TCRAP_Public/060816.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

           Wednesday, August 16, 2006, Vol. 9, No. 162

                            Headlines

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

ALISPUR PTY: Receivers and Managers Step Aside
A J EARTHMOVING: Court to Hear CIR's Liquidation Bid on Aug. 24
APPLIED MANUFACTURING: To Declare Dividend on September 5
BELLCONNECT PTY: Enters Wind-Up Proceedings
BIZ2BIZ SERVICES: Creditors' Proofs of Claim Due on August 30

BLUE EDGE: Members to Hear Wind-Up Report on September 11
BRENINE RETAIL: Placed Under Voluntary Liquidation
C R P INDUSTRIES: Liquidation Bid Hearing Slated for Aug. 24
EASTERN GOLDFIELDS: Members and Creditors to Hear Wind-Up Report
ELLENWICK PTY: Priority Creditors' Must Submit Claims on Aug. 29

FOCUFU PTY: Undergoes Voluntary Liquidation
FORTESCUE METALS: Completes AU$2.7 Billion Debt Underwriting
GLOBAL CONSTRUCTION: Names Lawrence and McCullagh as Liquidators
GLOBAL ENGINEERED: Needs AU$2 Million to Continue Trading
GRACELANDS FARMING: Appoints Receivers and Managers

GREENSTRAW PTY: Members and Creditors to Receive Wind-Up Report
HOOTONS FREIGHT: Creditors Must Prove Claims by Aug. 25
JAGRANDA HOLDINGS: Receivers and Managers Cease to Act for Firm
JAMEN INVESTMENTS: To Distribute Dividend on August 18
KENTURN PTY: To Declare First and Final Dividend on Sept. 8

KIRKHAM HILL: Enters Liquidation Proceedings
KRC ENAMELLING: Intends to Pay Dividend to Priority Creditors
L.D. SHIPPING: Receivers and Managers Step Aside
LAMSAK PTY: Members Opt to Shut Down Business
MAGCF PTY: Pattison Ceases to Act as Receiver and Manager

MERAK PTY: Creditors' Proofs of Claim Due on August 22
MOBILE LABOUR: Members and Creditors to Convene on September 8
MRRG LIMITED: Court Sets Date to Hear Liquidation Bid
NIMSHAY HOLDINGS: NAB Appoints Receivers and Manager
OLLIE BLOCKLAYERS: Court to Hear Liquidation Bid on Aug. 24

ORIGIN PACIFIC: To Present Proposal to Creditors on August 21
Q & J HOTEL: Members Agree to Close Operations
SASKA GROUP: Liquidator Coombes to Present Wind-Up Report
SCANTECH AUSTRALIA: Appoints Samuel Richwol as Liquidator
SEACON CONCRETING: Undergoes Voluntary Liquidation

SOIUZ PACIFIC: Creditors Must Prove Debts by August 28
SUNCOAST FAR: Receivers and Managers Step Aside
TOTAL CONCEPT: Creditors Pass Resolution to Wind Up Firm
TRANSFIELD ALC: Bank Appoints Receivers and Managers
TRES CHIC: Members' Final Meeting Slated for September 11

UNIVERSAL CHIROPRACTIC: Appoints Joint Liquidators
WINSFORD INVESTMENTS: Enters Wind-Up Proceedings


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Fitch Affirms Bank's Individual Rating at E
CARILLON SHIPPING: Liquidator Ha Yue Fuen Steps Aside
CHINA EVERBRIGHT: Fitch Keeps Individual and Support Ratings
GUANGDONG DEVELOPMENT: Fitch Affirms Individual, Support Rating
GOLDEN HOPE: Appoints Chan and Young as Liquidators

GUANGDONG KELON: Posts CNY3.7 Billion Net Loss in 2005
JARDINE CONSTRUCTION: Appoints Joint Liquidators
JARDINE INSURANCE: Names Ying and Chung as Liquidators
JOHNSTON MOTOR: Faces Liquidation Proceedings
NEBRASKA INVESTMENTS: Liquidator to Present Wind-Up Report

RICH ACTIVE: Members' Final Meeting Set on September 8
RICH CLASS: Final Memberss Meeting Set on September 8
SHENZHEN DEVELOPMENT: Fitch Keeps Individual D/E, Support 4
SMART-TONE: Faces Wind-Up Proceedings
SMILE RICE: TO Receive Proofs of Claim Until September 11

SUNGRAND CORPORATION: Liquidators Ceases to Act for Company
TELEVISION VOYAGES: Appoints Official Liquidator
TIN SUM VALLEY: Creditors' Proofs of Claim Due on October 28
TOLAND DEVELOPMENT: Members to Receive Wind-Up Report
WISEFORD INTERNATIONAL: Creditors Must Prove Debts by Sept. 15


I N D I A

ANDREW CORP: Mutually Terminates Pending Merger With ADC
ANDREW CORP: 3rd Quarter 2006 Net Income Narrows to US$7 Mil.
ANDREW CORPORATION: Rejected Bids Prompt S&P's Negative Watch
ANDREW CORPORATION: Rejects CommScope Acquisition Proposal


I N D O N E S I A

ARGO PANTES: Amsterdam Court Rules on Bankruptcy
GARUDA INDONESIA: Gov't to Allot IDR1 Tril. to Aide Turnaround
MEDCO ENERGI: Moody's Changes B1/B2 Ratings Outlook to Negative
MERPATI NUSANTARA: Will Get IDR450-Billion Funding From Gov't
PAITON ENERGY: S&P Raises US$180-Mil. Bond Rating to 'B'


J A P A N

MITSUBISHI MOTORS: Maintains Supply of eK-WAGONs to Nissan
SAPPORO HOLDINGS: Brews Merger with Canada's Sleeman
SOJITZ CORPORATION: JCR Assigns BBB- Rating to Bonds
* July Bankruptcies Up But Liabilities Drop, Research Firms Say


K O R E A

HANA BANK: Sells SGD60-Million One-Year Bond
HANAROTELECOM: HanaTV Service May Lead to Court, Asia Media Says
HYNIX SEMICONDUCTOR: Countervailing Duties Slapped by U.S.
HYNIX SEMICONDUCTOR: Raises US$750 Million to Expand Fab
LG CARD: Shinhan Most Likely to Come Out as Preferred Bidder

STANDARD CHARTERED FIRST BANK: Posts 467% Rise in Net Income


M A L A Y S I A

HO WAH: Books MYR5.37-Million Net Loss in First Quarter
HO WAH: Buys More Time to Comply with Bumiputera Condition
HO WAH: Public Shareholding Spread Meets Requirement
PSC INDUSTRIES: Net Loss Shrinks to MYR12 Mil. in 2Q/FY2006
POLYMATE HOLDINGS: Receives Another Claims Demand from AmBank

TAP RESOURCES: Fully Settles Universal Trustee's Claim
TAP RESOURCES: Pays MYR13,000 to Hilti
TAP RESOURCES: Unit Receives Claims Payment Demand
TENGGARA OIL: Malayan Banking Slaps MYR7-Million Claim
TENGGARA OIL: Aims to Finalize Revamp Plan by Year-end


P H I L I P P I N E S

MIRANT CORP: Earns US$99 million in Quarter Ended June 30
NATIONAL POWER: Documents Forecast Net Loss of PHP48 Bln by 2007


S I N G A P O R E

CHINA AVIATION: Posts Profits in Second Quarter of 2006
FALMAC LIMITED: Insolvency Continues in Second Quarter of 2006
HL SENSECURITY: Contributories and Creditors to Meet August 25
IPACS COMPUTER: Distributes First Interim Dividend
LEE THERMAL: Court to Hear Wind-Up Petition on August 25

ODYSSEY RE HOLDINGS: Note Holders Exercise Conversion Rights
PAXAR CORP: Earns US$14.6 Million in Second Quarter of 2006
REFCO INC: Chapter 7 Trustee Can Sublease Space to F.S. Trading
REFCO INC: Investors Buy $69.9 Million in Claims


T H A I L A N D

ADVANCE PAINT: Posts THB7.181-Mil Net Loss in 2nd Quarter 2006
SIAM COMMERCIAL: To Open New Branch at Suvarnabhumi Airport


* Upcoming Meetings, Conferences and Seminars

     - - - - - - - -

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

ALISPUR PTY: Receivers and Managers Step Aside
----------------------------------------------
Peter Marsden and David J. Kerr ceased to act as joint receivers
and managers for Alispur Pty Limited on June 27, 2006.

The former Joint Receivers and Managers can be reached at:

         Peter Marsden
         David J. Kerr
         RSM Bird Cameron Partners
         Level 12, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 8933
         Facsimile:(02) 9233 8521


A J EARTHMOVING: Court to Hear CIR's Liquidation Bid on Aug. 24
---------------------------------------------------------------
The Commissioner of Inland Revenue on May 18, 2006, filed before
the High Court of Auckland a petition to liquidate A J
Earthmoving Contractors Ltd.

The Court will hear the petition on August 24, 2006, at 10:00
a.m.

The plaintiff's solicitor can be reached at:

         Kristal Louise Gallagher
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 985 7148


APPLIED MANUFACTURING: To Declare Dividend on September 5
---------------------------------------------------------
Applied Manufacturing Pty Ltd will distribute its first and
final dividend to creditors on September 5, 2006, to the
exclusion of those who were not able to prove their claims by
August 11, 2006.

The joint and several deed administrator can be reached at:

         Stephen R. Dixon
         Horwath BRI (Vic) Pty Ltd
         Chartered Accountants
         Level 30, The Rialto
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


BELLCONNECT PTY: Enters Wind-Up Proceedings
-------------------------------------------
At a general meeting held on July 26, 2006, the members of
Bellconnect Pty Ltd agreed to voluntarily wind up the Company's
operations and appoint R. E. Murphy as liquidator.

The Liquidator can be reached at:

         R. E. Murphy
         Chartered Accountant
         RE Murphy & Co.
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


BIZ2BIZ SERVICES: Creditors' Proofs of Claim Due on August 30
-------------------------------------------------------------
Joint Liquidators David Stuart Vance and Barry Philip Jordan
require the creditors of Biz2Biz Services Ltd to submit their
proofs of claim by August 30, 2006.

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

The High Court of Wellington on July 31, 2006, appointed Mr.
Vance and Mr. Jordan to oversee the Company's liquidation.

The Joint Liquidators can be reached at:

         David Vance
         c/o Robert Campbell at McCallum Petterson
         Level Eight, The Todd Building
         95 Customhouse Quay (P.O. Box 3156)
         Wellington, New Zealand
         Telephone: (04) 499 7796
         Facsimile: (04) 499 7784


BLUE EDGE: Members to Hear Wind-Up Report on September 11
---------------------------------------------------------
The members of Blue Edge International Pty Ltd will hold a final
meeting on September 11, 2006, at 5:00 p.m., to hear the
liquidator's accounts on the Company's wind-up and property
disposal activities.

As reported by the Troubled Company Reporter - Asia Pacific on
May 11, 2006, the members agreed to liquidate the Company's
business on March 20, 2006.

The liquidator can be reached at:

         Christopher John Vincent
         Suites 305-7
         The Trust Building
         155 King Street
         Sydney, New South Wales 2000
         Australia


BRENINE RETAIL: Placed Under Voluntary Liquidation
--------------------------------------------------
Members of Brenine Retail Services Pty Ltd convened on July 26,
2006, and resolved to voluntarily liquidate the Company's
business.

In this regard, 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


C R P INDUSTRIES: Liquidation Bid Hearing Slated for Aug. 24
------------------------------------------------------------
A liquidation petition filed against C R P Industries Ltd will
be heard before the High Court of Auckland on August 24, 2006,
at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 18, 2006.

The plaintiff's solicitor can be reached at:

         Kristal Louise Gallagher
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 985 7148


EASTERN GOLDFIELDS: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
A final meeting of the members and creditors of Eastern
Goldfields Personnel Pty Ltd will be held on September 1, 2006,
at 10:00 a.m.

At the meeting, Liquidator M. H. Lyford will report on the
Company's wind-up and property disposal exercises.

The Liquidator can be reached at:

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


ELLENWICK PTY: Priority Creditors' Must Submit Claims on Aug. 29
----------------------------------------------------------------
Ellenwick Pty Ltd will declare its first and final dividend for
priority creditors on September 12, 2006.

Creditors are required to file their proofs of claim by August
29, 2006, for them to share in any distribution the Company will
make.

The Troubled Company Reporter - Asia Pacific reported on
December 2, 2005, that the members resolved to wind up the
Company's operations on November 4, 2005.

The liquidator can be reached at:

         Samuel Richwol
         O'Keeffe Walton Richwol
         Suite 3, 431 Burke Road
         Glen Iris, Australia
   

FOCUFU PTY: Undergoes Voluntary Liquidation
-------------------------------------------
The members of Focufu Pty Limited convened on June 15, 2006, and
resolved to wind up the Company's operations.

Accordingly, David M. McCarthy and Christopher R. Campbell were
appointed as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

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


FORTESCUE METALS: Completes AU$2.7 Billion Debt Underwriting
------------------------------------------------------------
On August 11, 2006, Fortescue Metals Group Ltd. has entered into
a Purchase Agreement with Citigroup Global Markets Limited to
underwrite the sale of the equivalent of AU$2.7 billion of
secured debt to international institutional investors.

Fortescue Chairman Gordon Toll says that "[o]n settlement this
Friday [August 18, 2006] Fortescue will raise a total amount of
AU$3.23 billion equivalent being the concurrent receipt of the
debt and equity capital."

According to Mr. Toll, "[t]he establishment of this capital base
is a thorough endorsement of veracity of the Company's objective
to create a new iron ore mining and infrastructure business.  
This financial platform will ensure the continuing rapid
development of the project that commenced construction in
February."

"The AU$2.7 billion debt offering is one of the world's largest
for a project finance deal within the high-yield bond market and
the transaction will also be the largest high yield bond issue
out of the Asia Pacific region," Mr. Toll further says.

Citigroup acted as sole book runner and sole global lead manager
for the offering, and Jefferies & Company, Inc., acted as co-
manager.  The spread of institutional support came from across
the globe being approximately 65% from North America, 20% from
Europe, and 15% from Asia.

Proceeds from the debt offering will be used to finance
construction costs for developing Fortescue's Cloud Break and
Christmas Creek iron ore mines and related infrastructure in the
Pilbara region.

Total expenditure on the Project was approximately
AU$217 million through July 2006, including expenditure for work
on the port facility that commenced in February 2006.

Fortescue believes that the total capital derived from the debt
offering, together with the Company's equity capital and
equipment leasing, will provide the necessary funds -- inclusive
of a contingency reserve of AU$684 million -- to finance the
remaining construction and procurement costs of the Project.

Settlement of the debt offering is scheduled for August 18,
2006, New York Time, and is subject to consents and customary
closing conditions.

The debt will consist of:

   -- US$250 million of Senior Secured Floating Rate Notes due
      2011;

   -- US$320 million of 10% Senior Secured Notes due 2013;

   -- EUR315 million of 9.75% Senior Secured Notes due 2013; and

   -- US$1,080 million of 10.625% Senior Secured Notes due 2016.

The Notes have received credit ratings of Ba3 from Moody's
Investors Service and BB- from Standard & Poor's Ratings Group.  
They will be listed on the Singapore Exchange Securities Trading
Limited.

The final Offering Memorandum relating to the debt offering,
including pricing terms, was also being lodged on August 14,
2006, with the Australian Stock Exchange Limited.

As previously announced, Leucadia National Corporation will be
investing US$400 million -- US$300 million in equity and
US$100 million in subordinated debt -- at the same time as the
settlement of the debt offering.

                        Pilbara Project

The Pilbara Project will comprise open cut mines principally
utilizing bucket wheel excavators and conveyors for overburden
removal and surface miners and conveyors for iron ore mining,
with a conventional crushing and screening plant to conform the
iron ore to the required product sales specifications.  A 260-
kilometer railroad with loading and unloading facilities and
loops at each end will be constructed between the initial mine
at Cloud Break and Port Hedland, which is on the coast of
Western Australia.  The new port facility at Port Hedland will
comprise a stockpile area, stackers and reclaimers, associated
conveyor equipment, a ship loader to a berth and a lay-by berth
to facilitate exports from the port.

