TCRAP_Public/060809.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Wednesday, August 9, 2006, Vol. 9, No. 157

                            Headlines

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

AWAL HOLDINGS: Appoints Joint and Several Liquidators
BAYPROP 14: Members Pass Resolution to Wind Up Firm
BEEONE MANAGEMENT: Court to Hear Liquidation Bid on August 17
CAMORRA INVESTMENTS: Placed Under Members' Voluntary Liquidation
CARR COMPANIES: ASIC Winds Up Firms for No-License Operations

CENTENARY PTY: Enters Wind-Up Proceedings
CHAUCER GROUP: Names Brown and Rodewald as Liquidators
CHILLERS PTY: Creditors Appoint Official Liquidator
DAIKYO (NORTH QUEENSLAND): Members Opt for Voluntary Liquidation
DANRON HOLDINGS: Members and Creditors to Hear Wind-Up Report

DAVJAN PTY: Members Agree to Shut Down Business
ENDRIM PTY: Members Pass Wind-Up Resolution
ENGINEERED BUILDING: Creditors Resolve to Wind Up Operations
FELTEX CARPETS: Opens Books to Sleepyhead's Turner Brothers
FINANCIAL FUTURES: Creditors Proofs of Claim Due on August 25

FOREMOST FUNGI: Faces Liquidation Proceedings
GLOBAL ENGINEERED: Calls Administrators to Facilitate Turnaround
HALEYS COMET: Liquidator to Present Wind-Up Report on August 29
HAPPY VALLEY: Creditors' Proofs of Claim Due on August 15
HILLSANDS PTY: Members Resolve to Shut Down Operations

KPF INDUSTRIES: Court Sets Date to Hear Liquidation Bid
KNIGHTSBRIDGE PTY: Members Resolve to Wind Up Operations
LA DISH: Undergoes Wind-Up Proceedings
MAPIQ PTY: Members and Creditors to Hear Wind-Up Report
MILLA DALE: Appoints Peter David Kane as Liquidator

MILLBA PTY: Enters Members' Voluntary Wind-Up Proceedings
MORESTILL PTY: Appoints Joint and Several Liquidators
NEW ZEALAND EDUCATION: Commences Liquidation Proceedings
NORTH EAST: Liquidator to Present Wind-Up Report on August 28
NYLEX LIMITED: Completes AU$40-Mln Capital Raising Negotiations

NYLEX LIMITED: Issues Profit Downgrade for Year Ending June 30
OWENS SHIPS: Placed Under Voluntary Wind-Up
PARSIFAL (NSW): Members and Creditors to Hear Wind-Up Report
Q & J HOTELS: Members Appoint Michael McCann as Liquidator
RACEPARK PTY: Enters Voluntary Liquidation

RASDON MOORABBIN: Members and Creditors to Convene on August 25
RIO PLASTERING: Liquidator to Present Wind-Up Report
SAVANNAH GULF: Receivers and Managers Cease to Act for Firm
SOAPSTONE ENTERPRISES: Creditors Must Prove Debts by September 1
SOUTH AUSTRALIA: Members Agree to Wind Up Firm

SPUD JOINERY: Court to Hear CIR's Liquidation Bid
SUCCESSFUL PTY: Court Issues Wind-Up Order
SUTHERVILLE PTY: Names Official Liquidator
TERAPH PTY: Members Pass Resolution to Wind Up Firm
TOP OF THE RANGE: Receiver Steps Aside

UNDERGROUND STRUCTURES: High Court To Hear Wind-Up Bid Aug. 17
VITELLE HEALTH: Members Resolve to Shut Down Business
WESTPOINT GROUP: Court Temporarily Freezes Assets of 2 Companies
ZINIFEX LIMITED: Fitch Rates Zinifex 'BB+'; Outlook Stable
* AU Low-Doc Delinquencies to Continue Rising, Fitch Says

* Signs Suggest AU Banks' Credit Quality has Peaked, Fitch Warns


C H I N A   &   H O N G  K O N G

ABILITY INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 4
AILEEN INDUSTRIAL: Court to Hear Wind-Up Bid on October 4
AVAGO TECHNOLOGIES: Posts US$380M Net Revenue for Second Quarter
CHINA NONFERROUS: Creditors Must File Claims by August 25
CREATE GLORY: Appoints Joint and Several Liquidators

FORDSKY (HK) LIMITED: Creditors Must Prove Debts by Sept. 29
GREAT WALL: Creditors' Proofs of Claim Due on Sept. 29
INFOAGE INTERNATIONAL: Creditors' Meeting Slated for August 15
KINNON INTERNATIONAL: Appoints Official Liquidator
NUCLEAR CONSTRUCTION: Falls Into Liquidation

QUEST INTERNATIONAL: Liquidator to Present Wind-Up Report
SAFE SHIPPING: Court to Hear Wind-Up Bid on September 6
SANDISK CORP: Acquiring msystems in All-Stock Deal
SEQ AVIATION: Faces Wind-Up Proceedings
TERREL LIMITED: Creditors Meeting Slated for August 28

TM COMMUNICATIONS: Final Members' Meeting Set on Sept. 5
VETERAN INVESTORS: Creditors Set to Meet on August 28


I N D I A

BHARAT HEAVY: ICRA Downgrades Bond Programme Rating to LC
GENERAL MOTORS: Files Multibillion-Dollar Claim Against Delphi
INDIAN OIL: Inks Loan Deals to Raise US$370 Million
UTI BANK: ICRA Reaffirms Long-Term Ratings with Positive Outlook


I N D O N E S I A

NOBLE FINANCE: Fitch Assigns 'B' Long-Term Issuer Default Rating
* Indonesian Treasury Bonds Sale Garners IDR3-Trillion Revenue


J A P A N

JAPAN AIRLINES: To Raise Fare Rate on International Flights
SOFTBANK CORP: Returns to Profit in First Quarter 2006


K O R E A

LG CARD: Nonghyop Seeks Woori's Help to Buy Firm
AGRICULTURAL COOPERATIVE: Gets KRW311B Net Profit in 1st Quarter


M A L A Y S I A

AMSTEEL CORPORATION: Unit Disposes of Estate Property
ANTAH HOLDINGS: To Implement Restructuring to Settle Debts
EON BANK: Fitch Affirms Individual Rating at C/D
KIG GLASS: Buys Time to Appoint Adviser and Submit Rehab Plan
LITYAN HOLDINGS: Securities Commission Okays Land Sale Waiver

MALAYSIA AIRLINES: Extends Contract of Non-Executive Chairman
MALAYSIA AIRLINES: Rationalization Exercise Sparks Uncertainties
MENTIGA CORP: Executes & Completes Proposals Ahead of Schedule
POLYMATE HOLDINGS: Bourse Suspends Trading of Securities
PROTON HOLDINGS: To Maintain Output Amid Sluggish Sales

ROTHPUTRA NOMINEES (ASING): Placed Under Voluntary Wind-Up
ROTHPUTRA NOMINEES (TEMPATAN): Commences Wind-Up Process
SUGAR BUN: Public Spread Meets Requirement
TM INTERNATIONAL: Completes Wind-Up Exercise


P H I L I P P I N E S

APEX MINING: SEC Might Order Suspension on Non-Payment of Fines
ATLAS CONSOLIDATED: Ordered to Pay PHP50,000 for Late SEC Filing
BANCO FILIPINO: Fined for Not Submitting 2005 Annual Report
COLLEGE ASSURANCE: SEC Imposes Fine Due to Untimely Filing
PETPLANS INC: Has Fifteen Days to Settle SEC Fine

PHILODRILL CORP: Begins Sale of 9 Million Treasury Shares
PILIPINO TELEPHONE: Posts 17% Rise in H1 Net Income to PHP3 Bln


S I N G A P O R E

DEFAR (S) PTE: Court to Hear Wind-Up Petition on August 18
DREAMSCAPE CONSULTING: Creditors' Proofs of Claim Due on Aug. 21
EDUCATION SI: Enters Wind-Up Proceedings
REFCO INC: Judge Okays Stipulations on Lease-Decision Period
REFCO INC: Capital Trustee Hires Skadden as Special Counsel


T H A I L A N D

TMB BANK: Finance Ministry to Purchase 1 Billion New Shares
* Finance Ministry Mulls Bailing-Out Key Public Enterprises


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

AWAL HOLDINGS: Appoints Joint and Several Liquidators
-----------------------------------------------------
Joint Liquidators Vivian Judith Fatupaito and Richard Dale Agnew
were on July 27, 2006, appointed to oversee the liquidation of
Awal Holdings Co Ltd.

Ms. Fatupaito and Mr. Agnew require the Company's creditors to
submit their proofs of claim by October 27, 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:

         Vivian Judith Fatupaito
         PricewaterhouseCoopers, Level Eight
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


BAYPROP 14: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
At a general meeting on July 24, 2006, the members of Bayprop 14
Pty Ltd passed a special resolution to voluntarily wind up the
Company's operations and appoint Bruce Neil Mulvaney as
liquidator.

The Liquidator can be reached at:

         Bruce Neil Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


BEEONE MANAGEMENT: Court to Hear Liquidation Bid on August 17
-------------------------------------------------------------
Times Media Group Ltd on May 31, 2006, filed with the High Court
of Auckland a petition to liquidate Beeone Management Ltd.

The Court will hear the petition on August 17, 2006, at 10:45
a.m.

The plaintiff's solicitor can be reached at:

         Malcolm David Whitlock
         Whitlock & Company
         c/o Level Two, Baycorp Advantage House
         15 Hopetoun Street, Auckland
         New Zealand


CAMORRA INVESTMENTS: Placed Under Members' Voluntary Liquidation
----------------------------------------------------------------
On July 20, 2006, members of Camorra Investments Pty Ltd passed
a special resolution to voluntarily liquidate the Company's
business and distribute the proceeds of its assets disposal.

Subsequently, S. W. Vine was appointed as liquidator.

The Liquidator can be reached at:

         S. W. Vine
         200 East Terrace
         Adelaide, South Australia 5000
         Australia


CARR COMPANIES: ASIC Winds Up Firms for No-License Operations
-------------------------------------------------------------
The Australian Securities and Investments Commission seeks to
wind up companies associated with "financial mentor" Andrew
Carr, of Ashgrove in Brisbane.  The companies are:

   1. Nimshay Pty Ltd, trading as Superior Wealth Creation and
      Superior;

   2. Bay Investments Pty Ltd;

   3. Baynoosa Pty Ltd;

   4. Lenlil Pty Ltd;

   5. Baylink Investments Pty Ltd; and

   6. Nimshay Holdings Pty Ltd.

The ASIC also seeks a declaration that Mr. Carr carried on a
financial services business without holding an Australian
Financial Services License, as well as an injunction permanently
restraining him from engaging in the same business in the
future.

In a previous statement posted at its Web site, the ASIC said
that it has obtained injunctions in the Supreme Court in
Brisbane against the Carr Companies, as well as their directors,
Mr. Carr and Andrew Gray.

The ASIC explained that the wind-up application was part of a
broader investigation into the conduct of Mr. Carr, Mr. Gray,
and the Carr Companies.

The ASIC alleged that a number of investors who paid "mentoring
fees" for Mr. Carr's financial and personal development advice,
as well as fees to attend conferences presented by Mr. Carr,
have invested money in the Carr Companies by way of "loans."
The conferences have been held both locally and overseas,
including the Gold Coast, Brisbane, Sydney, Singapore and
Hawaii, since July 2005.

                      ASIC's Investigations

The ASIC's investigations found that the "loan" investments were
made on the promise of repayment of part of the principal in six
months time, and a unit in a property development at Ewart &
Murray Streets in Clontarf in Brisbane.  They were also offered
the opportunity to roll this over into an investment at Mein
Street, Scarborough, in Brisbane.

The ASIC is concerned that these loans have not been repaid and
that construction at the property development had not begun.
The ASIC's preliminary information indicates that at least 47 to
100 investors have invested through the Carr Companies and that
between at least AU$3 million and AU$5 million has been
invested.

The ASIC also received a complaint from the administrator of
Europe Style Homes Pty Ltd, Matthew Joiner of Horwath BRI in
Brisbane, who alleged that on his appointment, the books and
records of that company had been removed from its offices, and
who received subsequent information that money and services had
been transferred from ESH to the Carr Companies.  ESH is a
company involved in the building of projects on behalf of
Superior Wealth Creation clients, the ASIC notes.

                    ASIC's Court Application

In response to these concerns, the ASIC made an urgent
application to the Supreme Court on June 5, 2006, and
successfully obtained injunctions and orders:

   * requiring Messrs. Carr and Gray to deliver up their
     passports to the Court and restraining them from leaving
     the country;

   * restraining Messrs. Carr and Gray and the Carr Companies
     from dealing with their bank accounts and other property,
     as well as requiring them to provide lists of the accounts
     and property;

   * restraining Messrs. Carr and Gray and the Carr Companies
     from destroying their company books and records, and those
     of ESH, and requiring them to deliver up the ESH company
     books and records to ASIC; and

   * restraining Mr. Carr and two Carr companies, Nimshay Pty
     Ltd and Baynoosa Pty Ltd, from seeking or taking further
     investments from the public.

At a hearing on June 8, 2006, the majority of these orders were
extended by consent until June 26, 2006, and subsequently
extended until July 24, 2006.  However, the orders restraining
Mr. Gray from dealing with his bank accounts and other property
-- except real property -- was not extended, the ASIC notes.

At the hearings on July 24 and 26, 2006, the existing freezing
orders against Mr. Carr and the Companies, first obtained in
June 2006, were extended with a variation allowing the Receivers
and Managers of the companies, Ian Hall and Stephen Longley of
PricewaterhouseCoopers in Brisbane, to deal with the assets.

On July 27, 2006, the ASIC filed an amended application seeking
the winding up of the Companies and the declaration and
injunction against Mr. Carr.

The matter will return to Court on August 18, 2006.


CENTENARY PTY: Enters Wind-Up Proceedings
-----------------------------------------
Members of Centenary Pty Ltd convened on July 18, 2006, and
resolved to voluntarily wind up the Company's operations.

In this regard, Michael Gerard McCann was appointed as
liquidator.

The Liquidator can be reached at:

         Michael Gerard McCann
         Grant Thornton Chartered Accountants
         Level 4, Grant Thornton House
         102 Adelaide Street
         Brisbane, Australia


CHAUCER GROUP: Names Brown and Rodewald as Liquidators
------------------------------------------------------
Joint Liquidators Thomas Lee Rodewald and Kenneth Peter Brown
were on July 20, 2006, appointed to oversee the liquidation of
The Chaucer Group Co Ltd.

The Liquidators can be reached at:

         K. P. Brown
         Rodewald Hart Brown Limited
         127 Durham Street (P.O. Box 13-380)
         Tauranga, New Zealand
         Telephone: (07) 571 6280

         Or at:

         38C Cavendish Drive
         Manukau, Auckland
         New Zealand
         Telephone: (09) 262 3634
         Web site: www.rhb.co.nz/


CHILLERS PTY: Creditors Appoint Official Liquidator
---------------------------------------------------
At an extraordinary general meeting of the members of
Chillers Pty Ltd held on July 24, 2006, it was resolved that a
voluntary liquidation of the Company's business is appropriate
and necessary.

Creditors subsequently appointed Craig Crosbie as liquidator at
a separate meeting held that same day.

The Liquidator can be reached at:

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


DAIKYO (NORTH QUEENSLAND): Members Opt for Voluntary Liquidation
----------------------------------------------------------------
The members of Daikyo (North Queensland) Pty Ltd met on July 20,
2006, and resolved to voluntarily liquidate the Company's
business.

Subsequently, Robert Hutson and John Park were appointed as
liquidators.

