TCRAP_Public/060822.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Tuesday, August 22, 2006, Vol. 9, No. 166

                            Headlines

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

A C TRIFFITT: Undergoes Wind-Up Proceedings
ALLTEK PTY: To Declare Dividend for Priority Creditors
ARROW RESOURCES: Members Agree to Liquidate Business
AUSTRALIA GIFT: Appoints Receiver and Manager
BARLING ELECTRICS: Creditors Name Milner as Liquidator

BELPARD INTERNATIONAL: Liquidator to Give Wind-Up Report
BPJP HOLDINGS: Placed Under Voluntary Liquidation
BROTHERS NIELSEN: Calls in Administrator to Sort Business
CIVIL CONTRACTING: Creditors Resolve to Close Shop
EDENHOPE RECEPTION: Appoints Official Liquidators

ELMARK TRADING: Members Decide to Wind-Up Operations
EXPILE (NSW): Creditors Resolve to Wind Up Firm
FARIDA INVESTMENTS: Members and Creditors to Hear Wind-Up Report
FELTEX CARPETS: Turners Unlikely to Meet August 21 Deadline
FELTEX CARPETS: Shareholder Suggests Lease Plan

FELTEX CARPETS: Distressed Borrower in 2004, Star-Times Suggests
FORTESCUE METALS: Completes AU$3.2B Capital Raising Settlement
J K WILLIAMS: Members Opt to Shut Down Operations
KELVAR BAYTURN: Enters Voluntary Liquidation
LOVELL EARTHMOVING: Members and Creditors to Hear Wind-Up Report

MOREY PTY: Members Agree to Close Business
ONE STOP: Receiver and Manager Ceases to Act
PKW PTY: Liquidator to Present Wind-Up Report on September 18
RETREAT MANAGEMENT: Appoints Paul Vartelas as Liquidator
SECURITY MANPOWER: Members and Creditors to Hear Wind-Up Report

SIRDEERA PTY: Members Pass Resolution to Wind Up Firm
SOUTHERN CROSS: Creditors' Proof of Claim Due on September 6
TAISHO (AUSTRALIA): Members Decide to Close Business
TANIZAWA INTERNATIONAL: To Declare First and Final Dividend
UNDERGROUND NETWORKS: Enters Wind-Up Proceedings

WESTCOTT DEVELOPMENT: Members Pass Resolution to Wind Up Firm
WESTERN ELECTRICAL: Liquidator to Present Wind-Up Report
WESTPOINT GROUP: Slater & Gordon Organizes Class Action
XTREME LIMOUSINES: Collins Ceases to Act as Receiver and Manager
ZANYIMAGE PTY: Members and Creditors to Receive Wind-Up Report


C H I N A   &   H O N G  K O N G

97 COLLECTIONS: Appoints Joint and Several Liquidators
ASIA FOCUS: Creditors and Contributories Meetings Set on Sept. 1
BEARCOLE LIMITED: Creditors Must Prove Debts by September 1
BESTWIN TEXTILE: Creditors Hold First Meeting
BILLION CENTURY: Creditors Met to Discuss Wind-Up

CDS MEDIA: Creditors and Members Hold Annual Meeting
CITIC PACIFIC: Posts 24% Rise in First Half Earnings
FINE DRAGON: Wind-Up Petition Hearing Fixed on September 6
FOOK SANG INDUSTRIAL: Court to Hear Wind-Up Bid on September 6
GOLDTRON M G: Liquidator Ceases to Act for Company

GUL TECHNOLOGIES: Loss After Tax Narrows on Higher Margins
LARAMI FAR EAST: Members Opt for Voluntary Wind-Up
LIGHTAL LIMITED: Court Favors Wind-Up
LONGWILL ENGINEERING: Court Hears Wind-Up Petition
PELICAN LIMITED: Liquidators to Present Wind-Up Report

PRECISION TECHNOLOGIES: Faces Wind-Up Proceedings
SHUN KAM COMPANY: Members Convene in Annual Meeting
* S&P Commends China's Latest Interest Rate Hike


I N D I A

AES CORP: Joins Plug-In Hybrid Development Consortium
DUNLOP INDIA: Ambattur Plant Operations Begin Ahead of Schedule
FORD MOTOR: Fitch Shaves Default Rating to B; Outlook Negative
FORD MOTOR: S&P Puts Credit Ratings on Watch Negative


I N D O N E S I A

ARPENI PRATAMA: Rebound Expected as Net Profit Drops 20%
BANK BUANA: First-Half 2006 Net Profit Down By 7%
BANK CENTRAL ASIA: Books 17.2% Increase in Net Profit
BANK CENTRAL ASIA: Pays IDR90-Per-Shares Final Dividend


J A P A N

OCA INC: Equity Panel Taps Imperial Capital as Financial Advisor
OCA INC: Hires Postlethwaite & Netterville as Accountants
SOLO CUP: Moody's Reviews Ratings for Possible Downgrade
SOLO CUP: S&P Cuts Credit Rating to B; Placed on Watch Negative


K O R E A

LG CARD: Shinhan Confirms Bidding Price


M A L A Y S I A

AYER HITAM: High Court to Hear KIY's Case on October 3
CHASE PERDANA: Wants RCSLS Redemption Anniversaries Rescheduled
COMPACT METAL: June 30 Balance Sheet Shows Stockholders' Deficit
COMSA FARMS: Fails to Submit AAA 2006 by Due Date
FALCONBRIDGE LTD: Xstrata Acquires 67.8% of the Company's Shares

MALAYSIA AIRLINES: Raises Domestics Air Fares
MYCOM BERHAD: Buys More Time to Complete Restructuring
OLYMPIA INDUSTRIES: Seeks SC's Approval of Extension Requests
PROTON HOLDINGS: Costumers Must Not Pay for Poor Performance
PROTON HOLDINGS: To Supply 3,000 Wira Taxis to Indonesia

SUGAR BUN: Unveils Further Details of Orient Paramount Deal
SUREMAX GROUP: Notes Boardroom Changes


P H I L I P P I N E S

EAST ASIA POWER: Board Elects Peter Lawrence as CEO
EQUITABLE PCi: First Half 2006 Profit Up 11% to PHP1.27 Billion
MIRANT CORP: OneEnergy Interested in Mirant's Philippine Assets
MIRANT CORP: Debt Deal Likely Stalled Due to Phil Assets Sale
MIRANT CORP: Excluded Debtors Have Until Dec. 5 to File Plan


S I N G A P O R E

ADVANCED SYSTEMS: Accepts 751,731,151 Rights Shares
ADVANCED SYSTEMS: Issues 764,100,000 New Ordinary Shares to ASTI
A.T. CONSTRUCTION: Enters Wind-Up Proceedings
LEUN WAH: Creditors' Meeting Slated for August 23
LINDETEVES-JACOBERG: Moves to Another Location

REFCO INC: Refco LLC Files June 2006 Monthly Operating Report


T H A I L A N D

SEAGATE TECHNOLOGY: Launches US$2.5B Stock Repurchase Scheme
SIAM COMMERCIAL: High Rates Won't Affect Customer Base, CEO Says
* SET's Speculative Stocks Posts THB2.7-Billion in Net Losses


* BOND PRICING: For the Week 21 August to 25 August 2006

     - - - - - - - -

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

A C TRIFFITT: Undergoes Wind-Up Proceedings
-------------------------------------------
At an extraordinary general meeting held on August 2, 2006, the
members of A C Triffitt Pty Ltd agreed to voluntarily wind-up
the Company's operations and appoint Robert P. Whitehouse as
liquidator.

Creditors must file their proofs of claim for them to share in
the Company's distribution of dividend.

The Liquidator can be reached at:

         Robert P. Whitehouse
         Wise Lord & Ferguson
         Chartered Accountants
         1st Floor, 160 Collins Street
         Hobart, Tasmania 7000
         Australia
         Telephone:(03) 6223 6155


ALLTEK PTY: To Declare Dividend for Priority Creditors
------------------------------------------------------
Alltek Pty Limited will distribution its first and final
dividend for priority creditors on September 13, 2006, to the
exclusion of those who cannot prove their claims by September 6,
2006.

As reported by the Troubled Company Reporter - Asia Pacific, on
December 17, 2004, the Company declared a dividend on
December 21, 2004.

The liquidator can be reached at:

         R. J. Porter
         Moore Stephens PMN
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


ARROW RESOURCES: Members Agree to Liquidate Business
----------------------------------------------------
Members of Arrow Resources Investment Pty Limited convened on
July 28, 2006, and resolved to liquidate the Company's business.

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

The Liquidator can be reached at:

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


AUSTRALIA GIFT: Appoints Receiver and Manager
---------------------------------------------
Wayne Loechel and Dallas Gist, Trustee of Retreat Corporation
Unit, appointed Paul Vartelas as receiver and manager of all the
assets and undertakings of Australia Gift Imports Pty Ltd on
August 2, 2006.

The Receiver and Manager can be reached at:

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


BARLING ELECTRICS: Creditors Name Milner as Liquidator
------------------------------------------------------
After an extraordinary general meeting held on August 1, 2006,
the members of Barling Electrics Pty Ltd resolved to close the
Company's operations.

Creditors appointed Leonard A. Milner as liquidator at a
separate meeting held later that day.

The Liquidator can be reached at:

         Leonard A. Milner
         Venn Milner & Co.
         Suite 1, 43 Railway Road
         Blackburn, Victoria 3130
         Australia


BELPARD INTERNATIONAL: Liquidator to Give Wind-Up Report
--------------------------------------------------------
Members and creditors of Belpard International Trading Pty Ltd
on September 12, 2006, at 9:30 a.m. to hear Liquidators Samuel
Richwol's report on the Company's wind-up proceedings and the
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Company declared its first and final dividend on June 12, 2006.

The Liquidator can be reached at:

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


BPJP HOLDINGS: Placed Under Voluntary Liquidation
-------------------------------------------------
At a general meeting held on July 31, 2006, the members of BPJP
Holdings Pty Ltd resolved to voluntarily liquidate the Company's
business and distribute the proceeds of its assets disposal.

Subsequently, Mark Costigan was appointed as liquidator.

The Liquidator can be reached at:

         Mark Costigan
         Mark Costigan & Associates
         Suite 1, 329 Main Street
         Lilydale, Victoria 3140
         Australia


BROTHERS NIELSEN: Calls in Administrator to Sort Business
---------------------------------------------------------
Gold Coast-based surf fashion group Brothers Neilsen Pty Ltd,
which owes more than AU$10 million to creditors, has called in
an administrator to help sort out its business, the Sydney
Morning Herald reports.

The Australian Associated Press says that the company tapped
John Greig, of Deloitte, as administrator.

The AAP cites Mr. Greig as saying that with the support of key
suppliers, Brothers Neilsen will continue trading while its
financial position is determined.

"We will conduct a thorough financial and operational review of
the business and look to develop a plan to restructure the group
to enable it to continue to operate," Mr. Greig says.

Headquartered at Burleigh Gardens on the Gold Coast, Brothers
Neilsen, which retails surfwear, surf boards and related
accessories, has an annual turnover of about AU$25 million and
more than 60 employees, the Sydney Herald says.

Brothers Neilsen, established in 1971, has 13 retail stores
located in prime major shopping centers and tourist locations
across Queensland, the AAP adds.

According to the Supply Chain Review, the Company's key
shareholders include the Nielsen family and Brisbane-based
private equity firm Business Management Limited.


CIVIL CONTRACTING: Creditors Resolve to Close Shop
--------------------------------------------------
The creditors of Civil Contracting Services Pty Ltd resolved on
August 1, 2006, to wind up the Company's operations.

Accordingly, David Watson was appointed as official liquidator.

The Liquidator can be reached at:

         David Watson
         Australia
         Telephone:(02) 8221 8449
         e-mail: dwatson@corcordis.com.au


EDENHOPE RECEPTION: Appoints Official Liquidators
-------------------------------------------------
Members of Edenhope Reception Centre Pty Ltd convened on
August 1, 2006, and appointed Paul Burness and Matthew Jess as
liquidators.

The Liquidators can be reached at:

         Paul Burness
         Matthew Jess
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5515
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au/


ELMARK TRADING: Members Decide to Wind-Up Operations
----------------------------------------------------
At an extraordinary general meeting held on August 2, 2006, the
members of Elmark Trading Pty Ltd agreed to voluntarily wind-up
the Company's operations.

Creditors appointed Richard Herbert Judson as liquidator at a
separate meeting held that same day.

The Liquidator can be reached at:

         Richard Herbert Judson
         Judson & Co.
         Chartered Accountants
         Level 1, 10 Park Road
         Cheltenham, Victoria 3192
         Australia
         Telephone: 9585 4155


EXPILE (NSW): Creditors Resolve to Wind Up Firm
-----------------------------------------------
The creditors of Expile (NSW) Pty Limited convened on August 1,
2006, and resolved to wind up the Company's operations.

Subsequently, David Watson was named official liquidator.

The Liquidator can be reached at:

         David Watson
         Australia
         Telephone:(02) 8221 8449
         e-mail: dwatson@corcordis.com.au


FARIDA INVESTMENTS: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
The members and creditors of Farida Investments Pty Ltd will
hold a final meeting on September 11, 2006, at 9:45 a.m.

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

As reported by the Troubled Company Reporter - Asia Pacific on
February 3, 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


FELTEX CARPETS: Turners Unlikely to Meet August 21 Deadline
-----------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 9, 2006, Graeme and Craig Turner, who run bed-makers
Sleepyhead, challenged Godfrey Hirst's takeover bid for Feltex
Carpets Limited.

The TCR-AP stated that the Feltex board of directors has agreed
to open its books to the Turners.  Due diligence on the carpet
business has begun, with the Turners starting work on the books
at the Feltex offices in Melbourne.  Craig Turner planned to
complete due diligence as close to August 21, 2006, as possible.

A follow-up report from The Dominion Post, however, reveals that
Sleepyhead's due diligence would not be completed before
August 23, 2006.

Godfrey Hirst's finance director, Jim Walsh, declined to
comment, The Dominion Post says, noting that Mr. Walsh has
previously said that he is keen to use the due diligence to make
sure there are no issues with Feltex of which Hirst is unaware.

