TCRAP_Public/060811.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  

             Friday, August 11, 2006, Vol. 9, No. 159

                            Headlines

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

ABETTA PTY: Enters Voluntary Wind-Up Proceedings
AIR NEW ZEALAND: Defends Pricing Policy from Origin's Claims
ALLSTATE EXPLORATIONS: Beaconsfield Seeks Declaratory Relief
APEX CONSTRUCTION: Creditors' Proofs of Claim Due on Sept. 1
B.T.N. GROUP: Members Appoint Official Liquidators

BEACHLEIGH PTY: Placed Under Members' Voluntary Liquidation
BUCKET OF CLAY: Members and Creditors to Receive Wind-Up Report
CARTER HOLT: Obtains Requisite Consents on US$300M Tender Offer
CBW IMPORTS: Liquidator to Present Wind-Up Report on Sept. 1
CHL NUMBER THREE: Appoints Joints Liquidators

CLARK CONSTRUCTION: Court to Hear Liquidation Bid on Aug. 14
COX COMPANY: Placed Under Voluntary Liquidation
DEEP INTERNATIONAL: Members Opt for Liquidation
DILEEN PTY: Shareholders Decide to Cease Operations
DUXTECH PTY: Shuts Down Operations

E J SIMS: Appoints Joint and Several Liquidators
EMERALD CONSTRUCTION: Liquidator to Present Wind-Up Report
FISHER WINDOWS: Commences Wind-Up Process
F.J. BURROWS: Enters Wind-Up Proceedings
G. WILSON PHOTOGRAPHERS: Faces Liquidation Proceedings

GARDAM CONTRACTING: Members to Receive Wind-Up Report on Sept. 4
GRAFTON RIDGE: Court to Hear Liquidation Bid on September 28
HUON CORPORATION: Administrator in Search of Buyers
J.R. & M. CORP: Members Resolve to Wind-Up Operations
JINDAHURST PTY: Members to Receive Liquidator's Report

JONTRIV PTY: Enters Wind-Up Proceedings
LUMIERE CINEMAS: Members and Creditors to Receive Wind-Up Report
MACPHERSON MARINE: Creditors Must Prove Debts by August 28
MARPHIL ELECTRICAL: Court to Hear CIR's Liquidation Bid
MAYFIELD HARDWARE: Liquidator to Present Wind-Up Report

MB SERVICE: Members Opt to Shut Down Operations
MBK RECYCLING: Appoints Richard Judson as Liquidator
MIRANDA BUILDERS': Faces Liquidation Proceedings
MORONI TRANSPORT: Liquidators to Give Wind-Up Report
ORIGIN PACIFIC: Seeks Financial Capital to Reduce Debt

PICASSO PAINTING: Supreme Court Issues Wind-Up Order
QUEANBEYAN COMMUNITY: Undergoes Wind-Up Proceedings
S & E SHEDS: Members Pass Wind-Up Resolution
STRAMCO INVESTMENTS: Members Agree to Close Business
TAYLOR MULTISOFT: Members Opt to Wind-Up Operations

TRANSERV AUSTRALIA: Relists in ASX & Enters Ausdrill Agreement
VAUGHAN REAL: Enters Wind-Up Proceedings
WARRINGTON BUILDERS: Liquidation Bid Hearing Slated for Aug. 21
WEST CITY VALET: Names Levin and Vance as Liquidators
WONWAY MARKETING: Members Initiate Liquidation Proceedings

ZIP ZAP: Shuts Down Firm
* Number of Small Firms Wound Up at ATO's Behest has Doubled


C H I N A   &   H O N G  K O N G

BLISS HERO: Receives Wind-Up Order from the Court
CHINA CONSTRUCTION: Keen on Acquiring Bank of America (Asia)
CHINA STEP: Final Members Meeting Set on September 5
HOE WAH ENGINEERING: To Wind-Up Business Operations
INTERNATIONAL PAPER: Earns US$115-Mln in Second Quarter of 2006

L.V.O. DEVELOPMENT: Prepares to Wind-Up Operations
PANCO INDUSTRIAL: Court Issues Wind-Up Order
RATONAL INDUSTRIES: Court Favors Wind-Up Petition
SHINING HOPE: Members Final Meeting Set on Sept. 5
SILVER ROOF: Court to Hear Wind-Up Petition on August 30

WING KO FOOD: Faces Wind-Up Proceedings
WINSUN INVESTMENT: Falls into Wind-Up


I N D I A

AES CORP: Earns US$169 Million in Second Quarter of 2006
DUNLOP INDIA: Welcomes New Managing Director
GENERAL MOTORS: May Reach Job Cuts Target Ahead of Schedule
INDIAN OIL: Fixes Book Closure Date
SAMTEL COLOR: New Facilities Start Operations


I N D O N E S I A

PERUSAHAAN GAS: Shares Rise in Anticipation of Stake Sale
* Group Files Suit Over ExxonMobil Mining Contract


J A P A N

HOWA BANK: To Seek JPY9-Billion Cash Injection from FSA


K O R E A

DAEGU BANK: Posts KRW69.5-Billion Net Income in 2nd Quarter 2006
DONG-AH CONSTRUCTION: POSCO Joins Bidding Race
KOOKMIN BANK: To Expand Global Business Network
PUSAN BANK: Posts KRW62-Billion Net Income in 2nd Quarter 2006
TRIGEM COMPUTER: Sets Aug. 25 as LOI Deadline For Bidders


M A L A Y S I A

ANTAH HOLDINGS: Receives Notice of Discontinuance of Summons
DATUK KERAMAT: MOU Extended Until January 2007
LANKHORST BERHAD: Building Up Order Book to Erase Losses
MALAYSIA AIRLINES: Hopes to Ink More Code-Share Pacts This Year
MOBIKOM: Wins Relief from Wind-Up Bid

MT PICTURE: To Cease Operations Due to Dwindling Demand
POLYMATE HOLDINGS: AmBank Files Two Claims Payment Demands
PROTON HOLDINGS: Changes Registered Address
TENAGA NASIONAL: Talks with IPPs Face Delays
UNITED CHEMICAL: Total Default Amount Tops MYR9.9 Million


P H I L I P P I N E S

BENGUET CORP: Fined for Non-Submission of FY05 Annual Report
COLLEGE ASSURANCE: Receiver Seeks Approval of New Rehab Plan
LIBERTY TELECOMS: Fined for Late Filing of FY05 Annual Report
MIRANT CORP: US$1.2B Equity Buy Back Cues Moody's to Cut Ratings
MIRANT CORP: Excluded Debtors Want Until December 6 to File Plan

PHILODRILL CORP: In Talks with Foreign Firm to Develop Site


S I N G A P O R E

ASIANA INVESTMENT: Undergoes Wind-Up Proceedings
ASICHEM TRADING: Creditors' First Meeting Slated for August 23
CREATIVE TECHNOLOGY: Posts Narrower Loss in 4th Quarter of 2006
O.S.L. SINKO: Pays Preferential Dividend to Creditors
REFCO INC: Chapter 7 Trustee Wants Court to Confirm Authority


T H A I L A N D

SAHAMITR PRESSURE: Posts THB27.73-Mil Net Loss in First Quarter
* Thailand's Competitiveness Rating Down From Last Year


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

ABETTA PTY: Enters Voluntary Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting of the members of Abetta Pty
Limited held on July 26, 2006, it was resolved that a voluntary
wind-up of the Company's operations is appropriate and
necessary.

Creditors appointed Michael Stephen Hawkins as liquidator ata
separate meeting held later that day.

The Liquidator can be reached at:

         Michael Stephen Hawkins
         Business Improvement and Restructuring Services
         Suite 9
         305-307 The Kingsway
         Caringbah, New South Wales 2229
         Australia
         Telephone:(02) 9531 8365
         Facsimile:(02) 9531 8367


AIR NEW ZEALAND: Defends Pricing Policy from Origin's Claims
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 22, 2006, Origin Pacific Airways intended to file a
complaint with the Commerce Commission over what it calls
"predatory pricing" by Air New Zealand.  However, the report
noted that Air New Zealand dismissed Origin's assertions as "a
waste of time."

According to the report, Origin expressed concern about new Air
New Zealand services between Hamilton and Nelson, and Palmerston
North and Nelson, which started in late April 2006.  Origin
Pacific contended that Air New Zealand has also introduced
special fares on Origin's flight routes for Wellington-Blenheim,
Auckland-Nelson, and Nelson-Christchurch, the TCR-AP noted.

In an update, Air New Zealand rejects claims that its pricing
policy has contributed to the financial challenges facing Origin
Pacific Airways and presented these facts:

1. Pricing

   * The cost of an everyday standard fare on Air NZ is
     undercut by Origin on the routes where they compete.  The
     simple reason is that Air NZ recently put up its fares by
     10% to recognize the high cost of fuel; and

   * Air NZ's domestic promotional fares and the recent Grab A
     Seat initiative, which allows customers to pick up cheap
     fares to our 26 destinations within New Zealand, involves
     both competitive and non-competitive routes.  The Grab A
     Seat campaign is stimulating demand on all routes that Air
     NZ flies, including those that Origin flies.

2. New Routes

   * Air NZ's introduction of non-stop services Nelson-Hamilton
     and Nelson-Palmerston North is part of a considered
     expansion to better serve the market.  Air NZ is carrying
     exactly the same number of people on these routes directly
     as previously it was carrying indirectly over Wellington;
     and

   * the Nelson to Hamilton and Palmerston North routes
     represent less than 10% of Origin capacity.  Origin has
     carried more people on these routes this year than at the
     same time last year as the total market has grown due to
     Air NZ's initiative.

Air NZ notes that it has discussed what support it could provide
to Origin's passengers if any services were cancelled as a
result of efforts to reposition the regional carrier.

Air NZ also recounts that as one of several creditors, it has
supported a restructure plan to keep Origin operating in 2005,
noting that it forgave 60% of debt and deferred payment of
another 40% of debt as part of this rescue package.

                          About Origin

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.

                      About Air New Zealand

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

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


ALLSTATE EXPLORATIONS: Beaconsfield Seeks Declaratory Relief
------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
July 31, 2006, Allstate Exploration NL was seeking expressions
of interest for its 51.5% stake in the Beaconsfield Mine Joint
Venture in Beaconsfield, Tasmania.  The report noted that
several interested parties had approached Allstate.  However,
Allstate noted that it prefers a share placement offer rather
than a takeover offer for the full company.

According to the TCR-AP report, the natural owner of the
Beaconsfield Mine is Allstate's joint venture partner,
Beaconsfield Gold, which has a 48.5% in the mine and also owns
30% of Allstate.

Beaconsfield Gold Chief Executive Officer Bill Colvin had said
that his company would prefer an outright takeover but would
examine all options, the TCR-AP stated.  However, according to
Allstate chairman Rodney Elvish, any proposals put forward by
Beaconsfield Gold will be considered but it is not guaranteed to
gain control over the entire joint venture.

The Australian Associated Press relates that Beaconsfield has
pre-emptive rights over Allstate's interest in the Beaconsfield
Mine Joint Venture.

As noted in the TCR-AP report, Mr. Colvin claimed that although
Allstate seems keen for a competitive process, Beaconsfield Gold
holds "comprehensive pre-emptive rights" over Allstate's
interest that could block a rival party from making a takeover.

Allstate and Beaconsfield disagree on whether Allstate's
decision to call for expressions of interest in its share
triggered the pre-emptive rights, the AAP says.

Subsequently, Beaconsfield initiated an action with the Supreme
Court of Victoria, seeking declaratory relief in relation to its
pre-emptive rights under the BMJV agreement, the Sydney Morning
Herald reports.

According to the report, Beaconsfield says that despite the
uncertainties surrounding the mine's reopening, it is committed
to gaining full control, believing it is best positioned and
best qualified to reopen and revitalize the mine.

The Sydney Herald cites Mr. Colvin as asserting that
"Beaconsfield Gold is the company that is best placed to move
immediately to get the mine up and running when approval has
been granted to recommence mining operations."

"We have approval for the funding to buy the Allstate group's
interest, we have comprehensive pre-emptive rights and we
understand the business of mining at Beaconsfield," Mr. Colvin
adds.

                         About Allstate

Allstate Explorations NL solely operates in Australia.  The
Company manages, develops, and operats the Beaconsfield Mine
Joint Venture in Beaconsfield, Tasmania.  Allstate partially
owns the Beaconsfield gold mine with its partner Beaconsfield
Gold NL.  The Beaconsfield mine is located in Launceston,
Tasmania, Australia.

Allstate was placed under administration in 2004.  The
Administrator can be reached at:

         Allstate Explorations NL
         The Administrator
         Taylor Woodings Corporation Services
         6th Floor, 30 The Esplanade
         Perth, Australia, 6000
         Telephone: 08 9321 8533
         Fax: 08 9321 8544


APEX CONSTRUCTION: Creditors' Proofs of Claim Due on Sept. 1
------------------------------------------------------------
Shareholders of Apex Construction Ltd on July 24, 2006,
appointed John Trevor Whittfield and Boris Van Delden to oversee
the Company's liquidation.

In this regard, the Joint Liquidators require the Company's
creditors to submit their proofs of claim by September 1, 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:

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

B.T.N. GROUP: Members Appoint Official Liquidators
--------------------------------------------------
At a general meeting on July 21, 2006, the members of B.T.N.
Group Pty Ltd appointed Anthony Warner and Cliff Sanderson as
joint and several liquidators of the Company.

The Joint and Several Liquidators can be reached at:

         Anthony Warner
         Cliff Sanderson
         CRS Warner Sanderson   
         Web site: http://www.crswarnersanderson.com.au/


BEACHLEIGH PTY: Placed Under Members' Voluntary Liquidation
-----------------------------------------------------------
The members of Beachleigh Pty Ltd convened on July 21, 2006, and
resolved to voluntarily liquidate the Company's business and
distribute the proceeds of its assets disposal.

Subsequently, J. D. Taubman was named official liquidator.

The Liquidator can be reached at:

         J. D. Taubman
         c/o G. I. Stevenson & Co
         Level 9, 454 Collins Street
         Melbourne 3000, Australia


BUCKET OF CLAY: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------------
Members and creditors of Bucket Of Clay Pty Ltd will hold a
meeting on September 5, 2006, at 11:00 a.m., for them to hear
accounts of the Company's wind-up from Liquidator Richard
Judson.

The Troubled Company Reporter - Asia Pacific reported on July 6,
2005, that the Company commenced a wind-up of its operations on
May 23, 2005.

The Liquidator can be reached at:

         Richard Judson
         Judson & Co
         Chartered Accountants
         1st Floor, 10 Park Road
         Cheltenham 3192, Australia
         Telephone: 9585 5227


CARTER HOLT: Obtains Requisite Consents on US$300M Tender Offer
---------------------------------------------------------------
Carter Holt Harvey Limited says it has received the requisite
tenders and consents from holders of its 8-3/8% Debentures due
2015 (CUSIP No. 146230AD9) and 9-1/2% Debentures due 2024 (CUSIP
No. 146230AB3) to amend the indentures governing the Debentures.  

On July 21, 2006, Carter Holt Harvey commenced a cash tender
offer and consent solicitation relating to any and all of the
outstanding US$150,000,000 aggregate principal amount of the 8-
3/8% Debentures and US$150,000,000 aggregate principal amount of
the 9-1/2% Debentures.  The consent solicitation expired at 5:00
p.m., New York City time, on Tuesday, August 8, 2006.

Prior to expiration of the consent solicitation, holders of
approximately 98% and 95% of the outstanding principal amount of
the 8-3/8% Debentures and 9-1/2% Debentures, respectively, had
tendered their Debentures and consented to the proposed
amendments to the indentures governing the Debentures.  The
tender offer for the Debentures will expire at 5:00 p.m., New
York City time, on Friday, August 18, 2006, unless otherwise
extended or earlier terminated.

Carter Holt Harvey has entered into supplemental indentures to
effect the proposed amendments described in the Offer to
Purchase and Consent Solicitation Statement, dated July 21,
2006.  The proposed amendments will not become operative,
however, unless and until the Debentures tendered by the
consenting holders are accepted for payment pursuant to the
terms of the tender offer.  Once the proposed amendments to the
related indentures become operative, they will be binding upon
the holders of Debentures not tendered in the offer.

The tender offer and consent solicitation are conditioned upon,
among other things, Carter Holt Harvey's receipt of sufficient
financing and are intended to be financed with the proceeds of a
credit facility.  Subject to the terms and conditions of the
tender offer and consent solicitation, promptly after the
expiration of the tender offer, Carter Holt Harvey expects to
make payment for the Debentures tendered by the consenting
holders and any additional Debentures tendered after the
expiration of the consent solicitation but prior to the
expiration of the tender offer.  Any holders who tender their
Debentures after the expiration of the consent solicitation, but
prior to the expiration of the tender offer, will receive the
tender offer consideration but not the consent payment.

Credit Suisse Securities (USA) LLC is serving as the exclusive
Dealer Manager and Solicitation Agent for the tender offer and
consent solicitation.  Questions regarding the terms of the
tender offer or consent solicitation should be directed to:

         Credit Suisse Securities (USA) LLC
         Attn: Liability Management Group
         Tel. No.: (212) 325-7596; or
                   (800) 820-1653

Any questions or requests for assistance or additional copies of
documents may be directed to the Tender Agent at:

         D.F. King & Co., Inc.
         Telephone: (212) 269-5550 (bankers and brokers call
                    collect)
         Toll Free: (800) 714-3312

Carter Holt Harvey is Australasia's leading forest products
company, with significant interests in wood products, pulp,
paper and packaging, and forests.  Carter Holt Harvey is a
wholly owned subsidiary of Rank Group Investments Limited.

