TCRAP_Public/060825.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Friday, August 25, 2006, Vol. 9, No. 169

                            Headlines

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

A R HARRIS: Court to Hear Liquidation Bid on September 4
ACLAND PRODUCTIONS: Enters Members Voluntary Liquidation
ADSTEAM MARINE: Posts 15% More NPAT for FY2005-2006
ADSTEAM MARINE: Provides Update on SvitzerWijsmuller Offer
ALL ABOUT CEILINGS: Creditors Name Official Liquidator

ANDREW ELLEM: Names Paul Burness and Matthew Jess as Liquidators
AWB LIMITED: Jill Gillingham Resigns
BLACKLASH PTY: Members to Receive Wind-Up Report on Sept. 20
BUSINESS AUSTRALIA: Appoints Receivers and Managers
BICYCLE AUTHORITY: Appoints Joint Receivers and Managers

CHEW CORPORATION: Receives Liquidation Petition from CIR
DONNISON DEVELOPMENTS: Appoints Ian James Purchas as Receiver
EAR FOR MUSIC: To Declare Dividend on October 13
EDLAN NO 43: Enters Wind-Up Proceedings
EPCA GROUP: Members and Creditors to Convene on September 15

ETHELDON PTY: Undergoes Voluntary Wind-Up
FELTEX CARPETS: Extends Godfrey Hirst's Due Diligence to Aug. 28
GLOBAL ENGINEERED: Secures 6-Month Rescue Package from Customers
HLB DEVELOPERS: Sole Member Resolves to Wind Up Firm
LOVILLA PTY: Liquidator James Dick to Present Wind-Up Report

M.C.C. SPORTSWEAR: Official Liquidator Named
MALVERN HOUSE: Faces Liquidation Proceedings
MAR-RON PTY: Members Pass Resolution to Wind-Up Operations
ML LIMITED: Court to Hear ACC's Liquidation Petition on Sept. 7
MELBOURNE COACH: Receiver and Manager Steps Aside

MELTON HEATING: Creditors Appoint P. Newman as Liquidator
METAMORPHOSIS STRATEGIES: Members Decide to Shut Down Firm
PASTA POINT: Court to Hear CIR's Wind-Up Bid on September 11
PCI PTY: Names Andrew Stewart Reed Hewitt as Liquidator
RIMDEN PTY: Members to Convene on September 22

ROSEDENIM PTY: Placed Under a Members' Voluntary Liquidation
STEELFIX PTY: Creditors' Proofs of Debt Due on September 12
URBAN HABITAT: Appoints Burness and Jess as Liquidators
VICTORIAN DOORS: Placed Under Voluntary Liquidation


C H I N A   &   H O N G  K O N G

1 AND 1 ORDER: Court to Hear Wind-Up Petition on September 6
AGERE SYSTEMS: To Purchase Own Shares for HKD14.14-Million
COLIYIELD COMPANY: Members and Creditors Meetings Set on Aug. 25
GOOD SUCCESS: Liquidators to Receive Claims Until September 1
FERENDO LIMITED: Annual Meeting Set on August 25

HOP SHING: Receives Wind-Up Order from Court
HYDROTECH PROFESSIONALS: High Court Issues Wind-Up Order
INCORPORATED OWNERS OF KAI TAK: Faces Wind-Up Proceedings
JIANGXI COPPER: Expects Strong Metal Prices to Boost Profit
KAM KIU REAL: Members OK Resolution to Have Books Destroyed

K. W. ELECTRONIC: Annual Meetings Scheduled for Today
KONG WAH ESTATE: Members and Creditors to Hear Wind-Up Report
K. Y. KEE CONSTRUCTION: Voluntarily Winds Up Operations
LI HUA MACHINERY: Members to Hear Wind-Up Report
LANE PROFIT: Liquidators to Present Wind-Up Report

MARK SINO: Final Members Meeting Set on September 5
NOBLE VIEW: Court Orders Wind-Up
ORIENT POWER (ELECTRONICS): Court to Hear Wind-Up Bid on Aug. 30
PAINTING TRADE: Members Opt for Voluntary Wind-Up
SEGOS ELECTRONICS: Court Favors Wind-Up

SINO UNION: Members Agree to Voluntary Wind Up Operations
SOUND SPARK: Liquidator Keeps Custody of Company's Books
SUNTECH FOOTWEAR: High Court Favors Wind-Up Petition
SUPREME AIRFRT: Enters Voluntary Wind-Up
* Draft Bankruptcy Law Makes Provision for Financial Regulators


I N D I A

SILICON GRAPHICS: Nine Debtor-Affiliates File Schedules
SILICON GRAPHICS: Gets Okay to File Customer Lists Under Seal
SILICON GRAPHICS: Seeks OK of Solicitation & Tabulation Protocol
SILICON GRAPHICS: Inks Financing Agreement with Lenders
SILICON GRAPHICS: Wants US$1.3 Mil. Cap Raised to US$1.65 Mil.


I N D O N E S I A

BANK NIAGA: Parent Refutes Reports on Stake Sale
BANK NIAGA: No Merger Plans with Bank Lippo Yet
BANK NIAGA: BNP Hikes Profit Estimates
BANK NISP: Profit Before Tax Rises 13%
BANK PERMATA: Net Profit Plummets to IDR141 Billion


J A P A N

KIYO BANK: Seeks JPY30-Billion Government Bailout
SEIYU LIMITED: Forecasts Higher Net Loss in First Half
SINORA INDUSTRIES: Clocks MYR0.148-M Net Loss in Second Quarter
SINORA INDUSTRIES: EPD Asks Serijaya to Submit EIA Report


K O R E A

AMKOR TECHNOLOGY: Form 10-Q Filing Delay Prompts Default Notice
AMKOR TECH: To Restate Financials for Stock-Based Compensation
AMKOR TECHNOLGY: Default Cues Moody's to Review Ratings
AMKOR TECHNOLOGY: Default Notice Prompts S&P to Junk Rating
* One-Third of Listed Firms Post Deficit in First Half


M A L A Y S I A

BUKIT KATIL: Fails to Avert Delisting
KRAMAT TIN: Clocks Higher Losses in Second Quarter of 2006
MBF HOLDINGS: Books MYR371-Million Second Quarter Revenue
MYCOM BERHAD: Pre-Tax Loss Drops to MYR1 Million in 4th Quarter
OLYMPIA INDUSTRIES: Books MYR54M Post-tax Loss on MYR49M Revenue

SBBS CONSORTIUM: Delays Submission of First Quarter Report
TALAM CORPORATION: Staffing Issues Delay Issuance of AAA 2006
TENAGA NASIONAL: To List and Quote Additional Shares
TOWER RECORDS: Files Chapter 11 Petition to Sell All Assets


P H I L I P P I N E S

BANCO DE ORO: To Issue LTNCDs One Year from BSP Approval
GLOBE TELECOM: Posts PHP5.8-Billion Net Income for 1st Half 2006
METRO PACIFIC: Posts PHP456.6-Million Net Loss in 1st Half 2006
METRO PACIFIC: MPIC Preparing Tender for Metro Pacific Shares


S I N G A P O R E

GETRONICS NV: S&P Keeps Low-B & Junk Ratings on Watch Negative
NATSTEEL LTD: Indonesian Businessman to Seek Wind-Up Petition
STANDARD AERO: S&P Affirms B+ Rating & Removes Negative Watch
STANDARD AERO: Posts US$48 Million Net Income in First Half


T H A I L A N D

BANK OF AYUDHYA: GE Deal Closing to Speed up Retail Business
BANGKOK STEEL: SET Posts SP Sign for Failing to Submit F/R
* Financial Institutions Recorded 17% Decline in NPLs for July


* Large Companies With Insolvent Balance Sheets

     - - - - - - - -

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

A R HARRIS: Court to Hear Liquidation Bid on September 4
--------------------------------------------------------
The High Court of Christchurch will hear a liquidation petition
against A R Harris Co Ltd on September 4, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 11, 2006.

The Plaintiff's Solicitor can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch, New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


ACLAND PRODUCTIONS: Enters Members Voluntary Liquidation
--------------------------------------------------------
At a general meeting held on August 4, 2006, the members of  
Acland Productions Pty Ltd agreed to voluntarily liquidate the
Company's business and distribute the proceeds of its assets
disposal.

In this regard, Faye Merle Wells was appointed as liquidator.

The Liquidator can be reached at:

         Faye Merle Wells
         7 Belson Street
         East Malvern, Victoria 3145
         Australia


ADSTEAM MARINE: Posts 15% More NPAT for FY2005-2006
---------------------------------------------------
Adsteam Marine Limited posted a net profit after tax of
AU$43.1 million for the year ended June 30, 2006, up 15%
compared with the NPAT reported last fiscal year.  The result is
in line with previous guidance.

John Moller, Managing Director of Adsteam Marine says, "[t]he
Australian business is performing well and has benefited from
continuing growth in domestic port activity.  Cost savings are
now also being realized from the significant restructuring
activity and workplace reforms undertaken by management over the
past three years."  "Overall, this is a good result in line with
our expectations," Mr. Moller adds.

Highlights from the FY2005-06 results include:

   * Revenue from services of AU$321.5 million and EBITDA
     AU$98.5 million;

   * Improved Australasian earnings with EBITDA of
     AU$61.3 million (before one-off and non-core items), up 10%
     on last year on a like-for-like basis;

   * EBITDA for the United Kingdom (before one-off and non-core
     items) of AU$35.2 million, down 3% on a like-for-like
     basis;

   * Net profit before tax of AU$47.9 million, up 22% on last
     year;

   * Net profit after tax of AU$43.1 million, up 15% on last
     year;

   * Earnings per share increased 13% to 16 cents; and

   * Solid balance sheet and stronger operating cash flows.

                       Financial Results

During the year, Adsteam incurred significant items relating to
redundancy, tug charter costs, and non-recurring costs which
totalled AU$6.9 million before tax.  These costs were primarily
incurred in the U.K.

Adsteam made a one-off gain of AU$5.3 million (before tax) as
compensation for unwinding a previous agreement to provide
management services to Flinders Ports and a gain on the
Northland divestment of AU$3.6 million (before tax).

Before one-off and non-core items, EBITDA on a like-for-like
basis was AU$96.5 million, up 5% compared to last year.  Net
profit after tax on a like-for-like basis was AU$40.5 million,
up 10% on last year.

Cash flow from operations was strong at AU$49.1 million, up 10%
on last year.  Net debt as at June 30, 2006 was AU$297 million,
similar to the same time last year.

Gearing (net debt/net debt+equity) improved to 46%, compared to
51% last year.

                      Australian Operations

Mr. Moller says, "the Australian business is performing well and
is benefiting from increased shipping activity in ports.  Tug
utilization improved and tug jobs grew 3% compared to last
year."

In regard to licenses, Adsteam was awarded a new non-exclusive
licence in the port of Fremantle after a competitive tender
process and the company has been granted preferred bidder status
for a new license in the port of Mackay, to commence in 2007.

In Albany, the company's license was extended by two years, and
in Gladstone the license will be extended by three years, until
2010.

Mr. Moller discloses that the company's operations at the LNG
terminal in Darwin, commenced two months ahead of schedule to
coincide with the early start up of the terminal.  This enabled
the company to earn income in the second half of the year.

"In June, Adsteam signed a five year contract with the
Australian Maritime Safety Authority to provide emergency towage
services around much of the Australian coast.  This underlines
the size and capability of our Australian operations."

                         UK Operations

In local currency, Adsteam's UK business generated EBITDA
(before one-off and non-core items) of GBP14.7 million, slightly
above the previous year, on a like-for-like basis.  

Mr. Moller relates that after restructuring changes made in the
first half of the financial year at Gravesend, costs savings
began to be realized in the second half.  "This offset the
impact of lower overall volumes in the U.K., down some 4%
compared to last year," Mr. Moller notes.

A stronger Australian dollar reduced like-for-like EBITDA to
AU$35.2 million, down AU$1.1 million compared with last year.

Overall, significant labor reform has been achieved in the U.K.,
including four to three person crewing and changes at Gravesend.
However, further incremental labor reform will be required at a
number of U.K. ports over the next 12 months to enhance the
competitive position of Adsteam's business in the U.K.  This
will involve further restructuring and redundancy costs.  The
details and quantum of these costs are still to be finalized.

                        Debt refinancing

In April 2006 Adsteam refinanced its previous syndicated debt
facilities for a new five year term.  This is expected to result
in annualized interest cost savings of AU$2.3 million compared
to FY2006 at existing debt levels.

A full-text copy of the company's 2006 Annual Report to
Shareholders is available for free at:

http://www.adsteam.com.au/investor/annual_reports/2006/ar2006.pdf

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.  As of June 30, 2005, the
Company reported an "improved balance sheet" as it was able to
reduce its debt to AU$302 million, achieved through the sale of
non-core assets, improved earnings, improved debtor management
and a tight dividend policy.


ADSTEAM MARINE: Provides Update on SvitzerWijsmuller Offer
----------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that SvitzerWijsmuller A/S revealed a recommended
cash takeover offer for all of Adsteam Marine Ltd's shares
including those issued on the exercise of share acquisition
rights under Adsteam's long-term incentive plan.  Under the
terms of SvitzerWijsmuller's cash offer, Adsteam shareholders
will receive AU$2.54 per share, the TCR-AP noted.

After carefully considering SvitzerWijsmuller's offer, the
Adsteam Board of Directors recommended that, in the absence of a
higher offer and after the regulatory conditions to the offer
have been satisfied or waived, shareholders accept the offer.

Currently, the offer remains open, subject to these conditions
being satisfied:

   * Competition approval in the United Kingdom; and

   * 90% minimum acceptance

As reported in the TCR-AP, under the terms of the offer from
SvitzerWijsmuller, the consideration of AU$2.54 cash per share
is inclusive of any dividend, if one is declared or paid.  The
Board has resolved to defer the decision to pay any dividend
while it waits upon the outcome of the offer.

Should the takeover not proceed, the Company's existing dividend
policy will continue to apply.  This is the payout of
approximately 50% of net profit after tax by way of dividends.

The SvitzerWijsmuller offer is scheduled to close on
September 29, 2006, unless extended or withdrawn.

                          *     *     *

SvitzerWijsmuller -- http://www.svitzerwijsmuller.com/-- is a  
major global towage and salvage company headquartered in
Copenhagen, Denmark with activities in 35 countries within
harbour towage, terminal towage, salvage, emergency response and
rescue, ocean towage and crew boat operations.  
SvitzerWijsmuller is a subsidiary of A.P. Moller - Maersk A/S.  
Last year, SvitzerWijsmuller had a turnover of US$355 million
and it employs approximately 2,500 people.  

                          About Adsteam

Headquartered in New South Wales, Australia, Australia Adsteam
Marine Ltd -- http://www.adsteam.com.au/-- currently has a  
fleet of more than 200 vessels and also offers other maritime
services such as a shipping agency, fuel distribution and
salvage.

The Company had undertaken steps in a plan to divest non-core
businesses since May 2003 as part of its business transformation
program and has raised money to support its rescue plan designed
to trim down debts and repay borrowings.  Adsteam's debt was
estimated to be AU$360 million.  As of June 30, 2005, the
Company reported an "improved balance sheet" as it was able to
reduce its debt to AU$302 million, achieved through the sale of
non-core assets, improved earnings, improved debtor management
and a tight dividend policy.


ALL ABOUT CEILINGS: Creditors Name Official Liquidator
------------------------------------------------------
The members of All About Ceilings (AUST) Pty Ltd convened on
July 31, 2006, and decided that it is in the Company's best
interests to wind up its operations.

Creditors appointed Stephen Robert Dixon and Laurence Andrew
Fitzgerald as joint and several liquidators at a separate
meeting held later that day.

The Joint and Several Liquidators can be reached at:

         Stephen Robert Dixon
         Laurence Andrew Fitzgerald
         Horwath BRI (Victorai) Pty Ltd
         Chartered Accountants
         Level 30, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


ANDREW ELLEM: Names Paul Burness and Matthew Jess as Liquidators
----------------------------------------------------------------
Members of Andrew Ellem & Associates Pty Ltd on August 3, 2006,
appointed Paul Burness and Matthew Jess as official liquidators.

The Liquidators can be reached at:

         Paul Burness
         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


AWB LIMITED: Jill Gillingham Resigns
------------------------------------
Jill Gillingham, a senior AWB executive who coordinated the
company's response to the Iraq kickbacks inquiry, resigned two
weeks ago and will leave AWB at the end of August, The
Australian cites an AWB spokesman, as saying.

The spokesman clarifies that Ms. Gillingham's resignation was
unrelated to the Cole Inquiry, noting that Ms. Gillingham
already indicated last year her intention to resign.

The Australian notes that Ms. Gillingham's resignation follows
the departure of at least four other senior executives from AWB,
including former managing director Andrew Lindberg, chief legal
adviser Jim Cooper, company secretary Richard Fuller, and ex-
marketing chief Charles Stott.

                         About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to AU$5 billion per year.  
AWB's footprint includes more than 430 outlets through its
subsidiary landmark and has offices across the world.  The
company employs more than 2,700 staff reaching over 100,000
customers.  AWB is also one of the nation's largest suppliers of
rural merchandise, distributors of fertilizer, marketers of
livestock, brokers of rural real estate and handlers of wool.

In late 2005, AWB was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  The Australian Government then appointed a commission,
headed by retired judge Terence Cole, to investigate into the
Company's role in and the Government's alleged "knowledge" of
the scandal.  The "Cole Inquiry" is currently underway.  The
scandal is anticipated to create great political repercussions
to the Australian Government, given the country's contribution
to military action against President Hussein in the 2003
invasion of Iraq.

In the Company's half-year report ended March 31, 2006, Brett
Kallio, a partner at Ernst & Young, noted that there is inherent
uncertainty surrounding the consolidated entity with regard to
matters associated with the Cole Inquiry.  As the findings of
the Cole Inquiry have not yet been determined and reported,
there is uncertainty as to the nature of these findings and the
financial effect, if any, on the consolidated entity and its
operations, Mr. Kallio stated.

                            *     *     *

The Troubled Company Reporter - Asia Pacific reported on
July 12, 2006, that six American wheat farmers have launched a
AU$1- billion class action against AWB in the United States,
claiming its dealings in overseas markets damaged their own
incomes.  According to the TCR-AP report, more farmers are
considering joining the class action.

The TCR-AP also previously reported that Australian law firm
Maurice Blackburn Cashman was considering a class action against
AWB on behalf of shareholders who lost money in the wake of the
Cole Inquiry.

The Company's balance sheet as of March 31, 2006, reflected
total assets of AU$5.7 billion and total liabilities of
AU$4.54 billion, showing total equity of AU$1.16 billion.


BLACKLASH PTY: Members to Receive Wind-Up Report on Sept. 20
------------------------------------------------------------
A final meeting of the members of Blacklash Pty Limited will be
held on September 20, 2006, at 10:00 a.m.