The Liquidators can be reached at:

         Robert Hutson
         John Park
         KordaMentha (Queensland)
         Level 2, Corporate Centre One
         2 Corporate Court
         Bundall, Queensland 4217
         Australia
         Telephone:(07) 5574 1322
         Facsimile:(07) 5574 1433


DANRON HOLDINGS: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
A general meeting of the members and creditors of Danron
Holdings Pty Ltd will be held on August 30, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         Riad Tayeh
         de Vries Tayeh
         Corporate Strategy and Insolvency
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


DAVJAN PTY: Members Agree to Shut Down Business
-----------------------------------------------
Members of Davjan Pty Limited held a general meeting on June 15,
2006, and agreed to voluntarily wind up the Company's
operations.

Accordingly, David M. Mccarthy and Christopher R. Campbell were
named joint and several liquidators.

The 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


ENDRIM PTY: Members Pass Wind-Up Resolution
-------------------------------------------
At a general meeting held on July 18, 2006, the members of
Endrim Pty Ltd passed a special resolution to wind up the
Company's operations and distribute the proceeds of its assets
disposal.

In this regard, Bradley Hellen and Ann Ordyce were appointed as
joint and several liquidators.

The Liquidators can be reached at:

         Bradley Hellen
         Ann Ordyce
         c/o Pilot Partners
         Level 5, 175 Eagle Street
         Brisbane, Queensland 4000
         Australia


ENGINEERED BUILDING: Creditors Resolve to Wind Up Operations
------------------------------------------------------------
Creditors of Engineered Building Products Pty Ltd convened on
June 28, 2006, and decided to wind up the Company's operations.

Accordingly, Oren Zohar and Brian McMaster were appointed as
liquidators.

The Liquidators can be reached at:

         Oren Zohar
         KordaMentha
         Telephone:(08) 9221 6999


FELTEX CARPETS: Opens Books to Sleepyhead's Turner Brothers
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 2, 2006, Feltex Carpets Limited has received a takeover
offer from privately owned Australian rival Godfrey Hirst.  The
report noted that the Feltex Board of Directors has agreed to
support the Godfrey Hirst Proposal in the absence of any
alternative offer being presented that is more favorable to
Feltex shareholders and the Company's stakeholders.

Yet, a subsequent TCR-AP report on August 4, 2006, revealed that
Graeme and Craig Turner, who run bed-makers Sleepyhead,
challenged Godfrey Hirst's bid for Feltex.

In an update, the Feltex Board has agreed to open its books to
the Turners.  Talks between the parties have continued this
week, resulting in Feltex's decision to give the green light to
the Turners.  Due diligence on the carpet business has begun,
with the Turners starting work on the books at the Feltex
offices in Melbourne.

"Due diligence will enable a full analysis of the Feltex
situation to be made to confirm our understanding of the
Company's position and determine the final details of the bid,"
Craig Turner says.  "We are working to have due diligence
completed as close to August 21, 2006, as possible.  During this
time we will also be finalizing the terms of our proposal with
the Board as well as working with other parties around this
deal," he adds.

The Turners continue to be overwhelmed by the support of
shareholders and members of the public who want to see Feltex
stay in Kiwi hands and returned to profitability.

"Feltex is an iconic Kiwi brand, like Sleepyhead.  The business
itself is a good one and we want to stop another "fire sale" of
a New Zealand company," Craig Turner says.

Under the Turner plan, Feltex would stay in New Zealand, listed
on the New Zealand Stock Exchange giving shareholders the
opportunity to share in the company's future.

However, Feltex clarifies that despite the agreement with the
Turners, it is continuing to advance its agreement with Godfrey
Hirst, The Age relates.

                          About Feltex

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

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

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

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


FINANCIAL FUTURES: Creditors Proofs of Claim Due on August 25
-------------------------------------------------------------
Creditors of Financial Futures 2003 Ltd are required to submit
their proofs of claim by August 25, 2006, to Joint Liquidators
Peri Micaela Finnigna and Boris Van Delden.

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

The Joint Liquidators can be reached at:

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


FOREMOST FUNGI: Faces Liquidation Proceedings
---------------------------------------------
Wanganui Gas Ltd on June 2, 2006, filed with the High Court of
Palmerston North a liquidation petition against Foremost Fungi
Ltd.

The Court is scheduled to hear the petition on August 14, 2006,
at 10:00 a.m.

The Plaintiff's solicitor can be reached at:

         G. E. Spooner
         Treadwell Gordon, Solicitors
         Suite 8, Wicksteed Terrace
         Wanganui, New Zealand


GLOBAL ENGINEERED: Calls Administrators to Facilitate Turnaround
----------------------------------------------------------------
On August 7, 2006, Allen Capital, the private equity owner of
Global Engineered Fasteners, called in administrators to try to
engineer a turnaround, after the Company's battle with rising
costs and falling volumes failed, The Australian reports.

The paper relates that the action was due to the Company's more
than AU$5 million in debt and the inability to convince Holden
and brakes-maker Pacifica to agree to price rises.

The directors of GEF appointed Stephen Longley and David McEvoy,
of PricewaterhouseCoopers, as the Company's voluntary
administrators, the Australian Associated Press relates.

GEF tells The Australian that it had been hit by a 70% rise in
steel prices, a 20% fall in local car production, and a 10% rise
in the Australian dollar.

"The investment case for additional funding (of the business)
was based on the automotive customers' support, which
unfortunately didn't materialize," the paper cites Allen Capital
founder Peter Allen, as saying.

Of its customers, GEF had only been able to pass on its higher
costs to Textron, which supplies Ford, The Australian says.

The Age relates that GEF had held intensive talks with major
customers last week, but GEF Chairman Peter Allen said that
while progress was made, final agreement had not been reached.

Mr. Allen disclosed that GEF was in the middle of a
restructuring program, which has already absorbed AU$9 million
of fresh capital, and under which most of the Company's
production would be transferred offshore from its Braeside site
in Melbourne.  A further investment of AU$5 million would be
made if agreement could be reached with customers, The Age
relates.

According to Mr. Allen, shareholders still believe in the future
viability of the business and were prepared to fund a
restructuring of the Company, The Advertiser relates.

Mr. Allen said that workers had already been briefed on the
proposal and it would now be presented to the administrators.
However, Mr. Allen did not comment on whether jobs would be shed
as a result of the Company being placed in voluntary
administration.

GE Capital and Allen Capital are the two secured creditors, The
Australian notes, adding that Allen Capital bought the business
from Nylex Limited in 2004.

There will be a creditors meeting on August 14, 2006.

                           About GEF

Based at the Ajax plant in Braeside, Victoria, Global Engineered
Fasteners -- http://www.ajaxfast.com.au/-- wholly owns Ajax
Engineered Fasteners.  GEF also owns the full-service automotive
supplier Global Automotive Logistics.  Allen Capital Private
Equity and a team of company directors jointly own GEF.  GEF was
established in 2004 to acquire the assets of Ajax EF and GAL
from the Nylex Group.

According to The Age, GEF supplies GM Holden, Pacifica Group,
and Textron, among others, with nuts and bolts for engines and
suspension parts as well as fasteners for other vehicle parts.


HALEYS COMET: Liquidator to Present Wind-Up Report on August 29
---------------------------------------------------------------
A joint meeting of the members and creditors of Haleys Comet Pty
Limited will be held on August 29, 2006, at 11:00 a.m.

During the meeting, members and creditors will receive
Liquidator A. H. J. Wily's report on the Company's wind-up and
property disposal activities.

The Liquidator can be reached at:

         A. H. J. Wily
         Armstrong Wily
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


HAPPY VALLEY: Creditors' Proofs of Claim Due on August 15
---------------------------------------------------------
Happy Valley Australia Pty Limited notifies parties-in-interest
of its intention to declare a first and final dividend.

In this regard, creditors are required to formally prove their
debts by August 15, 2006, for them to share in the dividend
distribution.

The deed administrator can be reached at:

         Susan Carter
         Worrells Solvency & Forensic Accountants
         Australia


HILLSANDS PTY: Members Resolve to Shut Down Operations
------------------------------------------------------
At a general meeting of the members of Hillsands Pty Ltd held on
June 30, 2006, it was resolved that a wind-up of the Company's
operations is appropriate and necessary.

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

The Liquidator can be reached at:

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


KPF INDUSTRIES: Court Sets Date to Hear Liquidation Bid
-------------------------------------------------------
The High Court of Auckland will on August 17, 2006, at 10:00
a.m. hear a liquidation petition filed against KPF Industries
(N.Z.) Ltd.

The Commissioner of Inland Revenue filed the petition with the
Court on May 15, 2006.

The Plaintiff's solicitor can be reached at:

         S.J. Eisdell Moore
         Offices of Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand


KNIGHTSBRIDGE PTY: Members Resolve to Wind Up Operations
--------------------------------------------------------
Members of Knightsbridge Pty Ltd convened on July 24, 2006, and
passed a special resolution to voluntarily wind up the Company's
operations.

Subsequently, Bruce Neil Mulvaney was appointed as liquidator.

The Liquidator can be reached at:

         Bruce N. Mulvaney
         Bruce Mulvaney & Co
         1st Floor, 613 Canterbury Road
         Surrey Hills, Victoria 3127
         Australia


LA DISH: Undergoes Wind-Up Proceedings
--------------------------------------
At an extraordinary general meeting on July 21, 2006, the
members of LA Dish Fine Foods Pty Ltd decided to voluntarily
wind up the Company's operations.

Peter Gountzos and David James Lofthouse were appointed as
liquidators at a creditors' meeting held that same day.

The Liquidators can be reached at:

         Peter Gountzos
         David James Lofthouse
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9639 4779
         Facsimile:(03) 9639 4773


MAPIQ PTY: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------
A final meeting of the members and creditors of Mapiq Pty
Limited will be held on August 30, 2006, at 11:00 a.m.

During the meeting, Liquidator Andrew H. J. Wily will report on
the Company's wind-up and property disposal activities.

The Liquidator can be reached at:

         Andrew H. J. Wily
         Armstrong Wily & Co
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


MILLA DALE: Appoints Peter David Kane as Liquidator
---------------------------------------------------
Members of Milla Dale Friesian Stud Pty Ltd met on July 20,
2006, and resolved to voluntarily wind up the Company's
operations.

Subsequently, Peter David Kane was appointed as liquidator.

The Liquidator can be reached at:

         Peter David Kane
         Tax Strategies Pty Ltd
         Suite 6
         "Plaza Links" Plaza Parade
         Maroochydore, Queensland 4558
         Australia


MILLBA PTY: Enters Members' Voluntary Wind-Up Proceedings
---------------------------------------------------------
The members of Millba Pty Limited met on June 15, 2006, and
resolved to voluntarily wind up the Company's operations.

Accordingly, David M. Mccarthy and Christopher R. Campbell were
named official 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


MORESTILL PTY: Appoints Joint and Several Liquidators
-----------------------------------------------------
At a general meeting of the members of Morestill Pty Ltd,
Susan Carter and Jason Bettles were appointed as joint and
several liquidators to oversee the Company's wind-up.

The Joint and Several Liquidators can be reached at:

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


NEW ZEALAND EDUCATION: Commences Liquidation Proceedings
--------------------------------------------------------
New Zealand Education Ltd was placed on liquidation on July 27,
2006, following the appointment of Grant Bruce Reynolds as
liquidator.

Mr. Reynolds requires the creditors of the Company to submit
their proofs of claim by September 10, 2006, for them to share
in any distribution the Company will make.

The Liquidator can be reached at:

         Grant Bruce Reynolds
         Reynolds & Associates Limited
         Insolvency Practitioners
         P.O. Box 259-059, Burswood
         East Tamaki, Auckland
         New Zealand
         Telephone: (09) 577 0162
         Facsimile: (09) 577 0243


NORTH EAST: Liquidator to Present Wind-Up Report on August 28
-------------------------------------------------------------
Members of North East Credit Union Co-Operative Ltd will hold a
general meeting on August 28, 2006, at 10:30 a.m.

At the meeting, Liquidator D. C. Hutchings will present accounts
of the Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         D. C. Hutchings
         AFS & Associates Pty Ltd
         61 Bull Street, Bendigo 3550
         Australia


NYLEX LIMITED: Completes AU$40-Mln Capital Raising Negotiations
---------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
June 29, 2006, that Nylex Limited disclosed a proposed
AU$40-million convertible note issue.  Nylex also disclosed that
it has received a non-binding indicative term sheet, from
Singapore-based Harmony Capital Partners Pty. Ltd., and Garden
Park Equities Pty. Ltd., in which Harmony and Garden Park would
each consider sub-underwriting AU$20 million of the issue.

In an update, through a statement filed with the Australian
Stock Exchange Limited, Nylex discloses further details of the
AU$40-million capital raising after the successful conclusion of
the negotiations and due diligence with the sub-underwriters.
Existing shareholders will have the opportunity to subscribe for
not less than 75% of the amount to be raised.

Proceeds from the capital raising will be applied to the
reduction of the Company's debt, create additional working
capital, and fund restructuring costs, Nylex says.

The AU$40 million program will comprise of:

   -- AU$20 million to be raised through an issue of convertible
      notes at an issue price of 4.6 cents per note.  The
      intention is for the notes to have a three-year term and
      to carry a coupon of 1% p.a. up to the conversion date,
      Nylex explains.

      AU$10 million will be offered to Nylex shareholders, with
      the balance being subscribed directly by Harmony Capital
      on identical terms.

      The AU$10 million shareholder component will be offered to
      shareholders via a renounceable rights issue offered pro
      rata to all existing shareholders on the record date and
      will be fully sub-underwritten by Harmony Capital; and

   -- AU$20 million to be raised through a rights issue of new
      ordinary shares at an exercise price of 4.3 cents a share,
      to be fully sub-underwritten by Garden Park Equities and
      offered pro rata to all existing shareholders on the
      record date.

According to Nylex, all investors who subscribe to either notes
or shares in this issue will also be issued one free American
Call Option -- an option which is exercisable during its life at
the option of the holder -- for each share or convertible note
subscribed.

Nylex explains that the options will have a three-year maturity
and a strike price of 4.6 cents a share.  The options will be
traded separately from the notes and ordinary shares and will
provide the potential for the Company to raise up to
AU49 million in additional new capital over the next three years
if the options are exercised.

Harmony Capital will be issued further share options in
consideration for its support of the notes issue.  These options
will be issued on the same terms as those issued to subscribing
shareholders and noteholders, Nylex reveals.

A broker to the issue will be appointed shortly and a
shareholder's meeting to approve aspects of the issue is
scheduled in October.

Nylex clarifies that the notes issue and share rights issue are
contingent on the finalization of satisfactory debt facilities.
Discussions are progressing with the Company's existing bankers,
ANZ and Westpac and further details will be advised, Nylex says.

                        About Nylex

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.

Nylex has been in restructuring for 11 years, the past six saw
the Company management balance between keeping creditors happy
and placating shareholders, who over time lost 90% of their
investments.  Nylex owed its bank lenders more than
AU$400 million at the peak and has basically been in a
controlled liquidation of the mish-mash of assets built up in
the 1990s.

The Company has sold many businesses to reduce its debt, moved
some production offshore and now has a strong balance sheet and
is looking for acquisitions.  It has also launched a major push
to build on its strong position in garden water control to
become a leader in overall household water conservation.

The Troubled Company Reporter - Asia Pacific reported on
November 29, 2005, that Nylex's future earnings are uncertain
after shareholders sold the Company's profitable asset,
Lucrative AH Plant Hire, to a rival controlled by Nylex
shareholder and Seven Network Chairman Kerry Stokes.
Shareholders agreed to sell AH Plant Hire to the Stokes-
controlled National Hire group for AU$111 million, which just
scrapped in at the bottom of the valuation range calculated by
independent expert Ernst & Young Valuation Services.

Nylex is operating under the close supervision of a group of
banks, which are keen to end the five-year asset sell-off.

In May 2006, Nylex announced a restructure that will cost about
AU$10 million, and has started talks with potential financiers
and existing and potential senior debt providers.

