TCRAP_Public/060802.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, August 2, 2006, Vol. 9, No. 152

                            Headlines

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

A M WHELAN: Members Pass Resolution to Liquidate Business
AVONDALE (DENILIQUIN): Enters Voluntary Liquidation
BIRRETTUM PTY: Liquidator Turner to Present Wind-Up Report
BRILOR INTERNATIONAL: Creditors Resolve to Wind Up Firm
CMH (VIC.): Enters Wind-Up Proceedings

CODY PTY: Bank Appoints Receiver and Manager
CORPERS (NO 450): Placed Under Members' Voluntary Liquidation
E. OMAR & ASSOCIATES: Members to Receive Liquidator's Report
EVANS & TATE: To Complete Mildura Winery Sale on August 23
FAIRFAX BUSINESS: Placed Under Members' Voluntary Wind-Up

FELTEX CARPETS: Receives Takeover Offer from Godfrey Hirst
FIVE KAZANG: Appoints Official Liquidator
FORTESCUE METALS: Raises Pilbara Mine Financing by AU$1 Billion
GLOBAL ENTERTAINMENT: Court to Hear Liquidation Bid on August 31
GREAME WAKELING: Members Opt to Close Operations

J&M CONTRACTORS: Appoints Michael McCann as Receiver and Manager
JAMES HARDIE: NSW Government Extends FFA to August 31, 2006
KENROD INVESTMENTS: Members Agree to Wind Up Firm
KILLEEN INVESTMENTS: Enters Voluntary Wind-Up
KIRARA PTY: Members Appoint David Scott as Liquidator

MICROWAVE SAFE: Shuts Down Business Operations
MISCIS PTY: Appoints Timothy Holden as Liquidator
MOSS VALE: Members and Creditors to Receive Wind-Up Report
MR. JACKETS CLOTHING: Creditors Appoint Liquidator
MURRAY DARLING: To Declare Dividend for Priority Creditors

NEVEREND PTY: Members Agree to Close Business Operations
OCEAN RACING: Joint and Several Liquidators Named
OPIUM NZ LIMITED: Liquidation Bid Hearing Slated for August 31
PABAH PTY: Enters Members' Voluntary Liquidation
PULP JUICE BARS: Creditors Appoint M.J. Green as Liquidator

RADAR HOTELS: Liquidator to Present Wind-Up Report on August 7
ROSENCWEIG MANAGEMENT: Members Opt to Shut Down Operations
SOUTHGLEN INVESTMENTS: Appoints Official Liquidator
SPRINGALL INVESTMENTS: Undergoes Voluntary Liquidation
SPUDS SURF: Creditors Resolve to Close Business Operations

TIMANDRA PTY: Enters Voluntary Liquidation
TRANSFIELD ALC: Murray Smith Named Receiver and Manager
TRANSOCEANIC SUPPLY: Court to Hear Liquidation Bid on Sept. 28
VILLAGE DRY: Placed Under Members' Voluntary Liquidation
WAST UNI: Faces Liquidation Proceedings

WOODLAND BUILDERS: High Court Set to Hear Liquidation Petition
YOUNG STARS INVESTMENTS: Creditors Appoint Liquidator
ZOFELL PTY: Creditors Appoint C. Wykes as Liquidator


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Former Official Faces Death Sentence
ANYPLACE WORKSHOP: Court to Hear Wind-Up Bid on August 23
BEST POWER: Faces Wind-Up Proceedings
BMS CHINA: Wind-Up Petition Hearing Slated for August 23
BRIGHT CREATE: Names Tang as Official Liquidator

DIPLOCACUS LIMITED: Joint Liquidators Step Aside
GAMENET (ASIA): Liquidator to Present Wind-Up Report
NAL LIMITED: Names Corkhill and Bruce as Liquidators
NORWEGIAN ASSET: Tse Ceases to Act for Company
NPDC HOLDINGS: Appoints New Liquidator

OCEAN PALACE: Lui and Ha Cease to Act as Liquidators
OIL SHIPPING: Members Opt for Voluntary Wind-Up
OVERSEAS TRADING: Creditors' Proofs of Claim Due on Sept. 3
SHANGHAI REAL: To Pay CNY204 Mln for 51% Shenyang Huarui Stake
TREASURE PROPERTIES: Annual Meeting Slated for August 4

WESCA (FAR EAST): Appoints Official Liquidator
XICOR HONG KONG: Creditors' Proofs of Claim Due on August 29


I N D I A

SRI SAMPIGE BANK: Reserve Bank Cancels License


I N D O N E S I A

BANK NEGARA: Targets NPL Ratio to Reach 10%
KERETA API: Admits to Stating 2005 IDR5-Billion Loss as Profit


J A P A N

ALL NIPPON: Reports 256% Rise in April-June Profit
TOKYO DOME: R&I Affirms BB+ Rating on Expected Losses


K O R E A

KOOKMIN BANK: Reports Better-Than-Expected Net Income
SHINIL PRECISION: Restructures Debt via Amalgamation
TI AUTOMOTIVE: Receives Contracts From Three Major Automakers
LANKHORST BERHAD: Shareholders Pass All AGM Resolutions
MALAYSIA AIRLINES: Members Okay Proposed Share Capital Hike

MALAYSIA AIRLINES: Winds Up Four Dormant Units
MALAYSIA AIRLINES: Hikes Domestic Air Fares and Fuel Surcharge
MYCOM BERHAD: Lays Out Timeframe for Restructuring Completion
NORTH BORNEO: Bourse Gives Public Reprimand and Imposes Fine
PSC INDUSTRIES: Provides Default Status Updates

PSC INDUSTRIES: Seeks More Time to Regularize Finances
PILECON ENGINEERING: Lacks Funds to Pay Debts
POLYMATE HOLDINGS: Provides Updates on Legal Suits Against Units
TAP RESOURCES: RCSLS Holder Declares Event of Default


P H I L I P P I N E S

BANCO DE ORO: First-Half Profit Grows 6% Year-on-Year
GLOBAL EQUITIES: PSE Freezes Stock Price on Sharp Increase
METROPOLITAN BANK: First-Half Net Profit Rises 35% to PHP3B
PHILIPPINE AIRLINES: Baguio Gold to Acquire Majority Stake


S I N G A P O R E

ANANDA TRAVEL: Enters Wind-Up Proceedings
ATECH MOULDS: Creditors' Proofs of Debt Due on August 14
EFFICIENCY CONTRACTOR: Court to Hear Wind-Up Petition
REFCO INC: Six Creditors Withdraw Nine Proofs of Claim
REFCO INC: Judge Issues Protective Order on Panel Subpoenas

REFCO INC: Dag Seim Wants US$443,311 Severance Payment from RCM
REFCO INC: Chap. 11 Trustee Says Dag Seim's Claims are Unsecured


T H A I L A N D

CENTRAL PAPER: Posts THB9.718 Million Net Loss in 2nd Qtr '06


* BOND PRICING: For the Week 24 July to 28 July 2006
* Upcoming Meetings, Conferences and Seminars


     - - - - - - - -

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

A M WHELAN: Members Pass Resolution to Liquidate Business
---------------------------------------------------------
At a general meeting held on July 1, 2006, the members of A M
Whelan Pty Limited passed a resolution to liquidate the
Company's business and distribute the proceeds of its assets
disposal.

Subsequently, James Ryan was appointed as liquidator.

The Liquidator can be reached at:

         James Ryan
         Level 5, 255 George Street
         Sydney New South Wales 2000
         Australia


AVONDALE (DENILIQUIN): Enters Voluntary Liquidation
---------------------------------------------------
The members of Avondale (Deniliquin) Pty Ltd held a general
meeting on July 4, 2006, and agreed to voluntarily liquidate the
Company's operations and distribute the proceeds of its assets
disposal.

In this regard, Michael G. Fleming was appointed as liquidator.

The Liquidator can be reached at:

         Michael G. Fleming
         354 George Street
         Deniliquin New South Wales 2710
         Australia


BIRRETTUM PTY: Liquidator Turner to Present Wind-Up Report
----------------------------------------------------------
A final meeting of the members and creditors of Birrettum Pty
Limited will be held on August 18, 2006, at 10:00 a.m.

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

As reported by the Troubled Company Reporter - Asia Pacific on
October 14, 2005, the members of the Company resolved to wind up
the Company's operations on September 7, 2005.

The Liquidator can be reached at:

         Dennis Turner
         PKF Chartered Accountant
         11th Floor, 485 Latrobe Street
         Melbourne, Victoria 3000
         Australia


BRILOR INTERNATIONAL: Creditors Resolve to Wind Up Firm
-------------------------------------------------------
On June 30, 2006, the creditors of Brilor International Pty Ltd
held a meeting and resolved to wind up the Company's operations.

In this regard, Glenn Anthony Crisp was appointed as liquidator.

The Liquidator can be reached at:

         Glenn Anthony Crisp
         RSM Bird Cameron Partners
         Rialto South Tower
         Level 8, 525 Collins Street
         Australia
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9286 1800
         Facsimile:(03) 9286 1899


CMH (VIC.): Enters Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting of the members of CMH (VIC.)
Pty Ltd held on July 6, 2006, it was resolved that a voluntary
wind-up of the Company's operations is appropriate and
necessary.

Craig Crosbie was appointed as liquidator at a creditors'
meeting held later that day.

The Liquidator can be reached at:

         Craig Crosbie
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne Victoria 3000
         Australia


CODY PTY: Bank Appoints Receiver and Manager
--------------------------------------------
The Commonwealth Bank of Australia has on June 15, 2006,
appointed Michael Gerard McCann as receiver and manager of all
the assets, property and undertakings of Cody Pty Ltd.

The Receiver and Manager can be reached at:

         Michael Gerard McCann
         Chartered Accountant
         c/o Grant Thornton
         Level 4, 102 Adelaide Street
         Brisbane
         Australia


CORPERS (NO 450): Placed Under Members' Voluntary Liquidation
-------------------------------------------------------------
The members of Corpers (NO 450) Pty Ltd held a general meeting
on June 30, 2006, and resolved to voluntarily wind up the
Company's operations.

Subsequently, Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Herbert Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin, Victoria 3189
         Australia


E. OMAR & ASSOCIATES: Members to Receive Liquidator's Report
------------------------------------------------------------
The members of E. Omar & Associates Pty Ltd will hold a meeting
on August 18, 2006, at 10:30 a.m.

During the meeting, Liquidator D. R. Vasudevan will present
accounts of the Company's wind-up and property disposal
exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on February 6,
2006.

The Liquidator can be reached at:

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


EVANS & TATE: To Complete Mildura Winery Sale on August 23
----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
March 15, 2006, Evans & Tate Limited has entered into
negotiations to sell its Mildura Winery to British beverage
group Neqtar Ltd.  Through the Mildura Winery Sale, Evans & Tate
will get AU$22 million, plus the granting of options over 5.9%
of the pre-listing capital of Neqtar.

In a subsequent report, the TCR-AP stated that the Mildura Sale
has been delayed because Neqtar requested to extend the time
within which its Australian subsidiary, SDS Beverages Food and
Wine Pty Ltd., will complete the purchase -- from June 30 to
July 31, 2006.

In a recent statement filed with the Australian Stock Exchange,
Evans & Tate says that it has renewed its exclusivity
arrangement with Neqtar until August 25, 2006.

The Mildura Sale is due to be completed by August 23, 2006, the
Sydney Morning Herald relates.

The Company notes that Neqtar has secured the necessary equity
and is well advanced in finalizing documentation associated with
the debt required to complete the transaction.

According to Evans & Tate, the proceeds from the Sale will be
used to repay its debts and meet restructuring costs.

Evans & Tate clarifies, however, that the purchaser will now be
Roberts Estate Wines Pty Ltd., a wholly owned subsidiary of
Neqtar, instead of SDS.  Neqtar has confirmed that it still
plans to list on the London AIM exchange, and when that is
achieved, the winemaker will be granted options over 5.9% of the
pre-listing capital of Neqtar.

As stated in the previous TCR-AP report, the Mildura Sale is
subject to conditions that include Neqtar's listing on the
Alternative Investment Market of the London Stock Exchange.

The Herald Sun cites Evans & Tate managing director Martin
Johnson as saying that "[w]e are delivering on our turnaround
strategy and will reduce both debt and operating costs
associated with the Mildura winery."

"The sale consolidates our partnership with the Neqtar Group,
which is bringing significant value to Evans & Tate via our UK
distribution arrangements with Neqtar subsidiary, HwCg," Mr.
Johnson said in a statement to the market.

According to the Herald Sun, that collaboration is designed to
reduce Evans & Tate's costs as it sheds its handful of British
staff.