During the meeting, members will receive Liquidator John
Gibbons's report on the Company's wind-up proceedings and
property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
December 28, 2005, the Company commenced liquidation proceedings
on December 1, 2005.

The liquidator can be reached at:

         John Gibbons
         Ernst & Young
         680 George Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9248 5862


BUSINESS AUSTRALIA: Appoints Receivers and Managers
---------------------------------------------------
Richard Albarran and Geoffrey McDonald were appointed as
receivers and managers of all the assets and undertakings of
Business Australia Capital Finance Pty Limited on August 4,
2006.

The Receivers and Managers can be reached at:

         Geoffrey McDonald
         Richard Albarran
         c/o Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


BICYCLE AUTHORITY: Appoints Joint Receivers and Managers
--------------------------------------------------------
On August 2, 2006, Geoffrey Handberg and Brent Morgan were
appointed as joint receivers and managers of all fixed and
floating assets of The Bicycle Authority Pty Ltd.

The Joint Receiver and Managers can be reached at:

         Geoffrey Handberg
         Brent Morgan
         D'Aloia Handberg
         Chartered Accountants
         Level 10, 200 Queen Street
         Melbourne, Victoria 3000
         Australia


CHEW CORPORATION: Receives Liquidation Petition from CIR
--------------------------------------------------------
On July 11, 2006, the Commissioner of Inland Revenue filed
before the High Court of Christchurch a petition to liquidate
Chew Corporation Ltd.

The Court will hear the petition on September 4, 2006, at 10:00
a.m.

The Plaintiff's Solicitor can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch, New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


DONNISON DEVELOPMENTS: Appoints Ian James Purchas as Receiver
-------------------------------------------------------------
On August 3, 2006, Ian James Purchas was appointed as receiver
of all the assets and undertakings of Donnison Developments Pty
Limited.

The Receiver can be reached at:

         Ian James Purchas
         Star Dean-Willcocks
         Level 1, 32 Martin Place
         Sydney, New South Wales
         Australia


EAR FOR MUSIC: To Declare Dividend on October 13
------------------------------------------------
Ear For Music Pty Limited will declare its first and final
dividend on October 13, 2006.

Creditors who cannot prove their claims by September 5, 2006,
will be excluded from sharing in the dividend distribution.

The Troubled Company Reporter - Asia Pacific reported on
February 1, 2006, that the Company commenced a wind-up of its
operations on January 5, 2006.

The liquidator can be reached at:

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


EDLAN NO 43: Enters Wind-Up Proceedings
---------------------------------------
After a general meeting held on August 4, 2006, the members of
Edlan No 43 Pty Ltd resolved to voluntarily wind up the
Company's operations and appoint Ian Paul Mayberry as
liquidator.

The Liquidator can be reached at:

         Ian Paul Mayberry
         c/o Jenkins Mayberry & Associates
         20 King Street
         Murwillumbah, New South Wales 2484
         Australia


EPCA GROUP: Members and Creditors to Convene on September 15
------------------------------------------------------------
Members and creditors of Epca Group Pty Ltd will hold a final
meeting on September 15, 2006, at 10:00 a.m., to receive
Liquidator Andrew McLellan's accounts of the Company's wind-up
proceedings and property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
Company declared its first and final dividend on December 15,
2005.

The liquidator can be reached at:

         Andrew Mclellan
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia
   

ETHELDON PTY: Undergoes Voluntary Wind-Up
-----------------------------------------
At a general meeting held on August 4, 2006, the members of
Etheldon Pty Limited agreed that it is in the Company's best
interests to wind up its operations.

In this regard, Raymond George Tolcher was named liquidator.

The Liquidator can be reached at:

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


FELTEX CARPETS: Extends Godfrey Hirst's Due Diligence to Aug. 28
----------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 2, 2006, Feltex Carpets Limited has received a takeover
offer from privately owned Australian rival Godfrey Hirst for up
to 12 cents per share.  Pursuant to an Agreement between the
parties, Godfrey Hirst's completion of due diligence was on
August 21, 2006, the TCR-AP noted.

However, a follow-up report from the New Zealand Press
Association relates that Godfrey Hirst sought and obtained from
Feltex a week's extension to its due diligence exercise until
August 28, 2006.

Feltex noted that alternative buyers Graeme and Craig Turner
continued to examine Feltex's books as part of their
recapitalization proposal, Stuff.co.nz relates.

According to the TCR-AP, Craig Turner disclosed that their due
diligence may be completed on August 25, 2006, at the latest.  
After that, Sleepyhead would decide whether to launch a rescue
offer.

Meanwhile, Feltex has appointed Ferrier Hodgson to prepare a
report on the Godfrey Hirst plan, which shareholders will
receive with special meeting details, the NZPA says.

                          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 exercise, proceeds of which will be used to ease its
NZ$128-million debt to ANZ Bank.


GLOBAL ENGINEERED: Secures 6-Month Rescue Package from Customers
----------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 21, 2006, that administrators gave almost 200 workers for
Ajax Engineered Fasteners marching orders when negotiations with
customers for a multi-million rescue package disintegrated
because one of them could not sign off on a deal to cover Ajax's
trading losses.  Ajax is a division of Global Engineered
Fasteners.

A follow-up report from the Herald Sun relates that jobs at Ajax
have been saved by a last-minute rescue deal.  On August 23,
2006, major industry players, including Holden and Ford, signed
a deal to keep Ajax running for at least six more months, the
Herald Sun says.

Ajax's 190 workers voted to accept the six-month deal, which
buys the company some time to trade itself out of financial
difficulty, The Australian relates.

However, the Herald Sun says, workers are still seeking a
guarantee of their entitlements in the event that the factory
shuts down.

The agreement involving Ford and Holden was thrashed out
overnight, and Ford and brake manufacturer and supplier PBR
signed the multi-million dollar rescue agreement on August 22,
2006, The Australian notes.

The rescue package was clinched as Ford was preparing to stand
down thousands of workers who relied on parts from Ajax, the
Herald Sun relates.

The paper cites Ajax administrator Stephen Longley, from
PricewaterhouseCoopers, as saying that there would be no short-
term job cuts.  "It gives us a platform to go forward with this
business, to look for a restructure, or sale of the business,"
Mr. Longley says.

Administrators are now securing Ajax's future, the Australian
Associated Press relates.

Shareholders will decide whether to sell or restructure the
business, The Age says, noting that there had already been
considerable interest from prospective buyers.

Financial details of the rescue package were not disclosed.  

According to the Herald Sun, it is believed that about
AU$4 million is needed to keep Ajax afloat over the next two
months.

The Age says that Ajax employees are owed about AU$12 million in
entitlements.

Australian Workers Union state secretary Cesar Melhem notes that
talks will continue over the next few days to try to secure
entitlements, the Herald Sun relates.

The Age also cites Mr. Longley as saying that there is an
urgency to have the company's financial affairs finalized within
the next three months or Ajax risked losing customer confidence.  
This would give customers time to find alternative suppliers if
the rescue bid failed, Mr. Longley adds.

"We're primarily concerned with creditors. . ., " Mr. Longley
says.

                           About GEF

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

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

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

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


HLB DEVELOPERS: Sole Member Resolves to Wind Up Firm
----------------------------------------------------
The sole member of HLB Developers Pty Ltd resolved on August 2,
2006, to voluntarily wind up the Company's operations.

Creditors appointed Warren White as liquidator at a separate
meeting held later that day.

The Liquidator can be reached at:

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


LOVILLA PTY: Liquidator James Dick to Present Wind-Up Report
------------------------------------------------------------
Members of Lovilla Pty Limited will convene on September 14,
2006, at 11:00 a.m., to hear Liquidator James Dick's report on
the Company's wind-up proceedings and property disposal
exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
July 31, 2006, the Company commenced wind-up proceedings on
July 1, 2006.

The Liquidator can be reached at:

         James Dick
         Accountants
         1st Floor, 50 Montgomery Street
         Kogarah, Australia


M.C.C. SPORTSWEAR: Official Liquidator Named
--------------------------------------------
Shareholders of M.M.C. Sportswear Ltd on August 9, 2006,
resolved to voluntary liquidate the Company and appoint James
Stewart Murray as liquidator.

The Liquidator can be reached at:

         J. S. Murray
         P.O. Box 46, Orewa
         Auckland, New Zealand
         Telephone: (09) 426 8488
         Facsimile: (09) 426 8486


MALVERN HOUSE: Faces Liquidation Proceedings
--------------------------------------------
A petition to liquidate Malvern House Ltd will be heard before
the High Court of Christchurch on September 4, 2006, at 10:00
a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 11, 2006.

The Plaintiff's Solicitor can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch, New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


MAR-RON PTY: Members Pass Resolution to Wind-Up Operations
----------------------------------------------------------
The members of Mar-Ron Pty Ltd met on July 31, 2006, and passed
a special resolution to:

   -- voluntarily wind up the Company's operations; and

   -- appoint John Lampard as liquidator.

Mr. Lampard can be reached at:

         John Lampard
         Moore Stephens
         47 Greenhill Road
         Wayville, Western Australia 5034
         Australia
         Telephone: (08) 8291 2500


ML LIMITED: Court to Hear ACC's Liquidation Petition on Sept. 7
---------------------------------------------------------------
A liquidation petition filed against ML Limited will be heard
before the High Court of Auckland on September 7, 2006, at 10:45
a.m.

Accident Compensation Corporation filed the petition with the
Court on June 26, 2006.

The Plaintiff's Solicitor can be reached at:

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


MELBOURNE COACH: Receiver and Manager Steps Aside
-------------------------------------------------
Paul A. Pattison ceased to act as receiver and manager of all
the assets and undertakings of Melbourne Coach Terminal Pty Ltd
on July 25, 2006.

The former Receiver and Manager can be reached at:

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


MELTON HEATING: Creditors Appoint P. Newman as Liquidator
---------------------------------------------------------
At an extraordinary general meeting held on August 4, 2006, the
members of Melton Heating & Cooling Pty Ltd resolved to close
the Company's business and appoint Philip Newman and David
Charles Quin as liquidators.

The Liquidators can be reached at:

         Philip Newman
         David Charles Quin
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne, Australia


METAMORPHOSIS STRATEGIES: Members Decide to Shut Down Firm
----------------------------------------------------------
Members of Metamorphosis Strategies Pty Limited met on August 8,
2006, and decided to shut down the Company's operations.

Accordingly, Schon G. Condon RFD and Bruce Gleeson were
appointed as joint liquidators.

The Joint Liquidators can be reached at:

         Schon G. Condon RFD and
         Bruce Gleeson
         c/o Jones Condon
         Chartered Accountants
         Australia
         Telephone:(02) 9893 9499


PASTA POINT: Court to Hear CIR's Wind-Up Bid on September 11
------------------------------------------------------------
A petition to wind up Pasta Point Marketing Ltd will be heard
before the High Court of Wellington on September 11, 2006, at
10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 19, 2006.

The Plaintiff's Solicitor can be reached at:

         Julia Dykema
         Inland Revenue Department
         Technical and Legal Support Group
         South Island Service Centre
         Ground Floor Reception
         518 Colombo Street (P.O. Box 1782)
         Christchurch, New Zealand
         Telephone: (03) 968 0809
         Facsimile: (03) 977 9853


PCI PTY: Names Andrew Stewart Reed Hewitt as Liquidator
-------------------------------------------------------
Members of PCI Pty Ltd convened on August 1, 2006, and agreed to
wind up the Company's operations.

Subsequently, Andrew Stewart Reed Hewitt was appointed as
liquidator.

Mr. Hewitt can be reached at:

         Andrew Stewart Reed Hewitt
         Grant Thornton Recovery (Vic) Pty Ltd
         Rialto Towers, Level 35
         South Tower, 525 Collins Street
         Melbourne, Victoria 3000
         Australia


RIMDEN PTY: Members to Convene on September 22
----------------------------------------------
A final meeting of the members of Rimden Pty Ltd will be held on
September 22, 2006, at 10:00 a.m.

Liquidator Murray Smith will report on the Company's wind-up and
property disposal exercises at the meeting.

As reported by the Troubled Company Reporter -Asia Pacific on
November 23, 2005, the Company commenced a wind-up of its
operations on October 26, 2005.

The Liquidator can be reached at:

         Murray Smith
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9338 2601
         Web site: http://www.mcgrathnicol.com


ROSEDENIM PTY: Placed Under a Members' Voluntary Liquidation
------------------------------------------------------------
Members of Rosedenim Pty Limited convened on August 4, 2006, and
resolved to close the Company's business.

In this regard, R. G. Tolcher was appointed as liquidator.

The Liquidator can be reached at:

         Raymond George Tolcher
         Chartered Accountant
         Lawler Partners
         763 Hunter Street
         Newcastle West, New South Wales 2302
         Australia


STEELFIX PTY: Creditors' Proofs of Debt Due on September 12
-----------------------------------------------------------
Steelfix Pty Ltd will declare its first and final dividend to
creditors on September 25, 2006, to the exclusion of those who
cannot prove their debts by September 12, 2006.

The Troubled Company Reporter - Asia Pacific reported on
February 8, 2006, that the Company declared a dividend on
February 13, 2006.

The liquidator can be reached at:

         Geoffrey McDonald
         Hall Chadwick
         Level 29, 31 Market Street
         Sydney, New South Wales 2000
         Australia


URBAN HABITAT: Appoints Burness and Jess as Liquidators
-------------------------------------------------------
At a general meeting on July 31, 2006, the members of Urban
Habitat Landscaping & Paving Pty appointed Paul Burness and
Matthew Jess as liquidators.

The Liquidators can be reached at:

         Paul Burness
         Worrells
         Solvency & Forensic Accountants
         Level 5, 15 Queen Street
         Melbourne, Victoria 3000
         Australia
         Telephone:(03) 9613 5511
         Facsimile:(03) 9614 3233
         Web site: http://www.worrells.net.au/


VICTORIAN DOORS: Placed Under Voluntary Liquidation
---------------------------------------------------
The members of Victorian Doors Pty Ltd held a meeting on
August 3, 2006, and decided to voluntarily liquidate the
Company's business.

Accordingly, Dennis M. Foley was appointed as liquidator.

The Liquidator can be reached at:

         Dennis M. Foley
         Dennis M. Foley & Associates
         3rd Floor, Lydiard House
         17 Lydiard Street
         North Ballarat 3350
         Australia
         Telephone:(03) 5331 2600
         Facsimile:(03) 5333 2713
         e-mail: dmf@cooke-foley.com.au


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

1 AND 1 ORDER: Court to Hear Wind-Up Petition on September 6
------------------------------------------------------------
The High Court of Hong Kong will hear on September 6, 2006, at
9:30 a.m. a liquidation petition filed against 1 and 1 Order
Ltd.

Chan Yuk Man, Victor filed the petition with the Court on
July 12, 2006.

The Solicitor for the Petitioner can be reached at:

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


AGERE SYSTEMS: To Purchase Own Shares for HKD14.14-Million
----------------------------------------------------------
Pursuant to a resolution passed by the Company on August 5,
2006, to purchase its own shares, the Company will purchase its
shares for a capital payment of HKD14,146,479.

Any creditor opposing the purchase is given five weeks from
August 5 to apply for an order prohibiting the payment.


COLIYIELD COMPANY: Members and Creditors Meetings Set on Aug. 25
----------------------------------------------------------------
Members and creditors of Coliyield Company Ltd will convene for
their annual meeting on August 25, 2006, at 12:00 noon and 12:15
p.m. respectively.  The meeting will be held at 5/F., Allied
Kajima Bldg, 138 Gloucester Road, Wanchai, Hong Kong.

At the meeting, Joint and Several Liquidator Nicholas Timothy
Cornforth Hill will present accounts of the Company's wind-up
and property disposal exercises.


GOOD SUCCESS: Liquidators to Receive Claims Until September 1
-------------------------------------------------------------
Joint Liquidators Nicholas Timothy Cornforth Hill and Stephen
Briscoe will be receiving proofs of claim from the creditors of
Good Success Catering Group Ltd until September 1, 2006.

Failure of creditors to prove claims on the due date will
exclude them from sharing in any distribution the company will
make.

The Joint Liquidators can be reached at:

         Stephen Briscoe
         5th Floor, Allied Kajima Building
         138 Gloucester Road
         Wanchai, Hong Kong


FERENDO LIMITED: Annual Meeting Set on August 25
------------------------------------------------
Members and creditors of Ferendo Ltd will convene for their
annual meetings at 12/F., Allied Kajima Bldg, 138 Gloucester
Road, Wanchai, Hong Kong on August 25, 2006, at 2:30 p.m. and
2:45 p.m. respectively.

At the meetings, Joint and Several Liquidator Nicholas Timothy
Cornforth Hill will present accounts of the Company's wind-up
and property disposal exercises.


HOP SHING: Receives Wind-Up Order from Court
--------------------------------------------
Hop Shing (H.K.) Construction Ltd received a wind-up order from
the High Court of Hong Kong on May 15, 2006.

The Troubled Company Reporter - Asia Pacific had reported that
the Court issued the same wind-up order on December 7, 2005.  
The Court received the wind-up petition on October 5, 2005.


HYDROTECH PROFESSIONALS: High Court Issues Wind-Up Order
--------------------------------------------------------
The High Court of Hong Kong on May 15, 2006, issued a wind-up
order against Hydrotech Professional Ltd.   


INCORPORATED OWNERS OF KAI TAK: Faces Wind-Up Proceedings
---------------------------------------------------------
A petition to wind up The Incorporated Owners of Kai Tak Mansion
(Block Two) will be heard before the High Court of Hong Kong on
August 30, 2006, at 9:30 a.m.

Po Fat Construction Co Ltd filed the petition with the Court on
June 15, 2006.

The Solicitors for the Petitioner can be reached at:

         Y.C. Lee, Pang & Kwok
         2803, Wing On House
         71 Des Voeux Road Central
         Hong Kong


JIANGXI COPPER: Expects Strong Metal Prices to Boost Profit
-----------------------------------------------------------
Jiangxi Copper expects net profit for the first three quarters
to grow by at least 50% after it reported a 114% surge in first-
half net profit boosted by increased output and strong metal
prices, The Standard reports.

Based on the steelmaker's financial statement submitted to the
Hong Kong Stock Exchange, its net profit was CNY2.09 billion or
CNY0.722 per share, for the six months ended June, compared with
CNY974.6 million, or CNY0.3658 per share, a year ago.

The result is higher than the median market estimate of CNY9.5
billion based on five analysts polled by Bloomberg.

"Net profit for the nine months ending September will grow by
50% or more compared with the same period last year, provided
selling prices of products in the third quarter will not record
a significant decrease over the first half," company chairman He
Changming said.

The Standard notes that the profit margin for the six months
increased 14.98 percentage points to 40.18%, citing the dramatic
increase in the price of products, including copper cathode,
gold and silver, compared with the same period last year as the
reason for the increase.