Also in May, the Company announced a profit downgrade, saying
that the underlying earnings of continuing businesses for the
current financial year are expected to be between AU$1.5 million
and AU$2 million, which falls short of its previous guidance.
The Company also disclosed that it expects to incur or make
provisions for restructuring costs, and assets carrying value
adjustments of AU$18 million.


NYLEX LIMITED: Issues Profit Downgrade for Year Ending June 30
--------------------------------------------------------------
In conjunction with the offer documents for the capital raising,
Nylex Limited disclosed to the Australian Stock Exchange Limited
that it expects to release its full-year financial results for
the year ending June 30, 2006, in mid-September.

Nylex has issued another profit warning, saying that it expects
annual underlying operating profit will be close to break-even
and is considering another AU$12 million in writedowns and
restructuring provisions, the Sydney Morning Herald reports.

As reported in the Troubled Company Reporter - Asia Pacific on
May 19, 2006, Nylex stated that the underlying earnings of
continuing businesses for the current financial year were
expected to be between AU$1.5 million and AU$2 million, which
falls short of its previous guidance.  The Company also
disclosed that it expects to incur or make provisions for
restructuring costs, and assets carrying value adjustments of
AU$18 million.

The TCR-AP previously reported that Nylex had warned that its
annual earnings will be halved after it posted a half-year net
profit of AU$46.9 million, compared to a loss of
AU$30.08 million in the same period in 2004.  The half-year
result had included the AU$48.3 million profit on the sale of
the Company's AH Plant Hire division.

According to the Sydney Herald, Nylex says that the "[l]atest
indications are that the underlying operating result will be
close to break-even and the company is considering further
restructuring provisions, writedowns and AIFRS (accounting)
adjustments of around AU$12 million."

The paper relates that Nylex said it had implemented an
extensive turnaround program since April 2006, removing more
than AU$20 million of recurrent expenditure from its cost base.

"The benefits of this program will arise in 2007 and beyond,"
the Herald cites Nylex as saying.

Nylex executive chairman Peter George tells the Herald that
Nylex "continues to trade in subdued market conditions."

                        About Nylex

Headquartered in Melbourne, Australia, Nylex Limited --
http://www.nylexlimited.com.au/-- is an Australian marketer,
manufacturer and service provider of plant hire services,
building products, automotive products, plastic products, and
engineered products.

Nylex has been in restructuring for 11 years, the past six saw
the Company management balance between keeping creditors happy
and placating shareholders, who over time lost 90% of their
investments.  Nylex owed its bank lenders more than
AU$400 million at the peak and has basically been in a
controlled liquidation of the mish-mash of assets built up in
the 1990s.

The Company has sold many businesses to reduce its debt, moved
some production offshore and now has a strong balance sheet and
is looking for acquisitions.  It has also launched a major push
to build on its strong position in garden water control to
become a leader in overall household water conservation.

The Troubled Company Reporter - Asia Pacific reported on
November 29, 2005, that Nylex's future earnings are uncertain
after shareholders sold the Company's profitable asset,
Lucrative AH Plant Hire, to a rival controlled by Nylex
shareholder and Seven Network Chairman Kerry Stokes.
Shareholders agreed to sell AH Plant Hire to the Stokes-
controlled National Hire group for AU$111 million, which just
scrapped in at the bottom of the valuation range calculated by
independent expert Ernst & Young Valuation Services.

Nylex is operating under the close supervision of a group of
banks, which are keen to end the five-year asset sell-off.

In May 2006, Nylex announced a restructure that will cost about
AU$10 million, and has started talks with potential financiers
and existing and potential senior debt providers.

Also in May, the Company announced a profit downgrade, saying
that the underlying earnings of continuing businesses for the
current financial year are expected to be between AU$1.5 million
and AU$2 million, which falls short of its previous guidance.
The Company also disclosed that it expects to incur or make
provisions for restructuring costs, and assets carrying value
adjustments of AU$18 million.


OWENS SHIPS: Placed Under Voluntary Wind-Up
-------------------------------------------
Members of Owens Ships 1750 Pty Limited held a general meeting
on July 21, 2006, and resolved to voluntarily wind-up the
Company's operations.

In this regard, 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


PARSIFAL (NSW): Members and Creditors to Hear Wind-Up Report
------------------------------------------------------------
A final meeting of the members and creditors of Parsifal (NSW)
Pty Limited will be held on August 31, 2006, at 10:00 a.m., for
them to hear accounts of the Company's wind-up from Liquidator
Danny Vrkic.

The Liquidator can be reached at:

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


Q & J HOTELS: Members Appoint Michael McCann as Liquidator
----------------------------------------------------------
At a general meeting of Q & J Hotels Pty Ltd on July 18, 2006,
members resolved to voluntarily wind up the Company's
operations.

Subsequently, Michael Gerard McCann was appointed as liquidator.

The Liquidator can be reached at:

         Michael Gerard McCann
         Grant Thornton Chartered Accountants
         Level 4, Grant Thornton House
         102 Adelaide Street
         Brisbane, Australia


RACEPARK PTY: Enters Voluntary Liquidation
------------------------------------------
The members of Racepark Pty Ltd held an extraordinary general
meeting on July 17, 2006, and passed a resolution to voluntarily
wind up the Company's operations.

In this regard, Veronica Hermine Wilson was appointed as
liquidator.

The Liquidator can be reached at:

         Veronica Hermine Wilson
         Cranstoun & Hussein
         Chartered Accountants
         Level 2, 102 Adelaide Street
         Brisbane, Queensland 4000
         Australia


RASDON MOORABBIN: Members and Creditors to Convene on August 25
---------------------------------------------------------------
Members and creditors of Rasdon Moorabbin Pty Ltd will hold a
general meeting on August 25, 2006, at 11:00 a.m.

At the meeting, Liquidator Ross 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
         Australia
         Telephone:(03) 9347 0411


RIO PLASTERING: Liquidator to Present Wind-Up Report
----------------------------------------------------
Members and creditors of Rio Plastering Pty Ltd will hold a
general meeting on August 29, 2006, at 10:00 a.m.

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

The Liquidator can be reached at:

         Riad Tayeh
         de Vries Tayeh
         Corporate Strategy and Insolvency
         Level 3, 95 Macquarie Street
         Parramatta, New South Wales 2150
         Australia


SAVANNAH GULF: Receivers and Managers Cease to Act for Firm
-----------------------------------------------------------
Peter John Morris and Todd William Kelly ceased to act as
receivers and managers of Savannah Gulf Adventure Safaris Pty
Ltd on July 24, 2006.


SOAPSTONE ENTERPRISES: Creditors Must Prove Debts by September 1
----------------------------------------------------------------
Joint liquidators John Trevor Whittfield and Boris Van Delden
were on July 21, 2006, appointed to oversee the liquidation of
Soapstone Enterprises Ltd.

Subsequently, the Joint Liquidators require the creditors of the
company to prove their debts by September 1, 2006, or be
excluded from sharing in any distribution the Company will make.

According to The Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed the liquidation petition
against the Company with the High Court of Wellington on May 25,
2006.

The Joint Liquidators can be reached at:

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


SOUTH AUSTRALIA: Members Agree to Wind Up Firm
----------------------------------------------
The members of South Australia Massage Therapists Association
Incorporated met on July 23, 2006, and resolved to voluntarily
wind up the Company's operations.

In this regard, Robert Colin Parker was appointed as liquidator.

The Liquidator can be reached at:

         Robert Colin Parker
         Freer Parker & Associates
         40 Sturt Street
         Adelaide, South Australia
         Australia


SPUD JOINERY: Court to Hear CIR's Liquidation Bid
-------------------------------------------------
The Commissioner of Inland Revenue on May 22, 2006, filed before
the High Court of Auckland a petition to liquidate Spud Joinery
Specialists Ltd.

The Court will hear the petition on August 17, 2006, at 10:00
a.m.

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

         S.J. Eisdell Moore
         Offices of Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand


SUCCESSFUL PTY: Court Issues Wind-Up Order
------------------------------------------
The Federal Court of Australia on July 14, 2006, issued an order
to wind up Successful Pty Ltd and appoint Steven Nicols as
liquidator.

The Liquidator can be reached at:

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


SUTHERVILLE PTY: Names Official Liquidator
------------------------------------------
The members of Sutherville Pty Ltd held a general meeting on
June 28, 2006, and resolved to wind up the Company's operations.

Accordingly, Ross Buchanan was appointed as liquidator.

The Liquidator can be reached at:

         Ross Buchanan
         Ross Buchanan Pty Ltd
         308A Bay Road
         Cheltenham, Victoria 3192
         Australia
         Telephone:(03) 9583 8066
         Facsimile:(03) 9583 9738


TERAPH PTY: Members Pass Resolution to Wind Up Firm
---------------------------------------------------
On July 19, 2006, the members of Teraph Pty Ltd passed a
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


TOP OF THE RANGE: Receiver Steps Aside
--------------------------------------
On July 18, 2006, Peter Anthony Lucas ceased to act as receiver
of all the assets and undertakings of Top Of The Range Pty Ltd.


UNDERGROUND STRUCTURES: High Court To Hear Wind-Up Bid Aug. 17
--------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Underground Structures Ltd on August 17, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 22, 2006.

The plaintiff's solicitor can be reached at:

         S.J. Eisdell Moore
         Offices of Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand


VITELLE HEALTH: Members Resolve to Shut Down Business
-----------------------------------------------------
At a general meeting of the members of Vitelle Health Company
Pty Ltd held on June 30, 2006, it was resolved that a voluntary
wind-up of the company's operations is appropriate and
necessary.

Subsequently, James Patrick Downey was appointed as liquidator.

The Liquidator can be reached at:

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


WESTPOINT GROUP: Court Temporarily Freezes Assets of 2 Companies
----------------------------------------------------------------
At the "urgent request" of the Australian Securities and
Investments Commission, Justice Robert French of the Federal
Court temporarily freezes the assets of two companies linked to
Westpoint founder Norman Phillip Carey -- Silkchime Pty Ltd and
Rold Corp Pty Ltd -- The Age reports.

Counsel for the ASIC, Stephen Owen-Conway, tells the Court that
there was a "strong and continued" risk that the assets might
vanish unless orders were made to freeze and preserve them
before the Companies could realize court action is afoot, the
Australian Associated Press relates.

The ASIC's counsel relates that in April 2006, AU$200,000 was
transferred out of Rold, which still held AU$1.1 million in two
bank accounts.

According to Mr. Owen-Conway, Silkchime had about AU$50,000 in
the bank and was facing a withdrawal request for AU$30,000, the
AAP says.

The ASIC is concerned about the "possibility of further large
withdrawals at any time," The Age notes.

Mr. Owen-Conway contends that "[t]he commission has to assume
that Mr. Carey will continue to put assets out of reach," the
AAP says.

Justice French ordered the assets protected until the court
hears more on the matter today, The Age relates.

                    About Westpoint Group

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

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


ZINIFEX LIMITED: Fitch Rates Zinifex 'BB+'; Outlook Stable
----------------------------------------------------------
Fitch Ratings assigns Australian zinc and lead producer Zinifex
Limited a Long-term foreign currency Issuer Default Rating of
'BB+' with a Stable Outlook.

Zinifex's rating reflects its position as one of the world's
largest integrated producers of zinc and lead, with most assets
being cost competitive compared to other Western world zinc and
lead producers.  Zinifex's integrated business structure enables
its mining assets to provide a stable and secure source of
concentrate feed for most of the group's smelting assets, which
allows it to retain the whole margin through the value chain for
the majority of production.

The majority of assets -- approx. 80% by value -- are located in
Australia, which are well positioned to take advantage of the
growing Asian and Chinese markets.  Zinifex also benefits from
having a conservative capital structure, being essentially
ungeared -- with a net cash positive position -- which should
allow the Company to satisfactorily weather downturns during the
commodity price cycle as well as providing sufficient financial
flexibility to fund a significant capital investment programme.

Zinifex is currently enjoying the benefits of buoyant metal
prices and generating strong levels of earnings and cash flow.
Zinifex reported a record net profit of AU$227.6 million for the
half year to December 31, 2005, up 160% on the previous
corresponding period on the back of higher metal prices.  These
levels are expected to continue over the immediate future, with
Fitch expecting Zinifex to report a bumper full year result for
the fiscal year ending June 2006, which may exceed AU$800
million.  These levels of reported profits are viewed as being
close to peak cycle earnings, although solid earnings should be
sustainable over the foreseeable future, but will be largely
reliant on continued strength in the zinc and lead metal
markets.  Market fundamentals for zinc prices appear to remain
favorable over the immediate future, with concentrate supply
constraints limiting metal production.  This combined with
continued growth in demand from China and the rest of the world
is likely to result in a continued supply deficit in zinc
markets, supporting strong zinc prices over the foreseeable
future.

Offsetting these factors is the Company's narrow commodity
focus, which has historically been a tough industry that has
seen prolonged periods of depressed prices as well as
significant price volatility.  Fitch notes that Zinifex had pro-
forma operating losses as recent as 2003, which demonstrates the
extent of potential earnings volatility and thus is viewed as a
major rating constraint.

Fitch is of the opinion that zinc prices at recent levels are
unlikely to be sustainable over the medium to longer term,
particularly with additional global supply expected to come on
stream in 2007 and 2008.  Consequently the agency incorporates
the whole price cycle into the rating.  Other concerns include
the limited remaining mine life of the Rosebery mine -- which is
undertaking a significant exploration program to extend mine
life -- and the operational issues associated with the
Clarksville smelter in the U.S., which has been unable to source
satisfactory longer term concentrate feed arrangements and over
recent years has generally been a loss-making asset.  The rating
also takes into account the relatively short history of
operations under the present Zinifex structure and also the
extensive environmental obligations and potential issues
associated with zinc and lead smelting.

Zinifex is one of the world's largest integrated zinc and lead
producers.  Zinifex was formed in April 2004, through an IPO on
the Australian Stock Exchange, to acquire and operate certain
assets that were owned by Pasminco Limited, which went into
bankruptcy in 2001.


* AU Low-Doc Delinquencies to Continue Rising, Fitch Says
---------------------------------------------------------
Fitch Ratings says that delinquencies on Australian reduced
documentation loans -- "low-doc" -- will continue to rise in
light of higher interest rates and fuel prices.  However, Fitch
expects Australian residential mortgage-backed securities to
perform strongly despite these concerns.

In its just-released Q206 Dinkum Report, which reviews the
performance of all Fitch-rated Australian conforming RMBS
transactions up to June 30, 2006, the agency highlights that
low-doc mortgages have deteriorated in terms of delinquency
performance since June 2005 and Fitch expects low-doc arrears to
continue to deteriorate further.

"Australian RMBS mortgages have performed robustly during the
first half of the year.  Fitch expects Australian RMBS to
continue to perform strongly at least in the short to medium
term, despite the 50bp rise in interest rates since May 2006,"
comments Ben McCarthy, Fitch's managing director and head of
Australian Structured Finance for Fitch.  "We reiterate that
concerns over Australian RMBS performance have been overstated
to date and while the market remains sensitive to interest rate
increases there is little, if any, indication of any
deterioration in RMBS performance during the first half of
2006."

The Fitch Dinkum Index shows that 30+ days delinquencies for
RMBS remained at a low 1.3%, and Fitch believes that
delinquencies will remain at or below this level going forward.
This is in sharp contrast to delinquencies for low-doc
mortgages, which increased to 3.5%.  While Fitch believes that
low-doc delinquencies have not yet peaked, they remain a small
part of most Australian RMBS and even if they increased to 4% to
5%, they would still be well within Fitch's scenario modeling.

"Our index reveals that low-doc 30+ day arrears have increased
by 16% during the first half of the year, and are almost three
times those of the market as a whole.  While this is well within
Fitch's modeled scenarios, the deterioration has occurred in
benign economic times with record low unemployment levels and at
a time of low, albeit increasing, interest rates, which is of a
concern," adds Mr. McCarthy.  Fitch attributes the increase in
low-doc delinquencies to the more profound impact of the
interest rate rises and continuing high fuel prices on the low-
doc borrowers.

