TCRAP_Public/060810.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  

            Thursday, August 10, 2006, Vol. 9, No. 158

                            Headlines

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

ADELPHISH MELBOURNE: Members Resolve to Wind Up Firm
AIR GENERATION: Enters Wind-Up Proceedings
ALLCATER NZ: Appoints Joint Liquidators
AQUAFURN AUSTRALIA: Names Condon and Gleeson as Liquidators
ARDEL PTY: Members Pass Resolution to Liquidate Business

BEGA AUTO & MACHINERY: Placed Under Voluntary Administration
BUSHPIPER WINES: Creditors' Proofs of Debt Due on August 14
CANTERBURY SHEARING: Court Set to Hear ACC's Liquidation Bid
COMPETENT MEDIA: Names Shephard and Dunphy as Liquidators
DAVID L ALLAN: Creditors Appoint Official Liquidator

DUNECURE PTY: Members Opt to Close Operations
FOCUFU PTY: Placed Under Members' Voluntary Wind-Up
FORTESCUE METALS: Moody's Assigns Ba3 Rating to FMG Finance
FOXTON MINI: Faces Liquidation Proceedings
GOLD HERON: Court to Hear CIR's Liquidation Bid

GOSFORD WATERS: Receivers and Managers Step Aside
JAMEN INVESTMENTS: Creditors Must Prove Debts by August 15
JRAS INVESTMENTS: Members Opt for Voluntary Wind-Up
K.C. LOGISTICS: Liquidator to Present Wind-Up Report on Sept. 1
K & M JOINERY: Creditors' Proofs of Debt Due on August 31

LITTLE HOUSE: Enters Liquidation Proceedings
LODAVAS PTY: Members Agree to Wind-Up Operations
MAN JOINERY: High Court to Hear Liquidation Bid on August 17
MULTIPLEX GROUP: FA Denies Waiving GBP40-Million Penalty
NATIONAL NEON SIGNS: Court Issues Wind-Up Order

NG & HUNG: Members to Receive Wind-Up Report on September 1
ON THE PULSE: Supreme Court Orders Wind-Up
OWENS PARK: Appoints Bryan Collis as Liquidator
PALMREST PTY: Members Agree to Shut Down Operations
PEMS AUTOS: Creditors' Proofs of Claim Due on August 30

PIANO WAREHOUSE: Court Issues Wind-Up Order
PRIMELIFE CORPORATION: Resolves Bayside Scheme
Q SOLUTIONS: Placed Under Members' Voluntary Wind-Up
RASDON BERWICK: Members and Creditors to Hear Wind-Up Report
REDSKINS PTY: Members Appoint William Rangott as Liquidator

SHEPPARTON GUARD: Members Agree to Liquidate Business
SONS OF GWALIA: DOCA Period Further Extended to November 30
STAINES ENTERPRISES: Creditors Appoint Official Liquidator
STONEHENGE PROPERTIES: Enters Voluntary Liquidation
SUPREME COLLISION: Creditors Resolve to Close Business

TAKH ALL: Liquidators to Present Wind-Up Report on August 31
TRANS GROUP: Members Pass Resolution to Close Shop
TURNING INVESTMENTS: Liquidation Bid Hearing Slated for Aug. 24
VIC VENTURES: Liquidator to Present Wind-Up Report on Sept.1
WAGGA CITY: Inability to Pay Debt Prompts Wind-Up


C H I N A   &   H O N G  K O N G

BONNE BONNE: Court to Hear Wind-Up Bid on August 30
BROOKSIDE INTERNATIONAL: Liquidator to Present Wind-Up Report
ENRO SHIRT: Members' Final Meeting Set for September 8
HERACO HOLDINGS: Members Opt for Voluntary Wind-Up
HO LING CONSTRUCTION: Court Favors Wind-Up Bid

IAC BANK: Moody's Places E+ BFSR on Review for Upgrade
MO AND COMPANY: Liquidator Ceases to Act for Company
OCEAN GRAND CHEMICAL: Court Sets Winding-Up Hearing for Aug. 18
OCEAN GRAND HOLDINGS: Court Set to Hear Petition on Aug. 18
ORIENT POWER: Faces Wind-Up Proceedings

VACATION TRAVEL: Wind-Up Petition Hearing Slated for August 23
WELL BRIGHT: Final Members' Meeting Set on September 8


I N D I A

GENERAL MOTORS: To Cut Spending on Mid-Size Cars by US$1 Billion
* Deutsche Says India Could Avert 2007 U.S. Downturn


J A P A N

KANEBO LIMITED: Chuoaoyama Accountants Convicted in Fraud
SOFTBANK CORP: Moody's Raises Long-term Debt Rating to Ba2
* Hellman & Friedman Gains Majority Stake in AlixPartners


K O R E A

DAEWOO ELECTRONICS: To Pick Preferred Bidder by August End
JEONBUK BANK: Posts KRW16.1-Bil Net Profit in First Half 2006
LG CARD: Standard Chartered Bank Pulls Out Bid
MAGNACHIP LLC: Moody's Pulls Rating to Highly Speculative Grade
STANDARD CHARTERED FIRST BANK: Gives Parent a Boost


M A L A Y S I A

ANTAH HOLDINGS: July Default Amount is MYR251 Million
ANTAH HOLDINGS: Restructuring Scheme Awaits Approvals
AYER HITAM: High Court Moves Hearing on KIY Application
COMSA FARMS: Reprimanded by Bourse; CEO Fined MYR100,000
LITYAN HOLDINGS: Delisting on Hold Pending Decision on Appeal

NEWFIELD EXPLORATION: June 30 Working Capital Deficit Hits US$7M
SATERAS RESOURCES: Court Extends Time to Submit Appeal
TECHVENTURE BERHAD: Preparing Financial Regularization Plan
TENAGA NASIONAL: Losses Seen at Indonesian Unit
TENAGA NASIONAL: Locked-in Coal Needs Help Ease Operating Costs

TENAGA NASIONAL: Lists and Quotes New Ordinary Shares
TENCO BERHAD: Sells Investment in Subsidiary
ZENITH ENTERPRISES: Opts for Voluntary Wind-Up


P H I L I P P I N E S

BANCO DE ORO: Submits Half-Year Statement of Condition to PSE
NATIONAL POWER: May Lose PHP6 Billion in Power Sales to Meralco
PHILIPPINE LONG DISTANCE: Q2 Profit Drops 7.8% to PHP7 Billion
PSI TECHNOLOGIES: SGV Raises Going Concern Doubt On 2004 Results
PSI TECHNOLOGIES: Posts US$2.6-Million Q2 Net Loss in 2006

UNIWIDE HOLDINGS: SEC Orders Fine Payment for Late Submission
UNIWIDE HOLDINGS: Slashes Half-Year Net Loss to PHP94 Million
* S&P Assigns Negative Outlook on Philippine Insurance Industry


S I N G A P O R E

COMPACT METAL: Auditor Raises Significant Doubt
JIN-WEN INVESTMENT: Enters Wind-Up Proceedings
PILLAR CORPORATION: Creditors Proofs of Claim Due on Aug. 25
PROMATRIX BIOSCIENCES: Accepting Proofs of Debt Until Sept. 1
TRADE CENTRE: To Declare Dividend to Creditors

SYARIKAT BEKERJASAMA2: Accepting Proofs of Debt Until Aug. 19


T H A I L A N D

THAI-GERMAN: Posts THB0.775-Mil Net Profit in 2006 1st Quarter

     - - - - - - - -

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

ADELPHISH MELBOURNE: Members Resolve to Wind Up Firm
----------------------------------------------------
At a general meeting held on July 13, 2006, the members of
Adelphish Melbourne Pty Ltd resolved to voluntarily wind up the
Company's operations.

In this regard, Con Kokkinos was appointed as liquidator.

The Liquidator can be reached at:

         Con Kokkinos
         O'Keeffe Walton Richwol
         Chartered Accountants
         Suite 3
         431 Burke Road Glen Iris 3146
         Australia


AIR GENERATION: Enters Wind-Up Proceedings
------------------------------------------
At separate meetings held on July 25, 2006, the members and
creditors of Air Generation (NSW) Pty Limited resolved to wind
up the Company's operations.

Accordingly, Ozem Kassem was appointed as liquidator.

The Liquidator can be reached at:

         Ozem Kassem
         Cor Cordis Chartered Accountants
         Level 8
         50 Carrington Street
         Sydney, New South Wales
         Australia
         Telephone:(02) 8221 8433
         e-mail: okassem@corcordis.com.au


ALLCATER NZ: Appoints Joint Liquidators
---------------------------------------
Joint Liquidators Vivian Judith Fatupaito and Colin Thomas
McCloy were on July 20, 2006, appointed to oversee the
liquidation of Allcater NZ Ltd.

The Joint Liquidators require the creditors of the Company to
submit their proofs of claim by October 20, 2006, for them, to
share in any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported that on
March 21, 2006, Tu's Brother's Pty Ltd filed a liquidation
petition against the Company before the High Court of Auckland.

The Court heard the petition on July 20, 2006.

The Joint Liquidators can be reached at:

         Vivian Judith Fatupaito
         PricewaterhouseCoopers, Level 8
         PricewaterhouseCoopers Tower
         188 Quay Street, (Private Bag 92-162)
         Auckland, New Zealand
         Telephone: (09) 355 8000
         Facsimile: (09) 355 8013


AQUAFURN AUSTRALIA: Names Condon and Gleeson as Liquidators
-----------------------------------------------------------
The members of Aquafurn Australia Pty Limited convened on
July 20, 2006, and decided to voluntarily wind up the Company's
operations.

Subsequently, Schon Condon and Bruce Gleeson were appointed as
joint liquidators.

The Joint Liquidators can be reached at:

         Schon Condon
         Bruce Gleeson
         Jones Condon Chartered Accountants
         Level 1
         34 Charles Street, Parramatta
         New South Wales, Australia
         Telephone:(02) 9893 9499


ARDEL PTY: Members Pass Resolution to Liquidate Business
--------------------------------------------------------
Members of Ardel Pty Limited met on July 13, 2006, and passed a
special resolution to voluntarily liquidate the Company's
business.

Accordingly, David Clement Pratt and Timothy James Cuming were
named official liquidators.

The Liquidators can be reached at:

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


BEGA AUTO & MACHINERY: Placed Under Voluntary Administration
------------------------------------------------------------
Bega Auto & Machinery Pty Ltd is under voluntary administration,
with debts of more than AU$100,000 owed to around 100 creditors,
Bega District News states.

The report relates that a Canberra-based accountancy firm has
been called in to sort out the Company's financial affairs.

Administrator Michael Slaven says that the Company has no funds
and he has terminated its operations, Rural Press Ltd. relates.

According to Mr. Slaven, it is likely that he will recommend
placing the Company in liquidation.  Mr. Slaven also intends to
call a creditors' meeting within this month, Bega District News
says.


BUSHPIPER WINES: Creditors' Proofs of Debt Due on August 14
-----------------------------------------------------------
At a duly constituted meeting of Bushpiper Wines Pty Ltd held on
July 24, 2006, the members passed a special resolution to
voluntarily wind-up the Company's operations and distribute the
proceeds of its assets disposal.

Creditors are required to submit their proofs of debt by
August 14, 2006, for them to share in the dividend distribution.

The liquidator can be reached at:

         Anthony M. Long
         c/o Boyce
         Chartered Accountants
         19 Montague Street
         Goulburn, New South Wales 2580
         Australia


CANTERBURY SHEARING: Court Set to Hear ACC's Liquidation Bid
------------------------------------------------------------
The Accident Compensation Corporation on July 3, 2006, filed
before the High Court of Christchurch a petition to liquidate
Canterbury Shearing Ltd.

The Court will hear the petition on August 21, 2006, at 10:00
a.m.

The plaintiff's solicitor can be reached at:

         Dianne S. Lester
         Maude & Miller, 2nd Floor
         McDonald's Building, Cobham Court
         (P.O. Box 50-555 or D.X. S.P. 32-505)
         Porirua City, New Zealand


COMPETENT MEDIA: Names Shephard and Dunphy as Liquidators
---------------------------------------------------------
On July 23, 2006, shareholders of Competent Media NZ Ltd --
trading as Competent Liquor and MC Roast -- appointed Iain Bruce
Dunphy and Christine Margaret Dunphy as joint liquidators.

The Joint Liquidators can be reached at:

         Iain Shephard
         C/O Andrew Croad of Shephard Dunphy Limited
         Level Two, Zephyr House
         82 Willis Street, Wellington
         New Zealand
         Telephone: (04) 473 6747
         Facsimile: (04) 473 6748


DAVID L ALLAN: Creditors Appoint Official Liquidator
----------------------------------------------------
The members of David L Allan & Associates Pty Ltd convened on
July 14, 2006, and agreed to voluntarily liquidate the Company's
assets.

Creditors appointed Robert Molesworth Hobill Cole as liquidator
at a separate meeting held that day.

The Liquidator can be reached at:

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


DUNECURE PTY: Members Opt to Close Operations
---------------------------------------------
At a general meeting held on July 28, 2006, the members of
Dunecure Pty Limited resolved to close the Company's operations.

In this regard, William Balfour Rangott was appointed as
liquidator.

The Liquidator can be reached at:

         William Balfour Rangott
         Rangott Slaven Hundy
         Level 3
         Engineering House
         11 National Circuit, Barton
         Australian Capital Territory 2600
         Australia


FOCUFU PTY: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------
Members of Focufu Pty Limited met on June 15, 2006, and resolved
to voluntarily wind up the Company's operations.

Subsequently, 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


FORTESCUE METALS: Moody's Assigns Ba3 Rating to FMG Finance
-----------------------------------------------------------
Moody's Investors Service assigns a Ba3 rating to approximately
US$1.9 billion in senior secured 144A bonds to be issued by FMG
Finance Pty Ltd, the financing vehicle of the Fortescue Metal
Group.  The funding will be used to partially finance the
development of the Company's iron ore mine in the Pilbara region
of Western Australia as well as an associated rail line and port
infrastructure.

"The rating is driven by Moody's assessment of significant
construction risk as well as material operating, marketing, and
financial risk," says Dr David Howell, a Moody's VP/Senior
Analyst.  "At the same time, each of these factors has, in turn,
been mitigated to some extent by a number of project finance-
type arrangements," Dr Howell continues.