                          *     *     *

On April 6, 2006, Moody's Investors Service withdrew the Ba1
senior unsecured ratings of Carter Holt Harvey Limited.  The
ratings have been withdrawn due to Moody's expectation that
adequate information will not be available to maintain the
ratings.  

The ratings withdrawn were:  

   * Carter Holt Harvey Limited US$150 million 9.50% senior
     debentures, due 2024 -- Ba1  

   * Carter Holt Harvey Limited US$150 million 8.375% senior
     debentures, due 2015 -- Ba1  

On March 23, 2006, Standard & Poor's Ratings Services lowered
its corporate credit and debt issue ratings on New Zealand's
Carter Holt Harvey Ltd. to 'B/Developing' from 'BB/Watch Neg',
and later withdrew the ratings following the Rank Group's
acquisition of more than 90% of CHH's ordinary shares.


CBW IMPORTS: Liquidator to Present Wind-Up Report on Sept. 1
------------------------------------------------------------
The members of CBW Imports Pty Ltd will hold a final meeting on
September 1, 2006 at 3:00 p.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
Company was placed under a members' voluntary liquidation on
February 23, 2006.  Moreover, it declared its first and final
dividend on July 25, 2006.

The Liquidator can be reached at:

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


CHL NUMBER THREE: Appoints Joints Liquidators
---------------------------------------------
On July 26, 2006, CHL Number Three Limited -- formerly known as
Dunum Limited -- appointed Arron Leslie Heath and Michael
Lamacraft as joint liquidators.

The Liquidators will be receiving proofs of claim from the
Company's creditors until August 25, 2006.  Failure of creditors
to file their claims by the due date will exclude them from
sharing in any distribution the Company will make.

According to The Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed with the High Court of
Auckland a liquidation petition against the Company on May 2,
2006.  The Court heard the petition on June 29, 2006.

The Joint Liquidators can be reached at:

         M. Lamacraft
         Meltzer Mason Heath, Chartered Accountants
         P.O. Box 6302, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 357 6150
         Facsimile: (09) 357 6152


CLARK CONSTRUCTION: Court to Hear Liquidation Bid on Aug. 14
------------------------------------------------------------
A petition to liquidate Clark Construction Ltd will be heard
before the High Court of Palmerston North on August 14, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition on June
23, 2006.

The plaintiff's solicitor can be reached at:

         Kerri Ann Doherty
         Technical and Legal Support Group
         Wellington Service Centre, First Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1045
         Facsimile: (04) 890 0009


COX COMPANY: Placed Under Voluntary Liquidation
-----------------------------------------------
At a general meeting on July 28, 2006, the members of
The Cox Company Pty Ltd agreed to voluntarily liquidate the
Company's business and appoint Peter Graham Cox as liquidator.

The Liquidator can be reached at:

         Peter Graham Cox
         40 St Elmo Road
         Ivanhoe, Victoria
         Australia


DEEP INTERNATIONAL: Members Opt for Liquidation
-----------------------------------------------
Members of Deep International Pty Limited met on July 24, 2006,
and agreed to voluntarily liquidate the Company's assets.

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

The Liquidators can be reached at:

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


DILEEN PTY: Shareholders Decide to Cease Operations
---------------------------------------------------
The shareholders of Dileen Pty Limited convened on July 27,
2006, and passed a resolution to close the Company's operations.

Subsequently, Steven Paul Coles was appointed as liquidator.

The Liquidator can be reached at:

         S. P. Coles
         Level 4, 222 Clarence Street
         Sydney, New South Wales 2000
         Australia


DUXTECH PTY: Shuts Down Operations
----------------------------------
Member of Duxtech Pty Ltd on July 31, 2006, resolved to wind up
the Company's operations and appoint Tim Norman as liquidator.

The Liquidator can be reached at:

         Tim Norman
         Deloitte Touche Tohmatsu
         180 Lonsdale Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9208 7000


E J SIMS: Appoints Joint and Several Liquidators
------------------------------------------------
Members of E J Sims Builder Pty Ltd convened on July 26, 2006,
and agreed to voluntarily wind up the Company's operations.

Accordingly, Gess Michael Rambaldi and Andrew Reginald Yeo were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Gess Michael Rambaldi
         Andrew Reginald Yeo
         Pitcher Partners
         Level 19, 15 William Street
         Melbourne, Victoria 3000
         Australia


EMERALD CONSTRUCTION: Liquidator to Present Wind-Up Report
----------------------------------------------------------
A final meeting of the members and creditors of Emerald
Construction Pty Ltd will be held on September 4, 2006, at
10:00 a.m.

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

The Troubled Company Reporter - Asia Pacific reported on
January 10, 2006, that the Company declared its first and final
dividend on January 20, 2006.

The Liquidator can be reached at:

         A. R. M. Taylor
         Meertens Chartered Accountants
         Level 1, 49 Woods Street
         Darwin, Northern Territory 0800
         Australia


FISHER WINDOWS: Commences Wind-Up Process
-----------------------------------------
Fisher Windows and Doors (Nelson) Limited on July 25, 2006,
commenced a wind-up of its operations following the appointment
of Richard Alfred Jenkins and Bede Carran as joint liquidators.

Pursuant to the liquidation proceedings, the Company's creditors
are required to file their proofs of claim by August 14, 2006,
for them to share in any distribution the Company will make.

The Joint Liquidators can be reached at:

         R. Jenkins and B. Carran
         VBM Consultants Limited
         38 Halifax Street (P.O. Box 210)
         Nelson, New Zealand
         Telephone: (03) 546 8031
         Facsimile: (03) 546 9504


F.J. BURROWS: Enters Wind-Up Proceedings
----------------------------------------
The members of F.J. Burrows & Sons Pty Ltd held a general
meeting on July 26, 2006, and resolved to voluntarily wind up
the Company's operations.

Subsequently, Richard Herbert Judson was appointed as
liquidator.

The Liquidator can be reached at:

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


G. WILSON PHOTOGRAPHERS: Faces Liquidation Proceedings
------------------------------------------------------
The High Court at Palmerston North will hear a liquidation
petition against Greg Wilson Photographers Ltd on August 14,
2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 4, 2006.

The plaintiff's solicitor can be reached at:

         Keri Ann Doherty
         Technical and Legal Support Group
         Wellington Service Centre, First Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1045
         Facsimile: (04) 890 0009


GARDAM CONTRACTING: Members to Receive Wind-Up Report on Sept. 4
----------------------------------------------------------------
Members of Gardam Contracting Pty Ltd will hold a final meeting
on September 4, 2006, at 12:00 p.m., for them to hear accounts
of the Company's wind-up from Liquidator John W. Woods.

The Troubled Company Reporter - Asia Pacific reported on June
27, 2006, the Company declared its final dividend on
June 29, 2006.

The Liquidator can be reached at:

         John W. Woods
         Wilson Woods & Partners
         Chartered Accountant
         30 Davey Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 4343


GRAFTON RIDGE: Court to Hear Liquidation Bid on September 28
------------------------------------------------------------
The High Court of Auckland will hear on September 28, 2006, at
10:00 a.m. the liquidation petition filed against Grafton Ridge
Ltd.

Otahuhu Welding Ltd presented the petition before the Court on
July 4, 2006.

The solicitor for the plaintiff can be reached at:

         J. N. Bierre
         Offices of Morgan Coakle, Solicitors
         Level Twelve, Gosling Chapman Tower
         51-53 Shortland Street, Auckland
         New Zealand


HUON CORPORATION: Administrator in Search of Buyers
---------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 4, 2006, Huon Corp.'s managing director John Schulz
agreed to return AU$13 million of land assets allegedly stripped
from the three former Nylex factories -- Empire Rubber in
Bendigo, Mills Elastomers in Dandenong, and FRN in Frankston --
which Huon acquired in December 2005.  The report noted that the
administrators can now fast-track the sale of the Bendigo car
parts business.

In an update, The Bendigo Advertiser relates that with the legal
action against Mr. Schulz now out of the way, administrator
SimsPartners can focus exclusively on selling the business and
other operations in Frankston and Dandenong.

SimsPartners' John Irving reveals that at least 30 potential
buyers had expressed an interest in the businesses, the report
says.

"Our job now is to respond to the interest that is being shown
and talk to all the interested parties," Mr. Irving relates.

"Probably in about two weeks, we will have whittled the list of
buyers down to the really serious contenders," Mr. Irving says.

The Bendigo Advertiser relates that with international agency
Booz Allen Hamilton helping entice potential buyers for the car
component businesses, the administrator has fielded expressions
of interest from across Australia and abroad.

According to the paper, despite the destruction of an 11-day
worker strike and Supreme Court legal battle with Mr. Schulz,
Mr. Irving says that SimsPartners is still on track to secure a
sale by the end of September.

Mr. Irving says most of the backlogged orders have now been
honored and the plant is almost back to business as normal.

Although some workers remained unsure and uneasy about the
firm's future, Mr. Irving notes a positive outlook, The Bendigo
Advertiser says.

Mr. Irving reveals that there are a few resignations, but he
notes that as the administrator, it is their job to keep the
business running and find a buyer.

                          *     *     *

Based in Victoria, Australia, Huon Corp. manufactures car parts.  
It has factories that supply parts including air intake hoses,
steering column covers, rubber seals, and fuel filler shields to
major car companies like Toyota, Holden, Ford, and PBR.

Huon Corp. went into voluntary administration after concerns
about its financial situation, saying the failure to perform
occurred after it purchased Empire Rubber, and Melbourne-based
firms FRN and Mills Elastomers from Nylex Ltd., in December
2005.  Tony Sims and Ken Sellars of SimsPartners were appointed
as administrators.


J.R. & M. CORP: Members Resolve to Wind-Up Operations
-----------------------------------------------------
At a general meeting held on July 21, 2006, the members of
J.R. & M. Corp Pty Limited resolved to voluntarily wind up the
Company's operations and appoint Danny Vrkic as liquidator.

The Liquidator can be reached at:

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


JINDAHURST PTY: Members to Receive Liquidator's Report
------------------------------------------------------
A final meeting of the members of Jindahurst Pty Ltd will be
held on September 1, 2006, at 11:00 a.m.

At the meeting, Liquidators Grant Sparks and Ray Richards will
report on the Company's wind-up and property disposal
activities.

As reported by the Troubled Company - Asia Pacific on June 5,
2006, the Company commenced a wind-up of its operations on
April 11, 2006.

The Liquidators can be reached at:

         Grant Sparks
         Ray Richards
         SimsPartners
         Level 11, 145 Eagle Street
         Brisbane, Queensland 4000
         Australia
         Telephone:(07) 3831 2700


JONTRIV PTY: Enters Wind-Up Proceedings
---------------------------------------
Members of Jontriv Pty Ltd on July 26, 2006, resolved to
voluntarily wind-up the Company's operations and distribute the
proceeds of its assets disposal.

Accordingly, David Charles Williamson and William Keith
Chaseling were appointed as liquidators.

The Liquidators can be reached at:

         David Charles Williamson
         William Keith Chaseling
         21 Merewether Street
         Newcastle, New South Wales
         Australia


LUMIERE CINEMAS: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------------
A final general meeting of the members and creditors of Lumiere
Cinemas Pty Ltd will be held on September 1, 2006, at
10:00 a.m.

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

The Troubled Company Reporter - Asia Pacific reported on
September 28, 2005, that the Company commenced a wind-up of its
operations on August 22, 2005.

The Liquidator can be reached at:

         Nicholas Martin
         Lumiere Cinemas Pty Ltd
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


MACPHERSON MARINE: Creditors Must Prove Debts by August 28
----------------------------------------------------------
The creditors of MacPherson Marine Ltd are required to submit
their proofs of claim by August 28, 2006, to Joint Liquidators
David Donald Crichton and Keiran Ann Horne.

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:

         K. A. Horne
         c/o Marie Inch
         Crichton Horne & Associates Ltd
         Old Library Chambers, 109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929
         Web site: www.cha.co.nz/


MARPHIL ELECTRICAL: Court to Hear CIR's Liquidation Bid
-------------------------------------------------------
On June 21, 2006, the Commissioner of Inland Revenue filed a
before the High Court of Timaru a petition to liquidate Marphil
Electrical Ltd.

The Court will hear the petition on August 31, 2006, at 9:30
a.m.

The plaintiff's solicitor can be reached at:

         C. A. O'Connor
         Gresson Dorman & Co
         Barristers and Solicitors
         12 The Terrace, Timaru
         New Zealand


MAYFIELD HARDWARE: Liquidator to Present Wind-Up Report
-------------------------------------------------------
The members of Mayfield Hardware Pty Limited will convene on
September 1, 2006, at 11:00 a.m., to hear Liquidator John
O'Toole's report on the Company's wind-up.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on June 30, 2005.

The Liquidator can be reached at:

         John O'Toole
         54 Laxton Crescent
         Belmont North, New South Wales 2280
         Australia


MB SERVICE: Members Opt to Shut Down Operations
-----------------------------------------------
Members of MB Service (Aust) Pty Ltd convened on July 18, 2006,
and agreed to shut down the Company's operations.

In this regard, Richard Gell Mansell was appointed as
liquidator.

The Liquidator can be reached at:

         Richard Gell Mansell
         R. G. Mansell & Associates
         Level 3, 118 Queen Street
         Melbourne, Australia
         Telephone:(03) 9603 0090
         Facsimile:(03) 9603 0099


MBK RECYCLING: Appoints Richard Judson as Liquidator
----------------------------------------------------
Members of MBK Recycling Pty Ltd convened on July 26, 2006, and
decided to liquidate the Company's business.

Subsequently, Richard Herbert Judson was appointed as
liquidator.

The Liquidator can be reached at:

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


MIRANDA BUILDERS': Faces Liquidation Proceedings
------------------------------------------------
At an extraordinary meeting held on July 21, 2006, the members
of Miranda Builders' and Businessmen's Club Limited  "The Club"
agreed to liquidate the Company's business and appoint Raymond
George Tolcher as liquidator.

The Liquidator can be reached at:

         R. G. Tolcher
         Lawler Partners
         Chartered Accountants
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


MORONI TRANSPORT: Liquidators to Give Wind-Up Report
----------------------------------------------------
The members and creditors of Moroni Transport Pty Ltd will
convene on September 4, 2006, at 9:30 a.m., to receive accounts
of the Company's wind-up and property disposal from Liquidators
Robyn Erskine and Peter Goodin.

The Troubled Company Reporter - Asia Pacific reported on
July 11, 2006, that the Company declared its first and final
dividend on September 2, 2005, and July 14, 2006, respectively.

The Liquidators can be reached at:

         Robyn Erskine
         Peter Goodin
         Brooke Bird & Co
         Insolvency Practitioners
         471 Riversdale Road
         Hawthorn East 3123, Australia
         Telephone:(03) 9882 6666


ORIGIN PACIFIC: Seeks Financial Capital to Reduce Debt
------------------------------------------------------
Origin Pacific Airways discloses that it is urgently seeking
fresh capital to help reduce debt, the New Zealand Press
Association reports.

Stuff.co.nz cites Origin founder, Robert Inglis, as saying that
a capital injection is necessary to ensure that the airline
could continue to "provide the competition so sorely needed in
regional aviation services."

According to the New Zealand Herald, Origin is seeking a
sizeable injection of capital to expand to a more "viable" size.  
The money would be used to pay for new planes and new routes,
the paper cites a spokesman as saying.

Mr. Inglis reveals that he has been talking to potential
investors including some in Asia.  He explains that "[i]deally,
a capital injection would provide sufficient funds to retire
some debt and allow the airline to expand its fleet."

A report from the Dominion Post relates that Mr. Inglis has
traveled to Singapore last week to meet potential investors.

The paper cites a spokesman for Origin as saying that it hoped
the Singapore trip would "bear some fruit" but would not say
what would happen if an investor was not found in the next few
days.

The New Zealand Herald says that Mr. Inglis is also in talks
with two New Zealand parties.

Asked if any creditors had given the airline a deadline for
payment, the spokesman said, "Creditors get recycled and we pay
as you go," The Dominion Post relates.

According to the NZPA, the airline has been looking for
investors for over a year.  Origin asserts that publicity about
its financial fragility had caused an understandable reduction
in forward bookings, although travel agents say that customers
are sticking with the nine-year-old airline, the report relates.

The Dominion Post cites industry sources as saying that Origin
had tried to sell part of its business to airlines in New
Zealand and Australia.  It is believed to have approached Air
New Zealand and Australian regional airline Regional Express,
but was declined, the paper says.

The paper further says that it appears Origin's latest financial
crisis came about because its fleet of four Jetstream 41
aircraft was required to comply with a worldwide inspection
order last month.  According to Origin, the inspection, ordered
by the manufacturer of J41 propellers, caused widespread
disruption to services during the school holidays, The Dominion
notes.

The paper recounts that the airline was bullish about expansion
plans and launched a direct service between Christchurch and
Tauranga in June.

According to The Dominion Post, Origin has relied on its
profitable freight operation to maintain cash flow because its
passenger services have struggled.

The two were run as separate ledger operations within Origin,
The Nelson Mail cites Origin spokesman Brendon Burns, as saying.

Origin flies to 11 centers, most in the North Island, and has
263 staff.  It has a tiny market share, estimated to be about 6%
across regional centers and about 2% the total market, the paper
notes.

