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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, August 17, 2006, Vol. 9, No. 163

                            Headlines

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

191 GOODWOOD: Members' Final Meeting Slated for September 26
3 DIS: Members Pass Resolution to Wind Up Operations
ABALONE AQUACULTURE: To Declare Dividend for Priority Creditors
AM PM CALLING: Court to Hear Liquidation Bid on August 28
ASSET FURNITURE: Enters Wind-Up Proceedings

BAY INVESTMENTS: Bank Appoints Receivers and Managers
BE-1 PTY: Members and Creditors to Receive Wind-Up Report
CAPPIN PTY: Placed Under Voluntary Liquidation
CARTER HOLT: Hancock Seeks to Acquire Forestry Assets
CRESTWORLD PTY: Names Receivers and Managers

DALE PROPERTIES: Enters Liquidation Proceedings
DAIRKON PTY: Members and Creditors to Convene on September 12
DIOSTA PTY: Inability to Pay Debt Prompts Wind-Up
FARIDA HOLDINGS: Members and Creditors to Receive Wind-Up Report
FREESURF PUBLISHING: Members Resolve to Shut Down Business

GARDNER INVESTMENT: Faces Liquidation Proceedings
GLOBAL ENGINEERED: Customers Offer AU$10-Million Rescue Package
GT & SE SLOAN: Receiver and Manager Ceases to Act for Firm
INVESTORS PTY: Placed Under Voluntary Wind-Up
JAY AND KAY: Members Pass Resolution to Wind Up Firm

LAVERTON TRANSPORT: Liquidator to Present Wind-Up Report
LINSA INSURANCE: S&P Revises Insurer Rating to 'R'
MERANAK PTY: Placed Under Members' Voluntary Wind-Up
MIRANDA BUILDERS': Members Agree to Close Operations
MOBILE LABOUR: Members and Creditors to Convene on September 8

NEW MILLENIUM: Liquidator Heufel to Present Wind-Up Report
NEW TECH CLEANING: Appoints Official Assignee as Liquidator
NIMSHAY PTY: Bank Names Receivers and Managers
ORION COMMUNICATIONS: Court Issues Wind-Up Order
ORNATO ENTERPRISES: Creditors Appoint Official Liquidator

PAX TRADING: Liquidation Bid Hearing Set on August 24
QUEENSLAND MORTGAGE: Members to Hold Final Meeting on Sept. 11
RAL HOLDINGS: Undergoes Wind-Up Proceedings
RED PC: Court Set to Hear CIR's Liquidation Bid on August 24
REDISAN PTY: Bank Appoints Receivers and Managers

RESOURCE FULFILMENT: Members and Creditors to Meet on Sept. 11
SBB COMPANY: Enters Voluntary Liquidation
STERLING ESTATES: Supreme Court Orders Wind-Up
T DESIGN: Federal Court Orders Wind-Up
UNISOURCE EQUIPMENT: Court to Hear Liquidation Bid on August 24

W. & R. SKIOS: Members Opt for Voluntary Wind-Up
WILBRO PROPERTIES: Creditors' Proofs of Claim Due on Aug. 30
YELLAMBIE LANDSCAPES: Members Appoint Peter Ngan as Liquidator
* New Zealand Faces "Strong" Inflation, M. Cullen Says


C H I N A   &   H O N G  K O N G

AGRICULTURAL BANK: Appoints External Auditor to Prove Books
ASTONVILLE LIMITED: Creditors Must Prove Debts by September 11
ANDREW CORP: 3rd Quarter 2006 Net Income Narrows to US$7 Million
ANDREW CORP: Mutually Terminates Pending Merger With ADC
ANDREW CORPORATION: Rejected Bids Prompt S&P's Negative Watch

ANDREW CORPORATION: Rejects CommScope Acquisition Proposal
BRILLIANT SUN: Appoints Wong as Official Liquidator
CIL HOLDINGS: Court Orders Wind-Up
COSMOS GLOBAL: Gets Wind-Up Order from Court
EASEFUL STRATEGIC: Court Favors Wind-Up

FINE HORSE: Creditors Meeting Slated for August 23
FOUR SEAS: Court to Hear Wind-Up Bid on September 20
GENESIS ENGINEERING: Wind-Up Petition Hearing Set on Sept. 13
GREENRICH TECHNOLOGY: Names Chan as Liquidator
HANLY LIMITED: Creditors' Proofs of Claim Due on September 14

HUA HAI COMPANY: Faces Wind-Up Proceedings
INTEGER (H.K.) PAVILION: Liquidators Cease to Act for Company
MINDWOOD LIMITED: Appoints Official Liquidator
PERFECT CONCEPT: Wind-Up Petition Hearing Slated for September 6
SINOPAC SECURITIES: Fitch Affirms C Individual Rating

TELEVISION VOYAGES: Creditors Must Submit Claims by Sept. 15
VISTEON CORP: Closes on European and U.S. US$675-Mil Financings


I N D I A

ICICI BANK: Fitch Affirms Individual Rating at 'C'
ICICI BANK: Hybrid Tier-1 Securities Rated 'BB-' by S&P
ICICI BANK: Barclays Eyes 10% Stake in ARCIL


I N D O N E S I A

PERUSAHAAN GAS: Government to Sell 5.3% Stake This Year
* Indonesia Hopes to Pay Off Remaining IMF Debts within 2006
* Indonesia Targets IDR34.2 Trillion of Net Bond Sales in 2007


J A P A N

HERBALIFE LTD: Second Quarter Net Income Increases to US$36.3Mil
MITSUBISHI MOTORS: Union Seeks Job Guarantees at U.S. Plant
SOJITZ CORPORATION: Dissolves Unprofitable Subsidiary
TOKYO STEEL: Moody's Reviews Ba1 Rating for Possible Upgrade
* Japanese Stocks May Drop Amid U.S. Inflation Risks


K O R E A

AMKOR TECH: Gets Nasdaq Delisting Notice Due to Late 10-Q Filing
HERBALIFE LTD: 2nd Quarter Net Income Increases to US$36.3 Mil.
LG CARD: Shinhan Financial Will Take Over


M A L A Y S I A

AMSTEEL CORPORATION: Books MYR2.4-M Net Loss in Fourth Quarter
AMSTEEL CORPORATION: To Seek Shareholders' Mandate at AGM
FOSEAS RESOURCES: Enters Wind-Up Proceedings
LANKHORST BERHAD: Changes Name to ARK Resources
PROTON HOLDINGS: DRB-HICOM Denies Rumors of Stake Buy

PROTON HOLDINGS: Prepares to Submit Revival Plan to Government
TALAM CORPORATION: Unit Struck Off from Register
TENAGA NASIONAL: Lists and Quotes Additional Shares
TENAGA NASIONAL: Coal Mining Stake Attracts Indonesian Firms


P H I L I P P I N E S

MIRANT CORP: Acquires US$735 Million Loan from Philippine Banks
MANILA ELECTRIC: Considers ADB Financing for Planned Acquisition
MANILA ELECTRIC: Supreme Court Directs Refund to Consumers
* Budget Deficit Target is "Unambitious," Bear Sterns Says


S I N G A P O R E

COMPACT METAL: June 30 Balance Sheet Shows Stockholders' Deficit
GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins
INTELLIGENT MICRO: Creditors' Proofs of Claim Due on September 8
LINDETEVES-JACOBERG: Blackheath Closure Pulls Down Net Profit
MDR LIMITED: Second Quarter Drops to SGD130 Million

REFCO INC: Chap. 11 Trustee Hires Dill as Bermuda Counsel
REFCO INC: Davidson Kempner Offering to Buy Refco Capital Claims


T H A I L A N D

BANGKOK RUBBER: Posts THB5.27-Million Net Profit in 2nd Quarter
NFC FERTILIZER: Post THB510.57-Mil Net Profit in 2nd Quarter '06


V I E T N A M

VIETNAM TECHCOMBANK: Moody's Assigns B1/Ba1 Deposit Ratings

     - - - - - - - -

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

191 GOODWOOD: Members' Final Meeting Slated for September 26
------------------------------------------------------------
Members of 191 Goodwood Road Pty Limited will convene on
September 26, 2006, to receive Liquidators D.J. H. Solomon and
M. R. Harrington's accounts of the Company's wind-up and the
property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported on May 9,
2006, that the Company commenced a wind-up of its operations on
March 29, 2006.

The Liquidators can be reached at:

         D. J. H. Solomon
         M. R. Harrington
         Walsh Boyce Key
         Chartered Accountants
         305 Unley Road
         Malvern, South Australia 5061
         Australia


3 DIS: Members Pass Resolution to Wind Up Operations
----------------------------------------------------
At a general meeting of the members of 3 DIS Surveillance
Systems Pty Ltd held on July 28, 2006, it was agreed that a
voluntarily wind up the Company's operations is appropriate and
necessary.

In this regard, Timothy James Cuming and David Clement Pratt
were appointed as liquidators.

The Liquidators can be reached at:

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


ABALONE AQUACULTURE: To Declare Dividend for Priority Creditors
---------------------------------------------------------------
Abalone Aquaculture Australia Pty Limited will declare its first
and final dividend for priority creditors on September 12, 2006,
to the exclusion of those who cannot prove their claims by
August 29, 2006.

As reported by the Troubled Company Reporter - Asia Pacific, on
June 19, 2006, the Company declared its first and final dividend
on June 20, 2006.

The deed administrator can be reached at:

         Richard Albarran
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         GPO Box 3555
         Sydney, New South Wales 2001
         Australia


AM PM CALLING: Court to Hear Liquidation Bid on August 28
---------------------------------------------------------
AMP NZ Office Lambton Quay Ltd, on July 19, 2006, filed before
the High Court of Wellington a petition to liquidate AM PM
Calling Ltd.

The Court will hear the petition on August 28, 2006, at 10:00
a.m.

The plaintiff's solicitor can be reached at:

         C. N. Lord
         Corporate Collections Limited
         187 Mt Eden Road, Mt Eden
         Auckland, New Zealand


ASSET FURNITURE: Enters Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on July 31, 2006, the
members of Asset Furniture & Hardware Pty Ltd resolved to
voluntarily wind up the Company's operations.

Creditors appointed Brent Kijurina as liquidator at a separate
meeting held later that day.

The Liquidator can be reached at:

         Brent Kijurina
         Smith Hancock
         Chartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


BAY INVESTMENTS: Bank Appoints Receivers and Managers
-----------------------------------------------------
The National Australia Bank Limited on July 4, 2006, appointed
Ian Richard Hall and Stephen Graham Longley as joint and several
receivers and managers of the assets of Bay Investments Pty Ltd.

The Joint and Several Receivers and Managers can be reached at:

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


BE-1 PTY: Members and Creditors to Receive Wind-Up Report
---------------------------------------------------------
Members and creditors of BE-1 Pty Ltd will meet on September 11,
2006, at 10:00 a.m. to receive a report on the Company's wind-up
proceedings from Liquidator Stan Traianedes.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 27,
2006.

The Liquidator can be reached at:

         Stan Traianedes
         Hall Chadwick
         Chartered Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia


CAPPIN PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Members of Cappin Pty Ltd on June 22, 2006, agreed to
voluntarily liquidate the Company's business and distribute the
proceeds of its assets disposal.

Subsequently, Andrew J. McDonald was named official liquidator.

The Liquidator can be reached at:

         Andrew J. McDonald
         4 Birkdale Close
         Dubbo, New South Wales 2830
         Australia


CARTER HOLT: Hancock Seeks to Acquire Forestry Assets
-----------------------------------------------------
The Commerce Commission has received an application from Hancock
Natural Resource Group, Inc., seeking clearance to acquire
shares and forestry assets of Carter Holt Harvey Limited.

A press release from the Commerce Commission states that the
forestry assets include freehold property, non-freehold land
interests, standing timber on that land, plant and equipment,
business contracts, licenses, and consents.  The forests and
other assets are located in Northland, Auckland, Central North
Island, and Hawkes Bay.

According to the Waikato Times, Hancock wants to buy Carter
Holt's 275,000 hectares of land and trees in New Zealand, much
of which lies in the South Waikato district.

In considering the application, the Commission's role is to
determine whether the acquisition has the effect of
substantially lessening competition in a market.

Stuff.co.nz cites South Waikato District Mayor Neil Sinclair as
saying that if Hancock takes over the Carter Holt assets, it
would give the forestry industry "a good level of security."

A public version of the Hancock Application will shortly be
available at the Commerce Commission's Web site, under Public
Registers: http://www.comcom.govt.nz/

                About Hancock Natural Resource

Hancock Natural Resource Group --
http://enet-vip.jhancock.com/hnrg/--  is a timberland
investment management organization that develops and manages
international timberland portfolios on behalf of investment
groups.  In New Zealand, Hancock manages the production of
pruned sawlogs, unpruned sawlogs and pulplogs, mostly in the
central North Island.

Hancock has US$5.2 billion (NZ$81.9 billion) worth of assets
under management in North America, Australia, New Zealand, and
Brazil, the Waikato Times notes.

                          *     *     *

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

The ratings withdrawn were:

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

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

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


CRESTWORLD PTY: Names Receivers and Managers
--------------------------------------------
On June 30, 2006, Benchmark Debtor Finance Pty Ltd appointed
Bruno A. Secatore and Daniel P. Juratowitch as receivers and
managers of Crestworld Pty Ltd.

The Receivers and Managers can be reached at:

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


DALE PROPERTIES: Enters Liquidation Proceedings
-----------------------------------------------
Dale Properties Ltd commenced liquidation proceedings on
August 4, 2006.

In this regard, the Company's creditors are required to file
their proofs of claim by September 15, 2006, to Joint
Liquidators Peter Reginald Jollands and Rory Iain Grieve.

The Joint Liquidators can be reached at:

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


DAIRKON PTY: Members and Creditors to Convene on September 12
-------------------------------------------------------------
The members and creditors of Dairkon Pty Ltd will convene on
September 12, 2006, at 10:00 a.m.

At the meeting, Liquidator Con Kokkinos will report on the
Company's wind-up proceedings and property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported on
November 24, 2005, that the Company commenced a wind-up of its
operations on October 27, 2005.

The Liquidator can be reached at:

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


DIOSTA PTY: Inability to Pay Debt Prompts Wind-Up
-------------------------------------------------
At a meeting held on July 27, 2006, the members and creditors of
Diosta Pty Limited agreed to wind up the Company's operations
due to its inability to pay debts as they fall due.

Subsequently, Mitchell Ball was appointed as liquidator.

The Liquidator can be reached at:

         Mitchell Ball
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


FARIDA HOLDINGS: Members and Creditors to Receive Wind-Up Report
----------------------------------------------------------------
The members and creditors of Farida Holdings Pty Ltd will
convene on September 11, 2006, at 9:30 a.m., to receive the
Liquidator Anthony Cant's report on the Company's wind-up and
the property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, on
February 6, 2006, the Company commenced a wind-up of its
operations on January 10, 2006.

The Liquidator can be reached at:

         Anthony R. Cant
         2nd Floor, 106 Hardware Street
         Melbourne, Australia


FREESURF PUBLISHING: Members Resolve to Shut Down Business
----------------------------------------------------------
At a general meeting of the members of Freesurf Publishing Pty
Ltd held on July 31, 2006, it was agreed that a voluntary wind-
up of the Company's business is appropriate and necessary.

Accordingly, David Clement Pratt and Timothy James Cuming was
appointed as liquidator.

The Liquidators can be reached at:

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


GARDNER INVESTMENT: Faces Liquidation Proceedings
-------------------------------------------------
An application to liquidate Gardner Investment Homes Ltd will be
heard before the High Court of Christchurch on August 21, 2006,
at 10:00 a.m.

Christchurch Read-Mix Concrete Ltd filed the petition with the
Court on July 18, 2006.

The plaintiff's solicitor can be reached at:

         R.A. MCL. Fraser
         Receivables Management (NZ) Ltd
         Level Eight, 7 City Road
         Auckland, New Zealand
         P.O. Box 5519, Wellesley St. Auckland
         Facsimile: (09) 919 3697


GLOBAL ENGINEERED: Customers Offer AU$10-Million Rescue Package
---------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 16, 2006, industry players were still deciding on whether
to sign up to a rescue package for Ajax Engineered Fasteners, a
division of Global Engineered Fasteners.  Moreover, according to
the TCR-AP report, workers unions have threatened to stop
production at the factory if administrators do not agree to
underwrite workers' entitlements.