"Due to the rapid increase in global demand in the first half,
the supply of copper remained tight, though the global output of
copper increased compared to the same period last year," Mr. He
said.

Meanwhile, the company allocated CNY9 billion over the next
three years to boost its smelting capacity and explore resources
to take advantage of strong demand growth in the country, The
Standard relates.

                          *     *     *

Jiangxi Copper is China's largest copper producer.  In 2005, it
produced 422 thousand tons of copper, about 16.8% of the total
national output.  The Company also realized a turnover growth
rate of 25.5% and net profit growth rate of 61.9% in 2005.  
Jiangxi Copper is a constituent of the Xinhua/ FTSE China 200
Index.  As of market close on April 28, 2006, its total market
capitalization and investable capitalization were CNY17.5
billion and CNY3.5 billion respectively.

On July 18, 2006, Xinhua Far East China Ratings has commented
that the likelihood of downward surprises on the issuer rating
for Jiangxi Copper Co., Ltd. was increasing and changed the
Company's rating outlook to negative from stable.  Its issuer
credit rating remains BB+.


KAM KIU REAL: Members OK Resolution to Have Books Destroyed
-----------------------------------------------------------
Members of Kam Kiu Real Estate (China) Co Ltd resolved that the
books and papers of the Company be kept under the custody of
Liquidator Chu Chi Wa.

It was also resolved that the Liquidator may destroy the books
and papers three months after the dissolution of the Company.

The resolution was passed at the final general meeting of the
members of the Company held on July 24, 2006.


K. W. ELECTRONIC: Annual Meetings Scheduled for Today
-----------------------------------------------------
The annual meetings for the members and creditors of Kong Wah
Electronic Enterprises Ltd will be held at 12/F., Allied Kajima
Bldg, 138 Gloucester Road, Wanchai, Hong Kong today, August 25,
2006, at 11:00 a.m. and 11:30 p.m. respectively.

At the meetings, Joint and Several Liquidator Nicholas Timothy
Cornforth Hill will present accounts of the Company's wind-up
and property disposal exercises.


KONG WAH ESTATE: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
Members and creditors of Kong Wah Estate Ltd will convene today,
August 25, 2006, at 1:30 p.m. and 2:00 p.m. respectively to hear
Joint and Several Liquidator Nicholas Timothy Cornforth Hill's
report regarding the Company's wind-up.

The meetings will be held at 12/F., Allied Kajima Bldg, 138
Gloucester Road, Wanchai, Hong Kong on August 25, 2006, at
1:30 p.m. and 2:00 p.m. respectively.


K. Y. KEE CONSTRUCTION: Voluntarily Winds Up Operations
-------------------------------------------------------
The High Court of Hong Kong on May 15, 2006, issued a wind-up
order against Kwan Yiu Kee Construction Co Ltd.

The Company had previously filed a wind-up petition against its
own operations.

According to the Troubled Company Reporter - Asia Pacific, the
Court had also issued a wind-up order against the Company on
February 1, 2006.


LI HUA MACHINERY: Members to Hear Wind-Up Report
------------------------------------------------
Members of Li Hua Machinery (H.K.) Co Ltd will convene for their
final meeting at Room 1701, Olympia Plaza, 255 King's Road,
North Point, Hong Kong on September 11, 2006, at 10:30 a.m.

At the meeting, members will hear a report from Joint
Liquidators Lui Wan Ho and Lui Yee Lin regarding the Company's
wind-up and property disposal exercises.


LANE PROFIT: Liquidators to Present Wind-Up Report
--------------------------------------------------
Members of Lane Profit Ltd will meet on September 11, 2006,
10:30 a.m. at Room 1701, Olympia Plaza, 255 King's Road, North
Point in Hong Kong to hear Joint Liquidators Lui Wan Ho and Lui
Yee Lin's accounts of the Company's wind-up.

According to the Troubled Company Reporter - Asia Pacific,
members opted to voluntarily wind up the Company's operations on
May 8, 2006.  


MARK SINO: Final Members Meeting Set on September 5
---------------------------------------------------
Members of Mark Sino Enterprises Ltd will convene for their
final meeting at 21/F., Fee Tat Commercial Centre, No. 613
Nathan Road, Kowloon in Hong Kong on September 5, 2006, 9:00
a.m.

At the meeting, Liquidator Tse Yun Tak will report on the
Company's wind-up and property disposal activities.


NOBLE VIEW: Court Orders Wind-Up
--------------------------------
The High Court of Hong Kong on May 15, 2006 issued a wind-up
order against Noble View Ltd.

According to the Troubled Company Reporter - Asia Pacific, the
Company was facing a wind-up petition filed by the Bank of China
(Hong Kong) with the Court in September 2005.

The TCR-AP also reported that the Court issued the same wind-up
order on November 2, 2005.


ORIENT POWER (ELECTRONICS): Court to Hear Wind-Up Bid on Aug. 30
----------------------------------------------------------------
The High Court of Hong Kong will hear a liquidation petition
filed against Orient Power Electronics Ltd on August 30, 2006,
at 9:30 a.m.

RSL Electronic Company Ltd -- formerly RDL Electronic Company
Ltd -- filed the petition with the Court on June 30, 2006.

The Solicitors for the Petitioner can be reached at:

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


PAINTING TRADE: Members Opt for Voluntary Wind-Up
-------------------------------------------------
Members of Hong Kong & Kowloon Painting Trade Employers
Association Ltd resolved on July 28, 2006, to voluntary wind up
the Company's operations and appoint Cheng Faat Ting as
liquidator.

Liquidator Cheng requires creditors to file their proofs of
claim by September 4, 2006, for them to share in any
distribution the Company will make.

The Liquidator can be reached at:

         Cheng Faat Ting
         8/F., Richmond Commercial Bldg
         109 Argyle Street, Mongkok
         Hong Kong


SEGOS ELECTRONICS: Court Favors Wind-Up
---------------------------------------
The High Court of Hong Kong issued a wind-up order against Segos
Electronics (Hong Kong) Ltd on May 11, 2006.

The Troubled Company Reporter - Asia Pacific reported that the
same order was issued by the Court on October 5, 2005.

According to the TCR-AP, the Company was facing a wind-up
petition filed by the Bank of China (Hong Kong) with the Court
in August 2005.


SINO UNION: Members Agree to Voluntary Wind Up Operations
---------------------------------------------------------
At an extraordinary general meeting of Sino Union Far East Ltd
held on July 26, 2006, shareholders resolved to voluntary wind
up the Company's operations and appoint Leung Chi Wing as
liquidator.

The appointment of Liquidator Leung was confirmed at the
subsequent creditors meeting held on the same day.  

The Liquidator can be reached at:

         Leung Chi Wing
         Office B, 4/F
         Kiu fu Commercial Building
         300 Lockhart Road, Wan Chai
         Hong Kong


SOUND SPARK: Liquidator Keeps Custody of Company's Books
--------------------------------------------------------
Members of Sound Spark Ltd resolved that the books and papers of
the Company be keep under the custody of Liquidator Chu Chi Wa.

It was also resolved that the Liquidator may destroy the books
and papers three months after the dissolution of the Company.

The resolution was passed at the final general meeting of the
members of the Company held on July 24, 2006.

According to the Troubled Company Reporter - Asia Pacific,
members placed the Company under voluntary wind-up on April 24,
2006.  

The Liquidator can be reached at:

         Chu Chi Wa
         Flat B, Kwong On Bank
         Mongkok Branch Building
         728-730 Nathan Road, Mongkok
         Hong Kong


SUNTECH FOOTWEAR: High Court Favors Wind-Up Petition
----------------------------------------------------
The High Court of Hong Kong on July 26, 2006, issued a wind-up
order against Suntech Footwear Corporation Ltd.

As reported by the Troubled Company Reporter - Asia Pacific, the
Company was facing a wind-up petition filed by the Bank of
Ayudhya with the Court on May 26, 2006.


SUPREME AIRFRT: Enters Voluntary Wind-Up
----------------------------------------
Members of Supreme Airfrt Investment Ltd passed a special
resolution on August 1, 2006, to voluntary wind-up of the
Company's operations.  

Subsequently, Au Yeung Huen Ying was appointed as liquidator.

The Liquidator can be reached at:

         Au Yeung Huen Ying
         8/F., Shum Tower
         268 Des Voeux Road Central
         Hong Kong


* Draft Bankruptcy Law Makes Provision for Financial Regulators
---------------------------------------------------------------
Based on the new draft of China's Corporate Bankruptcy Law,
financial supervision institutions could apply for bankruptcy
for financial institutions in solvency, Xinhuanet reports.

Moreover, under certain circumstances, the financial supervision
institutions could also apply to the court for suspension of the
bankruptcy process of the financial institutions, under the
proposed law.

Chinese law experts said that the new provisions given to
financial regulators marks China's start to standardize the
bankruptcy of financial institutions on the legal level.

According to the draft, China's financial supervision
institution under the State Council could apply to the people's
courts for reshuffle and bankruptcy of financial institutions
including commercial banks, insurance and securities companies
when they cannot pay off debts due or meet solvency.

Xinhaunet recounts that this is the third time for the draft to
be put in front of the Chinese legislatures.

Jiang Qiangui, deputy head of the legal affairs committee of the
National People's Congress, said that the new provisions in the
Corporate Bankruptcy Law is proposed during the second
discussion of the draft by the legislature.

According to the original draft of the Chinese Bankruptcy Law,
application for bankruptcy could only be proposed by debtors or
creditors of the Company.  

However, as for financial institutions in insolvency, it is
necessary to allow financial supervision institutions to apply
for bankruptcy instead of them to prevent further losses when
the companies refused to make the application.

Meanwhile, to prevent creditors of financial institution in the
proceedings of bankruptcy to preempt assets before the
supervision institutions to perform takeover or trusteeship, the
financial supervision institutions should be empowered to apply
for suspension of the bankruptcy process.

Under the same draft, employees will be first in line for
payment -- ahead of tax offices and debtors -- if their company
goes bust under a draft Corporate Bankruptcy Law in front of
China's legislature, Xinhuanet relates.

Workers' salaries, medical insurance and job-related injury
benefits should be paid first a business files for bankruptcy,
before paying off overdue taxes and business debts, under the
proposed law.


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

SILICON GRAPHICS: Nine Debtor-Affiliates File Schedules
-------------------------------------------------------
In their Schedules of Assets and Liabilities, six Debtors
reported zero assets and zero liabilities:

       Debtor                                      Case No.
       ------                                      --------
       Cray Research, LLC                          06-10979
       Silicon Graphics Real Estate, Inc.          06-10980
       Silicon Studio, Inc.                        06-10982
       Cray Financial Corporation                  06-10987
       ParaGraph International, Inc.               06-10989
       WTI-Development, Inc.                       06-10990

Two Debtors reported zero assets and liabilities aggregating:

     Debtor                                          Amount
     ------                                          ------
     Cray Research America Latina Ltd.             US$5,494
     Cray Research Eastern Europe Ltd.             US$21,886

Cray Research India Ltd. reported zero liabilities, and
US$135,605 in assets for its disbursement account with Standard
Chartered Bank.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.  

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hongkong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC            
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation    
   * Silicon Studio, Inc.                        
   * Cray Research America Latina Ltd.           
   * Cray Research Eastern Europe Ltd.           
   * Cray Research India Ltd.                    
   * Cray Research International, Inc.           
   * Cray Financial Corporation                  
   * Cray Asia/Pacific, Inc.                     
   * ParaGraph International, Inc.               
   * WTI-Development, Inc.                       

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.  


SILICON GRAPHICS: Gets Okay to File Customer Lists Under Seal
-------------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates sought and
obtained the U.S. Bankruptcy Court for the Southern District of
New York's authority to file portions of:

    1.  their schedules of assets and liabilities, schedule of
        executory contracts and unexpired leases, statement of
        financial affairs, and list of equity holders; and

    2.  any affidavits of service, which may be filed in
        connection with the Debtors' request to establish a bar
        date for the filing of proofs of claim,

that contain lists of their customers, under seal for in camera
review.

Schedule G of the Schedules requires the Debtors to provide a
customer list.  The Debtors also anticipate that they may need
to provide notice of the claims bar date to some or all of the
parties on the Customer Lists.

As with nearly every company, and particularly in the high-tech
sector, the identity of the customers on SGI's Customer Lists is
one of SGI's most closely guarded secrets, Gary T. Holtzer,
Esq., at Weil, Gotshal & Manges LLP, in New York, explains.  The
Debtors' Customer Lists constitute proprietary trade secrets and
are among the Debtors' most valuable assets.

Mr. Holtzer contends that filing the Customer Lists on the
public docket would compromise one of the Debtors' most
significant assets, and negatively impact their reorganization
prospects.

If the Lists are made public, the Debtors' competitors would get
a clear picture of who the Debtors' customers are, the locations
within the customer's operations where they interface with the
Debtors, and an insight into the scope and type of work the
Debtors and the customers are engaged in.  "This would enable
the competitors to strategically target the Debtors' major
customers and attempt to secure them as their own," Mr. Holtzer
says.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.  

Silicon Graphics has operations in India, Australia, China,  
Japan, New Zealand and sales offices in Hongkong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.  


SILICON GRAPHICS: Seeks OK of Solicitation & Tabulation Protocol
----------------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates ask the United
States Bankruptcy Court for the Southern District of New York
to:

    (a) fix:

        * July 7, 2006, as the record date solely with respect
          to holders of Silicon Graphics Inc.'s 6.125%
          Convertible Subordinated Debentures due 2011 -- the
          Cray Voting Record Date;

        * July 27, 2006, as the record date with respect to all
          other creditors that are entitled to vote -- the
          General Voting Record Date;

        * Aug. 3, 2006, as the deadline for mailing solicitation
          packages and confirmation hearing notices;

        * Aug. 31, 2006, as the deadline for filing objections
          to confirmation or proposed modifications to the
          Debtors' First Amended Joint Plan of Reorganization;

        * Sept. 14, 2006, as the confirmation hearing date;
          and

        * September 11, 2006, as the deadline for the Debtors to
          file and serve replies to Confirmation Objections;

    (b) approve:

        -- notice and objection procedures in respect of
           confirmation of the Plan;

        -- Solicitation Packages and the procedures for their
           distribution;

        -- the forms of ballots and the establishment of
           procedures for voting on the Plan;

        -- the forms of notices to non-voting classes under the
           Plan; and

        -- the Subscription Forms for purposes of the Rights
           Offering.

In addition, the Debtors ask the Court to establish the General
Voting Record Date as the date for determining which creditors
and equity interest holders in non-voting classes are entitled
to receive an appropriate "Notice of Non-Voting Status".

                          Record Dates

Shai Y. Waisman, Esq., at Weil, Gotshal & Manges LLP, in New
York, tells the Court that the Cray Voting Record Date is
appropriate because it coincides with the record date applicable
to the holders of Cray Notes for purposes of determining which
of the holders are entitled to participate in the Rights
Offering.

Similarly, Mr. Waisman says, the General Voting Record Date is
appropriate as it (i) coincides with the record date applicable
to the holders of the Secured Notes for purposes of determining
which of the holders are entitled to participate in the Rights
Offering, and (ii) facilitates the determination of which
creditors are entitled to vote on the Plan or, in the case of
non-voting classes of creditors and equity interest holders, to
receive the Notice of Non-Voting Status.

The nominees and registered holders of the Debtors' equity
interests need advance notice to enable those responsible for
assembling ownership lists of the public equity securities to
compile a list of holders as of a certain date because accurate
lists often cannot be prepared retroactively as to ownership on
a prior date, Mr. Waisman explains.

                     Solicitation Procedures

The Debtors relate that Solicitation Packages distributed to:

    (a) Creditors holding claims in Classes 5, 6 and 7 will
        contain a copy of the Disclosure Statement Order, a
        notice of the Confirmation Hearing, the appropriate form
        of ballot to accept or reject the Debtors' Joint Plan of
        Reorganization with instructions and a return envelope,
        the Disclosure Statement with the Plan, and other
        materials as the Court may direct; and

    (b) Holders of claims and interests in the Unimpaired
        Classes or Non-Voting Impaired Classes will contain a
        copy of the Confirmation Hearing Notice and a Notice of
        Non-Voting Status.

The Debtors will distribute the Disclosure Statement Order, the
Confirmation Hearing Notice, the Disclosure Statement with the
Plan, and other materials as the Court may direct to:

    (1) the U.S. Trustee,

    (2) counsel for the:

        -- Official Committee of Unsecured Creditors,
        -- Wells Fargo Foothill, Inc. and Ableco Finance LLC,
        -- Ad Hoc Committee of Secured Noteholders,
        -- U.S. Bank National Association,
        -- JPMorgan Chase Bank, and
        -- Morgan Stanley Senior Funding, Inc.,

    (3) the Securities and Exchange Commission,

    (4) the District Director of the Internal Revenue Service
        for the Southern District of New York, and

    (5) all parties entitled to notice.

Holders of the 6.50% Secured Notes, 11.75% Secured Notes, and
the 6.125% Convertible Subordinated Debentures due 2011 as of
the applicable Voting Record Dates will also receive a
Subscription Form for purposes of the Rights Offering.

The Debtors will not send Solicitation Packages to creditors
with claims that have been paid in full unless the creditor
would be entitled to receive a Solicitation Package for any
reason other than by virtue of the paid claim.

According to Mr. Waisman, the Debtors anticipate that some
Notices may be returned as undeliverable by the United States
Postal Service.  To avoid the costs, the Debtors seek the
Court's approval to excuse them from mailing Solicitation
Packages unless they are provided with accurate addresses before
the Solicitation Date.

The Debtors ask the Court to determine that they are not
required to distribute copies of the Plan or Disclosure
Statement to any party to an executory contract who holds a
claim that is not allowed, filed, or scheduled, or who holds a
claim listed in the Schedules as contingent, unliquidated or
disputed, unless the party makes a specific request in writing.

                   Confirmation Hearing Notice

The Debtors propose that by August 3, 2006, all parties that are
provided Solicitation Packages, will also be provided a notice
setting forth:

    * the Voting Deadline;
    * the deadline to file Confirmation Objections; and
    * the time, date, and place for the Confirmation Hearing.

In addition to mailing, the Debtors will publish the
Confirmation Hearing Notice once in the national edition of The
New York Times on a date not less than 25 days prior to the
Confirmation Objection Deadline.

Objections to confirmation of the Plan or proposed modifications
to the Plan must:

    (i) be in writing;

   (ii) state the name and address of the objecting party and
        the amount and nature of its claim or interest;

  (iii) detail the basis and nature of any objection or proposed
        modification; and

   (iv) be filed, together with proof of service, with the
        Court, and be served so that they are actually received
        no later than Aug. 31, 2006, by the Clerk of the Court
        and the attorneys for the:

           * Debtors,
           * U.S. Trustee,
           * Creditors' Committee, and
           * Ad Hoc Committee.

