TCRAP_Public/060807.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Monday, August 7, 2006, Vol. 9, No. 155

                            Headlines

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

ACRUS PTY LIMITED: Placed in Members Voluntary Liquidation
AIR NEW ZEALAND: Code Share Allows Joint Business with Qantas
ALCHAN PTY LIMITED: Members Place Firm in Liquidation
AM HOSPITALITY: Placed Under Members' Voluntary Liquidation
AUTUMN LODGE: Court to Hear CIR's Liquidation Bid on Sept. 14

AWB LIMITED: Reduces Profit Forecast for Fiscal Year 2006
AWB LIMITED: Restructures Wheat Export Arm for Transparency
AWB LIMITED: Appoints Gordon Davis as New Managing Director
AXTEAN NOMINEES: Appoints Geoffrey McDonald as Liquidator
BARDWELL PARK: Enters Wind-Up Proceedings

BARRY JOHN: Creditors' Proofs of Claim Due on August 24
BENHAN HOLDINGS: Members Opt for Voluntary Wind-Up
BENHEM ENTERPRISES: Liquidator Doherty to Present Wind-Up Report
BEVEBU PTY: Winds Up Business Operations
BROOKS GROUP OF COMPANIES: Appoints Receivers and Managers

CAREY'S MOTORS: Commences Voluntary Liquidation
CLANZAC PTY: Court Issues Wind-Up Order
D C CONTRACTING: Court Hears Wind-Up Bid Today
DIBSENTA PTY: Inability to Pay Debt Prompts Wind-Up
DIRECTPLANTS PTY: To Give Liquidator's Report on August 16

DISHMENT PTY: Names Stephen Jay as Liquidator
EASTERN GOLDFIELDS: To Declare Dividend on August 23
FELTEX CARPETS: Existing Offer is Better, Godfrey Hirst Says
FLAYM PTY: Creditors Agree to Close Operations
FRESH EXPRESS: Members Opt for Voluntary Liquidation

GAMBLE GROUP: Appoints Joint and Several Liquidators
GOLDSTEINS FINANCE: Court Hears Bayleys Liquidation Bid
GRACELANDS FARMING: Receivers and Managers Named
HOTEL-HOLIDAYS: Faces Liquidation Proceedings
HOUSE & KIRKBY: Placed Under Members' Voluntary Liquidation

INTERNATIONAL FURNITURE: Members to Hear Liquidator's Report
JON LIMITED: Creditors' Proofs of Claim Due on August 24
JOSEPHINE C. WISEMAN: Members Wind Up Business
K & C STAPLETON: Creditors Must Prove Claims by August 18
LAUMAC INVESTMENTS: Creditors Must Prove Debts August 31

MCGUIGAN VINEYARDS: Commences Voluntary Liquidation
MCGUIGAN WINES: Placed in Members Voluntary Liquidation
MILTHAME PTY: Members Pass Resolution to Wind-Up Firm
MOBILEMIST PTY: Enters Wind-Up Proceedings
MYAMBA HOLDINGS: Winds Up Business

NERA NETWORKS PTY: Members Agree on Voluntary Wind-Up
NOVA PTY: Placed Under Members' Voluntary Liquidation
OCEANGAS AUSTRALIA: Members Decide on Voluntary Wind-Up
PRIMARY CARE: Liquidation Process Commenced
PRIMELIFE CORPORATION: PrimeLiving Acquires Retirement Villages

PRIPET PTY LIMITED: Enters Voluntary Wind-Up
QCS PTY: Court Issues Wind-Up Order
QUINLAN HOTELS: Commences Voluntary Wind-Up
RAVLYN INVESTMENTS: Members Resolve to Wind Up Firm
R J BRADY CONTRACTING: Winds Up Business Operations

RACENGINEERING PTY: Supreme Court Enters Wind-Up Order
SB CHILDRENSWEAR: Creditors Appoint Official Liquidator
SEKISUI AUSTRALIA: Shareholders Agree on Firm's Wind-Up
SHAMROCK LOGGING: High Court Hears AB Rental's Petition
SUPERBANK: Ceases NZ Operations & Sells Assets GE Money

SUPERBANK: S&P Affirms St. George's Counterparty Credit Ratings
TRANSFIELD ALC PTY: NATL Appoints Receivers and Managers
WALSH FAMILY: Appoints C.J. Palmer as Liquidator
* ASIC Bans NSW Directors of Failed Companies


C H I N A   &   H O N G  K O N G

ACXIOM CORP: Earns US$17.8M in First Quarter Ended June 30, 2006
BEST PACIFIC: Receives Wind-Up Order from Court
CAMPION DEVELOPMENT: Prepares to Wind Up Operations
CHEONG SHING: Court Favors Wind-Up Petition
GILMAN CONTAINER: Court to Hear Wind-Up Petition on August 30

HALOKING CONSTRUCTION: Wind-UP Bid Hearing Slated for August 16
HUEYLIN HOLDINGS: Names Liquidators, Committee Members
K-TECH INTERNATIONAL: Enters Wind-Up Proceedings
LONG TO COTTON: Court Issues Wind-Up Order
JIANGXI COOPER: Smelters Push for Price Participation Scheme

NEWFIELD EXPLORATION: June 30 Working Capital Deficit Tops US$7M
WORLD FIRST: Creditors Must Prove Debt by September 5
Y.S. KNITTING: Faces Wind-Up Proceedings


I N D I A

FORD MOTOR: DBRS Lowers Long-Term Debt Rating to B
GENERAL MOTORS: Negotiations with Delphi & UAW Slow Down
NATIONAL TEXTILE: To Start Redemption of INR2020-Crore Bonds
NATIONAL TEXTILE: All Set to Sell Dead Mills
NATIONAL TEXTILE: Business Tower Plan Gets BIFR's Nod


I N D O N E S I A

GARUDA INDONESIA: Still in Restructuring Talks with ECA
* Government Plans to Sell IDR8-Trillion Treasury Bonds in 2007


J A P A N

JAPAN AIRLINES: Government to Support Restructuring Plan
MIZUHO BANK: FTC to Warn Bank on "Misleading" Fliers
SAPPORO HOLDINGS: Posts JPY4-Billion Loss in April-June Period


K O R E A

HANAROTELECOM: Hana TV Service Sparks Jurisdiction Controversy
KOREA EXCHANGE BANK: Faces Back Taxes on Card Merger
KOREA EXCHANGE BANK: Morgan Stanley Chief Grilled
KRISPY KREME: Will Open Shop in Indonesia
LG CARD: Hana Financial Teams Up With MBK For Stakes Bid

* FSS to Ease Bank Liquidity Requirements
* Unsecured Corporate Bond Issuances Falls


M A L A Y S I A

ALLIANCE MERCHANT UNIT: Members Opt for Wind-Up
ASEAN FINANCIAL: Placed Under Voluntary Wind-Up
ASIADIRECT CAPITAL: Initiates Voluntary Wind-Up
COMSA FARMS: Total Default Amount Hits Over MYR47 Million
FCW HOLDINGS: Formulating Financial Regularization Plan

GEORGE TOWN: Unveils Restructuring Developments
KUMPULAN BELTON: Has Yet to Submit Regularization Plan
MALAYSIA AIRLINES: Inks Code Share Agreement with Gulf Air
PARACORP BERHAD: Goda Defaults on Repayment Under Lease Deal
PAXELENT CORPORATION: Gets Summons & Claim from Hock Der Realty

POLYMATE HOLDINGS: Units' Default Amount Totals MYR229.6 Million
SYABAS SUTRA: Enters Voluntary Wind-Up Proceedings
TENGGARA OIL: Units' Default Amount Tops MYR19.6 Million


P H I L I P P I N E S

EXPORT & INDUSTRY BANK: 1st Half NPLs Comprise 3% of Total Loans
LEPANTO CONSOLIDATED: Posts PHP24.6-Million Loss in First Half
MAGNUM HOLDINGS: Rising Expenses Lead to PHP530,000 H1 Loss
METROPOLITAN BANK: Total Assets Reach PHP590 Billion in June


S I N G A P O R E

MDR LIMITED: Hikes Mobilefone Shareholding from 65% to 100%
PEARL'S PARK: Enters Wind-Up Proceedings
REFCO INC: Chapter 11 Trustee Hires Capstone as Advisor
REFCO INC: Refco LLC Files May 2006 Monthly Operating Report
REFCO INC: U.S. Trustee Reconstitutes Official Committee

SNP RETAIL: Liquidator to Present Wind-Up Report
UNION METAL: Creditors' Proofs of Debt Due on August 27


T H A I L A N D

TOTAL ACCESS: To Allot THB1.4 Billion for Business Improvement

     - - - - - - - -

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

ACRUS PTY LIMITED: Placed in Members Voluntary Liquidation
----------------------------------------------------------
In Accordance with Section 491(2)(b) of the Corporations Act
2001, Acrus Pty Limited was placed in members voluntary
liquidation through a resolution passed on July 6, 2006.

Creditors who have claims against Acrus have been required to
submit proofs of their claims to the liquidators to participate
in any distribution.

The Company's liquidators are D. J. F. Lombe and P. G. Yates.


AIR NEW ZEALAND: Code Share Allows Joint Business with Qantas
-------------------------------------------------------------
Air New Zealand and Qantas Airways Limited admitted to the
Australian Competition and Consumer Commission that they will
effectively operate as a joint business on the Tasman if their
proposed code share agreement is allowed, Brian Fallow of the
New Zealand Herald reports.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air NZ and Qantas have signed a code-share
agreement that will allow both airlines to reduce cost by
removing some surplus or duplicated capacity and utilizing
aircraft more efficiently, while increasing the number of
flights available to their customers for the trans-Tasman
routes.

Mr. Fallow relates that opponents of the deal, including
Wellington International Airport Ltd., have long argued that the
Air NZ/Qantas deal goes far beyond a normal code share and is
more like a cartel or merger.

The NZ Herald relates that when the ACCC asked the two airlines
why joint setting of tariffs was so important, they explained
that the agreement provides for them to jointly determine which
Tasman routes would be served, how often and when, and the total
capacity to be made available on each route.

To use that agreed capacity "most efficiently," both airlines
would have to be indifferent to whether they booked a passenger
on one of their own flights or one of the other's, NZ Herald
notes.

The airlines further explained that they must have the ability
to develop sales targets, forecast load factors, and to manage
yields and share revenues as one, noting that "[t]he ability to
jointly determine tariffs is an essential part of this process,"
the NZ Herald relates.

Wellington Airport, which is controlled by listed investment
company Infratil, stated in a submission to the Ministry of
Transport that "[t]his is not a case of two Australasian
companies teaming up to take on the world.  It is a case of two
dominant companies colluding within their home markets,"
Stuff.co.nz relates.

Wellington Airport disputed Qantas and Air New Zealand's claim
of over-capacity on the Tasman routes, saying that both airlines
had above average load factors of over 70%.  Under the code
share, this would lift to 76.5% in three years.

According to the NZ Herald, the airlines contended that they
cannot afford to unilaterally reduce capacity.  However,
Wellington Airport pointed out that both Qantas and Air New
Zealand already have unilaterally cut capacity, by a combined
323 seats a day.

Wellington Airport asserted that an almost complete loss of
competition is critical, adding that it fears collusion will
spill over into the domestic New Zealand market, the NZ Herald
relates.

                      About Qantas Airways

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.

                      About Air New Zealand

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

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


ALCHAN PTY LIMITED: Members Place Firm in Liquidation
-----------------------------------------------------
At a general meeting among Alchan Pty Limited's members on
June 28, 2006, they resolved that the Company be wound up
voluntarily and that assets be distributed accordingly.

The members then named Belinda Wu as liquidator for the Company.

The Liquidator can be reached at:

         Belinda Wu
         Liquidator
         Astims
         14 Waters Road, Neutral Bay, NSW 2089
         Australia


AM HOSPITALITY: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------------
The shareholders of AM Hospitality Services Pty Limited met on
May 26, 2006, and passed a special resolution to voluntarily
liquidate the Company's business.

Subsequently, Adam Shepard was appointed as liquidator.

The Liquidator can be reached at:

         Adam Shepard
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         GPO Box 3969
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9223 2944


AUTUMN LODGE: Court to Hear CIR's Liquidation Bid on Sept. 14
-------------------------------------------------------------
The Commissioner of Inland Revenue on June 21, 2006, filed
before the High Court of Auckland a petition to liquidate Autumn
Lodge Care Ltd.

The Court will hear the wind-up application on September 14,
2006, at 10:00 a.m.

The solicitor for the plaintiff can be reached at:

         David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue
         Takapuna, P.O. Box 33-150, Auckland
         New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


AWB LIMITED: Reduces Profit Forecast for Fiscal Year 2006
---------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on May 25,
2006, that AWB Limited disclosed an underlying profit before tax
and amortization of AU$85.6 million for the half-year period
ended March 31, 2006, up by 5% compared with the figure reported
for the previous half-year.

In a statement posted at its Web site, AWB said that, at the
announcement of its half-year results in May 2006, it expects to
achieve a forecast underlying PBTA for the year ending
September 30, 2006, that is similar to the previous year's
underlying PBTA of AU$184.5 million, subject to normal seasonal
and operational conditions.

Unfortunately, AWB says that the current drought that is
affecting farmers across Australia has resulted in lower than
expected merchandise and fertilizer sales in May, June, and
early July 2006.

Therefore, AWB is reducing its forecast underlying PBTA for the
year ending September 30, 2006, by 20-25% from the previous
guidance.

The continuing difficult trading conditions and volatile world
wheat markets, which have squeezed commodity margins, have also
made an impact on its performance, AWB says.

As a result, lower than expected outcomes are now forecast in
Landmark, Grain Acquisition and Trading, and Pool Management
Services.

Furthermore, due to the below average rainfall across Australia,
the AWB forecast for domestic wheat production for the 2006/2007
crop has now been reduced from 23-25 million tons to 18-20
million tons.

The management is committed to reducing costs and is initiating
programs to address business performance issues, AWB says.

AWB further says that it remains committed to its long-term
strategy of growth through diversification in commodity
management, rural services, and financial services.

                         About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion showing total equity of AU$1.16 billion.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming that AWB's dealings in overseas markets damaged their
own incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.


AWB LIMITED: Restructures Wheat Export Arm for Transparency
-----------------------------------------------------------
Concurrent with its profit forecast downgrade, AWB Ltd. reveals
that it is restructuring its monopoly wheat export arm, which
would increase the autonomy of its wheat export business,
Michael Byrnes of Reuters reports.

AWB (International), which operates the monopoly -- known as the
single desk -- allegedly paid kickbacks to the former Iraqi
regime of Saddam Hussein to secure sales, Reuters recount.

AWB Chairman Brendan Stewart explains that the restructuring, to
take effect from October 1, 2006, would provide the autonomy and
transparency sought by the industry for the wheat sales arm, but
denies that the changes were a reaction to the Cole Inquiry,
Reuters relates.

Mr. Stewart says that, under the restructuring, the wheat export
arm would have a separate management team, receive key staff
from its parent, and have an independent board and a separate
governance and committee structure from AWB Ltd.

AWB's chief operating officer Paul Ingleby tells analysts and
reporters that the cost to AWB of the Cole Inquiry is now
estimated at AU$20 million, up from an earlier estimate of
AU$18 million.  However, Mr. Ingleby clarifies that AWB's profit
downgrade was due entirely to seasonal conditions and did not
include Cole Inquiry costs, which would further reduce AWB's
2006 net profit, Reuters relates.

The Cole Inquiry is due to rule on September 29, 2006.

Reuters notes that there have been calls for AWB to be stripped
of its export monopoly.  However, farmers have generally
supported a continuation of the single desk, which they believe
can win better prices for Australian wheat, but have urged
changes to make the export arm more independent of its listed
parent.

The Troubled Company Reporter - Asia Pacific reported on
July 21, 2006, that the Australian Government backs the
country's wheat export monopoly, and that the Western Australian
Farmers Federation and the Victorian Farmers Federation have
joined growing calls to keep the single desk wheat marketing
system.

                         About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion showing total equity of AU$1.16 billion.

                            *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.