In an update, a group of four car companies, which buy parts
from Ajax, have offered a package to keep the Company open and
cover a shortfall in entitlements, ABC News Online reports.

The car companies include Holden, The Australian notes.

Ajax Fasteners was expected to stand down workers amid mounting
debts and a row over about AU$12 million in employee
entitlements owed, the Australian Associated Press relates.

Administrator Stephen Longley, of PricewaterhouseCoopers,
disclosed that Ajax had made a AU$10-million request to its
customers to underwrite an AU$8-million shortfall in worker
entitlements, the AAP says.

According to The Australian, the proposal would keep the factory
operating until the next creditors' meeting on September 1,
2006.

The paper cites Mr. Longley as telling ABC Radio that the
proposal is a pricing arrangement that would allow the current
loss-making condition of the business to be rectified so it can
continue trading.  "In short, they pay more," Mr. Longley adds.

"The focus on all parties is to keep this business alive and to
sell the business or get it restructured through a better
arrangement so it continues on indefinitely," Mr. Longley
explains.

However, Mr. Longley would not talk about the details of the
rescue package or the parties involved, The Australian notes.

The Company will now remain open until the end of the week while
the Australian Manufacturing Workers Union and the administrator
consider the offer, ABC News says.

Unions have called another mass meeting of workers on August 18,
2006, to discuss the outcome, the AAP relates.

                           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.


GT & SE SLOAN: Receiver and Manager Ceases to Act for Firm
----------------------------------------------------------
Andrew Leslie Smith ceased to act as receiver and manager of
GT & SE Sloan Pty Limited on July 20, 2006.

The former Receiver and Manager can be reached at:

         Andrew Leslie Smith
         PPB Chartered Accountants &
         Business Reconstruction Specialists
         Level 15, 25 Bligh Street
         Sydney, New South Wales
         Australia


INVESTORS PTY: Placed Under Voluntary Wind-Up
---------------------------------------------
Members of Investors Pty Limited met on July 28, 2006, and
agreed to voluntarily wind-up the Company's operations.

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

The Liquidators can be reached at:

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


JAY AND KAY: Members Pass Resolution to Wind Up Firm
----------------------------------------------------
Members of Jay and Kay Glass Pty Limited held a general meeting
on July 26, 2006, at 10:00 a.m., and passed a special resolution
to wind up the Company's operations.

In this regard, Peter Ngan was appointed as liquidator.

The Liquidator can be reached at:

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


LAVERTON TRANSPORT: Liquidator to Present Wind-Up Report
--------------------------------------------------------
A final meeting of the members and creditors of Laverton
Transport Services Pty Ltd will be held on September 11, 2006,
at 10:00 a.m.

At the meeting, Liquidator Anthony Cant will report on the
Company's wind-up proceedings and the property disposal
exercises.

The Troubled Company Reporter - Asia Pacific reported on May 1,
2006, that the Company commenced a wind-up of its operations on
March 16, 2006.

The Liquidator can be reached at:

         Anthony R. Cant
         2nd Floor, 106 Hardware Street
         Melbourne, Australia


LINSA INSURANCE: S&P Revises Insurer Rating to 'R'
--------------------------------------------------
Standard & Poor's Ratings Services revises its insurer financial
strength rating on New Zealand general insurer Linsa Insurance
Ltd. to 'R' (Regulatory Supervision) from 'CC' (Extremely
Weak).

The rating revision follows the placement of the insurer into
voluntary liquidation.  On June 29, 2006, the rating was
downgraded to 'CC' from 'B-' (Weak) and placed on CreditWatch
with negative implications after Linsa's sister company, Western
Bay Finance Ltd., which is not rated, stopped lending and was
believed to have breached its trustee covenants.  Subsequently,
Western Bay was placed in receivership on August 3, 2006.

Standard & Poor's has revised its rating on Linsa on the basis
that its sister company, Western Bay, was placed in
receivership, and that the insurer, with the appointment of a
voluntary liquidator, is currently under third-party
supervision.

Linsa, formed in April 2003, is a very small insurer providing
payment protection insurance and mechanical breakdown insurance
to personal loan customers of Western Bay and other general
insurance products.  The insurer had a very small capital size,
limited business position, inexperienced management team, and
lack of historic claims data, although Western Bay did have an
established niche business.


MERANAK PTY: Placed Under Members' Voluntary Wind-Up
----------------------------------------------------
The members of Meranak Pty Limited held convened on July 26,
2006, and decided to voluntarily wind-up the Company's
operations.

Accordingly, Leslie Rosenfeld was appointed as liquidator.

The Liquidator can be reached at:

         Leslie Rosenfeld
         Chartered Accountant
         Level 24, Plaza II
         101 Grafton Street
         Bondi Junction
         Australia


MIRANDA BUILDERS': Members Agree to Close Operations
----------------------------------------------------
Members of Miranda Builders' And Businessmen's Club Limited held
a general meeting on July 21, 2006, and agreed to close the
Company's operations.

In this regard, Raymond George Tolcher was appointed as
liquidator.

The Liquidator can be reached at:
         Raymond George Tolcher
         Chartered Accountant
         Lawler Partners
         Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


MOBILE LABOUR: Members and Creditors to Convene on September 8
--------------------------------------------------------------
Members and creditors of Mobile Labour Newcastle Pty Ltd will
convene on September 8, 2006, to receive Liquidator Vincent
Heufel's report on the Company's wind-up proceedings and the
manner of property disposal.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 16,
2006.

The Liquidator can be reached at:

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


NEW MILLENIUM: Liquidator Heufel to Present Wind-Up Report
----------------------------------------------------------
A joint meeting of the members and creditors of New Millenium
Publications Ltd will be held on September 8, 2006, at 11:00
a.m.

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

The Troubled Company Reporter Asia - Pacific reported on
April 6, 2006, that the Company declared its first and final
dividend for priority creditors on April 6, 2006.

The Liquidator can be reached at:

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


NEW TECH CLEANING: Appoints Official Assignee as Liquidator
-----------------------------------------------------------
The Official Assignee was on August 2, 2006, appointed as
liquidator of New Tech Cleaning Systems Ltd.

The Liquidator can be reached at:

          Insolvency and Trustee Service
          Private Bag 4714, Christchurch
          New Zealand
          Telephone: 0508 467 658
          Web site: www.insolvency.govt.nz/


NIMSHAY PTY: Bank Names Receivers and Managers
----------------------------------------------
The National Australia Bank Limited on July 4, 2006, appointed
Ian Richard Hall and Stephen Graham Longley as the receiver and
manager of Nimshay Pty Ltd.

The Receiver and Manager can be reached at:

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


ORION COMMUNICATIONS: Court Issues Wind-Up Order
------------------------------------------------
On July 27, 2006, the Supreme Court of New South Wales issued an
order to wind up Orion Communications (Services) Pty Limited and
appoint D. I. Mansfield as liquidator.

The Liquidator can be reached at:

         D. I. Mansfield
         Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


ORNATO ENTERPRISES: Creditors Appoint Official Liquidator
---------------------------------------------------------
At an extraordinary general meeting held on July 31, 2006, the
members of Ornato Enterprises Pty Limited agreed to close the
Company's operations.

Creditors appointed Angus C. Gordon as liquidator at a separate
meeting held later that day.

The Liquidator can be reached at:

         Angus c. Gordon
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


PAX TRADING: Liquidation Bid Hearing Set on August 24
-----------------------------------------------------
A liquidation petition filed against Pax Trading Company Ltd
will be heard before the High Court of Auckland on August 24,
2006, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 30, 2006.

The plaintiff's Solicitor can be reached at:

         S.J. Eisdell Moore
         c/o R.E. Harvey
         Offices of Meredith Connell, Level 17
         Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone: (09) 336 7556


QUEENSLAND MORTGAGE: Members to Hold Final Meeting on Sept. 11
--------------------------------------------------------------
Members of Queensland Mortgage Services Pty will hold a final
meeting on September 11, 2006, at 11:00 a.m., to receive
accounts of the Company's wind-up from Liquidator P. A. Lucas.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on March 29, 2000.

The Liquidator can be reached at:

         P. A. Lucas
         P. A. Lucas & Co.
         Chartered Accountants
         Level 8, 100 Edward Street
         Brisbane, Queensland
         Australia


RAL HOLDINGS: Undergoes Wind-Up Proceedings
-------------------------------------------
At a general meeting held on July 28, 2006, members of Ral
Holdings Pty Limited resolved that a voluntary wind-up of the
Company's operations is appropriate and necessary.

Subsequently, Timothy James Cuming and David Clement Pratt were
appointed as liquidators.

The Liquidators can be reached at:

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


RED PC: Court Set to Hear CIR's Liquidation Bid on August 24
------------------------------------------------------------
The Commissioner of Inland Revenue on May 30, 2006, filed before
the High court of Auckland a petition to liquidate Red PC Ltd.

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

The plaintiff's solicitor can be reached at:

         S.J. Eisdell Moore
         C/o R.E. Harvey
         Offices of Meredith Connell, Level 17
         Forsyth Barr Tower
         55-65 Shortland Street
         Auckland, New Zealand
         Telephone: (09) 336 7556


REDISAN PTY: Bank Appoints Receivers and Managers
-------------------------------------------------
On July 26, 2006, Australia and New Zealand Banking Group
Limited appointed Robyn Lee Erskine and Peter Goodin as
receivers and managers of Redisan Pty Ltd.

The Receivers and Managers can be reached at:

         Robyn Lee Erskine
         Peter Goodin
         471 Riversdale Road
         Hawthorn East
         Victoria, Australia


RESOURCE FULFILMENT: Members and Creditors to Meet on Sept. 11
--------------------------------------------------------------
The members and creditors of Resource Fulfilment Pty Ltd will
convene on September 11, 2006, at 11:30 a.m.

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

The Liquidator can be reached at:

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


SBB COMPANY: Enters Voluntary Liquidation
-----------------------------------------
SBB Company Ltd was placed under voluntary liquidation on
July 21, 2006.

In this regard, Derek Farrelly was appointed as liquidator

The Liquidator can be reached at:

         Derek Farrelly
         P.O. Box 32-389, Devonport
         Auckland, New Zealand
         Telephone: (07) 892 2801
         Facsimile: (07) 892 2801
         e-mail: dfarrelly@xtra.co.nz


STERLING ESTATES: Supreme Court Orders Wind-Up
----------------------------------------------
The Supreme Court of New South Wales on July 27, 2006, has
ordered to wind up Sterling Estates (S.A.) Pty Limited and
appoint Christopher J. Palmer as liquidator.

The Liquidator can be reached at:

         Christopher J. Palmer
         O'Brien Palmer
         Level 4, 23 Hunter Street
         Sydney, New South Wales 2000
         Australia


T DESIGN: Federal Court Orders Wind-Up
--------------------------------------
The Federal Court of Australia on July 27, 2006, ordered T
Design Pty Limited to wind up its operations and appoint Frank
Lo Pilato as liquidator.

The Liquidator can be reached at:

         Frank Lo Pilato
         RSM Bird Cameron Partners
         Chartered Accountants
         Level 1, 103-105 Northbourne Avenue
         Turner, Australian Capital Territory 2601
         Australia
         Telephone:(02) 6247 5988
         Facsimile:(02) 6262 8633


UNISOURCE EQUIPMENT: Court to Hear Liquidation Bid on August 24
---------------------------------------------------------------
A petition to liquidate Unisource Equipment Services Ltd will be
heard before the High Court of Auckland on August 24, 2006, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on May 30, 2006.

The plaintiff's solicitor can be reached at:

         S.J. Eisdell Moore
         C/o R.E. Harvey
         Offices of Meredith Connell, Level 17
         Forsyth Barr Tower
         55-65 Shortland Street
         (P.O. Box 2213 or D.X. C.P. 24-063)
         Auckland, New Zealand
         Telephone: (09) 336 7556


W. & R. SKIOS: Members Opt for Voluntary Wind-Up
------------------------------------------------
Members of W. & R. Skios Ltd on July 3, 2006, resolved to wind-
up the Company's operation and appoint Grant Mackintosh as
liquidator.

The Liquidator can be reached at:

         Grant Mackintosh
         P.O. Box 794, Hamilton
         New Zealand
         Telephone: (07) 839 5725
         Facsimile: (07) 838 3191


WILBRO PROPERTIES: Creditors' Proofs of Claim Due on Aug. 30
------------------------------------------------------------
Creditors of Wilbro Properties Ltd are required to submit their
proofs of claim to Joint Liquidators Laurence George Chilcott
and Peter Charles Reginald by August 30, 2006.

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

The Joint Liquidators can be reached at:

         L. G. Chilcott
         Smith Chilcott Bertelsen Harry
         Chartered Accountants, Level 11
         Shortland Tower One, 51-53 Shortland Street
         (P.O. Box 5545), Auckland
         New Zealand
         Telephone: (09) 379 8035
         Facsimile: (09) 307 8892



YELLAMBIE LANDSCAPES: Members Appoint Peter Ngan as Liquidator
--------------------------------------------------------------
Members of Yellambie Landscapes Pty Limited on July 26, 2006,
passed a special resolution to wind up the Company's operations
and appoint Peter Ngan as liquidator.

The Liquidator can be reached at:

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


* New Zealand Faces "Strong" Inflation, M. Cullen Says
------------------------------------------------------
New Zealand faces "uncomfortably strong" inflation as fuel
prices surge and unemployment falls to a record low, Tracy
Withers of the Bloomberg News says, citing Finance Minister
Michael Cullen.

The report cites a government report, which noted that the
nation's jobless rate fell to a record 3.6% in the second
quarter of 2006, creating labor shortages that may boost wages
and fan inflation.

Notes of Mr. Cullen's speech e-mailed to Bloomberg explains that
accelerating inflation comes as the US$108-billion economy slows
and the nation faces a record current account deficit.

Bloomberg also cites economists as saying that Reserve Bank
Governor Alan Bollard may keep interest rates at a record-high
of 7.25% until July 2007 to curb inflation.

Mr. Cullen says New Zealand's slow economic growth is driven by
declining terms of trade and by lower profit growth.

Bloomberg recounts that the Treasury Department in May forecast
that annual economic growth will slow to a seven-year low of 1%
in 2006 from 2.3% in 2005.

According to Mr. Cullen, by March 2008, growth is expected to
have accelerated to 3.3%, Bloomberg relates.


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

AGRICULTURAL BANK: Appoints External Auditor to Prove Books
-----------------------------------------------------------
The Agricultural Bank of China took an important step towards
turning the bank into a joint-stock company by appointing
Deloitte as its external auditor, the Reuters report.

According to the report, Deloitte's job would be to present a
clearer picture of the health of the bank so the government
knows how much fresh capital it would have to inject.

Shanghai Daily quoted Agricultural Bank president Yang Mingsheng
as saying "a thorough outside audit can help the bank revamp and
bring it in line with international accounting standards."

"The move will facilitate the development of internal controls
and risk management," Mr. Yang adds.

Meanwhile, China's banking authorities have yet to decide on a
restructuring plan for Agricultural Bank, The Daily relates.
One possibility is that the troubled bank may be split into
smaller regional institutions, with local governments sharing
the revamp costs.

The Troubled Company Reporter- Asia Pacific reported on June 27,
2006, that 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.

                About Agricultural Bank of China

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.

                          *     *     *

Fitch Ratings on August 14, 2006, affirmed Agricultural Bank of
China's Individual 'E' and Support '1' ratings.


ASTONVILLE LIMITED: Creditors Must Prove Debts by September 11
--------------------------------------------------------------
The creditors of Astonville Ltd are required to submit their
proofs of claim by September 11, 2006, to Liquidator Yuen Shu
Tong.

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

The Joint Liquidators can be reached at:

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


ANDREW CORP: 3rd Quarter 2006 Net Income Narrows to US$7 Million
----------------------------------------------------------------
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, " 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 US$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, "overall 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 $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 India and China.  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: 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 India and China.  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 $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 India and China.  Andrew is
an S&P 500 company founded in 1937.


ANDREW CORPORATION: Rejects CommScope Acquisition Proposal
----------------------------------------------------------
Troubled Company Reporter , Aug 14, 2006 ( Source: TCR)

CommScope, Inc. responded to Andrew Corporation's rejection of
its proposal to acquire all of Andrew's outstanding shares for
$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.


