TCRAP_Public/060808.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

             Tuesday, August 8, 2006, Vol. 9, No. 156

                            Headlines

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

1ST STATE HOME: R. Ferrantino Pleads Guilty to 10 ASIC Charges
35 AYR STREET: Court to Hear CIR's Liquidation Bid on August 24
591 TOORAK: Enters Wind-Up Proceedings
AIR-CONDITIONING EXPERTS: Liquidator to Present Wind-Up Report
AJL NOMINEES: Placed Under Voluntary Wind-Up

AMS INSULATION: Liquidation Process Commenced
ARABELLA PTY: Court Orders Wind-Up
BMED NOMINEES: Appoints Peter Robert Vince as Liquidator
BABY WORLD: Appoints Burgess as Liquidator
BREMORE ENGINEERING: To Declare Dividend on August 23

BUMAR PTY: Members Decide to Shut Down Operations
CASTLE BROS: Court to Hear Liquidation Bid on Sept. 28
CDSCC SUPERANNUATION: Placed Under Members' Voluntary Wind-Up
CHADWICK PLACE: Members Agree to Liquidate Business
CHELDARLIN PTY: Members Pass Resolution to Wind Up Firm

CHROME STILL: To Declare First and Final Dividend
CONTRACT CONTROL: Creditors Appoint McLellan as Liquidator
D. H. BUS: Enters Wind-Up Proceedings
D.J. BARNES: Members Resolve to Close Business
FAIRFIELD INVESTMENTS: Appoints Official Liquidators

G.T. COLLECTIVE: Members Agree to Shut Down Business
HCOA INTERNATIONAL: Placed Under Voluntary Liquidation
HIH INSURANCE: M. Fedora Faces Court for Six Criminal Charges
ION LIMITED: Shareholders Wait for SOG Judgment on Creditor Debt
ISI NOMINEES: Names Joint and Several Liquidators

JANSEEN & DOMETT: Faces Liquidation Proceedings
MALCOLM SWAIN: Liquidators to Present Wind-Up Report
MULTIPLEX GROUP: Takes Wembley Disputes for Adjudication
MWM MANAGEMENT: Members Pass Resolution to Wind Up Firm
NATURAL NUTRITION: Appoints James Downey as Liquidator

PARKLANDS INVESTMENTS: Creditors Must Prove Debt by August 31
PENDEAN PTY:  Creditors' Proofs of Claim Due on August 10
PROACTIVE WORKWEAR: Court to Hear Liquidation Bid on Oct. 19
PROVINCIAL FINANCE: Receivers Provide Interim Statutory Report
Q & L BUS: Creditors Appoint Robert Whitton as Liquidator

RULA PTY: Members Agree to Wind Up Firm
SHARDEL PTY: Placed Under Members' Voluntary Liquidation
SIGNATURE BEVERAGES: Enters Wind-Up Proceedings
SIMONETTA IMPORTS: Members Opt for Voluntary Liquidation
SOY FRANCHISE: Members Appoint Steven Nicols as Liquidator

STEWART MCKENZIE: Members Decide to Close Business
SWOOVE PTY: Members Pass Resolution to Wind Up Operations
TELEON HOLDINGS: Undergoes Voluntary Liquidation
TE MAIRE: Court Hears Liquidation Petition
TEMPERAIR SERVICES: Creditors Decide to Close Business

TP COMMUNICATIONS: Creditors' Proofs of Debt Due on August 18
TRANSAG MANUFACTURING: Court Hears Corus' Liquidation Bid
TRIDET PTY: Members and Creditors to Receive Wind-Up Report
ULTRA LITE: Court Appoints Official Liquidator
VIVIANNES COLLECTION: To Declare Second Dividend on August 11

V & S ENTERPRISES: Liquidation Bid Hearing Set on Aug. 17
WELLINGTON PTY: Inability to Pay Debts Prompts Wind-Up
WELLROOFED PTY: Members Agree to Voluntarily Liquidate Business
WENTLOCK PTY: Appoints Joint and Several Liquidators
Y.M.M YOUL: Enters Wind-Up Proceedings

* Trans-Tasman Merger Protocol Agreed


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: To Invest CNY467 Billion in State Program
NUCLEAR CONSTRUCTION: Creditors to Convene on August 15
SINO UNICORN: Creditors Must Prove Debts by September 4
TAGO (H.K.) INTERNATIONAL: Court to Hear Wind-Up Bid on Sept. 6
TETRA PAK: Creditors' Proofs of Claim due on September 5

TKF ARCHITECTS: Wind-Up Petition Hearing Slated for Sept. 20
TKR FINANCE: Creditors' Meeting Set on August 15
TI AUTOMOTIVE: Wins Contracts from Three Major Automakers
VITELIC (HONG KONG): First Meetings Set on August 15
WAI SUN CONSTRUCTION: Faces Wind-Up Proceedings


I N D I A

CHALLAKERE URBAN: License Cancelled Due to Insolvency
CITY UNION BANK: Fitch Affirms D/E Individual Rating
SHRIRAM SAHAKARI: Awaits Official Liquidator


I N D O N E S I A

MEDIA NUSANTARA: Puts Up Bond Issue Worth IDR2 Trillion


J A P A N

JAPAN AIRLINES: Trims 1st Quarter Loss by 30% to JPY27 Billion


K O R E A

DONG-AH CONSTRUCTION: Preferred Bidder To Be Known in September
KANA SOFTWARE: Posts US$1-Million Net Loss in First Quarter 2006
LG TELECOM: To Halt Handset Subsidy Hike
NCSOFT CORP: Posts Worst-Ever Quarterly Results
NETIAN: Internet Portal Shuts Down After Seven Years

SANDISK CORP: Posts US$96 Million Second Quarter 2006 Net Income
SANDISK CORP: Acquiring msystems in All-Stock Deal
SK CORP.: Partners With LG Corp. in Kazakhstan Project


M A L A Y S I A

ALLIANCE MERCHANT (ASING): Members Opt for Wind-Up
ALLIANCE MERCHANT (TEMPATAN): Commences Wind-Up Process
ALLIANCE MERCHANT SECURITIES: Placed Under Voluntary Wind-Up
ANTAH HOLDINGS: Court Adjourns Hearing of ECK Case to October 2
ANTAH HOLDINGS: Judge Rejects Azam's Injunction Request

ANTAH HOLDINGS: HSBC Withdraws Writ of Summons
EKRAN BERHAD: Faces Wind-Up Proceedings
KRAMAT TIN: Scheme of Arrangement Awaits Court's Approval
MALAYSIA AIRLINES: Wins One Suit Against Vantage; Loses Two
METROPLEX BERHAD: Has Yet to Submit Restructuring Proposal

METROPLEX BERHAD: Deadline to Meet SPA Conditions Extended
PAXELENT CORPORATION: Prepares to File Defense Against Writ
PROTON HOLDINGS: Creates System to Prevent Management Issues
ROTHPUTRA VENTURE MANAGEMENT: Initiates Voluntary Wind-Up
ROTHPUTRA VENTURES: Enters Voluntary Wind-Up Proceedings

SATERAS RESOURCES: Fails to Submit 2006 Financial Report
* Fitch Says More Consolidation Likely in Malaysian Banking


P H I L I P P I N E S

BENPRES HOLDINGS: Sells Off Minority Stake in Unit
LEPANTO CONSOLIDATED: To Spend PHP600 Million to Develop Mine
MANILA ELECTRIC: To Agree with Napocor on Customer Choice Deal
PHILIPPINE NATIONAL BANK: Monetary Board OKs Capital Notes Issue
PHILIPPINE NATIONAL BANK: SC Orders PHP226-Mil LOC Remittance


S I N G A P O R E

ADVANCED SYSTEMS: Auditor Raises Significant Doubt
AVAGO TECHNOLOGIES: Posts US$380M Net Revenue for Second Quarter
CHINA AVIATION: Closes September 2006 Fuel Tender
MAE ENGINEERING: Receives 361,849,270 Valid Acceptances
MIYAMA FOOD: Court to Hear Wind-Up Petition on August 18

NUANSA LEISURE: Creditors' Proofs of Claim Due on August 28
REFCO INC: Chapter 7 Trustee May Reimburse US$749,579 to Group
REFCO INC: Court Considers Exclusive Period Requests on Sept. 12
REFCO INC: Seeks Approval of Debt Settlement Stipulation
TIONG POLESTAR: Creditors' Proofs of Claims Due on August 18

VANGUARD REALTY: To Pay Dividend to Unsecured Creditors


T H A I L A N D

KRUNG THAI: To Reveal Business Plan 2nd Half on August 27
KRUNG THAI: Raises Lending and Deposit Interest Rates
TONGKAH HARBOUR: Posts THB23-Mil Net Loss in 2006 First Quarter


* BOND PRICING: For the Week 7 August to 11 August 2006

     - - - - - - - -

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

1ST STATE HOME: R. Ferrantino Pleads Guilty to 10 ASIC Charges
--------------------------------------------------------------
Rocco Ferrantino of the Gold Coast in Queensland has pleaded
guilty before the Southport District Court to 10 charges brought
against him by the Australian Securities and Investments
Commission.

As reported in the Troubled Company Reporter - Asia Pacific on
March 29, 2005, Mr. Ferrantino appeared in the Southport
Magistrates Court where he was committed to stand trial on 25
charges laid by the ASIC.

According to the TCR-AP report, ASIC alleged that between
February 1998 and May 2001, Mr. Ferrantino made false or
misleading statements to induce superannuants and the
administrators and trustees of various superannuation funds to
rollover preserved benefits into 1st State Superannuation, a
superannuation fund connected to 1st State Home Loans Pty Ltd.  

The TCR-AP noted that under Commonwealth legislation, the
preserved component of superannuation cannot be accessed by a
superannuant until retirement after age 55 or when certain other
limited criteria prescribed by the legislation are met.

Mr. Ferrantino is a former employee of 1st State Home Loans Pty
Ltd.  He pleaded guilty to dishonestly inducing holders of
superannuation benefits to rollover their preserved
superannuation benefits into 1st State and causing detriment to
clients who had sought his assistance in relation to the
purchase of a house.

Mr. Ferrantino will reappear in the Southport District Court for
sentencing on a date yet to be fixed.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter, the ASIC notes.

                         *     *     *

The TCR-AP previously reported that the criminal charges against
Mr. Ferrantino follow successful civil action taken by ASIC in
February 2003 where the Supreme Court of Queensland appointed
liquidators to 1st State Home Loans Pty Ltd and the property of
related companies, Aynat Gold Nominees Pty Ltd, Ferndune Pty
Ltd, United Project Developments Pty Ltd, and Favstor Pty Ltd.

The Court's Orders were based on evidence from a receivers'
report that 95 investors had approximately AU$1.4 million of
their funds released to 1st State Home Loans Pty Ltd.


35 AYR STREET: Court to Hear CIR's Liquidation Bid on August 24
---------------------------------------------------------------
On May 9, 2006, the Commissioner of Inland Revenue filed before
the High Court of Auckland a liquidation petition against 35 Ayr
Street Ltd.

The Court will hear the petition on August 24, 2006, at 10:45
a.m.

The solicitor for the plaintiff can be reached at:

         Jonathan Ridling
         Solicitor of the Plaintiff
         Auckland Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 985 7227


591 TOORAK: Enters Wind-Up Proceedings
--------------------------------------
On July 19, 2006, the members of 591 Toorak Road Pty Ltd passed
a written resolution to voluntarily wind up the Company's
operations and appoint John Georgakis as liquidator.

The Liquidator can be reached at:

         John Georgakis
         Level 26, 8 Exhibition Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9288 8000


AIR-CONDITIONING EXPERTS: Liquidator to Present Wind-Up Report
--------------------------------------------------------------
Members and creditors of The Air-Conditioning Experts Pty Ltd
will hold a combined final and annual general meeting on
August 21, 2006, at 10:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive Liquidator Graeme Lean's accounts of the Company's
      wind-up and property disposal exercises; and

   -- consider and approve, if required, the Liquidator's     
      remuneration to date.

The Liquidator can be reached at:

         Graeme Lean FCPA
         G. T. Lean & Associates
         424 Fitzgerald Street
         North Perth, Western Australia 6006
         Australia


AJL NOMINEES: Placed Under Voluntary Wind-Up
--------------------------------------------
At a general meeting of the members of AJL Nominees Pty Limited
held on June 15, 2006, it was resolved that a voluntary wind-up
of the Company's operations is appropriate and necessary.

Accordingly, David M. McCarthy was appointed as liquidator.

The Liquidator can be reached at:

         Christopher R. Campbell
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia


AMS INSULATION: Liquidation Process Commenced
---------------------------------------------
The liquidation of AMS Insulation Services (2003) Ltd commenced
on July 17, 2006, with the appointment of Kim S. Thompson as
liquidator.

Mr. Thompson required the creditors of the Company to prove
their debts by August 22, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Kim Thompson
         P.O. Box 1027, Hamilton
         New Zealand
         Telephone: (07) 834 6027
         Facsimile: (07) 834 6064


ARABELLA PTY: Court Orders Wind-Up
----------------------------------
The Supreme Court of New South Wales on July 11, 2006, issued an
order to wind up Arabella Pty Ltd.

The Court also directed the appointment of Steven Nicols as
liquidator.

The Liquidator can be reached at:

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


BMED NOMINEES: Appoints Peter Robert Vince as Liquidator
--------------------------------------------------------
Members of BMED Nominees Pty Ltd convened on July 21, 2006, and
resolved to wind up the Company's operations.

In this regard, Peter Robert Vince was appointed as liquidator.

The Liquidator can be reached at:

         Peter Robert Vince
         Vince & Associates
         51 Robinson Street
         Dandenong, Victoria 3175
         Australia


BABY WORLD: Appoints Burgess as Liquidator
------------------------------------------
Shareholders of Baby World in New Zealand Ltd on July 17, 2006,
appointed Liquidator Raymond Gordon Burgess to oversee the
Company's liquidation.

Mr. Burgess subsequently required the creditors of the company
to submit their proofs of claim by August 21, 2006, for them to
share in any distribution the Company will make.

The Liquidator can be reached at:

         Raymond Burgess
         P.O. Box 82-100, Auckland
         New Zealand
         Telephone: (09) 576 7806
         Facsimile: (09) 576 7263


BREMORE ENGINEERING: To Declare Dividend on August 23
-----------------------------------------------------
Bremore Engineering Pty Ltd will declare a first and final
dividend for creditors on August 23, 2006.

Creditors are required to formally prove their debts 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


BUMAR PTY: Members Decide to Shut Down Operations
-------------------------------------------------
At an extraordinary general meeting of Bumar Pty Ltd, on
July 19, 2006, members agreed to voluntarily wind up the
Company's operations.

In this regard, Stephen Robert Dixon and Laurence Andrew
Fitzgerald were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Laurence Andrew Fitzgerald
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


CASTLE BROS: Court to Hear Liquidation Bid on Sept. 28
------------------------------------------------------
The High Court of Auckland on July 4, 2006, received from W
Stevenson & Sons Ltd a liquidation petition against Castle Bros.
Haulage Ltd.

The Court is set to hear the petition on September 28, 2006, at
10:00 a.m.

Further particulars of the case can be obtained from the
plaintiff's solicitor at:

         C. N. Lord
         Messrs Craig Griffin & Lord
         Solicitors, 187 Mt Eden Road
         Mt Eden, Auckland
         New Zealand
         P.O. Box 9049, Newmarket, Auckland


CDSCC SUPERANNUATION: Placed Under Members' Voluntary Wind-Up
-------------------------------------------------------------
The members of CDSCC Superannuation Fund Pty Limited met at a
general meeting on July 21, 2006, and decided to voluntarily
wind up the Company's operations.

Accordingly, Peter G. Yates and David J. F. Lombe were appointed
as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Peter G. Yates
         David J. F. Lombe
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia


CHADWICK PLACE: Members Agree to Liquidate Business
---------------------------------------------------
The members of Chadwick Place Pty Ltd convened on June 9, 2006,
and resolved to voluntarily liquidate the Company's business.

Michael James Humphris and Stephen Robert Dixon were
subsequently nominated as liquidators.

The Liquidators can be reached at:

         Michael James Humphris
         Stephen Robert Dixon
         Chartered Accountants
         Horwath BRI (Vic) Pty Ltd
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


CHELDARLIN PTY: Members Pass Resolution to Wind Up Firm
-------------------------------------------------------
At a general meeting of the members of Cheldarlin Pty Ltd held
on July 11, 2006, it was resolved that a voluntary wind-up of
the Company's operations is appropriate and necessary.

In this regard, Gregory Stuart Andrews was appointed as
liquidator.

The Liquidator can be reached at:

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


CHROME STILL: To Declare First and Final Dividend
-------------------------------------------------
Chrome Still And Motion Investments Pty Ltd will declare a first
and final dividend for creditors on August 25, 2006, to the
exclusion of those who cannot prove their claims by August 25,
2006.

