TCRAP_Public/060828.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

             Monday, August 28, 2006, Vol. 9, No. 170

                            Headlines

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

ADVANCED PLASTICS: Liquidation Bid Hearing Fixed on Sept. 21
AIR NEW ZEALAND: NPAT for Year Ended June 30, 2006, Down 47%
B.T. PERFORMANCE: Inability to Settle Debts Prompts Wind-Up
BATES PROPERTIES: Court to Hear Liquidation Bid on September 4
BAYFLEET PTY: To Declare Dividend for Priority Creditors

BENZIC FREIGHT: Creditors' Proofs of Claim Due on September 4
BLUE IRIS: Members Pass Resolution to Wind Up Operations
BOARDRIDERS LIMITED: Faces Liquidation Proceedings
BURNS PHILP: Rank Group Proposes to Acquire All BPCL Shares
BUSIVEST PTY: Appoints Condon and Gleeson as Joint Liquidators

C & J ENTERPRISES: Placed Under Creditors' Voluntary Wind-Up
C. PULS: Members to Receive Liquidator's Wind-Up Report
CABLECOM UNDERGROUND: Creditors Must Prove Debts by September 8
CENEDRONE PTY: To Declare First and Final Dividend on Sept. 5
CENTENARY PTY: Enters Liquidation Proceedings

CHEW INVESTMENTS: Court Sets Date to Hear Liquidation Bid
EUROPEAN SPORTS: Members and Creditors to Hear Wind-Up Report
FELTEX CARPETS: Cleared of IPO Prospectus Irregularities
FLEXI OPTIONS: To Declare First Dividend on September 20
GOLDEN DRAGON: Federal Court Issues Wind-Up Order

GREENSTRAW PTY: Creditors' Proofs of Claim Due on August 31
HANDTEX PTY: Creditors Appoint Paul Vartelas as Liquidator
HMA OPERATIONS: Members Resolve to Shut Down Company's Business
INFORMATION TECHNOLOGY: Members Opt to Close Business
KEKWICK KAMERAS: To Declare First and Final Dividend on Sept. 12

LACHLAN VALLEY: Enters Creditors' Voluntary Wind-Up
LEADER BUILT: Liquidator to Present Wind-Up Report on Sept. 15
LINK MEDICAL: Members Agree to Shut Down Firm
LOVELL EARTHMOVING: Members and Creditors to Hear Wind-Up Report
MANTISSA PTY: Inability to Pay Debts Leads to Wind-Up

MAINLY ELECTRICAL: Court to Hear CIR's Liquidation Bid Today
MARSH TRADERS: Shareholders Opt for Voluntary Liquidation
MAYPOLE BAKERY: Appoints Receivers and Managers
MILBI SCHOOL: To Declare First and Final Dividend on September 8
NEW HOPE: Appoints Arthur Yip as Liquidator

NEWPORT PROJECT: Court to Hear Liquidation Petition on Sept. 7
ROGER MANAGEMENT: Placed Under Members' Voluntary Wind-Up
SEAFARERS' BAR: Court to Hear Liquidation Petition on Sept. 11
TANIZAWA INTERNATIONAL: Liquidator Holbrook to Present Report
TEAM MAJESTIC: Commences Liquidation Proceedings

WEBRESOURCE INTERNET: Intends to Distribute Dividend on Sept. 13
WILGONA PTY: Receiver and Manager Ceases to Act
ZINIFEX LIMITED: Annual Revenue Increases Up to 60%


C H I N A   &   H O N G  K O N G

AMS SERVICES: Creditors' Proofs of Claim Due on September 21
ATL CHINA: Members Decide to Wind-Up Operations
BALLY TOTAL: Dr. McAnally Resigns from Board of Directors
CHINA CONSTRUCTION: To Buy BoA (Asia) for HKD9.71 Billion
CHINA CONSTRUCTION: Ratings Affirmed on Acquisition of BoA Asia

CRYSTALTRACE TECHNOLOGY: Placed Under Voluntary Wind-Up
DELTA FINANCE: Members to Receive Wind-Up Report
DELTA INTERNATIONAL: Final Members Meeting Set on September 22
DELTA LAND: Members to Receive Liquidator's Wind-Up Report
EDGEWOOD DEVELOPMENT: Creditors Meeting Slated for Sept. 4

GUANGDONG TOURS: Annual Meetings Set on Sept. 1
HEMLOCK COMPANY: Liquidator to Present Wind-Up Report
HIGHTOP INTERNATIONAL: Appoints Official Liquidators
HONG KONG ASSOCIATION: Final Members Meeting Set on September 15
HONG KONG HOTEL: Members Opt for Voluntary Wind-Up

INSTINET PACIFIC: To Acquire A-Shares for HKD168 Million
K.W. INDUSTRIAL: Members and Creditors Hold Annual Meeting
K.W. INTERNATIONAL: Liquidator Presents Wind-Up Report
KEER MCGEE: Current Deficit Up 43% to US$978 Million
KINSFULL COMPANY: Members Final Meeting Slated for Sept. 22

KOWLOON ESTATES: Members to Hear Wind-Up Report on September 22
LONDON ASIA: Members to Hear Liquidator's Report
MEGA INTERNATIONAL: Moody's Downgrades BFSR to D+
ORIENT EXPRESS CONTAINER: Creditors Must Prove Debts by Sept. 18
SKYLINE VIEW: Members Opt for Voluntary Liquidation

SHANGHAI REAL: Moody's Lowers Rating to Highly Speculative B1
TOPMOND FOOD: Creditors' Meeting Slated for August 30
TREASURE FLOATING: Members and Creditors Hold Annual Meetings
TREASURE RESTAURANT: Members, Creditors Receive Wind-Up Report
TREASURE SEA FOOD: Liquidator Presents Wind-Up Report

TWIN WORLD DISTRIBUTION: Creditors' Meeting Set on September 4
TWIN WORLD MARKETING: Creditors to Convene on Sept. 4
VALENCE TECH: Posts US$5.7-Mil Net Loss in Quarter Ended June 30
WORLD FORTUNE: Appoints Joint and Several Liquidators


F I J I

* S&P Assigns 'BB-' Long-Term Sovereign Credit Ratings to Fiji


I N D I A

FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO
SILICON GRAPHICS: Gets Okay to Assume D.E. Shaw Development Pact
SILICON GRAPHICS: Agrees with Christie Digital to Modify Stay
SILICON GRAPHICS: Liquidation Analysis Under First Amended Plan
SILICON GRAPHICS: Valuation Analysis Under First Amended Plan

SILICON GRAPHICS: Morgan Lewis Wants to Hire CRA as Consultants
SILICON GRAPHICS: Wants Merrill Lynch Ordered to Hand Assets
SILICON GRAPHICS: Five Shareholders Want Interests in New SGI
SILICON GRAPHICS: Panel Barred from Providing Access to Info
SILICON GRAPHICS: Closes Lease Settlement to Restructure Debts


I N D O N E S I A

BANK INTERNASIONAL: Posts 11% Decline in Profits
EXCELCOMINDO PRATAMA: Revenue Increases 50% in First-Half 2006
EXCELCOMINDO PRATAMA: ARPU Declines to IDR48,000
EXCELCOMINDO PRATAMA: Eyes International Gateway License


J A P A N

ASHIKAGA BANK: Screening of Potential White Knights Starts Sept.
SAPPORO HOLDINGS: Mails Takeover Offer to Sleeman's Shareholders
* Japanese Bankruptcies Rise 5.3% in First Half of 2006


K O R E A

ASYST TECHNOLOGIES: Rejects Claims of Indenture Default
BOWATER INC: Announces Organizational Realignment
DONG-AH CONSTRUCTION: Can't Recover Canceled License, MCT Says
HANA BANK: To Market U.S. Dollar-Denominated Bonds in September
HERBALIFE LTD: Completes US$165-Million Bond Redemption


M A L A Y S I A

ANTAH HOLDINGS: Foreign Subsidiaries Dissolved & Deregistered
CONSOLIDATED FARMS: Bourse to Delist Securities on Sept. 5
GEORGE TOWN: Delays Submission of Financial Reports
KRETAM HOLDINGS: Lists and Quotes Additional Shares
MANGIUM INDUSTRIES: Unit Defaults on Loan Repayment

MANGIUM INDUSTRIES: June 30 Balance Sheet Reveals Poor Liquidity
MBF CORPORATION: Completes MYR18.6-Mil. Share and Purchase Deal
TALAM CORPORATION: Expects to Meet Bursa Submission Deadline
TRU-TECH HOLDINGS: Bourse Initiates Delisting Process


P H I L I P P I N E S

EQUITABLE PCI: GSIS Not Interested in Additional Investments
NATIONAL POWER: First Bond Sale for 2006 Given BSP Approval
NATIONAL POWER: Vows to Improve Profitability and Efficiency
NATIONAL POWER: Industrial Customers Required to Avail TOU Rates
NATIONAL POWER: Signs Power of Choice Agreement With Meralco

PHILIPPINE AIRLINES: April-June Income Down 17% to US$22.7MM


S I N G A P O R E

ADVANCED SYSTEMS: 335,946,647 Rights Shares Listed in SGX-ST
ARMSTRONG INDUSTRIAL: Profit Climbs by 11.6% in 2nd Quarter 2006
DIGILAND INTERNATIONAL: Turnover Down by 25% for 2nd Quarter
GETRONICS NV: Posts EUR41-Million Loss for First Half 2006
ISOFT GROUP: FSA to Launch Formal Probe on Acctg. Irregularities

SEA CONTAINERS: Restructuring Program Proceeds as Planned


T H A I L A N D

AGRO INDUSTRIAL: Stock Exchange Suspends Securities
DATAMAT PUBLIC: SET Posts Suspension Sign on Securities

     - - - - - - - -

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

ADVANCED PLASTICS: Liquidation Bid Hearing Fixed on Sept. 21
------------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Advance Plastics 1985 Ltd on September 21, 2006, at
10:00 a.m.

Smart Recycling Ltd filed the petition with the Court on June
19, 2006.

The Solicitor for the petitioner can be reached at:

         Michael Peter Hemphill
         Metro Law, Solicitors
         Level Eleven, Worldwide Tower
         8 10 Whittaker Place
         Auckland, New Zealand
         P.O. Box 68 882, Newton, Auckland
         Facsimile: (09) 358 8112


AIR NEW ZEALAND: NPAT for Year Ended June 30, 2006, Down 47%
-----------------------------------------------------------
Air New Zealand discloses a profit of NZ$150 million before
unusuals and tax for the year ended June 30, 2006, 36% down on
the previous year.

"We clearly acknowledge this is not the result we would have
liked to have achieved at the end of the financial year," John
Palmer, Chairman of the Board says.  "But given the
extraordinarily challenging business environment the airline is
operating in, this is a respectable result."

The Board declared a fully imputed final dividend of 2.5 cents
per share.

The current expectation of the Board is to maintain the present
dividend flows.

Net profit after tax was NZ$96 million, 47% down on the previous
period due to fuel price increases.

"Air New Zealand has outlined its plan for growing and
transforming its business into a nimble, innovative and thriving
world class airline," Rob Fyfe, Chief Executive Officer says.

"Over the last year we've demonstrated beyond doubt that we are
beginning to execute that plan, and we have done exactly what we
said we would," Mr. Fyfe notes.

The year closed with Air New Zealand:

   * refurbishment of its 747 fleet on time and on budget;

   * refurbishing lounges in Los Angeles and Melbourne;

   * taking delivery of 5 of its 8 new 777-200ER fleet, 4 new
     A320's, and 8 of subsidiary Air Nelson's 17 new Q300 fleet;

   * launching a new long haul service to Shanghai and a second
     daily service to London;

   * successfully outsourcing wide-body aero engine maintenance;

   * reducing corporate overhead costs;

   * developing new in-house on-line booking software;

   * unveiling a new network strategy;

   * suspending flying on unprofitable routes such as Singapore;
     and

   * actively investigating new and promising potential markets.

"We now have a world class in flight product, world class
customer service and we are growing a world class culture within
this airline.  The challenge for us is to maintain those levels
of performance," Mr. Fyfe says.

Mr. Fyfe states that in any other business environment Air New
Zealand should have seen an increase in its profit as a result
of these measures.

But an unprecedented 44% rise in the price of jet fuel has
forced the company's profitability down.

"However we cannot solely hide behind fuel price increases as
the excuse for our decrease in profitability," Mr. Fyfe says.

Mr. Fyfe notes that "[t]here are still more tough strategic,
workforce, and workplace decisions to be taken to ensure Air New
Zealand meets its potential.  We are absolutely determined to
ensure Air New Zealand grows and expands to be highly
successful."

                       Operational review

Operating revenue for the year was NZ$3.8 billion, an increase
of NZ$189 million or 5% over last year.

As a result of a 6% yield improvement, passenger revenue
increased NZ$179 million or 6% to NZ$3.1 billion.  Included in
the passenger revenue increase is a NZ$24 million negative
foreign exchange impact.

Other external revenue increased NZ$10 million or 1% to
NZ$746 million.  A NZ$62 million increase in freight revenue was
partially offset by reductions in external engineering revenue,
due to higher internal engineering (747 refit) and maintenance
requirements.

Higher fuel prices led to total expenses, excluding borrowing
costs, increasing by NZ$253 million or 7% to NZ$3.7 billion.

                        Cash position

Cash generated from operating activities was NZ$473 million, an
increase of NZ$36 million over last year.

The company acquired assets, mainly aircraft related, to the
value of NZ$764 million during the year.

Debt draw-downs against aircraft purchases aggregate
NZ$589 million.  Offsetting this were debt repayments of
NZ$163 million.

                       Financial position

The closing net cash balance was NZ$1.15 billion, an
NZ$80-million increase over the previous year.

Cash is invested in bank deposits held by New Zealand financial
institutions.  The overall interest income earned yielded an
effective average interest rate of 7.3%.

Total assets increased NZ$693 million to NZ$4.8 billion after
the acquisition of new aircraft and the refurbishment of the 747
fleet.

Total liabilities increased NZ$640 million to NZ$3.2 billion,
mainly as a result of debt financing of new aircraft.  However,
the substantial cash position means that net debt remains low at
NZ$203 million.

The company's gearing (including net capitalized aircraft
operating leases) is 54.7%.

The company's strong financial position has meant that
NZ$245 million of debt, scheduled for repayment over the next
three years, will now be repaid early in the 2007 financial
year.

Shareholder funds as at June 30, 2006 were NZ$1.6 billion, an
increase of NZ$53 million.

                            Outlook

Looking ahead, an unstable international situation, volatile oil
prices, and the softening New Zealand economy mean challenging
times remain.

Air New Zealand is mitigating the ongoing impact of fuel on the
business, with 60% of oil usage hedged at US$71 per barrel and
ongoing changes to the network.

A weakening New Zealand Dollar is positive for long-haul
revenue, but this will be offset by higher U.S. Dollar costs for
leases, fuel, and maintenance.

The company currently has 91% of its net USD foreign exchange
position hedged at 68 cents (US$835 million).

But the Airline won't escape the impact of high fuel prices, and
these will heavily influence the level of Air New Zealand's
profitability in the 2007 financial year.

A full-text copy of Air New Zealand's 2006 Annual Report is
available for free at:

http://www.airnewzealand.co.nz/resources/2006_annual_report.pdf

                      About Air New Zealand

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

As reported in the Troubled Company Reporter - Asia Pacific on
September 2, 2005, Moody's Investors Service affirmed its Ba1
issuer rating on Air New Zealand Limited after the airline
announced its annual results for FY2005.  Air NZ's rating
reflected its dominant position in the New Zealand domestic
market, with around 80% market share, and the profitability of
domestic operations following their restructuring to a low-cost
network model.  Also supporting Air NZ's rating was its solid
liquidity position, with cash balances of NZ$1.071 billion held
as at June 30, 2005.  However, while Air NZ has a solid position
in New Zealand and other parts of the international network are
performing well, intense competition on trans-Tasman routes has
resulted in it being unprofitable for Air NZ.  International
competition also limits Air NZ's ability to expand.  Its
management is also aware of the airline's vulnerability to
external shocks and the actions of key competitors.


B.T. PERFORMANCE: Inability to Settle Debts Prompts Wind-Up
-----------------------------------------------------------
The members of B.T. Performance Pty Limited convened on
August 3, 2006, and placed the company under a creditors'
voluntary liquidation due to its inability to pay debts.

In this regard, Andrew Heard and Mark Hall were appointed as
joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Andrew Heard
         Mark Hall
         Chartered Accountants
         Level 10, 26 Flinders Street
         Adelaide, South Australia
         Australia


BATES PROPERTIES: Court to Hear Liquidation Bid on September 4
--------------------------------------------------------------
A petition to liquidate Bates Properties 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 Solicitor for the Petitioner 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


BAYFLEET PTY: To Declare Dividend for Priority Creditors
--------------------------------------------------------
Bayfleet Pty Ltd will declare its first and final dividend for
priority creditors on September 22, 2006.

Creditors who were not able to submit their proofs of debt by
August 22, 2006, will be excluded from sharing in the Company's
dividend distribution.

The liquidator can be reached at:

         Oren Zohar
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, Western Australia 6000
         Australia


BENZIC FREIGHT: Creditors' Proofs of Claim Due on September 4
-------------------------------------------------------------
Benzic Freight Partnership will declare its first and final
dividend to creditors on September 19, 2006, to the exclusion of
those who were not able to submit their proofs of debt by
September 4, 2006.

The receiver can be reached at:

         A. R. M. Taylor
         Meertens Chartered Accountants
         Level 10, 68 Grenfell Street
         Adelaide, South Australia 5000
         Australia
         Telephone:(08) 8418 8900
         Facsimile:(08) 8232 5077


BLUE IRIS: Members Pass Resolution to Wind Up Operations
--------------------------------------------------------
Members of Blue Iris Investments Pty Limited convened on
August 8, 2006, and passed a special resolution to voluntarily
wind-up the Company's operations.

Subsequently, creditors appointed Peter Ngan as liquidator at a
separate meeting held later that day.

The Liquidator can be reached at:

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


BOARDRIDERS LIMITED: Faces Liquidation Proceedings
--------------------------------------------------
A liquidation petition filed against Boardriders 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 Solicitor for the Petitioner 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


BURNS PHILP: Rank Group Proposes to Acquire All BPCL Shares
-----------------------------------------------------------
In a letter dated August 22, 2006, to the Australian Stock
Exchange Limited, Burns Philp & Company Limited disclosed that a
letter from the Company's major shareholder, Rank Group Limited,
proposed to make an offer for all the shares of the Company that
it does not currently hold.

By way of background, Rank Group revealed that it has been
giving careful consideration whether it should continue to
operate both a private company and a public listed company.

In its letter, Rank Group explained that it is appropriate to
consider this question at this point in time as Burns Philp has
now completed the divestment of most of its operating assets,
the convertible preference shares issued five years ago have
reached their maturity and been converted, and there are certain
inefficiencies to be taken into account if Rank Group is to
continue operating through two ownership structures.

On balance, Rank Group has concluded that it is timely to
consolidate into one private structure.  Accordingly, Rank Group
intends, subject to completing financing arrangements, to make
an offer (through subsidiaries of Rank Group Limited) for all of
the shares of Burns Philp that it does not currently hold.

Determination of value is assisted by virtue of Burns Philp's
assets primarily comprising cash and Goodman Fielder shares.
The offer price has been calculated at AU$1.10 per share having
regard to the underlying net assets of the company.  This
approach is appropriate in the circumstances being both
equitable and fully transparent.

Accordingly, for the record, the price will not be varied.

The offer will be subject to two conditions:

   1) a 90% minimum acceptance condition; and

   2) Rank receiving approval from the Foreign Investment Review
      Board in Australia and the Overseas Investment Office in
      New Zealand.

According to The Australian, Kiwi businessman Graeme Hart said
the offer would not be increased.  The paper relates that Mr.
Hart's privately owned Rank Group holds 58% of Burns Philp and
it will cost AU$1.3 billion to mop up the remaining stock at the
offer price.

With AU$2.5 billion to AU$3 billion in cash and estimated to be
able to leverage up to AU$16 billion for an acquisition, Burns
Philp is expected to make a bold play for an under-performing
company somewhere in the world and transform it through
aggressive cost-cutting and restructuring in the same way it had
successfully done to food giant Goodman Fielder, The Australian
says.

The Australian recounts that Goodman Fielder was publicly
floated last year for AU$2.1 billion with Burns Philp keeping a
20% stake, now worth about AU$525 million.

The Australian notes that some investors suggest that AU$1.10 is
not enough given the return they might have enjoyed from another
Goodman Fielder.  However, according to an analyst, Burns
Philp's net asset backing is only AU$1.03 a share and investors
should be happy to receive what was effectively a premium on
cash, the paper relates.

Apart from New Zealand snack food business Bluebird, Burns Philp
is essentially a "cash box" after the sale of Uncle Toby's for
AU$890 million earlier this year, the paper says.

The Australian cites the analyst as noting that if Mr. Hart will
not make an acquisition, it is a waste of money keeping a large
amount of cash in a listed entity given the costs associated
with running one, when the money could better be used in Rank.

The analyst estimates that it costs 4 cents a share every year
just to keep Burns Philp listed, about the same as what Bluebird
was worth.

It may be easier post-privatization for Rank Group to compete
for deals against private equity groups, which are not forced to
the same level of disclosure on the stock exchange as Burns
Philp, The Australian says.  Yet, the move also suggests
acquisitions may be off the table for a while, given that Mr.
Hart would have to use his own money, rather than that of
shareholders, the paper notes.

                        About Burns Philp

Burns Philp & Company Limited -- http://www.burnsphilp.com/--  
is an Australian based company involved in the production and
distribution of food ingredients and consumer branded food,
beverage and related products.  The Group operates
internationally with products including snack foods, breakfast
cereals and meal components.

Burns Philp has a 20% interest in Goodman Fielder Limited.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 24, 2006, that Standard & Poor's Ratings Services placed
its 'BB-' long-term corporate credit rating on Burns Philp on
CreditWatch with negative implications after the company
announced that its major shareholder, Rank Group Ltd., proposed
to make an offer for all Burns Philp shares that it does not
already hold.  Rank Group currently owns 57.6% of Burns
Philp.


BUSIVEST PTY: Appoints Condon and Gleeson as Joint Liquidators
--------------------------------------------------------------
At a general meeting held on August 8, 2006, the members of
Busivest Pty Limited resolved to wind up the company's
operations and appoint Schon G. Condon RFD and Bruce Gleeson as
joint liquidators.

