as compared to 0.09
times in 2004.

Total liabilities grew to PHP1.72 billion in 2005 from
PHP1.62 billion in 2004 and PHP1.44 billion in 2003 brought
about by an increase in its accounts payable and accrued
expenses.  Increase in accrued interest expense by 48.24% and
trade accounts payable by 38.37% accounted for the 12.23%
increase in accounts payable and accrued expenses. Total debt to
equity ratio stands at 1:0.89 in 2005.

The Company has an authorized capital stock of 2,000,000,000
shares with par value of PHP1.00 of which 1,293,656,429 shares
were issued and outstanding as of December 31, 2004.  The book
value of the Company decreased from PHP1.79 per share in 2003
and PHP1.45 per share in 2004 to PHP1.19 per share in 2005.

The Company's financial condition prompted the management of the
Company to suspend its commercial operations and its affiliated
subsidiaries to stop the continuing losses to the Company's
coffers in April 2005.  The nationwide backbone of its
affiliated company, Liberty Broadcasting Network, Inc., was
shutdown and the Company has been operating with only a small
group of employees.  

Liberty Telecoms reported in its 2005 annual financials that it
had an accumulated deficit of PHP1.62 billion during the year,
while its current liabilities exceeded current assets by PHP1.23
billion.  These indicates that the company might face
difficulties to continue operating in the normal course.

                       Debt Restructuring

Liberty Telecoms has initiated moves to restructure loans
totaling PHP616.19 million.  These loans are:

Details                            Current            Long-Term
of the Loan                        Portion             Portion

Loans obtained from  
Telesat Inc. to finance the
purchase of satellite
communication hardware,
software and service
equipments.  These loans
are collateralized by
a chattel mortgage over
the equipment so acquired
using the proceeds of the
loans, and bear interest at
15% per annum.                    PHP52.21M           PHP18.29M

Loans obtained from a
development bank in
November 1999 which was
restructured in December
2002. The balance of the
restructured loans of
PHP175.04 million and
P94.95 million are payable
in 11 and 13 equal quarterly
amortization to commence on
February 14, 2005 and March
31, 2005, with a fixed rate
of interest of 14.41% and 8%
per annum, respectively. The
proceeds of which were used
to finance the purchases of
various equipment.  The
restructured loans shall
continue to be secured by
the same assets already
mortgaged to the Bank under
the terms of the Mortgage
Contract dated November 22,
1999. The loans are
collateralized by certain
properties of the Company.        PHP92.87M          PHP177.12M

Loans obtained by the
Company from a certain
commercial bank in 1999 up
to 2002, which was
restructured in May 2003.
The proceeds were used to
Purchase additional
equipment. The loans are
payable in 4 to 20 equal
quarterly amortizations,
are collateralized by
certain Company's property
and equipment, which are
covered by the lien of a
Mortgage Trust Indenture
executed by and between the
Company and a Trustee Bank
which bear interest ranging
from 11.78% to 19.61%.           PHP109.31M          PHP166.40M

Total                            PHP254.38M          PHP361.81M


                    Corporate Rehabilitation

The Company and two subsidiaries -- Liberty Broadcasting
Network, Inc. and Skyphone Logistics, Inc. -- filed a petition
for corporate rehabilitation and a petition for suspension of
payments on August 15, 2005, with the Regional Trial Court in
Makati City to seek rehabilitation with the objectives of:

   (a) maintaining its business as healthy on-going concerns,
       thereby securing the jobs of its employees and of its
       business partners and allowing the resumption of public
       service through the telecommunications services that it
       offers to the entire nation;

   (b) settling its obligations to its secured and unsecured
       creditors;

   (c) giving its stockholders a chance to realize a fair return
       on their investments.

The petition for rehabilitation has yet to be decided.