The deed administrator can be reached at:

         Riad Tayeh
         de Vries Tayeh
         PO Box 218
         Parramatta, New South Wales 2124
         Australia


CONTRACT CONTROL: Creditors Appoint McLellan as Liquidator
----------------------------------------------------------
On July 19, 2006, the members Contract Control Constructions
Pty Ltd (CCC) met at a general meeting and resolved to
voluntarily wind up the Company's operations.

Creditors subsequently appointed Andrew McLellan as liquidator
at a separate meeting held that same day.

The Liquidator can be reached at:

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


D. H. BUS: Enters Wind-Up Proceedings
-------------------------------------
At an extraordinary general meeting of D. H. Bus Pty Ltd, held
on July 12, 2006, members resolved to voluntarily wind up the
Company's operations.

Accordingly, Robert Whitton was named official liquidator.

The Liquidator can be reached at:

         Robert Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


D.J. BARNES: Members Resolve to Close Business
----------------------------------------------
The members of D.J. Barnes & Sons Pty Ltd held a meeting on
July 18, 2006, and resolved to voluntarily wind up the Company's
operations.

Creditors subsequently appointed Leigh Dudman as liquidator.

The Liquidator can be reached at:

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


FAIRFIELD INVESTMENTS: Appoints Official Liquidators
----------------------------------------------------
Members of Fairfield Investments Pty Ltd convened at a general
meeting on June 7, 2006, and resolved to voluntarily wind up the
Company's operations.

In this regard, Stephen Robert Dixon and Laurence Andrew were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Laurence Andrew Fitzgerald
         Chartered Accountants
         Horwath BRI (Vic) Pty Ltd
         The Rialto
         Level 30, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


G.T. COLLECTIVE: Members Agree to Shut Down Business
----------------------------------------------------
At an extraordinary general meeting of the members of G.T.
Collective Construction Pty Limited held on July 20, 2006, it
was decided that a wind-up of the Company's operations is
appropriate and necessary.

Subsequently, Daniel I. Cvitanovic was appointed as liquidator.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Daniel I. Cvitanovic Chartered Accountant
         Shop 5, Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia


HCOA INTERNATIONAL: Placed Under Voluntary Liquidation
------------------------------------------------------
The members of HCOA International Holdings Pty Ltd convened on
June 30, 2006, and agreed to voluntarily liquidate the Company's
business.

In this regard, James Patrick Downey was nominated as
liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


HIH INSURANCE: M. Fedora Faces Court for Six Criminal Charges
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 31, 2006, that Dominic Fodera, the former Chief Financial
Officer of HIH Insurance Limited, will appear in Downing Centre
Court for a committal hearing commencing on August 7, 2006, in
relation to four criminal charges of giving misleading
information and two charges of failing to act honestly as a
director.

A follow-up report from The Age relates that Mr. Fodera has
already faced a court hearing to determine if he will stand
trial on the six charges against him.  These charges arise from
the Australian Securities and Investments Commission's
investigation into the affairs of the HIH group of companies.

HIH entered into two agreements in 1999 -- Hannover 1 and
Hannover 2 -- with German re-insurer Hannover Re, the Australian
Associated Press cites crown prosecutor Tim Game SC as telling
the Downing Centre Local Court.

Under the agreements, it appeared that HIH would pay money into
a managed fund and Hannover Re would carry the risk if the fund
failed to grow quickly enough to meet HIH claims, Mr. Game
relates.

However, other agreements, known as Letters of Credit
agreements, were entered into by HIH subsidiary Underwriting and
Agency Services Limited, and were not disclosed to the HIH board
of directors, Mr. Game reveals.

In those LOC agreements, "HIH was in fact guaranteeing the funds
would meet the ultimate levels so risk was not being passed to
Hannover Re," Mr. Game asserts.

Mr. Game adds that in 1999, HIH "were able to produce a profit
of AU$92.4 million on their financials because of these
transactions."

Thus, "[i]n Hannover 1 and 2 agreements, Hannover is bearing the
risk, [yet] when you bring in the LOC agreements, Hannover is
not bearing the risk, HIH is bearing the risk," Mr. Game
concludes.

Mr. Game contends that the agreements were "unnecessarily
complicated" and difficult to understand "even for people well
versed in re-insurance."

The three-day committal hearing resumes before Magistrate Antony
Townsden today, The Age notes.

                      About HIH Insurance

HIH Insurance Limited -- the holding company of the HIH Group --
was a publicly listed company in Australia.  Prior to its
collapse, the HIH Group was known as the second largest general
insurer in Australia, and had operations in many other
countries.

On March 15, 2001, the HIH Group failed, with a deficiency now
believed to be between AU$3.6 billion and AU$5.3 billion.  
Provisional liquidators were appointed to HIH Insurance Limited
and many of its subsidiaries.  Other insolvency practitioners
were appointed to various group companies incorporated in other
parts of the world.  In August 2001, the major Australian
companies in the HIH Group were placed into liquidation.

On March 29, 2006, meetings of the creditors of the eight
companies in the HIH Insurance Group approved the Australian
Schemes of Arrangement for those companies.  Moreover, separate
meetings of creditors of four HIH Insurance Group companies with
branches in the United Kingdom approved English Schemes for
those companies.

HIH's collapse is known to be the nation's biggest corporate
failure.


ION LIMITED: Shareholders Wait for SOG Judgment on Creditor Debt
----------------------------------------------------------------
ION Limited shareholders must wait several months for a High
Court ruling that could affect their chances of recovering any
funds, The BorderMail reports.

The report relates that a year ago, ION's external
administrators, McGrath Nicol and Partners, said there was no
likelihood of shareholders receiving any cash.  Yet, the report
says that the position of some shareholders was put in doubt by
a case involving Perth miner Sons of Gwalia Limited, which
failed in 2004.

That case hinged on whether certain shareholders who claimed
they had been misled before buying shares could be treated as
creditors, The BorderMail explains.

The paper recounts that the Federal Court decided in March 2006
that Sons of Gwalia shareholders who purchased shares "on-
market" were entitled to "prove" debt as a creditor.

According to the Judges, the claims are not postponed until non-
shareholder creditors' claims had been paid, The BorderMail
relates.

McGrath Nicol agree that this could affect ION and, therefore,
informs ION shareholders that the Sons of Gwalia administrators
would appeal to the High Court.

A hearing on the Sons of Gwalia case will be held in Adelaide on
August 7 and 8, 2006.  McGrath Nicol does not expect judgment
for several months after that, The BorderMail says.

In their update for shareholders at ION's Web site, the
administrators note that once the High Court delivers judgment,
they will have certainty about the issue relating to the
adjudication of the proofs of debt of ION shareholders.

                  ION Placed in Administration

On December 7, 2004, ION Limited was placed in voluntary
administration.  Trading in its shares has been suspended and
Colin Nicol and Peter Anderson of the independent restructuring
and corporate advisory firm, McGrath Nicol + Partners, have been
appointed as joint and several administrators to the group.

The company has been placed in administration by its board of
directors primarily as a result of cost overruns and delays
associated with three major capital projects, which have
absorbed cash.

McGrath Nicol Partner Colin Nicol said that they will work
towards selling ION's businesses -- where possible as going
concerns -- recapitalizing parts of the group.  The
Administrators expected the existence of sufficient assets
within the group to ensure that employee entitlements were
secure.

A report to creditors dated April 15, 2005, disclosed that
administrators have been appointed to ION and each of its 22
Australian subsidiaries:

   1) Castalloy Limited,
   2) Castalloy Manufacturing Pty Ltd,
   3) Castalloy Wheels Pty Ltd,
   4) Core Cast Limited,
   5) ION Automotive Group Limited,
   6) ION Automotive Systems Pty Ltd,
   7) ION Light Metal Castings Pty Ltd,
   8) ION Transmissions Pty Ltd,
   9) XCTA Pty Ltd (formerly Cootes Transport Pty Ltd),
  10) XCTS Pty Ltd (formerly Cootes Tanker Service Pty Ltd),
  11) XIRC Pty Ltd (formerly I.R. Cootes Pty Ltd),
  12) XLC Pty Ltd (formerly Liquip Corp Pty Limited),
  13) XLO Pty Ltd (formerly Liquip Overseas Pty Ltd),
  14) XLS Pty Ltd (formerly Liquip Sales Pty Ltd),
  15) XLSE Pty Ltd (formerly Liquip Service Pty Ltd),
  16) XLSV Pty Ltd (formerly Liquip Sales (Vict.) Pty Ltd),
  17) XST Pty Ltd (formerly Stevenson Transport Pty Ltd),
  18) ION Finance Ltd,
  19) ION Holdings Pty Ltd,
  20) ION Investments Pty Ltd,
  21) Thomson & Scougall Industries Pty Ltd, and
  22) XCHO Pty Ltd (formerly Cootes Holdings Pty Ltd)

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

     http://www.ionlimited.com/images/articles/0504292.pdf

                ION & Subsidiaries Executed DOCA

On May 30, 2005, the Administrators informed creditors that ION
and 17 of its subsidiaries executed deeds of company arrangement
on May 27, 2005:

   1) ION Automotive Group Limited,
   2) ION Light Metal Castings Pty Ltd,
   3) Core Cast Limited,
   4) Castalloy Limited,
   5) Castalloy Wheels Pty Ltd,
   6) Castalloy Manufacturing Pty Ltd,
   7) ION Automotive Systems Pty Ltd,
   8) ION Transmissions Pty Ltd,
   9) XCTA Pty Ltd,
  10) XCTS Pty Ltd,
  11) XIRC Pty Ltd,
  12) XST Pty Ltd,
  13) XLSV Pty Ltd,
  14) XLS Pty Ltd,
  15) XLSE Pty Ltd,
  16) XLC Pty Ltd, and
  17) XLO Pty Ltd

A full-text copy of the DOCA is available for free at:

      http://www.ionlimited.com/images/articles/050602.pdf

                            About ION

ION Limited -- http://www.ionlimited.com-- is a manufacturer of  
automotive components and also has an energy services business.  
It employs around 3,000 people at sites in Australia, New
Zealand, and the United States of America and has annual
revenues of approximately AU$700 million.

ION manufactures wheels and alloy components, transmission
assemblies, cylinder heads, oil pans and other automotive
products.  Its energy services business distributes oil and gas
to retail and commercial outlets, undertakes aviation refuelling
and manages terminal operations.

ION Limited is currently subject to a deed of company
arrangement.


ISI NOMINEES: Names Joint and Several Liquidators
-------------------------------------------------
Members of ISI Nominees Pty Limited convened on June 15, 2006,
and decided to voluntarily wind up the Company's operations.

Subsequently, David M. Mccarthy and Christopher R. Campbell were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         David M. Mccarthy
         Christopher R. Campbell
         Deloitte Touche Tohmatsu
         Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia


JANSEEN & DOMETT: Faces Liquidation Proceedings
-----------------------------------------------
A liquidation petition filed against Janssen & Domett will be
heard before the High Court of Wellington on August 21, 2006, at
10:00 a.m.

Harbour Associates Ltd filed the petition on July 12, 2006.

The solicitor for the plaintiff can be reached at:

         David Scott Galloway
         Hazelton Law, Level Three
         Molesworth House
         101 Molesworth (P.O. Box 5639)
         Wellington, New Zealand


MALCOLM SWAIN: Liquidators to Present Wind-Up Report
----------------------------------------------------
The members of Malcolm Swain Investments Pty Limited will hold a
final meeting on August 22, 2006, at 10:00 a.m..

During the meeting, members will receive the Liquidators         
Peter Woods and Samantha Bennett's reports on the Company's
wind-up and property disposal exercises.

The Liquidators can be reached at:

         Peter Woods
         Samantha Bennett
         Peter Woods & Associates Pty Limited
         86 Currajong Street
         Parkes, New South Wales 2870
         Australia


MULTIPLEX GROUP: Takes Wembley Disputes for Adjudication
--------------------------------------------------------
Multiplex Group has taken seven separate disputes, including
payments, changes of specification, and time schedules, with
Wembley National Stadium Ltd., to adjudication over the past
month, the Sydney Morning Herald relates.

According to the Sydney Herald, it is the first time that the
disputes procedure has been invoked since Multiplex was
appointed to build the stadium six years ago and forms the
background to last week's issue over completion dates.

As reported in the Troubled Company Reporter - Asia Pacific on
August 3, 2006, a stand-off between Multiplex and the owners of
Wembley Stadium threatens to put the project further behind
schedule.

WNSL has yet to use the adjudication process against Multiplex,
the Herald notes.

Although of limited size individually, the disagreements to be
adjudicated will set a precedent for deciding other issues, the
Herald says.  Multiplex has asserted claims in excess of
GBP150 million (AU$373 million) against WNSL on a contract worth
GBP458 million.

The Herald states that the disputes process allows 28 days for
resolution and the first adjudications are due this month,
noting that if either party disagrees with the finding, it can
take the matter to court.

However, a Wembley insider says that "[i]f we have to go to
court we will, but we have no desire for public spats," the
Herald relates.

Multiplex is suffering a GBP1 million-a-week penalty for delays
on its fixed-price contract and is seeking to blame WNSL for
exacerbating its problems.

                     FA Blames Multiplex

According to The Observer, the Football Association holds
Multiplex responsible for the delays, and privately accuses it
of using "blackmail" by constantly pushing back the reopening
date.  However, the FA also recognizes that only a settlement
will let them turn Wembley into a lucrative revenue stream in
the foreseeable future, and that Multiplex will not settle
unless the FA abandoned all or most of its claims for damages.

The TCR-AP report stated that a Multiplex spokesman said that
the bulk of WNSL's work had not started and, while Multiplex
would complete its own share of work by next month, the final
completion date was "very much in the hands of the client."  
However, WNSL Chief Executive Officer Michael Cunnah countered
that "[i]t has always been our view that the stadium's delays
are Multiplex's responsibility."

                Parties May Settle Out of Court

Multiplex will escape financial penalties of up to GBP40 million
payable to the FA for the late delivery of the project, The
Observer reports.

The report explains that the FA climb-down is part of a deal
with the venue's owners to avoid a lengthy court battle.  The
FA, whose subsidiary, WNSL, owns the stadium, will agree not to
pursue a claim so that the ground can open and start earning
money, The Observer relates.

The news comes as the FA renegotiates its GBP426-million loan
with a consortium of banks led by WestLB.  The FA was due to pay
GBP40 million to the banks next month, but has been forced to
delay payment until March 2007 because of the failure to build
the new ground.  Wembley should have held May's FA Cup but it
might not be completed until next June.  The FA has already lost
millions of pounds as dozens of football matches and pop
concerts have been cancelled or held elsewhere.

The Herald relates that WestLB, the German lead-financier of the
GBP757-million project, is watching the dispute closely.  
Repayments on its loan could fall due next month.  So far,
interest has been rolling up but, as soon as the project is
completed, WNSL must make payments, the Herald says.

Multiplex investor relations and communications director Peter
Murphy says the reports are probably related to approximately
GBP38 million in liquidated damages for late delivery, payable
under the Wembley construction contract -- of which Multiplex
was liable for just GBP14 million, with an insurance company
liable for the rest, The Australian relates.

The report further relates that although it has provided to pay
the full GBP14 million -- and part of that has been deducted
from progress payments by WNSL -- Multiplex argues it is
entitled to extensions until October 2007, and may not have to
pay any damages at all.

Mr. Murphy relates that settlement negotiations with WNSL had
been under way for months, noting that there have been offers
that Multiplex was not satisfied with.

According to The Australian, Mr. Murphy rejects as "ridiculous"
the suggestion that Multiplex was trying to blackmail WNSL.  
"We've battled to get the stadium to the point where it's
substantially complete," the paper cites Mr. Murphy saying.

Mr. Murphy also says that local authorities in London had
confirmed that approvals could not be issued until a test event
for 90,000 spectators had been held -- and that could not take
place until WNSL had completed its own works.  "Between now and
practical completion, the main hold-up remains the client
works," Mr. Murphy asserts.

The Observer says Multiplex will already lose up to
GBP183 million on a stadium it promised to build for a fixed
price of GBP352 million.  Both sides are threatening to sue each
other over the many setbacks, The Observer notes.

                         About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.  The Company's troubles continue with plunging share
prices, extortion attempts and threats of class action from
disgruntled shareholders.  The Roberts family, as founder and
controlling shareholder of Multiplex, opted to offer AU$50
million indemnity in a bid to appease dissatisfied shareholders.  
In May 2005, Multiplex admitted that its troubled Wembley
Stadium construction project may end up with a multimillion
loss.  As of February 2006, the Company is faced with liquidity
crisis after posting a massive AU$474 million loss on Wembley
and is currently in talks to bring down possible delay fees,
pegged at AU$138,000 per day beyond the scheduled March 31, 2006
completion date.