The vast majority of construction for the Project will be
managed through an overarching Engineering Procurement and
Construction Management contract with WorleyParsons Limited, a
large Australian engineering company.  Fortescue and
WorleyParsons have formed an integrated Project delivery team --
Team 45 -- with the goal of bringing maximum transparency and
control to the construction process.  Roche Mining Pty Ltd will
undertake mining-related construction under a similar alliance
contract.

Considerable preliminary development work has been completed
including geological work, product quality testing, and
definitive feasibility studies in relation to the mines and the
port and rail systems.  Construction of the port began in
February 2006.  Pending receipt of approvals, construction works
associated with development of the rail system is expected to
begin in the third quarter of 2006.  Trial mining began in
November 2005 and construction of the mine facilities is
expected to commence in the second half of 2006.

Key attributes of the Project include:

   * robust global demand for iron ore and particularly out of
     China and more broadly Asia;

   * expected to be one of the lowest cost producers in the
     world;

   * current reserve estimates providing for a mine life of over
     20 years;

   * sales contracts already in place for Fortescues' marra
     mamba iron ore products;

   * simple operations for both mining and infrastructure with
     low technical risk; and

   * Fortescue's management has significant experience in major
     project development and operations, including iron ore
     mining and port and rail infrastructure in the Pilbara.

                      About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

In 2005, Fortescue's chief executive officer, Andrew Forrest,
admitted to a AU$500-million blowout on the cost of port and
rail infrastructure in the Pilbara Project because of price
hikes for steel, fuel, construction materials, and contract
labor.  The Company also disclosed that the hampered progress of
the Pilbara Project brings in the possibility that the Company
may not meet its ore delivery schedule and pushes up costs at
resource developments across Western Australia.  In May 2005,
the Australian Stock Exchange pressured Fortescue to explain
matters about the project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX then referred the matter to the
Australian Securities and Investments Commission, which
commenced a legal action against the Company.

The ASIC alleges that Fortescue is engaged in misleading and
deceptive conduct and has failed to comply with its continuous
disclosure obligations when it announced various contracts with
Chinese entities on August 23 and November 5, 2004.  In
particular, Fortescue did not disclose that the Chinese parties
had not reached a concluded agreement on fundamental aspects of
the projects and they had merely agreed that they would in the
future jointly develop and agree on the "agreed" matters.  The
ASIC is seeking civil penalties of up to AU$3 million against
Fortescue.

                          *     *     *

Fortescue reported total assets of AU$221 million and total
liabilities of AU$84 million as of June 30, 2006.

Fortescue reported a net loss for the past two fiscal years.  
Net loss for the year ended June 30, 2005, was AU$4.52 million
and net loss for the year ended June 30, 2006, was
AU$2.15 million.


GLOBAL CONSTRUCTION: Names Lawrence and McCullagh as Liquidators
----------------------------------------------------------------
Shareholders of Global Construction Services Ltd appointed
Stephen Mark Lawrence and Anthony John McCullagh on
August 1, 2006, to oversee the Company's liquidation.

The Joint Liquidators require the creditors of the Company to
submit their proofs of claim by September 4, 2006, for them to
share in any distribution the Company will make.

The Joint Liquidators can be reached at:

         Stephen Mark Lawrence
         Horwath Corporate (Auckland) Limited
         P.O. Box 3678, Auckland 1015
         New Zealand
         Telephone: (09) 300 1942
         Facsimile: (09) 302 0536


GLOBAL ENGINEERED: Needs AU$2 Million to Continue Trading
---------------------------------------------------------
The fate of 189 car-parts workers rests on industry players as
they decide whether to sign up to a rescue package for Ajax
Engineered Fasteners, which is a division of Global Engineered
Fasteners, The Age reports.

The Ajax factory makes fasteners for use in engine, driveline,
vehicle assembly and brake systems, the Herald Sun explains.

The Age cites GEF administrator Stephen Longley, of
PricewaterhouseCoopers, as saying that if he did not secure an
extra AU$2 million from Ajax's customers, the Ajax workforce
might have to go.

"There's a AU$2 million hole in the trading position," Mr.
Longley reveals.  He explains that the money would allow Ajax
Fasteners to continue trading until a creditors' meeting on
September 1, 2006.  GEF customers General Motors Holden and PBR
had committed funds to help pay GEF workers, but Textron, which
supplies parts to Ford, had not, Mr. Longley notes.

According to The Age, Australian Workers Union national
secretary Bill Shorten said that workers were waiting for Ford
to give an answer on the rescue package.

AWU state secretary Cesar Melhem said that if the short-term
package did not come through, workers would be stood down or the
Company would be liquidated, The Age relates.  "If the answer is
no, Ajax might shut down and that, in turn, will shut down the
car industry," Mr. Melhem stated.

A report from The Border-Mail cites AWU assistant secretary
Steve Dargavel as disclosing that a short-term proposition had
been negotiated, averting liquidation of the factory.  Mr.
Dargavel contended that the workers risk losing their jobs and
their entitlements if the Company goes into liquidation.

Mr. Dargavel also noted that if production went offshore and the
workers lost their jobs, they also risk losing their entitlement
to annual leave, long service leave, redundancy, and pay in lieu
of notice.

Mr. Melhem also disclosed that workers might consider a strike
action.

According to the Herald Sun, unions have said that production
will stop at Ajax Fasteners on August 16, if administrators do
not agree to underwrite workers' entitlements.

                        Holden Proposal

The Herald Sun notes that the AWU held talks with employees at
Ajax Fasteners to discuss a proposal put forward by General
Motors Holden.  

Mr. Melham said that they had received an offer from Holden to
underwrite Ajax Fasteners until 5 p.m. on August 18, 2006.

"In return, [Ajax Fasteners] will crank up its production to
solely work for Holden for that period, and they will underwrite
any losses for that week," Mr. Melham relayed.

After the deadline, there is no guarantee from Holden of any
further financial commitment, Mr. Melham noted.

Holden spokesman Jason Laird said that the issue is complicated
because Holden is not the only company Ajax supplied, the Herald
Sun relates.

According to the Herald Sun, Mr. Melham said that the Government
has been involved in some discussions.

The Border Mail relates that GEF Chairman Peter Allen said that
the main reason for the appointment of voluntary administrators
was Ajax's inability to come to satisfactory pricing and supply
agreements with a number of its major automotive customers.

                           About GEF

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

GEF supplies customers, including GM Holden, Pacifica Group, and
Textron, with nuts and bolts for engines and suspension parts as
well as fasteners for other vehicle parts.

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Allen Capital, the private equity owner of
Global Engineered Fasteners, called in administrators to try to
engineer a turnaround after the Company's battle with rising
costs and falling volumes failed.  The report noted that the
action was due to the Company's more than AU$5 million in debt
and the inability to convince Holden and brakes-maker Pacifica
to agree to price rises.

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


GRACELANDS FARMING: Appoints Receivers and Managers
---------------------------------------------------
Murray Campbell Smith and Michael John Hill were on July 5,
2006, appointed as receivers and managers of the fixed and
floating charge assets of Gracelands Farming Company Pty
Limited.

The Receivers and Managers can be reached at:

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


GREENSTRAW PTY: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------------
A final meeting of the members and creditors of Greenstraw Pty
Ltd will be held on September 1, 2006, at 10:30 a.m.

During the meeting, they will receive Liquidator M. H. Lyford's
report on the proceedings of the Company's wind-up and the
manner of property disposal.

The Liquidator can be reached at:

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


HOOTONS FREIGHT: Creditors Must Prove Claims by Aug. 25
-------------------------------------------------------
Hootons Freight Services Pty Ltd notifies parties-in-interest of
its intention to declare its first and final dividend on
September 1, 2006.

Creditors are required to prove their claims by August 25, 2006,
to share in the dividend distribution.

The deed administrator can be reached at:

         P. R. Vince
         Vince & Associates
         51 Robinson Street
         Dandenong, Victoria 3175
         Australia


JAGRANDA HOLDINGS: Receivers and Managers Cease to Act for Firm
---------------------------------------------------------------
John Patrick Cronin and Robyn Beverley McKern ceased to act as
receivers and managers of Jagranda Holdings Pty Ltd on July 7,
2006.

The former Receivers and Managers can be reached at:

         J. P. Cronin
         McGrathNicol+Partners
         Level 32, Central Plaza One
         345 Queen Street
         Brisbane, Queensland 4000
         Australia
         Web site: http://www.mcgrathnicol.com/


JAMEN INVESTMENTS: To Distribute Dividend on August 18
------------------------------------------------------
Liquidator R. G. Mansell will distribute dividend to the Jamen
Investments Pty Ltd's creditors on August 18, 2006.

Creditors who were not able to prove their claims by August 15,
2006, will not share in the dividend distribution.

The Liquidator can be reached at:

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


KENTURN PTY: To Declare First and Final Dividend on Sept. 8
-----------------------------------------------------------
A first and final dividend is to be declared on September 8,
2006, for the creditors of Kenturn Pty Limited.

Creditors whose proofs of claim were not lodged by August 15,
2006, will be excluded from sharing in the dividend
distribution.

The liquidator can be reached at:

          M. J. Chubb
          Clout & Associates
          Level 1, 144-148 West High Street
          Coffs Harbour
          New South Wales 2450
          Australia
          Telephone:(02) 6652 3288
          Facsimile:(02) 6651 9393


KIRKHAM HILL: Enters Liquidation Proceedings
--------------------------------------------
Kirkham Hills Pty Ltd was placed in liquidation on July 27,
2006.

Accordingly, Oren Zohra was appointed as official liquidator.

The move followed the termination of the Deed of Company
Arrangement, pursuant to Section 445C of the Corporations Act
2001 and clause 16.1.4.

The Liquidator can be reached at:

         Oren Zohar
         KordaMentha
         Telephone:(08) 9221 6999


KRC ENAMELLING: Intends to Pay Dividend to Priority Creditors
-------------------------------------------------------------
KRC Enamelling Pty Ltd will declare its first and final dividend
to priority creditors on September 6, 2006.

Creditors are required to prove their claims by August 23, 2006,
for them to share in any distribution the Company will make.

The liquidator can be reached at:

         Nicholas Crouch
         Crouch Insolvency
         Chartered Accountants
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


L.D. SHIPPING: Receivers and Managers Step Aside
------------------------------------------------
Bruno A. Secatore and Daniel P. Juratowitch ceased to act as
receivers and managers of L.D. Shipping Pty Ltd on July 31,
2006.

The former Receivers and Managers can be reached at:

         Bruno A. Secatore
         Daniel P. Juratowitch
         Cor Cordis
         Chartered Accountants
         406 Collins Street
         Melbourne 3000, Australia


LAMSAK PTY: Members Opt to Shut Down Business
---------------------------------------------
At a general meeting held on June 30, 2006, the members of
Lamsak Pty Ltd resolved to shut down the Company's business and
appoint James Patrick Downey as liquidator.

The Liquidator can be reached at:

         J. P. Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


MAGCF PTY: Pattison Ceases to Act as Receiver and Manager
---------------------------------------------------------
On June 29, 2006, Paul A. Pattison ceased to act as receiver and
manager of MAGCF Pty Ltd.

The former Receiver and Manager can be reached at:

         Paul A. Pattison
         Pattisons
         Business Advisors & Insolvency Specialists
         14th Floor
         461 Bourke Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9600 4611


MERAK PTY: Creditors' Proofs of Claim Due on August 22
------------------------------------------------------
Merak Pty Ltd will declare its first and final dividend on
September 5, 2006.

Creditors must file their proofs of debt by August 22, 2006, for
them to share in the dividend distribution.

The liquidator can be reached at:

         David James Hambleton
         R. E. Murphy & Co
         9/46 Edward Street
         Brisbane, Queensland 4000
         Australia


MOBILE LABOUR: Members and Creditors to Convene on September 8
--------------------------------------------------------------
A joint meeting of the members and creditors of Mobile Labour
Pty Ltd will be held on September 8, 2006.

During the meeting, they will receive the Company's wind-up
report and the manner of property disposal from Liquidator
Vincent Heufel.

According to the Troubled Company Reporter - Asia Pacific, the
Company was placed in a voluntary liquidation on February 16,
2006, due to its inability to pay debts.

The Liquidator can be reached at:

         Vincent Heufel
         Heufel Partners
         20 Kemp Street Wallsend
         New South Wales 2287
         Australia


MRRG LIMITED: Court Sets Date to Hear Liquidation Bid
-----------------------------------------------------
A liquidation petition filed against MRRG Ltd will be heard
before the High Court of Dunedin on August 24, 2006, at 10:00
a.m.

The Accident Compensation Commission filed the petition with the
Court on July 3, 2006.

The plaintiff's solicitor can be reached at:

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


NIMSHAY HOLDINGS: NAB Appoints Receivers and Manager
----------------------------------------------------
The National Australia Bank Limited appointed Ian Richard Hall
and Stephen Graham Longley as receivers and managers of Nimshay
Holdings Pty Ltd on July 4, 2006.

The Receivers and Managers can be reached at:

         Ian Richard Hall
         Stephen Graham Longley
         PricewaterhouseCoopers
         Level 17 Waterfront Place
         1 Eagle Street Brisbane
         Queensland 4001, Australia


OLLIE BLOCKLAYERS: Court to Hear Liquidation Bid on Aug. 24
-----------------------------------------------------------
An application to liquidate Ollie Blocklayers Ltd will be heard
before the High Court of Auckland on August 24, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 18, 2006.

The plaintiff's solicitor can be reached at:

         Kristal Louise Gallagher
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 985 7148


ORIGIN PACIFIC: To Present Proposal to Creditors on August 21
-------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 15, 2006, that Origin Pacific Airways' creditors would be
contacted this week about the fate of the money owed to them.

According to the TCR-AP, the airline's creditors, owed a total
of NZ$11.4 million, agreed to a compromise in 2005, wherein they
were required to write off 60% of their debt, so as to keep the
airline flying.  The remaining 40% was to be paid out in three
installments over five years.

A follow-up report from The Nelson Mail relates that Origin
Pacific plans to present a proposal to creditors on August 21,
2006.  However, Nelson Mail notes that Origin Pacific Managing
Director Robert Inglis is saying little.

Air New Zealand communications manager Ken Mitchell will not
reveal how much Origin Pacific owes Air New Zealand, but says
that it is less than the NZ$1.7 million Air New Zealand wrote
off the last time Origin hit trouble in 2004, Stuff.co.nz
reveals.

Mr. Mitchell notes that they are keen to get into some dialogue
with Origin Pacific but would not comment on whether Air New
Zealand would be willing to write off any of Origin Pacific's
debt.

Stuff.co.nz further relates that Origin Pacific owes Nelson
Airport for landing fees.  When asked if the Company would be
prepared to write off any of the debt, the airport's chairman,
Ian Kearney, says that it "might not have any choice,"
Stuff.co.nz says.

                    To Reimburse Passengers

Mr. Inglis also refuses to give any detailed information for
Origin Pacific's passengers, owed an estimated NZ$800,000,
Nelson Mail relates, noting that the passengers have been left
in the lurch after an agreement with Air New Zealand to
accommodate Origin Pacific's passengers fell over.

A previous report from the TCR-AP noted that Origin's suspension
of operations has left customers in the air as to what will
happen with their tickets.  Thus, Origin Pacific recommended
that passengers who have booked on its flights to contact Air
New Zealand.  However, Air New Zealand wanted advance payment
from Origin Pacific to accommodate these passengers.

Mr. Inglis says that they are working on a number of things that
may be helpful to the passengers.

Air New Zealand spokeswoman Rosie Paul says that Air NZ is
offering a special fare to Origin Pacific's stranded passengers
on a standby basis, and would continue to do so until August 31,
2006, Stuff.co.nz relates.