                     About Liberty Telecoms

Headquartered in Makati City, Philippines, Liberty Telecoms
Holdings, Inc. was incorporated in January 1994 primarily to
engage in real and personal property businesses; to deal in
stocks, bonds and other securities or evidence of indebtedness
of any entity; and to acquire all or any part of the business of
any entity.  Shortly after its incorporation, the company
acquired all of the shares of stock of Liberty Broadcasting
Network, Inc., Radionet, Inc. and Tanya Development, Inc.
Consequently, these companies became wholly owned subsidiaries
of Liberty Telecoms.  On March 15, 2000, the three wholly owned
subsidiaries of the company merged, with Liberty Broadcasting as
the surviving company.

Liberty Telecoms' business strategy is to offer products and
services to meet the telecommunication needs of its various
customers.  At present, top management is looking for a
prospective investor who will invest resources to bring back the
Company to its normal operations and hopefully, make money with
its planned services of the affiliated company, Liberty
Broadcasting.


PHILODRILL CORP: Sells 100 Million Shares to APHC
-------------------------------------------------
In a disclosure to the Philippine Stock Exchange on July 14,
2006, the Philodrill Corporation informs that it has agreed to
sell 107,072,871 shares of EDSA Properties Holdings, Inc. to
Anglo Philippine Holdings Corp. at PHP1.00 per share.

The share sale, pending approval by the Exchange, will be
transacted in two tranches: 50,000,000 EPHI shares on July 17,
2006, and 57,072,871 EPHI shares on or before July 31, 2006.

                      About The Philodrill Corp.

The Philodrill Corporation was registered with the Philippine
Securities and Exchange Commission on June 26, 1969, as an oil
exploration and production company.  In 1989, realizing the need
to balance the risk associated with its petroleum activities,
the Company changed its primary purpose to that of a diversified
holding company while retaining petroleum and mineral
exploration and development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                      Going Concern Doubt

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

                        Debt Servicing

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.

On December 27, 2002, the Company and Metropolitan Bank and
Trust Company entered into an agreement to refinance a maturing
short-term loan amounting to PHP60 million.  As approved by
MBTC's Executive Committee, the short-term loan was converted
into a five-year loan, inclusive of a six-month grace period on
principal repayments.  The principal will be paid in 18 equal
quarterly installments of PHP3.3 million commencing at the end
of the 9th month from the drawdown date.  The term loan is fully
secured by certain properties of a related company.  Interest
will be at the prevailing lending rate.  MBTC waived the
commitment fees and pre-payment penalties on the loan.  In 2003,
the Company was unable to pay the two principal installments due
on September 26, 2003, and December 26, 2003, amounting to
PHP6.6 million and has difficulty paying interests accruing on
the principal loan balance.

The Company is continuously negotiating with the other creditor
bank for the restructuring of its loans.


* SEC Penalizes 15 Firms
------------------------
The Philippine Securities and Exchange Commission has penalized
15 listed companies for failure to submit reportorial
requirements as required under the Securities Regulation Code,
the Manila Standard reports.

Documents obtained by the Standard from the SEC showed that the
erring companies failed to meet the May 31, 2006 deadline for
the submission of 2005 audited financial statements.

The commission reprimanded:

   * AGP Industrial Corp.
   * Apex Mining Corp.
   * Cosmos Bottling Corp.
   * Liberty Telecoms Holdings Inc., and
   * Philippine National Construction Corp.

Additionally, the SEC is expected to shortly fine:

   * Sanitary Wares Manufacturing Corp.
   * Mondragon International Inc.
   * Wise Holdings Inc.
   * Forum Pacific Inc.
   * Benguet Corp.
   * MRC Allied Industries Inc.
   * Federal Chemicals Inc.
   * RFM Corp., Swifts Corp., and
   * Banco Filipino Savings & Mortgage Bank


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

L&M GROUP: To Hold Creditors Meeting on July 31
-----------------------------------------------
Creditors of L&M Group Investments Limited will their first
meeting at Connection 2, Level 3, at Amara Singapore Hotel, 165
Tanjong Pagar Road, Singapore 088539, on July 31, 2006, at 2:00
p.m.

