TCRAP_Public/060829.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R  
  
                     A S I A   P A C I F I C  

            Tuesday, August 29, 2006, Vol. 9, No. 171

                            Headlines

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

A FURNITURE ARTISAN: Members Resolve to Wind Up Firm
ADVANCED LUBE: Court Hears Liquidation Bid
AIR NEW ZEALAND: May Cut Trans-Tasman Flights Absent Qantas Deal
AIRLAY CARPET: Appoints Official Liquidators
ARIA WINE: To Declare First and Final Dividend on September 29

AUSTRALIAN GOLD: To Declare Dividend on September 8
AUSTRALIAN LEGAL RESOURCES: Under Voluntary Liquidation
B.THOMPSON SPRAYPAINTING: Court Hears CIR's Liquidation Bid
BARE DIGITAL: Liquidator to Present Wind-Up Report on Sept. 11
BELMONT CORPORATE: Faces Liquidation Proceedings

CAM-TRANZ CAMBRIDGE: Court Set to Hear ACC's Liquidation Bid
CARLEN CO: Creditors' Proofs of Claim Due on September 5
CASBATA PTY: Enters Wind-Up Proceedings
CENTRAL BAKING: Names Whittfield and Finnigan as Liquidators
COOCH BEHAR: Creditors' Proofs of Debt Due on August 31

D C CONTRACTING: Liquidators to Receive Claims Until Sept. 5
DHB HOLDINGS: Creditors Must Prove Debts by September 5
DVG ROOFING: Court Hears Liquidation Petition
EARTHWORKS CONSTRUCTION: Court Hears Liquidation Petition
ENCHANTED HILL: Members to Hold Final Meeting on September 18

FOX MANUFACTURING: Appoints Joint and Several Liquidators
IMAC SECURITY: Members and Creditors to Convene on September 14
IMPACT PLASTERING: Liquidation bid Hearing Slated for August 28
INGESTRE STREET: Court to Hear Liquidation Bid on Sept. 14
INTERTAX GROUP: Court Orders Wind Up of Group Members

J K WILLIAMS: Placed Under Voluntary Liquidation
JAMES HARDIE: D. Merkley Resigns as Exec VP-EDP Effective Sept 1
JEFFERIES TOURS: Court Hears CIR's Liquidation Bid
LOVELL FENCING: Faces Liquidation Proceedings
MARINESCAPE PROJECTS: Court to Hear Liquidation Petition Oct. 5

MATCHLESS FRAMES: To Declare Dividend on September 29
MAYPOLE GARDEN: Appoints Receivers and Managers
MELJON CONSULTING: Members Resolve to Liquidate Business
MERSTHAM BUILDERS: Creditors Decide to Shut Down Operations
NICHIMEN AUSTRALIA: Members' Final Meeting Slated for Sept. 22

NYLON MEDIA: Appoints Daniel Jean Civil as Liquidator
OBM (NO 2) COMPUTER: To Declare Final Dividend on September 14
PEARLREST PTY: Commences a Wind-Up Proceedings
PRETTIFIT PTY: Members Decide to Close Operations
PRG GROUP: Logan Passes 90% Threshold for Takeover Bid

RANCO INTERNATIONAL: Liquidator Featherby to Give Wind-Up Report
RETIRO HOLDINGS: Members Opt to Voluntarily Liquidate Business
SEAT COVER: Creditors' Proofs of Claim Due on September 6
SHOCK-PROOF SOLUTIONS: Members and Creditors to Meet on Sept. 11
ST JOHNS PROJECTS: Members to Receive Wind-Up Report on Sept. 27

STORAGE HAVEN: Bank Appoints Receivers and Managers
SUN AQUA: Members to Hold Final Meeting on September 13
TOM WOOD: Names Salman Haq as Liquidator
VIP VENDING: Shuts Down Operations
WINDOW REVIVAL: Members and Creditors to Convene on Sept. 13

WHITE DECORATORS: Hearing of CIR's Liquidation Bid on Sept.7


C H I N A   &   H O N G  K O N G

BILLION WIN: Creditors Meeting Set on September 5
BIS GARMENT: Commences Voluntary Wind-Up Proceedings
DUNHUANG (CHINA): Members and Creditors Hold Annual Meetings
EVERGREEN RESTAURANT: Members, Creditors Receive Wind-Up Report
HANSONG (HONG KONG): Liquidator Lam to Present Wind-Up Report

KOWLOON LAND AND INVESTMENTS: Members Set to Meet on Sept. 22
KOWLOON LAND HOLDINGS: Liquidator to Present Wind-Up Report
PERSISTENCE LIMITED: Members to Receive Wind-Up Report
SHA TIN TREASURE: Members and Creditors Receive Wind-Up Report
SIMBURY COMPANY: Members Final Meeting Fixed on September 22

SUN TEXTILES: Members to Receive Wind-Up Report
TAI PO TREASURE: Holds Annual Meetings
TREASURE CONTINUATION: Members and Creditors Hear Wind-Up Report
TREASURE FOOD: Liquidator Presents Wind-Up Details
TREASURE MANAGEMENT: Members & Creditors Receive Wind-Up Report

TWIN WORLD LIMITED: Creditors Set to Discuss Wind-Up Matters
TWIN WORLD BUSINESS: Creditors Meeting Set on September 4
TWIN WORLD CORPORATE: Creditors to Convene on September 4
TWIN WORLD HOLDINGS: Creditors Meeting Slated for September 5
TWIN WORLD TEAM: Creditors to Discuss Wind-Up Matters

* NPC Approves New Corporate Bankruptcy Law


I N D I A

SILICON GRAPHICS: Wants Employee Incentive Plan Implemented
SILICON GRAPHICS: LSI Logic Group Demands Return of All Goods
SILICON GRAPHICS: Court Approves Stipulation Modifying Stay
SILICON GRAPHICS: Goodwin Procter Represents Ad Hoc Committee
SILICON GRAPHICS: Wants to Issue Credit Memos to Customers

SILICON GRAPHICS: Court Gives Nod on Compensation Procedures


I N D O N E S I A

BANK RAKYAT: Posts 3.41% Improvement in Net Profit
GAJAH TUNGGAL: Higher Raw Material Prices Cut Net Profit
KALTIM PRIMA: Parent Cancels US$3.2-Billion Divestiture
MATAHARI PUTRA: First Quarter Net Income Grows 20.5% YoY
NEWERA FOOTWEAR: Pefindo Affirms idCCC Rating

PERUSAHAAN GAS: Stake Sale to Be Completed by November
PUTRA SUMBER: Posts 61% Lower Net Loss
TELKOM INDONESIA: Reports Robust Growth in Net Income
TELKOM INDONESIA: Appoints PwC As Auditor For 2006
TELKOMSEL INDONESIA: Chooses Ericsson For WCDMA Network


J A P A N

HERBALIFE LTD: Completes US$165-Million Bond Redemption
MITSUBISHI MOTORS: Posts July Production, Sales, Exports Figures


K O R E A

KOREA EXCHANGE BANK: Lone Star's Sale to Kookmin Faces Delay
KRISPY KREME: Reaches US$4.75M Settlement in ERISA Suit
STANDARD CHARTERED FIRST BANK: Fitch Affirms C Individual Rating


M A L A Y S I A

AKTIF LIFESTYLE: Members Pass All AGM Resolutions
DATUK KERAMAT: Continues to Fail Submission of Financials
JIN LIN: June 30 Balance Sheet Reveals Insolvency
JIN LIN: Unveils Results of Meetings
MALAYSIA PACKAGING: 2nd Quarter Pre-tax Loss Jumps to MYR509,000

MBF CORPORATION: Books MYR6.9-Mil. Pre-tax Loss in 2nd Quarter
POLYMATE HOLDINGS: Unit Slapped With MYR1.6-Million Claim
SUGAR BUN: Granted Listing of 1 Million New Shares
SUREMAX GROUP: CMCM Slaps Over MYR62,940 Claim
TENAGA NASIONAL: Favors Amendment and Novation of ECA Loan

TRADEWINDS CORP: RAM Reaffirms BBB3(s) Rating; Outlook Negative


P H I L I P P I N E S

BANCO FILIPINO: PSE Continues Suspension of Shares Trading
BENGUET CORP: Fails to Submit Quarterly Report; Shares Suspended
JG SUMMIT: Net Income for 2nd Quarter '06 Declines to PHP953M
MIRANT CORP: Asia-Pacific Unit Completes US$700-Mil Financing
NATIONAL POWER: Inks MOU with Laos' EDL for Tech'l Cooperation

PHILIPPINE LONG DISTANCE: Board Okays 3-Year Strategic Plan


S I N G A P O R E

ARMSTRONG INDUSTRIAL: Buys Back Own Shares
FLEXTRONICS INTERNATIONAL: Sells Photonics Subsidiary to nLight
GREAT OCEAN: Court to Hear Wind-Up Petition on September 1
INFORMATICS EDUCATION: Auditors Raise Significant Doubt
LIANG HUAT: Creditors Approve Modified Schemes

MIYAMA FOOD: Enters Liquidation Proceedings
ODYSSEY RE: Declares Dividends for Common & Preferred Stock
PDC CORP: Issues and Allots 211,000,000 Ordinary Shares
REFCO INC: Files July 2006 Monthly Operating Report
THOMAS PRODUCTS: Pays Dividend to Creditors


T H A I L A N D

TMB BANK: Share Offering Worth THB9.7-Billion Successful


* BOND PRICING: For the Week 28 August to 1 September 2006



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

A FURNITURE ARTISAN: Members Resolve to Wind Up Firm
----------------------------------------------------
At an extraordinary general meeting held on August 9, 2006, the
members of A Furniture Artisan Pty Ltd resolved to voluntarily
wind up the company's operations.

Creditors appointed Christopher Wykes as liquidator at a
separate meeting held later that day.

The Liquidator can be reached at:

         Christopher Wykes
         Lawler Partners
         Chartered Accountants
         Level 7, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia


ADVANCED LUBE: Court Hears Liquidation Bid
------------------------------------------
A petition to liquidate Advanced Lube Technology Ltd was heard
before the High Court of Wellington on August 28, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on July 13, 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


AIR NEW ZEALAND: May Cut Trans-Tasman Flights Absent Qantas Deal
----------------------------------------------------------------
Air New Zealand warns that it will start cutting trans-Tasman
flights if it fails to get approval for its code-sharing deal
with Qantas Airways Limited, The Australian reports.

As reported in the Troubled Company Reporter - Asia Pacific on
April 13, 2006, Air New Zealand and Qantas have signed a code-
share agreement that will allow both airlines to reduce cost by
removing some surplus or duplicated capacity and utilizing
aircraft more efficiently, while increasing the number of
flights available to their customers for the trans-Tasman
routes.

According to Air New Zealand Chief Executive Officer Rob Fyfe,
the deal is essential to the routes' viability.

Moreover, The Australian notes that the deal would give both
airlines a combined market share of 75%.

"We're making significant losses on the Tasman and, in a market
where you have significant surplus capacity you can't address
the problem by raising revenue, you have to reduce costs," the
paper cites Mr. Fyfe as saying.

"If we can't achieve our cost reductions through the code-share
proposal with Qantas, then we'll have to look at pursuing cost
reduction initiatives on our own account.  And that is likely to
result in some form of capacity reduction on the Tasman," Mr.
Fyfe contends.

The Australian recounts that executives warned that more "tough
strategic, workplace and workforce decisions" are needed to
improve productivity at the airline and said they would not
hesitate to cut unprofitable routes.

The TCR-AP reported on August 28, 2006, that Air New Zealand's
net profit after tax for the year ended June 30, 2006, was
NZ$96 million, 47% down compared with the figure for the
previous period due to fuel price increases.

                      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.


AIRLAY CARPET: Appoints Official Liquidators
--------------------------------------------
On August 7, 2006, Donald Crichton and Keira Ann Horne were
appointed as joint and several liquidators for Airlay Carpet
Services Ltd.

Subsequently, Mr. Crichton and Ms. Horne require the company's
creditors to submit their proofs of claim by September 5, 2006,
for them to share in any distribution the Company will make.

The Joint and Several Liquidators can be reached at:

         K. A. Horne
         c/o Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929


ARIA WINE: To Declare First and Final Dividend on September 29
--------------------------------------------------------------
Aria Wine Company Pty Limited notifies parties-in-interests of
its intention to declare dividend on September 29, 2006.

Creditors who were not able to file their proofs of claim by
August 22, 2006, will be excluded from sharing in the dividend
distribution.

The deed administrator can be reached at:

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


AUSTRALIAN GOLD: To Declare Dividend on September 8
---------------------------------------------------
Australian Gold Council will declare a first and final dividend
for unsecured and priority creditors on September 8, 2006.

Creditors must submit their proofs of claim by August 30, 2006,
for them to share in the dividend distribution.

The liquidator can be reached at:

         Richard J. Cauchi
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Australia
         Telephone: 9639 4779
         Facsimile: 9639 4773


AUSTRALIAN LEGAL RESOURCES: Under Voluntary Liquidation
-------------------------------------------------------
Australian Legal Resources International, headed by former
Federal Court judge Marcus Einfeld, has collapsed, leaving the
Government's overseas aid program, AusAID, thousands of dollars
out of pocket, the Sydney Morning Herald reports, adding that
the non-profit organization is being wound up.

The Australian relates that after losing a string of potential
foreign aid projects, ALRI went into voluntary administration in
April 2006.