At this stage, construction risk is the primary driver of the
rating, given the project's construction task is large for a
company the size of FMG and the timetable is, in Moody's view,
aggressive.

"The project involves development of the mine as well as
construction of a 260 km rail line and new facilities at Port
Hedland, while the first ore will be shipped in early 2008," Dr.
Howell says.  "However, this risk is also partly mitigated by
the facts that advanced costing studies show the project is
feasible and that FMG has already signed 23% of the construction
contracts on a fixed-price basis," Dr. Howell adds.

Furthermore, the project's financing structure has contingency
and cost overrun amounts -- in excess of the estimated
construction sum -- of around AU$550 million.  This arrangement
should allow for up delays of up to 1 year in completion
accompanied by increases in budgeted capex of approximately 15%
for those aspects of the project not yet subject to fixed-price
contracts.

Moody's also believes that FMG's capital expenditure and
estimated operating costs are realistic, given that reports by
FMG-appointed world-class independent experts on its
construction risk, reserves, mining techniques and ore price
economics have been favorable.

Post-construction, Moody's sees operating risk as a key ratings
driver.  The ore body has currently only 3 years of proven
reserves, but there is also over 20 years of probable reserves.
Furthermore, the mining technique to be used, Surface Miner
technology, has not yet been implemented in the Pilbara region,
although FMG has done some test mining, which has so far been
successful.

Another mitigating factor is the fact mining and shipping of the
ore will involve simple technology, which has been proven with
other minerals.  Although the exact equipment combination has
not been used previously in iron ore mining, Moody's does not
expect this to be a problem.  Operating costs may exceed
expectations during the start-up period, but modeling has shown
that it will not affect debt service ability.

From a marketing risk standpoint, FMG already has contracts in
place for 88% of its long-term production, with Chinese steel
mills, which are unrated and thus of unknown credit quality.
Prices will be negotiated annually in accordance with global
market practices.  If the project is delayed, there is some risk
that the off-takers may cancel their contracts.  Partly
mitigating this risk, however, is the high forecast demand for
iron ore in Asia, particularly from China, and the market is
growing rapidly.

The intended financing program exhibits a strong covenant
package, including two years of pre-funded interest payments and
early repayment or cash collateralization of US$400 million in
debt.  Effective equity lock-up occurs at a DSCR of 2.75, and
capex expansion will be funded through early cash contributions
to a reserve account.  During the life of the mine, a Debt
Service Reserve Account will hold 6 months of interest cover.

The rating is highly unlikely to be upgraded until construction
has been completed successfully.  On the other hand, if
construction is delayed or if cost overruns are experienced,
then the rating will come under negative pressure.


FOXTON MINI: Faces Liquidation Proceedings
------------------------------------------
A petition to liquidate Foxton Mini Bins Ltd will be heard
before the High Court of Palmerston North on August 14, 2006, at
10:00 a.m.

Horowhenua District Council filed the petition with the Court on
July 10, 2006.

The plaintiff's solicitor can be reached at:

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


GOLD HERON: Court to Hear CIR's Liquidation Bid
-----------------------------------------------
The Commissioner of Inland Revenue on June 15, 2006, filed
before the High Court of Whangarei a petition to liquidate Gold
Heron Variety Ltd.

The Court will hear the petition on August 21, 2006, at 10:45
a.m.

The plaintiff's solicitor can be reached at:

         M.B. Smith
         P. J. Smith, Crown Solicitor
         Marsden Woods Inskip & Smith, Solicitors
         122 Bank Street (P.O. Box 146)
         Whangarei, New Zealand


GOSFORD WATERS: Receivers and Managers Step Aside
-------------------------------------------------
John Sheahan and Ian Russell Lock ceased to act as receivers and
managers for Gosford Waters Pty Ltd on July 21, 2006.


JAMEN INVESTMENTS: Creditors Must Prove Debts by August 15
----------------------------------------------------------
Liquidator R. G. Mansell requires the creditors of Jamen
Investments Pty Ltd to prove their debts by August 15, 2006.

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

The Liquidator can be reached at:

         R. G. Mansell
         Telephone:(03) 9603 0090
         Facsimile:(03) 9603 0099


JRAS INVESTMENTS: Members Opt for Voluntary Wind-Up
---------------------------------------------------
At a general meeting of the members of JRAS Investments Pty
Limited on July 25, 2006, it was resolved that a voluntary wind-
up of the Company's operations is appropriate and necessary.

Subsequently, Frank Lo Pilato was appointed as liquidator.

The Liquidator can be reached at:

         Frank Lo Pilato
         c/o RSM Bird Cameron Partners
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2611
         Telephone:(02) 6247 5988
         Australia


K.C. LOGISTICS: Liquidator to Present Wind-Up Report on Sept. 1
---------------------------------------------------------------
A joint meeting of the members and creditors of K.C. Logistics
Pty Limited will be held on September 1, 2006, at 11:00 a.m.

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

The Troubled Company Reporter - Asia Pacific reported on
January 18, 2005, that the Company commenced a wind-up of its
operations on December 2, 2004.

The Liquidator can be reached at:

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


K & M JOINERY: Creditors' Proofs of Debt Due on August 31
---------------------------------------------------------
The creditors of K & M Joinery (1999) Ltd -- trading as Kitchen
and door Factory -- are required to submit their proofs of claim
by August 31, 2006, to Joint Liquidators Peri Micaela Finnigan
and John Trevor Whittfield.

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

The Joint Liquidators can be reached at:

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

LITTLE HOUSE: Enters Liquidation Proceedings
--------------------------------------------
The Little House Co Ltd was placed into liquidation on July 20,
2006.  Subsequently, Grant Bruce Reynolds was appointed as
official liquidator.

In this regard, Mr. Reynolds requires the Company's creditors to
submit their proofs of claim by August 30, 2006, for them to
share in any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported that
Albany Timber Distributors filed the petition with the High
Court of Auckland on April 28, 2006.  The Court heard the
petition on July 20, 2006.

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


LODAVAS PTY: Members Agree to Wind-Up Operations
------------------------------------------------
Members of Lodavas Pty Limited on June 15, 2006, resolved to
voluntarily wind-up the Company's operations.

In this regard, David M. McCarthy and Christopher R. Campbell
were appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


MAN JOINERY: High Court to Hear Liquidation Bid on August 17
------------------------------------------------------------
The High Court of Napier will hear on August 17, 2006, at 10:00
a.m. the liquidation petition filed against MAN Joinery Ltd.

TDC Limited filed the petition with the Court on July 13, 2006.

The plaintiff's solicitor can be reached at:

         Kristy Newland
         At the offices of Bell Gully
         Level Twenty-two, Vero Centre
         48 Shortland Street
         (P.O. Box 4199 or D.X. C.P. 20-509)
         Auckland, New Zealand


MULTIPLEX GROUP: FA Denies Waiving GBP40-Million Penalty
--------------------------------------------------------
The Football Association denies that it had waived financial
penalties of up to GBP40 million faced by the Multiplex Group
for delays in the completion of the Wembley Stadium, dismissing
reports that it had agreed a climb-down as part of a deal with
Multiplex to ensure an earlier opening of the stadium, Andrew
Culf of The Guardian reports.

A report from the Troubled Company Reporter - Asia Pacific on
August 8, 2006, citing The Observer, stated that Multiplex will
escape financial penalties of up to GBP40 million payable to the
FA for the late delivery of the project.  The report explained
that the FA climb-down is part of a deal with the venue's owners
to avoid a lengthy court battle.  The FA, whose subsidiary --
Wembley National Stadium Ltd -- owns the stadium, will agree not
to pursue a claim so that the ground can open and start earning
money, the TCR-AP report added.

According to The Guardian, an FA spokesman said that there have
been no meetings between the WNSL and Multiplex, and none are
planned for the coming week.  The spokesman also clarifies that
the FA's sole objective is to have the stadium up and running as
fast as possible.

Last week's comments from Multiplex that the completion of the
stadium could be delayed until June 2007 were seen as an attempt
to put pressure on WNSL and claw back some of the GBP200 million
it has lost on the project, The Guardian says.

The TCR-AP previously reported that the Wembley Stadium project
was unlikely to be finished by September 2006.  Multiplex's
latest target date was July 2006, although clarifying that
commissioning, cleaning and other works will not be completed
until its contract closes in September 2006.

According to The Guardian, although Multiplex and WNSL are
likely to reach agreement on some of their disputes, some will
go through an official arbitration process and others could end
up in the construction and technology division of the high
court.

The TCR-AP reported that Multiplex has taken seven separate
disputes, including payments, changes of specification, and time
schedules, with WNSL, to adjudication over the past month with
WNSL yet to use the adjudication process against Multiplex.  The
TCR-AP also noted that WNSL had no desire for public spats.

The Australian cites Multiplex investor relations and
communications director Peter Murphy as saying that no
definitive agreement had been reached between the parties yet.

                         About Multiplex  

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

Early in 2005, Multiplex began facing cost pressures on its
reconstruction project for the Wembley Stadium in London,
prompting it to conduct its own internal investigation into the
Wembley difficulties.  Its auditor, KPMG, later conducted its
own thorough review of the problems, leading to an unpredicted
write-down.  In February 2005, stunned investors sold down
Multiplex shares after the Company reversed its stance on two
United Kingdom projects, writing off AU$68.3 million from its
profits.  This started a series of profit downgrades throughout
2005.

The Company's troubles continue with plunging share prices,
extortion attempts and threats of class action from disgruntled
shareholders.  The Roberts family, as founder and controlling
shareholder of Multiplex, opted to offer AU$50 million indemnity
in a bid to appease dissatisfied shareholders.  In May 2005,
Multiplex admitted that its troubled Wembley Stadium
construction project may end up with a multimillion loss.  As of
February 2006, the Company is faced with liquidity crisis after
posting a massive AU$474 million loss on Wembley and is
currently in talks to bring down possible delay fees, pegged at
AU$138,000 per day beyond the scheduled March 31, 2006,
completion date.


NATIONAL NEON SIGNS: Court Issues Wind-Up Order
-----------------------------------------------
The Federal Court of Australia issued a wind-up order for
National Neon Signs Pty Limited on July 28, 2006.

The Court also appointed Frank Lo Pilato as liquidator.

The Liquidator can be reached at:

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


NG & HUNG: Members to Receive Wind-Up Report on September 1
-----------------------------------------------------------
A final meeting of the members of Ng & Hung Pty Limited will be
held on September 1, 2006, at 10:00 a.m.

During the meeting, members will receive Liquidator L. Evans'
report on the Company's wind-up and property disposal
activities.

The Liquidator can be reached at:

         L. Evans
         Guillan Evans & Co
         Level 10, 189 Kent Street
         Sydney, New South Wales 2000
         Australia


ON THE PULSE: Supreme Court Orders Wind-Up
------------------------------------------
On July 24, 2006, the Supreme Court of New South Wales ordered
On The Pulse Marketing Pty Ltd to wind up its operations and
appoint Hugh Charles Thomas as liquidator.

The Liquidator can be reached at:

         Hugh Charles Thomas
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney, New South Wales 2000
         Australia


OWENS PARK: Appoints Bryan Collis as Liquidator
-----------------------------------------------
At an extraordinary general meeting held on July 21, 2006, the
members of Owens Park 2400 Pty Limited resolved to voluntarily
wind up the Company's operations.

Accordingly, 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


PALMREST PTY: Members Agree to Shut Down Operations
---------------------------------------------------
The members of Palmrest Pty Limited held a general meeting on
July 26, 2006, and agreed to shut down the Company's operations.

In this regard, William Balfour Rangott was appointed as
liquidator.

The Liquidator can be reached at:

         William Balfour Rangott
         Rangott Slaven Hundy
         Level 3, Engineering House
         11 National Circuit, Barton
         Australian Capital Territory 2600
         Australia


PEMS AUTOS: Creditors' Proofs of Claim Due on August 30
-------------------------------------------------------
Joint Liquidators Grant Bruce Reynolds and Gilbert Dale Chapman
require the creditors of PEMS Autos Ltd to prove their debts by
August 30, 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:

         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


PIANO WAREHOUSE: Court Issues Wind-Up Order
-------------------------------------------
The Supreme Court of New South Wales on July 24, 2006, issued an
order to wind up The Piano Warehouse Australia Pty Limited and
appoint B. A. Taylor as liquidator.

The Liquidator can be reached at:

         B. A. Taylor
         Ferrier Hodgson
         Level 13, Grosvenor Place
         225 George Street
         Sydney, New South Wales 2000
         Australia


PRIMELIFE CORPORATION: Resolves Bayside Scheme
----------------------------------------------
Primelife Corporation Limited says that it will continue to
manage the Bayside Aged Care Facility in Mordialloc, Victoria,
as part of the Federal Court's orders on August 7, 2006, for the
final winding up of the managed investment scheme relating to
the Bayside Facility.

Primelife reveals that it will manage Bayside on behalf of a new
owner who has agreed to acquire the facility from the syndicate
as part of the winding up of the scheme.  The terms of the new
management agreement will be more favorable to Primelife.

The transaction will see the outstanding syndicate loan of
AU$2 million to be repaid to Primelife and will also have a
positive impact on the Company's balance sheet in the 2006/2007
financial year.

Primelife relates that on April 1, 2005, it settled proceedings
brought by the Australian Securities and Investment Commission
relating to the Company's association with allegedly non-
compliant managed investment schemes.  The Schemes were
established by promoters between 1998 and 2002 to invest in the
development and ownership of 23 retirement and aged care
facilities operated by Primelife.

As part of the ASIC settlement, Primelife agreed that it would
consent to ASIC's winding up proposals for the investment
schemes.

Primelife notes that as of August 7, 2006, schemes relating to
eight of the 23 facilities have been wound up on terms
acceptable to Primelife, with schemes relating to nine
facilities currently subject to winding up orders.  It is
anticipated that the remaining schemes relating to six
facilities will be finalized in this calendar year, Primelife
says.

                        About Primelife

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

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

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


Q SOLUTIONS: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------
Members of Q Solutions Pty Ltd convened on July 20, 2006, and
agreed to voluntarily wind-up the Company's operations.

Accordingly, Hugh C. Thomas was appointed as liquidator.