                 Mr. Inglis May Cede Control

Another report from The Dominion Post cites a market source
saying that Mr. Inglis must step down as a condition of a
potential rescue plan.  

According to the report, Origin is in talks with two interested
parties and is understood that at least one of the deals is
conditional on Mr. Inglis giving up control of the airline.

The source says "[a]n investor is going to want a high level of
control to justify the investment," adding that creditors would
be keen for the airline to survive because it was their only
chance of having any debt repaid.

An investment of NZ$5 million would clear a substantial amount
of the airline's debt, The Dominion Post notes.

                      Almost in Bankruptcy

According to Stuff.co.nz, the airline has been in turbulent air
since 2004 when Qantas Airways dumped its code-sharing agreement
with the airline in pursuit of a deal with Air New Zealand.

In 2005, Origin's creditors agreed to write off 60% of the
NZ$11.4 million they were owed, to let the airline keep flying,
Stuff.co.nz relates.

According to the NZPA, Mr. Inglis and partner Nicki Smith own
49% of Origin.  Mr. Pero's share of the airline has been diluted
to around 15%.  A consortium headed by Lower Hutt surgeon Howard
Clentworth is also a major shareholder.

Last year, Mr. Pero stood down from the board because he was
confident that the airline was a viable business again, the
paper says.

Yet, the airline -- which flies to 10 destinations including
Wanganui and Palmerston North -- has struggled to cope with
aggressive competition from Air New Zealand, the paper relates,
adding that Origin has accused Air NZ of using its market
dominance to squash competition.

The NZ Herald relates that in June, Origin asked the Commerce
Commission to investigate after Air NZ began new services on two
Origin Pacific routes - Nelson to Hamilton and Nelson to
Palmerston North.  Origin is unhappy that Air NZ is chartering
aircraft specifically to fly those routes, the paper says.

The Dominion Post recounts that it has taken a case to the
Commerce Commission alleging Air New Zealand is conducting anti-
competitive behaviour on some routes.

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Origin Pacific intended to file a complaint
with the Commerce Commission over what it calls "predatory
pricing" by Air New Zealand.  However, the report noted that Air
New Zealand dismissed Origin's assertions as "a waste of time."

The NZ Herald also recounts that Origin staved off bankruptcy in
May 2002 by sacking 93 staff and dramatically cutting back its
services.  Mortgage broking millionaire Mike Pero, who bought a
25% stake and took a seat on the board, bailed it out.  

                          About Origin

Origin Pacific Airways -- http://www.originpacific.co.nz/-- was  
initially launched in 1997 as an air charter service and
continues to offer charters tailored to the specific needs of
business and groups.

Origin Pacific Airways operates from its own purpose-built
facilities at Nelson Airport.  The Company is 100% New Zealand
owned and managed and run by people with extensive knowledge of
air travel and proven success in running airline businesses.


PICASSO PAINTING: Supreme Court Issues Wind-Up Order
----------------------------------------------------
The Supreme Court of New South Wales on July 26, 2006, issued an
order to wind up Picasso Painting & Decorating (Aust) Pty Ltd
and appoint Riad Tayeh as liquidator.

The Liquidator can be reached at:

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


QUEANBEYAN COMMUNITY: Undergoes Wind-Up Proceedings
---------------------------------------------------
Members of Queanbeyan Community Training Centre Inc on July 21,
2006, agreed to voluntarily wind up the Company's operations.

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

The Liquidator can be reached at:

         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


S & E SHEDS: Members Pass Wind-Up Resolution
--------------------------------------------
At a general meeting of the members of S & E Sheds Pty Limited
held on July 13, 2006, it was resolved that a wind-up of the
Company's operations is appropriate and necessary.

Subsequently, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


STRAMCO INVESTMENTS: Members Agree to Close Business
----------------------------------------------------
The members of Stramco Investments Pty Limited convened on
July 25, 2006, and agreed to shut down the Company's business
operations.

In this regard, 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
         Australia
         Telephone:(02) 6247 5988


TAYLOR MULTISOFT: Members Opt to Wind-Up Operations
---------------------------------------------------
Members of Taylor Multisoft Pty Limited met on July 25, 2006,
and decided to voluntarily wind up the Company's operations.

Accordingly, Antony de Vries and Riad Tayeh were appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


TRANSERV AUSTRALIA: Relists in ASX & Enters Ausdrill Agreement
--------------------------------------------------------------
Transerv Australia Ltd. has been re-listed in the Australian
Stock Exchange Limited, the WA Business News reports.

WA Business News further reports that Transerv also entered into
a joint venture agreement with Canning Vale-based mining
services company Ausdrill Ltd., in late July, after a
shareholder meeting.

In exchange for AU$100,000, the agreement gave Ausdrill a 50%
shareholding in Transerv's fleet vehicle repair and maintenance
service Westrans -- formerly Bluefire -- Services WA Pty Ltd.

WA Business reveals that the Company recently completed a
capital raising of AU$2.8 million to fund expenditure
commitments, and continues to evaluate new investment
opportunities.

As reported in the Troubled Company Reporter - Asia Pacific on
January 10, 2006, Transerv Australia appointed administrators
Ferrier Hodgson.  The administration came two years after the
Company was listed in a demerger that also spawned junior
explorer Sundance Resources, the report noted.

WA Business relates that Transerv Australia has appointed Tim
Wise, Claire Poll, and Brett Mitchell as company directors.  The
appointment followed the resignation of external administrators
Russell Black, Thomas Gilfillan, Graeme Kirke, and the Company
secretary from their positions on July 24, 2006.

The Company incurred a loss of AU$1.7 million in the 2004-2005
financial year, WA Business recounts.

The TCR-AP also previously reported that the Company incurred
losses of AU$800,000 in 2003-2004 and AU$1.6 million last
financial year.

                    About Transerv Australia

Based in West Perth, Australia, Transerv Australia Limited --
http://www.transerv.com.au-- provides truck and automotive  
repairs and servicing, which include gas distribution and
refueling infrastructure supply and operations for LPG, LNG and
ING gases.  The Company also distributes associated equipment to
convert engines to utilize these gases.

As reported in the Troubled Company Reporter - Asia Pacific on
January 10, 2006, Transerv was floated in March 2004 in a
demerger of the former St. Francis Group to house its Bluefire
truck and fleet maintenance businesses, while Sundance was spun-
off to hold the group's exploration assets.


VAUGHAN REAL: Enters Wind-Up Proceedings
----------------------------------------
The members of Vaughan Real Estate Pty Limited met on July 31,
2006, and decided to wind up the Company's operations.

Subsequently, Peter Burton and Brian Allen were appointed as
liquidators.

The Liquidators can be reached at:

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


WARRINGTON BUILDERS: Liquidation Bid Hearing Slated for Aug. 21
---------------------------------------------------------------
A liquidation petition filed against Warrington Builders (2004)
Ltd will be heard before the High Court of Christchurch on
August 21, 2006, at 10:00 a.m.

Williams Hickman Electrical Ltd filed the petition on July 17,
2006.

The plaintiff's solicitor can be reached at:

         Peter Fagan
         Office of Malley & Co Lawyers
         Tenth Floor, 47 Cathedral Square
         Christchurch, New Zealand


WEST CITY VALET: Names Levin and Vance as Liquidators
-----------------------------------------------------
The High Court of Auckland on July 27, 2006, appointed Henry
David Levin and David Stuart Vance as joint liquidators of West
City Valet Ltd.

Subsequently, the Joint Liquidators required the Company's
creditors to submit their proofs of claim by August 24, 2006, or
be excluded from sharing in any distribution the Company will
make.

The Troubled Company Reporter - Asia Pacific reported on July 4,
2006, that the Company was facing a liquidation petition filed
before the High Court of Auckland by the Commissioner of Inland
Revenue.  The Court heard the petition on July 27, 2006.

The Joint Liquidators can be reached at:

         Henry David Levin
         c/o Sarah FitzGerald at McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street, Auckland
         Postal Address: P.O. Box 6916, Wellesley Street
         Auckland, New Zealand
         Telephone: (09) 336 0000
         Facsimile: (09) 336 0010


WONWAY MARKETING: Members Initiate Liquidation Proceedings
----------------------------------------------------------
At an extraordinary general meeting held on July 24, 2006,
members of Wonway Marketing Group Pty Ltd decided to liquidate
the Company's business.

Creditors appointed John Morgan and David Levi as joint and
several liquidators at a separate meeting held that same day.

The Joint and Several Liquidators can be reached at:

         John Morgan
         David Levi
         PKF Chartered Accountants & Business Advisers
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


ZIP ZAP: Shuts Down Firm
------------------------
Members of Zip Zap Tree Services Pty Limited met on July 21,
2006, and agreed to wind up the Company's operations.

In this regard, Danny Vrkic was appointed as liquidator.

The Liquidator can be reached at:

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


* Number of Small Firms Wound Up at ATO's Behest has Doubled
------------------------------------------------------------
The number of small businesses bankrupted by the Australian Tax
Office has more than doubled, Dan Oakes of The Age reports.

According to the report, the office announced a crackdown last
year, saying small firms owed it about AU$6.7 billion in unpaid
debts and have been treated too leniently in the past.

The report relates that under questioning before a Senate
committee late last year, former tax commissioner Michael
Carmody admitted that 578 businesses with an annual turnover of
less than AU$100 million had been wound up at the ATO's behest
in the first quarter of the last financial year.  The figure for
the same quarter in the 2004-2005 year was 262, The Age notes.

Financial counselors say the ATO is heavy-handed in bankrupting
small businesses and often does not give them sufficient
opportunity to settle their tax debts, the paper relates.

The paper further says that the federal Opposition is also
concerned about the ATO approach, with small business spokesman
Joel Fitzgibbon describing the figures as alarming.

Mr. Fitzgibbon asserts that there is too much of a one-size-
fits-all approach.  He contends that a more individualized focus
on the needs of the particular small business is needed.

However, The Age cites a report recently commissioned by the ATO
found that the office was not too hasty in sending businesses to
the wall.  It offered ample time and opportunity for debts to be
paid, the report said.

The Age further relates that the Inspector-General of Taxation
last year drew attention to the ATO's "lenient approach" to
small business debtors, but said it needed to distinguish more
between businesses that genuinely wanted to repay their debts
and those that were in "serial default".

According to The Age, the ATO granted an amnesty to businesses
less than AU$25,000 in debt if they agreed to repay it within a
set time frame.

About 96,000 businesses took advantage of this amnesty,
injecting AU$810 million into the ATO's coffers, The Age notes.

The paper further notes that the Council of Small Business
Organisations of Australia supports the ATO crackdown.

Chief executive of the Council, Tony Steven asserts that
responsible small businesses should not have to shoulder the
burden of those that did not pay their debts, The Age relates.

But Mr. Steven notes that the ATO should take into account the
fact that higher petrol prices and interest rates had shaken
small businesses.

"I don't think that the ATO has any choice but to pursue this
debt, regardless of the economic situation," Mr. Steven says.

"However, the economic atmosphere should dictate a certain
degree of understanding and, provided there's a willingness on
both parties to negotiate an outcome, then discretion should be
applied," Mr. Steven adds.

Mr. Steven further says that if any small business believes that
it had been harshly dealt with by the ATO, it should contact the
council.


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

BLISS HERO: Receives Wind-Up Order from the Court
-------------------------------------------------
Bliss Hero Development Ltd on July 26, 2006, received a wind-up
order from the High Court of Hong Kong.

The Troubled Company Reporter - Asia Pacific reported on
June 13, 2006, that the Company was facing a wind-up petition
filed before the Court by Ho Kai Yung.  The Court heard the
petition on July 26, 2006.


CHINA CONSTRUCTION: Keen on Acquiring Bank of America (Asia)
------------------------------------------------------------
China Construction Bank is interested in acquiring Bank of
America (Asia) after failing to buy out Asia Commercial Bank in
February this year, The Standard reports.

Currently, China Construction is reviewing the financials of
Bank of America (Asia) while an offer has yet to be made, The
Standard says.

Bank of America (Asia) -- an affiliate of the United States-
based Bank of America -- has 17 branches in Hong Kong and Macau
offering a wide range of consumer and commercial banking
products and services.

Bank of America -- the parent company -- is a strategic investor
in China Construction.  The Troubled Company Reporter - Asia
Pacific reported on September 12, 2005, that the Bank of America
paid US$2.5 billion to acquire a 9% stake in China Construction.

Analysts said the deal appears to be on the cards, based on the
two banks' strategic relationship and the mainland lender's
eagerness to expand overseas, The China Daily relates.

Casor Pang, a strategist at Sun Hung Kai Financial Group told
the Daily that "if the acquisition is the case, it could help
China Construction consolidate overseas businesses and enhance
its status."   He added that the acquisition may help boost
China Construction's image as an international player.

In addition, Mr. Pang said that the deal would also strengthen
China Construction's consumer lending business.  "CCB is not
very experienced in consumer lending, so retail and private
banking will be its future priorities," he added.

However, Mr. Pang believes that the synergy resulting from the
deal would be very limited.  "The size of business of Bank of
America (Asia) is small compared to CCB, and will only boast CCB
earnings by a small extent."

                          *     *     *

The China Construction Bank -- http://www.ccb.cn/-- is one of  
the "big four" banks in the People's Republic of China.  It was
founded on October 1, 1954 under the name of "People's
Construction Bank of China" and later changed to "China
Construction Bank" on March 26, 1996.

On November 24, 2005, The Troubled Company Reporter - Asia
Pacific reported that Moody's Investors Service has upgraded
CCB's Bank Financial Strength Rating to D- from E+.

Standard and Poors ratings on October 19, 2005, upgraded Bank of
China's LTFC rating to 'A-' (A minus), STFC rating affirmed at
'F2', Individual rating affirmed at 'D/E', Support rating
upgraded to '1'.

Fitch Ratings on June 21, 2006, has affirmed China Construction
Bank's (CCB) Individual rating at 'D/E', support rating at 2.


CHINA STEP: Final Members Meeting Set on September 5
----------------------------------------------------
The members of China Step Technology Development Ltd will
convene on September 5, 2005, 11:00 a.m. at 21st Floor, Fee Tat
Commercial Centre, No. 613 Nathan Road, Kowloon, Hong Kong.

At the meeting, Liquidator Kong Wing Cheung will report on the
Company's wind-up and property disposal activities.


HOE WAH ENGINEERING: To Wind-Up Business Operations
---------------------------------------------------
The High Court of Hong Kong on July 26, 2006, issued a wind-up
order for Hoe Wah Engineering Services Ltd.

According to the Troubled Company Reporter - Asia Pacific, Wing
Shing Electrical Engineers filed the wind-up petition with the
Court on May 16, 2006. The Court heard the petition on July 26,
2006.


INTERNATIONAL PAPER: Earns US$115-Mln in Second Quarter of 2006
---------------------------------------------------------------
International Paper Company filed its second quarter financial
statements for the three months ended June 30, 2006, with the
Securities and Exchange Commission on Aug. 7, 2006.

For the second quarter of 2006, International Paper reported net
sales of US$6.3 billion, compared with US$5.9 billion in the
second quarter of 2005 and US$6.1 billion in the first quarter
of 2006.

Net income totaled US$115 million in the second quarter of 2006.  
This compared with net income of US$77 million in the second
quarter of 2005 and a net loss of US$1.2 billion in the first
quarter of 2006.  The first quarter 2006 net loss included a
US$1.3 billion pre-tax charge to reduce the carrying values of
the net assets of the Coated and Supercalendered Papers
businesses to their estimated fair value.  Amounts include the
effects of special items in all periods.

At June 30, 2006, the Company's balance sheet showed US$26.154
billion in total assets, US$18.853 billion in total liabilities,
US$200 million in minority interests, and US$7.101 billion in
total stockholders' equity.

                      Antitrust Matters

The Company is party to a class action lawsuit by a group of
private landowners alleging that the Company and certain of its
fiber suppliers, known as Quality Suppliers, engaged in an
unlawful conspiracy to artificially depress the prices at which
the Company procures fiber for its mills.

While the Company continues to maintain that its Quality
Supplier program did not violate any antitrust laws,
International Paper agreed to settle this case in the second
quarter by paying US$12.4 million, including plaintiff counsel
fees.  

The Federal District Court in Columbia, South Carolina, has
preliminarily approved the settlement.  A final hearing for
court approval is scheduled for Sept. 25, 2006.

The Company was a defendant in a purported antitrust class
action brought by purchasers of coated publication papers in
various U.S. federal and state courts.  These cases are based on
alleged cartel activity by various U.S. and European
manufacturers of coated papers.  The Company believed it was not
a proper party to these cases, and in the second quarter, has
been dismissed with prejudice from all but one remaining
California indirect-purchaser case.  In that case, the Company
and the California indirect-purchaser class counsel have filed a
stipulation to dismiss the Company as a defendant, which is
pending court approval.

Full-text copies of the second quarter financials are available
for free at http://ResearchArchives.com/t/s?f51

                    About International Paper

Based in Stamford, Connecticut, International Paper Company
(NYSE: IP) -- http://www.internationalpaper.com/-- is in the  
forest products industry for more than 100 years.  The company
is currently transforming its operations to focus on its global
uncoated papers and packaging businesses, which operate and
serve customers in the United States, Europe, South America and
Asia.  These businesses are complemented by an extensive North
American merchant distribution system.  International Paper is
committed to environmental, economic and social sustainability,
and has a long- standing policy of using no wood from endangered
forests.