BRILLIANT SUN: Appoints Wong as Official Liquidator
---------------------------------------------------
Wong Kit Sang was appointed official liquidator of Brilliant Sun
Garment Manufacturing Ltd on August 3, 2006.

The Liquidator can be reached at:

         Wong Kit Sang
         8th Floor, Tower I
         Tern Centre
         237 Queen's Road
         Central, Hong Kong


CIL HOLDINGS: Court Orders Wind-Up
----------------------------------
The High Court of Hong Kong on August 2, 2006, issued a wind-up
order against CIL Holdings Ltd.

The Troubled Company Reporter - Asia Pacific reported on
October 24, 2005, that CSI Investment Management Limited filed a
petition to wind-up the Company's operation.


COSMOS GLOBAL: Gets Wind-Up Order from Court
--------------------------------------------
The High Court of Hong Kong on August 2, 2006, issued a wind-up
order against Cosmos Global Ltd.

According to The Troubled Company Reporter - Asia Pacific,
Hallmark Cards Incorporated filed a wind-up petition against the
Company on May 11, 2006.  The Court heard the petition on
July 12, 2006.


EASEFUL STRATEGIC: Court Favors Wind-Up
---------------------------------------
The High Court of Hong Kong issued a wind-up order against
Easeful Strategic Ltd on July 31, 2006.

According to The Troubled Company Reporter - Asia Pacific, Dell
(China) Co Ltd filed a wind-up petition against the Company on
May 23, 2006.  The Court heard the petition on July 26, 2006.


FINE HORSE: Creditors Meeting Slated for August 23
--------------------------------------------------
The creditors of Fine Horse Co Ltd will convene on August 23,
2006, 2:00 p.m. at Room 201, Duke of Windsor Social Service
Building, 15 Hennessy Road, Wanchai in Hong Kong.

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


FOUR SEAS: Court to Hear Wind-Up Bid on September 20
----------------------------------------------------
A wind-up petition filed against Four Seas Union (Holdings) Ltd
will be heard before the High Court of Hong Kong on September
20, 2006, at 9:30 a.m.

Wong & Fok filed the petition with the Court on July 25, 2006.

The solicitor for the petitioner can be reached at:

         Wong & Fok, Solicitors
         Room 605, 6th Floor
         Admiralty Centre, Tower 1
         18 Harcourt Road, Admiralty
         Hong Kong


GENESIS ENGINEERING: Wind-Up Petition Hearing Set on Sept. 13
-------------------------------------------------------------
Lo Yan Ping on July 14, 2006, filed before the High Court of
Hong Kong a petition to wind-up the operation of Genesis
Engineering Transportation Company Ltd.

The Court will hear the petition on September 13, 2006, at 9:30
a.m.

The solicitor for the petitioner can be reached at:

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


GREENRICH TECHNOLOGY: Names Chan as Liquidator
----------------------------------------------
The members of Greenrich Technology Ltd passed a special
resolution on August 4, 2006, appointing Chan Opal Yuet Ying as
liquidator of the Company.

The Liquidator can be reached at:

         Chan Opal Yuet Ying
         2A, Valiant Court
         299 Prince Edward Road West
         Kowloon, Hong Kong


HANLY LIMITED: Creditors' Proofs of Claim Due on September 14
-------------------------------------------------------------
Creditors of Hanly Ltd are required to submit their proofs of
claim to Liquidator Lam Yat Chung by September 14, 2006.

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


HUA HAI COMPANY: Faces Wind-Up Proceedings
------------------------------------------
The wind-up petition filed against Hua Hai Co Ltd will be heard
before the High Court of Hong Kong on September 20, 2006, at
9:30 a.m.

Bank of China (Hong Kong) filed the petition with the Court on
July 13, 2006.

The solicitors for the petitioner can be reached at:

         Anthony Chiang & Partners
         3903 Tower 2, Lippo Centre
         89 Queensway, Central
         Hong Kong


INTEGER (H.K.) PAVILION: Liquidators Cease to Act for Company
-------------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin, Diana on August 7, 2006,
ceased to act as joint and several liquidators of Integer Hong
Kong Pavilion Ltd.

The Troubled Company Reporter - Asia Pacific reported that Joint
Liquidators Ying and Chung on June 5, 2006, presented to the
members of the Company accounts of the Company's wind-up.

The former Liquidators can be reached at:

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


MINDWOOD LIMITED: Appoints Official Liquidator
----------------------------------------------
Members of Mindwood Ltd on August 10, 2006, appointed Tse Wai
Hing as liquidator of the Company.

Mr. Tse requires the creditors of the Company to submit their
proofs of claim by September 12, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Tse Wai Hing
         14/F., Nan Fung Tower
         173 Des Voeux Road, Central
         Hong Kong


PERFECT CONCEPT: Wind-Up Petition Hearing Slated for September 6
----------------------------------------------------------------
A petition to wind up Perfect Concept Investment Ltd will be
heard before the High Court of Hong Kong on September 6, 2006,
at 9:30 a.m.

Ho Shun Tak filed the petition with the Court on July 7, 2006.

The solicitor for the petitioner can be reached at:

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


SINOPAC SECURITIES: Fitch Affirms C Individual Rating
-----------------------------------------------------
Fitch Ratings on August 15, 2006, affirmed the ratings of
SinoPac Group, comprising SinoPac Financial Holdings Company
Limited and its subsidiaries, Bank SinoPac and SinoPac
Securities.

    -- SinoPac Holdings:

    * Long-term Issuer Default Rating BBB,
    * Short-term rating F3,
    * National Long-term rating A+(twn),
    * National Short-term rating F1(twn),
    * Individual B/C; and
    * Support 5, Stable Outlook

    -- Bank SinoPac:

    * Long-term IDR BBB+,
    * Short-term rating F2,
    * National Long-term rating AA-(twn),
    * National Short-term rating F1+(twn),
    * Individual B/C; and
    * Support 4, Stable Outlook

    -- SinoPac Securities:

    * Long-term IDR BBB,
    * Short-term rating F3,
    * National Long-term rating A+(twn),
    * National Short-term rating F1(twn),
    * Individual C; and
    * Support 2, Stable Outlook.

The ratings of SinoPac Holdings reflect the company's strong
capitalization, limited leverage and strong risk culture.
Sinopac Holdings had a fairly low double leverage of 101% at
end-2005, one of the lowest among domestic financial holding
companies in Taiwan.

The group's capital adequacy ratio of 144% (versus the
regulatory requirement of 100%) at end-2005 highlighted the
subsidiaries' strong capitalization.  Fitch believes that the
merger with International Bank of Taipei should improve the
group's earnings stability and capitalization in the long term.
In the face of an unsecured consumer-lending crisis in the
domestic market, the group's credit card business may turn loss-
making in 2006.  Nevertheless, the risk should be mitigated by
the relatively small asset size of its credit card business.

Fitch expects moderate growth in Sinopac Holdings's 2006
earnings without the repetition of one-off long-term investment
losses in BSP as seen in 2005.  However, the subsidiary banks'
weak earnings momentum is the key constraining factor for
Sinopac Holdings's rating outlook.

Fitch has affirmed the ratings of BSP to reflect the bank's
sound asset quality and good capitalization.  Fitch considers
Bank SinoPac's merger with International Bank Of Taipei to be a
sensible strategic move to achieve economies of scale and
synergies.  The combined bank should enjoy an extensive branch
network and command a 3.5% market share of deposits, compared
with Bank Sinopac's 1.9% market share on a stand-alone basis.
International Bank Of Taipei's expertise in small- and medium-
sized enterprise lending complements Bank Sinopac's wide product
offerings in mortgages, factoring, and its treasury business.
The plan is to merge the two banks officially in November 2006.

0n the back of Bank Sinopac's strong risk culture, the bank
enjoyed above-industry-average asset quality.  The ratio of net
total problem exposures to equity stood at 3.76% at end-2005.
Bank Sinopac reported a Tier 1 ratio of 7.72% at end-2005 and a
capital adequacy ratio of 10.94%. Given International Bank Of
Taipei's Tier 1 ratio of 11.93% and CAR of 12.18% at end-2005,
the merger with International Bank Of Taipei should strengthen
the combined bank's capitalization.

Fitch is of the view that Bank Sinopac's merger with
International Bank Of Taipei should increase government support
in light of the combined bank's extended market share.
Moreover, the bank's ability to re-gain its earnings momentum
and to maintain its sound capitalization is critical to sustain
its ratings.

The ratings of Sinopac Securities primarily reflect its
relatively diversified business portfolio, its consistent above-
industry-average profitability and strong capitalization.  Its
Support rating takes into consideration the committed support
from its sole parent, Sinopac Holdings.  Sinopac Securities
decapitalized TWD3.3 billion to the holding company in Q106.
Sinopac Securities remains strongly capitalized following the
decapitalization and has benefited from the merger of Sinopac
Holdings and International Bank Of Taipei, as International Bank
Of Taipei's vast retail franchise has provided it with new
cross-selling opportunities.  Sinopac Securities has
continuously maintained its leading position in its principal
businesses.  Its profitability has been consistently above
industry average with a three-year average ROE of 6.2% between
2003-2005 (the industry average is 5%).

Sinopac Financial Holdings Company Ltd's -- www.sinopac.com/ --
principal activities are the provision of banking services,
investment securities and other related financial services.  Its
other services include billing finance, credit card, trust,
insurance, securities, futures, venture capital, foreign
financing and other related services. The Group's operations are
carried out in Taiwan, the United States of America and Hong
Kong.

The holding company directly owns 11 subsidiaries including Bank
SinoPac, Sinopac Securities, International Bank Of Taipei, and
Anshin Card Services, all with a 100% shareholding.  Among its
subsidiaries, banking units, Bank SinoPac and International Bank
Of Taipei, represented 93.1% of the group's assets and
contributed 78.9% of the group's net earnings in 2005.

Sinopac Securities represented 5.8% and 18.3% in terms of group
assets and earnings in 2005.

TELEVISION VOYAGES: Creditors Must Submit Claims by Sept. 15
------------------------------------------------------------
Creditors of Television Voyages Ltd are required to submit their
proofs of claim by September 15, 2006, to Liquidator Julian
Walsh.

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:

         Julian Walsh
         1403-4 Dominion Centre
         43-59 Queen's Road East
         Hong Kong


VISTEON CORP: Closes on European and U.S. US$675-Mil Financings
---------------------------------------------------------------
Visteon Corporation closed on new European and U.S. five-year
revolving credit facilities with an aggregate availability of up
to US$675 million.  The facilities replace the company's multi-
year secured revolving credit facility of $500 million that was
to expire in June 2007.

The European receivables securitization of US$325 million was
led by Citigroup Global Markets Inc., JPMorgan Securities Inc.
and UBS Securities LLC.  The U.S. secured revolver of US$350
million was led by JPMorgan Securities Inc. and Citigroup Global
Markets Inc.

"Closing on these facilities completes the financing we
undertook earlier in the year, including a seven-year US$800
million secured term loan completed in June," said James F.
Palmer, Visteon executive vice president and chief financial
officer.  "The completion of our financing activities provides
us with additional flexibility as we focus on implementing our
three-year plan."

Headquartered in Van Buren Township, Michigan, Visteon
Corporation (NYSE: VC) -- http://www.visteon.com/-- is a
leading global automotive supplier that designs, engineers and
manufactures innovative climate, interior, electronic and
lighting products for vehicle manufacturers, and also provides a
range of products and services to aftermarket customers.  With
corporate offices in Shanghai, China; and Kerpen, Germany; the
company has more than 170 facilities in 24 countries and employs
50,000 people.

                          *     *     *

As reported in the Troubled Company Reporter on June 2, 2006,
Moody's Investors Service assigned a B1 rating to Visteon
Corporation's new $800 million secured term loan and affirmed
the company's B2 Corporate Family and B3 Senior Unsecured
ratings.


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

ICICI BANK: Fitch Affirms Individual Rating at 'C'
--------------------------------------------------
Fitch Ratings, on August 16, 2006, upgraded ICICI Bank Limited's
Long-term foreign currency Issuer Default Rating to 'BBB-' from
'BB+' and Short-term foreign currency rating to 'F3' from 'B'
following the recent upgrade of India's sovereign ratings.  The
Individual and Support ratings have been affirmed at 'C' and
'3', respectively.  The Long-term rating Outlook is Stable.

Meanwhile, the rating on ICICI's outstanding US$500 million
bonds have also been upgraded to 'BBB-' from 'BB+'.

ICICI's foreign currency ratings continue to reflect the Bank's
improved financial condition.  The reported gross non-performing
loans ratio was 1.5% at FYE06 -- a vast improvement from 9.1% at
FYE03, thanks to the benign credit environment and the rapid
growth in the relatively safer secured consumer loan segment.
The Bank had also raised close to US$2.5 billion equity from the
domestic and international markets during the last two years and
the Tier 1 ratio of 8.6% at end-June 2006 was one of the better
ratios amongst Indian banks.

The key challenge for the Bank is to maintain asset quality
following the rapid loan growth since FY03, with the bulk of the
loans starting to season during an environment of rising
interest rates, which could affect borrowers' repayment
capacity.  The high proportion of secured lending, especially
residential mortgage, and the low level of credit penetration in
India have so far mitigated this risk, and Fitch had upgraded
ICICI's Individual rating to 'C' from 'C/D' on December 15,
2005.

India's Long-term foreign and local currency IDRs were upgraded
to 'BBB-' and the Short-term foreign currency IDR to 'F3' from
'BB+' and 'B', respectively, on August 1, 2006.  The sovereign
upgrade also reflects an improved ability of the government to
provide timely support to banks, if required.  While ICICI is
the second-largest bank in India with a market share of about
9.7% of total loans, the Bank's Support rating was affirmed at
'3', taking into account that the government's propensity to
support ICICI may be less compared to large government banks
with equal systemic importance or a higher share of retail
deposits.


ICICI BANK: Hybrid Tier-1 Securities Rated 'BB-' by S&P
-------------------------------------------------------
Standard & Poor's Ratings Services on August 15, 2006, assigned
its 'BB-' rating to the hybrid Tier-1 securities to be issued by
ICICI Bank Ltd. (foreign currency BB+/Positive/B).

The differential between the issue rating and the counterparty
credit rating on ICICI Bank reflects the subordinated nature of
the notes and embedded interest deferral feature.

The proposed hybrid Tier-1 notes are perpetual noncumulative
subordinated debt securities with a call option 10 years from
the date of issue.  The subordination feature reflects the
payment obligation toward the securities that is junior to the
claims of the senior and subordinated debt holders and senior to
the claims of the preference and equity shareholders of ICICI
Bank.

Interest deferral is based on compliance with the regulatory
capital adequacy ratio (RCAR) and an earnings test.  The RCAR is
currently 9% of risk-weighted assets.  ICICI Bank has adopted
the Reserve Bank of India's definition of "net loss" as the
relevant profit test.

If ICICI Bank is not in compliance with the RCAR, it would be
mandatory to skip interest payment.  If ICICI Bank is in
compliance with the RCAR but it has a net loss, it would need
RBI's permission to make interest payment.  In other words, RBI
has the option to permit ICICI Bank make the interest payment.

Hybrid Tier-1 securities are not included in Standard & Poor's
measure of core capital, which is adjusted common equity.  This
is in line with our treatment of other forms of hybrid capital,
including preference shares, in our analysis of capital.
Standard & Poor's will, however, recognize equity capital credit
for the proposed hybrid Tier-1 securities in the bank's adjusted
total equity of up to 25% (strong equity content).


ICICI BANK: Barclays Eyes 10% Stake in ARCIL
--------------------------------------------
United Kingdom-based financial services group Barclays Plc is
looking to acquire a 10% stake in the Asset Reconstruction
Company of India, or ARCIL, from ICICI Bank, Domain-b reports.

According to the report, Barclays is finalizing talks with ICICI
Bank, which holds a 30% stake in ARCIL.  However, the deal is
still subject to various regulatory approvals.

Barclays believes the ARCIL stake would enable it to widen its
access to the Indian market for offloading bad loans, Domain-b
says.  ARCIL is the sole player in India's distressed assets
market.

ARCIL had acquired bad debts worth about INR21,100 crore, or
US$4.53 billion, from various banks in the financial year ended
March 31, 2006.  India's banking sector, including co-operative
banks and finance companies, is currently nursing bad loans or
non-performing assets of about INR250,000 crore, according to
ARCIL estimates.