According to the report, Craig Turner had explained that the
Sleepyhead team would be unable to meet the Monday deadline
because it did not have all the information it wanted.  He hoped
to have the due diligence completed by Wednesday or Friday,
August 25, 2006, at the latest.  After that, Sleepyhead would
decide whether to launch a rescue offer, The Dominion Post
relates.

Stuff.co.nz notes that the Turners are considering a
recapitalization offer of up to NZ$40 million, including as much
as NZ$15 million of their own money.  It would include a rights
issue of new shares to existing shareholders, The Dominion Post
adds.

The Sunday Star-Times also states that completion of due
diligence for Godfrey Hirst will not be completed until mid or
late this week.

Ferrier Hodgson will provide an independent report on the bids,
the paper notes.

                          About Feltex

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

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

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

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


FELTEX CARPETS: Shareholder Suggests Lease Plan
-----------------------------------------------
Feltex Carpets Limited shareholder Trevor Blogg, who has
invested NZ$40,000 in the Company, suggested to the Shareholders
Association that shareholders buy Feltex's Christchurch factory
and lease it back to help reduce the Company's NZ$128 million
debt, The Dominion Post relates.

The paper notes that the association plans to hold a meeting in
Auckland during the first week of September for people
interested in saving Feltex.

Mr. Blogg asserts that Godfrey Hirst's takeover offer would see
him lose 75% of his investment.  Thus, he would consider any
offer from Graeme and Craig Turner, who run bed-makers
Sleepyhead, which is likely to include a rights issue, but would
rather put more money into Feltex on a leasing basis,
Stuff.co.nz says.

"Because that way I would have a cashflow out of it and a
potentially appreciating asset," Mr. Blog explains.

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

Yet, a subsequent TCR-AP report on August 4, 2006, revealed that
the Turners challenged Godfrey Hirst's bid for Feltex.

Feltex's Christchurch factory has about 170 staff, Stuff.co.nz
notes.

                          About Feltex

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

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

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

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


FELTEX CARPETS: Distressed Borrower in 2004, Star-Times Suggests
----------------------------------------------------------------
Stuff.co.nz relates that the Sunday Star-Times, which has
requested a Securities Commission inquiry into how investors
came to lose more than NZ$200 million in Feltex Carpets Limited,
has received information suggesting that ANZ Bank may have
viewed Feltex as a distressed borrower at the time of its
sharemarket float in 2004, casting doubt on its portrayal as a
quality business at the time.

The Sunday Star-Times recounts that when the Company was being
readied for sale for NZ$243 million, it had a debt of
NZ$147 million, most of it owed to ANZ and secured through a
mortgage on its fixed assets and a floating charge on its
business.

The paper notes that ANZ has declined to comment on the matter,
citing client confidentiality.  ANZ's head of corporate
portfolio management, Peter Holland also declined to comment.

Stuff.co.nz explains that it is typical for banks to carefully
monitor the progress of corporate clients, and where accounts
are identified as at risk, they will appoint specialist managers
to handle the relationship.  Though clients will not always be
aware their bank sees them as distressed -- banks may shift
accounts to intensive management well before a client breaches a
loan agreement, Stuff.co.nz adds.

A Feltex spokesman denies that the ANZ account was under
intensive management at the time of the float, Stuff.co.nz
notes.  However, the Star-Times says that ANZ appointed an
investigating accountant to monitor Feltex's compliance with its
obligations under the loan agreement.

ANZ declines to reveal the date of the investigating
accountant's appointment, which would indicate when Feltex was
in breach of its loan agreement, the Star-Times relates.

The paper also notes that insolvency specialist McGrath Nicol,
named on August 18, 2006, as the firm involved, said that it had
no connection with Feltex.

While Feltex, its lenders, and investment banking associates
stay silent, shareholders want know what caused the destruction
of so much shareholder value, Stuff.co.nz says.

A Securities Commission inquiry is seen as the only way to
satisfy those demands, but as of August 20, 2006, the commission
has said nothing, Star-Times reveals.

Feltex shareholders who support Sleepyhead's attempts to make an
alternative offer leave messages at this Web site:

    http://www.dealinfo.co.nz/feltex/

                          About Feltex

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

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

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

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


FORTESCUE METALS: Completes AU$3.2B Capital Raising Settlement
--------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that Fortescue Metals Group Ltd. has entered
into a Purchase Agreement with Citigroup Global Markets Limited
to underwrite the sale of the equivalent of AU$2.7 billion of
secured debt to international institutional investors.

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

In a statement filed with the Australian Stock Exchange Limited,
Fortescue discloses that it has completed settlement of its
AU$3.2 billion capital raising.  On completion, the funds raised
were paid into Fortescue's project account.  The amount will be
used to facilitate the construction and initial operations of
Fortescue's Pilbara Iron Ore and Infrastructure Project.

The total raising included US$1.65 billion in U.S. denominated
bonds, EUR315 million in Euro denominated bonds and
US$400 million invested by Leucadia National Corporation.

The TCR-AP previously reported that Fortescue has signed a
Subscription Agreement with Leucadia National for a
US$400-million (AU$536 million) investment in Fortescue.

The investment from Leucadia consisted of a subscription for
26,400,000 shares in Fortescue representing 9.99% of the
Company's issued capital.  The subscription amount was
US$300 million which equates to a share placement value of
c.A$15/share.  The additional US$100 million from Leucadia was
in the form of a subordinated loan note facility repayable in
August 2019.

The Leucadia subscription also provided for Board representation
and Fortescue is pleased to welcome onto its Board Joe Steinberg
as a director of the Company.  Leucadia's Thomas Mara has been
appointed as his alternate director.

                      About Fortescue

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

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

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

                          *     *     *

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

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


J K WILLIAMS: Members Opt to Shut Down Operations
-------------------------------------------------
The members of J K Williams Pastoral Co Pty Ltd held a general
meeting on August 2, 2006, and decided to shut down the
Company's operations.

Accordingly, Anthony Wayne Elkerton was appointed as liquidator.

The Liquidator can be reached at:

         Anthony Wayne Elkerton
         Chartered Accountant
         Pitcher Partners
         Level 3, 60 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


KELVAR BAYTURN: Enters Voluntary Liquidation
--------------------------------------------
Members of Kelvar Bayturn Pty Limited met on August 1, 2006, and
agreed to voluntarily liquidate the Company's business.

In this regard, Morgan James Chubb was appointed as liquidator.

The Liquidator can be reached at:

         Morgan James Chubb
         Clout & Associates
         Level 1, 144-148 West High Street
         Coffs Harbour, Australia


LOVELL EARTHMOVING: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
Members and creditors of Lovell Earthmoving Contractors Pty Ltd
will convene on September 11, 2006, at 3:00 p.m., to hear
accounts of the Company's wind-up and the property disposal
exercises from Liquidator A. S. R. Hewitt

The Troubled Company Reporter - Asia Pacific reported on
May 25, 2006, that the Company declared its first and final
dividend on May 30, 2006.

The Liquidator can be reached at:

         A. S. R. Hewitt
         Grant Thornton
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria
         Australia


MOREY PTY: Members Agree to Close Business
------------------------------------------
Members of Morey Pty Limited met on August 2, 2006, and agreed
to close the Company's operations.

Accordingly, Bruce Neil Mulvaney was appointed as liquidator.

The Liquidator can be reached at:

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


ONE STOP: Receiver and Manager Ceases to Act
--------------------------------------------
Gerald T. Collins ceased to act as receiver and manager of all
the properties, rights, privileges and undertakings of
The One Stop Box Shop Pty Ltd on July 31, 2006.

The former Receiver and Manager can be reached at:

         Gerald T. Collins
         JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


PKW PTY: Liquidator to Present Wind-Up Report on September 18
-------------------------------------------------------------
The members and creditors of PKW Pty Ltd will hold a final
meeting on September 18, 2006, at 10:00 a.m., to hear accounts
of the Company's wind-up and the property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on Aug. 16, 2005.

The liquidator can be reached at:

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


RETREAT MANAGEMENT: Appoints Paul Vartelas as Liquidator
--------------------------------------------------------
Paul Vartelas was appointed on August 2, 2006, as receiver and
manager of all the assets and undertaking of Retreat Management
Pty Ltd.

The Receiver and Manager can be reached at:

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


SECURITY MANPOWER: Members and Creditors to Hear Wind-Up Report
---------------------------------------------------------------
A final meeting of the members and creditors of Security
Manpower Pty Limited will be held on September 15, 2006, at
10:00 a.m.

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

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 10,
2006.

The Liquidator can be reached at:

         Roderick Mackay Sutherland
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144


SIRDEERA PTY: Members Pass Resolution to Wind Up Firm
-----------------------------------------------------
At a general meeting held by the members of Sirdeera Pty Limited
on August 2, 2006, a resolution to wind-up the Company's
operations was passed.

The director can be reached at:

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


SOUTHERN CROSS: Creditors' Proof of Claim Due on September 6
------------------------------------------------------------
Southern Cross Forklifts Pty Limited will declare the first and
final dividend on September 13, 2006.

Creditors are required to prove their claims by September 6,
2006, for them to share in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported on
May 29, 2006, that the Company first declared its first dividend
on May 30, 2006.

The liquidator can be reached at:

         R. J. Porter
         Moore Stephens
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


TAISHO (AUSTRALIA): Members Decide to Close Business
----------------------------------------------------
Members of Taisho (Australia) Pty Limited met on August 2, 2006,
and decided to wind up the Company's operations.

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

The Liquidators can be reached at:

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


TANIZAWA INTERNATIONAL: To Declare First and Final Dividend
-----------------------------------------------------------
Tanizawa International Pty Ltd will distribute its first and
final dividend to creditors on September 21, 2006, to the
inclusion of those who can prove their claims by August 28,
2006.

As reported by the Troubled Company Reporter - Asia Pacific on
September 20, 2005 the Company commenced a wind up of its
operations on August 17, 2005.

The liquidator can be reached at:

         Kim Holbrook
         Holbrook & Associates
         Chartered Accountants
         Level 2, 19 Pier Street
         (GPO Box M925)
         Perth, Western Australia 6001
         Australia


UNDERGROUND NETWORKS: Enters Wind-Up Proceedings
------------------------------------------------
At an extraordinary general meeting held on August 2, 2006, the
members of Underground Networks Pty Limited decided to 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


WESTCOTT DEVELOPMENT: Members Pass Resolution to Wind Up Firm
-------------------------------------------------------------
Members of Westcott Development Pty Limited convened on
August 2, 2006, and passed a special resolution to wind up the
Company's operations.

In this regard, Stephen James Parbery was appointed as
liquidator.

The Liquidator can be reached at:

         Stephen James Parbery
         PPB
         Level 15, 25 Bligh Street
         Sydney
         Australia


WESTERN ELECTRICAL: Liquidator to Present Wind-Up Report
--------------------------------------------------------
A final meeting of the members and creditors of Western
Electrical Maintenance Pty Limited will be held on September 15,
2006, at 11:00 a.m.

During the meeting, Liquidator M. F. Cooper will present the
report on the Company's wind-up and the property disposal
exercises.

The Troubled Company Reporter - Asia Pacific, recounts on
August 1, 2005, that the Company commenced a wind-up of its
operations on June 20, 2005.

The Liquidator can be reached at:

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


WESTPOINT GROUP: Slater & Gordon Organizes Class Action
-------------------------------------------------------
Five hundred people have signed up in a class action being
organized by Slater & Gordon and funded by IMF Australia
concerning the collapse of Australia-based company Westpoint
Corp., The Age reports.

Slater & Gordon is pursuing a suit against two financial planner
of Westpoint:

   1. Bongiorno Group:

      * http://www.bongiorno.com.au/

   2. Professional Investment Services:

      * http://www.profinvest.com.au/

Bongiorno Group is acknowledging fault and offering
compensation.  Its offers a range from 10% of money lost to 50%,
according to the report.

IMF indicates it will collect 25% of any compensation if the
case is settled before December 2006, 30% if before June 2007
and 40% if it is after that time.  The terms would leave the
potential class between 60% and 75% of their money back if they
win, the report says.

Meanwhile, the Financial Industry Complaints Service is also
building up a legal claim against the financial advisers.  It
has so far received 210 complaints.  FICS procedures require
that clients must go through their adviser first.

                    About Westpoint Group

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

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


XTREME LIMOUSINES: Collins Ceases to Act as Receiver and Manager
----------------------------------------------------------------
Gerald T. Collins ceased to act as receiver and manager of all
the assets, rights and privileges of Xtreme Limousines Pty Ltd
on July 31, 2006.

The former Receiver and Manager can be reached at:

         Gerald t. Collins
         JCJ Partners Pty Ltd
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia


ZANYIMAGE PTY: Members and Creditors to Receive Wind-Up Report
--------------------------------------------------------------
The members and creditors of Zanyimage Pty Ltd will hold a final
meeting on September 14, 2006, at 9:30 a.m., to receive
Liquidator Warren White's report on the Company's wind-up
proceedings and the property disposal exercises.

The Troubled Company Reporter - Asia Pacific reported on
March 8, 2006, that the Company commenced a wind-up of its
operations on February 8, 2006.

The Liquidator can be reached at:

         Warren White
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


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

97 COLLECTIONS: Appoints Joint and Several Liquidators
------------------------------------------------------
Members of 97 Collections Limited on August 1, 2006, appointed
Paul David Stuart Moyes and Yeung Betty Yuen as joint and
several liquidators of the Company.

The Joint Liquidators can be reached at:

         P.D. Stuart Moyes
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


ASIA FOCUS: Creditors and Contributories Meetings Set on Sept. 1
----------------------------------------------------------------
Creditors and contributories of Asia Focus International
Holdings Co Ltd will convene for their first meetings at Room
201, 2/F., Duke of Windsor Social Service Building, No.15
Hennessy Road in Wanchai, Hong Kong on September 1, 2006, at
3:00 p.m. and 5:00 p.m. respectively.

The Troubled Company Reporter - Asia Focus reported that on
June 7, 2006, the High Court of Hong Kong issued a wind-up order
against the Company.  Wing Hung Knitters filed the petition on
April 6, 2006.


