TCRAP_Public/060725.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 25, 2006, Vol. 9, No. 146

                            Headlines

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

AIR NEW ZEALAND: Business Roundtable Wants Gov't to Sell Stake
AUTO-PAK PTY: Receiver Ceases to Act for Company
BARADINE R.S.L.: Creditors Decide to Wind Up Firm
BIG NOMINEES: Members Agree to Shut Down Business
BUNGE AUSTRALIA: Members to Receive Wind-Up Report on August 1

CAUGHT ON CAMERA: Members Appoint Official Liquidators
CONTINUUM TECHNOLOGIES: Members Resolve to Wind Up Firm
CUTRI PTY: Names Dominic Rinaldi as Liquidator
DARBALEEN PTY: Winds Up Business Operations
DIRECTCORP PTY: Federal Court Appoints Official Liquidator

ELANDSFONTEIN PTY: Liquidator Garlick to Present Wind-Up Report
ELITE COMMUNICATIONS: Enters Voluntary Liquidation
FORTESCUE METALS: Executes Three Iron Ore Sales Agreements
FUTURESEC PTY: Undergoes Wind-Up Proceedings
GYMPIE GOLD: To Declare First & Final Dividend on August 1

HASTINGS REGIONAL: Bank Appoints Receivers and Managers
HERITAGE GROUP: Placed Under Voluntary Liquidation
HUON CORPORATION: Director Schulz a No-Show in Court
HUON CORPORATION: Workers to Vote on Proposed Payment Offer
KJW LOGISTICS: Joint and Several Liquidators Named

KNIGHTS INSOLVENCY: Presents Turn-Around Plan for New Capital
MANAKIN PTY: Members to Receive Wind-Up Report on August 9
MEDITRIM PTY: Hugh Martin Named as Liquidator
MELMOT HOLDINGS: Winds Up Business Operations
MELUCCI PTY: Enters Liquidation Proceedings

PARTIBUS PTY: Members Agree to Shut Down Business Operations
PAVEMENT CONSTRUCTIONS: Members Opt for Liquidation
PRUDENTIAL AUSTRALIA: Members to Receive Wind-Up Report
SABT PTY: Members Tap Ernst & Young Liquidators
S & S ROSS: Andrew Fielding Named Official Liquidator

SOUTH AUSTRALIA H.E.: Enters Voluntary Liquidation
SYMMONS PLAINS: Members to Receive Wind-Up Report on August 18
THEFTGUARD ALARMS: Winds Up Business Operations
TOMRAY PTY: Members Appoint M.F. Cooper as Liquidator
TRACKWOOD PTY: Enters Wind-Up Proceedings

ULTRA LINE: Appoints Joint and Several Liquidators
VISION INTERIORS: Supreme Court Issues Wind-Up Order
WEBMATCHIT INTERACTIVE: Receiver and Manager Step Aside
WESTERN AUSTRALIA SUPERIOR: Wind-Up Process Commenced
ZAIDTECH PTY: Names Andrew A. Johnson as Liquidator


C H I N A   &   H O N G  K O N G

FAMILY HOLDINGS: To Hold Final Meetings on August 21
FIRMIANA LIMITED: Placed Under Voluntary Liquidation
FORMAX LIMITED: Appoints Official Liquidator
HINOVATION LIMITED: Shareholders Decide on Voluntary Wind-Up
HONG KONG TELEPDA TECHNOLOGY: Final Meetings Slated for Aug. 26

HOPE KARE TRADING: To Give Final Report at Aug. 21 Meeting
HUTCHISON ENTERPRISES ONE: To Give Liquidation Report on Aug. 22
HUTCHISON ENTERPRISES SEVEN: Final Meeting Set for August 22
KINVICK LIMITED: Members to Receive Final Report on Aug. 30
MAXGRACE LIMITED: Liquidator to Give Final Report on August 21

MO AND COMPANY: Proofs of Claim Due on August 7
PACKARD BELL: Liquidators To Give Final Report on August 22
PACTUCO (CHINA) LIMITED: Will Hold Final Meeting on August 21
RIGHT SELECTION: To Give Liquidators Report on August 22
SHATIN LUCKY PLAZA: Appoints Liquidator

SHOWER ASSOCIATION: Final Meeting of Members Fixed for Aug. 23
TRAVELWAY LUGGAGE: Final General Meeting Set for August 22
WORLD-WIDE HARVEST CO: Enters Wind-Up and Names Liquidator


I N D I A

FORD MOTOR: Indian Arm Works to Strengthen Local Operations
GENERAL MOTORS: Clears PBGC Hurdle to $14-Bln Sale of GMAC Stake
MYSORE CEMENTS: HeidelbergCement Makes Open Offer
* Government Mulls Solo Crude Import by State Oil Firms


I N D O N E S I A

PERUSAHAAN LISTRIK: Lack of Fuel Supply Causes Power Shortage


J A P A N

DAIEI INC: Marubeni Corp. Plans to Buy 33.4% Stake in Firm
JAPAN AIRLINES: Planned Share Sale May Fall on Sharp Price Drop


K O R E A

KOREA EXCHANGE: Best Bank in Korea for 2006
KOREA EXCHANGE: Expects More than KRW1 Trillion Profit for 2006
SK CORP: Sees China as Launch Pad for Global Expansion Goals
WOORI BANK: Plans to List Unit in Hong Kong Bourse
* Bankruptcies Hit Record Low in June 2006


M A L A Y S I A

ANTAH HOLDINGS: Former Consultant Files Illegal Termination Suit
BUKIT KATIL: Estate Sale Proposal Gets Shareholders' Nod
FOREMOST HOLDINGS: Sub-Unit Faces Wind-Up Proceedings
HARVEST COURT: Securities Commission OKs Waiver Application
MALAYSIA AIRLINES: Teams Up with Government to Promote Tourism

PANGLOBAL BERHAD: Submits Revised Scheme to SC for Approval
TAP RESOURCES: Buys More Time to Complete Share Purchase Deal
* Bursa Malaysia Warns About Speculative Stocks Trading


P H I L I P P I N E S

GLOBE TELECOM: Posts PHP3.5-Billion First Quarter Income
MAYNILAD WATER: Five Firms to Bid for Government's Stake
PHILIPPINE AIRLINES: Aims to List Shares in PSE by 2008
VICTORIAS MILLING: Tanduay Holdings Looks to Buy 10.7% Stake


S I N G A P O R E

DAKA DESIGNS: Buys More Time to Release 2006 Financial Results
DAKA DESIGNS: Inks Sale and Purchase Deal with Mayhem U.K.
INFORMATICS HOLDINGS: Disposes of ICE Property for SGD650,000
ISU PRODUCTS: Enters Wind-Up Proceedings
MAE ENGINEERING: Kong Family Buys 16,307,209 Rights

PCCHIP COMPUTER: Pays Dividend to Creditors
PENG CHOR: Court to Hear Wind-Up Petition on July 28
UNIGLO HOLDINGS: Wind-Up Petition Hearing Slated for August 4


T H A I L A N D

THAI PETROCHEMICAL: Shareholders Dismiss CEO Leophairatana


* BOND PRICING: For the Week 24 July to 28 July 2006

     - - - - - - - -

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

AIR NEW ZEALAND: Business Roundtable Wants Gov't to Sell Stake
--------------------------------------------------------------
The New Zealand Business Roundtable calls for the Government to
set a date to relinquish its stake in Air New Zealand, Radio New
Zealand reports.

Radio NZ recounts that the New Zealand Government took an 80%
stake in the airline in the wake of Ansett Australia's collapse
in 2001 and has since injected about NZ$1 billion in Air NZ.

According to Business Roundtable executive director Roger Kerr,
the investment has not been good for taxpayers as the share
price is below what the Government paid, Radio NZ notes.

The Government's role is not compatible with the demands of the
risky and fast-changing airline industry, Mr. Kerr contends.

However, Radio NZ says, a Government spokesperson stated that
the Crown is comfortable with a long-term shareholding in Air
New Zealand and there are no plans to sell its stake.

The New Zealand Business Roundtable is a market-oriented
research institute that operates from Wellington.  Members
represent most of the large business interests in the country.
The Business Roundtable aims to contribute to the development of
policies that it believes reflect New Zealand's overall national
interests.  To this end, the organization produces a wide range
of publications and undertakes other activities that inform or
influence public debate on key policy issues.

                      About Air New Zealand

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

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


AUTO-PAK PTY: Receiver Ceases to Act for Company
--------------------------------------------
On June 16, 2006, John Waymouth Ahern ceased to act as receiver
for the property of Auto-Pak Pty Limited.

The Receiver can be reached at:

         John Waymouth Ahern
         Cranstoun & Hussein
         Chartered Accountants
         Level 2, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia


BARADINE R.S.L.: Creditors Decide to Wind Up Firm
-------------------------------------------------
The creditors of Baradine R.S.L. Memorial Leagues Club Co-
Operative Limited convened on June 28, 2006, and agreed to wind
up the Company's business operations.

In this regard, Raymond George Tolcher was appointed as
liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


BIG NOMINEES: Members Agree to Shut Down Business
-------------------------------------------------
The members of Big Nominees No.1 Pty Limited held a meeting on
June 29, 2006, and agreed to liquidate the Company's business.

Subsequently, Liquidators Ian Alexander Currie and Peter George
Biazos were appointed to oversee the Company's wind-up
proceedings.

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


BUNGE AUSTRALIA: Members to Receive Wind-Up Report on August 1
--------------------------------------------------------------
Members of Bunge Australia Holdings Pty Limited will hold their
annual and final meetings on August 1, 2006, at 11:30 a.m., to
receive Liquidator Richard G. Masell's report on the Company's
wind-up and property disposal.

The Troubled Company Reporter - Asia Pacific recounts that the
Company commenced a voluntary wind-up of its operations on
December 1, 2004.

The Liquidator can be reached at:

         Richard G. Mansell
         R.G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne, Australia


CAUGHT ON CAMERA: Members Appoint Official Liquidators
------------------------------------------------------
At an extraordinary general meeting of the members of Caught On
Camera (Aust) Pty Limited on June 26, 2006, it was resolved that
a wind-up of the Company's operations is appropriate and
necessary.

In this regard, John Park and Lorraine Smith were appointed as
liquidators.

The Liquidators can be reached at:

         John Park
         Lorraine Smith
         KordaMentha (Qld)
         22 Market Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


CONTINUUM TECHNOLOGIES: Members Resolve to Wind Up Firm
-------------------------------------------------------
The members of Continuum Technologies Pty Limited convened on
July 7, 2006, and agreed that the Company should wind up its
operations voluntarily.

Gess Michael Rambaldi and D. R. Vasudevan were subsequently
appointed as liquidators.

The Liquidators can be reached at:

         Gess M. Rambaldi
         D. R. Vasudevan
         Liquidators
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


CUTRI PTY: Names Dominic Rinaldi as Liquidator
----------------------------------------------
The members of CUTRI Pty Limited met on July 3, 2006, and opted
to:

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

  -- appoint Dominic Rinaldi as liquidator to manage the wind-up
     activities.


The Liquidator can be reached at:

         Dominic Rinaldi
         Liquidator
         Rinaldi & Co.
         Ground Floor, 100 Greenhill Road
         Unley, South Australia 5061
         Australia


DARBALEEN PTY: Winds Up Business Operations
-------------------------------------------
After a general meeting on June 28, 2006, the members of
Darbaleen Pty Limited decided to voluntarily wind up the
Company's operations.

Danny Vrkic was subsequently appointed as liquidator at a
creditors' meeting held later that day.

The Liquidator can be reached at:

         Danny Vrkic
         Jirsch Sutherland & Co-Wollongong
         Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone:(02) 4225 2545
         Facsimile:(02) 4225 2546


DIRECTCORP PTY: Federal Court Appoints Official Liquidator
----------------------------------------------------------
On July 7, 2006, the Federal Court of Australia, New South Wales
District Registry appointed Bryan Collis as official liquidator
of Directcorp Pty Limited.

The Official Liquidator can be reached at:

         Bryan Collis
         Official Liquidator
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


ELANDSFONTEIN PTY: Liquidator Garlick to Present Wind-Up Report
---------------------------------------------------------------
A final meeting of the members of Elandsfontein Pty Limited will
be held on August 8, 2006.

During the meeting, Liquidator Sydney Albert Garlick will report
on the Company's wind-up and property disposal exercises.

Members resolved to voluntarily wind-up the Company's operations
on January 31, 2005, the Troubled Company Reporter - Asia
Pacific recounts.

The Liquidator can be reached at:

         Sydney Albert Garlick
         9 Clive Street
         Katanning, Western Australia 6317
         Australia


ELITE COMMUNICATIONS: Enters Voluntary Liquidation
--------------------------------------------------
At a general meeting on June 28, 2006, the members of Elite
Communications Australia Pty Limited resolved to wind up the
Company's operations.