On March 15, 2006, the TCR-AP noted that Evans & Tate was also
in negotiations with wine importer and distributor HwCg Ltd. for
a new distribution arrangement in the United Kingdom.

The Herald Sun relates that the HwCg Deal allows Evans & Tate to
focus on producing premium wines from the Margaret River and
Yarra Valley regions.

                        About Neqtar

Based in Hertfordshire, Neqtar UK --
http://www.neqtarbeverages.com/-- through HwCg Ltd., is a
leading supplier to the British multiple retail and independent
trade.  It supplies over 2.5 million cases of wine, which
represents 3% of the United Kingdom off trade.

HwCg was founded in 1999, after the merger of Hedley Wright and
Castle Growers, both well established wine distributors in the
UK.

Neqtar UK represents 29 suppliers from around the world, with
particular strength in France, Chile and Italy.  Neqtar UK
intends to be a major player in Australian wines through its
2005 acquisition of Roberts Estate and its new UK distribution
partner Evans and Tate Ltd.

                     About Evans & Tate

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

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

In the first half of 2006, Evans & Tate has taken steps to sell
its Griffith and Mildura Wineries to reduce debts and meet
restructuring costs.


FAIRFAX BUSINESS: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------------
At a general meeting held on July 4, 2006, the members of
Fairfax Business Information Solutions Pty Ltd agreed that a
voluntary wind-up the Company's operations is necessary.

Accordingly, David Clement Pratt and Timothy James Cuming were
appointed as liquidators.

The Liquidators can be reached at:

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


FELTEX CARPETS: Receives Takeover Offer from Godfrey Hirst
----------------------------------------------------------
Feltex Carpets Limited has received a takeover offer from
privately owned Australian rival Godfrey Hirst for up to 12
cents per share, the New Zealand Herald reports.

As reported in the Troubled Company Reporter - Asia Pacific on
July 5, 2006, Feltex has been in negotiations with potential
investors regarding the injection of new capital.  A subsequent
TCR-AP report stated that Godfrey Hirst has already been
speculated as one of the two bidders vying to put Feltex back on
a sound financial footing.

The NZPA says that a successful takeover by Godfrey Hirst would
create the largest carpet maker in Australasia with combined
sales of NZ$750 million a year.

Rationalization of the two companies' factories would be
expected with jobs likely to go, Stuff.co.nz relates.  According
to the NZPA, Feltex employs 1,340 staff, of which 820 are in New
Zealand and 520 in Australia.  Godfrey Hirst employs 1,280 staff
in Australia and 400 in New Zealand.

Feltex carpets would remain on the market and staff entitlements
and conditions would be taken over by the new owner, NZPA says.

Stuff.co.nz relates that a trading halt, which was put into
force in the morning of August 1, 2006, to make way for the sale
transaction, had been lifted.

Trading will resume today, ShareChat News says.

                           Agreement

According to a company disclosure with the New Zealand Stock
Exchange, Feltex says that it has entered into an Agreement
which proposes the sale of its operations to Godfrey Hirst.

Aside from the approval of Feltex's shareholders, the key
conditions of the Agreement are:

   (a) execution of formal sale and purchase documentation;

   (b) completion of due diligence by Godfrey Hirst;

   (c) regulatory approvals by the Australian Competition and
       Consumer Commission and Foreign Investment Review Board,
       and the New Zealand Commerce Commission and the Overseas
       Investment Office.

Feltex expects that due diligence will be completed by Aug. 21,
2006, noting that subject to obtaining necessary consents and
approvals, settlement should occur in early October.

The key elements of the proposed transaction are:

   -- Godfrey Hirst will acquire the shares of Feltex Australia
      Holdings Pty Limited (through which Feltex Carpets Limited
      operates its Australian business), and will acquire the
      assets and assume the non-interest bearing liabilities of
      Feltex Carpets Limited in New Zealand;

   -- The consideration payable by Godfrey Hirst for the
      operations of Feltex will be NZ$141.8 million subject to
      movements in working capital until settlement date;

   -- The Company's bankers have agreed to facilitate this
      Agreement by allowing a distribution to Feltex
      shareholders of up to 12 cents per share provided various
      conditions are met;

   -- The final amount that will be available for return to
      Feltex shareholders will be a function of the working
      capital adjustments, Feltex's trading cash flow until
      settlement with Godfrey Hirst, prevailing exchange rates
      and the interest bearing debt level at settlement.  The
      maximum amount able to be returned to Feltex shareholders
      is 12 cents per share;

   -- Of the NZ$141.8 million to be paid by Godfrey Hirst, an
      amount will be held in escrow as security for the
      warranties to be provided by Feltex to Godfrey Hirst.  The
      escrow arrangement is capped at NZ$4.5 million which
      equals approximately 3 cents per Feltex share.  The period
      for escrow claims ends on May 31, 2007;

   -- It is currently expected that an initial return of capital
      to shareholders will be made as soon as possible after
      settlement, with a second final return of capital to be
      made after release of any remaining escrow.

Feltex notes that the Proposal will be reviewed by an
independent expert, adding that a special meeting is expected in
September for shareholders to vote on the Proposal, which will
require approval by 75% vote of Feltex shareholders.

According to Feltex Chairman Tim Saunders, the Board of Feltex
has agreed to support the Proposal in the absence of any
alternative proposal being presented that is more favorable to
Feltex shareholders and the Company's stakeholders than the
Godfrey Hirst Proposal.

Feltex is free to receive and consider any alternative proposals
until the special shareholders' meeting, Mr. Saunders notes.

Mr. Saunders explains that "[w]e understand Feltex shareholders
will be extremely disappointed with the position that the
company is now in.  However, the Board believes Feltex's debt
levels are too high and, in the absence of alternatives, it
should put the Godfrey Hirst Proposal to shareholders."

"At an operating level the business has been generating positive
cash flow.  However the market and profitability downturn of
last year, and the subsequent restructuring costs, meant that a
balance sheet restructuring had to occur in the near future,"
Mr. Saunders relates.

Mr. Saunders further explains that, "[w]hile the Board has
worked hard on introducing new equity to the business, we have
not been able to attract proposals that we believe would have
resolved the concerns of the Bank."

The Agreement provides that all trade creditors and other
payables and all business contracts and operational matters will
be assumed by Godfrey Hirst at settlement.

                          Break Fee

Pursuant to the Agreement, Godfrey Hirst will be entitled to a
"break fee" of:

   * NZ$1 million, if the transaction does not close because
     Feltex accepts an alternative proposal; or

   * NZ$750,000, if Feltex shareholders do not vote to accept
     the Proposal and Godfrey Hirst is willing to complete.

Feltex notes that no break fee is payable if the transaction
does not proceed due to a failure to receive regulatory
approvals or if Godfrey Hirst elects not to complete.

The Agreement has the support of Feltex's bank, Feltex says.

NZPA notes that New Zealander Kim McKendrick, whose father's
firm Kensington Carpets was swallowed by Feltex in the 1960s,
owns Godfrey Hirst.

                          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.


FIVE KAZANG: Appoints Official Liquidator
-----------------------------------------
On July 5, 2006, the members of Five Kazang Pty Ltd held a
general meeting and passed a special resolution to wind up the
Company's operations.

In this regard, Gregory Stuart Andrews was appointed 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


FORTESCUE METALS: Raises Pilbara Mine Financing by AU$1 Billion
---------------------------------------------------------------
Fortescue Metals Group Limited's iron ore development project in
the Pilbara region will now cost AU$3.7 billion to fund, the
Sydney Morning Herald reports.  This increased amount is double
last year's AU$1.85 billion estimate and is AU$1 billion higher
than the most recent estimate.

According to the Sydney Herald, Fortescue released more details
regarding its proposed Pilbara Project in a 375-page Preliminary
Offering Memorandum, which document is designed to help the
Company raise AU$2.5 billion in debt from investors around the
globe.

As reported in the Troubled Company Reporter - Asia Pacific on
July 28, 006, Fortescue plans to issue AU$2.53 billion worth
of senior secured notes to help finance its Pilbara iron ore
mining business.

                         The Memorandum

The Preliminary Offering Memorandum is filed with the Australian
Stock Exchange Limited because it contains material information
of interest to equity investors.  Fortescue clarifies that the
Memorandum does not constitute an offer of debt securities in
Australia and is provided for information purposes only.

Fortescue explains that the Memorandum provides an overview of
the project, including current status of development, risk
factors related to the development and operation of the project,
and a base case financial model including forecast financial
information.

Since the Memorandum is prepared in connection with a "book
build" offer process for institutional debt investors, it does
not include pricing terms like the interest rate and maturity of
the debt, Fortescue further explains.

Fortescue also notes that the debt capital raising as described
in the Memorandum is not underwritten and the ability to raise
the required funds will depend on the level of demand from the
capital market for this particular credit.

While Fortescue expects to receive sufficient support for the
debt offering, it does not assure whether the debt offering will
be successfully concluded, and, if concluded, what the final
terms will be, including aggregate principal amount interest
rate and maturity.

According to Fortescue, the Memorandum is provided to potential
institutional debt investors during a series of international
presentations being held over the next couple of weeks.

The Herald says that Fortescue executives including Andrew
Forrest and advisers at Citigroup aim to raise the debt
component through a roadshow by the end of August.  Fortescue is
believed to be seeking a yield of about 9% on the senior secured
notes, the paper says.

                 Huge Pilbara Development Costs

Along with the AU$2.7 billion needed to cover the capital costs
of building a mine, port and railway, Fortescue has been forced
to raise AU$1 billion to cover financing charges and potential
cost blowouts, the Herald relates.

According to its funding documents, Fortescue's estimated total
project development costs include:

   -- AU$183 million already spent on feasibility studies;

   -- AU$187 million in working capital;

   -- AU$498 million to be set aside for cost overruns and risk
      provision contingencies;

   -- AU$461 million to be committed to a debt service reserve
      account to cover interest payments on the bond issue for
      the first two years before production starts;

   -- AU$84 million for fees to its financial and legal
      advisers.

                       The Leucadia Deal

As previously reported in the TCR-AP, Fortescue disclosed to the
ASX that it has signed a Subscription Agreement with Leucadia
National Corporation for a US$400-million (AU$536 million)
investment in the Company.

The Leucadia Deal provides the necessary subordinated debt and
equity contribution to enable Fortescue to commence its road
show presentations, Fortescue says.

According to the Herald, the Leucadia Deal is contingent on
Fortescue completing its debt financing by the end of the year.

The Herald notes that Fortescue had to hold off on its big debt
raising until it finds a cornerstone equity investor to give it
credibility when approaching the U.S. high-yield debt market.

                   AU$2.5-Billion Bond Issue

According to The West Australian, Fortescue noted that the terms
of its huge bond issue "may discourage a takeover of the project
or Fortescue."

The paper explains that a potential AU$2.5 billion "poison pill"
for predators, an offer to repurchase the bonds at 101% of their
face value -- plus any accrued interest -- must be made within
30 days of any change of control.

The West notes that Fortescue's funding estimates indicated the
bonds would pay a coupon rate of around 9%.

While the bond issue and the Leucadia Deal will provide the bulk
of the money, and AU$183 million has already been spent,
Fortescue also expects interest on cash deposits to provide
AU$175 million of its funding needs during the two-year
construction period in Pilbara, The West Australian says.

The West also notes that another AU$109 million is expected to
come from sales generated during the first six months of
production while construction work is still under way.

                    Advantages for Investors

According to The West, the Memorandum also highlights the
potential upside for investors, with a "high case" projection
that pre-tax earnings for the Pilbara project could top US$1.3
billion in 2008, when shipments are due to start, and exceed
US$1.73 billion the next year before leveling at around US$1.5
billion after three years.

The West relates that, according to the Company's "base case"
scenario, pre-tax earnings would total almost US$1.01 billion in
2008, and touch US$1.2 billion in 2009, before settling at
around US$1.1 billion a year after.

The figures underline the heavy cost Fortescue is paying to
finance its bold assault on the international iron ore market,
The West says.

       Sales Agreements Contingent on Pilbara Financing

In its Memorandum, Fortescue also revealed more details of its
sales contracts with Chinese steel mills, although none was
named.  It has 28 separate sales agreements, but 24 are
conditional on Fortescue completing its project financing by the
end of 2006.

A full-text copy of the Memorandum is available free of charge
at:

  http://www.asx.com.au/asxpdf/20060728/pdf/3xqtxrq25n4c2.pdf

                      About Fortescue

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

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

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

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.