BEARCOLE LIMITED: Creditors Must Prove Debts by September 1
-----------------------------------------------------------
Creditors of Bearcole Ltd are required to prove their debts by
September 1, 2006, to Joint and Several Liquidator Stephen
Briscoe.

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

The Joint Liquidator can be reached at:

         Stephen Briscoe
         5/F., Allied Kajima Building
         138 Gloucester Road
         Wan Chai, Hong Kong


BESTWIN TEXTILE: Creditors Hold First Meeting
---------------------------------------------
Creditors of Bestwin Textile Co Ltd convened for their first
meeting at Suites 2205-6, Island Place Tower, 510 King's Road,
North Point in Hong Kong on August 21, 2006, at 10:00 a.m.

At the meeting, creditors were asked to consider matters
relevant to the Company's voluntary wind-up under different
section of the Companies Ordinance of Hong Kong.


BILLION CENTURY: Creditors Met to Discuss Wind-Up
-------------------------------------------------
Creditors of Billion Century Garments Ltd convened for their
first meeting at Room 802, 8/F., Ginza Square, 565-567 Nathan
Road, Yaumatei, Kowloon on August 21, 2006, at 3:00 p.m.

The meeting was called for the purpose of considering different
matters relevant to the creditors' voluntary wind-up based on
the different sections of the Companies Ordinance of Hong Kong.


CDS MEDIA: Creditors and Members Hold Annual Meeting
----------------------------------------------------
The annual meeting of the creditors and members of CDS Media
Logistics Co Ltd was held concurrently at 14th Floor, Hong Kong
Club Building, 3A Chater Road, in Central Hong Kong on August
18, 2006, at 11:00 a.m.

At the meeting, Joint and Several Liquidator Desmond Cheung
presented a report regarding the Company's wind-up and the
manner its properties were disposed of.


CITIC PACIFIC: Posts 24% Rise in First Half Earnings
----------------------------------------------------
CITIC Pacific Co. Ltd posted a 24% rise in first-half earnings,
mainly due to robust growth in its special steel business and a
windfall from the sale of its interest in a Hong Kong shopping
mall, Agence France Press reports.

CITIC Pacific -- run by tycoon Larry Yung -- has stepped up
investment in special steel, iron ore and mainland property and
has also diversified into retail and power, AFP says.

According to the Company's financial report, lower production
costs and more new products had boosted its first-half earnings
at its 57%-owned Daye Special Steel Co. Ltd by about six-fold
compared with CNY33 million a year earlier.

CITIC Pacific posted a net profit of HKD3.44 billion, or US$441
million, for the six months ended June, compared with HKD2.77
billion the previous year.  The Company's first-half earnings
included a disposal gain of HKD1.26 billion from the sale of a
50% stake in Festival Walk to partner Swire Pacific Ltd in
January.

Moreover, the Company proposed a special dividend of HKD0.30 per
share on top of an interim dividend of HKD0.30, compared with an
interim dividend of HKD0.30 in the same period last year.

AFP recounts that CITIC Pacific agreed in June 2006 to sell its
28.5% stake in Hong Kong Dragonair to Cathay Pacific Airways Ltd
and cut its Cathay stake to 17.5% from 26%.  Analysts expected
the Company to book a disposal gain of HKD2 billion from the
sale of Dragonair in the second half.

According to AFP, the two major asset sales would grant the
company cash inflows of HKD11.2 billion to help finance its
mainland property business and special steel projects, as well
as an investment in a multi-billion dollar iron ore project in
Australia.

But the moves triggered a credit downgrade, with Standard and
Poor's lowering its long-term corporate credit rating for CITIC
Pacific to 'BB+' from 'BBB-' to reflect a progressive shift in
the firm's businesses.  The ratings agency said the sale of
proven investments and reduced holdings in the airline business
may reduce recurring cash inflow over the next few years.

                          *     *     *

Based in Hong Kong, CITIC Pacific Ltd
-- http://www.citicpacific.com/-- is engaged in a range of
businesses in China and Hong Kong, including steel
manufacturing, property development and investment, power
generation, aviation, infrastructure, communications and
distribution. It is 29% indirectly owned by China International
Trust & Investment Corporation.

On June 28, 2006, The Troubled Company Reporter - Asia Pacific
reported that Standard & Poor's Ratings Services lowered its
long-term corporate credit rating on CITIC Pacific Ltd to BB+
from BBB-.  At the same time, it removed the rating from
CreditWatch, where it had been placed with negative implications
on April 7, 2006.  The outlook is stable.


FINE DRAGON: Wind-Up Petition Hearing Fixed on September 6
----------------------------------------------------------
A wind-up petition filed against Fine Dragon Construction
Engineering Limited will be heard before the High Court of Hong
Kong on September 6, 2006, at 9:30 a.m.

Yu Kwok Keung filed the petition with the Court on July 10,
2006.

The Solicitor for the Petitioner can be reached at:

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


FOOK SANG INDUSTRIAL: Court to Hear Wind-Up Bid on September 6
--------------------------------------------------------------
Chow Loi Ho, Hannah on July 7, 2006, filed before the High Court
of Hong Kong a petition to wind-up the operations of Fook Sang
Industrial Co Ltd.

The Court will hear the petition on September 6, 2006, at 9:30
a.m.

The Solicitors for the Petitioner can be reached at:

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


GOLDTRON M G: Liquidator Ceases to Act for Company
--------------------------------------------------
Huen Ho Yin ceased to act as liquidator of Goldtron M G
Engineering Co Ltd on August 4, 2006.

According to The Troubled Company Reporter - Asia Pacific,
creditors' voluntary wind-up of the Company commenced on
July 12, 2006.

The former Liquidator can be reached at:

         Huen Ho Yin
         Units 3307-3312, 33/F
         West Tower, Shun Tak Centre
         168-200 Connaught Road Centre
         Sheung Wan, Hong Kong


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://ResearchArchives.com/t/s?ff1

                     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.

                        *     *     *

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,
citing the Company's recurring losses, net liabilities position
and payment defaults.


LARAMI FAR EAST: Members Opt for Voluntary Wind-Up
--------------------------------------------------
At an extraordinary general meeting on July 28, 2006, members of
Larami Far East Ltd resolved to voluntarily wind up the
Company's operations and appoint Natalia K.M. Seng and Susan Y.
H. Lo as joint liquidators.

The Joint Liquidators can be reached at:

         Susan Y. H. Lo
         Level 28, Three Pacific Place
         1 Queen's Road East
         Hong Kong


LIGHTAL LIMITED: Court Favors Wind-Up
-------------------------------------
The High Court of Hong Kong on August 2, 2006, issued a wind-up
order against Lightal Limited.

According to The Troubled Company Reporter - Asia Pacific, the
Bank of China (Hong Kong) Ltd on May 29, 2006, filed before the
Court a petition to wind-up the Company's operations.  The
petition was heard before the Court on August 2, 2006.


LONGWILL ENGINEERING: Court Hears Wind-Up Petition
--------------------------------------------------
A wind-up petition filed against Longwill Engineering Ltd was
heard before the High Court of Hong Kong on August 16, 2006.

Silver View Property Development Ltd filed the petition with the
Court on June 1, 2006.

The Solicitors for the Petitioner can be reached at:

         Raymond Chan, Kenneth Yuen & Co.
         Room 1501, Yuen Long Trade Centre
         99-109, Castle Peak Road
         New Territories, Hong Kong


PELICAN LIMITED: Liquidators to Present Wind-Up Report
------------------------------------------------------
Joint and Several Liquidators Yu Yu Kin and Cheng Kam Wa, Thomas
will present to members of Pelican Ltd accounts of the Company's
wind-up exercises.

The Liquidators will present the report on September 11, 2006,
10:00 a.m. at Office B, 26/F., United Centre, 95 Queensway, Hong
Kong.


PRECISION TECHNOLOGIES: Faces Wind-Up Proceedings
-------------------------------------------------
A petition to wind-up the business of Precision Technologies
(Communication) Co Ltd will be heard before the High Court of
Hong Kong on September 20, 2006, at 9:30 a.m.

Mark Hui Yin, Ng Wing Man and Tse Pui Shan filed the petition
with the Court on July 12, 2006.

The Solicitors for the Petitioners can be reached at:

         K. H. Yuen & David Cheung
         Room 1103, 11th Floor
         Hollywood Plaza
         No. 610 Nathan Road, Mongkok
         Kowloon, Hong Kong


SHUN KAM COMPANY: Members Convene in Annual Meeting
---------------------------------------------------
The annual meeting of the creditors and members of Shun Kam Co
Ltd was held concurrently at 14th Floor, Hong Kong Club
Building, 3A Chater Road, Central Hong Kong on August 18, 2006,
at 10:00 a.m.

At the meeting, Joint and Several Liquidator Desmond Cheung
presented a report regarding the Company's wind-up and the
manner its properties were disposed of.


* S&P Commends China's Latest Interest Rate Hike
------------------------------------------------
Standard & Poor's Ratings Services said that the latest increase
in interest rates in the People's Republic of China reflects the
government's continuing effort to rein in rapid credit and
investment growth.

The 27 basis point hike in the lending rate, to 6.12%, together
with monetary and administrative measures already implemented,
will help the rate of economic expansion in the country to ease
to a more sustainable level in the near future.

This reinforces Standard & Poor's expectations that the
government is likely to be successful in maintaining
macroeconomic stability in the country.

With this rate hike and the pause in U.S. monetary policy
tightening, however, there is now less room for further upward
moves in Chinese interest rates.  Nevertheless, if economic
activity remains excessively buoyant, more policy interventions
will be necessary. These could come in the form of direct
measures such as changes in reserve requirements, or the
introduction of more administrative measures.  Going forward,
the government is also likely to continue its economic
liberalization effort, including greater flexibility in the
Chinese renminbi exchange rate.


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

AES CORP: Joins Plug-In Hybrid Development Consortium
-----------------------------------------------------
AES Corporation has joined a consortium in support of Plug-in
Hybrid Electric Vehicles.  The Consortium is made up of a
growing number of automotive suppliers, manufacturers and other
organizations working together to accelerate the commercial
production of PHEVs.

"As the need for alternative sources of energy continues to
grow, given rising energy costs, energy security issues and
environmental concerns, AES will play a leading role in meeting
that increasing market need," said Robert Hemphill, AES
Executive Vice President.  "We see PHEVs as a practical and
economical way to help meet our nation's transportation,
environmental and energy goals in a sustainable way, and we look
forward to continuing to play a leadership role in alternative
energy through our membership in the Plug-In Hybrid Development
Consortium."

Plug-In Hybrids have been gaining increasing popularity and
support because they offer consumers significantly more benefits
than current hybrid vehicles.  PHEVs can achieve over 100 mpg
fuel economy, they dramatically reduce emissions and can run on
electric fuel for just 1/4th the price of gasoline.  By plugging
into the grid to charge extended range batteries, a Plug-In
Hybrid can drive over 20 miles without turning on its combustion
engine, emitting significantly less greenhouse gases than
conventional vehicles.  Current hybrids are limited to the small
amount of electrical energy generated onboard while driving.

In addition, PHEVs can be implemented relatively quickly using
the existing electric power infrastructure, unlike hydrogen fuel
cell vehicles, which may require decades of development and
significant infrastructure changes.  With recent support by
United States President Bush, Senator Hatch, and a growing
number of Congressmen and Senators, Plug-In Hybrids are also
being considered the best near-term solution for reducing a
growing dependency on foreign oil.

Robert Hemphill, Executive Vice President at AES, is the
company's representative to the Consortium and is helping guide
the company's efforts to evaluate and participate in
opportunities to promote clean, renewable electric power for
transportation.

"We are pleased to welcome AES to the Consortium," said Ed
Kjaer, co-founder of the Consortium and Director of Electric
Transportation, for Southern California Edison.  "The global
strength of AES and the example of their innovative leadership
in the power industry are valuable additions to this
organization and will help accelerate PHEV development and
public support.

                        PHEV Facts:

   -- Electric Fuel is just 1/4 cost of petroleum fuel with
      zero vehicle emissions;

   -- PHEVs improves fuel efficiency.  100 mpg or higher PHEV
      hybrids are being demonstrated now;

   -- PHEVs offer an immediate, near-term way to reduce
      dependency on foreign oil;

   -- PHEVs running on grid power, reduce greenhouse gases over
      conventional vehicles;

   -- The electrical infrastructure is already in place to
      support PHEVs in high volume;

   -- Nighttime charging may help reduce utility rates by
      balancing peak and off-peak demand; and

   -- Home recharging is convenient and requires only an
      extension cord.

                      About The Consortium

The Consortium -- http://www.hybridconsortium.org/-- was
organized to coordinate and accelerate the development of
critical new solutions while reducing the development time for
the next generation Hybrid vehicles.  The members of this
growing Consortium plan to develop compatible components and
cost effective working designs, to help make PHEVs commercially
viable.

                         About AES Corp.

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

AES's business group in Asia & Middle East is comprised of
electric utilities and generation plants in China, Kazakhstan,
Oman, Qatar, Pakistan, Sri Lanka and India.  Fuels include coal,
diesel, hydro, gas and oil.

                           *     *     *

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

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

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


DUNLOP INDIA: Ambattur Plant Operations Begin Ahead of Schedule
---------------------------------------------------------------
Dunlop India Limited is preparing to fully open its Ambattur
facility this week, a month ahead of schedule, The Hindu says.

According to the report, production at the Ambattur Plant will
kick off with an initial capital of INR50 crore and with a daily
start-up capacity of 40 tonnes, which would be raised to 130
tonnes a day by December 2006.

The Dunlop management is now finalizing the list of voluntary
retirement candidates, as only 1,000 of the plant's 1,200-strong
workforce will be absorbed, The Hindu says.  The surplus
workforce will come from the canteen and security areas.

The Hindu reports that the Ambattur Plant will first produce
tires for light commercial vehicles, while tractor tires will be
manufactured later.  Dunlop said that it would sell its products
to original equipment manufacturers, but that a dealership
network with Ashok Leyland and Tata Motors was also being built
up.

As for the Sahagunj unit in West Bengal, which commenced
maintenance work in May 2006 after a five-year closure,
production was likely to start from October with the full
production range.  However, only 1,200 people would be required
in the Sahagunj unit against the existing workforce of 2,600,
The Hindu says.