AWB LIMITED: S&P's Rating Stays on Negative After Lower Forecast
----------------------------------------------------------------
Standard & Poor's Ratings Services says that its 'BBB' long-term
corporate credit rating on AWB Ltd. remains on negative outlook
after AWB announced that its earnings for the year ending
September 30, 2006, may be 20%-25% lower than the company's
previous guidance, reflecting unfavorable seasonal conditions
that have led to lower-than-expected merchandise and fertilizer
sales.  The below-average rainfall across Australia has also
reduced AWB's forecast domestic wheat production for the
2006/2007 crop to 18-20 million tonnes, from 23-25 million tons.

While the adverse impact of weather-related events is
incorporated into the AWB rating, Standard & Poor's will seek to
separate the seasonal impact on AWB's commercial operations when
interpreting the current weaker results from the company's
Landmark, Grain Acquisition and Trading, and Pool Management
Services divisions. Any perceived deterioration in the business
risk profile will also need to be considered in light of the
federal government's response to the recommendations of the Cole
inquiry into AWB's involvement in the United Nation's Oil-for-
Food Programme, expected later this year.

AWB also announced strengthened corporate governance initiatives
relating to the transactions that are undertaken between AWB and
AWB International Ltd., which manages the company's export pool
operations.  Standard & Poor's has already factored in
structural "ring-fencing" arrangements into the 'AA-/Stable/A-
1+' ratings on AWB Harvest Finance Ltd., which is the funding
entity for the export pool operations.

                         About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion showing total equity of AU$1.16 billion.

                            *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.


AWB LIMITED: Appoints Gordon Davis as New Managing Director
-----------------------------------------------------------
The Executive Chairman of AWB Limited -- Brendan Stewart --
discloses in a statement posted at the Company's Web site that
the Company appointment Gordon Davis as its managing director.

Mr. Davis is currently the head of the Australia Asia division
of Mining Services at Orica Limited, a Melbourne-based
explosives and mining multinational company.

Mr. Davis will take up his role at AWB in mid-September, as soon
as he has concluded his obligations with Orica.

Mr. Stewart relates that the AWB Board appointed Mr. Davis after
conducting a global search for a candidate with appropriate
experience in agribusiness and international trading.

According to Mr. Stewart, this appointment is an important step
towards rebuilding the company.

Mr. Davis has also worked in the Tasmanian Forestry Commission
and as a policy advisor to former Federal Liberal Party leader,
John Hewson.

                         About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion showing total equity of AU$1.16 billion.

                            *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1-billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.


AXTEAN NOMINEES: Appoints Geoffrey McDonald as Liquidator
---------------------------------------------------------
At an extraordinary general meeting held on July 21, 2006, the
members of Axtean Nominees Pty Limited passed a special
resolution to wind up the Company's operations.

Accordingly, Geoffrey McDonald was appointed as liquidator.

The Liquidator can be reached at:

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

BARDWELL PARK: Enters Wind-Up Proceedings
-----------------------------------------
The members and creditors of Bardwell Park Medical Co. Pty
Limited convened on July 21, 2006, and passed a special
resolution to voluntarily wind up the Company's operations.

In this regard, Brian P. Durphy was named official liquidator.

The liquidator can be reached at:

         Brian P. Dunphy
         Freshwater Management Pty Ltd
         PO Box 663
         Harbord, New South Wales 2096
         Australia


BARRY JOHN: Creditors' Proofs of Claim Due on August 24
-------------------------------------------------------
Joint Liquidators Peri Micaela Finnigan and Victoria Toon
require the creditors of Barry John Martin Builders Ltd to
submit their proofs of claim by August 24, 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:

         Peri Finnigan
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


BENHAN HOLDINGS: Members Opt for Voluntary Wind-Up
--------------------------------------------------
At a general meeting on July 23, 2006, the members of
Benhan Holdings Pty Limited resolved to voluntarily wind up the
Company's operations.

In this regard, John Frederick Taylor was appointed as
liquidator.

The Liquidator can be reached at:

         John Frederick Taylor
         c/o WHK Greenwoods
         Level 15, 309 Kent Street
         Sydney, Australia


BENHEM ENTERPRISES: Liquidator Doherty to Present Wind-Up Report
----------------------------------------------------------------
The members and creditors of Benhem Enterprises Pty Ltd will
hold a final meeting on August 20, 2006, at 10:00 a.m.

At the meeting, Liquidator Ross Doherty will present accounts of
the Company's wind-up and property disposal activities.

The Liquidator can be reached at:

         Ross Doherty
         PO Box 3217
         Kirrawee, New South Wales 2232
         Australia
         Telephone:(02) 9521 3351
         Facsimile:(02) 9528 0216


BEVEBU PTY: Winds Up Business Operations
----------------------------------------
At an extraordinary general meeting of Bevebu Pty Limited on
July 17, 2006, members agreed that it is in the Company's best
interests to wind up its operations.

David George Kettlestring was subsequently named liquidator.

The Liquidator can be reached at:

         David George Kettlestring
         17 Byron Avenue
         North Nowra, New South Wales
         Australia


BROOKS GROUP OF COMPANIES: Appoints Receivers and Managers
----------------------------------------------------------
On July 5, 2006, Australia and New Zealand Banking Group Limited
appointed Quentin James Olde and Ian Charles Francis as
receivers and managers of the charged property of the Brooks
Group of Companies Pty Limited pursuant to the Mortgage
Debenture given by the Company to ANZ.

Contact: Kemp Strang
         Lawyers
         Level 16, 55 Hunter Street,
         Sydney, NSW 2000
         Australia
         Telephone: 9225 2500
         Facsimile: 9225 2599


CAREY'S MOTORS: Commences Voluntary Liquidation
-----------------------------------------------
On June 22, 2006, the members of Carey's Motors Pty Ltd decided
to voluntarily wind up the Company in accordance with Section
491 of the Corporations Law.

Edward Barton was subsequently named as liquidator.

The Liquidator can be reached at:

         Edward Barton
         Liquidator
         26 Bourke Street, Tamworth
         NSW 2340
         Australia


CLANZAC PTY: Court Issues Wind-Up Order
---------------------------------------
The Supreme Court of New South Wales on July 11, 2006, issued a
wind-up order against Clanzac Pty Ltd.

The Court also ordered the appointment of Steven Nicols as
official liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia


D C CONTRACTING: Court Hears Wind-Up Bid Today
----------------------------------------------
The Commissioner of Inland Revenue filed a wind-up petition
against D C Contracting Ltd on May 30, 2006.

The High Court of Christchurch was scheduled to hear the wind-up
application today, August 7, 2006, at 10:00 a.m.


The solicitor for the plaintiff can be reached at:

         Julia Dykema
         Solicitor for the Plaintiff
         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


DIBSENTA PTY: Inability to Pay Debt Prompts Wind-Up
---------------------------------------------------
The members and creditors of Dibsenta Pty Limited on July 20,
2006, decided to wind up the Company's operations due to its
inability to pay debts when they fall due.

In this regard, Geoffrey McDonald was appointed as liquidator.

The Liquidator can be reached at:

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


DIRECTPLANTS PTY: To Give Liquidator's Report on August 16
----------------------------------------------------------
Pursuant to Section 509 of the Corporations Act 2001,
Directplants Pty Ltd, which is in liquidation, will hold a final
meeting of members on August 16, 2006, at 10:30 a.m., at 15
Rodney Street, Dover Heights, NSW.  At the meeting, the
liquidator to present a final account and report regarding the
Company's wind-up.

The Liquidator can be reached at:

        E. W. Levitt
        Liquidator
        15 Rodney Street, Dover Heights,
        New South Wales, Australia 2030


DISHMENT PTY: Names Stephen Jay as Liquidator
---------------------------------------------
At an extraordinary general meeting held on July 18, 2006, the
members of Dishment Pty Ltd passed a special resolution to wind
up the Company's operations due to its inability to pay debts.

Accordingly, Stephen Jay was named official liquidator.

The Liquidator can be reached at:

         Stephen Jay
         Nicholls & Co., Chartered Accountants
         Suite 103, 1st Floor
         Wollundry Chambers
         Johnston Street
         Wagga Wagga, New South Wales 2650
         Australia


EASTERN GOLDFIELDS: To Declare Dividend on August 23
----------------------------------------------------
Eastern Goldfields Personnel Pty Ltd will declare a first and
final dividend for creditors on August 23, 2006.

Creditors are required to submit their proofs of claim by
August 22, 2006, for them to share in the dividend distribution.

The liquidator can be reached at:

         M. H. Lyford
         Lyfords
         Ogilvie House
         12 Kintail Road
         Applecross, Western Australia 6153
         Australia


FELTEX CARPETS: Existing Offer is Better, Godfrey Hirst Says
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 2, 2006, Feltex Carpets Limited has received a takeover
offer from Australian rival Godfrey Hirst for up to 12 cents per
share.

A subsequent TCR-AP report stated that Graeme and Craig Turner
of the bed-makers -- Sleepyhead -- challenged Godfrey Hirst's
bid.  The TCR-AP noted that the Turners wanted Feltex Carpets to
issue preference shares that would have priority if the Company
was wound up.

However, a report from Tvnz.co.nz relates that Godfrey Hirst
says its offer for Feltex remains far better than the new
proposal.

According to the report, the Turners are planning a
NZ$25-million to NZ$40-million partial underwrite of a rights
issue to enable Feltex to keep on manufacturing in New Zealand.

Tvnz.co.nz cites the Turners as saying that a meeting with
Feltex directors on August 3, 2006, went well, adding that the
directors were very positive about their proposal.  The
directors said that they will look at it further, the Turners
relate.

Godfrey Hirst contends that its existing NZ$142-million offer is
fully funded and ready to go, while the Sleepyhead plan is still
in its early stages, Tvnz.co.nz notes.

However, Graeme Turner counters that they have secured at least
50% of the NZ$35 million they estimate Feltex will need to help
reduce its debt, Tvnz.co.nz relates.  Graeme Turner expects to
have a firm offer on the table before the September deadline.

According to Tvnz.co.nz, ANZ Bank has so far supported Godfrey
Hirst's offer as it allows it to reclaim most, if not all, of
the money it is owed.  Feltex owes the ANZ Bank NZ$128 million.

This leaves Feltex's board in a difficult position, Tvnz.co.nz
notes, explaining that while its bank is an important
stakeholder, the directors also have a duty to put any superior
offer to shareholders for them to consider.

The longer-term promise of a higher share price than NZ$0.12 may
be enough to see shareholders turn down Godfrey Hirst's offer at
next month's special meeting, Tvnz.co.nz further notes.

         Godfrey Hirst Seeks Clearance for Acquisition

Godfrey Hirst NZ seeks a clearance from the Commerce Commission
to acquire some or all of Feltex Carpets' assets, The National
Business Review relates.

According to the NBR, the Commission will determine whether the
acquisition would substantially lessen competition in the
market.

The NBR notes that Feltex chief financial officer Des Tolan has
said that the combined entity would have a market share in
carpet in Australasia of 50%-55%.  This figure will be crucial
in the Commerce Commission's decision, the NBR says.

A public version of the application will be available on the
Commission's Web site at http://www.comcom.govt.nz/under Public  
Registers.

                          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.

The Company is currently undergoing negotiations for a capital
raising, proceeds of which will be used to ease its
NZ$128-million debt to ANZ Bank.


FLAYM PTY: Creditors Agree to Close Operations
----------------------------------------------
Creditors of Flaym Pty Ltd on July 18, 2006, resolved to wind up
the Company's operations.

Accordingly, Paul Gerard Weston & Liz Occleshaw were appointed
as liquidators.

The Liquidators can be reached at:

         Paul Gerard Weston
         Liz Occleshaw
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


FRESH EXPRESS: Members Opt for Voluntary Liquidation
----------------------------------------------------
At an extraordinary general meeting on July 20, 2006, the
members of Fresh Express Export Pty Limited resolved to
voluntarily liquidate the Company's business.

Creditors subsequently appointed Peter Paul Krejci as liquidator
at a separate meeting held that same day.

The Liquidator can be reached at:

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


GAMBLE GROUP: Appoints Joint and Several Liquidators
----------------------------------------------------
Members of Gamble Group Pty Ltd met on June 8, 2006, and agreed
to voluntarily wind up the Company's operations.

Accordingly, Garth D. Olling and Paul A. Billingham were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Garth D. Olling
         Paul A. Billingham
         Chartered Accountants
         Grant Thornton
         Level 17, 383 Kent Street
         Sydney, New South Wales 2000
         Australia


GOLDSTEINS FINANCE: Court Hears Bayleys Liquidation Bid
-------------------------------------------------------
The High Court of Auckland on August 3, 2006, heard a
liquidation petition filed against Goldsteins Finance Ltd.

The Court received the petition from Bayleys Valuation Ltd on
May 22, 2006.

Further particulars of the case can be obtained from:

         C. N. Lord
         c/o Offices of Corporate Collections Ltd
         187 Mt Eden Road, Mt Eden
         Auckland, New Zealand


GRACELANDS FARMING: Receivers and Managers Named
------------------------------------------------
Pursuant to Section 427(1)(b) of the Corporations Act 2001,
Murray Campbell Smith and Michael John Hill, of
McGrathNicol+Partners, were appointed as joint and several
receivers and managers of Gracelands Farming Co. Pty Limited'
property.  The appointment was made under a fixed and floating
charge, being registered charge number 902158.

The Receivers can be reached at:

         Murray Campbell Smith
         Michael John Hill
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, Australia


HOTEL-HOLIDAYS: Faces Liquidation Proceedings
---------------------------------------------
A liquidation petition filed against Hotel-Holidays Ltd will be
heard before the High Court of Auckland on September 7, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on June 21, 2006.

The solicitor for the plaintiff can be reached at:

         David Weaver
         Technical and Legal Support Group
         Auckland North Service Centre
         Inland Revenue Department
         5-7 Byron Avenue, Takapuna
         P.O. Box 33-150, Auckland
         New Zealand
         Telephone: (09) 984 1595
         Facsimile: (09) 984 3116


HOUSE & KIRKBY: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------------
After a general meeting on July 20, 2006, the members of
House & Kirkby (Vic) Pty Limited resolved to voluntarily wind up
the Company's operations.

In this regard, Garry Ronald House was appointed as liquidator.

The Liquidator can be reached at:

         Garry Ronald House
         c/o 229 Pacific Highway
         Hornsby, New South Wales 2077
         Australia


INTERNATIONAL FURNITURE: Members to Hear Liquidator's Report
------------------------------------------------------------
The members of International Furniture Solutions Pty Limited
will hold a final meeting on August 21, 2006, at 10:00 a.m., to
get an account of the manner of the Company's wind-up and
property disposal from Liquidator Alfred Gruber.

The Liquidator can be reached at:

         Alfred Gruber
         Grubers Beckett
         Suite 301, 25 Lime Street
         Sydney, New South Wales 2000
         Australia


JON LIMITED: Creditors' Proofs of Claim Due on August 24
--------------------------------------------------------
On July 20, 2006, the High Court of Auckland appointed John
Trevor Whittfield and Boris van Delden as joint and several
liquidators for Jon Limited.

In this regard, the Company's creditors are to submit their
proofs of claim by August 24, 2006, to the Joint Liquidators for
them to share in any distribution the Company will make.  

As reported by the Troubled Company Reporter - Asia Pacific on
July 10, 2006, the Accident Compensation Commission filed the
liquidation petition before the Court.

The Joint Liquidators can be reached at:

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


JOSEPHINE C. WISEMAN: Members Wind Up Business
----------------------------------------------
At a general meeting of the members of Josephine C. Wiseman Pty
Ltd on June 30, 2006, it was resolved that the Company be wound
up voluntarily pursuant to Corporations Act 2001.  John James
Masselos, of Masselos Grahame Masselos Pty, was then appointed
as liquidator.

The Liquidator can be reached at:

         John James Masselos
         Masselos Grahame Masselos Pty Ltd
         Level 17 44 Market Street,
         Sydney, NSW 2000
         Australia


K & C STAPLETON: Creditors Must Prove Claims by August 18
---------------------------------------------------------
Creditors of K & C Stapleton Pty are required to prove their
claims by August 18, 2006, for them to share in any distribution
the Company will make.