Roderick Mackay Sutherland was consequently appointed as
liquidator.

The Liquidator can be reached at:

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


FORTESCUE METALS: Executes Three Iron Ore Sales Agreements
----------------------------------------------------------
Fortescue Metals Group Ltd. informs the Australian Stock
Exchange Ltd. that it has signed three more iron ore sales
agreements for a total of three million tonnes per annum.

Fortescue notes that the contract counterparties are
confidential, yet hints that all of them are currently ranked in
China's top 10 steel mills by measure of steel production, which
aggregates 31 million tonnes of steel in 2005.

The agreement terms are all for 10 years with prices based on
the industry standard of annual benchmark pricing, Fortescue
says.

Fortescue discloses that it now has sales agreements for 39.5
million tonnes per annum in aggregate, representing 88% of
expected initial production of 45 million tonnes annually.  The
profile of Fortescue's counterparties include 11 of China's
currently ranked top 20 steel mills.

The recent price increase of 19% under the long-term "benchmark"
contracts held by rivals BHP Billiton, Rio Tinto, and CVRD
reflects the continuing supply shortages that characterize the
current status of the global iron ore market.  The 2006 increase
followed a 71% increase in 2005, which means that iron ore
export prices have increased by over 100% since 2004, Fortescue
explains.

The securing of long-term contracts continues to be part of the
procurement strategy of many of the world's larger steel mills,
which comfortably fits within Fortescue's marketing plans of
establishing long-term relationships, the Company notes.

Fortescue relates that the relationships are being developed
around technical support and, as of July 24, 2006, a number of
key international steel mills together with research bodies like
China Central South University have successfully conducted
trials on samples of Fortescue's Cloud Break ore derived from
the mining program conducted at the Cloud Break deposit last
year.

As reported in the Troubled Company Reporter - Asia Pacific on
July 24, 2006, the Federal Government has given environmental
approval for Fortescue's Cloud Break tenement, which completes
the respective State and Federal Government's public
environmental review processes for Fortescue's Pilbara Iron Ore
and Infrastructure Project.

                      About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on Aug. 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.


FUTURESEC PTY: Undergoes Wind-Up Proceedings
--------------------------------------------
The members of Futuresec Pty Limited convened on June 29, 2006,
and decided to wind up the Company's operations.

Creditors subsequently appointed John Morgan and David Levi as
joint liquidators.

The Liquidators can be reached at:

         John Morgan
         David Levi
         PKF Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


GYMPIE GOLD: To Declare First & Final Dividend on August 1
----------------------------------------------------------
Gympie Gold Limited will declare its first and final dividend on
August 1, 2006, to the exclusion of creditors whose claims were
not admitted.

As reported in the Troubled Company Reporter - Asia Pacific on  
January 2, 2004, the Board of the Company appointed Joseph Hayes
and Murray Smith of McGrath Nicol+Partners as voluntary
administrators following an underground fire at the Southland
colliery and the mine's subsequent sale.  
  
In August 2004, creditors of Gympie Gold agreed to wind up the
operations of the Company and it and subsidiaries -- Gympie
Eldorado Gold Mines, the gold project operator, and Southland
Mining, the group that controlled a 90% stake in the Southland
colliery in  the Hunter Valley in New South Wales.  Mr. Smith
and Mr. Hayes also stood as liquidators.

The Liquidators can be reached at:

         Murray Smith
         Joseph Hayes
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Web Site: http://www.mcgrathnicol.com/


HASTINGS REGIONAL: Bank Appoints Receivers and Managers
-------------------------------------------------------
On June 28, 2006, Australia and New Zealand Banking Limited
appointed Ian Menzies Carson and Wayne Edward Benton as joint
and several receivers and managers of all the assets and
undertakings of Hastings Regional Nursing Home Pty Limited.

The Receivers and Managers can be reached at:

         RACV Tower, 485 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 8686 6559
         Facsimile:(03) 8686 6505


HERITAGE GROUP: Placed Under Voluntary Liquidation
--------------------------------------------------
Members of The Heritage Group Pty Limited held a meeting on
July 7, 2006, and agreed to shut down the Company's business
operations.

Robert Eugene Murphy and David James Hambleton were subsequently
appointed as joint and several liquidators.

The Liquidators can be reached at:

         David J. Hambleton
         Robert E. Murphy
         Liquidators
         R. E. Murphy & Co. Chartered Accountants
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


HUON CORPORATION: Director Schulz a No-Show in Court
----------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 18, 2006, that Huon Corporation's managing director, John
Schulz, diverted Empire Rubber's property holdings into
personally linked interests shortly after Huon acquired the
factory from Nylex Limited in December 2005.

According to the TCR-AP, those transactions were being
investigated, noting that a caveat was placed on the property so
it could not be sold or have its title altered.  Mr. Schulz had
been expected to appear before a parliamentary committee to give
evidence.

A subsequent TCR-AP report on July 21, 2006, stated that Huon
Corp.'s administrators took Supreme Court action against the
Company's directors to try to recover more than AU$30 million in
entitlements owed to its workers.

In an update, The Bendigo Advertiser relates that Mr. Schulz
failed to appear at the Supreme Court in Melbourne on July 21,
2006, for a hearing on the allegations against him.

Accordingly, the hearing was adjourned to July 25, 2006.

Mr. Schulz's legal representative, Leslie Glick, asked for more
time to meet with accountants and solicitors and prepare his
client's defense.  Mr. Glick argued that the arrangement his
client established was not illegal.

Huon administrator Ken Sellars countered that Mr. Schulz and his
three trusts had "rubbed salt into the wounds" of the workers by
leasing the land and buildings to Huon and profiting from the
arrangement.  The Bendigo Advertiser relates that Mr. Sellars
informed Judge Simon Whelan that access to the equity in the
properties is needed to continue the urgent task of finding a
buyer or buyers for the three Huon factories -- Empire Rubber,
FRN and Mills Elastomers.

Mr. Sellars' barrister also asserted that Mr. Schulz had not
cooperated.

Thus, Judge Whelan rejected Mr. Glick's request, The Bendigo
Advertiser relates.  According to Judge Whelan, "days will make
the difference," adding that "the commercial reality of the
situation need to be addressed."

According to Rural Press Ltd., another of Mr. Schulz's legal
representatives, Jeffrey Appel, said that Mr. Schulz's position
will be revealed as he comes to Court.  Mr. Appel contended that
Mr. Schulz is entitled to have his full case presented.

The Bendigo Advertiser notes that William Robertson Hunter, of
Glen Huntly, who was a director of Huon and each of its
factories is also a defendant in the action.

                        *     *     *

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, Ford, and PBR.

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.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.


HUON CORPORATION: Workers to Vote on Proposed Payment Offer
-----------------------------------------------------------
Huon Corp.'s administrators, Tony Sims and Ken Sellars of
SimsPartners, have offered AU$1,000 a week for the next four
weeks to Empire Rubber's 108 redundant workers to entice their
colleagues to return for work and end the 11-day strikes, The
Bendigo Advertiser reports.

A report from The Age relates that 45 workers at Huon's other
factory, Mills Elastomers, returned to work on July 21, 2006,
after a deal was reached between the unions and the
administrators, who will try to sell the factory as a going
concern.

Meetings among administrators and union officials at Huon's
Frankston plant, FRN, and at Bendigo-based Empire Rubber are
under way, the Australian Associated Press reports.

According to the AAP, citing National Union of Workers
spokeswoman Di Lloyd, the talks are currently in a holding
pattern.  Ms. Lloyd disclosed that talks were centered on the
details of a rescue package for Huon and 122 redundant staff,
the outcome of which is not yet known.

The Bendigo Advertiser cites the administrators as saying that
they hope for a positive vote for workers to return to work, so
that large-scale stand-downs in the car industry can be avoided.
The administrators believe that the redundancy offer would give
workers some financial security before government-funded
assistance schemes became available.  By then, the Company will
be in liquidation and General Employment Entitlements and
Redundancy Scheme can kick in.

The administrators also believe that the payments can assure
workers that they will still have a claim against the Company.  
The administrators also noted that they anticipate that the
Company will be in liquidation within four weeks.  Once the
Company goes into liquidation, the redundant workers will be
eligible to apply for GEERS payments of up to eight weeks of
their salary, they explained.

The Bendigo Advertiser relates that the rescue package was
finalized late on July 21, 2006, during a conference at the
Australian Industrial Relations Commission.

The administrators disclosed that the Plants' major customers
had agreed to pay more to Huon for components, and had committed
orders until the end of October, while some had agreed to
increase production levels.

Price rise options were offered to the customers, Rural Press
notes.

However, National Union of Workers state secretary Antony Thow
criticized the offer, The Bendigo Advertiser notes.  He said
that unions are not expected to make a recommendation to workers
at the meeting.

ABC News Online cites Mr. Thow as saying that the car companies
should have committed to Huon for at least 12 months because
their three-month offer is very short considering that Huon
workers have been helping the car companies for decades.

According to The Age, the Australian Manufacturing Workers Union
was also disappointed in the offer.  Assistant state secretary
Steve Dargavel asserted that there was a real possibility that
the workers would be abandoned once the car companies had time
to replace their product with something from overseas, the paper
relates.

                        *     *     *

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, Ford, and PBR.

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.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.


KJW LOGISTICS: Joint and Several Liquidators Named
--------------------------------------------------
At a general meeting held on July 6, 2006, members of KJW
Logistics Pty Ltd resolved to voluntarily wind up the Company.

In this regard, Antony de Vries and Riad Tayeh of de Vries Tayeh
were appointed as joint and several Liquidators to oversee the
wind-up.

The Liquidators can be reached at:

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


KNIGHTS INSOLVENCY: Presents Turn-Around Plan for New Capital
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 30, 2005, Knights Insolvency Administration Limited's
secured creditor, the ANZ Bank has, at the Company's request,
appointed Tony Sims and Grant Sparks of Sims Partners as
voluntary administrators.

A follow-up report from The Courier-Mail relates that Knights
presented a turnaround plan for its new business -- Reco
Financial Services -- to shareholders for the approval of a
capital restructure which would allow the Company to be relisted
on the stock exchange with new directors.

The new directors include:

   * Steve Nicols,
   * George Sim,
   * Tony Crimmins, and
   * Ross Kestel

According to the report, the Plan made sure to avoid the
previous Company's problems.

In accordance with the Plan, the new directors will continue in
the insolvency and administration business.  However, "[a]
difference to Knights would be reduced overheads including lower
salaries," The Courier-Mail cites Mr. Nicols as saying.

Sydney-based Winning Corporate Services has offered to refinance
the corporate shell, pursuant to which Reco will refine an
existing referral network to "limit the chance of unprofitable
insolvency administrations being taken up," The Courier-Mail
says.

The paper notes that "[t]he previous business model did not have
sufficient scrutiny of the net profitability aspect, nor did it
have sufficient scrutiny of work in progress and potential
write-offs."

Reco says "[t]he refined business model will only seek out
clients that can pay up-front for services or at least sign
indemnity agreements to personally guarantee fee arrangements,"
adding that it will work on a cash-received basis instead of
just reporting gross work-in-progress, The Courier-Mail relates.

Through the issuance of new share and options, up to
AU$2 million will be raised, and almost AU$700,000 goes back to
creditors with AU$200,000 in costs, the paper says.

According to an independent expert's report the deal is "fair
and reasonable.

The Courier-Mail reveals that the financiers taking large
stakes, include "technology commercialiser" Mr. Crimmins and
accountants Mr. Nicols and George Sim.

The paper cites Mr. Nicols saying that shares might be listed by
late August.

                  ASIC Withdraws Investigation

On April 6, 2005, the TCR-AP reported that Knights' problems
started when it was revealed that an executive director and
another senior director were under investigation by the
Australian Securities and Investments Commission.

In an update, The Courier-Mail relates that earlier this year,
the ASIC has concluded that "there was insufficient evidence" to
recommend any action.

                          *     *     *

Based in Brisbane, Knights Insolvency Administration Limited
worked in turning around or selling off struggling companies.  
However, it collapsed facing potential losses of AU$22 million
in August 2005 despite reporting a AU$3.7 million profit in
2004.  The collapse resulted in more than AU$10 million being
owed and shareholders stuck with worthless stock, as well as tax
owed for franking dividends without having sufficient franking
credits, The Courier-Mail relates.


MANAKIN PTY: Members to Receive Wind-Up Report on August 9
----------------------------------------------------------
A general meeting of the members of Manakin Pty Limited will be
held on August 9, 2006, at 10:30 a.m.

During the meeting, Liquidator Dean G. Scott will present
accounts of the Company's wind-up and property disposal
activities.

The Troubled Company Reporter - Asia Pacific reported that on
August 31, 2005, the members of the Company decided to wind up
the Company's operations.