Aside from ICICI Bank, its other shareholders include the State
Bank of India, IDBI Bank, Punjab National Bank, Karnataka Bank,
Karur Vysya Bank, Citygroup arm Citycorp Finance and a clutch of
private investors who hold a minor stake.

                        About ICICI Bank

ICICI Bank Limited -- http://www.icicibank.com/-- is a
financial services group providing a variety of banking and
financial services, including project and corporate finance,
working capital finance, venture capital finance, investment
banking, treasury products and services, retail banking, broking
and insurance.  It also has interests in the software
development, software services and business process outsourcing
businesses.  The Company's operations have been classified into
three segments: Commercial Banking, Investment Banking and
Others.  ICICI Bank is headquartered in Mumbai, India.  It has
subsidiaries in the United Kingdom, Canada and Russia, branches
in Singapore and Bahrain, and representative offices in the
United States, China, United Arab Emirates, Bangladesh and South
Africa.

Fitch affirmed the Bank's Individual and Support ratings at 'C'
and '3', respectively.

On August 15, 2006, Standard & Poor's assigned its 'BB-' rating
to the hybrid Tier-1 securities to be issued by ICICI Bank Ltd.


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

PERUSAHAAN GAS: Government to Sell 5.3% Stake This Year
-------------------------------------------------------
The Indonesia Government plans to sell a 5.3% stake in PT
Perusahaan Gas Negara, Indonesia's second largest
company by market value, to help meet a budget target, Bloomberg
News reports.

The Troubled Company Reporter - Asia Pacific had already
reported on August 11, 2006, regarding the Ministry of State
Enterprises' plan to sell a portion of its controlling 61% stake
in PGN via a global tender in order to meet a privatization
target of IDR3 trillion.

Bloomberg cites State Enterprises Minister Sugiharto as telling
reporters that the Government will sell 185 million of its
shares.  The stake is valued at IDR2.5 trillion at the August 16
price.

                          *     *     *

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

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

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

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

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

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


* Indonesia Hopes to Pay Off Remaining IMF Debts within 2006
------------------------------------------------------------
The Indonesian Government hopes to pay off remaining debts
totaling US$3.8 billion to the International Monetary Fund this
year, Xinhua News reports, citing Bank Indonesia Governor
Burhanuddin Abdullah.

As reported in the Troubled Company Reporter - Asia Pacific on
June 27, 2006, Indonesia had indicated that it would repay
US$3.7 billion, or 50% of its total debt, to the IMF on June 30.

According to the TCR-AP report, in its original repayment
schedule, Indonesia's final repayment was slated in December
2010 on a credit line worth US$11.1 billion extended in
August 1998, after the Asian financial crisis, and was later
extended in February 2000 on an extended fund facility.

"If the foreign exchange reserves can reach US$43 billion, there
is a wide possibility to pay off this year," Governor Abdullah
said.

According to the report, the central bank announced recently
that the foreign exchange reserves rose by US$675 million to
US$41.8 billion in the first week of August from the preceding
week.

Governor Abdullah said that if the final payment could not take
place this year, it would be delayed to 2007 at the latest.

                          *     *     *

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


* Indonesia Targets IDR34.2 Trillion of Net Bond Sales in 2007
--------------------------------------------------------------
Indonesia is targeting IDR34.2 trillion (US$3.75 billion) of net
bond sales in 2007 to finance its budget deficit, Bloomberg News
reports, citing the Finance Ministry.

According to Bloomberg, the Government also plans to raise
IDR1 trillion selling stakes in lenders and IDR2 trillion
selling shares of other state companies, the ministry said in a
document released today in Jakarta.  The Government has forecast
net sales of IDR35.7 trillion for 2006.

Indonesia, which has been running budget deficits since the
Asian financial crisis of 1997-1998, is raising funds to cover a
shortfall forecast at IDR33.1 trillion, or 0.9% of
gross domestic product, in 2007, Bloomberg says.  The Government
sells bonds as well as buys back costlier debt.

                          *     *     *

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


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

HERBALIFE LTD: Second Quarter Net Income Increases to US$36.3Mil
----------------------------------------------------------------
Herbalife Ltd. reported record second-quarter net sales of
US$466 million, an increase of 21.1% compared with the same
period of 2005.

The growth was attributable to increases in the company's three
largest regions, the Americas, Asia Pacific, and Europe, which
achieved net sales growth of 39.2%, 24.7%, and 2.4%,
respectively, versus the second quarter of 2005.  Partially
offsetting the growth in these regions was a 6.3% decline in
Japan.

"We are pleased to report that the second quarter marked our
10th consecutive quarter of year-over-year double-digit sales
growth," The Company's chief executive officer, Michael O.
Johnson, said.

"Our commitment to supporting the recruiting, retailing and
retention efforts of our distributors has served as a key
catalyst in accelerating our top line growth."

During the second quarter of 2006, new distributor supervisors
increased 41.7% versus the second quarter of 2005.  The
company's high-level Presidents Team increased 15.9% to 924
members during the quarter, compared to 2005, and one new
distributorship attained the prestigious level of Chairman's
Club, bringing the total to 29 members.

                       Financial Performance

For the quarter ended June 30, 2006, the company reported net
income of US$36.3 million compared with US$22.8 million in the
second quarter of 2005.  This increase was primarily
attributable to double-digit net sales growth and lower interest
expense, offset by moderate increases in selling, general and
administrative expenses.

Excluding the impact of a US$5.5 million non-cash tax charge
associated with restructuring the ownership of the company's
China subsidiary in the second quarter of 2005, second quarter
2006 net income increased 28.6% compared with the same period in
2005.

At June 30, 2006, the Company's balance sheet showed
US$837.801 million in total assets, US$668.913 million in total
liabilities, and US$168.888 million in total stockholders'
equity.

For the six months ended June 30, 2006, the company reported net
income of US$75.0 million compared with US$36.1 million in same
period last year.

The company invested US$13.4 million in capital expenditures
during the second quarter, primarily related to management
information systems, the development of the company's direct-to-
consumer platform, additional infrastructure investments in
China and the relocation of the company's Americas region
headquarters.

              Second Quarter 2006 Business Highlights

During the quarter, the company hosted a record number of
distributors at a variety of regional and local events.  One of
the major highlights was the Asia Pacific Extravaganza hosted in
Bangkok, Thailand, which attracted over 15,000 distributors from
13 countries, including over 2,500 combined from Japan and
China. The three-day event included training sessions on
business building techniques and new product introductions, as
well as recognition of achievements over the past year.  In
Europe, over 16,000 distributors attended 18 mini-Extravaganzas
hosted in 17 countries.

Furthermore, the company attracted over 4,500 distributors to
its World Team School event in Brazil and almost 5,000 attended
a variety of leadership training sessions across South America.

"By providing our distributors with events focused on training,
motivation and the sharing of best practices, we reinforce our
commitment to continuous investment in initiatives that will
help our distributors grow their businesses," Mr. Johnson said.

Global expansion of the company's distributor business methods
continued to gain traction during the quarter.  Over 16,000
distributors were trained on the Nutrition Club party-planning
concept, which was introduced into six new markets during the
quarter, and the Personal Wellness Evaluation method expanded
into several new markets.

"We are extremely pleased with the global acceptance of our
Nutrition Club method and continue to support our distributors
in acculturating the concept in markets beyond Mexico," Greg
Probert, the company's president and chief operating officer,
said.

"Additionally, we are equally excited that new business building
techniques are being formulated and the unification within our
distributor organization is accelerating the expansion of these
best practices worldwide," Mr. Probert continued.

The company also remained focused on the globalization of its
core products during the quarter.  LiftOff(TM) expanded into
eight European markets and Japan.  NouriFusion was also
introduced to 14 new markets, including Brazil, Turkey and
Russia.  Furthermore, reinforcing its commitment to distributor
support and training, the company named the 11th member to its
Medical Advisory Board, U.K. sports medicine specialist Ralph
Rogers M.D.

Global branding continues to be a key component in supporting
the recruiting and retailing efforts of the company's
distributors. Sponsorships during the quarter included the
Florence Fitness Festival, the ITU Madrid Triathlon World Cup,
the Hong Kong Annual Dragon Boat Championships and the 1st KBS
SKY Marathon in Korea.

"Our distributors are excited about these branding initiatives,
and we will continue to invest strategically in grassroots
events to accelerate distributor activation, associate Herbalife
with healthy, active lifestyles and increase consumer awareness
of the Herbalife brand," Mr. Johnson said.

During the quarter, the company also supported the opening of
three new Casa Herbalife programs in Mexico, Argentina, and
Thailand.

"Through the Casa Herbalife program, we are able to build upon
the dream of Mark Hughes, our founder, of providing healthy
meals to underprivileged children around the world," Mr. Johnson
said.

Furthermore, the Company continued the execution of its China
strategy by opening nine new stores in eight key provinces,
bringing the total to 28 stores in 17 provinces as of June 30,
2006.

"I am pleased with the progress we have made in China and we
remain encouraged about our long-term prospects in this
important market," Mr. Probert said.

"We have expanded our retail presence in key provinces
throughout the mainland and remain well positioned to execute
our broader strategy once the licensing process is complete," he
continued.

                       Regional Performance

The Americas, which comprised 49.8% of worldwide sales, reported
net sales of $232.3 million in the second quarter, up 39.2%
versus the same period of 2005.  Excluding currency
fluctuations, net sales increased 37.4%.  This increase was
largely attributable to continued sales growth in the company's
largest market, Mexico, which reported an 86.0% increase during
the quarter versus 2005. The strong regional performance was
also driven by growth in Brazil, up 27.1%, and the U.S., up
5.7%, in each case versus the second quarter 2005.

Total supervisors in the region, as of June 30, 2006, increased
41.0% versus 2005.  For the six months ended June 30, 2006, net
sales in the Americas increased 48.5% to $456.3 million, as
compared to the same period in 2005.  Excluding currency
fluctuations, year-to-date net sales in the region increased
44.0%.

Europe, which comprised 31.2% of worldwide sales, reported net
sales of $145.2 million in the second quarter, up 2.4% versus
the same period of 2005.  Excluding currency fluctuations, net
sales increased 2.7%.  The performance was primarily
attributable to growth in several of the region's top markets,
including Portugal, up 50.5%, France, up 34.9%, Italy, up 17.7%,
and Spain, up 12.9%, in each case compared to the second quarter
of 2005.

However, these increases were partially offset by declines in
Germany and the Netherlands, which were down 14.9% and 21.2%,
respectively, versus 2005.  Total supervisors in the region, as
of June 30, 2006, increased 0.8% versus 2005.  For the six
months ended June 30, 2006, net sales in Europe increased
slightly to $286.7 million, compared with the same period in
2005.  Excluding currency fluctuations, year-to-date net sales
in the region increased 4.1%.

Asia Pacific, which comprised 14.9% of worldwide sales, reported
net sales of $69.6 million in the second quarter, up 24.7%
versus the same period of 2005.  Excluding currency
fluctuations, net sales increased 22.9%.  The increase was
primarily attributable to incremental sales from Malaysia and
China, and growth in several other markets such as Thailand, up
39.4%, and South Korea, up 18.9%.  These gains were partially
offset by declines in other markets such as Taiwan, which
decreased 4.6%, resulting from additional distributor focus on
new market opportunities in Malaysia and China.

Total supervisors in the region, as of June 30, 2006, increased
20.8% versus 2005.  For the six months ended June 30, 2006, net
sales in Asia Pacific increased 18.8% to US$137.6 million,
compared with the same period in 2005.  Excluding currency
fluctuations, year-to-date net sales in the region increased
18.1%.

Japan, which comprised 4.1% of worldwide sales, reported net
sales of US$18.9 million in the second quarter, down 6.3% versus
the same period of 2005.  Excluding currency fluctuations, net
sales decreased 0.4%.  Total supervisors in the region, as of
June 30, 2006, declined 0.9% versus 2005.  For the six months
ended June 30, 2006, net sales in Japan declined 12.6% to
US$41.2 million, compared with the same period in 2005.
However, excluding currency fluctuations, year-to-date net sales
in the region decreased 4.4%.

                       Recent Developments

On July 21, 2006, the company completed refinancing of its
existing US$225.0 million senior secured credit facility.  The
new US$300.0 million senior secured credit facility consists of
a US$200.0 million, seven-year term loan and a US$100.0 million,
six-year revolving credit facility.

At closing, the company used approximately US$65.0 million of
available cash and borrowed US$15.0 million under the new
revolver to repay the outstanding borrowings under its existing
senior credit facility and fund closing costs.

The company also announced that it advised the Trustee of its 9-
1/2% Notes due 2011, of the company's election to redeem the
outstanding US$165.0 million aggregate principal amount of Notes
at the mandatory redemption price of approximately US$109.80 per
US$100.00 aggregate principal amount of Notes.  The company
intends to use the proceeds from the new US$200.0 million term
loan to fund the redemption and pay accrued interest.  The
anticipated redemption date is Aug. 23, 2006.

In conjunction with the Refinancing, the company expects to
incur an after-tax one-time charge of approximately US$14.0
million, representing the call premium on the Notes and the
write-off of unamortized deferred financing costs.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?f97

                        About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a
global network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa
Herbalife program to bring good nutrition to children.

Herbalife of Japan K.K. is headquartered in Minato-ku, Tokyo.

                          *     *     *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.

Moody's Investors Service rated the proposed bank loan of
Herbalife International, Inc. at Ba1 and upgraded the corporate
family rating to Ba1.


MITSUBISHI MOTORS: Union Seeks Job Guarantees at U.S. Plant
-----------------------------------------------------------
The United Auto Workers International is hoping that ongoing
talks for contract concessions will lead to job guarantees or
new product lines at Mitsubishi Motors Corporation's sole
factory in the United States, PJStar News reports.

After a series of discussions, Mitsubishi Motors told the Union
that an agreement could be reached in September, though no
deadline to conclude negotiations has been established, PJStar
relates.

According to the report, the Company began talks with the Union
in the spring in an effort to maintain dialogue about the mutual
interests of the two parties following the Company's financial
crisis.  The pace of meetings has become aggressive, with three
scheduled this week before a break next week.

The Company came to us and asked us to come to the table because
they have some financial problems," the Union's vice president,
Jimmy Settles, said.  "As you can imagine, there's a lot of
stress in the plant."

PJStar reports that the Union suffered major losses two years
ago when Mitsubishi cut its entire second shift, somprising more
than 1,000 union and 200 non-union laborers in all.  Last month,
the Company offered voluntary buyouts of US$85,000 to more than
80 production and maintenance staff, based on seniority.

                 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.

Rating & Investment Information Inc. had on July 31, 2006,
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.


SOJITZ CORPORATION: Dissolves Unprofitable Subsidiary
-----------------------------------------------------
Sojitz Holdings, on August 1, 2006, revealed the dissolution of
its 90.8% subsidiary, Heisei Medical Club Corporation.

Heisei Medical Club was established on January 26, 1990, as a
member-system checkup clinic providing healthcare services.
However, Sojitz has decided to dissolve the company, as
persistently sluggish growth in the number of registered members
means there is no possibility of a recovery of profits.

The dissolution of Hesei Medical Club is slated to be completed
by April 2007.  The exercise will not have any impact on
Sojitz's projected consolidated financial results for the year
ending March 31, 2007, as provisions were made in the previous
fiscal year.

                       About Sojitz Corp.

The Sojitz Group was essentially formed through the business
integration between Nichimen Corporation and Nissho Iwai
Corporation, two companies with over a century of history. This
business integration took shape in December 2002 and was
followed on April 1, 2003, by the incorporation of a joint
holding company.  As a public listed company, this holding
company was incorporated to pursue business integration,
management supervision and comprehensive disclosure. Heralding a
new era, the principal operating arms of the Group, Nichimen
Corporation and Nissho Iwai Corporation were merged to form a
new single entity, Sojitz Corporation on April 1, 2004.  On
October 1, 2005, the final phase of business integration was
completed through the merger of the holding company and Sojitz
Corporation

                          *     *     *

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.

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.


TOKYO STEEL: Moody's Reviews Ba1 Rating for Possible Upgrade
------------------------------------------------------------
Moody's Investors Service, on August 15, 2006, placed on review
for possible upgrade the Ba1 issuer rating of Tokyo Steel
Manufacturing Co., Ltd.  The review was prompted by the
Company's further improving of its liquidity position, supported
by its persistence in its conservative financial policy and the
relatively solid earnings environment for basic steel products.