On the positive side, the increase in low-doc arrears does not
appear to have resulted in increased claims on insurance
principally as a result of low original loan to valuation rates
on these types of loans and a stable property market.

Fitch's Dinkum Default Index, which tracks claims on lenders
mortgage insurance is also at extremely low levels, with total
LMI claims after 60 months less than one basis point of initial
collateral.

Covering four categories of delinquencies (30 to 59 days, 60 to
89 days, 90+ days and 30+ days) for domestic and global issues
and low-doc mortgages, as well as claims against LMI, the Dinkum
report enables market participants to compare performance of
local and global RMBS deals as well as monitor trends in the
Australian RMBS market. -- can I take this out?--cathy


* Signs Suggest AU Banks' Credit Quality has Peaked, Fitch Warns
----------------------------------------------------------------
Fitch Ratings warns that there are signs that the credit quality
of Australian banks has peaked even though the sector reported
solid results in the first half of the fiscal year 2006.  The
agency notes that there is a potential for the seeds of future
asset quality problems to be sown as competition in the
Australian banking sector intensifies while growth in housing
loans moderates.  Furthermore, in the wake of two 25 basis
points interest rate increases since May 2006, Fitch would
expect any asset quality deterioration to emerge first from
Australia's highly indebted household sector.

"One concern that Fitch has held for some time is that the
Australian banks have lowered their credit acceptance standards
in a bid to maintain or grow the volume of business that they
write," Tim Roche, associate director in Fitch's Financial
Institutions group says.

"While currently there are no signs of a material deterioration
in asset quality, any lowering of standards will begin to play
out over the next 12 to 18 months in the wake of rising interest
rates.  Moreover, the competitive environment remains intense
with existing players, aggressive new foreign entrants, and
mortgage brokers, all seeking to maintain volumes in a slower
market," Mr. Roche adds.

In the latest half yearly report on the Australian banking
sector, Fitch also examines some more widespread implications of
growing competition.  "One of the conclusions drawn is that
smaller financial institutions with a greater level of product
and geographic concentration and reliance on third-party
distribution are most exposed to competitive pressure,"
Mr. Roche says.

In the report entitled "Australian Banks: Standards Slip As
Competition Grips", Fitch notes that changes in the local
economic environment has affected the competitive landscape of
the Australian banking sector.  While GDP continues to grow
strongly, there has been a rebalancing of its components away
from household consumption towards business investment.  This is
reflected in the trend of credit growth rates -- mortgage growth
has moderated significantly in the past two years while lending
to businesses have grown strongly.  At the same time, the agency
notes the increasing presence of large overseas financial
institutions in the Australian market, which suggests that there
will be further downward pressure on net interest margins across
the industry.  Adding to this pressure is intensifying
competition for business loans, as banks look for growth
alternatives outside of the mortgage market.

In their first time reporting under the Australian equivalents
of International Financial Reporting Standards, the six largest
Australian consumer banks all recorded solid results, although
net interest margin attrition continued.  Asset quality remained
sound, with gross impaired assets varying between 0.1% and 0.4%
of gross loans for the six banks.  There was an increase in
assets that were 90 or more days past due but well-secured.
While these assets are not likely to lead to losses, the trend
may suggest that asset quality has peaked.  "However, any
deterioration in asset quality would be from a very low base and
would mark a return to more normal impaired asset levels,"
Mr. Roche notes.

Australian banks remain well-capitalised.  With the uncertainty
surrounding the prudential regulator's response to AIFRS largely
resolved, it is likely that most Australian banks (which had
typically been holding excess capital) will manage capital back
towards their target ranges.

Fitch's has a Stable Outlook on the ratings for Australia's six
largest consumer banks:

  Bank           Long-term IDR  Short-term  Individual  Support
  ----           -------------  ----------  ----------  -------
Australia &          AA-           F1+          B         2
New Zealand
Banking Group

Commonwealth         AA            F1+        A/B         2
Bank of
Australia

National             AA            F1+        A/B         2
Australia
Bank

Westpac              AA-           F1+          B         2
Banking Corp.

St. George            A+           F1           B         3
Bank Limited

Suncorp-Metway        A            F1           B         3
Limited


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

ABILITY INTERNATIONAL: Creditors' Proofs of Debt Due on Sept. 4
---------------------------------------------------------------
Creditors of Ability International Limited are required to
submit their proofs of debt by September 4, 2006, to Liquidator
Cheung Koon Hung, Eppie.

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:

         Cheung Koon Hung, Eppie
         Unit 1602, 16/F., Malaysia Bldg
         50 Gloucester Road
         Wanchai, Hong Kong


AILEEN INDUSTRIAL: Court to Hear Wind-Up Bid on October 4
---------------------------------------------------------
On July 28, 2006, Ng Shui Lan filed before the High Court of
Hong Kong a wind-up petition against Aileen Industrial Ltd.

The Court will hear the petition on October 4, 2006, at 9:30
a.m.

The solicitors for the petitioner can be reached at:

         Liu, Choi & Chan
         Room 603, Loke Yew Bldg
         50-52 Queen' s Road Central
         Hong Kong


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.

The results as presented in the release exclude, for 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 NONFERROUS: Creditors Must File Claims by August 25
---------------------------------------------------------
Creditors of China Nonferrous Metals Securities Company Limited
are required to file their proofs of claim by August 25, 2006,
for them to share in any distribution the Company will make.

The joint and several liquidators can be reached at:

         Desmond Chung Seng Chiong
         Ferrier Hodgson Ltd
         14/F., Hong Kong Club Building
         3A Chater Road Central
         Hong Kong


CREATE GLORY: Appoints Joint and Several Liquidators
----------------------------------------------------
Members of Create Glory Ltd on July 28, 2006, appointed Puen
Wing Fai and Lo Yeuk Ki, Alice as the Company's joint and
several liquidators.

The Liquidators can be reached at:

         Puen Wing Fai
         21/F., Kwan Chart Tower
         6 Tonnochy Road
         Wanchai, Hong Kong


FORDSKY (HK) LIMITED: Creditors Must Prove Debts by Sept. 29
------------------------------------------------------------
Creditors of Fordsky (H.K.) Limited are required to submit their
proofs of debt by September 29, 2006, to Liquidator Chou Yiu
Keung.

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:

         Chou Yiu Keung
         Rooms 2101-3 China Insurance Group Bldg
         141 Des Voeux Road Central
         Hong Kong


GREAT WALL: Creditors' Proofs of Claim Due on Sept. 29
------------------------------------------------------
Liquidator Chou Yiu Keung require the creditors of Great Wall
Cable Car Ltd to submit their proofs of claim by September 29,
2006.

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

The Liquidator can be reached at:

         Chou Yiu Keung
         Rooms 2101-3 China Insurance Group Bldg
         141 Des Voeux Road Central
         Hong Kong


INFOAGE INTERNATIONAL: Creditors' Meeting Slated for August 15
--------------------------------------------------------------
The creditors of Infoage International Ltd are to convene for
their meeting on August 15, 2006, 10:00 a.m. at Room 701, Hong
Kong House, 17-19 Wellington Street, in Central, Hong Kong.

At the meeting, the creditors will be asked to consider matters
regarding the Company's wind-up.


KINNON INTERNATIONAL: Appoints Official Liquidator
--------------------------------------------------
Shareholders of Kinnon International Ltd on July 28, 2006,
appointed Law Kwan Wah, George as official liquidator.

Mr. Law requires the creditors of the Company to submit their
proofs of claim by September 6, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

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


NUCLEAR CONSTRUCTION: Falls Into Liquidation
--------------------------------------------
Nuclear Construction and Engineering Co Ltd commenced its
liquidation on July 21, 2006, following the appointment of
Kelvin Edward Flynn and Cosimo Borrelli as provisional
liquidators.

The Troubled Company Reporter - Asia Pacific reported that the
company is facing a wind-up petition filed before the High Court
of Hong Kong from Aluminum Fluro-Carbon Coated Ltd.

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

The provisional liquidators can be reached at:

         Kelvin Edward Flynn
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


QUEST INTERNATIONAL: Liquidator to Present Wind-Up Report
---------------------------------------------------------
Members of Quest International China Ltd will hold a meeting on
September 4, 2006, 11:00 a.m. at 8th Floor, Gloucester Tower,
The Landmark, 11 Pedder Street in Central, Hong Kong.

During the meeting, Liquidator Iain Ferguson Bruce will report
on the Company's wind-up and property disposal activities.


SAFE SHIPPING: Court to Hear Wind-Up Bid on September 6
-------------------------------------------------------
The High Court of Hong Kong will hear a wind-up petition against
Safe Shipping & Enterprises Ltd on September 6, 2006, at 9:30
a.m.

Minermet S. A. of Lausanne, Switzerland filed the petition with
the Court on July 6, 2006.

The solicitors for the petitioner can be reached at:

         Holmann, Finwich & Willan
         15th Floor, Tower One Lippo Centre
         89 Queensway, Hong Kong
         Telephone: 2522 3006
         Facsimile: 2877 8110


SANDISK CORP: Acquiring msystems in All-Stock Deal
--------------------------------------------------
SanDisk Corporation and msystems Limited 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 position 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
US$1 billion of senior unsecured convertible notes due 2013.
The 'BB-' corporate credit rating on SanDisk was affirmed.  The
rating outlook is stable.


SEQ AVIATION: Faces Wind-Up Proceedings
---------------------------------------
A wind-up petition filed against SEQ Aviation Services Co Ltd
will be heard before the High Court of Hong Kong on
September 13, 2006, at 9:30 a.m.

Cargofox Services Ltd filed the petition with the Court on
July 12, 2006.

The plaintiff's solicitor can be reached at:

         Fung & Fung
         17th Floor, Righteous Centre
         585 Nathan Road, Kowloon
         Hong Kong


TERREL LIMITED: Creditors Meeting Slated for August 28
------------------------------------------------------
Creditors of Terrel Limited will convene on August 28, 2006,
12:00 p.m. at Rooms 502-505, 5/F., Sun Hung Kai Centre, 30
Harbour Road in Wanchai, Hong Kong.

At the meeting, the creditors will be asked to consider matters
regarding the Company's wind-up.


TM COMMUNICATIONS: Final Members' Meeting Set on Sept. 5
--------------------------------------------------------
The final meeting of the members of TM Communications (H.K.) Ltd
will be held on September 5, 2006, 10:00 a.m. at 1001 Admiralty
Centre Tower I, 18 Harcourt Road in Hong Kong.

At the meeting, Joint Liquidators Chan Kim Chee and Chiu Fan Wa
will present accounts of the Company's wind-up and property
disposal exercises.


VETERAN INVESTORS: Creditors Set to Meet on August 28
-----------------------------------------------------
The creditors of Veteran Investors Management Ltd will convene
for a meeting at Rooms 502-505, 5/F., Sun Hung Kai Centre, 30
Harbour Road, Wanchai, Hong Kong on August 28, 2006, at 11:15
a.m.

At the meeting, the creditors will be asked to consider matters
regarding the Company's wind-up.


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

BHARAT HEAVY: ICRA Downgrades Bond Programme Rating to LC
---------------------------------------------------------
ICRA Limited has downgraded the rating assigned to the
INR150-million bond programme of Bharat Heavy Plate & Vessels
Ltd from LBB with Rating Watch to LC.

The revised rating indicates the poor-credit-quality rating
assigned by ICRA.  The rated instrument has limited prospect of
recovery.  The original rating was based on an unconditional and
irrevocable guarantee by the Government of India and a
structured payment mechanism monitored by an independent
trustee.

The rated bonds were due for redemption on March 27, 2006.
However, there was a default by Bharat Heavy Plates in redeeming
the bonds on the due date, and the Company had sought an
extension until June 30, 2006, for redemption of bonds.

Subsequently, on June 30, 2006 as well, the company has not
redeemed the bonds.  Furthermore, the time-bound structured
mechanism stipulated by ICRA has also not been adhered to, and
the Government guarantee has not been invoked as per the terms
of the structure.

The revised rating continues to factor the unconditional and
irrevocable guarantee by the Government of India.

           About Bharat Heavy Plates & Vessels Limited

Bharat Heavy Plates & Vessels Limited was set up in the year
1966 for catering to heavy equipment requirements of core
sectors in the process industry.  However, during the last
couple of years, the Company has been pushed into a financial
crisis due to holding-up of dues by customer public sector
enterprises and lack of work orders depriving the Company of its
funds.  The Company was subsequently referred to the Board for
Industrial and Financial Reconstruction on August 23, 2004, for
possible revival and restructuring after its net based eroded by
over 50%.  In the year 2003-04, Bharat Heavy Plates incurred a
loss of INR158.81 crores and its net worth had become negative.
Currently, the Union Government is considering various options
for reviving the Company.


GENERAL MOTORS: Files Multibillion-Dollar Claim Against Delphi
--------------------------------------------------------------
General Motors Corporation has filed a multibillion-dollar claim
against Delphi Corporation on July 31, 2006, the last day for
filing proofs of claim against Delphi, Bloomberg News reports.

Although details of the claim were not provided according to
Bloomberg News, a search through the Delphi document site
maintained by Kurtzman Carson Consultants LLC, Delphi's claims
agent, revealed that GM filed multiple claims against various
Delphi-entities.

One particular claim filed by GM, Frigidaire, Fisher Body
Company, and Hamilton General Motors Assembly against Delphi
Automotive Systems LLC is listed at US$6 million plus.

KCC's Delphi site is at http://www.delphidocket.com/delphi

Bloomberg News relates that GM's lawyers had stated in April
that the company would seek more than US$4 billion from Delphi.

GM recently disclosed in a regulatory filing with the Securities
and Exchange Commission that Delphi's various financial
obligations to the company include a US$951,000,000 owed by
Delphi relating to former GM employees who worked at Delphi and
were later transferred back to GM as job openings became
available to them.

GM said it may receive only a portion of the US$951,000,000
receivable because the amount may be subject to compromise in
Delphi's bankruptcy proceeding.  GM said it seek to minimize
this risk by protecting its right to set-off against the
US$1,150,000,000 it owed to Delphi as of the Petition Date.

In May 2006, GM attempted to exercise its set-off rights for
US$67,000,000.

In a notice to Delphi and the Official Committee of Unsecured
Creditors appointed in Delphi's bankruptcy cases, GM alleged
that catalytic converters Delphi supplied for certain 2001 and
2002 vehicle platforms did not conform to specifications.

Delphi said in an SEC filing that GM's warranty claims are
without merit.

                          About Delphi

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

                      About General Motors

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

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

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

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


INDIAN OIL: Inks Loan Deals to Raise US$370 Million
---------------------------------------------------
Indian Oil Corporation has signed loan agreements to generate a
total of US$370 million in foreign currency loans that will be
used to fund its oil import requirements, The Hindu reports.

For the year 2006-2007, the state oil refiner plans to import
around 40 million tons of crude oil from Saudi Arabia, Nigeria,
Malaysia and Kuwait to feed its seven refineries and
subsidiaries, The Hindu says.

To fund its import plan, Indian Oil will borrow US$200 million
from BNP Paribas, Singapore, and the remaining US$170 million
from Bank of America, Taiwan, at highly competitive rates.

According to The Hindu, the maturity of the loan from BNP
Paribas is one year.  The loan facility from Bank of America is
revolving in nature within the availability period of one year.
The revolving facility would enable Indian Oil to manage its
cash flows more efficiently.   The oil firm also has the
flexibility to avail of these facilities in Japanese Yen
equivalent.

The Hindu says that Indian Oil had imported approximately 38
metric tons of crude oil last year and four metric tons of
petroleum products such as liquefied petroleum gas, naphtha,
fuel oil, high-speed diesel, motor spirit and kerosene.  The
Company plans to process 10,642 TMT (10.642 million tonne)
indigenous crude and 31,708 TMT (31.708 million tonne) imported
crude during 2006-07 in its refineries.