The Liquidator can be reached at:

         Dean G. Scott
         D. G. Scott & Co.
         Chartered Accountants
         2nd Floor, Dowie House
         83-89 Currie Street
         Adelaide, South Australia 5000
         Australia


MEDITRIM PTY: Hugh Martin Named as Liquidator
---------------------------------------------
At a general meeting of Meditrim Pty Limited held on July 5,
2006, Hugh Martin was appointed as liquidator to oversee the
Company's wind-up activities.

The Liquidator can be reached at:

         Hugh Martin
         Liquidator
         Bernardi Martin
         Level 1, 195 Victoria Square  
         Adelaide, Australia


MELMOT HOLDINGS: Winds Up Business Operations
---------------------------------------------
At a meeting of Melmot Holdings Pty Limited on July 5, 2006,
members agreed that it is appropriate and necessary for the
Company to wind up its operations.

The liquidator can be reached at:

         Bradley Hellen
         For and on behalf of the joint and several Liquidators
         c/o Pilot Partners
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia


MELUCCI PTY: Enters Liquidation Proceedings
-------------------------------------------
At an extraordinary general meeting on June 27, 2006, the
members of Melucci Pty Limited resolved to wind up the Company's
operations.

David Henry Scott was subsequently appointed as liquidator at a
creditors' meeting held later that day.

The Liquidator can be reached at:

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


PARTIBUS PTY: Members Agree to Shut Down Business Operations
------------------------------------------------------------
At a general meeting of Partibus Pty Limited on June 26, 2006,
members agreed to wind up the Company's operations voluntarily.

In this regard, Peter Ngan was named liquidator.  

The Liquidator can be reached at:

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


PAVEMENT CONSTRUCTIONS: Members Opt for Liquidation
---------------------------------------------------
Members of Pavement Constructions (NSW) Pty Limited convened on
June 23, 2006, and agreed to liquidate the Company's business
operations.

Creditors subsequently appointed Martin J. Green as official
liquidator.

The Liquidator can be reached at:

         Martin John Green
         GHK Green Krejci, Level 13
         1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


PRUDENTIAL AUSTRALIA: Members to Receive Wind-Up Report
-------------------------------------------------------
The members of Prudential Australia Holdings One Pty Limited
will convene on August 11, 2006, at 10:00 a.m., to receive
Liquidators David Clement Pratt and Timothy James Cuming's
report on the Company's wind-up and property disposal exercises.

The Troubled Company Reporter - Asia Pacific recounts that on
November 12, 2004, members resolved to wind up the Company's
business operations.

The Liquidators can be reached at:

         David Clement Pratt
         Timothy James Cuming
         PricewaterhouseCoopers
         Level 15, 201 Sussex Street
         Sydney, New South Wales 1171
         Australia


SABT PTY: Members Tap Ernst & Young Liquidators
-----------------------------------------------
At a general meeting held on June 28, 2006, the members of SABT
Pty Ltd resolved to voluntarily wind up the Company's operations
and appoint John Gibbons and Keiran Hutchison of Ernst & Young
as official liquidators.

The Liquidators can be reached at:

         John Gibbons
         Keiran Hutchison
         Ernst & Young Centre
         Level 37, 680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9248 5862


S & S ROSS: Andrew Fielding Named Official Liquidator
-----------------------------------------------------
The members of S & S Ross Transport Pty Limited convened on
June 27, 2006, and decided to wind up the Company's operations.

Andrew Fielding was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Andrew Fielding
         PPB Chartered Accountants & Business
         Reconstruction Specialists
         Level 4, 31 Sherwood Road
         Toowong, Queensland 4066
         Australia


SOUTH AUSTRALIA H.E.: Enters Voluntary Liquidation
--------------------------------------------------
At a general meeting on June 26, 2006, members of South
Australia H.E. Dennis & Co Pty. Limited agreed that the Company
voluntarily commence a wind-up of its operations.

Subsequently, Austin Robert Meerten Taylor was appointed as
liquidator.

The Liquidator can be reached at:

         Austin Robert Meerten Taylor
         Meertens Chartered Accountants
         Level 10, 68 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8418 8900
         Facsimile:(08) 8232 5077


SYMMONS PLAINS: Members to Receive Wind-Up Report on August 18
--------------------------------------------------------------
The members of Symmons Plains Pastoral Holdings Pty Limited will
convene on August 18, 2006, at 10:30 a.m., to receive Liquidator
Donald Hugh McKenzie's report on the Company's wind-up and
property disposal activities.

The Troubled Company Reporter - Asia Pacific reported that the
Company commenced a wind-up of its operations on August 19,
2005.

The Liquidator can be reached at:

         Donald Hugh McKenzie
         KPMG
         Level 2, 33 George Street
         Launceston, Tasmania 7250
         Australia
         Telephone:(03) 6337 3737


THEFTGUARD ALARMS: Winds Up Business Operations
-----------------------------------------------
The members of Theftguard Alarms Pty Limited convened on
June 26, 2006, and decided to wind up the Company's operations.

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

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


TOMRAY PTY: Members Appoint M.F. Cooper as Liquidator
-----------------------------------------------------
On July 5, 2006, members of Tomray Pty Limited passed a special
resolution to voluntarily wind up the Company.

Subsequently, creditors appointed M. F. Cooper as Liquidator.

The Liquidator can be reached at:

         M. F. Cooper
         Liquidator
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


TRACKWOOD PTY: Enters Wind-Up Proceedings
-----------------------------------------
Members of Trackwood Pty Limited convened on July 3, 2006, and
resolved to voluntarily wind up the Company's operations.

Subsequently, Morgan James Chubb was appointed as liquidator.

Mr. Chubb can be reached at:

         Morgan James Chubb
         Liquidator
         Clout & Associates
         Level 1, 144-148 West High Street
         Coffs Harbour
         New South Wales
         Australia


ULTRA LINE: Appoints Joint and Several Liquidators
--------------------------------------------------
At an extraordinary general of Ultra Line Electrical Services
Pty Limited held on June 26, 2006, Riad Tayeh and Antony de
Vries were appointed to manage the Company's wind-up activities.

The Liquidators can be reached at:

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


VISION INTERIORS: Supreme Court Issues Wind-Up Order
----------------------------------------------------
The Supreme Court of New South Wales on June 26, 2006,issued an
order to wind up Vision Interiors (AUST) Pty Limited, and
appoint Robert Elliott as liquidator.

The Liquidator can be reached at:

         Robert Elliott
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


WEBMATCHIT INTERACTIVE: Receiver and Manager Step Aside
-------------------------------------------------------
On June 15, 2006, John Feddema cease to act as receiver and
manager of all the assets of Webmatchit Interactive Marketing
Limited.

The Company commenced a court-ordered liquidation on May 4,
2002.

The Liquidator can be reached at:

         John Feddema
         Cranstoun & Hussein
         Chartered Accountants
         Level 2, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia


WESTERN AUSTRALIA SUPERIOR: Wind-Up Process Commenced
-----------------------------------------------------
At a general meeting of Western Australia Superior Salads Pty
Limited on June 26, 2006, the members and creditors agreed to
wind up the Company's operations.

Roger Roy Nicholas was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Roger Roy Nicholas
         MSI Marsdens
         Certified Practising Accountants
         565 Hay Street
         Daglish, Western Australia 6008
         Australia


ZAIDTECH PTY: Names Andrew A. Johnson as Liquidator
---------------------------------------------------
The members and creditors of Zaidtech Pty Limited convened on
June 27, 2006, and passed a special resolution to wind up the
Company's operations.

In this regard, Andrew A. Johnson was appointed as liquidator.

The Liquidator can be reached at:

         Andrew A. Johnson
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney
         Australia


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

FAMILY HOLDINGS: To Hold Final Meetings on August 21
----------------------------------------------------
Family Holdings (H.K.) Limited will hold a final meeting of
members on August 21, 2006, pursuant to Section 248 of the
Companies Ordinance.  The meeting will be held at 79 Robinson
Road #24-01 CPR Building, Singapore, at 12:30 p.m.  A final
meeting of creditors will follow at 12:45 p.m.

At the meetings, the members and creditors of Family Holdings
will receive the liquidator's account regarding the Company's
wind-up and property disposal.

The Troubled Company Reporter - Asia Pacific reported that on
March 17, 2006, Family Holdings' creditors met to consider the
Company's voluntary wind-up and appoint an official liquidator.

Tan Kim Hong serves as the Company's liquidator.


FIRMIANA LIMITED: Placed Under Voluntary Liquidation
----------------------------------------------------
Firmiana Limited was placed under members' voluntary liquidation
through a special resolution dated July 12, 2006.

Law Kwan Wah, George, was then appointed as liquidator for
Firmiana, and authorized to distribute the Company's assets
among its members.

The Liquidator can be reached at:

         Law Kwan Wah, George
         George of Room 802,
         8th Floor, Chinachem Tower,
         34-37 Connaught Road Central,
         Hong Kong


FORMAX LIMITED: Appoints Official Liquidator
--------------------------------------------
Formax Limited, which is under a members' voluntary winding up,
appointed Yim Ping Kuen as its liquidator through a special
resolution passed at an Extraordinary General Meeting on
July 10, 2006.

The company's creditors are required to submit the particulars
of their claims by Aug. 21, 2006, to Mr. Yim.

If the liquidator requires, through a given notice, creditors
must submit proofs of claim by the date specified in that
notice.

The liquidator may be reached at:

         Yim Ping Kuen
         Liquidator
         Unit 3515, 35/F, West Tower
         Shun Tak Centre, 168-200
         Connaught Road Central
         Hong Kong


HINOVATION LIMITED: Shareholders Decide on Voluntary Wind-Up
------------------------------------------------------------
Hinovation Limited notifies the Registrar of Companies that, at
an extraordinary general meeting on July 14, 2006, its
shareholders agreed to wind up the Company voluntarily.

Accordingly, Kan Tim Hei and Fok Pui Ling Linda were appointed
as the Company's liquidators and were authorized to divide
any part of the Company's assets as they think fit pursuant to
Article 136 of the Table A in the First Schedule to the
Companies Ordinance.

The Liquidators can be reached at:

         Kan Tim Hei
         Fok Pui Ling Linda
         Joint and Several Liquidators
         31/F The Center, 99 Queen's Road
         Central, Hong Kong,


HONG KONG TELEPDA TECHNOLOGY: Final Meetings Slated for Aug. 26
---------------------------------------------------------------
Hong Kong TelePDA Technology Limited, which has been undergoing
a creditors' voluntary liquidation, will conduct final meetings
among its members and its creditors on August 26, 2006, at 11:30
a.m. and 12:00 noon, respectively, at Room 503, 5/F., 3 Lockhart
Road, in Wanchai, Hong Kong.  The Final Meetings are pursuant to
Section 248 of the Companies Ordinance (Chapter 32).

At the meetings, the Company's liquidator, Chan Sek Kwan, will
present his report pertaining to the winding-up of the Company
and disposal of its property.


HOPE KARE TRADING: To Give Final Report at Aug. 21 Meeting
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that on
March 23, 2006, members of Hope Kare Trading Limited passed a  
special resolution appointing Selwyn Mar and Wong Yue Ting as
joint and several liquidators for the Company.

Pursuant to Section 239 of the Companies Ordinance, the Company
has scheduled a final meeting of members for August 21, 2006, at
Suites 2-7, 23A/F., Tower 1, The Gateway, 25 Canton Road, in
Tsimshatsui, Kowloon, wherein the liquidators will give their
report on the Company's wind-up and disposal of property.

The Liquidators can be reached at:

         Selwyn Mar  
         Wong Yue Ting, Thomas
         Liquidators
         11/F., Fortis Bank Tower
         77-79 Gloucester Road  
         Hong Kong  


HUTCHISON ENTERPRISES ONE: To Give Liquidation Report on Aug. 22
----------------------------------------------------------------
Pursuant to Section 239 of the Companies Ordinance, Hutchison
Enterprises One Limited will hold a final general meeting of
members on August 22, 2006, at Level 28, Three Pacific Place, in
1 Queen's Road East, Hong Kong, at 10:00 a.m.  At the meeting,
the Company's liquidators will present their final report
regarding the Company's wind-up and disposal of property.

The Troubled Company Reporter - Asia Pacific reported that on
February 2, 2006, the members of Hutchison Enterprises One
decided on the Company's voluntary wind-up.

The Company's Liquidators are Ying Hing Chiu and Chung Miu Yin,
Diana.


HUTCHISON ENTERPRISES SEVEN: Final Meeting Set for August 22
------------------------------------------------------------
In accordance with Section 239 of the Companies Ordinance,
Hutchison Enterprises Seven Limited, which has been under
voluntary liquidation, will hold a final general meeting among
its members on August 22, 2006, at the liquidators' office.  At
the meeting, the Company's liquidators will present the final
account regarding the Company's wind-up and disposal of
property.