          Notice of Non-Voting Status - Impaired Classes

The Debtors will send a Notice of Non-Voting Status - Impaired
Classes to the holders of the Debtors' publicly traded stock as
reflected in the records maintained by the Debtors' transfer
agents as of the close of business on the General Voting Record
Date.

The Debtors recognize that the records maintained by the
transfer agents or trustees reflect the brokers, dealers,
commercial banks, trust companies, or other nominees -- the Non-
Voting Nominees -- through which the beneficial owners hold the
Non-Voting Securities.

Accordingly, the Debtors ask the Court to authorize:

    (i) them to provide the Non-Voting Nominees with sufficient
        copies of the Notice of Non-Voting Status - Impaired
        Classes to forward to the beneficial stockholders; and

   (ii) the Non-Voting Nominees to forward the Notice of Non-
        Voting Status - Impaired Classes or copies of the
        Notices to the beneficial stockholders within five days
        of the Non-Voting Nominee's receipt of the Notices.

The Debtors seek the Court's authority to reimburse the Non-
Voting Nominees for their reasonable and customary expenses
incurred.

                         Voting Deadline

To be counted as a vote to accept or reject the Plan, each
Ballot must be properly executed, completed, and delivered to
the voting agent or the Voting Nominee, as appropriate, (i) by
first-class mail, in the return envelope provided with each
Ballot, (ii) by overnight courier, or (iii) by hand delivery, so
that it is actually received no later than 4:00 p.m., prevailing
Eastern Time, on Sept. 6, 2006.

                      Tabulation Procedures

Among other things, the Debtors propose that each claim within a
class of claims entitled to vote to accept or reject the Plan be
temporarily allowed in an amount equal to the amount of the
claim as set forth in the Schedules.  Creditors seeking to
challenge the allowance of their claims for voting purposes,
must serve on the Debtors, the Creditors' Committee, the Ad Hoc
Committee, and file with the Court a motion pursuant to Rule
3018(a) of the Federal Rules of Bankruptcy Procedure,
temporarily allowing the claim in a different amount for
purposes of voting to accept or reject the Plan, on or before
the 10th day after the later of:

    (i) service of the Confirmation Hearing Notice; and

   (ii) service of notice of an objection or request for
        estimation, if any, as to the claim.

Moreover, the Debtors request that whenever a creditor casts
more than one Ballot voting the same claim before the Voting
Deadline, the last Ballot received before the Voting Deadline
will be deemed to reflect the voter's intent.  That Ballot will
supersede any prior Ballots.  Creditors also must vote all of
their claims within a particular class under the Plan either to
accept or reject the Plan and may not split their vote.  A
Ballot that partially rejects and partially accepts the Plan
will not be counted.

A full-text copy of the Debtors' proposed Tabulation Procedures
is available for free at http://ResearchArchives.com/t/s?d56

          Subscription Forms for the Rights Offering

Pursuant to the Plan, holders of:

    -- Secured Note Claims, as of the General Record Date, have
       the right to subscribe for their pro rata share of
       6,800,000 shares of new common stock; and

    -- Cray Unsecured Debenture Claims, as of the Cray Voting
       Record Date, may exercise Subscription Rights for their
       Pro rata share of 700,000 shares of new common stock.

On Aug. 1, 2006, the Debtors will mail subscription forms to
each holder of a Secured Note Claim and Cray Unsecured Debenture
Claim together with instructions for the completion, execution,
and delivery of the Subscription Form, as well as instructions
for the payment of the applicable purchase price for the new
common stock that the holder may be entitled to acquire.

Not later than 10 business days following the Voting Deadline --
which is also the final date by which a holder of a Secured Note
Claim and Cray Unsecured Debenture Claim may elect to subscribe
to the Rights Offering -- the Debtors will deliver to each
holder that has sought to exercise its Subscription Rights, a
written statement specifying the number of shares of new common
stock that it validly and effectively acquired.

To exercise the Subscription Rights, each holder of a Secured
Note Claim and Cray Unsecured Debenture Claim must:

    (i) return a duly completed Subscription Form to Financial
        Balloting Group LLC, as subscription agent for the
        Rights Offering or, in the case of Secured Notes or Cray
        Notes held through a bank or brokerage firm, arrange for
        The firm to effect their subscription through the
        Depository Trust Company, so that the form or DTC
        instruction is actually received by FBG on or before the
        Subscription Expiration Date; and

   (ii) pay or arrange for payment to FBG on or before the
        Subscription Expiration Date, or by DTC to FBG, the
        holder's purchase price in accordance with the wire
        instructions or by certified bank or cashier's check
        delivered to FBG along with the Subscription Form.

Mr. Waisman says that if FBG does not receive a duly completed
Subscription Form or equivalent instructions from DTC and
immediately available funds equal to the holder's Subscription
Purchase Price or payment by DTC on or prior to the Subscription
Expiration Date, the holder will be deemed to have relinquished
and waived its right to participate in the Rights Offering.

Each holder of an Secured Note Claim and Cray Unsecured
Debenture Claim intending to participate in the Rights Offering
must affirmatively elect to exercise its Subscription Right on
or prior to the Subscription Expiration Date.

The Debtors also seek the Court's authority to adopt any
additional procedures consistent with the provisions of the
Rights Offering, Mr. Waisman adds.

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.  

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hongkong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC            
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation    
   * Silicon Studio, Inc.                        
   * Cray Research America Latina Ltd.           
   * Cray Research Eastern Europe Ltd.           
   * Cray Research India Ltd.                    
   * Cray Research International, Inc.           
   * Cray Financial Corporation                  
   * Cray Asia/Pacific, Inc.                     
   * ParaGraph International, Inc.               
   * WTI-Development, Inc.                       

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.  


SILICON GRAPHICS: Inks Financing Agreement with Lenders
-------------------------------------------------------
Following the United States Bankruptcy Court for the Southern
District of New York's approval of the US$130,000,000 financing
facility, Silicon Graphics, Inc., and its debtor-affiliates
entered into the Postpetition Loan and Security Agreement on
June 28, 2006, with:

    * Quadrangle Master Funding, Ltd., Watershed Technology
      Holdings, LLC, and Encore Funding, LP -- the Lenders;

    * Morgan Stanley Senior Funding, Inc., as administrative
      agent, sole lead arranger and sole bookrunner; and

    * Wells Fargo Foothill, Inc., as collateral agent, revolving
      agent and syndication agent.

Barry Weinert, Esq., vice president and general counsel of
Silicon Graphics, Inc., disclosed in a regulatory filing with
the Securities and Exchange Commission that the US$130,000,000
financing facility consists of a US$100,000,000 term loan and a
US$30,000,000 revolving line of credit comprising two types of
advances, as secured by some assets of the Debtors.

The interest rate under:

    -- the Term Loan is the per annum rate equal to the sum of
       the rate of interest announced, from time to time, within
       Wells Fargo Bank, N.A., at its principal office in San
       Francisco as its prime rate plus 700 basis points;

    -- the Revolver A Advances is the per annum rate equal to,
       at the Debtors' election,

        (i) the Base Rate plus 75 basis points; or
       (ii) the rate based on the applicable rate on the London
            interbank market plus 300 basis points; and

    -- the Revolver B Advances is the per annum rate equal to,
       at the Debtors' election,

        (i) the Base Rate plus 325 basis points; or
       (ii) the LIBOR Rate plus 525 basis points.

As prepayment on the outstanding obligations under the Financing
Agreement, in any fiscal year in which any sale or disposition
by the Debtors of property or assets exceeds:

    (a) US$500,000, the Debtors are required to pay 100% of the
        net proceeds to the Lender; and

    (b) US$250,000, the Debtors are required to pay 100% of the
        excess to the Lender.

Furthermore, the Financing Agreement terminates -- and all
outstanding borrowed amounts under the Financing Agreement
become due -- on the earliest to occur of the date:

    (i) a confirmed plan of reorganization becomes effective;

   (ii) on which an event of default occurs and is continuing;

  (iii) of any decision by the board of directors of any Debtor
        to proceed with the sale or liquidation without the
        consent of all of the Lenders;

   (iv) November 10, 2006; or

    (v) the Borrowers pay all of the required Lenders in full
        and terminate the term loan, unless terminated earlier,
        pursuant to the Financing Agreement.

A full-text copy of the Postpetition Loan and Security Agreement
is available for free at http://researcharchives.com/t/s?d13

                          Payoff Letters

Pursuant to the Final DIP Order, the Debtors filed with the
Court:

    (i) a Payoff Letter dated June 21, 2006, between Silicon
        Graphics, Inc., and Quadrangle Master Funding, Ltd.,
        Watershed Technology Holdings, LLC, and Encore Funding,
        LP -- the DIP Lenders; and

   (ii) a Payoff Letter dated June 26, 2006, between Silicon
        Graphics, Inc., and Wells Fargo Foothill, Inc.

In the Payoff Letter with the DIP Lenders, the Debtors expressed
their desire to repay the total unpaid balance of all amounts
owed to the DIP Lenders with respect to the Postpetition Loan
and Security Agreement and related documents.

The Payoff Letter provides that if paid by the close of business
on June 21, 2006, the amount necessary to payoff all principal,
interest, expenses, fees and other charges as of that time is
US$28,231,250.  For each day after June 21 that the charges are
not paid, the Unpaid Balance will be increased by US$11,666 --
the Per Diem Charge.

The payments will be made via wire transfer of federal funds to
the accounts listed on Schedule D-2 to the DIP Loan Agreement in
amounts equal to each DIP Lender's pro rata share of the Term
Loan Commitment.

The DIP Lenders agree that upon their receipt of the total
amount of the Unpaid Balance and Per Diem Charge, all
liabilities will be satisfied and the Financing Documents will
automatically terminate.  The DIP Lenders will then cancel and
release all encumbrances that they may have against the assets
of the Debtors.

A full-text copy of the Payoff Letter with the DIP Lenders is
available for free at http://researcharchives.com/t/s?d14

Among other things, the Payoff Letter with Wells Fargo confirm
that all prepetition obligations, other than those that survive
termination of the Prepetition Credit Agreement, will be
terminated and satisfied in full, upon:

    * Wells Fargo Foothill's receipt of:

         (i) a wire transfer of US$58,774,298 -- the Payoff
             Amount;

        (ii) a copy of the Final DIP Order; and

       (iii) a fully executed counterpart of the letter
             agreement signed by the Debtors, the DIP
             Administrative Agent, and Ableco Finance, LLC; and

    * Issuing Lender's receipt of US$4,813,093 to fund the L/C
      Prepaid Account as provided in the DIP Loan Agreement.

Issuing Lender refers to Wells Fargo or any other Lender that,
in its sole discretion, agrees to become an Issuing Lender for
the purpose of issuing L/Cs or L/C Undertakings.

Wire Transfers of the Payoff Amount and the L/C Prepaid Account
Amount were due June 28, 2006.

A full-text copy of the Payoff Letter with Wells Fargo Foothill
is available for free at http://researcharchives.com/t/s?d15

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.  

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC            
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation    
   * Silicon Studio, Inc.                        
   * Cray Research America Latina Ltd.           
   * Cray Research Eastern Europe Ltd.           
   * Cray Research India Ltd.                    
   * Cray Research International, Inc.           
   * Cray Financial Corporation                  
   * Cray Asia/Pacific, Inc.                     
   * ParaGraph International, Inc.               
   * WTI-Development, Inc.                       

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.  


SILICON GRAPHICS: Wants US$1.3 Mil. Cap Raised to US$1.65 Mil.
--------------------------------------------------------------
Silicon Graphics, Inc., and its debtor-affiliates ask the United
States Bankruptcy Court for the Southern District of New York's
authority to increase the US$1,300,000 payment cap to
US$1,650,000.

As reported in the Troubled Company Reporter on May 26, 2006,
the Court authorized the Debtors to pay prepetition obligations
up to an aggregate of US$1,300,000.

Shai Y. Waisman, Esq., at Weil, Gotshal & Manges LLP, in New
York, explains that the Debtors' based the US$1,300,000 estimate
on prepetition invoices for Delivery Charges remitted to them as
of the Petition Date, which did not include amounts that:

    (i) had yet to be billed to the Debtors by the Common
        Carriers, Customs Brokers and Facility Providers and
        Paid by Software Solutions Unlimited, Inc., on the
        Debtors' behalf; and

   (ii) had yet to be billed by Software Solutions due to its
        payment of the outstanding Delivery Charges on the
        Debtors' behalf.

Mr. Waisman tells the Court that the Debtors have become aware
of additional outstanding prepetition Delivery Charges for
US$350,000.  Majority of the outstanding US$350,000 is owed SSI
on account of invoices billed to the Debtors after the Petition
Date by several United Parcel Services entities, DHL Worldwide
Express and Danzas DHL Freight, who each hold a significant
portion of the Debtors' spare parts inventory in over 100
locations worldwide.

Mr. Waisman asserts that the satisfaction of obligations owed in
respect of the prepetition Delivery Charges will allow the
Debtors to minimize costs and comply with customer deadlines.

Mr. Waisman emphasizes that any obstruction of the Debtors'
ability to obtain or access goods and services required in their
ordinary course of business will result in their inability to
operate efficiently and will have a significantly damaging
effect on their restructuring efforts

                      About Silicon Graphics

Headquartered in Mountain View, California, Silicon Graphics,
Inc. (OTC: SGID) -- http://www.sgi.com/-- offers high-
performance computing.  SGI helps customers solve their
computing challenges, whether it's sharing images to aid in
brain surgery, finding oil more efficiently, studying global
climate, providing technologies for homeland security and
defense, enabling the transition from analog to digital
broadcasting, or helping enterprises manage large data.  

Silicon Graphics has operations in India, Australia, China,
Japan, New Zealand and sales offices in Hong Kong, Korea,
Malaysia, Indonesia, the Philippines, Singapore, Thailand, and
Vietnam.

The Debtor and 13 of its affiliates filed for chapter 11
protection on May 8, 2006 (Bankr. S.D.N.Y. Case Nos. 06-10977
through 06-10990).  

Debtor affiliates filing separate chapter 11 petitions:

   * Silicon Graphics Federal, Inc.
   * Cray Research, LLC
   * Silicon Graphics Real Estate, Inc.
   * Silicon Graphics World Trade Corporation
   * Silicon Studio, Inc.
   * Cray Research America Latina Ltd.
   * Cray Research Eastern Europe Ltd.
   * Cray Research India Ltd.
   * Cray Research International, Inc.
   * Cray Financial Corporation
   * Cray Asia/Pacific, Inc.
   * ParaGraph International, Inc.
   * WTI-Development, Inc.

Gary Holtzer, Esq., and Shai Y. Waisman, Esq., at Weil Gotshal &
Manges LLP, represent the Debtors in their restructuring
efforts.  When the Debtors filed for protection from their
creditors, they listed total assets of US$369,416,815 and total
debts of US$664,268,602.  


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

BANK NIAGA: Parent Refutes Reports on Stake Sale
------------------------------------------------
Bumiputra-Commerce Holdings Bhd said it has no plans to sell its
stake in PT Bank Niaga Tbk, Bernama News reports.

The statement came after Indonesian press widely reported about
the possible sale of Bumiputra-Commerce's 66% stake in Bank
Niaga to PT Bank Central Asia and Farallon Capital Management
LLC.

According to Bernama, Bumiputra-Commerce said that it was
committed and positive on the long-term prospects of Indonesia,
in particular the country's banking sector.  

"We firmly refute the claims and wish to state that we are
committed to keeping Bank Niaga as part of our universal banking
group," Bumiputra-Commerce reiterated in a statement.

According to the Troubled Company Reporter - Asia Pacific on
November 22, 2002, the Indonesian Government through the
Indonesian Bank Restructuring Agency sold 51% ownership in Bank
Niaga to Bumiputra-Commerce Holdings Berhad, fka Commerce Asset-
Holding Berhad.  On October 2003, BCHB acquired an additional 2%
ownership interest in Bank Niaga through a shares purchase from
the public. Bumiputra-Commerce further increased its ownership
interest in Bank Niaga during 2005 through the purchase of 3.4%
shares from Government of the Republic of Indonesia and 7.6%
from the public.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk --
http://www.bankniaga.com-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.

Additionally, Fitch Ratings on June 30, 2005 assigned a B+
rating to Bank Niaga's proposed USD100m, 10 year subordinated
debt issue.  At the same time, Fitch has affirmed the bank's
existing ratings including Long-term Senior foreign currency
rating of 'BB-' (BB minus), Individual rating of D, and Support
rating of 4. The Outlook remains Positive.  
  

BANK NIAGA: No Merger Plans with Bank Lippo Yet
-----------------------------------------------
There are no immediate plans to merge Indonesia's Bank Niaga and
Lippo Bank although Khazanah Nasional Bhd has majority stakes in
both banks, Bernama News reports.

Under the Single Presence Policy, which Bank Sentral Republik
Indonesia is proposing, a single party will not be allowed to
own a controlling interest -- more than 25.5% -- in more than
one commercial bank.

With the policy, companies with controlling stakes in more than
one commercial bank will have to cut their holdings by either
merging the banks or forming a holding company that controls the
banks by 2008.

"No, not at this point," Datuk Nazir Razak, Bumiputra-Commerce
Holdings Bhd's group chief executive said when asked whether the
two Indonesian banks would be merged following the proposed move
by Bank Sentral Republik Indonesia.

Khazanah Nasional, the Malaysian government's investment arm,
owns 87.5% stake in Lippo Bank through its subsidiary Santubong
Investment BV and another 66.1% interest in Bank Niaga through
Bumiputra-Commerce.

"We are still in the process of studying the details of the
regulation," Mr. Nazir told reporters.

                        About Lippo Bank

Headquartered in Jakarta, Indonesia, PT Lippo Bank Tbk
-- http://www.lippobank.co.id-- offers two product segments:  
Consumer Products, comprised of personal accounts, debit cards,
distribution cards, VIP banking, credit cards, loans,
bancassurance, payment services, loyalty programs and safe
deposit boxes, and Corporate Products, consisting of
LippoKredit, LippoTrade, LippoGiro, LippoDeposit, e-LippoLink
and MFTS. The bank is supported by 134 branch offices, 21 sub
branch offices, 238 cash offices and four payment service
offices nationwide.

                         *     *     *

Troubled Company Reporter -- Asia Pacific reported on December
28, 2005 that Fitch Ratings Services has affirmed Bank Lippo's
Individual rating is affirmed at 'D', while upgrading its
support rating to '4' from '5' to reflect the entry of Khazanah
Nasional Berhad, the investment arm of the Malaysian government,
as the majority shareholder of the bank.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk
-- http://www.bankniaga.com-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.

Additionally, Fitch Ratings on June 30, 2005 assigned a B+
rating to Bank Niaga's proposed USD100m, 10 year subordinated
debt issue.  At the same time, Fitch has affirmed the bank's
existing ratings including Long-term Senior foreign currency
rating of 'BB-' (BB minus), Individual rating of D, and Support
rating of 4. The Outlook remains Positive.  