The liquidator can be reached at:

         Gerry Farlanga
         Arnold Stevens Finlay
         Level 6, 410 Church Street
         North Parramatta, New South Wales 2151
         Australia
         Telephone:(02) 9890 2555


LAUMAC INVESTMENTS: Creditors Must Prove Debts August 31
--------------------------------------------------------
The creditors of Laumac Investment Ltd are required to submit
their proofs of claim by August 31, 2006, to Joint Liquidators
Peri Micaela Finnigan and John Trevor Whittfield.

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

The Company commenced a wind-up of its operations on July 17,
2006.

The Joint Liquidators can be reached at:

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


MCGUIGAN VINEYARDS: Commences Voluntary Liquidation
---------------------------------------------------
At a general meeting of the members of Mcguigan Vineyards Pty
Limited on July 6, 2006, it was resolved that the company be
wound up as a members voluntary liquidation.

Notice has been given to creditors who hold claims against the
company, requiring them to submit proofs of debt to the
liquidators in order to partake in any asset distribution.

The Company's liquidators are D. J. F. Lombe and P. G. Yates.


MCGUIGAN WINES: Placed in Members Voluntary Liquidation
-------------------------------------------------------
Pursuant to Section 491(2)(b) of the Corporations Act 2001, the
members of Mcguigan Wines Pty Ltd resolved at a general meeting
on July 6, 2006, that the company be wound up as a members
voluntary liquidation.

Creditors who have claims against the Company have been required
to submit their proofs of claim to the liquidators, D. J. F.
Lombe and P. G. Yates, by July 27, 2006, to participate in any
distribution of assets.


MILTHAME PTY: Members Pass Resolution to Wind-Up Firm
-----------------------------------------------------
At a general meeting on July 18, 2006, the members of
Milthame Pty Ltd passed a special resolution to voluntarily wind
up the Company's operations.

Subsequently, Wayne L. Smith was named official liquidator.

The Liquidator can be reached at:

         Wayne L. Smith
         Wayne L. Smith & Associates
         Suite 20, 401 Pacific Highway
         Artarmon, New South Wales 2064
         Australia
         Telephone:(02) 9460 8233


MOBILEMIST PTY: Enters Wind-Up Proceedings
------------------------------------------
The members of Mobilemist Pty Ltd held a general meeting on
July 18, 2006, and resolved to wind up the Company's operations.

In this regard, Antony de Vries and Riad Tayeh were appointed as
liquidators.

The Liquidators can be reached at:

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


MYAMBA HOLDINGS: Winds Up Business
----------------------------------
Pursuant to Section 491(2) of the Corporations Act, the members
of Myamba Holdings Pty. Limited resolved at a general meeting on
July 7, 2006, to wind up the Company voluntarily.

Paul R. Campbell was then appointed as liquidator.

The Liquidator can be reached at:

         Paul R. Campbell
         Level 16, 309 Kent Street,
         Sydney, Australia


NERA NETWORKS PTY: Members Agree on Voluntary Wind-Up
-----------------------------------------------------
The members of Nera Networks Pty Limited convened on June 28,
2006, at Kokstadveien 23, in 5257 Bergen, Norway, and decided to
pass a resolution to wind up the Company voluntarily.

David Clement Pratt was then appointed as liquidator.

The Liquidator can be reached at:

         David Clement Pratt
         Timothy James Cuming
         Liquidator
         Level 15, 201 Sussex Street,
         Sydney NSW 1171
         Australia


NOVA PTY: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------
At a general meeting held on July 18, 2006, the members of Nova
Pty Ltd resolved to voluntarily wind up the Company's operations
and distribute the proceeds of its assets disposal.

Accordingly, Wayne L. Smith was appointed as liquidator.

The Liquidator can be reached at:

         Wayne L. Smith
         Wayne L. Smith & Associates
         Suite 20, 401 Pacific Highway
         Artarmon, New South Wales 2064
         Australia
         Telephone:(02) 9460 8233


OCEANGAS AUSTRALIA: Members Decide on Voluntary Wind-Up
-------------------------------------------------------
At a general meeting of the members of Oceangas Australia Pty
Ltd. on June 30, 2006, it was resolved that a voluntary wind-up
of the Company is appropriate and necessary.

Subsequently, David Clement Pratt was named liquidator.

The Liquidator can be reached at:

         David Clement Pratt
         Timothy James Cuming
         201 Sussex Street,
         Sydney, NSW 1171
         Australia


PRIMARY CARE: Liquidation Process Commenced
-------------------------------------------
Primary Care Group Limited commenced on July 21, 2006, commenced
a liquidation of its business and appointed Paul Graham Sargison
and John Maurice Leonard as joint and several liquidators.

In this regard, the Company's creditors are required to submit
their proofs of claim by August 28, 2006, for them to share in
ay distribution the Company will make.

The Joint Liquidators can be reached at:

        P. G. Sargison
        Gerry Rea Associates, P.O. Box3015
        Auckland, New Zealand
        Telephone: (09) 377 3099
        Facsimile: (09) 377 3098


PRIMELIFE CORPORATION: PrimeLiving Acquires Retirement Villages
----------------------------------------------------------------
Primelife Corporation Limited advises the Australian Stock
Exchange Limited that PrimeLiving Trust, an unlisted acquisition
trust jointly owned and managed by Primelife, Babcock & Brown
Limited, and MFS Limited, has completed the acquisition of two
retirement villages in Maroochydore and Mackay from Regis Group.

Jim Hazel, Primelife Managing Director says that, "this
acquisition increases the existing units under management within
Primelife by 336 units and strengthens Primelife's position in
Queensland.  This takes the number of units owned by the
PrimeLiving Trust and managed by Primelife to 2209, with a
further 378 units under development.  The Regis Group villages
are an excellent addition to PrimeLiving Trust's portfolio of
high quality retirement assets."

Primelife will be responsible for all operational management of
the Regis Group villages and will have an option to acquire the
retirement villages from the Trust at appropriate market prices.

                      Regis Group Villages

         Village Location     Units     First Established
         ----------------     -----     -----------------
          Allora Gardens        240           1998
          Eaglemount             96           2001

Allora Gardens Retirement Village is located in Maroochydore on
the Sunshine Coast approximately 100 kilometers north of
Brisbane.  

Eaglemount Retirement Resort is situated within the regional
city of Mackay, approximately 1,000 kilometers north of
Brisbane.

                        About Primelife

Headquartered in Melbourne, Australia, Primelife Corporation --
http://www.primelife.com.au-- develops and manages properties  
catering to a wide range of senior living needs, including
independent retirement living, serviced apartments, aged care or
low care hostels and high care nursing homes, and in-home care.
  
Primelife almost skidded into insolvency when, on September 23,
2004, the Australian Securities and Investments Commission filed
37 proceedings in the Federal Court of Australia seeking, among
other things, orders that an investigating accountant be
appointed over managed investment schemes under Primelife to
report to the Federal Court to ascertain the position of each of
the schemes.  ASIC also applied for the schemes to be wound up.

ASIC alleged that the schemes are not registered, as required
under the Corporations Act.  ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.   

The unregistered schemes are undergoing or were completely wound
up starting October 2005.  The Company had currently resolved
most of the legal issues and was turning the corner after a
couple of years.


PRIPET PTY LIMITED: Enters Voluntary Wind-Up
--------------------------------------------
On July 5, 2006, the members of Pripet Pty Limited passed a
special resolution to voluntarily wind up the Company.

In this regard, Ian John Hopkins and David Arthur Cope Culey, of
Brigden & Partners, were appointed as liquidators for the
purpose of distributing Pripet Pty's assets and of winding up
its affairs.

The Liquidators can be reached at:

         Ian John Hopkins
         David Arthur Cope Culey
         Liquidators
         GPO Box 2574, Sydney, NSW 2001
         Australia


QCS PTY: Court Issues Wind-Up Order
----------------------------------
On June 30, 2006, the Federal Court of Australia ordered the
wind-up of QCS Pty Ltd and appointment of Antony De Vries as
liquidator.

The Liquidator can be reached at:

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


QUINLAN HOTELS: Commences Voluntary Wind-Up
-------------------------------------------
On July 7, 2006, Quinlan Hotels Pty Limited was placed in
voluntary liquidation due to its inability to pay debts as and
when they fall due.  Robert Moodie was then appointed as
liquidator.

The Liquidator can be reached at:

         Robert Moodie
         Liquidator
         c/o Rodgers Reidy
         Level 8, 333 George Street,
         Sydney, NSW 2000
         Australia


RAVLYN INVESTMENTS: Members Resolve to Wind Up Firm
---------------------------------------------------
The members of Ravlyn Investments Pty Limited held a general
meeting on July 21, 2006, and passed a special resolution to
wind up the Company's operations.

Subsequently, Brian P. Dunphy was named liquidator.

The Liquidator can be reached at:

         Brian P. Dunphy
         Freshwater Management Pty Ltd
         PO Box 663
         Harbord, New South Wales 2096
         Australia


R J BRADY CONTRACTING: Winds Up Business Operations
---------------------------------------------------
R J Brady Contracting Pty Limited's members and creditors
convened on July 5, 2006, and agreed to voluntarily wind up the
Company's operations.  Nicholas Malanos was nominated as
liquidator.

The Liquidator can be reached at:

         Nicholas Malanos
         Liquidator
         c/o Star, Dean-Willcocks
         Level 1, 32 Martin Place,
         Sydney, NSW 2000
         Australia
         Telephone: 9223 2944


RACENGINEERING PTY: Supreme Court Enters Wind-Up Order
------------------------------------------------------
The Supreme Court of South Australia at Adelaide entered on
July 4, 2006, an order winding up Racengineering Pty Ltd.

The Court also appointed Murray Campbell Smith and Samuel
Charles Davies as official liquidators of the
Company.

The Liquidators can be reached at:

         Murray Campbell Smith
         Samuel Charles Davies
         McGrathNicol+Partners
         Level 9, 10 Shelley Street,
         Sydney, NSW 2000
         Australia


SB CHILDRENSWEAR: Creditors Appoint Official Liquidator
-------------------------------------------------------
At an extraordinary general meeting on July 6, 2006, the members
of SB Childrenswear Pty Limited resolved to voluntarily wind up
the Company's operations.

The creditors appointed Martin J. Green as liquidator at a
separate meeting held that same day.

The Liquidator can be reached at:

         Martin John Green
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


SEKISUI AUSTRALIA: Shareholders Agree on Firm's Wind-Up
-------------------------------------------------------
At a general meeting on June 30, 2006, Sekisui Australia Pty
Limited's members resolved that the Company be wound up
voluntarily.  Ian Douglas Haigh was then appointed as liquidator
for Sekisui Australia.

The Liquidator can be reached at:

         Ian Douglas Haigh
         Level 19, 207 Kent Street,
         Sydney, New South Wales 2000,
         Australia


SHAMROCK LOGGING: High Court Hears AB Rental's Petition
-------------------------------------------------------
On June 29, 2006, AB Rental Ltd filed before the High Court of
Hamilton a petition to liquidate Shamrock Logging Ltd.

The High Court heard the petition on July 31, 2006, at 10:45
a.m.

Further particulars of the case can be obtained from:

         G.P. Blanchard
         Solicitor for the Plaintiff
         Offices of Kensington Swan, Solicitors
         18 Viaduct Harbour Avenue, Auckland
         New Zealand


SUPERBANK: Ceases NZ Operations & Sells Assets GE Money
-------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 27, 2006, that Superbank is due to be sold or closed due to
losses.  According to the report, the bank has chalked up losses
of NZ$40 million in the three years since it opened.

Superbank is a joint venture between Australia's fifth-largest
retail bank, St. George Bank, and supermarket cooperative
Foodstuffs Retail Financial Services Ltd.

In an update, the New Zealand Press Association relates that
Superbank is closing its banking operations in New Zealand with
its NZ$500 million mortgage portfolio sold to GE Money.

The Age notes that, according to St. George Bank, the terms of
the sale are confidential, but the sale is not material to
St. George and would not impact on its earnings per share
forecasts for 2006 and 2007.

Radio New Zealand says Superbank's mortgage book contains more
than 2,000 loans.

The NZPA notes that customers' loans would be transferred to GE
Money and would essentially continue as normal.  Superbank will
continue to manage loans and associated transactional accounts
through the transitional period.

An agreement has also been struck with Kiwibank to take on
Superbank's 25,000 depositors, Radio NZ says.

The NZPA notes that the Kiwibank agreement provides Superbank's
deposit customers with a convenient transfer of their SuperSaver
account to Kiwibank's e-savings product, Online Call.

Deposit customers who refuse this offer will continue to earn
interest until September 25, 2006, at which time the deposit and
accrued interest will then be repaid to them in full, the NZPA
relates.

In the short-term, all accounts will continue operating as
normal and customers will be notified of any changes,
Stuff.co.nz says.

According to GE Money, the deal took its total assets in New
Zealand to NZ$4.4 billion, its mortgage assets to
NZ$2.8 billion, and increased its customer base by 2,200,
Stuff.co.nz relates.

NZ City advises customers to contact 0508 226 546 or check
SuperBank's Web site for further information.

                         About GE Money

The NZPA says that GE Money is part of the United States-based
GE Consumer Finance group, which operates in 51 countries and is
a business unit of General Electric Company.

The TCR-AP reported on July 27, 2006, that potential buyers
queuing up for Superbank included:

   * GE,
   * Westpac Bank, and
   * the Commonwealth Bank of Australia-owned -- ASB.

The NZPA relates that GE Money describes itself as the largest
non-bank finance company in New Zealand.  It started with
NZ$100 million of assets from the purchase of AVCO Financial
Services in 1999, followed by a further NZ$800 million in 2002
through the purchase of AGC.

In 2004, GE Money bought Australian Financial Investments Group,
which included Wizard Home Loans, adding NZ$1.5 billion to total
assets, the NZPA says.

In March 2006, GE Money bought Pacific Retail Finance and that,
combined with the Superbank mortgage assets, added a further
NZ$1 billion in assets, the NZPA notes.

The NZPA cites GE Money New Zealand managing director Jim Cock
saying that a significant percentage of the Superbank mortgage
portfolio was generated through a network of New Zealand
mortgage brokers.

                        About Superbank

Based in New Zealand with staff in Auckland, Wellington, and
Christchurch, Superbank -- http://www.superbank.co.nz/-- is a  
phone and Internet bank, with cheque, EFTPOS, and ATM access.  
It uses supermarkets as a handy place to advertise its services.  
The Company's home loans are also available through selected
mortgage brokers.

Superbank was launched in 2003 and promoted, through Foodstuff's
New World and Pak 'N Save chains, the idea of customers doing
banking online.

As reported in the Troubled Company Reporter - Asia Pacific on
July 27, 2006, Superbank was set to be put up for sale or
closure due to losses of NZ$40 million in the three years since
it opened.  The TCR-AP noted that bank is a joint venture
between Australia's fifth-largest retail bank, St. George Bank,
and supermarket cooperative Foodstuffs.


SUPERBANK: S&P Affirms St. George's Counterparty Credit Ratings
---------------------------------------------------------------
Standard & Poor's Ratings Services affirms its 'A+/A-1'
counterparty credit ratings on St. George Bank Ltd. and the
'BBB/A-3' counterparty credit ratings on St. George Bank New
Zealand Ltd., after the announcement of St. George's exit from
the New Zealand retail banking market and the proposed sale of
Superbank's residential mortgage portfolio to GE Money.  The
outlooks on the ratings remain stable.

"We have viewed St.George's New Zealand operation as
opportunistic and supplemental to St.George's core Australian
operation, and St.George's planned exit from that market does
not adversely affect the rating on the bank," Standard & Poor's
credit analyst Judy Kwok-Cheung, of the Financial Services
Ratings says.

The rating on Superbank benefited from Superbank's parentage
with St. George, but the rating was considered to be a weak
strategic link.  "The affirmation of our ratings on Superbank
reflects an orderly exit by St. George from that market," Ms.
Kwok-Cheung further says.  

Superbank will retain the sale proceeds of an approximately
NZ$500 million residential mortgage portfolio, and equity
capital to repay deposits and other obligations of the New
Zealand bank.