According to Ms. Paul, negotiations with Origin Pacific had
stalled on August 11, 2006, and talks are not continuing.
A report from tvnz.co.nz relates that almost 20,000 passengers
who booked flights with Origin Pacific will have to make their
own travel arrangements after a decision to refund their fares.

Origin Pacific says it intends to reimburse passengers, but
anticipates problems because not all of them provided a contact
number, and credit card details were not kept on file, Radio New
Zealand notes.

Thus, the Consumers' Institute has advised passengers who paid
by credit card to immediately ask their bank to reverse the
charge, while those who booked through a travel agent should be
able to get the fare back and re-book with another airline,
Nelson Mail relates.

Nelson Mail, citing a creditors' rescue deal in 2004, notes that
Origin Pacific was required to safeguard passenger money in a
trust fund.  The paper relates that, according to Mr. Inglis,
those who had paid by cash or cheque would be contacted with
advice on how to recover their money.

                      Redundancy Payments

Nelson Mail notes that Mr. Inglis also would not comment about
what Origin Pacific's workers could expect in redundancy
payments, which the Engineering, Printing and Manufacturing
Union has claimed the Company is trying to back out of.

EPMU Nelson representative Alan Clarence asserts that workers
are entitled to their full redundancy entitlements because
Origin Pacific had not gone into receivership and would continue
to operate its freight arm.  Mr. Clarence notes that they are
not 100% confident it will occur, the paper relates.

Radio NZ cites National secretary of the EPMU, Andrew Little, as
saying that the airline has offered to pay staff any wages that
are still owing, as well as holiday pay.  The union contends
that its members should also receive full redundancy payments
and payment for their notice periods, the paper relates.

The union says members should not accept the current offer,
Radio NZ notes.

                      About Origin Pacific

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.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, Origin Pacific "has lost its struggle to
survive" and has suspended operations, putting most of its 260
staff out of work immediately.  Thus, Origin Pacific halted its
passenger services on August 10, 2006, after it was unable to
secure the capital urgently needed to reduce its debt.

Origin Pacific, however, indicated hopes of continuing its
freight operations.


Q & J HOTEL: Members Agree to Close Operations
----------------------------------------------
The members of Q & J Hotel Management Pty Ltd convened on
July 18, 2006, and decided to wind up the Company's operations.

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

The Liquidator can be reached at:

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


SASKA GROUP: Liquidator Coombes to Present Wind-Up Report
---------------------------------------------------------
The members and creditors of Saska Group Pty Limited will
convene on August 24, 2006, at 10:00 a.m. for them to receive
Liquidator Bruce Coombes' accounts of the Company's wind-up
proceedings and the manner of property disposal.

The Liquidator can be reached at:

         Bruce Coombes
         135 Canterbury Road
         Kilsyth, Victoria 3137
         Australia


SCANTECH AUSTRALIA: Appoints Samuel Richwol as Liquidator
---------------------------------------------------------
At a general meeting held on July 31, 2006, the members of
Scantech Australia Pty Ltd agreed to voluntarily wind up the
Company's operations and appoint Samuel Richwol as liquidator.

The Liquidator can be reached at:

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


SEACON CONCRETING: Undergoes Voluntary Liquidation
--------------------------------------------------
Members of Seacon Concreting Pty Ltd met on July 31, 2006, and
agreed to voluntarily liquidate the Company's business.

Accordingly, Robert Eugene Murphy and David James Hambleton were
appointed as liquidators.

The Liquidators can be reached at:

         Robert Eugene Murphy
         David James Hambleton
         Chartered Accountants
         R. E. Murphy & Co.
         Level 9, 46 Edward Street
         Brisbane, Queensland 4000
         Australia


SOIUZ PACIFIC: Creditors Must Prove Debts by August 28
------------------------------------------------------
The creditors of Soiuz Pacific Ltd are required to submit their
proofs of claim by August 28, 2006, to Liquidator Bryan Edward
Williams.

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

The liquidator can be reached at:

         Bryan Edward Williams
         Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road, R.D. 2
         Henderson 0782, New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


SUNCOAST FAR: Receivers and Managers Step Aside
-----------------------------------------------
Peter John Morris and Todd William Kelly ceased to act as
receivers and managers of Suncoast Far North 4wd Safaris Pty Ltd
on July 31, 2006.

The former Receivers and Managers can be reached at:

         Peter John Morris
         Todd William Kelly
         Foremans Business Advisors
         Suite 1, 29 Lake Street
         Cairns, Queensland 4870
         Australia


TOTAL CONCEPT: Creditors Pass Resolution to Wind Up Firm
--------------------------------------------------------
The creditors of Total Concept Kitchen & Building Services Pty
Ltd on July 28, 2006, passed a special resolution to wind up the
Company's operations and appoint K. L. Sutherland and H. A.
MacKinnon as joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         H. A. Mackinnon
         K. L. Sutherland
         Bent & Cougle Pty Ltd
         Chartered Accountants
         332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


TRANSFIELD ALC: Bank Appoints Receivers and Managers
----------------------------------------------------
On July 4, 2006, National Australia Trustees Limited appointed
Anthony Gregory McGrath and Joseph David Hayes as joint and
several receivers and managers of Transfield Alc Pty Limited.

The Receivers and Managers can be reached at:

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


TRES CHIC: Members' Final Meeting Slated for September 11
---------------------------------------------------------
Members of Tres Chic Designs Pty Limited will convene on
September 11, 2006, at 11:00 a.m. for them to hear Liquidator G.
A. Marx's report on the Company's wind-up and property disposal
activities.

The Troubled Company Reporter - Asia Pacific reported on
July 10, 2006, that the Company was placed under a voluntary
wind-up on June 7, 2006.

The Liquidator can be reached at:

         G. A. Marx
         Suite 601, 3 Waverley Street
         Bondi Junction, New South Wales 2022
         Australia


UNIVERSAL CHIROPRACTIC: Appoints Joint Liquidators
--------------------------------------------------
The members of Universal Chiropractic Co Ltd on July 11, 2006,
appointed Stephen Kim Bennett and Timothy John Hoyle to oversee
the as joint liquidators.

The liquidation of the Company commenced on August 4, 2006.

The Joint Liquidators can be reached at:

         S. K. Bennett and T. J. Hoyle
         Steve Bennett Associates Limited
         Chartered Accountants, 3-5 Hunt Street
         P.O. Box627, Whangarei
         New Zealand
         Telephone: (09) 438 2312
         Facsimile: (09) 438 2912


WINSFORD INVESTMENTS: Enters Wind-Up Proceedings
------------------------------------------------
The liquidation of Winsford Investments Ltd commenced on August
3, 2006, following the appointment of Vivian Judith Fatupaito
and Richard Dale Agnew as joint liquidators.

The Joint Liquidators require the Company's creditors to submit
their proofs of claim by November 3, 2006, for them to share in
any distribution the Company will make.

The Troubled Company Reporter - Asia Pacific reported on June
20, 2006, that the Company was facing liquidation from a
petition filed by the Commissioner of Inland Revenue on May 15,
2006.  The Court heard the petition on August 3, 2006.

The Joint Liquidators can be reached at:

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


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

AGRICULTURAL BANK: Fitch Affirms Bank's Individual Rating at E
-------------------------------------------=------------------
Fitch Ratings on August 14, 2006, affirmed Agricultural Bank of
China's Individual 'E' and Support '1' ratings.

According to Fitch, Agricultural Bank of China's Individual 'E'
rating reflects the Bank's:

    * deep-rooted asset quality issues;

    * low capital and earnings; and

    * underdeveloped risk management.

Agricultural Bank is the last of China's "Big Four" banks to
undergo major restructuring.  Following this completion,
financial parameters will improve noticeably, although Fitch
foresees the bank still facing an uphill battle transitioning to
a more commercial footing in an increasingly competitive
environment.

Encouragingly, risk management practices are improving, although
Agricultural Bank's financial metrics still remain the weakest
among China's nationwide commercial banks.

The bank's '1' Support rating indicates a very high likelihood
of government support in the event of stress, reflecting the
bank's 100% state ownership and large 13% share of banking
system assets.

                         *     *     *

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

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

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


CARILLON SHIPPING: Liquidator Ha Yue Fuen Steps Aside
-----------------------------------------------------
Ha Yue Fuen, Henry ceased to act as liquidator of Carillon
Shipping Co Ltd on August 8, 2006.

The Troubled Company Reporter - Asia Pacific reported that on
May 8, 2006, Mr. Ha presented final accounts of the Company's
wind-up activities.

Mr. Ha can be reached at:

         Ha Yue Fuen
         Room 1010, 10/F Wing On Centre
         111 Connaught Road Central
         Hong Kong


CHINA EVERBRIGHT: Fitch Keeps Individual and Support Ratings
------------------------------------------------------------
Fitch Ratings on August 14, 2006, affirmed China Everbright
Bank's Individual 'E' and Support '3' ratings.

China Everbright Bank's Individual 'E' rating reflects its still
weak, though improving, financial profile, and continued poor
public transparency and disclosure.  China Everbright is also in
the process of undergoing major restructuring and is waiting in
queue for government support.

While financial metrics should improve dramatically upon receipt
of government assistance, Fitch notes that China Everbright's
cost base is also comparatively high and must be trimmed in
order to boost ROA from its 2001 to 2003 average of just 0.1%.  

Furthermore, China Everbright's large stock of non-performing
loans is also a major weakness.  The Bank's Support rating of
'3' signals a fairly high probability of support from its
parent, China Everbright Group, and ultimately the government in
the event of stress, reflecting CEG's status as an important
commercial entity under China's State Council.

                  About China Everbright Bank

Headquartered in Beijing, China, China Everbright Bank Company
-- http://www.cebbank.com/-- is the first state-owned  
commercial bank with shares held by international financial
institutions.  For more than 11 years, the bank has focused on
growth and innovation.  By the end of 2003, China Everbright
Bank had established over 370 banking offices in 36 major cities
all over 23 provinces, autonomous regions and city provinces,
and has become a nation-wide joint-stock commercial bank with
modest influence on China's economic and social development.


GUANGDONG DEVELOPMENT: Fitch Affirms Individual, Support Rating
---------------------------------------------------------------
Fitch Ratings on August 14, 2006, affirmed Guangdong Development
Bank's Individual 'E' and Support '4' ratings.

According to Fitch, Guangdong Development Bank's Individual 'E'
rating reflects:

    * its very weak profitability,

    * large stock of NPLs,

    * low capital; and

    * poor disclosure.

Return on assets remains very low at 0.03% due to high expenses
and falling net interest revenue, resulting from the bank's
large overhang of problem loans.  Non-performing loans as a
share of total loans rose 2 ppts to 16.6% in 2004 (by Chinese
accounting standards), while the ratio of equity to assets
declined to 1.5%.

Fitch considers the sale of more than 80% of the bank's shares
to a foreign-led consortium to be credit positive.  Guangdong
Development's '4' Support rating indicates a limited probability
of full and timely regulatory support in the event of stress,
reflecting the bank's small market share, the absence of direct
government ownership, and the impending sale of a majority stake
to a foreign-led consortium.


GOLDEN HOPE: Appoints Chan and Young as Liquidators
---------------------------------------------------
Members of Golden Hope (Asia) Limited on August 4, 2006,
appointed Joint Liquidators Chan Yuen Bik, Jane and Young Chun
Man, Kenneth to oversee the Company's wind-up.

The Joint Liquidators can be reached at:

         Chan Yuen Bik, Jane
         31/F., Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


GUANGDONG KELON: Posts CNY3.7 Billion Net Loss in 2005
------------------------------------------------------
Guangdong Kelon Electrical Holdings' net loss widened to CNY3.7
billion, or CNY3.73 a share, from CNY226.29 million or CNY23 a
share in 2004 under Hong Kong accounting standards, the South
China Morning Post reports.

According to the Post, Guangdong Kelon has reported the largest
loss of any publicly traded mainland company for last year when
its operations were paralyzed by an investigation into alleged
fraud by its former chairman and other company executives.

The Company's auditor gave a qualified opinion, citing its
inability to obtain the books and records needed to verify part
of Kelon's results for last year, the Post relates.

The Troubled Company Reporter - Asia Pacific recounts that China
Securities Regulatory Commission discovered Kelon was using
falsified annual reports for the years 2002, 2003 and 2004.  
Moreover, the Company reportedly overstated its revenue and
omitted substantial information from the annual reports.

Moreover, the Post relates that shares in the Company, which
issued the earnings report four months late, have been suspended
from trading in Hong Kong since June last year.  The trading
halt followed an investigation into alleged fraud by the
imprisoned Gu Chujun when he was chairman of the Company until
being dismissed in August last year, as well as 11 other
executives.

Explaining the huge loss, Kelon's recently appointed chairman
Tang Yeguo noted in the financial report that the manufacturer
halted about 50% of its refrigerator production and 70% of air-
conditioner output between May and August last year, as the
China Securities Regulatory Commission and mainland police
conducted their investigation into the executives' alleged
economic crimes, the Post relates.

In addition, Mr. Tang said it was also hurt by fierce
competition in China's refrigerator market and surging raw
materials costs as well as an 18% decline in overseas exports in
part due to negative publicity related to the investigation.

According to the Post, Kelon set aside about CNY763 million as
provision for bad debt last year.  Over the year, Kelon slipped
into negative equity of about CNY782 million, with current
liabilities at CNY3.3 billion more than its current assets.  It
also has about CNY1.2 billion of loans that were overdue by the
end of last year.

Meanwhile, despite the huge loss and on going litigation, Kelon
said most of its bankers had expressed their intention to
reschedule overdue borrowings or renew credit facilities to the
company.  In addition, it said a five-month government
investigation found sales were inflated by CNY122.1 million
between 2002 and 2004, adding CNY33 million to the Company's net
income.

                          *     *     *

Headquartered in Wanchai, Hong Kong, Guangdong Kelon Elecrical
Holdings Company Limited -- http://www.kelon.com/-- is one of  
the largest cooling domestic appliance manufacturers in China,
mainly engaging in the development and manufacture, as well as
domestic and overseas sales of refrigerators and air-
conditioners.

Before the latest scandal involving its former chairman, the
refrigerator maker was saddled with net losses in 2004, after
seeing a CNY197.3 million net profit in 2003 and a similar
substantial profit in 2002.  With the outbreak of the scandal,
it suspended trading of some of its shares and had its assets
frozen.  The Company was taken over by China's Hisense Group in
a CNY900 million acquisition in September 2005.


JARDINE CONSTRUCTION: Appoints Joint Liquidators
------------------------------------------------
The shareholders of Jardine Construction Insurance Services Ltd
on August 3, 2006, appointed joint and several liquidators Ying
Hing Chiu and Chung Miu Yin, Diana to oversee the Company's
liquidation.

The joint liquidators can be reached at:

         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


JARDINE INSURANCE: Names Ying and Chung as Liquidators
------------------------------------------------------
The shareholders of Jardine Insurance Brokers Pacific Ltd on
August 3, 2006, appointed joint and several liquidators Ying
Hing Chiu and Chung Miu Yin, Diana to oversee the Company's
wind-up.  

The Joint Liquidators can be reached at:

         Ying Hing Chiu
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


JOHNSTON MOTOR: Faces Liquidation Proceedings
---------------------------------------------
An application to liquidate Johnston Motor Co Ltd will be heard
before the High Court of Christchurch on August 21, 2006, at
10:00 a.m.

Fair City Finance Ltd filed the petition with the Court on
July 25, 2006.

The plaintiff's solicitor can be reached at:

         Roger Alexander Fraser
         Credit Services (NZ) Limited
         Level Six, 138 Victoria Street
         Christchurch, New Zealand


NEBRASKA INVESTMENTS: Liquidator to Present Wind-Up Report
----------------------------------------------------------
Liquidator Choy Man Yick will present to the members of Nebraska
Investment Co Ltd final accounts of the Company's wind-up and
property disposal exercises.