                  About Indian Oil Corporation

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

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


UTI BANK: ICRA Reaffirms Long-Term Ratings with Positive Outlook
----------------------------------------------------------------
ICRA Limited has reaffirmed the LAA+ rating with a positive
outlook the outstanding Subordinated Bond Programmes of UTI Bank
Limited.  The rating indicates high-credit-quality rating and
the rated instrument carries low credit risk.

ICRA also has reaffirmed the A1+ rating assigned earlier to the
INR25 billion Certificates of Deposit Programme of UTI Bank
indicating highest credit quality.  The ratings factor in UTI
Bank's improving profitability supported by strong rise in net
interest income, healthy fee income profile, all-round growth in
credit, focus on strengthening its asset quality and adequate
capitalisation.  The ratings are also driven by the strong
position of the bank in domestic debt arrangement and loan
syndication business, which enables the bank to attract new
businesses and clients.

Promoted by Unit Trust of India, UTI Bank began its operations
in April 1994 as one of the first private sector banks in the
country.  With its corporate office in Mumbai, the bank also
offers merchant banking services such as loan syndication and
placement, advisory services, depository services, clearing and
settlement services to stock and commodity exchanges, and
debenture trusteeship services.

For the year ended March 31, 2006, UTI Bank reported net profits
of INR4.85 billion on a total income of INR36.18 billion on the
back of strong growth in its scale of operations.  The Bank's
asset quality improved further during 2005-06, with its net NPA
as a percentage of customer assets declining to 0.75% (from
1.02% as on March 31, 2005).  The Bank had an asset base of
INR497 billion and its regulatory capital adequacy ratio was
11.08% (Tier I capital at 7.26%) as of March 31, 2006.

                          *     *     *

Standard & Poor's Ratings Services, on August 2, 2006, assigned
its 'BB+/B' counterparty credit ratings to UTI Bank Ltd., a
private sector bank based in India.  The outlook is positive.
S&P also assigned its 'C' bank fundamental strength rating to
the Bank.

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


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

NOBLE FINANCE: Fitch Assigns 'B' Long-Term Issuer Default Rating
----------------------------------------------------------------
Fitch Ratings has assigned a National Long-term rating of 'BBB-
(idn)' to Indonesia's Noble Finance B.V.  Fitch has also
assigned a 'B' Long-term local currency Issuer Default Rating to
Noble.  The Outlook for the ratings is Stable.

At the same time, the agency also assigned an expected rating of
'BBB-(idn)' to the proposed US$240 million senior secured notes
due 2011 issued by Noble.

The final ratings are contingent upon receipt of documents
conforming to information already received.

The rationale for the newly assigned ratings is the same as that
contained in Fitch's press release of July 13, 2006, on Noble.
On that day, Fitch assigned a 'B' Long-term foreign currency IDR
to Noble, along with an expected rating of 'B' and an expected
Recovery Rating of 'RR4' to the proposed US$240 million senior
secured notes due 2011 issued by Noble.


* Indonesian Treasury Bonds Sale Garners IDR3-Trillion Revenue
--------------------------------------------------------------
The Indonesian Government was able to raise up to
IDR3.28 trillion on the sale of its treasury bonds worth
IDR8 trillion to individual investors on August 7, 2006, higher
than the expected revenue of IDR2 trillion, the Jakarta Post
reports.

The success of the treasury bond sale might persuade the
Government to sell additional retail bonds in the future
depending on the risks involved, according to Finance Minister
Sri Mulyani Indrawati.

The Troubled Company Reporter - Asia Pacific had indicated on
Aug. 7, 2006, that the Government plans to sell treasury bonds
on a regular quarterly basis, so as to develop its debt market
and reduce its budget deficit.

The Government was initially wary over market acceptance of the
bonds, since sales agents had only three weeks to sell them to
investors.  However, the positive response shows that investors
are confident in the country's fiscal policies, Finance Ministry
treasury director general Mulia P. Nasution said.

The Post relates that most of the investors came from Jakarta,
West Java, East Java and North Sumatra, and included private
sector employees as well as entrepreneurs and housewives.  The
bonds were settled on Aug. 8, 2006, with interest to be paid
monthly.

The next planned bond sale for institutional investors is slated
on Aug. 22, 2006, and the Government targets to raise IDR35.8
trillion in revenues in order to further reduce its 2006 budget
deficit, expected at IDR37.6 trillion.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
July 27, 2006, Standard & Poor's Ratings Service raised
its long-term foreign currency rating for Indonesia to 'BB-'
from 'B+', and the long-term local currency rating to 'BB+' from
'BB'.  S&P also affirmed the country's 'B' short-term rating.


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

JAPAN AIRLINES: To Raise Fare Rate on International Flights
-----------------------------------------------------------
Japan Airlines plans to increase the rates of its international
flights for the second time this year in order to cope with
rising aviation fuel prices and garner a profit for fiscal 2006,
Asahi Shimbun relates.

In a report by the Troubled Company Reporter - Asia Pacific on
Aug. 7, 2006, the airline had raised its international fares by
JPY6,500 on March 1, 2006.

The Japan Times reports that the average price of Singapore
kerosene fuel amounted to US$82 per barrel (JPY9,437.14) as of
April-June 2006, from US$66.7 per barrel (JPY7,674.60) for the
same period last year.

According to JAL Senior Vice-President Tetsuya Takenaka, they
have done everything they can to offset losses, including
cutting costs, consuming fuel more efficiently, but it is not
enough.

Mr. Takenaka declined to say how much the rate increase would
be, noting that JAL's priority right now is to win back its
customers who have shifted to other airlines on the safety
incidents that have plagued the Company in recent months.

Asahi adds that JAL's planned rate increase for international
flights would further weaken its position as the no. 1 airline,
since rival All Nippon Airways Co. has no plans of raising its
rates.  However, JAL incurred a JPY47.2-billion net loss for
FY05 and a JPY26.7-billion loss for the first quarter this year,
and concluded that it had to increase its fuel surcharges in
order to meet its targeted JPY3-billion net profit for 2006.

                       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.

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.


SOFTBANK CORP: Returns to Profit in First Quarter 2006
------------------------------------------------------
Softbank Corp. returned to profit in the April-June quarter,
with an operating income of JPY54.36 billion, against a
JPY3.19-billion loss in the same period last year, due to an
expansion of its Internet service operations and high sales from
its mobile and fixed-line businesses, Reuters News says.

For the first quarter, the Company posted a 91% increase in
revenues to JPY494.23 billion, on an operating profit of
JPY9.3 billion from its asymmetric digital subscriber line
business as well as a JPY27.3-billion operating profit from its
mobile phone service, according to XFN Asia.

However, Reuters adds, the Company's shares dropped 26% in the
April-June quarter.  Softbank has yet to provide a forecast for
expected earnings in the fiscal year ending March 2007.

Softbank's balance sheet as of June 30, 2006, shows that current
assets have increased by JPY106.75 billion from the end of the
previous fiscal year, to JPY851.88 billion.  Current liabilities
also increased by JPY1.61 trillion from the previous fiscal year
to JPY2.195 trillion.  Moreover, long-term liabilities increased
by JPY315.37 billion, to JPY1.19 trillion.  Long-term debt rose
JPY179.63 billion, primarily as a result of fund-raising
associated with the acquisition of Vodafone K.K.  Net asset also
increased by JPY298.93 billion, to JPY646.19 billion.

Softbank's first quarter financial report is available for free
at: http://bankrupt.com/misc/softbank_2007q1_001.pdf

                       About Softbank Corp.

Based in Tokyo, Japan, Softbank Corporation --
https://www.softbank.co.jp/ -- is a leading Japanese
telecommunications and media corporation, with operations in
broadband, fixed-line telecommunications, e-Commerce, Internet,
broadmedia, technology services, finance, media and marketing,
and other businesses.  SoftBank was established on September 3,
1981, and had a market capitalization of approximately US$32.8
billion at 28 February 2006.

Softbank's corporate profile includes various other companies
such as Japanese broadband company Cable & Wireless IDC, cable
company BB-Serve, and gaming company GungHo Online
Entertainment.  In April 2006, SoftBank acquired a controlling
stake in the Japanese unit of U.K.-based mobile phone giant
Vodafine Group Plc for JPY1.66 trillion.

                          *     *     *

Moody's Investors Service gave Softbank a 'Ba3' Issuer Rating
and a 'Ba3' Senior Unsecured Debt Rating.

According to a Troubled Company Reporter - Asia Pacific report
on April 18, 2006, Standard & Poor's Rating Services agency
affirmed its 'BB-' long-term corporate credit rating on the
Company, with negative implications.


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

LG CARD: Nonghyop Seeks Woori's Help to Buy Firm
------------------------------------------------
Woori Financial Group is considering lending some KRW500 billion
to the National Agricultural Cooperative Federation, or
Nonghyop, to help it purchase LG Card Co., The Korea Times
states.

According to the report, Nonghyop, a state-run financial
institution, is contending with Shinhan Financial Group, Hana
Financial Group and Standard Chartered First Bank in the
acquisition of Korea's second-largest card issuer.

The LG Card deal that is expected to cost some KRW6 trillion,
The Times relates.

The Times' Na Jeong-ju says that, according to Woori officials,
the bank has received requests for funds from Nonghyop and will
decide soon whether to extend loans.  Woori has made it clear
that it has no intention of participating in the bidding for LG
Card as a financial investor, but that it may extend loans to
Nonghyop as part of its loan businesses.

Citing a Nonghyop official, The Times notes that the institution
plans to attract more than KRW700 billion from investors to bid
for LG Card, since investment rules dictates that it can only
invest less than 20% of its equity capital.  The official added
that a partnership with Woori will be crucial in attracting
funds.

The Troubled Company Reporter - Asia Pacific reported on Aug. 7,
2006, that Hana Financial Group and MBK Partners have submitted
a "consortium change form" to the Korea Development Bank, LG
Card's main creditor with a 23% stake, stating their intention
to pursue the acquisition jointly.

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

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

An earlier TCR-AP report on July 26, 2006, said that KDB has
sent invitations to potential bidders for LG Card, kicking off
an acquisition deal with an estimated value of more than
US$5 billion.  This after KDB and the other major LG Card
creditors managed to narrow key differences and have formally
agreed on the methods of the sale after South Korea's Financial
Supervisory Service ruled that the card company should be sold
through a public tender instead of a stake sale.

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

       About National Agricultural Cooperative Federation

National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy.  The Cooperatives main business activity is the
provision of specialized agricultural and commercial credit and
banking services.  It has overseas branches in Belgium, China,
Japan and the United States.

Moody's Investors Service gave NACF a 'D-' Bank Financial
Strength Rating effective on June 10, 2003.

                       About LG Card Co.

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

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


AGRICULTURAL COOPERATIVE: Gets KRW311B Net Profit in 1st Quarter
----------------------------------------------------------------
National Agricultural Cooperative Federation posted a
KRW311-billion net profit in the first quarter of 2006, up
KRW59 billion or 23% from the KRW252 billion net income it
posted in the previous corresponding period, according to NACF's
financials.

NACF's interest income increased 9% to KRW863 billion in the
first quarter of 2006, but non-interest income declined 6% to
KRW59billion.

General and administrative expenses was at KRW384 billion for
the first quarter, while provision expenses dropped 63% to
KRW29 billion from 2005's KRW73 billion, giving the company an
operating income of KRW508 billion, a 31% improvement YoY.

NACF's Web site displays these financial data:

         National Agricultural Cooperative Federation
          Condensed Balance Sheets (in KRW billions)

                                         As of End
                                    1Q.2006      FY2005
                                   ---------   ---------
         Total assets                136,234     132,523
         Cash and dues from banks      4,597       3,440
         Securities                   32,674      34,734
         Loans                        88,166      84,545
         Loan loss allowances          1,794       1,809
         Fixed Assets                  1,254       1,267
         Other Assets                  6,082       8,537
         Total liabilities           134,996     131,288
         Deposits                     88,618      87,439
         Borrowings                   26,281      25,545
         Debentures                    6,756       5,181
         Other liabilities             8,934      13,123
         Accounts for
           internal Capital            1,238       1,235
         Investments on
           Non-profit Business           662         663
         Capital adjustments             576         572
         Total liabilities and
           shareholders' equity      136,234     132,523

         National Agricultural Cooperative Federation
         Condensed Income Statement (in KRW, billions)

                                       For the Period
                                    1Q.2006     1Q.2005
                                   ---------   ---------
         Interest Income                 863         790
         Non-interest income              59          63
         General and Admin Expenses      384         387
         Operating Income before
           provisioning                  537         515
         Provision expenses               29          78
         Loan loss provisioning            0          73
         Operating income                508         388
         Non-operating income             17          29
         Income before taxes             414         350
         Income tax                      103          98
         Net income                      311         252

Aside from the 23% increase in net income, the bank also had an
8% improvement in both Return on Assets and Net Interest Margin.
Its Return on Equity, however, fell 2%.

The bank's Web site also indicates these ratios:

         National Agricultural Cooperative Federation
                Key Indicators (in KRW billions)

                            1Q2006      1Q2005      YoY
                          ---------   ---------   -------
Income before Provision        521         515      1.17%
Provision for the year         218         151     44.37%
Recovery from Provision        169          53    218.87%
Transferred to the
  Extension Business            59          67    -11.94%
Tax Expense and Others         103          98      5.10%
Net Income                     311         252     23.41%
Return on Assets              0.93        0.86      8.14%
Return on Equity             16.02       16.43     -2.49%
Net Interest Margin           2.70        2.50      8.00%

       About National Agricultural Cooperative Federation

National Agricultural Cooperative Federation --
http://www.nonghyup.com/-- and its member cooperatives were
established in 1961 to enhance the social and economic status of
member farmers and balance the development of the national
economy. The Cooperatives main business activity is the
provision of specializes agricultural and commercial credit and
banking services.  It has overseas branches in Belgium, China,
Japan and the United States.

Moody's Investors Service gave NACF a 'D-' Bank Financial
Strength Rating.


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

AMSTEEL CORPORATION: Unit Disposes of Estate Property
-----------------------------------------------------
On July 31, 2006, Amsteel Corporation Berhad's wholly owned
subsidiary, Pacific Agriculture and Development Sdn Bhd, and the
Security Trustee, accepted the offer from the Land Administrator
for the compulsory acquisition of 69,480.33 square feet of
freehold land under the Land Acquisition Act, 1960, for an
amount of MYR8,492,923.  Pacific Agriculture owns the freehold
land.

Prior to the offer of the Compulsory Land Acquisition, Pacific
Agriculture had agreed to dispose of the entire Land to Jemco
Sdn Bhd pursuant to a sale and purchase agreement executed on
March 23, 2006, for a total cash consideration of MYR11,074,680
at the rate of MYR40 per square foot.

With the acceptance of the offer of the Compulsory Acquisition
Sum and the adjustment to the SPA Price for the remaining
unacquired portion of the Land, the aggregate disposal amount
for the disposal of the Land via the Compulsory Land Acquisition
and the Proposed SPA Disposal is MYR16,788,467, which represents
6.6% of the consolidated net assets of Amsteel Group as of
June 30, 2005.

The SPA Price was arrived at on a "a willing seller and a
willing buyer basis" basis on the valuation of MYR12,500,000
carried out on September 5, 2005, by Messrs. Khong & Jaafar Sdn
Bhd, an independent professional valuer who had adopted the
comparison method of valuation in carrying out the valuation of
the Land.

The Compulsory Acquisition Sum and the Adjusted SPA Price will
be utilized for the repayment of the debts owed to the lender
pursuant to the terms of the charges created in favour of the
Security Trustee.

The Proposed Disposals are in line with the Amsteel Group's
corporate and debt restructuring scheme, which is aimed at
rationalizing the Group's financial position and to further
streamline its operations by divesting its non-core and
peripheral assets and businesses.