Meanwhile, The Hindu adds that Pawan Ruia, Dunlop's new
promoter, has withdrawn his case from the Appellate Authority
for Industrial and Financial Reconstruction, saying that Dunlop
has now moved back to the Board for Industrial and Financial
Reconstruction and a rehabilitation package would be submitted
soon.

                       About Dunlop India

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

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


FORD MOTOR: Fitch Shaves Default Rating to B; Outlook Negative
--------------------------------------------------------------
Fitch Ratings downgraded on August 18, 2006, the Issuer Default
Rating of Ford Motor Company and Ford Motor Credit Company to
'B' from 'B+'.  Fitch also lowered Ford's senior unsecured
rating to 'B+/RR3' from 'BB-/RR3' and Ford Credit's senior
unsecured rating to 'BB-/RR2' from 'BB/RR2'.  The Rating Outlook
remains Negative.

The downgrade is based on the significant production cutbacks in
the third and fourth quarter that reflect persistent share
losses across key product categories.  Negative cash flows,
including restructuring costs, could exceed US$7 billion in
2006, including working capital and restructuring outflows.
Cash outflows related to restructuring actions will continue in
2007, although operating losses could moderate as cost reduction
efforts are realized.  Sustained market share losses or a
decline in economic conditions through 2007 would result in
continued high levels of cash outflows and erosion of liquidity.
Although liquidity remains adequate, progress in achieving
structural cost reductions and maintaining the confidence of
trade creditors will remain critical over the near term.

Implicit in the production cutbacks are expectations of
continued weak pickup sales that have resulted in extended
inventories.  Volume declines in Ford's pickup segment, along
with continued declines in mid-size and large SUVs, are likely
to accelerate revenue declines and negative cash flows in 2006.
Although continued share losses and price erosion were
anticipated as a result GM's upcoming refreshed pickup line and
the start-up of Toyota's new pickup plant, vulnerability to this
segment has increased as a result of high gas prices, a
potential slowdown in economic conditions, and a contracting
construction segment.

Ford has demonstrated recent growth in certain car segments,
where industry sales have been migrating, but volumes and
profitability in these segments will be insufficient in the
short-term to offset the decline in higher-margin mid-size and
large SUVs and pickups.

Ford's product pipeline is modest over the near term, although
two crossover products to be introduced in 2006 (the Ford Edge
and Lincoln MKX) are expected to partially offset continued
share erosion.

Ford's 'RR3' Recovery Rating reflects good recovery prospects of
50-70% in the event that the company is forced to seek
protection under Chapter 11.  Recovery values benefit from
Ford's holdings in Mazda, operations in Asia and South America,
very modest recoveries from Premier Automotive Group operations,
and 100% ownership in Ford Credit.  Recovery for senior
unsecured holders also benefits from being in a superior
position to the Capital Trust II securities, which represents
approximately 29% of consolidated debt.  Recovery values
associated with Ford Credit are likely to decline as Ford
Credit's balance sheet shrinks and repatriated capital is used
to finance operating losses.

Fitch's recovery analysis also projects that due to declining
market share and low current capacity utilization, at least one
additional assembly plant will be shut down, in addition to
those already announced.

Fitch's recovery scenario incorporates a Chapter 11 filing of
North American operations only, and would result in significant
claims from working capital liabilities -- trade creditors,
dealers, fleet customers, etc. -- in addition to unsecured
debtholders.

Fitch also factored in liabilities related to on and off-balance
sheet liabilities that could augment claims.  Fitch did not
factor in claims related to potential termination or alteration
of legacy OPEB and pension costs.  In the event of a filing,
Fitch anticipates that Ford would not attempt to terminate its
pension plans.  Changes to OPEB liabilities are expected to be
negotiated as part of a new labor agreement in the event of a
Chapter 11 filing, without resulting in claims against the
estate.  The restructured enterprise value includes reduced
production volumes, and structural cost reductions to an extent
that a 3% operating margin could be achieved in North America.

Declining revenues are unlikely to reverse through 2007 due to
market share losses and declining mix.  Despite modest progress
on the cost side, the pace of cost reductions is not expected to
keep up with revenue losses, assuming continued high commodity
costs, thereby continuing negative cash flows.  Over the
intermediate-term, reducing inventories and producing closer to
demand will enhance even-flow production and production
efficiencies, and reduce reliance on ruinous incentive programs.
However, lower production levels, coupled with already weak
capacity utilization, ill increase short-term cash outflows and
heighten the urgency of achieving substantive structural cost
reductions.

Ford's production cutbacks will also heighten operating and
financial stresses throughout the supply chain, increasing the
risks of further bankruptcies or other supply disruptions.
Supply chain stresses are expected to result in increased risks
of financial support and will limit the potential for any cost
savings to accrue to Ford over the near term from the
restructuring of the supply base.

Ford Credit's IDR remains linked to those of Ford due to the
close business relationship between them.  Fitch expects FMCC's
earnings and dividends to decline noticeably in 2006 primarily
due to lower receivables outstanding and margins. FMCC has
benefited from lower provision expense, as the quality of its
receivables pool has increased, but the pace of these
improvements is expected to slow going forward.

Fitch believes that FMCC maintains a good degree of liquidity
relative to its rating.  Supporting this is FMCC's ability to
sell or securitize a broad spectrum of assets such as retail
finance, lease, and wholesale loans.  Moreover, FMCC continues
to hold high cash balances and its assets mature faster than its
debt.  FMCC's 'RR2' Recovery Rating indicates superior recovery
prospects on unsecured debt resulting from solid unencumbered
asset protection, although discounted to account for stressed
performance and disposition.

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world, including India.


FORD MOTOR: S&P Puts Credit Ratings on Watch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services on August 18, 2006, placed
its 'B+' long-term and 'B-2' short-term ratings on Ford Motor
Co., Ford Motor Credit Co., and related entities on CreditWatch
with negative implications.  The 'BB-' long-term rating and
'B-2' short-term ratings on FCE Bank PLC, Ford Motor Credit's
European bank, were also placed on CreditWatch with negative
implications, reflecting its linkage to the Ford rating.

The Ford CreditWatch placement reflects S&P's decision to review
the ratings in light of the sharply lower production schedule
just announced for light trucks in the fourth quarter -- down
155,000 units, or 28%, versus fourth-quarter production in 2005.
These cuts, along with the very likely significant cost
reductions to be announced in September, reveal the magnitude of
turnaround efforts needed to deal with Ford's deteriorating
product mix, lower market share, and excess production capacity
in North America.

"The lower production will have a significant negative effect on
Ford's cash flow in the fourth quarter," said Standard & Poor's
credit analyst Robert Schulz.

Although Ford's North American automotive operations are cash-
flow negative, Ford's liquidity should still be sufficient
relative to near-term requirements, as the Company has a large
liquidity position.

                        About Ford Motor

Ford Motor Company, headquartered in Dearborn, Michigan, U.S.A.,
is the world's third largest automobile manufacturer.  It has
operations all over the world, including India.


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

ARPENI PRATAMA: Rebound Expected as Net Profit Drops 20%
--------------------------------------------------------
PT Arpeni Pratama Ocean Line Tbk posted a net profit of
IDR73.87 billion for the six months ending June 30, 2006, down
19.90% from the IDR92.22-billion net profit it posted for the
same period in 2005, according to the company's financials
submitted to the Surabaya Stock Exchange.  The company made
IDR168.7 billion for the full year ending December 31, 2005.

Arpeni Pratama's director, Ronald Nangoi, told The Jakarta Post
that the result was due to a rise in interest payments on the
company's bonds during the second quarter.

Revenues were up 37% to IDR652.10 billion for the first half of
2006, from IDR477.78 billion in the previous corresponding
period.

The Jakarta Post said that the company expects to do better in
the second half, with a new policy prioritizing local shipping
lines coming into effect and the prospects of increased
commodity traffic this year.

The Post quotes Mr. Nangoi as saying that he was upbeat about
the rest of the year based on the fact that maritime trade in
Indonesia was continuously increasing -- growing by around 6%
per year to reach 699 million tons in 2005.  In addition,
commodity prices were also high, particularly for Arpeni's main
cargo, coal.

Furthermore, the Indonesian government has also been
consistently implementing the new maritime cabotage policy since
late 2005, which would further boost the business prospects of
domestic shipping lines.   The new policy will require all
domestic shipping to be transported by local carriers by 2010.

Arpreni Pratama's financials, Indonesian, submitted to the
Surubaya Stock Exchange contains these financial highlights:

                PT Arpeni Pratama Ocean Line Tbk
                      Financial Highlights
                            (in IDR)

                             As of                As of
                         June 30, 2006      December 31, 2005
                       -----------------    -----------------
   Current assets      1,363,146,156,701      772,348,267,236
   Total assets        3,492,815,414,784    1,473,225,521,384
   Current liabilities   475,612,649,789      507,062,354,774
   Total liabilities   1,857,291,880,053      703,333,297,477
   Total equity        1,152,898,166,510    1,033,476,524,100

                                 For the Period Ending
                              06/30/2006           06/30/2005
                              ----------           ----------
   Gross Profit          165,988,491,846      161,344,939,855
   Operating Expenses     44,994,701,621       39,351,026,258
   Income from
      Operations         120,993,790,225      121,993,913,597
   Net Income             73,869,242,023       92,217,289,365

                      About Arpeni Pratama

PT Arpeni Pratama Ocean Line Tbk -- http://www.apol.co.id/-- is
a marine shipping company.  The company's activities include
bulk and liquid transportation services.  Arpeni operates a
fleet of general purpose specialist, such as their tweendecker
MV Alas which is designed to transport dry cargoes such as
plywood and agricultural products.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 2, 2006, Fitch Ratings has assigned a final rating of "BB-"
to the US$160 million guaranteed notes due 2013 issued by Arpeni
Pratama Ocean Line Investment B.V. and guaranteed by PT Arpeni
Pratama Ocean Line Tbk -- Arpeni, rated Long-term Foreign and
Local Currency Issuer Default 'BB-'/Stable -- and its
subsidiaries.

This follows the completion of the notes issue and receipt of
documents conforming to information already received.  The notes
are secured by first priority pledges of capital stock of
Arpeni's equity interest in most of its subsidiaries.  The
ratings are not constrained by the "BB-" Country Ceiling of the
Republic of Indonesia.

According to another TCR-AP report on April 24, 2006, Standard &
Poor's Ratings Services has assigned its B+ corporate credit
rating to PT Arpeni.  The outlook is stable.  At the same time,
Standard & Poor's assigned its 'B+' rating to the proposed
US$160 million seven-year senior unsecured notes to be issued by
the company.

The company intends to use a part of the net proceeds -- about
US$93 million -- for refinancing existing debt, and the balance
for capital expenditure and vessel financing.


BANK BUANA: First-Half 2006 Net Profit Down By 7%
-------------------------------------------------
PT Bank Buana Indonesia Terbuka reported a 7% drop in net profit
to IDR199.17 billion in the first half of 2006 from
IDR215.08 billion in the first half of 2005, according to the
company's financials submitted to the Surabaya Stock Exchange.

Total revenues shot up to IDR1.10 trillion in the six months
ending June 30, 2006, up from the IDR771.08 billion from a year
ago.  Interest income during the first semester of this year
jumped by about 20% to IDR557.89 billion from IDR465.07 billion
during the same period last year.

The Jakarta Post quotes Bank Buana President Jimmy Kurniawan
Laihad as saying that he was still optimistic that the lender
would be able to at least maintain the same level of profit as
last year.  The Post adds that with total assets of about
IDR16 trillion, the bank managed to book a profit of
IDR456 billion for the full-year of 2005.

The bank's total assets as of June 30, 2006, rose to
IDR17.43 trillion.

Bank Buana's submitted financials, in Indonesian, to the
Surabaya Stock Exchange include these financial highlights:

                 PT Bank Buana Indonesia Terbuka
                     Financial Highlights
                       (in IDR Millions)

                             As of                As of
                         June 30, 2006      December 31, 2005
                       -----------------    -----------------
   Total assets               17,426,116           15,356,280
   Total liabilities          14,362,875           13,324,102
   Total equity                3,063,241            2,032,178

                                 For the Period Ending
                              06/30/2006           06/30/2005
                              ----------           ----------
   Revenues                    1,100,851              771,079
   Expenses                      550,982              316,328
   Operational Profit            290,300              304,897
   Net Income                    199,116              215,080

                        About Bank Buana

Headquartered in Jakarta, PT Bank Buana Indonesia Terbuka  --
http://www.bankbuana.com-- provides public deposits, investment
portfolio, and other financial services, including: demand,
savings and time deposits, Bank Indonesia promissory notes,
bonds, consumer loans, retail commercial loans, and corporate
loans.  Other financial services include exports, imports,
transfers, collection, issuing of bank guarantees and foreign
currency transactions.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
May 24, 2006, Fitch Ratings affirms Bank Buana's:

   * long-term foreign and local currency issue default ratings
     at 'BB-';

   * short-term rating at 'B'; and

   * individual rating at 'C/D'.

The outlook for the ratings is stable.


BANK CENTRAL ASIA: Books 17.2% Increase in Net Profit
-----------------------------------------------------
PT Bank Central Asia Tbk (JSX: BBCA) booked a first quarter 2006
net profit of IDR981 billion, up 17.2% from the IDR837-billion
net profit for the same period last year, driven by a
significant increase in net interest income, according to the
bank's press release.

Improved net profit led to improvements in ROA and ROE of 3.7%
and 26.8%, respectively.

BCA recorded an improved net interest margin of 7.4% in the
first quarter of 2006 from 5.6% in the same period in 2005.  The
rise in net interest margin was driven by the bank's favorable
earning assets composition and stable third party funds.  Net
interest income rose significantly by 27.6% to
IDR2.306 trillion.

Mr. D.E. Setijoso, President Director of Bank Central Asia,
mentioned, "It is encouraging to see the bank's performance in
the first quarter 2006 and we will continue to apply our
strategy to optimize profitability and maintain liquidity."

Despite loan demand remaining weak in first the quarter 2006,
BCA's outstanding loans increased 24.9% year on year to
IDR51.963 trillion bringing its loan to deposit ratio to 40.3%.
In the first quarter 2006 Commercial and SME loans contributed
45.9%, the biggest portion, of total loans while corporate and
consumer lending contributed 37.8% and 16.3%, respectively.

