TCRAP_Public/060726.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  

            Wednesday, July 26, 2006, Vol. 9, No. 147

                            Headlines

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

AIP AUST: Enters Voluntary Liquidation
BILL FORAN: Opts to Liquidate Business
BLUE POINT: Liquidator Davies to Give the Wind-Up Report
CENTIK PTY: Members Opt to Shut Down Business Operations
CHEFS PTY: Appoints Joint and Several Liquidators

D'ANGELOZ LIMITED: Official Liquidator Named
DENBUR PROJECT: Faces Liquidation Proceedings
DOLOMITE ALPINE: Members and Creditors to Receive Wind-Up Report
EDGAR DEVELOPMENTS: Enters Liquidation Proceedings
ELECTRUM ENERGY: Placed Under Voluntary Liquidation

EVERETT & STEELE: To Declare Dividend for Priority Creditors
FANNINGS PAINT: Members Decide to Wind Up Business
FELTEX CARPETS: Restructuring Talks with Investors Continue
G.B.R. MAINTENANCE: Creditors' Proofs of Claim Due on August 3
JAMES BRYANT: Shuts Down Business Operations

JOSA LAND: Wind-Up Process Commenced
KARDEN INVESTMENTS: Inability to Pay Debt Prompts Wind-Up
LARSA PTY: Members and Creditors to Hear Wind-Up Report
LAUCAM DESIGNS: Completes Liquidation Exercise
LOGOS HOLDINGS: Appoints Official Liquidator

MAC-FLY PTY: Supreme Court Issues Wind-Up Order
MERAK PTY: Members Agree to Voluntary Wind Up
MERIMCP PTY: Members to Receive Wind-Up Report
OLIVER TRANSPORT: Shuts Down Business Operations
PETRIG HOLDINGS: Members Initiate Wind-up Proceedings

REAT PTY: Prepares to Suspend Operations
RSB DEVELOPMENTS: Undergoes Voluntary Liquidation
SANDOR DEVELOPMENT: Members Agree on Voluntary Liquidation
SANTAVAN FARMS: Liquidator Finch to Present Wind-Up Report
SEIDEL BROS: Members Decide on Voluntary Wind-Up

S & M FARRUGIA: Appoints Joint and Several Liquidators
SOMERDALE PTY: Files for Voluntary Liquidation
STAHPAK LIMITED: Receivers and Managers Named
TAMNAMORE PTY: Members Pass Resolution to Wind Up Business
TIWARRIE PTY: Placed Under Members' Voluntary Wind-Up

W.A. COMMERCIAL: Liquidates Business Operations
WESTPOINT GROUP: Court Stops Mr. Burnard from Disposing Assets
* AU & NZ Governments Agree on Merger Protocol
* NZ Dollar Gains as Higher Bond Yields Boost Demand
* Speculation on Interest Rates Increase Boosts AU Dollar

* Euler Hermes Enters AU & NZ Through Lumley General Acquisition


C H I N A   &   H O N G  K O N G

CELION LIMITED: Enters Voluntary Liquidation
CHAMPION DATA LTD: Winds Up Business and Appoints Liquidators
FARGO CHEMICALS: To Give Final Liquidation Report on August 22
FIRMIANA LIMITED: Creditors' Proofs of Claim Due on August 28
GOLDEN CHEER CONSTRUCTION: To Give Final Report on August 23

OCEAN GRAND HOLDINGS: S&P Whips Long-Term Credit Rating to 'D'
OPENET INFORMATION TECHNOLOGY: Appoints Official Liquidator
RESOUND LIMITED: Proofs of Claim Due on August 10
SITI CHINA: To Hold Final General Meeting on August 21
VERTEX CHINA INVESTMENT: Claim Particulars Due on August 24

WISE FAVOUR TRANSPORTATION: To Hold Final Meeting on August 23
XCAN ASIA LIMITED: Winds Up Business and Names Liquidator
* Moody's Sees Stable To Positive Outlook For Chinese Banks


I N D I A

FORD MOTOR: William Clay Ford, Jr., Named President and COO
INDIAN OIL: Warns of Depleting LPG Inventories
UTI BANK: Fitch Assigns C/D Individual Rating


I N D O N E S I A

PERUSAHAAN LISTRIK: Implements Second Day of Power Cuts


J A P A N

KEIYO CO: JCR Affirms BB+ Senior Debts Rating
MITSUBISHI MOTORS: Posts June 06 Production, Sales & Exports
SKYLARK CO: S&P Lowers Corporate Credit & Debt Ratings to BB


K O R E A

HYNIX SEMICONDUCTOR: Judge Halves Rambus Award
LG CARD: Offers from Potential Bidders Welcome Until August 11
LG TELECOM: Loses 3G Service License; CEO Urged to Step Down
WOORI BANK: Gets KRW448 Billion in Internet Banking Deposits
WOORI BANK: Finance Ministry Okays HK Unit Launch


M A L A Y S I A

AVANGARDE RESOURCES: Fails to Submit FY2005 Audited Report
DATUK KERAMAT: Revamp Plan Delays Submission of 2005 Accounts
GEORGE TOWN: Unable to Submit 2005 Accounts on Time
MANGIUM INDUSTRIES: Sawmilling Arm Defaults on Bank Facilities
MBF CORPORATION: Lists and Quotes 124,000 New Shares

MBF HOLDINGS: CEO Intends to Deal in Securities at Closed Period
MENTIGA CORPORATION: Incorporated Computer Service Unit
NORTH BORNEO: Buys More Time to Complete Restructuring Scheme
NORTH BORNEO: Faces Delisting Over Failure to File 2005 Report
SBBS CONSORTIUM: Faces Further Suspension or Delisting

TRU-TECH HOLDINGS: Decides to Scrap Proposed Revamp Deal
* Malaysia's Consumer Asset Quality of Some Concern, Fitch Says


P H I L I P P I N E S

ALLIED BANK: Posts PHP440-Million Net Income in First Quarter
BANKARD INC: GE Unit to Buy Bankard
BENPRES HOLDINGS: Appoints Audit Committee Members & Officers
DEVELOPMENT BANK: Full-Year Net Income Rises 41.4%
DEVELOPMENT BANK: Appoints Patricia Sto. Tomas as Chairwoman

PSI TECHNOLOGIES: Gets Notice of Failure to Comply with Nasdaq


S I N G A P O R E

DIGILAND INTERNATIONAL: Posts Details of Ximeta Transaction
INFORMATICS HOLDINGS: Subsidiary Changes Name
INFORMATICS HOLDINGS: Gains $338,000 from Sale of ICE Property
MDR LIMITED: Notes Director's Change of Interest
SEE HUP SENG: Enters Into Placement Agreement with Subscribers

SPIN VIDEO: Enters Wind-Up Proceedings


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AIP AUST: Enters Voluntary Liquidation
--------------------------------------
At a general meeting of AIP AUST Pty Limited on
June 29, 2006, members resolved that a voluntary wind-up of the
Company's business operations is appropriate and necessary.

David John Cranstoun and John Feddema were subsequently
appointed as liquidators.

The Liquidators can be reached at:

         David John Cranstoun
         John Feddema
         Cranstoun & Hussein
         Chartered Accounts & Business Advisers
         Level 2, 102 Adelaide Street
         Brisbane, Queensland 4001
         Australia


BILL FORAN: Opts to Liquidate Business
--------------------------------------
At an extraordinary general meeting of Bill Foran Pty Limited
held on June 30, 2006, members decided to liquidate the
Company's business.

In this regard, Robert Elliott was appointed as liquidator.

The Liquidator can be reached at:

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


BLUE POINT: Liquidator Davies to Give the Wind-Up Report
--------------------------------------------------------
Members of Blue Point Products Pty Limited will hold a final
meeting on August 11, 2006, at 11:00 a.m., to hear Liquidator S.
C. Davies' report on the Company's wind-up and property disposal
exercises.

The Troubled Company Reporter - Asia Pacific recounts that the
members agreed to close the Company's operations on February 6,
2006.

The Liquidator can be reached at:

         S. C. Davies
         c/o McGrathNicol+Partners
         Level 11, 115 Grenfell Street
         Adelaide South Australia 5000
         Australia
         Telephone:(08) 8468 3700
         Web Site: http://www.mcgrathncol.com.au/


CENTIK PTY: Members Opt to Shut Down Business Operations
--------------------------------------------------------
The members Centik Pty Limited convened on June 16, 2006, and
decided to shut down the Company's business operations.

In this regard, Liquidator Sutherland will be receiving
creditors' proofs of claim by July 26, 2006.

Creditors who cannot prove their claims will be excluded from
sharing in the Company's dividend distribution.

The Liquidator can be reached at:

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


CHEFS PTY: Appoints Joint and Several Liquidators
-------------------------------------------------
At a general meeting of Chefs Pty Limited held on June 7, 2006,
Jason Bettles and Susan Carter were appointed to manage the
Company's wind-up activities.

The Liquidators can be reached at:

         Jason Bettles
         Susan Carter
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia


D'ANGELOZ LIMITED: Official Liquidator Named
--------------------------------------------
Shareholders of D'Angeloz Limited on June 29, 2006, appointed
insolvency practitioner Robert Laurie Merlo to oversee the
Company's liquidation.

In this regard, Mr. Merlo requires the Company's creditors to
file their proofs of debt by August 1, 2006, for them to share
in any distribution the Company will make.

The Liquidator can be reached at:

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


DENBUR PROJECT: Faces Liquidation Proceedings
---------------------------------------------
Members of Denbur Project Managements Pty Limited met at a
general meeting on June 28, 2006, and resolved to liquidate the
Company's business.

Danny Vrkic was consequently appointed as liquidator.

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


DOLOMITE ALPINE: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------------
A final meeting of the members and creditors of Dolomite Alpine
Ski Club Pty Limited will be held on August 14, 2006, at
9:15 a.m.

During the meeting, members and creditors will receive accounts
showing how the Company was wound up and how its property was
disposed of from the Company's liquidator.

The Troubled Company Reporter - Asia Pacific reported that on
July 5, 2005, the Company commenced a wind-up of its operations.

The liquidator can be reached at:

         Peter Goodin
         Brooke Bird & Co
         Chartered Accountants
         471 Riversdale Road
         East Hawthorn Victoria 3123
         Australia
         Telephone: 9882 6666


EDGAR DEVELOPMENTS: Enters Liquidation Proceedings
--------------------------------------------------
Neil Raymond Donnell of Grant Thorton Auckland Limited was
appointed as liquidator of Edgar Developments Limited on
June 23, 2006.

The Liquidator will distribute the Company's assets to
creditors, to the exclusion of those who were not able to prove
their claims by July 21, 2006.

The Liquidator can be reached at:

         Neil Raymong Donnell
         Grant Tjorton Auckland Limited
         97 101 Hobson Street, Auckland
         New Zealand
         Telephone: (09) 308 2570


ELECTRUM ENERGY: Placed Under Voluntary Liquidation
---------------------------------------------------
At general meeting on June 30, 2006, members of Electrum Energy
Pty Limited agreed that the Company must voluntarily commence a
wind-up of its operations.

Subsequently, Danny Vrkic was appointed as liquidator.

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


EVERETT & STEELE: To Declare Dividend for Priority Creditors
------------------------------------------------------------
Everett & Steele Pty Limited will declare a final dividend for
its priority creditors on August 3, 2006, to the exclusion of
those who were unable to prove their claims.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company declared its first and final dividend on June 7, 2006.

The liquidator can be reached at:

         Kimberley S. Wallman
         K. S. Wallman & Co
         PO Box 4055
         Wembley, Western Australia 6014
         Australia


FANNINGS PAINT: Members Decide to Wind Up Business
--------------------------------------------------
The members of Fannings Paint and Wallpaper Pty Limited convened
on June 28, 2006, and decided to wind up the Company's
operations.

Furthermore, the Company decided it will pay dividend to its
creditors to the exclusion of those who failed to file their
proofs of claim by July 19, 2006.

The liquidator can be reached at:

         Andrew Mclellan
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


FELTEX CARPETS: Restructuring Talks with Investors Continue
-----------------------------------------------------------
As reported in The Troubled Company Reporter - Asia Pacific on
July 5, 2006, an unnamed investor, which was into talks with
Feltex Carpets Limited regarding the injection of new capital,
has withdrawn its proposal.  Yet, the TCR-AP noted that Feltex
has received expressions of interest from other potential
investors and that the Company is holding discussions with them
and has continued to work on capital raising options.

At Feltex's request, the New Zealand Stock Exchange halted the
trading in the Company's shares on July 24, 2006, pending
restructuring negotiations, Stuff.co.nz reports.

Feltex spokesman John Walsh had declined to say who the talks
were with or what might happen if the negotiations failed, The
Dominion Post relates.

According to Rachel Pannett of Dow Jones Newswires, Feltex says
there is no certainty of reaching a deal.

Feltex also warned that if an agreement is reached, the value to
shareholders arising from the restructuring would be "materially
below that at which the shares last traded," Dow Jones notes.

The New Zealand Herald cites industry sources as saying that two
bidders are vying to put Feltex back on a sound financial
footing.  However, the names of the potential buyers are not
known, although Australian carpet-maker Godfrey Hirst has been
speculated as one, the Herald notes.

Godfrey Hirst last year suggested a merger with Feltex but was
rebuffed, the Herald recounts.

"Upon conclusion of the negotiations full and detailed
information will be provided to the market and shareholders,"
Feltex assures.

                          *     *     *

The New Zealand Stock Exchange says that as of July 26, 2006,
the trading halt in Feltex shares has been lifted, and indicates
that the restructuring talks are still ongoing.

                          About Feltex

Established over 50 years ago, Feltex Carpets Limited --
http://www.feltex.com/-- has built a reputation for being one  
of the world's leading manufacturers of superior-quality carpet.
The Feltex operation includes a wool scouring plant, six
spinning mills, three tufted carpet mills, a woven carpet mill
and offices in New Zealand, Australia and the United States.

The Company also leads the way in exports, with customers
throughout South East Asia, Japan, the United States, the Middle
East and other key world markets.  Feltex listed on the local
stock exchange in mid-2004 in a NZ$254-million initial public
offering -- the year's largest in New Zealand.  However, the
Company fell short of its prospectus earnings projections,
reporting a net profit of NZ$11.8 million in the fiscal year to
June 30, 2005, about half the forecast NZ$23.9 million.  The
Company has struggled with losses and earnings downgrades,
flogging sales, and a dipping share price.  The Company closed
plants and in October 2005, axed 235 jobs, mostly in Australia,
and by 2006, abandoned merger talks with Australian competitor
Godfrey Hirst after it suggested that the apparent "white
knight" investor was more interested in a reverse takeover.  
Godfrey Hirst later sold out its nearly 9% stake in the Company.

In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared to the net loss in
the previous year.


G.B.R. MAINTENANCE: Creditors' Proofs of Claim Due on August 3
--------------------------------------------------------------
G.B.R. Maintenance & Electrical Services Pty Limited will
declare its first and final dividend on August 4, 2006.

Creditors are required to file their proofs of claim by
August 3, 2006, for them to share in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported that on
November 2, 2005, the Company commenced a voluntary wind-up of
its operations.