BANK NIAGA: BNP Hikes Profit Estimates
--------------------------------------
PT Bank Niaga Tbk had its earnings estimates increased at BNP
Paribas Peregrine, which cited a positive outlook for loan
demand, Business Day reports.

Bank Niaga will probably earn 5.4% more profit this year than
estimated, 7.4% more than predicted for 2007 and 3.7% higher
than expected in 2008, Tjandra Lienandjaja, an analyst at BNP,
wrote in a note to clients.

"Niaga reported a relatively strong performance in first half
2006," wrote Mr. Lienandjaja, who kept his "buy" recommendation
on the stock.

"With the right business model, concentrating on consumer
banking for the middle-upper income group, Niaga should do well
in the declining interest rate environment."

Bank Indonesia, the nation's central bank, has cut its benchmark
interest rate by half a percentage point to 11.75% and said it
may reduce borrowing costs further should inflation be "milder"
than forecast.

Bank Niaga reported an unaudited net income of IDR353.5 billion
for the first half-year ended June 30, 2006, up 14.9% from
IDR307.8 billion a year ago.

                        About Bank Niaga

Headquartered in Jakarta, Indonesia, PT Bank Niaga Tbk
-- http://www.bankniaga.com-- has a license to operate as a  
commercial bank, a foreign exchange bank and a bank engaged in
activities based on Syariah principles.  The bank's products and
services include: Funding, Consumer Financing, Business
Financing, Credit and Debit Cards, Private Banking, Preferred
Circle, e-Banking, Corporate Trust, Bancassurance and Treasury
Indicator. The bank's subsidiaries consist of: PT Niaga Aset
Manajemen and PT Saseka Gelora Finance. As of January 31, 2006,
the Bank operates 54 domestic branches, 145 domestic supporting
branches, 22 domestic payment points, seven Syariah units and
one overseas branch.

                         *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
July 6, 2006, Moody's Investors Service has placed Bank Niaga's
E+ bank financial strength rating on review for possible
upgrade.

These ratings were unaffected:

   -- Issuer rating of Ba3. Outlook stable;

   -- Subordinated debt rating of Ba3. Outlook stable; and

   -- Long-term/short-term deposit ratings of B2/Not Prime.

      Outlook stable.

Additionally, Fitch Ratings on June 30, 2005 assigned a B+
rating to Bank Niaga's proposed USD100m, 10 year subordinated
debt issue.  At the same time, Fitch has affirmed the bank's
existing ratings including Long-term Senior foreign currency
rating of 'BB-' (BB minus), Individual rating of D, and Support
rating of 4. The Outlook remains Positive.


BANK NISP: Profit Before Tax Rises 13%
--------------------------------------
PT Bank NISP Tbk posted an income before tax grew by 13% from
IDR129.5 billion to IDR146.5 billion year-on-year, which was
mainly supported by the rise in net interest income at 16% from
IDR353.4 billion to IDR410 billion, according to a bank press
release.

The net interest income itself was chiefly attributable to an
improvement in credit, which rose 9% from IDR11.7 trillion to
IDR12.8 trillion.  Based on usage, loans were disbursed for
working capital (49.2%), consumers (29.3%) and investment
(21.5%), while by business sector, the credit was absorbed
principally by consumers (29.3%), followed by manufacturing
(26.8%), trading (20.9%), services (18.3%) and others (4.7%).

The first six months was characterized by unfavorable
macroeconomic conditions, which lead to a rise in non-performing
loans to 3.08% from 1.28%.  However, the NPL level is still
manageable and much lower than average of 8.38% for the whole
banking industry in May 2006.

The capital adequacy ratio also stood at 19.76% by June 30,
2006, much higher than Bank Indonesia's minimum requirement of
8%.   Similarity, the loan to deposit ratio level was recorded
at 78.85%, which reflected the active credit disbursement.

Meanwhile, return on assets and return on equity were recorded
at 1.45% and 9.79% respectively.   

The sustaining public trust of Bank NISP is proven by a 10%
growth in third party funding from IDR14.8 trillion to IDR16.24
trillion.  Time deposits accounted for the majority (66.5%) of
third party funds, with significant amounts also in savings
(20.4%) and demand deposits (13.1%).

Assets grew 9% to IDR20.8 trillion year-on-year.

Bank Nisp's financial report includes these financial data:

                        PT Bank NISP Tbk
                      Financial Highlights
                       (in IDR, millions)


                                     As of           As of
                                 June 30. 2006   June 30. 2005
                                 -------------   -------------
Total assets                       20,815,353      19,106,105
Total liabilities                  18,606,648      17,635,524
Total equity                        2,208,705       1,490,484

                                     For the half year ended
                                 June 30, 2006   June 30, 2005  
                                 -------------   -------------
Total interest income               1,214,484         856,288
Total interest expenses               804,492         502,917
Net interest income                   409,992         353,371
Other operating income                 73,875          64,597
Total other operating expenses        320,310         264,756
Net operating income                  152,284         135,176
Net non-operating expenses              5,785           5,641
Income before tax                     146,499         129,535
Income after tax                      103,957          94,402

                        PT Bank NISP Tbk
                        Financial Ratios

                                     As of           As of
                                 June 30, 2006   June 30, 2005
                                 -------------   -------------
I. Capital
1. CAR with credit risk                20.00%          15.47%
2. CAR with credit risk and
   market risk                         19.76%          15.46%
3. Fixed assets to
   total capital                       23.25%          18.92%

II.Earning assets quality ratio
1. Non performing earning assets        2.48%           1.13%
2. Allowance for possible
   losses on earning assets             1.20%           1.11%
3. Fulfillment of allowance
   for possible losses on
   earning assets                     100.03%         100.03%
4. NPL (Gross)                          3.77%           1.76%
5. NPL (Net)                            3.08%           1.28%

III. Earning ratios
1. ROA                                  1.45%           1.63%
2. ROE                                  9.79%          14.24%
3. NIM                                  4.59%           4.36%
4. Operating Expenses to
   Operating Income                    88.18%          85.32%

IV. Liquidity
1. LDR                                 78.85%          79.04%

                        About Bank NISP

PT Bank NISP Tbk -- http://www.banknisp.com/english/--  
categorizes its products into two groups: Funding, which
consists of savings and deposits, and Lending, consisting of
working capital loans, investment loans and consumer loans. In
addition, the bank has three service categories: Individual,
Corporate and Others. As of January 18, 2006, the bank has 29
branch offices, 101 representative offices and 26 cash offices
throughout the country. The Bank is headquartered in Jakarta,
Indonesia.

                         *     *     *

According to a Troubled Company Reporter - Asia Pacific report
on May 24, 2006, Fitch Ratings affirmed with stable outlook Bank
NISP's:

   * Long-term Foreign and Local Currency Issuer Default Ratings
     at 'BB-';

   * Short-term rating at 'B'; and

   * Individual rating at 'C/D'.


BANK PERMATA: Net Profit Plummets to IDR141 Billion
---------------------------------------------------
Bank Permata records an IDR140.65 billion in the first six
months of 2006, down 34.68% from IDR215.33 billion in the same
period in 2005, according to its financials.  

Net interest income over the period was up IDR892.15 billion
from IDR817.90 billion in the first half of 2005.  Operating
profit over the period plunged to IDR192.07 billion from
IDR304.18 billion in the same period a year ago.

As of June 30, 2006 and 2005, the bank's capital adequacy ratio
was 10.37% and 11.65%.

The bank's financials submitted to the Surubaya Stock Exchange
contains these financial data:

                      PT Bank Permata Tbk
                    Balance Sheet Accounts
                       (in IDR, millions)

                                      As of           As of
                                 June 30, 2006   June 30, 2005
                                 -------------   -------------
   Total Assets                    36,599,321      31,351,794
   Marketable Securities            7,145,857       6,395,896
   Third Party Loans               21,129,784      17,548,059
   Related Party Loans                 28,752         205,004
   Liabilities Payable on Demand      970,957       1,193,569
   Total Deposits                  29,855,646      24,175,540  
   Total Liabilities               33,713,157      28,745,106
   Total Equities                   2,829,787       2,556,515

                      PT Bank Permata Tbk
                   Income Statement Accounts
                       (in IDR, millions)

                                     For the half year ended
                                 June 30, 2006   June 30, 2005
                                 -------------   -------------
   Net Interest Income                892,148         817,896
   Other Operating Income             237,636         211,956
   Other Operating Expenses           795,020         720,400
   Net Operating Income               192,074         304,175
   Non-operating Income                12,703          15,137
   Income Before Tax                  204,777         319,312
   Net Income                         140,652         215,332

                       About Bank Permata

Headquartered in Jakarta, Indonesia, PT Bank Permata Tbk's
-- http://www.permatabank.com-- products and services include  
liabilities, asset, credit card and bancassurance, PermataFOREX,
commercial banking, e-channels and preferred banking. The bank
has approximately 318 domestic branches, sub branches and cash
offices throughout the country. The bank's subsidiaries, which
are engaged in the securities industry, the consumer finance and
leasing sector, the general insurance business and the banking
sector, include PT Bali Securities, PT Bali Tunas Finance, PT
Asuransi Permata Nipponkoa Indonesia and Bank Perkreditan
Rakyat.

                          *     *     *

The Troubled Company Reporter -- Asia Pacific reported July 05,
2006 that Moody's Investors Service has placed Bank Permata's E+
bank financial strength rating, which carried a positive
outlook.


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

KIYO BANK: Seeks JPY30-Billion Government Bailout
-------------------------------------------------
Kiyo Bank is seeking up to JPY30-billion in fresh funds from the
government's recapitalization fund in September this year, The
Japan Times reports.

The bank will use the funds to raise its capital and strengthen
its operations as it works to absorb sister firm, Wakayama Bank,
on October 10, 2006, The Times says.

According to the report, Kiyo Bank will file an application with
the Financial Services Agency under a law designed to offer
financial support to regional banks undergoing financial
reorganization.  The law took effect in August 2004 and will
expire on March 31, 2008.  No bank has applied for the public
funds under the law yet.

Kiyo Holdings President Hiroomi Katayama told The Times that no
decision has been made and described an application for public
funds as "one of the options" the bank may take.

Kiyo Bank and Wakayama Bank set up Kiyo Holdings in February
2006.  The move was Kiyo Bank's efforts to help Wakayama Bank
deal with bad loans.  Their combined capital adequacy ratio
stood at 8.64% at the end of March, while the ratio of their
combined bad loans to overall loans came to 7.39%.

Kiyo Holdings is aiming to boost the capital ratio to at least
10% and lower the bad-loan ratio to the 4% level by March 2009.


SEIYU LIMITED: Forecasts Higher Net Loss in First Half
------------------------------------------------------
Wal-Mart's Japanese subsidiary, Seiyu Limited, expects its
first-half loss to balloon to JPY54 billion, or US$465 million,
Bloomberg News relates.  The net loss was due to a one-time
write-off of assets.

According to The Japan Times, the figures for the first half
were far worse than Seiyu's initial forecast in February where
the retailer has predicted a pre-tax loss of JPY1.7 billion in
the first six months of 2006.

Seiyu Chief Executive Officer Ed Kolodzieski admitted that the
Company's sales and profit levels did not meet expectations, The
Japan Times relates.  However, Mr. Kolodzieski said that he is
very proud of his team's accomplishments.

Mr. Kolodzieski told The Japan Times that Seiyu's same-store
sales for the first half rose 1.4%, up for the first time in 14
years.  Same-store sales compare year-on-year sales figures for
individual stores, adjusting for the effect of store openings
and closures.  Sales increased in all three of the chain's main
products, clothing, household goods and food.

Meanwhile, Seiyu said it expects to turn a net profit next year,
Reuters reports.  The Company believes that it will turn around
in 2006 as it works to restructure its business using capital
from parent firm, Wal-Mart.

Bentonville, Arkansas-based Wal-Mart -- the world's biggest
retailer -- entered the Japanese market in 2002.  In December
2005, it increased its stake in Seiyu from 42% to 53%, The Japan
Times relates.

Seiyu has not made a profit since Wal-Mart first took a stake in
the Japanese retailer in 2002, Reuters reveals.

                      About Seiyu Limited

Headquartered in Tokyo, Japan, Seiyu Limited --
http://www.seiyu.co.jp/-- is Japan's top retailer.  Seiyu runs  
400-plus stores, including supermarkets and department stores.  
Merchandise includes food, apparel, and household goods.  Some
stores anchor another main endeavor -- large shopping centers
called The Mall.  The Company is plagued by unpaid debts and has
been unloading unprofitable operations.  Sumitomo owns 10% of
Seiyu, whereas Wal-Mart Stores, Inc., holds a 53% stake in the
Company.

A March 22, 2002 report by the Troubled Company Reporter - Asia
Pacific stated that Wal-Mart planned to buy a 6.1% stake in the
Company for JPY6 billion.  On November 4, 2005, the TCR-AP
reported that Wal-Mart, together with Mizuho Financial Group,
would infuse around JPY115 billion capital into the Company,
which had been experiencing losses since 2004.  For the business
year ended 2004, Seiyu Limited posted a JPY12.3 billion net
loss.

The TCR-AP then reported on February 21, 2006, that the Company
posted a JPY17.77 billion net loss for the year ended Dec. 31,
2005.

  
SINORA INDUSTRIES: Clocks MYR0.148-M Net Loss in Second Quarter
---------------------------------------------------------------
Sinora Industries Berhad has submitted for public release its
unaudited financial report for the second quarter ended June 30,
2006.

The Group registered a lower revenue figure of MYR1,272,000 in
the quarter ended June 30, 2006, compared with MYR26,413,000
revenue in the same quarter last year.  The Group did not record
sales revenue in the preceding quarter ended March 31, 2006.

For the quarter under review, the Group booked a net loss of
MYR0.148 million due to high administrative expenses.  The
Group's loss before taxation of MYR0.148 million for the current
financial quarter is lower compared to a loss before taxation of
MYR0.180 million in the preceding financial quarter.

As of June 30, 2006, the Group registered accumulated losses of
MYR68,444,000, which is an improvement from a retained loss
figure of MYR101,169,000 in June 30, 2005.

There has no tax charge as the Group incurred a loss during the
quarter and there was no interim ordinary dividend declared for
the financial period ended June 30, 2006.

As of June 30, 2006, the Company's balance sheet revealed
current assets of MYR31, 250,000 available to pay current
liabilities of MYR1,069,000 coming due within the next 12
months.  The balance sheet also showed total assets of
MYR32,625,000, total liabilities of MYR1,069,000 and total
shareholders' equity of MYR31,556,000.

The Group has not announced any profit forecast nor issued any
profit guarantee during the financial quarter.

The Group is currently implementing log extraction activities
and oil palm plantation development.  Log extraction will
commence in the near future, generating immediate income for the
group, while nursery works have begun for the oil palm
plantation development.  The company will continue to incur a
loss in the forthcoming quarter in respect of administration
expenses which management has undertaken measures to minimize.

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

   http://bankrupt.com/misc/tcrap_sinoraindustries082306.pdf

                    About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group are carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.  

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The Company has been suffering recurring losses since fiscal
2000. As of June 30, 2006, the Company registered accumulated
losses of MYR68,444,000.


SINORA INDUSTRIES: EPD Asks Serijaya to Submit EIA Report
---------------------------------------------------------
Sinora Industries Berhad issued an update regarding the logging
activities it undertakes under its Regularization Plan where
Rakyat Berjaya Sendirian Berhad has appointed Sinora's wholly
owned subsidiary, Serijaya Industri Sdn Bhd, as log extraction
contractor.

On August 1, 2006, the Environmental Protection Department of
Sabah has requested Serijaya to submit an Environmental Impact
Assessment report for its approval in relation to the logging at
the Kuamut Forest Reserve, in the state of Sabah.

The EIA report is expected to be completed and will be submitted
to the EDP within the next three months.  Upon receiving the
approval from the EPD, Serijaya will be able to continue with
its logging activities.

As reported in the Troubled Company Reporter - Asia Pacific on
March 6, 2006, the Proposed Logging required the issuance and
delivery of the initial Bank Guarantee by Serijaya.

Serijaya and Rakyat Berjaya Sendirian Berhad had, on Feb. 23,
2006, mutually agreed to extend the period for Serijaya to issue
and deliver the initial Bank Guarantee to Rakyat Berjaya from
120 days to 210 days from the date of the Log Extraction
Contract.

On April 24, 2006, Serijaya had issued and delivered the initial
Bank Guarantee to Rakyat Berjaya.  As such, the final condition
precedent to the Log Extraction Contract has been met.  Hence,
Sinora had received all the approvals necessary for the
implementation of the Regularization Plan.

In this connection, upon notification from Rakyat Berjaya in
writing on June 5, 2006, Serijaya has commenced logging
activities.  

Other than mentioned, there is no other development in respect
of the Regularization Plan.  

The Proposed Logging is part of the Company's Regularization
Plan as required under PN17 of the Bursa Securities Listing
Requirements.  In accordance with PN17, Sinora is required to,
among others, submit the Regularization Plan to the relevant
authorities for approval, or where the relevant authorities'
approval are not required, to obtain all other approvals
necessary for the implementation of the Regularization Plan
within the stipulated timeframe.

                    About Sinora Industries

Headquartered in Kota Kinabalu, Malaysia, Sinora Industries
Berhad was engaged in the manufacture and sale of plywood, sawn
timber, veneer and molded wood products.  Its other activities
included investment holding and the provision of management
services.  Operations of the Group were carried out in Malaysia,
Japan, Korea, the United States of America, Europe and other
Asian countries.  

Bursa Malaysia Securities Berhad, on July 8, 2005, classified
Sinora Industries Berhad as an affected listed issuer pursuant
to Practice Note No. 17/2005 in view that the Company has
effectively ceased all its business and operations.

The Company has been suffering recurring losses since fiscal
2000. As of June 30, 2006, the Company registered accumulated
losses of MYR68,444,000.


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

AMKOR TECHNOLOGY: Form 10-Q Filing Delay Prompts Default Notice
---------------------------------------------------------------
Amkor Technology, Inc., disclosed that it has received letters
from U.S. Bank National Association, as trustee, and Wells Fargo
Bank, National Association as trustee alleging that the failure
of Amkor to file its Quarterly Report constitutes a default
under the indentures governing each of these series of notes:

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

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

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

                      Special Committee

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

                      Financial Restatement

In the course of furnishing information to the special
committee, the Company has identified a number of occasions on
which the measurement date used for financial accounting and
reporting purposes for option awards granted to certain Amkor
employees was different from the actual grant date.  Under
Accounting Principles Board Opinion No. 25, Accounting for Stock
Issued to Employees the Company should have recorded
compensation expense for the difference in the values between
these two dates, over their original vesting periods.

In order to correct these accounting errors, the Company expects
to restate financial statements to record additional non-cash,
stock-based compensation expense related to these options in
fiscal years 1998 through 2005 and the first quarter of 2006.