The Liquidator can be reached at:

         Hugh C. Thomas
         Chartered Accountants
         8th Floor, 55 Hunter Street  
         Sydney, Australia


RASDON BERWICK: Members and Creditors to Hear Wind-Up Report
------------------------------------------------------------
A general meeting of the members and creditors of Rasdon Berwick
Pty Ltd will be held on August 25, 2006, at 11:00 a.m.

During the meeting, Liquidator Ross McDermott will report on the
Company's wind-up and manner of property disposal.

The Liquidator can be reached at:

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


REDSKINS PTY: Members Appoint William Rangott as Liquidator
-----------------------------------------------------------
Members of Redskins Pty Limited held a general meeting on July
26, 2006, and resolved to voluntarily wind up the Company's
operations.

In this regard, William Balfour Rangott was appointed as
liquidator.

The Liquidator can be reached at:

         William Balfour Rangott  
         Rangott Slaven Hundy
         Unit 12, Level 3
         Engineering House
         11 National Circuit, Barton
         Australian Capital Territory
         Australia


SHEPPARTON GUARD: Members Agree to Liquidate Business
-----------------------------------------------------
The members of Shepparton Guard Services Pty Ltd convened on
July 14, 2006, and agreed to voluntarily wind up the Company's
operations.

Subsequently, Barry Keith Taylor was appointed as liquidator.

The Liquidator can be reached at:

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


SONS OF GWALIA: DOCA Period Further Extended to November 30
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 29, 2006, Sons of Gwalia Limited's Joint and Several Deed
Administrators -- Andrew Love, Garry Trevor, and Darren Weaver
-- notified creditors that in accordance with the Deeds of
Company Arrangement, the DOCA period is extended to August 30,
2006.  The report also noted that the extension was driven by
the timetable required to effect a proposed restructure of the
Company.  

At that time, the terms and format of the restructure were being
finalized.

In a circular dated August 4, 2006, posted at the Company's Web
site, creditors were notified that on July 25, 2006, Master
Sanderson of the Supreme Court of Western Australia granted a
further extension of the DOCA period to November 30, 2006.

The Company also advised that the Consultative Creditors
Committee approved the further DOCA period extension.

                        DOCAs' Progress

Since the execution of the DOCAs in August 2005, the Joint
Administrators and the SOG executives have:

   (a) progressed the test case with respect to whether claims
       by shareholders are subordinated to the claims of other
       unsecured claimants in the Administration.  The matter is
       to be heard by the High Court of Australia on August 7
       and 8, 2006, after which a final binding decision will be
       received.  That decision will provide greater certainty
       in relation to the adjudication on shareholder claims;

   (b) successfully settled SOG's arbitration proceedings with
       one of the tantalum business' major customers, providing
       a new three year supply agreement with additional
       operational flexibility.  The outcome of the arbitration
       was critical to the SOG Group as it determined the value
       of its assets and crystallized the possible options for
       the restructure; and

   (c) worked closely with the CCC and its advisors to consider
       options for the restructure of the tantalum business and
       develop the preferred restructuring approach for
       implementation.  In this regard, significant progress has
       been made in the restructure process.

                          Restructure

According to the Joint Administrators, details of the preferred
restructure will be proposed to occur by way of partial debt for
equity exchange resulting in a stand alone tantalum group free
of any pre-administration liabilities and obligations.

The steps and documentation for the implementation have been
substantially progressed and, at an appropriate time, a full
meeting of creditors will be held to consider approval for the
restructure, the Administrator note.

The Administrators recount that in March 2004 the SOG Group's
gold division was sold to St. Barbara Mines Ltd.  The remaining
assets of the SOG Group therefore comprise its ongoing tantalum
operations at the Wodgina and Greenbushes mines, certain causes
of action against its auditors and certain former directors, and
various non-core assets.

The restructure proposal is expected to be embodied in Schemes
of Arrangement for the respective companies and, if approved,
entered into between each SOG Group company, its creditors, and
the Administrators.

The Joint Administrators also note that there are still a number
of issues, which must be resolved before the Scheme can be
submitted to creditors for approval.  However, on the assumption
that those issues can be resolved, implementation of the
restructure contemplates, among other steps:

   1) an existing Group company to be the holding company of the
      Tantalum Group will issue ordinary shares to admitted
      creditors of SOG;

   2) the admitted creditors will exchange a portion of their
      debt in consideration for the ordinary shares received of
      equivalent value; and

   3) Unresolved claims will have shares set aside for their
      benefit in the event that their claims are proven to be
      valid and able to rank equally with the admitted creditors
      for the purposes of distribution.

On the issuance of the shares to the creditors, the restructured
Tantalum Group will leave the SOG Group and will operate under
the governance of a newly appointed board of directors, assisted
by a senior management team comprising both newly appointed
executives and existing personnel of the SOG Group.

The Joint Administrators assert that the intended restructure
via a Scheme has benefits, which include:

   * allowing the Tantalum Assets to be released from the
     administration; and

   * providing a partial return to SOG creditors, in the form of
     the Tantalum Assets, owned through the issued shares.

After implementation of the restructure, the Scheme companies --
other than the companies holding the Tantalum Assets -- will be
placed in liquidation.  The Tantalum Group will not be under any
form of administration.  SOG will separately continue to pursue
the litigation of the Causes of Action and the realization of
the remaining non-core assets.  The liquidator will commence to
wind up SOG in the ordinary way after the termination of the
Scheme for SOG.

                           Timetable

The Joint Administrators note that subject to any further
extension of the SOG Group DOCAs, a meeting of creditors will be
held prior to November 30, 2006, to receive a report as to the
status of the administration and to consider and, if
appropriate, approve the Schemes of Arrangement.

The Joint Administrators note that the timetable for the
restructure is subject to certain third party consents and
approvals, and therefore remains subject to change.  While it is
anticipated that the necessary meeting to consider the
restructure proposal will be held prior to the Creditors
Meeting, and the Administrators will make all reasonable efforts
to meet that timeframe, they also anticipate unforseen delays to
occur.

                     About Sons of Gwalia

Headquartered in Perth, Western Australia, Sons of Gwalia Ltd --
http://sog.com.au/-- is a mining company listed on the  
Australian Stock Exchange for over 20 years.  The Company had
two operating divisions, Gold and Advanced Minerals.  Sons of
Gwalia is the world's single biggest producer of Tantalum.

In August 2004, Gwalia announced a strategic review, which
included AU$10 million in cost savings for 2003-04 and the loss
of 100 jobs from the gold division and Perth head office, after
the Company failed to meet its hedging commitments due to the
serious deterioration of its gold reserves and resources.  The
Company collapsed with AU$862 million in debt, and called in
joint and several administrators Andrew Love, Garry Trevor and
Darren Weaver of Ferrier Hodgson.  The Company was also unable
to obtain agreement of all creditor counterparties to a
standstill agreement.  In February 2006, Gwalia announced that
it will undertake an operational restructure following recent
agreements reached with its two major customers for reduced
sales volumes in return for production and product specification
flexibility.  The operational restructure will maximize tantalum
production at Gwalia's lower cost Wodgina mine.


STAINES ENTERPRISES: Creditors Appoint Official Liquidator
----------------------------------------------------------
At a general meeting held on July 12, 2006, the members of
Staines Enterprises Pty Ltd agreed to shut down the Company's
operations.

Michael Gerard McCann was appointed as liquidator at the
creditors' meeting held that same day.

The Liquidator can be reached at:

         Michael Gerard McCann
         Grant Thornton
         Level 4, 102 Adelaide Street
         Brisbane, Queensland
         Australia


STONEHENGE PROPERTIES: Enters Voluntary Liquidation
---------------------------------------------------
The members of Stonehenge Properties Pty Ltd held a general
meeting on June 30, 2006, and decided to voluntarily liquidate
the Company's business.

In this regard, James Patrick Downey was named liquidator.

The Liquidator can be reached at:

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


SUPREME COLLISION: Creditors Resolve to Close Business
------------------------------------------------------
Creditors of Supreme Collision Repair Specialists Pty Limited
held a meeting on July 25, 2006, and resolved to close the
Company's business.

In this regard, Daniel I. Cvitanovic was appointed as
liquidator.

The Liquidator can be reached at:

         Daniel I. Cvitanovic
         Daniel I. Cvitanovic Chartered Accountant
         Shop 5 Old Potato Shed
         74-76 Hoddle Street
         Robertson, New South Wales 2577
         Australia
         Telephone:(02) 4885 2500
         Facsimile:(02) 4885 2995


TAKH ALL: Liquidators to Present Wind-Up Report on August 31
------------------------------------------------------------
A final meeting of the members and contributories of Takh All
Pty Ltd will be held on August 31, 2006, at 10:00 a.m.

At the meeting, Liquidators J. R. Hart and M. D. Lewis will give
the Company's wind-up accounts and the manner of property
disposal.

The Liquidators can be reached at:

         J. R. Hart
         M. D. Lewis
         Ferrier Hodgson
         Level 6, 81 Flinders Street
         Adelaide, South Australia 5000
         Australia


TRANS GROUP: Members Pass Resolution to Close Shop
--------------------------------------------------
On July 7, 2006, the members of Trans Group Pty Limited met at a
general meeting and passed a special resolution to close the
Company's business.

In this regard, M. F. Cooper was appointed as liquidator.

The Liquidator can be reached at:

         M. F. Cooper
         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney New South Wales 2000
         Australia


TURNING INVESTMENTS: Liquidation Bid Hearing Slated for Aug. 24
---------------------------------------------------------------
A petition to liquidate Turning Investments NZ Ltd will be heard
before the High Court of Auckland on August 24, 2006, at 10:45
a.m.

Alice Joan Osborne filed the petition with the Court on May 5,
2006.

The plaintiff's solicitor can be reached at:

         G. Presland
         208 West Coast Road
         (P.O. Box 20-310)
         Glen Eden, Auckland
         New Zealand


VIC VENTURES: Liquidator to Present Wind-Up Report on Sept.1
------------------------------------------------------------
A final meeting of the members of Vic Ventures Pty Ltd will be
held on September 1, 2006, at 10:30 a.m.

At the meeting, Liquidator B. A. Secatore will report on the
Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

         B. A. Secatore
         Cor Cordis
         Chartered Accountants
         406 Collins Street, Melbourne 3000
         Australia


WAGGA CITY: Inability to Pay Debt Prompts Wind-Up
-------------------------------------------------
The members of Wagga City Smash Repairs Pty Limited met on
July 14, 2006, and agreed to voluntarily wind up the Company's
operations due to its inability to pay debts.

Subsequently, Stephen Jay was appointed as liquidator.

The Liquidator can be reached at:

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


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

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

Shik Chi Wai filed the petition before the Court on July 3,
2006.

The solicitor for the petitioner can be reached at:

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


BROOKSIDE INTERNATIONAL: Liquidator to Present Wind-Up Report
-------------------------------------------------------------
Members of Brookside International Ltd will convene on September
5, 2006, 10:00 a.m.

During the meeting, Liquidator Luk Siu Lan will report on the
Company's wind-up and property disposal activities.

The Liquidator can be reached at:

         Luk Siu Lan
         Ground Floor, 650 Lorimer Street
         Port Melbourne, Victoria 3207
         Australia


ENRO SHIRT: Members' Final Meeting Set for September 8
------------------------------------------------------
The members of Enro Shirt of Hong Kong Ltd will convene for
their final meeting at 6th Floor TAL Building, 49 Austin Road,
Kowloon, Hong Kong on September 8, 2006, at 10:00 a.m.

At the meeting, Liquidator To Yuen Cheong will report on the
Company's wind-up proceedings and the manner its properties were
disposed of.

The Liquidator can be reached at:

         To Yuen Cheong, August
         13A Casas Domingo
         Kam Hang Road, Kwu Tung
         Sheung Shui, New Territories
         Hong Kong


HERACO HOLDINGS: Members Opt for Voluntary Wind-Up
--------------------------------------------------
The members of Heraco Holdings Ltd on July 15, 2006, resolved to
voluntary wind-up the Company's operations.

Subsequently, Chu King Hei was appointed as official liquidator.


HO LING CONSTRUCTION: Court Favors Wind-Up Bid
----------------------------------------------
On July 26, 2006, the High Court of Hong Kong issued an order to
wind up Ho Ling Construction Co Ltd's business operation.

The Troubled Company Reporter - Asia Pacific reported on
July 11, 2006, Kan Man Tik Kan filed the wind-up petition before
the Court on May 29, 2006.


IAC BANK: Moody's Places E+ BFSR on Review for Upgrade
------------------------------------------------------
Moody's Investors Service on August 9, 2006, placed on review
for upgrade Industrial and Commercial Bank of China's E+ Bank
Financial Strength Rating.  This follows Moody's earlier rating
action in November 2005 when the outlook for ICBC's BFSR was
revised to positive from stable.  The A2 long-term deposit and
P-1 short-term deposit ratings, both with a positive outlook,
are unaffected.

"The review for upgrade reflects further progress achieved in
ICBC's restructuring and the introduction of strategic
investors, which has strengthened the bank's capital position,"
says May Yan, a Moody's VP/Senior Credit Officer.

In April 2006, Goldman Sachs, American Express, and Allianze
Group invested US$3.78 billion into ICBC, equal to 8.45% of its
capital base. In addition, China's Social Security Fund invested
RMB18 billion.  As a result, the bank's capital position has
improved, and its core and total capital adequacy ratios,
according to Moody's estimates, stood at 9.2% and 10.2% as of
1H2006.

"Government's recapitalization of ICBC and the bank's own
restructuring efforts have also improved its asset quality in
recent years," adds Mr. Yan, Moody's lead analyst for ICBC.

ICBC is now actively preparing for IPOs on the Hong Kong and
Shanghai stock exchanges with targeted completions during
2H2006.  Through the listings, ICBC will further strengthen its
capital position, and Moody's will upgrade its BFSR if they are
completed successfully and in a timely manner.

Further positive rating actions beyond this upgrade would
require track record of continued stabilization in asset quality
and improvements in other stand-alone financial performances and
-- at the same time -- evidence of strengthened corporate
governance, risk management and other factors that lead to
sustainable performances.


                        *     *     *

Industrial and Commercial Bank of China, headquartered in
Beijing, is the largest commercial bank in China.  As of
December 2005, it had total assets of US$799 billion.