In the first quarter of the financial year ended March 2007,
ended in June 2006, Tokyo Steel recorded an operating margin of
21.0%, lower than the 27.5% recorded for financial year ended
March 2006 but still strong compared to its historic levels.  In
June 2006, its cash and cash equivalents on hand had increased
by about 20% year-on-year, to JPY138 billion, and its equity
base also grew, by about 15% to JPY215 billion.  The Company's
robust profitability and the improvement in its financial
profile were driven by the favorable price environment for basic
steel products -- such as H-beams and steel sections -- which
remained solid on the back of restrained production in the
industry.

Leveraging its improved cash position and cash flow, Tokyo Steel
is planning a major capacity expansion and is in the process of
acquiring a new production site in Aichi, Japan, to improve its
product portfolio, although the Company has not disclosed a
detailed investment plan.

In the review, Moody's will focus on Tokyo Steel's plans for
future capital expenditure and the implications of the company's
strategy for future product mix on its business risks and
capital strategy, including how it will manage its financial
profile and currently debt-free balance sheet on the back of its
sizable increase in investment.

Tokyo Steel Manufacturing Co., Ltd. -- headquartered in Tokyo --
is Japan's largest electric-arc-furnace steelmaker and its top
producer of H-beams.  Its sales for financial year ended March
2006 were JPY209 billion.


* Japanese Stocks May Drop Amid U.S. Inflation Risks
----------------------------------------------------
Japanese stocks are expected to fall after the Federal Reserve
said that inflation risks still remain in the United States,
Bloomberg News relates.

The Federal Reserve kept the benchmark U.S. interest rate at
5.25%, suspending a two-year run of consecutive increases while
leaving room for further moves should inflation accelerate,
Bloomberg says.  The Federal Open Market Committee said
inflation has been "elevated" and remains a risk.

Analysts told Bloomberg the U.S. inflation will pave the way for
rate increases in Japan this year, which will prompt
disappointed investors to sell exporter stocks.

In the U.S., the yield on two-year Treasury notes fell, while
the yield on 30-year notes edged higher, a sign investors see
inflation picking up.  The Standard & Poor's Index lost 0.3
percent and the Dow Jones Industrial Average declined 0.4
percent, after the Fed statement, Bloomberg reveals.

According to Bloomberg, stocks of exporters like Honda Motor
Company and Sony Corporation may fall. And while Softbank
Corporation may be active after reporting profits for the three
months ended June 30, 2006, UBS AG cut its stock price forecast.


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

AMKOR TECH: Gets Nasdaq Delisting Notice Due to Late 10-Q Filing
----------------------------------------------------------------
Amkor Technology, Inc., received a Nasdaq Staff Determination
notice stating that the company is not in compliance with Nasdaq
Marketplace Rule 4310(c)(14) because it has not timely filed its
Quarterly Report on Form 10-Q for the period ended June 30,
2006.

The Nasdaq Staff Determination notice indicated that Amkor's
securities will be delisted from the Nasdaq Stock Market unless
Amkor requests a hearing before a Nasdaq Listing Qualifications
Panel.  Accordingly, Amkor will request a hearing to review the
Nasdaq Staff Determination, and pending a decision by the
hearing panel, Amkor's common stock will remain listed on The
Nasdaq National Market.  However, there can be no assurance that
the hearing panel will grant the company's request for continued
listing.

                     Trustee Default Notice

In addition, the Company has received letters from U.S. Bank
National Association as trustee and Wells Fargo Bank, National
Association, as trustee alleging that the failure of Amkor to
file its Quarterly Report constitutes a default under the
indentures governing each of these series of notes:

   -- 5% Convertible Subordinated Notes due 2007
   -- 10.5% Senior Subordinated Notes due 2009
   -- 9.25% Senior Notes due 2008
   -- 9.25% Senior Notes due 2016
   -- 6.25% Convertible Subordinated Notes Due 2013
   -- 7.75% Senior Notes due 2013
   -- 7-1/8% Senior Notes due 2011
   -- 2.5% Convertible Senior Subordinated Notes due 2011

The letters also allege that the failure by Amkor to cure the
purported default within 60 days from the date of notice will
result in the occurrence of an "Event of Default" under the
indentures.

If an "Event of Default" were to occur under the indentures
governing the notes, the trustee or holders of at least 25% in
aggregate principal amount of such series of notes then
outstanding could attempt to declare all related unpaid
principal and premium, if any, and accrued interest on the
series of notes then outstanding to be immediately due and
payable.  As of the date hereof, there is $1.62 billion of
aggregate unpaid principal outstanding of the notes.

On July 26, 2006, Amkor's board of directors established a
special committee of independent directors to review the
company's historical stock option practices.  The special
committee is being assisted by independent legal counsel.  Amkor
is focusing significant effort on completing its options review
in order to file its Quarterly Report on Form 10-Q on or before
Oct. 9, 2006 and thereby avoid any purported Event of Default.

Chandler, Arizona-based Amkor Technology, Inc. (NASDAQ: AMKR) --
http://www.amkor.com/-- provides advanced semiconductor
assembly and test services.  The company offers semiconductor
companies and electronics original equipment manufacturers a
complete set of microelectronic design and manufacturing
services.  It has sales and manufacturing offices in Japan,
China, Taiwan, the Philippines and Korea.

                          *     *     *

As reported in the Troubled Company Reporter on Aug. 14, 2006,
Standard & Poor's Ratings Services revised its outlook on
Chandler, Arizona-based Amkor Technology Inc. to Developing from
Positive, following the company's announcement that it does not
expect to file its second quarter 10-Q by the deadline
established for late filings.  The delay has been caused by a
review of the company's historical stock option practices by a
special committee of the board of directors.  The special
committee was formed by the board of directors on July 24, 2006,
and its review is ongoing.  The corporate credit rating was
affirmed at 'B+'


HERBALIFE LTD: 2nd Quarter Net Income Increases to US$36.3 Mil.
---------------------------------------------------------------
Herbalife Ltd. reported record second-quarter net sales of
US$466 million, an increase of 21.1% compared with the same
period of 2005.

The growth was attributable to increases in the company's three
largest regions, the Americas, Asia-Pacific, and Europe, which
achieved net sales growth of 39.2%, 24.7%, and 2.4%,
respectively, versus the second quarter of 2005.  Partially
offsetting the growth in these regions was a 6.3% decline in
Japan.

"We are pleased to report that the second quarter marked our
10th consecutive quarter of year-over-year double-digit sales
growth," The Company's chief executive officer, Michael O.
Johnson, said.

"Our commitment to supporting the recruiting, retailing and
retention efforts of our distributors has served as a key
catalyst in accelerating our top line growth."

During the second quarter of 2006, new distributor supervisors
increased 41.7% versus the second quarter of 2005.  The
company's high-level Presidents Team increased 15.9% to 924
members during the quarter, compared to 2005, and one new
distributorship attained the prestigious level of Chairman's
Club, bringing the total to 29 members.

                       Financial Performance

For the quarter ended June 30, 2006, the company reported net
income of US$36.3 million compared with US$22.8 million in the
second quarter of 2005.  This increase was primarily
attributable to double-digit net sales growth and lower interest
expense, offset by moderate increases in selling, general and
administrative expenses.

Excluding the impact of a US$5.5 million non-cash tax charge
associated with restructuring the ownership of the company's
China subsidiary in the second quarter of 2005, second quarter
2006 net income increased 28.6% compared with the same period in
2005.

At June 30, 2006, the Company's balance sheet showed US$837.801
million in total assets, US$668.913 million in total
liabilities, and US$168.888 million in total stockholders'
equity.

For the six months ended June 30, 2006, the company reported net
income of US$75.0 million compared with US$36.1 million in same
period last year.

The company invested US$13.4 million in capital expenditures
during the second quarter, primarily related to management
information systems, the development of the company's direct-to-
consumer platform, additional infrastructure investments in
China and the relocation of the company's Americas region
headquarters.

              Second Quarter 2006 Business Highlights

During the quarter, the company hosted a record number of
distributors at a variety of regional and local events.  One of
the major highlights was the Asia Pacific Extravaganza hosted in
Bangkok, Thailand, which attracted over 15,000 distributors from
13 countries, including over 2,500 combined from Japan and
China. The three-day event included training sessions on
business building techniques and new product introductions, as
well as recognition of achievements over the past year.  In
Europe, over 16,000 distributors attended 18 mini-Extravaganzas
hosted in 17 countries.

Furthermore, the company attracted over 4,500 distributors to
its World Team School event in Brazil and almost 5,000 attended
a variety of leadership training sessions across South America.

"By providing our distributors with events focused on training,
motivation and the sharing of best practices, we reinforce our
commitment to continuous investment in initiatives that will
help our distributors grow their businesses," Mr. Johnson said.

Global expansion of the company's distributor business methods
continued to gain traction during the quarter.  Over 16,000
distributors were trained on the Nutrition Club party-planning
concept, which was introduced into six new markets during the
quarter, and the Personal Wellness Evaluation method expanded
into several new markets.

"We are extremely pleased with the global acceptance of our
Nutrition Club method and continue to support our distributors
in acculturating the concept in markets beyond Mexico," Greg
Probert, the company's president and chief operating officer,
said.

"Additionally, we are equally excited that new business building
techniques are being formulated and the unification within our
distributor organization is accelerating the expansion of these
best practices worldwide," Mr. Probert continued.

The company also remained focused on the globalization of its
core products during the quarter.  LiftOff(TM) expanded into
eight European markets and Japan.  NouriFusion was also
introduced to 14 new markets, including Brazil, Turkey and
Russia.  Furthermore, reinforcing its commitment to distributor
support and training, the company named the 11th member to its
Medical Advisory Board, U.K. sports medicine specialist Ralph
Rogers M.D.

Global branding continues to be a key component in supporting
the recruiting and retailing efforts of the company's
distributors.  Sponsorships during the quarter included the
Florence Fitness Festival, the ITU Madrid Triathlon World Cup,
the Hong Kong Annual Dragon Boat Championships and the 1st KBS
SKY Marathon in Korea.

"Our distributors are excited about these branding initiatives,
and we will continue to invest strategically in grassroots
events to accelerate distributor activation, associate Herbalife
with healthy, active lifestyles and increase consumer awareness
of the Herbalife brand," Mr. Johnson said.

During the quarter, the company also supported the opening of
three new Casa Herbalife programs in Mexico, Argentina, and
Thailand.

"Through the Casa Herbalife program, we are able to build upon
the dream of Mark Hughes, our founder, of providing healthy
meals to underprivileged children around the world," Mr. Johnson
said.

Furthermore, the company continued the execution of its China
strategy by opening nine new stores in eight key provinces,
bringing the total to 28 stores in 17 provinces as of June 30,
2006.

"I am pleased with the progress we have made in China and we
remain encouraged about our long-term prospects in this
important market," Mr. Probert said.

"We have expanded our retail presence in key provinces
throughout the mainland and remain well positioned to execute
our broader strategy once the licensing process is complete," he
continued.

                       Regional Performance

The Americas, which comprised 49.8% of worldwide sales, reported
net sales of US$232.3 million in the second quarter, up 39.2%
versus the same period of 2005.  Excluding currency
fluctuations, net sales increased 37.4%.  This increase was
largely attributable to continued sales growth in the company's
largest market, Mexico, which reported an 86.0% increase during
the quarter versus 2005. The strong regional performance was
also driven by growth inBrazil, up 27.1%, and the U.S., up 5.7%,
in each case versus the second quarter 2005.

Total supervisors in the region, as of June 30, 2006, increased
41.0% versus 2005.  For the six months ended June 30, 2006, net
sales in the Americas increased 48.5% to US$456.3 million, as
compared to the same period in 2005.  Excluding currency
fluctuations, year-to-date net sales in the region increased
44.0%.

Europe, which comprised 31.2% of worldwide sales, reported net
sales of US$145.2 million in the second quarter, up 2.4% versus
the same period of 2005.  Excluding currency fluctuations, net
sales increased 2.7%.  The performance was primarily
attributable to growth in several of the region's top markets,
including Portugal, up 50.5%, France, up 34.9%, Italy, up 17.7%,
and Spain, up 12.9%, in each case compared to the second quarter
of 2005.

However, these increases were partially offset by declines in
Germany and the Netherlands, which were down 14.9% and 21.2%,
respectively, versus 2005.  Total supervisors in the region, as
of June 30, 2006, increased 0.8% versus 2005.  For the six
months ended June 30, 2006, net sales in Europe increased
slightly to US$286.7 million, compared with the same period in
2005.  Excluding currency fluctuations, year-to-date net sales
in the region increased 4.1%.

Asia Pacific, which comprised 14.9% of worldwide sales, reported
net sales of US$69.6 million in the second quarter, up 24.7%
versus the same period of 2005.  Excluding currency
fluctuations, net sales increased 22.9%.  The increase was
primarily attributable to incremental sales from Malaysia and
China, and growth in several other markets such as Thailand, up
39.4%, and South Korea, up18.9%.  These gains were partially
offset by declines in other markets such as Taiwan, which
decreased 4.6%, resulting from additional distributor focus on
new market opportunities in Malaysia and China.

Total supervisors in the region, as of June 30, 2006, increased
20.8% versus 2005.  For the six months ended June 30, 2006, net
sales in Asia Pacific increased 18.8% to US$137.6 million,
compared with the same period in 2005.  Excluding currency
fluctuations, year-to-date net sales in the region increased
18.1%.

Japan, which comprised 4.1% of worldwide sales, reported net
sales of US$18.9 million in the second quarter, down 6.3% versus
the same period of 2005.  Excluding currency fluctuations, net
sales decreased 0.4%.  Total supervisors in the region, as of
June 30, 2006, declined 0.9% versus 2005.  For the six months
ended June 30, 2006, net sales in Japan declined 12.6% to
US$41.2 million, compared with the same period in 2005.
However, excluding currency fluctuations, year-to-date net sales
in the region decreased 4.4%.

                       Recent Developments

On July 21, 2006, the company completed refinancing of its
existing US$225.0 million senior secured credit facility.  The
new US$300.0 million senior secured credit facility consists of
a US$200.0 million, seven-year term loan and a US$100.0 million,
six-year revolving credit facility.

At closing, the company used approximately US$65.0 million of
available cash and borrowed US$15.0 million under the new
revolver to repay the outstanding borrowings under its existing
senior credit facility and fund closing costs.

The company also announced that it advised the Trustee of its 9-
1/2% Notes due 2011, of the company's election to redeem the
outstanding US$165.0 million aggregate principal amount of Notes
at the mandatory redemption price of approximately US$109.80 per
US$100.00 aggregate principal amount of Notes.  The company
intends to use the proceeds from the new US$200.0 million term
loan to fund the redemption and pay accrued interest.  The
anticipated redemption date is Aug. 23, 2006.

In conjunction with the Refinancing, the company expects to
incur an after-tax one-time charge of approximately US$14.0
million, representing the call premium on the Notes and the
write-off of unamortized deferred financing costs.

Full-text copies of the Company's second quarter financials are
available for free at http://ResearchArchives.com/t/s?f97

                        About Herbalife Ltd.

Herbalife Ltd. (NYSE: HLF) -- http://www.herbalife.com/-- is a
global network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa
Herbalife program to bring good nutrition to children.

Herbalife Korea Co. Ltd. is headquartered in NangNam-Ku, Seoul.

                           *     *     *

Standard & Poor's Ratings Services rated Herbalife Ltd.'s long-
term foreign and local issuer credit ratings at BB+.


LG CARD: Shinhan Financial Will Take Over
-----------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that Shinhan Financial Group is likely to win
in the bidding for LG Card Co., with a US$7.2-billion offer.

In an update, Yonhap News relates that Shinhan Financial was
chosen to enter exclusive negotiations for LG Card after
offering to buy an 85% stake at about KRW68,000 per share.
Estimates put the stakes bid at KRW7.3 trillion, making it the
biggest takeover deal in South Korea, the report says.

The Korea Times notes that Kookmin Bank previously held the
record when it signed a contract with United States-based Lone
Star Funds early this year to buy Korea Exchange Bank for
KRW6.94 trillion.

The report says that Shinhan Financial plans to fund the deal
through partnerships with pension funds, Korea's postal service
providers and other financial investors.  The group has signed a
contract with the National Pension Service to borrow up to
KRW1 trillion for the deal, according to Shinhan officials.