GLOBAL ENTERTAINMENT: Court to Hear Liquidation Bid on August 31
----------------------------------------------------------------
The Commissioner of Inland Revenue on June 28, 2006, filed a
petition before the High Court of Auckland to liquidate Global
Entertainment Concepts Ltd -- formerly known as The Relish Group
Ltd.

The Court will hear the wind-up application on August 31, 2006,
at 10:45 a.m.

The solicitor for the petitioner can be reached at:

         Paula Louise Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


GREAME WAKELING: Members Opt to Close Operations
------------------------------------------------
The members of Greame Wakeling & Associates Pty Ltd held a
general meeting on June 30, 2006, and decided to voluntarily
wind up the Company's operations.

In this regard, Richard Judson was appointed as liquidator.

The Liquidator can be reached at:

         Richard Judson
         Members Voluntarys Pty. Ltd.
         PO Box 819
         Moorabbin Vic 3189
         Australia


HAIR MACHINE: Creditors Appoint Steven Nicols as Liquidator
-----------------------------------------------------------
Members of The Hair Machine Pty Ltd convened on July 5, 2006,
and resolved to voluntarily wind up the Company's operations.

Subsequently, creditors appointed Steven Nicols of Nicols+Brien
as official liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Nicols+Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9299 2289
         Web site: http://www.bankrupt.com.au/


J&M CONTRACTORS: Appoints Michael McCann as Receiver and Manager
----------------------------------------------------------------
The Commonwealth Bank of Australia appointed Michael Gerard
McCann as receiver and manager of all the assets, property and
undertaking of J&M Contractors Pty Ltd on June 15, 2006.

The Receiver and Manager can be reached at:

         Michael Gerard McCann,
         Chartered Accountant
         c/o Grant Thornton of Level 4
         102 Adelaide Street
         Brisbane, Australia


JAMES HARDIE: NSW Government Extends FFA to August 31, 2006
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 3, 2006, the Australian Taxation Office advised that James
Hardie Industries Limited's contributions to the Special Purpose
Fund would be tax deductible over the anticipated life of the
arrangements in accordance with the recent "blackhole
expenditure" legislation, which enables tax payers to deduct
expenditures otherwise not deductible, over a period of five
years.

The TCR-AP previously reported that the SPF was established
under a Final Funding Agreement between James Hardie and the NSW
Government on December 1, 2005, to manage future asbestos
compensation payments.  However, implementation of the FFA is
subject to conditions precedent, including the SPF being
recognized as a tax-exempt charity.

According to the TCR-AP report, to give time to assess possible
options, James Hardie and the NSW Government have agreed to
extend the deadline under the FFA to satisfy certain conditions
precedent from June 30 to July 31, 2006.

In an update, James Hardie says that the NSW Government has
further extended the deadline to August 31, 2006.  The Company
asserts that the extension recognizes the fact that it is
currently in discussions to resolve outstanding matters with the
ATO and the NSW Government.

James Hardie notes that it reaffirms its commitment to a
voluntary long-term asbestos compensation funding arrangement
for Australian claims against former group subsidiaries.  The
Company adds that the FFA remains the most viable option,
assuming certain conditions precedent, including tax exemption
for the SPF, can be successfully resolved.

James Hardie says it continues discussions with the ATO
regarding the tax treatment of the SPF, fulfilling suggestions
made at a meeting between asbestos disease victims spokesman
Bernie Banton and the Prime Minister on July 19, 2006.

Full tax exemption for the SPF was a condition precedent to the
FFA and all parties to the Heads of Agreement, signed in
December 2004, regard this as critical to the long-term
viability and affordability of the SPF.

James Hardie Chief Executive Officer Louis Gries contends that
it is in the interest of all stakeholders to quickly resolve the
outstanding issues, especially given that the current fund, the
Medical Research and Compensation Foundation, expects that it
will be able to meet claims only until early next year.

The TCR-AP noted on November 22, 2005, that claims have received
compensation and payments continue to be made by the MRCF, which
has funds to meet proven claims well into 2006.

Mr. Gries calls for the Federal Government's intervention if the
ATO is unable to confirm the tax-exempt status in the near term,
to reduce the anxiety caused to future claimants.

"This has happened in the past, where the Federal Government has
granted charity status through legislation to similar funds,
including the Thalidomide Foundation," Mr. Gries says.

Mr. Gries adds "[t]he requirement to have a second fund that
holds substantial assets in advance of having to pay claims was
determined by all parties involved in negotiating the FFA.
Developing the FFA involved some degree of concession from all
parties to the agreement, including James Hardie agreeing to
provide funding for compensation payments voluntarily and three
years in advance."

James Hardie asserts that any leakage of funds in tax from the
SPF will result in a windfall gain to the Federal Government and
could threaten the long-term viability of the fund or result in
reduced payments to asbestos claimants.

Mr. Gries asserts that the tax treatment of the SPF is now the
single major issue, which prevents the Company from submitting
the FFA to its lenders and shareholders for approval.

Thus, if the ATO is unable to confirm the tax-free status of the
SPF in the near future, other options, including [provisions]
for long-term funding, will need to be pursued, Mr. Gries says
adding that if an alternative funding option is pursued, those
alternatives may not be as beneficial to stakeholders as the
proposed arrangements under the FFA.

                      About James Hardie

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

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

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

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


KENROD INVESTMENTS: Members Agree to Wind Up Firm
-------------------------------------------------
At a general meeting of the members of Kenrod Investments
Proprietary Limited held June 30, 2006, it was resolved that the
Company should voluntarily wind up its operations.

In this regard, D. R. Vasudevan was appointed as liquidator.

The Liquidator can be reached at:

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


KILLEEN INVESTMENTS: Enters Voluntary Wind-Up
---------------------------------------------
At a general meeting on July 1, 2006, the members of Killeen
Investments Pty Limited Pty Limited resolved to close the
Company's business operations and distribute the proceeds of its
assets disposal.

Subsequently, James Ryan was appointed as liquidator.

The Liquidator can be reached at:

         James Ryan
         Level 5, 255 George Street
         Sydney, New South Wales 2000
         Australia


KIRARA PTY: Members Appoint David Scott as Liquidator
-----------------------------------------------------
The members of Kirara Pty Ltd met at a general meeting on
July 6, 2006, and agreed to wind up the Company's business
operations.

In this regard, David Scott was appointed as liquidator.

The Liquidator can be reached at:

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


MICROWAVE SAFE: Shuts Down Business Operations
----------------------------------------------
On June 30, 2006, the members of Microwave Safe Australia Pty
Limited held a general meeting and passed a special resolution
to wind up the Company's operations.

Accordingly, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


MISCIS PTY: Appoints Timothy Holden as Liquidator
-------------------------------------------------
At an extraordinary general meeting held on June 30, 2006, the
members of Miscis Pty Ltd resolved to voluntarily wind up the
Company's operations.

Timothy Mark Shuttleworth Holden was consequently appointed as
liquidator.

The Liquidator can be reached at:

         Timothy Mark Shuttleworth Holden
         INPACT McDonald Carter
         Level 6, 31 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 8613 8888
         Facsimile:(03) 8613 8800


MOSS VALE: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------
The members and creditors of Moss Vale Bowling Club Ltd will
convene at a joint meeting on August 21, 2006, at 10:30 a.m., to
receive Liquidator's Wykes report on the Company's wind-up and
property disposal activities.

The Company declared its first and final dividend on July 21,
2005, the Troubled Company Reporter - Asia Pacific recounts.

The Liquidator can be reached at:

         C. Wykes
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


MR. JACKETS CLOTHING: Creditors Appoint Liquidator
--------------------------------------------------
Creditors of Mr. Jackets Clothing Pty Limited convened on
July 4, 2006, and resolved to voluntarily wind up the Company's
operations.

Accordingly, Roderick Mackay Sutherland was appointed as
liquidator.

The Liquidator can be reached at:

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


MURRAY DARLING: To Declare Dividend for Priority Creditors
----------------------------------------------------------
Murray Darling Community Care Incorporated will declare a first
and final dividend for priority creditors on August 15, 2006, to
the exclusion of those whose debts have not been admitted by
August 1, 2006.

The Troubled Company Reporter - Asia Pacific reported on
January 4, 2005, that the Company declared its first dividend on
January 18, 2005.

The liquidator can be reached at:

         Frank Lo Pilato
         c/o RSM Bird Cameron Partners
         Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2601
         Australia
         Telephone:(02) 6247 5988


NEVEREND PTY: Members Agree to Close Business Operations
--------------------------------------------------------
The members of Neverend Pty Limited held an extraordinary
general meeting on June 29, 2006, and agreed to close the
Company's business operations.

Subsequently, Carl Stuart Jepson was appointed as liquidator.

The Liquidator can be reached at:

         Carl Stuart Jepson
         c/o Luminate Corporate Advisors
         Suite 2, Level 3
         121 Walker Street
         North Sydney 2060
         Australia


OCEAN RACING: Joint and Several Liquidators Named
-------------------------------------------------
At a general meeting on July 7, 2006, the members of Ocean
Racing Club Of Australia Limited passed a special resolution to
appoint Brian Hugh Allen and Peter George Burton as joint and
several liquidators of the Company.

The Liquidators can be reached at:

         Brian Hugh Allen
         Peter George Burton
         c/o Burton Glenn Allen
         Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales
         Australia
         Telephone:(02) 9904 4644
         Facsimile:(02) 9904 9644


OPIUM NZ LIMITED: Liquidation Bid Hearing Slated for August 31
--------------------------------------------------------------
The High Court of Auckland will hear a petition to liquidate
Opium NZ Ltd on August 31, 2006, at 10:45 a.m.

The Commissioner Of Inland Revenue filed the petition with the
Court on June 23, 2006.

Solicitor for the plaintiff can be reached at:

         Paula Louise Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


PABAH PTY: Enters Members' Voluntary Liquidation
------------------------------------------------
The members of Pabah Pty Ltd convened on July 7, 2006, and
passed a special resolution to voluntarily wind up the Company's
business operations and distribute the proceeds of its assets
disposal.

The Liquidator can be reached at:

         Ross Jacob Andrews
         1 Konda Place
         Forster New South Wales 2428
         Australia


PULP JUICE BARS: Creditors Appoint M.J. Green as Liquidator
-----------------------------------------------------------
Members of Pulp Juice Bars Pty Limited met on July 4, 2006, and
resolved to voluntarily wind up the Company's operations.

During a meeting, Martin John Green was appointed as liquidator.

The Liquidator can be reached at:

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


RADAR HOTELS: Liquidator to Present Wind-Up Report on August 7
--------------------------------------------------------------
Members and creditors of Radar Hotels Pty Ltd will meet on
August 7, 2006, at 9:30 a.m., for them to get accounts of the
Company's wind-up and property disposal exercises from
Liquidator G. S. Andrews.

The Liquidator can be reached at:

         G. S. Andrews
         G S Andrews & Assoc
         22 Drummond Street
         Carlton Victoria 3053
         Australia
         Telephone:(03) 9662 2666
         Facsimile:(03) 9662 9544


ROSENCWEIG MANAGEMENT: Members Opt to Shut Down Operations
----------------------------------------------------------
The members of Rosencweig Management Co Pty Ltd convened on
July 3, 2006, and decided to place the Company under a members'
voluntary liquidation.

The liquidator can be reached at:

         Peter Sheldon
         Level 5, Suite 507
         35 Spring Street
         Bondi Junction, New South Wales 2022
         Australia


SOUTHGLEN INVESTMENTS: Appoints Official Liquidator
---------------------------------------------------
At an extraordinary general meeting held on June 27, 2006, the
members of Southglen Investments Pty Ltd decided to appoint
Ian Kellaway as liquidator.

The Liquidator can be reached at:

         Ian D. Kellaway
         Minett & Partners
         Level 5, 491 Kent Street
         Sydney, New South Wales 2001
         Australia


SPRINGALL INVESTMENTS: Undergoes Voluntary Liquidation
------------------------------------------------------
The members of Springall Investments Co Pty Ltd held a general
meeting June 30, 2006, and passed a special resolution to wind
up the Company's business operations.

Robyn McKern and Colin McIntosh Nicol were appointed as
liquidators.

The Liquidators can be reached at:

         Robyn McKern
         Colin McIntosh Nicol
         c/o McGrathNicol+Partners
         Level 8, IBM Centre
         60 City Road, Southbank Victoria 3006
         Australia
         Telephone: (03) 9038 3137
         Web site: http://www.mcgrathnicol.com/


SPUDS SURF: Creditors Resolve to Close Business Operations
----------------------------------------------------------
Creditors of Spuds Surf North Rocks Pty Limited held a general
meeting on June 30, 2006, and decided to close the Company's
operations.

Subsequently, Scott D. Pascoe was appointed as liquidator.