MO AND COMPANY: Liquidator Ceases to Act for Company
----------------------------------------------------
Wong Poh Weng ceased to act as liquidator for Mo and Company
(Hong Kong) Ltd on July 3, 2006.

The former liquidator can be reached at:

         Wong Poh Weng
         7th Floor, Allied Kajima Bldg
         138 Gloucester Road, Wanchai
         Hong Kong


OCEAN GRAND CHEMICAL: Court Sets Winding-Up Hearing for Aug. 18
---------------------------------------------------------------
The Supreme Court of Bermuda set 9:30 a.m., on Aug. 18, 2006, to
hear the petition for the winding up of Ocean Grand Chemical
Holdings Limited's business operation.  The petition was
submitted to the Supreme Court on July 24, 2006.

On July 25, 2006, the Supreme Court appointed Lai Kar Yan, also
known as Lai Kar Yan, Derek and Joseph Kin Ching Lo, both of
Deloitte Touche Tohmatsu as provisional liquidators.

Parties-in-interests who want to attend the hearing must inform
and serve notice not later than 4:00 p.m. on Aug. 17, 2006, to
the petitioner's counsel at:

         Conyers Dill & Pearman
         Clarendon House
         2 Church Street
         Hamilton, HM 11, Bermuda

The liquidators can be reached at:

         Lai Kar Yan
         Joseph Kin Ching Lo
         Deloitte Touche Tohmatsu
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong

                      
                      About Ocean Grand Chemicals

Ocean Grand Chemicals Holding Ltd -- www.ogchemicals.com/ -- is
a wholly owned subsidiary of Ocean Grand Holdings Company Ltd.  
The Group's principal activities are the trading, manufacturing
and sub-contracting of chemicals for electroplating of precious
metal materials (being gold salt, silver salt, palladium salt
and rhodium sulphate). Other activities include provision of
management services and investment holding. Operations are
carried out in Hong Kong and the People's Republic of China.


                          *     *     *

Ocean Grand Holding's -- http://www.ogholdings.com/-- principal  
activities are the manufacture and sale of aluminum extrusion
products and chemicals for use in electroplating and refining of
gold material produced at facilities located in Nanhai of
Guangdong Province and the Hong Kong Special Administrative
Region of The People's Republic of China.

The Troubled Company Reporter - Asia Pacific reported on July
27, 2006, that the investigators conducting a prove on the
Group's accounts discovered a total of CNY842 million missing
from the bank accounts of Ocean Grand's subsidiaries and that
the group was unable to pay immediate debts exceeding HKD261
million.

                          *     *     *

Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Ocean Grand Holdings Ltd to B from
BB-.  It also lowered its issue rating on US$160 million senior
unsecured notes due 2010 to B from BB-.  S&P said that the
downgrade reflects their heightened concerns on Ocean Grand's
corporate governance and internal control systems.  

Recently, S&P had again lowered its long-term corporate credit
rating on Ocean Grand Holdings Ltd. to 'D' from 'B'.  In
addition, it lowered its issue rating on US$160-million senior
unsecured notes due 2010 to 'D' from 'B'.


OCEAN GRAND HOLDINGS: Court Set to Hear Petition on Aug. 18
-----------------------------------------------------------
The Supreme Court of Bermuda will hear a wind-up petition
against Ocean Grand Holdings Limited on Aug. 18, 2006, at 9:30
a.m.

The petition was presented to the Supreme Court on July 24,
2006.

On July 25, 2006, the Supreme Court appointed Lai Kar Yan, also
known as Lai Kar Yan, Derek and Joseph Kin Ching Lo, both of
Deloitte Touche Tohmatsu as provisional liquidators.

Parties-in-interests who want to attend the hearing must inform
and serve notice not later than 4:00 p.m. on Aug. 17, 2006, to
the petitioner's counsel at:

         Conyers Dill & Pearman
         Clarendon House
         2 Church Street
         Hamilton, HM 11, Bermuda

The Liquidators can be reached at:

         Lai Kar Yan
         Joseph Kin Ching Lo
         Deloitte Touche Tohmatsu
         35th Floor, One Pacific Place
         88 Queensway, Hong Kong

                          *     *     *

Ocean Grand Holding's -- http://www.ogholdings.com/-- principal  
activities are the manufacture and sale of aluminum extrusion
products and chemicals for use in electroplating and refining of
gold material produced at facilities located in Nanhai of
Guangdong Province and the Hong Kong Special Administrative
Region of The People's Republic of China.

The Troubled Company Reporter - Asia Pacific reported on July
27, 2006, that the investigators conducting a prove on the
Group's accounts discovered a total of CNY842 million missing
from the bank accounts of Ocean Grand's subsidiaries and that
the group was unable to pay immediate debts exceeding HKD261
million.

                          *     *     *

Standard & Poor's Ratings Services lowered its long-term
corporate credit rating on Ocean Grand Holdings Ltd to B from
BB-.  It also lowered its issue rating on US$160 million senior
unsecured notes due 2010 to B from BB-.  S&P said that the
downgrade reflects their heightened concerns on Ocean Grand's
corporate governance and internal control systems.  

Recently, S&P had again lowered its long-term corporate credit
rating on Ocean Grand Holdings Ltd. to 'D' from 'B'.  In
addition, it lowered its issue rating on US$160-million senior
unsecured notes due 2010 to 'D' from 'B'.


ORIENT POWER: Faces Wind-Up Proceedings
---------------------------------------
A petition to wind up the business operations of Orient Power
Car Stereos Ltd was received by the High Court of Hong Kong from
RSL Electronic Co Ltd -- formerly RDL Electric Co Ltd -- on
June 30, 2006.

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

The petitioner's solicitor can be reached at:

         C.P. Cheung & Co
         Room 2301, 23rd Floor
         Golden Centre
         188 Des Voeux Road
         Central, Hong Kong


VACATION TRAVEL: Wind-Up Petition Hearing Slated for August 23
--------------------------------------------------------------
A wind-up petition against Vacation Travel Co Ltd will be heard
before the High Court of Hong Kong on August 23, 2006, at 9:30
a.m.

Pang San Ming filed the petition with the Court on June 28,
2006.

The plaintiff's solicitor can be reached at:

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


WELL BRIGHT: Final Members' Meeting Set on September 8
------------------------------------------------------
The members of Well Bright Investment Ltd will convene for their
final meeting at Room 801 Carnarvon Plaza, 20 Carnarvon Road,
Tsimshatsui, Kowloon, Hong Kong on September 8, 2006, at 10:00
a.m.

At the meeting, Liquidator Loo Ka Yee will present a report
regarding the Company's wind-up property disposal activities.


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

GENERAL MOTORS: To Cut Spending on Mid-Size Cars by US$1 Billion
----------------------------------------------------------------
General Motors Corp. is looking to trim by US$1 billion the
costs for new mid-size car models as it rolls out a system for
sharing parts, vehicle designs and factories, The Financial
Express reports, citing Bloomberg News.

GM's facilities in three regions will be able to build 19
variations of brands and styles such as Chevrolet Malibu sedans
and Saab convertibles, The Financial Express says.  The new cars
are the first models developed under the March 2005
reorganization of GM's product development system.

GM reassigned 11 executives and created three global positions
to share more car designs across North America, Europe and Asia.
It is also developing common designs for future sport-utility
vehicles and small cars, Financial Express relates.

GM chief executive officer Rick Wagoner aims to pay less to
develop and manufacture new vehicles, as part of his strategy to
restore profits and win back customers it lost to rivals,
Financial Express reveals.

According to Bloomberg, GM has been losing customers in the
United States to Toyota and Honda Motor Co as drivers choose
smaller, more fuel-efficient cars instead of light trucks and
sport-utility vehicles.  GM's U.S. sales fell 23% last month
compared with Toyota's 12% sales gain for July, while Honda
gained 6%.

GM is shutting factories and cutting jobs to reduce excess
capacity in a bid to return to profit.  In addition, Mr. Wagoner
intends to reduce annualized spending by US$9 billion at the end
of this year after posting losses of US$10.6 billion for fiscal
2005, Financial Express says.

                      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.


* Deutsche Says India Could Avert 2007 U.S. Downturn
----------------------------------------------------
India could escape a possible economic downturn in the United
States next year as its global trade exposure is spread evenly,
Reuters reports, citing Deutsche Bank's chief economist Nobert
Walter.

Mr. Walter explained that due to the correction in fiscal and
monetary policies and burdening high-energy costs for countries
closely tied with the U.S., a slump in world economy originating
in the U.S. is expected next year.

However, Mr. Walter is optimistic that India will be insulated
from the downturn if economic policy measures are rejuvenated
and gather momentum, Reuters says.

Mr. Walter told Reuters that outsourcing of IT operations from
the United States to Indian firms would not be reversed in the
event of a downturn in the U.S.  He added that countries with
close trade ties to the U.S. such as Malaysia, Taiwan and the
Philippines would have a "weakening of their cyclical
positions".  But India and China would be able to maintain their
current pace of growth because their economies were more
internally driven.

According to Mr. Walter, India's monetary policy "is not yet
accommodative, but not restrictive either".  He said that the
central bank needed to be on high alert if inflation went above
5%.

Reuters relates that the Reserve Bank of India raised interest
rates by a quarter percentage point to 6% on July 25, 2006, to
check price pressures in the fast-growing economy.  Inflation
stood at 4.67% in the 12 months to July 22, 2006.

The central bank has forecast inflation in the range of 5-5.5%
for the fiscal year ending in March 2007, Reuters adds.


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

KANEBO LIMITED: Chuoaoyama Accountants Convicted in Fraud
---------------------------------------------------------
The Tokyo District Court found three former accountants of
Japanese auditing firm ChuoAoyama PricewaterhouseCoopers guilty
of conspiring with officials of cosmetics firm Kanebo Ltd. to
cover up a JPY80-billion debt, Agence France Presse reveals.

Presiding judge Harumitsu Mori sentenced Kuniaki Sato to a jail
term of 18 months, whereas Kazutoshi Kanda and Seiichiro Tokumi
were slapped with a one-year prison sentence.  All terms were
suspended for three years.

In a report by Troubled Company Reporter - Asia Pacific on
June 1, 2006, the three ChuoAoyama ex-accountants have pled
guilty to doctoring the financial statements of client Kanebo
Ltd. in March 2006, prompting the Financial Services to order
the suspension of the auditing firm's operations, as well as to
refrain from entertaining new clients for the months of July and
August 2006.

Citing Judge Mori, AFP says that the crime committed by the
three former accountants has "diminished public trust in the
auditing system and accountants, whose primary aim is to protect
the profits of investors."

                          *     *     *

Headquartered in Tokyo, Japan, Kanebo Limited Company --
http://www.kanebo.co.jp/-- makes cosmetics, toiletries, men's  
and women's fashions and accessories, pharmaceuticals, and food.  
Kanebo's products vary from T'estimo, a smudge-proof lipstick,
and Coccoapo A, an over-the-counter drug for the treatment of
constipation and obesity, to such wonders as Bellabeton,
intended to stop blurred vision and frequent urination.  Kanebo,
formed in 1887, operates in Asia, Europe, North America, and
South America.  Industrial Revitalization Corporation of Japan
is the Company's largest shareholder, and holds more than half
of voting shares.   

Kanebo Limited is undergoing a rehabilitation program with the
aid of the Industrial Revitalization Corporation of Japan, and
it spun off its cosmetics business in May 2004.  The TCR-AP
reported on March 28, 2006, that the Tokyo District Court
sentenced former Kanebo president Takahashi Hoashi to a
suspended jail term of two years, while former vice president  
Takahashi Miyahara was sentenced to 18 months' in prison, for
their roles in falsifying the Company's fiscal 2001 and 2002
financial statements.


SOFTBANK CORP: Moody's Raises Long-term Debt Rating to Ba2
----------------------------------------------------------
Moody's Investors Service had, on August 9, 2006, upgraded
Softbank Corp.'s stable long-term debt rating and issuer rating
to Ba2 from Ba3, concluding a review initiated on March 17,
2006, when the Company announced that it would acquire a 97.7%
stake in mobile phone giant Vodafone Group's Japanese unit,
Vodafone K. K.

The rating action reflects Moody's view that Softbank's
acquisition of Vodafone K.K. (Baa2, currently on review for
possible downgrade) will diversify and greatly enhance its
position in Japan's telecommunication market, since it will
create a competitive domestic integrated telecom operator.  The
upgrade also indicates Moody's expectation that the acquisition
will strengthen Softbank's ability to generate stable cash flow.

Moody's anticipates that the acquisition will provide Softbank's
overall telecom broadband businesses with operational benefits,
and the Company with revenue growth opportunities, by allowing
it to diversify revenues sources and customer bases -- as
Vodafone K.K. is Japan's third-largest mobile phone service
provider, having more than 15 million subscribers -- and
creating opportunities to further broaden its product and
service range.  This would help the Company to quickly respond
to changes in customer demand and be better prepared for actions
such as fixed-line and mobile service convergence.

In addition, Softbank's operating performance has shown
substantial improvement -- it reported around JPY62 billion of
consolidated operating profit for the fiscal year ended March
31, 2006, compared to a JPY25-billion operating loss in the
previous fiscal year.  This was mainly due to improvement in its
ADSL business, supported by an increase in subscriber base to
approximately 5.05 million at March 31, 2006 from 4.78 million
last year, as well as the recovery of earnings from fixed-line
telecommunication.  Despite increased competition in both
markets, Moody's expects that Softbank will be able to generate
positive and stable operating cash flow from these businesses
over the next few years, based on its stable market positions.  
Its improving overall business fundamentals will enable the
Company to allocate strategic resources to integration of the
acquired business.

Moody's further notes that the acquisition created an added
financial burden for Softbank.  The acquisition price totaled
JPY1.7 trillion, of which Softbank's equity participation was
JPY200 billion and Yahoo Japan Corporation's was JPY120 billion,
with around JPY1.16 trillion raised through a leveraged buyout.  
Although Softbank's consolidated balance sheet is adversely
affected by this acquisition, Moody's believes that the
Company's strengthened cash flow generating ability will allow
it to gradually restore its financial strengths.  Furthermore,
Softbank held over JPY1.8 trillion of unrealized gains on
investment securities as of March 31, 2006, which should serve
as a financial cushion to mitigate its financial risks to some
extent.