The liquidator can be reached at:

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


JAMES BRYANT: Shuts Down Business Operations
--------------------------------------------
At a general meeting on June 30, 2006, members of James
Bryant Holdings Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets
disposal.

Subsequently, Mark Christopher Hall and Timothy James
Clifton were appointed as liquidators.

The Liquidators can be reached at:

         Mark Christopher Hall
         Timothy James Clifton
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, Australia


JOSA LAND: Wind-Up Process Commenced
------------------------------------
On June 29, 2006, shareholders of Josa Land Company Limited
passed a special resolution to wind up the Company's operations.

In this regard, Stephen James Scott and Joseph Craig McNeill of
Feilding Chartered Accountants were appointed as joint and
several liquidators.

The Liquidators can be reached at:

         S.J. Scott
         J.C. McNeil
         Feilding Chartered Accountants
         53-55 Manchester Street
         P.O. Box 40, Feilding
         New Zealand
         Telephone: (06) 323 6114
         Facsimile: (06) 323 5007


KARDEN INVESTMENTS: Inability to Pay Debt Prompts Wind-Up
---------------------------------------------------------
On June 22, 2006, creditors of Karden Investments Pty Limited
passed a resolution to wind up the Company's operations since it
will not be able to pay its debts as they fall due.

Subsequently, Chris Chamberlain was appointed as liquidator.

The Liquidator can be reached at:

         Chris Chamberlain
         Suite 103, 1st Floor
         Wollundry Chambers, Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia


LARSA PTY: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------
The members and creditors of Larsa Pty Limited will hold a final
meeting on August 9, 2006, at 9:30 a.m.

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

The Troubled Company Reporter - Asia Pacific reported that the
creditors resolved to wind up the Company's operations on
September 5, 2005.

The Liquidator can be reached at:

         Kim David Holbrook
         Holbrook & Associates
         Chartered Accountants
         Level 2, 19 Pier Street
         (GPO Box M925)
         Perth, Western Australia
         Australia


LAUCAM DESIGNS: Completes Liquidation Exercise
----------------------------------------------
Laucam Designs has completed its liquidation and an application
for the removal of the Company from the Register was filed on
June 30, 2006.

Moreover, the final reports and statement of receipts and
payments in respect of the liquidation were already sent to the
Registrar.

The Company's liquidator can be reached at:

         David Vance
         Liquidator
         McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay, Wellington
         New Zealand


LOGOS HOLDINGS: Appoints Official Liquidator
--------------------------------------------
At an extraordinary general meeting on June 30, 2006, members of
Logos Holdings Pty Limited resolved to voluntarily wind up
voluntarily the Company's operations.

In this regard, Robert Whitehouse was appointed as liquidator.

The Liquidator can be reached at:

         Robert Whitehouse
         Chartered Accountants
         1st Floor, 160 Collins Street
         Hobart Tasmania 7000
         Australia
         Telephone:(03) 6223 6155


MAC-FLY PTY: Supreme Court Issues Wind-Up Order
-----------------------------------------------
The Supreme Court of Victoria issued a wind-up order against
Mac-Fly Pty Limited on June 28, 2006.

The Court, likewise, ordered the appointment of Gregory Stuart
Andrews as liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G. S. Andrews & Associates
         Certified Practising Accountants
         22 Drummond Street
         Carlton Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


MERAK PTY: Members Agree to Voluntary Wind Up
---------------------------------------------
After an extraordinary general meeting on June 30, 2006, the
members of Merak Pty Limited decided to voluntarily wind up the
Company's operations.

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

The Liquidators can be reached at:

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


MERIMCP PTY: Members to Receive Wind-Up Report
----------------------------------------------
The members of MERIMCP Pty Limited will convene on August 14,
2006, to receive Liquidator David H. Scott's report on the
Company's wind-up and property disposal.

As reported by the Troubled Company Reporter - Asia Pacific,
members agreed to voluntarily wind up the Company's operations
on December 15, 2005.

The Liquidator can be reached at:

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


OLIVER TRANSPORT: Shuts Down Business Operations
------------------------------------------------
After an extraordinary general meeting on June 28, 2006, the
members of Oliver Transport Pty Limited decided to voluntarily
wind up the Company's operations.

Creditors subsequently appointed Robert Molesworth Hobill Cole
as liquidator.

The Liquidator can be reached at:

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


PETRIG HOLDINGS: Members Initiate Wind-up Proceedings
-----------------------------------------------------
Members of Petrig Holdings Pty Limited convened on July 5, 2006,
and opted to wind up the Company's business operations
voluntarily.

In this regard, E. R. Verge, G. A. Lopez and C. A. L. Huxtable
were appointed as liquidators.

The Liquidators can be reached at:

         C. A. L. Huxtable
         G. A. Lopez
         E. R. Verge
         Liquidators
         Jones Condon Chartered Accountants
         Unit 44B, Level 1, Piccadilly Square West
         7 Aberdeen Street, Perth
         Western Australia 6000
         Australia


REAT PTY: Prepares to Suspend Operations
----------------------------------------
The members of Dellkent Pty Limited had on June 29, 2006,
appointed Jason Bettles of Worrells Solvency & Forensic
Accountants as liquidator to oversee the Company's wind-up
operations.

The Liquidator can be reached at:

         Jason Bettles
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue
         Surfers Paradise, Queensland 4217
         Australia
         Web site: http://www.worrells.net.au/


RSB DEVELOPMENTS: Undergoes Voluntary Liquidation
-------------------------------------------------
On June 29, 2006, the members of RSB Developments Pty Limited
held a general meeting and decided to wind up voluntarily the
Company's business operations and distribute its assets.

Accordingly, Robert Bates was appointed as liquidator.

Creditors who were not able to prove their claims by
June 30, 2006, will be excluded from sharing in the dividend
distribution.

The Liquidator can be reached at:

         Robert Bates
         Casey Bates
         Suite 2, Level 6
         20 Smith Street
         Parramatta
         Australia


SANDOR DEVELOPMENT: Members Agree on Voluntary Liquidation
----------------------------------------------------------
The members of Sandor Development Pty Limited held a general
meeting on June 30, 2006, and agreed to liquidate the Company's
business and distribute the proceeds of its assets disposal.

Hugh Robertson Docker was consequently appointed as liquidator.

The Liquidator can be reached at:

         Hugh R. Docker
         Liquidator
         11 Chesterfield Avenue, Malvern
         Victoria 3144, Australia


SANTAVAN FARMS: Liquidator Finch to Present Wind-Up Report
----------------------------------------------------------
The members of Santavan Farms Pty Limited will hold a final
meeting on August 31, 2006, at 9:00 a.m., to receive Liquidator
Finch's accounts of the Company's wind-up and property disposal.

The Troubled Company Reporter - Asia Pacific reported that on
May 19, 2006, the Company commenced a wind-up of its operations
and appointed Geoffrey Donald Finch as liquidator.

The Liquidator can be reached at:

         Geoffrey Donald Finch
         KPMG
         18 Smith Street, Darwin
         Northern Territory 0800
         Australia


SEIDEL BROS: Members Decide on Voluntary Wind-Up
------------------------------------------------
At a general meeting on June 30, 2006, members of Seidel Bros.
Well Drilling Co. Pty Limited agreed that the Company must
voluntarily commence a wind-up of its operations.

Accordingly, Darryl Newitt was nominated as liquidator to manage
the wind-up activities.

The Liquidator can be reached at:

         Darryl Newitt
         Liquidator
         Rowe McGee
         193 Wakefield Street, Adelaide
         South Australia 5000, Australia


S & M FARRUGIA: Appoints Joint and Several Liquidators
------------------------------------------------------
At a general meeting on June 26, 2006, the members of S & M
Farrugia Pty Limited, resolved to voluntarily wind up the
Company's operations.

Antony de Vries and Riad Tayeh were subsequently appointed as
liquidators.

The Liquidators can be reached at:

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


SOMERDALE PTY: Files for Voluntary Liquidation
----------------------------------------------
The members of Somerdale Pty Limited passed a special resolution
on June 27, 2006, to wind up the Company's business operations.

In this regard, M. J. Whitbread was appointed as liquidator.

The Liquidator can be reached at:

         M. J. Whitbread
         Liquidator
         c/o Deloitte Touche Tohmatsu
         GPO Box 1969, Adelaide
         South Australia, Australia


STAHPAK LIMITED: Receivers and Managers Named
---------------------------------------------
North Kaipara Nominees Limited on June 6, 2006, appointed Gerald
Stanely Rea and John Maurice Leonard as receivers and manager of
the entire property of Stahpak Limited.

The Receivers and Managers can be reached at:

         Gerry Rea Associates
         P.O. Box 3015, Auckland
         New Zealand
         Telephone: (09) 377 3099
         Facsimile: (09) 377 3098
         e-mail: grea@gerryrea.co.nz


TAMNAMORE PTY: Members Pass Resolution to Wind Up Business
----------------------------------------------------------
Members of Tamnamore Pty Limited met at a general meeting on
June 20, 2006, and passed a special resolution to wind up the
Company's business operations.

Subsequently, Ross Reginald Stanton Mathews was appointed as
liquidator.

The Liquidator can be reached at:

         Ross Reginald Stanton Mathews
         Evans & Ayers
         Chartered Accountants
         Level 11, 101 Grenfell Street
         Adelaide, South Australia 5000
         Australia


TIWARRIE PTY: Placed Under Members' Voluntary Wind-Up
-----------------------------------------------------
The members of Tiwarrie Pty Limited held a meeting on
June 23, 2006, and passed a special resolution to wind up the
Company's business operations.

Alfred McCarthy was consequently appointed as liquidator.

The Liquidator can be reached at:

         Alfred Mccarthy
         Gregory & McCarthy
         75 Lead Street
         Yass, New South Wales 2582
         Australia


W.A. COMMERCIAL: Liquidates Business Operations
-----------------------------------------------
At a general meeting on June 29, 2006, the members of  
W.A. Commercial Cleaning Pty Limited decided to wind up the
Company's business operations.

Ronald Derek Gamble was subsequently named liquidator at a
creditors' meeting held later that day.

The Liquidator can be reached at:

         Ronald Derek Gamble
         BDO
         Level 8, 256 Street
         George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone: 9360 4200


WESTPOINT GROUP: Court Stops Mr. Burnard from Disposing Assets
--------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 6, 2006, the Australian Securities and Investment
Commission sought and obtained an order from the Supreme Court
of New South Wales freezing the assets of Neil Austin Burnard,
the sole director of Palentia Pty Ltd. -- formerly known as
Kebbel Pty Ltd. -- and who reportedly promoted Westpoint schemes
to investors.

The TCR-AP noted that Mr. Burnard was forced to return to Sydney
on June 4, 2006, after authorities blocked his entry into the
United States.  He was also forced to surrender his passport and
unused airline tickets.  Moreover, the Supreme Court froze his
personal assets, as well as that of Palentia and another related
company, Tenala.

According to the TCR-AP report, ASIC had alleged that Mr.
Burnard, through Palentia, helped raise more than AU$100 million
for Westpoint from small investors, mainly in NSW and
Queensland, adding that Palentia earned AU$6.5 million in
commissions in the process.  However, Palentia had recently
stopped trading and abandoned its registered office.  ASIC
believes the company may be insolvent.

In an update, Justice Reginald Barrett of the NSW Supreme Court
has extended the court orders against Mr. Burnard, stopping him
from disposing of his assets or leaving Australia until
October 23, 2006, and from coming within 100 meters of an
Australian point of overseas departure, the Australian
Associated Press reports.

Justice Reginald Barrett has continued orders preventing
Palentia assets from being sold, News.com.au says.

The AAP notes that the parties have the liberty to apply to the
Court in relation to the Orders.

News.com.au cites ASIC as saying that the Orders permit Mr.
Burnard and Palentia to pay expenses including ordinary living
and operating expenses, school fees for Mr. Burnard's children,
legal expenses incurred in these proceedings up to set amounts,
and payments servicing loan facilities with arms length
financial institutions.

The matter returns to Court on October 23, 2006.

                     About Westpoint Group

Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property  
development and owns or manages retail and commercial properties
with a total value of over AU$300 million.  The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced investigations on 160 companies within the
Westpoint Group.  The ASIC's investigation led to ASIC
initiating action in late 2005 in the Federal Court of Australia
against a number of mezzanine companies in the Westpoint Group,
including winding up proceedings.  The ASIC contends that
Westpoint projects are suffering from significant shortfall of
assets over liabilities so that hundreds of investors are at
serious risk of not receiving repayment of their investments.  
The ASIC also sought wind-up orders after the Westpoint
companies failed to comply with its requirement to lodge
accounts for certain financial years.  These wind-up actions are
still continuing.

In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd.  The ASIC
had applied to wind up the company on grounds of insolvency.
The ASIC believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.  
The ASIC was concerned that Westpoint Corporation was unable to
pay its debts, including its obligations under the guarantees
given to the mezzanine companies to make good expected
shortfalls in the repayment of amounts owed to investors.  The
Westpoint Group's collapse is considered by many as the largest
of its type in recent years, with small investors being the
biggest group affected.  Investors are currently joining forces
to commence a class action against Westpoint and its advisors.


* AU & NZ Governments Agree on Merger Protocol
----------------------------------------------
New Zealand's Commerce Commission and the Australian Competition
and Consumer Commission agree to work more closely on reviews of
business mergers involving companies operating in both
countries, The Associated Press reports.

The AP relates that the merger protocol follows agreement
earlier this year between New Zealand Finance Minister Michael
Cullen and Australian Treasurer Peter Costello to speed up
removing barriers between the two economies.

According to the report, the Governments agree to amend New
Zealand's Commerce Act 1986 and Australia's Trade Practices Act
1974.  The amendments now allow the two agencies to exchange
information gathered in the course of investigating competition
and consumer protection issues, The AP says.

The agreement covers:

   (a) general cooperation and information exchange;

   (b) specific transactions being considered by both agencies;  
       and

   (c) merger reviews being considered by one agency, where the
       other may be able to assist.

The two agencies believe that closer cooperation could be
useful, particularly for tackling cartels and for regulating
energy and telecommunication sectors, the AP relates.

The AP cites NZ Commerce Commission Chairperson Paula Rebstock
as saying that the deal with the ACCC would build on a number of
practices already "routinely employed" by the two bodies.

The AP adds that Australia and New Zealand have also committed
to expanding the economic benefits from the 30-year-old free
trade agreement linking their economies.

Two-way trade in the year ended May 2006 totaled
NZ$14.3 billion, The AP relates.


* NZ Dollar Gains as Higher Bond Yields Boost Demand
----------------------------------------------------
The New Zealand dollar gained on speculation that the central
bank will keep its benchmark interest rate at a record high this
year as inflation accelerates, stoking demand for the nation's
high yields, Tracy Withers of the Bloomberg News reports.

The gap between yields on New Zealand government bonds and
United States Treasuries has widened since July 17, 2006, when a
report showed annual inflation was the fastest in more than five
years, Bloomberg recounts.

Bloomberg cites all 14 economists it has surveyed last week
noting that Reserve Bank Governor Alan Bollard will probably
leave the official cash rate at 7.25% on June 27 and for the
rest of the year.