BCA's NPL remained at a relatively low level of 1.3% as compared
to the industry average of 9.3%.

BCA's investor presentation includes these financial highlights:

                    PT Bank Central Asia Tbk
                      Financial Highlights
                        (in IDR billions)

                               As of              As of
                             03/31/2006         12/31/2005
                             ----------         ----------
    Total Assets                150,458            150,181
    Secondary Reserves           19,422             15,643
    Loans - Gross                51,963             54,128
    Tier 1 Equity                14,768             12,816
    Tier 2 Equity                 1,794              1,778

                                 For the Period Ending
                              03/31/2006        03/31/2005
                              ----------        ----------
    Net Interest Income            1,807             2,306
    Other Operating Income           409               572
    Provision                         24                85
    Operating Expenses             1,013             1,379
    Income from Operations         1,179             1,389
    Non-operating Income-net          19                11
    Profit before Income Tax       1,198             1,400
    Net Profit                       837               981

                    PT Bank Central Asia Tbk
                     Financial Ratio Summary

                               As of              As of
                             03/31/2006         12/31/2005
                             ----------         ----------
    Return on Assets               3.7%               3.4%
    Return on Equity              26.8%              28.2%
    Net Interest Margin            7.4%               6.0%
    Capital Adequacy Ratio        25.1%              21.5%
    Cost Efficiency Ratio         47.0%              42.9%
    NPL Ratio - Gross              1.3%               1.7%
    Provision/NPL                  3.4%               3.4%

The Bank's financials are available for free at:

http://bankrupt.com/misc/BCAfinancialhighlights1Q2006.pdf

                    About Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk --
http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
May 24, 2006, Fitch Ratings affirms Bank Central Asia's:

   * Long-term Foreign Currency Issuer Default Rating at 'BB-';

   * Short-term at 'B';

   * Individual at 'C/D'; and

   * Support '4'.

The outlook is stable.


BANK CENTRAL ASIA: Pays IDR90-Per-Shares Final Dividend
-------------------------------------------------------
PT Bank Central Asia Tbk has announced a final dividend payout
of IDR90 per share, as well as a change in the composition of
its Board of Commissaries, according to a bank press release.

In the bank's Annual General Meeting of Shareholders, Raden
Pardede, previously a Commissary, was appointed an Independent
Commissary.  The appointment of Independent Commissaries is to
comply with Bank Indonesia's new regulation on Good Corporate
Government for commercial banks.

                        Dividend Pay-Out

BCA will pay its shareholders a 2005 dividend of IDR140 per
share, or based on the total shares issued by the Company being
12,327,720,000 shares, to an aggregate of IDR1.73 billion or
47.97% of its 2005 net profit.  The final dividend has taken
into account the interim dividend of IDR.50 per share duly paid
out on October 25, 2005.  The total balance of dividend payment
to be paid out by the company will be determined on the basis of
total issued shares on recording date less total shares
repurchased by the company (treasury stocks).

The AGMS further approved the Company's Annual Report for the
year ended December 31, 2005, as well as the Financial Reports
for the same period.  In addition, it acquits and discharges the
board of directors and board of commissaries of all management
and supervisory measures taken during the book year ending
December 31, 2005.  Last but not least, the composition of the
board of directors and board of commissaries was also announced.

Upon conclusion of the AGMS, BCA preceded with the Extra-
Ordinary Meeting of Shareholders, which granted approval to the
company to effect amendment to the Articles of Incorporation,
such amendment of which being in compliance with the new Bank
Indonesia Regulation No. PBI No. 8/4/PBI/2006 on the application
of principles of Good Corporate Government for commercial banks.

                    About Bank Central Asia

Headquartered in Jakarta, Indonesia, PT Bank Central Asia Tbk --
http://www.klikbca.com/-- offers individual and business
products and services.  The bank's individual services consist
of savings accounts, home loans and car loans, remittance,
collection and safe deposit facilities.  The bank's business
services consist of working capital loans, investment loans and
bank guarantee for small and medium-sized enterprises.  In
addition, it provides export import facilities such as letters
of credit, negotiation and discounting.  The bank's subsidiaries
include PT BCA Finance, BCA Finance Limited and BCA Remittance
Limited.  It has 772 branches in Indonesia, Singapore and New
York, 42,958 EDCs and operates 4,425 ATMs.  The bank serves
6.6 million accounts throughout Indonesia.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
May 24, 2006, Fitch Ratings affirms Bank Central Asia's:

   * Long-term Foreign Currency Issuer Default Rating at 'BB-';

   * Short-term at 'B';

   * Individual at 'C/D'; and

   * Support '4'.

The outlook is stable.


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

OCA INC: Equity Panel Taps Imperial Capital as Financial Advisor
----------------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Louisiana allowed the Official Committee of Equity Security
Holders appointed in OCA, Inc., and its debtor-affiliates'
Chapter 11 cases, to employ Imperial Capital, LLC, as its
financial advisor.

Imperial Capital is expected to:

   a) analyze the Debtors' business, operations, properties,
      financial condition, competition, forecast, prospects and
      management;

   b) perform financial valuations of the Debtors' ongoing
      operations;

   c) assist the Equity Committee in developing, evaluating,
      structuring and negotiating the terms and conditions of
      any plan of reorganization, including the value of
      securities, if any, that may be issued to the equity
      holders under a plan of reorganization;

   d) analyze potential divestitures by the Debtor; and

   e) provide other financial advisory services with respect to
      the Debtors' financial issues as may from time to time be
      agreed upon between the Equity Committee and the firm.

Tim O'Connor, an Imperial Capital member, discloses the firm's
professionals bill:

          Designation                Hourly Rate
          -----------                -----------
          Managing Directors            US$800
          Sr. Vice Presidents           US$600
          Vice Presidents               US$550
          Associates                    US$450
          Analysts                      US$350

Mr. Connor adds that the firm will receive a transaction fee
greater than:

    i) US$300,000 or

   ii) 1.0% of the new money contributed by the members of the
       Committee or their affiliates pursuant to the
       restructuring, payable in cash.

Mr. Connor assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code.

                         About OCA Inc.

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in
Mexico, Spain, Brazil, Puerto Rico and Japan.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No. 06-0179).
Three debtor-affiliates also filed for bankruptcy protection on
June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).  William H.
Patrick, III, Esq., at Heller Draper Hayden Patrick & Horn, LLC,
represents the Debtors.  Patrick S. Garrity, Esq.,  and William
E. Steffes, Esq., at Steffes Vingiello & McKenzie LLC represent
the Official Committee of Unsecured Creditors.  Carmen H.
Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B. Cheatham,
Esq., at Adams and Reese LLP represent the Official Committee of
Equity Security Holders.  When the Debtors filed for protection
from their creditors, they listed US$545,220,000 in total assets
and US$196,337,000 in total debts.


OCA INC: Hires Postlethwaite & Netterville as Accountants
---------------------------------------------------------
The United States Bankruptcy Court for the Eastern District of
Louisiana gave OCA, Inc., and its debtor-affiliates permission
to employ Postlethwaite & Netterville, as its accountants.

Postlethwaite & Netterville will:

   a) prepare cash flow forecasts as needed;

   b) assist the Debtors in closing their books each month;

   c) assist the Debtors with issuance of the monthly financial
      statements;

   d) review the completed financial statements with the
      Debtors' management;

   e) conduct general ledger account reconciliations (excluding
      bank reconciliation);

   f) prepare schedules for yearly financial audits;

   g) assist in the preparation of audited financial statements;

   h) provide any other advice and assistance as may be
      requested from time to time by the Debtors; and

   i) assist in reviewing records and analyzing data in
      connection with the litigation which is pending and
      anticipated in connection with enforcing the Debtors'
      rights;

Postlethwaite & Netterville holds an unsecured claim of
US$44,759 against the Debtors and has waived that claim.

Albert J. Richard, III, a Postlethwaite & Netterville director,
discloses that the firm's professionals bill:

          Designation                Hourly Rate
          -----------                -----------
          Director/Partner          US$170 - US$220
          Associate                 US$130 - US$170
          Manager                   US$120 - US$140
          Senior Accountant          US$90 - US$120
          Staff                      US$70 - US$95

Mr. Richard assures the Court that his firm does not represent
any interest adverse to the Debtor or its estate.

                         About OCA Inc.

Based in Metairie, Louisiana, OCA, Inc. -- http://www.ocai.com/
-- provides a full range of operational, purchasing, financial,
marketing, administrative and other business services, as well
as capital and proprietary information systems to approximately
200 orthodontic and dental practices representing approximately
almost 400 offices.  The Debtor's client practices provide
treatment to patients throughout the United States and in
Mexico, Spain, Brazil, Puerto Rico and Japan.

The Debtor and its debtor-affiliates filed for Chapter 11
protection on March 14, 2006 (Bankr. E.D. La. Case No. 06-0179).
Three debtor-affiliates also filed for bankruptcy protection on
June 1, 2006 (Bankr. E.D. La. Case No. 06-10503).  William H.
Patrick, III, Esq., at Heller Draper Hayden Patrick & Horn, LLC,
represents the Debtors.  Patrick S. Garrity, Esq.,  and William
E. Steffes, Esq., at Steffes Vingiello & McKenzie LLC represent
the Official Committee of Unsecured Creditors.  Carmen H.
Lonstein, Esq., at Bell Boyd & Lloyd LLC and Robin B. Cheatham,
Esq., at Adams and Reese LLP represent the Official Committee of
Equity Security Holders.  When the Debtors filed for protection
from their creditors, they listed US$545,220,000 in total assets
and US$196,337,000 in total debts.


SOLO CUP: Moody's Reviews Ratings for Possible Downgrade
--------------------------------------------------------
Moody's placed the credit ratings of Solo Cup Company on review
for possible downgrade following the company's announcement that
it will delay filing financial statements for the fiscal second
quarter ended July 2, 2006.

Solo has announced that it will conduct an internal review of
certain accounting practices and procedures related to current
or prior periods.  The internal review relates to fiscal periods
commencing with the SF Holdings transaction that was completed
in February 2004.  Solo has initiated discussions with bank
lenders to gain an extension of the deadline for filing
financial statements.

Moody's placed these ratings on review for possible downgrade:

   -- US$150 million senior secured revolving credit facility
      maturing February 27, 2010, at B2;

   -- US$637 million senior secured term loan B due
      Feb. 27, 2011, at B2;

   -- US$80 million senior secured second lien term loan due
      2012, at B3;

   -- US$325 million 8.5% senior subordinated notes due
      Feb. 15, 2014, at Caa1; and

   -- Corporate Family Rating: B2.

Moody's review will consider the effects on Solo's financial
flexibility and liquidity resulting from its failure to file
timely financial statements.  Moody's also will study Solo's
financial performance and the results of the examination of
certain accounting practices and procedures.  Moody's expects to
conclude its review when Solo files its financial statements.

                         About Solo Cup

Headquartered in Highland Park, Illinois, Solo Cup Company is
one of the largest domestic manufacturers of disposable paper
and plastic food and beverage containers used in the foodservice
and retail consumer markets.  Products include cups, lids,
straws, napkins, cutlery, and plates.  Revenues for the 12
months ended April 2, 2006, were approximately US$2.5 billion.
The company has a global presence with facilities in Mexico,
Panama, Canada, the United Kingdom and Japan.


SOLO CUP: S&P Cuts Credit Rating to B; Placed on Watch Negative
---------------------------------------------------------------
Standard & Poor's Ratings Services, on August 18, 2006, lowered
its ratings on Solo Cup Co. and placed them on CreditWatch with
negative implications.  The corporate credit rating was lowered
to 'B' from 'B+'.

These rating actions follow several quarters of weak
performance, with funds from operations to total adjusted debt
of 7.4% and total adjusted debt to EBITDA of 6.6x as of April 2,
2006.  The debt was adjusted to include about US$200 million of
capitalized operating leases and tax-effected, unfunded
postretirement obligations.

The rating actions also factor in significant recent management
changes, and the company's announcement that it will delay
filing its second-quarter 2006 financial statements pending an
internal review of certain accounting practices and procedures
related to the current and prior periods.  The primary issues
identified so far relate to the timely recognition of certain
customer credits, accounts payable, and accrued expenses, and
the valuation of certain tangible and intangible assets.

"We will monitor events and expect to resolve the CreditWatch
once the outcome of the accounting review is known and the
company has reported its second-quarter results," said Standard
& Poor's credit analyst Cynthia Werneth.

"However, we could lower the ratings again before then if there
are significant negative developments such as rapid raw material
cost escalation or weaker-than-expected general business
conditions."

Our ratings incorporate expectations that the company will
obtain waivers from its banks for the reporting delay, and that
the delay will not precipitate a default under its bonds.
Although we believe that the company has made meaningful changes
to improve its ability to pass on raw material cost increases to
customers and should maintain sufficient liquidity to meet near-
term obligations, these remain key concerns.  In addition, we
now expect the financial profile to remain weak in the near term
as the company continues to face issues related to the
integration of the 2004 acquisition of Sweetheart Holdings Inc.
These include the planned launch of a new information technology
platform later this year.

                         About Solo Cup

Headquartered in Highland Park, Illinois, Solo Cup Company is
one of the largest domestic manufacturers of disposable paper
and plastic food and beverage containers used in the foodservice
and retail consumer markets.  Products include cups, lids,
straws, napkins, cutlery, and plates.  Revenues for the 12
months ended April 2, 2006, were approximately US$2.5 billion.
The company has a global presence with facilities in Mexico,
Panama, Canada, the United Kingdom and Japan.


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

LG CARD: Shinhan Confirms Bidding Price
---------------------------------------
Shinhan Financial Group confirmed that it was buying an 85.7%
stake in LG Card Co. Ltd, Reuters says.

According to the report, Shinhan said in a statement that it
offered to buy the card issuer's shares at KRW68,410 (US$71.51)
per share.

The Troubled Company Reporter - Asia Pacific reported on
August 17, 2006, 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 said.

The Korea Herald notes that many industry analysts have
estimated that the deal is overpriced and some skeptics also say
that Shinhan may not be able to benefit from the intended
synergy effects from the planned acquisition of LG Card.