The Liquidators can be reached at:

         Ying Hing Chiu
         Chung Miu Yin, Diana
         Joint Liquidators
         Level 28, Three Pacific Place,
         1 Queen's Road East, Hong Kong


KINVICK LIMITED: Members to Receive Final Report on Aug. 30
-----------------------------------------------------------
Pursuant to Section 239 of the Companies Ordinance, Kinvick
Limited, which is under voluntary liquidation, will hold a final
general meeting of members on August 30, 2006, at 11/F, Thyrse
House, 16 Pottinger Street, in Central, Hong Kong, in order for
members to receive the liquidator's final report on the
Company's winding-up and disposal of property.

Cheung Chui Ping Chaplin acts as the Company's liquidator.


MAXGRACE LIMITED: Liquidator to Give Final Report on August 21
--------------------------------------------------------------
Maxgrace Limited, which is under members' voluntary liquidation,
notifies the Registrar of Companies that, pursuant to Section
239 of the Companies Ordinance, a final general meeting of
members will be held on August 21, 2006, at Room 1307-C8
Dominion Centre, 43-59 Queen's Road East, in Wanchai, Hong Kong.

At the meeting, the Company's liquidator, Poon Chi Woo, will
give his final report regarding the Company's wind-up and
property disposal.


MO AND COMPANY: Proofs of Claim Due on August 7
-----------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 21, 2006, that Mo and Company (Hong Kong) Ltd entered
voluntary liquidation and appointed Kennic Lai Hang and Lau Wu
Kwai King as liquidators.

The liquidators notify Mo & Co.'s creditors to submit proofs of
claim by August 7, 2006, so they may participate in any
distribution made by the Company.

The liquidators can be reached at:

         Kennic Lai Hang
         Lau Wu Kwai King
         Kennic L.H. Lui & Co
         Liquidators
         5/F., Ho Lee Commercial Bldg
         38-44 D' Aguilar Street, Central
         Hong Kong


PACKARD BELL: Liquidators To Give Final Report on August 22
-----------------------------------------------------------
A final general meeting of Packard Bell Limited, which has been
under members' voluntary liquidation, will be held on August 22,
2006, at its registered office, for the Company's liquidators to
present a report regarding its wind-up and disposal of property.

The Company's joint and several liquidators are Yip Hon Kit and
Charlene Wong.


PACTUCO (CHINA) LIMITED: Will Hold Final Meeting on August 21
-------------------------------------------------------------
Pactuco (China) Limited, which is under members' voluntary
liquidation, notifies the Registrar of Companies that, pursuant
to Section 239 of the Companies Ordinance, a final general
meeting of members will be held on August 21, 2006, at Room
1307-C8 Dominion Centre, 43-59 Queen's Road East, in Wanchai,
Hong Kong.

At the meeting, the Company's liquidator, Poon Chi Woo, will
give his final report regarding the Company's wind-up and
property disposal.


RIGHT SELECTION: To Give Liquidators Report on August 22
--------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on Dec. 5,
2005, that Right Selection Limited is being wound up voluntarily
by its members.

In an update, Right Selection notifies parties-in-interest that,
pursuant to Section 239 of the Companies Ordinance, a Final
General Meeting of Members will be held on August 22, 2006, at
the liquidators' office, so as to present the liquidators'
report regarding the Company's wind-up proceeding and disposal
of property.

The Liquidators' can be reached at:

         Natalia Seng Sze Ka Mee
         Cynthia Wong Tak Yee
         Joint and Several Liquidators
         Level 28, Three Pacific Place,
         1 Queen's Road East, Hong Kong


SHATIN LUCKY PLAZA: Appoints Liquidator
---------------------------------------
Pursuant to Section 253 of the Companies Ordinance, Shatin Lucky
Plaza Limited, which is under voluntary liquidation, named Ng
Shung Mo as its sole liquidator through a special resolution
passed on July 10, 2006.

The Liquidator can be reached at:

         Ng Shung Mo
         12/F., Grand Court,
         6 Babington Path, Mid Level,
         Hong Kong

Subsequently, Shatin Lucky's creditors are required to submit
the particulars of their claims to Mr. Ng by August 31, 2006


SHOWER ASSOCIATION: Final Meeting of Members Fixed for Aug. 23
--------------------------------------------------------------
Pursuant to Section 239 of the Companies Ordinance, a final
general meeting among members of Shower Association Limited will
be held on August 23, 2006, at Rooms 1609-12, Nan Fung Tower,
173 Des Voeux Road, in Central, Hong Kong, at 10:00 a.m.  At the
meeting, the members will receive the liquidator's report
pertaining to the company's winding up and property disposal.

As reported in the Troubled Company Reporter - Asia Pacific on
May 17, 2006, Shower Association was placed under members'
voluntary wind up.  Ho Kwok Cheong was then appointed as
liquidator.

The Liquidator can be reached at:

         Ho Kwok Cheong
         Liquidator
         Rooms 1609-12, Nan Fung Tower
         173 Des Voeux Road Central
         Hong Kong


TRAVELWAY LUGGAGE: Final General Meeting Set for August 22
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
February 23, 2006, that the members of Travelway Luggage Hong
Kong Limited agreed to voluntarily wind up the Company.  The
members then appointed Wu Tak Lung as liquidator.

Pursuant to Section 239 of the Companies Ordinance, Travelway
Luggage notifies parties-in-interest that a final general
meeting among its members will be held on August 22, 2006, at
Room 4908, Office Tower, Convention Plaza, 1 Harbour Road, in
Wanchai, Hong Kong.

At the meeting, members will receive the liquidator's report
regarding Travelway's wind-up proceedings and property disposal.


WORLD-WIDE HARVEST CO: Enters Wind-Up and Names Liquidator
----------------------------------------------------------
Through a resolution dated July 14, 2006, World-Wide Harvest
Company Limited was put under members' voluntary liquidation.

Subsequently, Chiu Pang Nin was named as liquidator and was
authorized to dispose of the Company's assets among its members
as he thinks fit.

The liquidator can be reached at:

         Chiu Pang Nin
         4/F., Kingpower Comm Bldg.,
         409-413 Jaffe Rd., Wanchai,
         Hong Kong


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

FORD MOTOR: Indian Arm Works to Strengthen Local Operations
-----------------------------------------------------------
Ford Motor Company's Indian subsidiary is working to fully
localize its production line in order to maximize its domestic
operations, Indiatelevision.com reports.

Newly appointed vice president for marketing, sales and services
Scott McCormack told reporters that the localization plan is
near completion, with 90% of popular model Ford Ikon now being
manufactured locally.

In line with the plan, Ford India Limited has also initiated a
wide-range of programs and services designed to make its car-
owners among the most satisfied customers in the country.  The
Company recently launched an innovative "total maintenance"
package for its high-volume models, Indiatelevision.com reveals.

Under the package, Ford owners would get complete maintenance of
their cars at an average rate of INR0.44 per km and INR0.52 for
Ford Fiesta diesel model.  The package covers even the wear and
tear in addition to electrical and mechanical items in a car,
Indiatelevision.com says.

Meanwhile, TechWhack News reports that Ford India has launched a
cheaper diesel version of their popular Fiesta model -- Ford
Fiesta Diesel EXi -- which has been priced at an INR6.85 lakhs.  
Fiesta has been a pretty successful model for the company in the
Indian market as it has taken away the market share from
competing models like the Hyundai Accent.

On the other hand, Auto India News reports that Ford India will
be launching compressed natural gas-based versions of its local
models by the end of the year.  Ford Ikon will be the first to
be launched in this version.

Incidentally, Ikon is one of the lesser selling models of Ford
in India.  From January to June this year, Ford India sold
23,758 cars out of which Fiesta contributed to around 20,000.  
The remaining volume of 3,758 was distributed among Ikon,
Mondeo, Endeavour and Fusion, Auto India News relates.

Ford is seeing a gradual turnaround in its Indian operations
amid problems at its North American operations, TechWhack News
relates.  In fact, Ford India registered a sharp jump in its
vehicle sales in India this year with he launch of new models.

In a filing with the United States Securities Exchange
Commission, Ford said it has seen continued strong year-to-date
sales growth in major international markets, including a 100%
increase in China, and a 75% increase in India.

                        About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world including India.

The Troubled Company Reporter - Asia Pacific reported on July 3,
2006, that Moody's Investors Service lowered the Corporate
Family and senior unsecured ratings of Ford Motor Company to B2
from Ba3.

Standard & Poor's Ratings Services, on the other hand, lowered
its corporate credit rating on Ford Motor Co. and its related
units to 'B+' from 'BB-' and affirmed its 'B-2' short-term
rating.

On June 12, 2006, Fitch Ratings downgraded Ford Motor's issuer
default rating to B+ from BB, and its senior unsecured ratings
to BB- from BB.


GENERAL MOTORS: Clears PBGC Hurdle to $14-Bln Sale of GMAC Stake
----------------------------------------------------------------
Pension Benefit Guaranty Corp. assured General Motors Corp. that
it would not pursue General Motors Acceptance Corp.'s assets
even if GM will not pay pension benefits in the future.  PBGC's
statement is a step forward towards the closing of GM's sale of
its 51% controlling interest in GMAC to a consortium of
investors led by Cerberus Capital Management, LP.

The U.S. Federal Trade Commission has cleared the proposed sale
in April this year.

The consortium is now comprised of:

   * Cerberus Capital Management,
   * Citigroup Inc.,
   * Aozora Bank Limited, and
   * a subsidiary of The PNC Financial Services Group, Inc.

The US$14 billion in cash that GM is to receive as part of the
transaction includes US$7.4 billion from the Cerberus-led
consortium at closing and an estimated US$2.7 billion cash
distribution from GMAC related to the conversion of most of GMAC
and its United States subsidiaries to limited liability
companies.  In addition, GM will retain about US$20 billion of
GMAC automotive lease and retail assets and associated funding
with an estimated net book value of US$4 billion that will
monetize over three years.

GM also will receive dividends from GMAC equivalent to its
earnings prior to closing, which largely will be used to fund
the repayment of various intercompany loans from GMAC.  As a
result of these reductions, GMAC's unsecured exposure to GM is
expected to be reduced to approximately US$400 million and will
be capped at US$1.5 billion on an ongoing basis.

GM and the consortium will invest US$1.9 billion of cash in new
GMAC preferred equity -- US$1.4 billion to be issued to GM and
US$500 million to the Cerberus consortium.  GM also will
continue to receive its 49 percent share of common dividends and
other value generated by GMAC.

GM will take a non-cash pre-tax charge to earnings of
approximately US$1.1 billion to US$1.3 billion in the second
quarter of 2006 associated with the sale of 51% of GMAC.

                      About General Motors

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

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

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

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


MYSORE CEMENTS: HeidelbergCement Makes Open Offer
-------------------------------------------------
German cement giant HeidelbergCement has reportedly made an open
offer to shareholders of Mysore Cementes Limited over the
weekend, Reuters relates.

According to Reuters, HeidelbergCement offered to buy 35 million
shares or 20% of Mysore Cement's shares ar INR58 per share.  The
offer reportedly opens on September 6 and closes on September
25.

The Troubled Company Reporter - Asia Pacific reported on
July 19, 2006, that German cement giant HeidelbergCement AG is
willing to pay around US$100 million for a 51% stake in Mysore
Cements.

Furthermore, the TCR-AP reported on July 20, 2006, that Mysore
Cements and the promoter group have decided to enter into a
joint venture relationship with the German firm.  Accordingly,
the Company proposed to issue and allot up to 6,65,00,000 equity
shares to HeidelbergCement Group by way of a fresh issue on a
preferential basis to raise long term resources for the Company.  
The issue price has been fixed at INR54 per equity share.

To consolidate the said joint venture relationship, relevant
agreements have been entered into between HeidelbergCement
Group, the Company and the promoter group.  

The promoter group will sell 1,34,00,000 shares at INR58 per
share excluding non-compete fees of INR14.50 per share out of
their present holdings to HeidelbergCement Group, who will also
be making an open offer to shareholders of the Company in
accordance with regulations at the above price of INR58 per
share.

                  About Mysore Cements Limited

Mysore Cements Limited, an S K Birla group company, was
incorporated in technical and financial collaboration with
Kaisers of the United States.  Mysore Cements mostly
manufactures ordinary and pozzolona varieties of portland
cement.  The company has plants in Karnataka and Madhya Pradesh
and a grinding unit in Uttar Pradesh.  The Company has been
declared as a sick entity due to the complete erosion of its net
worth.  To date, the Company has an accumulated loss of INR461
crore.


* Government Mulls Solo Crude Import by State Oil Firms
-------------------------------------------------------
The Petroleum Ministry is looking to revise the policy of
allowing state-run refiners Indian Oil Corporation, Bharat
Petroleum and Hindustan Petroleum to import crude individually
since the mechanism has failed to bring about good results, The
Financial Express reveals.