Superbank was formed in 2002 as a joint venture between St.
George and Foodstuffs Retail Financial Services Ltd., to provide
retail banking services through the distribution channels of
Foodstuffs, which was complemented by St. George's phone and
internet banking.  Foodstuffs Retail Financial Services Ltd., is
ultimately owned by the Foodstuffs cooperative, which has a
strong market position (about 56% of market share) in the New
Zealand grocery market.  The joint venture had total assets of
about NZ$564 million, and total equity of about NZ$36 million at
March 31, 2006.

St. George is Australia's fifth-largest bank by total lending
assets, with more than AU$100 billion in total assets, including
securitized assets of more than AU$13 billion at March 31, 2006.
The bank offers a range of retail, business banking, and wealth-
management products.  St. George's asset quality has been robust
over many years, sustained by the bank's sound credit culture
and policies, and favorable domestic economic conditions.
Importantly, the bank's lending portfolio, net of securitized
assets, consists of more than 70% of residential mortgage
lending, which has underpinned its very low credit
losses in recent years.


TRANSFIELD ALC PTY: NATL Appoints Receivers and Managers
--------------------------------------------------------
On July 4, 2006, National Australia Trustees Limited appointed
Anthony Gregory McGrath and Joseph David Hayes, of McGrath Nicol
& Partners, as joint and several receivers and managers of the
property of Transfield ALC Pty Limited.

NATL can be reached at:

         National Australia Trustees Limited
         350 405 of Level 5, 800 Bourke Street,
         Melbourne, Victoria
         Australia

The receivers can be reached at:

         Anthony Gregory McGrath
         Joseph David Hayes
         McGrath Nicol & Partners
         10 Shelly Street, Sydney
         New South Wales, Australia


WALSH FAMILY: Appoints C.J. Palmer as Liquidator
------------------------------------------------
Walsh Family Holdings Pty Limited was put in liquidation by its
members on July 6, 2006.

Subsequently, Christopher J. Palmer was named liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street,
         Sydney, New South Wales 2000
         Australia


* ASIC Bans NSW Directors of Failed Companies
---------------------------------------------
The Australian Securities and Investments Commission has
disqualified three company directors in New South Wales from
managing corporations after their involvement in failed
companies.

ASIC has banned bankrupt electronic products developer and
supplier Lindsay Field, also known as Bill Field, of Dural from
managing corporations for three years.

ASIC has also disqualified nightclub owner John Anthony Duncan
of Narrabeen for three years, and diesel engine re-conditioner,
Leopold Warrior Booy of St. Ives, for two years.

                          Lindsay Field

ASIC banned Mr. Field after an investigation into his
involvement in the management of four failed companies:

   1) Think Systems Pty Ltd,
   2) Energy Appliances Australia Pty Ltd,
   3) Bill Field Investments Pty Ltd, and
   4) Macquarie Centre Betta Pty Ltd.

Think Systems Pty Ltd was involved in the development of a
telecommunications payment method for taxis.  The other three
companies were involved in the acquisition and management of
electrical and telecommunications retail stores.

All four companies were wound up owing in excess of
AU$13.5 million and were unable to pay creditors more than 50
cents in the dollar.  Mr. Field also failed to pay statutory
debts and employee entitlements.

ASIC found that Mr. Field lacked an appreciation of the legal
requirements and responsibilities of a director including his
obligation to maintain proper financial records.  ASIC also
alleged that Mr. Field allowed Energy Appliances Australia Pty
Ltd to trade while insolvent.

Mr. Field also allegedly disregarded his disqualification under
the Corporations Act by remaining an officer of Cabepay Pty Ltd
while bankrupt.

                       John Anthony Duncan

ASIC's banning of Mr. Duncan followed his involvement in five
failed companies:

   1) Austin (Commercial) Security Group Pty Ltd,

   2) Austin Construction Labour Company Pty Ltd,

   3) Queendale Pty Ltd (trading as Roxbury Theatre Restaurant
      and the Rox Nightclub),

   4) Austin Security Group Pty Ltd, and

   5) John Duncan & Associates Pty Ltd.

All five companies were involved in a variety of businesses
related to labor hire, hospitality and entertainment, and were
wound up owing substantial debts to creditors, totaling
AU$1,844,325.  Unsecured creditors, including trade creditors,
received less than 10 cents in the dollar after the companies
went into liquidation.

ASIC found that Mr. Duncan had allowed four of the companies to
trade while insolvent and failed to maintain proper books and
records.  In making the decision, the ASIC delegate focused on
Mr. Duncan's inability to act in a transparent manner and accept
his responsibilities as a director.

                       Leopold Warrior Booy

ASIC banned Mr. Booy due to his involvement in failed companies
T&I Engines Pty Ltd and Norwood Falls Pty Ltd.  Both companies
were involved in the maintenance, reconditioning, and sale of
diesel engine and truck parts across Australia and were wound up
owing AU$466,368 to unsecured creditors.

ASIC found that Mr Booy's failure to keep proper financial
records, adequately explain the disposal of company property,
and deliver financial records to liquidators, hampered its
investigation and the wind up of the affairs of the relevant
companies.

"ASIC doesn't just go after the big fish.  We're here to take
action against company directors across the broad spectrum of
the corporate community whose misconduct merits ASIC
intervention," ASIC's Executive Director of Consumer Protection,
Greg Tanzer says.

Messrs. Field, Duncan, and Booy have the right to appeal to the
Administrative Appeals Tribunal for a review of the ASIC's
decision.


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

ACXIOM CORP: Earns US$17.8M in First Quarter Ended June 30, 2006
----------------------------------------------------------------
Acxiom Corporation disclosed its financial results for the first
fiscal quarter of 2007 ended June 30, 2006.  

Consolidated net earnings for the quarter increased 168% to
US$17.8 million.  First-quarter revenue totaled $336.7 million,
representing an 8.5% increase over the same quarter last year.

"Our first-quarter results were strong and in line with our
long-term Financial Road Map.  These results reflect the growing
strength of our company and the benefits from our ongoing
initiatives to transform Acxiom," Company Leader Charles D.
Morgan said.

"Our first-quarter operating income increased 143% over the same
quarter last year, and our overall revenue growth of 8.5% was
led by a 9.8% increase in our services business.  We are clearly
on the right path operationally and will continue to stay
focused on executing our priority initiatives to deliver
superior financial performance."

                            Highlights

   -- Revenue of US$336.7 million, up 8.5% from US$310.3 million
      in the first quarter a year ago;

   -- Income from operations of US$36.3 million, a 143% increase
      compared to US$15.0 million in the first quarter last
      year;

   -- Pre-tax earnings of US$29.2 million, up 173% from
      US$10.7 million in the first quarter of fiscal 2006;

   -- Operating cash flow of US$56.4 million and free cash flow
      available to equity of US$11.9 million.  The free cash
      flow available to equity of US$11.9 million is a non-GAAP
      financial measure;

   -- Services gross margin increased to 25.1% from 18.5% in the
      same quarter last year and from 23.7% in the sequential
      quarter ended March 31, 2006;

   -- Computer and related expense continued to decline as a
      percentage of revenue.  This key performance metric fell
      to 21.7% versus 25.0% in the first quarter last year; and

   -- Share repurchases for the quarter were approximately
      576,000 shares for a total value of approximately
      US$13.9 million.

"Our revenue and operating income are record results for the
first fiscal quarter," Mr. Morgan continued.  "We are pleased
with our performance in the first quarter, but we believe we
have considerable opportunity to improve operating performance
and deliver additional growth through execution of our long-term
strategies."

Mr. Morgan noted that Acxiom recently completed new contracts
with General Motors Corporation; AutoNation, Inc.; Unilever;
Yellow Book USA; AccuData and Southern Progress Corporation.

                   About Acxiom Corporation

Based in Little Rock, Arkansas, Acxiom Corporation (Nasdaq:
ACXM) -- http://www.acxiom.com/-- integrates data, services and  
technology to create and deliver customer and information
management solutions for many of the largest, most respected
companies in the world.  The core components of Acxiom's
innovative solutions are Customer Data Integration technology,
data, database services, IT outsourcing, consulting and
analytics, and privacy leadership.  Founded in 1969, Acxiom has
locations throughout the United States, Europe, Australia and
China.

                           *     *     *

As reported in the Troubled Company Reporter on July 15, 2005,
Standard & Poor's Ratings Services affirmed its 'BB+' corporate
credit rating on Acxiom Corp.  At the same time, the outlook was
revised to negative from positive.


BEST PACIFIC: Receives Wind-Up Order from Court
-----------------------------------------------
The High Court of Hong Kong issued a wind-up order against Best
Pacific Ltd on July 19, 2006.

The wind-up petition was filed before the Court on May 19, 2006.


CAMPION DEVELOPMENT: Prepares to Wind Up Operations
---------------------------------------------------
The High Court of Hong Kong issued a wind-up order against
Campion Development Ltd on July 19, 2006.

The Troubled Company Reporter - Asia Pacific recounts that
Legend Industrial Holding Co Ltd filed the petition with the
Court on May 17, 2006.


CHEONG SHING: Court Favors Wind-Up Petition
-------------------------------------------
Cheong Shing Repair & Maintenance Ltd on July 17, 2006, received
a wind-up order from the High Court of Hong Kong.

According to The Troubled Company Reporter - Asia Pacific, SKK
Hong Kong Co Ltd filed the petition with the Court on May 9,
2006.


GILMAN CONTAINER: Court to Hear Wind-Up Petition on August 30
-------------------------------------------------------------
A wind-up petition filed against Gilman Container Transportation
Co Ltd will be heard before the High Court of Hong Kong on
August 30, 2006, at 9:30 a.m.

Yau Yan filed the petition with the Court on July 3, 2006.

The Plaintiff's solicitor can be reached at:

         Joe Poon
         For Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen' s Road East
         Wanchai, Hong Kong


HALOKING CONSTRUCTION: Wind-UP Bid Hearing Slated for August 16
---------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Haloking Construction Co Ltd on August 16, 2006, at 9:30 a.m.

Sellmax Ltd filed the petition with the Court on June 19, 2006.

The solicitor for the Petitioner can be reached at:

         K.Y. Lo & Co.
         Units 2513-14,25/F., Cosco Tower
         181-183 Queen's Road Central
         Hong Kong


HUEYLIN HOLDINGS: Names Liquidators, Committee Members
------------------------------------------------------
Hueylin Holdings -- trading as Silvan Garden Veneer Company --
on July 5, 2006, appointed Darach E. Haughey and Yeung Lui Ming
as joint and several liquidators to oversee the Company's
liquidation.

In addition, the Company identified the members of the Committee
of Inspection as:

         (1) Hang Seng Bank;
         (2) Francisco Antonio Marion Osmund; and
         (3) Hung Tin Timber Works Ltd

The Joint Liquidators can be reached at:

         Darach E. Haughey
         35/F., One Pacific Place
         88 Queensway, Hong Kong


K-TECH INTERNATIONAL: Enters Wind-Up Proceedings
------------------------------------------------
K-Tech International Ltd received a wind-up order from the High
Court of Hong Kong on July 19, 2006.

The wind-up petition was presented before the Court on May 19,
2006.


LONG TO COTTON: Court Issues Wind-Up Order
------------------------------------------
The High Court of Hong Kong on July 17, 2006, issued a wind-up
order against Long To Cotton Yarn Co Ltd.

According to The Troubled Company Reporter - Asia Pacific,
J.K.N. International Ltd filed the petition with the Court on
January 26, 2006.  The Court heard the petition on April 12,
2006.


JIANGXI COOPER: Smelters Push for Price Participation Scheme
------------------------------------------------------------
Chinese Smelters like Jiangxi Cooper may import less copper
concentrate and reduce production if overseas miners scrap a
scheme to share high copper prices with them, The People Daily
reports.

According to the Daily, the price participation scheme gives
smelters the right to receive higher fees for processing
concentrate, a raw material, in copper production.  The fees are
paid by miners and serve as important revenue to smelters like
Jiangxi.

The People Daily relates that under the scheme, when world
copper prices rose above the base copper price of US$.90 per
pound, Chinese smelters received 10% of the difference on top of
the agreed fees.  Copper now trades above US$3.50 per pound.  

Wang Chiwei, executive director of Jiangxi told the Daily that
"concentrate prices are determined by world metal prices,
therefore the price model is important."

China is the world's biggest copper consumer, but needs to
import more than half of its concentrate, the Daily says.

"If there is no price participation, it is not acceptable. No
smelters will agree to this," said Yang Jun, head of China
Smelters Purchase Team, which represents eight top Chinese
smelters including Jiangxi Copper and jointly imports spot
concentrate.

Mr. Yang told the Daily that BHP Billiton Plc Ltd recently
demanded Japanese smelters to scrap the price participation
scheme for shipments between July 2006 and June 2007.  If
agreed, other miners such as Freeport McMoRan Copper and Gold
Inc could follow suit in a bid to boost profits, he said.  

Instead of the scheme, BHP has proposed giving Japanese smelters
fees equivalent to roughly US$80 per ton for treating and 8 US
cents per pound for refining its concentrate, 16 per cent lower
than the fees with price participation in 2006, according to
Japanese industry officials.

Chinese smelters are likely to face the same proposal when they
hold talks with BHP later this week on yearly fees for shipments
during the same 12 months.

At least six top Chinese smelters hold multi-year contracts with
BHP with about 340,000 tons of copper concentrate a year
involved about a tenth of China's imports. But falling fees make
the price scheme even more important to Chinese smelters.

"If the fees will lead smelters to make losses, smelters would
prefer to cut production," Mr. Wang said.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  As of market close on April 28, 2006, its total market
capitalization and investable capitalization were CNY17.5
billion and CNY3.5 billion respectively.

On July 18, 2006, Xinhua Far East China Ratings has commented
that the likelihood of downward surprises on the issuer rating
for Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


NEWFIELD EXPLORATION: June 30 Working Capital Deficit Tops US$7M
----------------------------------------------------------------
Newfield Exploration Company filed its financial results for the
first quarter ended June 30, 2006, with the Securities and
Exchange Commission on July 28, 2006.

For the three months ended June 30, 2006, the Company earned
US$94 million of net income on US$390 million of net revenues,
compared to US$104 million of net income on US$446 million of
net revenues in 2005.

The Company's June 30 balance sheet showed strained liquidity
with US$812 million in total current assets available to pay
$819 million in total current liabilities coming due within the
next 12 months.

A full-text copy of the Company's Quarterly Report is available
for free at http://researcharchives.com/t/s?ea9

                   About Newfield Exploration

Newfield Exploration Company -- http://www.newfield.com/-- is  
an independent crude oil and natural gas exploration and
production company.  The Company relies on a proven growth
strategy that includes balancing acquisitions with drill bit
opportunities. Newfield's areas of operation include the Gulf of
Mexico, the United States onshore Gulf Coast, the Anadarko and
Arkoma Basins of the Mid- Continent, the Uinta Basin of the
Rocky Mountains and offshore Malaysia.  The Company has
international development projects underway in the U.K. North
Sea and in Bohai Bay, China.

                            *    *    *

As reported in the Troubled Company Reporter on March 31, 2006,
Moody's Investors Service assigned a Ba3 rating to Newfield
Exploration's pending $500 million of 10-year senior
subordinated notes and affirmed its existing Ba2 corporate
family, Ba2 senior unsecured note, and Ba3 senior subordinated
ratings.  Moody's said the rating outlook remains stable.


WORLD FIRST: Creditors Must Prove Debt by September 5
-----------------------------------------------------
Liquidator Leong Ting Kwok, David, requires creditors of World
First Holdings Ltd to prove their debt by September 5, 2006.

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

The liquidator can be reached at:

         Leong Ting Kwok, David
         26th Floor, Citicorp Centre
         18 Whitfield Road
         Causeway Bay
         Hong Kong


Y.S. KNITTING: Faces Wind-Up Proceedings
----------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Yiu Sing Knitting Co Ltd on August 23, 2006, at 9:30 a.m.

Wong Chi Keung, Joe filed the petition with the Court on June
23, 2006.

The plaintiff's solicitor can be reached at:

         Joe Poon
         For Director of Legal Aid
         34/F., Hopewell Centre
         183 Queen' s Road East
         Wanchai, Hong Kong


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

FORD MOTOR: DBRS Lowers Long-Term Debt Rating to B
--------------------------------------------------
Dominion Bond Rating Service lowered on July 21, 2006, Ford
Motor Company's long-term debt rating to B from BB, and lowered
its short-term debt rating to R-3 middle from R-3 high.