"The yield spread has widened further in the New Zealand
dollar's favor," Bloomberg relates citing Michael Gordon,
currency strategist at Westpac Banking Corp. in Wellington.  Mr.
Bollard "will be careful not to unravel the recent tightening,"
Mr. Gordon adds.

Bloomberg relates that consumer prices rose 4% in the year ended
June 30, 2006, according to government figures.  The surge in
inflation pushed three-year bond yields to a four-year high as
investors bet Mr. Bollard would delay rate cuts until the second
half of 2007.

Rising bond yields prompted some banks to raise their home-loan
interest rates, while the local dollar has surged 2.5% this
month.

Bloomberg recounts that last month, Mr. Bollard, who is required
to keep annual inflation between 1% and 3%, said inflation will
not fall below 3% until the fourth quarter next year.

According to Bloomberg, nine of the economists it surveyed
expect that the central bank will wait until March 2007 before
starting to lower interest rates.  Five expect a cut in the
second quarter, Bloomberg notes.


* Speculation on Interest Rates Increase Boosts AU Dollar
---------------------------------------------------------
The Australian dollar gained as speculation that the central
bank will raise interest rates next week, helping push the
premium for holding the nation's debt instead of United States
Treasuries to a six-month high, Chris Young of the Bloomberg
News reports.

The currency has climbed 3% in the past month, Bloomberg notes.

According to Caroline Adam of the Sydney Morning Herald, strong
wholesale inflation data has boosted the Australian dollar,
although concerns about slowing global economic growth kept a
lid on gains.

The Herald cites RBC Capital Markets senior economist Su-Lin Ong
saying that the dollar rallied slightly after stronger than
expected producer price index data led to increased expectations
of an August interest rate rise.

"We've had a string of stronger-than-expected Australian data
and the market is much more convinced the RBA will hike next
week," Bloomberg cites Danica Hampton, a currency strategist at
Bank of New Zealand Ltd., in Wellington, saying.  "This has
widened the yield spread and been Australian-dollar supportive,"
Ms. Hampton adds.

The Bureau of Statistics found the producer price index at the
final stage of production rose 1.6% in the quarter and at an
annual pace of 4.5% its worst level since the December quarter
of 2000, the Australian Associated Press relates.

The AAP says that the outcome exceeded market expectations for
quarterly growth of 1.1% and annual growth of 4.1%.

The Reserve Bank raised its overnight cash rate target a
quarter-percentage point to 5.75% in May to curb inflation,
Bloomberg says, adding that since the increase, reports have
shown record home-lending, a rebound in consumer confidence, and
the unemployment rate at a 30-year low.


* Euler Hermes Enters AU & NZ Through Lumley General Acquisition
----------------------------------------------------------------
Euler Hermes has finalized its acquisition of Lumley General
Insurance's credit insurance portfolio in Australia and New
Zealand, Business Credit Management reports.

On June 22, 2006, Euler Hermes has signed a letter of intent
with Lumley General to acquire its credit insurance activities
in Australia and New Zealand.

Business Credit relates that the Euler Hermes group has gained a
foothold in both countries with its two subsidiaries:

   1) Euler Hermes Trade Credit Underwriting Agents, based in
      Sydney; and

   2) Euler Hermes Trade Credit, in Auckland.

Lumley General is a subsidiary of the Australian Group
Wesfarmers, which ranks among the top 20 listed companies in
Australia.  It has successfully developed its credit insurance
activity during the last five years with a specialized team of
credit insurance professionals, Euler said in a statement on
June 22, 2006.

Euler further said that the credit insurance portfolio in
Australia and New Zealand is worth AU$7 million.

According to Business Credit, the development of the credit
portfolio will ensure Euler Hermes benefits from the strong
economic growth in the area.

The estimated GDP growth for Australia and New Zealand is 5% to
6% in 2006 and the two countries proved to have attractive
economic environment over the last 20 years, Euler said.

                       About Euler Hermes

Euler Hermes is the world-wide leader in credit insurance and
one of the leaders in bonding and guarantees.  With 5,400
employees in 43 countries, Euler Hermes offers a complete range
of services for the management of customer receivables.  The
group posted a EUR2 billion turnover in 2005.

Euler Hermes, subsidiary of AGF and a member of Allianz, is
listed on Euronext Paris.  The group and its principal credit
insurance subsidiaries are rated AA- by Standard & Poor's.


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

CELION LIMITED: Enters Voluntary Liquidation
--------------------------------------------
On July 17, 2006, Celion Limited's shareholders have decided to
voluntarily wind up the Company's operations.

Accordingly, Chiu Wai Hon and Lau Wai Ming were appointed joint
and several liquidators for the Company.  They will divide any
part of Celion Limited' assets among its members as they think
fit.

The liquidators can be reached at:

         Chiu Wai Hon
         Lau Wai Ming
         Joint and Several Liquidators
         Rooms 603-4, 6/F., Hang Seng Wanchai Building,
         200 Hennessy Road, Wanchai, Hong Kong


CHAMPION DATA LTD: Winds Up Business and Appoints Liquidators
-------------------------------------------------------------
Shareholders of Champion Data Limited have agreed to wind up the
company pursuant to a resolution passed on July 17, 2006.

Chiu Wai Hon and Lau Wai Ming were then appointed joint and
several liquidators of the Company and were authorized to
dispose of the Company's assets and divide the proceeds among
the members.

The liquidators can be reached at:

         Chiu Wai Hon
         Lau Wai Ming
         Joint and Several Liquidators
         Rooms 603-4, 6/F., Hang Seng Wanchai Building,
         200 Hennessy Road, Wanchai, Hong Kong


FARGO CHEMICALS: To Give Final Liquidation Report on August 22
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that on
March 4, 2006, Fargo Chemicals Marketing Limited's members voted
to wind up the Company.  Andrew David Ross and Robin Frederick
Keppel Radcliffe were then appointed as liquidators.

In an update, Fargo Chemicals notifies parties-in-interest that
a final general meeting will be held on August 22, 2006, at the
12th Floor, China Merchants Tower, Shun Tak Centre, 168-200
Connaught Road, Central, Hong Kong, in order for members to
receive a final report regarding the Company's wind-up and
property disposal.

The Liquidators can be reached at:

         Andrew David Ross
         Robin Frederick Keppel Radcliffe
         12th Floor, China Merchants Tower
         Shun Tak Centre, 168-200
         Connaught Road Central, Hong Kong


FIRMIANA LIMITED: Creditors' Proofs of Claim Due on August 28
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 25, 2006, that 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.

Mr. Law now requests the Company's creditors to submit their
proofs of claim by August 28, 2006, so as to be included in any
distribution.

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


GOLDEN CHEER CONSTRUCTION: To Give Final Report on August 23
------------------------------------------------------------
Golden Cheer Construction Engineering Company Limited, which is
in members' voluntary wind-up, will hold a final general meeting
on August 23, 2006, at Level 28, Three Pacific Place, in 1
Queen's Road East, Hong Kong, pursuant to Section 239 of the
Companies Ordinance.

At the meeting, Golden Cheer's liquidator, Man-Kou Tan, will
present to the Company's members a report on its wind-up and
disposal of property.

The Liquidator can be reached at:

         Man-Kou Tan
         Liquidator
         Flat P, 12th Floor, Kaiser Estate
         Phase 3, 11 Hok Yuen Street
         Hung Hom, Kowloon


OCEAN GRAND HOLDINGS: S&P Whips Long-Term Credit Rating to 'D'
--------------------------------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on Ocean Grand Holdings Ltd. to 'D' from
'B'.  At the same time, it lowered its issue rating on
US$160-million senior unsecured notes due 2010 to 'D' from 'B'.
The ratings were removed from CreditWatch, where they had been
placed with negative implications on July 12, 2006.

The downgrades follow an announcement that the Hong Kong
Securities and Futures Commission is investigating OGH and its
subsidiary, Ocean Grand Chemical Holdings Ltd., in connection
with activities that may prove to be fraudulent.  The commission
is in contact with the police on this matter.  The rating action
also follows a company announcement that it has appointed a
provisional liquidator.

"Given a deterioration in the group's cash position, OGH does
not have sufficient cash to repay short-term debt past due,"
said Standard & Poor's credit analyst Bei Fu.


OPENET INFORMATION TECHNOLOGY: Appoints Official Liquidator
-----------------------------------------------------------
Openet Information Technology Co., Limited, has been placed
under members' voluntary liquidation, in accordance with a
special resolution passed on July 8, 2006.

Chak Chun Keung Thomas has been appointed as liquidator.

The Liquidator can be reached at:

         Chak Chun Keung Thomas
         Liquidator
         Room 603, Alliance Building,
         130-136 Connaught Road, Central,
         Hong Kong


RESOUND LIMITED: Proofs of Claim Due on August 10
-------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported that on
April 7, 2006, Resound Limited's shareholders placed the Company
in liquidation and appointed Jacky Chung Wing Muk and Edward
Simon Middleton as official liquidators.

The liquidators now require creditors of Resound Limited to file
proofs of claim by August 10, 2006, to be included in any
distribution.

The Liquidators can be reached at:

         Jacky Chung Wing Muk
         Edward Simon Middleton
         Joint and Several Liquidators
         8/F., Prince's Building
         10 Chater Road, Central
         Hong Kong          


SITI CHINA: To Hold Final General Meeting on August 21
------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 14, 2004, that Siti China Limited has been placed under
members' voluntary liquidation and that Nicholas Timothy
Cornforth Hill and Stephen Briscoe, of RSM Nelson Wheeler
Corporate Advisory Services Limited, have been appointed
liquidators.

Pursuant to Section 239 of the Companies Ordinance, Siti China
will hold a final general meeting of members on August 21, 2006,
at 5/F, Allied Kajima Building, 138 Gloucester Road, in Wanchai,
Hong Kong, so that they may receive Mr. Briscoe's report on
The Company's wind-up and property disposal.

The Liqiodator can be reached at:

         Stephen Briscoe
         Joint and Several Liquidator
         7/F, Allied Kajima Building,
         138 Gloucester Road, Wanchai, Hong Kong


VERTEX CHINA INVESTMENT: Claim Particulars Due on August 24
-----------------------------------------------------------
Creditors of Vertex China Investment Management Limited, which
is undergoing voluntary liquidation, are required to submit the
particulars of their claims to the liquidators by Aug. 24, 2006.

The creditors may be required by the liquidators to file proofs
of claim, via a written notice.

Vertex China Investment's liquidators can be reached at:

         Lai Kar Yan (Derek)
         Darach E. Haughey
         Joint and Several Liquidators
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


WISE FAVOUR TRANSPORTATION: To Hold Final Meeting on August 23
--------------------------------------------------------------
Pursuant to Section 239 of the Companies Ordinance, Wise Favour
Transportation Company Limited, which is undergoing a members'
voluntary wind-up, will hold a final meeting on August 23, 2006,
at Level 28, Three Pacific Place, in 1 Queen's Road East, Hong
Kong.

At the meeting, members will get a final account of the
Company's wind-up and property disposal from Liquidator
Man-Kou Tan.

The Liquidator can be reached at:

         Man-Kou Tan
         Flat P, 12th Floor, Kaiser Estate
         Phase 3, 11 Hok Yuen Street
         Hung Hom, Kowloon


XCAN ASIA LIMITED: Winds Up Business and Names Liquidator
---------------------------------------------------------
Shareholders of XCAN Asia Limited agreed to wind up the Company
through a special resolution passed on July 7, 2006.  The
shareholders' decision was in accordance with Section 116B of
the Companies Ordinance and Article 24 of the Articles of
Association of XCAN Asia.

Subsequently, Lai Kar Yan, Derek, and Darach E. Haughey were
named liquidators of the Company.

XCAN's creditors must submit proofs of claim by August 7, 2006,
so as to be included in any distribution the Company will make.

The Liquidators can be reached at:

         Darach E. Haughey
         Lai Kar Yan (Derek)
         Joint and Several Liquidators
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong


* Moody's Sees Stable To Positive Outlook For Chinese Banks  
-----------------------------------------------------------
Moody's Investors Service says it continues to hold a stable to
positive outlook for China's banking sector as its competitive
and regulatory environment undergoes increasing change.

"Moody's earlier revised the deposit and senior bond ratings of
6 large banks to positive following similar action on China's
sovereign rating and country deposit and bond ceilings," says
May Yan, a Moody's VP/Senior Credit Officer and the author of
the rating agency's latest annual outlook on the Chinese banking
sector.

"The positive outlooks reflect the strong government support
which Moody's expects for the policy banks and big banks.
However, the degree of support accorded other banks is likely to
differ," she adds.

"Meanwhile, the average bank financial strength rating of E+
remains one of the lowest on Moody's global scale, due to the
system-wise weak financial fundamentals including relatively low
capital, provisioning and profitability," Yan says, noting, "The
sector's recently improved financials have not been tested by
any downturn."

The new report, entitled "Reform and Transformation in an
Increasingly Liberalized and Competitive Environment", covers a
broad range of topics -- the economic and regulatory outlooks,
government support, recent banking sector trends, reform, loan
growth, profitability, performances by each banking sector, the
role of foreign banks and new businesses.

The weighted average for Moody's universe of Chinese banks is A3
for foreign currency deposit and bond ratings and E+ for bank
financial strength ratings.

"Reform of the large banks is on track, while some shareholding
banks have introduced strategic investors and are poised for
overseas listings," says Yan, adding, "Moreover, similar reforms
have spread to city commercial banks, rural banks and credit
coops, while reforms and regulatory initiatives to strengthen
operations and lower systemic risk are apparent."

Reported NPLs -- a major concern for the sector -- fell in 2005,
largely due to the government's carve-out of Industrial and
Commercial Bank of China's legacy bad debt.  Otherwise, NPL
amounts rose a moderate 16.9% YoY at end-March 2006, while NPL
ratios were largely flat as banking assets grew rapidly.

"However, the banks, particularly the large reformed entities,
continue to show very high ratios for special-mention loans, or
2-5x of NPLs.  These loans will be vulnerable to changes in
economic conditions," the report says.

On the closely watched WTO-mandated opening of the Chinese
banking sector, the report says the impact will be gradual and
will not cause an immediate system collapse.  Foreign banks are
likely to target high-end retail and multinational corporates in
the more affluent coastal regions, and are unlikely to have any
plans to replicate the broad network and clientele of the
Chinese banks.


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

FORD MOTOR: William Clay Ford, Jr., Named President and COO
-----------------------------------------------------------
Ford Motor Company's Chairman and Chief Executive Officer,
William Clay Ford, Jr., was elected President and Chief
Operating Officer effective July 13, 2006, after the retirement
of James J. Padilla, the Company's President and Chief Operating
Officer, on July 1, 2006.

The Company disclosed that Mr. Ford, age 49, has been a director
since 1988 and his principal occupation is Chairman of the Board
of Directors, CEO, President and Chief Operating Officer.  He
held a number of management positions within Ford, including
Vice President-Commercial Truck Vehicle Center, Chair of the
Finance Committee from 1995 until October 30, 2001, elected
Chairman of the Board of Directors effective January 1, 1999,
and was elected Chief Executive Officer effective October 30,
2001.