According to the report, Petroleum Secretary M.S. Srinivasan
advised the refiners last month to pool their purchase of crude
oil from abroad and at the same time, asked the finance division
to review the current policy of allowing each refiner to source
the crude oil on its own.

During government control over the oil sector, Indian Oil was
the sole importer of crude oil and products, The Express
relates.  However, with the dismantling of the administered
pricing mechanism from April 2002, the three state-owned
refiners were given the freedom to independently import crude by
entering into contracts with the national oil companies or
shortlisted traders.

However, the delegation of procurement of crude to individual
companies has not really benefited as the volumes of individual
companies prohibit them from taking advantages of scale, both in
terms of price and transportation, The Express cites Mr.
Srinivasan as saying.

One petroleum ministry official told The Express that the
individual efforts by each company was also resulting in
separate delegations going to the same vendors for their
requirements.

"A joint delegation-comprising of officials from Indian Oil,
Bharat Petroleum and Hindustan Petroleum could be formed for
some of the vendors such as Saudi Arabia, Kuwait, Iran and Abu
Dhabi so that the contracting costs come down," Mr. Srinivasan
said.

Mr. Srinivasan also disclosed that a proposal for the Cabinet
Committee on Economic Affairs seeking more autonomy to the
state-run refiners in sourcing crude imports has been put on
hold.


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

PERUSAHAAN LISTRIK: Lack of Fuel Supply Causes Power Shortage
-------------------------------------------------------------
PT Perusahaan Listrik Negara informed that some areas of Jakarta
would experience blackouts on July 24, 2006, due to the lack of
gas supply for the Company's Muara Tawar power plant, Antara
News says.

The Jakarta Post states that according to PLN general manager
Muljo Adji said that a late gas delivery to the Company's power
plant forced them to disclose that there would be a power cut on
July 24, 2006, from 8:00 a.m. to 4:00 p.m., since the plant has
run out of gas fuel.  According to Mr. Adji, power supply to
some areas would be cut from 8:00 a.m. to 12:00 p.m., while
other areas would experience blackouts from 12:00 p.m. to 4:00
p.m.  

The Company urged consumers to be prudent in their power use so
as to prevent other areas from being affected by the blackouts.  

Antara reports, citing XFN-Asia, that PLN asked steel firm PT
Krakatau Steel to lessen its power use by 200 megawatts in order
to reduce demand.  Power was slated to return to normal by the
evening of July 24.

                          *     *     *

Indonesian state utility firm PT Perusahaan Listrik Negara --
http://www.pln.co.id/-- transmits and distributes electricity  
to around 30 million customers, roughly 60% of Indonesia's
population.  The Indonesian Government decided to end PLN's
power supply monopoly to attract independents to build more
capacity for sale directly to consumers, as many areas of the
country are experiencing power shortages.  PLN posted an
IDR4.92-trillion net loss in 2005, against a net loss of
IDR2.02 trillion in 2004.

As reported in the Troubled Company Reporter - Asia Pacific on
June 30, 2006, the Indonesian Government had offered to settle
PLN's debt to state oil and gas firm PT Pertamina, which
Pertamina claimed has totaled IDR23.9 trillion.  However, PLN
acting president Djuanda Nugraha Ibrahim said that the Company
owes PHP17 trillion to Pertamina.


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

DAIEI INC: Marubeni Corp. Plans to Buy 33.4% Stake in Firm
----------------------------------------------------------
Trading firm Marubeni Corp. aims to acquire a 33.4% stake in
retailer Daiei Inc. from the Industrial Revitalization Corp. of
Japan, which is managing the Company, by the next week, the
Japan Times reports.

Marubeni Corp. currently owns some 10.9% of the Company's
shares, and its planned share purchase will increase its stake
to 44.4%, enabling the trading house to be Daiei's largest
single shareholder followed by investment fund Advantage
Partners LLP with 23.4%, Agence France Press states, citing
Nihon Keizai.  Marubeni and IRCJ are slated to agree on the deal
as early as this month.

The Times says that according to unnamed sources, the IRCJ
expects to complete its rehabilitation of Daiei on Dec. 31,
2006, one year earlier than planned.  Daiei underwent
rehabilitation in December 2004, when the IRCJ controlled the
Company's debts totaling over JPY160 billion.  The IRCJ had
chosen Marubeni Corp. and Advantage Partners as Daiei's sponsors
last year, with preferential rights to buy the Company's shares.  
In an initial plan, both firms were slated to acquire Daiei
shares from the IRCJ.  However, it was decided that it was
better for Marubeni, which has close links to Daiei in the food
distribution business, to acquire the Company's shares.

AFP relates that proceeds from the planned share sale are set to
top some JPY50 billion that the IRCJ had invested in Daiei in
May last year.

Headquartered in Hyogo, Tokyo, Daiei Incorporated --
http://www.daiei.co.jp/-- operates about 3,000 stores through  
its subsidiaries and franchisees.  Its retail businesses include
supermarkets, discount stores, department stores, and specialty
shops.  Other businesses include restaurants, hotels, and real
estate services.  Domestic sales make up more than 90% of its
revenues.  Daiei diversified haphazardly during the 1980s
loading up on debt and failing to keep up with new, more
efficient competitors.  Daiei, with the support of the
Industrial Rehabilitation Corporation of Japan, has decided to
close 54 stores nationwide, including subsidiaries, as part of
its new business reconstruction plan.


JAPAN AIRLINES: Planned Share Sale May Fall on Sharp Price Drop
---------------------------------------------------------------
Japan Airlines Corp.'s plan to sell shares in order to raise
JPY151.03 billion in funds may not push through because
shareholders are angry about the Company's seeming lack of
transparency, Business Times reveals.

The Troubled Company Reporter - Asia Pacific stated on July 3,
2006, that the Company had planned to issue some 700 million new
shares in order to finance the purchase of new aircraft and the
possible early redemption of bonds that holders may cash by
March 2007.

Shareholders are angry that they were not consulted about the
planned share issue, which was announced two days after the
Company's annual general meeting.  The share issue would reduce
shareholders' stake by 35%, causing one shareholder to sue the
Company, and Japan Securities Dealers' Association Chairman
Toshio Ando publicly slammed JAL for the delay in announcing the
issue. One of the share issue's underwriters, Nikkei Citigroup,
has pulled out of the sale.  After the Company announced its
plan to issue new shares, JAL share prices plunged to JPY211 per
share from an earlier JPY220 per share as of July 19, 2006.  

According to a TCR-AP report on July 24, 2006, the Company had
been reprimanded by the Ministry of Land, Infrastructure and
Transport since a JAL pilot had flown several flights while
taking a restricted drug, which is not allowed by aviation
rules.  Investors told the Times that due to this reprimand,
they were informed by the share issue's underwriters that the
terms of the planned share issuance had changed, and investors
could now decide to back out by July 26, 2006; many might decide
to do so if JAL's share price continues to drop.  The Times adds
that several foreign investors, who are current majority buyers
of the share issue, were angered by the fact that JAL conducted
the share in a near-total media blackout.

Analysts said that JAL may be forced into a bankruptcy
protection scheme, considering that its debts amount to a total
of JPY2.16 trillion, and the Company may need to increase
capital by JPY755.12 billion.

                      About Japan Airlines

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.  

As of March 31, 2006, JAL's debt amounted to JPY1.93 trillion,
whereas shareholders' equity stood at JPY148.1 billion.

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.

                          *     *     *

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 gave 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.  On July 20, 2006, Standard &
Poor's Ratings Services had affirmed its B+ long-term corporate
credit and senior unsecured debt rating on the Company.


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

KOREA EXCHANGE: Best Bank in Korea for 2006
-------------------------------------------
Korea Exchange Bank has won the Euromoney's "Award for
Excellence 2006 Best Bank in Korea," a company release states.

Korea Exchange was chosen as this year's winner for best bank in
Korea due to outstanding performance of the bank in terms of
financial strength, performance and strategy execution.  
According to the Euromoney, the bank benefited from the
introduction of new management and installation of
international-standard management practices.

The success of the new management team in improving the
financial performance of KEB is clear from the record profits
and capital adequacy ratio produced in the latest fiscal year,
according to the Euromoney.  The international finance magazine
said that KEB also displayed very impressive financial ratios,
among the best of any bank in Korea, and produced very strong
returns for its shareholders.

Euromoney selects best financial institutions of each country
every year.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the 1997 economic crisis,
significant exposures to troubled corporate borrowers led to a
deterioration in the bank's financial health.  However, since
then, its operating performance stabilized, and the bank has
reported consecutive quarterly profits since the end of 2003.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

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

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

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


KOREA EXCHANGE: Expects More than KRW1 Trillion Profit for 2006
---------------------------------------------------------------
Korea Exchange Bank is expected to reap more than KRW1 trillion
in net profits this year, The Korea Times says.

According to the report, KEB was one of the 13 listed firms that
recorded over KRW1 trillion in net profits in 2005.

KEB -- along with Kookmin Bank, Shinhan Financial Group, Woori
Financial Group, Hana Financial Group and the Industrial Bank of
Korea -- is expected to again breach the trillion won net profit
mark, on strengthened efforts to improve bottom lines and reduce
expenses to cover bad debts.

                    Industry-wide Good News

According to the Financial Supervisory Service, the rise of
banks' profits reflects a sharp fall in loan loss reserves,
which is crucial for the improvement of financial soundness.
Earlier, Kim Jung-Hoe, FSS's deputy governor, said that the
smaller bad debt expenses of Korean banks resulted in better
earnings this year, although they suffered falling interest
margins amid intensifying competition.

South Korean Banks posted KRW3.5 trillion in combined net
profits in the first quarter this year, up 26.5% from a year
earlier, boosted by a drop in loan loss reserves.  It marks a
13.2% growth from the previous quarter, according to the
financial regulator.

The Times report also states that the banks' capital adequacy
ratio hit the highest level ever in the first quarter.

Nineteen state-run and commercial banks' average capital
adequacy ratio, or the Bank for International Settlement ratio,
rose from 13.0% at the end of 2005 to 13.18% as of the end of
March.  The stronger BIS ratio reflects rises in their capital
against bad assets.

The banks' capital rose an average 3.6%, or KRW3.7 trillion in
the first quarter, outpacing a 2.2% increase, or
KRW17.4 trillion in risk-weighted assets.  The BIS ratio
represents the net worth of banks in the form of issued shares,
retained profits and capital surplus divided by risk-weighted
assets.

                      About Korea Exchange

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

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

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

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

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


SK CORP: Sees China as Launch Pad for Global Expansion Goals
------------------------------------------------------------
SK Corporation is expanding overseas in search of oil, and the
Chinese market is playing a role in the Company's efforts to go
global, The Korea Times relates.

According to the report, SK Corp. is gearing up to make inroads
into China to capitalize on the country's growing need for oil
and to consolidate its leadership position in the Asia-Pacific
region.  The Company seeks to boost its annual petroleum and
petrochemical sales in China to more than US$5 billion by 2010.

The Korea Times says that China's total oil consumption reached
6.7 million barrels a day in 2005, and is expected to surge to
8.7 million barrels per day by 2010 and 10 million barrels by
2015.  China's domestic refined oil production, however, is less
than four million barrels per day.  Thus, China accounts for 33%
of SK Corp.'s exports.

The Times explains that the oil refiner plans to revise its mid-
to long-term Chinese market strategy in line with its
acquisition of Inchon Oil.  It is confident that China will
serve as a gateway to Inchon becoming an Asia-Pacific energy
major.

                          SK in China

SK Group started establishing Chinese affiliates in 2000 under a
vision to incubate its affiliates into leading players in key
segments of the Chinese market by 2010.  The company currently
has a presence in six cities including eight local and three
branch offices.  It has 19 sales and production affiliates
already operating in China.  The oil refiner already set up a
holding firm for its Chinese production and sales affiliates in
October 2005.

The conglomerate has also established an academic R&D network by
setting up Asia Research Centers at 13 major Asian universities
outside of Korea, including Peking University, Tsinghua
University, National University of Mongolia, Yangon University
of Myanmar and Vietnam National University in Hanoi.

                     About SK Corporation

Headquartered in Seoul, South Korea, SK Corporation --
http://eng.skcorp.com/-- is the leading energy and  
petrochemical company with 4,916 employees, KRW22 trillion and
KRW2 trillion in sales and net income, respectively, and 22
offices around the world in 2005.  The company is strategically
positioned as Korea's largest and Asia's leading refiner next to
Sinopec and PetroChina.  SK Corp. currently explores, develops
and produces oil in 13 nations that span Africa, Asia and the
Americas, including Russia, Vietnam, Indonesia, Australia,
Brazil, Cote d'Ivoire, United States, Peru.