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

AYER HITAM: High Court to Hear KIY's Case on October 3
------------------------------------------------------
The High Court of Kuala Lumpur has postponed until Oct. 3, 2006,
the hearing of a lawsuit between Ayer Hitam Tin Dredging
Malaysia Berhad's subsidiary, Motif Harta Sdn Bhd, and KIY
Design & Interior Sdn Bhd, which was originally fixed for
mention on August 8, 2006.

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

As reported by the Troubled Company Reporter - Asia Pacific on
August 10, 2006, the hearing was moved to a later date, as the
assigned judge had been transferred to the Court of Appeal.

According to the TCR-AP, Ayer Hitam intended to apply for an
extension of the restraining order granted by the Kuala Lumpur
High Court.  The Order expired on March 4, 2006.

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

                        About Ayer Hitam

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

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


CHASE PERDANA: Wants RCSLS Redemption Anniversaries Rescheduled
---------------------------------------------------------------
Chase Perdana Berhad is still in discussions with Redeemable
Convertible Secured Loan Stock holders with regard to the
rescheduling of the second and third anniversary redemption of
RCSLS, which expired on July 18, 2006.

As reported by the Troubled Company Reporter - Asia Pacific on
June 22, 2006, Chase Perdana, in 2003, issued:

   * 3.5% redeemable convertible secured loan stock due
     2003/2008; and

   * 3.5% redeemable convertible unsecured loan stock due
     2003/2008.

Pursuant to the RCSLS Issuing Agreements made between the
Company and the RCSLS and RCULS holders, Chase Perdana is due to
make a 10% redemption amount and a 3.5% coupon payment,
respectively, on the second anniversary of the issuance of
RCSLS, falling on July 18, 2005.  However, the Company proposed
that the Anniversary be rescheduled from July 18, 2005, to
July 18, 2006.

Although Chase Perdana has the cash at hand to make the required
payments, the proposed rescheduling is necessary in order to
maintain a higher liquidity position at the working capital
level.  This will enable the Company to meet initial funding
requirements for the implementation of new projects currently
being undertaken and pursued by the Group.  These new projects
to be implemented over the next six years are estimated to be
worth approximately MYR1.0 billion.  If the time for the
scheduled payments can be extended by another year, the Company
would have sufficient cash to service all amount due to the
RCSLS, RCULS and redeemable convertible preference shares
holders.

With the proposed rescheduling, Chase Perdana will be able to
undertake new projects, enhance its growth prospects while also
ensuring that future scheduled payments to the RCSLS, RCULS and
RCPS holders are met.

                       About Chase Perdana

Headquartered in Kuala Lumpur, Malaysia, Chase Perdana Berhad
-- http://www.chaseperdana.com.my/-- is engaged in
construction, property management, property development and
investment holding.  Its other activities include oil palm
processing.  Operations are carried out in Malaysia, India and
British Virgin Islands.

The Company has been suffering continuous losses since fiscal
1999.  As of March 31, 2006, the Company's accumulated losses
stands at MYR138,579,000.


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 faŘade 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 inability to meet repayment
obligations.


COMSA FARMS: Fails to Submit AAA 2006 by Due Date
-------------------------------------------------
Comsa Farms Berhad was not able to issue and submit its Annual
Audited Accounts for 2006 to Bursa Malaysia Securities Berhad by
August 18, 2006, as scheduled.

The Company said it will issue the outstanding financial report
in due course upon completion of audit by external auditors,
Moores Rowland.

The Troubled Company Reporter - Asia Pacific reported on Aug. 1,
2006, that Comsa Farm's AAA 2006 was due to be submitted to the
Bourse on July 31, 2006, but was granted extension until
Aug. 18, 2006.

                        About Comsa Farms

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

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


FALCONBRIDGE LTD: Xstrata Acquires 67.8% of the Company's Shares
----------------------------------------------------------------
Xstrata plc has disclosed that 257,700,100 common shares of
Falconbridge Limited had been validly deposited to Xstrata's
offer to acquire all Falconbridge common shares not already
owned by the Company.

Xstrata has taken up and accepted for payment all shares
tendered, which represent approximately 67.8% of the issued and
outstanding Common Shares on a fully diluted basis.  Xstrata now
beneficially owns 349,922,526 Common Shares or approximately
92.1% of the issued and outstanding Common Shares on a fully
diluted basis.  Payment will be made to shareholders who have
tendered their shares on or before Aug. 17, 2006.

In line with Xstrata's intention to acquire 100% of Falconbridge
as soon as possible, the company has also extended the expiry
date of its all-cash offer to enable the remaining Falconbridge
shareholders to receive prompt payment of the same CND$62.50 per
share consideration under the offer.  The offer will now expire
at midnight (Vancouver time) on Aug. 25, 2006.  All other terms
and conditions of Xstrata's offer described in its offer and
offering circular dated May 18, 2006, as varied, amended, and
supplemented, remain unchanged.  Xstrata intends to acquire all
Common Shares not tendered to the offer following the expiry of
the offer pursuant to a compulsory acquisition or subsequent
acquisition transaction.

Xstrata has now taken effective control of Falconbridge and both
management teams are working closely together to facilitate a
smooth and swift integration of the two businesses.

Falconbridge shareholders with questions or requests for copies
of the documents, may contact:

           Kingsdale Shareholder Services Inc.
           Tel: 1-866-639-7993

Banks and brokers should call at 416-867-2272.

                       About Xstrata

Xstrata plc -- http://www.xstrata.com/-- is a major global
diversified mining group, listed on the London and Swiss stock
exchanges.  The Group is and has approximately 24,000 employees
worldwide, including contractors.

Xstrata does business in six major international commodities
markets: copper, coking coal, thermal coal, ferrochrome,
vanadium and zinc, with additional exposures to gold, lead and
silver.  The Group's operations and projects span four
continents and nine countries: Australia, South Africa, Spain,
Germany, Argentina, Peru, Colombia, the United Kingdom and
Canada.

                     About Falconbridge

Headquartered in Toronto, Ontario, Falconbridge Limited
(TSX:FAL) (NYSE:FAL) -- http://www.falconbridge.com/-- is a
copper and nickel company with investments in fully integrated
zinc and aluminum assets.  Its primary focus is the
identification and development of world-class copper and nickel
orebodies.  It employs 14,500 people at its operations and
offices in 18 countries.  The Company owns nickel mines in
Canada and the Dominican Republic and operates a refinery and
sulfuric acid plant in Norway.  It is also a major producer of
copper (38% of sales) through its Kidd mine in Canada and its
stake in Chile's Collahuasi mine and Lomas Bayas mine.  Its
other products include cobalt, platinum group metals, and zinc.

Falconbridge has sales offices in Beijing, China, and Tokyo,
Japan, as well as a recycling plant in Penang, Malaysia.

                        *    *    *

Falconbridge's CDNUS$150 million 5% convertible and callable
bonds due April 30, 2007, carries Standard & Poor's BB+ rating.


MALAYSIA AIRLINES: Raises Domestics Air Fares
---------------------------------------------
National flag carrier Malaysia Airlines increased its domestic
fares starting August 21, 2006, The Star Online reports.

The Troubled Company Reporter - Asia Pacific reported on Aug. 2,
2006, that Malaysia Airlines was planning to hikes domestic
ticket prices by an average of 15% in a bid to narrow its
financial losses.

However, The Star reports that the recent increase was more than
the 15% target as earlier announced.  Sources told The Star that
some increases were more than 30% for the economy class.

According to The Star, the bulk of the rise was seen on flights
across the South China Sea as well as within Sabah and Sarawak,
as operational costs for these sectors are also the highest.

Meanwhile, Malaysia Airlines has always argued that despite the
increases, its domestic fares were "still among the lowest in
the world", the China Post relates.  The cost of flying on MAS
is only 62 sen per mile, which is lower than the cost of flying
in countries like Thailand, China, the Philippines, France and
Japan.

The carrier assures customers that said the latest increase
would only be reflected in normal fares as it was also going to
follow the pricing technique used by its local rival AirAsia,
The Star says.

The national carrier is expected to announce the fare increase
for their international routes in a few weeks' time, The Star
adds.

                    About Malaysia Airlines

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

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


MYCOM BERHAD: Buys More Time to Complete Restructuring
------------------------------------------------------
Mycom Berhad has been given until December 31, 2006, to complete
its restructuring scheme, the Company disclosed in a statement
to Bursa Malaysia Securities Berhad.

In addition, the Company obtained an extension of up to 13
months from completion of its restructuring scheme for the
company to complete the implementation of its corporate
exercises.

The extensions are still pending the Securities Commission's
approval.

                       About Mycom Berhad

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.

Mycom is in the advanced stage of negotiations to settle its
foreign debts.  The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses.  As of
March 31, 2006, the Company registered accumulated losses of
MYR1,155,517,000.   The Company's March 31, 2006, balance sheet
showed total assets of MYR841,845,000 and total liabilities of
MYR1,333,871,000, resulting into a shareholders' deficit of
MYR512,631,000.


OLYMPIA INDUSTRIES: Seeks SC's Approval of Extension Requests
-------------------------------------------------------------
Olympia Industries Berhad, through its solicitor Alliance
Merchant Bank Berhad, submitted an application to seek the
Securities Commission's approval for:

     -- the extension of time up to December 31, 2006, for the
        Company to complete its restructuring scheme; and

     -- the extension of time up to March 31, 2007, for
        Jupiter Securities Sdn Bhd, a subsidiary of the Company,
        to merge with at least one other stockbroking company.

                     About Olympia Industries

Headquartered in Kuala Lumpur, Malaysia, Olympia Industries
Berhad organizing and managing numbers forecast pools and public
lotteries, operation of recreation clubs, investment holding and
property development.  Other activities include trading in
securities, paint spraying of aluminium, other metal products
and architectural products, letting of properties, maintaining
and operating internet based transaction facilities and
services, food and beverage business, events organizer and
project management, travel and tours agency, servicing of oil
and gas pipeline, asset management, money lending and
stockbroking.  Operations are carried out in Malaysia, Papua New
Guinea and Singapore.  The Company has incurred continuous
losses in the past and has also been fined many times by Bursa
Malaysia Securities for failing to maintain appropriate
standards of corporate responsibility and accountability to the
investing public.

As of March 31, 2006, the Company's balance sheet showed
MYR991,747,000 in total assets and MYR1,971,727,000 in total
liabilities, resulting in a shareholders' equity deficit of
MYR979,980,000.


PROTON HOLDINGS: Costumers Must Not Pay for Poor Performance
------------------------------------------------------------
The Minority Shareholder Watchdog Group insisted that consumers
should not be paying high for cars manufactured by Proton
Holdings Berhad if the Company is performing poorly, Bernama
News reports.

"If Proton can't perform, why should people pay higher prices
for the cars?" said MSWG Chief Executive Officer Abdul Wahab
Jaafar Sidek.

Mr. Abdul Wahab's statement came following the release of a
report by PricewaterhouseCoopers, which noted that Proton
Holdings had had poor corporate governance in the past, Bernama
says.

The report was commissioned by Proton chairman Datuk Mohamed
Azlan Hashim and the present management on September 2, 2005, to
investigate the Company's past affairs.

The Troubled Company Reporter - Asia Pacific reported on
August 8, 2006, that the PwC review mentioned some projects that
were implemented without proper consultation or consent.  It
also said billions of ringgit in expenditure was spent without
in-depth discussion and that the previous board was unaware of
certain legal problems the firm faced.

According to the TCR-AP, Proton was studying the possibility of
taking legal action against the previous management after the
third party report may have showed mismanagement in the
Company's affairs from 1996 until late 2005.

                     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: To Supply 3,000 Wira Taxis to Indonesia
--------------------------------------------------------
In a fresh drive to boost exports, Proton Holdings Berhad will
supply 3,000 Wira models to Indonesia for use as taxis, Channel
News Asia relates, citing Bernama News.

Dwi Sasetia, director of Proton's Indonesian subsidiary, said
that Proton cars won the confidence of Indonesian taxi drivers
because of its durability, Channel News reveals.

The Proton Wira is a natural choice given the length of time the
model has been on Malaysia's own roads, which has similar
weather conditions to Indonesia," Mr. Dwi told Bernama.

As reported by the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Proton is set to test drive the car retail market
in Indonesia next year despite the current sluggish demand.

As a first step to gaining a foothold in Indonesia, Proton will
continue to market the Proton Wira to taxi operators in Jakarta
Surabaya and Medan.  According to the TCR-AP, Proton
manufactures around 300 Wira sedans per month at its
US$20-million plant in Cikarang, West Java, which has full
capacity of 50,000 cars a year.

The Malaysian company is hoping to sell about 3,000 cars per
year when it fully launches it Indonesian operation in 2007, the
TCR-AP added.

                     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.


SUGAR BUN: Unveils Further Details of Orient Paramount Deal
-----------------------------------------------------------
Sugar Bun Corporation Berhad signed on August 11, 2006, a sale
and purchase agreement with Orient Paramount Sdn Bhd to dispose
of its industrial land and building for MYR8.7 million, the
Troubled Company Reporter - Asia Pacific reported on August 15,
2006.

In an update, Sugar Bun disclosed that the terms of the disposal
were finally agreed upon signing of the agreement on August 11.
Under the deal, Orient Paramount will not assume any
liabilities.

The net book value of the Property based on Sugar Bun
Corporation Berhad's last audited accounts is MYR8,321,421.  The
original cost of the property, which was acquired in 2004, is
MYR8,700,000.

The valuation was carried out by VPC Alliance (Sabah) Sdn Bhd on
June 13, 2006, based on both comparison and contractor's method.

              Market Value     Forced Sale Value

   Land       MYR5,710,000     MYR4,000,000
   Building   MYR3,149,000     MYR2,200,000
              ------------     ------------
   Total      MYR8,859,000     MYR6,200,000

As reported by TCR-AP on August 15, 2006, the disposal is in
line with the Group's internal reorganization exercise already
implemented to reorganize and streamline its overall business
operations.

The disposal, which represents 18.83% of the Group's audited net
tangible assets as of January 31, 2006, results in a gain of
MYR378,579.  Except for this gain on disposal, the sale will not
have any effect on the paid up share capital and shareholding
structure of the Company.  It will also not have any material
effect on the earnings and NTA of the Company and the Group for
the year ended January 31, 2007.