The deal will help Shinhan Financial consolidate its position as
the country's second largest financial services provider
following Kookmin Bank.  A merger with LG Card will increase
Shinhan's assets to KRW219 trillion and their combined annual
net profits will reach KRW1.7 trillion.

The Korea Times adds that it may take months for creditors to
negotiate sales conditions with the preferred bidder.  Given the
time creditors need to obtain approval from the Financial
Supervisory Service and the Fair Trade Commission for the deal,
the negotiation may continue until early next year.

Analysts say that the LG Card sale may change the landscape of
the financial industry, sparking a life-or-death battle among
card issuers.

                       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.


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

AMSTEEL CORPORATION: Books MYR2.4-M Net Loss in Fourth Quarter
--------------------------------------------------------------
Amsteel Corporation Berhad has submitted to Bursa Malaysia
Securities Berhad its financial report for the fourth quarter
ended June 30, 2006.

For the quarter under review, the Company registered a revenue
of MYR97,759,000, which is lower than the MYR151,876,000 revenue
the Company generated in the same quarter last year.  Profit
before taxation for the fourth quarter was MYR5,000, compared to
a pre-tax profit of MYR5,208,000 in the same period last year.

The lower revenue and profit before taxation figures were
attributed largely to lower billings for the property
development division and lower foreign exchange gain.

Meanwhile, the Group managed to record an improved profit before
taxation of MYR3,848,000 million in the fourth quarter of the
current fiscal year as compared to MYR3,316,000 million in the
preceding year's corresponding period.  The significant
improvement was mainly attributable to recognition of foreign
exchange gain, gain on disposal of properties and lower finance
costs.

For the quarter under review, the Group booked a net loss of
MYR2,377,000, as against a net profit of MYR21,926,000 in the
same quarter in fiscal 2005.  As of June 30, 2006, the Company's
accumulated losses reached MYR2,119,522,000.

As of June 30, 2006, the Company's balance sheet showed current
assets of MYR1,099,933,000 available to pay current liabilities
of MYR1,536,551,000 coming due within the next 12 months.  The
Company has a net current deficit of MYR436,618,000.

The Company's June 30, 2006, balance sheet also revealed total
assets of MYR3,458,498,000, total liabilities of
MYR3,251,256,000, and shareholders' equity of MYR207,242,000.

There was no dividend paid during the current quarter and
financial year-to-date.

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

http://bankrupt.com/misc/tcrap_amsteel081606.xls

                       About Amsteel Corp.

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

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


AMSTEEL CORPORATION: To Seek Shareholders' Mandate at AGM
---------------------------------------------------------
Amsteel Corporation Berhad proposes to procure a general mandate
from its shareholders for the Amsteel group of companies to
enter into recurrent related party transactions of a revenue or
trading nature with related parties.

The Company will seek the mandate at its forthcoming 31st Annual
General Meeting, the date of which is still undetermined.

The Company will issue a circular containing the information on
the proposal in due course.

                       About Amsteel Corp.

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

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


FOSEAS RESOURCES: Enters Wind-Up Proceedings
--------------------------------------------
On August 15, 2006, Members of Foseas Resources Sdn Bhd resolved
to voluntarily wind-up the Company's operations.

Accordingly, a liquidator from Yoong Siew Wah & Company was
appointed to oversee the wind-up proceedings.

The Liquidator can be reached at:

         Yoong Siew Wah & Co.
         No. 12C, Jalan Tun H S Lee
         5000 Kuala Lumpur
         Malaysia


LANKHORST BERHAD: Changes Name to ARK Resources
-----------------------------------------------
Lankhorst Berhad has changed its name to ARK Resources Berhad.
The Company started trading with the new name on August 8, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
August 2, 2006, the Company's shareholders approved the proposal
to change the Company's name at its 10th Annual General Meeting
held on July 28, 2006.

                     About Lankhorst Berhad

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

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

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


PROTON HOLDINGS: DRB-HICOM Denies Rumors of Stake Buy
-----------------------------------------------------
DRB-HICOM Bhd dismissed speculation that the group wanted to
acquire a stake in rival Proton Holdings Berhad, Business Times
reveals.

The Star Online's weekend edition had reported that tycoon Tan
Sri Syed Mokhtar Albukhary, who owns a controlling stake DRB-
Hicom, is considering taking up a stake in Proton.

According to the report, Mr. Syed Mokhtar may be in the midst of
setting up a joint-venture company with a foreign party,
specifically to acquire a 38% stake in Proton currently held by
government investment arm Khazanah Nasional Bhd.

DRB-Hicom, however, confirmed that it is "presently not in
negotiation nor have there been any discussions with any
shareholders of Proton", Business Times relates.

                     About Proton Holdings

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

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

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


PROTON HOLDINGS: Prepares to Submit Revival Plan to Government
--------------------------------------------------------------
Proton Holdings Berhad is finalizing a comprehensive business
turnaround plan, which it plans to submit to the Government
soon, Business Times relates.

According to Business Times, Deputy Prime Minister Datuk Seri
Najib Razak has confirmed that the national carmaker already
informed him about the plan.

Mr. Najib told Business Times that he is confident that Proton
can achieve the desired level of competitiveness to survive the
increasingly challenging market.  Asked whether Proton's plan
will include an assistance package for its vendors and
suppliers, Mr. Najib said such details would only be made known
after the plan had been made public.

Meanwhile, Mr. Najib said that the Government welcomes
suggestions from any quarter on how to assist the second-hand
car sector, which currently suffers a slump, Bernama News
reports.  He dismissed suggestions that the recently introduced
National Automotive Policy was the direct cause for the slowing
car market.

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

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

                    About Proton Holdings

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

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

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


TALAM CORPORATION: Unit Struck Off from Register
------------------------------------------------
Talam Corporation Berhad, on August 15, 2006, disclosed that its
subsidiary, Kelina Sdn Bhd, was struck off from the register by
the Companies Commission of Malaysia.

Another Talam Corporation subsidiary, Eminent Sun Sdn Bhd, was
also struck off from the register and accordingly dissolved, the
Troubled Company Reporter - Asia Pacific reported on March 13,
2006.

The dissolution of subsidiaries is part of the Company's move to
hive off assets to eliminate accumulated losses and debts.

                        About Talam Corp.

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.

The Company has accumulated losses and debt in the past few
years.  As of January 31, 2006, the Company registered
accumulated losses of MYR253,898,000.  In a bid to cut back on
its liabilities, the firm has proposed a debt restructuring
scheme, which is still pending approval of relevant authorities.


TENAGA NASIONAL: Lists and Quotes Additional Shares
---------------------------------------------------
Tenaga Nasional Berhad's additional 3,927,604 new ordinary
shares of MYR1 each will be granted listing and quotation today,
August 17, 2006.

The shares were derived from the conversion of US$8,372,000
nominal value of the five-year (2002/2007) guaranteed
exchangeable bonds issued by Tenaga's wholly owned subsidiary,
TNB Capital (L) Limited.

                      About Tenaga Nasional

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

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

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


TENAGA NASIONAL: Coal Mining Stake Attracts Indonesian Firms
------------------------------------------------------------
Two major Indonesian companies have proposed to buy Tenaga
Nasional Berhad's controlling stake in TNB Coal International,
Bernama News reveals.

According to Bernama, Tenaga has received offers from PT Adaro
and PT Pamapersada Nusantara to buy its 92.5% equity interest in
TNB Coal.

PT Adaro is proposing to purchase Tenaga's mining stake through
Padang Karunia, which is valuing TNB Coal's mining asset at
MYR87.16 million, or US$23.75 million.  Under the proposal,
Padang Karunia will make an upfront payment of MYR20.18 million,
or US$5.50 million and a deferred payment of MYR66.98 million,
or US$18.25 million, on a staggered basis, Bernama says.

On the other hand, Pamapersada Nusantara -- a mining contractor
for PT Dasa Eka Jasatama -- is proposing to acquire TNB Coal by
way of writing off Tenaga's investments and advances into Dasa
Eka, totaling, MYR106.06 million, or US$28.9 million.

TNB Coal's mining asset in Indonesia is centered around Dynamic
Acres Sdn Bhd, which in turn holds a 99% stake in Dasa Eka,
according to Bernama.  Dasa Eka owns the exclusive mining rights
to five concession areas in south Kalimantan, Indonesia, and
supplies coal to TNB Fuel Services Sdn Bhd, Tenaga's wholly-
owned subsidiary since last year.

Tenaga had ventured into the coal ownership and operations
business in Indonesia in 2002, Bernama adds.

                     About Tenaga Nasional

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

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

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


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

MIRANT CORP: Acquires US$735 Million Loan from Philippine Banks
---------------------------------------------------------------
Philippine banks led by the Bank of the Philippine Islands and
Banco de Oro Universal Bank will help lend US$735 million to
American power producer Mirant Corp., to refinance its two core
Philippine power plants before their sale, Malaya News reports,
citing banking sources.

Malaya says that the Philippine banks also include Citigroup
Inc. and HSBC.

The newspaper says that the seven-year loan, arranged by
investment bank Credit Suisse, will be taken from a syndicate of
30 local and foreign banks.  The loan will be released on
August 22, 2006, Malaya notes.

According to a press release posted on Trading Markets, a
portion of the funds, together with other funds from the
Philippine business, are being distributed to Mirant
Corporation, and will be used as part of the consideration to be
paid in Mirant's modified "Dutch auction" self-tender offer.

As reported in the Troubled Company Reporter - Asia Pacific on
July 13, 2006, Mirant revealed a strategic plan to enhance
shareholder value.  The elements of Mirant's plan are:

   (1) the immediate launch of a modified "Dutch Auction" tender
       offer for up to 43 million shares of Mirant common stock,
       using available cash and cash to be distributed to Mirant
       upon completion of a term loan to be entered into by
       Mirant's Philippines business, and

   (2) the commencement of auction processes to sell Mirant's
       Philippines and Caribbean businesses.  As Mirant
       generates cash through these sales, it plans to continue
       returning cash to its shareholders.

Mirant Asia-Pacific Limited and its subsidiaries operate the
Company's Philippine business.

Some analysts estimate Mirant's Philippine plants to have an
enterprise value of nearly US$3 billion, Reuters News relates.

A sale of Mirant's 2,298-megawatt plants in the Southeast Asian
nation would be the last major auction of power assets by a U.S.
utility in the region, Malaya says, noting that the plants
account for nearly half of Mirant's overall cash flow.

According to Reuters, the asset's long-term sale contracts could
provide stable revenue sought by financial investors and by some
Japanese trading houses.

However, Reuters recounts that in July, banking sources said
that some Western investors may decide that the economic and
political risks in the Philippines are too high.

             Philippines Assets Sale May Face Delays

Mirant's sale of its Philippine assets could be delayed unless
it settles about US$112 million in claims by employees and the
government, Dolly Aglay of Reuters reports.

According to Reuters, these claims include a PHP4-billion
(US$77.8 million) property tax dispute with the local government
of Pagbilao, southeast of Manila, where one of the three power
plants are located.  The case remains pending with the Supreme
Court.

Reuters further reveals that state-owned power producer National
Power Corp. also wants Mirant to pay it PHP1.35 billion,
covering overpayments for a supply contract.

"The claims remain and under negotiation regardless of what
happens to the sale," Napocor President Cyril del Callar tells
Reuters.

Around 1,600 Mirant employees are also demanding between
US$6-US$8 million in compensation should they lose their jobs if
the three power plants are sold, Reuters reports.

Mirant and its financial adviser on the Philippine power sale,
Credit Suisse, declined to comment, Reuters notes.

                          *     *     *

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 Jan. 3, 2006.
(Mirant Bankruptcy News, Issue No. 103; Bankruptcy Creditors'
Service, Inc., 215/945-7000, http://bankrupt.com/newsstand/)

                           *     *     *

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.


MANILA ELECTRIC: Considers ADB Financing for Planned Acquisition
----------------------------------------------------------------
The Manila Electric Co. has paid the Asian Development Bank
around US$80 million, or more than PHP4 billion, on account of a
loan which was guaranteed by the Philippine Export-Import Bank,
ABS-CBN News reports.

Thus, Meralco is now considering a new borrowing from ADB to
finance its planned acquisition of several sub-transmission
assets currently owned by the National Transmission Corp., ABS-
CBN News says, citing a top company official.

According to Meralco President Jesus Francisco, the cost of the
transmission line is estimated at around PHP1 billion that
includes the sub-transmission line in Cavite, ABS-CBN relates.

ABS-CBN reports that Meralco's total dollar loan amounts to
US$190 million while the peso loan reached PHP2.4 billion.
These loans will mature in 2009.  Meralco said it made initial
prepayments as early as 2005, the report relates.

The report cites a credit covenant that determines Meralco's
allocation for capital expenditure, pursuant to which the
Company cannot make new loans until it pays its existing loans
or at least part of them.  The prepayments, however, will depend
on the company's cash flow, and the company has to generate more
required cash, ABS-CBN News notes.

Rafael Andrada, Meralco's first vice-president and treasurer,
asserts that the Company has good cash flow allowing it to
settle its obligations.  ABS-CBN says that Meralco's settlement
with its independent private producer, First Gas on the rights
holders of the Malampaya project, resulted to a step down of its
loan by 90 basis points.

ABS-CBN News adds that company officials also expect to make
other prepayments in October to commercial banks, saying that it
will depend on the company's cash flow.  However, they did not
disclose specific figures.

                       About Manila Electric

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

                          *     *     *

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

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

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


MANILA ELECTRIC: Supreme Court Directs Refund to Consumers
----------------------------------------------------------
The Supreme Court orders Manila Electric Co. to refund its
customers a still unknown aggregate amount to cover the
additional charge of PHP0.1327 per kilowatt-hour it had
collected under a June 2004 order of the Energy Regulatory
Commission, which the SC had nullified early this year, the
Philippine Daily Inquirer reports.

In anticipation of possible losses due to an adverse Court
ruling, Meralco had already booked about PHP3 billion for the
first of half of 2006, the newspaper relates.

"Instead of an actual refund, Meralco may correspondingly credit
in favor of the affected customers the appropriate amounts for
their future consumption," the Court says.

The SC explains that the ERC order was made without giving
consumers any opportunity to file their comments on the proposal
to increase tariffs under the Generation Rate Adjustment
Mechanism.

The Inquirer notes that the GRAM allows power distributors to
adjust their generation charges to reflect fuel price changes
and the cost of power purchased from producers, including state-
owned National Power Corp.

                       About Manila Electric

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

                          *     *     *

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

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

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


* Budget Deficit Target is "Unambitious," Bear Sterns Says
----------------------------------------------------------
Bear Stearns & Co. Inc. says that the Philippine Government's
target deficit of PHP125 billion was "a very unambitious target"
given the likelihood that it would meet the goal by the end of
2006, ABS-CBN News reports.

Bear Stearns contends that "[a] target of PHP115 to
PHP120 billion would have been more realistic, which will be the
final deficit outcome for 2006."

Bear Stearns explains that the decline in inflation levels to
6.4% in July, lower than the 7% target for the first seven
months, combined with the Bureau of Customs' over-performing its
goals and the Bureau of Internal Revenue's collection moving
closer to targeted levels in recent months, adding the country's
budget gap program, would make the target easy to meet.

ABS-CBN recounts that during the first half of the year, the BIR
collected PHP318.4 billion, which was PHP2.8 billion less than
the target but 22.1% more than last year's collection.  Customs
generated about PHP94.8 billion, which was PHP5 billion more
than its goal and 31.3% more than its collection in 2005, ABS-
CBN adds.

In July, the BOC posted an actual collection of
PHP16.356 billion, surpassing its PHP15.436-billion target by
7%, or PHP1.02 billion, ABS-CBN says.


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

COMPACT METAL: June 30 Balance Sheet Shows Stockholders' Deficit
----------------------------------------------------------------
Compact Metal Industries on August 14, 2006, submitted to the
Singapore Stock Exchange its unaudited financial statement for
the second quarter ending June 30, 2006.

The group's financial statement for the quarter under review,
showed a net loss of SGD3,829,000, which is an improvement from
the SGD9,796,000 net loss recorded in the same quarter of 2005.