MWM MANAGEMENT: Members Pass Resolution to Wind Up Firm
-------------------------------------------------------
At a general meeting on July 18, 2006, the members of
MWM Management Group Pty Ltd proposed and passed a special
resolution to voluntarily wind up the Company's operations.

Marc Peskett was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Marc Peskett
         MPR Group Level 11
         499 St Kilda Road
         Melbourne, Victoria 3004
         Australia


NATURAL NUTRITION: Appoints James Downey as Liquidator
-----------------------------------------------------
Members of Natural Nutrition Pty Ltd convened on July 20, 2006,
and resolved to voluntarily wind up the Company's operations.

In this regard, James Patrick Downey was appointed as
liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


PARKLANDS INVESTMENTS: Creditors Must Prove Debt by August 31
-------------------------------------------------------------
The High Court of Auckland had appointed Rory Iain Grieve and
Peter Reginald Jollands as joint liquidators of Parkland
Investments Ltd.

Accordingly, the Joint Liquidators require the Company's
creditors to prove their debts by August 31, 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:

         R.I. Grieve
         Jollands Callander
         Accountants and Insolvency Practitioners
         Level Four, 3-13 Shortland Street
         Auckland, P.O. Box 106-141
         Auckland City, New Zealand
         Web site: www.jollandscallander.co.nz/


PENDEAN PTY:  Creditors' Proofs of Claim Due on August 10
---------------------------------------------------------
Pendean Pty Ltd will declare a first and final dividend on
August 24, 2006.

Creditors who can prove their claims by August 10, 2006, will
share in the dividend distribution.

The liquidator can be reached at:

         S. L. Horne
         Draper Dillon
         499 St Kilda Road
         Melbourne 3004, Australia


PROACTIVE WORKWEAR: Court to Hear Liquidation Bid on Oct. 19
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Proactive Workwear Co NZ Ltd on October 19, 2006, at
10:00 a.m.

Red I Ltd filed the petition with the Court on July 14, 2006.

The plaintiff's solicitor can be reached at:

         R. M. Dillon
         Gaze Burt, Solicitors
         1 Nelson Street, Auckland
         New Zealand


PROVINCIAL FINANCE: Receivers Provide Interim Statutory Report
--------------------------------------------------------------
The joint receivers for Provincial Finance Limited presented
interim updates of the current status of their activities and
the Company's affairs.  The Company's receivers are John Waller
and Maurice Noone, at PricewaterhouseCoopers.

According to Mr. Noone, as of July 13, 2006, good progress has
been made in strengthening collection processes with a view to
reducing the general level of arrears.  As of this date,
collections have been in line with Provincial Finance's
preliminary expectations due to the support of the Company's
staff, Mr. Noone notes.

New avenues have been explored to dispose of repossessed
vehicles, with good success in the recent Receivers' Sale, Mr.
Noon relates.

Mr. Noone relates that they are continuing to see if
restructuring is possible and are currently in discussions with
a number of parties that would be involved in the restructure.

However, "at this stage we cannot put a time frame on the
restructure nor provide any certainty as to whether a
restructure will succeed," Mr. Noone clarifies, adding that any
restructure must be viable and protect debenture holders.

The Receivers are still hopeful that if the collection of the
loan book is successful, investors should receive most, if not
all, of their initial investment back.

As reported in the Troubled Company Reporter - Asia Pacific on
July 10, 2006, Provincial Finance's investors who were affected
by the Company's collapse will get some of their money back in
September 2006.

In his update, Mr. Noone says they still expect to make an
interim distribution to debenture holders, together with a full
update on the status of any restructure by the end of September.   
He further says that it is likely that any distribution will be
in the range of 10-20 cents on the initial investment made.

Mr. Noone also notes that in recent publicity, it was alluded
that Provincial Finance continued to accept amounts of up to
NZ$12 million after its prospectus was withdrawn.  Mr. Noone
clarifies that all of the amounts received after the prospectus
was withdrawn on May 7, 2006, were not accepted and were repaid
by Provincial Finance.  

In addition, amounts received subsequent to the Trustee advising
Provincial Finance that it was in breach of its trust deed
requirements on April 10, 2006, were held in trust by the
Trustee and have been refunded to the investors by the Trustee,
Mr. Noone says.

                   About Provincial Finance

Provincial Finance Limited --
http://www.provincialfinance.co.nz/-- is a New Zealand finance  
company that provides consumer and commercial finance to
individuals and businesses across New Zealand, and promote a
range of investment opportunities.

As reported in the Troubled Company Reporter - Asia Pacific,
Provincial Finance was put into receivership on June 2, 2006,
due to breach of covenants and ratios in its Trust Deed, as well
as a multi-million write-down for bad debts.  The Company owes
NZ$300 million to 14,000 small investors.


Q & L BUS: Creditors Appoint Robert Whitton as Liquidator
---------------------------------------------------------
At an extraordinary general meeting of the members of Q & L Bus
Tours Pty Ltd held on July 12, 2006, the members resolved to
voluntarily wind up the Company's operations.

Robert Whitton was subsequently appointed as liquidator.

The Liquidator can be reached at:

         Robert Whitton
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


RULA PTY: Members Agree to Wind Up Firm
---------------------------------------
At an extraordinary general meeting of Rula Pty Limited held on
July 21, 2006, members resolved to voluntarily wind up the
Company's operations.

In this regard, that Bryan Collis was appointed as liquidator.

The Liquidator can be reached at:

         Bryan Collis
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


SHARDEL PTY: Placed Under Members' Voluntary Liquidation
--------------------------------------------------------
The members of Shardel Pty Ltd convened on July 20, 2006, and
agreed to voluntarily liquidate the Company's operations and
distribute the proceeds of its assets disposal.

In this regard, Peter H. Cary was appointed as liquidator.

The Liquidator can be reached at:

         Peter H. Cary
         c/o P. H. Cary & Company
         Level 8, 6-10 O'Connell Street
         Sydney, New South Wales 2000
         Australia


SIGNATURE BEVERAGES: Enters Wind-Up Proceedings
-----------------------------------------------
Members of Signature Beverages Pty Limited met on July 6, 2006,
and resolved to close the Company's operations.

In this regard, Martin John Green was appointed as official
liquidator.

The Liquidator can be reached at:

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


SIMONETTA IMPORTS: Members Opt for Voluntary Liquidation
--------------------------------------------------------
At an extraordinary general meeting of the member of Simonetta
Imports Pty Ltd held on July 13, 2006, it was agreed that a
voluntary liquidation of the Company's business is appropriate
and necessary.

Robert Molesworth Hobill Cole was appointed as liquidator at a
creditors' meeting held that same day.

The Liquidator can be reached at:

         Robert Molesworth Hobill Cole
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


SOY FRANCHISE: Members Appoint Steven Nicols as Liquidator
----------------------------------------------------------
The members of Soy Franchise Pty Ltd convened on July 21, 2006,
and agreed to liquidate the Company's business.

In this regard, Steven Nicols was appointed as liquidator.

The Liquidator can be reached at:

         Steven Nicols
         Nicols + Brien
         Level 2, 350 Kent Street
         Sydney, New South Wales 2000
         Australia
         Telephone: 9299 2289
         Facsimile: 9299 2239
         Web site: http://www.bankrupt.com.au/


STEWART MCKENZIE: Members Decide to Close Business
--------------------------------------------------
Members of Stewart Mckenzie Pty Limited on July 18, 2006,
resolved to voluntarily wind up the Company's operations.

Subsequently, Andrew Hugh Jenner Wily and David Anthony Hurst
were appointed as liquidators.

The Liquidators can be reached at:

         Andrew Hugh Jenner Wily
         David Anthony Hurst
         Armstrong Wily
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


SWOOVE PTY: Members Pass Resolution to Wind Up Operations
---------------------------------------------------------
The members of Swoove Pty Ltd convened on July 13, 2006, and
passed a special resolution to voluntarily wind up the Company's
operations.

The liquidator can be reached at:

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

TELEON HOLDINGS: Undergoes Voluntary Liquidation
------------------------------------------------
On June 28, 2006, the members of Teleon Holdings Pty Limited
held a general meeting and passed a special resolution to wind
up the Company's operations and distribute the proceeds of its
assets disposal.

The liquidator can be reached at:

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


TE MAIRE: Court Hears Liquidation Petition
------------------------------------------
The Commissioner of Inland Revenue filed a liquidation petition
against Te Maire Ruapehu before the High Court of Rotorua on
May 8, 2006.

The Court heard the petition on August 7, 2006, at 10:45 a.m.

Further particulars of the case can be obtained from:

         Eleanor Duncan-Sittlington
         Inland Revenue Department
         1 Bryce Street, Hamilton
         New Zealand
         Telephone: (07) 959 0471


TEMPERAIR SERVICES: Creditors Decide to Close Business
------------------------------------------------------
Creditors of Temperair Services Pty Limited convened on
July 20, 2006, and resolved to close the Company's operations.

Subsequently, Roderick Mackay Sutherland was appointed as
liquidator.

The Liquidator can be reached at:

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


TP COMMUNICATIONS: Creditors' Proofs of Debt Due on August 18
-------------------------------------------------------------
Liquidator John Michael Gilbert will is receiving proofs of debt
from the creditors of TP Communications until August 18, 2006.

The liquidator can be reached at:

         J.M. Gilbert
         c/o C & C Strategic Limited
         Private Bag 47-927, Ponsonby
         Auckland, New Zealand
         Telephone: (09) 376 7506
         Facsimile: (09) 376 6441


TRANSAG MANUFACTURING: Court Hears Corus' Liquidation Bid
---------------------------------------------------------
The High Court of Auckland heard a liquidation petition against
Transag Manufacturing Ltd On August 3, 2006, at 10:00 a.m.

Corus New Zealand Ltd filed the petition with the Court on
May 24, 2006.

The solicitor for the plaintiff can be reached at:

         A.J. Cumming
         c/o offices of Wilson McKay
         1A St Vincent Avenue
         Remuera, Auckland
         New Zealand


TRIDET PTY: Members and Creditors to Receive Wind-Up Report
-----------------------------------------------------------
Members and creditors of Tridet Pty Ltd will hold a general
meeting on August 25, 2006, at 11:00 a.m.

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

The Liquidator can be reached at:

         Ross McDermott
         Chartered Accountant
         Suite 13, 233 Cardigan Street
         Carlton, Victoria 3053
         Telephone:(03) 9347 0411


ULTRA LITE: Court Appoints Official Liquidator
----------------------------------------------
On July 21, 2006, the Supreme Court of New South Wales ordered
Ultra Lite Skylights Pty Limited to wind up its business and
appoint R. M. Sutherland as liquidator.

The Liquidator can be reached at:

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


VIVIANNES COLLECTION: To Declare Second Dividend on August 11
-------------------------------------------------------------
Viviannes Collection Australia Pty Ltd will declare its second
dividend for creditors on August 11, 2006.

Creditors are required to prove their debts by August 10, 2006,
for them to share in the dividend distribution.

The liquidator can be reached at:

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


V & S ENTERPRISES: Liquidation Bid Hearing Set on Aug. 17
---------------------------------------------------------
The hearing of the liquidation petition filed against V & S
Enterprises Ltd is set on August 17, 2006, at 10:00 a.m. by the
High Court of Auckland.

The Court received the petition from South Pacific Tyres NZ Ltd
on May 26, 2006.

The solicitor for the plaintiff can be reached at:

        Dianne S. Lester
        Credit Consultants Debt Services NZ Ltd
        Level Three, 3-9 Church Street
        P.O. Box 213 or D.X. S.X. 10 069
        Wellington, New Zealand
        Telephone: (04) 470 5972


WELLINGTON PTY: Inability to Pay Debts Prompts Wind-Up
------------------------------------------------------
Members of Wellington Pty Limited convened on July 19, 2006, and
decided to wind up the Company's operations due to its inability
to pay its debts.

Subsequently, Robert Moodie was appointed as liquidator.

The Liquidator can be reached at:

         Robert Moodie
         c/o Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


WELLROOFED PTY: Members Agree to Voluntarily Liquidate Business
---------------------------------------------------------------
The members of WellRoofed Pty Ltd convened on July 20, 2006, and
decided to voluntarily liquidate the Company's business.

Accordingly, Barry Keith Taylor was named official liquidator.

The Liquidator can be reached at:

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


WENTLOCK PTY: Appoints Joint and Several Liquidators
----------------------------------------------------
At an extraordinary general meeting of Wentlock Pty Ltd held on
July 24, 2006, members resolved to voluntarily liquidate the
Company's business.

Creditors appointed William Bernard Abeyratne and Loke Ching
Wong as joint and several liquidators at the creditors' meeting
held that same day.

The Joint and Several Liquidators can be reached at:

         William Bernard Abeyratne
         Loke Ching Wong
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne Victoria 3205
         Australia
         Telephone:(03) 9696 2885


Y.M.M YOUL: Enters Wind-Up Proceedings
--------------------------------------
The members of Y.M.M Youl (Fairfield) Pty Ltd convened on
June 2, 2006, and decided to voluntarily liquidate the Company's
business.

In this regard, Stephen Robert Dixon and Laurence Andrew
Fitzgerald were appointed as liquidators.

The liquidators can be reached at:

         Stephen Robert Dixon  
         Laurence Andrew Fitzgerald
         Chartered Accountants  
         Horwath BRI (Vic) Pty Ltd
         Level 30, The Rialto
         525 Collins Street
         Melbourne Victoria 3000
         Australia


* Trans-Tasman Merger Protocol Agreed
-------------------------------------
The New Zealand Commerce Commission and the Australian
Competition and Consumer Commission have agreed to a Cooperation
Protocol for Merger Review.

The protocol is effective August 7, 2006.  It is designed to
assist cooperation in merger review between the ACCC and the
Commerce Commission.

According to Commerce Commission Chairperson Paula Rebstock, and
ACCC Chairman Graeme Samuel, the protocol "will reduce
compliance costs for businesses, and save taxpayers money by
reducing the costs of making merger decisions".  They also note
that the protocol is consistent with both governments' shared
objective of streamlining the trans-Tasman business
environment."

In a statement posted at the ACCC's Web site, the ACCC and the
Commerce Commission will apply this protocol to the greatest
possible extent, consistent with their priorities, aims,
functions and respective laws, interests and enforcement
responsibilities, when they:

   * review the same merger transaction;

   * exchange information for use in a merger review being
     conducted by either agency; or

   * otherwise exchange information with the aim of assisting
     the respective agencies in carrying out their merger review

     processes and functions.


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

AGRICULTURAL BANK: To Invest CNY467 Billion in State Program
------------------------------------------------------------
The Agricultural Bank of China said it plans to inject CNY467
billion with in the next five years in support of the
government's initiative to build the "Socialist New
Countryside", The Standard reports.

According to The Standard, the Chinese government launched the
"New Countryside" initiative last year in a bid to promote the
development of its vast rural areas, where 800 million of its
1.3 billion population live.

A spokesperson of the Bank told the paper that "New Countryside"
initiative is providing a big chance for commercial banks, as it
is estimated that the initiative will use up some CNY20 trillion
by 2020.

The source explained that though the Government will increase
spending on agriculture and rural development, majority of the
funds would have to be sourced from the banks.

In addition, the Bank's spokesperson said that compared with
other banks, the Agricultural Bank's strength is its extensive
coverage of the rural areas and its familiarity with farmers and
agriculture.

Currently the Bank has 6,389 outlets in county towns, and 8,672
outlets in smaller towns.

                          *     *     *

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

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

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


NUCLEAR CONSTRUCTION: Creditors to Convene on August 15
-------------------------------------------------------
The creditors of Nuclear Construction and Engineering Co Ltd
will convene on August 15, 2006, 2:30 p.m. at Room 203, Duke of
Windsor Social Service Building, No.15 Hennessy Road, in
Wanchai, Hong Kong.

The meeting was called for the purposes provided in different
sections of the Companies Ordinance of Hong Kong.

On August 1, 2006, The Troubled Company Reporter - Asia Pacific
reported that the Company is facing a wind-up petition filed
before the High Court of Hong Kong by Guangzhou Aluminum Fluro-
Carbon Coated Ltd.

The Court will hear the petition on September 13, 2006.


SINO UNICORN: Creditors Must Prove Debts by September 4
-------------------------------------------------------
The creditors of Sino Unicorn Trading Ltd are required to submit
their proofs of claim by September 4, 2006, to Liquidator Ho Wai
Ip.

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:

         Ho Wai Ip
         c/o Alliance & Associates, CPA's
         Rooms 1903, 19/F., World Wide House
         19 Des Voeux Road Central
         Hong Kong


TAGO (H.K.) INTERNATIONAL: Court to Hear Wind-Up Bid on Sept. 6
--------------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Tago (H.K.) International Ltd on September 6, 2006, at 9:30 a.m.