Moody's will continue to assess to what degree Softbank is able
to adapt its telecommunication and broadband business strategies
to achieve utmost operational benefits from the acquisition, and
whether the company will be able to improve and stabilize
earnings and cash flow while maintaining a reasonable level of
financial flexibility going forward.

Moody's has also upgraded to Aaa from Ba3 Softbank's
EUR400-million bond due 2011, reflecting the trust arrangements
put in place to legally defease all future principal and
interest obligations due on the outstanding bonds.  Softbank
entered into a trust agreement with Deutsche Trustee Company
Limited (a member of Deutsche Bank Group, which has an Aa3
deposit rating), which had been entrusted sufficient cash
deposits to pay interest on and redeem the principal of the
bond.

Moody's reviewed the terms and structure stipulated in the
documents relating to the legal defeasance arrangement and has
concluded that the bond's probabilities of default and expected
loss are substantially lower than those of Softbank's other
senior unsecured obligations.  As a result, the bond's rating is
based solely on the quality of the assets deposited in the trust
accounts, which is cash denominated in Euros.  Moody's believes
this legal defeasance provides a significant benefit to
bondholders.  The rating agency understands that the trust
assets are arranged as bankruptcy remote and that the asset
deposited in the trust account will be cash only until the
bond's maturity.

                       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.  On March 17, 2006, SoftBank announced its
agreement to buy Vodafone Japan, giving it a stake in Japan's
US$78 billion mobile market.  

                          *     *     *

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.


* Hellman & Friedman Gains Majority Stake in AlixPartners
---------------------------------------------------------
AlixPartners LLC has agreed to a recapitalization of the firm by
which affiliates of Hellman & Friedman LLC will make a
significant investment in AlixPartners.  AlixPartners' 78
managing directors, along with the remainder of its more than
500 employees, also will gain a considerable equity stake in the
enterprise.  Together, they will hold a majority interest in the
private firm.  Michael Grindfors, will continue as CEO of the
firm.

The transaction puts the total enterprise value of the firm in
excess of US$800 million.  Other terms of the transaction were
not disclosed.  Jay Alix, who founded the firm in 1981, said he
is transferring a substantial portion of his interest but will
remain with the firm as co-chairman and will be its largest
individual shareholder.  The other co-chairman will be Philip
Hammarskjold of Hellman & Friedman LLC.

"This recapitalization accomplishes three things," said Mr.
Alix. "It fulfills my long-held objective of an orderly
succession from an entrepreneurial firm to a self-perpetuating
institution.  It gives our employees, who have worked very hard
to build our firm, a significant equity ownership and an
important stake in our future.  And, it gives us an incredibly
valuable currency - equity in the form of stock - to attract and
retain the best talent in our industry."

"Long ago we institutionalized our 'magic.'  What makes us
unique among professional services firms is that we have always
been a firm with more than just one or two 'stars,'" said Mr.
Grindfors.  "Not only are we credited with inventing the term
'turnaround,' but we also are widely recognized as a pioneer in
the industry, creating innovations such as our turnaround-team
model, our share-the-risk 'success-fee' model and taking our
hands-on approach into performance improvement for financially
sound companies.  Our success has been based on creating real
value for our clients over the last 25 years, and we are
committed to continuing that tradition."

AlixPartners has enjoyed 25 years of uninterrupted revenue
growth.  In the last ten years, the firm has grown from two
offices in the U.S. to 12 offices in North America, Europe and
Asia, with affiliations in South America and Australia, and it
has achieved organic average annual growth of more than 30
percent during that time.  More than half of its revenue today
comes from providing services to healthy companies seeking
performance improvement, IT transformation and financial
advisory services.  

"We are thrilled at the opportunity to support Michael Grindfors
and the managing directors and employees at AlixPartners in this
recapitalization transaction," said Mr. Hammarskjold.  "We have
been active investors in the professional services industry for
many years, and our experience and diligence indicate that by
almost any measure, AlixPartners sets the standard for
outstanding performance and brand recognition in the global
consulting industry.

"AlixPartners' commitment to getting results for its clients
will continue to drive the firm's growth, particularly in
today's uncertain economic environment," Mr. Hammarskjold
continued.  "By providing the managing directors and employees
of the firm with a greater economic stake in its future success,
we believe this recapitalization will serve as a catalyst to
help the firm grow and support its clients worldwide."

AlixPartners' present or past clients include General Motors
Corp. (U.S.), BP PLC (U.K.), Toys "R" Us Inc. (U.S.), Henkel
KgaA (Germany), Karstadt Quelle AG (Germany) and Bruno Magli Spa
(Italy), as well as some of the largest restructurings of all
time, including WorldCom Inc., Kmart Corp., Enron Corp., Refco
LLC and Calpine Corp.

Under terms of the agreement, each of AlixPartners' managing
directors will be given the opportunity to roll over some of the
value of his or her existing interests in the firm into new
equity in the recapitalized organization.  In addition,
employees other than managing directors will participate in a
"phantom equity" program.  Alix said the recapitalization was
expected to close within the next 90 days.

                     About Hellman & Friedman

Hellman & Friedman LLC is a private equity investment firm with
offices in San Francisco, New York and London.  The Firm focuses
on investing in business franchises and as a value-added partner
to management in select industries including financial services,
professional services, asset management, software and
information, media and energy.  Since its founding in 1984, the
Firm has raised and, through its affiliated funds, managed over
$8 billion of committed capital.  Recent investments include:
Activant Solutions Inc., Artisan Partners Limited Partnership,
DoubleClick, Inc., GeoVera Insurance Group Holdings, Ltd., LPL
Holdings, Inc., Mondrian Investment Partners, Ltd., The Nasdaq
Stock Market, Inc., Texas Genco LLC, Vertafore, Inc. and VNU
N.V.

                     About AlixPartners

AlixPartners LLC -- http://www.alixpartners.com/-- is a global  
performance improvement, corporate turnaround and financial
advisory services firm.  The AlixPartners' "one-stop-shop" suite
of services range from financial restructuring and operational
performance improvement across all major corporate disciplines
(manufacturing, supply chain, IT, sales & marketing, working
capital, etc.), to financial advisory services (including
financial reporting, corporate governance and investigations) to
technology-enabled restructuring and claims management.  The
firm has more than 500 employees, with offices in Chicago,
Dallas, Detroit, Dusseldorf, London, Los Angeles, Milan, Munich,
New York, Paris, San Francisco and Tokyo.


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

DAEWOO ELECTRONICS: To Pick Preferred Bidder by August End
----------------------------------------------------------
Daewoo Electronics Corporation's creditors, including Korea
Asset Management Corp. and Woori Bank, plan to complete the sale
of the electronics maker in September or October 2006 by picking
a preferential bidder by the end of this month, The Hankyoreh
reports.

The Troubled Company Reporter - Asia Pacific reported on
June 29, 2006, that Daewoo Electronics' creditors have short-
listed five bidders, four of which are foreign firms, to conduct
due diligence on the Company.  The bidders include United
States-based Whirlpool Cooperation and India's Videocon
Industries Ltd.  KTB Networks, a venture funding company, was
the only local company included.

Daewoo Electronics, which was spun off from the now-defunct
Daewoo Group in 1999, is currently under a debt workout program.
Creditors had planned to sell Daewoo Electronics after ending
the workout program, but shortened the timetable.

"Given [Daewoo Electronics'] corporate value, it is an
appropriate time for a sale," Ban Wan-ho, director of the
corporate debt workout team at KAMCO, told The Hankyoreh.

According to the report, the sale price of Daewoo Electronics is
unclear.  The electronics maker's debts -- worth KRW1.2 trillion
-- as well as its recent poor earnings results, may negatively
affect the setting of its sale price, estimated at between
KRW500 billion and KRW1 trillion, low for its status in the
market, The Hankyoreh adds.

The Hankyoreh notes that creditors are sensitive to public
criticism in the case of selling companies at below-market
prices.

"We plan to exclude bidders who won't guarantee job security
[for current Daewoo Electronics workers] or who are interested
in short-term profits," said an official of the creditors.

               About Daewoo Electronics

Headquartered in Chung-Gu, Seoul, Daewoo Electronics Corporation
-- http://www.dwe.co.kr/-- is the third largest Korean consumer  
electronics company.  It manufactures and sells a variety of
products including televisions, DVD players, refrigerators, air
conditioners, washing machines, microwaves, vacuum cleaners and
car audio systems in over 105 countries.

The Troubled Company Reporter - Asia Pacific reported on
November 14, 2005, that creditors of Daewoo Electronics have
placed the firm for sale for KRW$1 billion.  ABN Amro,
PricewaterhouseCoopers and Woori Bank were appointed to find a
buyer for the business.

The Korea Asset Management Corporation and Woori Bank are among
the main creditors of Daewoo Electronics, which has undergone a
radical restructuring aimed at returning the Company to profit.

According to the TCR-AP, Daewoo Electronics has been under a
debt workout program since January 2000, months after its parent
group -- the Daewoo Group -- collapsed under debts of nearly
US$80 billion in 1999.

Daewoo Electronics Corp. posted a KRW94-billion loss in 2005
after sales declined 6.4%.  The net loss compares with the
KRW30-billion profit the company posted in 2004.  Sales fell to
KRW2.2 trillion from KRW2.3 trillion in 2004.


JEONBUK BANK: Posts KRW16.1-Bil Net Profit in First Half 2006
-------------------------------------------------------------
Jeonbuk Bank reported a KRW16.1-billion net profit for the first
half of 2006, a 1.2% increase from the previous corresponding
period's net profit of KRW14.9 billion, according to the bank's
business results available at its Web site.

The bank reported total asset growth of KRW394.6 billion, an
8.0% increase, year-on-year.  Loan growth was at
KRW396.8 billion, or 13.3% YoY.  This while operating income,
pre-tax profit and interest income grew by 41.3%, 31.2% and
12.2%, respectively.

Jeonbuk's total assets as of the end of the first-half period
was KRW5.34 trillion and its shareholder's equity was KRW241
billion.  Total deposits was KRW3.95 trillion and totals loans
was KRW3.39 trillion.

Jeonbuk's financial ratios are:

                                  1H 2006    1Q 2006
                                 ---------  ---------  
            Return on Assets         0.64       0.80
            Return on Equity        13.70      17.30
            Net Interest Margin      3.04       3.10
            BIS Capital Ratio       11.54      11.59
            Delinquency Ratio        1.60       1.82

The bank also disclosed that it has a 23.91% market share in the
Jeonbuk province as of March 31, 2006, getting KRW2.93 trillion
out of the KRW12.26 trillion total loans in the province.  It's
market share for deposits increases slightly to 31.56%,
garnering KRW3.35 trillion out of the KRW10.62 trillion total
deposits.

Jeonbuk Bank's financial report for the first half of 2006 is
available for free at:

     http://bankrupt.com/misc/JJBank_1st_Half_2006.pdf

Jeonbuk Bank -- http://www.jbbank.co.kr/-- provides commercial  
and retail banking services mainly to the Jeonbuk province in
South Korea.  The Bank's services include deposits, loans,
credit cards, foreign exchange, trust accounts, corporate loans,
telebanking, and Internet banking.

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


LG CARD: Standard Chartered Bank Pulls Out Bid
----------------------------------------------
Standard Chartered Bank has pulled out of the bidding race for
LG Card Co., the Financial Times reports.

This as Mervyn Davies, the bank's chief executive officer,
indicated that Standard Chartered was no longer a potential
bidder, the newspaper notes.

The sale of LG Card, South Korea's largest credit card issuer,
is expected to raise at least US$5 billion, with only South
Korean banks now likely to be involved.

Earlier reports by the Troubled Company Reporter - Asia Pacific
stated that the LG Card bidding race has four parties:

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

As the TCR-AP reported on July 26, 2006, Korea Development Bank
has sent invitations to potential bidders for LG Card, kicking
off the acquisition deal with an estimated value of more than
US$5 billion.

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

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

                       About LG Card Co.

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

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


MAGNACHIP LLC: Moody's Pulls Rating to Highly Speculative Grade
---------------------------------------------------------------
Moody's Investors Service, on August 8, 2006, has downgraded
MagnaChip Semiconductor LLC's corporate family rating to B1 from
Ba3.  At the same time, Moody's has downgraded the following
ratings of debt issued by MagnaChip Semiconductor Finance Co
(US) and MagnaChip Semiconductor S.A.:

   * US$100 million 5-year senior secured credit revolver to Ba3
     from Ba2

   * US$500 million aggregate floating- and fixed-rate second-
     priority senior secured notes due 2011 to B1 from Ba3

   * US$250 million senior subordinated notes due 2014 to B3
     from B2

The ratings outlook is negative.  The rating action follows
MagnaChip's announcement of its 2Q2006 results, and reflects
Moody's concerns over the company's weaker than expected cash
flow generation capability.

"MagnaChip's financial performance continues to deteriorate, due
mainly to downward price pressures and lower margin mix," says
Ken Chan, a Moody's AVP/Analyst, adding, "Moreover, the delay in
the launch of its CMOS image censor (CIS) products translates
into lower profitability."

"Apart from the inherently volatile nature of the semiconductor
industry, the operating environment remains competitive, while
an increase in channel inventories has weakened display driver
IC (DDI) sales," says Mr. Chan, who is Moody's lead analyst for
MagnaChip.

The delay in the CIS product roadmap also translates into loss
of market share and profitability. The slow rise in sales of new
products means that MagnaChip cannot compensate for the fall in
demand for mature products.  This translates into weaker credit
metrics with adjusted TD/EBITDA of over 5x and EBITDA/Int of
below 3x, as of 2Q2006 on a LTM basis.  These credit metrics
have triggered the rating down levels when Moody's first
assigned the rating, and are more consistent with a high-to-mid
B rating.

At the same time, the revised B1 corporate family rating
considers MagnaChip's capex-light business model, which provides
it with financial flexibility during downcycles as well as the
company's current sound liquidity profile -- with US$86 million
cash on hand as of 2Q/2006 and US$100 million undrawn committed
revolving credit facilities as liquidity buffer.  Moody's notes
that the company has made various financial covenants amendment
on the credit revolver, and that the creditors have been
supportive to sign off on such amendments.