International Paper (Asia) Ltd. is headquartered at Harbour
Road, in Wanchai, Hong Kong.

                           *     *     *

Moody's Investors Service assigned a Ba1 senior subordinate
rating and Ba2 Preferred Stock rating on International Paper
Company in
Dec. 5, 2005.


L.V.O. DEVELOPMENT: Prepares to Wind-Up Operations
--------------------------------------------------
L.V.O. Development Ltd on July 26, 2006, received a wind-up
order from the High Court of Hong Kong.

The Troubled Company Reporter - Asia Pacific reported that the
Bank of China (Hong Kong) filed the wind-up petition with the
Court on May 25, 2006.  The Court heard the petition on July 26,
2006.


PANCO INDUSTRIAL: Court Issues Wind-Up Order
--------------------------------------------
The High Court of Hong Kong on July 26, 2006, issued a wind-up
order against Panco Industrial (Holdings) Ltd.

The Troubled Company Reporter - Asia Pacific reported on May 3,
2006, that Ding Peng and Zheng Lie Lie filed the wind-up
petition before the Court.  The Court heard the petition on June
14, 2006.


RATONAL INDUSTRIES: Court Favors Wind-Up Petition
--------------------------------------------------
The High Court of Hong Kong on July 24, 2006, issued a wind-up
order against Ratonal Industries Ltd.

The Court received the wind-up petition on May 15, 2006.


SHINING HOPE: Members Final Meeting Set on Sept. 5
--------------------------------------------------
The members of Shining Hope Development Ltd will convene on
September 5, 2006, 10:00 a.m. at 1225 Prince's Bldg, 10 Chater
Road, in Central, Hong Kong.

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


SILVER ROOF: Court to Hear Wind-Up Petition on August 30
--------------------------------------------------------
The wind-up petition filed against Silver Roof (China)
Investments Ltd will be heard before the High Court of Hong Kong
on August 30, 2006, at 9:30 a.m.

Chan Kin Fung presented 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


WING KO FOOD: Faces Wind-Up Proceedings
---------------------------------------
The High Court of Hong Kong will hear on August 30, 2006, at
9:30 a.m. the liquidation petition filed against Wing Ko Food
Ltd.

Lau Chor Wai presented 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


WINSUN INVESTMENT: Falls into Wind-Up
-------------------------------------
On July 26, 2006, the High Court of Hong Kong ordered that
Winsun Investment & Development Ltd's operations be wound up.

According to the Troubled Company Reporter - Asia Pacific, the
Bank of China (Hong Kong) filed the wind-up petition against the
Company on May 25, 2006.  The Court heard the petition on
July 26, 2006.


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

AES CORP: Earns US$169 Million in Second Quarter of 2006
--------------------------------------------------------
The AES Corporation filed its second quarter financial
statements for the three months ended June 30, 2006, with the
Securities and Exchange Commission on Aug. 7, 2006.

Revenue increased 15% to US$3 billion for the three months ended
June 30, 2006, primarily due to higher prices and volume across
each region and favorable foreign currency translation impacts
in Latin America.

In addition to these revenue improvements, gross margin improved
in large part due to the recognition of US$192 million of bad
debt expense in 2005 to fully provision certain municipal debt
at its Brazilian regulated utilities.

Gross margin increased 75% to US$919 million for the three
months ended June 30, 2006, and gross margin as a percentage of
revenue increased to 30.3% for the three months ended June 30,
2006, from 19.9% in 2005.

Revenue increased 14% to US$6 billion for the six months ended
June 30, 2006, primarily due to higher prices and volume in
several region and an increase in emission allowance sales in
North America and Europe to US$73 million from US$30 million
last year and favorable foreign currency translation impacts in
Latin America.

As a result, gross margin increased 39% to US$1.9 billion for
the six months ended June 30, 2006, and gross margin as a
percentage of revenue increased to 31.1% for the six months
ended June 30, 2006, from 25.5% in 2005.

The Company reported US$169 million of net income for the three
months ended June 30, 2006, compared with US$85 million of net
income for the same period in 2005.

For the six months ended June 30, 2006, the Company reported net
income of 520 million compared with US$209 million for the same
period in 2005.

At June 30, 2006, the Company's balance sheet showed
US$30.973 billion in total assets, US$26.266 billion in total
liabilities, US$2.256 billion in minority interest, and
US$2.451 billion stockholders' equity.

                      Discontinued operations

In May 2006, the Company reached an agreement to sell its
interest in Eden, a regulated utility located in Argentina.  
Governmental approval of the transaction is still pending in
Argentina, but the Company has determined that the sale is
probable at this time.  Eden, AES's wholly owned subsidiary, has
been classified as "held for sale" and reflected as such on the
financial statements.

Eden is a distribution company that is part of the Regulated
Utilities segment.  

The Company recorded a US$66 million impairment charge to adjust
the carrying value of Eden's assets to their estimated net
realizable value.  

The sale is expected to close by the end of the year.

In May 2006, AES agreed to sell AES Indian Queens Power Limited
and AES Indian Queens Operations Limited, (IOP), which is part
of the Competitive Supply segment.  IOP is an Open Cycle Gas
Turbine, located in the U.K.  The sale is expected to close by
the end of the year.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?f4b

                          About AES Corp

The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is a  
power company with operations in South America, Europe, Africa,
Asia and the Caribbean.  The Company generates 44,000 megawatts
of electricity through 124 power facilities, and delivers
electricity through 15 distribution companies.

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in Kazakhstan, Oman,
Qatar, Pakistan, Sri Lanka, China and India.  Fuels include
coal, diesel, hydro, gas and oil.  AES has been in the region
since 1994, when it acquired the Cili generation plant in China.

                          *     *     *

As reported in the Troubled Company Reporter on May 25, 2006,
Fitch affirmed The AES Corporation's Issuer Default Rating at
'B+'.  Fitch also affirmed and withdrew the ratings for the
company's junior convertible debt.  The Rating Outlook for all
remaining instruments is Stable.

As reported in the Troubled Company Reporter on March 31, 2006,
Standard & Poor's Ratings Services raised its corporate credit
rating on diversified energy company The AES Corp. to 'BB-' from
'B+'.  S&P said the outlook is stable.

As reported in the Troubled Company Reporter on Jan. 11, 2006,
Moody's affirmed the ratings of The AES Corporation, including
its Ba3 Corporate Family Rating and the B1 rating on its senior
unsecured debt.  Moody's said the rating outlook remains stable.


DUNLOP INDIA: Welcomes New Managing Director
--------------------------------------------
Samir Kumar Paul has been appointed the new managing director of
Dunlop India Ltd., Kolkota Newsline reports.

Dunlop, which is on its way to fully restarting operations, has
been trying to bring a few people into the key management team
who would help it get the funds and manage it, the report says.

According to Kolkota Newsline, the Company's new promoter, Pawan
Ruia, had brought Ashok Jajodia, Dipak Rudra, Narayan Prasad
Agarwalla, and Sajid Khan onto its board of directors following
the acquisition of the company from the Chhabrias.

                       About Dunlop India

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.

The Company had reported profit until March 1997.  In January
1998, the Board of Directors decided that the Company had become
sick.  The Board of Directors decided to refer the Company to
the Board of Industrial and Financial Reconstruction and
abruptly announced suspension of Dunlop's operations in both
Sahagunj and Ambattur in February 1998.  The Ministry for Law,
Justice and Company Affairs had also come to the conclusion
after inspection of the Books of Accounts of Dunlop India that
there were serious irregularities and had moved the Company Law
Board for appointment of Government Directors.  In January 2006,
the Ruia Group took over the Company and voted to reopen its
plants.  Both the Sahagunj and Ambattur plants were reopened in
April 2006.


GENERAL MOTORS: May Reach Job Cuts Target Ahead of Schedule
-----------------------------------------------------------
General Motors Corporation expects to reach reduced employment
level by Jan. 1, 2007, about two years ahead of its previously
announced target, in its pursuit to return its North American
operations to profitability and positive cash flow.

GM's actions to reduce hourly headcount started in November 2005
when GM announced plans to idle 12 facilities and reduce
manufacturing employment levels by approximately 30,000
employees by the end of 2008.  During the first quarter of 2006,
two assembly plants referred to in the original disclosure
stopped production.  On March 22, 2006, GM, the UAW, and Delphi
announced they had entered into the UAW Attrition Agreement to
reduce the number of hourly employees of GM and of Delphi
through a special attrition program. In late June, GM announced
that approximately 34,400 hourly employees (33,100 UAW-
represented and 1,300 IUE-CWA-represented) would participate in
the program.

                  Other Cost-Reduction Efforts

With regard to costs, the Company's primary goals were to
address its legacy cost burden and reduce its structural costs
in line with current levels of revenue.  Legacy costs are
primarily related to the cost of benefits provided to retired
employees and their dependents, and costs associated with
employees and their dependents of businesses divested by GM.  
Structural costs, such as the cost of unionized employees, are
those costs that do not vary with production and include all
costs other than material, freight, and policy and warranty
costs.  Some of these costs are within the Company's control,
while others such as interest rates or return on investments
(which influence the Company's pension and OPEB expenses) are
more dependent on outside factors.

To reduce legacy costs and structural costs, GM has taken action
in a number of areas.  To contain legacy health care costs for
retired hourly employees, GM entered into the UAW Health Care
Settlement Agreement, which received approval by the U.S.
Bankruptcy Court for the Southern District of New York -- the
Court handling Delphi Corp.'s chapter 11 case -- on March 31,
2006, and a tentative agreement with the IUE-CWA providing
similar terms, which was announced on April 10, 2006.  In
addition, on February 7, 2006, GM announced it would cap its
contributions to salaried retiree health care at the level of
2006 expenditures.  To control pension costs, GM announced on
March 7, 2006, that it would freeze accrued pension benefits for
U.S. salaried employees and implement a new benefit structure
for future accruals.  

                   Moves to Improve Liquidity

GM has also taken actions to improve liquidity. In February
2006, GM's Board of Directors reduced the quarterly dividend by
50%, which will conserve about US$500 million on an annual
basis.  Since the fourth quarter of 2005, the Company has sold
all or part of its equity stakes in each of Fuji Heavy
Industries, Isuzu and Suzuki, adding more than US$3 billion to
GM's liquidity.  

In addition to these actions, on July 20, 2006, GM executed a
US$4.63 billion amended and restated credit agreement with a
syndicate of banks restating and amending the US$5.6 billion
unsecured line of credit.  This agreement provides additional
available liquidity that GM anticipates to draw on from time to
time to fund working capital and other needs.  

Also, on April 2, 2006 GM entered into a definitive agreement to
sell a 51% controlling interest in GMAC to a consortium of
investors.  GM's goal in selling the 51% interest in GMAC was
improving GMAC's current credit rating position for GMAC's long
term growth and provide a stronger foundation to support GM
sales and dealers.  The transaction also improves liquidity and
results in total value of cash proceeds and distributions to GM
of approximately US$14 billion over three years, comprised of
US$7.4 billion purchase price, US$4 billion of retained assets
and US$2.7 billion cash dividend.  The Company expects to
receive approximately US$10 billion at closing.  Some
US$1.4 billion will be invested by GM in new GMAC preferred
equity.

                  Near Term Issues with Delphi

In addition to restoring GMNA operations to profitability, GM
needs to address near term issues associated with its largest
supplier, Delphi.  On March 31, 2006 Delphi filed motions under
the U.S. Bankruptcy Code seeking authority to reject its U.S.
labor agreements and modify retiree welfare benefits.  The
unions and certain other parties have filed objections to these
motions.  Hearings on these motions were adjourned until
tomorrow, Aug. 11, to allow Delphi, its unions and GM additional
time to focus on reaching comprehensive consensual agreements.   
While Delphi has indicated to us that it expects no disruptions
in its ability to continue supplying us with the systems,
components, and parts that we need as Delphi pursues its
bankruptcy restructuring plan, labor disruptions at Delphi
resulting from Delphi's pursuit of a restructuring plan could
seriously disrupt our North American operations, prevent us from
executing our GMNA turnaround initiatives, and materially
adversely impact our business.  Accordingly, resolution of the
Delphi related issues remains a critical near term priority.

Delphi also filed on March 31, 2006, a motion under the U.S.
Bankruptcy Code seeking authority to reject certain supply
contracts with GM.  A hearing on this motion was adjourned by
the court until after the hearings related to Delphi's U.S.
labor agreements and retiree welfare benefits are completed or
otherwise resolved.  Although Delphi has not rejected any GM
contracts as of this time and has assured GM that it does not
intend to disrupt production at GM assembly facilities, there is
a risk that Delphi or one or more of its affiliates may reject
or threaten to reject individual contracts with GM, either for
the purpose of exiting specific lines of business or in an
attempt to increase the price GM pays for certain parts and
components.  As a result, GM could be materially adversely
affected by disruption in the supply of automotive systems,
components and parts that could force the suspension of
production at GM assembly facilities.

                      About General Motors

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

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

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

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


INDIAN OIL: Fixes Book Closure Date
-----------------------------------
Indian Oil Corporation Ltd has informed the Bombay Stock
Exchange that the Register of Members & Share Transfer Books of
the Company will remain closed from September 11, 2006, to
September 22, 2006, to make way for the Annual General Meeting
of the Company to be held on September 22, 2006.

                    About Indian Oil Corp.

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

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


SAMTEL COLOR: New Facilities Start Operations
---------------------------------------------
Samtel Color Limited's two new manufacturing lines -- Line 4 and
Line 5 -- have become commercially operational, the Company said
in a statement to the Bombay Stock Exchange on August 10, 2006.

The Company's Line 4 and Line 5 moved into commercial production
in July 2006.  These new lines have added four million tubes per
annum to the Company's overall capacity taking it to over 10
million tubes per annum.  

Line 4 manufactures 22-inch super flat cathode picture tubes at
Ghaziabad, while Line 5 manufactures 21 inch super flat CPTs at
Kota.

Due to the capacity increase, the Company has reported a sharp
increase of 23% in sales for the month of July 2006 at 584,000
tubes against 457,000 tubes in the same month last year.  This
is likely to increase as Lines 4 and 5 begin delivering optimal
volumes.

As a result of the shifts within the sector and the full
commercialization of its new lines, the Company has witnessed a
noticeable increase in its domestic market share from about 38-
40% last year to around 50% at present.

                   About Samtel Color Limited

Samtel Color Limited -- with an annual production capacity of
6.3 million CPTs -- is the largest domestic manufacturer of the
product.  As on March 31, 2005, Samtel's promoters Satish Kaura
and family held 58.84% of its equity, while financial
institutions, strategic investors, and the general public held
the rest.  

As reported by the Troubled Company Reporter - Asia Pacific on
June 30, 2006, ICRA Limited has downgraded the rating for the
INR250-million Long-Term Non-Convertible Debenture Programme of
Samtel Color Limited to LBB from the LBBB- assigned earlier.  
LBB is the inadequate-credit-quality rating assigned by ICRA.  
The rated instrument carries high credit risk.  The rating
downgrade follows Samtel's delay in meeting its repayment
obligations against term loans from banks and financial
institutions because of the liquidity pressures brought about by
a sharp decline in the Company's income and profits.  


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

PERUSAHAAN GAS: Shares Rise in Anticipation of Stake Sale
---------------------------------------------------------
The shares of state-owned PT Perusahaan Gas Negara rose 6.3% to
IDR12,650 per share amid rumors that its stock is being boosted
in anticipation of the Indonesian Government's planned stake
sale in the Company, Antara News reports.

XFN-Asia relates that, according to a Panin Securities dealer,
there is speculation that the Government might sell its stake in
PGN at the highest price over a 30-day period.  The Company's
shares may rise to a range of IDR12,500-13,000 per share before
the stake sale.

Antara says that the Ministry of State Enterprises is planning
to sell 5.31% of its controlling 61% stake in PGN via a global
tender in order to meet a privatization target of IDR3 trillion.

Bisnis Indonesia adds that the stake sale is scheduled for the
second to the fourth week of August, although there are reports
that the sale may be conducted next month.

                          *     *     *

Headquartered in Jakarta, PT Perusahaan Gas Negara is 61% owned
by the Government of Indonesia and is engaged in the
transmission and distribution of natural gas in the country,
with leading domestic market shares.

The Troubled Company Reporter - Asia Pacific reported on May 23,
2006, that Moody's Investors Service had affirmed PGN's Ba2
corporate family rating, which is expected to remain unchanged.

Fitch Ratings Agency assigned these ratings to the Company on
June 27, 2006:

   -- Long-term foreign currency Issuer Default Rating 'BB-';

   -- Long-term local currency IDR 'BB-'; and

   -- PGN Euro Finance 2003 Limited's IDR1.12-trillion notes due
      2014 and IDR1.35-trillion notes due 2013 guaranteed by PGN
      and its subsidiaries 'BB-'.


* Group Files Suit Over ExxonMobil Mining Contract
--------------------------------------------------
A group of politicians and activists filed a class action with
the Central Jakarta District Court against the Indonesian
Government for allowing United States-based oil giant ExxonMobil
Corp. to operate an oil and gas block in Cepu, Central Java, the
Jakarta Post relates.

The group is composed of 109 politicians, including former
People's Consultative Assembly speaker Amien Rais, former
Finance Minister Fuad Bawazier, environmental activists, retired
servicemen and former government officials.