John Swire & Sons (H.K.) Ltd filed the petition with the Court
on July 10, 2006.

The solicitor for the plaintiff can be reached at:

         Johnson Stokes & Master
         18th Floor Prince's Bldg
         10 Chater Road, Central
         Hong Kong


TETRA PAK: Creditors' Proofs of Claim due on September 5
--------------------------------------------------------
The creditors of Tetra Pak East Asia Ltd are required to file
their proofs of claim with Joint Liquidators John James Toohey
and Rainier Hok Chung Lam by September 5, 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:

         Rainier Hok Chung Lam
         22/F., Prince's Building
         Central, Hong Kong


TKF ARCHITECTS: Wind-Up Petition Hearing Slated for Sept. 20
------------------------------------------------------------
A wind-up petition filed against TKF Architects & Engineering Co
Ltd will be heard before the High Court of Hong Kong on
September 20, 2006, at 9:30 a.m.

King's Garden Development Ltd filed the petition on July 19,
2006.

The solicitor for the petitioner can be reached at:

         Messrs King & Company
         12th Floor, New World Tower II
         18 Queen's Road Central
         Hong Kong


TKR FINANCE: Creditors' Meeting Set on August 15
------------------------------------------------
The creditors of TKR Finance Ltd will convene for a meeting at
the liquidator's office on August 15, 2006, at 10:00 a.m.

At the meeting, creditors will be asked to pass an ordinary
resolution relating to a certain security claimed by a creditor.

The liquidator can be reached at:

         John Robert Lees
         c/o John Lees & Associates Limited
         1904 Hong Kong Club Building
         3A Chater Road
         Central, Hong Kong
         Telephone: 2842 5009
         Facsimile: 2526 0771


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

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

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

                     About TI Automotive

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

                           *   *   *

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

As reported in TCR-Europe on March 6, S&P revised its outlook on
U.K.-based automotive supplier TI Automotive Ltd. to negative
from stable.  At the same time, S&P's affirmed its 'BB-' long-
term corporate credit and 'BB' senior secured bank loan ratings
on the group


VITELIC (HONG KONG): First Meetings Set on August 15
----------------------------------------------------
The creditors and contributories of Vitelic (Hong Kong) Ltd will
convene for their first meetings at 10th Floor, Queensway
Government Offices, 66 Queensway, in Hong Kong on August 15,
2006, at 2:30 p.m. and 3:30 p.m. respectively.


WAI SUN CONSTRUCTION: Faces Wind-Up Proceedings
-----------------------------------------------
A wind-up petition against Wai Sun Construction Engineering Co
Ltd will be heard before the High Court of Hong Kong on
September 6, 2006, at 9:30 a.m.

Serawak (K.T) Co Ltd filed the petition with the Court on
July 11, 2006.

The solicitors for the petitioner can be reached at:

         Messrs Chiu, Szeto & Cheng
         17th Floor, C. M. A. Building
         64 Connaught Road Central
         Hong Kong
         Telephone: 2529 9191
         Facsimile: 2529 9116


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

CHALLAKERE URBAN: License Cancelled Due to Insolvency
-----------------------------------------------------
After determining the insolvent position of The Challakere Urban
Co-operative Bank Ltd., Challakere (Karnataka), the Reserve Bank
of India decided to cancel CUCB's license on August 3, 2006.

The Reserve Bank said that it opted to shut down CUCB's
operations as CUCB has already caused inconvenience to its
depositors after several attempts to revive its operations
failed.

The Registrar of Co-operative Societies, Karnataka, has also
been requested to issue an order to wind up CUCB and to appoint
a liquidator.

CUCB was granted a license by the Reserve Bank on December 9,
1987, to commence banking business.  However, the statutory
inspection of the bank, conducted with reference to its
financial position as on September 30, 2003, revealed several
irregularities in CUCB's functioning.  Due to these
irregularities, the Registrar of Cooperative Societies for
Karnataka superseded the Board of Directors on October 27, 2003.

A further scrutiny of CUCB's books in August 2004 revealed that
the bank was facing liquidity problems.  A subsequent inspection
of the bank conducted by the Reserve Bank with reference to its
financial position as on March 31, 2005, revealed further
deterioration in the realizable value of capital and reserves
leading to erosion of deposits to the extent of 100% of its
total deposits.  The Reserve Bank issued a notice to the bank on
April 13, 2006, asking it to show cause as to why its license
should not be cancelled.  CUCB's reply to the Show Cause Notice
was examined and was found unacceptable.

As the realizable value of CUCB's paid-up capital and reserves
was negative and the chances of its revival were remote in the
absence of a viable action plan, the Reserve Bank decided to
cancel CUCB's license to protect the interests of depositors.

With the cancellation of its license and after commencement of
liquidation proceedings, the process of paying the bank's
depositors will be set in motion.

Further inquiries may be addressed to:

         Shri C.R.G. Nair
         Deputy General Manager
         Urban banks Department
         Reserve Bank of India
         10/3/8 Nrupathunga Road
         Bangalore 560 001, India
         Telephone: (080) 22291696
         Fax: (080) 22293668/22210185
         e-mail address: crgnair@rbi.org.in


CITY UNION BANK: Fitch Affirms D/E Individual Rating
----------------------------------------------------
Fitch Ratings, on August 4, 2006, affirmed the 'A(ind)' National
Long-term rating of City Union Bank Limited ("CUB") and the
'A(ind)' rating of its INR500 million subordinated debt
programme.  The outlook on the ratings is Stable.  The Bank's
Individual and Support ratings have also been affirmed at 'D/E'
and '5', respectively.

City Union Bank's ratings reflect its small regional franchise,
reasonably high profitability and average, but improving asset
quality.  Its net interest margin is high due to healthy yields
on loans to small- and medium-sized enterprises, despite its
higher cost of funds compared to its peers.  However, the Bank's
expansion plans outside its home state as well as increasing
deposit costs are likely to moderate the NIM in future.  The
high NIM, coupled with relatively low market risk on its
treasury portfolio, has translated into above-average return on
assets for City Union Bank.

Asset quality has been improving on the back of better credit
appraisal and loan monitoring procedures, as well as higher
recoveries and write-offs.  However, the bank's gross NPL ratio
and loan loss reserve coverage remain poorer than system
medians.  The bank plans to tighten its appraisal of smaller
exposures and to review delegated sanction limits to reduce
slippages.

The Bank's capitalization is comfortable in relation to its
current scale of operations, and its equity of INR2.9 billion at
March 2006 is only marginally less than the INR3 billion
regulatory requirement.  Higher capital requirements due to
business growth and tightening regulations will be met by
issuance of subordinated debt.  The Bank has also announced
plans to make a preferential issue of equity to institutional
investors in fiscal 2007.

City Union Bank is an "old private bank" set up in 1904 in the
south Indian state of Tamil Nadu.  The Bank's shareholding is
diversified and its shares have been listed on the local bourses
since 1998.  About 75% of City Union Bank's deposits and loans
are sourced from its home state of Tamil Nadu, and 80% of its
business is covered by 'core banking' software.


SHRIRAM SAHAKARI: Awaits Official Liquidator
--------------------------------------------
The liquidation of Shriram Sahakari Bank Ltd has been put on
hold pending the appointment of a liquidator by the State
Cooperative Department, Business Standard reveals.

As reported by the Troubled Company reporter - Asia Pacific on
June 19, 2006, the Reserve Bank of India cancelled Shriram
Bank's license on June 15, 2006, after all efforts to revive the
bank failed.

According to Business Standard, Shriram Bank failed to recover
outstanding loans worth INR110 crore against a deposit base of
INR90 crore.

The Reserve Bank had decided to put the Bank in liquidation
after determining that the appointment of an administrator will
not be enough to revive the Bank's operations, Business Standard
says.  However, the liquidation process had stalled due to the
absence of a liquidator.

As of July 28, 2006, the Commissioner of the Co-operative
Department has not moved to appoint a liquidator for Shriram
Bank despite calls from government authorities, Business
Standard adds.


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

MEDIA NUSANTARA: Puts Up Bond Issue Worth IDR2 Trillion
-------------------------------------------------------
PT Media Nusantara Citra offered a bond issuance worth
IDR2.08 trillion to investors, and has so far attracted
IDR1.36 trillion in orders, Reuters News states.

According to a report by the Troubled Company Reporter - Asia
Pacific on July 28, 2006, proceeds from the bond will mainly be
used to refinance existing debt, the planned acquisition of a
40% stake in Indovision, a local pay-TV company, and general
corporate purposes.

The Company still has to set yield guidance on the five-year
bond, which was given a B+ rating by Standard & Poor's Rating
Services, although there are speculations that it would produce
a yield of up to 10%.  The bond is set to be priced next week,
Reuters adds.

                     About Media Nusantara

Headquartered in Jakarta, PT Media Nusantara Citra -
http://www.mnc.co.id/-- is an integrated media company with  
operations in television broadcasting network, radio and print
media.  It is the leader in Indonesia's FTA TV broadcasting
market, owning 3 FTA TV networks out of a total of 11, and
captured the largest audience and ADEX shares in 2005.  MNC is
100% owned by PT Bimantara Citra Tbk, which is listed on Jakarta
Stock Exchange.

Moody's Investors Service assigned a provisional (P)B1 corporate
family rating to PT Media Nusantara Citra and a (P)B1 rating
with a stable outlook to the Company's proposed IDR2.08-trillion
senior secured bonds, which will be guaranteed and secured by
the shares of all of MNC's operating subsidiaries except PT
Rajawali Citra Televisi Indonesia and PT Cipta Televisi
Pendidikan Indonesia.


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

JAPAN AIRLINES: Trims 1st Quarter Loss by 30% to JPY27 Billion
--------------------------------------------------------------
Japan Airlines Corp. said that it had reduced its first-quarter
2006 loss by 30% to JPY26.78 billion, from a JPY38.38-billion
loss for the same quarter in 2005, on a hike in its fuel
surcharges and reduced wages, Bloomberg News reports.

Crisscross News says that the Company's pre-tax loss for the
April-June 2006 period stood at JPY35.6 billion on a 3.7%
increase in operating revenues to JPY522.22 billion.

According to JAL current president Haruka Nishimatsu, the recent
safety mishaps that have caused its clients to shift to rival
All Nippon Airways Co. have adversely affected the Company's
operations.  In order to narrow potential losses, the Company
implemented these actions:

  -- a 10% salary cut for all employees in April 2006, despite
     strong opposition from labor unions;

  -- an increase of JPY6,500 for fuel surcharges on
     international flights as of March 1, 2006, and a JPY1,500
     fuel surcharge hike on domestic flights from April 1, 2006;
     and

  -- the suspension of four unprofitable overseas routes, and
     reduction of its Tokyo-London flight to one flight per day.

Bloomberg says that the number of JAL's domestic passengers had
dropped 1.6% to 10.4 million for the first quarter this year,
although revenues rose 0.4% to JPY151 billion on fare increases,
which improved sales by JPY7.5 billion.  The Company's
international passenger volume also dropped 5.8% that same
period to 13.19 million passengers, although strong demand for
flights to China boosted revenues to JPY167.8 billion.  JAL has
maintained its forecast to earn a net income of JPY3 billion
this year, a sharp turnaround from a JPY47-billion loss posted
in 2005.

                     About Japan Airlines

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

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

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

                          *     *     *

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


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

DONG-AH CONSTRUCTION: Preferred Bidder To Be Known in September
---------------------------------------------------------------
Creditors of Dong-Ah Construction Industrial Co. are expected to
pick a preferred bidder early in September 2006, The Korea
Herald says.

Korea Asset Management Corp., which s is arranging the Dong-Ah
sale along with Samjong KPMG FAS Inc., said in a statement that
contenders must hand in their bids by August 29, 2006.  The
inspection of proposals is expected to last a week.  

As reported in the Troubled Company Reporter - Asia Pacific on
June 21, 2006, Dong-Ah has attracted 14 potential bidders since
its creditors announced that they are going to auction a
controlling stake in the construction company.

According to KAMCO's statement, once the future sales schedule
is fixed with the prospective buyer, the creditors will apply
for a court receivership to turn around the construction
company.  A KAMCO official, however, noted that the task of
getting the court's approval to put the company under court
receivership will be "daunting."

The Korea Herald says that although Dong-Ah had to hand over a
lucrative construction project in Libya to Korea Express Co.,
the builder's strong track record in major construction projects
and technological prowess should make it an attractive target
for an acquisition, industry observers say.  The Herald also
notes that the builder's strong brand power both at home and
offshore markets and its nuclear power plant construction
technology should also entice potential buyers.

According to a March 8, 2006 TCR-AP report, Triumph Investments
Limited, a Goldman Sachs Group Inc. fund based in Ireland, is
the biggest creditor in Dong Ah, with 29.06% of the builder's
total debt.  KAMCO, which is a state-run corporate restructuring
agency, is the Company's second-largest creditor, with 19.56%.  
Both firms put billions of won in public funds into Dong-Ah to
rescue the company.  If the sale goes smoothly, they will be
able to retrieve part of the bailout funds.

The Korea Times recounts that creditors originally planned to
liquidate Dong-Ah, but KAMCO and Goldman Sachs reached an
agreement in late 2005 to revive it, given its potential and
know-how in the engineering field.

                   About Dong-Ah Construction

Dong-Ah Construction Industrial Co., Ltd. --
http://www.dongah.co.kr/-- is a construction firm that focuses  
on fields such as civil engineering, architectural and
electrical works, and plant constructions.  The Company's
projects consist of land developments, bridges, tunnels,
subways, apartment complexes, and commercial buildings.  In
addition, Dong-Ah is building the Great Man-made River in Libya.

After being hit hard by the 1997-98 Asian financial crisis, the
firm underwent debt workout programs, but failed to overcome
financial trouble amid soured investor sentiment for the
construction industry.  It was officially declared bankrupt in
May 2001.  Dong-Ah's stock was suspended from trading on Feb. 7,
2001, after an accounting firm advised a court that closing the
Company would cost less than trying to keep it afloat.  Minority
shareholders owned 88% of the Company's outstanding shares,
according to the Company's financial statements in 1999.

In 2005, Goldman Sachs Group Inc. and Korea Asset Management
Corp., the main creditors of Dong-Ah, asked a Seoul court to
halt bankruptcy filing procedures for the construction company
and place it under court receivership, to be sold later.

Claims by all creditors against the Company were
KRW4.05 trillion, but industry estimates that the Company is
valued at more than KRW400 billion, including premiums to
business rights.  Of Dong-Ah's assets, only KRW289.7 billion
have not been pledged as security, according to the Company's
financial statement as of March 31, 2006.


KANA SOFTWARE: Posts US$1-Million Net Loss in First Quarter 2006
----------------------------------------------------------------
KANA Software, Inc., filed its first quarter financial report
for the three months ended March 31, 2006, with the Securities
and Exchange Commission.

The Company reported a US$1,078,000 net loss on US$11,433,000 of
total revenues for the first quarter ended March 31, 2006,
compared with a US$13,800,000 net loss on US$10,071,000 of total
revenues for the same period in 2005.

At March 31, 2006, the Company's balance sheet showed
US$32,454,000 in total assets and US$42,414,000 in total
liabilities, resulting in a US$9,960,000 stockholders' deficit.  
The Company also had a US$4,304,486,000 of accumulated deficit
on that date.

The Company's March 31 balance sheet also showed strained
liquidity with US$18,297,000 in total current assets available
to pay US$36,671,000 in total current liabilities coming due
within the next 12 months.

Full-text copies of the Company's financials are available for
free at http://ResearchArchives.com/t/s?efd

                        Going Concern Doubt

As reported in the Troubled Company Reporter on July 12, 2006,
KANA Software, Inc.'s auditor, Burr, Pilger & Mayer LLP,
expressed substantial doubt about the Company's ability to
continue as a going concern after auditing the Company's
financial statement for the year ending Dec. 31, 2005.  Burr
Pilger pointed to the Company's recurring losses from
operations, net capital deficiency, negative cash flow from
operations and accumulated deficit.

KANA Software, Inc., provides multi-channel customer service
software applications.  KANA's integrated solutions allow
companies to deliver service across all channels, including
email, chat, call centers and Web self-service, so customers
have the freedom to choose the service they want, how and when
they want it.  The Company's target market is the Global 2000
with a focus on large enterprises with high volumes of customer
interactions, such as banks, telecommunications companies, high-
tech manufacturers, healthcare organizations and government
agencies.

The Company is headquartered in Menlo Park, California, with
offices in Japan, Hong Kong, Korea and throughout the United
States and Europe.


LG TELECOM: To Halt Handset Subsidy Hike
----------------------------------------
LG Telecom Ltd. is expected to refrain from increasing handset
subsidies in the second half, mindful of the snowballing
marketing costs that hurt its earnings in the second quarter,
The Korea Herald reports.