The negative outlook reflects Moody's concern that the company's
financial performance may continue to be under pressure in the
near term.  The negative outlook also considers the company's
execution risk in catching up with industry leaders on new
product launch and capitalizing it into cash flow over the next
12-18 months.

Upward ratings pressure could evolve if MagnaChip demonstrates
its ability to gain meaningful market share in both the CIS and
DDI divisions such that its profitability and cash generation
improve.  The credit metrics that Moody's would consider for an
upgrade include RCF/debt and EBITDA/Interest above 15-20% and
3.5-4.0x respectively on a sustainable basis.

On the other hand, more aggressive capex/acquisition plans or
further delays in its product roadmap, which result in a
continual erosion in market share and weaken its financial and
operating performances, such that RCF/debt and EBITDA/Interest
fall below 8-10% and 2.0-2.5x respectively over the cycle, would
pressure the ratings.

                        *     *     *

Headquartered in Korea, MagnaChip Semiconductor, designs,
develops and manufactures mixed-signal and digital multimedia
semiconductors. It focuses on CMOS image sensors and flat panel
display drivers. It was the system IC division of Hynix before
its carve-out acquisition by financial sponsors, including CVC,
Francisco Partners and CVC Asia Pacific in October 2004.


STANDARD CHARTERED FIRST BANK: Gives Parent a Boost
---------------------------------------------------
Standard Chartered Bank's South Korean operation posted pre-tax
profit of US$234 million in the first half of 2006, more than
double the US$108 million from a year earlier, boosted by the
opening of new branches and contribution from SC First Bank
Korea Ltd., which Standard Chartered acquired in April 2006 for
US$3.5 billion

Standard Chartered Bank reported a 14% increase in the group's
net profit for the year's first half, underpinned by strong
growth in the South Korean consumer market.  The London-based
bank's net profit for the six months ended June 30 hit
US$1.09 billion, up from US$956 million the previous year and
beating the median estimate of US$1.06 billion by 10 analysts
surveyed by Bloomberg.

The group's return on ordinary shareholders' equity, a measure
of profitability, fell to 17.9% from 18.3% in the first half of
last year.

Operating income rose 27% to US$4.112 billion from
US$3.236 billion.

Hong Kong continued as the banking group's single largest profit
contributor, with pre-tax profit rising 26% in the first half to
US$458 million, thanks to strong growth in wholesale banking.

                      About SC First Bank

Standard Chartered First Bank Korea Ltd. --
http://www.scfirstbank.com/-- is a commercial bank that offers  
a  wide range of financial services.  The company's offerings
include loans, deposits, credit card, trust accounts, financial
derivative transactions, corporate banking, consumer banking,
and investment banking services.  SC First Bank is the sixth
largest commercial bank in Korea with total assets of
KRW60.2 trillion as of March 31, 2006.  Through its nationwide
network of 404 branch offices, SC First Bank serves some
3.5 million clients in Korea.

Moody's Investors Service gave SC First Bank a Bank Financial
Strength Rating of 'D+'.

Fitch Ratings gave the bank a 'C' Individual Rating.


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

ANTAH HOLDINGS: July Default Amount is MYR251 Million
-----------------------------------------------------
According to the Troubled Company Reporter - Asia Pacific on
May 11, 2006, financial institutions extended a total loan
facility of MYR281,401,000 to the Company.  As of May 31, 2006,
Antah's total loan default plus interest was pegged at
MYR286,442,000.

As of July 31, 2006, Antah Holdings Berhad's total default plus
interest owed to various credit facilities was down to
MYR250,713,000.

Details of the Company's defaulted credit facilities are
available for free at:

     http://bankrupt.com/misc/tcrap_antahholdings080906.xls

                      About Antah Holdings

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

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


ANTAH HOLDINGS: Restructuring Scheme Awaits Approvals
-----------------------------------------------------
Antah Holdings Berhad says that as of August 7, 2006, it is
still awaiting the approvals of relevant authorities of its
financial regularization scheme.

According to the Troubled Company Reporter - Asia Pacific, the
Company, on May 9, 2006, submitted its proposed restructuring
scheme to the Securities Commission and Foreign Investment
Committee for approvals.

Antah's Proposed Restructuring Scheme involves:

   * the acquisition of the PIPO Group;

   * a scheme of arrangement with shareholders;

   * the acquisition of Lekas;

   * the acquisition of certain other properties;

   * a scheme of arrangement with creditors;

   * the issuance of NewCo shares;

   * the offer for sale of NewCo shares;

   * the transfer of listing status; and

   * the disposal of the Company.

                      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.


AYER HITAM: High Court Moves Hearing on KIY Application
-------------------------------------------------------
The lawsuit between Ayer Hitam Tin Dredging Malaysia Berhad's
subsidiary Motif Harta Sdn Bhd and KIY Design & Interior Sdn
Bhd, which was fixed for mention on August 8, 2006, has been
postponed as the assigned Judge had been transferred to the
Court of Appeal.

Thus, the Kuala Lumpur High Court will inform the parties of the
new hearing date.

The case relates to an application by KIY Design & Interior to
intervene in the proceedings against Ayer Hitam and Motif Harta
and to set aside the restraining order and the Proposed
Restructuring Scheme.

As reported by the Troubled Company Reporter - Asia Pacific on
March 9, 2006, Ayer Hitam intended to apply for an extension of
the restraining order granted by the Kuala Lumpur High Court.  
The Order expired on March 4, 2006.

According to the TCR-AP, the Company has applied for the
Restraining Order so as to facilitate its proposed Restructuring
Scheme, which was announced on August 17, 2005.

                        About Ayer Hitam

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.

The Company has been incurring losses in the past years and has
defaulted on several loan facilities.  As of May 31, 2006, Ayer
Hitam's payment defaults have reached MYR40 million.  The
Company has presented a restructuring proposal, which was
rejected by the Securities Commission after determining that the
Scheme is not a comprehensive proposal capable of resolving all
the financial issues faced by the Company.  


COMSA FARMS: Reprimanded by Bourse; CEO Fined MYR100,000
--------------------------------------------------------
Bursa Malaysia Securities Berhad, on August 7, 2006, publicly
reprimanded Comsa Farms Berhad for breach of the Bourse's
Listing Requirements.

In addition, Bursa Securities has found some of Comsa's
directors to be in breach of the provision of the Listing
Requirements.  In this regard, the bourse publicly reprimanded:

   1) Datuk Kour Nam Ngum;
   2) Tan Sri Dato' Dr. Ahmad Mustaffa Bin Hj Babjee;
   3) Ku Hien Liong;
   4) Chia Yam Kung;
   5) Datin Heng Chui Koon; and
   6) Haji Sapari Bin Haji Amir.  

Datuk Kour Nam Ngum was also fined MYR100,000, as well as Tan
Sri Dato' Dr Ahmad Mustaffa Bin Hj Babjee for MYR25,000, and Ku
Hien Liong for MYR25,000.

Comsa had breached the Listing Requirements for failing to take
into account the adjustments as explained in the Company's
announcement dated April 5, 2006, in the Company's fourth
quarterly report for the financial year ended March 31, 2005,
which was announced on May 30, 2005.

The adjustments were only taken up in the Company's annual
audited accounts for the financial year ended March 31, 2005,
which was announced on April 5, 2006, resulting in a deviation
between the unaudited profit after taxation and minority
interest of MYR12.58 million and the audited loss after tax and
minority interest of MYR195.92 million for the fiscal year ended
March 31, 2005.

In addition, the Company is also required to engage its external
auditor to carry out a limited review on its quarterly reports
prior to the release of announcements on the Company's results.
The limited review must be conducted on the four quarterly
reports immediately subsequent to the imposition of penalty on
the Company for breach of the Listing Requirements.

Datuk Kour Nam Ngum, the Executive Director and Chief Executive
Officer of Comsa and the member of the Company's audit committee
at the material time, was penalized for causing the Company to
violate the Listing Requirements.  The other directors were also
found to violate listing rules for permitting, or for having
reasonable means of obtaining the knowledge that the Company
breached the Listing Requirements.

The penalties were imposed after taking into consideration all
facts and circumstances of the matter and upon completion of due
process.

                        About Comsa Farms

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

On April 10, 2006, the Company was declared a Practice Note 17
company by Bursa Malaysia due to a stockholders' equity deficit.  
As an affected listed issuer, Comsa Farms is required to submit
a plan to regularize its financial condition. The Company's
balance sheet as of March 31, 2006, showed total assets of
MYR200,072,000 and total liabilities of MYR273,643,000 resulting
into a stockholders' deficit of MYR73,571,000.


LITYAN HOLDINGS: Delisting on Hold Pending Decision on Appeal
-------------------------------------------------------------
Bursa Malaysia Securities Berhad on August 8, 2006, informed
Lityan Holdings Berhad that it has decided to await the outcome
of its appeal for a review of the Securities Commission's
decision to reject the Company's proposed restructuring scheme.

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that Lityan Holdings had, on July 6, 2006,
submitted an application for a review of the SC's decision to
deny its restructuring plan.

The TCR-AP recounts that the Securities Commission, on June 9,
2006, denied Lityan Holdings' restructuring proposal, as there
were issues that raised concerns regarding the Scheme.

In view of the SC's rejection, Bursa Malaysia commenced
delisting procedures on June 13, 2006, against Lityan. Trading
in Lityan's shares has been suspended since June 16, 2006.

Meanwhile, Bursa Securities' decision to wait for the outcome of
the Appeal is without prejudice to Bursa Securities' right to
proceed to delist the securities of Lityan from the Official
List of Bursa Securities in the event:

   -- the Appeal is not allowed;

   -- Lityan fails to obtain the approval from any of the other
      regulatory authorities necessary for the implementation of
      its regularization plans; or

   -- Lityan fails to implement its regularization plans within
      the timeframe or extended timeframes stipulated by the
      relevant authorities.

                     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 Bursa Malaysia Securities Berhad's
Practice Note 17 category.  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.


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

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

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

A full-text copy of the Company's Quarterly Report is available
for free at:

              http://researcharchives.com/t/s?ea9

                   About Newfield Exploration

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

                            *    *    *

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


SATERAS RESOURCES: Court Extends Time to Submit Appeal
------------------------------------------------------
The Court of Appeal granted Sateras Resources Berhad until
August 11, 2006, to file an appeal against a High Court decision
in respect of an application made by the Company to set aside
the sealed order dated November 3, 2004, made in the course of
the Company's legal action to seek sanction for its Proposed
Restructuring Scheme.

In the event the appeal is successful, the Company will pursue
its appeal against the refusal of the High Court to approve the
Proposed Restructuring Scheme, to be heard with merits.

As reported by the Troubled Company Reporter - Asia Pacific on
October 3, 2005, the Company, by a notice of motion, has applied
for leave to appeal to the Federal Court in respect of the Court
of Appeal's decision to strike out the Company's application to
the Court of Appeal without hearing the merits of the petition.

The decision of the Court of Appeal to strike out the Company's
appeal was based on a technicality, which relates to a disputed
order made in the High Court on November 3, 2004.  On Oct. 25,
2005, the Learned High Court Judge denied the Company's
application.  Therefore, the Federal Court has refused leave to
appeal on the basis that the High Court Order dated November 3,
2004, still stands and has yet to be set aside.

According to the TCR-AP, the Company has decided to proceed with
its application to set aside the disputed Court Order dated
November 3, 2004, and in the event the Company succeeds, it will
take the necessary steps thereafter to have the decision of the
High Court dated January 31, 2005, which refused sanction for
the Proposed Restructuring Scheme, reversed.

                     About Sateras Resources

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

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


TECHVENTURE BERHAD: Preparing Financial Regularization Plan
----------------------------------------------------------
Techven Berhad discloses that it is still working on a plan to
regularize its financial condition.  Upon completion, the
requisite announcement detailing the Regularization Plan will be
announced to Bursa Malaysia Securities Berhad.

Pursuant to the Amended Practice Note 17, the Company has
another five months until January 7, 2007, to submit the
Regularization Plan.

As reported by the Troubled company Reporter - Asia Pacific on
June 19, 2006, the Company is required to submit a financial
restructuring plan to the Securities Commission since it was
identified as an affected listed issuer of Bursa Malaysia
Securities Berhad's Practice Note 17 category.

The Company fell under the category because:

   -- the auditors have expressed a modified opinion with
      emphasis on Techven's going concern status in the latest
      audited accounts for the financial year ended December 31,
      2005; and

   -- there are defaults in payment by Techven and its major
      subsidiaries as announced pursuant to Practice Note
      No. 1 and Techven is unable to provide a solvency
      declaration to Bursa Malaysia Securities Berhad.

In the event Techven fails to comply with the obligation to
regularize its condition, all its listed securities will be
suspended from trading and delisting procedures will be
commenced against the Company.

                    About Techventure Berhad

Techventure Berhad is based in Selangor, Malaysia.  Apart from
being a corrugated cartons manufacturer, the Group is also
involved in the production of rubber insulation materials and
roto-molded plastic products like septic tanks, playground
equipment, traffic barriers, and water tanks.  It markets its
entire corrugated cartons and plastic products locally while
about 80% of the rubber insulation materials are exported.  In
addition, the Group also manufactures ice cream.

In June 2003, the Company proposed a debt-restructuring program
to its financial institution lenders to avoid liquidation. In
May 2006, the Company was categorized under the Amended Practice
Note 17 category of the Bursa Malaysia Securities Berhad's
Listing Requirements.  As an affected listed issuer, the Company
is required to regularize its financial condition or risk being
delisted from the Official List of Companies.


TENAGA NASIONAL: Losses Seen at Indonesian Unit
-----------------------------------------------
Tenaga Nasional Berhad's 92.5% subsidiary, TNB Coal
International Limited, is facing a potential loss due primarily
to weak internal financial controls at the unit, The New Straits
Times reports.

According to Business Times, TNB Coal may lock losses of as much
as MYR226.64 million due to payments to a director, villagers,
and the sale of coal at below-cost price.

It is believed that the potential losses were derived from a
solicited stress test done by the Indonesian unit of
PricewaterhouseCoopers and the legal firm Roosdiono & Partners,
Business Times says.  The losses are mainly due to leakages, as
the stress test showed that the internal financial control
environment was weak and that TNB Coal did not act fast enough
when it was warned by the auditors in 2002 to do so.  The 2006
report shows that leakages include a IDR1 billion advance to a
director for his personal use, and cash payment to villagers in
respect of "social obligation."