According to The Australian, ALRI went into liquidation in
May 2006, owing the federal aid agency AU$120,780.  In that same
month, Mr. Einfeld was one of a number of voters at a creditors
meeting to back a plan to destroy the company's records, the
paper relates.

The Sydney Herald reveals that ALRI's creditors include AusAID,
the Taxation Office, St. George Bank, and Mr. Einfeld.  The
other directors were the former Victorian Supreme Court judge
Howard Nathan; a prominent refugee lawyer, David Bitel; and a
former NSW Labor MP, Janelle Saffin, the paper adds.

The Australian notes that the minutes of the creditors meeting
show that an AusAID representative was present.  However, it
does not show whether AusAID also wanted the books destroyed.

The paper further notes that AusAID refuses to discuss its
involvement with ALRI.

The Sydney Herald cites a report by Neil Cussen -- the company's
administrator -- to creditors, saying that Mr. Einfeld had
"inaccurately" stated ALRI's debts when he reported to an
employee that only AU$7,000 was owed to creditors.

The Sydney Herald also relates that the company's former
manager, Peter Walford, told Mr. Cussen that the total was
closer to AU$32,000, and that AusAID's claim takes it much
higher than that.

Mr. Cussen notes that there was no evidence to suggest that the
company had traded while insolvent, the paper says.

              AusAid Grant Helped Meet Shortfall

According to The Australian, AusAID granted more than
AU$1.2 million to ALRI.

AusAID gave ALRI AU$730,172 in grants in 2003 to meet a
shortfall of AU$913,265 between expenditure and the amount of
money that had been raised by the company, the paper cites
ALRI's last annual accounts.

The Australian reveals that in 2005, AusAID grants amounted to
AU$480,009 -- representing the entire shortfall between the
company's expenditure and the amount it had raised.

The paper relates that while AusAID is its major creditor,
ALRI's accounts reveal that the government agency had been
increasing its financial support as the company's position
deteriorated.  They also show that AusAID was helping to keep
the company afloat for at least three years.

The Australian relates that Mr. Einfeld played a key role in
ALRI's aid projects, which required him to travel to the
Caribbean, Indonesia, the Middle East, and other countries.

In his 15 years as a judge, the Federal Court paid for just one
of Mr. Einfeld's trips overseas, the paper cites a Federal Court
spokesman as saying.

According to ALRI Secretary David Bitel, the projects in the
Caribbean meant that when Mr. Einfeld was still a judge, he and
other Australian judges spent considerable time there helping
clear backlogs of cases.

The Australian notes that while ALRI's documents have not yet
been destroyed, doing so will eliminate the official record of
extensive foreign travel undertaken by Mr. Einfeld during his
time as a Federal Court judge.

It will also eliminate the official record of the federal
Government's financial involvement with ALRI, the paper adds.

                           About ALRI

According to the Sydney Morning Herald, Australian Legal
Resources International is a charitable company, which helped
improve legal systems in developing countries.  It was also
chosen by the late Yasser Arafat to help reform the Palestinian
Authority in 1997.

ALRI has been providing pro bono legal advice and outdated law
books to developing countries, The Australian relates.


B.THOMPSON SPRAYPAINTING: Court Hears CIR's Liquidation Bid
-----------------------------------------------------------
A petition to liquidate Bob Thompson Spraypainting Ltd was heard
before the High Court of Wellington on August 28, 2006.

The Commissioner of Inland Revenue filed the petition with the
Court on July 4, 2006.

The Solicitor for the Petitioner can be reached at:

         Julia Marie Snelson
         Technical and Legal Support Group
         Wellington Service Centre
         1st Floor, New Zealand Post House
         7-27 Waterloo Quay (P.O. Box 1462)
         Wellington, New Zealand
         Telephone: (04) 890 1127
         Facsimile: (04) 890 0009


BARE DIGITAL: Liquidator to Present Wind-Up Report on Sept. 11
--------------------------------------------------------------
Members and creditors of Bare Digital Pty Limited will convene
on September 11, 2006, at 9:00 a.m., to hear Liquidator Nima
Yassini's report on the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         Nima Yassini
         Level 8, 15 Blue Street
         North Sydney, New South Wales 2060
         Australia


BELMONT CORPORATE: Faces Liquidation Proceedings
------------------------------------------------
A liquidation petition filed against Belmont Corporate Trustees
Ltd will be heard before the High court of Auckland on
August 31, 2006.

Bridgecorp Ltd filed the petition with the Court on June 20,
2006.

The Solicitor for the Petitioner can be reached:

         R.J. Viskovich
         McVeagh Fleming, Lawyers
         Level Fourteen, HSBC House
         1 Queen Street, Auckland
         New Zealand
         P.O. Box 4099, Shortland Street
         Auckland 1140
         Telephone: (09) 377 9966


CAM-TRANZ CAMBRIDGE: Court Set to Hear ACC's Liquidation Bid
------------------------------------------------------------
A liquidation petition filed against Cam-Tranz Cambridge Ltd
will be heard before the High Court of Hamilton on September 4,
2006, at 10:45 a.m.

The Accident Compensation Commission filed the petition with the
Court on July 6, 2006.

The Solicitor for the Plaintiff can be reached at:

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


CARLEN CO: Creditors' Proofs of Claim Due on September 5
--------------------------------------------------------
Carlen Co Pty Ltd will declare its first and final dividend on
October 11, 2006.

Creditors are required to submit their proofs of claims by
September 5, 2006, for them to share in the company's dividend
distribution.

The liquidator can be reached at:

         John Park
         KordaMentha (Queensland)
         22 Market Street
         Brisbane Queensland 4000
         Australia
         Telephone:(07) 3225 4000
         Facsimile:(07) 3225 4999


CASBATA PTY: Enters Wind-Up Proceedings
---------------------------------------
The members of Casbata Pty Ltd convened on August 9, 2006, and
resolved to voluntarily wind up the company's operations.

Clyde Peter White and David Charles Quin were appointed as
liquidators at a creditors' meeting held later that day.

The Liquidators can be reached at:

         Clyde Peter White
         David Charles Quin
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street
         Melbourne 3000
         Australia


CENTRAL BAKING: Names Whittfield and Finnigan as Liquidators
------------------------------------------------------------
Shareholders of Central Baking Co Ltd named John Trevor
Whittfield and Peri Micaela Finnigan as joint and several
liquidators on August 2, 2006.

The Joint Liquidators will be accepting proofs of claim from the
company's creditors on September 8, 2006.  

The Joint and Several Liquidators can be reached at:

         John Whittfield
         McDonald Vague, P.O. Box 6092
         Wellesley Street Post Office
         Auckland, New Zealand
         Telephone: (09) 303 0506
         Facsimile: (09) 303 0508


COOCH BEHAR: Creditors' Proofs of Debt Due on August 31
-------------------------------------------------------
Cooch Behar Investments Pty Limited intends to declare dividend
for its creditors.

Creditors are required to file their proofs of claim by
August 31, 2006, for them to share in the dividend distribution.

The deed administrator can be reached at:

         Anthony Warner
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney New South Wales 2000
         Australia


D C CONTRACTING: Liquidators to Receive Claims Until Sept. 5
------------------------------------------------------------
The High Court of Christchurch ordered on August 7, 2006, the
appointment of David Donald Crichton and Keiran Ann Horne as
joint and several liquidators for D C Contracting Ltd.

The Joint Liquidators will be accepting proofs of claim from the
company's creditors until September 5, 2006.

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

According to the Troubled Company Reporter - Asia Pacific, the
Commissioner of Inland Revenue filed on May 30, 2006, a petition
to liquidate the company.  The Court heard the petition on
August 7, 2006.

The Joint and Several Liquidators can be reached at:

         K. A. Horne
         c/o Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929


DHB HOLDINGS: Creditors Must Prove Debts by September 5
-------------------------------------------------------
On August 7, 2006, the High Court ordered for the appointment of
David Donald Crichton and Keiran Ann Horne as joint and several
liquidators of DHB Holdings Ltd.

In this regard, the company's creditors are required to submit
their proofs of claim to the official liquidators by September
5, 2006, for them to share in any distribution the Company will
make.

The Joint and Several Liquidators can be reached at:

         K. A. Horne
         c/o Marie Inch
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929


DVG ROOFING: Court Hears Liquidation Petition
---------------------------------------------
The High Court of Auckland on August 24, 2006, heard a petition
to liquidation DVG Roofing Ltd.

The petition was filed by Brownbuilt Metal Folding Ltd on
May 17, 2006.

The Solicitor for the Petitioner can be reached at:

         Ralph George Simpson
         Offices of Bell Gully
         Level Twenty-two, Vero Centre
         48 Shortland Street
         Auckland, New Zealand


EARTHWORKS CONSTRUCTION: Court Hears Liquidation Petition
---------------------------------------------------------
A petition to liquidate Earthworks Construction Ltd was heard
before the High court of Wellington on August 28, 2006.

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

The Solicitor for the Plaintiff can be reached at:

         Andrew Hamer Instone
         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 1133
         Facsimile: (04) 890 0009



ENCHANTED HILL: Members to Hold Final Meeting on September 18
-------------------------------------------------------------
Members of Enchanted Hill Pty Ltd will hold a final and general
meeting on September 18, 2006 at 10:00 a.m.

At the meeting, Liquidator R. A. Dawson will report on the
company's wind-up proceedings and property disposal exercises.

As reported by the Troubled Company Reporter - Asia Pacific on
July 19, 2006, the company commenced wind-up proceedings on
June 14, 2006.

The Liquidator can be reached at:

         R. A. Dawson
         R. A. Dawson & Associates
         GPO Box 443
         Canberra ACT 2601
         Australia


FOX MANUFACTURING: Appoints Joint and Several Liquidators
---------------------------------------------------------
The High Court of Auckland ordered on August 7, 2006, the
appointment of Warren Michael Johnstone and Stephen John Tubbs
as joint and several Liquidators of Fox Manufacturing Ltd.

The Joint Liquidators require the creditors of the Company to
submit their proofs of claim by August 31, 2006, for them to
share in any distribution the Company will make.

According to the Troubled Company Reporter - Asia Pacific, the
Company was facing a liquidation petition filed by Mercer
Stainless Ltd on June 6, 2006.  The Court heard the petition on
July 10, 2006.

The Joint and Several Liquidators can be reached at:

         Warren Michael Johnstone
         c/o Barbara King, BDO Spicers
         Level Six, Spicer House, 148 Victoria Street
         Christchurch, New Zealand
         Postal Address: P.O. Box 246, Christchurch
         Telephone: (03) 379 5155 (extension 853)
         Facsimile: (03) 353 5526
         e-mail: barbara.king@chc.bdospicers.com


IMAC SECURITY: Members and Creditors to Convene on September 14
---------------------------------------------------------------
The members and creditors of IMAC Security Services Pty Ltd will
hold an annual general meeting on September 14, 2006, at 10:00
a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the liquidator's report on his acts and dealings
      during the company's wind-up;

   -- propose a resolution to have the liquidator's renumeration
      cap increased; and

   -- discuss general business.

The liquidator can be reached at:

         Nicholas Martin
         PPB
         Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


IMPACT PLASTERING: Liquidation bid Hearing Slated for August 28
---------------------------------------------------------------
A petition to liquidate Impact Plastering Ltd was heard before
the High court of Wellington on August 28, 2006.

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

The Solicitor for the Petitioner can be reached at:

         Aaron Reynolds Lyne
         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 1079
         Facsimile: (04) 890 0009


INGESTRE STREET: Court to Hear Liquidation Bid on Sept. 14
----------------------------------------------------------
The High Court of Auckland will hear a liquidation petition
against Ingestre Street Corporate Trustees Ltd on September 14,
2006.

Bridgecorp Ltd filed the petition with the Court on June 20,
2006.

The Solicitor for the Petitioner can be reached at:

         R.J. Viskovich
         McVeagh Fleming, Lawyers
         Level Fourteen, HSBC House
         1 Queen Street, Auckland
         New Zealand
         P.O. Box 4099, Shortland Street
         Auckland 1140
         Telephone: (09) 377 9966


INTERTAX GROUP: Court Orders Wind Up of Group Members
-----------------------------------------------------
After an application by the Australian Securities and
Investments Commission, the Supreme Court of Queensland at
Brisbane has made a declaration that David Jeremiah Palmer and
companies related to him -- the Intertax Group -- operated an
unregistered managed investments scheme in breach of the
Corporations Act.

The Honorable Justice Fryberg also ordered that Gerald Collins
and Matthew Joiner, of Jefferson Collins Joiner Chartered
Accountants, be appointed joint and several liquidators to wind
up the members of the Intertax Group and the Scheme.

The Court accepted the ASIC's submission that the several funds
operated by the Intertax Group constituted one overall Scheme.

Previously, Messrs. Collins and Joiner had been appointed as
investigative accountants to prepare a report for the court in
relation to certain matters concerning the affairs of the
Intertax Group.  In their report, Messrs. Collins and Joiner
concluded that:

   * the Scheme was insolvent;

   * the investors in the Scheme are owed in the order of
     AU$14 million;

   * there are grounds to suspect that Mr. Palmer and the
     Intertax Group have contravened the Act and ASIC Act; and

   * the liabilities of the Scheme exceed its assets by
     approximately AU$9.7 million.