The Company's Compensation Committee and William Clay Ford, Jr.
agreed to amend Mr. Ford's compensation arrangements such that
he will forego any new compensation until such time that the
Company's Automotive sector has achieved sustainable
profitability.


         Reduction of Board Fees of Non-Employee Directors

The Company's board of directors also disclosed that it
voluntarily reduced Board fees of non-employee directors by half
effective July 13, 2006.  The new fees of non-employee directors
are:

          Annual Board membership fee   - US$100,000
          Annual Committee chair fee    -   US$2,500
          Annual presiding director fee -   US$5,000

Some 60% of a director's annual Board membership fee will
continue to be mandatorily deferred in the form of common stock
units.

                        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.


INDIAN OIL: Warns of Depleting LPG Inventories
----------------------------------------------
Indian Oil Corporation warned that India is likely to experience
liquefied petroleum gas shortage following inadequate fuel
supply from Reliance Industries Limited's refinery at Jamnagar,
The Financial Express reports.

State-owned India Oil informed the Government that the LPG
production shortfall at sources has resulted in significant
depletion of its inventories that have now come to about
2,40,000 metric tonne level as against the month's opening of
275 tmt.

LPG retailer India Oil told The Express that it is already in
talks with Reliance and had already requested the Petroleum
Ministry to instruct Reliance to meet the LPG production
targets.

Meanwhile, Indian Oil is arranging for additional fuel imports
to make up for the LPG deficit and boost its inventories, The
Express says.  As a state-owned marketing firm, Indian Oil is
pressured to look for ways to address the LPG shortfall problem.

                  About Indian Oil Corporation

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

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


UTI BANK: Fitch Assigns C/D Individual Rating
---------------------------------------------
Fitch Ratings, on July 26, 2006, assigned an individual rating
of 'C/D' to UTI Bank Limited.  At the same time, the agency
affirmed UTI Bans's national long-term rating at 'AA+(ind)',
support rating at '4', and the 'AA+(ind)' national long-term
rating assigned to the Bank's INR25 billion subordinated debt
programme.  The Outlook on the ratings is stable.

The ratings of UTI Bank reflect its improved asset quality
ratios and diversified income streams.  They also take into
account the volatility in profits that could result from market
risk on its corporate bond portfolio in a rising interest rate
scenario.

UTI Bank's loan portfolio grew by 43% in the financial year
ending March 2006, and has more than quadrupled since fiscal
2002 on the back of an expanding branch network and an enhanced
product suite in both its retail and corporate banking.  The
Bank's net interest margin at 2.6% in FY06, remains lower than
its peers; fee income has been a strong contributor to UTI
Bank's profitability and has helped to mitigate potential
volatility in its earnings due to market risk since FY05.

Fitch notes that the Bank's fee income is expected to continue
to grow strongly and to support profitability as it did in the
first quarter of fiscal 2007 when the Bank booked an
INR884 million mark-to-market loss on its treasury portfolio in
a rising interest rate scenario.  

Fitch, however, notes that further steep increases in the
interest rate could affect the bank's FY07 profitability through
the depreciation on its INR80-billion corporate bond portfolio.

UTI Bank's gross non-performing loans remain low at 1.7% of
gross loans as of March 2006. This reflects improvements in the
Bank's risk management systems, especially for its retail loans,
as well as a benign economic environment.  The agency, however,
notes that its exposure to the commercial real estate sector --
7.4% of loans -- remains somewhat vulnerable to a steep fall in
property prices.  Although the Bank's loan loss reserve coverage
is lower than its peers -- 42% at FY06 -- its net NPLs remain
lower than 10% of its equity.

Strong loan growth in FY06 and 1Q/FY07 resulted in a decline in
UTI Bank's capital adequacy ratio -- 10.3% at June 2006, Tier 1:
6.7%.  Fitch notes that the bank plans to issue hybrid capital
instruments to support its loan growth and to meet the
tightening prudential norms for capital in the next 12 months.
UTI Bank's focus on increasing its stable low-cost funding
resulted in an improvement in its average low-cost deposits to
total deposits ratio.  Fitch, however, notes that its reliance
on wholesale funds -- 70% of deposits -- has resulted in some
short-term asset-liability mismatches.

UTI Bank, which was promoted by government-owned institutions,
has fostered the efficiencies of a private bank in its
functioning and today is one of the better mid-sized banks in
India.  Its physical infrastructure includes a network of 355
branches and 1891 ATMs.  Retail loans now account for 29% of its
loan portfolio.


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

PERUSAHAAN LISTRIK: Implements Second Day of Power Cuts
-------------------------------------------------------
PT Perusahaan Listrik extended its power cuts from July 24,
2006, to 4:00 p.m. of July 25, 2006, on the late unlading of
fuel supplies for its gas-fired Muara Tawar power plant in North
Jakarta, Antara News writes.

The Troubled Company Reporter - Asia Pacific stated on July 24,
2006, that PLN had announced that rotational power blackouts
would occur in some areas of Jakarta due to the lack of fuel
supplies for its power plant.  The Company had encouraged
consumers to be more efficient in their power use so as to avoid
affecting other areas.

On July 25, PLN spokesman Mulyo Aji said that the Company
apologizes for the inconvenience, but said that it has to extend
the power cuts up to 4:00 p.m., when the Muara Tawar power plant
would resume operations.

Normally PLN uses diesel fuel as backup for its gas-fired power
plants during the peak hours from 5:00 p.m. to 10:00 p.m.  
However, increased power consumption prompted the Company to use
its diesel oil generator in the morning as well, using up its
fuel supplies ahead of schedule.

                          *     *     *

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
=========

KEIYO CO: JCR Affirms BB+ Senior Debts Rating
---------------------------------------------
Japan Credit Rating Agency Ltd. had, on July 24, 2006, affirmed
its BB+ rating on the senior debts of Keiyo Co., Ltd. with a
possible outlook.

Keiyo Co. turned profitable on an operating profit basis for
fiscal year ended February 28, 2006, on increased same-store
sales and the closure of loss-making stores.  The Company's
earnings are now on the rise.  Although the increased capital
spending and write-downs deteriorated Keiyo's financial
structure significantly for the fiscal year, the Company plans
to focus its efforts on reducing its interest-bearing debt for
the time being.  It is difficult for the Company to establish
competitive edge in the face of fierce competition with peer
home center operators and other types of operators.  JCR will
monitor Keiyo's future developments, to determine whether it can
establish a management culture that allows it to retain good
cash flow generation capability and capital structure.

Headquartered in Chiba, Keiyo Co. Ltd. --
http://www.keiyo.co.jp/-- is a home improvement store chain  
operator.  The Company's products include do-it-yourself goods,
hardware and tools, health and beauty care goods, clothing and
footwear, home electrical appliances, gardening goods, household
products, interior goods, car and leisure products, pet
products, stationery and toys, home improvement-related
merchandise and miscellaneous goods.  Through its subsidiaries,
the Company is also engaged in the petroleum business, provision
of automobile services, home refurbishment business and the
operation of shopping centers.  Keiyo has six subsidiaries and
two associate firms, and operates 160 stores throughout Japan as
of February 20, 2006.


MITSUBISHI MOTORS: Posts June 06 Production, Sales & Exports
------------------------------------------------------------
Mitsubishi Motors Corporation had, on July 24, 2006, revealed
its global production and domestic sales and export results for
June 2006, and the first half of the year.

Total global production totaled 109,245 units, which is 91.3% of
the total for June 2005, whereas local production stood at
60,300 units, 8.5% higher than a year ago, thus marking the
thirteenth consecutive month of year-on-year growth in the
category.

Total domestic vehicle sales came to 19,593 units, a 4.0% rise
over last year's level; June was the fourteenth consecutive
month of year-on-year sales growth for Japan.  Registered
vehicle sales declined slightly at 1.0% year-on-year, reflecting
weakness in the registered vehicle segment in the Japanese
market overall.  Minicar sales continued to grow by 6.4% from
the June 2005 total.  Total passenger car sales sales amounted
to 12,560 units, or a 5.0% increase over the previous period,
while commercial vehicle sales rose to 7,033 units, or 102.3% of
the year ago period total.

Overseas production for June 2006 totaled 48,945 units, a 23.7%
decline year-on-year.  European production increased 26.8% to
10,169 units over last year's total, due to lower production in
June 2005 as the European Colt series models were still in the
production ramp-up phase last year.  Asian production totaled
29,216 units, 65.9% of last year's figure corresponding to
weakness in Asian markets such as Indonesia and Taiwan where
economic conditions are not favorable for the industry.  North
American production dropped 16.2% to 6,185 units over the
previous period due to a yearly one week summer holiday in June
for factory staff (the holiday occurred in July in 2005).

Total exports from Japan remained steady at 31,259 units, 99.9%
of last year's total.  Exports to Europe fell 8,807 units, down
39.3% year-on-year due to inventory rebalancing efforts, while
exports to Asia came to 3,446 units, 115.1% of the export volume
in the same period last year.  Exports to North America,
however, grew 200.6% year-on-year, to 5,580 units, on continued
normal production levels of the outgoing Outlander (Airtrek) and
Lancer models.  The June period usually sees a drop in export
totals as dealer orders fall before the introduction of new
model year versions of vehicles in production.  The Outlander
(Airtrek) and Lancer models are undergoing full model changes
later this fiscal year however, so there will be no new model
year versions for these two vehicles.  Thus, the 'new model year
version' effect described above did not occur.

The first six months of 2006 saw total global production of
668,474 units, or 101.3% of last year's levels.  Japanese
production came to 373,385 units, a 22.2% increase year-on-year.

Japanese vehicle sales in the period totaled 144,896 units, up
12.4% from the same period last year, showing evidence of
recovery in the domestic market.  Passenger car volume came to
104,052 units, or 122.1% of the total for the January - June
2005 period.  Commercial vehicle volume dropped to 40,844 units,
93.4% of the previous period's total.  Market share for the
period improved to 4.9%, an increase of 0.7 percentage points
over the market share in the same period last year.

Globally, production in Europe for the year totaled 44,486
units, 117.8% of the previous period's total again due to the
fact that the Colt series models were still in the production
ramp-up phase last year.  Production in Asia declined to 188,393
units, or 73.8% of the previous year's due to weak economic
conditions in Indonesia, Taiwan, and other markets.  Production
in North America for the period rose 6.9% year-on-year to 42,333
units.

Exports to Europe rose 24.5% over the January - June 2005 period
to 66,986 units on continued strong sales growth in Russia and
the Ukraine.  Shipments to North America fell slightly to 18,021
units, 97.3% of the 2005 totals, and exports to Asia totaled
17,140 units, 91.8% from last year.

                 About Mitsubishi Motors Corp.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.

MMC adopted the "Mitsubishi Motors Revitalization Plan" on
January 28, 2005, as its three-year business plan covering
fiscal 2005 through 2007, after investor DaimlerChrysler backed
out from the Company.  The main objectives of the plan are
"Regaining Trust" and "Business Revitalization."

                          *     *     *

Japan Credit Rating Agency, Ltd. had on July 18, 2006, upgraded
the Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.


SKYLARK CO: S&P Lowers Corporate Credit & Debt Ratings to BB
------------------------------------------------------------
Standard & Poor's Ratings Services had, on July 24, 2006,
lowered its long-term corporate credit and senior unsecured debt
ratings on Skylark Co. Ltd. by two notches to 'BB' from 'BBB-',
on expectations of weakening profitability and a deterioration
in the Company's debt structure over the next one to two years,
due to an increase in bank borrowings to carry out a management
buyout and to enhance the profitability of its existing
restaurants.

At the same time, S&P removed Skylark's ratings from CreditWatch
where they were placed with negative implications on June 9,
2006, after its announcement that it would conduct an MBO
through a tender offer for Skylark shares, aimed at privatizing
the Company.
     
SNC Investment Co. Ltd., a special purpose company jointly held
by Nomura Principal Finance Co. Ltd. (63.33%) and Asia Eateries
Holding NV (36.67%), conducted the takeover bid, which was
completed in July 2006.  Skylark will be delisted from the Tokyo
Stock Exchange in late September 2006 and absorbed by SNC in
January 2007.
     
SNC financed JPY120 billion out of the JPY280-billion tender
offer through bank borrowings, which will increase newly
privatized Skylark's debt.  The Company will also incur expenses
for closures and renovations of existing restaurants, which will
decrease funds from operations.  This is likely to lower the
ratio of FFO to debt to about 10% in the next one to two years
from the current level of about 30%.  It will also deteriorate
Skylark's debt-to-capital ratio to about 60% from 53%, even
before the deduction of new goodwill worth JPY200 billion from
capital.  Another concern is the committed credit line of JPY200
billion, which is to be cancelled.
     
With the Japanese restaurant industry facing increased
competition and rising hourly wages and utility charges, organic
growth of profitability and cash flow is unlikely.  Although
Skylark's new management may promote drastic reforms, its plans
to close and renovate existing restaurants and develop new
business formats are still unclear, and it is too early to
incorporate the plans into the ratings assessment as a positive
factor.
     
The stable outlook reflects Standard & Poor's expectations that
the deterioration in profitability will be temporary.  Skylark
has strong cost competitiveness, facilitated by its own network
of food procurement and delivery centers nationwide, which helps
the Company to introduce new restaurant formats and menus.  
Except for new restaurant openings, capital investment needs are
small, and Skylark has established upper limits on new
investments.  However, the ratings could be downgraded if the
post-MBO plan adversely affects the company's competitiveness,
or if additional M&A activities further deteriorate the
company's financial profile.
     
Conditions and procedures for pre-maturity redemption of
outstanding bonds have been disclosed, but the bonds are still
unsecured, and their priorities among the company's debt remain
unchanged.  Therefore, Standard & Poor's maintains its ratings
on the senior unsecured debt at a level equal to the corporate
credit rating on Skylark.

                          *     *     *

Headquartered in Tokyo, Skylark Co. Ltd. --
http://www.skylark.co.jp/-- operates a chain of family  
restaurants in Japan through the following divisions:
Restaurants and food; Construction and maintenance and Other.  
The Restaurants and food division engages in restaurant chain
operations, sale of food materials and prepared foods, food
transportation and cleaning.  The Construction division deals
with design, construction and repairs of restaurants and
maintenance of building facilities.  The Other business division
deals with wall paper, manufacture and sale of automobile goods,
real estate buying and selling and hotels and condominium
operations.


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

HYNIX SEMICONDUCTOR: Judge Halves Rambus Award
----------------------------------------------
Hynix Semiconductor Inc. gets a reprieve as a federal judge
reduced a damage award to Rambus to US$133.4 million from
US$307 million for patent infringement, leaving Rambus Inc. the
choice of accepting the reduced amount or holding a new trial on
damages, the International Herald Tribune reports.

A federal court jury in April 2006 awarded Rambus the
US$307 million, finding that Hynix had infringed on patents for
aspects of dynamic random access memory, the main memory used in
computers.  Hynix won the reduction in a ruling by Judge Ronald
Whyte of the United States District Court for the Northern
District of California.

Forbes.Com explains that in his order dated July 14, 2006, Judge
Whyte ruled that evidence submitted in the case supports a
maximum of US$133.6 million in damages, which reflects royalty
rates applied in an earlier agreement between Rambus and
Hitachi.