The presentation of report will be made at Mr. Choy's office on
September 8, 2006, 10:00 a.m.

The Liquidator can be reached at:

         Choy Man Yick
         12th Floor, V Huen Building
         138 Queen's Road Central
         Hong Kong


RICH ACTIVE: Members' Final Meeting Set on September 8
------------------------------------------------------
The final meeting of the members of Rich Active Ltd will be held
on September 8, 2006, at 9:30 a.m. at the liquidator's office.

At the meeting, Liquidator Choy Man Yick will present final
accounts of the Company's wind-up.

The Troubled Company Reporter - Asia Pacific reported that on
February 14, 2006, members of the Company agreed to voluntarily
shut down the Company's operations.


RICH CLASS: Final Memberss Meeting Set on September 8
-----------------------------------------------------
The members of Rich Class Ltd will convene for their final
meeting at 12th Floor, V Huen Building, 138 Queen's Road
Central, Hong Kong on September 8, 2006, 9:00 a.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 14,
2006.


SHENZHEN DEVELOPMENT: Fitch Keeps Individual D/E, Support 4
-----------------------------------------------------------
Fitch Ratings on August 14, 2006, affirmed Shenzhen Development
Bank's Individual 'D/E' and Support '4' ratings.

Fitch relates that Shenzhen Development Bank's Individual 'D/E'
rating reflects its weak credit profile, including sizeable
under capitalization and weak asset quality relative to peers.  
The recent failure of the bank's non-tradable share reform
proposal has placed negative pressure on its rating, as
additional capital cannot be raised until the reform is
completed.

The Bank's capital adequacy improved in 2005, with the bank's
total capital adequacy ratio rising to 3.7% from 2.3% the prior
year. However, this ratio remains well below the regulatory
requirement of 8%.

Fitch considers the efforts being made by Newbridge to revive
SZDB's operations to be credit positive, although the presence
of foreign management in and of itself does not outweigh the
bank's challenges. SZDB's '4' Support rating signals a limited
probability of full and timely support in the event of stress,
reflecting the bank's small market share and less than 1% state
ownership.


SMART-TONE: Faces Wind-Up Proceedings
-------------------------------------
The High Court of Hong Kong will hear on September 6, 2006, at
9:30 a.m. the wind-up petition filed against Smart-Tone
Technology Logistic Service Company Ltd.

Li Jiong Ran filed the petition with the Court on July 10, 2006.

The petitioner's solicitor can be reached at:

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


SMILE RICE: TO Receive Proofs of Claim Until September 11
---------------------------------------------------------
Liquidator Yuen Shu Tong will be receiving proofs of claim from
creditors of The Smile Rice Co Ltd until September 11, 2006.

Failure to file the claims by the due date will exclude a
creditor from sharing in any distribution the Company will make.

The Liquidator can be reached at:

         Yuen Shu Tong
         3/F., Malaysia Building
         50 Gloucester Road
         Wanchai, Hong Kong


SUNGRAND CORPORATION: Liquidators Ceases to Act for Company
-----------------------------------------------------------
Ha Yue Fuen, Henry ceased to act as liquidator of Sungrand
Corporation Ltd on August 8, 2006.

The Troubled Company Reporter - Asia Pacific reported on April
10, 2006, that Liquidator Ha Yue Fuen presented its final wind-
up report to the Company's members on May 8, 2006.

Mr. Ha can be reached at:

         Ha Yue Fuen
         Room 1010, 10/F Wing On Centre
         111 Connaught Road Central
         Hong Kong


TELEVISION VOYAGES: Appoints Official Liquidator
------------------------------------------------
Julian Walsh was on July 31, 2006, appointed to oversee the
liquidation of Television Voyages Ltd.

The Liquidator can be reached at:

         Julian Walsh
         1403 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


TIN SUM VALLEY: Creditors' Proofs of Claim Due on October 28
------------------------------------------------------------
The creditors of Tin Sum Valley United Village Office Ltd are
required to submit their proofs of claim by October 28, 2006, to
Liquidator Tsoi Chiu Hee.

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

The Liquidator can be reached at:

         Tsoi Chiu Hee
         Lung Hang Estate
         Shatin Area 2A
         New Territories
         Hong Kong


TOLAND DEVELOPMENT: Members to Receive Wind-Up Report
-----------------------------------------------------
The members of Toland Development Ltd will be receiving
liquidator Choy Man Yik's final accounts regarding the Company's
wind-up.

The report will be presented at a members' meeting on
September 8, 2006, at 10:30 a.m.

The Liquidator can be reached at:

         Choy Man Yick
         12th Floor, V Huen Building
         138 Queen's Road Central
         Hong Kong


WISEFORD INTERNATIONAL: Creditors Must Prove Debts by Sept. 15
--------------------------------------------------------------
Liquidator Ha Yue Fuen, Henry requires the creditors of Wiseford
International Ltd to submit their proofs of claim by
September 15, 2006.

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

The Liquidator can be reached at:

         Ha Yue Fuen, Henry
         Room 1010, 10th Floor
         Wing On Centre
         111 Conaught Road Central
         Hong Kong


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ANDREW CORP: Mutually Terminates Pending Merger With ADC
--------------------------------------------------------
Andrew Corp. and ADC Telecommunications Inc. have entered into
an agreement to terminate their pact and plan of merger, which
the parties entered into on May 30, 2006.

The companies believe that current market considerations raised
significant questions about the ability to obtain necessary
shareholder approval.  Therefore, Andrew and ADC have agreed to
terminate the merger agreement without liability to either
party.  To effect the mutual termination, Andrew has agreed to
pay ADC US$10 million.  In addition, Andrew has agreed that ADC
would be paid another US$65 million in the event Andrew effects
a business combination transaction within 12 months.

"While we believed in the strategic rationale of this
combination and are disappointed that the merits of the
transaction were unrecognized in the marketplace, we will
continue to execute on our strategy to become the leading
supplier of network infrastructure solutions to our customers
worldwide," stated Robert E. Switz, president and CEO of ADC.
"We will accomplish that goal through a combination of business
development initiatives, new product development and execution
in our core business.  The fundamentals of our business remain
solid, and we remain confident that we can deliver long-term
growth and profitability."

"Andrew's industry-leading product portfolio and globally
diversified customer base provide the company with a unique
ability to meet the long-term global demand trends for wireless
infrastructure.  Andrew remains in a strong position to offer
industry-leading support to operators, OEMs, and other
communications providers around the world. As evidenced by our
record sales and orders in our fiscal third quarter, we are
growing share and improving operations through innovative
products and the hard work of our global team.  Our management
team and employees are committed to delivering results and
capitalizing on business opportunities that will drive future
operational and financial improvements.  We are confident in the
outlook for our future," Mr. Switz concluded.

                           About ADC

ADC Telecommunications Inc., -- http://www.adc.com/-- provides  
the connections for wireline, wireless, cable, broadcast, and
enterprise networks around the world.  ADC has sales into more
than 140 countries.

                         About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in China and India.  Andrew is
an S&P 500 company founded in 1937.

                          *     *     *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive.

The revision reflects an unsolicited offer by CommScope Inc. to
acquire Andrew for approximately US$1.5 billion cash to Andrew's
shareholders, which represents a US$400 million premium to the
current equity value of Eden Prairie, Minnesotta-based ADC
Telecommunications Inc.'s shares.  Additionally, CommScope would
assume Andrew's debt. ADC had initially agreed to merge with
Andrew on a stock-for-stock transaction on May 31, 2006.


ANDREW CORP: 3rd Quarter 2006 Net Income Narrows to US$7 Mil.
-------------------------------------------------------------
For the third quarter ended June 30, 2006, Andrew Corporation
reported net income of US$7 million, compared to net income of
US$13 million in the same period last year.

The Company's total sales for the third quarter of 2006
increased 13% to US$551 million from US$487 million in the prior
year quarter.

Commenting on the results, Ralph Faison, the Company's president
and chief executive officer, said, "[o]ur third quarter
financial results reflect positive operational improvement.  Our
price surcharges on cable products have now been implemented
across all customers in all geographic regions. Despite an
unfavorable product mix in Base Station Subsystems and
approximately $3.0 million of filter product line transition
costs, gross margin for the company increased 150 basis points
versus the prior quarter."

Mr. Faison continued, "[o]verall global demand trends have
continued to be positive for the wireless infrastructure
industry as demonstrated by record sales and orders for the
company during the third quarter.  We believe our industry-
leading product portfolio and globally diversified customer base
provides the company with a strategic ability to benefit from
network upgrades and expansions that are occurring in each major
region around the globe."

              Balance Sheet and Cash Flow Highlights

The Company's cash and cash equivalents at June 30, 2006, were
US$116 million compared to US$155 million at March 31, 2006 and
US$189 million at Sept. 30, 2005.

Accounts receivable were US$539 million and days' sales
outstanding were 85 days at June 30, 2006, compared to
US$478 million and 83 days at March 31, 2006 and US$471 million
and 76 days at Sept. 30, 2005.

Inventories were US$391 million and inventory turns were 4.4x at
June 30, 2006, compared to US$369 million and 4.1x at March 31,
2006 and US$353 million and 4.6x at Sept. 30, 2005.  The
acquisition of Precision in April 2006 added approximately
US$17 million of accounts receivable and US$9 million of
inventory.

Total debt outstanding and debt to capital were US$302 million
and 16.1% at June 30, 2006, compared to US$313 million and 16.7%
at March 31, 2006 and US$303 million and 16.3% at Sept. 30,
2005.

Cash flow from operations was US$24.5 million for the third
quarter, compared to cash flow from operations of
US$13.4 million in the prior quarter and cash flow from
operations of US$27.2 million in the prior year quarter.  
Capital expenditures were US$17.7 million for the third quarter,
compared to US$20.8 million in the prior quarter and
US$16.2 million in the prior year quarter.

                         About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in in China and India.  Andrew
is an S&P 500 company founded in 1937.

                          *     *     *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive.

The revision reflects an unsolicited offer by CommScope Inc. to
acquire Andrew for approximately US$1.5 billion cash to Andrew's
shareholders, which represents a US$400 million premium to the
current equity value of Eden Prairie, Minnesotta-based ADC
Telecommunications Inc.'s shares.  Additionally, CommScope would
assume Andrew's debt. ADC had initially agreed to merge with
Andrew on a stock-for-stock transaction on May 31, 2006.


ANDREW CORPORATION: Rejected Bids Prompt S&P's Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its CreditWatch
implications on Andrew Corp. to negative from developing.  The
'BB' corporate credit rating and other ratings on the company
were placed on CreditWatch developing on Aug. 7, 2006.

The action follows Andrew's announcement that it terminated the
existing stock-based offer made by ADC Telecommunications (based
on mutual agreement), whose value had declined from US$2 billion
to US$1.3 billion over the last few months.  Andrew also
rejected the US$1.7 billion cash bid made by CommScope Inc.
(BB/Watch Neg/--).

"At this point, it is uncertain what direction Andrew's
management will take but it may potentially include plans to
engage in defensive measures," said Standard & Poor's credit
analyst Bruce Hyman.

CommScope's bid remains outstanding and may be revised or
withdrawn.  S&P will monitor developments and respond
accordingly.

                        About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in China and India.  Andrew is
an S&P 500 company founded in 1937.


ANDREW CORPORATION: Rejects CommScope Acquisition Proposal
----------------------------------------------------------
CommScope, Inc., responded to Andrew Corporation's rejection of
its proposal to acquire all of Andrew's outstanding shares for
US$9.50 per share in cash:

"We are disappointed that Andrew has decided to reject our
proposal.  After careful consideration with our advisors,
CommScope has decided not to pursue its proposal to acquire
Andrew Corporation at the present time.  CommScope's operational
excellence and financial discipline has made us a global leader
in the 'last mile' of telecommunications.  We intend to continue
building upon our leadership position and we are confident that
CommScope is poised to continue creating value for its
stockholders."

                         About CommScope

Based in Hickory, North Carolina, CommScope, Inc. (NYSE:CTV)
-- http://www.commscope.com/-- designs and manufactures "last  
mile" cable and connectivity solutions for communication
networks.   Through its SYSTIMAX(R) Solutions(TM) and
Uniprise(R) Solutions brands CommScope is the global leader in
structured cabling systems for business enterprise applications.  
It is also the world's largest manufacturer of coaxial cable for
Hybrid Fiber Coaxial applications.  Backed by strong research
and development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless
cabling solutions.

                          About Andrew

Headquartered in Westchester, Illinois, Andrew Corporation
(NASDAQ: ANDW) -- http://www.andrew.com/-- designs,  
manufactures and delivers innovative and essential equipment and
solutions for the global communications infrastructure market.  
The company serves operators and original equipment
manufacturers from facilities in 35 countries including, among
others, manufacturing locations in in China and India.  Andrew
is an S&P 500 company founded in 1937.

                          *     *     *

Standard & Poor's Ratings Services retained on Aug. 7, 2006, its
'BB' ratings on Westchester, Illinois-based Andrew Corp. remain
on CreditWatch, where they were placed with positive
implications on May 31, 2006; the implications are revised to
developing from positive.

The revision reflects an unsolicited offer by CommScope Inc. to
acquire Andrew for approximately US$1.5 billion cash to Andrew's
shareholders, which represents a US$400 million premium to the
current equity value of Eden Prairie, Minnesotta-based ADC
Telecommunications Inc.'s shares.  Additionally, CommScope would
assume Andrew's debt. ADC had initially agreed to merge with
Andrew on a stock-for-stock transaction on May 31, 2006.


=================
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ARGO PANTES: Amsterdam Court Rules on Bankruptcy
------------------------------------------------
An Amsterdam court has approved the bankruptcy petition filed by
Indo Plus BV against Argo Pantes Finance BV, a subsidiary of
Indonesia's PT Argo Pantes Tbk, AFX News Limited reports citing
XFN-Asia as its source.

Creditors have until Sept. 11 to submit their written proofs of
claims to the company's administrator, Sjoerd Postma, at:

         Sjoerd Postma
         Delflandlaan 1
         Postbus 1031
         1000 BA Amsterdam
         Netherlands
         Tel: +31 (0)20 2060700
         Fax: +31 (0)20 2060750
         E-mail: SPostma@devos.nl

The first meeting of creditors will be held on Sept. 12 at the
administrator's address.

                     About Argo Pantes

Headquartered in Jakarta, Indonesia, PT Argo Pantes Tbk
manufactures textile.  The Company is comprised of four business
units: Spinning, Yarn Dying, Weaving and Dying Finishing.  It
sells its products to both domestic and international markets,
including countries in Asia, North America and Europe.  The
Company also operates one production facility in each of
Tangerang and Bekasi.

The Company's subsidiaries include Argo Pantes Finance B.V.,
Argo Pantes (HK) Ltd. and PT Mega Sentra Propertindo, which are
engaged in the financial services, sales and general trading
industries.


GARUDA INDONESIA: Gov't to Allot IDR1 Tril. to Aide Turnaround
--------------------------------------------------------------
PT Garuda Indonesia will get fresh capital of IDR1 trillion from
the Government to enable the airline to turn around its
business, Bloomberg News reports.

According to Antara News, the Government intends to place
IDR1-trillion in equity in Garuda Indonesia, which equities will
be taken from the 2006 state budget.

Muhammad Said Didu, secretary to State Minister of state-owned
firms (BUMN), told reporters in Jakarta that the Government's
move will help "restructure and make more efficient state
companies."  The decision will be taken on August 16, 2006, he
said.

Bloomberg further notes Mr. Didu as saying that legislators are
yet to approve the plan.

Antara recounts that the Government had earlier planned to form
a BUMN Restructuring Fund to save Garuda from its financial
problems.  State Enterprises Minister Sugiharto had previously
acknowledged that Garuda had debt and business/transformation
restructuring problems.