DBRS also lowered Ford Motor Credit Company's long-term debt
rating to BB(low) from BB, and confirmed Ford Credit's short-
term debt rating at R-3(high).

DBRS maintained a negative outlook for Ford Motor Company and
Ford Credit.

                        About Ford Motor

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

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

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

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


GENERAL MOTORS: Negotiations with Delphi & UAW Slow Down
--------------------------------------------------------
Negotiations among Delphi Corp., General Motors Corp., and the
United Auto Workers union, have lost momentum beginning in July,
Bloomberg News reports, citing people at GM and Delphi.

A union official also told Bloomberg News that the parties are
at odds over wages and Delphi's plant closings.

The hearing on Delphi's request to reject their collective
bargaining agreements with unions is set to begin on August 11,
2006.  However, a union official is not optimistic that
negotiations will be resolved by then, Bloomberg relates.

"I don't think management is convinced that we need to get
something done by then," George Anthony, chairman of UAW Local
292 at a Delphi plant in Kokomo, Indiana, told Bloomberg.

Bloomberg's Jeff Green notes that the parties continue to
negotiate.  Delphi and GM have expressed that they remain
hopeful that they will arrive at a resolution.

                          About Delphi

Based in Troy, Mich., Delphi Corporation
-- http://www.delphi.com/-- is the single largest global  
supplier of vehicle electronics, transportation components,
integrated systems and modules, and other electronic technology.  
The Company's technology and products are present in more than
75 million vehicles on the road worldwide.  The Company filed
for chapter 11 protection on Oct. 8, 2005 (Bankr. S.D.N.Y. Lead
Case No. 05-44481).  John Wm. Butler Jr., Esq., John K. Lyons,
Esq., and Ron E. Meisler, Esq., at Skadden, Arps, Slate, Meagher
& Flom LLP, represent the Debtors in their restructuring
efforts.  Robert J. Rosenberg, Esq., Mitchell A. Seider, Esq.,
and Mark A. Broude, Esq., at Latham & Watkins LLP, represents
the Official Committee of Unsecured Creditors. As of Aug. 31,
2005, the Debtors' balance sheet showed US$17,098,734,530 in
total assets and US$22,166,280,476 in total

                      About General Motors

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

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

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

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


NATIONAL TEXTILE: To Start Redemption of INR2020-Crore Bonds
------------------------------------------------------------
National Textile Corporation will start redeeming its bonds
worth INR2020 crore, with the first installment of INR250 crore
to be made in January 2007, Bharat Textile reports.

According to the report, the bonds are of five-year maturity
raised in nine series carrying interest at the rate between 6.1%
and 10%.  National Textile has already paid INR485 crore and
plans to repay the entire amount in cash in two and a half
years.

The Company had issued these bonds to offer voluntary retirement
scheme to its employees, and for the modernization of its sick
mills, Bharat Textile says.  These bonds were issued prior to
the sale of National Textile's mill properties that generated
INR2,000 earnings in 2005.

Under the redundancy package, National Textile has brought down
its number of employees to 21,000 from around 3 lakh since 2000.  
It further plans to reduce its workforce to 15,000, Bharat
Textile reveals.

According to Yarns and Fibers, the Company will redeem the bonds
using proceeds from the sale of mills last year.  The Company is
also considering disposing of properties in Mumbai, Kanpur,
Indore and Coimbatore, which is expected to generate an
additional amount of INR5,000 crore.

Meanwhile, Yarns and Fibers reveals that National Textile is
also keen on modernizing its sick mills through partnership with
private sector.

As reported by the Troubled Company Reporter - Asia Pacific on
June 2, 2006, National Textile had attempted to tie up with
private players to rejuvenate the mills.  However, the efforts
failed because the leasing-out strategy that was used
discouraged potential bidders due to the high annual rent that
was set at 5% of the value of the total land.  A lack of
technical advice was also cited as one of the reasons for the
failure of the leasing effort, prompting the Company to hire
experts to help it formulate new models for the joint venture
revival scheme.

Moreover, the TCR-AP reported on July 21, 2006, that three of
four firms have been shortlisted to advise National Textile
regarding the revival of its 29 mills through private
participation.  After a technical evaluation, National Textile
chose Ernst and Young, CRISIL, and Dhir and Dhir to advance to
the next selection phase.  The three firms have already
submitted their financial bids.

                  About National Textile Corp.

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


NATIONAL TEXTILE: All Set to Sell Dead Mills
--------------------------------------------
State-owned National Textile Corporation is preparing to dispose
of additional defunct mills across various locations in the city
which is estimated to generate over INR3,000 crore, Bharat
Textile relates.

Ministry sources, however, told Bharat Textile that National
Textile will sell the 17 properties one by one to avoid any
sharp decline in prices resulting from the sudden availability
of land to generate maximum revenue from the proposed sale.

Sources also confirmed that National Textile is now in talks
with the Maharashtra Government to get permission for the sale
of the properties.  So far, the Company is not expecting any
major legal hurdle on the proposed sale, Bharat Textile says.

According to Rediff News, the funds generated through the sale
of land and assets of closed mills of National Textile
Corporation will be utilized for repayment of debt, payment to
workers under voluntary retirement scheme, and reviving and
modernizing viable units.

As reported by the Troubled Company Reporter - Asia Pacific on
May 17, 2006, National Textile had earmarked INR530 crore for
the modernization of 22 mills and had already placed the initial
purchase order for machinery.

Out of a total of 119 mills, 65 had been identified as unviable
and have been closed, while two mills located in Pondicherry
have been transferred to the state government, the TCR-AP
revealed.

National Textile, which last year sold its real estate for
INR2,020 crore, has reduced its manpower to 21,000 from around
3 lakh.

                  About National Textile Corp.

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


NATIONAL TEXTILE: Business Tower Plan Gets BIFR's Nod
-----------------------------------------------------
A plan by the textile ministry and National Textile Corporation
to construct a 70-storey building has gained approval from the
Board for Industrial and Financial Reconstruction, Bharat
Textile reveals.

The INR700-crore business tower will be the tallest trade tower
in India and would be built on a land owned by the National
Textile Corporation in Dadar, Mumbai, the report says.

The construction of the tower is aimed at boosting trade of
finished textile and other products from India.  The building
would provide showrooms and office spaces to textiles, diamond,
gem and jewelry industries, Bharat Textile relates.

According to the report, National Textile will provide funds
from the INR2,020 crore raised through its sale of land last
year.

Meanwhile, the textile ministry is still seeking approval for
the project from a group of ministers, as the tower, by bringing
together various domestic and international producers, will
provide them a common platform to perform better.

                  About National Textile Corp.

Headquartered in New Delhi, India, National Textile Corporation
Ltd -- http://texmin.nic.in/-- is the single largest textile  
central public sector enterprise under Ministry of Textiles
managing 52 textile mills through its nine subsidiary companies
spread all over India.  The strength of the group is around
22000 employees.  The annual turnover of the Company in the year
2004-05 was approximately INR638 crores.  In 2002, the Board for
Industrial and Financial Reconstruction approved the revival of
53 viable mills and closure of 66 unviable mills.  National
Textile is in the process of a major restructuring.  A new
corporate plan is under formulation for repositioning of the
organization by merging all its nine subsidiaries into one
holding company.


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

GARUDA INDONESIA: Still in Restructuring Talks with ECA
-------------------------------------------------------
State flag carrier PT Garuda Indonesia is still in talks with
its creditors under the European Credit Agency on the
restructuring of its debts, AFX News Limited reports, citing
State Enterprises Minister Sugiharto.

According to Minister Sugiharto, Garuda still owes
IDR4.55 trillion to its ECA creditors, and the Company met with
the ECA last month and will meet with them again in September to
discuss debt repayment.  He added that the Indonesian Government
hopes that the ECA will offer a haircut on the debt as part of
restructuring, aside from a rescheduling of payment and a waiver
of interest payments, although the matter must be settled in a
business-to-business arrangement, XFN-Asia relates.

The Troubled Company Reporter - Asia Pacific had reported on
May 31, 2006, that Garuda's debts totaled IDR7.32 trillion, with
IDR4.6 trillion owed to its European Credit Agency creditors,
citing Company spokesman Pudjobroto.  The Company had defaulted
on a debt worth IDR509.43 billion that matured on Dec. 31, 2005.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.

The Airline was affected by plunging arrivals on the resort
island of Bali, where tourists have been killed in bomb attacks
in 2002 and 2005.  It has also suffered from soaring global oil
prices, a weakening of the Indonesian rupiah and rising interest
rates.  At present, Garuda is concentrating its efforts on
repaying its IDR4.55-trillion debt with foreign creditors under
the European Credit Agency, which were due last December 31,
2005.  


* Government Plans to Sell IDR8-Trillion Treasury Bonds in 2007
---------------------------------------------------------------
The Indonesian Government is looking to sell treasury bonds
worth IDR8 trillion to individual investors in 2007 in order to
raise funds for its budget deficit and diversify its investor
base, Bloomberg News reports.

According to the Finance Ministry's debt management unit
director Rahmat Waluyanto, the Government plans to sell treasury
bonds on a regular quarterly basis, so as to develop its debt
market.  The Government forecasts next year's budget deficit to
be at IDR33.3 trillion, or 0.9% of gross domestic product,
whereas the 2006 deficit is slated at IDR37.6 trillion (1.2% of
GDP).

So far, the bonds have attracted a positive response of over
IDR1.9 trillion in bids, Director Waluyanto said, on rumors that
the central bank would reduce interest rates.  The Government
hopes to attract bids from investors who have placed their money
into mutual funds and bank deposits, among others.


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

JAPAN AIRLINES: Government to Support Restructuring Plan
--------------------------------------------------------
Japan's Ministry of Land, Infrastructure & Transportation has
authorized Japan Airlines Corp.'s management restructuring as
eligible for support under the special law for industrial
revitalization, Crisscross News states.

According to the report, the ministry is expected to allow JAL
to qualify for a cut in the JPY334-million payment of the
registration and licensing tax in connection with its public
offering of new shares last month.

The Company issued 700 million new shares in a global public
offering, of which 430 million shares were sold to overseas
investors while the remaining 270 million were sold locally,
according to Dow Jones Newswire.  JAL raised JPY138.6 billion,
short of its target revenues of JPY223 billion.

                       About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  

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

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

                          *     *     *

Fitch Ratings Tokyo analyst Satoru Aoyama said that the
Company's debt obligations and expenses for new aircraft have
placed it in an unfavorable financial position.  Fitch assigned
a BB- rating on the Company, which is three notches lower than
investment grade, whereas Moody's Investors Service gave Ba3
senior unsecured and issuer ratings for Japan Airlines
International Co., Ltd., as well as its Ba3 issuer rating for
Japan Airlines Domestic Co., Ltd.  On July 20, 2006, Standard &
Poor's Ratings Services had affirmed its B+ long-term corporate
credit and senior unsecured debt rating on the Company.


MIZUHO BANK: FTC to Warn Bank on "Misleading" Fliers
----------------------------------------------------
The Fair Trade Commission plans to warn Mizuho Bank Ltd. on
fliers it had released to advertise its housing loans without
clarifying that interest rates on the loans would be reviewed on
a monthly basis, Mainichi Daily News relates, citing Jiji Press.

The Japan Times states that, according to unnamed sources,
Mizuho Bank began promoting a housing loan in March 2006, adding
that the loan would have a 2.25% fixed interest rate for 10
years and that interested customers needed to "sign up" for the
loan by March 31, 2006, before they would get the loan by the
end of June.  The Bank did not tell clients, however, that
interest rates might rise prior to the handing out of the loans.

A Bank spokesman said that they were taking the matter seriously
and would clarify their products' description, Mainichi Daily
adds.

Headquartered in Tokyo, Mizuho Bank Ltd. --
http://www.mizuhobank.co.jp/english/-- was established on April  
1, 2002, from the merger of Dai-Ichi Kangyo Bank and the retail
operations of Fuji Bank.  It forms the core consumer banking
unit of Mizuho Financial Group, which is the second-largest
financial services company in Japan.

Mizuho Bank serves primarily individuals, small and medium-sized
enterprises, middle market corporations, and local governments
in Japan.  The Bank operates over 500 branches as of September
2004, and holds some 26 million personal accounts and
approximately 90,000 borrowers among SMEs and middle market
corporations.

The Troubled Company Reporter - Asia Pacific reported on
November 28, 2005, that Moody's Investors Service upgraded to D+
from D- the bank financial strength ratings of the banks in the
Mizuho Financial Group -- Mizuho Bank, Ltd.; Mizuho Corporate
Bank, Ltd.; and Mizuho Trust & Banking Co., Ltd.  


SAPPORO HOLDINGS: Posts JPY4-Billion Loss in April-June Period
--------------------------------------------------------------
Sapporo Holdings Ltd. slashed its quarterly net loss in the
April-June 2006 period to JPY3.93 billion, from a
JPY5.29-billion net loss for the same period last year, Kyodo
News reports.

According to the Company, the reduced loss was attributed to its
cost-cutting measures that were implemented and the strong
performance of its real estate business.  Its pre-tax loss,
however, stood at JPY3.03 billion on sales of JPY200.13 billion
on a slump on the sales of its alcoholic and non-alcoholic
beverage units.

Reuters News says that Sapporo Holdings posted a JPY1.8-billion
operating loss for the first half of the year, and forecast
earnings to drop to JPY10.2 billion for FY06 from an initial
forecast of JPY16.8 billion.  The Company's shares slid 12.4% in
the first semester this year.

Sapporo expects a net profit of JPY2 billion for the fiscal year
2006 -- down 45% from the full-year 2005 figure -- on sales of
JPY444 billion, Kyodo adds.

                       About Sapporo Holdings

Sapporo Holdings Limited --  
http://www.sapporoholdings.jp/english/-- formerly known as    
Sapporo Breweries, brews beer and operates more than 200 beer
halls and restaurants.  Sapporo is one of Japan's oldest
brewers, and is Japan's third largest brewing company, with
brews ranging from its flagship Black Label to the pricier  
Yebisu.  Sapporo also makes the low-malt happoshu brew.  The
Company sells Guinness beer in Japan through its Sapporo  
Guinness Company and owns a beverage company that makes canned
coffee, bottled water, and soft drinks.

                          *     *     *

Standard & Poor's Rating Service gave Sapporo Holdings 'BB'
Long-Term Foreign Issuer Credit and Long-Term Local Issuer
Credit Ratings.
  

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

HANAROTELECOM: Hana TV Service Sparks Jurisdiction Controversy
--------------------------------------------------------------
Controversy is expected over the Korea Broadcasting Commission's
announcement that it is considering taking punitive measures
against hanarotelecom Inc.'s interactive service Hana TV for its
possible violations of broadcasting laws, The Chosun Ilbo
reports.

                    hanarotelecom and Hana TV

hanarotelecom launched Hana TV on July 24, 2006, taking a
significant step toward convergence between communications and
broadcasting, the Chosun Ilbo reported earlier.

The Korea Herald explains that Hana TV is actually a triple-play
service that offers video-on-demand content along with telephony
and broadband services, in a bid to diversify its revenue
sources and carve out more stakes in the country's highly
competitive broadband market.  The new service allows users to
download and watch an array of the latest movies and TV programs
of their choice at any time.  Downloading only takes 30-40
seconds due to the advanced H.264 codec technologies and 2 Mbps
broadband speed.

With the help of 50 content providers, Hana TV boasts of 22,000
shows on-demand which users will be able to access through set-
top boxes installed at home.  Real-time broadcast, however, is
not yet available.

Subscription fees will be KRW9,500 per month, and KRW7,000 if a
user signs up for a four-year service.  Charges can go up to
KRW500 on to KRW2,500 more, if one wants premium content and
more value-added services.

The Korea Herald adds that hanarotelecom aims to attract as many
as 25,000 subscribers and hopes to earn KRW5 billion from the
new service by the year's end.  It projects 1 million
subscribers and KRW70-80 billion in revenues in 2007, and
1.5 million subscribers and KRW200 billion in revenues in 2008.