In this regard, creditors are asked to file their proofs of
claim by July 28, 2006, at 5:00 p.m., in order to vote at the
said meeting and share in the Company's dividend distribution.

The Judicial Manager can be reached at:

         c/o Bob Low & Co
         83A Kampong Bahru Road
         Singapore 169379


MEIKI COMPANY: Enters Voluntary Wind-Up
---------------------------------------
At an extraordinary general meeting of Meiki Company Singapore
Pte Ltd on June 30, 2006, it was agreed that:

   -- the Company's operations be wound up voluntarily pursuant;
   
   -- Messrs Steven Tan Chee Chuan and Douglas Tan Kay Yeow be
      appointed as liquidators; and

   -- the Liquidators are be authorized to distribute the
      assets in specie or kind among the contributories in
      accordance with their respective rights and interests.

Creditors are required to file their proofs of debt by August 8,
2006, with the Company's Liquidators to share in the Company's
dividend distribution.

The Liquidators can be reached at:

         Messrs Steven Tan Chee Chuan
         Douglas Tan Kay Yeow  
         138 Cecil Street
         #15-00, Cecil Court
         Singapore 069538


QUEST UNITED: Pays Dividend to Creditors
----------------------------------------
Quest United Limited has paid its first and final dividend to
creditors on July 4, 2006.

The amount paid was 3.917% of all admitted claims.


SEE HUP SENG: Unveils Shareholder's Change of Interest
------------------------------------------------------
See Hup Seng Limited's substantial shareholder, Wu Wu Hsien-Min
Andrew, sold a portion of his stake to the open market bringing
his shareholding to 4.74 % from 5.17 %.

Mr. Andrews's holdings includes, 10,000,000 direct shares held
before the change with 5.17 % direct issued share capital and
9,700,000 shares held after the change with 4.74 % direct issued
share capital.

The percentage of issued share capital after the change is based
on enlarged share capital of 204,608,100 shares as of July 12,
2006.      

                    About See Hup Seng Limited

See Hup Seng Limited -- http://www.seehupseng.com.sg/-- is  
engaged in the provision of corrosion prevention services
through a range of marine and industrial blasting and coating
methods.  Its other activities are the provision of tank
cleaning, painting and coating, ship repair, shipbuilding and
scaffolding services, trading and manufacturing of blasting and
painting equipment and investment holding.  The Group is
domiciled in Singapore and markets its products and services
domestically and in the People's Republic of China, Hong Kong
and Cayman Islands.   

The Group's balance sheet as of December 31, 2005, revealed
strained liquidity, with SGD12.8 million in current assets
available to pay SGD28.5 million of current liabilities coming
due within the next 12 months.  As of December 31, 2005, the
Group incurred accumulated losses of SGD28 million.

As reported in the Troubled Company Reporter - Asia Pacific on
May 24, 2006, See Hup Seng Limited's auditors, Messrs Moore
Stephens, highlighted a going concern issue for the Company
after auditing its financial statements for the year ended
December 31, 2005.  According to the Auditor, the ability of the
Group and the Company to continue as going concerns is dependent
on these factors:

   * successful completion of the proposed debt restructuring  
     exercise;

   * reduction of discretionary operating costs and disposal  
     of non-core assets; and

   * the generation of significant positive cash flows.


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

CERTEGY INC: S&P Downgrades US$200 Million Notes' Ratings to BB+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised the corporate credit
and senior secured ratings of Jacksonville, Florida-based
Fidelity National Information Services Inc. to 'BB+' from 'BB',
and removed it from CreditWatch where it was placed on Sept. 15,
2005.

At the same time, Standard & Poor's lowered its rating on
Alpharetta, Georgia-based Certegy Inc.'s US$200 million of
senior unsecured notes to 'BB+' from 'BBB' and removed it from
CreditWatch where it was placed on Sept. 15, 2005.  The outlook
is positive.
      