                      Hynix Defies Ruling

Hynix Semiconductor said that it may end up paying no penalty
regarding a patent infringement lawsuit filed against it by the
U.S.-based Rambus.  Hynix spokesman, Park Hyun told The Korea
Times in a telephone interview that "the previous ruling may be
overturned in the next trial in August."  Hynix and other
plaintiffs in the case have argued that Rambus' claims on the
patents are invalid.

Mr. Park adds that, "the next trial will take place around
August when the court will investigate the anti-trust activities
of Rambus.  If the court rules that Rambus' claims are
unreasonable, then all previous rulings will have no meaning."

                        The Rambus Case

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006 states that Hynix is a defendant to certain
lawsuits brought by Rambus with respect to alleged infringements
of Rambus patents by the Company's manufacture, sale, offer for
sale, use or otherwise disposal of Single Data Rate Synchronous
Dynamic Random Access Memory and Double Data Rate SDRAM
products.  These litigations have been brought in Germany,
France, the United Kingdom and the United States.

Rambus is a developer of high-bandwidth chip connection
technologies.

In 2004, the European Patent Office revoked Rambus' certain key
patent asserted against Hynix in the European territory.  
Accordingly, the litigation in the United Kingdom was dismissed
in 2005.

Also in 2004, Rambus filed a lawsuit against the Company, its
subsidiary in the United States, and other major memory chip
manufacturers, alleging that these companies kept Rambus Dynamic
Random Access Memory products from entering the market.

Moreover, in 2005, Rambus brought another lawsuit against Hynix
and its subsidiary in the United States, alleging that the
Company and its subsidiary's DDR2 and Graphic DDR SDRAM products
have infringed on its patents.

In an update, the Financial Times relates that the Hynix/Rambus
intellectual property disputes reached a "potential turning
point" when a U.S. jury directed the South Korean Company to pay
California-based Rambus US$307 million in damages.

Yet, Hynix indicated that it would continue to push a separate
claim that the patents on which Rambus based its case were anti-
competitive, and so should be ruled unenforceable.

The report stated that Hynix has set aside about KRW170 billion
(US$180 million) to cover various patent suits filed against it.  
However, analysts believe that the Company may need an
additional KRW200 billion if the damages are confirmed in the
final ruling.

The report notes that Hynix has said it would appeal any
negative ruling.

                   About Hynix Semiconductor

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

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


LG CARD: Offers from Potential Bidders Welcome Until August 11
--------------------------------------------------------------
LG Card Co.'s main creditor, Korea Development Bank, has sent
invitations to potential bidders for the credit-card company,
kicking off an acquisition deal with an estimated value of more
than US$5 billion, the Wall Street Journal reports.

According to the WSJ report, the deadline for the bids is on
August 11, 2006, and KDB hopes to select a buyer late that
month.  After LG Card's 14 creditors, led by KDB, have named the
winning bidder for a controlling stake in the Company, the
selected buyer will purchase the shares through a public tender
offer.

KDB is acting as a joint-lead manager along with J.P. Morgan
Chase & Co.  WSJ says that potential bidders include Shinhan
Financial Group Co., the Korean unit of Standard Chartered PLC;
National Agricultural Cooperative Federation; Hana Financial
Group Inc.; and local fund MBK Partners.

KDB said that post-acquisition management capability will be a
key factor in addition to the acquisition price.

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that KDB, which holds a 23% stake in LG Card, and
the other major creditors, managed to narrow key differences and
have formally agreed on the methods of the sale.  This after
South Korea's Financial Supervisory Service ruled that LG Card
should be sold through a public tender instead of a stake sale.

According to the Korean security trading regulations, if more
than 10 shareholders sell shares in a company outside the market
within six months, it should be a tender offer.  A tender offer
is a takeover bid in the form of a public invitation to
shareholders to sell their stock, generally at a price above the
market price.

Under the public tender offer rule, bidders for a controlling
stake should ask minority shareholders about their intention to
sell.  If the shareholders say yes, they should also buy their
shares, along with a controlling stake.  In this case, bidders
should buy more than a controlling stake to acquire LG Card, and
they face a higher price tag.

The Korea Times recounts that the reins of the card firm were
handed over to KDB and other creditors in 2004 after they
rescued it from bankruptcy through a KRW5-trillion debt-for-
equity swap and a further KRW1 trillion in bailout funds.

                       About LG Card Co.

Headquartered in Seoul Korea, LG Card Co. --
http://www.lgcard.com/-- provides installment finance services  
and credit card, as well as leasing services to credit worthy
companies while acquiring valuable assets from merchant banks
and leasing firms.  LG Card also finances families wishing to
purchase big ticket items such as automobiles, appliances and
computers.

At the end of October 2003, LG Card had KRW3.24 trillion more
debt than assets and had faced threats of liquidity crisis and
court receivership.  LG Card has been in the hands of creditors
since it was rescued from bankruptcy through a KRW5-trillion
(US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout in late 2004.  Creditors are hoping to
recover the bailout amount through a sale of the credit card
issuer in 2006.


LG TELECOM: Loses 3G Service License; CEO Urged to Step Down
------------------------------------------------------------
The South Korean Government has decided to cancel LG Telecom
Ltd.'s business license for third-generation services in the
country, TechWhack News reports.

Bloomberg News cites Rho Jun Hyong, minister of information and
communication, as saying that the Government's revocation of the
license comes after the Company abandoned plans to develop the
3G wireless communication technology.

AFX News Limited relates that the ministry holds LG Telecom's
current chief executive officer, Nam Yong, accountable and is
seeking for his immediate resignation.

                     The 3G Business License

The Korea Times explains that the services associated with 3G
provide the ability to transfer both voice data and non-voice
data.  Video telephony is typically used as the differentiator
of the next-generation offerings against traditional 2G
applications.

LG was forced to buy the license after the Government rejected
its bid for the right to operate services based on technology
known as wideband code division multiple access, which has
emerged as the most common type of 3G technology adopted today
worldwide, Bloomberg relates.  The WCDMA licenses were awarded
to SK Telecom and KT Corp., the parent of KT Freetel, in 2000
for US$1.1 billion each.

                 LG Telecom's Withdrawal of Plan

AFX News notes that LG Telecom's withdrawal of plans is due to
the project's large investment burden.

LG Telecom acquired the license to develop and provide the
technology in 2001 for KRW1.15 trillion.  The Company has paid
KRW220 billion as initial payment, and, under the agreement,
would have to pay off the remaining KRW930 billion over 15
years.

According to AFX News, LG Telecom failed to comply with its
promise to start the 3G services in the 2-gigahertz bandwidth by
the end of June 2006.

Techwhack explains that LG Telecom saw a lack of interest and
business viability in the venture, making it reconsider the
decision.  LG Telecom reveals that it is now concentrating on
its own Evolution Data Optimized technology, which it claims is
more economical and viable for the markets around the world.

AFX News says that the Government plans to give back
KRW100 billion to LG Telecom.  Yet, Bloomberg cites Kang Dai
Young, who heads telecommunications policy as deputy minister,
as saying that the Company will probably have to pay about
KRW100 billion for use of the 2 gigahertz frequency it was
granted in 2002.

                      CEO Asked to Resign

Bloomberg says that CEO Nam, who's been heading LG Telecom since
1998, will have to step down from his job, as stipulated by
domestic telecommunications law.

The Times recounts that CEO Nam had announced that LG Telecom
will not comply with the pledge of its 3G launch in
consideration of technical trends in the global wireless market.

The license cancellation and CEO Nam's ouster will be completed
following a hearing on the matter soon, Minister Rho said,
without saying when.

                        About LG Telecom

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

Moody's Investor Service gave LG Telecom a 'Ba2' Issuer Rating,
a 'Ba2' Long-Term Corporate Family Rating and a 'Ba2' Senior
Unsecured Rating.

Standard & Poor's Ratings Services gave LG Telecom 'BB+' Long-
Term Foreign Issuer Credit and Long-Term Local Issuer Credit
Ratings.

Fitch Ratings gave the Company 'BB' Long-Term Foreign Issuer
Default and Foreign Currency Long-Term Default Ratings.


WOORI BANK: Gets KRW448 Billion in Internet Banking Deposits
------------------------------------------------------------
Woori Bank has attracted KRW448 billion worth of deposits
through its Internet time deposits one year after the release of
the product, The Korea Times reports.

Woori Bank's online service currently has 24,900 accounts, and
provides an interest rate of up to 5%, about 0.5 of a percentage
point higher than off-line deposits.

According to the report, this comes as Internet banking picks up
in South Korea due to the preferential deposit and lending rates
depositors get if they do various banking deals via the
Internet.

The Korea Times states that, according to the National
Computerization Agency, the number of customers registered for
Internet banking services reached almost 27 million in 2005, or
56% of the South Korea's entire population.  As of the end of
2005, Internet banking users registered with the nation's 18
banks and Korea Post, the state-run postal service agency,
increased 5.2% from the previous year to 26.74 million.

The number of certificates for Internet banking issued by the
Korea Financial Telecommunications & Clearings Institute came to
7.69 million last year, up 13.4% from a year earlier.

Daily banking transactions via the Internet amounted to
11.12 million, including 9.2 million, or 82.7% of the total, for
checking account balances and 1.92 million, or 17.3%, for money
transfers, says The Times.  The number of daily mobile banking
service transactions -- services through mobile handsets such as
cellular phones -- taking place in the nation's banks and Korea
Post more than doubled to 300,000 last year, the NCA said.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  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.


WOORI BANK: Finance Ministry Okays HK Unit Launch
-------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 25, 2006, Woori Bank has been considering listing its
investment banking unit in Hong Kong -- Woori Global Markets
Asia Ltd. -- via an initial public offering.  Woori Global
intends to start HK operations in August 2006, and hopes 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.

In an update, The Korea Times relates that after more than a
year of planning, Woori Bank has secured the Finance Ministry's
green light yesterday to launch Woori Global Markets Asia Ltd.

According to the follow-up report, Woori is seeking to raise as
much as 40% of its total initial capital of US$50 million from
two global financial institutions in order to compete with high
profile investment banks equipped with solid corporate brand
image and networking.

The Hong Kong unit also plans to hire 15 high-flying investment
bankers with work experience for global banking.

The Times notes that around 90 Korean banks entered Hong Kong
before the 1997-98 financial crisis but a lack of risk
management skills and their reckless management styles forced
them to shut down the offshore business.  To avoid the same
missteps, Woori Bank will adopt a strict performance-based pay
scheme and its daily operations will be independent from
headquarters, Woori Global Markets Head Hyun Sang Soon said.

Woori Global Markets aims to cater to both local and foreign
companies in the ex-Japan Asian market and other global emerging
markets, Mr. Hyun said.  Their target clients are in-bound
clients hoping to enter the Korean market and Korean companies
keen on expanding into the developing countries.

                         About Woori Bank

Woori Bank -- http://www.wooribank.com/-- is a government-owned  
bank headquartered in Seoul, Korea.  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.


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

AVANGARDE RESOURCES: Fails to Submit FY2005 Audited Report
----------------------------------------------------------
Avangarde Resources Berhad has failed to submit to Bursa
Malaysia Securities Berhad its annual audited accounts for the
financial year ended December 31, 2005, which was due on
April 30, 2006.

The Bourse warns that it may suspend or delist the Company's
shares if it fails to issue the outstanding financial statements
by July 30, 2006.

As reported in the Troubled Company Reporter - Asia Pacific on
March 10, 2006, Bursa Malaysia had decided to remove Avangarde's
securities from the Official List after the Company failed to
submit outstanding financial reports.  However, on March 17,
2006, the Bourse deferred its decision to delist the Company's
securities after Avangarde submitted its appeal against it.

The Company's securities have already been suspended from
trading since April 1, 2004, after it failed to issue its 2002
and 2003 Annual Audited Accounts.

                   About Avangarde Resources

Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects.  The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts.  It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse.  The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition.  The Company will unveil its Proposed Scheme once it
is finalized.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR20,344,000 and total liabilities of MYR147,506,000
resulting into a shareholders' deficit of MYR127,162,000.


DATUK KERAMAT: Revamp Plan Delays Submission of 2005 Accounts
-------------------------------------------------------------
Datuk Keramat Holdings Berhad has not issued its Annual Audited
Report for fiscal 2005, which was due on July 31, 2006.

The Company explains that it is still in the process of working
on a proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.  The expected date to submit the
Report will depend on the outcome of the proposed restructuring
scheme.

As reported by the Troubled Company Reporter - Asia Pacific on
May 29, 2006, the Company's securities have already been
suspended since August 1, 2005, because it has not issued the
Annual Audited Accounts and Annual Report for the 15-month
period ended December 31, 2004, Quarterly Reports for the
periods ended March 31, 2005, June 30, 2005, and September 30,
2005, by the given due dates.

The TCR-AP also noted that the Company has failed to submit its
quarterly report for the period December 31, 2005, to the Bursa.  
The report was due on February 28, 2006.  Further, on June 6,
2006, the TCR-AP reported that Datuk Keramat has not issued its
first quarterly report ended March 31, 2006, which was due on
May 31, 2006.

                  About Datuk Keramat Holdings
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them.  On January 24, 2005,
the Company was served with a wind-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
Company.  The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia.  In an effort to settle the debts and
come to an agreement with the creditors, the Companies had
prepared an initial scheme for the purposes of a debt
restructuring scheme under Section 176(10) of the Companies Act,
1965.


GEORGE TOWN: Unable to Submit 2005 Accounts on Time
---------------------------------------------------
George Town Holdings Berhad is unable to submit its Annual
Audited Accounts for 2005 due on April 30, 2006, as it is still
working on a proposed restructuring scheme to be submitted to
Bursa Malaysia Securities Berhad for approval.

The Company may be suspended or delisted from the Official List
if it fails to submit the reports at the time stipulated by the
Bourse.

As reported by the Troubled Company Reporter - Asia Pacific on
May 26, 2006, the Company's securities have already been
suspended since August 1, 2005, because the Company has not
issued its Annual Audited Accounts and Annual Report for the 15-
month period ended December 31, 2004, Quarterly Reports for the
periods ended March 31, 2005, June 30, 2005, and September 30,
2005, by the given due dates.

The TCR-AP also reported that the Company has failed to submit
its quarterly report for the period ended December 31, 2005, to
Bursa Malaysia Securities Berhad for public release on
February 28, 2006.  The TCR-AP further reported on June 5, 2006,
that George Town has not issued its First Quarterly Report ended
March 31, 2006, which was due on May 31, 2006.

                About George Town Holdings Berhad

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.  The Company has
been suffering losses since 1999 due to stiff competition.  It
had closed over 10 outlets in the past four years.   The Company
expects cutthroat competition among retailers to put continuous
pressure on its margins.  The Company is also facing a possible
delisting from the official list of the Bursa Malaysia
Securities for failing to submit its financial reports on time.  
The Company is classified under the Bursa Malaysia Securities
Berhad's Practice Note 17 category, where it is required to
submit a plan to regularize its financial condition.


MANGIUM INDUSTRIES: Sawmilling Arm Defaults on Bank Facilities
--------------------------------------------------------------
Mangium Industries Berhad's wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has not paid and is deemed to have defaulted in
its repayments on unsecured facilities granted by Standard
Chartered Bank Malaysia Berhad and Southern Bank Berhad.