The Liquidator can be reached at:

         Scott D. Pascoe
         SimsPartners
         Chartered Accountants
         Level 24, Australia Square
         264 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9241 3422


TIMANDRA PTY: Enters Voluntary Liquidation
------------------------------------------
At a general meeting held on July 1, 2006, the members of
Timandra Pty Ltd passed a special resolution to wind up the
Company's business operations and distribute the proceeds of its
assets disposal.

The liquidator can be reached at:

         J. W. Jackson
         J. A. Jackson
         28 Jessie Street
         Rockhampton, Queensland 4700
         Australia


TRANSFIELD ALC: Murray Smith Named Receiver and Manager
-------------------------------------------------------
On July 4, 2006, the National Australia Trustees Limited
appointed Murray Campbell Smith as receiver and manager of
Transfield Alc Pty Limited.

The Receiver and Manager can be reached at:

         Murray Campbell Smith
         McGrath Nicol & Partners
         10 Shelly Street
         Sydney, Australia


TRANSOCEANIC SUPPLY: Court to Hear Liquidation Bid on Sept. 28
--------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Transoceanic Supply Services Ltd on September 28, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition before the
Court on July 3, 2006.

Solicitor for the plaintiff can be reached at:

         Paula Louise Windsor-Knaap
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0432


VILLAGE DRY: Placed Under Members' Voluntary Liquidation
--------------------------------------------------------
At a general meeting held on June 30, 2006, the members of
Village Dry Cleaners Pty Ltd resolved to wind up the Company's
operations.

Creditors are required to file their proofs of debt by
August 11, 2006, for them to share in any distribution the
Company will make.

The liquidator can be reached at

         Ian Robert Wright
         WHK Garrotts Pty Ltd
         62 Paterson Street
         Launceston Tasmania 7250
         Australia


WAST UNI: Faces Liquidation Proceedings
---------------------------------------
An application to liquidate Wast Uni Ltd will be heard before
the High Court of Invercargill on August 7, 2006, at 10:00 a.m.

The Commercial Fisheries Services Ltd filed the petition with
the Court on June 19, 2006.

The solicitor for the petitioner can be reached at:

        Dianne Lester
        Credit Consultants Debt Services NZ Limited
        Level Three, 3-9 Church Street
        Wellington, New Zealand
        Telephone: (04) 470 5972


WOODLAND BUILDERS: High Court Set to Hear Liquidation Petition
--------------------------------------------------------------
A petition to liquidate Woodland Builders Ltd will be heard
before the High Court of Christchurch on August 21, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on June
29, 2006.

The solicitor for the petitioner can be reached at:

       Julia Dykema
       Inland Revenue Department
       Technical and Legal Support Group
       South Island Service Centre
       Ground Floor Reception
       518 Colombo Street (P.O. Box 1782)
       Christchurch 8140, New Zealand
       Telephone: (03) 968 0809
       Facsimile: (03) 977 9853


YOUNG STARS INVESTMENTS: Creditors Appoint Liquidator
-----------------------------------------------------
Members of Young Stars Investments Pty Limited convened on
July 6, 2006, and resolved to voluntarily wind up the Company's
operations.

Accordingly, Peter Paul Krejci was named official liquidator.

The Liquidator can be reached at:

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


ZOFELL PTY: Creditors Appoint C. Wykes as Liquidator
----------------------------------------------------
At a general meeting of members of Zofell Pty Limited held on
June 19, 2006, it was resolved that the Company be voluntarily
wound up.

Subsequently, Christopher Wykes was appointed as liquidator.

The Liquidator can be reached at:

         Christopher Wykes
         Liquidator
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


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

AGRICULTURAL BANK: Former Official Faces Death Sentence
-------------------------------------------------------
A former head of technology in the Agricultural Bank of China
has been sentenced to death for corruption involving CNY15
million, The Associated Free Press reports.

According to the report, Wen Mengjie was sentenced to death this
month.  The Supreme Court is currently reviewing the case.

The decision came after the Court found Mr. Wen guilty of taking
from the Agricultural Bank CNY10.7 million in kickbacks from
equipment and software providers and CNY4.3 million in public
funds, AFP relates.

The Troubled Company Reporter - Asia Pacific reported on
July 7, 2006, that the Agricultural Bank of China has axed 64
employees and taken disciplinary action against nearly 1,300
others after an audit found irregularities worth CNY51.6
billion.  Twenty-one of 1331 employees who face disciplinary
action have been referred to judicial authorities.

The Agricultural Bank of China -- http://www.abocn.com/-- is
the mainland's fourth largest bank.  It has lagged behind other
major Chinese commercial banks, which have received government
injections of new capital and been allowed to link up with
foreign partners in preparation for raising money on foreign
stock exchanges.

Despite posting operating profits of over CNY42.4 billion in
2005, the Bank is still carrying billions of dollars in unpaid
loans to state companies, which it says accounted for 26% of its
lending at the end of last year.

The Troubled Company Reporter- Asia Pacific on June 27, 2006,
the National Audit Office found accounting irregularities
involving CNY51.6 billion which CNY14.27 billion of the amount
come from deposit business, CNY27.62 billion on loan grants, and
CNY9.72 billion in fraudulent bill issuance.


ANYPLACE WORKSHOP: Court to Hear Wind-Up Bid on August 23
---------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Anyplace Workshop Ltd on August 23, 2006, at 9:30 a.m.

Solicitors Leung and Wan filed the petition with the court on
June 27, 2006.

The Solicitors can be reached at:

         Leung and Wan
         Unit 906A, 9th Floor
         Shui On Centre, 6-8 Harbour Road
         Wanchai, Hong Kong
         Telephone: 2598 0018
         Facsimile: 2519 3591


BEST POWER: Faces Wind-Up Proceedings
-------------------------------------
The High Court of Hong Kong on June 14, 2006, filed a petition
to wind up Best Power Enterprises Ltd.

Hearing of the wind-up petition is set on August 16, 2006, at
9:30 a.m.

The solicitors for the petitioner can be reached at:

         Chow and Choy
         1812 Wayson Commercial Bldg
         28 Connaught Road West
         Hong Kong


BMS CHINA: Wind-Up Petition Hearing Slated for August 23
--------------------------------------------------------
The High Court of Hong Kong will hear the wind-up petition
against BMS China Limited on August 23, 2006, at 9:30 a.m.

PSI Electronics Ltd filed the petition with the Court on
June 27, 2006.

The solicitors for the petitioner can be reached at:

        Angela Wang & Co
        24/F., Entertainment Building
        30 Queen's Road Central
        Hong Kong
        Telephone: 2869 8814
        Facsimile: 2868 0708


BRIGHT CREATE: Names Tang as Official Liquidator
------------------------------------------------
The sole shareholder of Bright Create Ltd named Tang Chung Ping
as official liquidator on July 18, 2006.

The Liquidator can be reached at:

       Tang Chung Ping
       1803 Sunbeam Commercial Bldg
       469-471 Nathan Road
       Kowloon, Hong Kong


DIPLOCACUS LIMITED: Joint Liquidators Step Aside
------------------------------------------------
Gabriel Chi Kok Tam and Jacky Chung Wing Muk ceased to act as
joint and several liquidators of Diplocacus Limited on July 18,
2006.

The Troubled Company Reporter - Asia Pacific reported that on
July 18, 2006, members and creditors of the Company convened for
their final meeting to receive Mr. Muk's report on the Company's
wind-up proceedings.

The former Liquidators can be reached at:

       Jacky C.W. Muk
       8th Floor, Prince's Bldg
       10 Chater Road, Central
       Hong Kong


GAMENET (ASIA): Liquidator to Present Wind-Up Report
----------------------------------------------------
Members and creditors of Gamenet (Asia) Co Ltd will hold their
final meetings on August 31, 2006, at 4:00 p.m. and 4:30 p.m.
respectively.

During the meeting, Liquidator Victor Chiu will present a report
on the Company's wind-up and property disposal exercises.


NAL LIMITED: Names Corkhill and Bruce as Liquidators
----------------------------------------------------
Joint Liquidators Thomas Andrew Corkhill and Iain Ferguson Bruce
were on July 17, 2006, appointed to manage the liquidation of
Nal Limited.

The Joint Liquidators can be reached at:

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


NORWEGIAN ASSET: Tse Ceases to Act for Company
----------------------------------------------
Tse Chun Yip ceased to act as appointed liquidator of Norwegian
Asset Management Ltd on July 19, 2006.

The Troubled Company Reporter - Asia Pacific recounts that the
Company commenced a wind-up of its operations on January 23,
2006.


NPDC HOLDINGS: Appoints New Liquidator
--------------------------------------
Nigel Henry Parker ceased to act as liquidator of NPDC Holdings
(H.K.) Ltd on July 21, 2006.

Subsequently, Lau Kwai Man was appointed as the new liquidator
by virtue of a special resolution of the Company passed on
July 21, 2006.

The former Liquidator can be reached at:

       Nigel Henry Parker
       855 Kangqiao Road
       Kangqiao Industrial Zone
       Pudong, Shanghai 201315
       China


OCEAN PALACE: Lui and Ha Cease to Act as Liquidators
----------------------------------------------------
Lui Wan Ho and Ha Man Kit, Marcus ceased to act as joint and
several liquidators of Ocean Palace Restaurant & Nightclub Ltd
on July 21, 2006.

The Troubled Company Reporter - Asia Pacific reported that the
members of the Company received Liquidator Lui And Ha's wind-up
report on July 21, 2006.

The former Liquidators can be reached at:

         Lui Wan Ho
         Room 1701, Olympia Plaza
         255 King's Road, North Point
         Hong Kong


OIL SHIPPING: Members Opt for Voluntary Wind-Up
-----------------------------------------------
At an extraordinary general meeting of the members of Oil
Shipping (Hong Kong) Ltd on July 14, 2006, it was resolved that
the Company's operations be wound up.

Subsequently, Natalia Seng Zse Ka Mee and Cheng Pik Yuk was
appointed as joint and several liquidators.

The Joint Liquidators can be reached at:

       Cheng Pik Yuk
       Level 28, Three Pacific Place
       1 Queen's Road East
       Hong Kong


OVERSEAS TRADING: Creditors' Proofs of Claim Due on Sept. 3
-----------------------------------------------------------
Joint Liquidators Andrew C. C. Ma and Felix K. Lee require the
creditors of Overseas Trading and Investments Ltd to submit
their proofs of claim by September 3, 2006.

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

The Joint Liquidators can be reached at:

       Andrew C. C. Ma
       19/F., Seaview Commercial Bldg
       21-24 Connaught Road West
       Hong Kong


SHANGHAI REAL: To Pay CNY204 Mln for 51% Shenyang Huarui Stake
--------------------------------------------------------------
Shanghai Real Estate is willing to pay CNY204 million to acquire
51% controlling interest in a development company in the
northeastern city of Shenyang, The Standard reports.

In a statement filed Monday with the Hong Kong Stock Exchange,
Shanghai Real Estate said it was purchasing the stake in
Shenyang Huarui Shiji Investment Development in order to boost
its mainland land bank.

According to The Standard, Huarui Shiji' s core business is
project investment, consultation and development.  It also owns
a property in the central business district of Shenyang, a city
of more than seven million people in Liaoning province.

The Standard relates that the property covers an area of 161,799
square meters and is the site of a mixed-use project, comprising
residential and office towers and shopping malls.

"It is in the Company's five-year plan to maintain an adequate
land bank for future development, the acquisition offers an
excellent opportunity to replenish our land bank, given the
size, location and potential of the property" She Jian, the
Company's chairman said.

The Standard notes that as of the end of last year, Shanghai
Real Estate's land bank stood at 1.4 million square meters.
Moreover, The Standard relates that Huarui Shiji's net asset
value at the end of last year was CNY332.27 million.

Huarui Shiji's is still at its start-up stages thus it did not
record any revenue last year, although it incurred operating
expenses of CNY34.19 million, Standard adds.

Shanghai Real Estate recorded residential sales of HKD1.65
billion last year.  Its cash and bank balances stood at HKD1.4
billion at the end of the year, while bank loans totaled HKD1.3
billion. It also had outstanding convertible bonds of HKD202
million, The Standard recounts.

                          *     *     *
Located at Wanchai, Hong Kong, Shanghai Real Estate Ltd --
http://www.sre.com.cn/-- was established in 1993 and was listed
on the Hong Kong Stock Exchange in 1999.  The Company's primary
activity is nonresidential building operation.  SRE also leases
nonresidential buildings.

                          *     *     *

On April 4, 2006, Standard and Poor's assigned the Company's
Foreign Currency Long-Term Debt and its Local Currency Long Term
Debt rating at BB-.