At the hearing, the Court considered a proposal for the winding
up of the Scheme put forward by Mr. Palmer and supported by
investors.  Justice Fryberg was of the view that the proposal
was a continuation of the unregistered managed investment
schemes and "seriously doubted whether the proposal could be
lawfully carried out."

The proceedings, relating to the application for declarations in
relation to Max Collins and Philip Trudgeon, who are directors
of two of the members of the Intertax Group, have been adjourned
to a date to be fixed.

                           Background

On June 6, 2006, the ASIC filed an application with the Supreme
Court of Queensland seeking orders against an unregistered
investment scheme being operated by the Intertax Group.

The proceedings were commenced as a result of information
received by the ASIC during the conduct of an investigation into
the affairs of Mr. Palmer and companies related to him.  The
information gave the ASIC reason to believe that members of the
Intertax Group may have operated an unregistered managed
investment scheme in breach of the Act.

The ASIC's investigations have revealed that the Intertax Group
has established at least four funds for managed investment
projects.  The projects were marketed to clients of Intertax, a
Brisbane accounting firm.  The ASIC understands that
approximately 150 investors, located predominately in south-east
Queensland, were offered returns between 12% to 50% per annum,
depending on the financial position of the Intertax Group at the
time.

                      About Intertax Group

Intertax Group -- http://www.intertax.com.au/-- headquartered  
in Springwood, Queensland, is a family of companies that offers
a range of services for growth, pleasure, and profit in all
areas of life.


J K WILLIAMS: Placed Under Voluntary Liquidation
------------------------------------------------
Members of J K Williams Penrith Co Pty Ltd met on August 9,
2006, and agreed to voluntarily wind up the company's
operations.

In this regard, Anthony Wayne Elkerton was appointed as
liquidator.

The Liquidator can be reached at:

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


JAMES HARDIE: D. Merkley Resigns as Exec VP-EDP Effective Sept 1
----------------------------------------------------------------
James Hardie Industries NV advises that Dave Merkley has
resigned from his role as Executive Vice President-Engineering
and Process Development, effective September 1, 2006.

However, James Hardie Chief Executive Officer Louis Gries notes
that "under the terms of his contract, [Mr. Merkley] will be
available to consult to us over the next few years so we will
still have access to his knowledge and skills."

Mr. Gries says that the company will be appointing a replacement
head of Engineering and Process Development in due course.

After Mr. Merkley's resignation, James Hardie's Senior
Leadership Team now consists of:

   * Louis Gries, Chief Executive Officer;
   * Russell Chenu, Chief Financial Officer;
   * Ben Butterfield, General Counsel;
   * James Chilcoff, VP-International Business;
   * Nigel Rigby, VP-Emerging Markets;
   * Robert Russell, VP-Established Markets;
   * Cathy Wallace, VP-Global Human Resources;
   * Grant Gustafson, VP-Interiors & Business Development;
   * Mark Fisher, VP-Research and Development;
   * Peter Baker, Executive VP Australia; and
   * Steve Ashe, VP-Investor Relations

                      About James Hardie

James Hardie Industries Limited -- http://www.jameshardie.com/
-- manufactures, markets and distributes fiber cement and gypsum
products, fiberglass reinforced plastic and PVC products,
sanitary ware and bathroom products, insulating materials and
fillers, strippers and adhesives.  On July 2, 1998, the then
public company announced a plan of reorganization and capital
restructuring.  James Hardie N.V. was incorporated in August
1998 as an intermediary holding company, with all of its common
stock owned by indirect subsidiaries of JHIL.  Effective as of
November 1998, JHIL contributed its fibre cement businesses, its
United States gypsum wallboard business, its Australian and New
Zealand building systems businesses and its Australian windows
business to JHNV and its subsidiaries.

On July 24, 2001, JHIL announced a further plan of
reorganization and capital restructuring, which reorganization
was completed on October 19, 2001.  In connection with the 2001
Reorganization, James Hardie Industries N.V., formerly RCI
Netherlands Holdings B.V., issued common shares represented by
CHESS Units of Foreign Securities on a one for one basis to
existing JHIL shareholders in exchange for their shares such
that JHINV became the new ultimate holding company for JHIL and
JHNV.  Following the 2001 Reorganization, JHINV controls the
same assets and liabilities as JHIL controlled immediately prior
to the 2001 Reorganization.

The Company's troubles began with its "under-funded" allocation
for asbestos claims, which were brought in by people who suffer
or may have diseases caused by exposure to the asbestos-related
products produced by JHIL.  In 2001, James Hardie set up an
independent entity, Medical Research and Compensation
Foundation, to handle asbestos claims.  The Foundation has
warned that it could run out of money within five years.  The
Asbestos Diseases Foundation of Australia and workers unions
called for all the Company's asbestos profits to be immediately
placed in the fund.  James Hardie was later accused of topping
up the dwindling asbestos fund it established.

By 2004, James Hardie's former asbestos manufacturing
subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd
-- are three of around 150 defendants in asbestos litigation,
and based on the Foundation's own figures, they account for
US$1,000,000,000 of the predicted US$6,000,000,000 future
asbestos liabilities in Australia.  Although James Hardie
stopped making asbestos products in 1987, the average 35-year
latency of mesothelioma, an asbestos-related disease, means
asbestos compensation funds will be needed until mid-century. In
a 2005 report by a company-hired actuary from KPMG, it was
predicted that 4,915 Australians would contract mesothelioma
from exposure to Hardie products in the coming decades.  When
less serious forms of asbestos-related disease are included,
James Hardie should expect to compensate 8,725 victims.

On December 1, 2005, the Company announced that the NSW
Government and a wholly owned Australian subsidiary of the
Company -- LGTDD Pty Ltd -- had entered into a conditional
agreement to provide long-term funding to a special purpose fund
that will provide compensation for Australian asbestos-related
personal injury claims against certain former James Hardie
asbestos companies.  The amount of the asbestos provision of
AU$1 billion, at March 31, 2006, is the Company's best estimate
of the probable outcome, which estimate includes an actuarial
calculation prepared by KPMG Actuaries Pty Ltd of the projected
future cash outflows, undiscounted and uninflated, and the
anticipated tax deduction arising from Australian legislation
which came into force on April 6, 2006.


JEFFERIES TOURS: Court Hears CIR's Liquidation Bid
--------------------------------------------------
On August 28, 2006, the High Court of Wellington heard the
liquidation petition filed against Jefferies Tours & Charters
Ltd.

The Commissioner of Inland Revenue filed the petition on July 4,
2006.

The Solicitor for the Petitioner can be reached at:

         Rachel Laura Roff
         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 1116
         Facsimile: (04) 890 0009


LOVELL FENCING: Faces Liquidation Proceedings
---------------------------------------------
Members of Lovell Fencing Pty Ltd convened on August 8, 2006,
and agreed to voluntarily liquidate the company's business.

Subsequently, Gregory Stuart Andrews was appointed as
liquidator.

The Liquidator can be reached at:

         Gregory Stuart Andrews
         G. S. Andrews & Associates
         22 Drummond Street
         Carlton 3053
         Australia


MARINESCAPE PROJECTS: Court to Hear Liquidation Petition Oct. 5
---------------------------------------------------------------
A petition to liquidate Marinescape Projects Ltd will be heard
before the High Court of Auckland on October 5, 2006, at 10:00
a.m.

Ivan Valentino Comuzzo filed the petition with the Court on
July 24, 2006.

The Solicitor for the Plaintiff can be reached at:

         Greg Dean Stringer
         Inder Lynch, Solicitors
         Corner of East and Wood Streets
         (P.O. Box 72-045 or D.X. E.P. 76 504)
         Papakura, Auckland
         New Zealand



MATCHLESS FRAMES: To Declare Dividend on September 29
-----------------------------------------------------
Matchless Frames & Trusses Pty Limited will declare dividend to
creditors on September 29, 2006, to the exclusion of those who
cannot prove their claims by September 12, 2006.

The liquidator can be reached at:

         Ozem Kassem
         Cor Cordis
         Chartered Accountants
         Level 8, 50 Carrington Street
         Sydney New South Wales
         Australia
         Telephone:(02) 8221 8433
         Facsimile:(02) 8221 8422


MAYPOLE GARDEN: Appoints Receivers and Managers
-----------------------------------------------
Steven Davies of Bibby Financial Services Australia Pty Limited
appointed Neil Robert Cussen and Geoffrey Trent Hancock as
receivers and managers of Maypole Garden Fresh Pty Limited on
August 9, 2006.

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


MELJON CONSULTING: Members Resolve to Liquidate Business
--------------------------------------------------------
At a general meeting held on August 9, 2006, the members of  
Meljon Consulting Pty Ltd decided to liquidate the company's
business and appoint Daniel J. Civil as liquidator.

The Liquidator can be reached at:

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


MERSTHAM BUILDERS: Creditors Decide to Shut Down Operations
-----------------------------------------------------------
Creditors of Merstham Builders Pty Limited convened on August 7,
2006, and decided to shut down the company's operations.

Subsequently, Geoffrey Trent Hancock was appointed as
liquidator.

The Liquidator can be reached at:

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


NICHIMEN AUSTRALIA: Members' Final Meeting Slated for Sept. 22
--------------------------------------------------------------
Members of Nichimen Australia Ltd will hold a final meeting on
September 22, 2006, at 10:00 a.m., to receive accounts of the
company's wind-up and property disposal exercises form
Liquidator David Joseph Levi.

According to the Troubled Company Reporter - Asia Pacific, the
company commenced a wind-up of its operations on October 26,
2005.

The Liquidator can be reached at:

         David Joseph Levi
         Level 10, 1 Margaret Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9251 4100


NYLON MEDIA: Appoints Daniel Jean Civil as Liquidator
-----------------------------------------------------
Members of Nylon Media Australia/New Zealand Pty Limited met on
August 10, 2006, and resolved to voluntarily liquidate the
company's operations.

Accordingly, Daniel Jean Civil was appointed as liquidator.

The Liquidator can be reached at:

         Daniel Jean Civil
         Jirsch Sutherland
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone:(02) 9233 2111
         Facsimile:(02) 9233 2144
          

OBM (NO 2) COMPUTER: To Declare Final Dividend on September 14
--------------------------------------------------------------
OBM (NO 2) Computer Wholesales Pty Limited will declare final
dividend on September 14, 2006.

Creditors should submit their proofs of debt by September 13,
2006, for them to share in the company's dividend distribution.

The liquidator can be reached at:

         A. H. J. Wily
         Armstrong Wily
         Chartered Accountants
         Level 5, 75 Castlereagh Street
         Sydney, New South Wales 2000
         Australia


PEARLREST PTY: Commences a Wind-Up Proceedings
----------------------------------------------
The members of Pearlrest Pty Limited met on August 11, 2006, and
agreed to voluntarily wind-up the company's operations.

In this regard, M. F. Cooper was appointed as liquidator.

The Liquidator can be reached at:

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


PRETTIFIT PTY: Members Decide to Close Operations
-------------------------------------------------
At an extraordinary general meeting held on August 14, 2006, the
members of Prettifit Pty Limited resolved to close the company's
operations and appoint Roderick Mackay Sutherland as liquidator.

The Liquidator can be reached at:

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


PRG GROUP: Logan Passes 90% Threshold for Takeover Bid
------------------------------------------------------
As reported in the Troubled Company Reporter - Asia Pacific on
August 3, 2006, PRG Group's 81% owner, Eric Watson, bought
another 12.3% of the Company, triggering a full takeover at
NZ$1.22 per share.

Logan Corp, a unit of Mr. Watson's private investment vehicle
Cullen Investments, bought the 12.3% stake from AllianceBerstein
on behalf of Axa Asia Pacific Holdings, the TCR-AP noted.

A follow-up report from the New Zealand Press Association
relates that Logan has passed the 90% threshold in its takeover
bid for PRG.  Accordingly, it now holds around 93% of PRG,
triggering a compulsory takeover notice.

The notice dated August 25, 2006, signaled the official purchase
of a 12.3% stake from Axa Asia Pacific Holdings and others,
Stuff.co.nz relates.

Independent directors have judged Logan's NZ$1.22 per share
offer reasonable, the report says.

                        About PRG Group

Formerly Pacific Retail Group, PRG Group Limited --
http://www.prg.co.nz/-- is an NZX-listed investment company  
focused on the consumer sector.  It has a portfolio of operating
companies in New Zealand and the United Kingdom, including
leading lingerie designer and marketer, Bendon Limited.  PRG
Group's other businesses include PowerHouse, the UK's third
largest specialist appliance retailer.  PowerHouse operates 53
stores in the UK.  PRG Group also owns New Zealand homeware
retailer Living & Giving.

Late January 2006, PRG Group completed the sale of its Finance
Group to GE Finance and Insurance for NZ$145 million.  The
Finance Group comprised four companies - Pacific Retail Services
Limited, Pacific Retail Finance Limited, Montreal Financial
Services Limited and Simply Insurance New Zealand Limited.  The
structure of the sale meant the Finance Group's loan book and  
other assets were sold to GE, together with the shares in Simply
Insurance New Zealand.  Under the sale agreement, PRG has
changed its name from Pacific Retail Group Limited to PRG Group  
Limited.  The Company posted a NZ$75 million capital profit (net
of costs) from the sale.  

PRG Group used part of the sale proceeds to repay
NZ$62.7 million of outstanding Secured Capital Notes and to
repay loans of NZ$20 million to principal banker, ANZ Bank.  PRG
Group hoped that the sale will allow it to retire all parent
company debt, leaving it in a strong financial position to
continue to fund growth in its major operating businesses.