The Joint Liquidators can be reached at:

         Schon Condon
         Bruce Gleeson
         Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone:(02) 9893 9499


C & J ENTERPRISES: Placed Under Creditors' Voluntary Wind-Up
------------------------------------------------------------
C & J Enterprises (Victoria) Pty Ltd was placed under a
creditors' voluntary wind-up on August 7, 2006, in accordance
with Corporations Act 2001.

Accordingly, B. J. Marchesi was appointed as liquidator.

The Liquidator can be reached at:

         B. J. Marchesi
         Bent & Cougle Pty Ltd
         Chartered Accountants
         Level 5, 332 St Kilda Road
         Melbourne, Victoria 3004
         Australia


C. PULS: Members to Receive Liquidator's Wind-Up Report
-------------------------------------------------------
Members of C. Puls & Co Pty Ltd will hold a meeting on
September 8, 2006, at 11:30 a.m., to receive Liquidator A. S. R.
Hewitt's report on the company's wind-up proceedings and
property disposal exercises.

The Liquidator can be reached at:

         A. S. R. Hewitt
         Grant Thornton Recovery (Vic) Pty Ltd
         Rialto Towers
         Level 35, South Tower
         525 Collins Street
         Melbourne, Victoria 3000
         Australia


CABLECOM UNDERGROUND: Creditors Must Prove Debts by September 8
---------------------------------------------------------------
On August 3, 2006, shareholders of Cablecom Underground Services
Ltd passed a resolution to voluntary liquidate the Company.

Subsequently, John Albert Price and Christopher Robert Ross
Horton were appointed liquidators.

Meanwhile, creditors are required to file their proofs of claim
by September 8, 2006, for them to share in any distribution the
Company will make.

The Joint and Several Liquidators can be reached at:

         J. A Price
         Horton Price Limited
         P.O. Box 9125, Newmarket
         Auckland, New Zealand
         Telephone: (09) 366 3700
         Facsimile: (09) 366 7276


CENEDRONE PTY: To Declare First and Final Dividend on Sept. 5
-------------------------------------------------------------
Liquidator Robert Moodie will distribute its first and final
dividend for creditors of Cenedrone Pty Limited on
September 25, 2006, to the exclusion of those who were not able
to prove their claims by August 22, 2006.

Mr. Moodie can be reached at:

         Robert Moodie
         c/o Rodgers Reidy
         Chartered Accountants
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


CENTENARY PTY: Enters Liquidation Proceedings
---------------------------------------------
At a general meeting of the members of Centenary Pty Ltd held on
July 18, 2006, it was agreed that a voluntary liquidation of the
Company's operations is appropriate and necessary.

Accordingly, Michael Gerard McCann was named liquidator.

Mr. McCann may be reached at:

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


CHEW INVESTMENTS: Court Sets Date to Hear Liquidation Bid
---------------------------------------------------------
The High Court of Christchurch received on July 11, 2006, a
petition to liquidate Chew Investments Ltd from the Commissioner
of Inland Revenue.

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

The Solicitor for the Petitioner 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


EUROPEAN SPORTS: Members and Creditors to Hear Wind-Up Report
-------------------------------------------------------------
Members and creditors of European Sports Cars Pty Limited will
convene on September 15, 2006, at 12:00 p.m., to hear accounts
of the company's wind-up and property disposal exercises from
Liquidator M. F. Cooper.

As reported by the Troubled Company Reporter - Asia Pacific on
Nov. 18, 2005, the company commenced wind-up proceedings on
October 28, 2005.

The Liquidator can be reached at:

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


FELTEX CARPETS: Cleared of IPO Prospectus Irregularities
--------------------------------------------------------
Feltex Carpets Limited shares were halted moments before the
Securities Commission released its decision clearing the company
of prospectus irregularities, ShareChat News relates.

The Commission has found no breaches of the securities laws in
the Prospectus.  Thus, there will be no further action to be
taken in regard to this matter.

The Commission reviewed the 2004 IPO Prospectus with regard to
disclosure concerning projected and historical financial
information, Directors' and Vendor's interests, and any breach
of banking covenants, noting that it obtained extensive evidence
from relevant parties.

The Commission considered whether:

   * the projected financial information was consistent with the
     assumptions presented;

   * the assumptions were consistent with the New Zealand
     accounting standard FRS-29 requirements for projections to
     be reasonable; and

   * the assumptions and other information disclosed in the
     Prospectus properly reflected the risks involved.

The Commission concluded that the Prospectus was not misleading
and the assumptions met the standard of reasonableness required
in respect of projections by FRS-29.

The Commission reviewed the historical financial statements in
the Prospectus as well as the disclosure in the Prospectus of
Directors' interests, and the interests of the Vendor -- Credit
Suisse First Boston Asian Merchant Partners, L.P.

Accordingly, the Commission found no evidence of breach of any
disclosure obligations.

The Commission also considered whether there was any breach of
banking covenants requiring disclosure in the Prospectus and
found no evidence of any breach.  Thus, there was no Prospectus
disclosure issue.

The Commission has not considered Companies Act 1993 compliance,
nor Directors' duties more generally, as these matters are
beyond its jurisdiction.

The Commission will continue to investigate continuous
disclosure and financial reporting issues for the period
subsequent to Feltex's earnings downgrade announcement in
April 1, 2005.

On that day, Feltex shares slumped after the company warned that
its full-year profit could be up to NZ$9 million below previous
forecasts, due to a tougher sales environment in Australia and
New Zealand, ShareChat recounts.

The announcement wiped some NZ$76 million off Feltex's value,
NZPA says.

According to ShareChat, the dramatic fall in value has placed
Feltex's managers in the firing line, particularly over the
decision to go public.

Trading in Feltex shares has resumed, ShareChat notes.

                          About Feltex

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

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

In February 2006, Feltex reported a first-half after tax loss of
NZ$11.83 million, down almost 200% compared with 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.


FLEXI OPTIONS: To Declare First Dividend on September 20
--------------------------------------------------------
Flexi Options Aust Pty Ltd will declare its first dividend on
September 20, 2006.

Creditors who were not able to prove their debts by August 22,
2006, will be excluded from sharing in the company's dividend
distribution.

The joint and several liquidators can be reached at:

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


GOLDEN DRAGON: Federal Court Issues Wind-Up Order
-------------------------------------------------
On July 14, 2006, the Federal Court of Australia ordered Golden
Dragon Developments Pty Limited to wind-up its operations and to
appoint Peter Ngan as liquidator.

Mr. Ngan can be reached at:

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


GREENSTRAW PTY: Creditors' Proofs of Claim Due on August 31
-----------------------------------------------------------
Greenstraw Pty Ltd will declare its first and final dividend on
September 1, 2006.

Creditors who were not able to prove their claims by August 31,
2006, will be excluded from sharing in the company's dividend
distribution.

The liquidator can be reached at:

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


HANDTEX PTY: Creditors Appoint Paul Vartelas as Liquidator
----------------------------------------------------------
Members of Handtex Pty Ltd convened on August 7, 2006, and
resolved to wind up the company's operations.

At the creditors' meeting held later that day, Paul Vartelas was
appointed as the company's liquidator.

Mr. Vartelas can be reached at:

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


HMA OPERATIONS: Members Resolve to Shut Down Company's Business
---------------------------------------------------------------
At an extraordinary general meeting held on August 7, 2006, the
members of HMA Operations Pty Limited resolved to shut down the
company's operations.

Creditors appointed Peter P. Krejci as liquidator at a separate
meeting held later that day.

The Liquidator can be reached at:

         Peter P. Krejci
         GHK Green Krejci
         Level 13, 1 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


INFORMATION TECHNOLOGY: Members Opt to Close Business
-----------------------------------------------------
Members of Information Technology Alliance Aust Pty Ltd convened
on August 7, 2006, and agreed to voluntarily wind up the
company's operations.

Accordingly, Gavin Moss was appointed as liquidator.

The Liquidator can be reached at:

         Gavin Moss
         Level 28, 31 Market Street
         Sydney, New South Wales 2000
         Australia


KEKWICK KAMERAS: To Declare First and Final Dividend on Sept. 12
----------------------------------------------------------------
Kekwick Kameras Pty Ltd will declare a first and final dividend
for its creditors on September 12, 2006.

Creditors who were not able to prove their claims by August 22,
2006, will be excluded from sharing in the dividend
distribution.

The deed administrator can be reached at:

         David Leigh
         SimsPartners
         Suite 6A, 10-12 Short Street
         Port Macquarie, New South Wales 2444
         Australia


LACHLAN VALLEY: Enters Creditors' Voluntary Wind-Up
---------------------------------------------------
Lachlan Valley Shearing Pty Limited was placed under a
creditors' voluntary wind-up on August 8, 2006, due to its
inability to pay outstanding debts.

In this regard, Stephen Jay was appointed as liquidator.

The Liquidator can be reached at:

         Stephen Jay
         Suite 2, 1st Floor
         43 Macquarie Street
         Dubbo New South Wales 2830
         Australia


LEADER BUILT: Liquidator to Present Wind-Up Report on Sept. 15
--------------------------------------------------------------
Members and creditors of Leader Built In Wardrobes Pty Limited
Will convene on September 15, 2006, at 10:30 a.m., to receive
Liquidator M. F. Cooper's report on the company's wind-up and
property disposal exercises.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on June 7, 2006.

Mr. Cooper can be reached at:

         Frasers Insolvency Advisory
         Level 5, 99 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


LINK MEDICAL: Members Agree to Shut Down Firm
---------------------------------------------
Members of Link Medical Laboratory Holdings on June 30, 2006,
resolved to wind up the company's operations.

In this regard, James Patrick Downey was named official
liquidator.

The Liquidator can be reached at:

         James Patrick Downey
         Cole Downey & Co
         Chartered Accountants
         Level 1, 22 William Street
         Melbourne, Victoria 3000
         Australia


LOVELL EARTHMOVING: Members and Creditors to Hear Wind-Up Report
----------------------------------------------------------------
Members and creditors of Lovell Earthmoving Contractors Pty Ltd
will convene on September 15, 2006, at 12:00 p.m., to hear
accounts of the company's wind-up and property disposal
exercises from Liquidator A. S. R. Hewitt.

The Troubled Company Reporter - Asia Pacific reported on
May 15, 2006, that the company declared its first and final
dividend on May 30, 2006.

The Liquidator can be reached at:

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


MANTISSA PTY: Inability to Pay Debts Leads to Wind-Up
-----------------------------------------------------
At a general meeting held on August 10, 2006, the members and
creditors of Mantissa Pty Limited passed a special resolution to
wind up the company's operations due to its inability to pay
debts when they fall due.

Subsequently, Geoffrey McDonald and Blair Pleash were appointed
as liquidators.

The Liquidators can be reached at:

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


MAINLY ELECTRICAL: Court to Hear CIR's Liquidation Bid Today
------------------------------------------------------------
A petition to liquidate Mainly Electrical Ltd will be heard
before the High Court of Wellington today, August 28, 2006, at
10:00 a.m.

The Commissioner of Inland revenue filed the petition with the
Court on July 17, 2006.

The Solicitor for the Petitioner can be reached at:

         Philip Hugh Brian Latimer
         Technical and Legal Support Group
         Wellington Service Centre, First Floor
         New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1028
         Facsimile: (04) 890 0009


MARSH TRADERS: Shareholders Opt for Voluntary Liquidation
---------------------------------------------------------
Shareholders of Marsh Traders Ltd resolved on August 8, 2006, to
voluntary liquidate the Company and appoint Roderick Thomas
McKenzie as official liquidator.

Creditors of the company are also required to submit their
proofs of claim to Mr. McKenzie by September 20, 2006.

Failure to prove a claim will exclude a creditor from sharing in
any distribution the company will make.

The Solicitor for the Petitioner can be reached at:

         Roderick Thomas McKenzie
         McKenzie & Partners Limited
         Level One, 484 Main Street
         (P.O. Box 12-014), Palmerston North
         New Zealand
         Telephone: (06) 354 9639
         Facsimile: (06) 356 2028


MAYPOLE BAKERY: Appoints Receivers and Managers
-----------------------------------------------
Neil Robert Cussen and Geoffrey Trent Hancock were appointed on
August 9, 2006, as receivers and managers of all the assets and
undertakings of Maypole Bakery Pty Limited.

The Receivers and Managers can be reached at:

         Neil Robert Cussen
         Geoffrey Trent Hancock
         Horwath Sydney Partnership
         Level 10, 1 Market Street
         Sydney, New South Wales 2000
         Australia


MILBI SCHOOL: To Declare First and Final Dividend on September 8
----------------------------------------------------------------
Milbi School Ltd will declare its first and final dividend to
creditors on September 8, 2006, to the exclusion of those who
did not prove their claims by August 23, 2006.

The liquidator can be reached at:

         Craig Crosbie
         c/o PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


NEW HOPE: Appoints Arthur Yip as Liquidator
-------------------------------------------
Members and creditors of New Hope Enterprises Pty Ltd held a
general meeting on August 1, 2006, and decided to voluntarily
wind up the company's operations.

In this regard, Arthur Yip was appointed as the company's
liquidator.

The Liquidator can be reached at:

         Arthur Yip
         Arthur Yip & Associates
         Suite 140, Level 3
         Regis Towers, 418 Pitt Street
         Sydney, New South Wales
         Australia


NEWPORT PROJECT: Court to Hear Liquidation Petition on Sept. 7
--------------------------------------------------------------
A petition to liquidate Newport Project Ltd will be heard before
the High Court of Auckland on September 7, 2006, at 10:00 a.m.

The Commissioner of Inland Revenue filed the petition with the
Court on July 16, 2006.

The Solicitor for the Petitioner can be reached at:

         Timothy Chemaly
         Auckland South Service Centre
         17 Putney Way (P.O. Box 76-198)
         Manukau City, New Zealand
         Telephone: (09) 985 7048)


ROGER MANAGEMENT: Placed Under Members' Voluntary Wind-Up
---------------------------------------------------------
At an extraordinary general meeting held on August 7, 2006, the
members of Roger Management Pty Limited resolved to voluntarily
wind up the company's operations.

James Alexander Shaw was appointed as liquidator at a creditors'
meeting held that same day.

The Liquidator can be reached at:

         James Alexander Shaw
         Ferrier Hodgson (Newcastle)
         Chartered Accountants
         Level 3, 2 Market Street
         Newcastle, New South Wales 2300
         Australia


SEAFARERS' BAR: Court to Hear Liquidation Petition on Sept. 11
--------------------------------------------------------------
On July 21, 2006, Lion Liquor Retail Ltd filed before the High
Court of Rotorua a petition to liquidate Seafarers' Bar and
Grill Ltd.

The Court will hear the petition on September 11, 2006, at 10:45
a.m.

The Solicitor for the Petitioner can be reached at:

         Kevin Patrick McDonald
         Eleventh Floor, Global House
         19-21 Como Street
         (P.O. Box 331-065 or D.X. B.P. 66-086)
         Takapuna, Auckland
         New Zealand
         Telephone: (09) 486 6827
         Facsimile: (09) 486 5082


TANIZAWA INTERNATIONAL: Liquidator Holbrook to Present Report
-------------------------------------------------------------
Members and creditors of Tanizawa International Pty Ltd will
convene on September 21, 2006, at 9:30 a.m., to receive
Liquidator Kim D. Holbrook's report on the company's wind-up
proceedings and property disposal exercises.

The Liquidator can be reached at:

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


TEAM MAJESTIC: Commences Liquidation Proceedings
------------------------------------------------
The members of Team Majestic Panel & Paint Pty Ltd held a
general meeting on August 7, 2006, and agreed to liquidate the
company's business.

In this regard, Hugh C. Thomas was appointed as liquidator.

The Liquidator can be reached at:

         Hugh C. Thomas
         BKR Walker Wayland
         8th Floor, 55 Hunter Street
         Sydney
         Australia


WEBRESOURCE INTERNET: Intends to Distribute Dividend on Sept. 13
----------------------------------------------------------------
Webresource Internet Technology Pty Ltd notifies parties-in-
interest of its intention to declare a first and final dividend
on September 13, 2006.

Creditors who were not able to prove their claims by August 23,
2006, will be excluded from sharing in the dividend
distribution.

The deed administrator can be reached at:

         Lorraine Smith
         KordaMentha (Queensland)
         22 Market Street
         Brisbane Queensland 4000
         Australia
         Telephone:(07) 3225 4900
         Facsimile:(07) 3225 4999


WILGONA PTY: Receiver and Manager Ceases to Act
-----------------------------------------------
Michael Owen ceased to act as receiver and manager of
Wilgona Pty Ltd on August 8, 2006.

The former Receiver and Manager can be reached at:

         Michael Owen
         BDO Kendalls
         Level 18, 300 Queen Street
         Brisbane, Queensland 4000
         Australia


ZINIFEX LIMITED: Annual Revenue Increases Up to 60%
---------------------------------------------------
Zinifex Limited posts a net profit after tax of almost
AU$1.1 billion for the fiscal year ended June 30, 2006,
representing a more than four-fold increase over the net profit
for the previous fiscal year.

"This result is even more remarkable when it is considered that
in one year we have generated a profit which exceeds the price
we paid for the assets that created Zinifex a little more than
two years ago," Zinifex Chief Executive Officer Greig Gailey
says.

Mr. Gailey reveals that annual revenue increased by
approximately 60% to just over AU$3 billion.

"Our result was obviously driven by the strong rise in zinc
prices and record average lead prices during the year, however,
this only represents part of the picture.  Strong operating
performances across the board saw total production exceed the
previous year.  In particular, new annual production records
were set at our Century mine and Clarksville (Tennessee)
refinery," Mr. Gailey relates.

Consistent with Zinifex's stated commitment to return surplus
cash to shareholders, a final fully franked dividend of 70 cents
per share is announced bringing the total dividend payment for
the full year to 80 cents.  "This gives Zinifex one of the
highest fully franked yields of the year and represents a great
result for our shareholders," Mr. Gailey says.

Mr. Gailey acknowledges that, in line with other resources
companies, Zinifex experienced increased costs during the year.

"We are presently experiencing a sustained resources boom and
this has created significant cost pressures in our business.  We
share the dilemma faced by all resource companies of increased
input costs resulting from strong demand for goods, services,
and specialized labor.  However, through prudent cost
management, we were able to limit this increase to approximately
7%," Mr. Gailey says.

Mr. Gailey notes that the company's strong financial results
were matched by outstanding improvements in health, safety, and
environmental performance.

"It is extremely important to the Board and management that we
operate safe workplaces and actively minimize our environmental
footprint.  We are pleased that we have continued our recent
trend of achieving real and significant improvements in key
health, safety and environmental measures," Mr. Gailey adds.

Commenting on the long-term strategic direction of the company,
Mr. Gailey says considerable momentum was building behind the
company's growth strategy.

"Identifying additional mine reserves and resources is of
paramount importance.  It has been a very busy year for us with
significant capital committed to a number of promising
exploration ventures.  This includes the allocation of a further
AU$19 million over the next three years to extend mine life at
Rosebery to 2020 and the initiation of a pre-feasibility study
of our Dugald River zinc deposit in Queensland," Mr. Gailey
says.

Mr. Gailey notes that there is little doubt that this has been
an exceptional year for Zinifex and its shareholders.

"The outstanding effort put in by all our people has enabled
Zinifex to exploit favorable market conditions and achieve
remarkable results.

Looking ahead, while cost pressures are likely to continue, we
remain positive about the outlook for zinc prices and anticipate
continued strong demand for our products," Mr. Gailey says.

The record date of entitlement to dividend is on October 20,
2006.

The company's consolidated balance sheet showed total assets of
AU$3.042 billion, total liabilities of AU$838.9 million, and
total equity of AU$2,202.8 million.

A full-text copy of the company's Annual 05/06 Financial results
is available for free at:

http://www.zinifex.com/UploadZinifexPublic/Document/Zinifex%20Annual%20Report%202006_Final.pdf

                         About Zinifex

Zinifex Limited, one of the world's largest integrated zinc and
lead companies -- http://www.zinifex.com-- is headquartered in
Melbourne, Australia.  The company owns and operates two mines
and four smelters.  The mines and two of the smelters are
located in Australia and supply the growing industrial markets
of the Asian-Pacific region, including China.  The company also
has a zinc smelter in the Netherlands and the United States.

The company sells a range of zinc metal, lead metal, and
associated alloys in 20 countries.

More than 80% of our products are distributed outside Australia,
particularly in Asia, which is experiencing significant growth
in construction activity and vehicle production.  Zinc is used
for steel galvanizing and die-casting and lead for lead acid
batteries used mainly in cars and other vehicles.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Fitch Ratings assigned Zinifex a Long-term
foreign currency Issuer Default Rating of 'BB+' with a Stable
Outlook.


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

AMS SERVICES: Creditors' Proofs of Claim Due on September 21
------------------------------------------------------------
Creditors of AMS Services (Hong Kong) Ltd are required to submit
their proofs of claim to Liquidator Lui Tin Nang by
September 21, 2006.

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

The Liquidator can be reached at:

         Lui Tin Nang
         Room 1613, 16/F
         Tai Yau Building
         181 Johnston Road, Wanchai
         Hong Kong


ATL CHINA: Members Decide to Wind-Up Operations
-----------------------------------------------
On August 4, 2006, members of ATL China Ltd passed a special
resolution to put the Company's operations under voluntary wind-
up.

Subsequently, Thomas Andrew Corkhill and Iain Ferguson Bruce
were appointed as joint and several liquidators.

Creditors are required to submit their proofs of claim by
September 18, 2006, for them to share in any distribution the
Company will make.

The Joint and Several Liquidators can be reached at:

         Thomas Andrew Corkhill
         8th Floor, Gloucester Tower
         The Landmark, 11 Pedder Street
         Central, Hong Kong


BALLY TOTAL: Dr. McAnally Resigns from Board of Directors
---------------------------------------------------------
Bally Total Fitness Holding Corporation discloses that James F.
McAnally, M.D. has resigned from the Board of Directors.

Dr. McAnally has served on the Board since the Company first
became publicly traded in 1996.  His medical perspective brought
insights to the board as society faces the growing threat of
obesity and begins to understand the benefits of fitness and
nutrition.  He was instrumental in helping Bally branch out into
new areas and stay current with medical trends.

                         About Bally

Bally Total Fitness Holding Corp.
-- http://www.Ballyfitness.com-- is a commercial operator of
fitness centers, with over 400 facilities located in 29 states,
Mexico, Canada, Korea, the Caribbean, and China under the Bally
Total Fitness, Bally Sports Clubs and Sports Clubs of Canada
brands.