As a result, the Company concluded that the range of potential
adjustments resulting from the Company's internal review would
likely be material to the most recent financial statements and
possibly to prior periods resulting in a restatement of the
Company's previously issued financial statements, including
those contained in the Company's:

    * Annual Report on Form 10-K for the fiscal year ended
      December 31, 2005,

    * Quarterly Reports on Form 10-Q filed during 2005, and

    * Quarterly Report on Form 10-Q for the quarter ended
      March 31, 2006.

Accordingly, the Company says that these financial statements
should no longer be relied upon.  Amkor intends to file its
restated financial statements as soon as practicable.

The Company Amkor has not completed its assessment of the amount
or effect of any such adjustments.  Any additional non-cash,
stock-based compensation expense would have the effect of
decreasing income from operations, net income, and net income
per share (basic and diluted) in periods in which Amkor reported
a profit, and increasing loss from operations, net loss, and net
loss per share in periods in which Amkor reported a loss.

In addition to assessing the impact on its previously issued
financial statements, the Company's management is assessing the
impact of the restatement on the Company's internal control over
financial reporting as reported in the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2005, and
management's evaluation of the effectiveness of disclosure
controls and procedures included in the annual report and the
Company's Quarterly Reports on Form 10-Q for the periods
affected.  If the restatement is determined to represent a
material weakness, management will conclude that the Company's
internal control over financial reporting was not effective as
of December 31, 2005.

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


AMKOR TECH: To Restate Financials for Stock-Based Compensation
--------------------------------------------------------------
Amkor Technology, Inc., expects to restate its previously issued
financial statements to correct errors related to accounting for
stock-based compensation expense.

As previously announced, Amkor's board of directors has
established a special committee to conduct a review of Amkor's
historical stock option grant practices.  This review, which is
being assisted by independent outside legal counsel, has not yet
been completed, and the special committee has not reached any
preliminary or final findings.

In the course of furnishing information to the special
committee, Amkor has identified a number of occasions on which
the measurement date used for financial accounting and reporting
purposes for option awards granted to certain Amkor employees
was different from the actual grant date.  Under Accounting
Principles Board Opinion No. 25, Accounting for Stock Issued to
Employees the Company should have recorded compensation expense
for the difference in the values between these two dates, over
their original vesting periods.

To correct these accounting errors, Amkor expects to restate
financial statements to record additional non-cash, stock-based
compensation expense related to these options in fiscal years
1998 through 2005 and the first quarter of 2006.

As a result, on August 15, 2006, Amkor concluded that the range
of potential adjustments resulting from the Company's internal
review would likely be material to the most recent financial
statements and possibly to prior periods resulting in a
restatement of the Company's previously issued financial
statements, including those contained in the Company's:

   * Annual Report on Form 10-K for the fiscal year ended
     December 31, 2005;

   * Quarterly Reports on Form 10-Q filed during 2005, and for
     the quarter ended March 31, 2006.

Accordingly, these financial statements should no longer be
relied upon.

Amkor intends to file its restated financial statements as soon
as practicable.  Amkor has not completed its assessment of the
amount or effect of any the adjustments.  Any additional non-
cash, stock-based compensation expense would have the effect of
decreasing income from operations, net income, and net income
per share (basic and diluted) in periods in which Amkor reported
a profit, and increasing loss from operations, net loss, and net
loss per share in periods in which Amkor reported a loss.

Amkor may also be required to record income tax charges
associated with increased taxes arising from the adjustments and
expects that expenses arising from the special committee review,
the restatement and related activities will be significant.

In addition to assessing the impact on its previously issued
financial statements, management is assessing the impact of the
restatement on the Company's internal control over financial
reporting as reported in the Company's Annual Report on Form 10-
K for the fiscal year ended December 31, 2005 and management's
evaluation of the effectiveness of disclosure controls and
procedures included in the annual report and the Company's
Quarterly Reports on Form 10-Q for the periods affected.

If the restatement is determined to represent a material
weakness, management will conclude that the Company's internal
control over financial reporting was not effective as of
December 31, 2005.

                          About Amkor

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

                          *     *     *

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


AMKOR TECHNOLGY: Default Cues Moody's to Review Ratings
-------------------------------------------------------
Moody's Investors Service placed the corporate family, long-term
debt and speculative grade liquidity ratings of Amkor
Technology, Inc., under review for possible downgrade to reflect
uncertainty surrounding the company's potential liquidity
situation prompted by the recent technical default under the
note indenture and possible cross-default under the bank credit
agreements.  A delay in the filing of the financial statements
pending resolution of an internal investigation into the timing
of past stock option awards triggered the technical default.

Moody's concerns stem from Amkor's August 10th disclosure that
it does not expect to timely file its Form 10-Q within the 45-
day period following the end of the June 2006 quarter as
required under the Rules and Regulations of the Securities and
Exchange Act of 1934.  The late filing is due to a voluntary
internal examination commenced by the company, first disclosed
on July 26th, to review its historical stock option practices.  
The company's initial review suggests the accounting measurement
dates for certain option grants may have differed from their
actual grant dates.

On July 24th, Amkor's board of directors created a special
committee consisting of independent directors and engaged
independent outside legal counsel to conduct an in-depth review.  
Given the early stage of this process, the committee has not yet
concluded its review or reached any preliminary findings,
delaying the quarterly filing and triggering a technical
default.  The company has 60 days in which to cure the technical
default under its note indenture.  The review for possible
downgrade incorporates the possibility that Amkor may not be
able to file its Form 10-Q within the two-month cure period,
which would likely result in a breach of a financial covenant
under the note indenture.  Under such a scenario without the
receipt of waivers from debtholders, concerns over potential
liquidity uncertainty would heighten.  Moody's notes there are
no liquidity concerns at present given the company's adequate
liquidity rating.

In the review, Moody's will assess the progress of Amkor's
internal investigation of its past stock option practices,
potential liquidity issues, if any, and the possible longer
term impact of the investigation.

The ratings could be revised downward if Amkor's internal review
is not completed within the two-month cure period or there is a
finding of misconduct, resulting in further delay and material
restatements of the company's financial reports.  Concerns
regarding weaknesses in disclosure and internal controls,
systems and procedures could also prompt a ratings downgrade.  
The company is already subject to an ongoing investigation by
the SEC into an unrelated matter to determine whether there was
improper trading in the company's securities by certain
individuals.

Conversely, upon a favorable resolution of the internal
investigation and satisfactory liquidity coupled with the filing
of the June 2006 quarterly report with no significant
restatements within the cure period, the ratings could be
affirmed and the outlook stabilized.

Recent inquiries and allegations of stock options "backdating"
has prompted Moody's to recognize four potential risks related
to option investigations, which could lead to adverse rating
actions.  They include leadership risk, financial risk,
reputation risk and corporate governance risk.  For more in-
depth discussion of these risk categories, see Moody's June 2006
and July 2006 Special Comments titled, "Stock Option
'Backdating'" and "stock Option-Timing: Scrutiny and Risks
Increase".

These ratings were placed on review for possible downgrade:

   * B3 for Corporate Family Rating

   * B2 for US$300 million Senior Secured (2nd lien) Term Loan
     due October 2010

   * Caa1 for Senior Unsecured Notes with various maturities     
     totaling US$1,162.2 million

   * Caa3 for Subordinated Notes with various maturities
     totaling US$354.4 million

   * SGL-3 for Speculative Grade Liquidity Rating

Chandler, Arizona-based Amkor Technology, Inc. is one of the
largest providers of contract semiconductor assembly and test
services for integrated semiconductor device manufacturers as
well as fabless semiconductor operators.    It has sales and
manufacturing offices in Japan, China, Taiwan, the Philippines
and Korea.


AMKOR TECHNOLOGY: Default Notice Prompts S&P to Junk Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate and
other ratings on Chandler, Arizona-based Amkor Technology Inc.,
and placed the ratings on CreditWatch with developing
implications.  The corporate credit rating was lowered to 'CCC'
from 'B-'.

"This action follows the company's announcement that it received
notice from the trustees of $1.6 billion of its senior and
subordinated notes (out of total funded indebtedness of about
$2 billion as of June 30, 2006) that the delay in filing its 10-
Q for the June quarter constitutes a default under the notes,"
said Standard & Poor's credit analyst Lucy Patricola.

This notice initiates a 60-day cure period at the end of which
the bondholders can exercise their rights to declare the bonds
in default, including accelerated payment.  Amkor has also been
notified by the NASDAQ that its stock may be delisted.

Standard & Poor's will monitor the company's progress in filing
its statements, any further actions taken by its other
creditors, refinancing alternatives and the conclusions of its
stock option review to determine the final impact on the rating.  

Should statements be filed during the cure period, without
substantial restatements, and no further creditor actions are
taken, the corporate rating would likely be returned to 'B-'.  
If the company is unable to file by the end of the cure period,
the creditors could accelerate.


* One-Third of Listed Firms Post Deficit in First Half
------------------------------------------------------  
Three out of 10 listed companies in Korea recorded deficits in
the first half of 2006 due to high oil prices and a strong won,
the Korean Exchange says.

According to the report, the net profit of Korean listed
companies declined some 8% on average.  The Korea Exchange
relates that net profits of 548 listed companies, which balance
their books in December, stood at KRW22.57 trillion in the first
half of 2006, down 7.95% from the same period in 2005.  Their
operating profit also went down 7.64%.

The Korea Exchange also notes that manufacturers saw their net
profit dwindle an astonishing 13.7% due to the declining
profitability of exports.  Their operating margin for the first
half of 2006 fell to 6.56% from 8.04 in the first half of 2005,
meaning manufacturers earned KRW66 for selling a product worth
KRW1,000 during the first six months of this year, compared to
KRW88 last year.


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

BUKIT KATIL: Fails to Avert Delisting
-------------------------------------
Bukit Katil Resources Berhad's securities will be removed from
the Official List of Bursa Malaysia Securities Berhad on
September 5, 2006.

The Troubled Company Reporter - Asia Pacific reported on
July 11, 2006, that the Bourse announced on June 30, 2006, its
decision to delist Bukit Katil's securities as the Company does
not have an adequate level of financial condition to warrant
continued listing at the Bourse.

On July 4, 2006, Bukit Katil submitted an appeal against Bursa
Securities' decision.  Given the appeal, the removal of the
securities of the Company was deferred pending the decision on
the appeal by Bursa Securities.

According to the TCR-AP, Bukit Katil wanted to have the
delisting action deferred in order to avoid total loss by the
Company's shareholders.  Bukit Katil related that it is
currently insolvent and is selling its core assets to partly
settle debts owed to a financial institution.  Subsequent to the
disposal, the only chance for the Company to attract a potential
white knight is its listing status.  Hence, the Company said
that delisting its securities will effectively remove any venue
for its stakeholders to recover part of their equity or debts
otherwise not recoverable from its current position.

Since the Securities Commission's rejection of the restructuring
proposal on May 10, 2006, the Company has been actively sourcing
for viable white knights and new assets, the TCR-AP said.  As
such, the Company would require time to perform adequate due
diligence before being able to make a comprehensive proposal to
the Securities Commission for approval.

However, after having considered all the facts and circumstances
of the matter, Bursa Securities has resolved that the appeal be
disallowed and decided to delist the Company from the Official
List of Bursa Securities.

                       About Bukit Katil

Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources
Berhad is engaged in money lending and oil palm and rubber
production.  Other activities include investment holding,
software development, property investment and development and
manufacturing of bricks and ceramic products.  Operations are
carried out in Malaysia and India.  The Company has defaulted on
several loan facilities and admits that it does not have
sufficient cash to pay its debts.

As of December 31, 2005, the Company recorded a deficit of
MYR129,981,000.  The Company, on December 16, 2005, presented an
application to regularize its financial condition through debt
restructuring, which was subsequently rejected by the Securities
Commission.

As of March 31, 2006, the Company's balance sheet showed
MYR57,148,000 in total assets and MYR135,320,000 in total
liabilities, resulting in a stockholders' equity deficit of
MYR78,172,000.


KRAMAT TIN: Clocks Higher Losses in Second Quarter of 2006
----------------------------------------------------------
Kramat Tin Dredging Berhad has submitted for public release its
financial report for the second quarter ended June 30, 2006.

The Company recorded a loss before tax of MYR0.189 million for
the quarter under review, 72% higher than MYR0.110 million in
the quarter ended June 30, 2005.  The Company also registered a
higher loss before tax in the current quarter compared to
MYR0.055 million pre-tax loss in the preceding quarter ended
March 31, 2006.  

Likewise, the Company's loss before tax of MYR0.244 million for
the six-month period ended June 30, 2006, was 50% higher than
the MYR0.163 million posted in the previous corresponding
period.  Higher losses were mainly due to the higher expenses
incurred on corporate restructuring exercise.

The Company has not been recording revenue since the quarter
ended June 30, 2004, and it did not issue any profit forecast or
profit guarantee during the reporting period.

The Company's prospects will depend on the successful
implementation of its proposed restructuring scheme.

There were no dividends paid during the financial period ended
June 30, 2006, and during the preceding year's corresponding
period ended June 30, 2005.

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

   http://bankrupt.com/misc/tcrap_kramattin082406.xls

   http://bankrupt.com/misc/tcrap_kramattinnotes082406.doc

                   About Kramat Tin Dredging

Headquartered in Kuala Lumpur, Malaysia, Kramat Tin Dredging
Berhad is currently in the process of identifying suitable
business opportunities.   The Company ceased its mining
operations in 1988.  In 2001, Bursa Malaysia Securities Berhad
classified Kramat Tin as a Practice Note 10 company, given its
inadequate level of operations.

To avoid being de-listed, Kramat Tin, in 2004, entered into an
arrangement to restructure its operational and financial
position.  On April 24, 2004, the Company's restructuring plan
was unveiled and subsequently approved by the Securities
Commission on June 9, 2005.

For the financial year ended December 31, 2005, Kramat Tin
registered a smaller loss of MYR524,000 compared with the
MYR1.3-million net loss in 2004.


MBF HOLDINGS: Books MYR371-Million Second Quarter Revenue
---------------------------------------------------------
MBf Holdings Berhad submitted to Bursa Malaysia Securities
Berhad its financial report for the second quarter ended
June 30, 2006.

The Group recorded a revenue of MYR371.37 million for the
current financial quarter ended June 30, 2006, compared with the
previous corresponding quarter's MYR344.72-million revenue, an
increase of MYR26.65 million or 7.73%.  The improvement was
mainly contributed by the Card and Payment Services Division and
Trading and Manufacturing Division in Fiji and Papua New Guinea.
The Group recorded a profit after tax of MYR11.91 million for
the current financial quarter, as compared with the previous
corresponding quarter's profit of MYR33.64 million.   

The Group recorded a revenue of MYR710.47 million for the first
half of the year ended June 30, 2006, compared with the previous
corresponding period's MYR643.05 million, an increase of
MYR67.42 million or 10.48%.  The Group recorded a profit after
tax of MYR18.84 million for the first half year ended June 30,
2006, as compared with the previous corresponding period's
profit of MYR34.14 million.   

The Group recorded an increase in revenue of MYR26.65 million or
7.73% for the quarter ended June 30, 2006, and the trend of
growth is expected to be maintained for the rest of 2006.  The
Group will continue to focus on its core businesses: Card and
Payment Services Division and Trading and Manufacturing Division
in Fiji and Papua New Guinea.

As of June 30, 2006, the Company's balance sheet revealed total
assets of MYR1,132,524,000, total liabilities of MYR892,729,000
and total stockholders' equity of MYR239,795,000.  The June 30,
2006, balance sheet also showed accumulated losses of
MYR425,243,000.

There were no dividends paid, proposed or declared during the
period under review.

The Company's Second Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_mbfholdings082406.xls

   http://bankrupt.com/misc/tcrap_mbfholdingsnotes082406.doc  

                       About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

MBF Holdings Berhad undertook and completed a restructuring
scheme in 2003.  Included in the Scheme was a debt-restructuring
scheme, which excluded the lease, hire-purchase liabilities,
general unsecured liabilities and amounts owing to subsidiary
and associated companies.  The lease, hire-purchase and general
liabilities were to be addressed in the ordinary course of
business.  However, the Scheme made no provision for the
settlement of the Inter-company Loans, which the Group is now
having problems with.


MYCOM BERHAD: Pre-Tax Loss Drops to MYR1 Million in 4th Quarter
---------------------------------------------------------------
Mycom Berhad has, on August 23, 2006, submitted its financial
report for the fourth quarter ended June 30, 2006, to the Bursa
Malaysia Securities Berhad.

For the quarter under review, the Company booked a revenue of
MYR22,689,000, 9% lower than the MYR25,009,000 revenue in the
same quarter last year.  Revenue for the year ended June 30,
2006, also dropped 30% to MYR85,613,000 from MYR122,290,000 in
the year ended June 30, 2005.  The variances were mainly due to
lower revenue generated by the manufacturing and property
divisions.  

The Company incurred a loss before tax of MYR1,047,000 in the
fourth quarter ended June 30, 2006, down 94% from MYR16,358,000
in the same quarter last year.  The current financial year's
pre-tax loss of MYR53,904,000 was also 30% lower than the
MYR77,036,000 pre-tax loss in the year ended June 30, 2005.  The
improvements are attributed gain on disposal of Mycom South
Africa (Proprietary) Limited Group, unrealized foreign exchange
gain on US Dollar denominated loan and discontinuation of equity
accounting for the results of an associated company up to the
cost of investment in the associated company.

As of June 30, 2006, the Company recorded accumulated losses of
MYR1,158,291,000.

As of June 30, 2006, the Company's balance sheet showed poor
liquidity with current assets of MYR48,955,000 available to pay
current liabilities of MYR1,287,160,000 coming due within the
next 12 months.  The Company has net current liabilities of
MYR1,238,205,000.

The June 30, 2006, balance sheet also revealed total assets of
MYR817,965,000 and total liabilities of MYR1,351,772,000,
resulting into a stockholders' deficit of MYR521,083,000.

No dividend has been declared or recommended for the current
financial year.

The Company's Fourth Quarter Report and its accompanying notes
are available for free at:

   http://bankrupt.com/misc/tcrap_mycombhd082406.xls  

   http://bankrupt.com/misc/tcrap_mycombhdnotes082406.doc  

                       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: Books MYR54M Post-tax Loss on MYR49M Revenue
----------------------------------------------------------------
Bursa Malaysia Securities Berhad received on August 23, 2006,
Olympia Industries Berhad's financial report for the fourth
quarter ended June 30, 2006.

The Group's revenue for the quarter ended June 30, 2006,
decreased to MYR49 million from MYR51.5 million in the quarter
ended June 30, 2005.  The drop in Group's revenue was mainly due
to lower sales registered by property development division.

The loss after taxation for the quarter ended June 30, 2006,
decreased to MYR54.1 million from MYR58.1 million in the quarter
ended June 30, 2005, which was mainly due to lower provision for
finance costs in the current quarter.

The Company's accumulated loss has reached MYR1,512,385,000 as
of June 30, 2006.
    