According to the report, LG Telecom, together with SK Telecom
and KTF, posted disappointing earnings in the second quarter
largely due to bigger marketing expenses after the Government
lifted a three-year ban on the handset subsidies in March 2006.

The Herald explains that the Ministry of Information and
Communication has long blocked the carriers from offering
subsidized handsets in return for restrictive membership
conditions such as obligatory subscription for up to two years.
The lifting of the ban, however, is just limited to the handset
subsidies to existing long-term subscribers, not the one for
attracting new users.

The three mobile carriers, however, keep increasing handset
subsidies to retain their subscribers at a time when the
domestic mobile phone market is near a saturation point.  LG
Telecom raised the handset subsidy for its subscribers by up to
KRW100,000 in July 2006.

                        About LG Telecom

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

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

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

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


NCSOFT CORP: Posts Worst-Ever Quarterly Results
------------------------------------------
Poor sales of new games pushed NCSoft Corp.'s business
performance down in the second quarter of 2006, the Chosun Ilbo
says.

According to the report, NCSoft posted a net loss of
KRW200 million in the quarter ending June 30, 3006, compared
with the KRW20-billion net profit it posted for the previous
corresponding period.

Chosun Ilbo notes that the company has been posting net losses
for every quarter since it has been listed in 2000, except for
the second quarters of 2001 and 2005.

Sluggish sales of new games that failed to capture customers'
imagination gave NCSoft this worst net loss yet.  Operating
profit has also been on the decline for seven straight quarters
since the fourth quarter of 2004.

The Chosun Ilbo reports that no new source of profits is in
sight.  NCSoft's next big product "Aion" will not be provided on
a trial basis until late this year, while the game
"Autoassault," which debuted with big fanfare overseas, has lost
the company a vast amount of money.  A key problem is that
consumers' tastes have changed from massive multiplayer online
role-play games or MMPORG like "Lineage" to simple and casual
soccer, gun fighting and driving games.

According to the company's press release, second quarter 2006
sales are at KRW85.5 billion (US$88.6 million), operating income
at KRW1.7 billion (US$1.8 million) and a pre-tax income of
KRW4 billion (US$ 4.1 million).  Compared to the previous
quarter, sales increased 10% while operating and pre-tax income
declined 81% and 61%, respectively.  Sales for the second
quarter increased by 7% from the same period last year while
operating and pre-tax income declined 90% and 79%, respectively
year to year.

By region, domestic sales amounted to KRW52.9 billion, a decline
of 4% from the previous quarter and 3% from the previous year.  
Sales in North America and Europe recorded strong growth of 39%
and 144% to KRW15.7 billion and KRW9.3 billion, lifted by the
successful introduction of Guild Wars Factions.  On a year to
year comparison, sales in North America grew by 10% and in
Europe grew by 192%.  Steady sales of the Lineage series and
Guild Wars led to sales of KRW 7.5 billion (US$7.8 million) in
Japan, similar to the first quarter and the same period one year
ago.  The percentage breakdown of regional sales show almost
half of all sales occurring overseas: Korea with 55% of total
sales, North America with 18%, Europe with 11%, Japan with 9%
and royalties with 7%.

By game, Lineage and Lineage II posted sales of KRW28.5 billion
and KRW 28.4 billion, down 5% and 3% respectively from the
previous quarter and unchanged year to year.  Sales of City of
Heroes(R)/City of Villains(R) were down quarter to quarter by
15% to KRW5.5 billion and down 5% year to year.  Sales of Guild
Wars showed a significant increase quarter to quarter, growing
by 160% to KRW16.4 billion while growing 71% year over year.  
The strong numbers were spurred by the successful April launch
of Guild Wars Factions in North America and Europe.

                          About NCsoft

Headquartered in Seoul, South Korea, NCsoft --
http://www.ncsoft.com/-- is the world's largest independent    
online game company. Established in 1997 as a systems
integration company, NCsoft leapt forward to become the world's
leading online game software company.  In Korea, its blockbuster
hit game "Lineage" commands a 47% market share and attracts the
greatest number of concurrent users in the world.  Currently
there are more than four million active subscribers worldwide
playing Lineage.

NCsoft began to suffer from slow sales since late 2005.  Its
latest game "Auto Assault" did not do as well as expected.  
Another project, "Tabula Rasa," had also been delayed, affecting
the firm's profitability.

                         Identity Theft

NCsoft is facing an identity theft class action.  The Class
Action Reporter stated on March 30, 2006, that 8,574 people are
seeking US$1,026 each in damages for their stolen identities.
  
The suit arose after it was discovered that some players of
online game "Lineage" were using identities of others that they
obtained from the Internet or through other illegal channels.  
It estimated up to 1.22 million identities theft.  The suit
accused the company of failing to verify the identifications of
members when they registered.  

Lineage is a multi-player online role-playing game in which
gamers can explore a mythical fantasy world and befriend new
people while also engaging in combat.

In a subsequent report on May 4, 2006, the CAR said that the
company plans to appeal a court ruling that ordered it to pay
about US$500 each to five players of its popular online game,
"Lineage II."  According to the CAR report, while the damages
awarded were small, the case is dangerous for NCsoft "because it
could provide fuel for claimants who are demanding  millions of
dollars in another, much larger, identity theft case."

The company, which has strongly denied liability, would
potentially face claims of more than US$1 billion if the class
action were to succeed in its present form.


NETIAN: Internet Portal Shuts Down After Seven Years
----------------------------------------------------
The fate of Internet portal Netian, is uncertain, the Chosun
Ilbo reports.

Netian, which recently shut down its operations, is tentatively
resuming operations due to strong protests from its seven
million e-mail and other service users.  The portal is among the
oldest of Korea's dot-com startups of the late 1990s.

Netian went offline suddenly earlier this month, but resumed
services around four days later.  According to its Web host
provider, Inet Hosting, the shutdown was due to overdue
payments.  The host said that critical media reports and public
opinion persuaded Netian to pay a small amount to temporarily
continue its services, according to the JoongAng Daily.

The Chosun Ilbo adds that the portal reportedly owes its network
host several million dollars in unpaid usage fees.  For the sake
of its regular users, Netian's services will be available until
August 15, but if the company does not pay a certain amount to
Inet by that time, the site will be closed permanently.

The JoongAng Daily believes that Netian's owners seem to have
folded up already.  A phone call to its corporate offices
merited an automated voice announcing that the number is no
longer in service, while The Daily also found out that the
company has not been paying utility costs for five months, a
bill that now amounts to KRW30 million.

                          About Netian

Netian -- http://www.netian.com/-- was founded in 1997 with  
KRW330 million in capital.  It has rapidly become the front-
runner in Korea's wire and wireless world, embracing E-Commerce
and other customer orientated services with a particular
emphasis on Communities of interest.

At its peak, it had 7.3 million subscribers, but a lack of new
profit sources led to a capital reduction in 2003 and later a
takeover by the Kosdaq-listed firm Cosmo CNT, a security
products and services provider.  Cosmo has not decided what to
do with Netian, although it says it is having accounting firms
conduct an inspection of the site's debts to see whether the
company should continue to support it.


SANDISK CORP: Posts US$96 Million Second Quarter 2006 Net Income
----------------------------------------------------------------
SanDisk Corporation reported a net income of US$96 million for
the second quarter ended July 2, 2006.

The Company disclosed that total second quarter revenues
increased 40% on a year-over-year basis to US$719 million.

The Company also reported GAAP operating income for the second
quarter of 2006 of US$129 million or 18% of revenues and non-
GAAP operating income of US$159 million or 22% of revenue
compared to US$106 million or 21% of revenue in the second
quarter of 2005.

Cash flow from operations was US$59 million, and total cash and
investments increased sequentially by US$933 million to
US$2.7 billion.

At July 2, 2006 the Company's balance sheet showed total assets
of US$4.8 billion and total liabilities of US$1.7 billion.

The Company also disclosed that it signed with Toshiba a
definitive agreement to build a new 300-millimeter NAND wafer
fabrication facility in Yokkaichi, Japan, with initial
production expected to begin in the fourth quarter of 2007.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of   
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                           *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of
$1.0 billion of senior unsecured convertible notes due 2013.  
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SANDISK CORP: Acquiring msystems in All-Stock Deal
--------------------------------------------------
SanDisk Corporation and msystems Ltd. have entered into
definitive agreements for SanDisk to acquire msystems in an all-
stock transaction.

In the transaction, each msystems ordinary share will be
converted into 0.76368 of a share of the Company's common stock,
or a 26% premium over the average closing price of msystems'
shares for the last thirty trading days.  The transaction is
expected to close in the fourth quarter of 2006.

Eli Harari, the Company's chairman and chief executive officer
said, "SanDisk and msystems, over the past 18 years, have been
leading innovators in the flash storage market.  This strategic
acquisition will give us the critical mass and complementary
products, customers, channels, technology and manufacturing base
to take our shared vision to the next level.  The NAND flash
data storage business is in its early stages and we believe the
market opportunity is largely untapped."

Mr. Harari further said, "msystems is a leader in flash memory
systems addressing mobile, portable and embedded markets and
they have a strong team, significant IP and important OEM
customers.  SanDisk has a record of creating new market
categories, world-class manufacturing capabilities and leading
market share in the retail channel.  Both companies are noted
for their relentless innovation, and this acquisition is
intended to further accelerate our pace of innovation.  In the
near term, this transaction better positions SanDisk to serve
the expanding storage needs of handset manufacturers and mobile
network operators.  In the long term, the combination with
msystems will be a catalyst in the development of next
generation flash enabled consumer applications.  We are
extremely excited about joining forces with the msystems team to
achieve our shared vision.  We are committed to serving
msystems' OEM customers after the transaction closes."

msystems also reported its intention to release its second
quarter 2006 financial results on Aug. 7, 2006.

                       About msystems Ltd.

msystems (NASDAQ:FLSH) has been transforming raw flash into
smarter storage solutions since 1989.  From embedded flash
drives deployed in mobile handsets to U3 USB smart drives
designed for leading global brands, msystems creates, develops,
manufactures and markets smart personal storage solutions for a
myriad of applications.

Headquartered in Milpitas, Calif., SanDisk Corp. (NASDAQ:SNDK)
-- http://www.sandisk.com/-- manufactures various formats of   
flash memory cards for use in consumer electronics products,
including digital cameras, mobile phones, and game systems.  In
addition, the company produces devices such as USB drives and
MP3 music players.  SanDisk has worldwide locations in China,
Ireland, India, Israel, Japan, Taiwan and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on May 11, 2006,
Standard & Poor's Ratings Services assigned its 'BB-' rating to
Sunnyvale, California-based SanDisk Corp.'s proposed issue of $1
billion of senior unsecured convertible notes due 2013.  The
'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SK CORP.: Partners With LG Corp. in Kazakhstan Project
------------------------------------------------------
SK Corp. and LG Corp. will jointly explore an onshore oil field
in Kazakhstan, Yonhap News said, citing LG Corp.

The two companies will have a 50% stake each in the project.  
The oil field, located in Western Kazakhstan, is estimated to
have a deposit of 250 million barrels of oil.

The possibility of discovering oil in the field is high, because
large oil fields with reserves of 20-30 billion barrels are
located nearby, LG Corp. said.  

The companies will conduct a geological survey in the second
half of this year and likely engage in drilling early next year,
Yonhap adds.

                      About SK Corporation

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

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



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

ALLIANCE MERCHANT (ASING): Members Opt for Wind-Up
--------------------------------------------------
On August 1, 2006, members of Alliance Merchant Nominees (Asing)
Sdn Bhd 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


ALLIANCE MERCHANT (TEMPATAN): Commences Wind-Up Process
-------------------------------------------------------
On August 1, 2006, Alliance Merchant Nominees (Tempatan) 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


ALLIANCE MERCHANT SECURITIES: Placed Under Voluntary Wind-Up
------------------------------------------------------------
Alliance Merchant Securities Holdings Sdn Bhd was placed under
members' voluntary wind-up on August 1, 2006, 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


ANTAH HOLDINGS: Court Adjourns Hearing of ECK Case to October 2
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that the Kuala Lumpur High Court decided to
extend the Ad-Interim Injunction it granted to Antah Holdings
Berhad's subsidiary until August 1, 2006.  The Court also fixed
a full Inter-Parte Injunction on that date.

In an update, the High Court has adjourned to October 2, 2006,
the hearing of the legal matter between Antah Holdings'
subsidiary Kaseh Lebuhraya Sdn Bhd and ECK Construction Sdn Bhd.

Therefore, the Ad-Interim Injunction obtained by Kaseh Lebuhraya
against ECK is extended until the disposal of the matter on
October 2.

The TCR-AP previously reported that Kaseh Lebuhraya obtained on
June 5, 2006, an Ad-Interim Injunction against ECK Construction
Sdn Bhd preventing ECK from filing a wind-up petition against
Kaseh.

ECK is claiming MYR19.8 million from Kaseh as payment for
construction fees.  ECK served the notice on Kaseh on May 16,
2006.

According to the TCR-AP, Kaseh, however, disputed ECK's claim as
Kaseh's previous sub-contractor had already settled the full
outstanding amount owed to ECK.  Thus, Kaseh insisted that there
is no debt to which it is liable to ECK.  Kaseh asserted that
ECK's statutory right under Section 218 of CA 1965 does not
arise.

The TCR-AP further noted that Kaseh has also commenced a legal
action against ECK for a court declaration that it does not owe
any amount to ECK.  Kaseh is asking MYR300,000 from ECK as
payment for damages.

                      About Antah Holdings

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

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


ANTAH HOLDINGS: Judge Rejects Azam's Injunction Request
-------------------------------------------------------
On July 27, 2006, the Learned High Court Judge of the Kuala
Lumpur High Court denied an injunction sought by Azam Developer
& Construction Sdn Bhd in relation to a Summons in Chambers
against Antah Holdings Berhad's wholly owned subsidiary, Kaseh
Lebuhraya Sdn Bhd.

The Learned Judge has adjourned the hearing of the Summons in
Chambers on September 19, 2006.

The Troubled Company Reporter - Asia Pacific reported on
August 1, 2006, that Kaseh Leburaya had received a Writ of
Summons dated July 20, 2006, from Azam Developer & Construction
Sdn Bhd.  The Plaintiff asserted a MYR19.4-million compensation
claim plus interests at a rate determined by the Kuala Lumpur
High Court.  

According to the TCR-AP report, Azam Developer also sought an
injunction order restraining Kaseh from proceeding with and
completing the sale of its shares in Lebuhraya Kajang Seremban
Sdn Bhd to Fancy Celebrations Sdn Bhd without Azam Developer's
consent until Kaseh pays the MYR19.4 million.  In addition, Azam
Developer wants Kaseh barred from selling and dealing with its
shareholding in Lekas without Azam Developer's consent until the
compensation sum is settled.

Azam Development further asked payment for legal costs and any
other relief as the Court may deem fit.

                       About Antah Holdings

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

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


ANTAH HOLDINGS: HSBC Withdraws Writ of Summons
----------------------------------------------
On August 3, 2006, HSBC Bank Malaysia Berhad confirmed that it
will withdraw its Writ of Summons dated July 19, 2006, against
Antah Holdings Berhad's wholly owned subsidiary, Kaseh Lebuhraya
Sdn Bhd.

The Troubled Company Reporter - Asia Pacific reported on
August 3, 2006, that HSBC served a Writ of Summons on Kaseh
Lebuhraya, asserting a MYR30,380,152 claim.

The report noted that Antah Holdings said it is negotiating with
HSBC to resolve the matter amicably.

                      About Antah Holdings

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

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


EKRAN BERHAD: Faces Wind-Up Proceedings
---------------------------------------
United Overseas Bank reportedly filed a wind-up petition against
Ekran Berhad, the New Straits Times reveals.  The petition will
be heard on September 5, 2006.

Under the petition, United Overseas Bank asserts an MYR8,975,649
claim plus interest.  The Bank filed the wind-up petition after
it rejected the terms and amount of settlement the Company had
proposed to pay its debt to the Bank.  However, both parties are
still in talks to settle the matter.

In a statement to the Bursa Malaysia Securities Berhad, the
Company says it will work to strike aside the petition on the
grounds that it was not properly served on the Company.  As of
August 3, 2006, none of the Company's directors or officers
received the winding-up petition.

                       About Ekran Berhad

Ekran Berhad is a Malaysian company engaged in investment
holding and the provision of management services to its
subsidiary companies.  Through its subsidiaries, the Company is
engaged in property development; the provision of property
management services; timber logging and saw milling; the sale of
timber products, and the operation of oil palm plantations.  The
Company's operations are mainly concentrated in Malaysia, China
and the Philippines.