                        *    *    *

As reported in the Troubled Company Reporter on March 17, 2006,
Standard & Poor's Ratings Services held its ratings on Bally
Total Fitness Holding Corp., including the 'CCC' corporate
credit rating, on CreditWatch with developing implications,
where they were placed on Dec. 2, 2005.


CHINA CONSTRUCTION: To Buy BoA (Asia) for HKD9.71 Billion
---------------------------------------------------------
China Construction Bank disclosed on August 24, 2006, that it
would buy Bank of America (Asia) for HKD9.71 billion, or
US$1.24-billion, The China Daily reports.

According to The Daily, the acquisition is expected to conclude
by the end of the year.

"Bank of America (Asia) is equipped with an experienced
management team and strong financial performance, and the bank's
business has little overlap with China Construction's Hong Kong
operations.  It is a very appropriate choice of acquisition for
us," China Construction President Zhang Jianguo told a press
conference in Hong Kong.

China Constructions' acquisition of Bank of America's Asia
operations gives the Chinese lender a shortcut to enter Hong
Kong's competitive banking sector, where cutthroat competition
has left few opportunities for the opening of new branches, the
Daily relates.

Meanwhile, The Standard notes that the Chinese bank is paying
Bank of Maerica at a bargain price, lower-than- expected price
of HKD9.71 billion, or 1.32 times price-to-book ratio.  The
acquisition price is based on Bank of America Asia's 2005 net
profit of HKD537 million.

Banking analysts told The Standard that the low price show Bank
of America's eagerness to enter the mainland market by
partnering with China Construction.  The Asia unit of the U.S.
banking giant will hold 8.5 percent stake in China
Consitruction, after the completion of the deal.  The current
foreign ownership rules would allow it to increase its interest
up to a ceiling of 19.9 percent, Standard relates.

China Construction is to retain all senior management and change
Bank of America Asia's name to its own.  A number of Bank of
America Asia's 750 staff members, including chief executive
Samuel Tsien, will transfer to China Construction after the deal
is finalized.

The Troubled Company Reporter - Asia Pacific reported that China
Construction released a circular dismissing rumors in its plan
to acquire stake in Bank of America Asia.

                          About Bank of America (Asia)

Bank of America (Asia) operates 14 branches in Hong Kong and
three in Macao, with 65% of its revenue coming from its personal
banking business.  It earned HKD537 million or US$68.8 million
in 2005.  The bank had total assets of HKD49 billion or US$6.28
billion and net assets of HKD7 billion or US$897 million.


                          *     *     *

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

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

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

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


CHINA CONSTRUCTION: Ratings Affirmed on Acquisition of BoA Asia
---------------------------------------------------------------
Moody's Investors Service has affirmed the ratings of China
Construction Bank Corporation on the announcement of its plan to
acquire 100% of Hong Kong-based Bank of America (Asia) Ltd.

China Construction has an A2 long-term deposit rating with a
positive outlook and a bank financial strength rating of D- with
a stable outlook.  At the same time, Moody's has put Bank of
America Asia's A1/Prime-1 foreign and Aa3/Prime-1 local currency
deposit ratings on review for possible downgrade.

"The affirmation of China Construction's ratings reflects the
small size of the acquisition relative to China Construction
itself," says May Yan, a Moody's VP/Senior Credit Officer,
adding, "The HK$9.71 billion price for Bank of America Asia is
less than half of China Construction's 1H2006 net income of
CNY23.2 billion."

"Furthermore, the transaction is priced at a reasonable 1.32x
price/book valuation.  The small amount of goodwill translates
into a negligible impact on China Construction's capital
ratios," says Ms. Yan, Moody's lead analyst for the bank.

After the transaction, China Construction will leverage on Bank
of America Asia's franchise and consolidate retail banking
business in Hong Kong.  China Construction's Hong Kong branch
mainly conducts wholesale banking business and Bank of America
Asia focuses on retail and commercial banking.  The two
businesses should prove complementary, although they will remain
separate entities in the foreseeable future.

The acquisition will provide an important overseas banking
platform for China Construction which seeks to become more
international.  However, it will also prove challenging, given
the importance of the Bank of America brand name in Bank of
America Asia's high-end retail business.  Therefore, the change
in ownership may result in some changes in client mix and staff
force. Accordingly, the review will focus on the merger's
execution.

"Bank of America Asia's existing foreign and local currency
deposit ratings have largely incorporated potential benefits
from its 100%-ownership by Bank of America, N.A. (A-/Aa1/P-1),
which could provide support to Bank of America Asia, if
necessary," says Leo Wah, a Moody's AVP and lead analyst for
BOAA.

"The change in ownership to a lower-rated company means that
Bank of America Asia's deposit ratings should be closer to its
stand-alone rating," says Mr. Wah, adding, "The review will
focus on:

    1) the stand-alone condition of BOAA post-merger with CCB
       Hong Kong branch's retail banking business; and

    2) the level of external support it will receive, when
       necessary."

China Construction is headquartered in Beijing. It is the fourth
largest bank by assets in China as of end-2005. As at June 30,
2006, it had total consolidated assets of CNY5,166 billion, or
US$645.8 billion.

Bank of America Asia is headquartered in Hong Kong and reported
total assets of HK$49.1 billion, or US$6.3 billion, as at
December 31, 2005.

                          *     *     *

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

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

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

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


CRYSTALTRACE TECHNOLOGY: Placed Under Voluntary Wind-Up
-------------------------------------------------------
Shareholders of Crystaltrace Technology International Co Ltd
resolved on August 11, 2006, to voluntary wind up the Company's
operations.

At the same time, Liquidator Ma Chi Chung was appointed to
oversee the company's liquidation.

The Liquidator can be reached at:

         Ma Chi Chung
         Room 803, Tung Hip Commercial Bldg
         248 Des Voeux Road, Central
         Hong Kong


DELTA FINANCE: Members to Receive Wind-Up Report
------------------------------------------------
Members of Delta Finance Ltd will convene on September 22, 2006,
9:00 a.m. at 23/F., Wheelock House, 20 Pedder Street in Hong
Kong, to receive a report on the Company's wind-up from
Liquidator Kevin Chung Ying Hui.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a wind-up of its operations on February 28,
2006.


DELTA INTERNATIONAL: Final Members Meeting Set on September 22
--------------------------------------------------------------
Members of Delta International Ltd will convene for their final
meeting at 23rd Floor, Wheelock House, 20 Pedder Stree, Hong
Kong on September 22, 2006, at 10:00 a.m.

At the meeting, Liquidator Kevin Chung Ying Hui will report on
the company's wind-up and property disposal activities.

The Troubled Company Reporter - Asia Pacific reported that the
members passed a special resolution on February 28, 2006,
putting the Company under voluntary wind-up.


DELTA LAND: Members to Receive Liquidator's Wind-Up Report
----------------------------------------------------------
Members of Delta Land Ltd will hear Liquidator Kevin Chung Ying
Hui's wind-up at a meeting to be held on September 22, 2006,
11:00 a.m. at the 23rd Floor, Wheelock House, 20 Pedder Street
in Hong Kong.

According to the Troubled Company Reporter - Asia Pacific,
members placed the Company placed under voluntary wind-up on
February 28, 2006.


EDGEWOOD DEVELOPMENT: Creditors Meeting Slated for Sept. 4
----------------------------------------------------------
Creditors of Edgewood Development Ltd meet at 8/F., Richmond
Commercial Building, 109 Argyle Street, Kowloon in Hong Kong on
September 4, 2006, at 3:00 p.m.

At the meeting, creditors will discuss matters under different
section of the Companies Ordinance of Hong Kong.


GUANGDONG TOURS: Annual Meetings Set on Sept. 1
-----------------------------------------------
Creditors and members of Guangdong (H.K.) Tours Co Ltd will
convene for their annual meetings on September 1, 2006, at 10:30
a.m. and 11:30 a.m. respectively.

The meetings will be held at Room 203, Duke of Windsor Social
Service Bldg, 15 Hennessy Road, Wanchai in Hong Kong.


HEMLOCK COMPANY: Liquidator to Present Wind-Up Report
-----------------------------------------------------
Members of Hemlock Company Ltd will convene on September 22,
2006, 12:00 noon at 23rd Floor, Wheelock House, 20 Pedder Stree,
Hong Kong, for them to hear Liquidator Kevin Chung Ying Hui's
wind-up report.


HIGHTOP INTERNATIONAL: Appoints Official Liquidators
----------------------------------------------------
On August 8, 2006, members of Hightop International resolved to
wind-up the Company's operations.

Subsequently, Poon Chin Chung, Philip and Poon Chi Woo were
appointed as joint and several liquidators.


HONG KONG ASSOCIATION: Final Members Meeting Set on September 15
----------------------------------------------------------------
Members of the Hong Kong Association of Higher Education of
Chinese Medicine Ltd will convene for their final meeting at
19/F., Beverly House, Nos. 93-107 Lockhart Road, Wanchai, Hong
Kong on September 15, 2006.

At the meeting, Liquidator Cheng Tai Tai, Allen will present a
report regarding the Company's wind-up.


HONG KONG HOTEL: Members Opt for Voluntary Wind-Up
--------------------------------------------------
Members of Hong Kong Hotel Entertainment Associate Trade Ltd
resolved on August 4, 2006, to voluntary wind up the Company's
operations.

Subsequently, Tsang Wai Kit was appointed as official
liquidator.

The Liquidator can be reached at:

         Tsang Wai Kit
         S.N. Tsang & Company
         Certified Public Accountants
         6/F., May May Building
         Nos. 683-685 Nathan Road
         Mong Kok, Hong Kong


INSTINET PACIFIC: To Acquire A-Shares for HKD168 Million
--------------------------------------------------------
Instinet Pacific Ltd approved a capital payment to acquire
ordinary A shares worth HKD168-million on August 11, 2006.

Creditors who oppose the share acquisition are given five weeks
starting August 11, 2006, to file a petition prohibiting the
payment before the Court.


K.W. INDUSTRIAL: Members and Creditors Hold Annual Meeting
----------------------------------------------------------
Members and creditors of Kong Wah Industrial (Zhongshan)
Investment Co Ltd convened for their annual meeting on August
25, 2006.

At the meeting, Liquidator Nicholas Timothy Conrnforth Hill
presented a report regarding the Company's wind-up and property
disposal activities.


K.W. INTERNATIONAL: Liquidator Presents Wind-Up Report
------------------------------------------------------
Members and creditors of Kong Wah International Company Ltd met
on August 25, 2006, at 5/F., Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong.

At the meeting, Liquidator Nicholas Timothy Conrnforth Hill
presented a report regarding the Company's wind-up and property
disposal activities.


KEER MCGEE: Current Deficit Up 43% to US$978 Million
----------------------------------------------------
Kerr McGee Corp.'s liquidity position weakened by about 43%,
representing a US$296 million increase in working capital
deficit, from US$682 million at Dec. 31, 2005 to US$978 million
at June 30, 2006.

The Company posted US$1.515 billion in current assets and
US$2.493 billion in current liabilities at June 30, 2006,
compared with US$3.249 billion in current assets and US$3.931
billion in current liabilities at Dec. 31, 2005.

Net cash provided by operating activities was US$710 million for
the six months ended June 30, 2006, compared with US$1.578
billion for the same period in 2005.

Net cash used in investing activities was US$939 million for the
six months ended June 30, 2006, compared with US$841 million for
the same period in 2005.

Net cash used in financing activities was US$665 million for the
six months ended June 30, 2006, compared with US$488 million for
the same period in 2005.

During the first six months of 2006, the Company satisfied its
liquidity needs primarily with cash on hand, net cash provided
by operating activities and borrowings under its US$1.25 billion
revolving credit facility.

                          *     *     *
An independent exploration and production company, Kerr-McGee
Corp. --www.kerr-mcgee.com/ -- explores, develops, produces and
markets crude oil and natural gas, with major areas of operation
in the United States and China.

In January 2006, the Company closed on a US$1.25 billion
unsecured revolving credit agreement.  The facility is available
to provide support for commercial paper and for general
corporate purposes.

On May 1, 2006, Moody's Investor Services upgraded the Company's
credit rating to Ba2.


KINSFULL COMPANY: Members Final Meeting Slated for Sept. 22
-----------------------------------------------------------
The final members meeting of Kinsfull Company Ltd will be held
on September 22, 2006, 1:00 p.m. at 23rd Floor, Wheelock House,
20 Pedder Stree, Hong Kong.

At the meeting, Liquidator Kevin Chung Ying Hui will present
accounts of the Company's wind-up and property disposal
exercises.


KOWLOON ESTATES: Members to Hear Wind-Up Report on September 22
---------------------------------------------------------------
Members of Kowloon Estates Ltd will hear Liquidator Kevin Chung
Ying Hui's report on the Company's wind-up and property disposal
exercises at a meeting on September 22, 2006, at 2:00 p.m.

The meeting will be held at 23rd Floor, Wheelock House, 20
Pedder Stree, Hong Kong.


LONDON ASIA: Members to Hear Liquidator's Report
------------------------------------------------
Members of London Asia Capital (Hong Kong) Ltd will hear
Liquidator Yuen Sik Ming's report on the company's wind up.

The presentation will be made on September 18, 2006, 11:00 a.m.
at 805 Capitol Cantre, 5-19 Jardine's Bazaar, Causeway Bay, Hong
Kong.


MEGA INTERNATIONAL: Moody's Downgrades BFSR to D+
-------------------------------------------------
Moody's Investors Service has affirmed Mega International
Commercial Bank's foreign currency deposit ratings of A2/P-1.
The rating agency also downgraded the company's bank financial
strength rating from C- to D+ with a stable outlook following
the merger between International Commercial Bank of China and
Chiao Tung Bank.

Moody's has also affirmed the Baa1 foreign currency issuer
rating with a stable outlook for Mega Financial Holding Company,
the parent of Mega International.

"Mega International will command 5.46% of system loans and 7.06%
of deposits, based on 1H06 data, making it Taiwan's fourth
largest bank by loans and total assets, and seventh largest by
deposits.  Furthermore, it will be the largest subsidiary of
Mega Financial, highlighting its importance within the overall
group," says Cherry Huang, a Moody's VP/senior analyst.

"The D+ BFSR is in line with Moody's rating action of June 2005,
in which the rating agency anticipated the likelihood of the
combined bank's financial fundamentals falling between the
ratings of its two pre-merger entities," says Huang.

Before the merger, International Commercial Bank was rated C-
/A2/P-1 with a negative outlook on the C- and a stable outlook
on the A2.  Meanwhile, Chiao Tung Bank was D-/A3/P-2 with a
positive outlook both on the D- and A3.  Moody's BFSRs address
the stand-alone financial strength of an institution.

MICB's BFSR of D+ is higher than Chiao Tung Bank's original BFSR
of D-, reflecting the benefits derived from International
Commercial Bank's stronger financials and franchise.  At the
same time, this rating represents a downward adjustment from
International Commercial Bank's BFSR of C-, reflecting the view
that revenue or cost synergies will not materialize immediately
after the merger because of the two banks' different focuses.
At the same time, rising competition is likely to cause margin
compression in key product lines.

Chiao Tung Bank was a development bank and International
Commercial Bank a commercial bank, and their integration will
take some time to complete.  After the merger, Moody's will
closely monitor Mega International's performance to look for any
resultant synergies and adjust the rating outlook to reflect any
benefits.

Mega International's A2/P-1 deposit ratings are the same as
ICBC's pre-merger ratings, which have always incorporated the
expectation of strong state support.  This expectation
continues, given the post-merger entity's ongoing legacy as the
government's foreign exchange settlement bank -- a role assumed
from International Commercial Bank -- and its industrial
development banking charter from Chiao Tung Bank.  The
government also has a 22.3% stake and controlling power over the
board of Mega Financial, the parent of Mega International, and
the third largest financial holding company in Taiwan by total
assets as at 1Q06.

Even though the government may ultimately reduce its interest
and influence, Moody's believes existing support will likely
persist for a prolonged period.  The Financial Supervisory
Commission recently said that those financial institutions with
strategic policy roles, including Mega Financial, will be on the
lower rungs of any privatization agenda.

Overall, the ratings reflect Mega International's sound
financials, enhanced positions in wholesale and retail banking,
recognized brand name, systemic importance and almost exclusive
possession of a development banking license.  The ratings,
however, are subject to the financial condition of Mega
Financial and its various subsidiaries.

As the flagship banking subsidiary, Mega International will
function as the main source of income within the group, and Mega
Financial is obliged by regulations to ensure the sound
operation of each of its operating subsidiaries, including
strong and weak entities.

If the integration of the two banks proceeds smoothly and
results in noticeable synergies as well as better coordinated
cross-selling with other FHC affiliates, this will lead to a
positive rating impact in the long term.  Conversely, delays in
the integration of the merger or within the Group could cause
inefficient resource allocation and even result in negative
rating implications.

Meanwhile, the affirmed Baa1 rating for Mega Financial with
stable outlook incorporates the strong state support available
to financial institutions in Taiwan, particularly those in the
banking sector.  This support is apparent in the rating of Mega
International and carries over to the holding company itself.

Various factors back Moody's expectation of regulatory support,
if needed:

    1) the government remains Mega Financial's largest
       shareholder, holding 22.3%, and controlling power over
       the board,

    2) Mega Financial is the 3rd largest FHC in Taiwan, and its
       stability is important for the system's stability,

    3) the government has expressly stated it intends to
       maintain Mega Financial's quasi-government status and
       market position for various policy purposes;
       privatization would be a low priority for Mega Financial;
       and

    4) reputation risk for Mega Financial as well as its
       principal subsidiaries due to their heritage as former
       government institutions.

Mega International Commercial Bank, the combined bank of
International Commercial Bank and Chiao Tung Bank, is
headquartered in Taipei, Taiwan. It reported assets of TWD1.8
trillion at end-2005. Mega Financial Holding Company, its
parent, is in turn 22.3% owned by the government, and is also
headquartered in Taipei. It reported consolidated assets of
TWD2.2 trillion at end-2005.


ORIENT EXPRESS CONTAINER: Creditors Must Prove Debts by Sept. 18
----------------------------------------------------------------
Creditors of Orient Express Container Air (Hong Kong) Co Ltd are
required to submit their proofs of claim to Liquidator Chui Chi
Hung require by September 18, 2006.

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


SKYLINE VIEW: Members Opt for Voluntary Liquidation
---------------------------------------------------
Members of Skyline View Ltd resolved on August 8, 2006, to
voluntarily wind up the Company's operations and appoint Lin Lai
Lar, Wendy as Liquidator.

The Liquidator can be reached at:

         Lin Lai Lar, Wendy
         1301, Eton Tower
         8 Hysan Ave., Causeway Bay
         Hong Kong


SHANGHAI REAL: Moody's Lowers Rating to Highly Speculative B1
-------------------------------------------------------------
Moody's Investors Service on August 24, 2006, downgraded to B1
from Ba3 Shanghai Real Estate Limited's local currency corporate
family and foreign currency senior unsecured bond ratings.  The
ratings outlook is stable.

"The downgrade reflects Moody's expectation of the decreasing
likelihood of SRE achieving the debt service coverage metrics
expected to support a Ba3 rating, given lower-than-expected
contracted sales in 1H2006 and rising uncertainty in its
operating environment, due in turn to further regulatory steps
to contain China's overheating property markets," says lead
analyst Kaven Tsang.

Moreover, the company's acquisitions, including its recent
purchase of a 51% interest in Shenyang Huarui Shiji Investment
Development Limited, has raised its capex and development
expenditure.  But Moody's also notes that this transaction will
help diversify revenue, and the project should generate pre-
sales proceeds over the next 12-18 months.

Despite a cash-holding of around HKD2.2 billion as of June 30,
2006, SRE is also reliant on the successful achievement of
planned sales and pre-sales from its projects to fund its higher
development expenditures, scheduled debt repayments and preserve
minimum liquidity of US$100 million cash-on-hand, a crucial
rating consideration.

"Ongoing regulatory measures will dampen property market
sentiment, thereby slowing sales and exposing SRE to higher
operating cash flow volatility," says Mr. Tsang, adding, "Such
factors may mean that de-leveraging moves ahead slower than
anticipated."

Moody's expects SRE's financial metrics to weaken with operating
cash flow (OCF)/gross interest possibly measuring below 3x and
OCF/adjusted debt less than 10% over the next 2 years, levels
which the rating agency considers as more appropriate for the B1
rating level.

The ratings outlook is stable, reflecting Moody's expectation
that SRE will manage its development expenses - amidst an
expected slowdown in sales - such that it maintains ongoing
positive OCF.  The stable outlook further reflects Moody's
expectation that the company will preserve uninterrupted access
to bank financing.

The rating could undergo further downgrade if OCF/gross interest
drops under 2x on a sustained basis and OCF/adjusted debt below
5%, while adjusted leverage fails to fall to 45% by end-2007.
This scenario could be a result of:

    1) higher-than-expected capex spending, due to aggressive
       land acquisitions and/or debt-funded
       investments/acquisitions; and

    2) continued underperformance in property presales and
       sales, thereby materially undermining OCF generation.

A weakening in its liquidity profile, such that total cash drops
below 20% of total debt, could also pressure the rating.

On the other hand, the ratings could undergo an upgrade if
OCF/gross interest surpasses 4x on a sustained basis,
OCF/adjusted debt exceeds 15-20%, and adjusted leverage falls to
around 35-40%. This scenario could occur if:

    1) SRE demonstrates sustainable growth in its core
       businesses and builds up a large and stable recurring
       cash flow,

    2) strong pre-sales are maintained to support ongoing
       positive OCF generation; and

    3) the quality of recurring cash inflow is enhanced through
       the build-up of a quality investment property portfolio.

                          *     *     *

Located at Wanchai, Hong Kong, Shanghai Real Estate Ltd
-- http://www.sre.com.cn/-- was established in 1993 and was
listed on the Hong Kong Stock Exchange in 1999.  The Company's
primary activity is nonresidential building operation.  SRE also
leases nonresidential buildings.

                          *     *     *

On April 4, 2006, Standard and Poor's assigned the Company's
Foreign Currency Long-Term Debt and its Local Currency Long Term
Debt rating at BB-.

Moody's Rating Services on April 4, 2006, assigned a Long-Term
Corp Family Rating at Ba3 to the Company.


TOPMOND FOOD: Creditors' Meeting Slated for August 30
-----------------------------------------------------
Creditors of Topmond Food Ltd will convene on August 30, 2006,
at 10:30 a.m. at Office B, 4/F., Kiu Fu Commercial Bldg., 300
Lockhart Road, in Wanchai, Hong Kong.