As of June 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR362,462,000
available to pay current liabilities of MYR1,960,876,000
resulting into net current liabilities of MYR1,598,414,000.

The June 30, 2006, balance sheet also revealed a stockholders'
deficit of MYR1,041,766,000 resulting from total liabilities of
MYR2,035,268,000 exceeding total assets of MYR1,001,289,000.

The Group is in the process of implementing its restructuring
scheme.  Pending completion, the Group's financial results are
not expected to show material improvements for the current
financial year ending June 30, 2007.

The Company's Fourth Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_olympiaindustries082406.xls

                    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.


SBBS CONSORTIUM: Delays Submission of First Quarter Report
----------------------------------------------------------
SBBS Consortium Berhad has failed to submit for public release
its first quarterly report for the period ended March 31, 2006,
which was due on May 31, 2006.

As a result, the Company is deemed to have breached the Bourse's
Listing Requirements and is facing possible suspension and
delisting in addition to any enforcement action that Bursa
Securities may take.

This is not the first time that SBBS Consortium has violated
Listing Rules.  As reported by the Troubled Company Reporter -
Asia Pacific on August 4, 2006, Bursa Malaysia, on July 31,
publicly reprimanded and imposed a fine on SBBS for failing to
issue its annual audited accounts for the financial year ended
December 31, 2005, by the April 30, 2006, deadline.  The public
reprimand and fine were imposed after taking into consideration
various relevant factors including the fact that the Company had
previously breached the Listing Requirements.

Meanwhile on July 31, 2006, Bursa Malaysia Securities Berhad
suspended trading of the Company's securities due to its failure
to submit its annual audited accounts for the financial year
ended December 31, 2005, within the stipulated timeframe.

However, as the listed securities of the Company have already
been suspended from trading since March 31, 2006, due to a wind-
up order made against it, the previous suspension will continue
regardless of the recent trading halt action.

                     About SBBS Consortium

Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad
is engaged in the trade, manufacture and sale of molded and sawn
timber and other wood-based products.  Its other activity is
investment holding.

Due to its inability to service loan facilities, the Company had
entered into various negotiations with its bank creditors, and
in order to ensure that these creditors are treated on a pari
passu basis, the Company had ceased making repayments to its
bank creditors on an ad-hoc basis.  As a consequence of this
treatment, its bank creditors have taken various measures to
recover their outstanding loans.  

Negotiations between the Company and its bank creditors are
nonetheless, still continuing.  The Company is considering
various sources of new business and funds to address its
financial position, and had on June 24, 2005, appointed Covenant
Equity Consulting Sdn Bhd to advise on its options.  Currently,
the Company is working to implement corporate rehabilitation
exercises to turn its business around.  On May 9, 2006, the SBBS
acknowledged that it belongs to Bursa Malaysia Securities
Berhad's Practice Note 17/2005 category because it is insolvent
by virtue of the wind-up order granted by the Kuala Lumpur High
Court on March 29, 2006.


TALAM CORPORATION: Staffing Issues Delay Issuance of AAA 2006
-------------------------------------------------------------
Talam Corporation Berhad was unable to issue the Talam Group's
Annual Audited Accounts for the financial year ended January 31,
2006, to Bursa Malaysia Securities Berhad for public release
within the stipulated timeframe.  The report was originally due
on May 31, 2006.

According to Talam, the delay was due to the current acute
shortage of personnel in the Accounts Department, which has
seriously affected the timely finalization of the Group's
audited accounts.  This is further compounded by the fact that
certain key personnel are tasked to special assignments in the
Group's debt restructuring and the proposed scheme of
arrangement undertaken by Talam's wholly owned subsidiary,
Maxisegar Sdn Bhd.  

These factors have invariably delayed the progress of the audit
work presently carried out by the external auditors.  The
completion of the audit is also pending the confirmations and
certain valuation reports from external parties.

The Company said that its is now working closely with the
external auditors towards the finalization of its Audited
Accounts that will be submitted to Bursa Securities and relevant
authorities by August 30, 2006.

                   About Talam Corp.

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

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


TENAGA NASIONAL: To List and Quote Additional Shares
----------------------------------------------------
Tenaga Nasional Berhad's additional 1,407,406 new ordinary
shares will be granted listing and quotation at the Bursa
Malaysia Securities on Monday, August 28, 2006.

The new shares were derived from the conversion of US$3,000,000
nominal value of the five -year (2002/2007) guaranteed
exchangeable bonds issued by Tenaga's wholly owned subsidiary,
TNB Capital (L) Limited.

As reported by the Troubled Company Reporter - Asia Pacific on
August 17, 2006, Tenaga's additional 3,927,604 new ordinary
shares of MYR1 each was listed and quoted at the Bursa Malaysia
on August 17, 2006.

                     About Tenaga Nasional

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

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

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


TOWER RECORDS: Files Chapter 11 Petition to Sell All Assets
-----------------------------------------------------------
MTS Inc., dba Tower Records, and its subsidiaries disclosed its
intent to sell the Company through a Section 363 process under
Chapter 11 of the United States Bankruptcy Code.  This process,
which is subject to court approval, sets in motion a timeline of
events that will ultimately insure a sale of the Company within
approximately 60 days of the filing date.

According to Joseph D'Amico, Tower's recently named chief
executive officer, the filing is a necessary vehicle to execute
his commitment to sell the Company.  

"Tower Records has conducted an extensive sale process and this
step will allow buyers to complete a sale in time for the
holiday season while maximizing the value for stakeholders,"
Mr. D'Amico said.  

In March of 2006, the Company retained Houlihan Lokey Howard &
Zukin as its marketing and sales agent.  The Company is
evaluating Letters of Intent from parties interested in
acquiring the Company.  Mr. D'Amico stated, "Potential parties
seeking to acquire Tower Records recognize the strength of the
brand and its unique position within the marketplace, making it
a very attractive opportunity."

                          DIP Financing

The Company also entered into an US$85 million Debtor-in-
Possession Financing with its current bank group led by CIT as
agent.  This financing will fund its operations and purchases of
new product while the Company completes the sale.  Tower has
also been able to renegotiate delivery terms for product with
the trade.  

"The trade has always supported Tower through difficult times
and we recognize that their support is imperative to the
consummation of a transaction," Mr. D'Amico commented.

                       About Tower Records

Headquartered in Sacramento, California, Tower Records
-- http://www.towerrecords.com/-- owns and operates 89 stores  
in the United States with 144 additional stores run by licensees
in nine different countries including Hong Kong, Philippines,
Republic of Ireland, Israel, Colombia, Ecuador, Mexico and
Malaysia.  The Company opened one of the first Internet music
stores on America Online in June 1995 and followed a year later
with the launch of Tower.com.  

The Debtor and its affiliates previously filed for Chapter 11
protection on Feb. 9, 2004 (Bankr. D. Del. Lead Case No. 04-
10394) due to heavy debt incurred during its aggressive
expansion in the 1990s, growing competition from mass
discounters, and Internet piracy.  It has exited Argentina,
Canada and the United Kingdom market and has sold off its
profitable Japanese operation, which has split off from the main
chain and is now an independent entity.

The Debtors filed its second Chapter 11 bankruptcy protection on
Aug. 20 (Bankr. Del. Case No. 06-10891).  Mark D. Collins, Esq.,
of Richards Layton & Finger, represents the Debtors in the
reorganization proceedings.  When the Debtors filed for
protection from their creditors, they estimated more than US$100
million in assets and debts.


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

BANCO DE ORO: To Issue LTNCDs One Year from BSP Approval
--------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 15, 2006, the policy-making Monetary Board of the Bangko
Sentral ng Pilipinas approved Banco de Oro Universal Bank's plan
to issue up to PHP5 billion worth of long-term negotiable
certificates of deposits, the Philippine Daily Inquirer reports.

In a letter dated August 23, 2006, Banco de Oro advises the
Philippine Stock Exchange that the BSP has authorized Banco de
Oro to issue the LTNCDs in two or more tranches over the course
of one year from BSP approval.

                       About Banco de Oro

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

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

                          *     *     *

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


GLOBE TELECOM: Posts PHP5.8-Billion Net Income for 1st Half 2006
----------------------------------------------------------------
Globe Telecom Inc. raised its cash dividend per share to PHP30
from PHP20 and reported a strong half-year performance despite
intensifying competition in the market.  Net income was at
PHP5.8 billion for the first half of the year.  Sustained
improvements in revenues combined with effective cost management
efforts fueled a 37% growth in income this year compared to the
same period in 2005.  Excluding any foreign exchange and mark-
to-market gains and losses, net income grew at an even stronger
rate of 54% year-on-year.

Globe's consolidated net service revenue continued on an upward
trend, increasing by 6% year-on-year and 1% quarter-on-quarter
to reach PHP28.5 billion for the first half of 2006.  Half-year
EBITDA increased by 23% to PHP18.9 billion, with effective cost
management efforts translating to an 11% decline in operating
expenses year-on-year.  However, EBITDA slightly dipped by 5%
quarter-on-quarter due to a 12% increase in operating expenses
owing to the additional marketing spending the company undertook
in the second quarter.  Nevertheless, Globe's EBITDA margin
reached a high of 67% for the first half of the year compared to
58% last year.

Contributing to Globe's revenue growth are the various value-
based promos under its Super Sulit tariff initiatives, including
the industry-leading per-second charging promo for both local
and international calls.  Globe Kababayan continues to play a
major role in the company's revenue growth as OFW's and their
families increasingly take up the various value offers under
this program.

The company has also further lowered the cost of ownership of
its products to make them more accessible to all Filipinos.  Its
TM Power SIM pack can now be purchased at a more affordable
price of PHP59 -- the lowest in the market.  Its wholly owned
subsidiary, Innove Communications, Inc., also introduced its
Globelines Postpaid Plus landline service for only P795/month
inclusive of perks like unlimited dial-up internet and unlimited
toll-free local calls to other Globelines users.

Net new SIMs in the first half totaled 1.5 million, 35% better
than last year even though SIM swaps were then still in place.  
Globe's SIM base grew by 5% this quarter with healthy net
additions of about 700,000, bringing its cumulative base to
13.9 million.  TM continues to assert its presence in the broad
mass market growing its base 56% year-on-year to close the first
half of the year with 4 million subscribers.

On the wireline front, net service revenues registered a 3%
increase both year-on-year and quarter-on-quarter reaching
PHP3.2 billion at the first half of the year, bolstered by the
steady growth in the company's consumer broadband and corporate
data businesses.

Globe continues to diligently expand its 2G capacity to ensure
superior quality as its geographic reach expands with over 5,500
cell sites as of end June 2006.  At the same time, its 3G
network build is on track with the target of 1,000 installations
by year end.

Globe remains committed to embracing new technologies to provide
even more value to its subscribers.  Recently, the company
introduced G-Web Call which allows internet users from any part
of the world to call any Globe and TM subscriber for only
PHP7.50/minute.  Innove also introduced its GlobeQuest Webphone
which is the first web-based softphone service in the country
that allows Internet users to make outbound calls using the
company's Globe1 prepaid card and take advantage of the lower
IDD rates in the market today.

To further expand its reach in the community and bring
convenience to the commuting public, Globe, by virtue of an
agreement with Hypercash Payment Systems, Inc., recently
launched a trial of G-PASS, an experimental alternative
ticketing system by the Department of Transport and
Communication-Metro Rail Transit Line 3 for its fare payments.  
Through this breakthrough offering from G-Cash, MRT commuters
can now travel conveniently by using GPASS to pay for their
fares, allowing them to breeze in and out of the MRT station
with a simple tap of their G-PASS on designated turnstiles.  
Value reloads can be made anytime and anywhere through G-Cash or
cash via designated GPASS reloading booths located in the MRT
stations.

"Our strong finish to the first half of the year is a reflection
of increasing competitiveness resulting from the effective
execution of key growth initiatives started in the second half
of 2005," Gerardo C. Ablaza, Jr., President and Chief Executive
Officer of Globe says.  "Recognizing the challenging times
ahead, we will continue to focus on the fundamentals for strong
sustainable growth, and to pursue continued cost and efficiency
improvements for Globe," Mr. Ablaza adds.

In line with Globe's commitment to enhance shareholder value,
the Board of Directors amended its Dividend Policy and increased
the pay-out from 50% to 75% of prior year's net income.  It also
declared the second semi-annual cash dividend in 2006 of PHP30
per share to common stockholders on record as of August 17,
2006.  A total of PHP3.96 billion in dividends will be paid on
September 12, 2006.  As this is being implemented only in the
second half dividend, the payout in 2006 will be 64%.

A full-text copy of the company's financial presentation is
available for free at:

http://www1.globe.com.ph/uploads/Q22006Briefing_Presentation.pdf

                       About Globe Telecom

Globe Telecom, Inc. -- http://www.globe.com.ph/-- is one of the  
country's major telecommunications companies.  It was
incorporated on January 15, 1935 as a traditional provider of
telex/telegram and VSAT services.  Thereon, it diversified its
business into a cellular, landline and international gateway
facility services provider for long distance telephone calls.

The Company offers a wide range of telecommunications services
to business and residential subscribers, including wireless,
wireline and carrier services.  It has introduced innovative
features such as text messaging, Infotext and Handyphone Mobile
Office.  It also offers caller ID, voice mail, call forwarding
and data/fax capabilities.  Recently, it launched various
services like video messaging, streaming video, wireline data
services, over-the-air loading and its latest, MyGLobe G-TV
service, which allows subscribers to view selected TV programs
on mobile phones, among others.

                          *     *     *

Standard and Poors gave Globe Telecom's Long Term Foreign Issuer
Credit and Long Term Local Issuer Credit both a BB+ rating,
effective November 3, 2005 and June 23, 2004, respectively.


METRO PACIFIC: Posts PHP456.6-Million Net Loss in 1st Half 2006
---------------------------------------------------------------
Metro Pacific Corporation reported a net loss of
PHP456.6 million for the first half of this year, principally
due to non-recurring provisions:

   1. a provision of PHP139 million was made against an
      unprofitable Negros Navigation Company vessel.  Given the
      present over capacity in the domestic shipping industry
      and the continued rise in fuel costs, Metro Pacific is
      reviewing a number of strategic options with respect to
      its investment in Negros Navigation; and

   2. a provision for PHP258.5 million, was made against an
      affiliated real estate investment, a company engaged in
      real estate development in San Juan, Batangas.  Metro
      Pacific believes that while this investment's long-term
      prospects are sound, its near-term outlook is challenging.

As of June 30, 2006, the Company's unaudited balance sheet
showed total assets of PHP3,555,738,000 and total liabilities of
PHP3,511,557,000.

Metro Pacific reported consolidated lower revenues of
PHP1.35 billion for the first six months of 2006, resulting from
lower revenues at Negros Navigation for six months and
reflecting the operations of Landco only until April 30, 2006.  
Consolidated revenues compare with the PHP1.69 billion revenues
reported for the same period in 2005.

Consolidated operating expenses stood at PHP192.7 million for
the period, a decrease from the PHP223.5 million reported last
year, due to reduced operating costs at Negros Navigation.  
Financing charges were reported at PHP117.2 million for the
first half of 2006, compared with PHP108.7 million for the same
period in 2005, due to increased interest charges incurred by
Negros Navigation.

                 MPIC 1H2006 Pro Forma Results

The company also discussed MPIC's pro forma first half 2006
results as the migration of Metro Pacific's business interests
to MPIC progresses.

MPIC's pro forma first half results differ from Metro Pacific's
in that it reflects the full six-month results for Landco.  As
of June 30, 2006 MPIC reported a pro-forma net loss of
PHP445.9 million for the first six months of 2006, attributable
to a provision made against an unprofitable Negros Navigation
vessel and affiliated real estate investment.

MPIC reported pro forma consolidated revenues of PHP1.66 billion
for the period, reflecting reduced Negros Navigation revenues.
Pro forma operating expenses stood at PHP333.4 million as Landco
accelerated pre-development activities for various new and
expansion projects.  Pro forma financing charges of
PHP103.5 million were reported for the first six months of 2006.

A full-text copy of the company's financial results is available
for free at:

      http://bankrupt.com/misc/MetroPacificCorp_1H2006.pdf

                          *     *     *

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the Company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


METRO PACIFIC: MPIC Preparing Tender for Metro Pacific Shares
-------------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, the Securities & Exchange Commission approved the
incorporation of Metro Pacific Corp's new investment holding
firm -- Metro Pacific Investments Corp.  MPIC's capital,
amounting to PHP4.6 billion, consists of PHP.5 billion in
subscribed shares and PHP815.1 million in cash.  MPIC is 76%
owned by Metro Pacific's parent firm, First Pacific Group of
Hong Kong.

The formation of MPIC is part of Metro Pacific's reorganization
plan, the TCR-AP noted.

In a filing with the Philippine Stock Exchange, Metro Pacific
discloses that under the reorganization and recapitalization
plan, which was announced last March 27, 2006, MPIC intends to
make a tender offer to the existing minority shareholders of
Metro Pacific, to enable those shareholders to migrate to the
new and debt-free MPIC.

As a result of the provisioning undertaken by Metro Pacific, its
parent company Net Asset Value is expected to stand at
approximately PPH 238.2 million, or 25 centavos per share, on a
post-consolidation basis of the 1 for 20 Metro Pacific share
consolidation.

Thus, the company anticipates that MPIC's tender to the minority
shareholders of Metro Pacific will be effected via an exchange
ratio of 1 new MPIC share for every 4 Metro Pacific shares
outstanding.  In addition, it is anticipated that under the same
offer MPIC will offer 3 warrants for every 4 Metro Pacific
shares tendered by the minority shareholders.  

Each warrant will entitle the shareholder to subscribe for its
equivalent of 1 common share of MPIC at par value.  Detailed
terms and conditions for the tender will be announced by MPIC
within the next month.

                          *     *     *

Metro Pacific Corporation -- http://www.metropacific.com/-- is  
the flagship publicly listed investment and management company
of the First Pacific Group in the Philippines.  The Company,
which was formerly known as Metro Drug, Inc., has since then
evolved from a pharmaceutical and consumer products distribution
company into one of the country's leading corporations.

Metro Pacific has these significant subsidiaries:

   * Landco, Inc.
   * Metro Tagaytay Land Co. Inc.
   * Negros Navigation Co. Inc.
   * Lucena Commercial Land Corporation
   * First Pacific Realty Partners Corporation
   * Landco Pacific Centers, Inc.

As reported in the Troubled Company Reporter - Asia Pacific on
June 28, 2006, Marydith C. Miguel, of Sycip Gorres Velayo & Co.,
raised significant doubts on MPC's ability to continue as a
going concern after auditing the Company's annual report for the
period ended December 31, 2005.

Ms. Miguel noted in the auditors report that MPC suffered
significant losses in prior years leading to its inability to
meet its maturing obligations, on principal and interest, to
certain third-party lenders and to a related company.  Although
the Company has generated a PHP194.26-million net income
attributable to equity holders for the year ended December 31,
2005, it continues to reflect a deficit of PHP27.5 billion as of
December 31, 2005, due to prior year's accumulated losses.