Moody's Investors Service gave SK Corp.'s a 'Ba1' Foreign
Currency Long-Term Debt effective February 17, 2006.


WOORI BANK: Plans to List Unit in Hong Kong Bourse
--------------------------------------------------
Woori Bank is considering listing its investment banking unit in
Hong Kong -- Woori Global Markets Asia -- via an initial public
offering, The Korea Times reports.

Woori Global will start operations in August 2006, The Korea
Times relates.  Woori Bank said that the planned IPO could come
after three years, in which time it is expected to generate as
much as US$300 million in annual profit.

The Korea Times explains that Woori Global will mainly handle
financing businesses for emerging markets in Asia and the Middle
East and offer risk management solutions for their customers.

                         About Woori Bank

Headquartered in Seoul, Korea, Woori Bank --
http://www.wooribank.com/-- is a government-owned bank.  The  
bank was established in 2002, and includes the former Hanbit
Bank, Sangup Bank and Hanil Bank.  It is a part of the Woori
Financial Group.  It has branches all over the world, including
New York, Los Angeles, Beijing, Tokyo, Hong Kong, Indonesia,
Bahrain, Singapore, Moscow, London, and Dhaka.

                          *       *       *

Fitch Ratings gave Woori Bank an individual rating of 'B/C'
effective July 20, 2005.

Moody's Investors Service gave Woori a 'D+' Bank Financial
Strength Rating effective March 14, 2006.

Standard & Poor's Ratings Services gave Woori Bank a 'C+' Bank
Financial Strength Rating.


* Bankruptcies Hit Record Low in June 2006
------------------------------------------
South Korea's corporate bankruptcies fell again in June 2006 due
to a drop in failures among manufacturing and service
businesses, The Korea Times reports, citing data from the Bank
of Korea.

According to the report, the number of businesses that went
bankrupt increased by 21 to 210 in June from 189 in May 2006.  
The June 2006 figure was below last year's monthly average of
285, the central bank said.

The default rate on corporate bills -- bonds, checks and
promissory notes -- was unchanged at 0.02% for the seventh
consecutive month in June.


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

ANTAH HOLDINGS: Former Consultant Files Illegal Termination Suit
----------------------------------------------------------------
Antah Holdings Berhad's wholly owned subsidiary, Kaseh Lebuhraya
Sdn Bhd receives a Writ of Summons filed by Wheels and Wheels
Sdn Bhd on June 30, 2006.

Wheels and Wheels claimed that its termination as Kaseh's
Project Management Consultant on September 3, 2003, for the
Kajang - Seremban Highway Project was unlawful.

Consequently, Wheels and Wheels demanded:

   -- a declaration that its terminations was illegal;
   
   -- MYR5,270,000 as payment for outstanding consulting fees;

   -- MYR125,423 as payment for expenses incurred;

   -- MYR9,841,211 as payment for balance of consultant's fees;

   -- compensation for damages resulting from the illegal
      termination plus an 8% annual interest from September 30,
      2003; and

   -- payment of legal costs and other relief as the Kuala
      Lumpur High Court deems fit.

Kaseh disputes Wheels and Wheels' claims and is currently
liaising with its Solicitors to take the appropriate actions to
protect its legal rights.

                      About Antah Holdings

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

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

The Company's March 31, 2006, balance sheet showed total assets
of MYR698,224,000 and total liabilities of MYR1,051,307,000
resulting into a shareholders' deficit of MYR353,083,000.  The
Company's default on its credit facilities totaled
MYR286,442,000, as of April 30, 2006.


BUKIT KATIL: Estate Sale Proposal Gets Shareholders' Nod
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Bukit Katil Resources Berhad will hold an
Extraordinary General Meeting on July 21, 2006, the main purpose
of which is to seek shareholders' approval for disposal of
various estate properties.

In an update, the EGM was duly held and Bukit Katil's
shareholders approved the disposal of some of the Company's
estate properties, which include:

   * Ayer Kuning Estate -- Lot Nos. 1199 & 1200 held under Geran
     21180 & 21181, Mukim of Ayer Kuning, District of Tampin,
     Negeri Sembilan Darul Khusus -- to Multihub
     Harvest Sdn Bhd for MYR11,432,000 in accordance with the
     terms and conditions of a Sale and Purchase Agreement
     December 8, 2005;

   * Grisek Estate -- Lot Nos. 8391, 3745, 3746 & 3747 held
     under Geran 28742, Geran Mukim 4487, 4488 & 4489, Mukim of
     Grisek, District of Muar, Johor Darul Takzim -- to Dhirini
     Corporation (M) Sdn Bhd for MYR19,202,640 in accordance
     with the terms and conditions of a Sale and Purchase
     Agreement dated December 1, 2005; and

   * Pagoh Estate -- Lot Nos. 792, 1718, 1867 held under Geran
     96914, 82257 & 82394, Mukim of Pengkalan Bukit and Lot No.
     4265, 5454, 5455, 5456, 5486 & 5487 held under Geran Mukim
     1902, Geran 49927, 49928, 49929, 49951 & 49982, Mukim of
     Jorak, District of Muar, Johor Darul Takzim -- to Ker Chee
     Seng for MYR12,572,000 in accordance with the terms and
     conditions of a Sale and Purchase Agreement dated Dec. 1,
     2005.

                       About Bukit Katil

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

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

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


FOREMOST HOLDINGS: Sub-Unit Faces Wind-Up Proceedings
-----------------------------------------------------
On May 23, 2006, Berg & Shmidt (M) Sdn Bhd filed with the High
Court of Pulau Pinang a petition to wind up Foremost Holdings
Berhad's sub-subsidiary, Tong Giap Feedmills Sdn Bhd.

The wind-up application was filed in respect of Tong Giap's
inability to pay animal feed component which it has procured for
MYR123,141 from Berg & Schmidt.

Tong Giap is a 50% plus 1 share owned subsidiary of Axasupreme
Sdn Bhd, which in turn is a 51% owned subsidiary of Foremost
Holdings.

Tong Giap has already been would up by another creditor, Sin
Heng Chan Pte Ltd, on March 24, 2006.

Foremost had not given any Corporate Guarantees for Tong Giap's
debts and will not face any financial liabilities.  The Company
has also written down its investment in Tong Giap via its
holding company, Axasupreme.

Except for legal cost and interest, Foremost does not expect to
incur losses from the wind-up proceedings.

                    About Foremost Holdings

Foremost Holdings Berhad manufactures and sells automobile
speakers, home audio speakers, general-purpose speakers and
speaker wooden cabinets.  The Company is also engaged in the
trading of auto accessories, investment holdings and the
provision of management services.  Products are distributed in
Malaysia, Singapore, United Kingdom, Italy, Taiwan, the United
States, other Asian countries, other European countries and
other countries.  Foremost was classified as an affected listed
issuer under Bursa Malaysia Securities Berhad's Practice Note 17
because it has "insufficient financial position to warrant
continued listing".  As an affected issuer, the Company and is
required to draft a plan to regularize its finances to avoid
being delisted from the Official List.


HARVEST COURT: Securities Commission OKs Waiver Application
-----------------------------------------------------------
On July 17, 2006, the Securities Commission approved Harvest
Court Industries Berhad's application for a waiver from
Paragraph 17.06 of the Securities Commission's Guidelines.

Paragraph 17.06 of the SC Guidelines states that:

   "any proposal that has been rejected by the Commission may be
    resubmitted only after a lapse of at least one year from the
    date the application for the proposal or for a review of the
    decision, as the case may be, is rejected."

With the Commission's approval, Harvest Court does not need to
wait for a year from February 22, 2006, to submit its corporate
proposal to the SC.

As reported in the Troubled Company Reporter - Asia Pacific on
December 22, 2005, Harvest Court Industries Berhad filed an
appeal to the Securities Commission to reconsider the
regulator's rejection of the Company's application for the
Proposed Corporate Exercise, which was submitted to the
commission on August 9, 2005.  
  
On February 24, 2006, the Securities Commission informed Harvest
Court through a letter that the appeal was rejected.

                 About Harvest Court Industries

Headquartered in Selangor, Malaysia, Harvest Court Industries
Berhad -- http://www.harvestcourt.com/-- is engaged in kiln  
drying, saw milling and manufacturing of timber doors and
related products. Other activities include development of
residential and commercial properties and jetty services and
provision of construction works and related maintenance
services.  The Group is also involved in the provision of
marketing and management services and investment in shares and
securities.  The Group operates in Malaysia and Australia.  

The Group has defaulted on several loan facilities because of a
reduction in sales from 2002 onwards due to a weak global market
as a result of the Iraqi and the severe acute respiratory
syndrome, or SARS, as well as its inability to raise funds via
the equity market due to weak market sentiment.  As of December
31, 2005, the Company registered accumulated losses of MYR19.6
million.  Due to its financial position, Harvest Court had
embarked on an exercise to restructure the Company, including a
debt restructuring and capital reduction.  The Company's
proposed corporate exercise was rejected by the Securities
Commission in November 2005, on grounds that the proposals are
not comprehensive and are not capable of resolving all financial
problems of the Company.  Its appeal to reconsider the rejection
was also junked by the Commission on February 24, 2006.  The
Harvest Court Board is now in talks with lenders and major
creditors for its next course of action.


MALAYSIA AIRLINES: Teams Up with Government to Promote Tourism
--------------------------------------------------------------
On July 23, 2006, Malaysia Airlines, together with the Tourism
Ministry unveiled the "Visit Malaysia Year 2007" logo on one of
its Boeing 747-400 aircraft, Asia Pulse reports.  The Boeing
plane is the first of 86 Malaysia Airlines aircraft to carry the
tourism logo.

The carrier's managing director, Idris Jala, told Asia Pulse
that Malaysia Airlines will help make the logo visible to over
100 destinations across Europe, China, India, West Asia, United
States, Korea, Japan, and Australia to create interest and
stimulate interest among airline passengers to come and visit
Malaysia.

In a related matter, the Tourism Ministry plans to ask Malaysia
airlines to revive stopover packages on long-haul flights via
Malaysia, The New Straits Times relates.  The Government is
hoping that a brief stop-over in Malaysia will encourage
foreigners to return and help boost the country's tourism
industry, The Straits Times says.

The paper recounts that Malaysia Airlines had ceased to offer
the stopover packages.

According to Media reports, Malaysia Airlines is likely to
accept the Government's proposal since the revival of stopover
tours would eventually boost the carrier's passenger traffic.

               Plans to Include Code-Sharing

Malaysia Airlines would soon announce various programs to
attract more tourists to Malaysia, Bernama reveals, citing Mr.
Jala.  The programs would include code sharing with other
airlines and holiday packages to renowned tourist destinations
in southern Europe, Italy, and West Asia.

                    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.


PANGLOBAL BERHAD: Submits Revised Scheme to SC for Approval
-----------------------------------------------------------
PanGlobal Berhad has submitted its revised restructuring
proposal to the Securities Commission on July 21, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
July 20, 2006, PanGlobal Berhad's board of directors resolved to
revise the Company's proposed restructuring scheme on July 18,
2006.

Specifically, the Board proposed to revise the effective capital
reduction level for the existing ordinary shares of MYR1 each in
PanGlobal from 50% to 60%.  The new level will bring the capital
reduction exercise to be on par with the 60% discount and waiver
to be given by the Scheme Creditors for the value of their
portion of unsecured debts under the Proposed Debt Settlement.

The capital reduction exercise will now involve:

   -- the proposed cancellation of RM0.60 from every existing
      ordinary share of MYR1 each in PanGlobal resulting in an
      existing issued and paid-up share capital of
      MYR140,130,340 comprising 140,130,340 ordinary shares of
      MYR1 each being reduced to MYR56,052,136 comprising
      140,130,340 ordinary shares of MYR0.40 each; and

   -- the proposed consolidation of the 140,130,340 ordinary
      shares of MYR0.40 each in PanGlobal into 112,104,272
      ordinary shares of MYR0.50 each in PanGlobal.

The revisions have been proposed resulting from feedback
received from the Scheme Creditors whose support is critical to
ensure that the Proposed Restructuring Scheme can be
successfully implemented.

The Proposed Restructuring Scheme is expected to enhance the
future earnings of the PanGlobal Group.

                      About PanGlobal Berhad

Headquartered in Kuala Lumpur, Malaysia, Panglobal Berhad
-- http://home.panglobal.com.my/-- is engaged in underwriting  
all classes of general insurance business, extracting of logs,  
sawmilling, manufacturing of veneer and extraction of coal.  
Other activities include property investment and development and
leasing of real estate, investment holding, business management,
building and fitness club management.  PanGlobal is a Practice
Note 4/2001 company.  The Bursa Malaysia Securities has required
the Company to regularize its financial condition, curb huge
losses and settle debts in order to continue operating.  The
Company has already submitted a Proposed Restructuring Scheme to
the Securities Commission on September 9, 2005.  On April 6,
2006, the Securities Commission approved PanGlobal Berhad's
proposed restructuring scheme.