The meeting was called for the purposes mentioned under
different sections of the Companies Ordinance of Hong Kong.


TREASURE FLOATING: Members and Creditors Hold Annual Meetings
-------------------------------------------------------------
Members and creditors of Treasure Floating Restaurant Ltd
convened on August 24 and 25, 2006, respectively for their
annual meetings.

At the meetings, Liquidator Kong Chi How, Johnson, presented a
report on the Company's wind-up and property disposal exercises.


TREASURE RESTAURANT: Members, Creditors Receive Wind-Up Report
--------------------------------------------------------------
Members and creditors of Treasure Restaurant Co Ltd met on
August 24 and 25, 2006, respectively to hear Liquidator Kong Chi
How, Johnson's report regarding the Company's wind-up and
property disposal exercises.


TREASURE SEA FOOD: Liquidator Presents Wind-Up Report
-----------------------------------------------------
Liquidator Kong Chi How, Johnson presented to the members and
creditors of Treasure Food Restaurant Ltd his accounts on the
Company's wind-up proceedings on August 24, 2006, and August 25,
2006, respectively.


TWIN WORLD DISTRIBUTION: Creditors' Meeting Set on September 4
--------------------------------------------------------------
Creditors of Twin World Distribution Ltd will convene on
September 4, 2006, 2:00 p.m. at 8/F., Richmond Commercial
Building, 109 Argyle Street, Kowloon in Hong Kong.

During the meeting, creditors will discuss matters under
different sections of the Companies Ordinance of Hong Kong.


TWIN WORLD MARKETING: Creditors to Convene on Sept. 4
-----------------------------------------------------
Creditors of Twin World Marketing (Asia) Ltd are scheduled to
meet at 8/F., Richmond Commercial Building, 109 Argyle Street,
Kowloon in Hong Kong on September 4, 2006, at 2:30 p.m.

During the meeting, creditors will discuss matters under
different sections of the Companies Ordinance of Hong Kong.


VALENCE TECH: Posts US$5.7-Mil Net Loss in Quarter Ended June 30
----------------------------------------------------------------
Valence Technology Inc. reported revenues of US$3.2 million for
the three-month period ending June 30, 2006, compared to US$3.4
million in the first quarter of fiscal year 2006.

Revenue for the quarter was negatively impacted by production
delays of the N-Charge small format battery, which was affected
by the Underwriters Laboratories' re-certification process.
This created a backlog of N-Charge batteries that the Company
expects to fulfill during the second quarter of fiscal 2007.

The company reported a net loss available to common stockholders
of US$5.7 million in the first quarter of fiscal year 2007,
compared to a net loss available to common stockholders of
US$8.2 million in the first quarter of fiscal year 2006, and a
net loss available to common stockholders of US$9.6 million in
the fourth quarter of fiscal year 2006.

At June 30, 2006, the company's balance sheet showed total
assets of US$15,027,000 and total liabilities of US$78,437,000,
resulting in a stockholders' deficit of $72,020,000.

"We are pleased with the results of our cost reduction programs
over the last year and we are seeing the benefits of a lot of
hard work by our team which is evidenced by our reaching a key
goal of positive gross margin in the first quarter of fiscal
2007.  The recent demand for our large-format Saphion(R)
batteries further demonstrates that we are well positioned to
gain market share in our core markets," said Dr. James R.
Akridge, President and Chief Executive Officer of Valence
Technology Inc.  "We will remain focused on growing revenue,
reducing costs and improving gross margins, while improving
shareholder value."

During the quarter, Valence also:

     -- achieved positive Gross Margin;

     -- reduced operating expenses by 22% compared to first
        quarter fiscal last year;

     -- reduced operating cash flow by 38% compared to first
        quarter fiscal last year;

     -- increased large-format battery systems sales to 74% of
        the sales mix, compared to 37% for the prior year; and

     -- shipped six new models of the U-Charge(R) Power System
        large-format lithium-ion batteries as well as a new
        Battery Management System and battery discharge
        indicator.

                             Outlook

Valence forecasts revenue for the second quarter of fiscal year
2007 to be in the range of US$5 million to US$6 million.  The
expected increase in revenue for the second quarter is a result
of an increase in sales of large format systems as well as
filling small format N-Charge system orders that were scheduled
to be shipped in the first quarter but which were postponed
until the second quarter of fiscal year 2007 after receiving UL
re-certification.

                             Stock Sale

On Aug. 3, 2006, Valence sold US$2 million of its common stock
to West Coast Venture Capital, Inc., an affiliate of Carl E.
Berg, chairman of Valence's Board of Directors.  The proceeds
will be used to fund corporate operating needs and working
capital.

Under the terms of the purchase, the Company issued 1,298,702
shares of common stock, par value US$0.001 per share, in a
private placement transaction exempt from the registration
requirements of the Securities Act of 1933, as amended, pursuant
to Section 4(2) thereof.

West Coast purchased these shares at US$1.54 per share.  The
purchase price per share equaled the closing bid price of the
Company's common stock as of Aug. 3, 2006.  Under Rule 144 of
the Securities Act, these shares are restricted from being
traded by West Coast for a period of one year from the date of
issuance, unless registered, and thereafter may be traded only
in compliance with the volume restrictions imposed by this rule
and other applicable restrictions.

                       Going Concern Doubt

As reported in the Troubled Company Reporter on July 5, 2006,
Deloitte & Touche LLP expressed substantial doubt about
Valence's ability to continue as a going concern after auditing
the Company's financial statements for the fiscal year ending
March 3, 2006.

Deloitte & Touche pointed to the Company's recurring losses from
operations, negative cash flows from operations and net
stockholders' capital deficiency.

                         About Valence

Headquartered in Austin, Texas, Valence Technology, Inc.,
-- http://www.valence.com/-- develops and markets battery
systems using Saphion(R) technology, the industry's first
commercially available, safe, large-format Lithium-ion
rechargeable battery technology.  Valence Technology holds an
extensive, worldwide portfolio of issued and pending patents
relating to its Saphion technology and lithium-ion rechargeable
batteries.  The company has facilities in Texas, Las Vegas,
Nevada, and Suzhou and Shanghai, China.  Valence is traded on
the Nasdaq Capital Market under the symbol VLNC.


WORLD FORTUNE: Appoints Joint and Several Liquidators
-----------------------------------------------------
Members of World Fortune Buildings and Lands Consultant Ltd
appointed Kwan Shiu Chung and Lam Kin Hung on August 17, 2006,
as its joint and several liquidators.

The Joint and Several Liquidators can be reached at:

         Kwan Shiu Chung
         Room 1101, 11/F
         Tai Yau Building
         181 Johnston Road
         Wanchai, Hong Kong


=======
F I J I
=======

* S&P Assigns 'BB-' Long-Term Sovereign Credit Ratings to Fiji
--------------------------------------------------------------
Standard and Poor's Ratings Services assigns its 'BB-' foreign
currency and 'BB' local currency long-term sovereign credit
ratings to the Republic of Fiji.  A 'B' short-term sovereign
credit rating was also assigned.  The outlooks on the long-term
ratings are stable.

"The ratings reflect the country's narrowly-based economy, with
growth prospects mainly dependent on tourism, and persistent
fiscal, and current account deficits," Standard & Poor's credit
analyst Kyran Curry of the Sovereign Ratings group says.

"The defined contribution National Provident Fund covers most of
the government's borrowing requirements, partially mitigating
government financing risk.  The current account deficit appears
to be financed mostly with unrecorded remittances, including
foreign direct investment and other inflows."

In regard to political and social risks, Mr. Curry notes:

   "Although Fiji experienced coups in 1987 and 2000, social
   tensions have eased with a government democratically elected
   again in 2006 and a new inclusive multi-party cabinet formed
   earlier this year."

Notwithstanding the extra-constitutional changes of government,
the country's institutional framework compares well with other
similarly rated sovereigns.  Nevertheless, the earlier episodes
of political instability, and the economic growth of neighboring
richer economies, have resulted in a "brain drain" from Fiji
that constrains its economic growth prospects.  This may,
however, have contributed to the high inflow of remittances in
recent years, the recorded component of which is currently
around 7% of GDP.

"Fiji's fiscal performance is weak, partly as a result of
deliberately expansionary policy settings to boost growth in the
aftermath of the coup in 2000.  This has lead to high deficits
and hence increasing government debt," Mr. Curry says.  The
government has consistently run large deficits -- although
there has been some decline in recent years -- with an
underlying deficit of 3.6% of GDP in 2005.  Contingent
liabilities are kept low and the government has imposed
additional reporting and auditing requirements for government-
guaranteed statutory bodies.

There are significant problems in measuring the current account,
with the current account deficit estimated to be in the vicinity
of 17% of GDP, while at the same time "errors and omissions" for
2005 show unrecorded inflows amounting to around 18% of GDP.

There has been pressure on reserves in recent years, which have
fallen from a coverage of four months of imports at the end
of 2005 to 2.6 months in July 2006.  Raising exports is expected
to be a major challenge in the future.  Inflation remains
contained at 1.6% and monetary policy has been effective in
containing inflation and balance of payments pressures, even in
periods of political unrest.  Looking ahead, progress in
reducing fiscal deficits will be vital to keeping such pressures
in check.

"The stable outlook reflects the likelihood that the improved
political environment and rising tourism investment will
contribute to higher growth prospects and stem the fiscal and
external pressures," Mr. Curry says.  It is possible that the
ratings on Fiji could be lowered if there is renewed political
instability, or further deterioration in public finances and the
country's external position.  The ratings could be upgraded if
the government rapidly implements measures to limit budget
expenditures and reduce debt, particularly if this helps to
reduce the external current account deficit.

"Fiji has the distinction of being Standard & Poor's 111th rated
sovereign.  An increasing number of middle- and low-income
sovereigns see benefits in obtaining credit ratings, both to
help facilitate debt funding and to provide various stakeholders
with an objective and respected indicator of credit quality,'
Mr. Curry says.


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

FORD MOTOR: Opening Alliance Talks with Renault-Nissan's CEO
------------------------------------------------------------
Ford Motor Co.'s Chief Executive Officer William Clay Ford Jr.
was in talks with Carlos Ghosn, the Chief Executive Officer of
Nissan-Renault, published reports say.  Renault-Nissan is a
collaboration between Nissan Motor Co., Ltd., and Renault S.A.

The talk is one of the many efforts Ford is undertaking to
improve its profitability and regain its market share.  Ford
incurred a US$254 million net loss for the second quarter of
2006.  In July 2006, reports came in that Ford was overtaken by
Toyota as the automaker with the second biggest market share in
the world.  Toyota has 13%.  Ford came in third with 12.4%.
General Motors still has the top spot though sales have been
slipping.

The most recent effort was to offer credit to people with low
credit reports to get rid of excess auto inventory.  Any
potential bad debts in the future will be seen as a marketing
expense.

Recent restructuring efforts include:

   -- closing more factories;
   -- cutting more management jobs by another 10% to 30%; and
   -- reducing benefits

Renault-Nissan was first in talks with GM in July as one of GM's
shareholders aggressively pushed the idea for an alliance.  GM
and Renault-Nissan is on its first month of evaluating the
proposed three-way deal.

Mr. Ford told BusinessWeek that Ford is not a stranger to
alliances.  Ford is currently on operational alliance with
Peugeot, GM and Mazda.  Mr. Ford, however, clarified that there
are no formal discussions about anything yet with other auto
companies.  But the proposed GM-Renault-Nissan alliance had
everybody thinking that they should all be talking about it.

                        About Ford Motor

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

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

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


SILICON GRAPHICS: Gets Okay to Assume D.E. Shaw Development Pact
----------------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York gave Silicon Graphics, Inc., and its debtor-affiliates
permission to assume an amended development agreement.

As reported in the Troubled Company Reporter on June 27, 2006,
Silicon Graphics and D.E. Shaw Research, LLC, formerly known as
D.E. Shaw Research and Development, LLC, are parties to a
development and purchase agreement, pursuant to which Silicon
Graphics agreed to design and develop certain hardware and other
related materials for D.E. Shaw.

Shai Y. Waisman, Esq., at Weil, Gotshal & Manges LLP, in New
York, asserted that the assumption of the Development Agreement
is economically beneficial from all perspectives and clearly
constitutes an appropriate and reasonable exercise of the
Debtors' business judgment.  As a result of the Amendment,
Silicon Graphics will:

    (a) receive US$1,050,000 from D.E. Shaw and no cure payment
        will be required to effectuate assumption of the
        Development Agreement;

    (b) be relieved of the obligation to satisfy the three
        remaining milestones and will be spared the costs
        necessary to comply with it, including, manufacturing
        costs and engineering professional fees.

        In light of its untimely satisfaction of the fifth
        Milestone Date, Silicon Graphics will be eligible for
        payment at 50% of the originally contemplated rate if it
        were to complete the three remaining milestones.  Due to
        anticipated delays associated with completion of the
        Hardware, it is unlikely that Silicon Graphics will be
        able to timely satisfy the remaining Milestone Dates,
        and thus, will not qualify for an additional 25% payment
        for satisfaction of the remaining Milestone Dates;

    (c) still receive the Licensing Fee, albeit at a slightly
        reduced rate, without satisfying all of the milestones;

    (d) be able to comply fully with the Development Agreement
        and D.E. Shaw will have no claim for damages; and

    (e) be paid for engineering services provided to D.E. Shaw
        in furtherance of the Hardware project at the rate of
        US$200 per hour for up to a maximum of 200 hours.

                      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: Agrees with Christie Digital to Modify Stay
-------------------------------------------------------------
To resolve their dispute, Silicon Graphics, Inc., and its
debtor-affiliates and Christie Digital Systems USA, Inc.,
stipulate that:

    -- the automatic stay is modified solely to permit Christie
       Digital to serve a notice of non-renewal of the Master
       Subcontract Agreement.  The provisions prohibiting
       Christie Digital to collect, assess, or recover any
       Prepetition claim from the Debtors or the Debtors'
       estates will remain in full force and effect;

    -- the terms of the Subcontracts remain in full force and
       each party remains fully obligated to complete all of its
       obligations as and when due under the Subcontracts and
       obligations under the Master Agreement that survive its
       expiration;

    -- notwithstanding the date on which the stipulation becomes
       a final order:

       (a) Christie Digital's Motion will be deemed a timely,
           sufficient and proper notice to the Debtors of its
           intention not to extend the Master Agreement beyond
           the July 31, 2006 expiration date; and

       (b) the Master Agreement will not be, and is not,
           extended past the Expiration Date.

As reported in the Troubled Company Reporter on June 26, 2006,
Christie Digital asked the Court to lift the automatic stay to
exercise its contractually protected right to confirm that it
has elected not to renew the Master Agreement by providing a
written notice required by the Master Agreement.

In March 2005, Christie Digital and the Debtors entered into a
Master Subcontract Agreement, which provides basic, general
terms for future projects that the parties might, in the future,
consider entering into together.

Under the projects, the Debtors were the prime subcontractor and
Christie Digital was a secondary subcontractor.

Edward H. Tillinghast, III, Esq., at Sheppard, Mullin, Richter &
Hampton LLP, in New York, relates that the Master Agreement did
not require Christie Digital or the Debtors to enter into any
subcontracts with each other.  The Master Agreement itself was
not a contract for any specific project

                     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: Liquidation Analysis Under First Amended Plan
---------------------------------------------------------------
The "best interests" test under Section 1129 of the United
States Bankruptcy Code requires as a condition to confirmation
of a plan of reorganization that each holder of impaired claims
or impaired interests receive property with a value not less
than the amount the holder would receive in a Chapter 7
liquidation.

To demonstrate that their First Amended Plan of Reorganization
satisfies the requirements of the "best interests" test, Silicon
Graphics, Inc., and its debtor-affiliates prepared a liquidation
analysis with the assistance of their financial advisors, Bear,
Stearns & Co., Inc., and their other advisors.  The Debtors
based the Liquidation Analysis on their balance sheets as of
March 31, 2006.

The Analysis assumes that the actual March 31, 2006 balance
sheets are conservative proxies for the balance sheets that
would exist at the time a Chapter 7 liquidation would commence.

According to Kathy Lanterman, senior vice president and chief
financial officer of Silicon Graphics, Inc., the liquidation
analyses assumes:

    -- a liquidation period of 120 days for all assets excluding
       intellectual property and certain litigation claims
       against third parties;

    -- intellectual property will be liquidated over a period of
       six to nine months;

    -- certain litigation claims are to be placed in a
       liquidating trust to maximize their value;

    -- there are no recoveries from any potential preference or
       avoidable transactions; and

    -- the liquidation of the Debtors would result in the
       insolvency and liquidation of each of their non-debtor
       subsidiaries that would deprive the non-debtors a product
       to sell and disrupt their funding.

Ms. Lanterman relates that for all non-debtor entities, a
liquidation analysis was performed applying liquidation value
realization assumptions consistent with those used in the
Debtors' liquidation analyses, making adjustments for any
material asset-specific and local jurisdictional issues.

The results of the analyses determined the realizable value in a
liquidation for the net Intercompany Accounts Receivables from
the non-debtor subsidiaries to the Debtors and the value of the
Investment In Subsidiaries accounts for each Debtor, Ms.
Lanterman explains.

Based on the Liquidation Analysis, the Debtors conclude that the
Amended Plan meets the "best interest of creditors" test
pursuant to Section 1129(a)(7) of the Bankruptcy Code.

There are Impaired Classes with respect to each Debtor, certain
of which are contemplated to receive recoveries under the Plan,
Ms. Lanterman maintains.  The Debtors assert that the members of
each Impaired Class will receive at least as much as they would
if the Debtors were liquidated under Chapter 7.

                      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: Valuation Analysis Under First Amended Plan
-------------------------------------------------------------
At Silicon Graphics, Inc., and its debtor-affiliates' request,
Bear, Stearns & Co., Inc., prepared a valuation analysis of the
Debtors' businesses based on the Debtors' projected financial
results and market conditions as of June 30, 2006.

In preparing the valuation analysis, Bear Stearns:

    -- reviewed several of the Debtors' internal financial and
       operating data, and operating and financial forecasts,
       including the Projections;

    -- discussed with some of the Debtors' senior executives:

       * the Debtors' current operations and prospects; and
       * key assumptions related to the Projections;

    -- prepared discounted cash flow analyses based on the
       Projections, utilizing various discount rates and
       Terminal value multiples; and

    -- considered:

       * the prevailing trading multiples of certain publicly
         traded companies in businesses reasonably comparable to
         the Debtors' operating businesses;

       * the transaction multiples of acquisitions involving
         companies in businesses reasonably comparable to the
         Debtors' operating businesses;

       * the indications of interest received from various third
         parties regarding a transaction with the Debtors;

       * the results of estimates of value for certain non-core
         assets, including non-core intellectual property and
         certain litigation claims, prepared by the Debtors'
         management and CRA International; and

       * the other analyses as Bear Stearns deemed necessary
         under the circumstances.

Based on its analyses, Bear Stearns estimates the Debtors' total
enterprise value to range from US$210,000,000 to US$275,000,000,
with a mid-point value of US$242,500,000.

To calculate the implied reorganized equity value of the
Reorganized Debtors, Bear Stearns reduced the mid-point TEV
estimate by the pro forma net debt levels as of September 30,
2006, and the value of the Dynamic Random Access Memory Claims.

                                 Mid-point Reorganization Value
                                 ------------------------------
Reorganization Value                             US$242,500,000
Less: Net Debt and
       Estimated Value of DRAM Claims                63,400,000
                                                   ------------
New Preferred and Common
Equity Value                                     US$179,100,000

                      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: Morgan Lewis Wants to Hire CRA as Consultants
---------------------------------------------------------------
Because of the nature of their operations and contemplated
reorganization, Silicon Graphics, Inc., and its debtor-
affiliates acknowledge that it is essential for Morgan, Lewis &
Bockius LLP, their special intellectual counsel, to employ
consultants.

Pursuant to Section 328(a) of the United States Bankruptcy Code,
the Debtors ask the U.S. Bankruptcy Court for the Southern
District of New York to approve Morgan Lewis' retention of CRA
International, Inc., as consultants, nunc pro tunc to the
Petition Date.

Barry Weinert, Esq., vice president, secretary and general
counsel of Silicon Graphics, Inc., explains that CRA's selection
is based on the Company's expertise and extensive knowledge in
the field of intellectual property valuation.  CRA also
performed patent valuation work for the Debtors prior to the
Petition Date.  CRA is intimately familiar with the Debtors'
portfolio and can complete its valuation quickly and
efficiently, Mr. Weinert adds.

As consultants for Morgan Lewis, CRA will provide analysis,
advice, and an expert report, if necessary, with respect to the
valuation of certain patents held by the Debtors.  To the extent
litigation arises with respect to patent issues, CRA will
analyze and respond to testimony proffered and provide
deposition or expert testimony.

In exchange for its services, CRA will be paid based on its
customary hourly rates:

          Presidents and Vice Presidents    US$400 to US$815
          Principals                        US$360 to US$580
          Associate Principals              US$300 to US$460
          Senior Associates                 US$250 to US$400
          Consulting Associates             US$225 to US$310
          Associates                        US$185 to US$275
          Analysts                          US$170 to US$200
          Other Support                     US$105

The Debtors, and not Morgan Lewis, will be responsible for the
payment of the fees and reimbursement of the expenses of CRA,
which will not exceed US$750,000.

Prior to the Petition Date, CRA received from the Debtors a
general retainer of US$25,000, of which the balance remains
US$25,000.

Jonathan D. Yellin, general counsel and vice president of the
firm, assures the Court that his firm is a "disinterested
person" as that term is defined in Section 101(14) of the
Bankruptcy Code, as modified by Section 1107(b) of the
Bankruptcy Code.  CRA has no connection with the Debtors, their
creditors, or other parties-in-interest, and does not hold or
represent any interest adverse to the Debtors' estates, Mr.
Yellin 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 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 Merrill Lynch Ordered to Hand Assets
------------------------------------------------------------
Silicon Graphics, Inc., asks the United States Bankruptcy Court
for the Southern District of New York to direct Merrill Lynch
Trust Company of California to turn over certain assets of a
trust to the Debtors' bankruptcy estate, and to account for the
value of the assets.

In July 1994, Silicon Graphics established a non-qualified
deferred compensation plan for the benefit of:

    * certain management or highly compensated employees; and
    * non-employee members of its board of directors.