The Troubled Company Reporter - Asia Pacific reported on
July 14, 2006, that hanarotelecom's board of directors has
approved a loan of as much as KRW60 billion for affiliate
company hanaromedia Inc.  hanaromedia intends to use the money
to secure equipment for the  provision of services and for its
own operations.

On June 30, 2006, hanarotelecom paid a total of KRW6.5 trillion
for 1.3 million shares in the media company, whose main
businesses are video-on-demand and value-added services.  The
acquisition put hanarotelecom as a majority shareholder in
hanaromedia, with a 65% stake, holding a total of about
3,380,000 of hanaromedia's 5,200,000 shares.  hanarotelecom's
capitalization in hanaromedia totals KRW18.5 billion.  The
shares purchase also signifies the start of hanarotelecom's
entry into TV-Portal services.

                 KBC Considers Punitive Action

The KBC said that, according to the Broadcasting Law, the Hana
TV service is another type of broadcasting, since it plans and
schedules its own programs, which are provided through electric
and communications facilities.  

The Chosun Ilbo adds that a KBC official said that the
commission is considering taking punitive actions against
hanarotelecom because the firm pushed for the commercial
provision of the service without KBC's permission.  Prior to the
KBC's decision, the Korea Cable TV Association demanded that
Hana TV halt its service, saying that the company's contents
delivery system, which requires subscribers to install a set-top
box, is in no way dissimilar to cable TV.

hanarotelecom expressed wonder at the KBC move, saying that
rival KT started a video-on-demand service in 2004.  Hana TV has
drawn 15,000 subscribers since its launch last month.

                       About hanaromedia  

hanaromedia Inc. -- http://www.hanaromedia.co.kr/-- engages in   
video-on-demand and value-added services.  As of March 31, 2006,
hanaromedia had total assets of KRW18.28 billion, total
liabilities of KRW3.67 billion, revenues of KRW19 million and a
net loss of KRW836 million.

                      About hanarotelecom

hanarotelecom Inc. -- http://www.hanaro.com/-- is the second  
largest player in the Korean local telephone market.  It
provides high-speed Internet services in Korea.  It provides
high-speed Internet services in Korea.  In June 2001, the
company integrated broadband Internet access services which
included ADSL, Hybrid Fiber Coaxial cables and Broadband
Wireless Local Loop into a single brand called HanaFOS.  
hanarotelecom offers VoIP services to its broadband business
customers as a bundled service and also as a stand alone
service.

                          *     *     *

Moody's Investor Service has given hanarotelecom's long-term
corporate family and its senior unsecured debt both a 'Ba2'
rating.

Standard and Poor's gave both hanarotelecom's long-term foreign
issuer credit and long-term local foreign issuer credit 'BB'
ratings.


KOREA EXCHANGE BANK: Faces Back Taxes on Card Merger
----------------------------------------------------
South Korea's National Tax Service is trying to impose back
taxes on Korea Exchange Bank, suspecting that it had
deliberately underreported its taxable income when it merged
with its credit card unit more than two years ago, The Korea
Times says.

The Times recounts that in March 2004, KEB took over its money-
losing affiliate, KEB Credit Service, which was "grappling with
surging delinquency ratios and a heavy loan loss provision
burden."  The total debts of KEB Card topped KRW3.44 trillion
(US$3.66 billion) by the time it was acquired by the bank, and
posted KRW1.43 trillion in losses in 2003.

According to the report, KEB recorded net profits of
KRW520 billion in 2004, but reported around KRW1.14 trillion in
losses in its 2004 tax statement by including some
KRW1.4 trillion losses as allowance for bad debts, incurred from
the KEB Card takeover.  The NTS argues that the bank should have
included about KRW780 billion, not KRW1.4 trillion, as the
maximum allowance for bad debts according to the rules set by
the Financial Supervisory Service.

The total back taxes bill amounts to KRW170 billion, or an
application of the corporate tax rate of 27.5% on the
KRW620 billion income KEB failed to report, The Times relates.

Yet, The Times notes, KEB has denied any wrongdoing and said
that it abided by Financial Supervisory Service rules, and that
the whole matter was handled properly through a certified
corporate accounting firm.

The tax agency has asked the Ministry of Finance and Economy for
an authoritative interpretation of whether it is okay to levy
back taxes on KEB's untaxed corporate income, believing the bank
to have been wrongly exempt from a large amount of corporate
income tax as the KEB intentionally reduced its taxable income
when it acquired KEB Card, the Korea Times adds.

                         Audit Extended

The Korea Times report states that the NTS has decided to extend
its KEB audit until August 30, 2006.

The extension is to allow the agency to look into the bank's
financial transactions in fiscal years 2003 and 2004, when
United States-based private equity fund Lone Star Funds took
over the bank's management.

The tax audit, launched early this year, was originally
scheduled to end in May, but has been extended twice amid
speculation that Lone Star acquired KEB at a below-market price,
helped by ranking government officials and KEB executives.

The NTS has imposed billions of won in taxes on Lone Star, but
the fund has refused to pay, citing a treaty South Korea signed
with Belgium to avoid double taxation.  According to The Times,
Lone Star claims that it invested in KEB through a unit in
Belgium, one of the famous tax haven countries.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


KOREA EXCHANGE BANK: Morgan Stanley Chief Grilled
-------------------------------------------------
South Korean prosecutors have called in the head of Morgan
Stanley Korea for questioning as part of their investigation
into the United States-based Lone Star Fund's takeover of Korea
Exchange Bank at below market price, the Chosun Ilbo reports.

According to the report, Yang Ho-chull was questioned about the
reason why Morgan Stanley Korea was chosen to manage KEB's
original sale to Lone Star without approval from the KEB
management committee, and about suspicions that former KEB
president Lee Kang-won ordered the bank's losses inflated to
reduce the bank's selling price.

Morgan Stanley Korea is suspected of underestimating KEB's
corporate value in 2003 based on the false assessment that 97%
of the bank's KRW1.539 trillion retrievable bonds were
unrecoverable.

The Troubled Company Reporter - Asia Pacific stated in various
earlier reports that Mr. Yang joins the list of high-profile
figures called for questioning, which includes:

   * Kim Jung-hoe, Deputy Governor, Financial Supervisory
     Service;

   * Lee Hun-jai, Former Deputy Prime Minister;

   * Lee Kang-won, former president of Korea Exchange Bank;

   * Lee Dal-yong, former vice-president of KEB;

   * Yoo Hoe-won, chief executive officer of Lone Star Advisor
     Korea;

   * Shin Dong-hoon, former executive of Lone Star; and

   * Woo Byung-ik, former executive of Lone Star.

Cheon Yong Jun, KEB's former chief deputy of business strategy,
was sentenced to one year in jail and was fined KRW200 million
for receiving KRW200 million in 2003 from Park Soon Poong, head
of Elliot Holdings, which is a consultant to the United States-
based Lone Star, according to a TCR-AP report on July 12, 2006.

                      About Korea Exchange

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

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

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

                          *     *     *

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

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

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


KRISPY KREME: Will Open Shop in Indonesia
-----------------------------------------
Krispy Kreme Doughnuts Inc. has awarded rights to develop its
doughnut shops in Indonesia to PT Premier Doughnut Indonesia,
Reuters reports.

PT Premier plans to open 20 shops over the next five years, with
the first outlet slated to be opened in September 2006.  

Krispy Kreme said that it would not hold an ownership stake in
the franchise.

                        About Krispy Kreme                   

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) --http://www.krispykreme.com/-- is a leading   
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 300 Krispy Kreme stores and 90
satellites operating systemwide in the U.S., Australia, Canada,
Mexico, the United Kingdom and the Republic of South Korea.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).

M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew
Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).

The bankruptcy filing will facilitate the sale of 12 Krispy
Kreme stores, as well as the franchise development rights for
Colorado, Minnesota and Wisconsin, for approximately $10 million
to Westward Dough, the Krispy Kreme area developer for Nevada,
Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove, Esq., at
Perkins Coie LLP represents Glazed in its restructuring efforts.  
When Glazed filed for protection from its creditors, it
estimated assets and debts between US$10 million to US$50
million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.  
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


LG CARD: Hana Financial Teams Up With MBK For Stakes Bid
--------------------------------------------------------
LG Card Co. gets an advanced bid as Hana Financial Group and MBK
Partners LLC forged a strategic alliance in the acquisition of
the credit card company, The Korea Herald reports.

The Herald, citing industry insiders, says that Hana Financial
Group and MBK Partners have submitted a "consortium change form"
to the Korea Development Bank, LG Card's main creditor with a
23% stake, stating their intention to pursue the acquisition
jointly.

The official bidding is not slated until August 10, 2006.

Experts say that Hana Financial Group is collaborating with the
private equity fund amid the likelihood of the LG Card sale
taking the shape of a tender offer, or an open invitation to
shareholders to sell their stocks, generally at a level higher
than the market price.  On the other hand, MBK Partners is also
benefiting from its alliance with the multi-financial group, as
its entity as a private equity fund makes it extremely hard to
take over LG Card by itself, The Herald relates.

According to the report, the LG Card bidding race now has three
other parties:

   1. Shinhan Financial Group Co.,
   2. National Agricultural Cooperatives Federation, and
   3. the Korean unit of Standard Chartered PLC.

Shinhan Financial and NACF had so far been seen as the most
likely winners, The Herald notes.  Shinhan, for one, with its
healthy net profit jump of 27% in the second quarter fueled
market expectation that the group may come out to be the winner
with more cash bullets to finance the deal, The Herald adds.

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that Korea Development Bank has sent invitations
to potential bidders for LG Card, kicking off an acquisition
deal with an estimated value of more than US$5 billion.

An earlier TCR-AP report on July 12, 2006, stated that KDB and
the other major LG Card creditors, managed to narrow key
differences and have formally agreed on the methods of the sale
after South Korea's Financial Supervisory Service ruled that the
card company should be sold through a public tender instead of a
stake sale.

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

                       About LG Card Co.

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

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


* FSS to Ease Bank Liquidity Requirements
-----------------------------------------
South Korea's Financial Supervisory Service disclosed amendments
to its regulations on banks' liquidity requirements to take
effect at the end of September, according to an FSS press
release.

Banks are required to maintain a minimum won currency liquidity
ratio -- the ratio of won-denominated assets to won-denominated
liabilities with maturity of three months or less -- of 100%.
The current guideline, which requires banks whose won currency
liquidity ratio fell below 105% to submit a plan outlining the
steps that they will take to prevent the ratio from falling
below the required 100%, was eliminated as part of deregulatory
efforts.

The FSS also added new items to the list of liquid assets such
as banks' reserve deposits with the Bank of Korea and liquid CDs
to more accurately reflect the liquidity of banks' assets.


* Unsecured Corporate Bond Issuances Falls
------------------------------------------
A total of 17 unsecured corporate bonds -- excluding ABS and
financial bonds -- totaling KRW1.15 trillion were issued in
June 2006, South Korea's Financial Supervisory Service said in a
press release.

The result is down 23.1% from May 2006.

Unsecured corporate bonds with 'A' or higher credit ratings and
with a 'BBB' rating fell 11.2% and 40.5% to KRW887.9 billion and
KRW235.0 billion, respectively.  Bonds with 'BB' or lower
ratings also declined 71.4% to KRW30 billion.

             Bond Issuances for the Half-Year Period

For the first half of 2006, the total amount of unsecured
corporate bonds issued was KRW8.02 trillion, down 35.4% from the
KRW12.43 trillion total recorded in the first half of 2005.  
Bonds rated with 'BB' or lower ratings, however, increased
677.5% from KRW40 billion to KRW311 billion in the first half of
2006.

The FSS Press release includes these data:

           Unsecured Corporate Bonds by Credit Rating
                        (in KRW billions)

             05/2006  06/2006  Change  1H 2005   2H 2006  Change
             -------  -------  ------  --------  -------  ------
A or higher  1,000.0    887.9  -11.2%   8,351.0  4,567.9  -45.3%
BBB            395.0    235.0  -40.5%   4,036.7  3,144.5  -22.1%
BB or lower    105.0     30.0  -71.4%      40.0    311.0  677.5%
             -------  -------  ------  --------  -------  ------
Total         1,500.0 1,152.9  -23.1%  12,427.7  8,023.4  -35.4%



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

ALLIANCE MERCHANT UNIT: Members Opt for Wind-Up
-----------------------------------------------
On August 1, 2006, members of Alliance Merchant Unit Trust
Berhad decided to voluntarily wind up the Company's operations.

In this regard, Teoh Boon Chuan, of BC Teoh & Co, was named as
official liquidator.

The Liquidator can be reached at:

         BC Teoh & Co
         No. 6-1A, Jalan 9/223E
         Taman Danau Kota, Setapak
         Kuala Lumpur 53300
         Malaysia
         Telephone: 03-4142 7633
         Fax: 03-4149 7633


ASEAN FINANCIAL: Placed Under Voluntary Wind-Up
-----------------------------------------------
On August 1, 2006, Asean Financial Services Sdn Bhd was placed
under members' voluntary wind-up as its operations have been
dormant.

Accordingly, Teoh Boon Chuan, of BC Teoh & Company, was
appointed as liquidator.

The Liquidator can be reached at:

         BC Teoh & Co
         No. 6-1A, Jalan 9/223E
         Taman Danau Kota, Setapak
         Kuala Lumpur 53300
         Malaysia
         Telephone: 03-4142 7633
         Fax: 03-4149 7633


ASIADIRECT CAPITAL: Initiates Voluntary Wind-Up
-----------------------------------------------
AsiaDirect Capital Holdings Sdn Bhd had commenced a voluntary
wind-up of its operations on August 1, 2006.

The Company has an issued and paid-up share capital of
MYR100,000, comprising 100,000 ordinary shares of MYR1 each and
is currently dormant.  

Since the Company has no business activity, it was proposed that
it be voluntarily wound up pursuant to the Companies Act 1965 to
save on yearly administrative costs.


COMSA FARMS: Total Default Amount Hits Over MYR47 Million
---------------------------------------------------------
Comsa Farms Berhad and its subsidiaries, Comsa Breeding Farms
Sdn Bhd and Comsa Layer Farms Sdn Bhd, have defaulted on certain
banking facilities repayments.  The total principal and interest
in default by the firms as of June 30, 2006, is MYR47,292,793.

The Comsa Group is unable to service loan repayments to its
lenders as its cashflow from operations is sufficient to meet
only working capital requirements.

Comsa is currently negotiating with its creditors to restructure
the loan and bank borrowings.  The Group is exploring the
possibility of undertaking a restructuring exercise.  The Group
advises that an announcement will be made at the appropriate
time as and when the terms of the restructuring have been
finalized.

The defaults will not have any material financial implications
on the Company as the financing facilities involved have already
been recognized as current liabilities and non-current
liabilities in the Company's audited financial statements as at
March 31, 2005.

The legal implication from the default is that Comsa Breeding
Farms and Comsa Layer Farms were served with demand letters by
solicitors of Affin Bank Berhad on June 1, 2006, and RHB Bank
Berhad on June 19, 2006.  In accordance to the demand letters,
ABB and RHB will institute foreclosure and legal proceedings
against the Companies in the event the outstanding debts are not
settled in full.

In addition, on July 12, 2006, Aegis One Berhad and Malaysian
Trustees Berhad via their solicitor had served a demand letter
to Comsa.  In accordance to the demand letter, Aegis and MTB
will take all necessary steps to recover the sum due, including
but not limited to winding up proceedings against Comsa.

Comsa is currently negotiating with the lenders in respect of
the proposed restructuring of loan and bank borrowings.

                    About Comsa Farms Berhad

Headquartered in Sabah, Malaysia, Comsa Farms Berhad engages in
the wholesale and retail of fresh and frozen chicken products,
meat and foodstuff.  Its other activities include livestock,
aqua feed milling, poultry feeding, hatchery operations, and
layer farming.

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition.

The Company's balance sheet as of March 31, 2006, showed total
assets of MYR200,072,000 and total liabilities of MYR273,643,000
resulting into a stockholders' deficit of MYR73,571,000.


FCW HOLDINGS: Formulating Financial Regularization Plan
-------------------------------------------------------
On August 1, 2006, FCW Holdings Berhad confirmed that it is
exploring a suitable regularization plan to address its
financial condition.