In response, the company continues to implement measures geared
towards generating liquidity to meet maturing obligations and
profitability, including debt rehabilitation activities and a
capital restructuring plan.


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

GETRONICS NV: S&P Keeps Low-B & Junk Ratings on Watch Negative
--------------------------------------------------------------
Standard & Poor's Ratings Services commented on its CreditWatch
placement of Dutch IT services group Getronics N.V. Following
the release of second-quarter 2006 earnings, the 'B' long-term
corporate credit rating, along with the 'CCC+' senior unsecured
debt, 'B' bank loan, and '3' recovery ratings remained on
CreditWatch with negative implications, where they had
originally been placed on Jan. 19.

The '3' recovery rating indicates Standard & Poor's expectation
of meaningful (50%-80%) recovery of principal for secured
lenders in the event of a payment default.
      
At June 30, 2006, Getronics reported gross consolidated debt of
EUR636 million.

"Getronics' balance sheet was substantially weaker at June 30,
2006, after burning cash of EUR118 million in Italy during
first-half 2006 to cover operating losses, debt repayment, and
cash transfers," said Standard & Poor's credit analyst Patrice
Cochelin.

The group sold its Italian operations in June 2006.  Net
borrowings were EUR461 million, up from EUR303 million one year
earlier.  A EUR22 million net liability relating to Italy
remains on Getronics' balance sheet.

"Standard & Poor's expects to resolve the CreditWatch status by
the end of August 2006 following clarification of the group's
liquidity position," added Mr. Cochelin.

                         About Getronics

Headquartered in Amsterdam, Netherlands, Getronics N.V.
-- http://www.getronics.com/-- designs, integrates and manages  
ICT infrastructures and business solutions for many of the
world's largest global and local companies and organizations,
helping them maximize the value of their information technology
investments.  Getronics has some 27,000 employees in over 30
countries and approximate revenues of EUR3 billion.  The company
has regional offices in Boston, Madrid and Singapore.   Its
shares are traded on Euronext Amsterdam.


NATSTEEL LTD: Indonesian Businessman to Seek Wind-Up Petition
-------------------------------------------------------------
Indonesian businessman Oei Hong Leong has threatened to file a
wind-up petition against NatSteel Ltd after his failure to buy
out the firm.

As reported by the Straits Times, Mr. Oei, will seek a wind-up
petition against the firm because of its refusal to distribute
its remaining cash holdings to shareholders.

Antara News, has cited that NatSteel is sitting on a large cash
mound after it sold its steel manufacturing operations to
India's Tata Steel two years ago.  Its cash reserves totaled
about SGD250 million, after paying special dividends, last year.

But MR. Oei has complained that NatSteel has not distributed
enough cash to shareholders.

Mr. Oei, holds 30 percent stake in NatSteel, told the firm that
he will file a wind-up petition against NatSteel if he does not
get a satisfactory explanation as to why the remaining cash has
not been distributed.

Moreover, winding up the company would result in the sale of
about SGD500 million in assets and proceeds that would be
distributed to shareholders.

                          *     *     *

NatSteel Asia -- http://www.natsteel.com.sg/about_profile.htm--  
is a wholly owned subsidiary of Tata Steel, which is one of the
top steel providers in the Asia Pacific.  It employs over 3,000
employees across Singapore, China, Thailand, Vietnam, Malaysia,
the Philippines and Australia. Each year, it produces about 2
million tonnes of premium steel products for the construction
industry in the region.


STANDARD AERO: S&P Affirms B+ Rating & Removes Negative Watch
-------------------------------------------------------------
Standard & Poor's Ratings Services removed its ratings on
Standard Aero Holdings Inc. from CreditWatch with negative
implications, where they were placed Jan. 27, 2006.

At the same time, Standard & Poor's affirmed its ratings,
including its 'B+' long-term corporate credit rating, on the
company.  The outlook is negative, reflecting expectations of
future earnings pressure as a result of the recent renegotiation
of a key contract.

Standard Aero is one of the leading independent providers of
maintenance, repair, and overhaul of aerospace engines.  It has
primary operations in the United States and Canada, with smaller
facilities in Europe and Singapore.  About three-quarters of its
sales are in the U.S.

Standard Aero's annual revenues are approximately US$750
million, and are split about equally between its military and
commercial -- servicing predominantly business and regional
aircraft operators -- segments. A significant risk to its
military business is the concentration of revenues.

"Approximately 30% of total corporate revenues relate to its
role as a subcontractor to Kelly Aviation Center LP to provide
MRO services to T-56 engines, which powers the U.S. C-130
military fleet," said Standard & Poor's credit analyst Kenton
Freitag.

"This contract was subject to a dispute that was recently
resolved.  As a result of price concessions, we expect that the
contract will become materially less profitable to Standard
Aero," Mr. Freitag added.

The contract will, however, enable Standard Aero to provide
exclusive MRO services until at least 2010, with options
potentially to 2014.

The negative outlook reflects lingering uncertainty about future
levels of profitability, given recent price concessions on its
key contract with Kelly Aviation Center, and pontential concerns
about remaining compliant with financial covenants in 2007.

Should operating profits fall materially in the next 18 months,
a downgrade could result.  Conversely, if the company is able to
maintain or improve current levels of profitability and
alleviate covenant concerns, the outlook could be revised to
stable.

                       About Standard Aero

Standard Aero Holdings Inc.-- http://www.standardaero.com--  
maintains, repairs, and overhauls engine parts, wheels, and
braking systems for military and business aircraft. Previously
divided into two groups -- design and manufacturing and engine
repair and overhaul -- the company was split when investment
firm Doughty Hanson sold the group for US$1.4 billion to US
investment firm The Carlyle Group and British aerospace parts
manufacturer Meggitt.

Standard Aero operates facilities strategically located in
Canada, the United States, Europe, Australia, Singapore and
other locations in Asia.

                         *     *     *

Standard & Poor's Ratings Services on August 23, 2006, removed
its ratings on Standard Aero Holdings Inc. from CreditWatch with
negative implications, where they were placed Jan. 27, 2006.

At the same time, Standard & Poor's affirmed its ratings,
including its 'B+' long-term corporate credit rating, on the
company.  The outlook is negative, reflecting expectations of
future earnings pressure as a result of the recent renegotiation
of a key contract.

In February 2006,  Moody's Investors Service affirmed the
ratings of Standard Aero Holdings, Inc., Corporate Family Rating
of B2, and has changed the ratings outlook to negative from
stable.  The change in outlook was prompted by the company's
recent announcement that a key customer, Kelly Aviation Center,
L.P. ('KAC') will not exercise a subcontract renewal past
February 2007, contrary to the company's expectations, affecting
approximately one-third of the company's revenue base.  Standard
Aero has a Speculative Grade Liquidity Rating of SGL-3.


STANDARD AERO: Posts US$48 Million Net Income in First Half
-----------------------------------------------------------
Standard Aero Holdings, Inc. unveiled its summary financial
results for the second quarter ended June 30, 2006, according to
a company press release.

"We are very satisfied with our second quarter results including
a 17% increase in revenues over the same period last year,"
stated David Shaw, CEO of Standard Aero Holdings Inc.  

"We are also pleased to have reached an agreement with Kelly
Aviation Center, L.P. to be the T56 depot maintenance provider
for the full term of the Propulsion Business Area contract with
the United States Air Force.  As we have since 1998, we remain
committed to supporting Kelly Aviation Center as our important
and valued customer."

Commenting on recent contract awards, Mr. Shaw stated, "We
continue to add to our order book in our other engines lines,
having recently been awarded a contract by Sikorsky Support
Services Inc. to provide engine MRO for the U.S. Navy's T-34 and
T-44 trainer aircraft. In addition, GoJet Airlines exercised
options on 5 additional CRJ-700 aircraft which will add an
additional 10 engines to our exclusive CF34 MRO contract and
continue the growth in our CF34 regional jet engine backlog."

Revenues for the three months ended June 30, 2006, were US$200.4
million, an increase of US$28.6 million or 17% compared to the
three months ended June 30, 2005.  This increase was primarily
attributable to an increase in revenue in Aviation MRO segment
due to higher sales to turbofan customers and increased revenues
on T56 military contracts.  Revenue in Enterprise Services
business, increased US$8.8 million reflecting revenues under the
company's subcontract agreements with Battelle to provide
redesign services to the United States Air Force at Tinker Air
Force Base in Oklahoma City, Oklahoma and Hill Air Force Base in
Ogden, Utah.

Income from operations was US$17.4 million for the three months
ended June 30, 2006 compared to income from operations of
US$11.9 million for the three months ended June 30, 2005.  Net
income for the three months ended June 30, 2006 was US$7.2
million as compared to US$3.1 million for the three months ended
June 30, 2005.  Adjusted EBITDA, as defined by a senior secured
credit agreement, was US$25.7 million for the three months ended
June 30, 2006, an increase of 33% compared to Adjusted EBITDA of
US$19.3 million for the three months ended June 30, 2005.

Revenues for the six months ended June 30, 2006 were US$386.2
million, an increase of US$27.0 million or 8% compared to the
six months ended June 30, 2005.  This increase was primarily due
to a US$16.9 million increase in revenues in the Enterprise
Services business.

Income from operations for the six months ended June 30, 2006
increased by US$2.1 million or 7% to US$32.5 million compared to
US$30.4 million for the six months ended June 30, 2005.  The
increase in income from operations was primarily due to gross
profit on higher Enterprise Service revenues.  Net income for
the six months ended June 30, 2006 increased to US$11.0 million
from US$9.7 million for the six months ended June 30, 2005.  
Adjusted EBITDA was US$48.0 million for the six months ended
June 30, 2006, an increase of 7% compared to Adjusted EBITDA of
US$45.0 million for the six months ended June 30, 2005.

At June 30, 2006, total indebtedness was US$461.6 million and
cash on hand was US$7.0 million.  Net capital expenditures
during the six months ended June 30, 2006 were US$8.6 million,
compared to US$10.4 million during the six months ended June 30,
2005.

                       About Standard Aero

Standard Aero Holdings Inc.-- http://www.standardaero.com--  
maintains, repairs, and overhauls engine parts, wheels, and
braking systems for military and business aircraft. Previously
divided into two groups -- design and manufacturing and engine
repair and overhaul -- the company was split when investment
firm Doughty Hanson sold the group for US$1.4 billion to US
investment firm The Carlyle Group and British aerospace parts
manufacturer Meggitt.

Standard Aero operates facilities strategically located in
Canada, the United States, Europe, Australia, Singapore and
other locations in Asia.

                         *     *     *

Standard & Poor's Ratings Services on August 23, 2006, removed
its ratings on Standard Aero Holdings Inc. from CreditWatch with
negative implications, where they were placed Jan. 27, 2006.

At the same time, Standard & Poor's affirmed its ratings,
including its 'B+' long-term corporate credit rating, on the
company.  The outlook is negative, reflecting expectations of
future earnings pressure as a result of the recent renegotiation
of a key contract.

In February 2006,  Moody's Investors Service affirmed the
ratings of Standard Aero Holdings, Inc., Corporate Family Rating
of B2, and has changed the ratings outlook to negative from
stable.  The change in outlook was prompted by the company's
recent announcement that a key customer, Kelly Aviation Center,
L.P. ('KAC') will not exercise a subcontract renewal past
February 2007, contrary to the company's expectations, affecting
approximately one-third of the company's revenue base.  Standard
Aero has a Speculative Grade Liquidity Rating of SGL-3.


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

BANK OF AYUDHYA: GE Deal Closing to Speed up Retail Business
------------------------------------------------------------
Bank of Ayudhya will begin to aggressively push its retail
financial business starting next year, after the acquisition
deal with GE International Holdings Corporation is completed,
The Nation reports, citing the bank's vice-president, Charlotte
Donavanik.

According to Ms. Donavanik, the bank slowed down its personal
loans and micro small- and medium-sized enterprise loans this
year, awaiting completion of the GE deal.  After the conclusion
of the deal, the bank will now discuss plans with its new
shareholder before speeding up business in these products next
year.

In addition, Ms. Donavanik said that competition in the retail
banking business is expected to get stronger next year.  Whether
the new BAY-GE alliance will impact on the industry will depend
on the bank's business growth in 2007.

The Nation recounts that the bank aimed to provide new SME loans
worth THB10 billion this year, but has made only about
THB100 million to THB200 million so far.

As reported by the Troubled Company Reporter - Asia Pacific on
August 18, 2006, the negotiations between GE Capital and Bank of
Ayudhya for the purchase of a 25% stake in the Thai lender are
still ongoing.

The TCR-AP relates that the deal was expected to be completed by
August 15, but the Finance Ministry failed to endorse the deal,
saying that there are still some legal issues that need to be
cleared.  The Ministry however assured that the deal is still on
track.

Headquartered in Bangkok, Thailand, Bank of Ayudhya Public Co.
Ltd. -- http://www.krungsri.com/-- provides a full range of  
banking and financial services.  The bank offers corporate and
personal lending, retail and wholesale banking; international
trade financing asset management; and investment banking
services to customers through its branches.  It has branches in
Hong Kong, Vietnam, Laos, and the Cayman Islands.

                          *     *     *

Moody's Investors Service gave Bank of Ayudha an 'E+' bank
financial strength rating.

Fitch Ratings gave the bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating, a 'B' Short-Term Foreign Currency Rating,
a 'BB' Foreign Currency Subordinated Debt Rating, and a 'D'
Individual Rating.


BANGKOK STEEL: SET Posts SP Sign for Failing to Submit F/R
----------------------------------------------------------
The Stock Exchange of Thailand posted SP -- suspension -- sign
on the securities of Bangkok Steel Public Company Ltd after the
company failed to submit its financial report on August 15,
2006.

According to SET, the SP on the company's securities would be
effective on the first trading session, which started on
August 16, 2006.

Bangkok Steel, in a letter addressed to the bourse said that it
could not submit its financial report on time due to many
unfinished transactions of the company and its subsidiaries.

The company has yet to submit to the SET two financial reports
covering the first and second quarter periods in 2006.

According to the Troubled Company Reporter - Asia Pacific, the
company also failed to submit its first quarter financial report
ended March 31, 2006.

                          *     *     *

Bangkok Steel Industry Public Company Limited --
http://www.bangkoksteel.co.th/-- manufactures reinforcing steel  
bars including deformed steel bars under "BSI" brand name, and
galvanized iron flat sheets under "Singha" brand name.  
Additionally, the Company provides steel fabrication services
for machinery installations and large containers, and is a
licensee of "Kone" cranes from Finland.

On December 22, 2003, the Supreme Court ordered the Company to
rehabilitate its business in accordance with Thailand's
Bankruptcy Act.  On April 19, 2004, the Central Bankruptcy Court
appointed C.J. Morgan Co., Ltd. and Panya Intellect Co., Ltd. to
be its business rehabilitation planners.  The comptroller of
Bankruptcy head invited the debtors, creditors and lenders to
lodge the claim for settlement of debts with the Company.  The
total claims lodged by the appellants amounted to approximately
THB59.09 billion which were the outstanding balance in the
Company's accounts approximately THB18.91 billion and
commitments and contingent liabilities of THB40.18 billion.

The Company's business rehabilitation plan, dated December 19,
2004, was accepted three days later, and on February 7, 2005,
Thailand's Central Bankruptcy Court entered an order approving
that plan.   

On November 30, 2005, the creditors' meeting moved to amend the
Company's business rehabilitation plan, which the Central
Bankruptcy Court agreed to on December 26, 2005.

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


* Financial Institutions Recorded 17% Decline in NPLs for July
--------------------------------------------------------------
Financial institutions enjoyed a 17% decline in their non-
performing loans in July 2006, a result of banks' attempts to
clean up their balance sheets, The Nation reports.

According to the Bank of Thailand, the NPLs at Thai banks
declined by 13.45 to THB470.3 billion as of July, with 9.04% of
total loans, compared to 11.42% in July 2005.

Moreover, foreign full branches' NPLs also contracted by 9.4%
from the same period last year, to THB9.2billion.  They
accounted for 1.5% of their total loans, slightly down from
1.85% in the same period last year.

In addition, the finance companies' NPLs declined by 75.7% over
the year to THB4.8 billion in July 2006.  They posted 6.37% of
total loans, compared to 8.03% over the year.  The sharp
reduction was partly due to the finance companies upgrading to
banks.

Krirk Vanikkul, BOT's assistant governor, told The Nation that
the sharp decline of the bad loans was also helped by strenuous
attempts by the banks in the past four years, as they launched
many measures to fight against NPLs.

He said Bangkok Asset Management's extended authority to buy
NPLs and non-performing assets help reduce bad loans in the
banking system.  The central bank also facilitated banks to
easily transfer their NPLs to the asset-management cooperation,
The Nation adds.

Moreover, he insisted that debtors' ability to finance their
debts remained high despite increasing interest rates.  
Commercial banks had already taken into account the interest-
rate trend before approving the credits.

However, The Nation relates that some banks had complained that
there were signs that small and medium sized enterprises may not
be able repay their debts in the future due to slowing sales
affected by the more sluggish economy.


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

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

AUSTRALIA

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

CHINA AND HONG KONG

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

INDIA

PT Dharmala Intiland             DILD       197.91      -6.62

INDONESIA

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

JAPAN

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

MALAYSIA

Antah Holdings Bhd                ANT       241.10     -39.36
Ark Resources Berhad              ARK        25.91     -28.35
CHG Industries Bhd                CHG        25.95     -41.38
Cygal Bhd                         CYG        58.47     -69.79
Comsa Farms Bhd                   CFB        63.60      -5.00
Consolidated Farms Berhad       CFARM        36.32     -17.21
Emico Holdings Bhd                EMI        42.56      -1.92
Jin Lin Wood Industries Berhad    JLW        21.68      -1.74
Kig Glass Industrial Berhad       KIG        15.76     -24.61
Lankhorst Bhd                    LKHT        25.91     -28.35
Mentiga Corporation Berhad       MENT        22.13     -18.25
Metroplex Bhd                     MEX       323.51     -49.28
Mycom Bhd                         MYC       227.68    -114.64
Lityan Holdings Bhd               LIT        22.22     -19.11
Olympia Industries Bhd           OLYM       255.84    -227.85
Panglobal Bhd                     PGL       189.92     -50.36
Park May Bhd                      PMY        11.04     -13.58
PSC Industries Bhd                PSC        62.80    -116.18
Polymate Holdings Bhd            PYMT        64.73      -7.28
Setegap Berhad                    STG        19.92     -26.88
Tru-Tech Holdings Berhad          TRU        15.86     -16.71
Wembley Industries Holdings Bhd   WMY       111.72    -204.61

PHILIPPINES

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

SINGAPORE

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

SOUTH KOREA

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

THAILAND

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


                            *********

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

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

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


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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.
   
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