On August 18, 1994, Silicon Graphics and Merrill Lynch entered
into an agreement under which Silicon Graphics agreed to
contribute assets to be held in a trust by Merrill Lynch.
Merrill Lynch agreed to disburse funds from the Trust to fund
payments by Silicon Graphics to Plan participants.

Gary T. Holtzer, Esq., at Weil, Gotshal & Manges LLP, in New
York, relates that pursuant to the Trust Agreement, the Trust is
a "grantor trust, of which [Silicon Graphics] is the grantor."

Mr. Holtzer says the assets of the Trust are property of the
Debtors' estate.  Under the Trust Agreement, the assets are
subject to the claims of Silicon Graphics' general creditors
under federal and state bankruptcy law.

Merrill Lynch holds the assets of the Trust, including principal
contributed by Silicon Graphics, and income.  As of June 19,
2006, the value of the Assets was US$1,648,000.

Section 542(a) of the United States Bankruptcy Code provides
that any party in possession of property of the estate must
deliver to the trustee the property or its value, Mr. Holtzer
reminds the Court.

Accordingly, turn over of the assets is warranted for the reason
that Merrill Lynch is in possession of property of the
bankruptcy estate, Mr. Holtzer explains.

                     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: Five Shareholders Want Interests in New SGI
-------------------------------------------------------------
Five holders of Silicon Graphics, Inc., common stock ask the
United States Bankruptcy Court for the Southern District of New
York to compel the Debtors to grant them interests in the future
of SGI.

The shareholders are:

        Shareholder                        Shares Held
        -----------                        -----------
        Fred A. Stupp                      undisclosed
        Katharine Alexander                    200,000
        Kozo Yamada                            150,000
        Malinda Sutcliffe                       10,000
        Theodore M. Raichel                     50,000

The Shareholders assert that they were intentionally and
publicly misled, and not treated as owners of the Company,
evidenced by the way they were left out in the proposed remedies
and reorganization plan, and by the lack of communication with
them for the past few months.

"To bypass us, to avoid us, to mislead us is wrong and may have
been illegal," Mr. Raichel asserts.

                      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: Panel Barred from Providing Access to Info
------------------------------------------------------------
The Honorable Burton R. Lifland of the United States Bankruptcy
Court for the Southern District of New York grants Silicon
Graphics, Inc., and its debtor-affiliates' request and declares
that any official committee appointed in the Debtors' Chapter 11
cases -- including the Official Committee of Unsecured Creditors
-- is not authorized or required to provide access to any
confidential information to any creditor it represents who is
not an official committee member.

Judge Lifland permits, but does not require, an official
committee to provide access to Privileged Information to any
party so long as:

    (a) the Privileged Information is not, and does not, contain
        Confidential Information; and

    (b) the relevant privilege is held and controlled solely by
        that Official Committee.

Bankruptcy Services, LLC, the Debtors' official noticing and
claims agent, is authorized and directed to establish the Web
site for the Official Committee of Unsecured Creditors.
Bankruptcy Services will maintain the Web site according to the
terms and conditions set forth by the Court.

                      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: Closes Lease Settlement to Restructure Debts
--------------------------------------------------------------
Pursuant to an order by the United States Bankruptcy Court for
the Southern District of New York that became final on June 26,
2006, Silicon Graphics, Inc., and its debtor-affiliates closed
on the settlement to restructure its lease obligations at the
Amphitheatre Technology Center and Crittenden Technology Center
campuses located in Mountain View, California, Barry Weinert,
vice president and general counsel of Silicon Graphics, Inc.,
disclosed in a regulatory filing with the U.S. Securities and
Exchange Commission.

Mr. Weinert relates that under the Lease Modification and
Termination Agreement dated June 15, 2006, between the Debtors
and WXIII/Crittenden Realty A/B, L.L.C., WXIII/Crittenden Realty
C, L.L.C. and WXIII/Crittenden Realty D, L.L.C. and
WXIII/Amphitheatre Realty, L.L.C.:

    * three leases covering the ATC and CTC campuses will be
      terminated or amended;

    * the Debtors are obligated to vacate the premises under:

      -- two leases by June, of which an ATC campus had already
         been vacated and subleased to Google, Inc.; and

      -- a third lease by November 30, 2006; and

    * the Landlords are permitted to immediately draw
      US$24,550,000 on a letter of credit securing the lease of
      the ATC campus and required to cause the return and
      cancellation of the remaining US$8,706,234 letter of
      credit.

Upon vacating the premises prior to June 30, 2006, the Landlords
caused:

    (i) the return and cancellation of a letter of credit for
        US$6,000,000; and

   (ii) return of a security deposit for US$265,000 securing
        obligations under the corresponding lease.

Upon the Debtors' vacating the final premises by November 30,
2006, the Landlords are obligated to return and cancel a letter
of credit for US$4,500,000 securing obligations under the lease.

Silicon Graphics, Inc.'s rent and other obligations under the
Leases terminate upon vacating the premises, Mr. Weinert
explains.

A full-text copy of the Lease Modification and Termination
Agreement is available for free at:

                http://researcharchives.com/t/s?dc1

                     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 INTERNASIONAL: Posts 11% Decline in Profits
------------------------------------------------
PT Bank Internasional Indonesia Tbk posted a IDR352-billion net
profit for the half year ending June 30, 2006, an 11% decline
from the net profit recorded in the first half of 2005,
according to the bank's press release.

The lower net profit is due to the provisioning requirements
which amounted to IDR290 billions in the second quarter of 2006,
a significant increase when compared to the provisioning expense
of IDR11 billion from a year before.

The second-quarter net profit of IDR176 billion, on the other
hand, is at par with the previous quarter's net income.

Despite the challenging market environment, Bank Internasional's
core earning growth remains robust as reflected in its net
interest income that grew 24% to IDR1.40 trillion in the second
quarter of 2006 from IDR1.13 trillion last year.  This NII
growth helped improve the bank's NIM to 5.33%.

Bank Internasional President Director Henry Ho said, "We will
continue to remain prudent and focus on our businesses in these
difficult conditions and have undertaken a number of strategic
initiatives to improve our capabilities to be ready to seize the
opportunities that the expected decline in interest rates and
improved economic conditions will present later in the year."

He further added that, "Despite the expected decline of 11% in
our net profit compared to the same period last year we are
optimistic of the potential of the market place and our
industry, notwithstanding the present challenging market
conditions."

Total Loans increased by 21% to IDR23.18 trillion in the second
quarter of 2006 from IDR19.18 trillion last year, which includes
the impact of WOM consolidation and the growth of our Consumer
and SME/Commercial segments by 17% and 27%, respectively.

LDR improved to 58.61% from 56.21% last year.  As of June 30,
2006 NPL (gross) remains manageable at 3.86% despite an increase
from 3.05% last year due to the deterioration in the performance
of the consumer segment.  Total assets rose by 10% from
IDR43.14 trillion to IDR47.56 trillion as of June 30, 2006, due
to a 21% loan growth and the consolidation impact.

As of June 30, 2006 Bank Internasional's loan segmentation stood
at 38% Consumer, 34% SME/Commercial and 28% Corporate.

Bank Internasional's total deposit from customers rose to
IDR34.39 trillion.  As of June 30, 2006, the composition of the
bank's deposit was 60% time deposit and 40% savings and current
accounts.

Bank Internasional's regulatory filing to the Surabaya Stock
Exchange contains these financial highlights:

              PT Bank Internasional Indonesia Tbk
               Consolidated Financial Highlights
                       (in IDR, millions)

                                  As of             As of
                               06/30/2006         06/30/2005
                               ----------         ----------
     Total Assets              47,562,175         43,143,445
     Total Liabilities         42,369,388         38,448,064
     Total Equity               4,878,718          4,389,868
     Cash                         709,203            156,806
     Marketable Securities      4,434,496          3,993,613
     Government Bonds          10,398,407         11,496,097
     Liabilities Immediately
       Payable                    441,255            531,727
     Deposits from Customers   34,394,377         31,433,809
     Deposits from Other Banks   1,668,920         1,545,247

                                   For the Period Ending
                               06/30/2006         06/30/2005
                               ----------         ----------
     Interest Revenue           3,038,480          1,874,975
     Interest Expense           1,640,079            746,833
     Net Interest Revenue       1,398,401          1,128,142
     Other Operating Revenues     516,420            486,971
     Other Operating Expenses   1,502,965          1,107,300
     Income from Operations       411,856            507,813
     Net Income                   352,251            397,151

                    About Bank Internasional

PT Bank Internasional Indonesia Tbk -- http://www.bii.co.id/--  
engages in general banking services and in other banking
activities based on Syariah principles.  The bank's services are
divided into three categories: Personal Services, consisting of
Funding, Credit Card Services, Loan, Reksadana and
Bancassurance; Corporate Services, consisting of Funding, Credit
Card Services, Loan and Investment Banking, and Platinum
Services, consisting of Platinum Access, Syariah Platinum Access
and Platinum MasterCard.  The Bank is headquartered in Jakarta,
Indonesia.

With a total customer deposit base of more than IDR34 trillion
and over IDR47 trillion in assets, Bank Internasional is one of
the largest banks in Indonesia with an international network
that comprises over 230 branches and 700 ATMs across Indonesia,
as well as a banking presence in Mauritius, Mumbai and the
Cayman Islands.

                          *     *     *

The Troubled Company Reporter reported on May 22, 2006, that
Moody's Investors Service has raised Bank Internasional
Indonesia's issuer rating to B1 from B2, subordinated debt
rating to B1 from B2, and long-term deposit rating to B2 from
B3.  The outlook for the ratings is stable.

Bank Internasional Indonesia's short-term deposit of Not-Prime,
and bank financial strength rating of E+ are unaffected.

Additionally on May 29, 2006, Moody's Investors Service has
placed Bank Internasional Indonesia's E+ bank financial strength
rating on review for possible upgrade.  All other ratings are
unaffected.

A later TCR-AP report on May 24, 2006 says that Fitch Ratings
affirms Bank Internasional's ratings on its:

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

   * Short-term 'B';

   * Individual 'C/D'; and

   * Support '4'.

The outlook for ratings is stable.


EXCELCOMINDO PRATAMA: Revenue Increases 50% in First-Half 2006
--------------------------------------------------------------
In the first half of 2006, PT Excelcomindo Pratama Tbk reports a
gross revenue of IDR2.6 trillion, an increase of 50% compared to
the IDR1.7 trillion gross revenue reported for the first half of
2005, according to a company press release.

As for net profit, Excelcomindo reported a turnaround, from a
net loss of IDR53 billion in the first half of 2005, to a profit
of IDR358 billion in the first half of 2006.  Furthermore,
Excelcomindo also reported a 41% increase of its EBITDA --
Earnings Before Interest, Tax, Depreciation & Amortization --
from IDR854 billion in 2005, to IDR1.2 trillion in 2006.

                       About Excelcomindo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
(VoIP) services.  In addition, Excelcomindoprovides voice, data
and other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
call centers.  Excelcomindo starter packs and voucher reloads
are also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific stated that Moody's Investors Service has upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1.  The outlook is stable.  At
the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating.  The rating outlook
remains stable.

A subsequent TCR-AP report says that Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'.  The outlook on the ratings is stable.


EXCELCOMINDO PRATAMA: ARPU Declines to IDR48,000
------------------------------------------------
PT Excelcomindo Pratama Tbk's average revenue per user declined
to IDR48,000 in the first half of 2006, from IDR72,000 a year
ago, according to a company investor information sheet.

Indonesia has 57 million cellular phone subscribers, a 26%
penetration rate.  The industry saw a 29% growth in the first
half of 2006.  Excelcomindo achieved a 15% market share with
around 8.06 million subscribers as of the end of the first half
of 2006, an 18% increase against the 2005 year-end.

                       About Excelcomindo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
(VoIP) services.  In addition, Excelcomindoprovides voice, data
and other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
call centers.  Excelcomindo starter packs and voucher reloads
are also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific states that Moody's Investors Service has upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1.  The outlook is stable.  At
the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating.  The rating outlook
remains stable.

A subsequent TCR-AP report says that  Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'.  The outlook on the ratings is stable.


EXCELCOMINDO PRATAMA: Eyes International Gateway License
--------------------------------------------------------
PT Excelcomindo Pratama is eyeing an international gateway
license from the Indonesian Government, Business Times reports.

Business Times explains that an international gateway allows
voice and data traffic to pass through from one country to
another.  The Indonesian Government has so far issued two of
this license to Telekomunikasi Indonesia and PT Indosat, the two
largest phone companies in the country.

Excelcomindo parent, Telekom Malaysia Bhd's Group Chief
Executive Officer Datuk Abdul Wahid Omar said, "There is one
more license coming up and we are looking at it.  We understand
that there is a tender process and are still waiting for more
details from the Indonesian side."

According to the report, Excelcomindo is currently using
Indosats's and Telkom's gateway.  The company needs to have its
own separate license since Telekom Malaysia is planning to link
its Indonesian subsidiary to its own network.  TM Chairman Tan
Sri Muhammad Radzi Mansor and Mr. Wahid have talked to
Indonesian Vice President Drs H. Muhammad Jusuf Kalla regarding
Excelcomindo's license.

Mr. Radzi says that Telekom Malaysia is connecting
Excelcomindo's network to Malaysia with plans to have a
submarine cable between Batam and Johor soon.  This will boost
the traffic between Malaysia and Indonesia as well as other
countries.

TM, through its unit Indocel Holding Sdn Bhd, owns 59.7% of
Excelcomindo and plans to spend as much as US$700 million to
expand in Indonesia this year, chief executive officer of TM
International Sdn Bhd Yusof Annuar Yaacob said.

Excelcomindo is also expected to start offering high-speed
wireless, or 3G, services in the country by year-end.

                   About Telekom Malaysia

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia --
http://www.telekom.com.my/-- which once owned Malaysia's
telecommunications landscape, now faces growing competition.
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.

                       About Excelcomindo

Headquartered in Jakarta, Indonesia, PT Excelcomindo Pratama Tbk
-- http://www.xl.co.id/-- provides wireless telecommunications
services, leased lines and corporate services, which include
Internet Service Provider (ISP) and Voice over Internet Protocol
(VoIP) services.  In addition, Excelcomindoprovides voice, data
and other value-added cellular telecommunications services.  Its
product lines include jempol, bebas and xplor.  The company also
provides services that allow its customers to purchase
electronic voucher reloads at all of its centers and outlets,
automated teller machines of various major banks and through its
call centers.  Excelcomindo starter packs and voucher reloads
are also sold by independent retailers.

Excelcomindo is Indonesia's third-largest cellular operator; as
at the first quarter of 2006 the company had 8.2 million
subscribers representing total market share of around 15% but
with cellular revenue market share of approximately 10%.  TM and
its parent Khazanah together hold 73.7% in XL.

                          *     *     *

A May 23, 2006 report of the Troubled Company Reporter - Asia
Pacific states that Moody's Investors Service has upgraded the
foreign currency senior unsecured bond rating of Excelcomindo
Finance Company B.V. to Ba3 from B1.  The outlook is stable.  At
the same time, Moody's has affirmed PT Excelcomindo Pratama's
Ba2 local currency corporate family rating.  The rating outlook
remains stable.

A subsequent TCR-AP report says that Fitch Ratings, on June 5,
2006, upgraded PT Excelcomindo Pratama's Long-term foreign
currency and local currency Issuer Default Ratings to 'BB-' from
'B+'.  The outlook on the ratings is stable.


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

ASHIKAGA BANK: Screening of Potential White Knights Starts Sept.
----------------------------------------------------------------
The Japanese Government will commence next month the process of
selecting a white knight for state-administered Ashikaga Bank,
The Japan Times reports.

Financial Services Minister Kaoru Yosano told The Japan Times
that Ashikaga Bank is making progress in its rehabilitation and
that the Government is preparing to screen financial
institutions willing to take over the Utsunomiya-based regional
bank.

The Mainichi Daily News relates that major domestic and
international financial institutions -- like Nomura Holdings
Inc. and J.P. Morgan and Chase Co. -- have begun to prepare
consortiums to take over Ashikaga Bank.

The major players, which also include Daiwa Securities Group
Inc. and Nikko Cordial Corp., will form three or four groups by
the end of 2006 to make bids for a deal estimated at
JPY350 billion to JPY400 billion, The Mainichi News says.

For the acquisition of Ashikaga, the buyer is expected to
allocate JPY150 billion to JPY200 billion on capital to achieve
an 8% capital-to-asset ratio, and some JPY200 billion on
goodwill.  In addition, possible buyers will be required to show
management policies for meeting regional needs.  To win the
final selection, the major companies are competing to get
influential regional banks to join their groups, sources told
The Mainichi News.

The Government is expected to pick the new owners through a
bidding process, which is expected to be finished by March 2007,
according to The Japan Times.

The Troubled Company Reporter - Asia Pacific reported on
February 8, 2005, that Ashikaga Bank collapsed in 2001 after its
officials mismanaged and tampered with the bank's accounts.  It
was discovered that in its financial statements submitted in
June 2001, the bank underreported future losses on bad loans and
declared overly optimistic earnings forecast.

The TCR-AP further revealed that the bank was placed under
government control in November 2003 after it was found to be
insolvent with a negative net worth of JPY102.3 billion as of
September 30, 2003.

The Ashikaga Bank, Ltd. is a regional bank operating mainly in
the Tochigi prefecture in the Northern Kanto area.  The Bank
handles banking, loans, mortgages, foreign exchanges and
investment trust through its 106 branches and 68 representative
offices.  It also operates a debt collection business, a real
estate survey service, a system programming and development
business and a credit card business through its 13 consolidated
subsidiaries.


SAPPORO HOLDINGS: Mails Takeover Offer to Sleeman's Shareholders
----------------------------------------------------------------
Sleeman Breweries Ltd disclosed on August 25, 2006, that Silver
2501 Canada Inc., an indirect wholly owned subsidiary of Sapporo
Breweries Ltd, mailed today to shareholders of Sleeman its Offer
and Take-Over Bid Circular and related documents in connection
with Sapporo's previously announced offer to acquire all of the
issued and outstanding common shares of Sleeman at a cash price
of CND17.50 per common share.

Included in the package mailed to shareholders is the Directors'
Circular prepared by Sleeman's board of directors which includes
the unanimous recommendation of the board of directors that
Sleeman shareholders accept the Offer and tender their shares to
the Offer.

The Offer will be open for acceptance until October 2, 2006,
unless withdrawn, extended or varied pursuant to the terms of
the Offer.  The Offer is subject to certain customary conditions
including acceptance by shareholders representing a minimum of
66.67% of the outstanding Sleeman Common Shares on a fully
diluted basis.

The consideration offered under the Offer represents a premium
of:

     (i) CND2.67 or 18% to the closing price of the common
         shares on the Toronto Stock Exchange on August 11,
         2006, the last trading day prior to the announcement of
         the Offer; and

    (ii) CND5.85 or 50% to the closing price of the common
         shares on the TSX on May 11, 2006, the day prior to the
         announcement by Sleeman of the decision of its board of
         directors to initiate a review of strategic options for
         Sleeman.

The Offer and Take-Over Bid circular, the Directors' Circular
and related documents have been filed with SEDAR and will be
available at http://www.sedar.com/

                          About Sleeman

Sleeman Breweries Ltd. is the leading brewer and distributor of
premium beer in Canada and the third largest brewing company
nation-wide. The company has supplemented its core Sleeman
brands, which are available in every province, with a family of
exceptional regional brands. These include Okanagan Spring and
Shaftebury in British Columbia and Alberta, Upper Canada in
Ontario, Unibroue and Seigneuriale in Quebec and Maritime Beer
in Atlantic Canada. Sleeman entered the rapidly growing value
price category in 1999 by acquiring the Stroh portfolio brands
in Canada. The company markets and/or distributes world class
imported products such as Guinness, Grolsch, Samuel Adams,
Scottish & Newcastle, Sol, Sapporo, and Pilsner Urquell, and
provides contract production for Japan's Sapporo Breweries
products. The company's products are also available in selected
international markets.

                   About Sapporo Breweries

Sapporo Breweries Ltd. is a wholly owned subsidiary of Sapporo
Holdings Limited, a Japanese holding company with an enterprise
value of CND4.3 billion that is active in four business
segments.  Its Alcohol segment is engaged in the manufacture and
sale of beer, sparkling liquor, wine, brandy and others.  The
company manufactures alcohol products including Sapporo Draft
Beer, Yebisu Beer and Draft One.  The company distributes
Guinness, Yellow Tail and Beringer in Japan.  The Beverage
segment manufactures and sells beverages, such as tea, mineral
water, coffee, carbonated drinks, fruit juice, health drinks,
sports drinks and others.  It distributes Ocean Spray Cranberry
in Japan.  Its Restaurant segment is involved in the operation
of beer parlors and restaurants under the store name Ginza Lion.
The Real Estate segment is engaged in the operation and
management of complex facilities that contains offices, housing,
restaurants, and commercial and cultural facilities under the
name Yebisu Garden Place, in addition to commercial and
amusement complex facilities.

                      About Sapporo Holdings

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

                          *     *     *

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

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

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


* Japanese Bankruptcies Rise 5.3% in First Half of 2006
-------------------------------------------------------
The number of bankruptcies during the first half of 2006 was
4,625, increasing 5.3%, or 234 cases, from 4,391 cases in the
last half of 2005.  The number was the highest in March, which
recorded 848 cases, and the lowest in January, which registered
730 cases.

The total liabilities figure during the first half of 2006 was
JPY2,804,721 million.  It decreased by JPY266,960 million, down
8.7% from JPY3,071,681 million during the last half of 2005.
There was no single month that reported more than JOY1 trillion
in liabilities over the six months.  The largest of liabilities
figure was JPY148,700 million filed by Aoyama Kanzai
Corporation.  Meanwhile, the number of large-sized bankruptcies
has been low.

The "Service" sector has seen the highest increase in bankruptcy
filings with 746 cases, up 14.8% from the previous term.
Bankruptcies in the "Wholesale" sector climbed 9.6% to 753
cases, while that of the "Real Estate" rose 8.5% to 205 cases.

The most common reason for bankruptcies were:

     * management plan failures  -- up 27.7% to 120 cases;
     * failure of facility investment -- up 23.2% to 101 cases;
       and
     * irresponsible management -- up 12.8% to 282 cases.

Fewer large-sized bankruptcies have been filed and there were
only 360 bankruptcies with more than JPY1 billion in
liabilities.

Insolvency accounted for 89.2% of all bankruptcies while an
increase of special liquidation cases was noticeable.