The suit attacks an agreement awarded by the Government to
ExxonMobil to develop the Cepu oil and gas block, which is
slated to yield up to 600 million barrels of high-quality fuel
reserves and two billion barrels of lower-quality reserves.  The
Cepu block is also estimated to hold 11 trillion cubic feet of
natural gas, according to a report by Switzerland's
International Relations & Security Network.

As reported by the Troubled Company Reporter - Asia Pacific on
March 14, 2006, ExxonMobil Oil Indonesia Inc. and PT Pertamina
have concluded talks regarding the operation of the giant Cepu
oil block.  
  
On March 15, 2006, ExxonMobil stated in a press release that,
together with its subsidiaries, Mobil Cepu Limited and Ampolex
(Cepu) Pte Limited, it has signed a Joint Operating Agreement
with P.T. Pertamina EP Cepu, a subsidiary of PT Pertamina, for
the Cepu Contract Area located in East and Central Java,
Indonesia.  

                          *     *     *

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


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

HOWA BANK: To Seek JPY9-Billion Cash Injection from FSA
-------------------------------------------------------
Howa Bank will ask for a JPY9-billion bailout from Japan's
Financial Services Agency later this year in order to increase
its working capital, pending approval from its shareholders at
an upcoming meeting next month, the Japan Times says.

In an earlier report by the Asahi Shimbun, the FSA conducted an
inspection on Howa Bank in the January-March period, and
discovered that the Bank had a high level of non-performing
loans.  The Bank's capital adequacy ratio had dropped to 2.2% as
of March 31, 2006, and banks need a 4% capital adequacy ratio to
be able to operate locally.  The agency recommended that the
Bank improve its operations.

The Times adds that if the FSA would approve the bailout, Howa
Bank would be the first bank to receive government aid under a
new banking law approved in 2004 to strengthen the banking
industry.

                         About Howa Bank

The Howa Bank, Ltd. -- http://www.howabank.co.jp/-- is a Japan-
based company that is principally involved in the banking
business.  The Bank has two business segments: Banking and
Credit Cards.  The Bank is involved in the overseas remittance,
foreign currency exchange and foreign currency finance
businesses, as well as the provision of information on stock
exchanges, and the provision of consultation services on trading
and investment.  It also sells insurances, including non-life
and life insurances. The Bank's other business activities
encompass the Internet and mobile banking business, as well as
the provision of electronic banking services via computers,
phones and facsimiles, among others.

Howa Bank's 2006 revenues amount to JPY12.79 billion, and its
net profit margin stands at -85.67%, whereas its operating
margin is at -79.61%.  The Bank's return on average equity is
pegged at -134.47%.


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

DAEGU BANK: Posts KRW69.5-Billion Net Income in 2nd Quarter 2006
----------------------------------------------------------------
Daegu Bank recorded a KRW69.5-billion net income for the second
quarter of 2006, a slight decrease from the KRW71.6 billion net
income posted for the first quarter of 2006, according to the
bank's first-half report.

The result brings the bank's first-half earnings to
KRW141.1 billion, up 60.3% from the KRW88-billion net income
recorded for the first-half of 2005.

Net interest income for the current fiscal year's first half was
at KRW332.3 billion, while non-interest income was at
KRW38.7 billion.  General and administrative expenses amounted
to KRW159.5 billion.

The bank's operating income amounted to KRW196.2 billion, a
51.7% increase from last year's KRW129.3 billion.

Total assets as of the end of the second quarter of 2006 was at
KRW21.51 trillion, a 7.9% increase from the KRW19.93 trillion
recorded as of the end of the second quarter the year before.  
This was also a 2.1% increase from the previous quarter's
KRW21.08 trillion.

Total loans increased 10.3% year-on-year and 2.1% quarter-on-
quarter to KRW11.72 trillion.  Total deposits on the other hand
stood at KRW16.52 trillion, up from KRW16.15 trillion in the
previous quarter and from KRW16.02 trillion a year ago.

The bank's asset quality improved in the second quarter of 2006.  
Substandard loans decreased 1.1% QoQ and 19.3% YoY to
KRW81.4 billion.  Doubtful loans likewise decreased 45.8% QoQ
and 63.3% YoY to KRW16.1 billion.  The bank's NPL, PBL and SBL
ratios stood at 171.7%, 2.93% and 0.85%, respectively.

The bank also disclosed that it has opened eight new branches in
the first half of the year.   The number of Internet banking
users rose 9.3% to 1 million while phone banking experienced a
4.2% rise to 1.6 million users in the first half of 2006.

The bank's customer base currently include 3.2 million
depositors, or about 62% of the region's population, and 210,000
loan customers as of the end of June 30, 2006.

Daegu Bank also reported a decline in net interest margin from
the first quarter of 2006's 3.43% to the second quarter of
2006's 3.36%.  The result way also below the 3.55% forecasted
NIM for the quarter.  This was due to the seasonality of the low
cost deposit, increased competition in loan margins, the
increase in low yield assets and the decrease in the average
yield of investment.

The bank posted a lower overall delinquency ratio in the second
quarter of 2006.  Overall, the ratio stood at 0.98%, against the
1.04% in the first quarter of 2006 and the 1.33% in the second
quarter of 2005.

Daegu Bank's first-half 2006 financial report is available for
free at: http://bankrupt.com/misc/daegu_bank_1H2006.pdf

                        About Daegu Bank

Daegu Bank -- http://www.daegubank.co.kr-- provides various  
services such as commercial banking, foreign exchange,
certificate of deposits, securities trading, and trust accounts.  
The bank operates its business primarily in Daegu area.

                    *          *          *

Moody's Investors Service gave Daegu Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.

Fitch Ratings gave Daegu Bank an Individual Rating of 'B/C'
effective on April 21, 2006.


DONG-AH CONSTRUCTION: POSCO Joins Bidding Race
----------------------------------------------
POSCO Engineering & Construction Co. has disclosed that it is
taking part in the bidding contest for Dong-Ah Construction
Industrial Co., The Korea Herald relates.

According to the report, POSCO Engineering spokesman had
confirmed that the company is joining a consortium led by Soosan
Co., a construction equipment maker who has a 9.5% stake in
Dong-Ah.

Dong-Ah's strong brand power overseas, specially in the Middle
East, makes it an attractive buy for POSCO since it would help
expand POSCO's business, The Herald says, citing market sources.

The Herald reveals that the potential bidders for Dong-Ah are:

   * KIC Limited,
   * Keangnam Enterprises,
   * Kolon Engineering & Construction Co.,
   * Daeju Construction Co.,
   * Bosung Construction Co.,
   * Korean Traditional Builder,
   * Leading Investment & Securities Co.,
   * Bridge Securities Co.,
   * Shinhan Capital Co., and
   * Trident.

Dong-Ah's sale price is expected to be around KRW400 billion as
it had secured KRW220 billion in cash in March 2006 to pay back
creditors and some KRW70 billion in account receivables from
construction projects.  Also, the company's security bonds
amount to KRW90 billion.  Dong-Ah posted sales of KRW192 billion
last year and KRW397 billion in 2004.

The Troubled Company Reporter - Asia Pacific reported on Aug. 8,
2006, that creditors of Dong-Ah Construction are expected to
pick a preferred bidder early in September 2006.  Korea Asset
Management Corp., which is arranging the Dong-Ah sale along with
Samjong KPMG FAS Inc., has set the deadline for the bids on
August 29, 2006.  The inspection of proposals is expected to
last a week.  

An earlier TCR-AP report on June 21, 2006, said that Dong-Ah has
attracted 14 potential bidders since its creditors announced
that they are going to auction a controlling stake in the
construction company.

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

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

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

                    About POSCO Engineering

POSCO Engineering is South Korea's No. 7 builder with sales
amounting to KRW3.9 trillion in 2005.

                   About Dong-Ah Construction

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

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

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

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


KOOKMIN BANK: To Expand Global Business Network
-----------------------------------------------
Kookmin Bank is moving to acquire at least two small-sized banks
in developing countries by late 2007 as part of efforts to build
its global business network, The Korea Times reports

According to the report, if Kookmin's board approves the plan
next week, it will form a task force that will include at least
10 vice-presidents and merger experts to oversee the project.

Antara News explains that the bank is considering buying a
minimum 25% stake in banks capitalized at around KRW30 billion
(US$31 million) in Russia, India, China and other Asian nations.

The Times explains that Kookmin plans to advance into emerging
markets in the form of acquiring local banks, setting up
subsidiaries or using the banking network owned by Korea
Exchange Bank in those countries.  Kookmin has signed a contract
to buy KEB, a formally state-owned bank, with its current owner,
Lone Star Funds, a U.S. private equity fund.

                       About Kookmin Bank

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

                          *     *     *

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

Fitch Ratings gave the bank a B/C rating.


PUSAN BANK: Posts KRW62-Billion Net Income in 2nd Quarter 2006
--------------------------------------------------------------
Pusan Bank reported a 29.7% increase in net income for the
second quarter of 2006, to KRW62 billion from KRW47.8 billion in
the previous quarter, according to the bank's Second Quarter
Financial Results.

Pusan Bank's net interest income for the 2006 second quarter was
KRW150.4 billion, down 3.2% from the 2006 first quarter's
KRW155.4 billion.

Gross operating income for the quarter ended June 30, 3006,
moved up slightly to KRW166.2 billion from the KRW165.4 billion
posted in the quarter ended March 31, 2006.  With a smaller loan
loss provision of KRW10 billion offsetting a KRW82.1-billion
selling, general and administrative expense account, the bank
reported a KRW74.1-billion net operating income for the second
quarter, 1.9% more than the previous quarter's KRW72.7 billion.

Non-operating income was at KRW11.8 billion, compared with the
KRW6.2-billion non-operating loss in the first quarter.

Pre-provision income was also up 8.1% to KRW99.2 billion in the
second quarter of this year.

Pusan Bank's balance sheet as of June 30, 2006, showed total
assets of KRW21.36 trillion, total shareholders' equity of
KRW1.197 trillion.  Total deposits at the end of the period was
KRW16.43 trillion and total loans was KRW13.03 trillion.

Pusan Bank discloses that it has opened seven more branches in
the first half of 2006 or 3.5% YTD.  It has also achieved a 7%
loan growth YTD and developed a new relationship with regional
SME customers including those from satellite cities.

Pusan Bank's substandard loan decreased 23.3% from
KRW102 billion in the first quarter of 2006 to KRW78.2 billion
in the second quarter of 2006.  Doubtful loans fell 8.8% QoQ to
KRW27.9 billion, while precautionary loans fell 3.2% QoQ to
KRW279.6 billion.  Expected loss however, increased 8.3% QoQ to
KRW14.3 billion.

Consequently, the bank has a P&B loan amount of KRW400 billion,
in contrast to the total loan amount of KRW13.49 trillion.  The
bank's P&B loan ratio for the second quarter of 2006 stands at
2.96%, down 0.49 percentage points from the first quarter's
3.45%.  P&B loan coverage ratio was up 4.90 percentage points to
51.85%.

Pusan Bank's quarterly report for the period ended June 30,
3006, is available for free at:

    http://bankrupt.com/misc/pusan_bank_2Q2006.pdf

                       Delinquency Ratios

Pusan Bank reported a 0.88% delinquency ratio for its loans in
the second quarter of 2006, it's lowest 11 quarters starting
from the fourth quarter of 2003.  Delinquents in this sector
amounted to KRW116 billion out of a total loans amount of
KRW13.13 billion.

Delinquency ratios for the second quarter of 2006, broken down
by sectors, are:

        Sector          Total Loans    Delinquents     Ratio
   ------------------   -----------    -----------     -----
   Large Corporations       1,155.4            0.1     0.01%
   SMEs                     8,167.2           72.9     0.89%
   Household                3,495.2           31.9     0.91%
   Credit Card                313.7           11.1     3.53%

                        About Pusan Bank

Pusan Bank -- http://www.pusanbank.co.kr/-- provides retail  
banking services including telephone banking, savings deposits,
personal and business loans, credit card financing, foreign
currency exchanges, and wire transfer services.  The bank mainly
serves Pusan metropolitan area through its network of branches.

                    *          *          *

Moody's Investors Service gave Pusan Bank a 'D' Bank Financial
Strength Rating effective on March 30, 2006.

Fitch Ratings gave Pusan Bank an Individual Rating of 'B/C'
effective on September 6, 2005.


TRIGEM COMPUTER: Sets Aug. 25 as LOI Deadline For Bidders
---------------------------------------------------------
TriGem Computer, Inc., is inviting potential investors to
participate in a competitive bidding and an auction of its
assets.

Prospective bidders may submit a letter of interest to Samjong
KPMG FAS Inc., TriGem's lead M&A advisors, by August 25, 2006,
TriGem said in an invitation letter dated August 7.

TriGem has not yet scheduled the auction.

The winner at the auction will acquire TriGem's newly issued
shares and corporate bonds, and take control of management.

                         Bankruptcy Plan

As previously reported, TriGem has put its assets up for sale
pursuant to a corporate reorganization plan agreed to by
TriGem's creditors and shareholders, and approved by the Suwon
District Court in South Korea, on January 5, 2006.  TriGem will
use the sale proceeds for a "single lump repayment" of
reorganization debt and normalization of the company's
operations.

TriGem has retained the consortium of Samjong KPMG FAS, Samhwa
Accounting Corp. and Barun Law in connection with the potential
sale.

                           LOI Package

According to TriGem, a prospective bidder's letter of intent
must:

   (a) contain a description of the bidder's business, including
       company history, ownership structure, primary business
       activities, and major subsidiaries or affiliates;

   (b) explain the bidder's industry and market knowledge or
       expertise, including its experience and resources in the
       computer and computer peripheral manufacturing and
       distribution industries, and familiarity with the Korean
       market;

   (c) discuss the bidder's strategy and plans for TriGem and
       the value enhancement the bidder expects to bring to the
       existing business;

   (d) indicate the bidder's source of funding for the full
       purchase consideration, including:

       -- current cash and equivalents balance;

       -- financing plan; and

       -- most recent annual audited financial statements and
          interim financial statements;

   (e) detail the bidder's plan to obtain necessary approvals,
       to the extent that any potential opposition from
       competitors or governmental agencies like the Korean Fair
       Trade Commission; and

   (f) provide the bidder's contact information.

Bidders participating in a consortium may submit one LOI.

Other documents to be submitted with the LOI are:

   -- a signed Application Form;
   -- a signed Confidentiality Agreement;
   -- a Letter of Commitment; and
   -- Confirmation Regarding Receipt of the Due Diligence
      Reports

Bidders also are required to deposit KRW3,000,000 to Samjong
KPMG FAS' account at Kookmin Bank (Star Tower Branch), in Seoul,
Korea, before submitting the LOI package to receive necessary
documentation in conducting preliminary due diligence.  The
deposit is non-refundable.

Bidders who hold a majority stake in TriGem or are specially
related parties as defined under Article 42 of the Korean
Regulations on Corporate Reorganization of any major shareholder
before the commencement of TriGem's Reorganization Proceedings,
are disqualified from participating in the Bidding.

                     Due Diligence Provisions

After reviewing the LOI Packages, TriGem and its M&A Advisors
will select a number of Prospective Bidders who will be allowed
to conduct due diligence before submitting binding offers.  
Prospective Bidders who are selected as Qualified Bidders will
be notified by August 29, 2006.

Each Qualified Bidder will receive a confidential information
memorandum; due diligence reports on TriGem's assets and
liabilities, and current litigation and other legal issues;
instructions for submitting bids and related documents; and
additional data files for Preliminary Due Diligences.

Qualified Bidders may then conduct Preliminary Due Diligence
from August 29 until September 26.  Preliminary Due Diligence
includes factory visit and management presentation from
September 6 to 19.

Qualified Bidders must submit binding offers to Samjong KPMG FAS
by September 27, 2006.

                    Other Deposit Requirements

An Earnest Money Deposit equal to 5% of the Bid Price must be
deposited into an account designated by TriGem before execution
of a Memorandum of Understanding with the Prospective Bidder.

Bidders must also deposit 10% of the full purchase price into an
account designated by TriGem on the date of the execution of a
Definitive Agreement with the Prospective Bidder.

The remainder of the full purchase price must be deposited into
an account designated by TriGem at least three business days
before the meeting of interested parties -- e.g., TriGem
creditors -- is held to approve the Transaction.

A full-text copy of TriGem's Invitation Letter in English is
available at no charge at:

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

A full-text copy of TriGem's Invitation Letter in Korean is
available at no charge at:

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

                           Teaser Memo

TriGem also circulated a teaser memorandum containing financial,
restructuring and other salient company information to
potential investors.

Samjong KPMG FAS, which prepared the Teaser Memorandum,
clarifies that the document does not constitute an offer to
subscribe for or invest in TriGem.

A full-text copy of the Teaser Memorandum in English is
available at no charge at:

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

A full-text copy of the Teaser Memorandum in Korean is available
at no charge at:

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

                          About TriGem

Headquartered in Ansan City, Kyunggi-Do, Korea, TriGem Computer
Inc. -- http://www.trigem.com/--  manufactures desktop PCs,  
notebook PCs, LCD monitors, printers, scanners, other computer
peripherals, and PIDs and supplies over four million PCs a year
to clients all over the world.

The Troubled Company Reporter - Asia Pacific reported on
June 20, 2005, that the Suwon District Court has authorized
TriGem's receivership and gave it a chance to revive its
operations.  The Suwon Court then appointed the Company's former
president and chief executive officer Park Il-hwan as
supervisor.