                      About Sugar Bun Corp.

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

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


SUREMAX GROUP: Notes Boardroom Changes
--------------------------------------
Suremax Group Berhad informed that Encik Mohd Nor bin Hj Abd
Rahman, on August 18, 2006, resigned as chairman of the Group's
Nomination Committee and Remuneration Committee.

Encik Zulkifli Bin Haji Mohamad was subsequently appointed to
replace Mr. Mohd effective August 18, 2006.

                       About Suremax Group

Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works.  The firm's
other activities include the provision of property management
services and building construction.  The Group is also involved
in the manufacture and sale of ready mixed concrete.

Suremax Group has suffered losses since 2004 due to sluggish
market demand.  For the second quarter of the financial year
ended August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million.  The Company is also trying to avert a series of
winding up actions against its subsidiaries.  On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.


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

EAST ASIA POWER: Board Elects Peter Lawrence as CEO
---------------------------------------------------
East Asia Power Resources Corporation informs the Securities and
Exchange Commission and the Philippine Stock Exchange, Inc.,
that during a special meeting of the Company's Board of
Directors held on August 18, 2006, eight directors resigned
effective on that date:

   1. Kenneth Ulrich,
   2. Anthony Shibley,
   3. Augusto T. Villa-real,
   4. Walden H. Tantuico,
   5. Jaime Robles, Jr.,
   6. Jose A. Feria, Jr.,
   7. Jose Ramon F. Revilla, and
   8. Haide Z. Concepcion

During the same meeting, nine directors were elected to replace
those who have resigned:

   1. Roberto Rafael V. Lucila,
   2. Cecile Gonzales-Yumul,
   3. Paz Aguinaldo,
   4. Peter Lawrence,
   5. Jamie Tadelis,
   6. Campbell Korff,
   7. David Bartlett,
   8. Roman Anthony Azanza, Jr., and
   9. Cayetano Woo Paderanga, Jr.

Messrs. Azanza and Paderanga are Independent Directors.

Aside from Mr. Ulrich, who resigned as Chairman, and Mr.
Shibley, who resigned as President of the Company, all other
senior officers remain the same.

In replacement of Messrs. Ulrich and Shibley, Mr. Lawrence was
elected as Chairman of the Board of Directors and the Company's
President and CEO.

                          *     *     *

East Asia Power Resources Corporation was established in 1975 as
a mining company under the name Olecram Mining Corporation.  It
ceased commercial operations as a mining firm after a decade and
changed its corporate name to Northwest Holdings & Resources
Corporation in 1992.  Consequently, the Company changed its
primary purpose from mining to holdings.  In 1996, the Company's
Board of Directors approved the change of its corporate name to
East Asia Power Resources Corporation.

East Asia Power operates power generation facilities in Metro
Manila, Bataan, Cebu and Mactan Island, and has interests in a
24 MW coal-fired power plant in Jiangsu Province in the People's
Republic of China.  In addition to its power plant operations,
the Company owns 100% of East Asia Power Services, Inc., which
offers planning, construction, operation and maintenance
consultancy services to other prospective and established power
generating facilities.  The Company also ventured into the
transmission and distribution sub-industries of the power sector
through the incorporation of a wholly owned subsidiary, East
Asia Transmission and Distribution Corporation.

The Troubled Company Reporter - Asia Pacific reported on
June 22, 2006, that Sycip, Gorres, Velayo & Co., raised
substantial doubt on East Asia Power's ability to continue as a
going concern after auditing the Company's financial report for
the year ended December 31, 2005.  SGVC notes that the Company's
2005 consolidated financial statements indicate that it has
posted significant losses and capital deficiencies as of
Dec. 31, 2005, and 2004.


EQUITABLE PCi: First Half 2006 Profit Up 11% to PHP1.27 Billion
---------------------------------------------------------------
Equitable PCI Bank's net income, attributable to equity holders
of parent, grew 11% to PHP1.27 billion in the first half of 2006
from PHP1.14 billion in the same period last year.  The Bank's
performance was bolstered by the robust growth in non-interest
income and controlled operating expenses, amid a challenging
operating environment characterized by weak loan growth and
volatile interest and forex rates.

Non-interest income climbed 16% year-on-year to PHP4.3 billion.
This was mainly driven by the 11% rise in service charges, fees,
and commissions to PHP2.57 billion due to targeted programs to
build up fee-based income sources in branch banking, remittance,
trust banking, bancassurance, credit cards, and corporate cash
management.

Trading gains and foreign exchange profits of PHP893 million
were also realized, as the Bank prudently managed its investment
portfolio to minimize risk and maximize returns in the midst of
instability in the capital market in May and June of this year.
Meanwhile, operating expenses settled at PHP6.57 billion due to
conscious efforts to control costs and despite inflationary
pressures arising from the continuing surge in oil prices.

Total deposits expanded 10% to PHP228.3 billion from
PHP206.7 billion in December 2005, with savings and demand
deposits up by 15% and 9%, respectively.  Deposits generally
funded the Bank's earning assets composed of net loans of
receivables of PHP143.4 billion and aggregate investment
securities of PHP90.9 billion.

Rene J. Buenaventura, President & Chief Executive Officer,
attributes the Bank's accomplishments to the inherent fortitude
and focus toward its vision as "The Bank of Choice".  The
successful execution of business strategies to broaden the
higher-margin middle market and consumer loan portfolio, enlarge
the low-cost deposit base, enhance non-interest income, and
manage operating expenses clearly produced noteworthy results.
Looking ahead, the Bank is also seeking ways to fortify its
capital position.  A stronger balance sheet coupled with a solid
franchise in select business segments should position the Bank
for faster and healthier growth ahead, added Buenaventura.

             Results of 2nd Quarter Ended June 30

For the second quarter of 2006, the Bank booked total net income
of PHP593 million lower than the PHP624 million income for the
same quarter in 2005.

Provision for Probable Losses was higher at PHP451 million for
the period compared to the same quarter in 2005 as part of the
continuing effort to further strengthen the Bank's balance
sheet.

Provision for income tax for the April to June 2006 period is
PHP521 million, 3% less than the PHP537 million provision for
the same period last year even as the Bank continued to write-
off deferred tax assets.

A full-text copy of the Bank's first-half 2006 financial results
is available for free at:

http://www.pse.org.ph/html/ListedCompanies/pdf/2006/EPCI_17Q_Jun
2006.pdf

                      About Equitable PCI

Equitable PCI Bank, Inc. -- http://www.equitablepci.com/-- is a
universal bank formed from the consolidation of Equitable
Banking Corporation and PCI Bank on September 2, 1999.  EBC and
its subsidiaries provide a wide range of commercial, corporate,
and retail banking and financial services, including lending and
deposit taking, branch banking, international banking,
electronic banking, trade finance, cash management, and trust
and treasury services.  Aside from commercial banking, the Bank
also capitalizes in credit card, investment banking, leasing,
trust banking, and remittance business.

                          *     *     *

Moody's Investors Service gave Equitable PCI Bank's Subordinated
Debt and Long Term Bank Deposits 'Ba3' ratings effective May 25,
2006.

Standard & Poor's Rating Service gave Equitable PCI Bank's
senior unsecured debt a 'B' rating and its subordinated debt a
CCC+ rating.


MIRANT CORP: OneEnergy Interested in Mirant's Philippine Assets
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 15, 2006, that several parties have expressed interest to
purchase Mirant Corporation's Philippine units, including The
AIG Group, Mitsubishi Corp., China Light and Power, Korea
Electric Power, Tokyo Electric, Kyushu Electric, and One Energy.

A report from ABS-CBN News cites CLP Holdings Ltd.'s top
executive as saying that CLP and Mitsubishi Corp., are
interested in buying Mirant Corp.'s Philippine power unit
through a new venture.

Hong Kong's top electricity utility and Mitsubishi Corp.,
Japan's largest trading firm, formed OneEnergy Ltd. in March
2006, as an exclusive vehicle to develop power generation
businesses in Southeast Asia and Taiwan, Reuters News relates.

"We have expressed interests under OneEnergy," ABS-CBN News
notes, citing Andrew Brandler, CLP's managing director and chief
executive officer, as telling Reuters.

Reuters recounts that Mirant is selling its ownership interest
in three generating facilities in the Philippines -- in Sual,
Pagbilao and Ilijan -- totalling 2,203 MW of capacity.

The TCR-AP noted on August 17, 2006, that some analysts estimate
Mirant's Philippine plants to have an enterprise value of nearly
US$3 billion.

Interested buyers of Mirant's Philippine generation facilities
have until the end of August to submit indicative bids, with
binding bids due by the end of the year, the TCR-AP noted.

                          *     *     *

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.


MIRANT CORP: Debt Deal Likely Stalled Due to Phil Assets Sale
-------------------------------------------------------------
Any prospective debt deal with Mirant Corporation is likely to
have to wait for the completion of the sale of its Philippine
assets, Timothy Cuffe of FinanceAsia.com Ltd., says.

Mr. Cuffe relates that in June, Credit Suisse fended off
advances from investment banks for a piece of a proposed
benchmark sized bond deal for Mirant Philippines.

According to Mr. Cuffe, the announcement that Credit Suisse won
the sole lead for a deal that had the potential of reaching
upwards of US$750 to US$1 billion was seen as a major coup in
what at the time was a very sluggish market.

In early August, the announcement that parent company Mirant
Corporation plans to sell the Philippine asset ended any
possibility of a bond deal for the time being as the parent will
likely not be looking to increase its gearing prior to the sale,
FinanceAsia says.

The Company recently completed a loan, which addressed its near
term refinancing requirements, FinanceAsia recounts, noting that
the loan is an upsized US$700-million six-year loan into general
syndication with 16 participating banks:

   1. ABN AMRO,
   2. Bank of Tokyo-Mitsubishi UFJ,
   3. BDO Capital,
   4. BNP Paribas,
   5. BPI Capital,
   6. Calyon,
   7. Credit Suisse,
   8. Fortis Bank,
   9. HSBC,
  10. Hypovereinsbank,
  11. ING,
  12. JPMorgan,
  13. Natexis Banques Populaires,
  14. Royal Bank of Scotland,
  15. Sumitomo Mitsui Banking Corp., and
  16. WestLB

According to FinanceAsia, the loan will be used to buy back
shares with the balance going to the refinancing of project
finance loans worth US450 million.  Those loans are currently
held by Mirant subsidiaries -- Mirant Sual and Mirant Pagbilao,
FinanceAsia notes.

Mirant is expected to sell the assets, with the anticipation
that any prospective buyer will leverage off of the Company's
strong cashflows to fund the purchase, FinanceAsia says.

                          *     *     *

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.


MIRANT CORP: Excluded Debtors Have Until Dec. 5 to File Plan
------------------------------------------------------------
The Honorable Michael D. Lynn of the United States Bankruptcy
Court for the Northern District of Texas extends the exclusive
periods of Mirant Corporation debtor-affiliates, which did not
emerge from bankruptcy with Mirant:

    (a) exclusive period to adopt or abandon Mirant's Plan, or
        to file their own plan of reorganization until Dec. 5,
        2006; and

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

These debtor-affiliates are:

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

    (b) Mirant NY-Gen, LLC; and

    (c) Hudson Valley Gas Corporation.

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

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

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

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

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

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

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 $20,574,000,000 in
assets and $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., http://bankrupt.com/newsstand/or 215/945-7000)

                           *     *     *

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

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

As reported in the Troubled Company Reporter 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.


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

ADVANCED SYSTEMS: Accepts 751,731,151 Rights Shares
---------------------------------------------------
Advanced Systems Automation Limited disclosed on August 18,
2006, that it has received a total of 751,731,151 Rights Shares
of valid acceptances and excess applications.  This includes the
acceptances of the key shareholders, which totaled to
125,786,714 Rights Shares and excess applications.

Based on the total issued share capital of the Company at
134,378,659 Shares on Books closure date, 335,946,647 Rights
Shares were available under the Rights Issue.

Valid acceptances were received for a total of 272,109,311
Rights Shares, representing approximately 81.00% of the
335,946,647 Rights Shares available under the Rights Issue.

Excess applications were received for a total of 479,621,840
Rights Shares, representing approximately 142.77% of the
335,946,647 Rights Shares available under the Rights Issue.

The balance of the provisional allotments not taken up by
Entitled shareholders and purchasers under the Rights Issue and
disregarded fractional entitlements to the Rights Shares,
amounting to 63,837,336 Rights Shares, will be used either to
satisfy any excess applications for the Rights Shares or will be
dealt by the Directors in an absolute discretion, deem fit in
the interests of the Company.

               About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.

Auditors Ernst & Young reported in the company's Annual Report
that, "The group has incurred significant losses and has been
experiencing severe cash shortage in the past four financial
years. The group incurred a net loss of SGD3.4 million for the
financial year ended March 31, 2006, and the group's and the
company's current liabilities exceeded current assets by SGD20.9
million and SGD22.9 million respectively. As of March 31, 2006,
the group and the company were in net shareholders' deficit
positions of SGD13.8 million and SGD11.2 million respectively.
These matters described above indicate the existence of a
material uncertainty which may cast significant doubt about the
Group and Company's ability to continue as going concerns."

Ernst and Young adds that the ability of the group and the
company to continue as going concern is dependent on the
completion of the proposed renounceable rights issue, disposal
of non-core assets and business restructuring.


ADVANCED SYSTEMS: Issues 764,100,000 New Ordinary Shares to ASTI
----------------------------------------------------------------
Advanced Systems Automation Limited on October 19, 2005, entered
into a Proposed Investment with ASTI Holdings Limited and
certain other individual investors.

The investors have agreed to subscribe for an aggregate of
764,100,000 new ordinary shares in the Company's capital at an
issue price of SGD0.01 per Subscription Share, for a total
subscription of approximately SGD7, 641,000.  ASTI's portion
will comprise 634,100,000 Subscription Shares.

In an update, the board of directors disclosed on August 18,
2006, that the Proposed Investment has been completed, and the
company has allotted and issued an aggregate of 764,100,000 new
ordinary shares to ASTI and other individual investors.