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

ASYST TECHNOLOGIES: Rejects Claims of Indenture Default
-------------------------------------------------------
Asyst Technologies Inc. has dismissed reports that it has
defaulted on its convertible subordinated notes, Mark LaPedus
writes for EETimes.

U.S. Bank National Association, the trustee under the indenture
related to Asyst's 5-3/4 percent convertible subordinated notes
due 2008, asserted that the firm is in default under the
indenture because of "the previously announced delays in filing
its Form 10-K for the fiscal year ended March 31, 2006, and Form
10-Q for the fiscal quarter ended June 30, 2006."

The company previously disclosed that it is not in a position to
report full financial results or file its delayed reports until
a special committee of independent directors completes its
previously announced inquiry into the company's past stock
option grants and practices, and the company and its independent
auditors complete the related accounting review.

The default will be cured if the delayed reports are filed
within 60 days or the default is waived by majority of the
outstanding noteholders.

"If an 'event of default' were to occur, the holders of the
notes, of which US$86.3 million principal amount is outstanding,
may accelerate maturity of the notes," according to Asyst.
"Asyst does not agree with the trustee's assertion that the
delayed filing of the annual and quarterly reports is a default,
and reserves its rights to contest this and other aspects of
asserted default in the letter."

                   Nasdaq Delisting Notice

The Nasdaq Listing Qualifications Department informed Asyst on
Aug. 14, that it is not in compliance with the filing
requirements for continued listing on the Nasdaq Global Market
as set forth in Nasdaq Marketplace Rule 4310(c)(14).  This is
because of the company's previously announced delay in filing
its quarterly report on Form 10-Q for its quarter ended June 30,
2006.

The company received a similar letter on June 30, 2006, related
to the delayed filing of its Form 10-K for the fiscal year ended
March 31, 2006.  The company made a timely request for a hearing
before a Nasdaq Listings Qualifications Panel to address that
filing delay.  A hearing has been scheduled for Aug. 31, 2006.
The latest Nasdaq letter indicates that the company should
address at the hearing its views with respect to this additional
filing deficiency and that Nasdaq will consider this matter in
rendering a determination regarding the company's continued
listing on the Nasdaq Global Market.

The company expects at the Nasdaq hearing to request additional
time to remedy its filing delinquency; however there can be no
assurance that Nasdaq will grant additional time or that Nasdaq
will not seek to de-list the company's stock from the Nasdaq
Global Market.

Headquartered in Fremont, California, Asyst Technologies Inc. --
http://www.asyst.com/-- provides automation solutions for the
semiconductor, flat panel display, and related industries
worldwide.  The company also maintains offices in Asia,
including Japan and Korea.


BOWATER INC: Announces Organizational Realignment
-------------------------------------------------
Bowater Incorporated has announced key leadership changes and
promotions reflecting new organizational alignment within the
company, according to a company press release.

"We are taking steps to change Bowater from a division-based
organization to one organized by function that supports and
focuses on Bowater's increasingly multi-line manufacturing and
sales across our mill base," said David J. Paterson, the
company's President and Chief Executive Officer.  "Importantly,
we're realigning our leadership team to reflect this new
organizational focus."

Effective immediately, new assignments and promotions include:

R. Donald Newman remains Chief Operating Officer and will become
Executive Vice President of Manufacturing for Bowater, reporting
to Mr. Paterson.  Reporting to Mr. Newman is Gaynor L. "Bud"
Nash, who has been promoted to Senior Vice President of
Manufacturing for Catawba, Calhoun and Coosa Pines operations.

Also reporting to Mr. Newman is David A. Spraley, who joins
Bowater as Senior Vice President of Manufacturing for the
company's Mokpo, Thunder Bay, Mersey, Grenada and Ponderay
sites.  A 28-year veteran of the paper industry, Mr. Spraley
most recently was senior vice president, manufacturing for the
North American retail consumer products group of Georgia-Pacific
Corp.  In that capacity, he was responsible for operations at
six integrated manufacturing operations producing tissue, pulp
and fine paper, and oversaw manufacturing site leaders in the
areas of safety, environmental compliance, quality, production,
costs and employee involvement.

Mr. Spraley also previously worked for Mead Corp.  He holds a
Bachelor of Science in Chemical Engineering from the University
of Dayton in Ohio.

Also reporting to Mr. Newman are Luc Lachapelle, who has been
promoted to Senior Vice President of Manufacturing for the
company's Donnacona, Dolbeau, Dalhousie and Gatineau sites; and
Vic Bilodeau, who has been promoted to Vice President of
Manufacturing Services.

Reporting to Mr. Paterson in the newly aligned Bowater
organization are Pierre Monahan, who has been promoted to
Executive Vice President - Building Products; Randy Ellington,
who has been promoted to Senior Vice President - Newsprint
Sales; and William Morris, who has been promoted to Senior Vice
President for Coated and Specialty Papers Sales and Marketing.

In addition, W. Eric Streed joins Bowater as Executive Vice
President of Operations and Process Improvement, reporting to
Paterson.  Mr. Streed will lead the functions of Information
Technology, Purchasing, Logistics, and Customer Services and
Planning as well as functional leadership for Wood Procurement
and Nuway.

A 26-year paper industry veteran, Mr. Streed most recently was
vice president of supply chain projects and information
technology for Domtar Inc.  He also served as vice president,
U.S. operations for Domtar and previously held positions in
engineering and mill management with Georgia-Pacific.  Mr.
Streed holds a bachelor of science in mechanical engineering
from the University of Mississippi.

Other promotions announced include Ronald T. Lindsay, Executive
Vice President, General Counsel and Corporate Secretary; William
G. Harvey, Executive Vice President and Chief Financial Officer;
and James T. Wright, Executive Vice President - Human Resources.

"We are working each day to strengthen Bowater and increase
shareholder returns," Mr. Paterson said. "Changes to our
organizational alignment are among the many steps we are taking
to improve our focus, eliminate redundancy and increase our
overall efficiencies."

                       About Bowater Inc.

Headquartered in Greenville, South Carolina, Bowater
Incorporated -- http://www.bowater.com/en/-- produces newsprint
and coated mechanical papers.  In addition, the company makes
uncoated mechanical papers, bleached kraft pulp and lumber
products.  The company approximately has 7,800 employees and has
12 pulp and papermills in the United States, Canada and South
Korea and 12 North American sawmills that produce softwood
lumber.  Bowater also operates two facilities that convert a
mechanical base sheet to coated products.  Bowater's operations
are supported by approximately 1.4 million acres of timberlands
owned or leased in the United States and Canada and 30 million
acres of timber cutting rights in Canada.  Bowater common stock
is listed on the New York Stock Exchange, the Pacific Exchange
and the London Stock Exchange.  A special class of stock
exchangeable into Bowater common stock is listed on the Toronto
Stock Exchange.

                          *     *     *

As reported in the Troubled Company Reporter on June 27, 2006,
Fitch Ratings has assigned a 'BB' rating to Bowater, Inc.'s
senior secured bank debt.  The company's issuer default ratings,
'BB-' and senior unsecured bond ratings, 'BB-', remain
unchanged.  The Rating Outlook remains Stable.

As reported by the Troubled Company Reporter on June 21, 2006,
Moody's Investors Service affirmed the Company's B1 long term
debt ratings and SGL-2 speculative grade liquidity rating.  The
Outlook is Stable.

As reported in the Troubled Company Reporter on June 2, 2006,
Dominion Bond Rating Service downgraded the rating of Bowater
Canadian Forest Products Inc. to BB (low) from BB.  The trend
remains Negative.

Standard & Poor's Ratings Services lowered its ratings on
Bowater and subsidiary Bowater Canadian Forest Products Inc.,
including the corporate credit rating on each entity to 'B+'
from 'BB' in December 2005.  S&P said the outlook is stable.


DONG-AH CONSTRUCTION: Can't Recover Canceled License, MCT Says
--------------------------------------------------------------
Dong-Ah Construction Industrial Co. (KSE:000280) will not be
allowed to recover its canceled license for projects on
electricity, Asia Pulse reports, citing the Ministry of
Construction & Transportation.

According to The Korea Times, despite Dong-Ah's recovery efforts
led by its second-largest creditor, Korea Asset Management
Corp., the company cannot get back its canceled license, which
is essential for it to work on power plants and nuclear
reactors.  The Times cites the Ministry of Commerce, Industry
and Energy.

Asia Pulse recounts that Dong-Ah Construction has been under a
debt workout program since September 1998 and was officially
declared bankrupt in March 2001.  In October 2003, the South
Korean Government took an administrative measure to nullify
Dong-Ah's license.

According to Asia Pulse, the MCT's authoritative interpretation
came after one of Dong-Ah's unidentified bidders questioned
whether the license would be revived so that the company's past
records could be recognized.

The Times notes that the MOCIE added that Dong Ah's past
construction record will not be recognized even after the
company gets back on its feet.

The Times cites experts as saying that the license issue will
delay the company's creditors' aim to sell their stake in Dong-
Ah and drive away interested bidders.  The report says that the
price for Dong-Ah is also expected to drop from about
KRW500 billion.

As reported in the Troubled Company Reporter - Asia Pacific on
August 8, 2006, creditors of Dong-Ah Construction are expected
to pick a preferred bidder early in September 2006.  KAMCO,
which is arranging the Dong-Ah sale along with Samjong KPMG FAS
Inc., said in a statement that contenders must hand in their
bids by August 29, 2006.

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

MOCIE said that it needs to examine whether Dong-Ah can get a
fresh license immediately or two years after a new owner of the
construction firm registers for it, The Times relates.

                   About Dong-Ah Construction

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

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

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

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


HANA BANK: To Market U.S. Dollar-Denominated Bonds in September
---------------------------------------------------------------
Hana Bank intends to market U.S. dollar-denominated lower-tier
II bonds early in September with roadshows planned in Singapore,
Hong Kong and London, Reuters reports, citing a source at the
South Korean bank.

Reuters says that, according to the source, the roadshow would
be held in Singapore on September 4, in Hong Kong on September
5, and in London on September 6.  The source, Reuters notes,
declined to reveal the expected amount of the bond offering.

Hana Bank, a unit of Hana Financial Group (086790.KS: Quote,
Profile, Research), has tapped Barclays Capital (BARC.L: Quote,
Profile, Research), BNP Paribas (BNPP.PA: Quote, Profile,
Research) and Deutsche Bank (DBKGn.DE: Quote, Profile, Research)
to arrange the deal.

                        About Hana Bank

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

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

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


HERBALIFE LTD: Completes US$165-Million Bond Redemption
-------------------------------------------------------
Herbalife Ltd. (NYSE:HLF), formerly known as WH Holdings (Cayman
Islands) Ltd., disclosed the completion of its previously
announced election to redeem its outstanding US$165 million
aggregate principal amount of 9-1/2% Notes due 2011.  The
Company used the proceeds from its new US$200 million term loan
to fund the redemption at the mandatory price of approximately
US$110.07 per US$100.00 aggregate principal amount of Notes and
to pay closing costs.

On July 21, 2006, the Company announced that it had advised the
Bank of New York of its election to redeem the Notes in
connection with the refinancing of its former senior secured
credit facility.  The Company also had announced that it expects
to incur an after-tax one-time charge of approximately
US$14.0 million related the refinancing, representing the call
premium on the Notes and the write-off of unamortized deferred
financing costs.  The Company's new debt structure is comprised
of a US$300.0 million senior secured credit facility, consisting
of a US$200.0 million, seven-year term loan and a
US$100.0 million, six-year revolving credit facility.

"This recapitalization is just another step towards
strengthening our overall capital structure, by improving our
flexibility to repay debt and reducing our annual interest
expense," said Rich Goudis, the Company's chief financial
officer.  The Company expects to realize the accretive benefit
of this recapitalization beginning in the fourth quarter of
2006.

                        About Herbalife Ltd.

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

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

                           *     *     *

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


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

ANTAH HOLDINGS: Foreign Subsidiaries Dissolved & Deregistered
-------------------------------------------------------------
Antah Holdings Berhad's former and current statutory auditors
stated in their audited reports dated December 28, 2005, and
May 11, 2006, that unaudited management financial statements of
certain foreign subsidiaries of the Antah Group have been used
due to unavailability of their audited financial statements and
their inability to ascertain the possible adjustments to the
financial statements of the Group that might have been necessary
had the financial statements of these subsidiaries been made
available.

In view of the matter reported by the statutory auditors and
pursuant to Antah's current corporate exercise, Antah recently
carried out a review of the matter carefully and diligently to
clean up its books and records.  Antah recently appointed a
legal firm to review the status of certain foreign subsidiaries.

Pursuant to the review, Antah was, on August 22, 2006, advised
regarding the present status of certain foreign subsidiaries.

     -- Antah European Holdings Limited has been dissolved.

     -- ACN 066 782 536 Ltd has been deregistered.

     -- ACN 006 072 877 OTH Ltd has been deregistered.

All three companies ceased to be subsidiary firms of Antah.
Their dissolution and deregistration will not have any material
impact on Antah's net tangible assets since full provision has
been previously made by the Company.

                      About Antah Holdings

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

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


CONSOLIDATED FARMS: Bourse to Delist Securities on Sept. 5
----------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to delist
Consolidated Farms Berhad's securities on September 5, 2006.

The Troubled Company Reporter - Asia Pacific reported on
July 11, 2006, that the Bourse decided to delist the securities
of Consolidated Farms from the Official List as the Company
"does not have an adequate level of financial condition" to
warrant continued listing on the Bourse.

The TCR-AP also reported on May 31, 2006, that the Bourse has
decided to suspend Consolidated Farms' securities effective
June 5, 2006, until further notice as the Company has failed to
regularize its financial condition within the prescribed
timeframe stipulated by Bursa Malaysia pursuant to the Listing
Requirements.

On July 12, 2006, Consolidated Farms submitted an appeal against
Bursa Securities' decision.  Given the appeal, the removal of
the securities of the Company was deferred pending the Bursa
Securities' decision on the appeal.

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.

                    About Consolidated Farms

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling, and
manufacturing and sale of egg trays.  Other activities include
manufacturing and processing of eggs into pasteurized eggs and
de-shelled hard-boiled eggs.  The Company is a Practice Note 4
concern currently undergoing a restructuring exercise to address
its debt problem.  The Company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise.  As of March 31, 2006, Confarm said that it will not
be able to settle all its debts in full when they fall due
within the next 12 months hence, the Company was unable to
provide a solvency declaration.

The Company's April 30, 2006, balance sheet showed total
liabilities of MYR203,323,000 exceeding total assets of
MYR133,822,000, resulting into a stockholders' equity deficit of
MYR69,501,000.


GEORGE TOWN: Delays Submission of Financial Reports
---------------------------------------------------
George Town Holdings Berhad has failed to submit its quarterly
report for the financial period ended March 31, 2006, to Bursa
Malaysia Securities Berhad for public release within the
stipulated timeframe pursuant to the Listing Requirements.  The
report 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.

However, the George Town's securities has been suspended from
trading since August 1, 2005, due to the fact that the Company
has not issued the Annual Audited Accounts and Annual Report for
the 15-month period ended December 31, 2004, AAA for the
financial year ended December 31, 2005, Quarterly Reports for
the periods ended March 31, 2005, June 30, 2005, September 30,
2005, and December 31, 2005, by the respective due dates
pursuant to the Listing Requirements.

The Troubled Company Reporter - Asia Pacific reported on
August 3, 2006, that the Bourse, on July 31, publicly
reprimanded and imposed a MYR126,000 fine on George Town for
failing to submit its financial report for the quarter ended
December 31, 2005, by the February 28, 2006 deadline.

The Company also received a public reprimand and fine of
MYR2,000 per market day calculated for each of these instances:

   (a) from May 1, 2006, until the date the Company submits its
       annual audited accounts for fiscal year ended Dec. 31,
       2005, by April 30, 2006; and

   (b) from June 1, 2006, until the date the Company submits its
       first quarter report ended March 31, 2006, by May 31,
       2006.

According to the TCR-AP, the public reprimands and fines were
imposed after taking into consideration various relevant factors
including the fact that the Company had previously breached the
Bursa Securities Listing Requirements.

                       About George Town

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

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


KRETAM HOLDINGS: Lists and Quotes Additional Shares
---------------------------------------------------
Kretam Holdings Berhad's additional 20,943,025 new ordinary
shares of MYR1 each will be granted listing and quotation today,
August 28, 2006.

The new shares were derived from the conversion of MYR20,943,025
redeemable convertible secured loan stocks-C 2003/2006 into
20,943,025 new ordinary shares.

                     About Kretam Holdings

Kretam Holdings Berhad is a Malaysian company engaged in the
operation of an oil palm plantation and investment holding.  The
Company has a large number of directly or indirectly held
subsidiaries, as well as an associated company, Pantai Dalam
Development Sdn. Bhd., a 49%-owned property developer.  Through
its subsidiaries, it is also involved in the cultivation of oil
palm; the milling and sale of oil palm products; plantation and
palm oil mill management; general contracting for construction,
civil engineering and mechanical works; the provision of project
management, administrative and related services, and property
rental, development and management.

The Company had incurred recurring losses in the past.  As of
March 31, 2006, the Company's balance sheet revealed total
assets of MYR161,427,000 and total liabilities of
MYR268,350,000, resulting into a stockholders' deficit of
MYR106,923,000.


MANGIUM INDUSTRIES: Unit Defaults on Loan Repayment
---------------------------------------------------
Mangium Industries Berhad's wholly owned subsidiary, Mangium
Sawmill Sdn Bhd, has defaulted on its repayments of unsecured
facilities granted by Standard Chartered Bank Malaysia Berhad
and Southern Bank Berhad.

Mangium Sawmill's estimated total amount outstanding as of
July 31, 2006, was MYR15,638,952.

To address the default in payments, both Standard Chartered Bank
and Southern Bank have agreed to the Proposed Debt Settlement
and Restructuring Scheme announced by Mangium Industries on
December 22, 2003.

The loan facilities represent Mangium Sawmill's borrowings and
as a result of the default, the remaining facilities granted by
other lenders to the Subsidiary are all technically in default
by virtue of the "Cross Default" clauses in the Letter of
Offers.

However, the lenders have kept in view further legal action
since Mangium Industries is in active negotiations with them to
normalize and regularize the accounts.

Since Mangium Industries is the guarantor for the loans, it is
liable for the full amount and any further interest and
financial cost levied or until the settlement of these debts.

Due to the unfavorable timber market and depressed prices for
timber and timber-related products throughout Asia since the
financial crisis in 1997, many of the Group's buyers were
adversely affected and are facing financial difficulties.  The
buyers were unable to settle their outstanding balances despite
efforts made by the management to collect outstanding debts with
the Group.  As a result, the cashflow generated from operations
was not sufficient to service the interest and principal
obligations to the lenders as and when they fell due, the
Company explains.

                 About Mangium Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad -- formerly known as Serisar Industries Berhad --
manufactures and trades timber and timber related products.  The
Company   also provides printing services, publisher, printer
consultants and advertisers, trading of alcoholic beverages,
general trading of office furniture and investment holding.  Due
to the unfavorable timber market and depressed prices for timber
and timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

As of March 31, 2006, the Company registered accumulated losses
of MYR16.29 million, as against accumulated losses of
MYR19.25 million as of March 31, 2005.  For the quarter ended
March 31, 2006, the Company has a cash flow deficit of
MYR25.9 million.


MANGIUM INDUSTRIES: June 30 Balance Sheet Reveals Poor Liquidity
----------------------------------------------------------------
Mangium Industries Berhad has submitted for public release its
financial report for the second quarter ended June 30, 2006.

The Group made a profit of MYR1.467 million for the quarter
under review and MYR0.432 million for financial year to date.
The profit for the second quarter of the year was mainly due to
interest waivers given by Lenders and reclassification of
professional fees for restructuring as compared to the preceding
quarter.

Turnover for the current quarter is recorded at MYE8.416 million
compared to MYR6.995 million in the immediate preceding quarter
due to higher production from the Timber Division.  The Group's
profit before taxation is MYR1.496 million in the current
quarter compared to the loss before taxation of MYR1.045 million
for the immediate preceding quarter ended March 31, 2006.  The
profit was mainly due to interest waiver on borrowings and
reclassification of professional fees for restructuring.

As of June 30, 2006, the Company's balance sheet revealed
strained liquidity with current assets of MYR39,370,000
available to pay current liabilities of MYR52,861,000, resulting
into a net current liabilities figure of MYR13,491,000.

The June 30, 2006 balance sheet also revealed total assets of
MYR93,000,000, total liabilities of MYR83,098,000 and
stockholders' equity of MYR9,439,000.

Accumulated losses as of June 30, 2006, stands at MYR14,989,000,
significantly lower than an accumulated loss figure of
MYR20,183,000 at June 30, 2006.

There was no dividend paid during the reporting quarter.

The prospects for 2006 is not expected to improve until the
Company's restructuring is by November 2006.

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

http://bankrupt.com/misc/tcraP_mangiumindustries082506.xls

http://bankrupt.com/misc/tcrap_mangiumindustriesnotes082506.pdf

                 About Mangium Industries Berhad

Headquartered in Kuala Lumpur, Malaysia, Mangium Industries
Berhad -- formerly known as Serisar Industries Berhad --
manufactures and trades timber and timber related products.  The
Company   also provides printing services, publisher, printer
consultants and advertisers, trading of alcoholic beverages,
general trading of office furniture and investment holding.  Due
to the unfavorable timber market and depressed prices for timber
and timber related products throughout Asia since the financial
crisis in the year 1997, many of the MIB Group's buyers were
adversely affected and are facing financial difficulties leading
to their inability to settle their outstanding balances.  As a
result, the cash flow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

As of March 31, 2006, the Company registered accumulated losses
of MYR16.29 million, as against accumulated losses of
MYR19.25 million as of March 31, 2005.  For the quarter ended
March 31, 2006, the Company has a cash flow deficit of
MYR25.9 million.


MBF CORPORATION: Completes MYR18.6-Mil. Share and Purchase Deal
---------------------------------------------------------------
The share and purchase agreement between MBf Corporation
Berhad's subsidiary, Leisure Commerce Square Sdn Bhd, and
Atlantic Band (M) Sdn Bhd has been completed on August 23, 2006.

Leisure Commerce has on April 20, 2006, entered into a
conditional agreement for the disposal of 1,670 units of car
park bays and one community unit to Atlantic Band for
MYR18,579,480.