Mangium Sawmill's estimated total outstanding as of June 30,
2006, amounts to MYR15,518,580.

To address the default in payments, both Standard Chartered Bank
and Southern Bank have agreed to the Proposed Debt Settlement
and Restructuring Scheme announced by Mangium Industries on
December 22, 2003.

The loan facilities represent Mangium Sawmill's borrowings and
as a result of their default, the remaining facilities granted
by other lenders to the Subsidiary are all technically in
default by virtue of the "Cross Default" clauses in the Letter
of Offers.

However, the lenders have kept in view further legal action
since Mangium Industries is in active negotiations with them to
normalize and regularize the accounts.

Since Mangium Industries is the guarantor for the loans, it is
liable for the full amount and any further interest and
financial cost levied or until the settlement of these debts.

Due to the unfavorable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in 1997, many of the Group's buyers were
adversely affected and are facing financial difficulties.  The
buyers were unable to settle their outstanding balances despite
efforts made by the management to collect outstanding debts with
the Group.  As a result, the cashflow generated from operations
was not sufficient to service the interest and principal
obligations to the lenders as and when they fell due, the
Company explains.

                 About Mangium Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad -- formerly known as Serisar Industries Berhad --
manufactures and trades timber and timber related products.  The
Company   also provides printing services, publisher, printer
consultants and advertisers, trading of alcoholic beverages,
general trading of office furniture and investment holding.  Due
to the unfavorable timber market and depressed prices for timber
and timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.  

As of March 31, 2006, the Company registered accumulated losses
of MYR16.29 million, as against accumulated losses of MYR19.25
million as of March 31, 2005.  For the quarter ended March 31,
2006, the Company has a cash flow deficit of MYR25.9 million.


MBF CORPORATION: Lists and Quotes 124,000 New Shares
----------------------------------------------------
MBf Corporation Berhad's additional 124,000 new ordinary shares
of MYR1 each will be listed and quoted at Bursa Malaysia
Securities Berhad today, July 26, 2006.

The additional shares were derived from the conversion of
MYR124,000 redeemable convertible secured loan stocks.

                     About MBf Corporation

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

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

  
MBF HOLDINGS: CEO Intends to Deal in Securities at Closed Period
----------------------------------------------------------------
MBf Holdings Berhad's chief executive officer, Ninian Mogan
Lourdenadin, intends to deal in the securities Company during
the closed-period prior to the targeted date of announcement to
Bursa Malaysia Securities Berhad of the quarterly results for
the second quarter ended June 30, 2006.  Dr. Lourdenadin is a
substantial shareholder of MBf Holdings.

As of July 24, 2006, Dr. Lourdenadin indirectly holds
354,931,169 or 62.26% shares in the Company, and 174,026,512 or
65.65% warrants.

Dr. Lourdenadin also indirectly owns:

   -- US$13,324,549 of 69.27% of the Company's Class A
      guaranteed floating rate redeemable convertible secured
      loan stocks; and

   -- US$1,948,802 of 34.40% of Class B guaranteed floating rate
      redeemable convertible loan stocks.

                       About MBf Holdings

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

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


MENTIGA CORPORATION: Incorporated Computer Service Unit
-------------------------------------------------------
Mentiga Corporation Berhad has incorporated Mentiga Innovation
Sdn Bhd on July 21, 2006.

Mentiga Innovation is principally engaged in providing
telecommunication application services and other computer-
related services.  It has an issued and paid-up share capital of
MYR2 comprising two ordinary shares of MYR1 each.

The subscribers' shares of Mentiga Innovation were registered
under the name of these nominees, with one subscribers' share
each:

         * Muhammad Nasir Bin Puteh; and
         * Abu Bakar Bin Jani

The Troubled Company Reporter - Asia Pacific reported on
July 24, 2006, that Mentiga Corporation had incorporated its
mining subsidiary, Mentiga Mining Sdn Bhd.

                    About Mentiga Corporation

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible
delisting from the Official List of Bursa Malaysia Securities.  
The Group has submitted a revised comprehensive proposal to the
Securities Commission on March 16, 2005, to regularize its
financial condition and to restore the Group's shareholders'
fund from being in a deficit position in order to remove Mentiga
from being classified as a Practice Note 4 company.

As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR86,233,000 and total liabilities of MYR152,048,000,
resulting in a shareholders' deficit of MYR65,815,000.


NORTH BORNEO: Buys More Time to Complete Restructuring Scheme
-------------------------------------------------------------
The North Borneo Corporation Berhad seeks to extend the time
within which it must complete the implementation of its Revised
Restructuring Scheme from July 23, 2006, to January 22, 2007.

The withdrawal of support by two of the Company's creditors has
delayed its restructuring, the Company explains.

As reported in the Troubled Company Reporter - Asia Pacific on
April 28, 2005, the Securities Commission has agreed to North
Borneo's proposal to dispose of its business as part of efforts
to regularize its finances.  The Plan, however, met objections
from two creditors -- Sabah Development Bank and Prokhas Sdn
Bhd.

Sabah Development Bank said that it is no longer agreeable to
the terms of the planned North Borneo Group disposal as part of
the restructuring program.  Prokhas Sdn Bhd also took back its
pledge to participate in the Company's rehabilitation, TCR-AP
recounts.

The Bursa Securities has reminded the Company that it must
continue to comply with the various obligations imposed under
Paragraph 8.14 of the Bursa Securities Listing Requirements and
Practice Note 4 to regularize its financial conditions within
the time frames prescribed by the Securities Commission
  
                     About The North Borneo

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.  
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo Corp. -- Sabah Development Bank and Prokhas Sdn Bhd --
withdrew their support of the Company's proposed debt
restructuring, saying that they are no longer agreeable to the
terms of the planned business disposal as part of the
restructuring program.

The Company's March 31, 2006, balance sheet showed total assets
of MYR1,662,000 and total liabilities of MYR163,379,000
resulting into a MYR161,717,000 deficit in shareholders' funds.


NORTH BORNEO: Faces Delisting Over Failure to File 2005 Report
--------------------------------------------------------------
Bursa Malaysia Securities Berhad is likely to suspend or delist
the securities of The North Borneo Corporation Berhad if the
Company fails to submit its financial report for fiscal year
ended December 31, 2005, by July 30, 2006.  The Report was
supposedly due on April 30, 2006.

The Company explains that the resignation of its auditors, Ernst
& Young's caused its inability to comply with the requirement.

The resignation prompted The North Borneo to apply for extension
of time to table its 2005 Accounts on July 30 instead of
April 30, the Troubled Company Reporter - Asia Pacific reported
on May 5, 2006.

The Company has recently nominated a new firm to replace Ernst &
Young as its auditors.  Once its shareholders confirm the
appointment of new auditors, the Company will be able to issue
its outstanding accounts in compliance with statutory
requirements.

Meanwhile, the Bourse informed that the Company's securities has
been suspended from trading since April 19, 2002, since the
Company had failed to make a Requisite Announcement pursuant to
Practice Note 4/2001 which was due on February 26, 2002.

                     About The North Borneo

Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding.  The Group operates in Malaysia and Bermuda.  
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.  On April 28, 2005, the Securities Commission has
agreed to North Borneo's proposal to dispose of its business as
part of the Company's efforts to regularize its finances and
restructure its debts.  The Plan, however, met objections from
creditors.  On March 6, 2006, two scheme creditors of North
Borneo Corp. -- Sabah Development Bank and Prokhas Sdn Bhd --
withdrew their support of the Company's proposed debt
restructuring, saying that they are no longer agreeable to the
terms of the planned business disposal as part of the
restructuring program.

The Company's March 31, 2006, balance sheet showed total assets
of MYR1,662,000 and total liabilities of MYR163,379,000
resulting into a MYR161,717,000 deficit in shareholders' funds.


SBBS CONSORTIUM: Faces Further Suspension or Delisting
------------------------------------------------------
SBBS Consortium Berhad has failed to submit its annual audited
accounts for the fiscal year ended December 31, 2005, to Bursa
Malaysia Securities Berhad for public release by the April 30,
2006, deadline.

Pursuant to the Bourse's Listing Requirements, a listed issuer
may face suspension or delisting if it fails to issue the
outstanding financial statements within three months from the
stipulated deadline.  

SBBS Consortium's securities had already been suspended since
March 31, 2006, due to a wind-up order issued by the High Court
on March 29, 2006.

                       About SBBS Consortium

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.  Due to its inability to service loan
facilities, the Company had entered into various negotiations
with its bank creditors, and in order to ensure that these
creditors are treated on a pari passu basis, the Company had
ceased making repayments to its bank creditors on an ad-hoc
basis.  As a consequence of this treatment, its bank creditors
have taken various measures to recover their outstanding loans.  
Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.  On May 9, 2006, the SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.


TRU-TECH HOLDINGS: Decides to Scrap Proposed Revamp Deal
--------------------------------------------------------
After an in-depth consideration and deliberation, Tru-Tech
Holdings Berhad decides not to proceed with a proposed
restructuring agreement with Mahabuilders Sdn Bhd.

The Troubled Company Reporter - Asia Pacific reported on June
22, 2006, that Tru-Tech Holdings had on June 15, 2006, received
and accepted a letter of intent from Mahabuilders to commence
negotiations and endeavor to reach a definitive agreement on the
terms and conditions of a restructuring proposal for Tru-Tech.

According to the TCR-AP, Mahabuilders is a property development
and construction company with the necessary profit track record
and other quantitative requirements for compliance with the
Securities Commission Policies and Guidelines on Issue/Offer of
Securities for undertaking the takeover of listed distressed
companies.

A restructuring plan was proposed to be discussed based on:

   * a capital reduction and consolidation of the existing
     share capital of Tru-Tech;

   * an acquisition of the existing share capital of
     Mahabuilders and its related companies based on a
     pro forma net asset valuation;

   * a scheme of arrangement with existing creditors of
     Tru-Tech;

   * a placement of shares offer for sale to public
     shareholders; and

   * a transfer of the listing status of Tru-Tech to a NewCo to
     be set up for the purposes of the restructuring proposal.

                     About Tru-Tech Holdings

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

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


* Malaysia's Consumer Asset Quality of Some Concern, Fitch Says
---------------------------------------------------------------
Fitch Ratings said on July 24, 2006, that while Malaysia's
banking system remained generally healthy over 2005 and the
first quarter of fiscal 2006, pockets of weakness exist in the
consumer loan segment.  The agency said that this has been
compounded by the rapid growth in consumer lending in recent
years as well as the high level of non-performing loans in the
residential mortgage segment, the largest loan segment at 27% of
system loans.

Fitch made these cautionary remarks while noting that Malaysia's
banks saw profitability sustained, system non-performing loans
lower and capital ratios reduced but generally still adequate.

"While structural factors are at work including the challenge of
unresolved legacy loans from the crisis days as well as some
amount of directed lending to the low-cost housing loan segment,
Fitch is of the opinion that more fundamental improvement in the
area of credit controls and risk management practices among some
of the Malaysian banks are also required," said Tan Lai Peng,
director, Financial Institutions Asia.

The acquisition of Southern Bank by government-linked Bumiputra-
Commerce Holdings could mark the start of a new round of
consolidation among Malaysia's 10 banking groups.  
Notwithstanding regulators' reiteration that the pace of M&A
will be driven more by the market, Bumiputra's move on Southern
Bank suggests that government-linked banking entities will
remain active participants in the consolidation process.

Fitch believes that this corresponds to regulators' initiatives
undertaken to enhance the efficiency and competitiveness of
domestic financial institutions, in order that they become
better equipped to face the challenges of liberalization under
the Financial Sector Master Plan. While consolidation is
generally viewed as positive as it can result in smaller banks
being absorbed by stronger entities, the agency highlights the
need to be mindful of the potential execution risk and its
effect on the acquiring bank's capital ratios.

In a just released report on "Malaysian Banks - Performance in
2005, Outlook and Other Key Issues', Fitch provides an overview
of the Malaysian banks' performance in calendar year 2005, the
outlook for lending and asset quality this year, and discusses
some salient issues on consumer lending, highlighting some of
Fitch's concerns over the high and increasing NPLs in the
residential mortgage segment (gross NPL ratio of 9.4% at end-
2005).  While the situation requires monitoring, Fitch also
recognizes the mitigating effects on potential systemic risks
from the generally benign macroeconomic conditions in Malaysia.


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

ALLIED BANK: Posts PHP440-Million Net Income in First Quarter
-------------------------------------------------------------
Allied Banking Corp. reported a net income of PHP440.94 million
for the quarter ended March 31, 2006, from a net income of
PHP339.53 million for the quarter ended March 31, 2005.

Allied Banking's and its subsidiaries' consolidated total assets
as of March 31, 2006, was PHP147.93 billion, compared with the
PHP146.77 billion in total assets as of December 31, 2005.  
Allied Bank's consolidated total liabilities as of March 31,
2006, was PHP132.73 billion, compared with the total liabilities
of PHP131.76 billion as of December 31, 2005.

The Group's capital adequacy ratio covering the combined credit
and market risks reported to the Bangko Sentral Ng Pilipinas of
19.30% surpassed the 18.55% recorded as at December 2005.  
Return on assets increased to 1.20% as of March 2006 from 0.94%
as of December 2005, and return on equity grew to 14.01% as of
March 2006 from 9.80% as of December 2005.

Allied Bank's non-performing loan ratio dropped to 9.37% from
12.80%, as its non-performing loans dropped to PHP5.26 billion
from PHP7.96 billion, since the Company had sold PHP2.63 billion
of its NPLs to SPV.  The ratio of total operating expenses to
total income improved to 79.56% in March 2006 from 82.54% in
March 2005.

Allied Bank has various commitments and contingent liabilities
such as guarantees, forward exchange contracts, commitments to
extend credit and standby letters of credit amounting to
PHP40.11 billion, but the Company believes that the ultimate
liability, if any, from these cases will not affect its
financial position or operations.

                     About Allied Banking Corp.

Allied Banking Corporation -- http://www.alliedbank.com.ph/--  
is a universal bank incorporated in the Philippines on April 4,
1977.  The Company and its subsidiaries/affiliates are engaged
in all aspects of banking, financing and leasing to personal,
commercial, corporate and institution clients.  Allied Bank
offers a full range of domestic and international banking
products and services including deposit taking, lending and
related services, domestic and foreign fund transfer, treasury,
foreign exchange and trust services.  In addition, the Bank is
licensed to enter into regular financial derivatives as a means
of reducing and managing the bank's and its customers' foreign
exchange exposure.

Allied Bank has international offices in Australia, China, Guam,
Hong Kong, Singapore, the Middle East, United Kingdom, Germany,
Italy, Spain, and the United States.

                          *     *     *

Fitch Ratings gave Allied Bank a 'D' Individual Rating.

Moody's Investors Service rated Allied Bank's Long-Term Bank
Deposits 'B1' with a negative outlook.  Moody's also gave the
Bank an 'E+' Bank Financial Strength Rating.


BANKARD INC: GE Unit to Buy Bankard
-----------------------------------
Bankard Inc. said that its board has accepted the proposal of GE
Consumer Finance, a unit of General Electric Co., to purchase
the Company's assets and assume all business-related
liabilities, the Philippine Daily Inquirer reports.