RANCO INTERNATIONAL: Liquidator Featherby to Give Wind-Up Report
----------------------------------------------------------------
Members and creditors of Ranco International Pty Ltd will
convene on September 11, 2006, at 10:00 a.m., to hear Liquidator
Featherby's report on the company's wind-up proceedings.

The Liquidator can be reached at:

         G. R. Featherby
         Featherby Reilly
         Ground Floor
         1121 Hay Street
         West Perth, Australia


RETIRO HOLDINGS: Members Opt to Voluntarily Liquidate Business
--------------------------------------------------------------
The members of Retiro Holdings Pty Ltd convened on August 14,
2006, and resolved to voluntarily liquidate the company's
business.

Subsequently, Roderick Mackay Sutherland was appointed as
liquidator.

The Liquidator can be reached at:

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


SEAT COVER: Creditors' Proofs of Claim Due on September 6
---------------------------------------------------------
Shareholders of Seat Cover Warehouse Ltd appointed on August 8,
2006, David Donald Crichton and Keiran Ann Horne as joint and
several liquidators of the Company.

The Joint Liquidators require the creditors of the Company to
submit their proofs of claim by September 6, 2006, for them to
share in any distribution the Company will make.

The Joint and Several Liquidators can be reached at:

         K. A. Horne
         c/o Nelson Gardiner
         Crichton Horne & Associates Limited
         Old Library Chambers
         109 Cambridge Terrace
         (P.O. Box 3978), Christchurch
         New Zealand
         Telephone: (03) 379 7929


SHOCK-PROOF SOLUTIONS: Members and Creditors to Meet on Sept. 11
----------------------------------------------------------------
Members and creditors of Shock-Proof Solutions Pty Ltd will meet
on September 11, 2006, at 11:00 a.m., to receive Liquidator
Reilly's final report on the company's wind-up and property
disposal exercises.

The Liquidator can be reached at:

         M. D. Reilly
         Featherby Reilly
         Ground Floor
         1121 Hay Street
         West Perth, Australia


ST JOHNS PROJECTS: Members to Receive Wind-Up Report on Sept. 27
----------------------------------------------------------------
Members of St Johns Projects Pty Ltd will hold a final meeting
on September 27, 2006, at 10:00 a.m., to hear Liquidator
Gaffney's report on the company's wind-up and property disposal
exercises.

The Liquidator can be reached at:

         A. A. Gaffney
         RSM Bird Cameron
         Chartered Accountants
         8 St George's Terrace
         Perth, Western Australia 6000
         Australia
         Telephone:(08) 9261 9100


STORAGE HAVEN: Bank Appoints Receivers and Managers
---------------------------------------------------
On August 9, 2006, the National Australia Bank Limited appointed
James Alexander Shaw and Stephen John Sherman as receivers and
managers of the whole property comprised in Certificate of Folio
Identifier 211/1070348 and known as Lot 211, Kalinya Close,
Cameron Park in the State of New South Wales.

The Receivers and Managers can be reached at:

         James Alexander Shaw
         Stephen John Sherman
         Ferrier Hodgman
         Chartered Accountants
         Sydney
         Australia


SUN AQUA: Members to Hold Final Meeting on September 13
-------------------------------------------------------
The members of Sun Aqua Pty Ltd will hold a final meeting on
September 13, 2006, at 10:00 a.m.

Liquidator Robinson will present the company's wind-up report
and the manner of property disposal during the meeting.

As reported by the Troubled Company Reporter - Asia Pacific on
April 3, 2006, the company distributed its final dividend on
April 4, 2006.

The Liquidator can be reached at:

         V. J. Robinson
         Deloitte Touche Tohmatsu
         Level 9, ANZ Centre
         22 Elizabeth Street
         Hobart Tasmania 7000
         Australia
         Telephone:(03) 6237 7000
         Facsimile:(03) 6237 7001


TOM WOOD: Names Salman Haq as Liquidator
----------------------------------------
At a general meeting held on August 9, 2006, the members of Tom
Wood (Consulting Engineers) Pty Ltd resolved to voluntarily wind
up the company's operations and appoint Salman Haq as
liquidator.

The Liquidator can be reached at:

         Salman Haq
         Level 8, 65 York Street
         Sydney, New South Wales 2000
         Australia


VIP VENDING: Shuts Down Operations
----------------------------------
Members of VIP Vending (Sydney North) Pty Limited met on
August 11, 2006, and agreed to shut down the company's
operations.

In this regard, Nicholas Crouch was appointed as liquidator.

The Liquidator can be reached at:

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


WINDOW REVIVAL: Members and Creditors to Convene on Sept. 13
------------------------------------------------------------
The members and creditors of Window Revival Pty Ltd will hold a
meeting on September 13, 2006, at 9:00 a.m.

At the meeting, the members and creditors will be asked to:

   -- receive the final receipts and payments from the
      liquidator;

   -- receive formal notice of the end of the administration;
      and

   -- discuss other business that may be considered with the
      foregoing.

The liquidator can be reached at:

         Michael Griffin
         Worrells
         Solvency & Forensic Accountants
         8th Floor, 102 Adelaide Street
         Brisbane Queensland 4000
         Australia
         Telephone:(07) 3225 4377
         Facsimile:(07) 3225 4311
         Web-site: http://www.worrells.net.au


WHITE DECORATORS: Hearing of CIR's Liquidation Bid on Sept.7
------------------------------------------------------------
The High Court of Napier will hear a petition to liquidate White
Decorators Ltd on September 7, 2006, at 10:00 a.m.

A petition was filed by the Commissioner of Inland Revenue on
July 17, 2006.

The Solicitor for the Petitioner can be reached at:

         R.J. Collins
         Elvidge & Partners, Solicitors
         Corner of Raffles and Bower Streets
         Napier, New Zealand


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

BILLION WIN: Creditors Meeting Set on September 5
-------------------------------------------------
Creditors of Billion Win Enterprise Ltd will convene for a
meeting at 8/F., Richmond Commercial Building, 109 Argyle
Street, Kowloon in Hong Kong on September 5, 2006, at 4:00 p.m.

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


BIS GARMENT: Commences Voluntary Wind-Up Proceedings
----------------------------------------------------
BIS Garment Workshop Ltd commenced a voluntary wind-up of its
operations on August 11, 2006.

The company's board of directors had on August 10, 2006,
appointed Wu Shek Chun as provisional liquidator.


DUNHUANG (CHINA): Members and Creditors Hold Annual Meetings
------------------------------------------------------------
The annual meetings of members and creditors of Dunghuang
(China) Co Ltd were held on August 24, 2006, at 11:40 a.m. and
3:15 p.m. respectively.

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


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


HANSONG (HONG KONG): Liquidator Lam to Present Wind-Up Report
-------------------------------------------------------------
Members of Hansong (Hong Kong) Co Ltd will convene on September
22, 2006, 3:00 p.m. at Room 1005 Allied Kajima Building, 138
Gloucester Road, in Wanchai, Hong Kong.

During the meeting, Liquidator Lam Ying Sui will present
accounts of the company's wind-up and property disposal
activities.

According to the Troubled Company Reporter - Asia Pacific, the
Company commenced a voluntary wind-up of its operations on
February 17, 2006.


KOWLOON LAND AND INVESTMENTS: Members Set to Meet on Sept. 22
-------------------------------------------------------------
Members of Kowloon Land and Investments Ltd will convene for
their final meeting on September 22, 2006, 3:00 p.m. at 23/F.,
Wheelock House, 20 Pedder Street, Hong Kong.

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


KOWLOON LAND HOLDINGS: Liquidator to Present Wind-Up Report
-----------------------------------------------------------
Members of Kowloon Land Holdings Ltd will meet on September 22,
2006, 4:00 p.m. to hear accounts of the company's wind-up
proceedings from Liquidator Kevin Chung Ying Hui.

The meeting will be held at 23/F., Wheelock House, 20 Pedder
Street, Hong Kong.


PERSISTENCE LIMITED: Members to Receive Wind-Up Report
------------------------------------------------------
Members of Persistence Ltd will receive Liquidator Kevin Chung
Ying Hui's report regarding the Company's wind-up and property
disposal exercises.



The report will be presented on September 22, 2006, at 4:00 p.m.
at 23/F., Wheelock House, 20 Pedder Street in Hong Kong.


SHA TIN TREASURE: Members and Creditors Receive Wind-Up Report
--------------------------------------------------------------
The annual meetings of the members and creditors of Sha Tin
Treasure Restaurant Company Limited was held on August 24, 2006,
at 11:00 a.m. and 2:20 p.m. respectively.

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


SIMBURY COMPANY: Members Final Meeting Fixed on September 22
------------------------------------------------------------
The final members meeting of Simbury Company Ltd will be held on
September 22, 2006, 6:00 p.m. at 23/F., Wheelock House, 20
Pedder Street in Hong Kong.

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


SUN TEXTILES: Members to Receive Wind-Up Report
-----------------------------------------------
Members of Sun Textiles (H.K.) Ltd will hold a meeting on
September 22, 2006, at 4:00 p.m. to hear Liquidator Lam Ying
Sui's report regarding the Company's wind-up.

The meeting will be held at Room 1005 Allied Kajima Building,
138 Gloucester Road, Wanchai, Hong Kong.


TAI PO TREASURE: Holds Annual Meetings
--------------------------------------
Members and creditors of Tai Po Treasure Restaurant Co Ltd
convened for their annual meetings at Conference Room 304,
29/F., Wing On Centre, 111 Connaught Road Central, Hong Kong on
August 24, 2006, 11:20 a.m. and 2:45 p.m. respectively.

At the meetings, Liquidator Kong Chi How presented accounts of
the Company's wind-up and property disposal exercises.


TREASURE CONTINUATION: Members and Creditors Hear Wind-Up Report
----------------------------------------------------------------
Members and creditors of Treasure Continuation Company Ltd
convened for their annual meetings on August 24, 2006, at 12:00
p.m. and 3:40 p.m. respectively.

During the meeting, Liquidator Kong Chi How presented a report
regarding the Company's wind-up proceedings.


TREASURE FOOD: Liquidator Presents Wind-Up Details
--------------------------------------------------
Members and creditors of Treasure Food Limited met on August 24,
2006, at Conference Room 304, 29/F., Wing On Centre, 111
Connaught Road in Central, Hong Kong, and received Liquidator
Kong Chi How's report on the company's wind-up.


TREASURE MANAGEMENT: Members & Creditors Receive Wind-Up Report
---------------------------------------------------------------
Members and creditors of Treasure Management Co Ltd received
reports on the company's wind-up from Liquidator Kong Chi How on
August 24, and 25, 2006, respectively.


TWIN WORLD LIMITED: Creditors Set to Discuss Wind-Up Matters
------------------------------------------------------------
Creditors of Twin World Ltd will convene on September 4, 2006,
at 5:00 p.m. to discuss matters related to the different
sections under the Companies Ordinance of Hong Kong.

The meeting will be held at 8/F., Richmond Commercial Building,
109 Argyle Street, Kowloon in Hong Kong.


TWIN WORLD BUSINESS: Creditors Meeting Set on September 4
---------------------------------------------------------
Creditors of Twin World Business Linkage Technologies Holdings
Ltd will convene on September 4, 2006, 3:30 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 CORPORATE: Creditors to Convene on September 4
---------------------------------------------------------
On September 4, 2006, at 4:00 p.m. creditors of Twin World
Corporate Finance Management Services Ltd will convene for them
to discuss matters under different sections of the Companies
Ordinance of Hong Kong.

The meeting will be held at 8/F., Richmond Commercial Building,
109 Argyle Street, Kowloon in Hong Kong.


TWIN WORLD HOLDINGS: Creditors Meeting Slated for September 5
-------------------------------------------------------------
Creditors of Twin World Holdings Ltd will convene on
September 5, 2006, 3:00 p.m. at 8/F., Richmond Commercial
Building, 109 Argyle Street, Kowloon in Hong Kong.

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


TWIN WORLD TEAM: Creditors to Discuss Wind-Up Matters
-----------------------------------------------------
Creditors of Twin World Team Concept Ltd will meet on
September 4, 2006, 4:30 p.m. at 8/F., Richmond Commercial
Building, 109 Argyle Street, Kowloon in Hong Kong.

At the meeting, creditors will be discussing the company's wind-
up and other matters under the different sections of the
Companies Ordinance of Hong Kong.


* NPC Approves New Corporate Bankruptcy Law
-------------------------------------------
The standing committee of the National People's Congress,
China's legislative body, adopted a corporate bankruptcy law
that aims to protect both creditors of bankrupt enterprises and
the people who work in them, Xinhuanet reports.

According to Xinhuanet, the Enterprise Bankruptcy Law was
approved by the legislative body on August 27, 2006, and will
take effect on June 1, 2007.  The current bankruptcy law will be
abolished at the same time.

The current bankruptcy rules, promulgated in 1986 on a test
basis, are widely regarded as outdated as they fail to give
sufficient protection to creditors and only touch on State-owned
enterprises, Xinhuanet relates.  In addition the rules allow
laid-off workers to be paid before creditors.

Meanwhile, the new corporate bankruptcy law will apply to all
kinds of enterprises and financial institutions.  All the
country's companies and enterprises, whether state owned or
private, will have to follow a unified corporate bankruptcy law.