The rationale for the disposal is to enable MBf Corp to
partially realize its investment in Leisure Commerce to raise
cash for the settlement of the outstanding loan to Kurnia
Insurans (M) Bhd and working capital requirements.  The car park
bays and the commercial unit are pledged to Kurnia Insurans and
the amount of redemption upon sale is MYR10,260,000 and
MYR112,120 respectively.

The disposal has no effect on the issued and paid-up share
capital and the substantial shareholders' shareholdings of MBf
Corp as the disposal is satisfied entirely by cash.

                      About MBf Corporation

Headquartered in Kuala Lumpur, Malaysia, MBf Corporation Berhad
is principally involved in promoting and selling property, club
and timeshare memberships; leasing factoring facilities, credit
cards, consumer financing and related products and property
development. Other activity include investment holding.  The
Group operates in three main areas, namely, Malaysia, Indonesia
and Hong Kong and Taiwan collectively.  The Group's principal
activities are mainly operated in Malaysia except for the credit
card business, which is carried out in Indonesia.  The Group has
no significant operations in Hong Kong and Taiwan other than
certain residual assets from a subsidiary that has since been
liquidated in Taiwan.

The Company is classified under Bursa Malaysia Securities
Berhad's Practice Note 17 category and is required to formulate
a plan to raise its shareholders' equity to avoid getting
delisted.


TALAM CORPORATION: Expects to Meet Bursa Submission Deadline
------------------------------------------------------------
Talam Corporation Berhad is confident that it will meet the
August 31, 2006 deadline for submission of its annual audited
accounts for the financial year ended January 31, 2006, The Star
Online says, citing Executive Chairman Tan Sri Chan Ah Cye.

According to The Star, Talam faces suspension of trading on
Bursa Malaysia Securities if it fails to meet the deadline.
However, Mr. Chan said that the Company will not be suspended as
it is already finalizing the report for submission.

Talam's annual accounts were required to be submitted to the
Bursa on May 31, 2006, and, under the Exchange's rules, a stock
would be suspended from trading should the company fail to
submit its accounts within three months, The Star relates.

The company is expected to submit its annual accounts to the
Bursa by August 30, as Aug. 31 is a public holiday.

                        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.


TRU-TECH HOLDINGS: Bourse Initiates Delisting Process
-----------------------------------------------------
Tru-Tech Holdings Berhad's securities will be removed from the
Bursa Malaysia Securities' Official List on September 5, 2006.

According to the Troubled Company Reporter - Asia Pacific, Bursa
Securities announced on July 5, 2006, its decision to delist
Tru-Tech's securities after discovering that the Company's
financial position is not sufficient to warrant continued
listing on the Bourse's Official List.

Tru-Tech had submitted an appeal against Bursa Securities'
decision that prompted the Bourse to defer delisting proceedings
pending a decision on the appeal.

After having considered all the facts and circumstances of the
matter, Bursa Securities has resolved that the appeal of Tru-
Tech be disallowed and decided to de-list the Company from the
Official List of Bursa Securities as it does not have an
adequate level of financial condition to warrant continued
listing on the Bursa Securities.

                     About Tru-Tech Holdings

Headquartered in Ulu Tiram Johor, Malaysia, Tru-Tech Holdings
Berhad's principal activity is the manufacturing of electronic
components and products.  Its other activities include
development and distribution of switch-mode power supplies and
investment holding.  The Group operates in Malaysia, Singapore,
United States and United Kingdom.  On May 27, 2004, Tru-Tech
announced a series of proposed corporate exercises to address
its losses.  These include the incorporation of a new entity as
Tru-Tech's holding company, and the disposal of its existing
contract-assembly business to a third party.  Much of Tru-Tech's
future performance will hinge on its ability to restructure its
debts and resolve its poor liquidity.  Bursa Malaysia Securities
Berhad, on May 26, 2006, decided to suspend trading in the
securities of Tru-Tech Holdings Berhad from June 5, 2006, as the
Company has failed to regularize its financial condition
pursuant to the Bourse's Listing Requirements.

The Company's March 31, 2006, balance sheet showed total assets
of MYR43,930,000 and total liabilities of MYR131,614,000,
resulting into a stockholders' deficit of MYR87,684,000.


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

EQUITABLE PCI: GSIS Not Interested in Additional Investments
------------------------------------------------------------
The Government Service Insurance System says in a press release
that it is no longer interested in infusing more investments
into Equitable-PCI Bank.

According to GSIS President and General Manager Winston Garcia,
"GSIS would rather look elsewhere for investment opportunities
than bother with a bank besieged with boardroom bickering."

GSIS currently owns about 13% stake in Equitable PCI -- the
country's third largest bank.

Of GSIS' PHP320-billion investments, approximately PHP40 billion
are invested in the stock market, mostly in stocks of blue chip
companies like San Miguel Corp., and Philippine Long Distance
Telephone Co.

Different workers organizations have recently decried reports
that pension funds loom to get invested in EPCIB once again,
without the benefit of a public consultation.

This prompted lawmakers to ask GSIS and the Social Security
System to make categorical statements confirming or denying the
reported investment plan.

Mr. Garcia insists that, on the contrary, the GSIS wants to
divest from EPCI but "only if the price is right."

GSIS bought its 91 million EPCI shares at PHP92 per share, or
about PHP8.37 billion.  Mr. Garcia says that the GSIS will only
sell at a price not lower than its acquisition cost.

                      About Equitable PCI

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

                          *     *     *

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

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


NATIONAL POWER: First Bond Sale for 2006 Given BSP Approval
-----------------------------------------------------------
Bangko Sentral ng Pilipinas has approved National Power Corp.'s
request to borrow up to US$700 million, its first bond sale this
year, Clarissa Batino of Bloomberg News reports.

BSP gave the agency "in principle" agreement to sell the bonds,
Bloomberg says, citing BSP Governor Amando Tetangco.

Deputy Governor Diwa Guinigundo said, this type of approval
allows National Power to start seeking proposals from banks,
Bloomberg relates.

According to the report, National Power, which has
PHP600 billion (US$11.7 billion) in fixed-income securities and
loans, needs to sell assets or bonds to pay for maturing
obligations.  Bloomberg recounts that on August 7, 2006,
National Power scrapped the sale of a power plant, increasing
its need to borrow in the bond markets.

"If the new bond comes with a government guarantee like all its
other bonds, it will sell well in the market given how well
received the Philippine sovereign bond issue was, "Low Guan Yi,
who helps manage US$1.1 billion of global emerging debt in at
Pictet & Cie in Singapore, says, adding that "[e]xisting
government-guaranteed debt still offer an attractive pick-up
over government bonds."

Bloomberg notes that National Power's 10-year bonds currently
yield 1.07 percentage points more than sovereign debt of a
similar maturity, compared with a low for the year of 41 basis
points on June 26, 2006.  A basis point is 0.01 percentage
point, Bloomberg explains.

                      About National Power

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

                          *     *     *

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

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

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


NATIONAL POWER: Vows to Improve Profitability and Efficiency
------------------------------------------------------------
The Troubled Company Reporter - Asia Pacific reported on
August 16, 2006, that documents submitted to the International
Monetary Fund during its recent post-program monitoring revealed
that the National Power Corp. is projecting a net loss of
PHP48.8 billion in 2007.

In the agency's official weekly publication dated August 22,
2006, National Power has vowed to continue implementing time-
tested and proven programs to further improve its profitability
and operational efficiency.

National Power President Cyril C. Del Callar made the assurance
that the corporation will be suffering a net loss by next year.
According to him, the projected net loss in 2007 was apparently
based on only one of many scenarios contained in an alleged
document that is constantly being reviewed, revised, and
updated.

"Our (financial) projections constantly undergo review and
revision," President Del Callar said.  "The net loss mentioned
in reports last week are based on old documents.  That is why
we conduct regular updates."

Mr. Del Callar added that "[p]rudence also dictates that we
always consider conservative assumptions in planning.  This is
better because in the process of coming up with programs, the
planner actually addresses projected negative occurrences, so
that these will not happen.  It is actually more for the purpose
of preventing these negative possibilities from happening, or
like curing a disease during its early stages, before it becomes
full-blown."

The President stressed that National Power is continuously
looking for various ways and means not only to improve its
financial performance and maintain its current profitability,
but also to further optimize the operations of its power plants
and to enhance their reliability and efficiency.

"We are implementing strategies that have proven to be
effective, especially in reducing our generation costs," Mr. Del
Callar said.  "These include optimizing the use of power plants
that run on cheaper fuel such as geothermal, natural gas and
hydro.  We are also very optimistic about our performance in the
Wholesale Electricity Spot Market."

Mr. Del Callar said that these operational/financial strategies
do work, as evidenced by National Power's robust energy sales
during the first quarter of 2006, which brought in more than
PHP36 billion in revenues.

"For 2006, we are targeting to duplicate our overall performance
in 2005, if not do better," Mr. Del Callar noted.  "We would
like to assure our customers, all electricity consumers, and the
Filipino public that National Power is exerting all efforts and
doing its best to further improve its financial position and its
operations."

"We have learned from past experience to exercise prudence in
our planning, but to be aggressive with the implementation of
our strategies and programs," President Del Callar concluded.

                      About National Power

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

                          *     *     *

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

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

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


NATIONAL POWER: Industrial Customers Required to Avail TOU Rates
----------------------------------------------------------------
The Energy Regulatory Commission has ordered all of National
Power Corporation's industrial and commercial customers to avail
of the state-owned power firm's Time-of-Use rates.

In a nine-page order dated June 5, 2006, the five-man Commission
stated that "the implementation of the TOU retail rates to NPC's
non-utility or directly-connected industrial customers is
'Mandatory.'"

Furthermore, the ERC says that the implementation of the TOU
rates for NPC's industrial customers will be applied
retroactively to coincide with the timeline specified by the
Commission in its April 13, 2005 decision mandating all
distribution-utility customers of NPC to avail of its TOU rate
schedule.

To recall, the ERC's April decision stated that the TOU rates
will be mandatory for all DUs in the Luzon and Visayas grids
within one month from the effectivity of the Order.  In the case
of Mindanao-based DUs, the TOU rates will apply three months
after the effectivity of the decision.  The ERC's April 13
decision officially took effect on April 26, 2005.

In ordering the mandatory implementation of the TOU rates for
NPC's non-utility customers, the ERC said that this move aims to
"provide an incentive for certain directly-connected customers .
. . to shift load from peak to off-peak periods".  This, in
turn, "will improve the system load factor, resulting in a more
efficient and ultimately, a more economical use of limited
generation capacity."

"In the long-run, such an improvement in load factor will
benefit all electricity customers," the ERC said.  "From the
individual customer's point of view, the flattening of the peak
period will result in an over-all reduction in their power
bills."

The ERC issued the directive in response to a joint Motion for
Clarification filed last May 17, 2005, by NPC and the Power
Sector Assets & Liabilities Management Corporation, asking
whether NPC's non-utility or directly-connected industrial
customers are similarly covered by the mandatory implementation
of the TOU rates for DUs.

Data from NPC's Marketing & Commercial Relations Department show
that as of July 31, 2006, NPC had a total of 268 customers,
including 107 industries.  Of these industrial customers, 40 had
already opted to avail of NPC's TOU rates even before the ERC
issued its June 5, 2006, directive.  Industrial customers of NPC
will now be required to avail of NPC's TOU rates.

                      About National Power

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

                          *     *     *

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

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

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


NATIONAL POWER: Signs Power of Choice Agreement With Meralco
------------------------------------------------------------
On August 14, 2006, National Power Corporation and Manila
Electric Co. signed a landmark Memorandum of Agreement that will
provide Manila Electric's customers the option to choose their
own electricity suppliers.

This is the culmination of the offer made by Manila Electric in
March 2006, through a letter to President Gloria Macapagal-
Arroyo, to unconditionally allow its large industrial and
commercial customers with a demand of at least one megawatt, the
choice of determining their own suppliers, and thus avail of
Time-of-Use Rates of National Power or the blended rate of
Meralco.

Hailed by industry analysts as a positive development in the
government's efforts in implementing reforms in the energy
sector, the offer was made to support the government's desire to
move forward on deregulation which would enable customers to
avail of cheaper rates as approved by the Energy Regulatory
Commission, facilitate the privatization of National Power and
address the looming capacity problem.

It was also a reflection of Manila Electric's support to the
restructuring of the power industry pursuant to the Electric
Power Industry Reform Act.

The MOA, however, is intended to be a transition arrangement
while all the requirements for open access are not yet in place.
The signed agreement has also put into consideration the
existence of the Wholesale Electricity Spot Market.

National Power President Cyril C. Del Callar said that by giving
Manila Electric's customers the freedom to choose their own
electricity suppliers, and directly avail of National Power's
lower time-of-use rates, Manila Electric has actually initiated
the ground work for the implementation of open access.

"It is a very significant agreement, and can even be considered
a milestone in the power industry.  The Freedom of Choice that
will be given to these customers is another big step forward in
achieving the very objective and vision of the various reforms
being implemented under the EPIRA.  After all, at the very heart
of these reforms, is giving the customer the right to choose,"
Mr. Del Callar said.

Mr. Del Callar further explained that since National Power's TOU
Rates are the lowest in the industry, it will be a great boost
to the industrial sector for them to avail of these rates.  "It
will help them increase their production, which in the long-run
is a great contribution to further improve our economy," Mr. Del
Callar added.

National Power's TOU Rates can be verified and downloaded
through its Web site http://www.napocor.gov.ph/and through the
Web site of the Energy Regulatory Commission
http://www.erc.gov.ph

                      About National Power

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

                          *     *     *

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

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

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


PHILIPPINE AIRLINES: April-June Income Down 17% to US$22.7MM
------------------------------------------------------------
Philippine Airlines, which may soon go public via a "backdoor
listing" on the Philippine Stock Exchange, reported an April-
June 2006 net income of US$22.7 million, down 17% from the
US$27.5 million reported in the same quarter last year, with
increased fuel and maintenance costs, Elizabeth L. Sanchez of
the Philippine Daily Inquirer reports.

The company's revenues including recoveries from surcharges
increased 6% to US$328.8 million from US$310 million, the report
says.

Total expenses increased 8% to US$306 million from
US$282.5 million with fuel expenses up at 15% to
US$101.2 million from US$88.0 million posted, the Inquirer
notes.

According to the Inquirer, the average price of a barrel of
aviation fuel has hit US$77.4 in 2006 as compared with
US$69.0 in 2005.

The Inquirer further notes that flying expenses were up 12% to
US$142.8 million from US$127.0 million.  Maintenance costs also
rose 12% to US$49.6 million from US$44.4 million.

A financial structure may be ready before PAL holds its annual
meeting on August 30, 2006, the Inquirer says.

The Troubled Company Reporter - Asia Pacific reported on
July 25, 2006, that Philippine Airlines may seek to publicly
list its shares at the Philippine Stock Exchange in 2008, if its
profitability trend continues.

                   About Philippine Airlines

Philippine Airlines -- http://www.philippineairlines.com/-- is
the Philippines' national airline.  It was the first airline in
Asia and the oldest of those currently in operation.  With its
corporate headquarters in Makati City, Philippine Airlines flies
both domestic and international flights.  As of 2005, it claims
to serve 21 domestic airports and 31 foreign cities.  Its main
hub is the Ninoy Aquino International Airport in the capital
city of Manila.

Following labor problems and its failure to settle debts, PAL
filed for rehabilitation in June 1998, and is slated to complete
its 10-year debt rehabilitation program in 2009.

A March 21, 2006 report by the Troubled Company Reporter - Asia
Pacific stated that the airline company will continue a
government-led rehabilitation program even as creditors neither
approved nor rejected the program to leave the protection of the
Securities and Exchange Commission.

A report by the Manila Times in July 2006 said that since its
corporate rehabilitation in 1998, PAL reduced its debts to
PHP237.23 billion from PHP496.02 billion by selling assets and
using the proceeds to pay off maturing debts.


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

ADVANCED SYSTEMS: 335,946,647 Rights Shares Listed in SGX-ST
------------------------------------------------------------
Advanced Systems Automation Limited refers to the company's
disclosure on August 18, 2006, when it received a total of
751,731,151 Rights Shares of valid acceptances and excess
applications, which included the acceptances of key
shareholders, which totaled to 125,786,714 Rights Shares and
excess applications.

In an update, 335,946,647 Rights Shares was available under the
Rights Issue and was listed and quoted on the official list of
the Singapore Exchange Securities Trading Limited on August 25,
2006, at 9.00 a.m.

Approval-in-principle granted by the SGX-ST is not to be taken
as an indication of the merits of the company, its subsidiaries,
the Shares, the Rights Issue or the Rights Shares.

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

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

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


ARMSTRONG INDUSTRIAL: Profit Climbs by 11.6% in 2nd Quarter 2006
----------------------------------------------------------------
Armstrong Industrial Corporation Limited has posted its
financial statement for the second quarter ended June 30, 2006,
in the Singapore Stock Exchange.

The group's income statement showed a gross profit of SGD15
million or approximately 11% increase for the quarter ended June
30, 2006, as compared to SGD13.40 million in the corresponding
quarter last year. Turnover also increased slightly from
SGD60.88 million in 2005 to SGD67.50 million in this year, with
Thailand as the biggest revenue contributor with 33% of the
group's sales.

As reflected in the group's balance sheet for June 30, 2006, the
group's assets totaled to SGD 104.10 million, enough to pay a
total liabilities of SGD35.94 million.  The group's
shareholders' equity amounted to SGD68.16 million.

All major industry segments experienced positive growth.
Consumer Electronics sector enjoyed the highest growth of 16%.
The increase was due to successful marketing efforts to the
notebook manufacturers in China.

                   About Armstrong Industrial

Armstrong Industrial Corporation Limited
-- http://www.armstrong.com.sg-- manufactures and sells
precision die-cut foam and rubber moulded components for a range
of applications, including insulating, dampening, cushioning,
and sealing. The Company also provides architectural and
engineering activities and related technical consultancy.  The
company has manufacturing presence in Singapore, Malaysia,
Thailand, China, and Indonesia

                          *     *     *

Moody's Investors Service gave Armstrong Industrial's senior
unsecured debt a Ba2 rating effective on December 16, 1991 and
its subordinated debt a B1 rating effective on October 23, 1986.


DIGILAND INTERNATIONAL: Turnover Down by 25% for 2nd Quarter
------------------------------------------------------------
Digiland International posts its unaudited financial statement
for the half-year ended June 30, 2006, in the Singapore Stock
Exchange.

For the financial year ended June 30, 2006, the group recorded a
turnover of US$33.6 million a reduction of 25% as compared with
US$44.8 million in the corresponding period last year.  The
decrease was primarily due to lower sales volumes arising from
management's revised strategy in moving away from the high-
volume low-margin business.  The group also recorded a loss of
US$2.72 million for the second quarter of 2006, a significant
reduction from last year's US$20.09 million.

The losses were reduced as the company restructured and
realigned its operations and positioned itself with new business
model.

The group's balance sheet as of June 30, 2006, reflected total
current assets of US$10.14 million available to pay total
current liabilities of US$11.03 million, resulting into a net
current deficit of US$0.89 million.

The June 30, 2006, balance sheet also revealed total assets of
SGD11,506,000, total liabilities of 11,052,000 and stockholders'
equity of SGD454,000.

On the other hand, the Company's June 30, 2006, balance sheet
showed total assets of SGD7,672,000 and total liabilities of
SGD8,978,000, resulting into a stockholders' deficit of
SGD13,06,000.

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

         http://bankrupt.com/misc/tcrapdigiland082606.pdf

                  About Digiland International

Digiland International Limited -- http://www.digiland.com.sg/--  
is a major distributor of IT products and provider of IT
services in the Asia-Pacific.  The Digiland International Group
of Companies was set up initially as the distribution arm of GES
International Limited to handle sales, marketing and
distribution of GES products, specifically the Datamini brand of
Personal Computer, designed and manufactured by GES
International Limited.  It was renamed Digiland International
Private Ltd in 1998 and has since expanded geographically to
cover most countries in Asia-Pacific.

                          *     *     *

The company has reported a loss of US$44.7 million for the year
ended June 2004, and US$18.7 million for the year ended June
2005 due to the negative impact of the highly cyclical nature of
the computer industry.  Sales were adversely affected by the
shortening product cycles of IT products and downward pressure
on selling prices as newer and more technologically advanced
products enter mass production.  Aside from recurring losses,
the company's subsidiaries have also been bombarded by wind-up
petitions filed by creditors.


GETRONICS NV: Posts EUR41-Million Loss for First Half 2006
----------------------------------------------------------
Getronics N.V. released its financial results for the first half
ended June 30, 2006.

Financial Highlights

   -- total revenue increased by 11% to EUR1.34 billion (H1
      2005: EUR1.21 billion);

   -- service revenue increased by 16% to EUR1.16 billion (H1
      2005: EUR1 billion), while product revenue decreased by
      13% to EUR180 million (H1 2005: EUR207 million);

   -- total service revenue growth on a comparable basis was
      1.3% in H1 2006;

   -- there was good service revenue growth on a comparable
      basis in:

         -- the Netherlands (6.2%),
         -- rest of Europe (4.7%),
         -- Latin America (4.1%),
         -- APAC (2.3%),
         -- North America (-16.6%).

      The drop in North America was due to the loss in 2005 of
      substantial parts of two major contracts (Wachovia, BP) as
      reported in previous announcements;

   -- EBITAE decreased to EUR34 million (H1 2005: EUR52 mln),
      resulting in an EBITAE margin of 2.5% (H1 2005: 4.3%);

   -- this decline in profitability was partly the result of
      continued price pressure, higher use of external
      contractors and some poor performing contracts.  In
      addition, the Company suffered from the loss of
      substantial parts of two major contracts in North America
      and the first half results were negatively impacted by a
      number of major contracts in transition. Also the EBITAE
      in the first half 2005 included a pension related net
      benefit of EUR14 million in Japan, which explains part of
      the decrease;

   -- the operating result decreased to EUR15 million (H1 2005:
      EUR45 million) and includes EUR9 million acquisition
      integration expenses and EUR8 million amortisation of
      acquired intangible assets;

   -- net result from continuing operations amounted to EUR16
      million (H1 2005: EUR7 million) including EUR24 million
      tax benefit;

   -- net result from total operations amounted to -EUR41
      million (H1 2005: -EUR14 million), including the -EUR57
      million net result from discontinued operations (net of an
      income tax gain of EUR26 million) that was recorded
      following the sale of the Italian operations completed on
      June 22, 2006;

   -- earnings per ordinary share from continuing operations was
      EUR0.13 (H1 2005: EUR0.06) and EPS from total operations
      was -EUR0.33 (H1 2005: -EUR0.15); and

   -- cash flow used in operating activities was EUR142 million
      in the first half of 2006 (H1 2005: EUR160) including
      EUR35 million for the Italian discontinued operations.
      The Italian discontinued operations also led to a -EUR42
      million investing cash flow which includes EUR44 million
      cash transferred to the buyer and -EUR41 million financing
      cash flow relating to repayment of Italian borrowings.