                    About Amsteel Corporation

Headquartered in Kuala Lumpur, Malaysia, Amsteel Corporation
Berhad is involved in the provision of plantation management,
property development, management and contractor; hotel operation
and food court.  The Company is also involved in transportation
and logistic services, department stores, nominee services,
trading securities, manufacture and sale of tools, dies, tyres,
rubber compound, light trucks and buses, financial management;
distributes steel products, develops real estate property;
cultivation of rubber and oil palm, golf and country club, sale
and distribute Suzuki motorcycles, beer brewing and mineral
water bottling.

The Company's accumulated losses as of December 31, 2005, have
hit MYR2.13 billion.  The Company was classified under Bursa
Malaysia Securities Berhad's Amended Practice Note 17 category
and is required to submit and implement a financial
regularization plan to avert delisting procedures.


ANTAH HOLDINGS: To Implement Restructuring to Settle Debts
----------------------------------------------------------
Kaseh Lebuhraya Sdn Bhd will undertake a restructuring scheme
proposed by its parent, Antah Holdings Berhad, to
comprehensively address its debts.

As reported by the Troubled Company Reporter - Asia Pacific on
May 15, 2006, Antah proposed to implement a restructuring scheme
to restore its strong financial footing through the injection of
new viable businesses.

As part of the Proposed Restructuring Scheme, Kaseh plans to
dispose of its entire 50% equity interest in Lebuhraya Kajang-
Seremban Sdn Bhd to Fancy Celebrations Sdn Bhd -- a wholly owned
subsidiary of Sino Hua-An International Sdn Bhd.  The purchase
consideration of MYR50,000,000 will be satisfied by the issuance
of 50,000,000 new ordinary shares of MYR0.50 each in a new
company at an issue price of MYR1 per share.

The Proposed Acquisition of Lekas is subject to Kaseh and its
creditors implementing a full and final settlement arrangement
with the Kaseh Creditors, which will include the distribution of
the 50,000,000 NewCo Shares to be issued under the Proposed
Acquisition of Lekas as part of the settlement terms and the
Lekas Consideration Shares may only be distributed to the Kaseh
Creditors pursuant to the settlement.

Based on the audited accounts of Kaseh for the financial year
ended June 30, 2005, the total borrowings of Kaseh amounted to
MYR521.4 million.  Of the total amount, MYR227.6 million is owed
to financial institutions while the remaining MYR293.8 million
is owed to the Government.  Kaseh has net current liabilities of
MYR362.6 million and has a registered capital deficiency of
MYR266.8 million.  Due to the distinctive nature of construction
of infrastructure projects, wherein upfront construction costs
would have to be incurred with no or inconsequential
corresponding income generated from it until completion of the
infrastructure project, Kaseh on itself is unable to support the
huge capital requirement given its current circumstances.

Thus, Antah and Kaseh are undertaking the Kaseh Corporate
Exercise to salvage the Concession and facilitate the completion
of the Highway, thereby enhancing the value of Kaseh's assets.
With these enhanced assets value, the Proposed Debt
Restructuring Scheme of Kaseh aims to comprehensively address
the debts of Kaseh which in turn is expected to benefit the
stakeholders of Kaseh.  In addition, the Proposed Debts
Restructuring Scheme of Kaseh also fulfils a key condition of
the Proposed Acquisition of Lekas, which forms part of the
Proposed Restructuring Scheme.  The main objective of the
Proposed Restructuring Scheme is to return Antah to a better
financial standing and profitability.

More details on the Company's announcement is available for free
at:

     http://bankrupt.com/misc/tcrap_antahholdings080806.pdf

                       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.


EON BANK: Fitch Affirms Individual Rating at C/D
------------------------------------------------
Fitch Ratings, on August 8, 2006, affirmed Malaysia-based EON
Bank's ratings at Long-term Issuer Default 'BBB-', Individual
'C/D' and Support '3' after a review of the bank.

The IDR and Individual ratings reflect the bank's adequate
balance sheet strength and profitability, albeit with some
limitations emanating from its relatively small size and
concentrated loan book.  The Bank has historically focused on
relatively less risky consumer lending: mainly car loans which
constitutes the largest component of the loan book at 36%,
followed by mortgage financing at 18%.

Consequently, EON's asset quality is comparatively better than
its peers, with an end-2005 NPL ratio of 7.9% versus the
industry average of 8.4%.  Although higher than the end-2004 NPL
ratio of 6.4%, this is predominantly due to a reclassification
of non-performing loans recognition to three months from six,
rather than any underlying deterioration in credit quality given
the benign operating environment.

Despite its focus on higher-yielding consumer loans, EON
achieved a pre-tax ROA and ROE of 1.2% and 13.2%, slightly below
the industry average of 1.4% and 16.3%.  Notably, there has been
a steady contraction in margins over recent years due to
intensifying competition and downward pressure from rising
interest rates on the bank's substantial portfolio of fixed-rate
loans.  While its efficiency is in line with its larger peers,
non-interest income is comparatively limited reflecting the
difficulties smaller banks have in developing fee-generating
income streams from merchant banking, wealth management, cash
management etc.

Meanwhile, EON's equity/assets ratio and CAR ratio stood at 8.6%
(6.7% after deducting goodwill and deferred assets) and 12.8% at
end-2005.  In Fitch's view, this is satisfactory given the
bank's adequate asset quality and its relatively small size, but
could be somewhat limited in terms of the bank's ability to
prudently accommodate sustained and stronger loan growth going
forward.

The outlook for EON's underlying profitability is stable thanks
to an established auto franchise, albeit with some downside
potential arising from tighter margins amid a rising interest
rate environment.  As the bank faces rising competition in the
lending business, it remains to be seen if it can successfully
expand its fee-based services to boost non-interest income and
reduce reliance on its hire purchase business.

Established in 1963, EON is Malaysia's seventh-largest local
bank by way of assets with 126 branch offices.


KIG GLASS: Buys Time to Appoint Adviser and Submit Rehab Plan
-------------------------------------------------------------
Based on Bursa Malaysia Securities Berhad' decision to delist
KIG Glass Industrial Berhad and the Company's written
representations on July 14, 2006, the Bourse resolved that in
view of:

   -- the resignation of the Company's adviser, AmMerchant Bank
      Berhad on June 1, 2006, prior to the due date for
      submission of the Company's proposed regularization plan
      to the relevant authorities for approval by July 7, 2006;
      and

   -- the steps taken by the Company since AmMerchant Bank's
      resignation to procure potential advisers and proceeding
      with its proposed regularization plan,

Bursa Securities has decided to allow the Company to:

   (a) appoint a new adviser for its proposed regularization
       plan by September 3, 2006, provided that KIG informs the
       new adviser on the reasons of AmMerchant Bank's
       resignation; and

   (b) submit its regularization plan to relevant authorities
       for approval by October 3, 2006.

The Company acknowledged that Bursa Securities decision was
without prejudice to Bursa Securities right to proceed to delist
the securities of the Company from the Official List of Bursa
Securities in the event the Company fails:

   1) to appoint a new adviser;

   2) to submit its proposed regularization plan to the relevant
      authorities for approval;

   3) to obtain the approval from any of the relevant
      authorities necessary for the implementation of its
      regularization plan and does not appeal to the relevant
      authorities within the timeframe -- or extended timeframe,
      as the case may be -- prescribed to lodge an appeal;

   4) in its appeal against the decision of the relevant
      authorities; or

   5) to implement its regularization plan within the timeframe
      or extended timeframes stipulated by the relevant
      authorities.

On the occurrence of any of these events, the Company's
securities will be removed from the Official List on a date
specified by Bursa Securities.  The Bourse' decision is based on
the fact that KIG has not as of July 27, 2006, regularized its
financial condition pursuant to Practice Note No. 17/2006 and no
further extension of time has been granted to KIG by Bursa
Securities.

The Company is taking all the necessary steps based on the Bursa
Securities' decision to comply with the prescribed requirements
within the prescribed timeframe.

                    About KIG Glass Industrial

Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass
Industrial Berhad -- http://www.kedaung.com/-- manufactured and
sold glassware, glass blocks and carton boxes.  The firm's other
activities included manufacturing of ceramic roof tiles.  Its
operations were carried out in Malaysia and China.

Due to its inability to pay debts, the Company ceased operation
in May 2005.  As of December 31, 2005, the KIG Group's
accumulated losses stood at almost MYR300 million.  The
shareholders' funds of the KIG Group was in deficit of
approximately MYR93 million while its total borrowings amounted
to approximately MYR104 million.  The Company's board of
directors has formed the opinion that the Group is insolvent as
of March 31, 2006.


LITYAN HOLDINGS: Securities Commission Okays Land Sale Waiver
-------------------------------------------------------------
The Securities Commission approves, without any conditions,
Lityan Holdings' application dated April 27, 2006, for a waiver
under the Guidance Note 12 of the SC's Policies and Guidelines
on Issue/Offer of Securities.

The waiver is in respect of Lityan's proposed disposal of four
pieces of freehold lands measuring approximately 104.325 acres
for a total sale consideration of MYR4,715,490 to be satisfied
wholly in cash.

The Troubled Company Reporter - Asia Pacific reported on
March 27, 2006, that Lityan Holdings' wholly owned subsidiary,
Imagebase Sdn Bhd, entered into a conditional sale and purchase
agreement with Choong Pat Sing and Choong Fook Chan for the
proposed disposal of four pieces of freehold lands all situated
in Mukim Rembia, Daerah Alor Gajah, Melaka.  The Lands are
currently planted with oil palm trees, since they were leased
out in year 2003 for use as an oil palm plantation.

As reported by TCR-AP on March 22, 2003, the proposed disposal
of lands is necessary to finance the Lityan Holdings Group's
working capital.  Furthermore, the Lands are a non-core asset of
the Group and do not generate meaningful income for it
subsequent to the disposal of lands.  Hence, the Proposed
Disposals would not have an impact on the current on-going
operations of the Company.

                     About Lityan Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

On May 10, 2005, the Company was classified as an affected
listed issuer pursuant to Practice Note 17 as issued by the
Bursa Malaysia Securities Berhad.  On January 16, 2006, the
Company entered into a conditional restructuring Agreement to
undertake the Proposed Restructuring Scheme with the intention
of restoring the Company onto stronger financial footing via an
injection of new viable businesses.  The total amount of debts
defaulted by Lityan Holdings Berhad and its subsidiaries as of
June 30, 2006, has reached MYR12,565,005.


MALAYSIA AIRLINES: Extends Contract of Non-Executive Chairman
-------------------------------------------------------------
Malaysia Airlines had extended for another two years the
contract of Y. Bhg. Dato' Dr. Mohd Munir bin Abdul Majid.

Hence, Dr. Mohd Munir will carry on as the Company's non-
executive chairman from August 1, 2006, to July 31, 2008.

                    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.


MALAYSIA AIRLINES: Rationalization Exercise Sparks Uncertainties
----------------------------------------------------------------
The route rationalization exercise undertaken by Malaysia
Airlines and AirAsia has created confusion among tourism players
and stakeholders in Sarawak, Bernama News reports, citing State
Urban Development and Tourism Minister Datuk Seri Wong.

Mr. Wong told Bernama that the state government, which
acknowledges the importance of air service and connectivity for
tourists and the local community, had submitted a memorandum to
the federal government on issues and problems that might arise
in the state because of the route revamp.

Under the exercise, AirAsia takes over some of the domestic
routes as well as all the rural air services from Malaysia
Airlines, which now serves only 22 routes.  AirAsia has engaged
Fly Asian Express to operate the rural air services starting
August 1 this year besides maintaining the present rate and
flight frequency as was offered and operated by Malaysia
Airlines previously, The Troubled Company Reporter - Asia
Pacific recounts.

According to Bernama, the Government had appealed to the federal
authorities to reinstate some of the Malaysia Airlines flight
sectors, including the Perth-Kuching, Miri-Kota Kinabalu, Miri-
Mulu, Kota Kinabalu-Miri, Sibu-Kota Kinabalu and Kuching-Mulu
routes.  On rural air services, the Government had been informed
that FAX was ready to take on the operations while AirAsia had
opened a new hub from July 25 to service four new destinations -
Kota Kinabalu, Miri, Bintulu and Sibu.

The new hub serves to provide more inter-state travel
opportunities between Sabah and Sarawak as well as to the Asean
countries, Bernama says.

                   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.


MENTIGA CORP: Executes & Completes Proposals Ahead of Schedule
--------------------------------------------------------------
The Securities Commission has extended until August 31, 2006,
the time for Mentiga Corporation Berhad to implement:

   * its proposed revaluation of its property assets and those
     of its subsidiaries;

   * its proposed issue of new ordinary shares of MYR1.00 each
     as settlement of an amount it owes to shareholder Amanah
     Saham Pahang Berhad;

   * its proposed restricted issue of 20,000,000 redeemable
     convertible preference Mentiga shares of MYR1.00 each to
     Amanah Saham; and

   * the proposed disposal by Selat Bersatu Sdn Bhd, a 56% owned
     Mentiga subsidiary, of 18,900 ordinary shares of
     IDR1,000,000 each in PT Rebinmas Jaya, representing its
     entire 90% equity interest in PTRJ, to Delloyd Plantation
     Sdn Bhd and Taipan Hectares Sdn Bhd, for a cash
     consideration of MYR61,200,000.

In an update, the Company revealed that Selat's disposal of PTRJ
shares has been completed on August 2, 2006.

In addition, the Company has on July 28, 2006, allotted
12,500,000 new Mentiga Shares and issued 20,000,000 RCPS to
Amanah Saham under the Debt Settlement and Restricted Issue
respectively.  On the same day, Amanah Saham has converted
10,000,000 RCPS into new Mentiga Shares.

The revaluation surplus arising from the Revaluation as well as
the net gain from the Disposal will be incorporated after the
completion of the Proposals in the unaudited interim financial
results of the Company for the nine-month period ending
September 30, 2006.

                  About Mentiga Corporation

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.

In 2003, the Company proposed to undertake a debt-restructuring
program to settle its debt with creditors.  The Group has
submitted a revised comprehensive proposal to the Securities
Commission on March 16, 2005, to regularize its financial
condition and to restore the Group's shareholders' fund from
being in a deficit position in order to remove Mentiga from
being classified as a Practice Note 4 company.  As of March 31,
2006, the Company's balance sheet revealed total assets of
MYR86,233,000 and total liabilities of MYR152,048,000, resulting
in a shareholders' deficit of MYR65,815,000.


POLYMATE HOLDINGS: Bourse Suspends Trading of Securities
--------------------------------------------------------
Trading of Polymate Holdings Berhad's securities was suspended
from August 7, 2006, pursuant to Bursa Malaysia Securities
Berhad's Listing Requirements.

The trading halt was imposed after Polymate failed to submit its
regularization plan to relevant authorities for approval within
the stipulated timeframe.  The Bourse also refused to extend the
deadline for the Company to submit the Plan.

On August 4, 2006, the Bourse directed Polymate to make
representations to Bursa Securities, within a period of five
market days from the date of the receipt of the notice, as to
why its securities should not be delisted from the Official List
of Bursa Securities.  Due process is therefore accorded to
Polymate prior to making a decision on whether to delist its
securities.

Upon due consideration of the matter and the conclusion of the
relevant due process accorded, Bursa Securities will decide
whether to delist Polymate.  Thereafter, the securities of
Polymate will be removed from the Official List of Bursa
Securities on a date specified by Bursa Securities.

                     About Polymate Holdings

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

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


PROTON HOLDINGS: To Maintain Output Amid Sluggish Sales
-------------------------------------------------------
Proton Holdings Berhad will maintain or exceed its annual
production output of 40,000 cars for fiscal 2007 despite
plummeting sales and tougher car sales environment, The Star
Online reports.  The Tanjung Malim plant had a production
capacity of 150,000 units per annum.

Proton manufacturing director Datuk Kamarulzaman Darus explains
that the current market is sluggish as customers were wary about
car prices, especially after the announcement of the National
Automotive Policy and the impending Free Trade Agreement with
Japan, The Star says.