In its debt restructuring worth US$790 billion, Garuda received
support from the House of Representatives' Commissions V, VI and
XI.  According to Minister Sugiharto, the IDR1-trillion fund
could help the Government renegotiate Garuda's debts with
foreign creditors like the European Credit Agency.

The ECA provided the Government with US$510 billion in loans and
the rest to promissory note holders, Bank Mandiri and PT Angkasa
Pura I-II.  It was reported that Garuda was unable to pay
US$55 million to holders of promissory notes due in December
2005.

Bloomberg relates that competition from local budget carriers
and high oil prices are hurting Garuda's ability to repay some
of its debts.  Garuda posted its second-straight annual loss in
2005.

The report notes that the proposed cash injection comes as the
airline is in talks with creditors to restructure its debts.  In
return, the Government wants Garuda to reduce its number of
workers and cut costs, Emirsyah Satar, the airline's president
director, told reporters.

                      About Garuda Indonesia

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

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


MEDCO ENERGI: Moody's Changes B1/B2 Ratings Outlook to Negative
---------------------------------------------------------------
Moody's Investors Service has changed the outlook on PT Medco
Energi Internasional TBK's ratings to negative from stable.

The ratings affected by the outlook change are:

   * B1 local currency corporate family rating -- Medco

   * B2 foreign currency long-term rating -- MEI Euro Finance
     Ltd (guaranteed by Medco)

"The change in outlook follows the recent incident surrounding
the Banjar Panji well in the Brantas PSC on the Indonesian
Island of Java, and which has resulted in significant water and
mud flows," says Terry Fanous, a Moody's Senior Vice President.
The well -- whose mud flows have inundated several villages --
is operated by Lapindo Brantas Inc and the PSC is 32% owned by
Medco.

"The change in outlook to negative reflects the uncertainty
surrounding the remediation process and the potential financial
liability, if any, that Medco will bear from such a material
event," Fanous adds.

Over the next few months, Moody's will monitor:

   1. the progress and costs associated with remediation
      efforts;

   2. the potential impact, if any, of these costs on Medco's
      liquidity position over the next 12-15 months;

   3. amount and timing of any insurance recovery; and

   4. the consequent financial profile, including Medco's plan
      to manage its capital expenditure requirement over the
      next 1-2 years.

The ratings continue to reflect Medco's:

   (a) ability to maintains its competitive cost position,
       although a rising trend is evident due to higher lifting
       and F&D costs, and

   (b) experience in Indonesia's operating environment and solid
       track record.

At the same time, the ratings reflect several challenges,
including:

   1. Medco's relatively short proved developed reserve life
      index;

   2. the continued natural decline expected in its production
      base over the next 2-3 years;

   3. medium development risk and the associated large capex,
      which will result in negative free cash flows over the
      next 2-3 years and elevate leverage; and

   4. uncertainty arising from its acquisitions strategy.

The ratings could be lowered if the potential liability arising
from the Brantas incident

   -- materially raises liquidity risk such that cash sources
      are insufficient to meet all cash calls over the next 12-
      15 months; or

   -- leads to a weakening in Medco's financial profile,
      particularly if it coincides with an aggressive debt-
      funded acquisition and expansion strategy that results in
      higher leverage, with adjusted debt/proved developed
      reserves exceeding US$8-9/boe and its F&D costs increase
      to US$6-8/boe.

The ratings outlook could revert to stable when the potential
liability is clarified and considered by Moody's to be
manageable within Medco's liquidity and financial profiles.

PT Medco Energi Internasional Tbk is predominantly an
independent Indonesian E&P company with total proved reserves of
approximately 173 million barrels of oil equivalent and
production of 30 million BOE in 2005.  It also maintains oil
service operations and a methanol plant in Indonesia.


MERPATI NUSANTARA: Will Get IDR450-Billion Funding From Gov't
-------------------------------------------------------------
The Indonesian Government intends to place equities worth
IDR450 billion in PT Merpati Nusantara Indonesia as part of its
efforts to help the airline achieve restructurization and
efficiency, Antara News report.

Antara, citing Muhammad Said Didu, secretary to State Minister
of state-owned firms (BUMN), relates that the equities will be
taken from the 2006 state budget.  Mr. Didu said that "[t]he
decision will be taken on August 16, 2006."

Mr. Didu also said that the Government will set up a special
team to supervise the equities.  He explained that the special
team would conduct the supervision and decide the time of
releasing the funds.

Antara recounts that the Government had earlier planned to form
a BUMN Restructuring Fund to save Merpati Nusantara from its
financial woes.  The setting up of the fund will involve some
firms like PT Freeport, PT Sucofindo, and PT Indosat with the
Government as minority shareholder.

                          *     *     *

Headquartered in Jakarta, Indonesia, PT Merpati Nusantara
Indonesia -- http://www.merpati.co.id/-- is a state-owned  
carrier that services predominantly international routes.  The  
carrier is facing the threat of being declared bankrupt with
IDR1.6 trillion in accumulated losses.

According to press reports, Merpati has suffered from high fuel
prices and hurt by the weaker rupiah.  The bombings in Bali in
October 2005 hit the airline pretty hard in its revenue flow.  
The airline is also struggling to cope with new competition
within Indonesia, both from domestic airlines and from other
airlines coming into Indonesia internationally.

The Troubled Company Reporter - Asia Pacific reported on July
24, 2004, that the Indonesian Government invited applications
from financial and legal advisers to help devise a privatization
scheme for the carrier.  The Government proposed a strategic
sale of the state's 51% stake in Merpati to help fund the
carrier's operations.  The state was also considering a IDR220
billion debt-for-equity swap.  

According to a TCR-AP report in January 2006, the Government had
promised to inject up to IDR400 billion into the Company.  
However, since it is also cash-strapped, the Government said it
would disburse the amount in installments, and initially meted
out IDR75 billion for the Company to continue its business.


PAITON ENERGY: S&P Raises US$180-Mil. Bond Rating to 'B'
--------------------------------------------------------
Standard & Poor's Ratings Services raised its rating on Paiton
Energy Funding B.V.'s US$180 million senior secured bond issue
to 'B' from 'B-'.  The bond is guaranteed by Indonesia's PT
Paiton Energy, which owns two 615 MW coal-fired power plants in
East Java, Indonesia.  The outlook is stable.

The rating action is in tandem with the recent rating upgrade of
the sovereign credit ratings on the Republic of Indonesia
(foreign currency BB-/Stable/B; local currency BB+/Stable/B).
The upgrade on Indonesia in turn reflected its improving fiscal
and external performance, resulting in declining debt burdens.     

"Paiton faces high counterparty risk from its sole off-taker,
state-owned utility PT PLN (Persero), which has a weak credit
profile and relies on government subsidies to meet its financial
obligations.  Therefore, the sovereign's stronger financial
profile should strengthen its ability to support PLN's
obligations, leading to a corresponding improvement in Paiton's
credit profile," said Standard & Poor's credit analyst Anshukant
Taneja.

The rating on the PEF notes also reflects the relatively
uncertain legal and operating conditions in Indonesia.
Government policies on subsidies and exchange-rate management
could potentially affect Paiton adversely.  These weaknesses
are, however, partially mitigated by Paiton's contractual
agreement with PLN, its low cost of power generation, and
favorable demand prospects for power in Indonesia.

"The stable outlook factors in a continued stable operating
performance by the company and timely payments from PLN.  A
prominent improvement in the financial profile of PLN can
potentially have a positive impact on the outlook
or rating on Paiton," said Mr. Taneja.


=========
J A P A N
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MITSUBISHI MOTORS: Maintains Supply of eK-WAGONs to Nissan
----------------------------------------------------------
Mitsubishi Motors Corporation will continue to supply its eK-
WAGON mini car model to Nissan Motor Co. even after the vehicle
undergoes a redesign, Dow Jones Newswires reports.

Every year, Mitsubishi will supply Nissan with 36,000 units of
the next-generation wagon, which will be sold under Nissan's
Otti brand, Dow Jones says.

According to the report, Nissan procured about 3,000 eK-WAGON
units over a 12-month period since Mitsubishi began supplying
the vehicle in May 2005.  The move came at a time when Nissan is
striving to boost sliding domestic sales due to a lack of new
models.  Nissan's domestic sales fell 17.0% on year to 161,000
units in the April-June quarter.

The new mini model may help Nissan to regain traction in Japan,
Dow Jones relates.  For Mitsubishi, the extended arrangement
will help support production volume.

                  About Mitsubishi Motors Corp.

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation
-- http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.  
The Company also operates consumer-financing services and
provides this to its customer base.

MMC adopted the "Mitsubishi Motors Revitalization Plan" on
January 28, 2005, as its three-year business plan covering
fiscal 2005 through 2007, after investor DaimlerChrysler backed
out from the Company.  The main objectives of the plan are
"Regaining Trust" and "Business Revitalization."

                          *     *     *

Japan Credit Rating Agency, Ltd. had on July 18, 2006, upgraded
the Company's senior debts rating to BB- from B- with a stable
outlook, as its restructuring has been going well as planned,
with Mitsubishi group firms increasing their stakes in MMC to
34.3% as of March 31, 2006.

On July 31, 2006, Rating & Investment Information Inc upgraded
its issuer rating on Mitsubishi Motors Corp. from CCC+ to B with
a stable outlook and its commercial paper rating from c to b,
and has removed the rating from its monitor at the same time.


SAPPORO HOLDINGS: Brews Merger with Canada's Sleeman
----------------------------------------------------
Tokyo-based beer maker Sapporo Holdings Limited is keen on
taking at least two-thirds of the shares of Sleeman Breweries of
Canada by mid-October, The International Herald Tribune reports,
citing Bloomberg News.

In fact, Sapporo Holdings's subsidiary, Sapporo Breweries, has
agreed to pay CND400 million, or US$264 million, for the Sleeman
shares, The Herald Tribune says.

AFX News reveals that Sapporo Holdings has offered CND17.50 per
share for the acquisition, representing a 50% premium to Sleeman
Breweries' closing price on May 11, 2006, the day preceding the
announcement of intent to sell.  The purchase price is at an 18%
premium to Sleeman Breweries' closing price on August 11, 2006.

Sluggish domestic beer sales and Japan's shrinking population,
prompted Sapporo to make its first overseas takeover bid, The
Wall Street Journal relates.

The acquisition, which Sleeman said includes assumed debt, is
part of Sapporo's plan to erase losses and triple its operating
profit in the alcohol business by December 2008.

According to The Wall Street Journal, Sleeman has been hurt by
price competition and hired an investment firm in May to
consider a sale.  Sleeman already has been brewing Sapporo beer
in Canada under a licensing agreement, so the Japanese company
had been considered a likely bidder.

                     About Sapporo Holdings

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

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
August 7, 2006, Sapporo Holdings posted a JPY1.8-billion
operating loss for the first half of the fiscal year, and
forecast earnings to drop to JPY10.2 billion for FY06 from an
initial forecast of JPY16.8 billion.

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

On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short-
term Foreign and Local Currency Issuer Default Rating to the
Company.


SOJITZ CORPORATION: JCR Assigns BBB- Rating to Bonds
----------------------------------------------------
Japan Credit Rating, on August 8, 2006, assigned a BBB- rating
to bonds to be issued under the shelf registration of Sojitz
Corporation.  The bonds will be issued on August 17, 2006, and
will mature on August 17, 2006.

Sojitz aims to increase the net income to JPY60 billion for
fiscal year ending March 31, 2009, growing sustainability by
expanding business investments.  The revenue and earnings are
increasing.  It is important that the Company raise earnings
power so that it is not susceptible to external environment in
order to achieve the numerical target.

JCR will pay attention to the strengthening of the earnings
base.  Sojitz will make anew capital spending totaling
JPY300 billion under the medium-term management plan.  JCR deems
it necessary to watch carefully impact of the new capital
expenditures on risk/return profile and balance of risk assets
and capital.  The Company's equity is mostly preferred shares
issued to lenders for debt-for-equity swaps, having problem with
the quality.

Sojitz plans to clear off the preferred shares by repurchasing
them up to the amount of conversion of the convertible bonds to
be issued for total amount of 300 billion yen. This clearance
will improve Sojitz's capital quality and will reduce its burden
for preferred dividend payments.  JCR considers this positive
factor for the rating on Sojitz.

The convertible bonds issued already have been converted into
common shares amounting 34 billion yen as of July 31, 2006.  The
stock market conditions may have impact on this clearance
scheme.  JCR will watch carefully the going of this scheme.

Headquartered in Tokyo, Japan, Sojitz Corporation --
http://www.sojitz.com/-- is formerly known as Sojitz Holdings  
Corporation.  The Group's principal activities are holding of
stocks in general trading companies and distributions.  The
operations are carried out through the following divisions:
Energy and Metal; Chemicals and Resin; Construction, Timber,
Foods, Retail, Textiles, Overseas Subsidiary; and Other.  The
Energy and Metal division deals with fuels, gas and metal
sources.  The Machinery division is engaged in vehicle and
parts, construction of machinery and plants.  The Chemicals and
Resins include organic and inorganic chemicals, medicine, and
agricultural chemical and resin.

                          *     *     *

Standard & Poor's Ratings Services said on July 28, 2006, that
its 'BB-' long-term corporate credit and 'BB+' senior unsecured
debt ratings on Sojitz Corp. remain on CreditWatch with positive
implications as the Company continues to improve its capital
quality.

S&P placed Sojitz on CreditWatch on April 28, 2006, after the
Company announced its plan to issue JPY300 billion inconvertible
bonds and buy back its preferred stock worth JPY560.4 billion,
after shareholders ratified the plan at its shareholders'
meeting.


* July Bankruptcies Up But Liabilities Drop, Research Firms Say
---------------------------------------------------------------
Total corporate bankruptcies in Japan for July 2006 climbed 2.6%
to 1,051 from the previous year's 1,024, The Japan Times
relates, citing Tokyo Shoko Research.  

Liabilities incurred by the failed companies, however, dipped
35.2% to a record low of JPY309.9 billion since 1991.  The
decline is attributed to few bankruptcy filings of large firms
and more small business failures.

The Tokyo Shoko Research data showed that bankruptcies in Japan
continue to drop reflecting the recent economic recovery.  The
data cover corporate bankruptcies with debts of JPY10 million
yen or more.

Meanwhile, another private research firm reported that the
number of corporate bankruptcies in July stood at 746, up 10.5%
from a year earlier.  According to Teikoku Databank, debts left
by the bankrupt entities amounted to JPY354.84 billion, down 15%
from the previous year.  The figure was the second lowest this
year, following JPY325.28 billion marked in February.

The report by Teikoku Databank covers only corporate failures
filed with courts and involving debts of JPY10 million or more,
The Japan Times says.


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

HANA BANK: Sells SGD60-Million One-Year Bond
--------------------------------------------
Hana Bank has sold a SGD60-million one-year fixed-rate bond with
the coupon set at 3.68%, Dow Jones reports.

The senior unsecured note was priced on August 11, 2006, and
will settle on August 18, 2006.

Deutsche Bank was the sole bookrunner for the transaction.  Hana
also sold a SGD50-million one-year floating rate note in June
2006 and a SGD60-million one-year fixed-rate note in May 2006.

                        About Hana Bank

Hana Bank -- http://www.hanabank.com/-- provides financial  
services to individuals and corporate clients such as
international banking, trust business and security investment
business through 298 domestic branches and one head office.

Fitch Ratings gave Hana Bank an Individual Rating of B/C.

Moody's Investors Service gave the bank a D+ Bank Financial
Strength Rating.


HANAROTELECOM: HanaTV Service May Lead to Court, Asia Media Says
----------------------------------------------------------------
hanarotelecom, Inc., and Korean Cable TV Association appear to
be heading for court to settle their dispute over
hanarotelecom's initiation of a TV portable service, Asia Media
reports.