Moody's Rating Services on April 4, 2006, assigned a Long-Term
Corp Family Rating at Ba3 to the Company.


TREASURE PROPERTIES: Annual Meeting Slated for August 4
-------------------------------------------------------
The creditors and members of Treasure Properties Ltd will
convene for their annual meeting at the offices of Ferrier
Hodgson Ltd, 14th Floor, Hong Club Bldg 3A Chater Road, Central
Hong Kong on August 4, 2006, at 11:00 a.m.

At the meeting, Joint Liquidator Desmund Chiong will report on
the Company's wind-up and property disposal activities.

The Troubled Company Reporter - Asia Pacific recounts that the
Company commenced a wind-up of its operations in October 2005.


WESCA (FAR EAST): Appoints Official Liquidator
----------------------------------------------
On July 22, 2006, Liquidator Fung Wing Yuen was appointed as
official liquidator of Wesca (Far East) Limited.

The Liquidator can be reached at:

       Fung Wing Yuen
       1/F., Xiu Ping Com Bldg
       104 Jervois Street
       Sheung Wan, Hong Kong


XICOR HONG KONG: Creditors' Proofs of Claim Due on August 29
------------------------------------------------------------
Joint Liquidators James T. Fulton and Cordelia Tang require the
creditors of Xicor Hong Kong Ltd to submit their proofs of claim
by August 29, 2006.

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

The Joint Liquidators can be reached at:

         James T. Fulton
         905 Silvercord, Tower 2
         30 Canton Road, Tsimshatsui
         Kowloon, Hong Kong


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

SRI SAMPIGE BANK: Reserve Bank Cancels License
----------------------------------------------
The Reserve Bank of India cancelled the license of Karnataka-
based Sri Sampige Siddeswara Urban Co-operative Bank Ltd,
located in Chitradurga, after the close of business on July 26,
2006.

Reserve Bank explained that it cancelled Sri Sampige's license
because it has ceased to be solvent, and all efforts to revive
it in close consultation with the Government of Karnataka had
failed.  Moreover, Sri Sampige's depositors were being
inconvenienced by continued uncertainty given the bank's status.

The Registrar of Co-operative Societies, Karnataka, was
subsequently requested to wind-up the Company and appoint a
liquidator.

The Bank was granted a license by Reserve Bank on March 12,
1986, to commence banking business.  However, a statutory
inspection of the Bank conducted on March 31, 2005, had revealed
that the financial position of the bank had become precarious.
The Bank was, therefore, served a "show cause" notice on
February 1, 2006, to explain why its banking license should not
be cancelled.

The Reserve Bank received no response from Sri Sampige even
after repeated reminders.  Under these circumstances, it was
construed that Sri Sampige had nothing to state in reply to the
show cause notice issued.

Based on these facts, the Reserve Bank of India moved to cancel
Sri Sampige's license after deciding that allowing the bank to
carry on business any further would be detrimental to the
interests of its depositors.


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

BANK NEGARA: Targets NPL Ratio to Reach 10%
-------------------------------------------
State-owned PT Bank Negara Indonesia aims to have a non-
performing loan ratio of 10% from its current 16.6% level,
Antara News states.  However, this target would only be reached
if Bank Negara's credit restructuring scheme is applied, Antara
cites BNI Corporate Director Achmad Baiguni as saying.

According to bank records, Bank Negara's NPL ratio for the first
quarter of 2006 rose 1.58% from 12.96% for the same period last
year, while net NPLs for the first half of the year reached
IDR10 trillion.  The corporate sector accounted for 51% of the
Bank's non-performing loans, while medium-sized firms composed
28%, small and micro sectors made up 14%, consumers 6% and
syariah 1%.

Antara News adds that Mr. Baiguni said they proposed the credit
restructuring scheme in expectation of the Finance Ministry's
regulation on the haircut of principal loans.

Headquartered in Indonesia, PT Bank Negara Indonesia (Persero)
Tbk -- http://www.bni.co.id/english/index.html/-- was
established in 1946.  BNI has more than 600 domestic branch
offices within Indonesia and 5 overseas branch offices
(Singapore, HongKong, Tokyo, London & New York).  It is one of
the largest state-owned banks in Indonesia.

                          *     *     *

The Troubled Company Reporter - Asia Pacific had reported on
May 24, 2006, that Fitch Ratings Co. Ltd. had affirmed Bank
Negara's 'BB-' long-term foreign and local currency Issuer
Default Ratings, as well as its short-term rating at 'B'.  The
agency also issued a 'D' individual rating on the Bank.

Standard & Poor's Ratings Services gave Bank Negara 'B+' foreign
and local currency ratings.

Moody's Investors Service has lifted Bank Negara's senior debt
rating to B1 from B2, and long-term deposit rating
to B2 from B3.  Moody's gave Bank Negara a short-term deposit
rating of Not-Prime, and a bank financial strength rating of
'E.'


KERETA API: Admits to Stating 2005 IDR5-Billion Loss as Profit
--------------------------------------------------------------
State-owned PT Kereta Api confessed to having stated a IDR5-
billion loss in 2005 as profit, although it was unintentional,
the Jakarta Post says, citing KA spokesman Noor Hamidi.

Earlier Troubled Company Reporter - Asia Pacific reports stated
that the Company booked a 2005 net loss of IDR13 billion.

KA commissioner Hekinus Manao informed the public that several
Company liabilities were recorded as assets in its financial
report, which he had refused to sign and thus delayed a
scheduled shareholders' meeting earlier this month.

Mr. Manao demanded that the accounting firm that audited Kereta
Api's accounts take the blame for the alleged manipulation.
However, Mr. Hamidi said that after he had verified the matter
with his colleagues, the "manipulation" was a minor error, since
the loss was mistakenly stated as a net profit instead of a
loss.  He added that they would go over the accounts at a
meeting to talk about the Company's business plans for next
year.

The Post notes that Supreme Audit Agency Chairman Anwar Nasution
said that they have the official right to audit state firms'
accounts, but they do not have enough resources to do it
properly, and several public accountants would just accept the
statements presented by their clients.

                          *     *     *

Headquartered in Bandung, West Java, Indonesia's state railway
PT Kereta Api -- http://www.kereta-api.com/-- operates a large
and busy network.  Its 6,000 kilometers of track extend
throughout Java and Sumatra and carry some 200 million
passengers per year.  Since 1999, KAA has operated as a limited
corporation and is currently implementing a strategy for change
designed to make it Indonesia's main choice of transport for all
sectors of Indonesian society.

The Company's losses in fiscal 2005 amounted to IDR13 billion.
The Company also expects to post a IDR40-billion increase in its
net losses this year to IDR53 billion on rising fuel prices and
delays in repairs.


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

ALL NIPPON: Reports 256% Rise in April-June Profit
--------------------------------------------------
All Nippon Airways Co. posted a 256% increase in its
consolidated net profit for the period April-June 2006 to
JPY7.68 billion from the JPY2.1 billion for the same period last
year, on its efforts to reduce costs and expand services,
Crisscross News relates.

According to Mainichi Daily, All Nippon's sales rose 10.5% to
JPY345.2 billion in the quarter ended June 30, 2006, from
JPY312.3 billion in the quarter ended June 30, 2005.

The Japan Times says that All Nippon attributes the increase in
profit to a 2.3% increase for domestic flights and a 16.2% rise
in passenger volume for international flights, despite an
increase in aviation fuel expenses to JPY9.5 billion from the
same period last year.  The Company was able to reduce its
overall costs by 8%, the Times adds.

Mainichi Daily states that All Nippon is expecting a
JPY27-billion net income on sales of JPY1.42 trillion for the
year ending March 2007, citing Associated Press.

                  About All Nippon Airways

Headquartered in Tokyo, All Nippon Airways Co., Limited --
http://www.ana.co.jp/eng/-- is Japan's second-largest airline
company in terms of revenue.  The Company, which was founded in
1952, provides these services: 1. Scheduled air transportation
business; 2. Nonscheduled air transportation business and
business utilizing aircraft; 3. Business of buying, selling,
leasing and maintenance of aircraft and aircraft parts; and
4. Aircraft transportation ground support business, including
passenger boarding procedures and loading of hand baggage.

All Nippon's core business is domestic passenger transportation,
which accounts for 43% of its total revenues before inter
segment adjustments.

                          *     *     *

Fitch Ratings Co. Ltd. gave All Nippon a 'BB+' Long-Term Foreign
and Local Issuer Default Ratings.

Moody's Investors Service gave the airline a 'Ba1' senior
unsecured debt rating.

Standard & Poor's Ratings Services gave All Nippon a 'BB-' long-
term corporate credit rating.


TOKYO DOME: R&I Affirms BB+ Rating on Expected Losses
-----------------------------------------------------
Rating & Investment Information Inc. had, on July 27, 2006,
affirmed its 'BB+' rating on Tokyo Dome Corp., after the Company
adjusted its forecasted results for the July 2006 interim period
to a JPY70.9-billion net loss.

In addition to adopting impairment loss accounting on fixed
assets that it had announced earlier, Tokyo Dome will also
dispose of provisions for its finance business, which would
significantly erode equity capital.  However, the Company plans
to push through with management goals to refocus on its core
Tokyo Dome City business.

R&I has also affirmed the rating for bonds and hybrid syndicated
loans with commitment lines.  To some extent, R&I's assessment
standards for impairment losses on Tokyo Dome's fixed assets
centering on its golf resort-related facilities have been made
more stringent.  On a consolidated basis, losses will rise to
around JPY40 billion.  As the Company withdraws from this
business and takes concrete steps to restructure, R&I will
monitor how quickly it can implement its plans.

R&I has been watching to see how Tokyo Dome would position its
non-core finance business as it hammers out plans to concentrate
management assets on its TDC business.  A full-scale review of
this division is underway and the agenda includes making a
decision on a plan to dissolve two finance business-related
companies.  R&I can view this as a positive move as the
environment in the consumer financing industry becomes more
severe.

Tokyo Dome is largely on the Mizuho group for the procurement of
funds.  In the future, R&I will pay attention to the Company's
progress in diversifying funding sources.  Attention must also
be paid to its trading relations with financial institutions
following its full-scale review of impairment losses and its
finance business to determine whether the Company can stably
maintain funding channels as well as stagger repayment dates.

Under its medium-term business plan announced in March 2005,
Tokyo Dome aims to enhance its earning power and strengthenits
financial base through an improvement in Company management.
R&I will follow the company's progress in light of its business
plan goals.

                          *     *     *

Established in 1936 to manage Korakuen Stadium (now known as
Tokyo Dome), Tokyo Dome Corp. -- http://www.tokyo-dome.co.jp/--  
operates sport and leisure facilities through four sectors:

   (a) Sports/Leisure Division -- manages the baseball stadium
                                  Tokyo Dome, golf courses,
                                  amusement parks and ski
                                  resorts;
   (b) Hotels Division         -- manages city hotels and resort
                                  hotels;
   (c) Retail Division         -- sells sports and variety
                                  goods; and
   (d) Other Operations        -- building management and
                                  administration and travel
                                  agencies.


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

KOOKMIN BANK: Reports Better-Than-Expected Net Income
-----------------------------------------------------
Kookmin Bank beats forecasts as it posted a KRW1.58-trillion net
income for the first half of 2006, according to a company
disclosure submitted to the United States Securities and
Exchange Commission.  The half-year net income is 77.5% higher
than the KRW890-billion reported for the first half of 2005.

The Korea Times had earlier reported that Kookmin Bank had been
set to post a half-year profit of KRW1.5 trillion after
registering a net profit of KRW803.0 billion in the first
quarter of 2006.  The Times stated that if the bank maintains
its growth pace for the remainder of the year, it is expected to
be the first bank to post KRW3 trillion in annual net profits.
Last year only Samsung Group and POSCO had over KRW3 trillion in
net profit.

For the second quarter of 2006, Kookmin Bank's net profit was
KRW777 billion, Reuters relates.  The result is a 41.4% increase
from the KRW549.7-billion net profit recorded in the previous
corresponding quarter, but is a 3.2% decline from the 2006 first
quarter's KRW803 billion.  Earlier forecasts cited by Reuters
predicted the second quarter net income to be at around
KRW712.8 billion.

Dow Jones says that the bank's net interest income was
KRW1.692 trillion in the second quarter, and KRW3.382 trillion
in the first-half, up 5.5% year on year.  Kookmin Bank set aside
a total of KRW259.3 billion in provisions in the first half,
down 71.3% from a year earlier, due to a drop in its non-
performing loan ratio to 1.39% from 2.52%.