Bankard said in a statement that the purchase offer would be
submitted to stockholders for approval in a meeting set on
July 28, 2006, although it did not reveal the purchase price.

                         About GE Money

With US$163 billion in assets, GE Money --
http://www.geconsumerfinance.com/-- is a unit of General  
Electric Company and is a leading provider of credit services to
consumers, retailers and auto dealers in approximately 50
countries around the world.  GE Money, based in Stamford,
Connecticut, offers a range of financial products, including
private label credit cards, personal loans, bank cards, auto
loans and leases, mortgages, corporate travel and purchasing
cards, debt consolidation and home equity loans and credit
insurance.  More information can be found at
http://www.gemoney.com/  

General Electric's financial services unit GE Money launched its
banking operations in the country with the opening of a 30-
branch network under GE Money Bank Philippines.  The GE
subsidiary acquired Keppel Bank Philippines late last year from
Keppel Corp. of Singapore for 1.45 billion pesos, and rebranded
the bank.

                         About Bankard

Bankard, Inc. -- http://www.bankard.com/-- is a 67%-owned  
subsidiary of RCBC Capital Corporation.  It was organized by
PCIBank on 04 December 1981 as Philippine Commercial Credit
Card, Inc. to engage in domestic credit card operation.  
Thereon, it issued the country's first credit card by a
commercial bank.  On July 8, 1992, PCCCI changed its corporate
name to Bankard Inc..

Bankard is a licensee of Mastercard International Incorporated,
JCB International Co., Ltd. and VISA International Service
Association to issue credit cards accepted by affiliated banks
and merchant establishments worldwide.  The Company markets a
line of credit cards, which includes Bankard MasterCard, Bankard
Visa, Bankard JCB Standard and Premiere and its latest, myDream
JCB.

Bankard's total current assets as of March 31, 2006, stood at
PHP3.58 billion, while its total current liabilities amounted to
PHP4.44 billion.  Bankard's total assets amounted to
PHP4.48 billion, and its equity was pegged at PHP32.17 million.  
The Company posted a PHP242.59-million net loss for the quarter
ended March 31, 2006, on total revenues of PHP494.33 million,
and expenses of PHP736.93 million.

                           About RCBC

Rizal Commercial Banking Corporation -- http://www.rcbc.com/ --  
is a universal bank principally engaged in all aspects of
banking, and provides services such as deposit products, loans
and trade finance, domestic and foreign fund transfers,
treasury, foreign exchange and trust services.  In addition, the
Bank is licensed to enter into forward currency contracts to
service its customers and as a means of reducing and managing
the Bank's foreign exchange exposure.

Moody's Investors Service gave Rizal Commercial Banking's Long
Term Bank Deposits a Ba3 rating effective May 25, 2006.


BENPRES HOLDINGS: Appoints Audit Committee Members & Officers
-------------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, Benpres
Holdings corp. informs that at its organizational meeting held
on July 14, 2006, the Company appointed these persons as
officers and members of its Audit Committee:

  Oscar M. Lopez       - Chairman & Chief Executive Officer
  Manuel M. Lopez      - Vice Chairman
  Angel S. Ong         - President & Chief Operating Officer
  Eugenio Lopez III    - Treasurer
  Elpidio L. Ibanez    - Chief of Staff with rank of Executive
                         Vice-President
  Augusto Almeda-Lopez - General Counsel with rank of Executive
                         Vice-President
  Federico R. Lopez    - Executive Vice-President, Regulatory
                         Management
  Felipe B. Alfonso    - Executive Vice-President, Human
                         Resources Development
  Peter D. Garrucho    - Executive Vice-President, Power
                         Generation
  Pearl Catahan        - Group Comptroller with rank of
                         Executive Vice-President
  Pedro Chanco         - Senior Vice President, Communications
  Nestor J. Padilla    - Senior Vice President, Property
                         Development
  Arthur de Guia       - Senior Vice president, Manufacturing &
                         Portfolio Investment
  Salvador G. Tirona   - Chief Finance Officer
  Cielito R, A. Diokno - Vice-President, Human Resources
  Enrique I. Quiason   - Corporate Secretary
  Maria Amina O. Amado - Assistant Secretary & Compliance  
                         Officer

The Company also appointed these persons as members of its Audit
Committee:

  Vicente T. Paterno   - Chairman
  Washington Z. Sycip  - Member
  Manuel M. Lopez      - Member

                  About Benpres Holdings

Headquartered in Pasig City Philippines, Benpres Holdings
Corporation is a 56.22%-owned subsidiary of Lopez, Inc.  Both
entities were incorporated in the Philippines.  Benpres Holdings
and its subsidiaries are mainly involved in investment holdings,
broadcasting and entertainment, and water distribution.  The
Company's associates are involved in telecommunications, power
generation and distribution, cable television, real estate
development and infrastructure.

Starting in 2002, Benpres Holdings defaulted on its principal
and interest payments on its long-term direct obligations and
guarantees and commitments.  As proposed in the Company's
Balance Sheet Management Plan, all of Benpres' liabilities were
computed as of May 31, 2002.  Also as proposed in the BSMP, the
Company would make good faith semi-annual payments on its direct
and contingent obligations.  The first payment was made on
December 2, 2002, and succeeding payments were made in June and
December 2003, June and November 2004, and May and November
2005.

As of Dec. 31, 2005, Benpres Holdings' long-term direct
obligations due for payment stood at PHP9.96 billion.  By virtue
of its guarantees and commitments, based on the BSMP, the
Company may be liable for certain obligations that already fell
due, amounting to approximately PHP10.94 billion as of Dec. 31,
2005, excluding guarantees in its unit, Maynilad Water Services,
Inc.  As of Dec. 31, 2005, consolidated current liabilities
exceeded consolidated current assets by PHP22.12 billion.  Net
loss attributable to Benpres Holdings' equity holders for the
year ended Dec. 31, 2004, amounted to PHP1.2 billion.

After auditing the Company's annual report for the period ended
December 31, 2005, Sycip Gorres Velayo & Co. raised substantial
doubt on Benpres Holdings' ability to continue as a going
concern, which would depend on success of the Company's balance
sheet management plan.


DEVELOPMENT BANK: Full-Year Net Income Rises 41.4%
--------------------------------------------------
Development Bank of the Philippines posted a 2005 full-year net
income of PHP3.21 billion, an increase of 41.41% over the
previous year's PHP2.27 billion net income, according to DBP's
President and Chief Executive Officer Reynaldo G. David.

DBP's gross income for the year 2005 increased by 15.25% to
PHP16.7 billion, from the PHP14.03 billion reported for the year
2004.  The Bank's gross loan portfolio registered a 31.26% gain,
reaching PHP111.53 billion, from PHP84.97 billion in 2004.  Past
due ratio was recorded at 7.43% compared with the industry
average of 10.27% as of September 2005.

The Bank's total assets stood at PHP210.51 billion, up 33.98%
from PHPP157.12 for the same period last year, whereas net worth
grew 15.11% from PHP19.85 billion in 2004 to PHP22.85 billion in
2005.

                         Plans for 2006

Mr. David revealed that the Bank is still deciding on whether to
continue the second tranche of its tier 2 notes capital
offering, or to go into hybrid 1 offering.  In the first tranche
of the tier 2 notes capital offering, DBP raised
PHP2.35 billion.

The Bank is also looking at disposing its acquired assets in
August, with Ernst and Young as financial adviser.  Other plans
for the year include the establishment of remittance centers in
four to five key areas worldwide, such as Hong Kong, Singapore,
Saudi Arabia, Italy, and the United States.

DBP will also be active in economic pump-priming, with the Bank
partaking in some PHP4 billion in funds to be lent out to the
countryside during the first quarter, Mr. David disclosed.  

                           About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- is the Philippines's most  
progressive development banking institution, providing for the
medium and long-term financing needs of enterprises, with
emphasis on small and medium-scale industries, particularly in
the countryside.

                          *     *     *

Fitch Ratings gave BDP a C/D Individual Rating on September 3,
2001.

Moody's Investors Service gave DBP's Foreign Long-Term Bank
Deposits a B1 rating and Local Long-Term Bank Deposits a Ba2
rating effective February 16, 2005.


DEVELOPMENT BANK: Appoints Patricia Sto. Tomas as Chairwoman
------------------------------------------------------------
Development Bank of the Philippines disclosed in a press release
on July 21, 2006, that it appointed Patricia Sto. Tomas as its
chairwoman, replacing former Chairman Antonio L. Alindogan Jr.

Chairwoman Sto. Tomas took her oath of office on July 12 at the
DBP Board Room.

The Bank notes that Ms. Sto. Tomas is a proven leader in the
areas of public administration, human resource development and
management, organizational development and development
communications, built on more than three decades of solid work
in the bureaucracy and the academe.

Prior to her appointment to DBP, Ms. Sto. Tomas was secretary of
the Philippine Department of Labor and Employment from
February 2001 to June 2006, where she reoriented the department
towards achieving its core mandates of employment facilitation,
enhancement and promotion of industrial peace, worker's welfare
and protection, and commitment to service delivery.  She was
also chairwoman of the Civil Service Commission, the Philippine
Overseas Employment Administration, the Technical Education and
Skills Development Authority, National Wages and Productivity
Commission, Overseas Workers' Welfare Administration, Philippine
Overseas Employment Administration, Employees Compensation
Commission, Occupational Safety and Health Center, and the
National Maritime Polytechnic.

Moreover, Ms. Sto. Tomas had been a board member of the National
Economic and Development Authority, Social Security System,
National Housing Authority, National Home Mortgage Mutual Fund,
Land Bank of the Philippines, Philippine Health Insurance
Corporation, Philippine Economic Zone Authority, National
Agriculture and Fishery Council, National Anti-Poverty
Commission and Export Development Council.  She had also been
consultant of many government agencies and UN organizations,
including the World Bank and the International Labor
Organization.  She likewise served as secretary general of the
Eastern Regional Organization for Public Administration.

Ms. Sto. Tomas has earned numerous citations for her
distinguished career in the public sector.  She was named
Outstanding Woman in Government Service by the National Council
of Women of the Philippines and was among the Ten Outstanding
Women in the Nation's Service in 1982.  She was an Edward Mason
fellow at Harvard University and fellow of the International
Visitors program of the US International Communication Agency.  
She has honorary degrees from the Cagayan Valley State
University, Western Mindanao University, Ateneo de Davao
University, and Far Eastern University.

In the academe, she has been lecturer and professor at the
Ateneo University Graduate School of Governance and the
University of the Philippines.

                           About DBP

Development Bank of the Philippines --
http://www.devbankphil.com.ph/-- is the Philippines's most  
progressive development banking institution, providing for the
medium and long-term financing needs of enterprises, with
emphasis on small and medium-scale industries, particularly in
the countryside.

                          *     *     *

Fitch Ratings gave BDP a C/D Individual Rating on September 3,
2001.

Moody's Investors Service gave DBP's Foreign Long-Term Bank
Deposits a B1 rating and Local Long-Term Bank Deposits a Ba2
rating effective February 16, 2005.


MARIWASA MANUFACTURING: Posts PHP51.4-Million Loss in 2Q
--------------------------------------------------------
Mariwasa Manufacturing Inc. reported a loss of PHP51.26 million
for the second quarter this year compared to a profit of
PHP22.8 million for the same period in 2005, The Manila Times
says.

According to the Company, reduced sales and higher costs led to
the loss.  An increase in the cost of goods sold to 78.17% from
72.59% led to a 5.8% drop in gross profit percentage to net
sales for the quarter.  Lower production volume led to a rise in
variable costs per unit, due to price increases, which, in turn,
increased manufacturing overhead costs.

Costs in the second quarter rose to 13.06% from 12.24% for the
same period last year, despite efforts to reduce them, since
Mariwasa had set aside funds for advertising and promotion costs
offered to distributors in order to increase sales.  The Company
also agreed to raise costs for handling and delivery in order to
recover losses of haulers from the recent rise in oil prices.

Mariwasa executive vice president Ferdinand Edwin Co Seteng
said, however, that they expect to turn around and post a profit
for the rest of the year on new products and a boom in real
estate, the Times reports.  The Company is targeting to spend
from PHP30 million to PHP30 million to bring down operational
costs and improve product quality, according to Mr. Co Seteng.

                          *     *     *

Incorporated on November 5, 1963, Mariwasa Manufacturing
Corporation -- http://www.mariwasa.com/-- manufactures and  
sells glazed ceramic floor tiles in various sizes, colors and
designs via a distribution network that spans the whole
archipelago.  The Company has 76 distributors and a significant
number of exclusive distributors nationwide.  Aside from
the local market, Mariwasa tiles also exports to foreign markets
such as the United States and Hong Kong, among others.

                      Going Concern Doubt

After auditing the Company's 2005 Annual Report, Aileen Saringan
of Sycip Gorres Velayo and Co. raised substantial doubt on the
Company's ability to continue as a going concern.  According to
Ms. Saringan, "the Parent Company and its subsidiaries have
incurred recurring net losses and have a working capital
deficiency.  In addition, the Parent Company and its major
subsidiary have not complied with certain loan covenants with
creditor banks."

Mariwasa has deferred payments pending the approval of its
proposed restructuring scheme.

Loan restructuring has been initiated and with the completion of
the loan restructuring, the Group expects to reduce its interest
expense and achieve more flexibility in its cash
management.

The Group has also implemented these measures:

   * Tightening credit control to avert potential bad debts; and

   * Continuously improving production efficiencies and cutting
     down overall costs by optimizing capacities and reducing
     downtime.


PSI TECHNOLOGIES: Gets Notice of Failure to Comply with Nasdaq
--------------------------------------------------------------
PSi Technologies Holdings, Inc., a leading independent provider
of assembly and test services for the power semiconductor
market, had on July 18, 2006, disclosed that it received a
Nasdaq Staff Determination letter indicating that the
Company failed to submit Form 20-F for the period ended June 30,
2006, as required by Marketplace Rule 4320(e)(12), and that its
securities are, therefore, subject to delisting from The Nasdaq
Small Cap Market.

On June 30, 2006, the Company filed a Form 12b-25 with the U.S.
Securities and Exchange Commission that indicated the Company
expects to file its Form 20-F no later than 45 days after June
30, 2006.  The Company will request a hearing before a Nasdaq
Listing Qualifications Panel to review the Staff Determination,
which will stay the delisting action pending the issuance of
a final decision by the Panel.  However, there is no assurance
the Panel will grant the Company's request for continued
listing.

PSi Technologies received a Nasdaq Staff Deficiency letter on
July 17, 2006, indicating that it had failed to comply with the
minimum bid price requirement for continued listing set forth in
Marketplace Rule 4320(e)(2)(E)(i).  The Company will be provided
180 calendar days, or until January 16, 2007, to regain
compliance with the minimum bid price requirement of US$1.00 per
American Depositary Share of the Company for a minimum of 10
consecutive business days.  If the minimum bid price requirement
is not met by Jan. 16, 2007, Nasdaq Staff will provide the
Company with an additional 180 calendar-day compliance period,
only if the Company meets certain other listing criteria.