Based on the new law, all insolvent enterprises will pay credit
guarantees to creditors first and use other assets not earmarked
as credit guarantees to pay laid-off workers.

"The provision is a compromise that aims to protect both
creditors and workers of insolvent enterprises," said Cheng
Siwei, vice-chairman of the NPC Standing Committee.

Jia Zhijie, member of the NPC Standing Committee adds "The new
law embodies the notion of putting people first, as it fully
considers worker's interests.  At the same time it accords with
standard international practice in better protecting lenders'
interests."

Meanwhile, Wang Xin, a law professor at Renmin University
explains that paying creditors first in insolvency cases is
common practice in market economies and will help boost foreign
investors' confidence in investing in China.

However, the new law makes an exception for around 2,000 State
Owned Enterprises.  The State Council stipulated that SOEs that
announce bankruptcy before June 2007 can be closed down with the
aid of government bailouts and could pay laid-off workers first.  

Xinhua recounts that from 1994 to 2005, China allowed 3,658
moribund state enterprises to close with government subsidy
support.  In 2006, the central government set aside CNY33.8
billion to help bankrupt SOEs settle with laid-off workers.

Further, experts are also called for the establishment of an
effective social insurance and wage payment system that would
eradicate the phenomenon of workers remaining unpaid when a
company goes bankrupt.

The new law also provides a bankruptcy restructuring system
complete with liquidators, as well as rules on the prevention of
cheating during the bankruptcy process.

The new law stipulated that financial supervision institutions
could apply for bankruptcy for financial institutions.

To make special regulation on the bankruptcy of financial
institutions in China's Corporate Bankruptcy Law marks that
China began to standardize the bankruptcy of financial
institutions on the legal level, law experts said.

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


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

SILICON GRAPHICS: Wants Employee Incentive Plan Implemented
-----------------------------------------------------------
Pursuant to Sections 105(a) and 363(b) of the United States
Bankruptcy Code, Silicon Graphics, Inc., and its debtor-
affiliates ask the U.S. Bankruptcy Court for the District of New
York's authority to:

    (i) implement an employee incentive plan to encourage the
        retention of and performance by certain essential, non-
        insider, employees;

   (ii) pay approximately US$330,000 outstanding under various
        other employee bonus and compensation programs; and

  (iii) continue to honor and maintain the Other Bonus Programs.

                    Employee Incentive Plan

The Employee Incentive Plan pays employees based on whether they
are in one of three groups:

     (1) Managers/Directors -- 23 employees who hold leadership
         positions in the Debtors' sales, engineering,
         marketing, finance and human resource divisions, and
         are critical to the Debtors' ability to generate
         revenue, develop products, ensure compliance and
         maintain their workforce through the Chapter 11 cases
         and beyond.

     (2) Key Employees of Below-Director Status, excluding
         Engineers -- 19 employees in various functions,
         including, sales, product development, manufacturing,
         procurement, legal and training and development.

     (3) Engineers -- seven engineers who are critical to the
         Debtors' ability to design and develop products and
         support solutions.

The Key Employees are eligible to receive bonuses for their
continued commitment and service from Aug. 1, 2006, through
July 31, 2007.  Retention bonuses are payable in three
installments.  The total cost of the EIP for Key Employees in
Groups 1 to 3 is US$2,460,427.

In addition to the retention bonuses for Groups 1 to 3, the EIP
provides for the creation of a discretionary bonus pool for
US$539,573 from which individual bonus payments may be awarded
in the Debtors' sole discretion and after approval by the Chief
Executive Officer and the Compensation Committee of the Board of
Directors.

                        No. of     Bonus as % of
     Groups             Employees  Annual Salary  Cost of Bonus
     -------            ---------  -------------  -------------
     Group 1                 23          32%       US$1,327,783
     Group 2                 19          32%            766,356
     Group 3                  7          35%            366,288
     Discretionary Pool     TBD          TBD            539,573
     ----------------------------------------------------------
     TOTAL                  TBD          TBD       US$3,000,000

                       Other Bonus Programs

Prior to the Petition Date, the Debtors maintained discretionary
bonus and compensation programs:

    * Referral Program: If a referred employee is hired by the
      Debtors, the referring employee is entitled to receive a
      cash bonus of US$2,000.  Only one Referral Bonus is
      pending payment.

    * Lead Program: The Debtors reward employees for providing
      their sales force with leads that develop into sales
      revenue for the Debtors.

    * Special Incentive Program: From time to time, the Debtors'
      sales force is eligible to participate in a promotional
      program or contest that provides for incentives, typically
      in the form of a non-cash prize or award.

    * Discretionary Bonus Program: The Debtors have awarded, but
      not paid, six discretionary bonuses totaling US$55,000, of
      which US$9,500 has been awarded to two vice presidents in
      their engineering department.  The Debtors also seek to
      pay US$10,000, earned prepetition and inadvertently paid
      postpetition.

    * Retention Bonuses: The Debtors have awarded, but not paid,
      four retention payments for US$18,200.  In addition, the
      Debtors seek to pay US$5,000, earned prepetition and
      inadvertently paid postpetition.

    * Relocation Program: In limited circumstances, the Debtors
      reimburse newly hired employees for costs associated with
      relocating to their geographic location.  One employee's
      relocation expenses for US$48,000 is pending payment.

    * Sign-On Bonus Program: Five employees were offered sign-on
      bonuses for US$94,000, which bonuses have not yet been
      paid.  Approximately US$40,000 will be paid to one of the
      Debtors' senior vice presidents.  The Debtors also seek
      Retroactive approval of two sign-on bonuses for US$6,500,
      that were earned prepetition and inadvertently paid
      postpetition.

                     Implementation is Necessary

Gary T. Holtzer, Esq., at Weil, Gotshal & Manges LLP, in New
York, asserts that the EIP should be approved because:

     (a) since the Petition Date, 83 employees have left Silicon
         Graphics, Inc., several of whom would have qualified as
         Key Employees under the EIP.  The EIP is necessary to
         demonstrate the Debtors' commitment to their Key
         Employees and to avoid further losses associated with
         attrition;

     (b) its implementation will foster employee morale and
         provide motivation to Key Employees to focus on and
         remain loyal to the Debtors;

     (c) it will help eliminate the substantial out-of-pocket
         costs that would result if the Debtors were required to
         replace the Key Employees, including, recruiter or
         headhunter fees and signing bonuses and moving expenses
         for replacement employees;

     (d) it will help the Debtors retain:

         * access to important institutional knowledge which
           would be difficult to replace through the outside job
           market, due to the Key Employees' specialized skills;
           and

         * key contacts with customers and vendors, including
           those with the federal government;

     (e) it will facilitate the Debtors' ability to continue to
         realize value from the significant time and resources
         they incurred in recruiting, training and retaining
         their Key Employees and help them retain the Key
         Employees; and

     (f) it will help the Debtors mitigate the domino effect of
         additional employee departures that can accompany the
         loss of a particular Key Employee.

                     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: LSI Logic Group Demands Return of All Goods
-------------------------------------------------------------
LSI Logic Corporation, Engenio Information Technologies, Inc.,
Engenio Information Technologies Europe Limited, and their
subsidiaries and affiliated entities, delivered goods to Silicon
Graphics, Inc.

In accordance with the Uniform Commercial Code and Section
546(c) of the Bankruptcy Code, LSI demands immediate return of
all goods received by Silicon Graphics, Inc., and its debtor-
affiliates within the 45 days preceding the bankruptcy filing.

According to Thomas M. Gaa, Esq., at Balson, Bergen & Schwab, in
Palo Alto, California, the Debtors are:

    -- instructed to immediately make an inventory of the Goods;

    -- keep the Goods segregated from all other inventory,
       machinery and equipment; and

    -- not permitted to use, sell, encumber or transfer the
       Goods to any other party.

                      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: Court Approves Stipulation Modifying Stay
-----------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
New York approves the stipulation between Silicon Graphics,
Inc., its debtor-affiliates and Christie Digital Systems USA,
Inc.

As reported in the Troubled Company Reporter on July 13, 2006,
the Parties stipulated that:

    -- the automatic stay was 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 remained 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 became
       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, related 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: Goodwin Procter Represents Ad Hoc Committee
-------------------------------------------------------------
Allan S. Brilliant, a partner at Goodwin Procter LLP, informs
the United States Bankruptcy Court for the Southern District of
New York that his firm represents:

    -- the ad hoc committee of certain holders of 6.50% Senior
       Secured Convertible Notes, for themselves and on behalf
       of certain funds and managed accounts, under an Indenture
       dated December 24, 2003, by and between Silicon Graphics,
       Inc., and U.S. Bank National Association.  The members of
       the Ad Hoc Committee are:

         (i) Castle Creek Partner
             111 West Jackson Blvd, 20th Floor
             Chicago, IL 60614

        (ii) Morgan Stanley & Co. Incorporated
             750 Seventh Avenue
             New York, NY 10019

       (iii) Quadrangle Group LLC
             375 Park Avenue
             New York, NY 10152

        (iv) Symphony Asset Management LLC
             555 California Street, Suite 2975
             San Francisco, CA 94104-1503

         (v) Watershed Asset Management, LLC
             One Maritime Plaza, Suite 1525
             San Francisco, CA 94111

    -- the members of the Ad Hoc Committee in their capacity as
       DIP Lenders under the US$70,000,000 Post-Petition Loan
       and Security Agreement, dated as of May 8, 2006, and the
       US$130,000,000 Post-Petition Loan and Security Agreement.
       The lenders under the DIP Loan Agreement are:

         (i) Quadrangle Master Funding Ltd.
             c/o Quadrangle Group LLC
             375 Park Avenue
             New York, NY 10152

        (ii) Encore Fund, L.P.
             c/o Symphony Asset Management LLC
             555 California Street, Suite 2975
             San Francisco, CA 94104-1503

       (iii) Watershed Technology Holdings, LLC
             c/o Watershed Asset Management, LLC
             One Maritime Plaza, Suite 1525
             San Francisco, CA 94111

Mr. Brilliant relates that each member of the Ad Hoc Committee
is a creditor in the Debtors' Chapter 11 cases and collectively
hold, or manage or advise beneficial owners of, the notes issued
under the 6.50% Senior Secured Note Indenture in the aggregate
principal amount of at least US$104,028,000.  All members of the
Ad Hoc Committee have purchased notes issued under the 6.50%
Senior Secured Note Indenture in the secondary market.

The Debtors have agreed to pay Goodwin's fees and disbursements
during the cases.  To date, the Debtors have not paid certain
ofGoodwin's outstanding fees and expenses, Mr. Brilliant 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 to Issue Credit Memos to Customers
----------------------------------------------------------
Shai Y. Waisman, Esq., at Weil, Gotshal & Manges LLP, in New
York, relates that instead of receiving cash refunds, customers
who have purchased products, warranties, or maintenance and
support contracts from Silicon Graphics, Inc., and its debtor-
affiliates have requested that credits be issued to their
accounts with the Debtors.  The Credit Memos may only be applied
to the customers' future purchases of the Debtors' products or
services.

Historically, customers have requested Credit Memos for various
reasons, including:

    1. cancellation by the customer of a product order or a
       maintenance and service contract; and

    2. overpayment by a customer.

Generally, after a customer requests that a Credit Memo be
issued, the Debtors work with the customer to gather information
and analyze the validity of the customer's request.  Once the
Debtors validate the customer's Credit Memo request, the Debtors
issue a Credit Memo in the appropriate amount to the customer's
account.  The customer may then apply the Credit Memo towards
future purchases of the Debtors' products or services.

According to Mr. Waisman, the Debtors want to continue their
customer refund program and issue Credit Memos to customers to
ensure customer satisfaction, effectively compete with their
market, develop and sustain customer loyalty, improve
profitability, and generate goodwill for the Debtors and their
products.

Mr. Waisman tells the U.S. Bankruptcy Court for the Southern
District of New York that Credit Memos avoid the need to issue
cash refunds to customers, which are less likely to yield future
benefits to the Debtors, as customers are not obligated to use
their cash refund to make additional purchases from the Debtors.  
On the other hand, Credit Memos incentivize customers to
continue their business relationship with the Debtors as opposed
to purchasing similar products and services from a competitor.

At this time, the Debtors have reviewed and approved
approximately US$100,000 worth of Credit Memo requests submitted
prepetition, which are currently outstanding.

By this motion, the Debtors seek the Court's authority to:

     -- continue their Refund Program, including the ordinary
        course practice of issuing Credit Memos to customers;
        and

     -- perform and honor their prepetition obligations under
        the Refund Program, including the issuance of
        approximately US$100,000 in Credit Memos relating to
        refund credit requests received prepetition.

                      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: Court Gives Nod on Compensation Procedures
------------------------------------------------------------
At Silicon Graphics, Inc., and its debtor-affiliates' behest,
Judge Allan L. Gropper of the United States Bankruptcy Court for
the Southern District of New York established uniform procedures
for the payment and reimbursement of various court-approved
professionals on a monthly basis, on terms comparable to
procedures established in other large Chapter 11 cases.

The Court directed the Debtors to include all payments to
professionals on their monthly operating reports, detailed so as
to state the amount paid to each professional.

As reported in the Troubled Company Reporter on May 31, 2006,
the Debtors proposed that:

    (a) Each Professional seeking payment will serve a monthly
        statement, on or before the 30th day of each month after
        the month payment is sought, on:

        * Silicon Graphics, Inc.,

        * Weil, Gotshal & Manges LLP,

        * the attorneys for the Official Committee of Unsecured
          Creditors; and

        * the Office of the United States Trustee.