Cable TV Association submitted a request to the Ministry of
Communication and Information for an inquiry against HanaTV,
hanarotelecom's television portal service.  Asia Media says that
the move is seen as a preparation for a complaint alleging that
hanarotelecom is illegally engaged in the broadcasting business.

hanarotelecom officials were quoted by Yonhap News as saying
that they are preparing a counter-suit against Cable TV
Association at the prosecutors' office for obstruction of its
business and for libel, among others.  The telecom argues that
its TV portal services are not subject to the existing
broadcasting law as asserted by the association.

Asia Media adds that, in its point-by-point rebuttal,
hanarotelecom accused the association of making the false claim
that its television portal services are the same as video-on-
demand services offered by cable companies or satellite
broadcasters.  

hanarotelecom explains that since HanaTV does not schedule its
programs, it could not be classified as a broadcasting service,
and thus does not "violate their sphere of business."

                      About hanarotelecom

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

                          *     *     *

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

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


HYNIX SEMICONDUCTOR: Countervailing Duties Slapped by U.S.
----------------------------------------------------------
The United States Commerce Department revealed a preliminary
ruling to impose countervailing duties on Hynix Semiconductor
Inc.'s memory chips for the year 2004, saying South Korean
"government authorities" may have provided subsidies to the
world's second-largest computer memory chipmaker, The Hankyoreh
reports.

The estimated rate is 31.86% for dynamic random access memory
semiconductors for the 2004 calendar year.  A final ruling is
due within November 2006.

The Hankyoreh adds that in a notice posted on the Federal
Register, the department's International Trade Administration
said the latest review did not find evidence of the South Korean
government directly providing financial assistance to Hynix.

In sum, Hynix's improved financial situation in 2004, the lack
of evidence demonstrating a GOK (Government of South Korea)
policy or pattern of practices to entrust or direct Hynix's
creditors to provide financial assistance to Hynix in 2004. . .
lead us to conclude that the GOK did not entrust or direct
Hynix's creditors to reduce or forgive Hynix's debt in 2004,"
the notice said.

The department also determined for now that early discounted
loan repayment plans extended to Hynix by creditors did not give
benefits to the chipmaker and are thus not countervailable.

But as in an earlier review, the department distinguishes
between banks found to be "government authorities" as defined
under the U.S. Tariff Act of 1930 and banks deemed to be
"entrusted or directed" by the South Korean government, it said.

"Therefore, although we have preliminarily determined that the
GOK did not entrust or direct non-GOK entities to provide
financial contributions in 2004, we must further address whether
government authorities provided countervailable subsidies,"
according to the notice.

                     Other Countervailing Woes

As reported in the Troubled Company Reporter - Asia Pacific on
June 22, 2006, the World Trade Organization has set up an
arbitration panel to resolve South Korea's trade dispute with
Japan over punitive tariffs levied on imports of computer memory
chips made by Hynix Semiconductor Inc.  The South Korean
Government plans to "aggressively claim" the unfairness of the
Japanese Government's measure to impose countervailing tariffs
on Hynix chips.

In 2003, the United States Department of Commerce and the United
States International Trade Commission, as well as the European
Commission, had determined that the United States and the EU
DRAM manufacturers had suffered damages from the company's debt
restructuring, and imposed approximately 44% and 35%
countervailing duties on imports of DRAM manufactured in Korea
into the United States and the EU territory, respectively.  In
September 2005, the DOC made the first preliminary annual review
that the countervailing duties should be imposed at the rate of
60.7%.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.     
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


HYNIX SEMICONDUCTOR: Raises US$750 Million to Expand Fab
--------------------------------------------------------
The Chinese joint venture of Hynix Semiconductor Inc. and
STMicroelectronics has raised US$750 million in syndicated loans
to finance a new memory chip line construction, Electronic News
says.

According to the report, the Seoul, Korea-based memory chipmaker
has built the US$2 billion joint chip plant with ST in Wuxi,
China.

The joint venture company, Hynix-ST Semiconductor Ltd., has
reportedly received five-year term loans totaling US$750 million
from 19 financial institutions, including the Industrial and
Commercial Bank of China, according to Reuters citing a Hynix
filing to the Korea Exchange.  The funds are expected to go
towards construction of a new 12-inch wafer size production line
that is being built, the report said.

The joint venture fab will produce DRAM chips from its eight-
inch production line, which began operations in May.  The new
12-inch line is expected to begin mass production in October,
although the companies said they have not yet decided on the
type of memory chips the new plant will produce, according to a
Hynix official in the report.

                   About Hynix Semiconductor

Headquartered in Ichon, South Korea, Hynix Semiconductor Inc. --
http://www.hynix.com/-- is a semiconductor manufacturer.   
Through a merger with LG Semiconductor in 1999, Hynix
Semiconductor now has the world's largest dynamic random access
memory chip production capacity as well as the industry's best
technical development capacity by fully exploiting synergies
resulting from the historical integration of both companies.

Standard & Poor's Ratings Services gave Hynix, and its U.S.
subsidiary, Hynix Semiconductor Manufacturing America Inc., a
'B+' long-term corporate credit rating.


LG CARD: Shinhan Most Likely to Come Out as Preferred Bidder
------------------------------------------------------------
Shinhan Financial Group is likely to win in the bidding for LG
Card Co. Ltd., with a US$7.2-billion offer, the Chosun Ilbo
reports

Korea Development Bank, which is overseeing the deal, had
selected Shinhan as a preferred bidder to acquire the country's
top credit card firm, the Chosun says, citing unnamed financial
industry and government sources.

The newspaper adds that Shinhan was understood to have bid for
85% of LG Card's total outstanding shares at a price above
KRW65,000 per share, valuing the deal at least KRW6.9 trillion.

KDB is expected to announce the final buyer by August 16, 2006.

                       About LG Card Co.

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

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


STANDARD CHARTERED FIRST BANK: Posts 467% Rise in Net Income
------------------------------------------------------------
Standard Chartered First Bank Korea Limited recorded a net
income of KRW151.8 billion for the first half of 2006, up
KRW125 billion or 467% from the first half 2005 result.

SCFB's total revenue for the 2006 first half reached
KRW630.1 billion, an increase of KRW120 billion or 24% compared
with the figure reported for the first half of last year.  Net
interest income increased by 14% year on year, fuelled by growth
in mortgages, SME loans and unsecured personal loans.  Moreover,
SCFB's non-interest income rose by 98% YOY reflecting its
strategy to re-position the business from solely an asset led
business.

In consumer banking, SCFB continues to make good progress in
income growth with a stream of successful product launches.  The
Bank launched innovative new products such as e-Click Account,
My Dream Account, Drim Loan, Express Trade Services, and New
Funds, and provided account services for over 500,000 new
customers.

In wholesale banking, SCFB also continues to see strong growth
in operating income of the Client Relations segment.  This
increase was primarily driven by trade, derivatives, foreign
exchange and more cross-selling lending.  Global markets
exceeded the Bank's expectations and it begins to see the
benefits of the investments made last year.

John Filmeridis, SCFB President and Chief Executive Officer
said: "I am delighted with our first half results.  The
investments we made last year to create a platform for future
growth are starting to show tangible results.  I am particularly
pleased with the strong and balanced growth in both our
wholesale and consumer banking businesses.  We remain committed
to product and service innovation, developing our people and
becoming a leader in Korea's financial services industry."

A Troubled Company Reporter - Asia Pacific report on August 10,
2006, stated that SCFB's parent, Standard Chartered Bank,
reported a 14% increase in the group's net profit for the year's
first half, underpinned by strong growth in the South Korean
consumer market.  The London-based bank's net profit for the six
months ended June 30, 2006, hit US$1.09 billion, up from
US$956 million the previous year.

                      About SC First Bank

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

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

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


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

HO WAH: Books MYR5.37-Million Net Loss in First Quarter
-------------------------------------------------------
Ho Wah Genting Berhad has submitted for public release its
financial report for the first quarter ended March 31, 2006.

For the period under review, the Company registered revenue of
MYR31.92 million, down from a revenue figure of MYR35.2 million
in the same quarter last year.  

The Company recorded a loss before taxation of MYR4.43 million
for the period ended March 31, 2006, compared to a profit before
taxation of MYR1.16 million in the same period last year.  Net
loss for the quarter under review stood at MYR5.37 million.  As
of March 31, 2006, the Company accumulated losses of
MYR241,109,000.  

The Company's March 31, 2006, balance sheet revealed current
assets of MYR97,488,000 available to pay current liabilities of
MYR148,818,000, resulting to a net current liability figure of
MYR51,330,000.  The Company has total assets of MYR258,014,000,
total liabilities of MYR180,908,000, and shareholders' equity of
MYR77,106,000.

There was no dividend paid for the financial period ended
March 31, 2006.

The Company's financial report is available for free at:

   http://bankrupt.com/misc/tcrap_howahgenting081506.xls

                       About Ho Wah Genting

Ho Wah Genting Berhad is principally involved in the manufacture
of molded power supply cord sets and cable assemblies for
electrical and electronic devices and equipment.  Its other
activities include operation of hotel, casino, resort,
entertainment and leisure activities, manufacture of wires and
cables, investment holding and provision of management services.   
Operations are carried out in Asia and North America.  

Ho Wah Genting came out of its first restructuring program in
2000.  However, continuous losses promoted the Company to
propose another restructuring scheme, which was approved by the
Singapore High Court in July 2004.  

In 2004, the Company was served with a wind-up petition from
United Overseas Bank Limited in connection with the
US$2.5-million balance the Company owed to UOB as of Sept. 17,
2001.


HO WAH: Buys More Time to Comply with Bumiputera Condition
----------------------------------------------------------
The Foreign Investment Committee, on August 4, 2006, extended
until June 30, 2007, the time for Ho Wah Genting Berhad to
comply with the Bumputera equity condition.

On April 20 2000, the Foreign Investment Committee approved Ho
Wah Genting's proposed Schemes of Arrangement and Compromise
Repayment, wherein the Company has to have at least 30%
Bumiputera equity upon the full conversion of its Redeemable
Convertible Unsecured Loan Stocks, which matured on Sept. 22,
2005.

The FIC had, on March 27, 2002, approved the Company's First
Proposed Private Placement subject to 30% of the shares offered
in the Proposed Private Placement to be placed to Bumiputera
investors and that the Bumiputera equity interest in Ho Wah
Genting be increased to 30% before December 31, 2002.

The Company completed its First Proposed Private Placement on
July 28, 2003, of which 30% of the placement shares from the
Proposed Private Placement were taken up by Bumiputera
investors.  However, the Company has yet to fulfill the 30%
Bumiputera equity condition.

On June 8, 2006, the Securities Commission granted approval for
the Company:

   -- to waive a condition to increase the Company's
      Bumiputera equity by 0.32% of its enlarged share issued
      and paid-up capital pursuant to the SC's letter dated
      October 29, 2003; and

   -- to adopt the 30% Bumiputera equity condition by the
      Foreign Investment Committee in respect of Ho Wah
      Genting's previous proposals under its restructuring
      scheme and first private shares placement.

The SC's approval is, however, subject to the Company increasing
its Bumiputera equity by 16.95% of its enlarged issued and paid-
up capital equivalent to 67,083,970 shares.

Since Ho Wah Genting was not able to meet the condition by the
June 22, 2006, deadline, the FIC has decided to extend the due
date.

                       About Ho Wah Genting

Ho Wah Genting Berhad is principally involved in the manufacture
of molded power supply cord sets and cable assemblies for
electrical and electronic devices and equipment.  Its other
activities include operation of hotel, casino, resort,
entertainment and leisure activities, manufacture of wires and
cables, investment holding and provision of management services.   
Operations are carried out in Asia and North America.  

Ho Wah Genting came out of its first restructuring program in
2000.  However, continuous losses promoted the Company to
propose another restructuring scheme, which was approved by the
Singapore High Court in July 2004.  

In 2004, the Company was served with a wind-up petition from
United Overseas Bank Limited in connection with the US$2.5-
million balance the Company owed to UOB as of September 17,
2001.


HO WAH: Public Shareholding Spread Meets Requirement
----------------------------------------------------
Ho Wah Genting Berhad's public shareholding spread, according to
the Record of Depositors as of June 30, 2006, was 85.59%
comprising 15,841 public shareholders holding not less than 100
shares each.

As such, the Company has complied with Bursa Malaysia Securities
Berhad's public spread rule, which requires a listed issuer to
have at least 25% of its listed shares in the hands of a minimum
of 1,000 public shareholders holding not less than 100 shares
each.

                       About Ho Wah Genting

Ho Wah Genting Berhad is principally involved in the manufacture
of molded power supply cord sets and cable assemblies for
electrical and electronic devices and equipment.  Its other
activities include operation of hotel, casino, resort,
entertainment and leisure activities, manufacture of wires and
cables, investment holding and provision of management services.   
Operations are carried out in Asia and North America.  

Ho Wah Genting came out of its first restructuring program in
2000.  However, continuous losses promoted the Company to
propose another restructuring scheme, which was approved by the
Singapore High Court in July 2004.  

In 2004, the Company was served with a wind-up petition from
United Overseas Bank Limited in connection with the
US$2.5-million balance the Company owed to UOB as of Sept. 17,
2001.


PSC INDUSTRIES: Net Loss Shrinks to MYR12 Mil. in 2Q/FY2006
-----------------------------------------------------------
On August 14, 2006, PSC Industries Berhad filed with Bursa
Malaysia Securities Berhad its financial report for the second
quarter ended June 30, 2006.

For the quarter under review, the Company registered a loss
before tax of MYR11,871,000 on a revenue of MYR25,131,000.  The
figures have improved when compared with a pre-tax loss of
MYR65,444,000 on MYR47,825,000 revenue in the same quarter last
year.

The decline in the turnover for the current financial quarter
was blamed on the cessation of Boustead Naval Shipyard Sdn Bhd
as subsidiary of the Group.  Moreover, there were no major
contracts secured during the period.

The Company booked a net loss of MYR12,284,000 in the quarter
ended June 30, 2006, as against a net loss of MYR66,362,000 in
the corresponding quarter in fiscal 2005.

The prudent measures undertaken by management resulted in the
reduction of loss for the quarter under review as compared with
the preceding quarter.

As of June 30, 2006, the Company's balance sheet revealed
current assets of MYR66,543,000 available to pay current
liabilities of MYR685,549,000 coming due in the next 12 months.  

The Company's June 30, 2006, balance sheet also showed total
assets of MYR212,390,000 and total liabilities of
MYR689,780,000, resulting into a stockholders' deficit of
MYR477,390,000.

There was no dividend declared or recommended for the financial
quarter ended June 30, 2006.

The Company's financial report and its accompanying notes are
available for free at:

   http://bankrupt.com/misc/tcrap_pscindustries081506.xls

   http://bankrupt.com/misc/tcrap_pscindustriesnotes081506.pdf

                      About PSC Industries

PSC Industries Berhad's principal activities are shipbuilding
and ship repairing. It is also involved in heavy engineering
construction, provision of shipping management services,
manufacturing of aluminium fast passenger sea ferries, supplies
equipment and machineries, marketing and distributing Exocet
Weapon system, manufacturing of confectioneries, snack food and
related products, general trading, power plant construction and
its support activities, printing, property development, and
property and investment holding.  The Group operates in
Malaysia, Australia and the Republic of Ghana.

The Company is currently formulating a regularization plan for
the Group pursuant to Practice Note 17/2005 of the Bursa
Malaysia Securities Berhad's Listing Requirements.  As of
March 31, 2006, the Company's balance sheet showed
MYR212,330,000 in total assets and MYR677,272,000 in total
liabilities, resulting in a MYR464,942,000 stockholders'
deficit.


POLYMATE HOLDINGS: Receives Another Claims Demand from AmBank
-------------------------------------------------------------
Polymate Holdings Berhad and its subsidiary, Polymate Packaging
Sdn Bhd, were served on August 14, 2006, with a Writ of Summons
and Statement of Claim dated August 3, 2006, by AmBank (M)
Berhad.

Under the suit, AmBank is asserting a MYR2,165,481 claim due and
owed as of April 30, 2006, on the Overdraft Facility availed to
Polymate Packaging plus an annual interest of 2.5% applied from
May 1, 2006, until full and final settlement of the claim.