   1) The consolidated results include PinkRoccade's results as
      of March 14, 2005.  Pursuant to the Company's decision to
      sell the Italian operations, the results of the Italian
      operating company are reported in the condensed
      consolidated financial statements as 'discontinued
      operations.'  Accordingly, the results of 2005 and 2006 as
      presented throughout the Operating and Financial Review
      are excluding the Italian operations, unless stated
      otherwise.

                    Key Business Highlights

   -- the Company's focus on providing global, standardized,
      future-ready workspace services is starting to pay off,
      with significant new global wins achieved over the past 12
      to 18 months, creating a healthy backlog of international
      business worth more than EUR1 billion;

   -- in the first half of 2006, Getronics achieved major global
      wins with Barclays and ING. Barclays awarded the Company a
      five-year contract worth approximately EUR200 million for
      Workspace Management Services, Application Services and
      Technology Transformation Services.  This was the largest
      Ever order won by Getronics within the Financial Services
      sector.  In the case of ING, the Preferred Supplier Team
      (PST) (including Accenture, Atos Origin, Getronics and
      KPN) signed a Memorandum of Understanding with ING for the
      outsourcing of workplace service provisions of 53,000 ING
      employees in Europe. The expected contractual value for
      the PST is in excess of EUR800 million and has a five year
      duration;

   -- 2006 is an important year of transition for Getronics, as
      the Company continues to invest in its services portfolio,
      in transitioning several major new contracts, in
      strengthening its international bid support process as
      well as its infrastructure for global service delivery to
      international clients.  This is the primary reason why the
      increased service revenue growth in the majority of
      regions and countries (with the exception of North
      America) has not yet converted into improved
      profitability;

   -- Getronics has launched its Breakout Program for its global
      managed services operations in order to increase
      efficiency, streamline operations and to help accelerate
      the move to remote or near-shore working.  The resulting
      service model will involve a client-intimate structure
      that enables sales and account management to quickly
      respond to client issues, identifying and solving business
      and technical problems near the client at the front end,
      with a remote global service delivery model at the back
      end.  This will involve a headcount reduction of more than
      1,000 FTEs.

                           Outlook

Continued emphasis will be put on increasing the Company's
effectiveness at marketing and delivering its portfolio of
services. Sustainable profitable growth in service revenue will
be pursued by demonstrating the benefits of Getronics' remote
managed services and global delivery model to large national and
international clients.

In areas where Getronics has decided to divest its direct
operations, the Company remains dedicated to ensuring a
sustained high level of services to its clients through its
carefully selected partners and through its global service
delivery model.

                         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.

                        *     *     *

As reported in Troubled Company Reporter - Asia Pacific on
August 25, 2006, Getronics was given N.V.'s 'B' long-term
corporate credit rating, along with the 'CCC+' senior unsecured
debt, 'B' bank loan, and '3' recovery ratings 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.

As reported in TCR-AP, Moody's Investors Service downgraded
Getronics' corporate family rating to B2 from B1 and placed the
ratings on review for possible downgrade following the company's
announcement of half year results showing a widening of net
losses and fall in margins below the company's expectations.
Concurrently the rating on the EUR100 million senior unsecured
convertible Dutch bonds due 2008 has been downgraded to Caa1
from B3.


ISOFT GROUP: FSA to Launch Formal Probe on Acctg. Irregularities
----------------------------------------------------------------
The Financial Services Authority will be undertaking a more
formal investigation into possible accounting irregularities at
iSOFT Group plc, which may take months to complete.

The initial probe, conducted by Deloitte & Touche and Eversheds
LLP, found evidence of accounting irregularities affecting the
financial years ended April 30, 2004, and April 30, 2005.  The
Group submitted the findings, which contained grounds for a more
formal investigation, to the British regulator.

According to the company, Deloitte was appointed as the Group's
auditor in July 2005 and was not therefore acting for the Group
during the period covered by the investigation.  After the
initial review, the Board suspended Steve Graham, the Group's
Commercial Director, pending the outcome of the formal
investigation.

The investigation concerns several contracts where it would
appear that revenues have been recognized earlier than they
should have been in the financial years 2004 and 2005 in
accordance with the accounting policy in force at that time.
The irregularities uncovered to date do not appear to have
affected the Group's cash position.

                  Disposal of Non-Core Assets

As part of the review of its financial position, the Group is
considering the disposal of several non-core assets, including
freehold properties.  On May 31, the Group announced the
disposal of its Swiss operations to Nexus Medizinesoftware und
Systeme AG.  That operation had revenues of less than GBP5
million last year, but generated a loss of GBP700,000.  The sale
and purchase agreement will allow iSOFT to focus on its key
markets, while at the same time retaining the right to sell its
strategic product offering LORENZO into that market in due
course.

The Group is also carrying out an extensive consolidation of UK
locations following the merger with Torex and some further
rationalization of its locations.  The Group owns two freehold
properties that will be divested as soon as possible.

                   Streamlining the Cost Base

The Group has been taking, and continues to take, action to re-
align its operating costs with future revenue expectations.  As
part of this process, it is examining in detail the operating
cost structure of each of its operations, both in the UK and
internationally, to identify areas for cost reduction and
improved organizational efficiency.  The Group is targeting to
reduce its total operating cost base from an annual run rate of
just over GBP209 million at May 1, 2006, to below GBP185 million
by the end of the current financial year.  The current run-rate
is higher than the total actual cost incurred for the year just
ended because the Group has increased significantly its level of
development resources to support both existing and future
applications.

As part of the plan to reduce costs, the Group entered into a
consultation process with employees in the UK in early May 2006
and it is likely that at least 150 employees, representing
approximately 15% of total headcount in the UK, will be made
redundant.  The cost of this action will be about GBP3 million,
but is expected to reduce the current annual cost base by
approximately GBP6 million.

The Group also intends to reduce staff levels in some of its
international operations and has taken steps to reduce sub-
contract and overhead costs as part of the financial year 2007
budget review process.  The total cost of action already in hand
to reduce the cost base, which will be taken as a one-time
charge in the year ending April 30, 2007, is estimated to be at
least GBP7 million.

Headquartered in Manchester, United Kingdom, iSOFT Group plc --
http://www.isoftplc.com/-- supplies advanced medical software
applications for the healthcare sector.  Its products are used
by more than 8,000 organizations in 27 countries for managing
patient information and driving improvements in healthcare
services.  In international markets, the Group has a strong
presence in the Asia-Pacific, including Singapore and India.


SEA CONTAINERS: Restructuring Program Proceeds as Planned
---------------------------------------------------------
Sea Containers Ltd. provided updates on its operations and
financial position including its UK rail subsidiary, Great North
Eastern Railway.  The Company has not yet completed its 2005
annual report on SEC Form 10-K or its first and second 2006
quarterly reports on SEC Form 10-Q.

Commenting on Sea Containers' current financial position, Bob
MacKenzie, President and Chief Executive Officer, said: "Our
priority is to tackle the underperforming operations, simplify
and reduce the cost base and place the Company on a sound
footing through necessary financial restructuring.  GNER in
particular faces significant challenges, as outlined below, and
I believe the original projections for the franchise now appear
optimistic.  I intend to devote attention over the coming months
to address this situation, spending time in the business and
with the U.K. Government's Department for Transport.

"Armed with the business plan which the Company has prepared
over the past few months, we are now able to engage in dialogue
with financial stakeholders and embark on the active phase of
our restructuring program.  We are pleased to have achieved the
sale of Silja within the desired timeframe and that the disposal
of other ferry and non-core assets is well underway.  Both
partners in the GE SeaCo joint venture are firmly focused on
improving the competitiveness through reduced cost and improved
technology.  But the anticipation that we will not be able to
pay the senior notes due on October 15, unless we have adequate
working capital and can be sure of our ability to pay the other
public notes maturing in subsequent years, puts a critical time
pressure on the restructuring process.  Although the seas are
rough, we are navigating a route through this."

         Cash Flow during the First Six Months of 2006

Sea Containers' total consolidated cash position at June 30,
2006 was US$178 million.  Of this amount, approximately US$79
million was restricted as security for obligations to third
parties, and approximately US$57 million was held in
subsidiaries and could not be remitted back to the Company for
various legal, regulatory or bank covenant reasons.  The
combined US$136 million (US$79 million restricted plus US$57
million not readily available) is described herein as
unavailable cash while the remaining US$42 million at June 30,
2006, is described as free cash.  The Company has not applied
this free cash to retire its public notes and is treating it as
available to meet ongoing operating requirements.  Management
regards the measure of free cash as a useful indicator of
liquidity while progressing its financial restructuring plans.

At July 31, 2006, the Company's total cash was approximately
$144 million, a reduction of $34 million from total cash of $178
million at June 30, 2006.  Of the $144 million at July 31, 2006,
$64 million was unavailable cash and $80 million was free cash.
Unavailable cash has therefore reduced by $72 million, and free
cash has increased by $38 million.

The reduction in unavailable cash reflected principally the
application of restricted cash of $51 million to repay partially
one of the Company's secured container debt facilities.  A
further $7 million was paid from restricted cash to repay
partially a second secured container debt facility.  In
addition, there was a release from unavailable cash to free cash
of $14 million held within Silja on completion of the sale.

The main contribution to the increase in free cash during July
was $65 million from the sale of Silja, offset by payment of $14
million to settle the GE SeaCo arbitration with GE Capital and a
$13 million net outflow for operating, interest and capital
expenditure payments.

                      Status of Ferry Sales

As reported on July 19, 2006, the Company completed the sale of
its Baltic ferry subsidiary Silja Oy Ab and the six vessels
deployed on Silja's core routes.

Sea Containers has separately completed the sale of the Walrus,
Rapide and SuperSeaCat 1 for a total of $48 million, all of
which was used to repay debt secured by the vessels

Sea Containers is continuing its efforts to sell its remaining
ferry assets and businesses and is in active dialogue with a
number of parties regarding the sale of several of its vessels.
To maximize value, the Company may decide to continue operating
or chartering certain vessels for a period of time before
ultimately selling them.  The Company estimates that the ferry
vessels shown in the table above are presently valued in a range
$127 million to $137 million.

At July 31, 2006, Sea Containers had $610 million of
consolidated debt outstanding associated with these businesses:

            Business                       Debt Outstanding
            --------                       ----------------
            Rail (largely GNER)               $15 Million
            Containers                        $140 Million
            Ferries                           $68 Million
            Public Notes                      $385 Million
            Other                             $2 Million
                                            ----------------
            Total                             $610 Million

In addition to the outstanding debt to financial institutions
and public note holders, the Company has a $20 million unsecured
liability to a shipyard that is due for payment by Sept. 29.

Except for GNER, the Company is either the primary obligor or
the guarantor of substantially all of this outstanding debt.

Pursuant to a forbearance agreement signed earlier this year
with one of its container banking syndicates, the Company
formally granted a security interest over cash balances held on
deposit with the banks over which the banks had legal rights of
set off.  The Company further agreed in exchange for continued
forbearance to apply the pledged cash, after the completion of
the Silja sale, to repay in part secured debt outstanding to the
syndicate. Accordingly, after Silja was sold, the Company repaid
approximately $51 million of debt secured by containers.

The Company is in active discussions with a number of financial
institutions to refinance its existing container debt
facilities.  The primary purpose of a refinancing would be to
replace liquidity used to repay secured container debt following
the Silja sale.

The Company remains in default under many of its secured credit
facilities due to breaches of certain financial covenants and
other requirements contained in these facilities.  The Company's
secured and other credit facilities also generally include
cross-default provisions so that non-compliance with a covenant
in one secured credit facility constitutes a default under
substantially all other credit facilities.  No lender has taken
any action to exercise remedies in respect of any events of
default, and the Company is in continuing discussions with its
remaining lenders regarding such defaults.

The Company is also in default under various covenants in its
public note indentures including failure to apply asset sale
proceeds to retire public notes.  As previously reported on
June 12, 2006, the Company has not made an "excess proceeds
offer" under those indentures to retire public notes.  The
Company's free cash balance at July 31, 2006 of $80 million
included the benefit of approximately $100 million of excess
proceeds as described in its news release of June 12, 2006.  No
action has been taken against the Company under the public note
indentures.

The Company has prepared a business plan, which includes certain
strategic and financial alternatives for the Company, including
a potential refinancing or permanent restructuring of the
Company's unsecured financial obligations.  The Company has
provided financial projections and other information under
confidentiality agreements to advisors who act for an ad hoc
committee of public note holders and, separately, to advisors
for pension trustees.  The Company intends in the next few weeks
to begin discussions with these advisors in respect of a
potential restructuring of the Company's unsecured financial
obligations.

The Company is due to pay the $115 million principal amount of
its 10_% senior notes on October 15.  Payment will not be made
unless the Company concludes that it will be able to pay in full
when due its other public notes maturing in 2008, 2009 and 2012
and all other unsecured creditors, and to retain sufficient
working capital.  The interest coupon on the Company's 7.875%
senior notes due on August 15 will be paid.

                  GNER's Underperformance

Sea Containers has disclosed that GNER has underperformed the
financial projections in its franchise plan.

The most important variance to date arises from a shortfall in
passenger revenue, but additional pressure on financial
performance is expected from higher costs as well.

                        Passenger Revenue

In the first 14 months of the new franchise to June 30, 2006,
several significant events outside GNER's control have
materially adversely affected GNER's financial results over that
period and its future prospects over the franchise period.
These include:

   -- the terrorist activity in London in July 2005;

   -- the decision by the U.K. Office of Rail Regulation to
      allow additional open access operators to compete with
      GNER;

   -- a weakening in the U.K. GDP growth;

   -- significant increases in electricity prices; and

   -- improvement in Network Rail's performance.

Passenger revenue for the period May 1, 2005 to June 30, 2006,
was US$918 million (GBP510 million; unaudited).  This represents
a 3.3% increase compared to the projected 9.9% increase in the
franchise plan, causing passenger revenue to be US$60 million
(GBP33 million) lower than projected for the 14-month period.
GNER believes that just more than half of the shortfall is due
to the July 2005 terrorist activity in London.  GNER was
disproportionately affected by the terrorist activity compared
to other UK rail operators due to GNER's greater dependence on
the long-distance travel market to and from London and the focus
of the terrorist activity around Kings Cross Station in London.
A claim has been submitted to the DfT for the partial recovery
of lost revenue under the force majeure mechanism of the
franchise agreement.  This mechanism will not compensate GNER
fully, however, and the DfT has not concluded its review of that
claim GNER expects that its revenue projections may also be
materially adversely affected in the future by the ORR's
decision in connection with open access arrangements for
competitors, recently upheld by the High Court in London.

                    Infrastructure Payments

GNER's ability to meet its original projections will also be
materially impacted by the variable infrastructure payments to
or from Network Rail, which are largely outside GNER management
control.  The two components of the infrastructure payment
relates to:

   (1) payments to GNER by Network Rail for its performance
       failure or disruption to timetable through planned
       maintenance work by Network Rail; and

   (2) payments from GNER to Network Rail for providing improved
       rail infrastructure performance.

Network Rail's performance is now expected to be better than
anticipated in GNER's franchise plan so that net payments to
Network Rail should continue at a higher level than planned.

                        Electricity Charges

A further issue, which is likely to affect materially GNER's
profitability relates to electricity charges.  These rose in
April 2006 by 26%, considerably more than forecast in GNER's
franchise plan.  GNER has also received initial notification
that a further 65% increase is likely to occur in April 2007,
far in excess of the assumptions made at the time of the bid.
Taken together the 2006 increase and expected 2007 increase
would have an average annual cost impact compared with the
original franchise plan assumption of approximately US$20
million (GBP11 million) per annum from April 2007.  GNER
understands there is a further increase possible in April 2008.

Although GNER management has begun to implement initiatives to
reduce aggregate controllable costs, these costs are not
sufficiently large to provide scope for improvements, which
could significantly offset the potential shortfall in
profitability relating to the factors described above.  In light
of this, GNER currently expects to make a profit or loss result
much lower than the net profit margin before tax of 3.75%
originally estimated in its plan.

In order to make dividend payments to the Company, GNER must
earn distributable profits and also meet certain financial
criteria under the franchise agreement.  GNER does not presently
expect to make any dividend payments for the short to medium
term.

The Company has raised with the DfT the financial impact on GNER
of these adverse factors and will discuss them further, although
the timing and outcome of these discussions with the DfT are
uncertain, as is the future value of the GNER franchise to Sea
Containers.

Under the direction of Bob MacKenzie, who becomes Executive
Chairman of GNER on Aug. 31, GNER will continue to seek to grow
revenue and reduce operating costs.  In the meantime, GNER
continues to exceed its operating performance criteria and
delivers excellent customer service.

                    Financial Support for GNER

Sea Containers Ltd. is providing certain financial support
arrangements for its UK rail subsidiary, Great North Eastern
Railway.

Under the franchise agreement, there is a bond in favor of the
U.K. Department for Transport (DfT) securing GNER's performance
under the agreement.  This can be used by the DfT in limited
circumstances for specific purposes.  A bank has issued the bond
pursuant to a facility with GNER, which the Company has
guaranteed.  The amount of the performance bond is currently
US$27.5 million (GBP15.3 million) rising to US$51.7 million
(GBP28.7 million) in May 2007.

It is a condition of the franchise that GNER has in place a
US$54 million(GBP30 million) standby credit facility during the
term of the franchise, callable by GNER in the event of
liquidity need.  The Company has provided this facility to GNER,
but it is undrawn as of press time.

It is also a condition of the franchise that GNER has an US$18
million(GBP10 million) overdraft facility to provide additional
working capital if needed.  This facility is provided by a bank
and guaranteed by the Company.  To date, no funds had been
drawn.
                      About Sea Containers

Sea Containers Ltd -- http://www.seacontainers.com/-- is a
Bermuda registered company with regional operating offices in
London, Genoa, New York City, Rio de Janeiro, Sydney and
Singapore.  The Company is owned almost entirely by United
States shareholders and its primary listing is on the New York
Stock Exchange.  The Company is a market leader in its three
main business areas: passenger transport, leisure and marine
container leasing.  In addition to its three principal
divisions, the Company has associated investments in property,
publishing, and plantations.

                          *     *     *

In June 2006, Moody's Investors Service downgraded the senior
unsecured ratings and confirmed the senior secured rating of Sea
Containers -- Senior Unsecured to Caa3, Senior Secured at B3.
Moody's said the outlook is negative.

On May 4, 2006, Standard & Poor's Ratings Services lowered its
ratings on SeaContainers, including lowering the corporate
credit rating to 'CCC-' from 'CCC+'.  All ratings remain on
CreditWatch with negative implications.

A Troubled Company Reporter -- Asia Pacific reported on August
15, 2006 states that Standard & Poor's Ratings Services on
August 11, 2006, said that its ratings on Sea Containers Ltd.,
including the 'CCC-' corporate credit rating, remain on
CreditWatch with negative implications.  Ratings were lowered to
current levels May 1, 2006; they were initially placed on
CreditWatch with negative implications on Aug. 25, 2005.


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

AGRO INDUSTRIAL: Stock Exchange Suspends Securities
---------------------------------------------------
The Stock Exchange of Thailand posted an "SP" -- Suspension --
sign on the securities of Agro Industrial Machinery Public
Company Ltd after the company failed to submit its financial
report for the quarter ended June 30, 2006.

According to SET, Agro's securities were suspended starting from
the first trading session on August 16, 2006.

A deadline was set by the SET for all the listed companies to
file all their financial reports for the second quarter of 2006
by August 15.

The SET disclosure notes that Agro Industrial did not make a
statement regarding the suspension.

Agro Industrial Machinery Public Company Limited --
http://www.thaiengine.com/-- was formerly known as Thai Engine
Manufacturing Public Company Limited until February 9, 2006.
The Company manufactures small diesel engines under the
Mitsubishi brand.  It is also the sole Mitsubishi agent in
Thailand and Indo-China countries.

                          *     *     *

The Company is currently undergoing rehabilitation.

On November 7, 2000, a creditors' meeting voted in favor of the
Company's rehabilitation plan and on December 20, 2000, the
Central Bankruptcy Court approved the rehabilitation plan as
well as appointed Churchill Pryce Planner Company Limited as
plan administrator.  The rehabilitation plan subsequently went
through some amendments.

On July 7, 2005, the Central Bankruptcy Court adjudicated to
consent that the Company becomes the new plan administrator.

The Troubled Company Reporter - Asia Pacific reported on
March 30, 2006, that Agro Industrial and its subsidiaries posted
a net profit of THB6.65 billion in the year ending December 31,
2005, a 950% increase from the THB7.03 million net profit in
2004, as a result of operating under the rehabilitation plan.
In 2005, the Company completely paid the debts to its creditors
under the plan.  The discharge of all the debts resulted in a
profit of THB4.13 billion from business rehabilitation.

The Company is currently listed under the "non-Performing Group"
Sector of the Stock Exchange of Thailand.


DATAMAT PUBLIC: SET Posts Suspension Sign on Securities
-------------------------------------------------------
An "SP" -- Suspension -- sign was posted on the securities of
Datamat Public Company Ltd by the Stock Exchange of Thailand
after the Company failed to submit its financial report for the
quarter ended June 30, 2006.

The suspension from trading of its securities started from the
first trading session on August 16, 2006.

Datamat, in a statement submitted to the SET, explained that the
it "has changed its auditor to review the company's figures and
balance status which resulted to the delay of the submission of
the company's financial report."

The Company will submit its reviewed financial statement for the
second quarter of 2006, within September 30, 2006.  In addition,
the company will also submit its audited annual financial
statement for the year 2005 within August 28, 2006.

                          *     *     *

Headquartered in Bangkok, Thailand, Datamat Public Co. Limited
-- http://www.datamat.co.th/-- distributes computers, provides
computer technology services, and maintains computer and
software system. It also provides software services using
programming and Java technologies, including a distributor of
software system and computer equipment of image processing.

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

As of August 25, 2006, Datamat's balance sheet reflected total
assets of US$17.55 million, and total shareholder's deficit of
US$1.72 million.


                            *********

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

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

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


                            *********


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

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

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

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