    (b) The monthly statement does not need to be filed with the
        Court and a copy does not have to be delivered to the
        presiding bankruptcy judge's chambers.

    (c) For Professionals who bill based on time, each monthly
        fee statement must contain a list of the individuals who
        provided services during the statement period, their
        billing rates, the aggregate hours spent, a reasonably
        detailed breakdown of the disbursements incurred and
        contemporaneously maintained time entries.

    (d) The Notice Parties will have 15 days to review a
        statement.  If a Party objects to the payment or
        reimbursement, it must, by no later than 35 days after
        the end of the month for which compensation is sought,
        serve a written notice of objection containing the
        nature of the objection, upon:

        * the Professional whose statement is objected to; and
        * the Notice Parties.

    (e) At the expiration of the 35-day period, and in the
        absence of objection, the Debtors will promptly pay 80%
        of the undisputed fees and 100% of the undisputed
        expenses in each monthly statement.

    (f) If the Debtors receive an objection to a fee statement,
        they will withhold payment on that objected portion of
        the fee statement and promptly pay the remainder of the
        fees and disbursements.

    (g) If the parties to an objection are able to resolve their
        dispute, then the Debtors will promptly pay that portion
        of the fee statement, which is no longer subject to an
        objection.

    (h) All unresolved objections will be preserved and
        presented to the Court at the next interim or final fee
        application hearing.

    (i) An objection will not prejudice the objecting party's
        right to object to any fee application made to the Court
        in accordance with the Bankruptcy Code on any ground.

    (j) Every 120 days, but no more than every 150 days, each of
        the Professionals will serve and file an application for
        interim or final Court approval and allowance of the
        compensation and reimbursement of expenses requested.

    (k) At least 30 days prior to the fee application hearing,
        the Debtors' attorneys will notify the Court, the U.S.
        Trustee and all retained professionals, of the time,
        Date and location of the fee hearing, the period covered
        by the fee applications, and the objection deadline.

    (l) Any Professional who fails to file an application
        seeking approval of compensation and expenses previously
        paid when due:

        * will be ineligible to receive further monthly payments
          of fees until further Court order; and

        * may be required to disgorge any fees paid since the
          retention or the last fee application, whichever is
          later.

    (m) The pendency of an application or a Court order that
        payment of compensation or reimbursement of expenses was
        improper as to a particular statement will not
        disqualify a Professional from the future payment of
        compensation or reimbursement of expenses.

    (n) Neither the payment of, nor the failure to pay, monthly
        compensation and reimbursement will have any effect on
        the Court's interim or final allowance of compensation
        and reimbursement of any Professional.

    (o) The attorneys for the Creditors Committee may collect
        and submit statements of expenses, with supporting
        evidence of payment, from members of the Committee the
        person represents.  However, the Committee attorneys
        must ensure that the reimbursement requests comply with
        the Court's Administrative Orders dated June 24, 1991,
        and April 21, 1995.

                     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 RAKYAT: Posts 3.41% Improvement in Net Profit
--------------------------------------------------
PT Bank Rakyat Indonesia (Persero) Tbk booked a net profit of
IDR2.008 trillion in the first semester of 2006, up by 3.41%
from the IDR1.942-trillion net profit posted in the same period
last year, Antara News reports.

The bank's director for small and medium businesses, Sulaiman
Arif Arianto, said that the hike in Bank Rakyat's net profit was
attributed mostly to a 23.89% rise in income from interest, from
IDR8.238 trillion to IDR10.206 trillion.

Net income from interest in the first semester of this year
reached IDR6.705 trillion, up by 9.61% from the
IDR6.117 trillion in the same period last year.

Funds from third parties in the 2006 half-year period rose by
20.55% to IDR107.87 trillion from IDR89.481 trillion in the 2005
first half.

The bank's total assets also rose by 19.11%, to
IDR135.155 trillion in the first half of 2006, from
IDR113.474 trillion in the first half of 2005.

Bank Rakyat's capital adequacy ratio was up from 15.64% in the
first semester of 2005 to 19.06% in the first semester this
year.

Mr. Sulaiman said that until June 2006, the bank's total credits
for small and medium business sector reached IDR72.119 trillion
or 87.67% of total Bank Rakyat credits recorded at
IDR68.725 trillion.

The bank's total credits in general rose by 19.70%, compared
with total credits in the first semester last year, reaching
IDR68.725 trillion or up by around 8% compared to credits
distributed in December 2005, which reached around
IDR75.533 trillion.

Mr. Sulaiman adds that the business segment that gave the
biggest contribution to the growth was micro and retail sectors
contributing IDR3.995 trillion and IDR6.096 trillion,
consecutively.

Bank Rakyat's lending to deposit ratio in the first semester was
recorded at 76.26%.

"Gross non-performing loans until June were recorded at 5.09% or
better than the gross NPL by June 2005 which was recorded at
5.62%.  The net NPL by June 2006 meanwhile is recorded at 2.19%
or improving from 2.31% which was the net NPL by June 2005," Mr.
Sulaiman said.

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

             PT Bank Rakyat Indonesia (Persero) Tbk
                    Balance Sheet Accounts
                       (in IDR, millions)

                                     As of           As of
                                   06/30/2006      06/30/2005
                                   ----------      ----------
   Total assets                   135,154,521     113,473,610
   Cash                             2,795,235       2,401,386
   Marketable Securities           17,173,412      10,451,519
   Loans                           75,602,709      62,544,814
   Total liabilities              121,330,210     101,663,045
   Funds from third parties       107,870,051      89,480,639
   Borrowings                       1,869,634       1,734,696
   Total equity                    13,824,311      11,810,565

             PT Bank Rakyat Indonesia (Persero) Tbk
                    Income Statement Accounts
                       (in IDR, millions)

                                     For the half year ended
                                   06/30/2006      06/30/2005
                                   ----------      ----------
   Interest revenues               10,206,328       8,238,353
   Interest expense                 3,501,279       2,120,926
   Net interest revenues            6,705,049       6,117,427
   Other operating revenues           638,908         705,554
   Other operating expenses         3,913,434       3,673,183
   Income from operations           2,606,788       2,546,739
   Net Income                       2,008,175       1,941,867

                  About Bank Rakyat Indonesia

Headquartered in Jakarta, Indonesia, PT Bank Rakyat Indonesia
(Persero) Tbk's -- http://www.bri.co.id/-- clients services  
comprise Savings, Credits and Syariah.  In addition, the bank
divides its financial and business services into three groups:
Business Services, consisting of bank guarantees, bank
clearance, automatic teller machines and safe deposit boxes;
Financial Services, consisting of bill payments, CEPEBRI,
INKASO, deposit acceptance, online transactions and transfers,
and Other Services, consisting of tax and fine payments,
donations, Western Union and zakat contributions.  During the
year ended December 31, 2005, the bank had one branch office in
Cayman Islands and two representative offices in New York and
Hong Kong, respectively.

                         *     *     *

A Troubled Company Reporter - Asia Pacific report on May 24,
2006, stated that Fitch Ratings affirmed Bank Rakyat
Indonesia's:

   -- Long-term Foreign Currency Issuer Default Rating 'BB-';  
   -- Short-term 'B';
   -- Individual 'C/D';
   -- Support '4'.

The outlook for the ratings is stable.  

A subsequent TCR-AP report on July 6, 2006, indicated that
Moody's Investors Service has placed Bank Rakyat Indonesia's D-
bank financial strength rating on review for possible upgrade.  
BRI's other ratings were unaffected:

   -- Subordinated debt of Ba3; and
   -- Long-term/short-term deposit ratings of B2/Not Prime.
      Outlook stable.


GAJAH TUNGGAL: Higher Raw Material Prices Cut Net Profit
--------------------------------------------------------
PT Gajah Tunggal Tbk reports a 38.2% decline in its net profit
in the first semester of 2006, from IDR204.36 billion in the
same period last year to IDR126.10 billion, according to the
company's financials submitted to the Surubaya Stock Exchange.

Antara News reports that PT Gajah Tunggal Tbk Financial Director
Catherina Wijaya told an Indonesian Investors' Forum in Jakarta
that the decline is caused by increases in the prices of rubber
and crude oil.

The company's financial statement reveals a 14.01% rise in net
sales to IDR2.65 billion in the first six months of 2006 to
IDR2.33 billion a year ago.  Cost of sales, however, increased
16.48% to IDR2.28 billion in 2006.

The company's financials, in Indonesia, includes these financial
data:

                      PT Gajah Tunggal Tbk
                      Financial Highlights
                       (in IDR, millions)

                                     As of           As of
                                   06/30/2006      06/30/2005
                                   ----------      ----------
   Total current assets             2,507,327       2,267,923
   Total assets                     7,410,162       6,672,195         
   Total current liabilities        1,251,645       1,439,976
   Total non-current liabilities    4,018,295       3,343,040
   Total liabilities                5,269,940       4,783,016
   Total equity                     2,140,222       1,889,179

                                    For the half-year ended
                                   06/30/2006      06/30/2005
                                   ----------      ----------
   Net sales                        2,653,739       2,327,637
   Cost of sales                    2,278,068       1,955,746   
   Gross profit                       375,671         371,891
   Operating expenses                 164,263         134,487
   Income from operations             211,408         237,404
   Net Income                         126,102         204,353

                    About PT Gajah Tunggal Tbk

Headquartered in Jakarta, Indonesia, PT Gajah Tunggal Tbk --
http://www.gt-tires.com/-- is primarily engaged in the  
production and marketing of a range of tires and inner tubes for
motorcycles, passenger cars, commercial cars, off the road
vehicles and industrial and heavy equipment vehicles.  Its
products are marketed to both domestic and international
markets, including Australia, the United States and other
countries in Asia and Europe.  These products can be purchased
in approximately 5,000 retail outlets around the world.  The
company's subsidiaries, which are engaged in the general trading
and financial services, the distribution sector and the chemical
industry, include GTT Netherlands B.V., GT 2005 Bonds B.V., PT
Prima Sentra Megah and PT Polychem Indonesia Tbk.  The company
operates a production facility in Tangerang.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 23, 2006, that Moody's Investors Service had confirmed its
B2 corporate family rating for PT Gajah Tunggal and its B2
senior unsecured rating for GT 2005 Bonds BV's US$325 million
bonds guaranteed by GT, with a negative outlook.  The ratings
outlook is revised to negative.


KALTIM PRIMA: Parent Cancels US$3.2-Billion Divestiture
-------------------------------------------------------
PT Kaltim Prima Coal will stay with its parent, PT Bumi
Resources, the Jakarta Post reports.

Bumi Resources has canceled a US$3.2-billion deal to sell its
two coal mining units to a consortium of local companies led by
PT Renaissance Capital following a prolonged delay in the
closing of the transaction.

Bumi's finance director, Eddie Soebari, told the Jakarta Post
that his company was forced to cancel the deal after seeing no
clear sign as to when the consortium would be able to finalize
the deal.  The consortium had, however, been given the option to
buy up to 25% of Bumi's shares in the two mining companies,
despite the cancellation.

The Post explains that Renaissance, run by former Deloitte
Touche Tohmatsu partner Samin Tan, agreed on March 17, 2006, to
buy Bumi's two coal mining units, PT Kaltim Prima Coal and PT
Arutmin Indonesia, both of which operate in East Kalimantan.  
Renaissance agreed to pay Bumi US$3.2 billion for 95% of Kaltim
Prima Coal and 100% of Arutmin.

Bumi had already extended the deadline for the closing of the
sales twice, The Post says.

Bumi, which is controlled by the family of Coordinating Minister
for the People's Welfare Aburizal Bakrie, said earlier that the
company would merge with another company run by the family,
Energy Mega Pesada, to create one of Indonesia's largest energy-
based companies after the divestment of its coal units.

The company said that a larger part of the proceeds from the
divestment would be injected into the merged company, which
would expand into biofuel production.  The money would be used
to pay dividends to the existing shareholders and to repay the
company's debts.

Mr. Soebari said that Bumi would go ahead with the merger plan
but acknowledged that the company would have to raise at least
US$800 million in loans to repay the debts due to the scrapping
of the deal with Renaissance.

Without the sale, Bumi will have less money to invest in a
planned merger with Energi Mega Persada, Indonesia's second-
largest publicly traded oil company.

                    About Kaltim Prima Coal

Headquartered in Jakarta Indonesia, PT Kaltim Prima Coal --
http://www.kaltimprimacoal.co.id/-- is a world class coal mine  
in the Kalimantan Timur region of Indonesia.  KPC provides
community development support to areas such as small business
development, health programs, infrastructure programs, education
and scholarships, and agricultural training.  

                          *     *     *

The Troubled Company Reporter -- Asia Pacific reported on
April 12, 2006, that Standard & Poor's Ratings Services, on
April 11, affirmed its BB- corporate credit rating on
Indonesia's PT Kaltim Prima Coal and revised its outlook to
negative from stable.


MATAHARI PUTRA: First Quarter Net Income Grows 20.5% YoY
--------------------------------------------------------
Matahari Putra Prima Tbk has unveiled its financial results for
the first quarter of 2006.  The financials reveal positive
growth in net sales and net income compared to the results a
year ago despite a weak retail environment and difficult
economic conditions following fuel price increases in 2005.