"The rating actions follow the completed merger of FIS, a
majority owned subsidiary of Fidelity National Financial Inc.
(FNF, BBB- /Watch Pos/--), with Certegy, which has combined
operations to form a single publicly traded entity," said
Standard & Poor's credit analyst Philip Schrank.

Under the terms of the merger agreement, FIS and Certegy
combined in a tax-free, stock-for-stock merger.  After the
issuance of Certegy stock to FIS shareholders, current Certegy
shareholders will own approximately 32.5% and FIS shareholders
will own approximately 67.5% of the combined entity, with FNF
directly owning approximately 50.3%.  Additionally, Certegy has
paid a $3.75 per share special cash dividend to its shareholders
prior to the closing of the transaction.  The name of the
combined company will become Fidelity National Information
Services Inc.
     
The ratings reflect the new FIS' stable recurring revenue base,
good cash-flow generation, and the opportunity to realize both
product and cost synergies over time.  The combination provides
risk management solutions and outsourcing services to:

   * financial institutions,
   * retailers,
   * mortgage lenders, and
   * real estate professionals.

While recent operating performance has been good, with operating
margins in the 20% area, the company has grown rapidly through
acquisitions, and has yet to demonstrate a sustained track
record of performance.  Growth opportunities include the cross-
selling of an integrated suite of products and services, and
international markets that are expected to grow more rapidly
than the U.S. markets.  Competition in niche markets is
fragmented, and technology, process, and delivery are key
differentiators.

Barriers to entry include:

   * the investment in and development of risk and transaction
     management systems;

   * contractual relationships; and

   * the compilation of historical data.

                          *     *     *

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

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

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


THAI HEAT: Plans Equity Investment with Burapa Steel
----------------------------------------------------
Thai Heat Exchange Public Co. Ltd informed the Stock Exchange of
Thailand that the Company's plan administrator, Thai Heat
Revival Co Ltd, decided to make equity investment with Burapa
Steel.

Based on the statement, the plan administrator would acquire
40 million new ordinary shares at THB5 each from Burapa.  Thus,
the total equity investment would amount to THB200 million.

According to Thai Heat, the planned investment is part of its
revised rehabilitation plan, which was approved by the Central
Bankruptcy Court in March 2006.  The revised plan of the Company
stated that it is required to use part of the proceeds from its
capital increase of THB513 million in potential business
expansion.

A total of THB200 to THB250 million from the capital increase is
allocated to the business expansion plan program.

Meanwhile, Thai Heat filed a petition before the court to abort
the Company's rehabilitation plan as it was already duly
complied.  The High Court will hear the petition on August 2,
2006.

The Central Bankruptcy Court allowed for the resumption of
trading of the Company's securities starting July 17, 2006,
after it completed capital increasing procedures.

                          *     *     *

Headquartered in Bangkok, Thailand, Thai Heat Exchange Public
Company Limited -- http://www.thaiheat.com/-- has been  
manufacturing quality condenser coils, evaporator coils for
automobile and room air-conditioners and other application such
as slab coils, cooler coils, heater coils, refrigeration coils,
box air-conditioners, and cater to the various sectors of its
large clientele.  Thai Heat is currently undergoing business
rehabilitation.  Its securities are placed under the Rehabco
Sector of the Stock Exchange of Thailand.   

The Troubled Company Reporter - Asia Pacific reported on
April 17, 2006, that, according to Thai Heat Revival Company
Limited, as the plan administrator of Thai Heat Exchange, the
Company has implemented its court-approved reorganization plan.   


* BOND PRICING: For the Week 17 July to 21 July 2006
----------------------------------------------------

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    23
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     9
Fletcher Building Ltd                 8.600%    03/15/08     7
Fletcher Building Ltd                 8.850%    03/15/10     7
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     9
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd                     10.000%    06/30/49    65
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6


MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     6
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     2
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/09/16    74
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    73
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tampines Assets                       5.625%    12/07/06     1
Tincel Ltd                            7.400%    06/13/11     1




                            *********


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

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