The auditors' report also showed that that the board of
directors' approval was not obtained for several material
transactions, and tender and quotations were not obtained before
entering into material contracts, Business Times adds.

In a research note, TA Securities stated that the reported
losses is a negative development for Tenaga, New Straits Times
says.  TNB Coal has been making losses for the past years, but
the reported MYR226.6-million loss is still surprising.

Tenaga, however, insists that its Indonesian operations will not
incur losses, Business Times relates.  The Company says it is in
talks with its Indonesian partner to resolve any outstanding
issues involving operations of TNB Coal.  

Tenaga president and chief executive officer Datuk Che Khalib
Mohamad Noh tells Bernama that the Company is not likely to
incur losses from its Indonesian operations this year as it is
still profitable.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to the Company's
relatively high financial leverage and significant PPA
obligations.


TENAGA NASIONAL: Locked-in Coal Needs Help Ease Operating Costs
---------------------------------------------------------------
Soaring oil prices is unlikely to have an adverse impact on
Tenaga Nasional Berhad in the medium term, as the firm has
already locked in its coal requirement, The Star Online relates,
citing a report by brokerage firm HLG Research.

The HLG Research report revealed that Tenaga has locked in on
two million tonnes of 12-month coal contracts at some US$35 per
tonne in the fourth quarter, The Star says.

The brokerage told The Star that coal-cost pressure on Tenaga
may ease in the future, noting that for the nine months ended
May 31, 2006, the national utility firm was burdened by higher
coal costs that averaged about US$53 per tonne.

OSK Research analyst Alvin Tai concurs, saying that "coal prices
in fiscal year 2007 are not likely to be higher than that in the
current financial year", The Star relates.  Mr. Tai says Tenaga
could face risks in the future when it would have to re-lock in
coal at new prices while oil prices remained at the present high
levels.  

Meanwhile, HLG is confident that the Company will achieve its
growth target in 2006 through 2008 due to the 12% tariff hike
beginning June 2006 and on-going cost-cutting efforts, The Star
reveals.  Furthermore, the continuous renegotiation with
independent power producers could result in a net gain for
Tenaga Nasional, the research house says.  

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.

Moody's gave the Company a 'Ba' rating due to the Company's
relatively high financial leverage and significant PPA
obligations.


TENAGA NASIONAL: Lists and Quotes New Ordinary Shares
-----------------------------------------------------
Tenaga Nasional Berhad's additional 9,382,715 new ordinary
shares of MYR1 each will be listed and quoted at the Bursa
Malaysia Securities Berhad today, August 10, 2006.

The new shares were derived from the conversion of US$20,000,000
nominal value of the five-year (2002/2007) guaranteed
exchangeable bonds issued by the TNB Capital, a wholly owned
subsidiary of the Company.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  

The Company is currently undertaking liability management
exercises, which are expected to extend the Company's debt
maturity profile and reduce refinancing risk.  Moody's gave the
Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations.


TENCO BERHAD: Sells Investment in Subsidiary
--------------------------------------------
Tenco Berhad, on August 8, 2006, disposed of its entire
shareholding in the share capital of Fire-X Solutions Sdn Bhd
for a total consideration of MYR2.

The Company owns two ordinary shares of MYR1 each in Fire-X's
share capital, being the total issued and paid up capital of
FXSB to Tan Boon Seng and Padmeni A/P C. Poongan.

                        About Tenco Berhad

Headquartered in Selangor, Malaysia, Tenco Berhad's principal
activities are manufacturing and selling of polymer, chemicals,
adhesive, decorative coatings and related products, building
materials, equipment and consumer products.  Other activities
include investment holding and provision of management services.  
The Group operates in Malaysia, Singapore and Canada.

Tenco is classified as a Practice Note 17 company because its
current shareholders' equity on a consolidated basis is less
than 25% of its issued and paid up capital, and it defaulted on
various loan facilities and is unable to provide a solvency
declaration.  Tenco is required to submit its financial
regularization plan to relevant authorities not later than
January 8, 2007


ZENITH ENTERPRISES: Opts for Voluntary Wind-Up
----------------------------------------------
Zenith Enterprises Sdn Bhd has commenced voluntary wind-up
proceedings on August 8, 2006, on account of its dormant
operations.

In this regard, Jony Raw was appointed as liquidator.

Zenith was incorporated in Malaysia on December 13, 1971.  The
Company was principally involved in imports and exports, and the
manufacture and sale of mats and vaporizers.  Zenith had ceased
operations in 1988 and became dormant since then.

Zenith has an authorized share capital of MYR200,000 comprising
200,000 ordinary shares of MYR1 each and an issued and paid-up
share capital of MYR10,004 comprising 10,004 ordinary shares of
MYR1.

The Liquidator can be reached at:

         Jony Raw
         41 Jalan Loh Poh Heng
         Hillside, Tanjung Bungah
         11200 Penang, Malaysia


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

BANCO DE ORO: Submits Half-Year Statement of Condition to PSE
-------------------------------------------------------------
In a filing with the Philippine Stock Exchange, Banco de Oro
Universal Bank discloses that as of June 30, 2006, its assets
totaled PHP286.71 billion, whereas total liabilities amounted to
PHP265.5 billion.  The Bank's capital accounts for the first
semester this year amounted to PHP21.24 billion, whereas its
contingent accounts were pegged at PHP186.36 billion.

                      About Banco de Oro

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

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

                          *     *     *

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


NATIONAL POWER: May Lose PHP6 Billion in Power Sales to Meralco
---------------------------------------------------------------
The latest power rate cut of PHP0.52 per kilowatt-hour may
actually do more harm than good, since it means that the
corresponding estimated PHP6-billion loss of National Power
Corp. would have to be absorbed by consumers, the Manila Times
relates.

According to Freedom from Debt Coalition secretary-general Milo
Tanchuling, President Gloria Macapagal-Arroyo's announcement of
the rate reduction was "misleading," since she did not mention
that the reduction would be recovered from Napocor's customers
and taxpayers, as was stated by her economic adviser, Rep. Joey
Salceda.

Mr. Tanchuling adds that if Napocor would allow private-owned
Manila Electric Co. to get its power needs via the Wholesale
Electric Spot Market, then the Company stands to lose
PHP6 billion, based on its first-quarter 2006 sales to Meralco
of 3.43 billion kilowatt-hours of power.

The Times says that Napocor will lose PHP1.75 per kilowatt-hour
if it sells power to Manila Electric at PHP2.78 per kilowatt-
hour, the subsidized price under the WESM.

                      About National Power

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for its estimated
debt of PHP600 billion.  It also separated its transmission
operations into a new subsidiary, the National Transmission
Corporation.

                          *     *     *

National Power first incurred losses in 1998 after the Asian
financial crisis and expensive contract terms from independent
power producers.  The Company posted a PHP29.9 billion loss in
2004, after a net loss of PHP117 billion in 2003.

The Government absorbed National Power's PHP200 billion debt,
which was incurred when the government-owned-and-controlled
corporation adopted international accounting standards, forcing
the Company to report its foreign exchange losses.

The Troubled Company Reporter - Asia Pacific reported on
April 5, 2006, that for 2005, National Power posted a
PHP16-million profit for the first time in seven years, on the
Energy Regulation Commission's approval of a rate increase, the
use of improved fuel mix and better fuel prices.


PHILIPPINE LONG DISTANCE: Q2 Profit Drops 7.8% to PHP7 Billion
--------------------------------------------------------------
Philippine Long Distance Telephone Co. reported a 7.8% drop in
its second-quarter 2006 net profit to PHP6.7 billion from
PHP7.3 billion for the same period last year on rising
depreciation costs and foreign exchange losses, Bloomberg News
reveals.

A net depreciation cost of PHP500 million and reduced foreign
exchange net income at PHP1.6 billion attributed to the
Company's lower net profit, as the Philippine peso lost up to 4%
against the U.S. dollar in the April-June 2006 period.

Total revenues for the quarter ended June 30, 3006, amounted to
PHP31.54 billion, from PHP30.99 billion in the same quarter in
2005, the Philippine Inquirer relates, citing XFN Asia &
Reuters.

The Company's EBITDA rose to 67% from the previous corresponding
quarter's 64%.  Net income for the first six months of 2006,
however, fell to PHP15.31 billion from PHP16.52 billion in 2005.  
As of June 30, 2006, PLDT's capital expenses accounted for 62%
of its PHP20-billion budget for 2006, at PHP12.4 billion,
whereas consolidated net debt was pegged at PHP66.67 billion.

The Inquirer adds that PLDT expects its full-year net profit to
reach PHP32.9 billion, whereas Reuters Estimates said that
analysts expect the Company to post a net profit of
PHP33.4 billion this year.

PLDT's financial report for the quarter ended June 30, 2006, is
available for free at:

     http://bankrupt.com/misc/PLDT_17Q_Jun2006.pdf

                           About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.


PSI TECHNOLOGIES: SGV Raises Going Concern Doubt On 2004 Results
----------------------------------------------------------------
PSi Technologies Holdings, Inc., disclosed that its financial
statements for the year ended Dec. 31, 2004, contained in its
2004 Annual Report on Form 20-F/A, as filed with the United
States Securities and Exchange Commission on July 24, 2006,
included an audit report containing a going concern
qualification from SyCip Gorres Velayo & Co., its independent
public accounting firm.

SGV pointed to the Company's recurring losses from operations
and net capital deficiency.

The Company's loss from operations decreased by 38.7% from
US$19.5 million in 2003 to US$11.9 million in 2004, primarily
due to a 47.3% decrease in operating expenses from US$21 million
in 2003 to US$11.1 million in 2004 brought about by reduction of
impairment losses on property, plant and equipment from US$11.4
million in 2003 to US$1.3 million in 2004.

Revenues increased 2.9%, from US$76.9 million in 2003 to US$79.1
million in 2004, primarily due to the 3.7% increase in average
selling prices arising from the change in product mix towards
packages with higher selling prices.

The Company's balance sheet at Dec. 31, 2004, showed 42,072,341
in total stockholders' equity, compared to a stockholders'
equity of $56,067,225 at Dec. 31, 2003.

A full-text copy of the Company's 2004 annual report is
available for free at http://researcharchives.com/t/s?f1b

                          About PSi Tech

PSi Technologies (NASDAQ: PSIT) --
http://www.psitechnologies.com/-- is an independent  
semiconductor assembly and test service provider to the power
semiconductor market.  The Company provides comprehensive
package design, assembly and test services for power
semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

As reported in the Troubled Company Reporter on July 25, 2006,
PSi Technologies, received a Nasdaq Staff Determination letter
indicating that the Company failed to submit Form 20-F for the
period ended June 30, 2006, as required by Marketplace Rule
4320(e)(12), and that its securities are subject to delisting
from The Nasdaq Small Cap Market.


PSI TECHNOLOGIES: Posts US$2.6-Million Q2 Net Loss in 2006
----------------------------------------------------------
PSi Technologies Holdings, Inc., generated US$20.7 million in
revenues for the second quarter this year, a 6.3% sequential
decrease compared to US$22.1 million in the previous quarter,
and a 1.8% increase compared to revenues of US$20.4 million in
the second quarter of 2005.

All of the Company's revenues in the second quarter came from
Philippine operations, as its Chengdu facility was closed
effective March 31, 2006.

Net loss was US$1.9 million in the second quarter, a 26.5%
decrease versus a US$2.6-million loss in the previous quarter.

"The Company's revenues from its Philippine operations benefited
from strong demand trends on key product segments.  Furthermore,
the consolidation of sites is also expected to result to more
optimized capacity utilization and better operational
efficiencies," Arthur J. Young, Jr., chairman and chief
executive officer, said.

Cost of goods sold decreased at a 4.0% sequential rate, while
consolidated gross margins were 4.1% versus 6.4% in the previous
quarter and 1.3% in the same period last year.

Operating expenses were lower by 9.4% on a sequential basis to
US$2.0 million in the second quarter versus US$2.2 million in
the previous quarter and US$2.5 million in the same period last
year.  Operations realignment activities from administration and
marketing contributed to the majority of cost savings in
operating expenses.

EBITDA margin in the second quarter reached 11.7% or a total
amount of US$2.4 million compared with 11.6% in the previous
quarter amounting to US$2.6 million and 10.9% versus the same
period last year at US$2.2 million.

Excluding a severance and liquidation charge related to the
discontinuation of China operations, net other expenses is lower
by US$300,000 due to the foreign exchange gains incurred during
this quarter.  The interest expense and debt issuance cost and
discount amortization of the US$4 million and US$7 million
senior subordinated exchangeable notes issued in July 2003 and
in June 2005 was US$560,000 which did not change versus the
previous quarter.

Excluding the loss from discontinued operations in the previous
quarter, second quarter net loss was US$1.9 million, compared
with US$1.8 million in the previous quarter and a 30.3% decrease
versus US$2.7 million in the same period last year.  

Revenues for the first six months of 2006 totaled US$42.9
million, an 8.3% increase compared to US$39.6 million in the
same period last year.

EBITDA margin for the first six months of 2006 reached 11.6% or
a total of US$5 million compared with 9.1% in the same period
last year amounting to US$3.6 million.

Cash and cash equivalents totaled US$2.1 million in the second
quarter, compared to US$3.0 million in the previous quarter.

New acquisitions in property, plant and equipment stood at
US$2.1 million in the second quarter, mostly related to the
purchase of equipment to improve capacity bottlenecks to
accommodate new business.

On June 28, 2006, the Company sold land it owned not currently
in use to an unrelated company for US$1.3 million.  The proceeds
of the sale were paid upon the execution of the contract on this
date.

Total current liabilities dropped US$700,000 to US$35.3 million
in the second quarter from US$36 million as of March 31, 2006.  
The decline in current liabilities is attributed to the
prepayment of US$1.7 million in bank loans and trust receipts
payable.  Consequently, total bank debt declined to US$10.5
million versus US$12.2 million in the previous quarter.  The
long-term liability account of US$3.6 million includes the
carrying amount of the Exchangeable Notes issued in July 2003
and June 2005, net of discount representing the embedded
conversion feature of the Note.