               About Advanced Systems Automation

Advanced Systems Automation Limited -- http://www.asa.com.sg--  
is a Singapore-based company that is engaged in the design and
manufacture of automatic molding machines and other back-ended
assembly equipment for the semiconductor industry. The company's
subsidiaries include Avalon Technology Pte. Ltd.; Microfits Pte.
Ltd.; Beijing Microfits Precision Electronics Engineering Co.,
Ltd. and Beijing Advanced Precision Electronics Engineering Co.,
Ltd., both of which are engaged in the manufacture of precision
tools, dies and moulds; Acetech Solutions Ltd.; Advanced Systems
Automation, Inc., and Advanced Systems Automation (Europe)
Limited, which is engaged in the sale and provision of services
to the European semiconductor manufacturing market.

Auditors Ernst & Young reported in the company's Annual Report
that, "The group has incurred significant losses and has been
experiencing severe cash shortage in the past four financial
years. The group incurred a net loss of SGD3.4 million for the
financial year ended March 31, 2006, and the group's and the
company's current liabilities exceeded current assets by SGD20.9
million and SGD22.9 million respectively. As of March 31, 2006,
the group and the company were in net shareholders' deficit
positions of SGD13.8 million and SGD11.2 million respectively.
These matters described above indicate the existence of a
material uncertainty which may cast significant doubt about the
Group and Company's ability to continue as going concerns."

Ernst and Young adds that the ability of the group and the
company to continue as going concern is dependent on the
completion of the proposed renounceable rights issue, disposal
of non-core assets and business restructuring.


A.T. CONSTRUCTION: Enters Wind-Up Proceedings
---------------------------------------------
Kims Associates Pte Ltd has filed on August 1, 2006, an
application to wind up A.T. Construction Pte Ltd.

The wind-up application will be heard before the High Court of
Singapore on August 25, 2006, at 10:00 a.m.

The Applicant's solicitor can be reached at:

         TanJinHwee
         LLC
         105 Cecil Street
         #23-00 The Octagon
         Singapore 069534


LEUN WAH: Creditors' Meeting Slated for August 23
-------------------------------------------------
The creditors of Leun Wah Electric Company (Private) Ltd will
hold a meeting on August 23, 2006, at 9:30 a.m., at 6 Shenton
Way, #32-00 DBS Building Tower Two in Singapore 068809.

During the meeting, the creditors will be asked to:

   -- receive a status update on the liquidation administration;

   -- discuss on outstanding litigation matters;

   -- discuss on the various recovery scenarios;

   -- approve the resignation of Wee Aik Guan as one of the co-
      liquidator of the company ;

   -- approve the professional fees (liquidators and
      solicitors); and

   -- discuss any other matters.


LINDETEVES-JACOBERG: Moves to Another Location
----------------------------------------------
Starting August 12, 2006, Lindeteves-Jacoberg Limited did
business at its new address:

         Cecil Street, #09-03
         Dapenso Building
         Singapore 069545.
         Telephone:(65) 6227 0308
         Facsimile:(65) 6227 0605

            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.

PricewaterhouseCoopers, Lindeteves-Jacoberg's independent
auditors, raised a significant doubt on the group's ability to
continue as a going concern, citing the Company's recurring
losses and liabilities.


REFCO INC: Refco LLC Files June 2006 Monthly Operating Report
-------------------------------------------------------------
Albert Togut, the Chapter 7 trustee appointed to oversee the
liquidation of Refco LLC's estate, filed with the Bankruptcy
Court a monthly statement of cash receipts and disbursements for
the period from June 1 to 30, 2006.

The Chapter 7 Trustee reports that Refco LLC's beginning balance
as of June 1 totals US$774,221,000.  The Debtor's beginning
purchase price account balance totals US$61,626,000 and its
beginning capital account "A" balance totals US$712,595,000.

The purchase price account includes activity related to Man
Financial sale proceeds and related disbursements.  Capital
account "A" includes activity related to collection of excess
capital.

Refco LLC received US$6,016,000 in cash and disbursed
US$1,984,000.  The Debtor held US$778,253,000 at the end of the
period.

Refco LLC reimbursed Refco Capital LLC, for US$120,000 in gross
payroll costs allocated to the Debtor's estate for time spent by
employees of other Refco, Inc. entities.

The Chapter 7 Trustee prepared the Statement of Receipts and
Disbursements in lieu of comprehensive financial statements.

A full-text copy of Refco LLC's June 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?fee

                        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
lient 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
===============

SEAGATE TECHNOLOGY: Launches US$2.5B Stock Repurchase Scheme
------------------------------------------------------------
Seagate Technology's board of directors has authorized the
Company to repurchase up to US$2.5 billion of its outstanding
shares of common stock over the next 24 months, according to a
company release.

This program reinforces Seagate's ongoing commitment to enhance
shareholder value in which, during fiscal year 2006, Seagate
returned over US$500 million to its shareholders through stock
repurchases and quarterly dividends.  Based on today's stock
price the new repurchase program would represent approximately
20% of the company's capitalization.  As of July 28, 2006
Seagate had approximately 576 million shares of stock
outstanding.

Seagate expects to fund the stock repurchase through a
combination of cash on hand, future cash flow from operations
and potential alternative sources of financing. Stock
repurchases under this program may be made through a variety of
methods, which may include open market purchases, privately
negotiated transactions, block trades, accelerated share
repurchase transactions or otherwise, or by any combination of
such methods. The timing and actual number of shares repurchased
will depend on a variety of factors including the stock price,
corporate and regulatory requirements and other market and
economic conditions. The stock repurchase program may be
suspended or discontinued at any time.

                     About Seagate Technology

Headquartered in Scotts Valley, California, Seagate Technology
-- http://www.seagate.com/-- is the worldwide leader in the
design, manufacturing and marketing of hard disc drives,
providing products for a wide-range of Enterprise, Desktop,
Mobile Computing, and Consumer Electronics applications.
Seagate's business model leverages technology leadership and
world-class manufacturing to deliver industry-leading innovation
and quality to its global customers, and to be the low cost
producer in all markets in which it participates.  The company
is committed to providing award-winning products, customer
support and reliability to meet the world's growing demand for
information storage.

Seagate Technology has R&D and product sites in: Silicon Valley,
California; Pittsburgh, Pennsylvania; Longmont, Colorado;
Bloomington and Shakopee, Minnesota; Springtown, Northern
Ireland; and Singapore. Manufacturing and customer service sites
are located in: California; Colorado; Minnesota; Oklahoma;
Northern Ireland; China; Malaysia; Singapore and Thailand.

                          *     *     *

Moody's confirmed Seagate's Corporate Family Rating of Ba1 and
upgraded ratings of Seagate's US$400 million senior notes 8%,
due 2009 to Ba1, Maxtor's remaining US$135 million of the
US$230 million 6.8% convertible senior notes, due 2010 to Ba1
from B2 and Maxtor Corporation's US$60 million 5-3/4%
convertible subordinated debentures, due 2012 to Ba2 from Caa1.
The rating outlook is stable.

                           *     *     *

Seagate Technology Int'l-- http://www.seagate-asia.com/-- is
based in Singapore.  Standard and Poor's gave the company a 'BB'
rating for both its long term foreign and long term local issuer
credit effective on November 6, 2000.


SIAM COMMERCIAL: High Rates Won't Affect Customer Base, CEO Says
----------------------------------------------------------------
Siam Commercial Bank President and Chief Executive Officer Jada
Wattanasiritham said that despite offering different rates, its
borrowers will not switch to Bangkok Bank to reduce their
funding costs, The Nation reports.

The CEO's comment was in response to a question about whether
her customers would move to the country's largest bank, where
lending rates remained unchanged, while SCB led the market by
hiking both lending and deposit rates 25-50 basis points early
this month.

According to Ms. Wattanasiritham, the bank's customers will stay
because they will not want to pay the fees for early debt
repayment.

The Nation relates that in loan contracts, banks and their
customers are in clear agreement about loan maturities and
repayment periods, and fees are levied for early debt repayment.
In addition, the CEO also said that most large customers were
not in the habit of changing creditors very often.

"Prime lending rates are only market benchmarks.  Real rate
charges depend on the margin and discount a bank provides to
customers.  Therefore, lending rates among large banks are not
very different," Mr. Wattanasiritham said.

Bangkok Bank has maintained its minimum lending rate at 7.5% per
year, the lowest among the large banks.  The Nation relates that
other big banks have raised lending rates 25 basis points, with
MLRs quoted at 7.75% to 8%, the country's largest bank said it
would keep its rates unchanged for another month.

Meanwhile, asked whether Siam Commercial would try to be more
competitive by decreasing its rates to match BBL's, Ms.
Wattanasiritham said the bank would monitor the market trend
before making any decision.

She said SCB did not plan to adjust its projected 10% lending
growth target for the entire year after achieving 6.6% growth in
the first half.  That growth was driven mainly by investment
expansion on the part of large corporations, particularly
electronics, paper and pulp and petrochemical companies.

The Nation also notes that although Siam Commercial's lending
rates are higher than Bangkok Bank, SCB's prospects for second-
half loan expansion still look good.

                          *     *     *

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

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


* SET's Speculative Stocks Posts THB2.7-Billion in Net Losses
-------------------------------------------------------------
Ten stocks considered speculative under the criteria of the
Stock Exchange of Thailand reported combined first-half net
losses of THB2.73 billion, The Nation reports.

The 10 listed stocks are Agripure Holdings, Adkinson Securities,
Everland, Power-P, International Engineering, Eastern Wire,
Bliss-Tel, BNT Entertainment, Picnic Corp, and Natural Park.

The Nation relates that all of these companies were once on the
Securities and Exchange Commission's turnover list, which shows
the stocks with the highest weekly trading volume.

Brokers will have to report the details of all transactions
involving these 10 companies to the SEC.

According to SET reports, Eastern Wire was the worst performer
among its peers in the first half, with a 1,064% year-on-year
slump to a net loss of THB475.91 million.

Picnic's first half also plunged 1,064% to a net loss of
THBB982.51 million.  Bliss-Tel's results dropped 452% to a net
loss of THBB292.48 million.

Meanwhile, International Engineering fell 351% to a net loss of
THB88.63 million, BNT drooped 321% to lose THB341.24 million,
and Power-P slid 190% to a net loss of THBB20.63 million.

In addition, Agripure Holdings dipped 125% to a net loss of
THB1.63 million, Natural Park fell 104% to lose
THBB459.31 million, Adkinson Securities dropped 55% to a net
loss of THBB139.76 million, and Everland was off 46% to
THBB139.34 million in net profit.

Kosin Sripaiboon, head of research at UOB Kay Hian Securities
(Thailand), recommended investors to avoid theses stocks because
their fundamentals are weak and the SET might take restrictive
action on them.

"Investors who really want to snap up these stocks must accept
risk and have discipline. If their prices rise to a certain
level, they have to lock in profit immediately. Don't wait to
sell at a high price as they are at high risk of seeing their
prices drop," Mr. Kosin said.


* BOND PRICING: For the Week 21 August to 25 August 2006
--------------------------------------------------------

Issuer                               Coupon     Maturity  Price
------                               ------     --------  -----

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     4
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     7
Fletcher Building Ltd                 8.850%    03/15/10     7
Fletcher Building Ltd                 7.550%    03/15/11     8
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     9
Hy-Fi Securities Ltd                  8.750%    08/15/08    11
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     4
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     7
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Tower Finance Ltd                     8.750%    10/15/07     8
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     7
TrustPower Ltd                        8.300%    12/15/08     7
TrustPower Ltd                        8.500%    09/15/12     7
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6

HONGKONG
--------
City Telecom HK Ltd.                  8.750%    02/01/15    70

KOREA
-----
Korea Electric Power                  7.950%    04/01/96    54

MALAYSIA
--------
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
AHB Holdings Bhd                      5.500%    03/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Bumiputra-Commerce                    2.500%    07/17/08     1
Camerlin Group Bhd                    5.500%    07/15/07     1
Crescendo Corporation Bhd             3.000%    08/25/07     1
Dataprep Holdings Bhd                 4.000%    08/06/07     1
Eastern & Oriental Hotel              8.000%    07/25/11     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%    06/16/10     1
Equine Capital Bhd                    3.000%    08/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%    04/23/08     1
Hong Leong Industries Bhd             4.000%    06/28/07     1
Huat Lai Resources Bhd                5.000%    03/28/10     1
I-Berhad                              5.000%    04/30/07     1
Insas Bhd                             8.000%    04/19/09     1
Kamdar Group Bhd                      3.000%    11/09/09     1
Killinghall Bhd                       5.000%    04/13/09     2
Kosmo Technology Industrial Bhd       2.000%    06/23/08     4
Kretam Holdings Bhd                   1.000%    08/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
Lebar Daun Bhd                        2.000%    01/06/07     3
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lion Diversified Holdings Bhd         2.000%    06/01/09     3
Media Prima Bhd                       2.000%    07/18/08     1
Mithril Bhd                           8.000%    04/05/09     1
Mithril Bhd                           3.000%    04/05/12     1
Mutiara Goodyear Development Bhd      2.500%    01/15/07     1
Naim Indah Corporation Bhd            0.500%    08/24/06     1
Nam Fatt Corporation Bhd              2.000%    06/24/11     1
Pantai Holdings Bhd                   5.000%    07/31/07     2
Pelikan International Corp Bhd        3.000%    04/08/10     1
Poh Kong Holdings Bhd                 3.000%    01/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    3.000%    12/23/12     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%    02/15/09     1
Southern Steel                        5.500%    07/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tenaga Nasional Bhd                   3.050%    05/10/09     1
Titisan Modal Sdn Bhd.                4.000%    04/28/14    73
Titisan Modal Sdn Bhd.                5.000%    04/28/20    74
Tradewinds Plantations Bhd            3.000%    02/28/16     1
VTI Vintage Bhd                       4.000%    08/22/06     1
WCT Land Bhd                          3.000%    08/02/09     1
Wah Seong Corp                        3.000%    05/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------
Rabobank Singapore                    1.000%    11/03/13    74
Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%    06/30/07     1
Tincel Ltd                            7.400%    06/13/11     1


                            *********

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

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

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


                            *********


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

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

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

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

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

                 *** End of Transmission ***