AmBank is also seeking payment for legal costs and any other
relief as the Court deems fit.

The Troubled Company Reporter - Asia Pacific reported on
August 11, 2006, that Polymate Holdings received two claims
payment demand notices dated August 7, 2006, from Messrs. Shearn
Delamore & Co. -- the solicitors acting for AmBank.  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 TCR-AP stated.

The TCR-AP also 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 Feb. 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.


TAP RESOURCES: Fully Settles Universal Trustee's Claim
------------------------------------------------------
TAP Resources on August 14, 2006, disclosed that it has made a
full and final settlement of Universal Trustee (Malaysia)
Berhad's claim through payment of MYR54,586.  Universal
Trustee's lawyer has also confirmed that the matter has been
settled.

As reported by the Troubled Company Reporter - Asia Pacific on
July 247, 2006, TAP Resources' subsidiary, TAP Construction Sdn
Bhd, on July 18, 2006, received a claims payment demand notice
from Universal Trustee.

Pursuant to the Notice, TAP Construction was required to pay
MYR77,980 together with interest and costs, plus MYR105 beingthe
cost of issuing the Notice.  TAP Construction is given until
August 8, 2006, to settle the demand.

                       About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.  
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately
MYR3.1 million.


TAP RESOURCES: Pays MYR13,000 to Hilti
--------------------------------------
On August 14, 2006, TAP Resources Berhad informed the Bursa
Malaysia Securities Berhad that it had fully settled a claim by
Hilti (Malaysia) Sdn Bhd through payment of MYR13,000.

The Troubled Company Reporter - Asia Pacific reported on Aug. 4,
2006, that Hilti asserted a MYR20,000-claim against TAP
Resources' subsidiary company, TAP Construction Sdn Bhd.  TAP
Construction was required to settle the full amount within 21
days from July 26, 2006.

Accordingly, the parties agreed to settle at a lump sum of
MYR13,000.  In return, Hilti's lawyer will withdraw the notice
of demand.

                       About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.  
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately MYR3.1
million.


TAP RESOURCES: Unit Receives Claims Payment Demand
--------------------------------------------------
TAP Resources Berhad's subsidiary, Tanco Properties (North) Sdn
Bhd, on August 10, 2006, received a Notice of Demand from New
Legend Sdn Bhd.

Under the claims payment demand, Tanco North was required to pay
a sum of MYR272,187 within 21 days from the date the Notice was
received.

TAP Resources representatives will be addressing the matter.

                       About TAP Resources

TAP Resources Berhad is principally engaged in property
development.  Its other activities include general contracting;
manufacturing and general trading of building materials,
construction chemicals, ready mixed concrete and non-baked
bricks; installing air-conditioners, process control and switch
gear automation; selling of electrical goods; and investment
holding.  The Group operates wholly in Malaysia.

As of April 30, 2006, the Company registered a net loss of
MYR3.57 million and a net current deficit of MYR48.56 million.  
The Company has defaulted in the redemption of the balance of
MYR31,734,381 redeemable convertible secured loan stocks.  It
has also defaulted in the payment of interests, default
interests and overdue interests totaling approximately MYR3.1
million.


TENGGARA OIL: Malayan Banking Slaps MYR7-Million Claim
------------------------------------------------------
Tenggara Oil Berhad, on August 14, 2006, received a Notice
issued by Messrs. Ariff & Company on behalf of Malayan Banking
Berhad, demanding payment of MYR7,254,777.  The amount is due
and owed to Malayan Banking as of June 30, 2006.

On April 30, 1997, Malayan Banking agreed to grant banking
facilities to Tenggara Oil's subsidiary Tenggara KCC Concrete
(M) Sdn Bhd -- now known as Tenggara Concrete Sdn Bhd.  Tenggara
Oil had jointly and severally agreed to guarantee and pay
Malayan Banking, on demand, any amount which may be unpaid or
remain unpaid on Tenggara Concrete's accounts together with
interests or any incidental costs related to the same to the
extent of MYR17,100,000 on a continuing guarantee basis.

In this regard, Tenggara Oil needed to settle the
MYR7.25 million claim, being the total outstanding amount owed
under the banking facilities granted by Malayan Banking to
Tenggara's wholly owned subsidiary.

In the event Tenggara Oil fails to settle the amount within 21
days from the date the Notice was served, the Company will be
deemed unable to pay its dents and proceedings will be
instituted against it.

                        About Tenggara Oil

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

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


TENGGARA OIL: Aims to Finalize Revamp Plan by Year-end
------------------------------------------------------
Tenggara Oil Berhad is working to complete a restructuring plan
by the end of the year, The Star Online reports.

According to The Star, the Company is formulating strategies
with its merchant banker on turning the Company around.  The
revival exercise may include a merger and acquisition exercise.

Tenggara Oil told The Edge Daily that aside from mergers and
acquisitions, the Company may divest idle assets for cash or
equity swap, dispose of non-performing assets or revive a
dormant unit.

As reported by the Troubled Company Reporter - Asia Pacific on
May 12, 2006, Tenggara Oil is as an affected listed issuer under
Practice Note 17 as its shareholders' equity on a consolidated
basis is less than 25% of its paid-up capital and such
shareholders equity is less than the required minimum paid-up
capital.

The TCR-AP further revealed that Tenggara is also an affected
issuer under Practice Note 1 as the Group had defaulted under
some banking facilities repayments.  As of June 30, 2006, it had
been unable to repay the amount due in principal and interest
totaling MYR6.71 million.

                        About Tenggara Oil

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

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


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

MIRANT CORP: Earns US$99 million in Quarter Ended June 30
---------------------------------------------------------
Mirant Corporation reported net income of US$99 million for the
quarter ended June 30, 2006, compared with a net loss of
US$10 million for the same period in 2005.  For the first six
months of 2006, Mirant reported net income of US$566 million,
compared with US$1 million for the first six months of 2005.

Adjusted EBITDA for the quarter was US$255 million, compared to
US$119 million for the same period in 2005.  For the first six
months of 2006, adjusted EBITDA was US$595 million, compared to
US$288 million for the same period in 2005.  The period over
period increases for the quarter and the first half of the year
resulted primarily from the strong performance of the U.S.
business.

"Our U.S. business performed well during the quarter and the
first half of 2006," Edward R. Muller, chairman and chief
executive officer, said.

"This performance is due primarily to hedges entered into in
earlier periods, which protected Mirant from lower market prices
during the first half of the year resulting from milder than
normal weather in many parts of the country and a significant
drop in natural gas prices.  The company's hedging strategy
continues to be effective in helping to produce predictable
financial results."

Net cash provided by operating activities during the second
quarter was $132 million.  Adjusting for bankruptcy payments
during the period, net cash provided by operating activities was
US$643 million in the first six months of 2006.

As of June 30, 2006, the company had cash and cash equivalents
of US$1.8 billion, total available liquidity of US$2.13 billion,
and total outstanding debt of US$4.5 billion.

                          Asset Sales

On August 9, 2006, Mirant reported an auction process to sell
various U.S. intermediate and peaking gas fired assets.  The
U.S. assets to be sold are these intermediate and peaking gas
fired plants: Zeeland (837 MW), West Georgia (605 MW), Shady
Hills (468 MW), Sugar Creek (535 MW), Bosque (532 MW) and Apex
(527 MW), representing a total of 3,504 MW.  In 2005, on a pro-
forma basis, these assets contributed US$77 million in adjusted
EBITDA.  For the first six months of 2006, on a pro-forma basis,
these assets contributed US$25 million in adjusted EBITDA.  
Initial estimates indicate that an impairment loss will need to
be recorded in the third quarter of 2006 to reduce the carrying
value of these assets to fair value.  While the amount of the
impairment loss has not yet been determined, the company
currently estimates the total impairment loss for the six plants
will range from US$500 to US$700 million.  JPMorgan will serve
as financial advisor for the sale of these U.S. assets.

The decision is in addition to the one reported in the Troubled
Company Reporter on July 13, 2006, to commence auction processes
to sell Mirant's international businesses in the Philippines
(2,203 MW) and the Caribbean (1,050 MW).  In 2005, on a pro-
forma basis, the Philippines and Caribbean businesses
contributed US$371 million and US$155 million in adjusted
EBITDA, respectively.  For the first six months of 2006, on a
pro-forma basis, the Philippines and Caribbean businesses
contributed $206 million and US$92 million in adjusted EBITDA,
respectively.

Certain of the sales will be subject to regulatory and other
approvals and consents.  The planned sales will result in these
businesses and assets being reported as discontinued operations
beginning in the third quarter of 2006.  The sales are expected
to close by mid-2007.

            Asset Sale Proceeds and Continuing Business

The continuing business of Mirant will consist of 10,657 MW that
are well positioned in key U.S. markets in the Mid-Atlantic, the
Northeast and California.

As previously reported, Mirant plans to continue returning cash
to its shareholders upon completion of the planned sales.  The
amount of cash returned will be determined based on the outlook
for the continuing business (1) to preserve the credit profile
of the continuing business, (2) to maintain adequate liquidity
for expected cash requirements including, among other things,
capital expenditures for the continuing business, and (3) to
retain sufficient working capital to manage fluctuations in
commodity prices.  Proceeds from the sales of the Zeeland and
Bosque plants will be utilized pursuant to the covenants
contained in the Mirant North America debt instruments.

                           Guidance

Mirant provided adjusted 2006 EBITDA guidance of
US$1.282 billion, which is comprised of US$645 million for the
continuing business and US$637 million for the assets and
businesses to be sold.  For 2007, Mirant provided adjusted
EBITDA guidance of US$1.585 billion, which is comprised of
US$924 million for the continuing business and US$661 million
for the assets and businesses to be sold.  The guidance provided
for 2007 includes the adjusted EBITDA for the full year of the
businesses and assets to be sold, even though the sales are
expected to close by mid-2007.  The actual financial results for
2007 will depend on the closing dates of the sales of those
businesses and assets.

                        About Mirant Corp.

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an 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 Jan. 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.  The Debtors emerged
from bankruptcy on January 3, 2006.

                          *     *     *

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 on July 13, 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.


NATIONAL POWER: Documents Forecast Net Loss of PHP48 Bln by 2007
----------------------------------------------------------------
Documents submitted to the International Monetary Fund during
its recent post-program monitoring reveal that the National
Power Corp. is projecting a net loss of PHP48.8 billion in 2007,
The Philippine Star reports.

ABS-CBN News cites the Manila Times as noting that NAPOCOR fails
to elaborate on its earnings outlook for next year, but industry
observers said the projected net loss could be due to
expectations of lower electricity sales arising from the
operations of the wholesale electricity spot market.

Lorna Dy, NAPOCOR finance department manager, however, clarifies
that the 2007 projection excludes projections on foreign-
exchange gains brought about by a stronger peso, The Manila
Times relates.

"This projection is still based on a PHP52-to-a-dollar
assumption.  It is still not final and may still go up or down
depending on the forex fluctuation," Ms. Dy says.

Historically, foreign-exchange gains comprised the bulk of the
profits earned by NAPOCOR and its sister firms, National
Transmission Corp., and the Power Sector Assets and Liabilities
Management Corp., ABS-CBN News recounts.

ABS-CBN News relates that in 2005, the profits of NAPOCOR and
its attached agencies reached PHP85 billion based on the
findings of the Commission on Audit, comprised of:

   -- PHP76 billion due to foreign-exchange gains; and

   -- PHP9 billion comprising the operational profit of NAPOCOR,
      Transco, and PSALM.

The level of profitability is seen sustained for 2006, company
officials note, notwithstanding delays in its privatization, The
Bulletin relates.

For this year, NAPOCOR expects to replicate its 2005
performance, if not earn a considerable profit, Ms. Dy notes.

The Star recounts that the last time that Napocor recorded a net
income was in 1997 when it earned PHP3.05 billion.

According to the Manila Times, the Company incurred losses of
PHP117.02 billion in 2003, but only PHP29.9 billion in 2004.

The Star recounts that in 2005, NAPOCOR managed to earn a
PHP16-million profit due to cost-cutting measures like the
economic dispatch of its power plants, which enabled it to use
cheaper fuel like hydro-geothermal and natural gas and cut down
on oil and coal use.

The power firm's financial turnaround was attributed to improved
fuel mix and the tariff adjustments given by the energy
regulator, The Star notes.

                  National Power's Assets Sale

NAPOCOR officials and, even PSALM, have been pinning too much
hope on potential proceeds from the sale of NAPOCOR assets to
ultimately shore up the Company's financial standing, The
Bulletin says.

Until this time, there is no definite direction yet on the sale
of the assets, with most of their bidding timetables already
thrown into the air, the paper notes.

                      About National Power

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

                          *     *     *

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

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

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


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

CHINA AVIATION: Posts Profits in Second Quarter of 2006
-------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd on August 14,
2006, released its results for the second quarter ended June 30,
2006, and half-year report of fiscal 2006.

For the quarter under review, the Company posted a revenue of
SGD99,236,000 as against a revenue of SGD6,193,000 in the same
quarter last year.  For the first half of fiscal 2006, the
Company booked revenues of SGD104,649,000 compared to a revenue
figure of SGD9,272,000 in the first half of fiscal 2005.

Profit before tax in the quarter ended June 30, 2006, stands at
SGD16,529,000.  This is an improvement from a loss before tax of
SGD18,109,000 in the same quarter last year. For the half-year
of fiscal 2006, the Company recorded a profit before tax of
SGD359,655,000, as against a loss before tax of SGD6,876,000 in
the same period last year.

CAOT Pte Ltd, CAO's wholly-owned subsidiary for jet fuel
procurement on an agency basis, contributed commissions
amounting to SGD5.9 million to the gross profit in second
quarter 2006, up 69% year-on-year and 12% over first quarter
2006. The Company commenced invoicing on principal basis during
the second quarter amounting to SGD87.4 million.

Jet fuel oil supplied in second quarter 2006 was approximately
1.14 million MT, an increase of 83% year-on-year and 26% over
first quarter 2006. A total of approximately 2.06 million MT of
jet fuel oil was supplied in 1H/2006, an increase of 69% over
1H/2005.  The Company recognized S$4.99 million dividend income
from its 5% investment in Compania Logistica de Hidrocarburos,
S.A. of Spain under other operating income. This represents 73%
increase over the same period last year.

Other operating income also includes foreign exchange gains of
SGD1.7 million and SGD13.3 million in 2Q/2006 and 1H 2006
respectively, compared to foreign exchange losses of GD$17.3
million and SGD13.3 million in 2Q/2005 and 1H 2005 respectively.

The Company's 33% share of the results of its associated
company, Shanghai Pudong International Airport Aviation Fuel
Supply Company Ltd contributed approximately SGD8.4 million (net
of tax) in 2Q/2006, a slight increase of SGD0,000 or about 1%
over 2Q/2005.  1H/2006's share of results of its associated
company of SGD17.9 million compared to 1H 2005 was an increase
of SGD401,000 or 2%.

Other operating expenses reduced significantly due to lower
professional fees compared to the same period in the preceding
year, and fees paid to special investigative accountant in 2005.

Moreover, the Company's restructuring plan was implemented and
became effective on March 28, 2006, following the issuance of
new ordinary shares to existing shareholders, the investors and
creditors under the Investment Agreement, Subscription
Agreement, Creditors' Share Invitation and Shareholders' Scheme.
On the same day, the Company made a cash distribution to
creditors. The balance amount of creditors' debts (S$221.5
million) is deferred and repayable to creditors over a five-year
period starting from 28 March 2006.

Under the restructuring plan, the Group recorded a one-off
waiver of debts of SGD311.6 million (after a slight adjustment
in 2Q/2006 for excess provision against proof of debts). The
Group paid its 1st interest on the deferred debt of US$1.7
million during the second quarter.