                         Business Outlook

"The order book of the Company's operations indicate continuous
growth for the coming quarters and we are committed towards
managing this growth and our operations towards further
operational improvements," Mr. Young said.

On June 19, 2006, the Company signed a Sales/Investment
Agreement with a major customer whereby the customer will load
guaranteed chips for one year on certain packages starting Q3 of
2006.  This contract translates to an increase in revenue from
this customer from US$28 million in 2005 to US$40 million in
2006, an increase of approximately 44%.  The contract provides
price adder and underutilization charge in case of shortfall on
loading.  In turn, the Company has committed a total capital
investment of approximately US$4 million.

The Company has also recently secured two financing facilities
with two major Philippine banks amounting to US$13 million.  The
first US$3 million was covered by a Revolving Promissory Note
Line Agreement while the terms and conditions of the US$10
million facility are currently being finalized.

                          About PSi Tech

PSi Technologies (NASDAQ: PSIT) --
http://www.psitechnologies.com/-- is an independent  
semiconductor assembly and test service provider to the power
semiconductor market.  The Company provides comprehensive
package design, assembly and test services for power
semiconductors used in telecommunications and networking
systems, computers and computer peripherals, consumer
electronics, electronic office equipment, automotive systems and
industrial products.

As reported in the Troubled Company Reporter on July 25, 2006,
PSi Technologies, received a Nasdaq Staff Determination letter
indicating that it had failed to submit Form 20-F for the period
ended June 30, 2006, as required by Marketplace Rule
4320(e)(12), and that its securities are subject to delisting
from The Nasdaq Small Cap Market.


UNIWIDE HOLDINGS: SEC Orders Fine Payment for Late Submission
-------------------------------------------------------------
The Securities & Exchange Commission said it would impose a
penalty fine on Uniwide Holdings Inc. for late filing of its
financial report, Manila Standard Today reveals.

Uniwide Holdings is one of eight firms that had filed their
financial reports beyond the deadline set by the SEC, as
required under the Securities Regulation Code.  The other firms
that had filed their annual reports late include MRC Allied
Industries Inc., Pacifica Inc., Philippine National Construction
Corp., and Polar Property Holdings Corp.

                  About Uniwide Holdings

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.  

The Company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The Company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period; payment will begin on the fourth year.


UNIWIDE HOLDINGS: Slashes Half-Year Net Loss to PHP94 Million
-------------------------------------------------------------
Uniwide Holdings Inc. posted a net loss of PHP93.97 million for
the first semester of 2006, against a PHP141.13-million loss for
the same period last year on reduced operating expenses, the
Philippine Star reports.

The Company's report, filed with the Securities & Exchange
Commission, indicated net sales of PHP386.64 million and other
income of PHP31.05 million, with other expenses pegged at
PHP33.43 million.  Cost of sales had fallen significantly to
PHP342.26 million from PHP1.47 billion last year, whereas total
operating expenses also dropped to PHP169.41 million from
PHP297.35 million.

As of June 30, 2006, Uniwide's total debts to its secured
creditors had fallen to PHP3.16 billion, compared to
PHP7.52 billion for the same period last year.  The Company owes
its secured creditors:

     Philippine National Bank      : PHP832.96 million;
     group of local banks          : PHP737.00 million;
     Equitable-PCI Bank            : PHP493.42 million;
     Rizal Commercial Banking Corp.: PHP471.42 million;
     Allied Bank                   : PHP360.65 million;
     ING Bank                      : PHP171.29 million;
     Global Bank                   : PHP 50.51 million; and
     Land Bank of the Philippines  : PHP 39.15 million.
      
The Star relates that in spite of its losses, Uniwide still has
available assets to settle its debts to its unsecured creditors.  
The Company plans to boost sales on increased marketing and
improve the margins of its dry goods, as well as maximize all
areas for lease in its operating stores.  It has received offers
from investors interested in a possible acquisition, including
Lucio Co, who owns a chain of Puregold duty-free outlets.

Uniwide Holdings, Inc., was incorporated in the Philippines and
is a major subsidiary of Uniwide Sales, Inc., a holding company
wholly owned by the Gow family.  

The Company was organized in 1994 as the franchiser of USI and
Uniwide Sales Warehouse Club stores.  The Company also engages
in real estate operations primarily through a subsidiary,
Uniwide Sales Realty and Resources Corp.  USRRC is involved in
the acquisition, development, holding and leasing of land and
buildings used as sites for the warehouse clubs and department
stores.  On the other hand, another subsidiary, Naic Resources &
Development Corporation engages in, operates, conducts, manages
and carries on the business of a general amusement, recreation
and entertainment enterprise.

Uniwide filed for rehabilitation in June 1999, and the
Securities and Exchange Commission approved its rehabilitation
plan in 2000.  Under the plan, the Company will convert 50% of
its unsecured debt into 15-year convertible notes redeemable
anytime at its convenience, while the remaining 50% would be
restructured into a 10-year loan with 0% interest and a 3-year
grace period.  Payment will begin on the fourth year.


* S&P Assigns Negative Outlook on Philippine Insurance Industry
---------------------------------------------------------------
Standard & Poor's Rating Services indicated in its annual report
on August 7, 2006, that the Philippine insurance market is one
of the riskiest in the Asia-Pacific region, in terms of its
ability to pay insurance policy commitments, BusinessWorld
reports.

According to the report, weak capitalization and tough operating
environments as well as tax burden on premiums have translated
into a negative outlook for the Philippines' life and non-life
market, despite a slight improvement in operating profitability.

S&P adds that the lack of industry consolidation has created a
competitive environment for non-life insurers.  The rating
agency also sees volatile future premium growth for the life
insurance industry since an increasing part of new business is
single-premium and unit-linked products.  The financial profiles
of life insurers might be jeopardized by slow premium growth,
weak underwriting practices and harsh economic conditions.

BusinessWord states that the rating agency lauded, however, the
Government's efforts to increase paid-up capital, when the
Insurance Commission required insurers to raise their net worth
to PHP100 million by December this year, 50% of which comprises
paid-up capital; the requirement would be raised annually until
reaching a target of PHP500 million in 2010.  But, S&P said, it
might be difficult for insurance firms to raise capital since
they are small family-owned businesses.


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

COMPACT METAL: Auditor Raises Significant Doubt
-----------------------------------------------
KPMG, Compact Metal Industries Ltd.'s independent auditors,
raised significant doubt on the group's ability to continue as a
going concern.  They cited these as reasons:

   i. the group's and company's current liabilities that
      exceeded their current assets by SGD81.96 million and
      SGD78.82 million, respectively, as of December 31, 2005;

  ii. the group's and company's recorded net liabilities
      attributable to equity holders of the parent of SGD43.10
      million and $43.83 million, respectively, as of
      December 31, 2005;

iii. the group's recorded recurring losses with net losses
      attributable to equity holders of the parent of
      US$24.09 million for the year ended December 31, 2005;

  iv. the uncertainties relating to the Company's ability to
      meet repayment obligations on its secured transferable
      loan, of which the principal amounting to SGD40.00 million
      was due on November 18, 2002; and

   v. the uncertainties relating to the Company's breach of
      certain terms of the transferable loan agreement, the
      terms and restructuring of which is still under
      negotiation.

KPMG adds that the going concern assumption under which the
financial statements are prepared is dependent on the successful
conclusion of the Company's negotiation with its creditor-banks.
Should the Company be unable to successfully restructure and re-
schedule the repayment of its transferable loan facility and
certain of its other borrowings, adjustments might have to be
made to reflect the situation that assets may need to be
realized other than in the amounts at which they are currently
recorded in the balance sheets.  

In addition, the Group and the Company might have to provide for
further liabilities that may arise and to reclassify non-current
assets and non-current liabilities as current assets and current
liabilities respectively.

The Troubled Company Reporter - Asia Pacific reported on
June 9, 2006 that Compact Metal's turnover decreased by 19% from
SGD97.3 million in 2004 to SGD78.9 million for the full-year
ended December 31, 2005, as a result of the difficult market
condition in the building industry.

The group's operating loss before tax increased from SGD11
million to SGD23.5 million.  The substantial losses were mainly
incurred by a facade engineering work subsidiary.  It incurred
losses of SGD12 million for several projects mainly attributable
to claims by main contractors and cost over-runs due to
unexpected delays experienced by certain projects.  

The Group is continuing to seek legal redress against a main
contractor and separately, a supplier.  

The Group also has provided for impairment loss of SGD4.9
million on its properties, plant and machinery.  Interest
expenses accounted for SGD5.2 million and further provision for
bad debts totaled SGD2 million.

The Company's December 31, 2005, balance sheet showed strained
liquidity with SGD46,512,000 in current assets available to pay
current liabilities of SGD127,846,000 coming due within 12
months.  The Company has a shortfall of SGD81,335,000.

There was no dividend declared or recommended for the fiscal
year under review.

The Company's 2005 Financial Report is available for free at:

   http://bankrupt.com/misc/tcrap_compactmetal060806.pdf

                      About Compact Metal

Headquartered in Singapore, with offices in Malaysia, Compact
Metal Industries Limited manufactures, fabricates, and sells
aluminum windows and doors, aluminum sections, and other metal
products.  The company also manufactures and sells bricks,
undertakes aluminum architectural contracts and engineering
works, and sub-contracts building projects.  Its other
activities include trading aluminium and related products, and
hotel ownership and others. The Group operates in Singapore,
Malaysia, Indonesia, the Philippines, and Australia


JIN-WEN INVESTMENT: Enters Wind-Up Proceedings
----------------------------------------------
Lau Chin Huat on July 21, 2006, filed an application to wind up
Jin-Wen Investment Ltd.

Creditors are required to submit their proofs of claim to the
Company's liquidator to share in the dividend distribution.

The liquidator can be reached at:

         Lau Chin Huat
         c/o Lau Chin Huat & Co
         Block 150A Mei Chin Road #02-00
         Singapore 140150


PILLAR CORPORATION: Creditors Proofs of Claim Due on Aug. 25
------------------------------------------------------------
Creditors of Pillar Corporation Pte Ltd should submit their
proofs of claim to Liquidator Tam Chee Chong by August 25, 2006.

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

The Liquidator can be reached at:

         Tam Chee Chong
         c/o 6 Shenton Way, #32-00
         DBS Building Tower Two
         Singapore 068809


PROMATRIX BIOSCIENCES: Accepting Proofs of Debt Until Sept. 1
-------------------------------------------------------------
Liquidator Timothy James Reid will be accepting proofs of debt
from the creditors of Promatrix Biosciences Pte Ltd until
September 1, 2006.

The Liquidator can be reached at:

         Timothy James Reid
         c/o 50 Raffles Place #16-06
         Singapore Land Tower
         Singapore 048623


TRADE CENTRE: To Declare Dividend to Creditors
----------------------------------------------
Trade Centre Systems Pte Ltd notifies parties-in-interest of its
intention to declare dividend to creditors.

In this regard, creditors should file their proofs of claim by
September 4, 2006, for them to share in the dividend
distribution.

The Liquidators can be reached at:

         Kon Yin Tong
         Wong Kian Kok
         Aw Eng Hai
         c/o 47 Hill Street #05-01
         Chinese Chamber of Commerce & Industry Building
         Singapore 179365


SYARIKAT BEKERJASAMA2: Accepting Proofs of Debt Until Aug. 19
-------------------------------------------------------------
Creditors and claimants of Syarikat Bekerjasama2 Perumahan
Kebangsaan Singapura Dengan Tanggongan Berhad (Singapore
National Co-Operative Housing Society Limited)-- which is placed
under members' voluntary liquidation -- are required to prove
their debts by August 19, 2006.

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

The liquidator can be reached at:

         Zalinah Samade
         c/o IP Consultants Pte Ltd
         50 Robinson Road #15-00
         Moscow Narodny Bank Building
         Singapore 068882


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

THAI-GERMAN: Posts THB0.775-Mil Net Profit in 2006 1st Quarter
--------------------------------------------------------------
Thai-German Products Pcl submitted to the Stock Exchange of
Thailand its financial report for the quarter ended March 31,
2006.

The Company's consolidated income statement for the 2006 first
quarter shows a net profit of THB775,945, an improvement from
the THB461,178 net profit recorded at the end of December 31,
2005.

Thai-German's balance sheet as of March 31, 2006, reflects
consolidated liabilities of THB1.812 billion, down from the
THB1.967 billion at December 31, 2005.  Total assets of the
Company as of March 31 totaled THB1.904 billion, down from the
THB2.058 billion as of the end of December 2005.

The Company's balance sheet as of March 31, 2006, also shows
THB904.73 million in total current assets available to pay
THB509.132 million in total current liabilities coming due
within the next 12 months.

After auditing Thai-German's consolidated financial report for
the 2006 first quarter, Chaovana Viwatpanachati, of Petisevi &
Company, stated that while the Company generated net profit in
the first quarter and in the previous quarter, it still has
uncertainty in respect of its ability to accomplish its
remaining rehabilitation plan.  The uncertainty in the Company's
business operation and in its compliance with the plan depends
on its ability to generate future profit.

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

   http://bankrupt.com/misc/tgproe2.xls

   http://bankrupt.com/misc/THAI-GERMAN.TXT.doc

Thai-German Products Public Co., Ltd -- http://www.tgpro.co.th/
-- manufactures stainless steel pipe, tube, and sheet in
Thailand under the name "TGPRO" founded by Pracha Leelaprachakul
in 1973.

The Company has suffered a series of capital deficits, the
widest being in 2003 with a THB5.31-billion deficit.  That and a
series of net loses and the fact that it was operating below
full production capacity, ushered the Company into the REHABCO
-- Companies under Rehabilitation -- sector of the Stock
Exchange of Thailand.

In July 2006, the SET reclassified the whole sector and
categorized the Company under the "non-performing group."  
Companies under the group will retain their listing status and
will be obligated to comply with the SET requirements.

On September 7, 1999, Thailand's Central Bankruptcy Court  
ordered the Company to rehabilitate its business and, in May
2000, the Court approved the Company's rehabilitation plan and  
appointed PLV and Associate Company Limited as rehabilitation  
administrator.  The Company's complete implementation of the
Plan is still undergoing.


                            *********

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 ***