The group's loss before taxation of SGD3,600,000 for the six
months ended June 30, 2006, reflected a reduction of
SGD6,200,000 as compared with loss before taxation of
SGD9,800,000 for the corresponding period in 2005.  This was
mainly attributable to lower claims by main-contractors of
SGD2,000,000, cost over-run of SGD2,800,000 in the six months
ended June 30, 2005, provision for doubtful debts of SGD500,000
and a gain of SGD1,600,000 from the sale of its entire
shareholding in an associate company in the six months ended
2006.

The group's turnover for the six months ended June 30, 2006,
declined by 15% to SGD35.1 million compared to SGD41.3 million
for the corresponding period in 2005.  This was due to lower
revenue from fa‡ade engineering business as the Group is
focusing on core competency in window and door fabrication and
manufacturing and marketing of aluminum extrusion.

Compact Metal's balance sheet as of June 30, 2006, showed total
assets of SGD84,901,000 and total liabilities of SGD130,880,000,
resulting into a stockholders' deficit of SGD45,979,000.

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/tcrapcompact_metal081406.pdf

                      About Compact Metal

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

As reported by the Troubled COmpany Reporter - Asia Pacific on
August 10, 2006, Auditors KPMG raised significant doubt on the
Group's ability to continue as a going concern, citing the
Group's recurring loses and inabiklity to meet repayment
obligations.


GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins
----------------------------------------------------------
Gul Technologies Singapore Limited posted a reduction in loss
after tax from US$18.2 million in the first half of 2005 to
US$3.1 million in the first half of 2006, according to the
company's regulatory filing to the Singapore Exchange.

Sales in 1H2006 of US$51.6 million represented an increase of
22.6% over 1H2005's sales of US$42.1 million.  The improvement
came despite the closure of the Singapore plant, as the Wuxi
plant in China managed to ramp-up on time to make up for the
lost sales.  Better factory utilization, better product focus
and efforts to obtain price increase were also key contributors
to the higher sales.

Sales to the group's core segments have remained strong.
Automotive segment comprised 41.5% of 1H2006's sales, up from
36.3% of 1H2005's sales, while the disk-drives segment
contributed 19.1% to 1H2006's sales as compared to 14.4% of
sales of 1H2005. The ramp-up in the Wuxi plant also led the
Group to foray more into the consumer electronics (comprising
mobile set, computer, digital still camera and LCD display)
segment with a sales contribution of 28%.

The first half of 2006 saw the group achieving a gross profit of
US$7.9 million as contrast with a gross loss of US$6.9 million
in 1H2005 due to the closure of the Singapore plant and change
in sales mix, especially the exit of the loss-making United
States' network segment in 1H2006 (sales to United States'
network segment made up 8.7% of 1H2005's sales) and higher sales
to the better-margin consumer electronics segment.

Gul Technologies, however, is still insolvent as it reports a
shareholder's equity deficit of US$32.12 million.  As of June
30, 2006, current assets was at US$53.37 million and total
assets was at US$150.38 million, while current liabilities and
total liabilities amounted to US$172.91 million and US$182.51,
respectively.  The company's balance sheet are as follows:

Cost of sales was reduced by US$1.9 million in 2006 due to lower
depreciation charges.  Excluding the impact of the lower
depreciation charges, 1H2006 will still see a gross profit of
US$6 million.

The achievement of a gross profit led the Group to significantly
reduce its loss after tax, despite some setbacks such as rising
material costs that led to higher product costs, rising oil
price that led to higher freight costs, additional borrowings in
China and rising interest rate that led to higher interest costs
(US$0.4 million), and strengthening of the China Renminbi and
Singapore Dollar against the United States Dollar that led to
foreign exchange loss on the Group's financing activities
(US$1.2 million).

The first half of 2006 result is in line with the earlier
forecast by the company that it expects performance in FY2006 to
be better than FY2005.

Gul Technologies, however, is still insolvent as it reports a
shareholder's equity deficit of US$32.12 million.  As of June
30, 2006, current assets was at US$53.37 million and total
assets was at US$150.38 million, while current liabilities and
total liabilities amounted to US$172.91 million and US$182.51,
respectively.

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

      http://bankrupt.com/misc/tcrapgul_technologies081606.pdf

                     About Gul Technologies

Incorporated in Singapore, Gul Technologies Singapore Limited
-- http://www.gultech.com-- is a global supplier with sales and
representative offices in North America, Asia and Europe. Its
printed circuit boards are supplied to the Automotive industry
(electronic engine control, power control module, anti-lock
braking systems, speed controls, clusters, telematics etc),
Telecommunications industry (mobile phones, digital enhanced
cordless telephones, land mobile radios), Information Technology
industry (disk and tape drives for computers, network routers,
servers, firewalls, port adapters, voice over internet protocol,
wireless local area network), Healthcare industry (hearing aids,
infusion pumps, glucose monitoring devices), and other products
like instrumentation (programmable logic controllers, industrial
controllers, bar code readers), digital cameras and avionics.
The company manufactures its products in its production
facilities in China.

                       Significant Doubt

PricewaterhouseCoopers, the company's independent auditors,
raised a going concern issue in their report on the company's
financial statements for the year ended December 31, 2005.

PwC cited the following reasons:

   * The group incurred a net loss of US$48.24 million for the
     financial year ended December 31, 2005, and a net loss of
     US$21.75 million for the year 2004.

   * As of December 31, 2005, the group and the company are in a
     net liabiltities position of US$27.74 million and US$30.31
     million, respectively.

   * The company has not complied with certain debt covenants
     relating to bank borrowings amounting to US$19.82 million.
     Such non-compliance has resulted in the related bank
     borrowing becoming repayable on demand.

   * Tuan Sing Holdings Ltd., the ultimate holding corporation,
     has indicated its intention to provide continuing financial
     support to enable the group and the company to meet their
     obligations provided that the group remains a subsidiary.
     However, on September 7, 2005, the company entered into a
     subscription agreement with Nuri Pacific Pte. Ltd which
     would result in the cessation of Tuan Sing's position as
     the ultimate holding corporation of the group.


INTELLIGENT MICRO: Creditors' Proofs of Claim Due on September 8
----------------------------------------------------------------
The creditors of Intelligent Micro Devices Pte Ltd are required
to submit their proofs of claim by September 8, 2006, for them
to share in the Company's dividend distribution.

The Liquidators can be reached at:

         Chee Yoh Chuang
         Lim Lee Meng
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


LINDETEVES-JACOBERG: Blackheath Closure Pulls Down Net Profit
-------------------------------------------------------------
Lindeteves-Jacoberg Limited booked a SGD5.97-million net profit
for the first half of 2006, a turnaround from the net loss of
SGD36.13 million in the first half of 2005, according to the
company's financial report filed with the Singapore Exchange.

The group, however, reported a SGD55.12 million net loss for the
second quarter, due to an exceptional expenses of SGD0.3 million
representing redundancy cost provided for the closure of the
Blackheath facility in the United Kingdom.

Group sales of SGD62.2 million for the second quarter of 2006, a
slight decrease of 1.7% or SGD1.1 million from the corresponding
period in 2005.  The sales result was lower than sales achieved
in the previous quarter of SGD69.1 million, due to the fact that
the group was not able to keep its production at an optimal
level during the quarter as it continues to operate in tight
liquidity.

Gross profit margin declined to 1.7% in the 2006 second quarter
compared to 16.3% achieved in the first quarter still due to the
the lower capacity utilization at the factories which affected
absorption of labour cost and fixed overheads.

During the quarter, the group also took the decision to sell old
inventory at discounts so to raise cash for working capital and
this had a negative effect on gross profit margin. Compared to
the previous corresponding quarter, gross profit was about the
same level.

Tight cost controls helped in lowering selling and distribution
expenses and administrative expenses for the quarter in review,
while other operating expenses increased substantially to
SGD33.0 million in 2Q06 due mainly to impairment and write-off
of inventory, impairment and write-off of fixed assets and
intangible assets and provisions on debts.

The group had made additional provisions of SGD5.1 million on
debts based on estimated recoverable amounts in cases where
current negotiations are being carried out to reach a compromise
on the debts outstanding.  Impairment to fixed assets and fixed
assets written off as well as site closure cost amounted to
SGD7.3 million. These relate mainly to fixed assets, which
cannot be used, or fixtures that cannot be removed during
relocation of the factories in China and closure of the
Blackheath facility in the United Kingdom.

Inspite of the reduced principal amounts under the Scheme of
Arrangement which took effect on December 22, 2005, finance
costs increased by SGD0.6 million in 2Q06 from the corresponding
period in 2005. This was due mainly to higher interest rate on
the USGD25 million floating rate note issued by one of the
subsidiaries as well as the higher cost of funds incurred on the
borrowings of the Group in a rising interest rate regime.

Factoring liabilities declined by SGD5.2 million due mainly to
the reclassification of SGD5.1 million of the liabilities to
bank borrowings under Non-Current Liabilities as the liability
was restructured into a 5-year term loan with the lender.

Bank borrowings under Current Liabilities declined by a
substantial SGD202.3 million to SGD28.8 million due to the
amount of debts written off and the balance of the debts
outstanding were reclassified to an 8-year term loan under the
Scheme of Arrangement. Overall bank borrowings decreased by
SGD78.6 million of which SGD75.0 million were due to debts
written off.

Share capital increased by SGD33.3 million comprising SGD9.9
million arising from shares issued to the creditor banks and
SGD23.4 million arising from shares issued to ATB
Antriebstechmik AG (net of issue expenses).

As of June 30, 2006, the group has SGD9.73 million in secured
debts and SGD19.12 million unsecured debts payable within one
year.

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/tcraplindeteveshalfyr081606.pdf

                     Scheme of Arrangement

On December 31, 2004, the group had breached the financial
covenants in respect of certain borrowings.  In connection with
the investment by ATB in the company, the group's borrowings and
factoring liabilities and the related accrued interest amounting
to SGD199,591,000 at December 31, 2005 were included under a
debt restructuring plan effected through a scheme of arrangement
between the company and participating creditor banks.

The scheme of arrangement was approved by the required majority
of participating creditor banks on October 27, 2005 and
sanctioned by the High Court of Singapore on October 28, 2005.
The conditions precedent for the scheme of arrangement were
fulfilled and/or waived and the scheme of arrangement became
effective on December 22, 2005.

The scheme of arrangement comprised the restructuring and write-
off of borrowings of the group from the participating creditor
banks in consideration for the investment of SGD24,668,000 by
ATB Antriebstechnik AG in the company and the issue of
59,533,511 new shares, constituting 12% of the enlarged issued
and paid-up share capital of the company to the participating
creditor banks.

On February 27, 2006, the shareholders of the company at an
Extraordinary General Meeting approved the issue of 59,533,511
new shares to the participating creditor banks in accordance
with the provisions of the scheme of arrangement and the issue
of 148,781,725 new shares to ATB in consideration for the
conversion of advances amounting to S$24,668,000 received from
ATB.

On March 13, 2006, the allotment and issue of new shares in the
company to ATB Antriebstechnik AG and the participating bank
creditors was completed and the issued and fully paid up share
capital of the Company was increased by SGD33,318,000, net of
related transaction costs of SGD1,221,000.  Concurrently, the
group's borrowings included under the scheme of arrangement
amounting to SGD112,434,000 on March 13, 2006 were restructured
into an 8-year term loan repayable by 20 quarterly instalments
commencing from March 21, 2009, and the group's borrowings
included under the scheme of arrangement amounting to
SGD74,956,000 on March 13, 2006 were discharged and written off.

During the repayment period under the scheme of arrangement, in
the event of a breach of conditions agreed between the Company,
ATB and the participating bank creditors (a "termination event"
as defined in the scheme of arrangement and as included in the
Company's circular to shareholders dated 10 February 2006), the
participating creditor banks may by special resolution declare
all or part of the outstanding restructured debts to become
immediately due and payable.

In addition, on February 3, 2006, the group's borrowings
amounting to SGD15,765,000 at December 31, 2005 was separately
restructured into a term loan repayable by 16 unequal quarterly
instalments commencing on March 21, 2007. The company and group
continue to be in discussions with its other bankers, creditors
and other financial institutions for the re-financing and/or the
deferment of repayment of other borrowings and amounts which
fall due.  In addition, the company and group are considering
options to raise additional capital.

            About Lindeteves-Jacoberg Limited

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.
The company is currently working out further debt restructuring
plans for its liabilities, in addition to an earlier approved
Scheme of Arrangement with its creditors.

                         Going Concern

Expressing unqualified opinion on the company's full year
results for 2005, PricewaterhouseCoopers, Lindeteves-Jacoberg's
independent auditors, raised a significant doubt on the group's
ability to continue as a going concern on March 31, 2006.

PwC cited the following reasons:

   * The company and group incurred a net loss of SGD15,432,000
     and SGD156,534,000, respectively, for the financial year
     ended December 31, 2005.

   * At December 31, 2005, the company's and group's current
     liabilities exceeded its current assets by SGD166,538,000
     and SGD209,411,000, respectively.

   * At December 31, 2005, the group was in a net liability
     position of SGD88,507,000.

   * In addition, at December 31, 2005, the group had various
     amounts which fall due in the foreseeable future and which
     if not re-financed or repaid, may, amongst other matters,
     result in the occurrence of a termination event for the
     scheme of arrangement between the company and participating
     bank creditors.

   * The ability of the company and group to re-finance or repay
     the amounts which fall due is dependent on the continued
     support from the company's major shareholders and the
     group's creditors, and bankers and other financial
     institutions in relation to the banking and other credit
     facilities made available to the company and the group.

   * During the repayment period under the scheme of
     arrangement, on the occurrence of a termination event, the
     participating bank creditors may by special resolution
     declare all or part of the outstanding restructured debts
     to become immediately due and payable.


MDR LIMITED: Second Quarter Drops to SGD130 Million
---------------------------------------------------
mDr Limited submitted its financial statement for the quarter
ended June 30, 2006.

Quarter on quarter, revenue remained relatively flat. The
group's financial statement showed that its revenue for the
fiscal year ending June 30, 2006, decreased to SGD130 million
from SGD140 million for the same quarter last year.  Revenue for
the period under review also included the contribution from the
acquired AMS business of Semitech, which was completed in April
2006. The acquisition had partially back-filled the revenue
shortfall arising for the cessation of the Nokia contract in May
2005.

Gross profit was down to SGD25 million in the second quarter
2006, from SGD35 million in the same quarter last year.

For the second quarter ending June 30, 2006, the Company's
financial statement showed a net loss of SGD27.2 million.  The
net loss for the period is mainly due to provisions and one time
expenses of $24.4 million.  Excluding this one-off expenses, the
Group narrowed its loss to SGD2.8 million in second quarter of
2006 against a loss of $4.1 million in the corresponding quarter
in year 2005.

The Group continued to operate under working capital
constraints. The net decrease in cash and cash equivalents for
the first half was due mainly to the net operating loss incurred
in the quarter. Looking forward, proceeds from the Rights Issue,
which was completed in July 2006, and the proposed liquidation
of non-core assets are expected to relieve the constraints on
working capital and reduce financing cost.

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/tcrapmdr_limited081406.pdf

                        About mDR Limited

mDR Limited -- formerly Accord Customer Care Solutions -- is the
leading provider of after market services for consumer mobile
communication and digital electronic devices in Asia Pacific.
ACCS is a spin-off from supply network solutions provider Accord
Express Holdings Pte Limited.  ACCS provides a wide spectrum of
after market services to both its trade partners and end
consumers.  ACCS provides professional, efficient and convenient
services to its end consumers by establishing one-stop single
brand or multi-brand proximity centers that are conveniently and
strategically located.  ACCS has been posting consecutive losses
since the first quarter of 2005 due to bad investments, when it
incurred a net loss of SGD3.79 million.  Meanwhile, 12 of its
former executives are facing an ongoing case over a cheating
scam involving mobile phone giant Nokia.  The executives were
accused of falsifying phone repair claims to cheat Nokia out of
SGD4.3 million.  They were also charged with falsifying
financial documents and overstating profits.

The Company is currently in negotiations with its lenders to
restructure its financial obligations.  As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets.  The timing of receipt of
proceeds from the recovery is dependent on stock market
conditions and conclusion of negotiations.


REFCO INC: Chap. 11 Trustee Hires Dill as Bermuda Counsel
---------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York authorizes Marc Kirschner, the Chapter 11 trustee
overseeing the Refco Capital Markets, Ltd.'s estate, to employ
Conyers Dill & Pearman, as his special Bermuda counsel.