KRAMAT TIN: Scheme of Arrangement Awaits Court's Approval
---------------------------------------------------------
Kramat Tin Dredging Berhad is waiting for the High Court of
Malaya's approval of the Company's scheme of arrangement.

As reported by the Troubled Company Reporter - Asia Pacific on
July 27, 2006, Kramat Tin's shareholders on July 26, 2006,
approved the Scheme, which is part of the Company's
restructuring plan.

TCR-AP disclosed that the Plan was unveiled on April 24, 2004
and was approved by the Securities Commission on June 9, 2005.

                    About Kramat Tin Dredging

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.   The Company ceased its mining
operations in 1988.  In 2001, Bursa Malaysia Securities Berhad
classified Kramat Tin as a Practice Note 10 company, given its
inadequate level of operations.

To avoid being de-listed, Kramat Tin, in 2004, entered into an
arrangement to restructure its operational and financial
position.  On April 24, 2004, the Company's restructuring plan
was unveiled and subsequently approved by the Securities
Commission on June 9, 2005.

For the financial year ended December 31, 2005, Kramat Tin
registered a smaller loss of MYR524,000 compared with the
MYR1.3-million net loss in 2004.


MALAYSIA AIRLINES: Wins One Suit Against Vantage; Loses Two
-----------------------------------------------------------
Malaysia Airlines had filed with the Court of First Joint
District, Dhaka Bangladesh, a suit against Vantage Aviation
Services & Anor in Suit 62/2000 for outstanding dues on
passenger and Cargo AWB including interest.

Vantage, on the other hand, had counter-claimed Malaysia
Airlines in Suit 4/2001 and 259/2000 for a declaration that the
termination of Vantage as the GSA for Malaysia Airlines was void
and for the recovery of commissions due to Vantage on passenger
ticket sales, and AWB as well as general damages.

On August 2, 2006, Malaysia Airlines disclosed that a judgment
had been entered in favor of Malaysia Airlines for Suit 62/2000
and in favor of Vantage for Suit 4/01 and 259/2000 on 24/5/2006.

The Judgment in favor of Malaysia Airlines is for the sum of
MYR2,268,037 whilst the judgment against the carrier is for a
sum of MYR11,688,971.  Both judgments were decreed with interest
at the rate of 15% per annum.

Malaysia Airlines has since filed an appeal to the High Court
against the Judgment.  The carrier's solicitors in Dhaka advised
that the Company has a meritorious appeal.

                     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.


METROPLEX BERHAD: Has Yet to Submit Restructuring Proposal
----------------------------------------------------------
Metroplex Berhad has until December 2006 to submit its proposed
financial regularization scheme to relevant authorities for
approval.

As reported by the Troubled Company Reporter - Asia Pacific on
July 10, 2006, the Company is negotiating with its lenders on
the Proposed Composite Scheme of Arrangement to regularize its
financial condition.

According to the TCR-AP, Metroplex's unaudited quarterly results
for the financial year ended January 31, 2006, revealed that the
Company has a deficit in the shareholders' equity on a
consolidated basis amounting to MYR196.3 million.  The deficit
in the shareholders' equity is mainly attributable to the
Metroplex Group's accumulated losses exceeding the Group's paid-
up share capital and reserves.  As such, Metroplex is an
affected listed issuer pursuant the Listing Requirements of
Bursa Securities.  

As an affected listed issuer, Metroplex is required to submit a
regularization plan to relevant authorities for approval and
implement the Plan within a timeframe stipulated by the
approving parties.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006, balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.


METROPLEX BERHAD: Deadline to Meet SPA Conditions Extended
----------------------------------------------------------
Metroplex Berhad is given until September 15, 2006, to fulfill
the conditions of a sale and purchase agreement that the Company
signed with Lembaga Kumpulan Wang Simpanan Pekerja.

As reported by the Troubled Company Reporter - Asia Pacific on
July 7, 2006, Metroplex was initially granted until July 31,
2006, to meet the SPA conditions.

The Agreement is in respect of the proposed disposal by
Metroplex Berhad's subsidiary, Metroplex Holdings, of a shopping
complex known as "The Mall" to Lembaga for a total cash
consideration of MYR438 million.

The TCR-AP reported on June 23, 2006, that the Proposed Disposal
has already gained the approvals of the Foreign Investment
Committee and the Company's board of directors.  The Proposal is
still pending approval of the Kuala Lumpur High Court and
Metroplex shareholders.

                     About Metroplex Berhad

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong, and the Philippines.

On April 28, 2005, Morgan Stanley Emerging Markets Inc. had
filed a wind-up petition against the Company with the Kuala
Lumpur High Court.  In the event the wind-up petition succeeds,
the Company will be put into liquidation.

Metroplex Berhad's April 30, 2006, balance sheet revealed total
liabilities of MYR1,417,778,000 exceeding total assets of
MYR1,214,518,000, resulting into a shareholders' deficit of
MYR203,260,000.


PAXELENT CORPORATION: Prepares to File Defense Against Writ
-----------------------------------------------------------
On September 25, 2006, the Kuala Lumpur High Court will hear an
application by Paxelent Corporation and SP Techvance Corporation
Sdn Bhd to file its defense against a Writ taken by SP Techvance
Corporation Sdn Bhd and Seri Platinum (M) Sdn Bhd in the Kuala
Lumpur High Court.  The matter was originally filed as an
Originating Summons on June 21, 2004, and was converted into a
Writ on May 9, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
May 19, 2006, each of the Plaintiffs is asserting a MYR1-million
claim plus general and special damages costs.

According to the TCR-AP, Paxelent and its legal counsel Cheng
Kiat & Lim account to the two Plaintiffs all profits made from
the disposal of the rights under the provisional allotment of
the 5,737,400 rights issue shares.  However, Paxelent does not
admit liability to the claim and said it will "vigorously"
defend itself.

In view of the Originating Summons' conversion into a Writ, the
Court has struck out the Plaintiff's application to cross-
examine Cheng Kiat & Lim's witnesses with costs, the TCR-AP
noted.

                    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.


PROTON HOLDINGS: Creates System to Prevent Management Issues
------------------------------------------------------------
Proton Holdings Berhad taps external auditors to review its
internal system, and moves to align corporate governance with
current best practices, The Edge Daily reports.

According to the Star Online, the external auditors will assist
Proton in reviewing the Company's internal processes and
procedures, to determine potential weaknesses and to identify
the means to address the weaknesses.

Proton managing director Syed Zainal Abidin Syed Mohamed Tahir
tells Business Times that the Company has now adopted tighter
systems to check any lapse in corporate governance in the
future.  He relates that as a first step, the Company had
reshuffled its management committee and board at related
subsidiaries.

The Edge relates that Mr. Syed Zainal was responding to the
cover story of The Edge titled "Proton Expose," involving a
special investigation into the workings of Proton dating back to
2002 exposing a number of instances, decisions and actions taken
by the management without the knowledge and approval of the
Proton board.

The story highlights several parts of a report by
PricewaterhouseCoopers for Proton chairman Datuk Mohammed Azlan
Hashim late last year, the Edge further relates.

According to Business Times, the report by PwC -- which was
hired by Proton on September 2, 2005, to review the period --
mentioned some projects that were implemented without proper
consultation or consent.  It also said billions of ringgit in
expenditure was spent without in-depth discussion and that the
previous board was unaware of certain legal problems the firm
faced.

Meanwhile, Bernama News quotes Proton as saying that it was too
early to decide whether any legal action would be taken against
the previous management after the third party report may have
showed mismanagement in the Company's affairs from 1996 until
late 2005.

The Bernama notes that the Company did not rule out the
possibility of going to court.

                     About Proton Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.

Proton was reported to be among Malaysia's worst-performing
companies in 2005, after competition from foreign carmakers and
a lack of new models lost the firm local market share and
subsequently led it into a loss.  It has since brought in a new
chief, sold its loss-making MV Agusta motorbike firm and pledged
to find a new technology partner.  The Company has been under
increasing pressure, with its share of domestic sales falling to
44% from 75% over the past decade.

The Troubled Company Reporter - Asia Pacific reported on May 4,
2006, that Proton was expected to finalize a recovery plan and
seal an alliance with a strategic partner by the end of this
year.


ROTHPUTRA VENTURE MANAGEMENT: Initiates Voluntary Wind-Up
---------------------------------------------------------
Rothputra Venture Management Sdn Bhd had commenced a voluntary
wind-up of its operations on August 1, 2006.

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.

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


ROTHPUTRA VENTURES: Enters Voluntary Wind-Up Proceedings
--------------------------------------------------------
On August 1, 2006, Rothputra Ventures Berhad was placed under
members' voluntary wind-up.

In this regard, 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


SATERAS RESOURCES: Fails to Submit 2006 Financial Report
--------------------------------------------------------
Sareras Resources Berhad was unable to submit its annual audited
accounts for the year ended March 31, 2006, by July 31, 2006, as
required by the Bursa Malaysia Securities Berhad's Listing
Requirements due to its "severe financial condition".

As a result, Sateras is expected to face another delisting
action by the Bourse.

The Troubled Company Reporter - Asia Pacific reported on
March 14, 2006, that Bursa Malaysia had decided to delist
Sateras from the Official List for failing to issue its 2004
annual audited accounts, annual report and quaterley report
within the stipulated timeframes.

However, a subsequent TCR-AP report said that the delisting was
deferred pending the disposal of Sateras' application for a
judicial review of the Bourse's decision to delist the Company's
securities.

                     About Sateras Resources

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services.  The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.

The Company has been experiencing losses since the Asian
financial crisis in 1997.  As of March 31, 2006, the Company's
balance sheet revealed accumulated losses of MYR409,473,000 and
stockholders' deficit of MYR99,838,000.


* Fitch Says More Consolidation Likely in Malaysian Banking
-----------------------------------------------------------
Fitch Ratings on August 4, 2006, said that consolidation is
likely to be viewed as a key platform to help strengthen the
domestic incumbents in Malaysia's banking system given the
potential benefits from size and economies of scale, and the
stronger leverage it can provide with a larger base of
resources, infrastructure and products.

The agency expects further changes in Malaysia's financial
landscape as the regulators seek to enhance the efficiency and
competitiveness of domestic banking institutions, so that they
may be better equipped to face the challenges of the
liberalization process.  

The recent acquisition of privately-owned Southern Bank Berhad
by government-linked CIMB group, as well as the proposed
purchase of the entire Utama Banking Group's stake in Rashid
Hussain Berhad, the parent of RHB Bank, by Malaysia's Employees
Provident Fund, suggests that the regulators will continue to
play an active role in the consolidation process, albeit
indirectly, through government-linked financial institutions.

As noted in Fitch's recent report on "The Malaysian Banking
System", Malaysia's financial landscape has seen some changes in
the last two years. Regulatory encouragement towards
rationalisation has resulted in the absorption of finance
companies by their commercial banking parents over 2004 to 2005
with commercial banks accounting for more than 85% of banking
system assets by end-2005, while that for finance companies --
previously the second-largest financial sub-segment -- has
shrunk to a share of just 3% at end-2005. A similar exercise is
now in progress for capital market intermediaries - ie. merchant
banks, stockbroking companies and discount houses - under
regulatory efforts to create integrated investment banks.

The Malaysian banking sector is currently at the halfway mark of
its Financial Sector Masterplan, a ten-year blueprint announced
in 2001 that maps the future direction of the Malaysian
financial sector.  The emphasis has so far been on "domestic
capacity building", which entails strengthening the domestic
banking incumbents, as well as utilizing the gradual
introduction of more domestic competition to spur these banks
towards stronger performance and efficiency.  This also included
the development of a more market-based consumer protection
framework through the revamp of the credit bureau in 2002 as
well as the introduction of the deposit insurance system in
September 2005.  

Branch restrictions on foreign banks operating in Malaysia have
been recently relaxed with the addition of up to four new
branches now allowed, subject to location-specific requirements.
However, foreign equity participation in domestic commercial
banks is still restricted to 30% but raised to 49% for Islamic
banks and the newly created investment banks.

Fitch's bank systemic risk score for Malaysia is C1.  This
comprises a Banking System Indicator of C, which is derived from
an asset-weighted average of Fitch's Individual bank ratings and
reflects the adequate intrinsic strength of the Malaysian
banking system while the Macro Prudential Indicator of 1, which
is derived from various macro-economic indicators, suggests that
the Malaysian banks are not exposed to risks associated with
rapid credit growth, excessive equity or property price
increases or real effective exchange rate appreciation.

Nevertheless, the rapid growth in consumer lending, the high and
rising non-performing loans in certain segments such as
residential mortgages, as well as the tougher operating
conditions, suggest that consumer loan quality still requires
continued monitoring.


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

BENPRES HOLDINGS: Sells Off Minority Stake in Unit
--------------------------------------------------
In a disclosure to the Philippine Stock Exchange on Aug. 4,
2006, Benpres Holdings Corp. reveals that it disposed of
12,951,000 shares in its unit Digital Telecommunications Inc.
through the Exchange.

The Company states that it does not know who bought the shares,
which were sold in these increments:

            Date                  Volume
            ----                  ------
            07/05/2006           552,000
            07/28/2006         7,162,000
            07/31/2006         5,237,000
            Total             12,951,000

The disposed shares, worth PHP16.8 million, amount to 0.204% of
the total issued and outstanding shares of Digitel based on the
total outstanding of 6,356,976,310 as of Dec. 31, 2005.  
However, this number of shares does not reflect the dilution
from the parent company zero coupon convertible bonds and DCPL
zero coupon convertible bonds as disclosed in the DGTL 2005
financial statements.

Benpres Holdings will use the proceeds from the share sale to
fund its working capital requirements.

                     About Benpres Holdings

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

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

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

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


LEPANTO CONSOLIDATED: To Spend PHP600 Million to Develop Mine
-------------------------------------------------------------
Lepanto Consolidated Mining Co. is set to spend PHP600 million
for its capital expenses, after having doled out
PHP289.3 million in the first half of the year for its copper-
gold flotation project, BusinessWorld relates.

According to the Company, the PHP600 million would go towards
the development of its copper-gold project in Mankayan Benguet
that would cost PHP375.2 million, whereas PHP31.9 million will
go to its underground construction and special project.  

Lepanto had operated a copper flotation plant from August 2000
to December 2001, but the plant was shut down due to excessive
penalty elements found in its copper concentrate.  The Company
will resume operations at its copper plant this quarter on
increased copper prices and to seek more metal recoveries, and
plans to begin copper production next month.

The Company, which posted a PHP24.6-million net loss in the
first semester of 2006 from a PHP172.1-million loss for the same
period last year, will issue a one-for-eight stock rights
offering in order to raise PHP639 million to settle its debts to
banks, shareholders, and employee-related accounts.

                          *     *     *

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 until 1997 was operating an enargite
copper mine.  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.


MANILA ELECTRIC: To Agree with Napocor on Customer Choice Deal
--------------------------------------------------------------
Manila Electric Co. is slated to sign a memorandum of agreement
with National Power Corp. on a proposed customer choice program,
wherein customers can choose their power suppliers, to be
submitted to the Energy Regulatory Commission this month, ABS-
CBN News reports, citing the Manila Times.

The Times says that under the program, Meralco's commercial and
industrial clients with a minimum power demand of one megawatt
can buy power directly from Napocor, and can avail of its time-
of-use scheme, where customers can buy power at a cheaper rate
on off-peak periods.

The Philippine Inquirer states that Meralco President Jesus
Francisco has met with Napocor and has provided the firm with
loan profiles that would enable it to create simulations on how
the proposed customer choice program could be implemented, based
on its time-of-use rates.

Manila Electric sent a letter to Philippine President Gloria
Macapagal-Arroyo of an "unconditional" offer to exclude
commercial and industrial clients from its captive market, and
later informed its clients about the proposed customer choice
program, adding that those who would not be able to avail of
such program could still avail of its average mixed generation
charges.  ABS-CBN adds that despite the offer being
"unconditional," Meralco sought that its independent power
producers be dispatched on minimum energy quantity to operate
their plants efficiently.

According to the Inquirer, the Customer Choice Program will be
implemented after it has been approved by the ERC.

                       About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.   
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

                          *     *     *

A March 31, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the Company posted a 79.7% decrease in its
2005 net losses to PHP411 million from PHP2.03 billion in 2004,
due to provisions for probable losses while awaiting a Supreme
Court final decision on a pending unbundling rate case, and the
adoption of new accounting standards.

The TCR-AP further stated on April 27, 2006, that the Company
filed a report with the Philippine Stock Exchange, indicating a
66.1% decline in its net loss from January to March 2006 to
PHP748 million against a PHP2.2 billion loss for the same period
in 2005.

According to a subsequent TCR-AP report on April 24, 2006,
Manila Electric cannot seek a loan to expand its facilities
unless it repays outstanding short-term debts amounting to
around PHP4.7 billion.