Mr. Park, also as TriGem's Foreign Representative, filed a
chapter 15 petition on Nov. 3, 2005, with the United States
Bankruptcy Court for the Central District of California (Bankr.
C.D. Calif. Case No. 05-50052), seeking recognition of TriGem's
case pending under the Corporate Reorganization Act in Korea as
a foreign main proceeding.  Charles D. Axelrod, Esq., at Stutman
Treister & Glatt, P.C., represents the Foreign Representative in
the U.S.

TriGem America Corporation, an affiliate of the Debtor, filed
for chapter 11 protection on June 3, 2005 (Bankr. C.D. Calif.
Case No. 05-13972).  TriGem Texas, Inc., another affiliate of
the Debtor, also filed for  chapter 11 protection on June 8,
2005 (Bankr. C.D. Calif. Case No. 05-14047). (TriGem Bankruptcy
News, Issue No. 3 Bankruptcy Creditors' Service, Inc., 215/945-
7000).


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

ANTAH HOLDINGS: Receives Notice of Discontinuance of Summons
------------------------------------------------------------
On August 8, 2006, Antah Holdings Berhad received a Notice of
Discontinuance of the Summons filed by HSBC Bank Malaysia
Berhad.

The Troubled Company Reporter - Asia Pacific reported that on
August 3, 2006, HSBC Bank Malaysia confirmed that it will
withdraw its Writ of Summons dated July 19, 2006, against Antah
Holdings Berhad's wholly owned subsidiary, Kaseh Lebuhraya Sdn
Bhd.

An earlier TCR-AP report stated that HSBC served a Writ of
Summons on Kaseh Lebuhraya, asserting a MYR30,380,152 claim.  
Antah Holdings immediately held talks with HSBC to resolve the
matter amicably.

                       About Antah Holdings

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

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


DATUK KERAMAT: MOU Extended Until January 2007
----------------------------------------------
On August 9, 2006, Datuk Keramat Holdings Berhad and its listed
subsidiary George Town Holdings Berhad executed a mutual
agreement with Golden Sun Group Company Limited.

By this mutual agreement, the Memorandum of Understanding
entered into by the Company and George Town is extended until
January 31, 2007.

As reported by the Troubled Company Reporter - Asia Pacific on
June 9, 2006, Datuk Keramat and George Town, on May 11, 2006,
entered into a Memorandum of Understanding with Golden Sun Group
Company Limited in relation to the proposed acquisition of
assets pursuant to the proposed restructuring of George Town and
its subsidiaries.

                       About Datuk Keramat
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  

The Group is facing numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  On January 24, 2005, the Company was served with a wind-
up petition by Affin Bank Bhd, who claimed a sum of MYR15.66
million in respect of revolving credit facilities granted to the
Company.  

                       About George Town

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

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


LANKHORST BERHAD: Building Up Order Book to Erase Losses
--------------------------------------------------------
In line with its restructuring efforts, Lankhorst Berhad plans
to bid for more construction projects to shore up its order book
and in turn, wipe out accumulated losses, The Edge Daily
reports.

Group managing director Rashidi Aly Abdul Rais tells The Edge
that the Company, which had incurred total losses of more than
MYR150 million, is drawing a debt and capital restructuring with
a cash injection of capital exercise.

According to The Edge, Lankhorst had to submit its restructuring
scheme to the Securities Commission by the fourth quarter of
this year at the latest or risk being de-listed.

Mr. Rashidi assures that the Company is on track and will
finalize the scheme as soon as the orders are concluded, The
Edge says.  Lankhorst was reportedly bidding for general
construction, rail tracking, soil engineering, and water
services projects to take advantage of the MYR3 billion allotted
under the Ninth Malaysia Plan and internationally.

The Edge further reports that the Company was also looking for
jobs either as the main or sub-contractor for the MYR100 million
worth of projects issued by the Government and KTM Bhd annually
for rail-track upgrading and refurbishments, as well as water
pipe refurbishment and slope mitigation projects.

The Company discloses that international contracts contribute to
30% of its current revenue but that amount could go higher if
the Company secures more overseas jobs, The Edge relates.  
Lankhorst is also bidding for projects in the Middle East and in
Singapore, Thailand, and Indonesia.

                     About Lankhorst Berhad

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply.  

On April 24, 2006, Lankhorst was classified as an affected
listed issuer and is required to comply with the provisions of
the Bourse's Practice Note 17/2005 category or face delisting
procedures.

The Company's March 31, 2006, balance sheet revealed total
assets of MYR105,613,000 and total liabilities of MYR203,251,000
resulting into a stockholders' deficit of MYR97,638,000.


MALAYSIA AIRLINES: Hopes to Ink More Code-Share Pacts This Year
---------------------------------------------------------------
Malaysia Airlines is looking to enter into at least five more
code sharing deals by the end of this year, a move that is
expected to increase its passenger load, Bernama reports.

The carrier's managing director and chief executive officer
Idris Jala tells Bernama that Malaysia Airlines would first sign
with Australia by the end of this month and with South Africa,
China, Europe as well as the United States before Christmas.

According to The Star Online, the code sharing allows airlines
to sell tickets on routes they do not fly.  In addition, it
enables travelers to enjoy a seamless product as a single
airline supervises the passenger's entire journey.

Malaysia Airlines is hoping to sign more code-sharing agreements
in line with its strategy of shifting from point-to-point
network to hub-and-spoke connecting network, The Star says.

As reported by the Troubled Company Reporter - Asia Pacific on
August 7, 2006, Malaysia Airlines had entered into its 23rd
code-sharing agreement this time with Gulf Air.

The agreement, which will come into effect on September 8, 2006,
will allow Malaysia Airlines to market seats under its code on
the Gulf Air operated flights between Kuala Lumpur to the Middle
East countries of Bahrain and Oman.

                     About Malaysia Airlines

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

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


MOBIKOM: Wins Relief from Wind-Up Bid
-------------------------------------
The Court of Appeal has granted Mobikom Sdn Bhd an injunction to
restrain a service provider from pursuing a wind-up petition,
The Star Online reports.

According to The Star, Court of Appeal Justices Gopal Sri Ram,
Hashim Mohd Yusoff, and Azmel Ma'amor allowed Mobikom's appeal
against a High Court decision to dismiss an injunction it had
applied for against Inmiss Communication Sdn Bhd last year.  The
Judges, who unanimously set aside the High Court order, also
granted a stay of another High Court order barring Mobikom from
entering into any agreement relating to its assets.

On August 11, 2005, Inmiss had filed a petition at the High
Court to wind up Mobikom for owing it MYR27.4 million after it
was awarded the sum by an arbitrator on March 31, 2005, The Star
relates.  In the winding-up petition, Inmiss claimed that
Mobikom -- now a dormant company -- owed the sum after it failed
to pay for "value-added services" provided under an agreement
dated May 10, 1996.

The Star reveals that Inmiss had earlier served a statutory
notice to demand the sum from the former provider of the Mobikom
800 Network cellular telecommunications services after the
arbitration award.  Mobikom then applied for an injunction to
stop Inmiss from pursuing winding-up proceedings.

On August 12, 2005, Mobikom filed an appeal after the High Court
dismissed its application for an inter parte injunction to
restrain Inmiss Communication from presenting a winding-up
petition pending the disposal of Mobikom's application to set
aside an arbitration award, The Star relates.  High Court
Justice Abdul Wahab Patail had dismissed the injunction
application with costs.  The same court also rejected Mobikom's
application for an interim injunction pending its appeal to the
Court of Appeal, the paper further says.


MT PICTURE: To Cease Operations Due to Dwindling Demand
-------------------------------------------------------
MT Picture Display Sdn Bhd will discontinue operations and
commence liquidation procedures this month, Electronic
Engineering Times says.

MT Picture is the Malaysian subsidiary of Matsushita Toshiba
Picture Display Co. Ltd, a joint venture of Matsushita Electric
Industrial Co. Ltd and Toshiba Corp.

MTPDM, which manufactures CRTs for 21-inch to 32-inch
televisions for the Japanese and North American markets, has
faced declines in demand for cathode ray tubes and intensified
price competition due to increasing sales of flat-panel TVs in
their respective markets.

This closing is a part of MTPD's restructuring initiatives to
establish an optimum CRT manufacturing structure in Asia and
China.


POLYMATE HOLDINGS: AmBank Files Two Claims Payment Demands
----------------------------------------------------------
Polymate Holdings Berhad receives two claims payment demand
notices dated August 7, 2006, from Messrs. Shearn Delamore & Co.
-- the solicitors acting for AmBank (M) Berhad.

AmBank is demanding MYR491,626 and MYR8,325,031 due and owed as
of June 30, 2006, together with interest accruing from July 1,
2006, onwards until full realization, or to secure or compound
it to the reasonable satisfaction of AmBank within 21 days upon
service of the notices.

If the Company fails to settle the amounts, it will be deemed
unable to pay the debts.  Accordingly, the Company will be wound
up without further notice.

The Troubled Company Reporter - Asia Pacific reported on
April 13, 2006, that Polymate Holdings and its wholly owned
subsidiary, Polymate Industries (M) Sdn Bhd, were served with a
Writ of Summons and Statement of Claim by AmBank.  AmBank was
asserting a MYR343,770-claim from the two firms as payment for
an outstanding debt as of February 17, 2006.  The sum also
included an annual interest of 8.01% from February 18, 2006,
until full its realization.  The Bank also claimed for other
costs and any other relief that the Court deems fit.

About Polymate Holdings

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

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


PROTON HOLDINGS: Changes Registered Address
-------------------------------------------
Starting August 8, 2006, Proton Holdings Berhad will do business
at its new address:

         Centre of Excellence
         KM33.8, Westbound Shah Alam Expressway
         47600 Subang Jaya
         Selangor Darul Ehsan
         Malaysia

The Registrar may be reached at:

         Telephone: 03- 8026 9999
         Fax: 03- 8026 9744
         e-mail: bernadvp@proton.com

                     About Proton Holdings

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

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

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


TENAGA NASIONAL: Talks with IPPs Face Delays
--------------------------------------------
Tenaga Nasional Berhad admits that it might not conclude talks
with independent power producers for supplemental power purchase
agreements this month, but vowed to reach an agreement with IPPs
before the year ends, The Edge Daily reports.

The Company's chief executive officer Datuk Che Khalib Mohamad
Noh tells The Edge that it is in the interests of all parties to
finalize the discussions soon and is confident that the outcome
would be good for customers and the utility industry.  

According to The Edge, Energy, Water and Communications Minister
Datuk Seri Dr. Lim Keng Yaik says that the talks were unlikely
to be concluded by the end of the month, the initial target for
completion of the talks.

Minister Datuk Seri Dr, Lim Keng Yaik tells The Star Online that
supplementary agreements are being worked out to address the
imbalance in the industry.  The objective is to help Tenaga
while at the same time, give the IPPs "a role to play in the
future."

The Ministry reportedly wants the IPPs to absorb some of the
rising costs of fuel and operations, which have been passed on
to Tenaga.  In return, the Government may allow the IPPs to
extend their concessions, The Edge says.

Analysts expect that to offset the lower current prices for the
power sold to Tenaga, the concession periods of the IPPs would
be extended.  The extension would also offer a longer life for
the IPPs, The Star relates.

However, analysts expect the Ministry's proposals would be
complex to carry into effect as the IPPs need to get the
approval of their shareholders and bondholders, Star Online
says.  The bondholders have to agree for the proposals to go
through because they gave loans to the IPPs at attractive rates
based on the lucrative investment returns for the IPPs, the
paper notes.

                     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.


UNITED CHEMICAL: Total Default Amount Tops MYR9.9 Million
---------------------------------------------------------
United Chemical Industries Berhad discloses that as of July 31,
2006, its total default stands at MYR9,956,665, which comprise
of:

   -- MYR6,238,322 owed to RHB Bank Berhad as an unsecured term
      loan; and

   -- MYR3,718,342 owed to Bank Industri Malaysia Berhad as
      secured term and revolving credits.

The Troubled Company Report - Asia Pacific recounts that as of
June 30, 2006, United Chemical's outstanding loans defaulted
aggregated to MYR9,879,692.

                 About United Chemical Industries

United Chemical Industries Berhad, a company incorporated and
domiciled in Malaysia, is a public company limited by shares,
and is listed on the Second Board of Bursa Malaysia Securities
Berhad.  United Chemical is an investment holding company that
was previously involved in the manufacture and sale of
polypropylene and polyethylene woven bags together with its
allied products.  Its subsidiary company, Geotextiles (M) Sdn
Bhd, was previously involved in the manufacture and sale of
geotextile fabrics together with its allied products.

As of March 31, 2006, the Company posted accumulated losses of
MYR94,030,173 and a shareholders' deficit of MYR72,349,087.


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

BENGUET CORP: Fined for Non-Submission of FY05 Annual Report
------------------------------------------------------------
The Securities & Exchange Commission said it would suspend the
securities registration of Benguet Corp. unless it settled a
PHP50,000 fine, the Philippine Star reveals.

Benguet Corp. has yet to submit its fiscal 2005 financial report
to the SEC, after a deadline had been set on May 31, 2006;
hence, it was ordered to pay a fee of PHP50,000 as punishment
for non-compliance.  The Company was given 15 days from receipt
of the SEC letter to settle the penalty fee.

                    About Benguet Corporation

Benguet Corporation -- http://www.benguetcorp.com/-- was  
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

As of March 31, 2006, Benguet Corp.'s liabilities to its
creditor-banks amount to PHP1.7 billion.

                          *      *      *

In a financial report for the quarter ended March 31, 2006, the
Company posted PHP310.66 million in current assets available to
pay PHP3.865 billion in current liabilities due within the next
12 months.  Benguet Corp.'s total assets for the period amount
to PHP3.213 billion, compared to total liabilities of
PHP4.909 billion, resulting to a PHP1.695-billion stockholder's
equity deficit.


COLLEGE ASSURANCE: Receiver Seeks Approval of New Rehab Plan
------------------------------------------------------------
College Assurance Plans Philippines Inc.'s court-appointed
receiver, Mamerto Marcelo Jr., has sought the approval of the
Makati Regional Trial Court of a revised rehabilitation plan for
the Company, the Philippine Inquirer relates.

Mr. Marcelo said that the new plan is more conservative and
realistic, and he asked the Court to implement the plan
immediately.

The Troubled Company Reporter - Asia Pacific states that as of
end-2003, CAP's trust fund deficiency totaled PHP17.2 billion.  
According to the Securities and Exchange Commission, the
Company's trust fund assets, which were managed by trustee
banks, had not grown sufficiently to match its net liability to
plan holders worth PHP25.6 billion.  CAP recorded a
PHP2.8-billion loss in 2003, up from PHP403.3 million in 2002.

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

CAP's revised rehabilitation plan, based on a reduced number of
plan holders to 403,000 from 780,000 in 2005 due to the
cancellation of plans by some clients, calls for:

  -- streamlined operations;

  -- sale of assets such as real estate assets worth
     PHP4.6 billion, bonds related to the Metro Rail Transit
     system (PHP2.8 billion), and its 17.9% stake in Philippine
     Bank of Commerce (PHP1.02 billion);
  
  -- recovery of investments in Fil-Estate Management Inc.,
     worth PHP1.86 billion;

  -- restructuring of corporate debts;

  -- sale of equity shares in affiliates to raise
     PHP324 million;

  -- maximizing resources;

  -- shareholders' contributions amounting to PHP103 million;
     and

  -- launching "fixed growth" plans to replace open-ended plans.

CAP hopes to raise PHP10.3 billion from the sale of its assets,
which amount would go to its trust fund.

According to the Inquirer, the Company slashed its costs by
PHP148.2 million this year on the consolidation of its finance
processing centers and shutdown of detached marketing offices,
and hopes to reduce costs further by year's end.

                          *     *     *

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


LIBERTY TELECOMS: Fined for Late Filing of FY05 Annual Report
-------------------------------------------------------------
The Securities & Exchange Commission said it would suspend the
securities registration of Liberty Telecoms unless it settled a
PHP50,000 fine for late filing of its financial report, the
Philippine Star reveals.

Apex Mining had submitted its 2005 annual report to the SEC
after the May 31, 2006 deadline, thus, it was ordered to pay a
PHP50,000 fine as punishment for non-compliance.  The Company
has been given 15 days from receipt of the SEC letter to settle
the penalty fee.

Headquartered in Makati City, Philippines, Liberty Telecoms
Holdings, Inc. was incorporated in January 1994 primarily to
engage in real and personal property businesses; to deal in
stocks, bonds and other securities or evidence of indebtedness
of any entity; and to acquire all or any part of the business of
any entity.  Shortly after its incorporation, the company
acquired all of the shares of stock of Liberty Broadcasting
Network, Inc., Radionet, Inc. and Tanya Development, Inc.
Consequently, these companies became wholly owned subsidiaries
of Liberty Telecoms.  On March 15, 2000, the three wholly owned
subsidiaries of the company merged, with Liberty Broadcasting as
the surviving company.

A report by the Troubled Company Reporter - Asia Pacific on
July 18, 2006, stated that Liberty Telecoms suffered a
PHP338.44-million net loss for fiscal 2005, against a net loss
of PHP436.41 million in 2004.  The Company filed for corporate
rehabilitation in August 2005 to restructure debts totaling
PHP616.19 million.