As reported by the Troubled Company Reporter - Asia Pacific on
March 24, 2006, the Government had slashed the import duty for
vehicles made in member countries of the Association of
Southeast Asian Nations to 5% from 15% under its new National
Automotive Policy.

According to the TCR-AP, Proton lost 9% of its local market
share in the three months ended March 31, 2006, from a year ago,
as more buyers turned to overseas brands after the Government
cut import taxes in March, removing more than two decades of
tariff protection for Proton.  Although Proton was able to drop
its prices by 7%, it could not compete with Toyota's 11% price
cut.  Proton's sales in the three months to March slumped 25%.

To recover lost sales, Proton will introduce another model next
year, in addition to the recently launched Satri Neo, which has
reaped positive response from customers, The Edge Daily reveals.
As of July 31, 2006, Proton had received 2,000 orders for the
Satria Neo and more than 1,000 units had already been delivered
to customers.

                     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 NOMINEES (ASING): Placed Under Voluntary Wind-Up
----------------------------------------------------------
Rothputra Nominees (Asing) 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


ROTHPUTRA NOMINEES (TEMPATAN): Commences Wind-Up Process
--------------------------------------------------------
On August 1, 2006, Rothputra 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


SUGAR BUN: Public Spread Meets Requirement
------------------------------------------
Sugar Bun Corporation Berhad's public shareholding spread as of
June 30, 2006, is 87.10% comprising of 3,969 public shareholders
holding not less than 100 shares each.

Accordingly, the Company complied with the public shareholding
spread requirement pursuant to the Listing Requirements of Bursa
Malaysia Securities Berhad.

The Bourse requires a listed issuer to have at least 25% of its
listed shares in the hands of a minimum of 1,000 public
shareholders holding not less than 100 shares each.

                   About Sugar Bun Corporation

Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is
engaged in the operation and franchising of restaurants,
bakeries, and confectioneries.  Its other activities include
general trading of machinery, spare parts and phone cards,
investment holding and provision of administrative, management
and marketing services.  Operations of the Group are carried out
mainly in Malaysia.

The Company is currently undertaking a corporate and debt
restructuring program to wipe out its accumulated losses.  As of
April 30, 2006, the Company has accumulated losses of
MYR46,190,000.


TM INTERNATIONAL: Completes Wind-Up Exercise
--------------------------------------------
TM International Leasing Incorporated was dissolved on August 6,
2006, pursuant to Section 272(5) of the Companies Act 1965 as
notified by the Labuan Offshore Financial Services Authority.

As reported in the Troubled Company Reporter - Asia Pacific on
March 1, 2006, TM International Leasing Incorporated commenced a
voluntary winding-up of its operations on February 27, 2006,
pursuant to Section 131(1) of the Offshore Companies Act 1990
applying Section 254(1) of the Companies Act, 1965.

                     About TM International

According to the Troubled Company Reporter - Asia Pacific on
March 1, 2006, TM International was incorporated as an offshore
company in the Federal Territory of Labuan, Malaysia under the
Offshore Companies Act 1990, on August 25, 1998 for the leasing
business under Islamic principles (Al-Ijara).

Its authorized capital is USD100,000 comprising 100,000 ordinary
shares of USD1.00 each, out of which 1,000 ordinary shares of
USD1.00 each was fully paid-up and registered in the name of
Telekom Malaysia Berhad, the TCR-AP said.

TM International was established to facilitate the five-year
US$60 million Ijara Facility that was undertaken in October 1998
from a consortium of offshore financial institutions.  The
decision was made to wind up TMI Leasing after the full
prepayment of the Ijara Facility on April 25, 2001, the TCR-AP
explained.


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

APEX MINING: SEC Might Order Suspension on Non-Payment of Fines
---------------------------------------------------------------
The Securities and Exchange Commission said that it would
suspend the securities registration of Apex Mining Co. unless it
settled a PHP50,000 fine for the late filing of its financial
report, the Philippine Star reveals.

Apex Mining had submitted its 2005 annual report to the SEC
after the deadline set on May 31, 2006.  Thus, it was ordered to
pay a fee of PHP50,000 as punishment for non-compliance.

The Company has been given 15 days from receipt of the SEC
letter to settle the penalty fee.

                      About Apex Mining

Apex Mining Company, Inc., is majority-owned by Norwegian firm
Crew Gold Corporation, which is based in the United Kingdom.  It
owns the Masara gold mine in Compostela Valley on the island of
Mindanao.  Apex Mining is a corporation that is principally
engaged in the business of mining gold, silver, copper, lead and
other precious metals.  The Company was initially involved in
copper mining and shifted to gold mining in the late 70s when
copper prices started to plummet.

The Company's Operations were suspended on March 16, 2000, up to
the present.  However, a mine rehabilitation program was
implemented starting July 2000 to re-access the measured ore
blocks located at level 850 and level 930.  There is a pending
negotiation for a joint venture with Argonuat Mining Co., Inc.,
at 3780 Kilroy Airport Way, Suite 200, in Long Beach,
California.  However, the current peace and order situation in
Mindanao has delayed the transaction.


ATLAS CONSOLIDATED: Ordered to Pay PHP50,000 for Late SEC Filing
----------------------------------------------------------------
The Securities & Exchange Commission said that it would suspend
the securities registration of Atlas Consolidated Mining &
Development Corp. unless it settled a PHP50,000 fine for late
filing of its financial report, the Philippine Star reveals.

Atlas Consolidated had submitted its 2005 annual report to the
SEC after the May 31, 2006 deadline, thus, it was ordered to pay
a fee of PHP50,000 as punishment for non-compliance.

The Company has been given 15 days from receipt of the SEC
letter to settle the penalty fee.

                    About Atlas Consolidated

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  The
Company's copper mining operations are centered in Toledo City,
Cebu, where two open pit mines, two underground mines and
milling complexes (concentrators) are located.  The Cebu copper
mine ceased operations in 1994.  Activities after the shutdown
were limited to safeguarding and maintaining the property, plant
and equipment at the minesite.  The closure has brought huge
losses to the mining firm.

In January 2004, Atlas decided to rehabilitate the company and
its assets since copper and nickel prices have recovered.

According to a TCR-AP report on June 1, 2006, Atlas reported a
capital deficiency of PHP3.035 billion for the year ended
Dec. 31, 2005.  Moreover the Company's auditor, Jaime F. Del
Rosario, of Sycip Gorres Velayo, raised substantial doubt on the
Company's ability to continue as a going concern.


BANCO FILIPINO: Fined for Not Submitting 2005 Annual Report
-----------------------------------------------------------
The Securities & Exchange Commission said it would suspend the
securities registration of Banco Filipino Savings & Mortgage
Bank unless it settled a PHP50,000 fine, the Philippine Star
reveals.

Banco Filipino has yet to submit its 2005 annual report to the
SEC, after the deadline, set on May 31, 2006.  Therefore, the
bank was ordered to pay a fee of PHP50,000 as punishment for
non-compliance.

The bank has been given 15 days from receipt of the SEC letter
to settle the penalty fee.

                     About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
principally to engage in the general business of savings and
mortgage banking and of a trust company and to perform such acts
as may be incidental thereto.  It started operations on July 9,
1964.

The Company re-opened on July 1, 1994, after it was ordered to
close by the Central Bank on January 25, 1985, and resumed
business as a full service savings bank with trust operations.
On the same date, the bank re-opened 15 branches.


COLLEGE ASSURANCE: SEC Imposes Fine Due to Untimely Filing
----------------------------------------------------------
The Securities & Exchange Commission said it would suspend the
securities registration of College Assurance Plans Philippines,
Inc. unless it settled a PHP50,000 fine, the Philippine Star
reveals.

Along with 15 other pre-need firms, the SEC had ordered College
Assurance Plans to pay a penalty of PHP50,000 for non-submission
or late filing of its annual report for fiscal 2005.

The Company has been given 15 days from receipt of the SEC
letter to settle the penalty fee.

                   About College Assurance Plans

College Assurance Plans Philippines, Incorporated
-- http://www.cap.com.ph/-- began in 1980 with the birth of its
parent firm - College Assurance Plan.  CAP has since expanded
its business to the areas of Pre-need Pension, Distance
Learning, Health Maintenance, Life Insurance, Information
Technology, Financing, Communications and General Insurance.

As of end-2003, CAP's trust fund deficiency amounted to
PHP17.2 billion.  According to the Securities and Exchange
Commission, the Company's trust fund assets, which were managed
by trustee banks, had not grown sufficiently to match its total
actuarial reserve liabilities, or its net liability to plan
holders worth PHP25.6 billion.  CAP recorded a PHP2.8 billion
loss in 2003, up from PHP403.3 million in 2002.

As stated in a September 5, 2005 report by Troubled Company
Reporter - Asia Pacific, CAP blamed its financial difficulties
on the SEC's imposition of the Pre-need Uniform Chart of
Accounts in 2002, claiming that it resulted in CAP's "bloated
yet theoretical" trust fund deficiency.  The SEC suspended the
Company's license in 2004 due to its alleged trust fund
deficiency from the application of the PNUCA.  CAP filed a
rehabilitation petition with the Makati Regional Trial Court
last year.


PETPLANS INC: Has Fifteen Days to Settle SEC Fine
-------------------------------------------------
The Securities & Exchange Commission said that it would suspend
the securities registration of PETPlans, Inc. unless it settled
a PHP50,000 fine, the Philippine Star reveals.

Along with 15 other pre-need firms, the SEC issued a PHP50,000
fine on PETPlans for non-submission or late filing of its annual
report for fiscal 2005.  The Company was given 15 days from
receipt of the SEC letter to settle the penalty fee.

                          *      *      *

Founded in 1988, PETPlans, Inc. -- http://www.petplans.com/--  
is an ISO-certified pre-need firm that offers education,
pension, memorial/life and dollar pension plans to customers,
with a PHP2.7-billion trust fund with 44% liquidity and
PHP140 million in corporate funds and real estate property worth
PHP60 million.  The Company decided to voluntarily stop selling
new pre-need plans in March 2006 due to the difficulties facing
the Philippine pre-need industry.


PHILODRILL CORP: Begins Sale of 9 Million Treasury Shares
---------------------------------------------------------
In a disclosure to the Philippine Stock Exchange on August 7,
2006, the Philodrill Corp. reveals that it will begin selling a
maximum of 9,000,000 treasury shares on August 8, 2006, on a
staggered basis at prevailing market prices.

Proceeds from the sale will go towards increasing the Company's
working capital resources.

                     About The Philodrill Corp.

The Philodrill Corporation was registered with the Philippine
Securities and Exchange Commission on June 26, 1969, as an oil
exploration and production company.  In 1989, realizing the need
to balance the risk associated with its petroleum activities,
the Company changed its primary purpose to that of a diversified
holding company while retaining petroleum and mineral
exploration and development as one of its secondary purposes.

The Company, which is operating in only one business segment,
has three associates with one engaged in real estate and the
others in financial services.  The Company and its associates
have no geographical segments as they were incorporated and are
operating within the Philippines.

                      Going Concern Doubt

After auditing Philodrill's 2005 annual financial statements,
Sycip, Gorres and Velayo & Co., raised doubt on the Company's
ability to continue as a going concern, as its current
liabilities exceed current assets by PHP419.2 million as of
Dec. 31, 2005.  The Company also had difficulty meeting its
obligations to creditor banks.

                        Debt Servicing

In early 2006, Philodrill was able to redenominate its loans
with Rizal Commercial Banking Corp. amounting to PHP28.25
million, from U.S. dollars to Philippine Pesos.


PILIPINO TELEPHONE: Posts 17% Rise in H1 Net Income to PHP3 Bln
---------------------------------------------------------------
Pilipino Telephone Corporation had, on Aug. 8, 2006, disclosed
its financial results for the first half of 2006, recording a
core net income of PHP3.18 billion, 17% higher than its
PHP2.72-billion net profit for the same period last year.
Reported net income of PHP4.51 billion for the half-year period
was 1% lower than the profit of PHP4.56 billion for the same
period in 2005, due mainly to the additional debt discount
booked on debts prepaid in June 2006 of PHP1.1 billion and the
effects of foreign exchange revaluation and certain deferred tax
assets.

Piltel's service revenues in the first semester of 2006 grew
8.8% to PHP5.7 billion, compared with PHP5.2 billion for the six
months of 2005, on the continued rise in revenues from its Talk
'N Text subscriber base, which recorded 1.076 million net
additions in the first half of 2006, a historic high for a
six-month period.  Net GSM service revenues grew 10% to
PHP5.3 billion in the first half of 2006 from PHP4.8 billion in
the same period in 2005.  GSM service revenues now make up 94%
of Piltel's net service revenues with fixed line service
revenues accounting for the balance of 6% amounting to
PHP348 million.  Piltel's total expenses increased by 185%, from
PHP1.1 billion during the first half of 2005 to PHP3.2 billion
in the first half of 2006, due mainly to the recognition of
additional amortization of debt discount relating to the partial
prepayment of the Company's debt in June 2006.

Cash operating expenses dropped 27% from the PHP589 million in
January-June 2005 to PHP428 million in the same period this
year.  Selling and promotions slid 36% on a refocusing of
efforts to on-the-ground activities vis--vis the more
traditional television and radio advertising.  The cost of
handsets and SIM packs sold dropped by 50% or PHP261 million,
due to the shift in sales mix to SIM sales in 2006 from phone
kit sales for the same period in 2005.

The Company recorded a financing cost of PHP2.2 billion for the
first six months of 2006 compared to a gain of PHP252 million in
the same period last year, whereas the accretion on financial
liabilities increased to PHP2.0 billion from PHP337 million in
2005 on additional discount amortization on debts prepaid in
June 2006.  In addition, a foreign exchange loss of PHP251
million was recorded as the Peso depreciated against both the US
Dollar and Japanese Yen, as compared to a PHP599-million foreign
exchange gain for the same period in 2005.

Piltel had on June 5, 2006, voluntarily prepaid around 45% of
its total outstanding debt or an aggregate amount of
PHP9.02 billion in lieu of making a deposit into the Sinking
Fund Account.  The amount of the prepayment represented excess
cash flows from Piltel's operations and was applied
proportionally to the amount of the debt involved, as set out in
the terms of the Inter-Creditor Agreement signed in 2004.  As of
June 30, 2006, Piltel's total long-term debt stood at
PHP10.2 billion compared to PHP17.7 billion at the end of 2005,
a decrease of 42%.  Around 78% of the Company's long-term debt
is denominated in foreign currencies (US Dollars and Japanese
Yen).  Piltel also recognized interest income of PHP559 million
in the first six months of 2006 derived from interest-bearing
receivables from Smart Communications, Inc. compared to interest
income of PHP451 million for the same period in 2005.  The
Company's net receivables from Smart fell by PHP5.7 billion from
the year-end 2005 balance.

For the first half of 2006, Piltel posted an income tax benefit
of PHP1.6 billion, including PHP1.7 billion in tax benefits
recognized for certain deferred tax assets.  Beginning 2005,
Piltel began recognizing DTAs, having established a history of
taxable profits and the probability that it would continue to be
in such taxable position in the future so as to allow the DTAs
to be recovered.  The Company's stockholders equity stood at
PHP9.0 billion as of June 30, 2006, whereas capital deficit
continued to drop to PHP27.8 billion, substantially reduced from
PHP32.3 billion and PHP45.8 billion at the end of 2005 and 2004,
respectively.

As a result of the improved operating results and the
incremental interest income, the Company posted a net income of
PHP4.5 billion for the first six months of 2006.

Piltel President and Chief Executive Officer Napoleon L Nazareno
said, "Piltel continues to strengthen itself, both operationally
and financially.  Our Talk 'N Text subscriber base is now six
million strong and generating significant cash flows.  As a
result, we were able to prepay part of our long-term debt and in
the process, strengthen our balance sheet.  If we can sustain
this robust performance, then we hope to be able to embark on
our capital restructuring exercise early next year and bring the
Company one step closer to 'normalcy.'"