PHILIPPINE NATIONAL BANK: Monetary Board OKs Capital Notes Issue
----------------------------------------------------------------
The Monetary Board of the Bangko Sentral ng Pilipinas authorized
Philippine National Bank to issue additional Tier 2 capital
notes, bringing its total issuance to PHP5.5 billion from
PHP5 billion, the Philippine Star reports.

The Company plans to use the proceeds from the notes issue to
strengthen its capital base and offset losses from its non-
performing assets totaling PHP55 billion, comprised of
PHP27 billion in non-performing loans and PHP28 billion in real
and other properties owned and acquired.  PNB hopes to raise its
capital adequacy ratio from 17.2% to 22%.

The Star says that PNB increased its net income for the first
six months of 2006 by 35% to PHP425 million on foreign exchange
and trading gains.

                  About Philippine National Bank

Philippine National Bank -- http://www.pnb.com.ph/-- is the    
Philippine's first universal bank established on July 22, 1916.  
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Rating, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.

Moody's Investors Service has assigned a Ba3 rating to PNB's
proposed local currency subordinated notes -- Series A and
Series B.


PHILIPPINE NATIONAL BANK: SC Orders PHP226-Mil LOC Remittance
-------------------------------------------------------------
The Supreme Court ordered the Philippine National Bank to remit
PHP226.22 million in a letter of credit issued to businessman
Vincent B. Chuidian in 1985, BusinessWorld reveals.

Malaya News states that in 1985, Mr. Chuidian, who was an ally
of former President Ferdinand Marcos, had persuaded then
Philippine Export & Foreign Loan Guarantee Corp. to lend
PHP1.28 billion to his firm, Asian Reliability Co. Inc.  
Philguarantee later assumed ARCI's debts when it defaulted on
its loan payments and sued Mr. Chuidian for misuse of the funds.

BusinessWorld relates that in 1985, the Marcos Government
promised to pay some PHP226.22 million to Mr. Chuidian -- via a
letter of credit from PNB -- as well as dropping all civil and
criminal charges against him in exchange for the surrender of
his businesses to the Government.

However, Manila Standard Today adds, the Marcos administration
was overthrown in 1986, and a year later, the Government under
former President Corazon Aquino filed a case with the
Sandiganbayan to recover the ill-gotten wealth of Marcos and his
cronies, and sought to attach PNB's letter of credit to
Mr. Chuidian for safekeeping.  Mr. Chuidian then filed a motion
to lift the attachment and sought an order for the Government to
deposit the letter of credit to the Sandiganbayan trust account
pending judgment of its rightful owner.

On Feb. 27, 1987, PNB underwent a rehabilitation and transferred
some of its assets to the Government, which assumed its
liabilities along with the letter of credit due to Mr. Chuidian.

On Jan. 19, 2001, the Supreme Court denied Mr. Chuidian's
petition to lift the attachment order, but directed PNB to remit
the letter of credit to the Sandiganbayan's escrow account with
the Land Bank of the Philippines until its owner could be
determined.  PNB filed a petition to seek relief from having to
pay the PHP226 million to Mr. Chuidian, saying that the amount
had been assumed by the Aquino Government when it assumed its
liabilities, but the SC ruled that there was no "valid
substitution of debtor" in the Bank's deed of transfer with the
Government, hence the amount is still due to Mr. Chuidian unless
the Sandiganbayan proves otherwise.

                About Philippine National Bank

Philippine National Bank -- http://www.pnb.com.ph/-- is the    
Philippine's first universal bank established on July 22, 1916.  
The Bank's core business consists of lending and deposit-taking
activities from corporate, middle market and retail customers,
as well as various government units.  Its other principal
activities include bill discounting, fund transfers, remittance
servicing, foreign exchange dealings, retail banking, trust
services, treasury operations and trade finance.  Through its
subsidiaries, PNB engages in a number of diversified financial
and related businesses such as international merchant banking,
investment banking, life/non-life insurance, leasing, financing
of small-and-medium-sized industries, and financial advisory
services.  It introduced innovations such as the bank on wheels,
computerized banking, ATM banking, mobile money changing and
domestic travelers' checks.

                          *     *     *

Standard and Poor's Ratings Services has given PNB 'B' Short-
Term Foreign Issuer Credit and Short-Term Local Issuer Credit
Rating, as well as 'B-' Long-Term Foreign Issuer Credit and
Long-Term Local Issuer Credit Ratings effective as of April 26,
2006.

Moody's Investors Service has assigned a Ba3 rating to PNB's
proposed local currency subordinated notes -- Series A and
Series B.


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

ADVANCED SYSTEMS: Auditor Raises Significant Doubt
--------------------------------------------------
Advanced Systems Automation Limited reported a sales turnover of
SGD27.3 million for the fiscal year 2006, largely due to a
technical slow down in the semiconductor industry during the
year, according to its annual report for 2006.

The result translates to a 15% decrease from the recorded sales
revenue in fiscal year 2005.  On top of the technical slow down,
ASA's Beijing factory also suffered from temporary capacity
limitations in the second half.

Despite the record low sales, the group registered a loss of
SGD3.4 million, the lowest since fiscal year 2002.

Total expenses went down from SGD48.99 million to SGD29.50
million, year-on-year.

                       Significant Doubt

Ernst and Young, the ASA's independent auditors, reported in the
company's Annual Report that, "The group has incurred
significant losses and has been experiencing severe cash
shortage in the past four financial years. The group incurred a
net loss of SGD3.4 million for the financial year ended
March 31, 2006, and the group's and the company's current
liabilities exceeded current assets by SGD20.9 million and
SGD22.9 million respectively. As of March 31, 2006, the group
and the company were in net shareholders' deficit positions of
SGD13.8 million and SGD11.2 million respectively.  These matters
described above indicate the existence of a material uncertainty
which may cast significant doubt about the Group and Company's
ability to continue as going concerns."

Ernst and Young adds that the ability of the group and the
company to continue as going concerns are dependent on the
following:

   i. the completion of the proposed investment with a group of
      potential investors and renounceable rights issue on the
      basis of five rights shares for every two existing
      ordinary shares in the capital of the company which would
      result in the injection of fresh capital into the company;

  ii. the banks and creditors not demanding immediate repayment
      of the amounts due to them;

iii. disposal of non-core assets; and

  iv. the restructuring and generation of significant positive
      cash flow from the Group's core businesses.

                           About ASA

Advanced Systems Automation Limited -- http://www.asa.com.sg--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.  


AVAGO TECHNOLOGIES: Posts US$380M Net Revenue for Second Quarter
----------------------------------------------------------------
Avago Technologies Limited has disclosed its unaudited financial
results for the second quarter of fiscal 2006, ended April 30,
2006, according to a company press release.  

The results as presented in the release exclude, for both the
second quarter and first quarter of fiscal 2006, revenue, costs
and expenses related to the company's Storage and Printer ASICs
operations, sold on February 28 and May 1, 2006 respectively.

Net revenue for the second quarter was US$380 million, compared
with US$396 million in the first quarter of fiscal 2006.  
Including amortization of intangibles, gross margin for the
second quarter was 32%, compared with 22% in the first quarter.  
Second quarter operating expenses, including amortization of
intangibles, were US$142 million.  This compares with first
quarter operating expenses of US$159 million.

Adjusted EBITDA in the second quarter was US$68 million.  This
compares with stronger than anticipated Adjusted EBITDA of
US$91 million for the first quarter, which reflected lower costs
associated with the early stages of corporate infrastructure
development.  

Cash balances at the end of April 2006 were approximately
US$210 million, up from approximately US$169 million at the end
of January.  

"I am very pleased with the execution of our transition plans
and the progress made to date at improving our operating
performance," said Hock E. Tan, President and Chief and
Executive Officer of Avago Technologies.  "We generated
substantial cash from operations during the second quarter,
which combined with the proceeds from our divested businesses
enabled us to pay off all term loans by May 19, significantly
strengthening our capital structure."

The Company's Financial Report is available for free at:

http://bankrupt.com/misc/tcrap_avagotech080706.pdf

                        About Avago Tech

Headquartered both in San Jose, CA, and in Singapore, Avago
Technologies Holdings Pte. Ltd. -- http://www.avagotech.com/--  
is the world's largest privately held semiconductor company,
with approximately 6,500 employees worldwide.  Avago provides an
extensive range of analog, mixed-signal and optoelectronic
components and subsystems to more than 40,000 customers.  The
company's products serve four end markets: industrial and
automotive, wired networking, wireless communications, and
computer peripherals.

Worldwide Design, Manufacturing and Marketing Centers in the
United States, Italy, Germany, Malaysia, Singapore, Korea, China
and Japan.

Avago Technologies is the successor to the Semiconductor
Products Group of Agilent.  Avago Technologies purchased the
business of SPG as of December 1, 2005, for US$2.6 billion in
cash.

                          *     *     *

As the Troubled Company Reporter reported on November 7, 2005,
Standard & Poor's Ratings Services assigned its 'B' corporate
credit rating to Avago Technologies Holdings Pte. Ltd.  The
outlook is positive.  At the same time, Avago's proposed
US$975 million first-lien senior secured bank facility was rated
'B+' with a recovery rating of '1', indicating a high
expectation for full recovery of principal in the event of a
payment default.  Avago Technologies Finance Pte Ltd. and
Luxembourg Finance Co. are borrowers under the loan.  In
addition, Standard & Poor's assigned its 'B' rating to Avago's
proposed US$375 million of senior unsecured notes and
US$375 million of senior unsecured floating-rate notes.  Lastly,
Avago's proposed US$250 million of senior subordinated notes
were assigned a 'CCC+' rating.  Avago Technologies Finance Pte
Ltd., Avago Technologies U.S. Inc., and Avago Technologies
Wireless Manufacturing Inc. are co-issuers of the notes.


CHINA AVIATION: Closes September 2006 Fuel Tender
-------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd. has announced
that it had closed its latest physical jet fuel tender for
delivery in September 2006, the Company stated in a press
release.

This was the third jet fuel tender procurement the Company
completed on the principal basis since its restructuring
exercise.

CAO's latest tender received responses from nine physical jet-
fuel suppliers, including some oil majors, and oil trading
companies.  For this tender, a total volume of 434,000 metric
tonnes of A-1 Grade Jet Fuel was awarded, including one
emergency cargo of 23,000 metric tonnes to be delivered in
August. The cover ratio of the tender was approximately 2.8
times.

CAO awarded mandates to the most competitive suppliers and
confirmed that the tenders received for this latest tender
exercise complied with CAO's standard terms and conditions. Also
as in the last two Jet Fuel tenders, the Company's business
partner - BP, elected not to exercise its pre-emptive rights.

The company expresses its appreciation to all suppliers for
their continued support of its Jet Fuel procurement business.

From January to September in 2006, the total tender volume is
3.13 million metric tonnes, a 61% increase from 1.94 million
metric tonnes for the same period in 2005.
   
            About China Aviation Oil (Singapore)

Incorporated in 1983, China Aviation Oil (Singapore) Corp.
Limited -- http://www.caosco.com/-- deals primarily in jet fuel  
procurement, although it is also active in international oil
trading and oil-related investment.  The firm commands a near-
100% market share of the procurement of imported jet fuel for
China's civil aviation industry, and has expanded its market to
include ASEAN countries, the Far East and the United States.

The company is currently working with an insolvent balance
sheet, according to a TCR-AP report on August 4, 2006, with a
US$390.07 million shareholder's equity deficit on total assets
of US$211.96 million

                            *   *   *

On December 5, 2005, the Company announced its debt and equity
restructuring plan aimed at rehabilitating the company as a
going concern and lifting the suspension of trading of the
Company's shares on the SGX-ST. The Plan encompasses, inter
alia, implementation of the following :

  i. waiver of a portion of the total outstanding debts by
     creditors under the Creditors' Scheme;

ii. the consolidation of every 5 ordinary shares of the
     company into 1 ordinary share;

iii. the issue of new Shares of the Company to :

     * CAOHC, BP Investments Asia Limited ("BP") and Aranda
       Investments Pte. Ltd. ("Aranda") pursuant to the
       Investment Agreement and Subscription Agreement; and

     * Tranche B Creditors who have applied for Shares pursuant
       to the Company's invitation to these creditors to
       subscribe for Shares in the Company; and

iv. the waiver of a portion of the total outstanding debts by
     CAOHC and the conversion of the remaining debts into new
     ordinary shares of the Company.

The Company's Restructuring Plan was approved by shareholders on
March 3, 2006, and sanctioned by the High Court of Singapore on
March 21, 2006. It became effective on March 28, 2006.


MAE ENGINEERING: Receives 361,849,270 Valid Acceptances
-------------------------------------------------------
MAE Engineering Limited on August 2, 2006, received valid
acceptances, which totaled to 361,849,270 Rights Shares with
Warrants, representing approximately 87.2 % of the total number
of Rights Shares with Warrants under the Rights Issue.

The Company is undertaking a renounceable rights of up to
415,045,060 new ordinary shares in the Company's capital at an
issue price of SGD00.03 for each rights share, with up to
207,522,530 free warrants.  Each warrant carries the right to
subscribe for one new ordinary share in the Company's capital at
an exercise prices of SGD0.05 for each new share.

Accordingly, 53,195,790 Rights Shares with Warrants that were
not taken up by Entitled Shareholders and their renouncees were
used to satisfy the excess applications received for a total of
104,346,245 Rights Shares with Warrants, representing 25.1% of
the total number of Rights Shares with Warrants under the Rights
Issue.

As all 415,045,060 Rights Shares offered under the Rights Issue
were fully subscribed, the Company has raised net proceeds of
approximately SGD12.1 million (after deducting estimated
expenses) from the Rights Issue.

               About MAE Engineering Limited

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

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


MIYAMA FOOD: Court to Hear Wind-Up Petition on August 18
--------------------------------------------------------
The High Court of Singapore will hear a wind-up petition against
Miyama Food Pte Ltd on August 18, 2006, at 10:00 a.m.

The wind-up petition was filed by Teo Keng Thwan on July 24,
2006.

The Plaintiff's Solicitors can be reached at:

         Messrs Asialegal LLC
         20 Cecil Street
         #18-01 Equity Plaza
         Singapore 049705


NUANSA LEISURE: Creditors' Proofs of Claim Due on August 28
-----------------------------------------------------------
Creditors of Nuansa Leisure Private Limited are required to
submit their proofs of claim by August 15, 2006, for them to
share in any distribution the Company will make.

On the other hand, contributories and creditors are scheduled to
hold separate meetings on August 28, 2006, at 10.00 a.m. and
2.00 p.m. respectively.

At the meetings, contributories and creditors will be asked to:

   -- consider and accept the resignation of Wee Aik Guan as the
      Company's liquidator;

   -- release Mr. Wee from all liability in respect of any act
      or default made by him in the Company's administration or    
      otherwise in relation to his conduct as liquidator.

The Liquidators can be reached at:

         Tam Chee Chong
         Wee Aik Guan
         c/o Deloitte & Touche
         6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


REFCO INC: Chapter 7 Trustee May Reimburse US$749,579 to Group
--------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York authorizes Albert Togut, the Chapter 7 Trustee
appointed to oversee the liquidation of Refco, LLC's estate, to
reimburse US$747,579 to Refco Group Ltd., LLC, for payments made
to holders of mechanic's lien claims.

As reported in the Troubled Company Reporter on July 7, 2006,
Mr. Togut, West Loop Associates LLC and the Contractors, Alps
Construction, Inc., KCE Ltd. and Griswold, Heckel & Kelly
Associates, Inc., reached a comprehensive settlement to resolve
West Loop's request, the Mechanic's Liens and the Claims.

In a Court-approved stipulation each of the Contractors agreed
to:

   (i) reduce by 5% the outstanding principal amount of each of
       its Claim  pertaining to the Properties;

  (ii) waive all attorney's fees and accrual of any interest to
       which each Contractor may be entitled;

(iii) take the necessary steps to discharge and release the
       Mechanic's Liens so that the threatened default against
       West Loop may be averted;

  (iv) release Refco LLC from any further claims relating to the
       Contracts, the Mechanic's Liens, and their Claims;

   (v) withdraw their Claims against Refco LLC; and

  (vi) file no additional proofs of claim against Refco LLC.

Refco Group will pay the Contractors US$747,579 in the aggregate
in full satisfaction of the Mechanic's Liens, the Claims, and
any other amounts due in connection with the Contracts.

                   West Loop's Motion to Compel

West Loop had asked the Court to compel Refco Group to comply
with its postpetition lease obligations.

Refco Group leases seven floors of an 18-story office building
owned by West Loop in the central business district of Chicago,
Illinois.  Refco, LLC, occupied some or all of the leased
premises.

Refco Group continues to occupy the Premises pursuant to a March
2006 Stipulated Order among Debtors, West Loop and Man
Financial, Inc.  The Stipulated Order contemplates rejection of
the Lease effective August 15, 2006.