MIRANT CORP: US$1.2B Equity Buy Back Cues Moody's to Cut Ratings
----------------------------------------------------------------
Moody's Investors Service downgraded on July 16, 2006, the
ratings of Mirant Corporation and its subsidiaries Mirant North
America, LLC and Mirant Americas Generation, LLC.  The Ba2
rating for Mirant Mid-Atlantic, LLC's secured pass through trust
certificates was affirmed.  Additionally, Mirant's Speculative
Grade Liquidity rating was revised to SGL-2 from SGL-1.  The
rating outlook is stable for Mirant, MNA, MAG, and MIRMA.

This rating action follows Mirant's announcement that it plans
to repurchase up to US$1.25 billion of common stock, to pursue
the sale of its international businesses and to continue to
return cash to shareholders after it generates proceeds from the
sale of the international assets.  The international assets
contributed about 40% of consolidated year-to-date EBITDA.

"The downgrades reflect Moody's belief that key financial
coverage ratios will now be weaker than previously expected over
the next several years due to the sharp shift in management's
financial strategy towards increased shareholder rewards that
reduce the level of protection for debt holders" said Moody's
Vice President Scott Solomon.

These concerns are exacerbated by challenges confronting the
company to fund a capital expenditure program that could require
as much as US$2 billion of capital over the next several years.     
While Mirant expects to generate sufficient cash to meet all of
its capital requirements, the potential volatility of its cash
flow combined with very large cash payments to equity holders
causes concern that leverage may be increased.  Moody's notes
that Mirant's financing documents provide considerable
flexibility for the incurrence of additional indebtedness.

Moody's previous ratings incorporated the expectation that
Mirant would generate consolidated cash flow of at least 10% of
total consolidated debt and that this ratio would gradually
improve as the company used excess cash flow to reduce debt.  
Given Mirant's strategic direction however we now anticipate
that this ratio will be pressured and could trend downward in
2007 and 2008.

With the exception of MIRMA, the previous notching differential
between the ratings of the issuers are maintained and reflect
structural subordination and the relative benefit of the
collateral for each debt instrument.

The affirmation of MIRMA's rating considers its direct holding
of some of Mirant's most competitively positioned generating
assets, its significant hedged position through 2008 and the
benefit of a US$75 million rent reserve.

The revision of the Speculative Grade Liquidity rating to SGL-2
reflects a reduction in financial flexibility and cash on hand
as the company will use a portion of its cash to achieve the
stock repurchase program.  The initial repurchase of up to
US$1.25 billion is expected to be completed in the third quarter
and to be funded with a combination of cash on hand and funds to
be contributed upstream from a term loan borrowing at Mirant's
Philippines business.

Expected available cash upon completion of the repurchase
program is US$200 million at Mirant and US$105 million at MNA.
Additional liquidity is expected to be available through MNA's
US$800 million senior secured bank facility that was undrawn at
March 31, 2006.  MNA also has access to US$200 million of
synthetic letters of credit that is used to provide liquidity to
its energy trading business.

Downgrades:

Issuer: Mirant Americas Generation, LLC.

   * Senior Unsecured Regular Bond/Debenture, Downgraded to B3
     from B2

Issuer: Mirant Corporation

   * Corporate Family Rating, Downgraded to B2 from B1

   * Speculative Grade Liquidity Rating, Downgraded to SGL-2
     from SGL-1

Issuer: Mirant North America, LLC

   * Senior Secured Bank Credit Facility, Downgraded to B1 from
     Ba3

   * Senior Unsecured Regular Bond/Debenture, Downgraded to B2
     from B1

Mirant Corporation is an independent power producer that owns or
leases a portfolio of electricity generating facilities totaling
17,600 megawatts.  MAG, MNA and MIRMA are indirect wholly-owned
subsidiaries of Mirant Corporation.  Mirant is headquartered in
Atlanta, Georgia.


MIRANT CORP: Excluded Debtors Want Until December 6 to File Plan
----------------------------------------------------------------
Mirant Corporation debtor-affiliates, which did not emerge from
bankruptcy with Mirant, ask the United States Bankruptcy Court
for the Northern District of Texas to further extend their
exclusive periods to:

    (a) adopt or abandon the Debtors' Plan of Reorganization, or
        to file a plan of reorganization until December 6, 2006;
        and

    (b) solicit acceptances of the Plan or another plan until
        February 3, 2007.

These debtor-affiliates are:

    (a) the New York Debtors -- Mirant Bowline, LLC; Mirant
        Lovett, LLC; and Mirant New York, Inc.;

    (b) Mirant NY-Gen, LLC; and

    (c) Hudson Valley Gas Corporation.

Jeff P. Prostok, Esq., at Forshey & Prostok LLP, in Fort Worth,
Texas, relates that certain issues in the Excluded Debtors'
Chapter 11 cases have not yet been resolved, specifically the
New York Debtors' tax dispute with the New York taxing
authorities and the Mirant NY-Gen, LLC's remediation plan.

Judge Lynn recently issued a Memorandum Order relating to the
New York Debtors' tax issues, Mr. Prostok notes.  The Memorandum
Order provides for hearing schedules that will tackle the
resolution of the tax disputes.  The Bankruptcy Court or the
Supreme Court of the State of New York, where the Debtors' tax
certiorari actions are pending, may rule on the issues in
October 2006.

Mr. Prostok contends that the New York Debtors and Hudson Valley
cannot confirm a plan without resolving the tax disputes with
the New York Taxing Authorities.  In addition, Mirant NY-Gen
contemplates selling certain of its assets, which may need to be
addressed prior to the proposal of a plan.

The New York Debtors and Hudson Valley, Mr. Prostok says, will
use the additional time after October 2006 to propose a plan of
reorganization based on the outcome of the tax disputes and the
resolution of other matters.

Mirant NY-Gen will use the extension to begin its compliance
with the remediation plan approved by the Federal Energy
Regulatory Commission and address any related issues, which may
arise prior to proposing a plan.

Denying the requested extension and opening up the Excluded
Debtors' cases to competing plans, on the other hand, would
destabilize the process, risk unnecessary litigation, and delay
the timely emergence of the Excluded Debtors from Chapter 11,
Mr. Prostok points out.

                       About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- is a competitive energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on January 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed US$20,574,000,000
in assets and US$11,401,000,000 in debts.  (Mirant Bankruptcy
News, Issue Nos. 95 & 100; Bankruptcy Creditors' Service, Inc.,
215/945-7000)

                         *     *     *

As reported in the Troubled Company Reporter on July 17, 2006,
Moody's Investors Service downgraded the ratings of Mirant
Corporation and its subsidiaries Mirant North America, LLC and
Mirant Americas Generation, LLC.  The Ba2 rating for Mirant Mid-
Atlantic, LLC's secured pass through trust certificates was
affirmed.  Additionally, Mirant's Speculative Grade Liquidity
rating was revised to SGL-2 from SGL-1.  The rating outlook is
stable for Mirant, MNA, MAG, and MIRMA.

Moody's downgraded Mirant Americas Generation, LLC's Senior
Unsecured Regular Bond/Debenture, to B3 from B2.  Moody's also
downgraded Mirant Corporation's Corporate Family Rating, to B2
from B1, and Speculative Grade Liquidity Rating, to SGL-2 from
SGL-1.  Mirant North America, LLC's Senior Secured Bank Credit
Facility, was also downgraded to B1 from Ba3 and its Senior
Unsecured Regular Bond/Debenture, to B2 from B1.

As reported in the Troubled Company Reporter - Asia Pacific on
July 14, 2006, Fitch Ratings placed the ratings of Mirant Corp.,
including the Issuer Default Rating of 'B+', and its
subsidiaries on Rating Watch Negative following its announced
plans to buy back stock and sell its Philippine and Caribbean
assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.

Fitch also placed Mirant North America, Inc.'s Issuer Default
Rating of 'B+', Senior secured bank debt's 'BB/RR1' rating,
Senior secured term loan's 'BB/RR1' rating, and Senior unsecured
notes' 'BB-/RR1' rating on Rating Watch Negative.  Mirant
Americas Generation, LLC's Issuer Default Rating of 'B+' and
Senior unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


PHILODRILL CORP: In Talks with Foreign Firm to Develop Site
-----------------------------------------------------------
The Philodrill Corp. is currently negotiating with a foreign
firm to develop its Octon field in Northwest Palawan under a
service contract from the Department of Energy, the Manila Times
states.

Philodrill vice-president for exploration Alessandro Sales said
that the Company could not disclose more details about its
talks, revealing that it had signed a confidentiality agreement.  

The Troubled Company Reporter - Asia Pacific reported on Aug. 9,
2006, that the Company had started selling 9,000,000 treasury
shares to finance its working capital, although Mr. Sales
declined to comment whether part of the proceeds would go
towards the funding of the development project, as this was also
covered in the confidentiality agreement.

                      About The Philodrill Corp.

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

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

                      Going Concern Doubt

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

                        Debt Servicing

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


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

ASIANA INVESTMENT: Undergoes Wind-Up Proceedings
------------------------------------------------
On July 24, 2006, Ee Kee Chai filed an application to wind up
Asiana Investment Pte Ltd.

The High Court of Singapore is scheduled to hear the wind-up
petition on August 18, 2006, at 10:00 a.m.

Parties wishing to appear at the hearing must file an
application to the Applicant's solicitor by August 17, 2006, at
12:00 p.m.

The Applicant's solicitor can be reached at:

         Messrs H. T. Sam & Company
         No. 3 Shenton
         Way #08-08
         Shenton House
         Singapore 068805


ASICHEM TRADING: Creditors' First Meeting Slated for August 23
--------------------------------------------------------------
The creditors of Asichem Trading (S) Pte Ltd will hold their
first meeting on August 23, 2006, at 10:30 a.m.

At the meeting, creditors will be asked to:

   -- receive an update from the liquidator on the conduct of   
      the liquidation;

   -- appoint a Committee of Inspection pursuant to
      Section 277 (1) of the Companies Act (Cap 50);

   -- nominate and authorize a member of the Committee and the
      liquidator to open and/or close and operate one or more
      bank accounts  and/or close any existing bank accounts.
      All bank accounts will be jointly operated by the
      nominated COI member and the Liquidator;

   -- give authority to the liquidator to compromise debts; and

   -- consider any other matter which may properly be brought
      before the meeting.

The Troubled Company Reporter - Asia Pacific reported on
June 14, 2006, that Interchem 2000 Asia Pte Limited filed an
application on June 6, 2006, to wind up the Company.

The Joint Liquidator can be reached at:

         Aw Eng Hai
         Foo Kon Tan Grant Thornton
         47 Hill Street #05-01
         Singapore Chinese Chamber of Commerce & Industry
         Building
         Singapore 179365


CREATIVE TECHNOLOGY: Posts Narrower Loss in 4th Quarter of 2006
---------------------------------------------------------------
Creative Technology Ltd disclosed on August 10, 2006, its
financial results for the fourth quarter of 2006 ended June 30,
2006.

The Company in its fourth quarter financial report posted a
narrower net loss of US$12.7 million with a loss per share of
US$0.15, including a US$10 million tax credit.  This compares to
a net loss of US$31.9 million with a loss per share of US$0.38
for the same quarter last year including an investment gain of
US$9.3 million.  Excluding the investment gain, net loss for the
same period last year was US$41.2 million with a loss per share
of US$0.49.

Sales for the fourth quarter were US$230.9 million, compared to
sales of US$305.4 million for the same quarter last year. Sales
for the 2006 fiscal year were US$1.1 billion, compared to US$1.2
billion for the previous fiscal year.

Net loss for the 2006 fiscal year was US$118.2 million, with
loss per share of US$1.42, including investment gains of US$18.9
million and one-time charges of US$41.6 million primarily
related to goodwill and restructuring charges for 3Dlabs.
Excluding the investment gains and one-time charges, net loss
for the 2006 fiscal year was US$95.4 million, with loss per
share of US$1.15. This compares to net income of US$0.6 million
with EPS of US$0.01 for the previous fiscal year, including a
non-cash impairment charge of US$65.2 million and investment
gains of US$74.4 million. Excluding the non-cash impairment
charge and investment gain, net loss for the previous fiscal
year was $8.6 million with a loss per share of US$0.10.

According to the report, the Company was targeting gross margins
of at least 20 percent by the end of this calendar year, up from
14 percent currently, and would slash operating expenses
aggressively in a bid to return to profit.

"During the fourth quarter, although we posted a loss for the
period and for the year, we made progress towards our goals,"
said Craig McHugh, president of Creative Labs, Inc.

"We reduced our operating expenses by 17 percent from the
previous quarter. We further reduced our net inventory level in
the period, with a 15 percent decrease from the previous
quarter. In addition, we launched the ZEN V, and the ZEN V Plus
MP3, photo and video player in the period. Based on our progress
in the fourth quarter, our focus on reducing our operating
expenses, and the market potential for our products, we are
targeting our return to profitability by the end of this
calendar year and continued profitability going forward." Mr.
Craig added.

Moreover, it reported a net loss of US$12.7 million, or 15 cents
per diluted share, in its April-June fiscal fourth quarter,
including a US$10 million tax credit. This compares with a net
loss of US$31.9 million, or 38 cents per share, a year earlier,
which included a US$9.3 million investment gain.  Fourth-quarter
sales fell 24 percent to US$230.9 million.

The results were better than the net loss forecasts of US$25
million and US$50.3 million from two analysts compiled by
Reuters Estimates.

Full-text copies of the Company's financials for the quarter
ending June 30, 2006, are available for free at:

               http://bankrupt.com/misc/creative

                 About Creative Technology

Singapore-based Creative Technology Ltd. makes digital
entertainment products, including portable audio players, PC
sound cards, graphics accelerator cards, and digital cameras.  
The Company also makes modems and CD and DVD drives for PCs.  
Subsidiaries include Cambridge Soundworks, Creative Labs, and E-
MU/ENSONIQ.  

Tough competition in the electronics market has hurt Creative,
causing it to incur recurring losses.  The Company reported a
net loss of US$114.33 million in the three months to March 31,
2006, reversing the year-ago profit of US$15.91 million due to
one-time charges and a drop in flash memory prices, which led to
an inventory writedown.  The Company is also facing ongoing
disputes with several companies in the United States.  Creative
also periodically receives licensing inquiries and threats of
potential future patent claims from a variety of entities,
including Lucent Technologies, MPEG LA, Dyancore Holdings,
Advanced Audio Devices and Nichia Corporation.


O.S.L. SINKO: Pays Preferential Dividend to Creditors
-----------------------------------------------------
O.S.L. Sinko Private Limited on August 10, 2006, paid its first
and final dividend to creditors.

The Company paid 38 per centum of all admitted proofs of
preferential claim.

The Liquidator can be reached at:

         Peter Chay Fook Yuen
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


REFCO INC: Chapter 7 Trustee Wants Court to Confirm Authority
-------------------------------------------------------------
Albert Togut, the interim Chapter 7 trustee appointed to oversee
the liquidation of Refco, LLC's estate, asks the Hon. Robert
Drain of the U.S. Bankruptcy Court for the Southern District of
New York to confirm that his authority to operate Refco LLC's
business continues past Aug. 22, 2006, until terminated by
further Court order.

The Court authorized Mr. Togut, to operate the Chapter 7
Debtor's business pursuant to Sections 721 of the Bankruptcy
Code.  The operation aims to, inter alia, consummate a sale of
Refco LLC's assets to Man Financial, Inc., and otherwise taking
necessary steps to wind down Refco LLC's business affairs.

The Bankruptcy Court entered a supplemental operating order on
March 27, 206, authorizing the Chapter 7 Trustee to:

   (i) permit customers to work out of open trading positions
       in any "Open Excluded Accounts";

  (ii) direct Man Financial to liquidate open trading positions
       in any Open Excluded Account; and

(iii) transfer account positions to a third party and take
       necessary actions to mitigate the estate's potential
       losses.

The Court also extended its express grant of qualified immunity
to any decisions and activities of the Chapter 7 Trustee.

Under an order allowing Refco LLC to assume and perform the
Acquisition Agreement, the Chapter 7 Trustee will provide
certain transition services to Man Financial for up to 270 days
following consummation of the Sale, which date falls on
August 22, 2006. This deadline will, among others, determine
whether Man Financial wants to take an assignment of various
executory contracts and nonresidential real property leases.

Moreover, the Chapter 7 Trustee states that he is responsible
for complying with the applicable provisions of the Commodity
Exchange Act and Title 17 of the Code of Federal Regulations,
including Part 190 - "Bankruptcy," promulgated by the Commodity
Futures Trading Commission.  These regulations impose numerous
obligations on the Chapter 7 Trustee with respect to customer
securities, property or other commodities contracts.

Scott E. Ratner, Esq., at Togut, Segal & Segal LLP, in New York,
however, tells Judge Drain that numerous Sale-related tasks like
completing reconciliation and allocation of the Sale proceeds
and consummating various transactions related to the Sale still
remain to be completed.  In addition, the Chapter 7 Trustee has
not completed the wind-down of Refco LLC's business and
administration of its estate.

The Chapter 7 Trustee wants to make abundantly clear that the
Supplemental Operating Order was meant to expand and not limit
the Initial Operating Order.  The Chapter 7 Trustee asserts that
the clarification request will permit him to continue to fulfill
his obligations under the Sale Order, the Acquisition Agreement,
the CFTC regulations, and Subchapter IV of Chapter 7, which
obligations he likely could not satisfy without the authority
granted by the Operating Orders.

                          About Refco Inc.

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

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

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

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

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


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

SAHAMITR PRESSURE: Posts THB27.73-Mil Net Loss in First Quarter
---------------------------------------------------------------
Sahamitr Pressure Container Public Co Ltd's consolidated income
statement for the first quarter ending March 31, 2006, shows a
net loss of THB27.728 million, down from THB45.405 million
recorded for the quarter ended December 31, 2005.