Total net sales for the first quarter 2006 grew by 27%, reaching
IDR1.68 trillion, from IDR1.33 trillion in first quarter of
2005, supported by growth in its two core retail businesses:
6.4% growth in the department store division with total net
sales reaching IDR842.6 billion and 67.4% growth in the
supermarket/hypermarket division with total net sales reaching
IDR751.3 billion, mainly driven by the growth of hypermarkets.

Operating profit grew by 253.8% from IDR16.5 billion in the
first quarter of 2005 to IDR58.3 billion in first quarter of
2006.


EBITDA grew 53.9% from IDR86.5 billion in the first quarter of
2005 to IDR133.1 billion in the first quarter of this year.

Net income (after tax) reached IDR12 billion in this year's
first quarter, up from IDR10 billion in first quarter of last
year, which represents 20.5% YoY growth.

The company's financials, submitted to the Surubaya Stock
Exchange, include these financial highlights (in IDR, millions):

                                     For the half year ended
                                 June 30, 2006   June 30, 2005  
                                 -------------   -------------
   Net Sales                         1,683,886       1,326,281
   Cost of Sales                     1,224,425         929,678
   Gross Profit                        459,461         396,603
   Operating Expenses                  401,193         380,134
   Operating Income                     58,268          16,469
   Other Charges                       (41,977)        (10,062)
   Income Before Income Tax             16,528           8,878
   Net Income                           12,201          10,124

                      About Matahari Putra

Headquartered in Tangerang, Indonesia, PT Matahari Putra Prima
Tbk -- http://www.matahari.co.id/-- is a consumer goods company  
engaged in the retail business, providing clothes, jewelries,
bags, shoes, cosmetics, electronics appliances, toys,
stationeries, books, drugs and other everyday needs.  It is also
engaged in the family entertainment industry through the
operation of Time Zone, a game center.  The company operates
Matahari Supermarket, Hypermart stores, Cut Price stores, Boston
Drugs pharmacies, Baker's Delight bakeries, Deli Bon stores and
Market Place grocery stores.  During the year ended December 31,
2005, the company opened its first store in Shenzhen, China, 13
Hypermart stores, four Cut Price stores and one Matahari
Supermarket.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 23,
2006, that Moody's Investors Service assigned its (P)B1 local
currency corporate family rating to PT Matahari Putra Prima Tbk.  
At the same time, Moody's has assigned its (P)B1 foreign
currency senior unsecured rating to Matahari Finance BV's
proposed bond of up to US$300 million, which is guaranteed by
Matahari.  The ratings outlook is stable.

Earlier TCR-AP reports on May 15, and May 22, 2006, stated that
Standard & Poor's Ratings Services has raised its corporate
credit rating on Indonesia's PT Matahari Putra Prima Tbk to "B+"
from "B-", with a stable outlook, while the company's proposed
long-term senior unsecured bonds of up to US$300 million to be
issued by Matahari Finance B.V., a special purpose financing
vehicle wholly owned by Indonesia-based retailer PT Matahari
Putra Prima Tbk, got a 'B+' rating.


NEWERA FOOTWEAR: Pefindo Affirms idCCC Rating
---------------------------------------------
Indonesia ratings company Pefindo affirmed its "idCCC" ratings
for PT Newera Footwear Indonesia and the company's Bond I/2003
amounting to IDR31.5 billion and at the same time removed the
ratings from Creditwatch, as the company finally transferred the
fund for its 11th coupon payment to PT Kustodian Sentral Efek
Indonesia on August 23, 2006.  The payment realization was two
days late, so the company should pay penalty.

At the same time, PEFINDO assigned negative outlook to the above
ratings in view of the likelihood that in the near term the
company might not be able to fulfill its financial obligations
such as providing sinking funds for Bond's principal and
interest as well as paying its quarterly coupons due to the
company's weak cash flow problem, triggered primarily by
unfavorable business condition nowadays.  Weaker consumer
purchasing power and stricter competition within the industry
have substantially reduced the company's sales.

                     About Newera Footwear

PT Newera Footwear Indonesia is a footwear distributor in
Indonesia covering daily footwear products including sport and
traveling shoes that are particularly offered to middle to low-
income people, from children to adults.  The Company is a
license holder of Newera brand, while its footwear productions
are subcontracted to several shoes manufacturers in East Java.

                          *    *     *

An earlier TCR-AP report on June 2, 2006, stated that Pefindo
downgraded its ratings for PT Newera Footwear Indonesia and its
IDR31.5-billion Bond I/2003 to "idCCC" from "idBB+," indicating
the company's incapability to fulfill the required sinking fund
of IDR3.15 billion after the 180-day grace period ended on
May 21, 2006.

A subsequent TCR-AP report on August 14, 2006, said that  
Indonesian rating agency Pefindo put the ratings of PT Newera
and its Bond I/2003 amounting to IDR31.5 billion on Creditwatch,
with negative implications, following the Company's incapability
to provide the sinking fund for the payment of its 11th coupon
due on July 20, 2006, although its Trustee, PT Bank Permata Tbk,
had given the Company a 14-day grace period for the payment (up
to August 10, 2006).   The 11th coupon payment itself will be
due on August 20, 2006.  

In addition, Newera has not fulfilled the required principal
sinking fund of IDR3.15 billion (the grace period was ended on
May 21, 2006).  


PERUSAHAAN GAS: Stake Sale to Be Completed by November
------------------------------------------------------
The Government plans to sell another chunk of state gas utility
firm PT Perusahaan Gas Negara by November 2006 to help cover
this year's budget deficit, the Jakarta Post reports.

The Troubled Company Reporter - Asia Pacific had reported on
August 11, 2006, regarding the Ministry of State Enterprises'
plan to sell a portion of its controlling 61% stake in PGN via a
global tender in order to meet a privatization target of
IDR3 trillion.  No time frame was specified, the TCR-AP noted.

Now, the Jakarta Post says, Minister Sugiharto puts the stake
sale within the next three months.  Minister Sugiharto said that
the stake would be sold at the same time as the company wrapped
up the construction of a gas pipeline from Sumatra to West Java.
The pipeline project, scheduled to be up and running by
December, is expected to help lift PGN's value, with investors
seeing even better earnings prospects for the company.  
Construction of the pipeline began in 2005.

The Post explains that the Indonesian Government plans to sell
185 million of its shares in PGN -- or the equivalent of 5.3% of
its shareholding -- valued at some IDR2.4 trillion
(US$264 million).

Besides PGN, the Government also plans by the end of the year to
sell stakes in Indonesia Power, a subsidiary of state power
utility PT Perusahaan Listrik Negara, and state turnpike
operator PT Jasa Marga.  It also has its remaining stakes in
Bank Permata and Bank International Indonesia to put on the
block, the report states.

However, The Post adds, Minister Sugiharto said that further
divestment could be put on hold if the proceeds from PGN this
time around were enough on their own.

                        About Gas Negara

Headquartered in Jakarta, Indonesia, PT Perusahaan Gas Negara
(Persero) Tbk -- http://www.pgn.co.id/-- is a gas and energy  
company that is comprised of two core businesses: distribution
and transmission.  For distribution, PGN signs long-term supply
agreements with upstream operators, which give the company
scheduled and reliable gas volumes and fixed gas prices.  These
volumes are subsequently sold to commercial and industrial
customers under gas sales agreements.  Under these agreements,
sales volumes are take-or-pay and the gas pricing is fixed and
in US dollar.  On the transmission business, PGN ships gas on
behalf of the upstream suppliers under a fixed US dollar tariff
with ship-or-pay volumes agreements.   The company is 59.4%
owned by the Government of Indonesia

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on
June 28, 2006, that Fitch Ratings Agency assigned these ratings
to PT Perusahaan Gas Negara Tbk on June 27:

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

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

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

Additionally, the TCR-AP said on May 23, 2006, that Moody's
Investors Service has upgraded the foreign currency debt rating
of PGN Euro Finance 2003 Ltd. and guaranteed by PT Perusahaan
Gas Negara to Ba3 from B1.  This rating action follows Moody's
decision to upgrade Indonesia's foreign currency sovereign
rating for bonds from B2 to B1.  At the same time, Moody's has
affirmed the Ba2 corporate family rating of PGN. The rating
outlook is stable.

Standard & Poor's Rating Services had, on Nov. 24, 2005,
affirmed its 'B+' rating on PGN.


PUTRA SUMBER: Posts 61% Lower Net Loss
--------------------------------------
Putra Sumber Utama Timber posted a 61.12% narrower net loss for
the first-half of 2006, to IDR24.97 billion from
IDR64.23 billion a year ago, according to the company's
financial statement.

The company's revenues improved 13.54% to IDR327.86 billion for
the first-half period ending June 30, 2006, from
IDR288.77 billion in the first-half period in 2005.  Cost of
sales, however, also went up to IDR287.99 billion, bringing a
lower gross profit of IDR39.86 billion.  Operating expenses
amounted to IDR56.46 billion -- higher than the previous
corresponding period's IDR48.16 billion -- gave the company a
loss from operations of IDR16.60 billion.

The company's submitted financials to the Surubaya Stock
Exchange include these figures:

                                As of                As of
                              06/30/2006          06/30/2005
                              ----------          ----------
   Current assets     IDR208,662,557,177  IDR224,155,806,112
   Total assets          891,919,372,108     888,723,335,280
   Current liabilities   384,243,849,720     489,888,352,995
   Shareholder's equity  205,646,597,675     122,306,986,972

                                  For the period ending
                              06/30/2006          06/30/2005
                              ----------          ----------
   Revenues           IDR327,857,747,059  IDR288,767,064,504
   Cost of sales         287,993,700,357     240,010,458,754
   Gross Profit           39,864,046,701      48,756,605,750
   Income from
      Operations         (16,596,782,992)        592,761,863
   Net loss               24,969,714,772      64,229,379,004

                       About Putra Sumber

Putra Sumber Utama Timber -- http://www.hasko.co.id/-- is one  
of the leading manufacturing company in plywood and Laminated
Veneer Lumber in Indonesia.  It is a subsidiary of the HASKO
Group, a group of companies focusing on timber related products.

                          *     *     *

The Troubled Company Reporter - Asia Pacific reported on May 16,
2006, that Indonesian rating agency, Pefindo, has affirmed its
ratings of "idBB+" for PT Putra Sumber Utama Timber and the
Company's Bond I/2003 of IDR200 billion.  The ratings strongly
reflect the Group commitment to repay the Company's Bond I/B of
IDR100 billion due May 2006.  As agreed on April 11, 2006, the
Group is scheduled to transfer US$10 million into trustee
account on May 1, 2006, at the latest to repay the maturing
debt.  

The ratings also reflect lack of raw material (logs)
availability and the Company's decreased profitability and
limited cash flow protections.  


TELKOM INDONESIA: Reports Robust Growth in Net Income
-----------------------------------------------------
Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk
posts a IDR5.82-trillion net income in the first half of 2006, a
53% improvement against the IDR3.80 trillion net income it
posted a year ago, according to the company's financials
submitted to the Surubaya Stock Exchange.

The increase was mainly due to the appreciation of the
Indonesian rupiah against the United States dollar, with the
company recording from a IDR357-billion loss on foreign exchange
in 2005 to a IDR587-billion gain on foreign exchange in 2006.

Consolidated operating income also increased by 33.66% from
IDR8.09 trillion to IDR10.81 trillion.  Operating revenues
increased by 23.79% due to the increase in Cellular,
Interconnection, and Data and Internet of 47.34%, 13.34% and
33.83%, respectively:

   *  Cellular Revenues increased by IDR3.03 trillion or 47.3%,
      mainly due to the increase of 35.8% in Telkomsel's
      subscribers.

   *  Data and Internet Revenues increased by IDR1.03 trillion
      or 33.8 %, mainly due to 25.8 % growth in TelkomNet Instan
      usage to 1,732 million minutes as well as an increase in
      SMS production from Telkomsel and TELKOMFlexi of 133.9%
      and 55.1%, respectively.

   *  Interconnection Revenues increased by IDR484.4 billion or
      13.3% compared to the same figure last year, mainly due to
      the growth in local and DLD interconnection traffic to
      cellular from fixed line.

On the other hand, fixed line revenue slightly decreased by
2.49% due to the slight decrease in traffic for long distance
calls.  Operating expenses increased by 16.73% due to the
increase in Depreciation Expense, General and Administrative
Expenses and Operation and Maintenance Expenses of 30.37%,
22.35% and 20.78%, respectively.

As of June 30, 2006, Telekom Indonesia's balance sheet showed
strained liquidity with IDR14.88 trillion in total current
assets available to pay IDR19.76 trillion in total current
liabilities coming due within the next 12 months.

Moreover, Telekom Indonesia's total assets as of June 30, 2006,
reflected IDR67.66 trillion, against total liabilities of
IDR37.21 trillion.

Telekom Indonesia also announced its dividend payment for the
year 2005 of IDR219,051 per share.