Sidney P. Levinson, Esq., at Hennigan, Bennett & Dorman LLP, in
Los Angeles, California, contends that until the effective
rejection date, RGL is required "to timely perform all
obligations under the Lease to the extent required by Section
365(d)(3) of the Bankruptcy Code.  Among those obligations, Mr.
Levinson said, is a Lease covenant to either discharge or bond
any mechanic's liens filed against the Property as a result of
work performed or alleged to have been performed on the
Premises.

Mr. Levinson noted that Refco LLC has entered into a series of
agreements with Alps Construction, Inc., KCE Ltd. and Griswold,
Heckel & Kelly Associates, Inc., for the construction work to be
performed at the leased Premises.  The Contractors have sought
relief from the bankruptcy stay to commence a foreclosure action
in Illinois against RGL, Refco LLC, and West Loop.

The Contractors assert that Refco LLC or RGL failed to pay for
the work, leaving a balance in excess of $700,000, including
amounts owed for work that was not completed until nearly one
month after RGL's bankruptcy filing.  The Contractors have filed
mechanic's liens of more than $700,000 against the Property.

Although the Bankruptcy Court denied the Contractors' request,
the ruling did not fully resolve the problems West Loop faced.

Mr. Levinson relates that by letter dated April 19, 2006, West
Loop's mortgage lender, Greenwich Capital Financial Products,
Inc., issued a notice of default to West Loop based on the
existence of the Mechanic's Liens.  The notice of default
provides that, unless the Mechanic's Liens are discharged or
bonded, West Loop will be held in default under its purchase
money loan agreement dated October 7, 2005.

Unless the Court compels RGL to discharge or bond the Mechanic's
Liens, West Loop and, by consequence, RGL's estate will suffer
substantial damages that could and should otherwise be avoided
if RGL complies with its lease obligations, Mr. Levinson told
Judge Drain.

                       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 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: Court Considers Exclusive Period Requests on Sept. 12
----------------------------------------------------------------
The Hon. Robert D. Drain of the United States Bankruptcy Court
for the Southern District of New York adjourned, to 10 a.m. on
Sept. 12, 2006, the hearing to consider Refco Inc., and its
debtor-affiliates' request to extend their:

    * Exclusive Plan Filing Period to Sept 1, 2006; and
    * Exclusive Solicitation Period to Oct. 31, 2006.

As reported in the Troubled Company Reporter on July 10, 2006,
the Court had previously adjourned the hearing from June 27 to
July 20, 2006.

                                              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 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: Seeks Approval of Debt Settlement Stipulation
--------------------------------------------------------
Refco, Inc., and its debtor-affiliates, asks the United States
Bankruptcy Court for the Southern District of New York to
approve a Stipulation entered into by the Debtors, Refco
Securities, LLC, Refco Capital Markets, Ltd., Marc Kirschner,
the Court-appointed trustee for RCM, and the Official Committee
of Unsecured Creditors, pursuant to Rule 9019 of the Federal
Rules of Bankruptcy Procedure.

Refco Securities, is a non-debtor subsidiary of Refco Regulated
Companies LLC and a registered broker-dealer.  According to its
books and records, RSL -- which is currently undergoing an
orderly out-of-court wind-down -- owes Refco Capital LLC (RCC)
an aggregate of $127,459,910, on account of a series of
transactions between them that occurred before the Petition
Date.

Mr. Kirschner asserts that RCM has an ownership interest in the
RCC Debt and that RCM has additional claims against Refco
Capital.  Refco Capital contests the RCM Trustee's assertions.

The Official Committee of Unsecured Creditors has stated that it
is prepared to take action in the Court to obtain the right to
act on Refco Capital's behalf and to collect the RCC Debt.

To avert potential litigation, Refco Capital is willing to
accept full payment of the RCC Debt over time.

           RSL Segregated Funds and Sberbank Judgment

As of May 31, 2006, RSL maintained approximately US$7,000,000 in
segregated funds under Rule 15c3-3 of the Securities Exchange
Act of 1934 on account of claims or potential claims of
unaffiliated third-party customers.

As an RSL customer, RCM asserts that it is owed not less than
US$42,900,000 -- RCM-RSL Claim -- from RSL, which currently
maintains approximately US$45,900,000 in additional segregated
funds on account of claims or potential claims asserted by RCM
against RSL.

The SEC has informally requested that RSL segregate funds for
protection of unknown RSL customers.  RSL does not currently
have sufficient available liquid assets to satisfy the non-
customer claims against it and to segregate additional funds
requested by the SEC.

Moreover, the Savings Bank of the Russian Federation has a
judgment against RSL for $123,733,733, plus interest from June
2, 2006, and costs.  RSL and Sberbank have entered into a
separate agreement under which RSL will pay the Sberbank
Judgment, but on a basis that is pari passu with the RCC Debt.

          Intercompany Obligations Between RSL and RCM

RSL asserts that it is owed approximately US$92,000,000 -- RSL-
RCM Claim -- from RCM, but that amount remains subject to
further review.

RSL has asked the RCM Trustee to consent to a set-off of
intercompany debts between RSL and RCM, including the debt
related to the RCM-Related Segregated Funds.

However, the RCM Trustee has not consented to a set-off of the
RCM-RSL Claim, but has agreed to other accommodations to permit
the pari passu payment of the RCC Debt with the Sberbank
Judgment, on terms and conditions similar to that agreed to by
Sberbank.

                      Parties Stipulate

Recognizing that RSL lacks current liquidity sufficient to
satisfy all of the outstanding claims against it and to meet all
segregation requirements and requests, and to avoid possible
litigation costs, RSL, Refco Capital, the RCM Trustee, and the
Creditors Committee entered into a stipulation dated July 20,
2006.  The parties agree that:

   (1) RSL will pay the $127,459,910 RCC Debt through pro rata
       distributions to Refco Capital based on available cash
       amount within two business days after any date on which
       available cash exceeds $2,000,000.  The Stipulation
       recognizes RSL's obligation to segregate funds for the
       customers' benefit and accounts for RSL's obligation to
       pay Refco Capital over time.

   (2) In any event, RSL is unconditionally obligated to pay
       Refco Capital at least certain aggregate percentage
       amounts of the RCC Debt on or before these dates:

          * within two business days after the execution of the
            Stipulation, 80% of the RCC Debt equal to
            $101,967,928; and

          * by December 22, 2006, 100% of the RCC Debt, plus a
            4.98% interest accruing from and after April 30,
            2006, on a sum of the unpaid portion of the RCC
            Debt.

   (3) All payments made by RSL to Refco Capital are to be held
       in a separate segregated account designated by Refco
       Capital until the Stipulation becomes final and no longer
       subject to review.  At that time, 60% of any payments
       made from RSL to Refco Capital are to be held in a
       segregated account until disputes related to ownership of
       the RCC Debt have been determined by Court order.  Refco
       Capital will be free to use the remaining 40% of funds in
       the ordinary course of administering its estate.  All
       liens and encumbrances on the RCC Debt will attach to all
       payments made by RSL in respect of the RCC Debt.  This
       provision makes significant assets available to Refco
       Capital's estate, at the same time preserving disputes
       related to the ownership of the RCC Debt for a later
       date.

   (4) RCC and the Creditors Committee will forebear from taking
       any and all actions to obtain a judgment or collect on
       the RCC Debt unless and until approval of the Stipulation
       is denied by the Court or a defined event of default
       occurs under the Stipulation.

   (5) On the occurrence of a defined event of default:

          -- the entirety of the RCC Debt becomes immediately
             due and payable;

          -- Refco Capital and the Creditors Committee are
             entitled to seek a judgment and otherwise pursue
             collection on the RCC Debt against RSL's assets;

          -- certain provisions of the Stipulation terminate
             without further Court order; and

          -- Refco Capital and the Creditors Committee reserve
             all rights to enforce the entirety of the RCC Debt,
             and all rights reserved by any party under the
             Stipulation remain reserved.

   (6) RSL is prohibited from paying or reserving for or
       granting a lien on collateral to secure any RSL Creditor
       Claim or any other non-customer claims that may become
       known to RSL following July 20, 2006, unless RSL
       contemporaneously makes a pro rata payment or grant of
       collateral to Refco Capital on the RCC Debt, or unless
       Refco Capital consents in writing.  This provision
       protects Refco Capital if additional non-customers are
       asserted against RSL.

   (7) Pending further Court order, the RCM Trustee is not to
       seek payment of or from the RCM-Related Segregated Funds,
       which are to be placed in a separate escrow account
       bearing interest.  RSL, Refco Capital, and the RCM
       Trustee also reserve their rights with respect to
       entitlement to the RCM-Related Segregated Funds.
       In addition, RSL is not to offset the RCM-RSL Claim
       against the RSL-RCM claim.

   (8) If RSL's Third-Party Customer Claims exceed the amounts
       held as Third Party Segregated Funds, the Third-Party
       Segregated Claims are to be paid first from the Excess
       Customer Segregated Funds and second from the RCM-Related
       Segregated Funds.  To the extent that any Third-Party
       Customer Claims are paid from RCM-Related Segregated
       Funds, RCM's claim will be treated as a non-customer
       claim.

              Approval of Stipulation is Necessary

J. Gregory Milmoe, Esq., at Skadden, Arps, Slate, Meagher & Flom
LLP, in New York, tells Judge Drain that the Stipulation
harmonizes the payments to be made to Refco Capital with those
made to Sberbank pursuant to a similar payment agreement.

Although RSL lacks currently available liquid assets sufficient
to meet SEC segregation requirements and to satisfy both
Sberbank's claim and the RCC Debt in full, Mr. Milmoe asserts
that the payment schedules in the Sberbank agreement and the
Stipulation facilitate immediate payment to the extent of RSL's
currently available liquid assets.

Mr. Milmoe also notes that the proposed agreement was negotiated
whereby the RCC Debt is to be satisfied in full by the end of
2006, and in the event of non-payment, Refco Capital's remedies
are preserved.  RCM's claims against RSL and Refco Capital are
fully preserved for future resolution and distribution.

In addition, Mr. Milmoe asserts, the Debtors' consent to the
authority of the Creditors Committee to bring any action
necessary to enforce the RCC Debt if there is an Event of
Default under the Stipulation is necessary and beneficial for
the efficient administration of Refco Capital's estate.

Mr. Milmoe explains that the Creditors Committee's advisors have
significant involvement in investigating Refco Capital's claims
against RSL and have played a key role in negotiating payment
terms under the Stipulation on Refco Capital's behalf.  
Moreover, Refco Capital and RSL, which are related companies,
are represented by the same counsel.  It would maximize
efficiency and expedience to authorize other professional to
undertake litigation on Refco Capital's behalf against RSL.

                       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 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).  


TIONG POLESTAR: Creditors' Proofs of Claims Due on August 18
------------------------------------------------------------
Tiong Polestar Engineering Private Limited notifies parties-in-
interest of its intention to distribute dividend to creditors.

In this regard, the Company's creditors are required to submit
their proofs of claim by August 18, 2006, to Liquidator Jamshid
K Medora, for them to share in the dividend distribution.

The Liquidator can be reached at:

         Jamshid K Medora
         22 Malacca Street
         #08-02 Royal Brothers Building
         Singapore 048980


VANGUARD REALTY: To Pay Dividend to Unsecured Creditors
-------------------------------------------------------
Vanguard Realty & Development Pte Limited will pay the first
dividend to its unsecured creditors on August 11, 2006.

The creditors will receive 3.25 cents to a dollar to all
admitted claims.

The liquidator can be reached at:

         Bob Yap Cheng Ghee
         c/o KPMG
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


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

KRUNG THAI: To Reveal Business Plan 2nd Half on August 27
---------------------------------------------------------
Krung Thai Bank will, on August 27, 2006, announce its business
plan for the second half of this year and its new managing
director, The Bangkok Post reports.

According to The Post, Krung Thai plans to boost its asset-
management and leasing subsidiaries this year.  

The bank's president, Apisak Tantivorawong, told The Post that
the bank wanted its affiliate, Krung Thai Asset Management, to
expand its mutual-fund business.

"We need KTAM to be more active in the mutual-fund business.  
The company's margin is narrow.  It can utilize the bank's
customer base better than this," Mr. Tantivorawong said.

The Post relates that Krung Thai has a deposit base of about
seven million accounts, ranking it the country's second largest
bank in terms of asset size at THB1.2 trillion as of the first
quarter of this year.

Moreover, another subsidiary of the bank, KTB Leasing Ltd, is
also undergoing a business-model adjustment process to shed its
conventional image, Mr. Apisak told the Post.  The leasing firm
has offered two products, car loans and factoring loans, since
it was established last year and recently expanded into
motorcycles, machinery, aircraft and office accessories.

In addition, Mr. Apisak disclosed that Krung Thai intends to buy
about 30% to 40% of another securities company, but no specific
time frame has been set.  The bank's goal is to become a full
financial-services provider, a concept it calls Convenience
Bank.

Krung Thai also plans to open its busiest branches seven days a
week, The Post said.  It expects 80% to 90% of branches, located
in prime areas, to be open throughout the week by the end of the
year.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

On May 30, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service has upgraded KTB's bank
financial strength rating to D- from E+.

Fitch Ratings, on July 10, 2006, upgraded the individual rating
of Krung Thai Bank Public Company Limited to C/D from D.


KRUNG THAI: Raises Lending and Deposit Interest Rates
-----------------------------------------------------
Krung Thai Bank, on August 3, 2006, disclosed that it will
increase its lending and deposit interest rates for a quarter
percentage point, The Bangkok Post report.

According to the report, Krung Thai's minimum lending rate will
increase to 7.75%, with the minimum overdraft rate rising to 8%
and the minimum retail rate to 8.25%.  Fixed-deposit rates were
also increased by a quarter-point for terms from three to 36
months.

M.R. Pridiyathorn Devakula, Bank of Thailand Governor, told the
Thai News Agency that he is confident that the latest lending
rate hike by local commercial banks would not fuel non-
performing loans.

Problems with NPLs had stemmed chiefly from an inefficient
management, Mr. Devakula adds.

Furthermore, Mr. Devakula assured that BOT would continue its
effort to reduce bad loans to a targeted amount.

Krung Thai Bank Public Company Limited -- http://www.ktb.co.th/
-- began its operation on March 14, 1966, through the merger of
business between the Agricultural Bank Limited and the
Provincial Bank Limited with the Ministry of Finance as its
major shareholder.

The Bank provides financial assistance to large and small
business, it also renders financial assistance to other state
enterprises, both business oriented and public utility types.  
Currently the bank is operating 511 domestic and 12 foreign
branches and representative offices.

                          *     *     *

On May 30, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service has upgraded KTB's bank
financial strength rating to D- from E+.

Fitch Ratings, on July 10, 2006, upgraded the individual rating
of Krung Thai Bank Public Company Limited to C/D from D.


TONGKAH HARBOUR: Posts THB23-Mil Net Loss in 2006 First Quarter
---------------------------------------------------------------
Tongkah Harbour Pcl submitted to the Stock Exchange of Thailand
its financial report for the first quarter ended March 31, 2006.

The Company's consolidated income statement for the 2006 first
quarter shows a net loss of THB23.35 million, slightly lower
than the THB23.406-million net loss recorded for the 2005 first
quarter.

Tongkah Harbour's consolidated liabilities as of March 31, 2006,
were up to THB417.54 million, as compared to THB173.95 million
in consolidated liabilities as of December 31, 2005.  Total
assets of the Company as of March 31 totaled THB1.606 billion,
compared to THB1.387 billion as of the end of December 2005.

The Company's balance sheet as of March 31, 2006, also showed
strained liquidity, with total current assets of
THB108.38 million available to pay total current liabilities of
THB113.308 million coming due within the next 12 months.

After auditing Tongkah Harbour's consolidated financial report,
Kesree Narondeja, of A.M.T. & Associates, stated that continued
operating losses of the Company and its subsidiaries may affect
their liquidity status and their going concern position.  
Accordingly, Mr. Narondeja said, the Company's ability to
continue in existence depends upon its ability to get additional
financing for the ensuing years, and achieve profitable
operations.

Full-text copies of the Company's financials for the quarter
ending March 31, 2006, are available for free at:

    http://bankrupt.com/misc/THLE1.doc

    http://bankrupt.com/misc/THLE2.xls

                          *     *     *

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily  
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.

The Company had been listed under the Rehabco sector --
Companies under rehabilitation -- until July 3, 2006, when the
Thailand Stock Exchange reclassified the whole sector.  
Currently, SET categorized the Company under the "non-performing
group."  Companies under the group will retain their listing
status and will be obligated to comply with the SET
requirements.


* BOND PRICING: For the Week 7 August to 11 August 2006
-------------------------------------------------------

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

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

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


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    74
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tincel Ltd                            7.400%    06/13/11     1


                            *********

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

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

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


                            *********


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

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