The Company's March 31, 2006, balance sheet revealed total
assets of MYR694,257,000 and total liabilities of
MYR1,033,963,000 resulting into a shareholders' deficit of
MYR339,706,000.


TAP RESOURCES: Buys More Time to Complete Share Purchase Deal
-------------------------------------------------------------
On July 18, 2006, TAP Resources Berhad and Encik Yusoff bin
Berahim agreed to extend the time to complete their Shares Sale
Agreement for another six months.

As reported in the Troubled Company Reporter - Asia Pacific on
July 27, 2005, Tap Resources issued to Bursa Malaysia Securities
Berhad the details of its:

   (a) Acquisition of shares in associate company, Pola Unik Sdn
       Bhd; and

   (b) Memorandum of Understanding

According to the report, on July 19, 2005, TAP had entered into
a Shares Sale Agreement with Yusoff bin Berahim for the
acquisition of 27,500 ordinary shares of MYR1.00 each
representing 11% of the total issued and paid-up share capital
in Pola Unik for a purchase consideration of MYR3,000,000.

The TCR-AP noted that the purchase consideration will be
satisfied in this manner:

   * TAP will pay a sum of MYR300,000 to Yusoff upon execution
     of the Agreement; and

   * TAP will pay the balance of MYR2,700,000 Yusoff within
     three months from the date of the Agreement, with an
     extension of three months upon expiry of the first three
     months period;

The purchase consideration was derived and agreed upon based on
the warranties and representations contained in the Agreement
and on "as is where is basis" including all rights interests
benefit and liabilities against Pola Unik.

The Proposed Acquisition is to be satisfied entirely by cash and
will therefore have no effect on the share capital and
substantial shareholdings in TAP.

TAP's board of directors does not expect the proposal to have
any material effect on the earnings per share and the net
tangible assets per share of TAP Group for the fiscal 2006.  
Nevertheless, the Board expects that, barring unforeseen
circumstances, the profit performance of Pola Unik will
contribute positively to the future earnings of the TAP Group.

The investment of the additional 11% in Pola Unik is to enable
TAP to control Pola Unik other than the intention to diversify
the Company's business base and reliance on construction and
property development.

                        About Pola Unik

With the acquisition, Pola Unik will be a 51% subsidiary of TAP.  
Pola Unik has an authorised share capital of MYR500,000
comprising 500,000 ordinary shares of MYR1 each of which 250,000
ordinary shares have been issued and fully paid-up.  Its
principal activity is to operate a liquefied natural gas
refinery in Sabah.

Pola Unik had executed the Heads of Agreement with Petronas
Berhad for the purchase of natural gas and is currently pending
the formalization of the Gas Purchase agreement.  Pola Unik had
also submitted the Environmental Impact Assessment Report to the
Department of Environmental for its approval.

                    About TAP Resources Berhad

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

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.  
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately
MYR3.1 million.


* Bursa Malaysia Warns About Speculative Stocks Trading
-------------------------------------------------------
Bursa Malaysia Securities Berhad warns investors of the risks of
investing in speculative stocks after several of them dwindled,
Reuters reports.

The Stock Exchange urges investors to base their decision on a
Company's fundamentals, Reuters says. The Bourse refuses to
pinpoint stocks but stresses on the high price volatility of
some shares.

In a statement posted at its Web site, Bursa Malaysia threatened
to take appropriate regulatory action that may include
designation or suspension to maintain equality and order in the
stock market.

Reuters relates that on May 11, 2006, Bursa Malaysia had
designated electronic passports maker, Iris Corp shares.  This
means that buyers had to pay cash upfront for them and sellers
had to prove ownership, however, on June 22, 2006, Bursa
Malaysia lifted these restrictions.

In the previous seven months, the stock had multiplied 13-fold
in seven months, leading the Securities Commission to cite
"excessive speculation and unusual trading patterns," Reuters
recounts.

Reuter notes that among the stocks that plunged last week was
Iris, which had been hit with trading curbs in May.

According to Reuters, Malaysia's bourse is often described as a
two-tier stock market, with docile state-controlled blue chips
accounting for most of its value, but smaller, more speculative
stocks like Iris making up the bulk of market turnover.


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

GLOBE TELECOM: Posts PHP3.5-Billion First Quarter Income
--------------------------------------------------------
Globe Telecom, Inc., disclosed to the Philippine Stock Exchange
that its net income for the first quarter of 2006 was
PHP3.5 billion, 19% higher than the same period in 2005, due to
higher net service revenues, controlled spending on subsidy and
operating expenses.

This net income improvement was in spite of a 202% increase in
provisions for income tax compared to the same period in 2005
driven by a higher corporate tax rate and the expiration of
Globe's income tax holiday last March 2005.

Earnings before interests, taxes, depreciation and amortization
for the first quarter of 2006 reached PHP9.7 billion, 23% higher
than 2005 levels, while EBIT of PHP5.7 billion was 39% higher
compared to the same period in 2005.  Service revenues for both
the wireless and wireline business groups likewise increased
year-on-year driven by growth in the wireless voice and wireline
data segments.  Total subscriber levels for both the wireless
and wireline business groups increased by 2% and 7%,
respectively due to improving price competitiveness and focused
subscriber acquisition and retention promotions targeted at
specific customer segments.

Total capital expenditures dropped 42% to PHP2.9 billion from
PHP5.1 billion as the Company winded down its 2G wireless
network expansion program.  As of March 31, 2006, network
coverage stood at 93% while population coverage reached 98%, and
total cell site count increased by 29% to 5,316 from 4,106 for
the same period in 2005.  Free cash flow continued to be robust
at PHP8.9 billion by the end of the first quarter or 46% of full
year 2005 level of PHP19.5 billion.

Consolidated assets as of March 31, 2006 amounted to
PHP125.14 billion, compared to PHP124.32 billion as of the same
period last year.  Total debt stood at PHP45.86 billion, down
14% from PHP53.22 billion YoY.  The Company is illiquid with a
current ratio of 0.90:1, since current assets total
PHP23.49 billion while current liabilities amounted to
PHP26.24 billion.

Gross debt to equity ratio as of March 31, 2006 was 0.88:1 on a
consolidated basis and remains well within the 2:1 debt to
equity limit dictated by certain debt covenants. Net debt to
equity ratio was at 0.61:1 as of March 31, 2006.

Globe Telecom's financial report for the first quarter of 2006
is available for free at:

     http://bankrupt.com/misc/GLO_17Q_Mar2006.pdf

                       About Globe Telecom

Globe Telecom, Inc. -- http://www.globe.com.ph/-- is one of the  
country's major telecommunications companies.  It was
incorporated on January 15, 1935 as a traditional provider of
telex/telegram and VSAT services.  Thereon, it diversified its
business into a cellular, landline and international gateway
facility services provider for long distance telephone calls.

The Company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features such as text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

                          *     *     *

Standard and Poors gave Globe Telecom's Long Term Foreign Issuer
Credit and Long Term Local Issuer Credit both a BB+ rating,
effective November 3, 2005 and June 23, 2004, respectively.


MAYNILAD WATER: Five Firms to Bid for Government's Stake
--------------------------------------------------------
Five out of 11 firms will push through and bid for the
Philippine Government's 83.97% stake in Maynilad Water Services
Inc., Manila Standard Today writes.

A consortium of DMCI Holdings and Metro Pacific Investment
Corp., India's Karunakaran Ramchand, Manila Water Inc., Marubeni
Corp. of Japan, and Rubia Holdings-Noonday Asset Management Asia
Pte have filed pre-qualification documents for the bidding of
Maynilad's stake.  According to the Office of the Government of
Corporate Counsel consultant Maria Chona Balanguit, only these
firms had qualified for the next stage in the bidding process,
including a review by a special bids and award committee.

The Troubled Company Reporter - Asia Pacific had, on July 11,
2006, stated that several local and foreign firms had expressed
interest in acquiring the stake held by Metropolitan Waterworks
& Sewerage System, and have purchased bidding documents for the
stake sale.  The MWSS, which holds the Government's stake in
Maynilad, has set the minimum required bid for the stake at
PHP3.13 billion, plus a US$30-million performance bond.  
Qualified bidders who pass business and technical requirements
must post a US$2.5 million guarantee, before Metropolitan
Waterwaorks & Sewerage System, which holds the 83.97% stake,
will determine the highest bidder.  After that, the
Privatization Council will have the final say on whether the
bidding price is right.  The deadline for the submission of bids
is Oct. 24, 2006, and MWSS expects to award the contract to the
winning bidder before December this year.

In the terms of reference for the auction, the winning bidder
will continue Maynilad's operations of the west zone of the 25-
year contract, and will handle the Company's debts in a debt &
capital restructuring agreement with MWSS.

                          *     *     *

Maynilad Water, formerly known as Benpres-Lyonnaise Waterworks,
Inc., was incorporated on January 22, 1997 as a joint venture
between the Parent Company and Suez-Lyonnaise Des Eaux, now
known as Suez Environnement, primarily to bid for the operation
of the privatized system of waterworks and sewerage services of
the Metropolitan Waterworks and Sewerage System for Metropolitan
Manila.

According to a report by the TCR-AP on Nov. 19, 2003, the
Company filed for corporate rehabilitation with the Quezon City
Regional Trial Court, saying it could not pay its debts
following an international arbitration panel's decision
regarding the early termination of Maynilad's water concession
agreement with Metropolitan Waterworks & Sewerage System.

On Aug. 6, 2004, the Rehabilitation Court directed Maynilad
Water to submit a revised rehabilitation plan based on a full
draw of a US$120-million performance bond within a non-
extendable 30-day period or until September 6, 2004.  On
September 9, 2004, Maynilad Water, its shareholders, MWSS, and
the Department of Finance set out their intents in a Memorandum
of Understanding relating to the restructuring of:

   -- the financial obligation of Maynilad Water with various
      banks; and

   -- the unpaid Concession Fees of Maynilad Water under the
      Concession Agreement.

            Debt Capital and Restructuring Agreement

On April 29, 2005, Maynilad Water, its shareholders, bank
creditors, and MWSS executed a debt capital and restructuring
agreement to set out the terms and conditions of their
understanding and to govern their respective rights and
obligations in connection with the restructuring of the debt and
capital of Maynilad Water.  The DCRA provides, among others, the
capital restructuring and restructuring of debt and concession
fees of Maynilad Water, and will take effect upon the
satisfaction of precedent conditions set forth in the DCRA,
including Court approval.  The Rehabilitation Court approved the
DCRA on June 1, 2005, and the DCRA was effected on July 20,
2005.


PHILIPPINE AIRLINES: Aims to List Shares in PSE by 2008
-------------------------------------------------------
Philippine Airlines may seek to publicly list shares its shares
at the Philippine Stock Exchange in 2008, if its profitability
trend continues, ABS-CBN News reports.

The Philippine Daily Inquirer states that PAL President Jaime J.
Bautista said that they hope to comply with the Exchange's
minimum requirement of three years' continued profitability
before a firm can list its shares.  So far, the Company has
posted profits for the second year in a row on increased
passenger load, efficient operations, although it has yet to
submit its financial report for the year ended March 31, 2006,
this month.

Since its corporate rehabilitation in 1998, PAL reduced its
debts to PHP237.23 billion from PHP496.02 billion by selling
assets and using the proceeds to pay off maturing debts, the
Manila Times says.  The Company is expected to complete its
restructuring program in 2030.

Manila Standard Today states that a 12% increase in PAL's
passenger revenues led to net operating revenues worth
PHP54.09 billion in the last quarter of 2005, which is 11%
higher than the PHP48.81 billion in revenues posted in the
previous year.  Mr. Bautista said, however, that profit
estimates would depend on the fluctuating global price of fuel,
which accounts for 35% of the Company's operating costs.

                    About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is  
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific says that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 says that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


VICTORIAS MILLING: Tanduay Holdings Looks to Buy 10.7% Stake
------------------------------------------------------------
Local liquor firm Tanduay Holdings Inc. is seeking to purchase a
10.7% stake in sugar firm Victorias Milling Co. Inc., after
disclosing to the Philippine Stock Exchange that its Board had
authorized its Chief Finance Officer Nestor Mendones to bid for
the stake, held by retirement plan firm MJ Osorio, the
Philippine Daily Inquirer reveals.

The auction will be held on July 28, 2006.

Victorias Milling experienced financial difficulties in 1995,
the Inquirer relates, after suffering losses from its
unprofitable non-sugar businesses and increased competition both
locally and abroad.  The Company posted a net loss of
PHP243 million in 1996, which grew to PHP2 billion in 1997
during the Asian financial crisis.  VMC could not pay its debts
from creditors and sought debt relief from the Securities &
Exchange Commission.