China Aviation chairman Lim Jit Poh said, "The Group has turned
in a decent set of figures for the second quarter and the first
half year. Jet fuel procurement has changed from agency to
principal model. The growth prospect of the business is strong.
Under the new Board and the new management, action to implement
what had been approved at the EGM on March 3, 2006, is
progressing well."

             About China Aviation Oil (Singapore)

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

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

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


FALMAC LIMITED: Insolvency Continues in Second Quarter of 2006
--------------------------------------------------------------
Falmac Limited registered a widening shareholders' deficit, from
a shortfall of SGD1.21 million as of December 31, 2005 to a
deficit of SGD1.88 million as of June 30, 2006, according to the
Company's financials released to the Singapore Stock Exchange.

Total assets as of June 30, 2006 stood at SGD17.62 million,
while the total liabilities figure was at SGD19.50 million.  The
Company has SGD10.39 million of secured loans repayable within
in one year, but current assets stands at SGD7.23 million.

                           More Woes

Sales for the group declined by 30.53% from a year ago level of
SGD9.7 million to SGD6.76 million for the six months ending
June 30, 2006 due to a slow down in the market demand for
knitting machines.  With supply of cotton yarn exceeding demand,
sales of cotton yarn also dropped by about 12%

Overall gross margin dropped 44% to SGD1.00 million in the half-
year of 2006 from SGD1.8 million in 2005 due to higher cotton
prices and drop in sales volume.

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

         http://bankrupt.com/misc/tcrapfalmac_limited081506.pdf

                       About Falmac Ltd.

Falmac Limited manufactures and trades knitting machines and
related precision parts and components, as well as cotton yarn.

A report by the Troubled Company Reporter - Asia Pacific on
July 8, 2004 states that the Company has entered into the these
definitive agreements in relation to the restructuring of the
company on July 6, 2004:

   (1) Restructuring Deed with Mr Ho Liong Fen, Falmac
       Investment Holdings Pte Ltd, and the creditor banks
       Creditor of the Company.

   (2) Shareholder's Loan Agreement with Sino Equity.

   (3) Strategic Subscription Agreement with Sino Equity.


HL SENSECURITY: Contributories and Creditors to Meet August 25
--------------------------------------------------------------
The contributories and creditors of HL Sensecurity Pte Ltd will
convene on August 25, 2006, at 9:30 a.m., and 11:00 a.m.,
respectively.

During the meeting, contributories and creditors will:

     -- receive an update on the status of the Company's
        wind-up;

     -- consider, and if thought fit, appoint a committee of
        inspection.

As reported by the Troubled Company Reporter - Asia Pacific on
July 24, 2006, the Company was placed under a voluntary
liquidation on June 28, 2006.

The Liquidators can be reached at:

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


IPACS COMPUTER: Distributes First Interim Dividend
--------------------------------------------------
Ipacs Computer Services (Singapore) Pte Ltd (IPT) has
distributed its first interim dividend on August 15, 2006.  
Creditors received 35 cents to a dollar of their admitted
claims.

As reported by the Troubled Company Reporter - Asia Pacific on
January 2, 2006, IPT's Chinese subsidiaries, namely IPACS
Computer (Shanghai) Co. Limited (IC), Fuzhou IPACS Computer Co.
Limited (FIC) and Beijing IPACS Electronics Science Co. Limited
(BIES), applied for the voluntary liquidation of the Company.


LEE THERMAL: Court to Hear Wind-Up Petition on August 25
--------------------------------------------------------
Paw Leck Engineering Pte Ltd filed a wind-up petition against
Lee Thermal Engineering Pte Ltd on August 2, 2006.

The High Court of Singapore will hear the wind-up petition on
August 25, 2006, at 10:00 a.m.

The Plaintiff's solicitors can be reached at:

         Christopher Tan Ming Tatt
         Messrs Lee & Tan
         171 Chin Swee Road
         #09-09 San Centre
         Singapore 169877


ODYSSEY RE HOLDINGS: Note Holders Exercise Conversion Rights
------------------------------------------------------------
On August 11, 2006, Odyssey Re Holdings Corp. disclosed that the
holders of the 4.375% convertible senior debentures due 2022
Notes were given the right to convert their Notes into Odyssey
Re's common stock from August 14, 2006.

As of the close of trading on August 9, 2006, the sale price of
Odyssey Re's common stock had exceeded 120% of the conversion
price of $21.28 for 20 trading days during the first 30 trading
days of the third quarter of 2006.  As a result of this event,
the Notes will be convertible during the period from August 14,
2006 through November 13, 2006.

Odyssey Re Holdings Corp. is an underwriter of property and
casualty treaty and facultative reinsurance, as well as
specialty insurance.  Odyssey Re operates through its
subsidiaries, Odyssey America Reinsurance Corporation, Hudson
Insurance Company, Hudson Specialty Insurance Company,
Clearwater Insurance Company, Newline Underwriting Management
Limited and Newline Insurance Company Limited.  The Company
underwrites through offices in the United States, London, Paris,
Singapore, Toronto and Mexico City.  Odyssey Re Holdings Corp.
is listed on the New York Stock Exchange under the symbol ORH.

                        *    *    *

Odyssey Re Holdings Corp.'s preferred stock rating carries Ba2
from Moody's and BB from Fitch.  The Company's senior unsecured
debt and long-term issuer default ratings also carry BB+ from
Fitch.  Moody's placed its rating on Oct. 12, 2005 with a stable
outlook.  Fitch placed its ratings on March 23, 2006.


PAXAR CORP: Earns US$14.6 Million in Second Quarter of 2006
-----------------------------------------------------------
Paxar Corporation reported net income of US$14.6 million for the
second quarter of 2006, compared to net income of US$14.4
million, for the second quarter of 2005.

The Company's sales for the second quarter of 2006 is US$233.3
million, compared with sales of US$214.5 million for the second
quarter of 2005.

                        Six Months 2006 Results

For the first six months of 2006, the Company reported sales of
US$432.9 million compared with sales of US$401.7 million for the
first six months of 2005.

Net income of US$19.8 million was reported for the first six
months of 2006, versus net income of US$19.7 million for the
first six months of 2005.

Commenting on the results, Rob van der Merwe, the Company's
president and chief executive officer, said, "Our strong second
quarter growth was a continuation of demand for our
merchandising and supply chain solutions globally, and I am
pleased to report excellent continuing organic growth throughout
the first half of 2006.  I am also pleased with the underlying
strength of volumes flowing through our businesses and regions
as well as progress made to realign our resources to better
service our customers."

Mr. Van der Merwe continued, "During the second quarter we made
good progress in the realignment of apparel identification
production in our European operations and initiated further
steps to shift US-based apparel capacity offshore.  This program
will continue throughout the balance of the year and into the
latter part of 2007, resulting in Paxar being better able to
support its customers, globally.  Due to progress made in
executing the initial phase of our global realignment plan, as
anticipated, we incurred some up-front costs, which along with
costs associated with the rapid expansion in our Asia Pacific
operations, negatively impacted reported margins in the quarter.
We also experienced lower margins on certain new products which
are in their initial ramp-up phase."

                       About Paxar Corp.

Paxar Corporation -- http://www.paxar.com/-- provides  
identification solutions to the retail and apparel industry,
worldwide.  

Paxar has subsidiaries around the world, including these Asia-
Pacific countries: Australia, Bangladesh, China, Hong Kong,
India, Korea, Singapore, Sri Lanka and Vietnam.

                          *     *     *

Paxar Corp.'s senior unsecured debt carries Moody's B1 rating.  
Moody's placed the rating on Dec. 23, 1996.


REFCO INC: Chapter 7 Trustee Can Sublease Space to F.S. Trading
---------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
California gave Albert Togut, the Chapter 7 Trustee overseeing
the liquidation of Refco, LLC's estate, authority to assume and
assign the Sublease to S. French Enterprises, Inc., dba F.S.
Trading.

Refco LLC subleases a portion of the 47th floor of a building at
1 North Wacker Drive, in Chicago, Illinois, from Citadel
Investment Group, L.L.C.  The lease is for five years, from
Dec. 1, 2003, through Nov. 30, 2008.

The Sublease calls for payment of:

   (a) $4,463.13 per month through Nov. 30, 2004;

   (b) $4,583.75 per month from Dec. 1, 2004, through
       Nov. 30, 2005;

   (c) $4,704.38 per month from Dec. 1, 2005, through
       Nov. 30, 2006;

   (d) $4,825 per month from Dec. 1, 2007, through
       Nov. 30, 2007; and

   (e) $4,945.63 per month from Dec. 1, 2007, through
       Nov. 30, 2008.

Refco LLC is also required to pay a portion of taxes and
operating expenses, including certain utility costs.

Albert Togut, the Chapter 7 Trustee overseeing the liquidation
of Refco, LLC's estate, evaluated the Sublease to ensure that it
remained subject to possible assumption and assignment to Man
Financial, Inc., which acquired Refco's regulated commodities
futures merchant business and certain contracts.  However, Man
advised Mr. Togut that it did not want to take an assignment of
the Sublease.

The Chapter 7 Trustee says assuming and assigning the lease will
minimize the Refco LLC estate's liabilities and maximize its
Assets.

FS Trading is willing to assume the Sublease, including Refco
LLC's obligations to pay the monthly rent for the remainder of
the Sublease term, Scott E. Ratner, Esq., at Togut, Segal &
Segal LLP in New York, informs the Court.

Mr. Ratner also notes that Citadel is willing to accept FS
Trading as replacement tenant, including the payment of rent
directly from -- and the performance of any other obligations
under the Sublease by -- FS Trading.

                         About Refco Inc.

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

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

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

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

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


REFCO INC: Investors Buy $69.9 Million in Claims
------------------------------------------------
More than US$69,900,000 in claims against Refco, Inc., and its
debtor-affiliates' estates have changed hands since they filed
for bankruptcy.

Investors capitalized on the decision of about 50 Refco
claimants to cash in on their claims now instead of waiting for
the Bankruptcy Court to confirm a plan of reorganization for
Refco, to recover what they're owed.

                        Total Claims
     Investor             Acquired     % Acquired
     --------           ------------   ----------
     Abadi & Co.         $27,523,369    39% +++++++++++++++++++-
     Contrarian Funds     15,572,016    22% ++++++++++++
     Hain Capital          8,823,133    13% ++++++-
     Deutsche Bank         8,781,246    13% ++++++-
     Fimex Int'l           4,206,762     6% +++
     DK Acquisition        1,374,812     2% +
     QVT Fund LP.          1,006,491     2% +
     Others                3,992,643     5% ++-

Abadi & Co. was the biggest spender, taking home US$27,523,369
in aggregate claims from 11 claimants, including:

     Transferor                         Claim Amount
     ----------                         ------------
     NKB Investments Ltd.                $11,303,266
     Aldesa Valores Puesto                 1,961,934
     Atlantic Global                       2,143,762
     Union Bank for Savings& Investment    2,063,000

Hain Capital Holdings LLC filed on January 13, 2006, the first
notice of transfer agreement pursuant to Rule 3001(e) of the
Federal Rules of Bankruptcy Procedure, after acquiring an
US$858,014 claim by Arbitrade 2003.  Hain also bought claims
from five other claimants, including a US$6,000,000 claim by
Prism Ltd.

Contrarian Funds LLC acquired four claims totaling US$7,603,741
from Denali Master Fund LP and a US$7,968,275 claim from KPC
Corp. Deutsche Bank Securities, Inc., bought US$8,781,246 in
claims from Frankfurt FX, LP, Alphix Co. Ltd., and North Hills
Management LLC.

Fimex International got two US$2,000,000 claims from Abadi & Co.
QVT Fund bought claims from Ralph Hervarac, Inc., and Hibernia
Investment & Finance, S.A.  DK Acquisition got a US$1,374,812
claim by Capital Returns.

Other investors that purchased claims against Refco are:

     Investor             Total Amount
     --------             ------------
     SPCP Group LLC         $965,361
     Dresdner Bank AG        751,768
     ASM Capital II, LP      213,832
     Trade-Debt.net           74,934
     ASM Capital, LP          72,950
     Argo Partners            36,228
     Liquidity Solutions       5,171

                         About Refco Inc.

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

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

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

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

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


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

ADVANCE PAINT: Posts THB7.181-Mil Net Loss in 2nd Quarter 2006
--------------------------------------------------------------
Advance Paint and Chemical Pcl submitted on August 11, 2006, to
the Stock Exchange of Thailand its financial report for the
second quarter ended June 30, 2006.

The Company's consolidated income statement for the second
quarter ended June 30, 2006, showed a net loss of
THB7.181 million, up from the THB1.847-million net loss recorded
for the second quarter of 2005.

Advance Paint's balance sheet as of June 30, 2006, reflected
consolidated total liabilities of THB112.977 million, down from
the THB124.828 million at the end of December 2005.  Total
assets of the Company as of June 30, 2006, totaled
THB112.977 million, down from THB124.828 million recorded as of
December 31, 2005.

The Company's balance sheet as of June 30, 2006, showed strained
liquidity with THB25.150 million in total current assets
available to pay THB59.588 million in total current liabilities
coming due within the next 12 months.

After auditing the Company's financial report for the second
quarter 2006, Atipong AtipongSakul, of ANS Audit Company Ltd.,
stressed that "the Company continuously operates at an increased
loss and has current liabilities substantially in excess of
current assets."  He said that the Company's ability to continue
operations as a going concern is dependent on its ability to
generate sufficient profit and cash flows to serve its debts.

A full-text copy of the Company's financial statement for the
second quarter ended June 30, 2006, is available for free at:

   http://bankrupt.com/misc/APC-2Q-FS.xls

   http://bankrupt.com/misc/APC-2Q-AR.doc

Headquartered in Bangkok, Thailand, Advance Paint & Chemicals
Public Company Limited manufactures and distributes decorative
paint, heavy-duty coating, and industrial painting under Dutch
boy, and Seven Stars brand names.  It has assets of THB124.83
million in December 2005.  The Company signed a 30-year contract
with Sherwin-Williams Company starting from June 1, 1987, for
the use of brand names and technology.

Advance Paint is currently undergoing business rehabilitation
and is categorized under the Non-Performing Group Sector of the
Stock Exchange of Thailand.  It is working with a capital
deficit, with current liabilities pegged at THB57.66 million in
2005 against current assets standing at THB35.01 million.


SIAM COMMERCIAL: To Open New Branch at Suvarnabhumi Airport
-----------------------------------------------------------
Praves Suttirat, Siam Commercial Bank's executive vice
president, said that the bank is ready to open five micro-
branches at Suvarnabhumi Airport, one branch is due to open on
September 1, 2006, while the other four are scheduled for
opening on October 1, The Nation reports.

The Nation relates that Siam Commercial and TMB Bank are the
only banks with approval from Airports of Thailand Plc to open
outlets inside the new airport.

According to The Nation, AOT has agreed to a concession on space
at the Suvarnabhumi Airport with a duty free shop, King Power.  
Siam Commercial and TMB are believed to have a good relationship
with the duty-free shop, The Nation noted.

In addition to the planned micro-branches, it will also have 11
ATM machines and 19 foreign-exchange booths inside the new
airport.  The micro-branches will each have around five staff
and measure 40 square meters.

Mr. Praves told The Nation that the bank would concentrate on
providing services and convenience to customers more than on
profits.  It expects most of its customers to be employees of
AOT.

While general passengers do not carry out many transactions at
airport banks, Siam Commercial expects its foreign-exchange
booths to be busy, The Nation said.

                          *     *     *

Thailand's fourth largest commercial bank, Siam Commercial Bank
-- www.scb.co.th/ -- provides a wide variety of personal and
business banking options, including funds management, loan and
investment services, foreign currency exchange, and more.  The
bank has more than 500 branches countrywide.  The bank had total
assets worth THB814 billion as of December 31, 2005.

On March 31, 2006, The Troubled Company Reporter - Asia Pacific
reported that Moody's Investors Service placed Siam Commercial
Bank Public Company Limited's bank financial strength rating of
"D+" on review for possible upgrade.


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


                            *********

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

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

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


                            *********


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