Judge Robert Drain rules that if Conyers Dill seeks a waiver to
represent Russia Growth Fund Ltd., on any matter in which the
counsel would be adverse to RCM, and the RCM Trustee chooses not
to grant the requested waiver, then:

   (i) Conyers Dill may withdraw from further representation of
       RCM and may represent RGF on any matter; and

  (ii) neither RCM nor the RCM Trustee will assert, or permit
       anyone on RCM's behalf to assert, that Conyers Dill's
       prior representation of RCM should disqualify it from
       representing RGF in any manner.

Conyers Dill may be compensated in accordance with an engagement
letter with the RCM Trustee, subject to applicable requirements
for payment of fees and disbursements.  No party may challenge
Conyers Dill's fees under Section 328(c) of the Bankruptcy Code
to the extent the Bermuda counsel provides services to RGF
consistent with the provisions of the Order and the Agreement.

Tina L. Brozman, Esq., at Bingham McCutchen LLP in New York,
tells the Court that on October 19, 2005, RCM and Refco Global
Finance, Ltd., filed voluntary winding up petitions in Bermuda.
On October 26, 2005, the Bermuda court appointed joint
provisional liquidators in the Bermuda Proceedings.

Conyers Dill will:

  (1) advise the Trustee with respect to his powers and duties
      under Bermuda law in the management and operation of RCM's
      business and properties;

  (2) attend meetings and negotiate with representatives of
      creditors and other parties-in-interest of RCM in Bermuda
      and advise and consult on the conduct of the case,
      including all of the legal and administrative requirements
      of operating in a provisional liquidation parallel to a
      U.S. bankruptcy proceeding;

  (3) take all necessary actions to protect and preserve the RCM
      estate, including the prosecution of actions on its
      behalf, the defense of any actions commenced against it,
      negotiations concerning all litigation in which RCM and
      the Trustee may be involved in Bermuda and objections to
      claims filed in Bermuda against the estate;

  (4) interface and coordinate with the joint provisional
      liquidators and any analogous parties that may be
      appointed under the laws of various jurisdictions;

  (5) prepare on behalf of the Trustee all motions,
      applications, answers, orders, reports and papers
      necessary to the administration in Bermuda of the RCM
      estate;

  (6) negotiate and prepare on the Trustee's behalf, a scheme of
      arrangement or other resolution of the RCM estate,
      explanatory statements and all related agreements and
      documents and take any necessary action on behalf of RCM
      to obtain approval of the scheme or other resolution of
      the RCM estate; and

  (7) appear before the Bermuda Supreme Court, the Bermuda
      Court of Appeal, Bermuda Magistrate Courts and Bermuda
      regulatory bodies and protect the interests of RCM's
      estate before the Bermuda courts and regulators.

Robin J. Mayor, Esq., a partner at Conyers Dill, is one of the
lead professionals from her firm performing services to the
Trustee.  Ms. Mayor charges $575 per hour her services.

Other Conyers Dill expected to be primarily involved in the case
and their current hourly rates are:

      Professional         Designation    Hourly Rate
      ------------         -----------    -----------
      David Cooke          Partner           $605
      Paul Smith           Counsel           $575
      Daina Casling        Associate         $350
      Guy Cooper           Associate         $340

The firm's customary rates are:

      Designation          Hourly Rate
      -----------          -----------
      Partners             $420 - $620
      Associates           $300 - $540

Ms. Mayor assures the Court that Conyers Dill does not represent
any interest materially adverse to RCM, its creditors and its
estate.

                       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 Bankruptcy News,
Issue No. 36; Bankruptcy Creditors' Service, Inc., 215/945-7000,
http://bankrupt.com/newsstand/).


REFCO INC: Davidson Kempner Offering to Buy Refco Capital Claims
----------------------------------------------------------------
Davidson Kempner Capital Management LLC is offering to buy:

    * scheduled and undisputed Securities Customer Claims (as
      that term is defined in the RCM Settlement Agreement)
      against Refco Capital Markets, LTD, at a rate of 65 cents-
      on-the- dollar; and

    * scheduled and undisputed FX/Unsecured Claims  (as that
      term is defined in the RCM Settlement Agreement) against
      Refco Capital Markets, LTD, at a rate of 25 cents-on-the-
      dollar.

This offer is valid through August 21, 2006, contingent on due
diligence, the price is subject to change based on events in the
bankruptcy and day-to-day news in the industry, and other
strings are attached.

For additional information, contact:

         Aileen M. Watson
         Davidson Kempner Capital Management LLC
         65 East 55th Street, 19th Floor
         New York, New York 10022
         Telephone (212) 446-4065
         Facsimile (646) 924-0465

                         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
===============

BANGKOK RUBBER: Posts THB5.27-Million Net Profit in 2nd Quarter
---------------------------------------------------------------
Bangkok Rubber Public Company Ltd's consolidated income
statement for the second quarter ended June 30, 2006, shows a
net profit of THB5.27 million compared to an THB.856-million net
loss in the same period of 2005.

The company's balance sheet as of June 30, 2006, reflects
consolidated total assets of THB2.937 billion, higher than the
THB2.875 billion posted at December 31, 2005.  Meanwhile, total
liabilities of the company as of June 30 was THB5.288 billion,
more than the THB5.215 billion posted as of the end of December
2005.  Total shareholders' equity deficit as of the end of June
2006 was THB2.350 billion.

Bangkok Rubber's balance sheet as of June 30, 2006, also shows
strained liquidity with THB1.521 billion in total current assets
available to pay THB3.445 billion in total current liabilities
coming due within the next 12 months.

After auditing the Company's and its subsidiaries' financial
report for the second quarter of 2006, Sophon Permsirivallop of
Ernst & Young Office Limited stated that "there is still
uncertainty as to the ability of the Company to continue its
businesses as going concerns, and this depends upon the
Company's success in revising the rehabilitation plan and
complying with its conditions, and to find additional sources of
funding, and on the outcome of their operations which is raised
substantial doubt about their ability to continue as going
concerns."

Full-text copies of the company's financial report for the
second quarter ended June 30, 2006, are available for free at:

   http://bankrupt.com/misc/BRC-2q-06-fs.xls

   http://bankrupt.com/misc/BRc-2Q-06-fr.rtf

                          *     *     *

Headquartered in Bangkok, Thailand, Bangkok Rubber Public
Company Limited -- http://www.pan-group.com/-- manufactures
shoes and footwear under Pan, Kodomo, Diadora, and Heel Care
brand names.

On November 21, 2002, the Central Bankruptcy Court approved the
Company's rehabilitation plan.  The Company is in the process of
implementing this plan.  The significant debt restructuring
measures under the rehabilitation plan provide that creditors
would waive their rights to claim for outstanding interest
accrued up to the date on which the court ordered
rehabilitation.  This does not include the debt to be repaid to
creditors supporting revolving credit and financial creditors,
which will receive repayment of debt as per the existing
contract and agreement.

Furthermore, the Company notified the creditors of the
postponement of debt payment under the rehabilitation plan
because the Company's operation results were not in line with
projection.  At present, the Company is held to be in default of
debt payment under the rehabilitation plan and is currently
revising the plan for submission to the official receiver.

Currently, the Company is listed under the "Non-Performing
Group" sector of the Stock Exchange of Thailand.


NFC FERTILIZER: Post THB510.57-Mil Net Profit in 2nd Quarter '06
----------------------------------------------------------------
NFC Fertilizer Public Company Ltd, on August 15, 2006, submitted
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, shows a net profit of
THB510.57 million, a turnaround compared to a THB100.237-million
net loss in the same period of 2005.

NFC's balance sheet as of June 30, 2006, reflects consolidated
total assets of THB4.046 billion, down from the THB4.977 billion
posted at December 31, 2005.  Meanwhile, total liabilities of
the company as of June 30 was THB1.4 billion, down from the
THB2.880 billion posted as of the end of December 2005.  Total
shareholders' equity was THB2.647 billion.

The company's balance sheet as of June 30, 2006, also shows
strained liquidity with THB499.402 million in total current
assets available to pay THB699.151 million in total current
liabilities coming due within the next 12 months.

The company's auditor, Methee Ratanasrimetha, of M.R. &
Associates Co Ltd, noted that there is the existence of a
material uncertainty about the Company and its subsidiary's
ability to continue as a going concern because of these:

    a) the Company is facing high risks both in business and
       environmental matters.  The Company's factory is greatly
       deteriorated and suffers from a lack of maintenance from
       the past as a result of insufficient working capital for
       a long time.  Consequently, the Company needs significant
       investment funds to repair the factory.  This results in
       increasing high costs whereas the sale of fertilizer is
       subject to seasonal factors, especially weather.  Also,
       government policy is to decrease the use of chemical
       fertilizers, which directly impacts the Company's
       revenues and consequently further investment is not
       worthwhile.  Therefore, the management proposed to change
       the Company's business plan toward providing logistic
       services including all warehouses and related services.
       Presently, the shareholders have not had a resolution on
       such proposal.  The Company is in the process of review
       its plan;

    b) the subsidiary company has incurred significant net loss
       from operations and capital deficiency;

    c) the outcome of a lawsuit claimed by the Industrial Estate
       Authority of Thailand, in which the subsidiary company
       was in breach of the Agreement for Joint Development of
       Construction of the Pier Area.  The subsidiary company
       counterclaimed that the Industrial Estate Authority of
       Thailand had cancelled the agreement unlawfully; and

    d) the subsidiary company's ability to comply with
       conditions in the business rehabilitation plan.

                          *     *     *

Headquartered in Bangkok, NFC Fertilizer Public Company Limited
-- http://www.nfc.co.th-- produces chemical fertilizer
containing nitrogen, phosphate, and potash, under its Nation
Fertilizer brand name.  Additionally, it imports and distributes
urea, ammonium sulfate, and potassium chloride fertilizers.  The
Company also distributes phosphoric acid and gypsum, which are
by-products of its fertilizer production.

In the third quarter of 2004, the Company had entered into a
debt restructuring in accordance with its business
rehabilitation plan.  The Company then reported a gain on debt
restructuring of THB11.29 billion, which was presented as an
extraordinary item in the statement of income for the year ended
December 31, 2004.  Subsequently, on August 24, 2004, the Plan
Administrator made a request to Thailand's Central Bankruptcy
Court to cancel its business rehabilitation, which the Court
approved on September 13, 2004.  Recently, the management
proposed to change the Company's business plan toward providing
logistic services including all warehouses and related services.
Presently, the shareholders have not had a resolution on such
proposal. The Company is in the process of review its plan.

The Company is currently listed under the "Non-Performing Group"
sector of the Stock exchange of Thailand.


=============
V I E T N A M
=============

VIETNAM TECHCOMBANK: Moody's Assigns B1/Ba1 Deposit Ratings
-----------------------------------------------------------
Moody's Investors Service has assigned ratings to Vietnam
Technological and Commercial Joint Stock Bank:

   * B1/Not Prime for long- and short-term foreign currency
     deposits;

   * Ba1/Not Prime for long- and short-term local currency
     deposits;

   * Ba2/Not Prime for long- and short-term foreign currency
     Issuer Ratings;

   * Ba1/Not Prime for long- and short-term local currency
     Issuer Ratings; and

   * a Bank Financial Strength Rating of D-.

The outlook for all the deposit and issuer ratings is Stable.
The outlook for the BFSR is Positive.

Techcombank's BFSR of D- incorporates its strong profitability
and liquidity, as well as the benefits of skills transfer from
its shareholder HSBC.  However, the rating is constrained by the
bank's rapid credit growth, the volatility inherent in its
operating environment and the potential for increased
competition after Vietnam enters the WTO.  The Positive outlook
on the BFSR reflects the bank's improving profitability and
anticipated capital raising.  A BFSR of D- equates to a Baseline
Risk Assessment of Ba3.

The bank's deposit and issuer ratings benefit from the strong
liquidity support mechanisms that exist in Vietnam's banking
sector.  This factor lifts Techcombank's local currency ratings
to Ba1, which is above its Baseline Risk Assessment of Ba3.  The
foreign currency ratings are constrained by Vietnam's foreign
currency ceilings of B1 for deposits and Ba2 for debt.  The
outlook is Stable in line with the sovereign ceiling ratings.

Techcombank has a small but rapidly growing franchise among
small to medium sized corporate customers, principally in the
Hanoi region.  Its solid growth potential is supported by the
strong prospects of Vietnam's economy, which are leading to an
increased demand for banking services in the country's expanding
private sector.  Techcombank is rapidly growing its branch
network, but is still not well represented in Vietnam's southern
economic hub of Ho Chih Minh.  The bank has made considerable
investment in systems and this supports its institutional
business, as well as laying the foundations for its expanding
retail banking operations.

Techcombank's profitability is excellent on the back of strong
economic conditions and restructuring at the bank, which have
contributed to lower problem loan balances and rising margins.
Pre-Provision Profits to Estimated Risk-Weighted Assets was 4.4%
in 2005, above the D- peer group average of 3.8%.  A significant
proportion of the bank's income is derived from its treasury
operations, notably interbank lending and futures brokerage.
The demand and supply dynamic for credit in Vietnam would
currently appear to be in the bank's favor, supporting margins
in the short-term.  Longer-term however, market liberalization
in the wake of the country's WTO entry will allow in more
foreign competition.  This may drive down lending spreads, as
well as reduce some of the inefficiencies in the interbank
market that contribute to Techcombank's treasury income.

Relative to its size, Techcombank has a progressive risk
management function.  It also benefits from knowledge transfer
from HSBC, which owns a 10% stake in the bank.  Non-Performing
Loans are declining, and are largely composed of legacy
exposures.  NPLs/Capital and Loan Loss Reserves at 11.6% in 2005
were better than the D- peer group median of 19.6%.

However, Techcombank's rapid credit growth (55% in 2005)
inevitably raises the risk of increased asset quality problems
in the future.  This risk is compounded by:

    (i) an ineffective legal system that lowers recovery rates
        on bad loans, and

   (ii) poor credit data on the smaller customers that underpin
        Techcombank's franchise.

More broadly, Vietnam's economy remains vulnerable to pronounced
cycles that are likely to periodically create stress in the
banking system.  Since Moody's ratings assess the credit
profiles of banks over multi-year periods, these considerations
will act as a constraint on the BFSRs of all banks in Vietnam,
including Techcombank.

In such an environment, strong capital coverage to absorb
unexpected losses becomes an important credit consideration.
Like other Vietnamese banks, Techcombank is likely to raise
capital as the regulatory focus shifts from a standard based on
a minimum absolute amount of capital to a minimum capital ratio
basis.  This has the potential to have a positive impact on
Techcombank's BFSR.

The bank's funding and liquidity position is strong with short-
term assets/short-term liabilities at 39% in 2005, but
declining.  Strong liquidity is an important factor in emerging
banking markets like Vietnam, where deposits can be highly
confidence sensitive, and hence mobile.

Moody's rating outlooks highlight likely trends in the bank's
ratings in the next 12 to 18 months.  Developments that would be
the most likely to lead to rating changes are as follows:

The following factors would likely lead to an upgrade of the
BFSR to D:

    (i) Capital/Risk-Weighted Assets > 15%

   (ii) Pre-Provision Profit/Risk-Weighted Assets > 4%

  (iii) Maintenance of proportion of lower-risk exposures such
        as trade finance

   (iv) Maintenance of non-interest income contribution to
        earnings at around 20%

The Positive outlook on the BFSR indicates that Moody's
anticipates that these thresholds may be crossed or maintained
by the bank in the near-term.

The following factors would likely lead to a downgrade of the
BFSR to E+:

    (i) Capital/Risk-Weighted Assets < 10%

   (ii) Non-Performing Loans > 20% of (Capital + Loan Loss
        Reserves)

  (iii) Liquid Assets to Total Assets < 25%

   (iv) Potential for rapid devaluation of the Vietnamese dong

The bank's debt and deposit ratings would only change if:

   -- the level of systemic support for the larger joint-stock
      banks were to change, or

   -- the country ceiling ratings were to change.

Neither is considered likely in the near-term, so the outlook
for all these ratings is Stable.

Vietnam Technological and Commercial Joint Stock Bank is
headquartered in Hanoi, Vietnam.  It reported assets of
VND10,626 billion (approximately US$668 million) at end 2005, on
an IFRS accounting basis.


                            *********

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
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