As reported by the Troubled Company Reporter - Asia Pacific, FCW
Holdings was, on May 5, 2006, classified under Bursa Malaysia
Securities Berhad's Practice Note 17 category since its
shareholders' equity has fallen well below the minimum
requirement of 25%.  As an affected listed issuer, the Company
was required to submit a plan to regularize its financial
condition.  Bursa Malaysia Securities may suspend or delist
FCW's shares should the Company fail to formulate a
regularization plan.

The Company has 23 weeks to submit its regularization plan to
relevant authorities for approval.

                       About FCW Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, FCW Holdings
Berhad is principally involved in investment holding, providing
management services and trading of telecommunications equipment.  
Its other activities include renting of communication access,
selling and hiring of telecommunications equipment and
electronic goods, providing paging services and turnkey
contracting.  

FCW is a Practice Note 17 company.  It has been incurring
continuous losses since 1999.  As of March 31, 2006, the
Company's accumulated losses has hit MYR135,469,000, from
MYR134,410,000 accumulated losses in March 31, 2005.  The
Company is also facing possible delisting by Bursa Malaysia
Securities Berhad if it fails to submit a plan to regularize its
financial condition.


GEORGE TOWN: Unveils Restructuring Developments
-----------------------------------------------
George Town Holdings Berhad revealed that it is moving forward
in its restructuring.

According to the Company, the due diligence initiated in early
June 2006 pursuant to the Memorandum of Understanding signed on
May 11, 2006, is still in progress with inspection visits having
been conducted in Malaysia by the officials of Golden Group
Company Limited.

The Company says it will make available to the Bourse its
regularization plan once it is finalized.

About George Town Holdings

Headquartered at Petaling Jaya, in Selangor Darul Ehsan,
Malaysia, George Town Holdings Berhad operates supermarkets,
department stores and convenience stores.  Its other activities
include property development, trading in pharmaceutical
products, media design and advertising, management services,
goldsmith and jewelers, management of car parks, bakery, pastry
and fast food center, financial services, hotel management and
investment holding.  The Group operates in Malaysia, Continental
Europe/Offshore Islands and other countries.

The Company has been suffering losses since 1999 and had closed
over 10 outlets in the past four years.  The Company is
classified under the Bursa Malaysia Securities Berhad's Practice
Note 17 category, where it is required to submit a plan to
regularize its financial condition.


KUMPULAN BELTON: Has Yet to Submit Regularization Plan
------------------------------------------------------
Kumpulan Belton Berhad has another five months to submit its
financial regularization plan to relevant parties for approval.

As of August 1, 2006, the Company says that it is still drawing
up terms of the Restructuring Scheme.

The Troubled Company Reporter - Asia Pacific reported on
June 13, 2006, that Kumpulan was in the process of drawing up a
financial regularization plan in compliance with Amended
Practice Note 17 of Bursa Malaysia Securities Berhad's Listing
Requirements.

                     About Kumpulan Belton

Headquartered in Perak Darul Ridzuan, Malaysia, Kumpulan Belton
Berhad -- http://www.beltongroup.com/-- manufactures and sells  
automotive suspension parts and components.  Other activities
include property development and investment, provision of
machining and heat treatment services and investment holding.  
Operations of the Group are carried out in Malaysia and
Australia.  The Company and some of its subsidiaries are
involved in litigations and wind-up proceedings due to their
inability to meet payment obligations.

Kumpulan Belton was identified as an affected listed issuer of
Practice Note 17, as its consolidated shareholders' equity as of
December 31, 2005, was less than 25% of its issued an paid up
capital.  As an affected issuer, the Company is required to
submit a Regularization Plan to the relevant authorities for
approval and implement the Regularization Plan within the
timeframe stipulated by the relevant authorities.


MALAYSIA AIRLINES: Inks Code Share Agreement with Gulf Air
----------------------------------------------------------
A code-sharing agreement has been signed between Gulf Air and
Malaysia Airlines effective September 18, 2006.  The agreement
will allow Malaysia Airlines to market seats under its code on
the Gulf Air operated flights between Kuala Lumpur to the Middle
East countries of Bahrain and Oman.

Gulf Air President and Chief Executive James Hogan said: "Code-
sharing enables travelers to enjoy a seamless product, as a
single airlines supervises the passenger's entire journey and
provides significant economic and consumer benefits giving
passengers price and service options."

Malaysia Airlines Managing Director and Chief Executive Officer
Idris Jala said that the airline was excited about the new
commercial relationship established with Gulf Air.

"This agreement is yet another manifestation of the "winning
coalitions" thrust of our business turnaround plan.  We will
leverage on such arrangements to build our hub-and-spoke
approach to reduce costs and concurrently improve load factors
and yields, Mr. Jala said.

Malaysia officials said that around 147,646 Gulf tourist visited
Malaysia in 2005 to 123,000 in 2004.

                    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 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.


PARACORP BERHAD: Goda Defaults on Repayment Under Lease Deal
------------------------------------------------------------
Paracorp Berhad's wholly owned subsidiary, Goda (M) Bhd, has
defaulted in its repayment under the Equipment Lease Agreement
dated November 30, 2001, granted by Pembangunan Leasing
Corporation Sdn Bhd.

Under the notice of indebtedness dated July 25, 2006, issued by
Nordin Torji & Yussof Ahmad, Advocates & Solicitors on behalf of
PLC, Goda's total debt in default totals MYR765,070.

In accordance with the Notice, Goda has until August 8, 2006, to
pay the debt together with charges on late payment at the rate
of 2% per month from July 25, 2006, up to the date of full
payment to PLC and the sum of MYR52.50.  The Agreement will be
deemed terminated and legal proceedings will be commenced if
Goda and Paracorp fail to settle the amount.

Paracorp is currently reviewing various restructuring options to
address its financial condition including restructuring of its
repayment obligation under the Agreement.  The default has no
further financial impact on Paracorp because the outstanding
payable under the Agreement has been accrued and is reflected in
the financial statements of the Company.  However, Paracorp
declared it is insolvent and is unable to pay debts as they fall
due.

                     About Paracorp Berhad

Paracorp Berhad's principal activities are the manufacture and
trading of printed graphic overlay, printed electronic circuits,
electroluminescent display, telemetry monitoring system,
electronic circuit components, corrugated plastic sheets,
corrugated carton boxes and plain boards.  Its other activities
include the provision of management services, investment
holding, property investment, property management, money
lending, technology management and research and development
services.  The Group operates in Malaysia, Oceanic countries,
European countries, American countries and other Asian
countries.

The Company has been incurring losses in the past.  For the
quarter ended March 31, 2006, the Company recorded a net loss of
MYR12.3 million.  As of March 31, 2006, the Company's balance
sheet revealed total assets of MYR106,347,000 and total
liabilities of MYR110,465,000, resulting in a MYR41,180,000
stockholders' deficit.

The Company is also classified under Practice Note 17 of Bursa
Malaysia Securities Berhad's Listing Requirements.  As an
affected listed issuer, the Company is required to submit a
financial regularization plan by January 7, 2007.


PAXELENT CORPORATION: Gets Summons & Claim from Hock Der Realty
---------------------------------------------------------------
A Sealed Summons dated July 19, 2006, and Statement of Claim
dated July 21, 2006, had been served on Paxelent Corporation
Berhad by the solicitors of Hock Der Realty Sdn Bhd.

Hock Der Realty is demanding payment of MYR200,097 plus an
annual interest rate of 8% from the date of summons until the
sum is fully settled.  The petitioner is also asking payment for
legal costs and other relief that the Kuala Lumpur High Court
deems fit.

There is no material financial and operational impact on the
Paxelent Group as the sum claimed in respect of the sealed
Summons has been provided for in the Group's accounts.  The
expected losses, if any, would be the legal costs and other
relief as sought under the sealed Summons.

Paxelent Corporation says it will engage a solicitor to advise
on the course of actions to be taken.

                    About Paxelent Corporation

Paxelent Corporation is engaged in investment holding.  The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components.  The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.

The Company is actively pursuing various restructuring schemes
to address its default issues.  These schemes would involve
raising funds through partial disposal of assets, potential
debts waivers and rescheduling of the debts.


POLYMATE HOLDINGS: Units' Default Amount Totals MYR229.6 Million
----------------------------------------------------------------
On August 1, 2006, Polymate Holdings provided updates of the
default status of its three subsidiaries:

   1) ABI Malaysia Sdn Bhd;

   2) Polymate Packaging Sdn Bhd; and

   3) Polymate Industries (M) Sdn Bhd

The Company disclosed that as of July 31, 2006, the amount its
subsidiaries owe to financial institutions has reached
MYR229.6 million:

* Bankers acceptance

                                                    Loans as at
  Bank/Facilities     Subsidiary                     31/07/2006
  ---------------     ----------                    -----------
  UOB                 ABI Malaysia Sdn. Bhd.      MYR10,554,467
  AmBank (M) Berhad   ABI Malaysia Sdn. Bhd.          8,109,806
                      Polymate Packaging Sdn. Bhd.    4,186,360
  HL Bank             ABI Malaysia Sdn. Bhd.         22,186,894
  Bumiputra-Commerce
    Bank Berhad       ABI Malaysia Sdn. Bhd          21,998,268
                      Polymate Industries(M)
                        Sdn. Bhd                      6,513,000
                      Polymate Packaging Sdn. Bhd.    5,263,040
  EON Bank            ABI Malaysia Sdn. Bhd.          4,131,560
  Maybank             ABI Malaysia Sdn. Bhd.         10,616,573
                      Polymate Industries(M) Sdn.
                        Bhd.                          3,234,523
  HSBC                ABI Malaysia Sdn. Bhd.         10,518,320

* Term Loans

                                                    Loans as at
  Bank/Facilities     Subsidiary                     31/07/2006
  ---------------     ----------                    -----------
  Citibank            ABI Malaysia Sdn. Bhd.         16,421,281
  Alliance Bank       Polymate Industries(M)
                        Sdn. Bhd.                     3,586,144
  BCB                 Polymate Industries(M)
                        Sdn. Bhd.                     3,484,844
  HSBC                ABI Malaysia Sdn. Bhd.          6,559,050
                      Polymate Industries(M)
                        Sdn. Bhd.                     1,350,012
                      Polymate Packaging Sdn. Bhd.      921,338

* Overdraft

                                                    Loans as at
  Bank/Facilities     Subsidiary                     31/07/2006
  ---------------     ----------                    -----------
  HSBC Bank           ABI Malaysia Sdn. Bhd.            400,000
    Malaysia Berhad   Polymate Industries(M)
                        Sdn. Bhd.                       575,371
                      Polymate Packaging Sdn. Bhd.      535,281
  Maybank             Polymate Industries(M) Sdn.
                        Bhd.                            272,213
  BCB                 Polymate Industries(M) Sdn.
                        Bhd.                          1,675,454
                      Polymate Packaging Sdn. Bhd.      858,449
  AmBank (M) Berhad   Polymate Packaging Sdn. Bhd.    2,136,849
  Alliance Bank Bhd.  Polymate Industries(M) Sdn. Bhd.      210

* Hire purchase and lease creditors

                                                    Loans as at
  Bank/Facilities     Subsidiary                     31/07/2006
  ---------------     ----------                    -----------
  AmBank (M) Berhad   ABI Malaysia Sdn. Bhd.          1,044,565
                      Polymate Industries (M) Sdn.
                        Bhd.                            211,144
  Public Leasing      Polymate Industries (M) Sdn.
                        Bhd.                            208,845
  Al Bai Bithaman     ABI Malaysia Sdn. Bhd.         82,305,000

Meanwhile, Polymate disclosed that it is still negotiating with
lending banks to restructure the Group's credit facilities and
is actively working out schemes to regulate its financial
condition.

                    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.


SYABAS SUTRA: Enters Voluntary Wind-Up Proceedings
--------------------------------------------------
On July 28, 2006, Syabas Sutra Sdn Bhd was placed under members'
voluntary wind-up.

In this regard, Mak Kum Choon and Kek Ah Fong, of Deloitte
Corporate Solutions Sdn Bhd, were appointed as joint and several
liquidators of the Company.

The Liquidators can be reached at:

         Mak Kum Choon
         Kek Ah Fong
         Deloitte Corporate Solutions Sdn Bhd
         Level 19, Uptown 1, 1 Jalan SS21/58
         Damansara Uptown, 47400 Petaling Jaya
         Malaysia


TENGGARA OIL: Units' Default Amount Tops MYR19.6 Million
--------------------------------------------------------
Tenggara Oil Berhad's subsidiaries, Tenggara Lubricant Sdn Bhd
and Tenggara Concrete Sdn Bhd, have been unable to pay the
amount of principal and interest in respect of their credit
facilities granted by Southern Bank Berhad, Bumiputra-Commerce
Bank Berhad, and Malayan Banking Berhad.

As of July 31, 2006, the two subsidiaries' default amount stands
at MYR19,592,538.

Tenggara Oil further disclosed that there has been no material
development in respect of the Company's plan to regularize its
financial position.

                       About Tenggara Oil

Tenggara Oil Berhad is undertaking a divestment and
restructuring exercise, which will reposition it as a service-
oriented and trading group from its current resource-based
businesses.  Current businesses include investment holding,
supply of ready mixed concrete, property holding, management and
construction.  As part of a corporate revamp exercise, the
Company has repositioned itself in the oil and gas business,
which will be its core business.  The Company is headquartered
in Kuala Lumpur, Malaysia.  

Tenggara Oil incurred a lower pre-tax loss of MYR3.9 million for
the fourth quarter of the fiscal year ended January 31, 2006, as
against a loss of MYR8.3 million in the corresponding quarter
last fiscal year due to the lower operating losses in the
lubricant division, investment holding and other divisions.  The
Company's current pre-tax loss is, however, higher compared to
the MYR1.9-million loss in the preceding quarter.  Tenggara is
in the process of formulating a debt-restructuring scheme with
relevant parties.


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

EXPORT & INDUSTRY BANK: 1st Half NPLs Comprise 3% of Total Loans
----------------------------------------------------------------
Export and Industry Bank's non-performing loans as at end-June
2006 amounted to PHP66.9 million, or 2.88% of its total loans,
the Philippine Inquirer reveals, citing Xinhua Financial News.

The Bank did not provide its NPL ratio for the same period last
year in its statement of condition.  As of Dec. 20, 2005, its
NPL ratio stood at 19.78% of total loans.  The Bank had also set
aside PHP31.88 million in general provisions and
PHP19.77 million in specific provisions for probable losses on
its loans.

According to a report by the Troubled Company Reporter - Asia
Pacific on April 11, 2006, the Bank's Board of Directors had
approved the sale of its non-performing loans worth
PHP10.1 billion to a subsidiary of Bayerische Hypo-und
Vereinsbank AG.

                        About ExportBank

Headquartered in Makati City, Manila, Export and Industry Bank
-- http://exportbank.com.ph/-- has 50 branches and has revived   
former Urban Bank unit under new names.  Its principal activity
is the provision of commercial banking services such as deposit
taking, loans and trade finance, domestic and foreign fund
transfers, treasury, foreign exchange and trust services.  The
Bank is saddled with the PHP10 billion non-performing assets it
inherited from Urban Bank when the two banks merged in 2002.  

The TCR-AP reported on May 10, 2006, that Exportbank is
scheduled to complete a rehabilitation program, which was
proposed in order to reverse a 2005 net loss of PHP1.66 million,
by 2007.

In an agreement dated December 29, 2005, the Philippine
Deposit Insurance Corp. will extend annual financial aid of
PHP600 million to the Bank.


LEPANTO CONSOLIDATED: Posts PHP24.6-Million Loss in First Half
--------------------------------------------------------------
Lepanto Consolidated Mining Company posted a loss of
PHP24.6 million for the first half of 2006, a significant
improvement from the PHP172.1-million loss posted in the first
half of the previous year, on higher gold prices, the Philippine
Inquirer says, citing Xinhua Financial News.

In a filing with the Philippine Stock Exchange, the Company
explains that losses incurred in the first semester were due to
a decline in gold production and interest payments due in a Gold
Delivery Agreement with Dresdner Bank AG.  The Company yielded
28.153 ounces of gold for the January-June 2006 period, compared
to 30,760 ounces for the same period last year.  

The Inquirer states, however, that the Company is still
targeting to achieve a net profit of PHP104 million compared to
a PHP410-million net loss last year.