Kookmin Bank's total assets as of June 30, 2006, was
KRW192 trillion -- representing a 6.9% rise from the
KRW179.6 trillion figure reported as of December 31, 2005.
Total liabilities as of end-June 2006 is KRW178.2 trillion,
resulting in a total stockholders' equity of KRW13.8 trillion.

Kookmin Bank's net interest margin fell to 3.81% at end-June
from a revised 3.94% three months earlier, above those for
smaller rivals which pushed for new lending in first half to
boost market share, the Reuters report added.  The continued
fall in NIM resulted from an increase of high-quality assets
that bear low rates, said Kookmin Bank Chief Financial Officer
Kap Shin, in a conference call following the earnings
announcement.

As of June 30, 2006, the bank's non-performing loan ration was
1.39%, compared with the NPL ratio of 1.70% as of December 31,
2005.  NPL coverage ratio for the current period is 113.9%,
while the delinquency ration is 1.29%.

Kookmin's financial report for the second quarter and the first
half ended June 30, 2006, is available at the U.S. Securities
and Exchange Commission at:

   http://www.sec.gov/Archives/edgar/data/1143680/000119312506156468/d6k.htm

                       About Kookmin Bank

Kookmin Bank -- http://inf.kbstar.com/-- provides various
commercial banking services, such as deposits, credit cards,
trust funds, foreign exchange transactions, and corporate
finance.  The bank also offers Internet banking services.

                      *       *       *

Moody's Investors Service gave Kookmin Bank a Bank Financial
Strength rating of D+ effective March 27, 2006.

Fitch Ratings gave the bank a B/C rating.


SHINIL PRECISION: Restructures Debt via Amalgamation
----------------------------------------------------
Shinil Precision Machinery Corp. entered into a restructuring
process wherein it will amalgamate its affiliate automotive
parts company, Hyun Yang Co. Ltd., Detroit Business News
reports.

According to the report, the amalgamation is being undertaken to
restructure debt and streamline the business operations for
growth and improved profitability.  Audit results for Shinil and
Hyun Yang, performed under Korea GAAP, are expected in August.

Detroit News relates that sales volume for SIMCO America Inc.,
Shinil Precision's parent company which is also undergoing an
amalgamation and alignment process, has increased through the
first half of 2006 consistent with historical growth from
inception and improving further as their export business
matures.  The growing export business is expected to help SIMCO
to record revenue growth as the company expands globally through
widening export channels and is an integral part of the
amalgamation and restructuring.

Through its restructuring, SIMCO America will have both Shinil
Precision and Hyun Yang as its core assets and business
operations, and ultimately will operate as a single business
operation and as the basis to acquire other assets for further
expansion, Detroit News says.

The amalgamation, debt consolidation and restructuring should
result in 20% to 30% annual debt load reduction and improve
earnings.  Detroit News states that the result should
drastically improve finance ability with better terms and
conditions, and SIMCO's ability to list on a major United States
exchange.

The master plan for this restructuring is to be completed by
September 20, 2006, with a final decision of the plan's
conditions to be determined before the end of November.

                      About SIMCO America

SIMCO America Inc., formerly known as FCR Automotive Group, has
succeeded for 10 years to design and manufacture automotive
technology that is utilized throughout the global vehicle and
machine parts and manufacturing industry.  The Company is
currently seeking seeking to foster new territory and expand
sales of auto and machine parts to the United States.

                        About Hyun Yang

Hyun Yang Co. Ltd. -- http://www.hyunyang.com/-- manufactures
inner and outer ball joints for steering systems and counter-
balance shafts.

                     About Shinil Precision

Shinil Precision Machinery Corp. -- http://www.shinilpmc.co.kr/
-- Manufactures automobile parts for Korean automobile
manufacturers, including Kia Motors, Hyundai Motors, Samsung
Motors and Daewoo Motors, Delphi, AAM, TRW, and a host of other
companies.  The company also manufactures electronics.

Korea Ratings gave Shinil Precision's Senior Unsecured Debt a
'D' rating effective on April 24, 2006.


TI AUTOMOTIVE: Receives Contracts From Three Major Automakers
-------------------------------------------------------------
TI Automotive has been awarded contracts by three major
automakers and an automotive supplier to produce brake- and
fuel-line components and assemblies, as well as air-bag tubes
for more than seven new-model vehicles, according to a company
press release.

Combined lifetime sales for the new contracts from
DaimlerChrysler, General Motors, Ford and TRW total more than
US$118.2 million.  Production at TI facilities in North America,
China and South Korea already has started on several projects,
while others are slated to begin this fall and later in 2007.

The new business awarded to TI Automotive includes production of
brake-jounce lines at the company's De Los Nogales plant in
Reynosa, Mexico.  TI Automotive's plant in Ossian, Ill., as well
as facilities in Mexico, China and South Korea will produce
various brake- and fuel-line components and assemblies.  The De
Los Nogales plant also will supply air-bag tubes.

                     About TI Automotive

Based in Warren, Mich., TI Automotive -- http://www.tiauto.com-
- employs over 20,000 people at more than 130 facilities in 29
countries on six continents.


                           *   *   *

Moody's Investors Service assigned a B1 rating to TI
Automotive's Long Term Family Rating and Bank Loan Debt
effective on April 28, 2004.  Standard and Poor's gave the
company a BB- rating for its Long Term Foreign Issuer Credit and
a BB rating for its Long Term Local Issuer Credit, effective on
April 29, 2004.


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

LANKHORST BERHAD: Shareholders Pass All AGM Resolutions
-------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 11, 2006, Lankhorst Berhad held its 10th Annual General
Meeting on July 28, 2006.

In an update, the Company's shareholders passed all resolutions
tabled at the AGM, during which they:

   -- received the Company's Audited Financial Statements for
      the financial year ended December 31, 2005, and the
      Reports of the Directors and Auditors;

   -- re-elected directors Rosthman Ibrahim and Marzuki Rafie;

   -- reappointed Messrs. PKF as auditors and authorized the
      Directors to fix the auditors' remuneration;

   -- authorized the Directors to issue and allot shares in
      the Company at any time provided that the total number of
      shares issued does not exceed 10% of the issued share
      capital of the Company; and

   -- approved the proposal to change the Company's name to
      ARK Resources Berhad.

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  The Company has
been incurring a string of losses due to high operating costs
and its units are facing winding up actions.  It also defaulted
on several loan facilities.

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category.  The Company's
March 31, 2006, balance sheet revealed total assets of
MYR105,613,000 and total liabilities of MYR203,251,000 resulting
into a stockholders' deficit of MYR97,638,000.


MALAYSIA AIRLINES: Members Okay Proposed Share Capital Hike
-----------------------------------------------------------
The shareholders of Malaysia Airlines System Berhad approved all
relevant resolutions tabled at the Company's Extraordinary
General Meeting on July 28, 2006.

During the meeting, members approved the proposed increase in
the Company's authorized share capital.

As reported by the Troubled Company Reporter - Asia Pacific on
July 11, 2006, the Company plans to raise its authorized share
capital from MYR10,000,000,000 comprising 9,000,000,000 ordinary
shares of MYR1 each, one special rights redeemable preference
share of MYR1 and 100,000,000,000 redeemable convertible
preference shares of MYR0.01 each to YR10,000,100,001 comprising
9,000,000,000 ordinary shares of MYR1 each, one special rights
redeemable preference share of MYR1, 100,000,000,000 redeemable
convertible preference shares of MYR0.01 each and 1,000,000
redeemable preference shares of MYR0.10 each by the creation of
1,000,000 redeemable preference shares.

Moreover, the members also approved the amendments to the
Company's Memorandum and Articles of Association.

                    About Malaysia Airlines

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

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


MALAYSIA AIRLINES: Winds Up Four Dormant Units
----------------------------------------------
On July 26, 2006, Malaysia Airlines decided to voluntarily wind
up four dormant wholly owned subsidiaries:

   1. Aircraft Engine Repair and Overhaul (Malaysia) Sdn Bhd;

   2. MIR Technologies Sdn Bhd;

   3. MAS Properties Sdn Bhd; and

   4. MAS Wings of GOld Sdn Bhd

For the purpose of members' voluntary liquidation, the
subsidiaries subsequently appointed as liquidator:

         Normala binti Embi
         Suite 10.2, 10th Floor
         Bangunan Yayasan Selangor
         74 Jalan Raja Muda Abdul Abdul Aziz
         50300 Kuala Lumpur

There are no external debtors or creditors in the affected
subsidiaries.  Other than the liquidation expenses, there are no
material losses or effects on the net tangible assets per share
and earnings per share of Malaysia Airlines arising from the
liquidation.

                     About Malaysia Airlines

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

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


MALAYSIA AIRLINES: Hikes Domestic Air Fares and Fuel Surcharge
--------------------------------------------------------------
Malaysia Airlines will increase domestic ticket prices by an
average of 15% from August 15, 2006, in a bid to narrow its
financial losses, The Associated Press relates.

In addition, fuel surcharges for domestic routes will be raised
from MYR15 to MYR20 for flights within mainland Malaysia and
Borneo island, AP says.  Fuel surcharges will rise from MYR36 to
MYR51 for flights between the peninsula and Borneo.

Under a new aviation policy, Malaysia Airlines handed over 99 of
its domestic routes to low-cost rival AirAsia on August 1, 2006.
As a result, the carrier will operate 22 domestic services in
addition to its international routes as part of its business
turnaround plan.

                     About Malaysia Airlines

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

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


MYCOM BERHAD: Lays Out Timeframe for Restructuring Completion
-------------------------------------------------------------
Mycom Berhad is working towards completing its restructuring
scheme within a tentative timeframe, which is subject to the
approvals of the Securities Commission and the Company's
lenders.

                            Proposed
  Major Outstanding Events  Timeline   Status of Implementation
  ------------------------  --------   ------------------------
* Execution of trust deed   08/2006    The Company, on July 13,
  and other creditors'                 2006, entered into
  agreements                           several agreements with
                                       parties in respect of the
                                       total debts to be
                                       restructured under the
                                       Restructuring Scheme.


* Execution of the          08/2006    The Underwriting
  Underwriting Agreement               Agreement will executed
  in connection with the               in conjunction with the
  Rights Issue with                    creditors agreements.
  Warrants

* Approval of floating      09/2006    To be met.
  rate note holders at an
  extraordinary general
  meeting and execution of
  offshore agreement

* Books Closing Date for    09/2006     To be met.
  the Capital Reduction,
  Capital Consolidation
  and Rights Issue with
  Warrants

* Dispatch of Abridged      10/2006     To be met.
  Prospectus, Rights
  Subscription Forms, and
  Notice of Provisional
  Allotment

* Listing of the new        11/2006     To be met.
  Mycom shares, warrants,
  Irredeemable Convertible
  Unsecured Loan Stocks,
  Redeemable Unsecured Loan
  Stocks, and Irredeemable
  Convertible Bonds on the
  Bursa Malaysia Securities
  Berhad

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

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


NORTH BORNEO: Bourse Gives Public Reprimand and Imposes Fine
------------------------------------------------------------
On July 31, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a fine on The North Borneo Corporation
Berhad for breaching the Bourse's Listing Requirements.

The Company violated the Listing Rules by failing to issue for
public release its annual audited accounts for the financial
year ended December 31, 2005, by the April 30, 2006, deadline.
As of July 31, 2006, the Company has yet to submit its AAA 2005
to Bursa Securities.

After taking into consideration various relevant factors
including the fact that the Company previously breached the
Listing Requirements, the Bourse reprimanded the firm and
imposed a fine of MYR1,500 per market day calculated from May 1,
2006, to the date of submission of the AAA 2005.

Bursa Securities cautions the Company on its responsibility to
maintain appropriate standards of corporate responsibility and
accountability to achieve greater disclosure and transparency to
its shareholders and the investing public.

The Troubled Company Reporter - Asia Pacific reported that on
December 16, 2005, the Company was publicly reprimanded by Bursa
Securities for failing to furnish to Bursa Securities for public
release its annual audited accounts for the financial year ended
December 31, 2004, by April 30, 2005.  The Company only issued
its AAA 2004 on June 16, 2005.

                      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.


PSC INDUSTRIES: Provides Default Status Updates
-----------------------------------------------
On July 31, 2006, PSC Industries Berhad provided updates of the
default status of the Company and some of its subsidiaries.

1) AmBank (M) Bhd

   On May 5, 2006, the Senior Assistant Registrar of Kuala
   Lumpur High Court allowed AmBank (M) Bhd's application for
   summary judgment with costs against PSC Industries and Penang
   Shipbuilding & Construction Sdn Bhd.  A notice of appeal to
   the Judge in Chambers has been filed against the decision.
   The appeal has been adjourned for mention on September 8,
   2006, for filing of written submission by the parties.