PilTel's total current assets as of June 30, 2006, was
PHP3.79 billion, while its total current liabilities was PHP3.14
billion.  Moreover, as of the same date, the Company's total
assets was PHP22.03 billion, and its total liabilities was
PHP13.03 billion, resulting to a stockholders' equity of
PHP8.999 billion.

                         About Piltel

Headquartered in Makati City, Philippines, Pilipino Telephone
Corporation provides cellular mobile telephone service provider,
as well as provides fixed line telephone services and paging
services to Filipino customers.  In the past seven years, Piltel
was on the brink of bankruptcy with its seemingly insurmountable
debt, continuous losses, outmoded service and dwindling
subscriber base.

The Troubled Company Reporter - Asia Pacific reported on
February 28, 2006, that PilTel recorded a net income of
PHP13.5 billion for fiscal year 2005, compared to a profit of
PHP9.8 billion in 2004.  PilTel's continued profitability has
allowed it to return to a positive stockholders' equity, after
three years of a negative position.  The capital deficit has
also been substantially reduced to PHP32.3 billion in 2005, from
PHP45.8 billion in 2004.

                          *     *     *

As of March 31, 2006, PilTel acknowledges that it has not
complied with the terms of convertible bonds with a principal
amount of US$0.7 million -- approximately US$0.9 million
redemption price at the option of the holders.  Accordingly, the
amount was presented as part of the current portion of interest-
bearing financial liabilities.

PilTel may not be able to restructure or otherwise pay the
claims of its unrestructured debt.

However, PilTel says that default on and acceleration of its
unrestructured indebtedness does not create a cross-default
under its restructured indebtedness.

As stated in its 2005 annual report, PilTel's non-participating
creditors may take forceful measures to enforce their claims,
and it is possible that the Company would be required to submit
to a court-supervised rehabilitation proceeding or an
involuntary insolvency proceeding seeking liquidation.  All of
PilTel's creditors that participated in the debt restructuring
agreed that they would submit the Company to a rehabilitation
proceeding in those circumstances and petition for the adoption
of a plan of rehabilitation that includes the financial terms of
the debt-restructuring plan.


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

DEFAR (S) PTE: Court to Hear Wind-Up Petition on August 18
----------------------------------------------------------
The High Court of Singapore will hear a wind-up petition against
Defar (S) Pte Ltd on August 18, 2006, at 10:00 a.m.

United Overseas Bank Limited filed the wind-up petition before
the Court on July 26, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
December 9, 2005, United Overseas Bank filed its first wind-up
petition against the Company on November 24, 2005.

The Petitioner's Solicitor can be reached at:

         Rajah & Tann
         4 Battery Road #15-01
         Bank of China Building
         Singapore 049908


DREAMSCAPE CONSULTING: Creditors' Proofs of Claim Due on Aug. 21
----------------------------------------------------------------
Creditors of Dreamscape Consulting Pte Ltd are required to
submit their proofs of claim by August 21, 2006, to Liquidators
Chee Yoh Chuang and Lim Lee Meng.

Failure to comply with the requirement will exclude a creditor
from sharing in the Company's dividend distribution.

The Liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         c/o RSM Chio Lim
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


EDUCATION SI: Enters Wind-Up Proceedings
----------------------------------------
RE Properties Pte Ltd on July 21, 2006, filed a petition to wind
up Education SI Private Limited.

In this regard, creditors are required to file their proofs of
debt with the liquidator.

The liquidator can be reached at:

         SGD Allen & Gledhill
         Insolvency & Public Trustee's Office
         The URA Centre
         East Wing, 45 Maxwell Road
         #05-11 & #06-11
         Singapore 069118


REFCO INC: Judge Okays Stipulations on Lease-Decision Period
------------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York approved two stipulations
extending the time for Albert Togut, the Chapter 7 Trustee
overseeing the liquidation of Refco Inc., LLC's estate, to
assume or reject unexpired nonresidential real property leases.

Refco LLC leases a real property located at 1080 Indiantown
Road, Unit 200, in Jupiter, Florida, under an Oct. 22, 2004,
agreement with Cardi Corp.

Pursuant to their stipulation, Cardi agrees to extend the Refco
LLC Trustee's lease decision deadline until Sept. 30, 2006.  If
the Refco LLC Trustee is still undecided by that time, he will
be deemed to have rejected the Lease effective September 30.

Refco LLC also leases a real property located at 811 East Plaza
Drive, in Carroll, Iowa, under a March 31, 2004, agreement with
Vision Incorporated.

Vision agrees to extend Mr. Togut's lease decision deadline
until August 31, 2006.  If the Refco LLC Trustee won't assume
the Lease on or before August 31, 2006, the lease will be deemed
rejected on that day.

Mr. Togut says he will continue to timely perform all
obligations under the Cardi and Vision Leases prior to the
Rejection Date to the extent required under Section 365(d)(3) of
the Bankruptcy Code, including, without limitation, payment of
the full monthly rent for the Premises as required under the
terms of the Leases through and including the Rejection Date.

                 12 Leases Assigned to Man

Pursuant to separate notices filed with the Court, Mr. Togut
informs Judge Drain that he will assume and assign 12 of Refco
LLC's unexpired leases for non-residential real property to Man
Financial, Inc.

The leases relate to premises located at:

   -- 4800 Main Street, Kansas City, Missouri, Suite 231;

   -- 44 Union Blvd., Lakewood, Colorado;

   -- 400 South 4th Street, Minneapolis, Minnesota, Room 6;

   -- 400 South 4th Street, Minneapolis, Minnesota, Booth 300;

   -- 400 South 4th Street, Minneapolis, Minnesota, Booths 310
      and 320;

   -- 400 South 4th Street, Minneapolis, Minnesota, Booth 315;

   -- 400 South 4th Street, Minneapolis, Minnesota, Room 414;

   -- One North End Avenue, New York, New York, Suite 1101;

   -- One North End Avenue, New York, New York, Suite 1207;

   -- One North End Avenue, New York, New York, Suite 1223;

   -- One North End Avenue, New York, New York, Suite 1225 and;

   -- One North End Avenue, New York, New York, Suite 1304

                         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: Capital Trustee Hires Skadden as Special Counsel
-----------------------------------------------------------
The Hon. Robert Drain of the United States Bankruptcy Court for
the Southern District of New York permits the Refco Capital
Markets, Ltd. Trustee, Marc Kirschner, to employ Skadden, Arps,
Slate, Meagher & Flom LLP, as his special counsel for limited
purposes under an engagement letter, pursuant to Section 327(e)
of the Bankruptcy Code and Rule 2014 of the Federal Rules of
Bankruptcy Procedure.

If Skadden seeks a waiver to represent one or more of the other
Chapter 11 Debtors on any matter in which Skadden would be
adverse to RCM, and the RCM Trustee chooses not to grant the
requested waiver, then:

   (i) Skadden may withdraw from further RCM representation and
       may represent one or more of the Other Chapter 11 Debtors
       on any matter; and

  (ii) neither RCM nor the RCM Trustee will assert that
       Skadden's prior representation of RCM should disqualify
       it from representing one or more of the Other Chapter 11
       Debtors in any manner.

Consistent with the Engagement Letter, Skadden may not represent
RCM, but will represent one or more of the Other Chapter 11
Debtors, with respect to claims arising out of or related to
intercompany transactions or allocation issues.

Skadden may be compensated in accordance with the Engagement
Letter, subject to applicable requirements for payment of fees
and disbursements under the Court's orders.

As reported in the Troubled Company Reporter on July 5, 2006,
Mr. Kirschner, wants Skadden to continue providing some, but not
all, of those services to RCM, including:

   (a) continuing advice with respect to the litigation matters
       that were stayed pursuant to the Court's November 28,
       2005 order and the Refco Securities Lawsuit;

   (b) claims resolution where the claim has been asserted
       against one or more Other Refco Companies as well as RCM
       -- other than claims by other Chapter 11 Debtors against
       RCM;

   (c) matters involving ACM Advanced Currency Markets S.A., and
       RCM's ownership interest in ACM;

   (d) matters involving consolidated tax returns filed or to be
       filed by the Chapter 11 Debtors;

   (e) recoveries against third parties arising under "cross
       margin" agreements, whether or not involving the Other
       Chapter 11 Debtors;

   (f) pending litigation between Cargill, Incorporated and the
       Chapter 11 Debtors;

   (g) in consultation with Bingham McCutchen LLP, the Trustee's
       general bankruptcy counsel, the prospective settlement
       between the Refco Companies and BAWAG P.S.K. Bank fur
       Arbeit und Wirtschaft und Osterreichische Postsparkasse
       Aktiengesellschaft and its affiliates;

   (h) any matters remaining in the preference action -- or
       enforcement of the settlement -- against the SPhinX
       Funds;

   (i) continuing advice with respect to the pending
       investigations by the United States Department of Justice
       and the Securities and Exchange Commission; and

   (j) motions, applications, answers, orders, reports and
       papers necessary to the administration of the RCM estate
       other than in connection with matters with respect to
       which RCM wishes to take a position different than the
       position taken by the Other Chapter 11 Debtors.

Among other things, Skadden will not be rendering services to
RCM with respect to:

   (a) whether and on what terms RCM or its creditors
       participate in a Chapter 11 plan with the Other
       Chapter 11 Debtors;

   (b) claims between RCM and the Other Chapter 11 Debtors
       arising out of intercompany transactions; and

   (c) advice with respect to "corporate actions" that may be
       necessary or desirable relating to various securities
       held by RCM.

With respect to intercreditor and intercompany issues in the
Chapter 11 cases, Skadden will:

    -- not, without a waiver from RCM, represent the Other
       Chapter 11 Debtors in litigation against RCM;

    -- continue to provide information and analysis to the
       Chapter 11 Debtors regarding intercompany claims;

    -- continue to represent the Other Chapter 11 Debtors in
       formulating a plan of reorganization; and

    -- continue to investigate intercompany claims as provided
       in the Engagement Letter.

Skadden and the Debtors have previously agreed that the firm's
bundled rate structure will apply to these cases.  Skadden's
hourly rates under the bundled rate structure range from:

       $585 to $830 for partners;
       $560 to $640 for counsel;
       $295 to $540 for associates; and
       $90 to $230 for legal assistants and support staff.

Skadden will allocate its fees and disbursements among the
various Chapter 11 Debtors, including RCM, to charge each estate
appropriately for the services provided on behalf of the estate.
Skadden, RCM and the Other Refco Debtors have agreed that:

     * 2/3 of the fees and expenses Skadden incurred in
       connection with the "stockbroker" litigation culminating
       in the order appointing the RCM Trustee will be allocated
       to RCM and 1/3 to the Other Refco Debtors; and

     * Skadden's other fees incurred appropriately on behalf of
       all the Refco Companies will be allocated 40% to RCM and
       60% to the Other Refco Debtors.

J. Gregory Milmoe, a member of Skadden, assures the Court that
the firm does not have any connection with the Debtors, their
affiliates, their creditors, any other party-in-interest, their
attorneys and accountants, and the United States Trustee or any
person employed in the Office of the United States Trustee.
Moreover, Skadden is a disinterested person as defined under
Section 101(14) of the Bankruptcy Code and does not represent
any interest that is adverse to the estates of the Chapter 11
Debtors, including RCM.

                         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).


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

TMB BANK: Finance Ministry to Purchase 1 Billion New Shares
-----------------------------------------------------------
The Finance Ministry will exercise its rights to purchase up to
one billion new shares in TMB Bank in a rights issue due later
this month, The Bangkok Post reports.

According to the Post, Chaiyos Sasomsap, caretaker deputy
finance minister, confirmed that the Ministry would purchase the
new shares, but declined to disclose further details.

Mr. Sasomsap told The Nation that the new shares in TMB Bank is
worth THB3.1 billion, but the Cabinet still has to make a final
decision on whether to push through with the purchase.

According to press reports, the Ministry would use a
THB3-billion credit line from the Government Savings Bank to
finance the TMB share purchase.

In addition, The Post said that the Finance Ministry will use
its 77.28% stake in the partially privatized and Stock Exchange
of Thailand-listed broadcaster, MCOT Plc, as collateral for the
loan with the GSB.

The Post further relates that the Ministry would be able to
repurchase the MCOT shares within three years for the same sale
price.  The GSB in turn would receive dividend income from the
MCOT shares equal to minimum lending rates plus a premium of
1.66%.

The Finance Ministry holds 20.88% of TMB in common shares, and a
total 31% stake if preferred shares are included, The Post said.
Singapore's DBS Bank is the second largest individual
shareholder in TMB at 18.48%.

Meanwhile, Caretaker Finance Minister Thanong Bidaya has
reportedly been trying to distance himself from the deal so as
to avoid being accused of having conflicts of interest, The
Nation said.  Mr. Thanong was formerly president of TMB.

Earlier, The Troubled Company Reporter Asia - Pacific reported
that the Vayupak Fund declined the proposal by the Finance
Ministry to purchase TMB's shares.  The fund's board of
directors was asking for a sharp discount on TMB's THB3 per
share selling price, which the Bank declined.

Vayupak was tapped to take up 3.22 billion new shares offered by
TMB on behalf of the ministry to help the Government maintain
its stake in TMB Bank while minimizing the financial burden on
the state budget, the TCR-AP said.

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

                          *     *     *

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating at 3.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


* Finance Ministry Mulls Bailing-Out Key Public Enterprises
-----------------------------------------------------------
The Finance Ministry is planning to bail out major state
enterprises including the Mass Rapid Transit Authority of
Thailand, the State Railway of Thailand and the Bangkok Mass
Transit Authority, caretaker Deputy Finance Minister Chaiyot
Sasomsub told The Nation.

However, Mr. Chaiyot expressed concern that the plan will place
an additional burden on the ministry.  Currently, the Government
is planning to invest about THB145 billion in three mass-transit
routes and to purchase non-performing loans at specialized
financial institutions brought by extended massive loans caused
by the effort to boost the economy in the past few years, Mr.
Chaiyot said.

In addition, Mr. Chaiyot said the amount of assistance to the
key public enterprises would be costly.  He related that to help
the SRT alone, the ministry will have to inject about
THB40 billion to reduce its accumulated debt.

The Bangkok Post recounts that the SRT has earlier rejected a
ministry proposal to swap some of its land for funds to offset
losses.  The SRT insisted it wants to develop its land bank and
resolve the debt on its own, the Post said.

The ministry is also working on debt restructuring plans for the
Mass Rapid Transit Authority of Thailand, operator of Bangkok's
subway service that is suffering from lower-than-expected
passenger numbers, The Nation relates.  Moreover, there are
doubts how the MRTA will solve its future financial obligations
when it has not yet resolved its current debts of THB80 billion,
The Nation notes.

The BMTA, meanwhile, will be helped by the ministry to auction
2,000 buses, powered by natural gas Mr. Chaiyot said.

Ministry officials are also currently evaluating the SMC,
whether it would have to provide financial support since it has
experienced rising NPLs.   Mr. Chaiyot relates that
mismanagement at the SMC in the early 1990s had contributed to
the increase in bad loans.

Mr. Chaiyos told The Post that the ministry would propose to
dissolve the Tanning Organisation, set up under the Defence
Ministry to supply boots to the armed forces, after the new
government is formed.


* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
August 9, 2006
  Turnaround Management Association
    Professional Development Meeting
      Sydney, Australia
        Telephone: 0438 653 179
          Web site: http://www.turnaround.org/

August 9, 2006
  Turnaround Management Association - Australia
    PD Meeting - Panel - Work Choices Australia
      Sydney, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

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

September 8-9, 2006
  American Bankruptcy Institute
    International Insolvency Symposium
      London, England
        Web site: http://www.turnaround.org/

September 13, 2006
  Turnaround Management Association - Australia
    Networking Function Australia
      Parramatta, Australia
        Telephone: 0438-653-179
          e-mail: tma_aust@bigpond.net.au

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Catherine Gutib, Valerie Udtuhan, Francis
Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez,
and Peter A. Chapman, Editors.

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.

                 *** End of Transmission ***