Victorias Milling's rehabilitation entails converting its debts
into shares, and the Company has reserved a seat on its board
for a joint venture partner that invests in VMC, six seats for
unsecured creditors that opt to convert debts into shares, one
seat for a secured creditor and three seats for existing
shareholders.

The Inquirer states that Tanduay lent PHP300 million to the
Company in 2005, in order for it to proceed with its
rehabilitation, but has yet to convert such loan into shares.

                     About Victorias Milling

Headquartered in Victorias City, Bacolod, Victorias Milling
Company Inc. -- http://www.victoriasmilling.com/-- was  
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities.  Through the years, the
company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery.

On July 4, 1997, the Company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors.  On July 8, 1997, the SEC issued a stay order
restraining all Victorias Milling creditors or any of its
subsidiaries from enforcing their claims, to allow the Company
or any of its subsidiaries to continue to their normal business
operations.  The SEC also ordered the formation of a Management
Committee to oversee the Company's operations and
rehabilitation.

The Company is currently undergoing debt restructuring.


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

DAKA DESIGNS: Buys More Time to Release 2006 Financial Results
--------------------------------------------------------------
The Singapore Stock Exchange on July 21, 2006, granted Daka
Designs Limited's request to release its financial results by
August 31, 2006, at the Company's annual general meeting.

The extension of time is subject to the Company making an
immediate announcement that a waiver form Rule 705 of the
Listing Manual has been granted by the Exchange, stating the
reasons for the delay in the release of the results, the
conditions attached to the waiver and that the financial results
for fiscal 2006 will be released latest by August 31, 2006.

Concurrent with the release of the findings of the special
auditors as set out in the report dated June 8, 2006, the
Company disclosed on June 14, 2006, that it would use its best
endeavors to release its financial statements by July 21, 2006.

However, certain circumstances have now made it possible for the
Company to comply with the deadline, necessating a further
extension of time both to release its financial results.

The Company explained it was unable to furnish its financial
report on time because:

   -- the Company's auditors required time to review the KPMG
      Report to analyze how the findings would impact its own
      financial audit of the Company, and was only able to
      commence discussions on the financial audit after it had
      completed its review of the KPMG report; and

   -- following the announcement on June 14, 2006, after further
      discussions and deliberation by the Board on the auditors'
      scope of work, it was determined that in order to complete
      the audit thoroughly and to address the certain issues
      raised in the KPMG Report, more time would be required to
      complete the audit.

As a result, the Company's financial results for FY2006 and the
annual report for FY2006 will not be prepared in time for
release as scheduled, and accordingly, the extension of time was
required.

The Company will announce the outcome of its application for an
extension of time to hold its AGM in due course.

                  About Daka Designs Limited

Daka Designs Limited is principally involved in designing,
developing and marketing of innovative products for the consumer
market.  The Group operates in Hong Kong, the United States of
America, Macau, and the United Kingdom.

The Singapore Stock Exchange has decided to suspended the
trading in the shares of Daka Designs after Auditor KPMG
observed certain irregularities in the operations and accounting
records of the Company.  The concerns and irregularities raised
by KPMG in its report may amount to breaches under the
Securities and Futures Act and other laws in Singapore.
Consequently, the SGX has informed the Monetary Authority of
Singapore and lodged a report with the Commercial Affairs
Department to initiate investigations into the matter.


DAKA DESIGNS: Inks Sale and Purchase Deal with Mayhem U.K.
----------------------------------------------------------
Daka Designs Limited on July 20, 2006, entered into a sale and
purchase agreement with Mayhem U.K. Limited -- a shareholder of
Daka Europe Limited -- for the acquisition of the remaining 50
ordinary shares at a total consideration of SGD37,500
representing 50% of the total issued and paid-up capital of Daka
Europe.

The acquisition will be made through Daka Development Limited --
a wholly owned subsidiary of the Company -- which currently
holds the other 50% of the issued share capital of Daka Europe.

Consequent, upon the acquisition transaction taking place, Daka
Europe will be a wholly owned subsidiary of Daka Development
Limited, which itself, is in turn a wholly owned subsidiary of
Daka Designs Limited.

The transaction is not expected to have any significant impact
on the consolidated earnings per share and net tangible asset
per share of the Company for the financial year ending
March 31, 2007.

                About Daka Designs Limited

Daka Designs Limited is principally involved in designing,
developing and marketing of innovative products for the consumer
market.  The Group operates in Hong Kong, the United States of
America, Macau, and the United Kingdom.

The Singapore Stock Exchange has decided to suspended the
trading in the shares of Daka Designs after Auditor KPMG
observed certain irregularities in the operations and accounting
records of the Company.  The concerns and irregularities raised
by KPMG in its report may amount to breaches under the
Securities and Futures Act and other laws in Singapore.
Consequently, the SGX has informed the Monetary Authority of
Singapore and lodged a report with the Commercial Affairs
Department to initiate investigations into the matter.


INFORMATICS HOLDINGS: Disposes of ICE Property for SGD650,000
-------------------------------------------------------------
Boss Coaches Pte Limited on July 17, 2006, executed its option
to purchase Informatics Holdings Limited's leasehold asset known
as the "ICE Property".

The option to purchase the Property, which is located at 1 Jalan
Anak Bukit #B1-52 Bukit Timah Plaza, Singapore 588996, was
granted on, July 7, 2006.  The selling price is S$650,000.

The disposal of the property is subject to "The Singapore Law
Society's Conditions of Sale 1999" so far as they are applicable
to sale by private treaty.

The effect of the disposal of the property on the Group's net
tangible assets per share and earnings per share is
insignificant.  

            About Informatics Holdings Limited

Informatics Holdings Ltd -- http://www.informatics.edu.sg/--  
was established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled Information Technology
manpower and knowledge-based workers to build and sustain the
rapid economic development in the region.  Informatics' core
business activities are training and education, IT-related
services and franchise operations.  Informatics was at the
center of a scandal that began in mid-April 2004 when it
admitted that it has overstated profits and understated costs
for the nine months ended December 2003 in its quarterly
financial statement.  The scandal started a string of losses for
the education services provider.  Informatics Holdings, however,
managed to cut its losses for the fourth successive quarter in
its third-quarter financial results for the fiscal year 2006.  

Due to continued financial support from majority shareholder
Berjaya and efforts to sell non-core assets, Informatics
Holdings hopes to get back to black by continuing to increase
revenue and control costs.  The Company is currently looking
into agreements with underwriters on an earlier proposed rights
issue, in order to raise working capital.

As reported by the Troubled Company Reporter- Asia Pacific, on
June 1, 2006, Informatics Holdings slashed its net losses by 68%
or SGD48.4 million from SGD71.2 million in fiscal year ended
March 31, 2005, to SGD22.8 million in fiscal year ended
March 31, 2006.


ISU PRODUCTS: Enters Wind-Up Proceedings
------------------------------------
DBS Bank Limited filed an application to wind up ISU Products
Construction Pte Limited on July 14, 2006.

Creditors are required to file their proofs of debt with the
Company's liquidator for them to share in an distribution the
Company will make.

The liquidator can be reached at:

         The Official Receiver
         Insolvency and Public Trustee's Office
         45 Maxwell Road #05-11/ #06-11
         The URA Centre (East Wing)
         Singapore 069118


MAE ENGINEERING: Kong Family Buys 16,307,209 Rights
---------------------------------------------------
Mae Engineering's executive director, Kong Mun Kwong, informed
that his various family members have completed the purchase of a
total of 16,307,209 rights in the market.  The family intends to
convert these rights into new shares of the Company.

               About MAE Engineering Limited

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

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


PCCHIP COMPUTER: Pays Dividend to Creditors
-------------------------------------------
PCCHIP Computer Manufacturer Pte Limited has paid its first and
final dividend to creditors on July 20, 2006.

The amount paid was 100% of all admitted preferential claims and
0.3% of all admitted unsecured claims.


PENG CHOR: Court to Hear Wind-Up Petition on July 28
----------------------------------------------------
The High Court of Singapore will hear an application for the
wind-up of Peng Chor Foods Pte Limited on July 28, 2006, at
10:00 a.m.

Lee Teng Hong filed the wind-up petition on July 3, 2006.

The solicitors for the plaintiff can be reached at:

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


UNIGLO HOLDINGS: Wind-Up Petition Hearing Slated for August 4
-------------------------------------------------------------
A wind-up petition against Uniglo Holdings Pte Ltd will be heard
before the High Court of Singapore on August 4, 2006, at 10:00
a.m.

Parties wishing to attend the said hearing must send a notice to
the solicitor by August 3, 2006, at 12:00 p.m.

The solicitors for the spplicant can be reached at:

         JHT Law Corporation
         111 Amoy Street #02-00
         Singapore 069931


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

THAI PETROCHEMICAL: Shareholders Dismiss CEO Leophairatana
----------------------------------------------------------
A majority of Thai Petrochemical Industry Plc's more than 4,000
shareholders holding more than 12 billion shares, or 98.86% of
the Company's total securities, voted at an extraordinary
meeting at the Company's plant in Rayong to dismiss Prachai
Leophairatana as a Company director, the Bangkok Post reports.

According to the report, the decision to dismiss Mr.
Leophairatana on July 20, 2006, was ahead of his scheduled
retirement in March 2007.

Thai Petrochem President Piti Yimprasert told the Bangkok Post
that the Company would now ask the Stock Exchange of Thailand to
remove the 'C' -compliance- sign from its shares to show that it
had met all terms of its business rehabilitation.

"Actually, the SET should have removed the C sign a few weeks
ago since we had already completed our rehabilitation program.  
Now, I think it can be removed next week," Mr. Yimprasert told
the paper.

The Troubled Company Reporter - Asia Pacific recounts that the
removal of Mr. Leophairatana, which had been sought by
securities regulators, brings the seven-year battle for control
of Thai Petrochem close to the end.  Southeast Asia's largest
integrated petrochemical complex has been the focus of a bitter
struggle over its debt rehabilitation, which resulted in state-
allied shareholders led by PTT Plc gaining control earlier this
year.

Mr. Leophairatana told the Bangkok Post that he would file a
suit against the result of the shareholders' meeting.  He
contends that an earlier shareholders' meeting on April 27, 2006
-- the first after company's exit from rehabilitation -- was not
legitimate, which would invalidate the results of subsequent
meetings including the one held last week.

Meanwhile, The Nation relates that shareholders of the Company
also approved the issuance of US$600 million worth of
unsubordinated, unsecured debentures for sale to foreign
investors.

The Nation notes that bond issuance is part of the Company's
plan to raise US$1 billion to pay its debts.  However, Mr.
Yimprasert told The Nation that the Company might opt to borrow
the entire US$1 billion through a "bridge financing" facility.

"Short-term loans could be cheaper than bonds, as the company's
rating is not high enough," Mr. Yimprasert said.

Shareholders also approved a US$1.2 billion investment plan.  A
total of US$800 to US$900 million would go towards upgrades of
the Company's refinery while the remaining US$200 to
US$300 million will go towards developing an electricity plant
with capacity to produce 200-300 megawatts a year, The Nation
says.

                          *     *     *

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
Plc -- http://www.tpigroup.co.th/-- is the leading integrated  
petrochemical company in the country, producing naphtha,
liquefied petroleum gas, and lubricant oils.  The Thai
Government was reorganizing the bankrupt company, which had
defaulted on $2.7 billion in loans, until PTT Plc, Thailand's
largest oil and gas group, and Thailand's biggest company,
purchased a 31.5% stake in Thai Petrochemical late in 2005.  In
December 2005, PTT and three other state agencies completed
payment for a 61.5% stake on in Thai Petrochemical.  The money
was used to pay for a bulk of the Company's defaulted loans. The
Company has since been trying to get out of restructuring.

The Troubled Company Reporter - Asia Pacific reported on
April 28, 2006, that the Central Bankruptcy Court of Thailand
approved Thai Petrochemical's exit from business rehabilitation.  
The Court ruled that the business rehabilitation plan of Thai
Petrochemical and its six subsidiaries -- Thai ABS Co; TPI
Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane
Industry Plc; and TPI Energy Co. -- be terminated.


* BOND PRICING: For the Week 24 July to 28 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    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     7
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     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
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     4
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     2
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                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    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


PHILIPPINES
-----------
Philippines (Republic)                8.875%    04/15/08    62


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
Tincel Ltd                            7.400%    06/13/11     1


Tuesday's edition of the Troubled Company Reporter -- Asia
Pacific delivers a list of indicative prices for bond issues
that reportedly trade well below par.  Prices are obtained by
TCR editors from a variety of outside sources during the prior
week we think are reliable.   Those sources may not, however, be
complete or accurate.  The Tuesday Bond Pricing table is
compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
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Information contained herein is obtained from sources believed
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                 *** End of Transmission ***