                   About PSi Technologies

PSi Technologies Holdings Inc. - http://www.psitechnologies.com/
-- is a focused independent semiconductor assembly and test
service provider to the power semiconductor market.  The Company
provides comprehensive package design, assembly and test
services for power semiconductors used in telecommunications and
networking systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.  Their customers include most of the major
power semiconductor manufacturers in the world such as Infineon
Technologies, ON Semiconductor, Philips Semiconductor, and
ST Microelectronics.


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

DIGILAND INTERNATIONAL: Posts Details of Ximeta Transaction
-----------------------------------------------------------
Digiland International Limited on July 24, 2006, provided
additional information regarding the distribution agreement and
option to subscribe shares in Ximeta Inc.

The Troubled Company Reporter - Asia Pacific reported on June
16, 2006, that on November 19, 2005, and January 16, 2006,
Digiland International Limited entered into an agreement and an
addendum agreement with Ximeta, Inc., for the grant by Ximeta to
Digiland of manufacturing rights and distribution rights in
respect of Ximeta's products.

In connection with the grant of the manufacturing and
distribution rights, Ximeta, on June 14, 2006, granted Digiland
an option to subscribe for shares in Ximeta constituting 6.96%
of the enlarged issued share capital of Ximeta, TCR-AP said.

Under the Agreement, the consideration for the grant of
manufacturing and distribution rights was US$1.5 million which
was payable in three installments on Nov. 19, 2005, Dec. 31,
2005, and January 31, 2006, TCR-AP added.

In an update, Digiland disclosed that the consideration for the
grant of the manufacturing and distribution rights was
determined on a willing buyer-willing seller basis.  The
determination of the price was based on:

     -- the new technology used in Ximeta's products;
   
     -- the market potential;

     -- the possible margins;

     -- the authority given to Digiland to appoint sub-agents;

     -- the territorial and geographical extent of the
        manufacturing and distribution rights granted; and

     -- the tenure of the Distribution Agreement.

Furthermore, the consideration was arrived at after taking into
account that Ximeta was a loss-making firm.  Based on the
management accounts of Ximeta as of December 31, 2005, the net
tangible liabilities was US$6.68 million, and the net loss for
the year ended December 31, 2005 was US$3.91 million.  Ximeta's
strength is in research and development and Digiland's strength
is in distribution. Accordingly, Digiland and Ximeta could
complement each other and it was felt that Digiland should be
amply rewarded for providing its complementary distribution
strength to Ximeta's business.

Based on the management accounts of Ximeta as of December 31,
2005, the net tangible liabilities figure of Ximeta was US$6.68
million, and the net loss of Ximeta for the period from July 1,
2005, to December 31, 2005, was US$1.854 million.  No valuation
of the manufacturing or distribution rights, Option or shares in
Ximeta which are the subject of the Option was commissioned.

The source of funds for the acquisition of the manufacturing and
distribution rights, the Option and the Option Shares is from
the Digiland's working capital.

The Ximeta transaction -- assuming that the grant of the
manufacturing and distribution rights and the Option and the
exercise of the Option had been effected on June 30, 2005 -- is
expected to increase the Company's net tangible liabilities to
US$14,144,000, as against US$12,644,000 before the transaction.  
Net losses before and after the transaction are US$18,656,000
and US$19,156,000 respectively.

Digiland entered into the Ximeta deal in line with efforst to
phase out its old strategy of distributing products that yield
about 2% margin, to a new business strategy of distributing
higher margin products and providing higher value-added
services. The obtaining of the manufacturing and distribution
rights tie in with Digiland's new business strategy for these
reasons:

     * the distribution rights form part of Digiland's core
       business and allows Digiland to widen its portfolio of
       information technology products which it distributes;

     * Ximeta's products are expected to bring much better
       margins;

     * the signing of the Distribution Agreement gives Digiland
       quick access to the United States of America and the
       European markets for the Ximeta products; and

     * the obtaining of the manufacturing rights is in line with
       the strategy of Digiland to have value-add distribution
       with vertical integration of the supply chain. The
       manufacturing rights are ancillary to the distribution
       rights, and allow Digiland to complement and add value to
       its distribution function.

Digiland said that the Option was an added bonus.  The Company's
primary objective was the distribution and manufacturing rights.
The Option is incidental to the distribution and manufacturing
arrangements and was granted with a view to strengthening the
business relationship between Digiland and Ximeta.

The relationship with Ximeta is an important business
relationship as Digiland, after becoming a shareholder of Ximeta
via exercising the Option, may be allowed a board seat in
Ximeta. Ximeta informally indicated to Digiland that it proposed
to offer one board seat to Digiland.  If at the invitation of
Ximeta, Digiland nominates one director to the board of Ximeta,
such nominee director will not have any executive functions and
Digiland will not have anycontrol over the Ximeta board or
management.  Nevertheless, Digiland believes that with a nominee
director on the board of Ximeta, it will be able to provide its
inputs to the Ximeta board on product development.

             About Digiland International Limited

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


INFORMATICS HOLDINGS: Subsidiary Changes Name
---------------------------------------------
Informatics Holdings Limited subsidiary, Informatics Children
Education Pte Ltd, has changed its named to Informatics
Franchise and Licensing Pte Ltd.      

                   About Informatics Holdings

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.


INFORMATICS HOLDINGS: Gains $338,000 from Sale of ICE Property
--------------------------------------------------------------
Informatics Holdings Limited has gained $338,000 from the
disposal of its property located at 1 Jalan Anak Bukit #B1-52
Bukit Timah Plaza, Singapore 588996.

As reported by the Troubled Company Reporter - Asia Pacific on
July 25, 2006, Boss Coaches Pte Limited has purchased the
Company's leasehold asset known as the "ICE Property" for
S$650,000

The said property, which was held under its wholly owned
subsidiary Informatics Children Education Pte Limited, has a net
book value of $312,000 as of March 31, 2006.

The transaction was arrived at by private treaty on a willing-
seller-willing-buyer basis, and the completion of the sale
transaction is expected within 12 weeks from the exercise of the
option, to October 9, 2006.

No valuation report has been commissioned on the property.

             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.


MDR LIMITED: Notes Director's Change of Interest
------------------------------------------------
mDr Limited's director and substantial shareholder, Philip Eng
Heng Nee, on July 24, 2006, increased the number of options held
by him.

Before the change, Mr.Eng held 7,000,000 options with 0.728%
percentage issued share capital.  Recently, Mr. Eng increased
his holdings to 11,238,000 options with 0.730% percentage of
issued share capital.

Thus, Mr. Eng currently holds 11,238,00 outstanding options.

                     About mDR Limited

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

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


SEE HUP SENG: Enters Into Placement Agreement with Subscribers
--------------------------------------------------------------
Valerie/verbatim
http://info.sgx.com/webcorannc.nsf/437de11c8b2eedc248256fc800090
7cb/94621f051bfaa263482571b50038a441?OpenDocument#

See Hup Seng Limited on June 7, 2006, entered into a placement
agreement with the Company's subscribers, pursuant to which the
subscribers agreed to take an aggregate of 18,800,000 new
ordinary shares in the capital of the Company at S$0.11 per
Placement Share.

The names of the subscriber with the corresponding number of
placement of shares are:

     * Aw Yong Wee -- 2,000,000;

     * Chan Hiang Ngee -- 1,000,000;

     * Koh Kok Leong -- 1,000,000;

     * Lee See Kee -- 2,800,000;

     * Loke Chee Choong -- 1,000,000;

     * Pek Choon Heng -- 1,000,000; and

     * Yap Sew -- 10,000,000.

The total number of placement shares subscribed is 18,800,000.

In consideration of the Subscribers subscribing for the
Placement Shares and subject to the completion of the Placement,
the Company also granted to each of the Subscribers an option to
subscribe for the same number of option shares at the option
exercise price of S$0.12 per Option Share.

Each of the Options may be exercised by the relevant Subscriber
at any time and from time to time during the option period
commencing from June 7, 2006, and expiring on June 6, 2009.

The Singapore Exchange Securities Trading Limited has given its
in-principle approval for the Company's application for the
listing and quotation of the Placement Shares and the Option
Shares. The in-principle approval of the SGX-ST is not to be
taken as an indication of the merits of the Placement, the
Placement Shares, the Option Shares, the Company or its
subsidiaries.

The completion of the Placement Agreement is expected to take
place by August 4, 2006, and the date of the listing and
quotation of the Placement Shares on the official list of the
Stock Exchange of Singapore Dealing and Automated Quotation
System will be announced in due course.

                 About See Hup Seng Limited

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

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

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

   * successful completion of the proposed debt restructuring  
     exercise;

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

   * the generation of significant positive cash flows.


SPIN VIDEO: Enters Wind-Up Proceedings
--------------------------------------
An application for the wind-up of Spin Video Pte Limited will be
heard before the High Court of the Republic of Singapore on
August 4, 2006, at 10:00 a.m.

Comic Ritz Production Co. Ltd, Catalyst Logic Co. Ltd, Speedy
Video Distributors Sdn Bhd, and Alliance Entertainment Singapore
Pte Ltd filed the wind-up petition.

Parties wishing to attend at the hearing must serve or send a
notice to the solicitors for the plaintiffs by August 3, 2006,
at 12:00 p.m.

The solicitors for the plaintiffs can be reached at:

         M/s Infinitus Law Corporation
         77 Robinson
         Road #16-00, SIA Building
         Singapore 068896


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------  
July 27, 2006
  Turnaround Management Association - Australia
    TMA-ANZ Great Debate Australia
      Bondi Room, Sydney, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au  
  
August 3, 2006
  Beard Audio Conferences
    Homestead Exemptions under BAPCPA
      Audio Conference
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/  
  
August 9, 2006
  Turnaround Management Association
    Professional Development Meeting
      Sydney, Australia
        Telephone: 0438 653 179
          Web site: http://www.turnaround.org/  
  
August 9, 2006
  Turnaround Management Association - Australia
    PD Meeting - Panel - Work Choices Australia
      Sydney, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

August 17, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings  
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

September 8-9, 2006
  American Bankruptcy Institute
    International Insolvency Symposium
      London, England
        Web site: http://www.turnaround.org/  
  
September 13, 2006
  Turnaround Management Association - Australia
    Networking Function Australia
      Parramatta, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

September 21, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings  
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

September 26-27, 2006
  American Bankruptcy Institute
    Airline Restructuring
      Helmsley Park Lane Hotel, New York, NY
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 5, 2006
  Turnaround Management Association - Australia
    UTS Fundamentals of Turnaround Management Australia
      Mecure Hotel - Haymarket
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 11, 2006
  INSOL
    INSOL Lenders, Australia Technical Day  
      Brisbane, Australia
        Web site: http://www.insol.org/

October 11-14, 2006
  Turnaround Management Association - Australia
    2006 Annual Convention
      JW Marriott Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 11, 2006
  Turnaround Management Association - Australia
    Professional Development Meeting Australia
      TBA
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

October 12, 2006
  Insolvency Practitioners Association Of Australia
    IPAA National Conference 2006
      Stamford Plaza, Brisbane City,
        Queensland, Australia  
          Telephone: 07-3367-0500
            e-mail: corinne.templeton@invigorate.com.au

October 12, 2006
  Turnaround Management Association - Australia
    UTS Fundamentals of Turnaround Managment Australia
      Melbourne, Australia
        Telephone: 0438-653-179  
          e-mail: tma_aust@bigpond.net.au

October 19, 2006
  Insolvency Practitioners Association Of Australia
    Study Group Meetings  
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395  
          e-mail: amanda_taylor@aapt.net.au

October 31 - November 1, 2006
  International Women's Insolvency & Restructuring Confederation
    IWIRC Annual Conference
      San Francisco, CA, USA
        Web site: http://www.iwirc.com/

November 9-10, 2006
  Turnaround Management Association - Australia
    TMA Australia National Conference Australia
      TBA
        Telephone: 0438-653-179   
          e-mail: tma_aust@bigpond.net.au

November 15, 2006
  LI TMA Formal Event
    TMA Australia National Conference
      Long Island, New York, USA
        Web site: http://www.turnaround.org/

November 16, 2006
  Insolvency Practitioners Association of Australia
    Study Group Meetings
      Chartered Accountants House, Sydney, Australia
        Telephone: 9416-2395
          e-mail: amanda_taylor@aapt.net.au

December 13, 2006
  Turnaround Management Association - Australia
    Christmas Function Australia
      GE Commercial Finance, George Street,
        Sydney, Australia
          Telephone: 0438-653-179
            e-mail: tma_aust@bigpond.net.au

February 2007
  American Bankruptcy Institute
    International Insolvency Symposium
      San Juan, Puerto Rico
         Telephone: 1-703-739-0800
           Web site: http://www.abiworld.org

March 27-31, 2007
  Turnaround Management Association - Australia
    2007 TMA Spring Conference
      Four Seasons Las Colinas, Dallas, TX, USA
        e-mail: livaldi@turnaround.org

April 11-15, 2007
  American Bankruptcy Institute
    ABI Annual Spring Meeting
      J.W. Marriott, Washington, DC, USA
        Telephone: 1-703-739-0800
          Web site: http://www.abiworld.org/

October 16-19, 2007
  Turnaround Management Association - Australia
    TMA 2007 Annual Convention
      Boston Marriott Copley Place, Boston, MA, USA
        e-mail: livaldi@turnaround.org

March 25-29, 2008
  Turnaround Management Association - Australia
    TMA Spring Conference
      Ritz Carlton Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

October 28-31, 2008
  Turnaround Management Association - Australia
    TMA 2008 Annual Convention
      New Orleans Marriott, New Orleans, LA, USA
        e-mail: livaldi@turnaround.org

October 5-9, 2009
  Turnaround Management Association - Australia
    TMA 2009 Annual Convention
      JW Marriott Desert Ridge, Phoenix, AZ, USA
        e-mail: livaldi@turnaround.org

October 4-8, 2010
  Turnaround Management Association - Australia
    TMA 2010 Annual Convention
      JW Marriot Grande Lakes, Orlando, FL, USA
        e-mail: livaldi@turnaround.org

Beard Audio Conferences
  Coming Changes in Small Business Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Audio Conferences CD
  Beard Audio Conferences
    Distressed Real Estate under BAPCPA
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changes to Cross-Border Insolvencies
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Healthcare Bankruptcy Reforms
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Calpine's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Changing Roles & Responsibilities of Creditors' Committees
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Validating Distressed Security Portfolios: Year-End Price
    Validation and Risk Assessment
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Employee Benefits and Executive Compensation
    under the New Code
      Audio Conference Recording
        Telephone: 240-629-3300
          Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Dana's Chapter 11 Filing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Reverse Mergers-the New IPO?
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Fundamentals of Corporate Bankruptcy and Restructuring
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  High-Yield Opportunities in Distressed Investing
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Privacy Rights, Protections & Pitfalls in Bankruptcy
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  When Tenants File -- A Landlord's BAPCPA Survival Guide
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/

Beard Audio Conferences
  Clash of the Titans -- Bankruptcy vs. IP Rights
    Audio Conference Recording
      Telephone: 240-629-3300
        Web site: http://www.beardaudioconferences.com/



                            *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.  
Prices are obtained by TCR-AP 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-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***