2) Affin ACF Finance Berhad

   On June 29, 2006, Affin ACF Finance Berhad had obtained
   summary judgment against the Company in respect of a
   judgment sum of MYR5,077,756 comprising of principal and
   interest, plus cost.  The Company has decided not to appeal
   against the decision of the Deputy Registrar.

3) AmBank (M) Bhd

   On July 3, 2006, the Judge in Chambers of the Kuala Lumpur
   High Court dismissed the Company's appeal against the summary
   judgment obtained by Ambank Berhad on January 25, 2006, in
   respect of a judgment sum of MYR3,157,432 plus interest and
   costs.  The Company intends to appeal against the decision.

4) Tractors Malaysia (1982) Sdn Bhd

   On July 7, 2006, the Registrar of Kuala Lumpur High Court had
   allowed the Plaintiff's application for summary judgment
   against PSC Industries Berhad's associate firm, PSC-Naval
   Dockyard Sdn Bhd, for the sum of EUR3,795,000.  The Company
   has filed an appeal against the decision, which was fixed for
   hearing on September 25, 2006.

5) Bank Islam Malaysia Berhad

   On July 20, 2006, the Deputy Registrar of Kuala Lumpur High
   Court had allowed the plaintiff's application for summary
   judgment with cost against the Company for the sum of
   MYR14,889,360 as of November 18, 2005, under term loan and
   revolving credit facilities provided to the Company.  The
   Company has filed an appeal against the decision on July 31,
   2006.

6) Bank Islam Malaysia Berhad

   On July 20, 2006, the Deputy Registrar of Kuala Lumpur High
   Court had allowed the Plaintiff's application for summary
   judgment with cost against the company for the sum of
   MYR12,735,066 , under Al Naqad, Al Bai Bithaman Ajil and
   Murrabahah working capital financing facilities provided to
   the Company.  The Company has filed and appeal against the
   decision on July 31, 2006.

The Company is currently evaluating various issues in
formulating a regularization plan for the Group pursuant to
Practice Note 17/2005.  The Company is monitoring its financial
and operating performance closely to improve its financial
solvency.

                      About PSC Industries

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

The Company is currently formulating a regularization plan for
the Group pursuant to Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad's Listing Requirements.  As of
March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


PSC INDUSTRIES: Seeks More Time to Regularize Finances
------------------------------------------------------
On July 31, 2006, PSC Industries Berhad submitted a revised
application to Bursa Malaysia Securities Berhad to extend until
December 31, 2006, its time to regularize its financial
position.

The extension of time is required in view of the additional time
required by the Company to ensure that the restructuring plan
formulated is viable for all its stakeholders.

The application is pending on Bursa Securities' decision.

Pursuant to Practice Note 17, PSC Industries was required to
regularize its financial condition by July 31, 2006.

                       About PSC Industries

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

The Company is currently formulating a regularization plan for
the Group pursuant to Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad's Listing Requirements.  As of
March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


PILECON ENGINEERING: Lacks Funds to Pay Debts
---------------------------------------------
Pilecon Engineering Berhad discloses that as of July 31, 2006,
it is still in the process of implementing its proposed scheme
of arrangement to rectify its default issues.

Furthermore, the Company's board of directors believes that the
Company is insolvent and is unable to fully pay its debts as
they fall due.

                  About Pilecon Engineering Berhad

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


POLYMATE HOLDINGS: Provides Updates on Legal Suits Against Units
----------------------------------------------------------------
The Labour Court has adjourned to November 1 and 2, 2006, the
case hearings of three legal suits -- dated (a) April 5, 2006,
(b) April 26, 2006, and (c) May 2, 2006 -- filed against
Polymate Holdings Berhad's wholly owned subsidiary, ABI Malaysia
Berhad.  The cases will be tried together with three new cases
filed against ABI on July 25, 2006.

The Troubled Company Reporter - Asia Pacific recounts that
Polymate Holdings and ABI Malaysia were served with a Writ of
Summons and Statement of Claim dated May 18, 2006, by Malayan
Banking.  Malayan Banking is pursuing a MYR10,014,145-claim.

On June 9, 2006, ABI Malaysia was also served with a Summons and
Statement of Claim by CDP Engineering Sdn Bhd.  In the suit, CDP
Engineering is asserting a MYR10,675 claim.

ABI Malaysia received a Summons and Statement of Claim from
Lianma Enterprise on June 19, 2006.  Lianma is demanding payment
of MYR9,778.

ABI Malaysia then received a Writ of Summons and Statement of
Claim dated May 25, 2006, from Metal Reclamation (Industries)
Berhad, which asserted a MYR857,992 claim.

On June 30, 2006, the Company was served with a Summons and
Statement Claim dated April 14, 2006, from Bennova Mechanical
Engineering Sdn Bhd, asserting MYR39,170.

Meanwhile, another Polymate subsidiary -- Polymate Packaging Sdn
Bhd -- had received a legal suit from its former employees
claiming a total sum of MYR102,846.58 for compensation of
retrenchment.  The case hearing has been adjourned to August 7,
2006.

                    About Polymate Holdings

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

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


TAP RESOURCES: RCSLS Holder Declares Event of Default
-----------------------------------------------------
On July 31, 2006, TAP Resources Berhad received a letter dated
July 28, 2006, from AmTrustee Berhad stating that one of the
Redeemable Convertible Secured Loan Stocks holder -- AmMerchant
Bank Berhad -- has declared an event of default pursuant to the
Trust Deed signed by TAP and AmTrustee on May 8, 2003.
Therefore, the RCSLS are deemed due and payable.

TAP was required to settle in full within 14 days from the date
of AmTrustee's letter, the outstanding amount of MYR10,682,366
being the redemption of the RCSLS, interests, and default
interests.

If the Company fails to pay the amount in full on the due date,
AmTrustee will institute the proceedings as they think fit
against the Company to enforce the RCSLS, the provisions of the
Trust Deed and the security documents.

                   About TAP Resources Berhad

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

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


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

BANCO DE ORO: First-Half Profit Grows 6% Year-on-Year
-----------------------------------------------------
Banco de Oro Universal Bank's net profit for the first half of
2006 rose 6% to PHP1.26 billion on a 15% increase in net income
and a 20% rise in non-interest income, the Philippine Daily
Inquirer says, citing Xinhua Financial News.

Reuters News reveals that the Bank's net interest income stood
at PHP3.8 billion as of June 30, 2006, on the expansion of its
loan and securities businesses, whereas non-interest income was
pegged at PHP1.8 billion.

As of June 2006, Banco de Oro operates 224 branches nationwide
from 185 branches in December 2005.  The Bank aims to open 27
additional branches this year.

                        About Banco de Oro

Banco de Oro Universal Bank -- http://www.bdo.com.ph/--  
provides a wide range of corporate, commercial and retail
banking services in the Philippines, which include traditional
loan and deposit products, as well as treasury, trust banking,
investment banking, cash management, insurance, remittance,
retail cash cards and credit card services.

Banco de Oro is a member of the SM Group of Companies, one of
the Philippines' largest conglomerates, and is currently ranked
among the top 10 banks in the Philippines in terms of assets,
capital, deposits and loans.  Its asset quality indicators (non-
performing loans & non-performing assets) are among the lowest
in the industry.

Fitch Ratings Ltd. had on July 27, 2006, upgraded Banco de Oro
Universal Bank's Support rating to '3' from '4', and affirmed
its Individual rating at 'C/D', following a review of the Bank.


GLOBAL EQUITIES: PSE Freezes Stock Price on Sharp Increase
----------------------------------------------------------
The Philippine Stock Exchange froze the share price of Global
Equities Inc. on July 28, 2006, after its stock rose 47% on
heavy trading of 14.29 million shares, Dow Jones says.

PSE rules state that a price freeze occurs automatically on
stock that rise 50% in a single trading session.  The freeze
would limit listed shares' daily price movements by 50% when
prices rise and by 40% when prices fall, however, trading still
continues.

Dow Jones states that according to traders, the Company's stock
is rising on rumors that it is being considered for a mining
venture as well as backdoor listing for a call center business.
However, Global Equities disclosed to the Exchange that aside
from informal discussions among its shareholders on changes in
its Board of Directors and management, the Company is not aware
of any material information that could explain the price
increase from PHP0.360 to PHP0.540 per share.

                          *     *     *

Global Equities, Inc. was originally incorporated as La Suerte
Gold Mining Corporation on April 20, 1970, primarily to engage
in the exploration, exploitation, and development of mineral
resources; to purchase, lease and otherwise acquire mining
claims and concessions anywhere in the Philippines; and to carry
on the business of mining, extracting, smelting, treating, and
otherwise producing and dealing in metals and minerals of all
kinds including all its products and by-products.

The Company's total liabilities as of March 31, 2006, amounted
to PHP1.12 billion, whereas its total assets were pegged at
PHP871.04 million.  Capital deficiency reached
PHP242.28 million as of March 2006, from PHP231.52 million as of
March 2005.


METROPOLITAN BANK: First-Half Net Profit Rises 35% to PHP3B
-----------------------------------------------------------
Metropolitan Bank & Trust Co. saw a 35% increase in its net
income for the first semester of 2006 to PHP3.04 billion from
PHP2.25 billion in the first semester of 2005, on rising trading
gains and a larger lending business, the Manila Times states,
citing Metrobank Executive Vice President Joshua E. Naing.

Dow Jones relates that Metrobank's net interest income rose 16%
to PHP6.86 billion from PHP5.91 billion, whereas interest
expenses increased 6.4% or PHP425.93 million on increased
marketing activities.

Total assets at the parent level were pegged at
PHP493.69 billion as of June 30, 2006, a 6.1% rise from
PHP465.42 billion.

                      About Metrobank

Metropolitan Bank and Trust Company --
http://www.metrobank.com.ph/-- is the flagship company of the
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

The Bank has 583 local branches and 35 international branches
and offices located in Taiwan, China, Japan, Korea, Guam, United
States, Hong Kong, Singapore, Bahamas, and in Europe.

                       *       *       *

On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Investors Service Rating Agency issued a B-
rating on the same capital instruments.

Moreover, Moody's gave Metrobank a Ba3 Foreign Long-Term Bank
Deposits and Subordinated Debt Rating effective May 25, 2006.

Fitch Ratings Ltd. gave Metrobank a B- Subordinated Debt Rating.


PHILIPPINE AIRLINES: Baguio Gold to Acquire Majority Stake
----------------------------------------------------------
Baguio Gold Holdings Corp. is planning to acquire a majority
stake in Philippine Airlines Inc., and is considering several
options in bidding for the stake, BusinessWorld states.

Tycoon Lucio Tan controls Baguio Gold, who bought a 53.69%
controlling stake in PAL in 1993 for around PHP3 billion.

PAL President Jaime J. Bautista said in an interview that Baguio
Gold's strategy to buy PAL shares would be revealed at PAL's
meeting of shareholders scheduled for Sept. 19, 2006, where they
would discuss a proposed increase in authorized capital to
PHP20 billion from the current PHP1 billion.  Since Mr. Bautista
is also the president of the Board of Directors of Baguio Gold,
he stressed that since Baguio Gold planned to purchase a stake
in PAL, the firm would deal with the Company's shareholders and
not with management.

BusinessWorld reports that, according to Mr. Bautista, previous
reports of a possible listing of PAL shares by 2008 and the
target to exit rehabilitation ahead of schedule have yet to be
formally discussed by PAL management, and as yet they do not
have a definite goal to exit rehabilitation before the due date.

PAL posted a net profit of PHP1.2 billion in FY05 from a net
loss of PHP643 million in FY04 on increased revenues and foreign
exchange gains.

                 About Philippine Airlines

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

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

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

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


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

ANANDA TRAVEL: Enters Wind-Up Proceedings
-----------------------------------------
Asatsu-DK Singapore Pte Ltd on July 14, 2006, filed before the
High Court of the Republic of Singapore an application to wind
up Ananda Travel (Singapore) Pte Ltd.

The High Court will hear the wind-up petition on August 11,
2006, at 10:00 a.m.

The petitioner's solicitor can be reached at:

         M/S Hilborne & Co.
         No. 111, North Bridge Road
         #29-06 Peninsula Plaza
         Singapore 179098


ATECH MOULDS: Creditors' Proofs of Debt Due on August 14
--------------------------------------------------------
Atech Moulds Manufacturing Private Limited notifies parties-in-
interest of its intention to declare a final dividend to
creditors.

Creditors are required to prove their debt not later than
August 14, 2006, for them to share in the dividend distribution.