The Company's balance sheet as of March 31, 2006, reflects
consolidated total liabilities of THB2.058 billion, higher than
THB2.005 billion at December 31, 2005.  Total assets of the
Company as of March 31 totaled THB877.101 million, a little more
than the THB851.841 million posted as of the end of December
2005.

Sahamitr's balance sheet as of March 31, 2006, also shows
strained liquidity with only THB375.454 million in total current
assets available to pay THB561.473 million in total current
liabilities coming due within the next 12 months.

After auditing the Company's first quarter 2006 results, Somckid
Tiatragul, stated that the Company's going concern is still
significantly uncertain.  

The Company's operations as a going concern are subject to:

    a) The ability of the Company to operate successfully in the
       future, to change its capital structure and to find new
       strategic partners including its ability to comply with
       the conditions throughout the terms of its debt
       restructuring agreement to relieve the Company's
       guarantee obligation; and

    b) the Company's ability to operate successfully in the
       future and to comply with the conditions throughout the
       terms of the debt restructuring agreement.

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

   http://bankrupt.com/misc/SMPC1-report-1stQ-2006.doc

   http://bankrupt.com/misc/SMPC2-assets-1stQ-2006.xls

   http://bankrupt.com/misc/SMPC2-income-1stQ-2006.xls

   http://bankrupt.com/misc/SMPC2-liabilities-1stQ-2006.xls

   http://bankrupt.com/misc/SMPC2-liabilties2-1stQ-2006.xls

                          *     *     *

Sahamitr Pressure Container Public Company Limited --
http://www.smpcplc.com/-- produces pressure containers for  
liquefied petroleum gas for local and overseas markets under its
SMPC brand name.

The Company's capital deficit started in 2003 registered at
THB1.19 billion.  The trend continued going downward with 2005's
THB1.15 billion in deficit.  Also in 2003, the Company posted a
THB1.29 billion net loss, which it was able to turn around with
a THB20.63 million profit in 2004.

During the years 1998 to 2000, the creditors of a related
company -- Sahamitr Steel -- filed court cases demanding for
loan repayments totaling approximately THB1.80 billion.  The
Company, being a guarantor to the related firm's liabilities,
was named as a joint defendant in the lawsuit with a liability
of THB1.35 billion.  

Sahamitr Steel entered into a debt restructuring agreement with
creditor banks rescheduling the repayments of loans, from 2002
to 2011.  The Company, as a loan guarantor, is obliged to
provide a cash advance to Sahamitr Steel for loan repayments
should the related company not have enough cash.  The balance of
the obligation totaled THB1.29 billion as of December 31, 2005,
and the Office of the Securities and Exchange Commission ordered
the Company, in a letter dated April 23, 2004, to take up the
possible damage, including the possible loss on non-collection
of advances to directors who jointly guaranteed Sahamitr Steel's
loans for the obligation in the accounts.  

The Company had been classified under the REHABCO Sector --
Companies under Rehabilitation -- of the Stock Exchange of
Thailand for several years.  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.


* Thailand's Competitiveness Rating Down From Last Year
-------------------------------------------------------
The International Institute for Management Development moved
down Thailand's world competitiveness rating to 32nd from 27th
last year, the FNWeb reports.

According to FNWeb, the National Economic and Social Development
Board attributed the decline of the country's rating to rising
fuel prices, higher living costs and the failure to improve its
weak points.

In addition, The Bangkok Post quoted government spokesman
Surapong Suebwonglee as saying that the decline in the world's
competitiveness ranking of Thailand stemmed from four main
factors.

   -- The country's economic position had picked up in the past
      three years, but dropped to 21st this year;

   -- the public sector's efficiency notched down to the 21st
      place this year from 14th last year;

   -- the business sector's efficiency stayed unchanged at the
      28th rank; and

   -- finally, competitiveness in the basic infrastructure,
      which is one of the country's weak points, moved down to
      48th this year from 47th last year.

Thailand remains unable to improve its long-standing weak points
such as productivity, skills, research and development, imports
of capital goods with high value and inflexible economic
structure, The FNWeb relates.

National economic analysts suggested that the Government give an
importance to promote saving to encourage local investment and
reduce dependence on foreign capital.  Moreover, the Government
should also create a balance of the capital demand in the money
and capital markets and accelerate building the stability and
efficiency of the public administration, the Post reports.

Furthermore, analysts suggest that the Government develop a
competitive edge of the public sector in all levels to
facilitate performance of the private sector, boost efficiency
of public services and improve business environment such as
deregulation of rules, reduction of logistics costs, labor skill
development and product and service value adding.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                       Total
                                           Total   Shareholders
                                           Assets     Equity
Company                        Ticker       ($MM)      ($MM)
------                         ------      ------  ------------

AUSTRALIA

Acma Engineering & Const.
   Group Limited                  ACX        21.39      -2.24
Allstate Explorations NL          ALX        12.65     -51.62
Austar United Communications Ltd. AUN       231.54     -52.58
Global Wine Ventures Limited      GWV        22.04      -0.84
Hutchison Telecommunications
   (Aust) Ltd.                    HTA      1696.65    -786.31
Indophil Resources NL             IRN        37.79     -69.96
Intellect Holdings Limited        IHG        23.98     -11.13
Namberry Limited                  NMB        15.12      -4.26
Orbital Corporation Limited       OEC        14.01      -4.86
RMG Limited                       RMG        22.33      -2.16
Stadium Australia Group           SAX       135.23     -41.84
Tooth & Company Limited           TTH        99.25     -74.39
Tourism, Hotels & Leisure Ltd.    TLC        15.76      -0.66

CHINA AND HONG KONG

Artel Solutions Group
  Holdings Limited                931        29.19     -18.65
Asia Telemedia Limited            376        10.89      -5.50
Anhui Feicai Vehicle Co. Ltd.     887       129.80      -7.00
Bestway International             718        25.00      -0.67
Chang Ling Group                  561        77.48     -76.83
Chengdu Book - A               600083        21.50      -3.07
China Liaoning International
  Cooperation Holdings Ltd.       638        25.79     -43.45
China Kejian Co. Ltd.              35        54.71    -179.23
Datasys Technology Holdings      8057        14.10      -2.07
Eforce Holdings Limited           943        10.31      -0.51
Everpride Biopharmaceutical
   Company Limited               8019        10.16      -2.16
Fujian Changyuan Investment
   Holdings Limited               592        31.36     -54.04
Gold-Face Holdings Limited        396        40.60     -63.11
Guangdong Meiya Group
   Company Ltd.                   529       107.16     -49.54  
Guangdong Sunrise Group
   Company Ltd-A                   30        35.98    -182.94
Guangdong Sunrise Group
   Co. Ltd-B                   200030        35.98    -182.94
Guangxi Wuzhou Zhongheng
   Group Co Ltd.                  557        62.19    -115.50
Hainan Dadonghai Tourism          613        19.74      -5.81
Hainan Dadongh-B               200613        19.74      -5.81
Hainan Overseas Chinese
   Investment Co. Ltd.         600759        32.70     -15.28
Hans Energy Company Limited       554        94.75     -10.76
Heilong Jiang Long Di Co. Ltd.    832       134.62     -61.22
Heilongjiang Sun & Field
   Science & Tech.                620        29.96     -49.18
Heilongjiang Black Dragon
   Co. Ltd.                    600187       121.30     -74.45
Hualing Holdings Limited          382       242.26     -28.15
Huda Technology & Education
   Development Co. Ltd.        600892        17.29      -0.19
Hunan Anplas Co., Ltd.            156        94.17     -65.04
Hunan GuoGuang Ceramic
   Co., Ltd.                   600286        87.44     -68.55
Innovo Leisure Recreation
   Holdings Ltd.                  703        13.68      -2.01
Jiangsu Chinese.com Co. Ltd.      805        15.86     -34.56
Jiangxi Paper Industry
   Co. Ltd                     600053        19.58     -12.80
Loulan Holdings Limited          8039        13.01      -1.04
Magnum International Holdings
   Limited                        305        10.35      -5.83
Mindong Electric Group Co., Ltd.  536        21.63      -1.50
New City (Beijing) Development
   Limited                        456       151.61     -19.15
New World Mobile Holdings Ltd     862       215.47    -126.57
Orient Power Holdings Ltd.        615       176.86     -64.20
Plus Holdings Ltd                1013        24.00      -3.15
Prosperity International
   Holdings (HK) Limited         8139        10.73      -2.45
Shandong Jintai Group Co. Ltd. 600385        19.58     -12.18
Shanghai Xingye Housing
   Company Ltd                 600603        14.90     -72.98
Shenyang Hejin Holding
   Company Ltd.                   633        83.18     -20.87
Shenz China Bi-A                   17        39.13    -224.64
Shenz China Bi-B                   17        39.13    -224.64
Shenzhen Dawncom Business Tech
   And Service Co., Ltd           863        79.84     -37.30
Shenzhen Shenxin Taifeng Group
   Co. Ltd.                        34        95.27     -44.65
Shenzen Techo Telecom Co., Ltd.   555        14.84      -6.25  
Sichuan Changjiang Packaging
   Holding Co. Ltd.            600137        13.11     -72.76
Sichuan Topsoft Investment
   Company Limited                583       113.12    -148.61
SMI Publishing Group Ltd.        8010        10.48      -7.83
Songliao Automobile Co. Ltd.   600715        49.56      -3.76
Sun's Group Manufacturing
   Company Limited                988       103.02     -72.80
Taiyuan Tianlong Group Co.
   Ltd                         600234        13.47     -87.63
Theme International
   Holdings Limited               990        22.46      -0.77
UDL Holdings Limited              620        12.48      -7.15
Wealthmark International
   (Holdings) Limited              39        11.32      -2.43
Winowner Group Co. Ltd.        600681        38.03     -62.88
Xinjiang Hops Co. Ltd          600090       101.34    -135.99
Yantai Hualian Development
   Group Co. Ltd.              600766        59.99      -7.66
Yueyang Hengli Air-Cooling
   Equipment Inc.                 622        49.89     -17.71
Zarva Technology Co. Ltd.         688       101.76    -102.01

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

Ades Waters Indonesia Tbk        ADES        21.35      -8.93
Bukaka Teknik Utama Tbk          BUKK        44.45    -107.00
Hotel Sahid Jaya                 SHID        71.05      -4.26
Jakarta Kyoei Ste                JKSW        44.72     -38.57
Mulialand Tbk                    MLND       160.45     -19.82
Multibreeder Adirama Indonesia   MBAI        64.54      -2.31
Pakuwon Jati Tbk                 PWON       188.41     -50.78
Panca Wiratama Sakti Tbk         PWSI        39.72     -18.82
PT Steady Safe                   SAFE        19.65      -2.43
PT Toba Pulp Lestrari Tbk        INRU       403.58    -198.86
PT Unitex Tbk                    UNTX        29.08      -5.87
PT Voksel Electric Tbk           VOKS        44.01     -11.74
PT Wicaksana Overseas
   International Tbk             WICO        84.36     -32.88
Sekar Bumi Tbk                   SKBM        23.07     -41.95
Steady Safe Tbk                  SAFE        19.65      -2.43
Suba Indah Tbk                   SUBA        85.17      -9.18
Surya Dumai Industri Tbk         SUDI       105.06     -30.49
Unitex Tbk                       UNTX        29.08      -5.87

JAPAN

Hanaten Co., Ltd.                9870       167.79      -1.63
Mamiya-OP Co., Ltd.              7991       152.37     -67.11
Montecarlo Co. Ltd.              7569        66.29      -3.05
Nihon Seimitsu Sokki Co., Ltd.   7771        23.82      -1.10
Sumiya Co., Ltd.                 9939        89.32     -11.57
Tenryu Lumber Co., Ltd.          7904       187.75     -44.48
Tokai Aluminum Foil Co., Ltd.    5756       106.49     -12.55
Yakinikuya Sakai Co., Ltd.       7622        79.44     -11.14

MALAYSIA

Antah Holdings Bhd                ANT       241.10     -39.36
CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        58.47     -69.79
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        36.32     -17.21
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Kig Glass Industrial Berhad       KIG        15.76     -24.61
Lankhorst Bhd                    LKHT        25.91     -28.35
Mentiga Corporation Berhad       MENT        22.13     -18.25
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        22.22     -19.11
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Setegap Berhad                    STG        19.92     -26.88
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       111.72    -204.61

PHILIPPINES

APC Group Inc.                    APC        67.04    -163.14
Atlas Consolidated Mining and
   Development Corp.               AT        33.59     -57.17
Cyber Bay Corporation            CYBR        11.54     -58.06
East Asia Power Resources Corp.   PWR        92.55     -64.61
Fil-Estate Corporation             FC        33.30      -5.80
Filsyn Corporation                FYN        19.20      -8.83
Filsyn Corporation               FYNB        19.20      -8.83
Global Equities Inc.              GEI        24.18      -1.81
Gotesco Land, Inc.                 GO        17.34      -9.59
Gotesco Land, Inc.                GOB        17.34      -9.59
Prime Media Holdings Inc.        PRIM        11.12     -15.52
Prime Orion Philippines Inc.     POPI        98.36     -74.34
Swift Foods Inc.                  SFI        26.95      -8.23
Unioil Resources & Holdings             
   Company Inc.                   UNI        10.64      -9.86
United Paragon Mining Corp.       UPM        21.19     -21.52
Universal Rightfield Property
   Holdings Inc.                   UP        45.12     -13.48
Uniwide Holdings Inc.              UW        61.45     -30.31
Victorias Milling Company Inc.    VMC       127.83     -32.21
Vitarich Corporation             VITA        75.04      -4.27

SINGAPORE

ADV Systems Auto                  ASA        14.32      -8.54
China Aviation Oil (Singapore)
   Corporation                    CAO       211.96    -390.07
Compact Metal Industries Ltd.     CMI        54.36     -25.64
Digiland Intl.                   DIGI        31.32     -11.94
Falmac Limited                    FAL        10.90      -0.73
Gul Technologies Singapore
   Limited                        GUL       152.80     -27.74
Informatics Holdings Ltd         INFO        22.30      -9.14
L&M Group of Companies            LNM        56.91     -10.59
Liang Huat Aluminium Ltd.         LHA        19.30     -76.43
Lindeteves-Jacoberg Limited        LJ       225.52     -53.23
LKN-Primefield Limited            LKN       150.70     -12.72
Mae Engineering Ltd               MAE        11.42      -7.79
PDC Corporation Limited           PDC         0.72     -12.07
Pacific Century Regional          PAC      1381.26    -107.11
See Hup Seng Ltd.                 SHS        17.36      -0.09

SOUTH KOREA

BHK Inc                          3990        24.36     -17.38
C & C Enterprise Co. Ltd.       38420        28.05     -14.50
Cenicone Co. Ltd.               56060        36.82      -1.46
Cheil Entech Co. Ltd.           53330        37.25      -0.31
Dewell Elecom Inc.              32590        10.93      -6.92
Everex Inc.                     47600        23.15      -5.10
EG Greentech Co.                55250       186.00      -1.50
EG Semicon Co. Ltd.             38720       166.70     -12.34
Inno Metal Inc.                 70080        25.61       1.41
KP&L Company Limited             9810        15.03      -3.81
Radix Co. Ltd.                  16160        53.78     -17.69
Quality & Tech                  15260        32.33      -1.14
Shinil Industrial Co., Ltd.      2700        41.51      -3.44
SungKwang Co., Ltd.             41140        19.06      -1.60
Tong Yang Major                  1520      2332.81     -86.95
TriGem Computer Inc             14900       629.32    -292.96  

THAILAND

Bangkok Rubber PCL                BRC        70.19     -56.98
Bangkok Rubber PCL              BRC/F        70.19     -56.98
Central Paper Industry PCL      CPICO        40.41     -37.02
Central Paper Industry PCL    CPICO/F        40.41     -37.02
Circuit Electronic
   Industries PCL              CIRKIT        20.37     -64.80
Circuit Electronic
   Industries PCL            CIRKIT/F        20.37     -64.80
Daidomon Group Pcl              DAIDO        12.92      -8.51
Daidomon Group Pcl            DAIDO/F        12.92      -8.51
Datamat PCL                       DTM        17.55      -1.72
Datamat PCL                     DTM/F        17.55      -1.72
Diana Department Store Pcl      DIANA        12.71      -1.71
Diana Department Store Pcl    DIANA/F        12.71      -1.71
Everland Public Company Ltd      EVER        56.71    -311.47
Everland Public Company Ltd    EVER/F        39.12     -12.05
Hantex PCl                        HTX         7.51      -7.88
Hantex PCl                      HTX/F         7.51      -7.88
Kuang Pei San Food Products
   Public Co.                  POMPUI        12.51      -9.87
Sahamitr Pressure Container
   Public Co. Ltd.               SMPC        20.77     -28.13
Sri Thai Food & Beverage Public
   Company Ltd                    SRI        18.29     -43.37
Sri Thai Food -F                SRI/F        18.29     -43.37
Tanayong PCL                    TYONG       178.27    -734.30
Tanayong PCL -F               TYONG/F       178.27    -734.30
Thai-Denmark PCL                DMARK        21.37     -18.88
Thai-Denmark -F               DMARK/F        21.37     -18.88
Thai-Wah PCL                      TWC        91.56     -41.24
Thai-Wah PCL -F                 TWC/F        91.56     -41.24


                            *********

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 ***