                      About Lepanto Consolidated

Lepanto Consolidated Mining Company --  
http://www.lepantomining.com/-- was incorporated primarily to    
engage in the exploration and mining of gold, silver, copper,
lead, zinc and all kinds of ores, metals, minerals, oil, gas and
coal and their related by-products.  The Company was
incorporated in 1936 and operated an enargite copper mine up to
1997.  It shifted to gold bullion production that same year
through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.   
Lepanto sells its gold bullion production to London's Johnson   
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.      

The Troubled Company Reporter - Asia Pacific reported on
Jan. 27, 2006, that Lepanto Consolidated is working to recover
from a PHP400-billion loss incurred in the past two years due to
labor disputes.


MAGNUM HOLDINGS: Rising Expenses Lead to PHP530,000 H1 Loss
-----------------------------------------------------------
In a report filed with the Securities & Exchange Commission,
Magnum Holdings Inc. reported a net loss of PHP529,320 for the
first semester of 2006, against a PHP466,534-loss for the same
period last year, the Manila Times states.

The Company attributes the rise in its half-year loss to
increased operating expenses due to continued suspended
operations.  In its report, Magnum Holdings stated that it
continues to be cautious for this quarter and the next, as
economic conditions have not changed significantly to warrant a
reduction in operating costs.

The Times reports that Magnum Holdings had agreed with its major
shareholder, Sagarmatha Inc., wherein all its cash advances to
the Company would have a 2% interest rate effective Jan. 1 this
year.

                     About Magnum Holdings, Inc.

Magnum Holdings, Inc., formerly known as Summit Minerals, Inc.,
was originally organized to engage in mining exploration.  On
February 24, 1994, the Securities and Exchange Commission
approved the change in the Company's primary purpose to that of
a holding company and the change in its corporate name to Magnum
Holdings, Inc.

              Significant Going Concern Doubt

After auditing Magnum Holdings' financial report for the year
ended December 31, 2005, A.S. Arellano and Co., raised
significant doubt on the Company's ability to continue as a
going concern.  The Auditor cites these reasons:

   * The Company incurred losses of PHP0.78 million,
     PHP0.69 million and PHP0.82 million for the years ending
     December 31, 2005, 2004 and 2003.

     As of December 31, 2005, the Company's capital deficiency
     amounted to PHP89.1 million.

   * The Company is dependent on the continuing support of its
     major stockholder, Sagarmatha, Inc.

     As of December 31, 2005, the Company's current liabilities
     exceeded its current assets by some PHP3.8 million.

   * The losses were attributed primarily to the poor trading
     conditions caused by financial turmoil affecting the region
     as well as representing the cost of maintaining and
     safeguarding the Company's assets and resources.


METROPOLITAN BANK: Total Assets Reach PHP590 Billion in June
------------------------------------------------------------
Metropolitan Bank & Trust Company reported consolidated total
assets of PHP593.9 billion as of end-June 2006, which was
PHP7.4 billion higher than its assets of PHP586.5-billion as of
Dec. 31, 2005.

Based on consolidated statements of condition submitted to the
Philippine Stock Exchange, Metrobank was the largest bank in
consolidated total assets as of June 30, 2006, and it increased
its consolidated total deposits to PHP442.57 billion at end-June
2006, from the PHP424.3 billion at year-end 2005.

Metrobank likewise remained the largest lender as of the first
semester of 2006 with PHP264.3 billion in consolidated net
loans.  The ratio of consolidated non-performing loans to
consolidated gross loan portfolio improved to 8.0% as a result
of its aggressive NPA disposition strategy.

Capital funds remained strong at PHP53.1 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.


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

MDR LIMITED: Hikes Mobilefone Shareholding from 65% to 100%
-----------------------------------------------------------
mDR Limited has increased its indirect shares from 65% to 100%
in Mobilefone Repair.Com Limited -- also known a Mfr NZ --
making the latter a wholly owned subsidiary of the Company.

The Company's interest in MfR NZ is held through its wholly
owned subsidiary Accord Customer Care Solutions (Aust) Pty Ltd
also known as ACCS Aust.  The Company first acquired a 50%
interest in MfR NZ from Coldwell Holdings Limited, Nirmala
Coldwell and Ross Coldwell and Active Repair Limited in November
2004.

Following the acquisition, the Company in accordance with the
"Deed Relating To The Implementation Of A Merger Of Mobilefone
repair.com Limited and Accord Customer Care Solutions NZ
Limited" transferred the entire issued share capital of its
wholly-owned subsidiary Accord Customer Care Solutions (NZ)
Limited to MfR NZ in exchange for new shares in the capital of
MfR NZ. This resulted in ACCS Aust holding 65% of the issued
share capital of MfR NZ.  The remaining 35% was held by
Coldwell, Nirmala, Ross and Active Repair.

Under the Deed of Merger, each of the Vendors has an option to
require ACCS Aust to purchase its respective shares in MfR NZ.
The Vendors have since exercised their respective Put Option and
have required ACCS Aust to purchase the remaining 35% of MfR NZ
from the Vendors.

The aggregate purchase price payable to the Vendors is NZ$1.15
million.  The purchase price for the Put Option shares was based
on a pre-agreed formula.  The purchase will be funded through
internal resources.

The unaudited operating profit before tax attributable to MfR NZ
for the year ended December 31, 2005, is approximately
SGD126,000.  The Group made a loss before tax of SGD13.5 million
for the financial year ended December 31, 2005.  The ratio is
approximately 0.93%.

The ratio of the aggregate consideration of NZ$1.15 million or
approximately SGD1.11 million as compared with the market
capitalization of the Company of approximately SGD77 million as
at August 4, 2006, is approximately 1.44%.

                          About MfR NZ

MfR NZ is an after-market service provider for mobile
communication devices in New Zealand. It currently operates
three multi-brand service hubs in Auckland, Christchurch and
Wellington servicing a total of 13 brands.

Based on the audited FY2005 financial statement of the Group,
the transaction does not have any material impact on the net
tangible asset per share and earnings per share of the Group.

                        About mDR Limited

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

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


PEARL'S PARK: Enters Wind-Up Proceedings
----------------------------------------
Pearl's Park Departmental Store Pte Ltd has wound up its
operations on July 21, 2006.

Creditors are required to submit their proofs of claim to the
plaintiff's solicitors for them to share in any distribution the
Company will make.

The plaintiff's solicitors can be reached at:

         Ong Yew Huat
         Seshadri Rajagopalan
         Messrs Ernst & Young
         10 Collyer Quay  
         #21-01 Ocean Building
         Singapore 049315


REFCO INC: Chapter 11 Trustee Hires Capstone as Advisor
-------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York authorizes Marc S. Kirschner, the Chapter 11 trustee
overseeing Refco Capital Markets, Ltd.'s estate, to employ
Capstone Advisory Group, LLC, as his financial advisor with
respect to inter-creditor and inter-Debtor issues, including
intercompany claims, where the RCM Trustee determines that RCM's
interests may conflict with those of the other Chapter 11
Debtors.

Capstone's scope of services will be limited to performing
confirmatory due diligence and analysis of compilations of
information produced by Goldin Associates LLC, and APS Service
LLC, with respect to claims arising out of transactions between:

   (i) RCM and one or more of the Other Chapter 11 Debtors and
       non-debtor affiliates or subsidiaries of Refco, Inc.; or

  (ii) two or more of the Other Chapter 11 Debtors and Refco's
       non-debtor affiliates.

Capstone will not provide any services to the RCM Trustee unless
and until the analysis of the Intercompany Claims has progressed
to the point where it can be furnished to Capstone by Goldin or
APS on the RCM Trustee's instruction.

At that time, however, Capstone will be permitted to perform its
confirmatory due diligence and advise the RCM Trustee with
respect to reviewing, analyzing, and inquiring of Goldin or APS
about their work product and back up materials and processes.

Capstone may be compensated in accordance with the Engagement
Letter, subject to applicable requirements for payment of fees
and disbursements under the Bankruptcy Code, the Bankruptcy
Rules, guidelines promulgated by the United States Trustee, the
rules and other Court orders.

As reported in the Troubled Company Reporter on July 7, 2006,
Mr. Kirschner told the Court that there are significant
intercreditor and other issues, including intercompany claims,
which are unique to RCM and with respect to which RCM's
interests are, or may be, in direct conflict with the interests
of the other Chapter 11 Debtors' estates and stakeholders.

Capstone will:

   a.  assist the Trustee with analysis of RCM's books and
       records relating to intercompany transactions,
       intercompany accounting and related accounts of
       RCM;

   b.  advise the Trustee regarding any proposed transactions
       affecting the RCM estate or the resolution of the RCM
       case;

   c.  advise the Trustee regarding negotiations with
       stakeholders;

   d.  assist the Trustee and his counsel in negotiating and
       effecting a comprehensive resolution of the RCM
       bankruptcy;

   e.  perform other necessary financial advisory services for
       the Trustee in connection with the Chapter 11 case; and

   f.  provide valuation work and expert testimony as
       determined by the Trustee to be necessary.

Capstone will be paid based on the actual hours worked charged
at its standard hourly rates and reimbursed for its out-of-
pocket expenses.  The firm's current rates are:

     Position              Hourly Rate
     --------              -----------
     Executive Director    US$530 - US$575
     Staff                 US$250 - US$450
     Support Staff          US$75 - US$175

Capstone professionals who will have primary responsibility for
representing the Trustee are:

     Professional          Position at Capstone
     ------------          --------------------
     David Galfus          Member and Executive Director
     Robert Manzo          Executive Director
     Jack Surdoval         Managing Director

Other Capstone professionals may assist in the representation as
needed.

Mr. Galfus attests that Capstone:

     (i) is not a creditor, an equity security holder or an
         insider of RCM, or any other Chapter 11 Debtor;

    (ii) is not and was not within two years before the
         Petition Date, a director, officer or employee of RCM
         or any other Chapter 11 Debtor; and

  (iii) does not hold or represent any interest that is
        materially adverse to the interest of the RCM
        estate or of any class of creditors or equity security
        holders.

Capstone's professionals have played significant roles in many
of the largest and most complex cases under the Bankruptcy Code,
including the chapter 11 cases of Adelphia Communications
Corporation, Ames Department Stores, Inc., Enron Corp., Federal
Mogul, Inc., Mirant Energy, Inc., Owens Corning, Inc., Vencor,
Inc., and W.R. Grace.

                       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 U.S. and international exchanges, and are among the
most active members of futures exchanges in Chicago, New York,
London and Singapore.  In addition to its futures brokerage
activities, Refco is a major broker of cash market products,
including foreign exchange, foreign exchange options, government
securities, domestic and international equities, emerging market
debt, and OTC financial and commodity products.  Refco is one of
the largest global clearing firms for derivatives.

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

Refco LLC, an affiliate, filed for Chapter 7 protection on
Nov. 25, 2005 (Bankr. S.D.N.Y. Case No. 05-60134).  Refco, LLC,
is a regulated commodity futures company that has businesses in
the United States, London, Asia and Canada.  Refco, LLC, filed
for bankruptcy protection in order to consummate the sale of
substantially all of its assets to Man Financial Inc., a wholly
owned subsidiary of Man Group plc.  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: Refco LLC Files May 2006 Monthly Operating Report
------------------------------------------------------------
Albert Togut, Refco, LLC's Chapter 7 Trustee, filed with the
Bankruptcy Court a monthly statement of cash receipts and
disbursements for the period from May 1 to 31, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
for the period totals US$768,637,000.  Refco LLC's beginning
purchase price account balance totals US$62,882,000 and its
beginning capital account "A" balance totals US$705,755,000.

The purchase price account includes activity related to Man
Financial sale proceeds and related disbursements.  Capital
account "A" includes activity related to collection of excess
capital.

Refco LLC received US$7,7276,000 in cash and disbursed
US$1,692,000.  The Debtor held US$774,221,000 at the end of the
period.

Refco LLC reimbursed Refco Capital LLC for US$35,000 in gross
payroll costs allocated to the Chapter 7 Debtor's estate for
time spent by employees of other Refco, Inc. entities.

The Chapter 7 Trustee prepared the Statement of Receipts and
Disbursements in lieu of comprehensive financial statements.

A full-text copy of Refco LLC's May 2006 Monthly Statement is
available at no charge at:

              http://researcharchives.com/t/s?e7d

                        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 US$16.5 billion in assets and US$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: U.S. Trustee Reconstitutes Official Committee
--------------------------------------------------------
Diana G. Adams, the acting United States Trustee for Region 2,
reconstitutes the Official Committee of Unsecured Creditors as
of July 21, 2006.

The Creditors Committee is now composed of:

   1. Wells Fargo National Association, as Indenture Trustee
      6th Street, Marquette Ave., MAC N9303-120
      Minneapolis, Minnesota 55479
      Attention: Julie J. Becker, Vice President
      Phone: (612) 316-4772

   2. D.E. Shaw & Co., LP
      120 West 45th Street
      New York 10035
      Attention: Marc Sole
      Phone: (212) 478-0179

   3. Esopus Creek Advisors
      500 Fifth Avenue, Suite 2620
      New York 10110
      Attention: Joseph Criscione
      Phone: (212) 302-7214

                        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 US$16.5 billion in assets and US$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).  


SNP RETAIL: Liquidator to Present Wind-Up Report
------------------------------------------------
The members and creditors of SNP Retail Pte Ltd will convene at
a final meeting on August 28, 2006 at 10:00 a.m.

At the meeting, Liquidator Chia Soo Hien will present accounts
of the Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         Chia Soo Hien
         c/o BDO Raffles
         5 Shenton Way
         #07-01 UIC Building
         Singapore 068808


UNION METAL: Creditors' Proofs of Debt Due on August 27
-------------------------------------------------------
At an extraordinary general meeting of Union Metal Resources Pte
Ltd held on July 20, 2006, members resolved to voluntarily wind
up the Company's operations.

In this regard, the creditors are required to file their proofs
of debt by August 27, 2006, to Liquidators Lim Yeong Seng &
Maria Sri Intan for them to share in the Company's dividend
distribution.


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

TOTAL ACCESS: To Allot THB1.4 Billion for Business Improvement
--------------------------------------------------------------
Total Access Communication plans to spend more than
THB1.4 billion to improve its customer service system and buy
new software, The Bangkok Post reports.

Total Access' chief customer officer, Sunti Medhavikul, told The
Post that around THB300 million would be spent building a modern
call-center building to handle three million calls a month.  In
addition, it will spend THB1 billion on customer management
software and THB150 million to upgrade a third of its 300 retail
stores nationwide

Moreover, The Nation relates that Total Access would also invest
THB650 million in a bid to build up its postpaid mobile
subscriber base to reach two million this year.

If it reaches the target, Total Access could move ahead of its
larger rival, Advanced Info Service, which counts 1.91 million
postpaid users among its 17 million customers, The Nation said.  
Currently, Total Access has more than 10 million customers.

Meanwhile, Reuters notes that at the end of the second quarter,
Total Access, majority owned by Norway's Telenor, had 1.82
million post-paid subscribers, up 33.4% from a year earlier.

Post-paid users, who generate revenues nearly three times that
of pre-paid clients, account for 17% of Total Access' customers.

The massive spending plan is all in the name boost its
competitiveness in the fierce mobile-phone service market, The
Post said

Total Access has also applied for licenses from the national
telecom regulator, the National Telecommunications Commission,
to operate 3G broadband wireless technology.

                          *     *     *

Total Access Communication is the second-largest cellular
operator in Thailand with an approximately 30% market share and
strong brand recognition.  With Telenor's recent purchase of a
39.9% interest in United Communication Industry Plc and its
subsequent tender offers for UCOM and Total Access shares,
Telenor lifted its aggregate economic interest in Total Access
to 70.2% from 40.3%.  Total Access is Telenor's largest
acquisition in Asia and it ranks second in terms of EBITDA
contribution outside Norway.

Standard and Poor's gave the Company 'BB+' Long-term local and
foreign issuer credit ratings.

Total Access' local and foreign issuer credit were both given a
Ba1 rating by Moody's Investor Service.

On July 18, 2006, Fitch affirmed Total Access' Long-term foreign
currency Issuer Default Rating at BB+.


                            *********

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.


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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.
   
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