The joint liquidators can be reached at:

         Yin Kum Choy
         Mok Wai Seng
         c/o K C Yin & Co
         Certified Public Accountants, Singapore
         100 Tras Street
         #16-01 Amara Corporate Tower
         Singapore 079027
         Telephone: 63231613
         Facsimile: 63231763


EFFICIENCY CONTRACTOR: Court to Hear Wind-Up Petition
-----------------------------------------------------
A petition to wind-up Efficiency Contractor Pte Ltd will be
heard before the High Court of the Republic of Singapore on
August 11, 2006, at 10:00 a.m.

The wind-up petition was filed by Oh Keh Yew on June 29, 2006.

The petitioner's solicitor can be reached at:

         Messrs Loy & Company
         133 New Bridge Road
         #08-06 Chinatown Point
         Singapore 059413


REFCO INC: Six Creditors Withdraw Nine Proofs of Claim
------------------------------------------------------
Six creditors have withdrawn nine proofs of claim filed against
Refco Inc., and its debtor-affiliates on the basis that the
Claims have been satisfied:

The Claimants are:

Creditor                   Claim No./s   Amount   Debtor
--------                   -----------   ------   ------
AT&T Corp.                     46      $215,054   Refco, Inc.

Henning & Carey Trading Co.     -        77,708   Refco, LLC

Massachusetts Department        -        10,000   Refco Capital,
   of Revenue                                        LLC

Kent Consulting Engineers      52          -      Refco, Inc.
                               51          -      Refco, LLC

Alps Construction, Inc.        53          -      Refco, Inc.
                               50          -      Refco, LLC

Griswold, Heckel & Kelly       74          -      Refco, Inc.
   Associates, Inc.            52          -      Refco, LLC

                       About Refco Inc.

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

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

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

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s Chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Judge Issues Protective Order on Panel Subpoenas
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York issued a protective order governing the production,
review and handling of materials produced in response to
subpoenas served by the Official Committee of Unsecured
Creditors appointed in Refco Inc. and its debtor-affiliates
Chapter 11 cases.

Judge Drain rules that parties producing documents in response
to a Rule 2004 Subpoena may designate as "Confidential" any
material produced to the Committee, which the Producing Party
believes is a non-public material that is subject to bank
secrecy laws of a foreign country or contains confidential
information.

The Committee's counsel, Milbank, Tweed, Hadley & McCloy LLP,
will comply with the limitations imposed by any Court order, for
as long as that order remains in effect, regarding access to
allmaterial served by a Producing Party.

Materials designated "Confidential" will only be disclosed to:

   * the Bankruptcy Court;

   * Milbank and the Committee's conflicts counsel, Kasowitz,
     Benson, Torres & Friedman LLP;

   * the Committee and officers and employees of the Committee
     members as the panel's outside counsel deem necessary to
     assist in connection with the Debtors' bankruptcy cases;

   * non-party experts or consultants retained in good faith to
     assist the Committee in connection with the Debtors' cases;

   * individuals who have been noticed for depositions or
     subpoenaed for trial testimony;

   * any person reflected as an author, addressee, or recipient
     of the Confidential material being disclosed or any person
     to whom Milbank believes likely received the materials in
     the ordinary course of business;

   * the Debtors and their officers and employees who may be
     necessary to assist the Committee in connection with the
     Debtors' cases;

   * Court reporters, stenographers or video operators at
     depositions, court or arbitral proceedings at which
     Confidential material is disclosed;

   * clerical and data processing personnel involved in the
     production and review of Confidential Information;

   * the United States Attorney for the Southern District of
     New York;

   * any examiner appointed by the Bankruptcy Court; and

   * any other person designated by the Bankruptcy Court,
     subject to terms as may be deemed proper.

Nothing in the Protective Order will require disclosure of any
material that a Producing Party contends is protected from
disclosure by attorney-client privilege, work-product doctrine
immunity or any other legally recognized privilege.

                       About Refco Inc.

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

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

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

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s Chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Dag Seim Wants US$443,311 Severance Payment from RCM
---------------------------------------------------------------
Dag Seim asks the Honorable Robert Drain of the United States
Bankruptcy Court for the Southern District of New York to direct
Refco Capital Markets, Ltd., to pay his US$443,311
administrative expense claim for postpetition severance.

Mr. Seim held a senior vice president position at RCM pursuant
to a letter agreement dated June 15, 2005.

Mr. Seim's position was terminated after the Debtors filed for
bankruptcy, triggering the severance clause in the Agreement,
Nicholas F. Kajon, Esq., at Stevens & Lee, P.C., in New York,
relates.

According to Mr. Kajon, the Employment Agreement expressly
provides that Mr. Seim is entitled to:

   (1) US$250,000 severance payment;

   (2) an additional US$250,000 if terminated without cause
       during the first year of his employment, less any amounts
       received as salary from his start date to the date of
       termination.  Mr. Seim has received US$104,166, leaving a
       balance due of US$145,833; and

   (3) relocation expenses of US$5,000 per month during his
       first year of employment, of which US$12,521 has already
       been reimbursed, leaving a balance due of US$47,478.

To date, neither RCM nor any of the other Debtors have paid Seim
the severance owed, despite repeated informal requests for
payment.

A claim for severance based on postpetition termination is
entitled to administrative expense priority in the Second
Circuit, Mr. Kajon reminds Judge Drain, citing Rodman v. Rinier
(In re W.T. Grant Co.), 620 F.2d 319 (2d Cir.), cert. denied,
446 U.S. 983 (1980); and Straus-Duparquet, Inc. v. Local Union
No. 3, Int'l Bhd. of Elec. Workers, 386 F.2d 649 (2d Cir. 1967).

Mr. Kajon also notes that Mr. Seim is the holder of customer
account No. 4622 with RCM.  The Seim Account had an US$118,295
balance as of October 31, 2005, but has subsequently been
frozen.

Because all legal and equitable interests with respect to the
Seim Account are held by Mr. Seim, Mr. Kajon contends that the
Seim Account cannot be property of RCM's estate under Section
541 of the Bankruptcy Code.

Mr. Seim reserves all rights and remedies concerning the Seim
Account, and may seek redress concerning the Account in a future
proceeding.

                       About Refco Inc.

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

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

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

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s Chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


REFCO INC: Chap. 11 Trustee Says Dag Seim's Claims are Unsecured
----------------------------------------------------------------
Marc S. Kirschner, the Chapter 11 Trustee of Refco Capital
Markets, Ltd., contends that Dag Seim's Claims are pre-petition
general unsecured claims and not entitled to administrative
expense priority on these grounds:

   (i) Mr. Seim has failed to carry his burden of proof because
       he provided not a single fact to support his entitlement
       to administrative claim priority for the Claims.  He
       failed entirely to show -- among other things -- that he
       has provided any postpetition consideration that
       benefited the RCM estate, as required under Section
       503(b) of the Bankruptcy Code and relevant case law in
       the Second Circuit, including:

       -- Trustees of Amalgamated Ins. Fund v. McFarlin's, Inc.,
          789 F.2d 98, 101 (2d Cir. 1986);

       -- In re Mammoth Mart, Inc., 536 F.2d 950, 954 (1st Cir.
          1976); and

       -- In re AppliedTheory Corp., 312 B.R. 225, 237-40
          (Bankr. S.D.N.Y. 2004;

  (ii) The Claims are prepetition obligations under the
       Agreement, and so are prepetition claims for damages;

(iii) Straus-Duparquet, Inc. v. Local Union No. 3 Int'l
       Brotherhood of Elec. Workers (In re Straus-Duparquet,
       Inc.), 386 F.2d 649 (2d Cir. 1967) and Rodman v. Rinier
       (In re W.T. Grant Co.), 620 F.2d 319 (2d Cir. 1980), do
       not apply because the Severance Claim falls far outside
       the type of "severance pay" authorized by the Second
       Circuit in those cases; and

  (iv) Mr. Seim is not entitled to the Claims under the terms of
       the Employment Agreement.  Mr. Seim would only be
       entitled to the Severance Payment Claim in exchange for
       his signing RCM's standard Separation and Release
       Agreement.  However, Mr. Seim has submitted no evidence
       that he has executed RCM's standard Separation and
       Release Agreement.

The RCM Trustee is currently in the midst of extensive
negotiations of a global settlement that would resolve numerous
issues in the case, Jared R. Clark, Esq., at Bingham McCutchen
LLP, in New York, tells the United States Bankruptcy Court for
the Southern District of New York.  It is unclear at this time
the amount of administrative claims against the RCM estate and
the funds available to satisfy those administrative claims,
among other claims against the estate.  Immediate payment of the
Claims, if allowed administrative priority, would be premature
and disruptive to the administration of the assets of the RCM
estate at this critical period, Mr. Clark asserts.

                       About Refco Inc.

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

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

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

On April 13, 2006, the Court appointed Marc S. Kirschner as
Refco Capital Markets Ltd.'s Chapter 11 trustee.  Mr. Kirschner
is represented by Bingham McCutchen LLP.  RCM is Refco's
operating subsidiary based in Bermuda.

Three more affiliates of Refco, Westminster-Refco Management
LLC, Refco Managed Futures LLC, and Lind-Waldock Securities LLC,
filed for chapter 11 protection on June 6, 2006 (Bankr. S.D.N.Y.
Case Nos. 06-11260 through 06-11262).


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

CENTRAL PAPER: Posts THB9.718 Million Net Loss in 2nd Qtr '06
-------------------------------------------------------------
Central Paper Industry Public Co. Ltd. submitted to the Stock
Exchange of Thailand its financial report for the second quarter
ended June 30, 2006.

The Company's income statement for the second quarter 2006 shows
a net loss of THB9.718 million compared with the
THB0.437-million profit for the same period in 2005.

As of June 30, 2006, the Company's total liabilities was
THB7.3 billion, while total assets amount THB650.074 million.
The Company posted an equity deficit of THB650.074 million.

Central Paper's balance sheet also showed strained liquidity
with total current assets of THB212.023 million available to pay
total current liabilities of THB3.130 billion.

The Company's auditor, Apichart Sayasit of M.R. & Associates Co
Ltd, expressed substantial doubt regarding the Company's ability
to continue as a going concern, noting that the Company
defaulted on its payment to Thai Assets Management Corp.  As a
result, Thai Assets stopped selling natural gas to the Company
causing Central Paper to stop its production process.

Moreover, Mr. Apichart relates that the Company announced that
it would terminate most of its employees on July 16, 2006, and
August 1, 2006, where the Company is obliged to pay compensation
according to the labor law.

                      First Half Figures

Central Paper's income statement for the first half ended
June 30, 2006, shows THB30.421 million in net loss, slightly
higher compared to the THB29.279 million n net loss for the same
period the previous year.

The Company's revenue was down from THB438.406 million in the
first half of last year to THB323.274 million for the first half
this year.

Full-text copies of the Company's financials for the 2nd quarter
and first half periods ending June 30, 2006, are available for
free at:

    http://bankrupt.com/misc/CPICOE2.xls

    http://bankrupt.com/misc/CPICOE2a.xls

    http://bankrupt.com/misc/CPICOE1_txt.doc

                          *     *     *

Established in 1973, Central Paper Industry Public Company
Limited -- http://www.centralpaper.thailand.com/-- produces and
distributes uncoated printing paper including fine printing
paper used in high quality printing tasks, newsprint paper used
in newspaper printing, and kraft paper used for making paper
bags.

On March 16, 2004, the Company filed a petition for
rehabilitation with Thailand's Central Bankruptcy Court.
Subsequently, on February 1, 2005, the Bankruptcy Court approved
the Company's Business Reorganization Plan.

Currently, the Company is in the process of complying with its
Reorganization Plan.  However, in a disclosure with the Stock
Exchange of Thailand, the Company stated that it sustained
operating losses for several years and could not make a
repayment to one of its creditor group -- to whom it owes a
total of THB4.7 million.  Hence, the Central Paper said that the
repayment of debts in accordance with its Reorganization Plan
when they become due significantly depends on its abilities to
operate successfully in the future and to generate sufficient
cash flows from operations.


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

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     7
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     8
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%    03/15/11     7
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     8
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Speirs Group Ltd                     10.000%    06/30/49    65
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%    09/15/12     8
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     5
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     2
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Gadang Holdings Bhd                   2.000%    12/24/08     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     5
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
Lebar Daun Bhd                        2.000%    01/06/07     4
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     2
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Senai-Desaru Expressway Bhd           3.500%    12/09/16    74
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Sdn Bhd.                4.000%    04/28/14    74
Titisan Modal Sdn Bhd.                5.000%    04/28/20    74
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


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


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
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 ***