Telkom Indonesia's financials also include these financial data
(in IDR, billions):

                                     For the half year ended
                                 June 30, 2005   June 30, 2006
                                 -------------   -------------
   Operating Revenues                   19,385          23,997
   Operating Expenses                   11,295          13,185
   Operating Income                      8,089          10,812
   Net Income                            3,803           5,819

                                     As of           As of
                                 June 30, 2005   June 30, 2006
                                 -------------   -------------
   Operating margin                     41.73%          45.06%
   Profit Margin                        19.62%          24.25%
   Current ratio                        74.26%          75.31%
   Return on Assets                      6.50%           8.60%
   Return on Equity                     20.07%          23.95%
   Debt to Equity                       78.75%          50.96%
   Debt to EBITDA                      125.93%          79.50%

           CEO Expects 20% Growth in Revenue in 2006

Telkom Indonesia expects to get a total of 12 million new
customers, which include mobile, fixed-line and fixed-wireless
users, Chief Executive Officer Arwwin Rasyid told Don Jones
Newswires on the sidelines of an international investment
conference.

Telkom owns 65% of Indonesia's largest mobile operator by assets
and subscribers, Telkomsel.  "For Telkomsel itself, we expect
the company to get up to 8 million new cellular subscribers this
year," Mr. Rasyid said.  Analysts said that this target is
realistic given the low level of penetration of mobile phones in
Indonesia. Only around 19% of Indonesia's population of 220
million own mobile phones, providing considerable room for
growth.  Analysts expect penetration to increase to 25% in 2006
and 35% in 2007.

Telkom had around 8.5 million fixed-line subscribers at end-
December 2005, and expect an increase of up to 2% this year.  
For 2005, Mr. Rasyid expects Telkom's revenue to grow by up to
25% to around IDR 42.5 trillion (US$1=IDR 9,120) from around
IDR34 trillion in 2004.

                     About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/
-- provides local and long-distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed-
wireless service, leased lines, and data transport through
affiliates.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the Company foreign and
local currency corporate credit ratings of BB+.


TELKOM INDONESIA: Appoints PwC As Auditor For 2006
--------------------------------------------------
PT Telekomunikasi Indonesia Tbk has selected KAP Drs. Haryanto
Sahari & Rekan, affiliate of Pricewaterhouse Coopers, as its
independent auditor to perform an integrated audit for the
financial year 2006 consisting of auditing the Company's
Consolidated Financial Statements and internal control on its
financial reporting year 2006, according to a company press
release.

PwC was selected and appointed based on a limited bidding
process, which was participated in by public accounting firms
who have fulfilled its legal and independent requirements as
stipulated by the capital markets authorities upon which the
shares of the company are listed and determined by the Company's
AGM Resolution, dated June 30, 2006.

                     About Telkom Indonesia

Based in Bandung, Indonesia, Perusahaan Perseroan (Persero) PT
Telekomunikasi Indonesia Tbk -- http://www.telkom-indonesia.com/
-- provides local and long-distance telephone service in
Indonesia.  Known as Telkom, the company also offers fixed-
wireless service, leased lines, and data transport through
affiliates.

                          *     *     *

As reported in the Troubled Company Reporter - Asia Pacific on
May 22, 2006, Moody's Investors Service gave Telekomunikasi
Indonesia a Ba1 local currency corporate family rating.

Standard & Poor's Ratings Services gave the Company foreign and
local currency corporate credit ratings of BB+.


TELKOMSEL INDONESIA: Chooses Ericsson For WCDMA Network
-------------------------------------------------------
Ericsson has been selected by PT Telekomunikasi Selular
Indonesia to provide its WCDMA network in Indonesia, according
to media reports.

Cellular News explains that Ericsson will, on a full turnkey
basis, seamlessly upgrade Telkomsel's network with increased
capacity, providing higher data rates and enhancing end-user
experience through High-Speed Packet Access.

In a three-year agreement, Ericsson will deliver 3G/WCDMA radio
and core network, including HSPA, with deployment beginning
immediately.  The contract also includes three years of managed
services, with Ericsson providing a comprehensive services
offering including establishing, operating and managing the
operations of Telkomsel's 3G network.

The deal expands Ericsson's geographical footprint in Indonesia,
which will cover 11 provinces: East Java, South Sumatra, North
Sumatra, West Sumatra, Riau, Kalimantan, Sulawesi, Bali, Nusa
Tenggara, Maluku and Irian Jaya.

                        About Telkomsel

PT Telekomunikasi Selular Indonesia -- http://www.telkomsel.com/  
-- is the leading operator of cellular telecommunications
services in Indonesia by market share.  By the end of June 2006,
Telkomsel had close to 29.3 million customers, which, based on
industry statistics, represented a market share of more than
50%. Telkomsel provides GSM cellular services in Indonesia,
through its own nationwide Dual band 900/1800 MHz GSM network,
and internationally, through 259 international roaming partner
in 153 countries as of June 2006.  The company provides its
subscribers with the choice between two prepaid cards-simPATI
and kartuAs of a pre-paid simPATI service, or the post-paid
kartuHALO service, as well as a variety of value-added services
and programs.                          

                          *     *     *

A Troubled Company Reporter - Asia Pacific report on Dec. 20,
2005, stated that Standard & Poor's Ratings Services raised the
foreign currency corporate credit ratings of PT Telekomunikasi
Selular (Telkomsel) from BB- to BB+ with a stable outlook, and
its local currency corporate rating from BB to BB+ with a stable
outlook, following a review of the impact of risk factors such
as economic structure, growth prospects, political stability,
depth and liquidity of capital markets and transfer and
convertibility risk.

Another TCR-AP report said that Fitch Ratings gave
Telekomunikasi Selular a BB long-term issuer default rating
effective on August 18, 2006.  The outlook is stable.
Additionally, Fitch Ratings gave the company's local currency a
BB+ rating, while its foreign currency got a BB- rating.  Both
ratings carry a positive outlook.


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

HERBALIFE LTD: Completes US$165-Million Bond Redemption
-------------------------------------------------------
Herbalife Ltd -- 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 Limited -- http://www.herbalife.com/-- is a global  
network marketing company that sells weight-management,
nutritional supplements and personal care products intended to
support a healthy lifestyle.  Herbalife products are sold in 62
countries through a network of more than one million independent
distributors.  The company supports the Herbalife Family
Foundation -- http://www.herbalifefamily.org/-- and its Casa  
Herbalife program to bring good nutrition to children.

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

                           *     *     *

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


MITSUBISHI MOTORS: Posts July Production, Sales, Exports Figures
----------------------------------------------------------------
Mitsubishi Motors Corporation, on August 28, 2006, unveiled
global production, as well as domestic sales and export results,
for July 2006.

Total global production totaled 107,192 units, 88.3% of the
previous year's total.  Japanese production reached 62,571
units, a decline of 2.1% from the year-ago period.

Total vehicle sales in Japan came to 21,029 units, a 3.3%
increase year-on-year, making July the 15th consecutive month of
year-on-year sales growth in Japan.  Total sales for passenger
cars came to 14,329 units, up 7.8% over the July 2005 total on
sales of new models, while commercial vehicle sales fell 5.2%
over the previous year to 6,700 units.  The decline in
commercial vehicles stemmed from lower sales of the Pajero and
Delica models, which will undergo model changes later this
fiscal year.

Overseas production for the month totaled 44,621 units, 77.6% of
the total for July 2005.  European production showed a 44.9%
increase year-on-year to 6,495 units due to brisk sales of the
new Colt CZC cabriolet model.  Asian production totaled 27,106
units, 67% of the year-ago total due to unfavorable economic
conditions in markets such as Indonesia, Malaysia, and Taiwan.
Lastly, North American production fell slightly to 7,585 units,
down 2.2% over the previous period total.

Total exports from Japan grew strongly year-on-year to 36,068
units, up 13.6%.  Exports to Europe increased a small 2.9% over
July 2005 to 12,447 units and exports to Asia came to 2,819
units, 76.8% of the year ago total.  Similar to Asian
production, the decline in exports to Asia stemmed from poor
economic conditions for the industry.  Exports to North America
remained stable at 5,055 units, 100.5% of total for July 2005.

                 About Mitsubishi Motors Corp.

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

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

                          *     *     *

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

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


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

KOREA EXCHANGE BANK: Lone Star's Sale to Kookmin Faces Delay
------------------------------------------------------------
The deadline for United States-based Lone Star Funds to complete
its planned sale of Korea Exchange Bank to Kookmin Bank may be
extended beyond Sept. 16, 2006, Dow Jones Newswire reports,
citing a person familiar with the matter.

Jeongjin Lim of Dow Jones notes that September 16 is the
original deadline set for Lone Star to completed the KEB Sale.

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that Lone Star has agreed to sell its 64.62%
stake in KEB to Kookmin Bank.  According to the report, Kookmin,
reportedly South Korea's largest retail bank by assets, will
have to pay KRW6.4 trillion for the takeover.

Dow Jones relates that Kookmin Bank and Lone Star agreed to put
off the transaction until mid-September under the assumption
that a probe by South Korean prosecutors into Lone Star would be
completed by then.  Dow Jones notes that if the Kookmin/Lone
Star deal pushes through, it will be one of the largest
corporate takeovers in South Korea in 2006.

Ms. Lim says that Kookmin Bank and Lone Star declined to comment
regarding the matter.

                      About Korea Exchange

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
consecutive quarterly profits since the end of 2003.

Fitch Ratings gave Korea Exchange Bank a 'C' Individual Rating
effective on June 17, 2005.

Moody's Investors Service gave KEB a 'D' Bank Financial Strength
Rating effective on May 9, 2006.

                          *     *     *

South Korean politicians -- led by the main opposition Grand
National Party -- have alleged that the Korea Exchange shares
were sold cheap to United States-based Lone Star Funds after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations in March 2006.

The Board of Audit and Inspections and the Supreme Public
Prosecutors' Office initiated separate investigations into the
matter.  On June 20, 2006, the BAI determined that Lone Star's
acquisition of Korea Exchange was led by management with the
approval of the financial supervisory bureau.  BAI found that
KEB exaggerated its insolvency and falsely recorded the Bank for
International Settlements' capital adequacy ratio at 6.16%,
which is below the 8% threshold for healthy banks.

Prosecutors are investigating whether there were any
transgressions of law in the process of selling KEB and whether
bribes were given to officials.  If prosecutors will find solid
evidence that the data was cooked up, it might lead to the
nullification of the KEB sale to Lone Star and the arrest of
regulators, policymakers and former KEB executives.


KRISPY KREME: Reaches US$4.75M Settlement in ERISA Suit
-------------------------------------------------------
Keller Rohrback, L.L.P. lawyer T. David Copley asked the United
States District Court for the Middle District of North Carolina
to preliminarily approve a settlement in the class action "Smith
v. Krispy Kreme Doughnut Corp., et al."

In May 2006, the company reached an a agreement resolving an
Employee Retirement Income Security Act class action filed
against Krispy Kreme Doughnuts, Inc., and individual defendants
including certain members of its board of directors, officers
and employees, the Class Action Reporter reported on May 17,
2006.

The settlement included a one-time cash payment to be made by
the company's insurer in the amount of US$4,750,000.  The
company and the individual defendants denied wrongdoings.  

If the settlement is finalized, it will impact members of a
settlement class consisting of participants in the company's
retirement savings plan from Jan. 1, 2003, through May 12, 2006.   
In addition to the cash payment by the company's insurer, the
company will amend the plans to cause the merger of the Krispy
Kreme Profit Sharing Stock Ownership Plan into the 401(k) Plan.   

                         Case Background  

The company and certain of its current and former officers and
employees were served with the complaint on Mar. 16, 2005, which
asserts claims for breach of fiduciary duty under ERISA.

Plaintiffs purport to represent a class of persons who were  
participants in or beneficiaries of the company's retirement  
savings plan or profit sharing stock ownership plan between
Jan. 1, 2003, and the date of filing and whose accounts included  
investments in the company's common stock.

Plaintiffs, who seek unspecified monetary damages and other  
relief, contend that:

    -- defendants failed to manage prudently and loyally the  
       assets of the plans by continuing to offer the
       company's common stock as an investment option and to
       hold large percentages of the plans' assets in the
       company's common stock;

    -- failed to provide complete and accurate information
       about the risks of the company's common stock;

    -- failed to monitor the performance of fiduciary
       appointees; and

    -- breached duties and responsibilities as co-fiduciaries.

The plaintiffs filed an amended complaint on Jul. 1, 2005,
asserting the same claims they asserted in their original
complaint.

The defendants received an extension of time to respond to the
amended complaint, and on Dec. 15, 2005, filed a motion to
dismiss the amended complaint for failure to state a claim on
which relief may be granted.

A copy of the Motion for Preliminary Approval is available at:   

               http://ResearchArchives.com/t/s?1073

The suit is "Smith v. Krispy Kreme Doughnut Corp., et al., Case   
No. 1:05-cv-00187-WLO," filed in the U.S. District Court for the   
Middle District of North Carolina under Judge William L. Osteen.    
Representing the plaintiffs are:  

   (1) T. David Copley of Keller Rohrback, L.L.P., 1201 3rd.
       Ave., Seattle, WA 98101, Phone: 206-623-1900, Fax: 206-  
       623-3384, e-mail: dcopley@kellerrohrback.com and

   (2) Gary V. Mauney of Lewis & Roberts, 5960 Fairview Rd.,
       Ste. 102, Charlotte, NC 28210-3102, US, Phone: 704-347-
       8990, Fax: 704-347-8929, e-mail:
       garymauney@lewis-roberts.com

Representing the defendants are:  

   (1) Adam H. Charnes of Kilpatrick Stockton, L.L.P., 1001 W.
       Fourth St., Winston-Salem, NC 27101, Phone: 336-607-
       7382, Fax: 336-734-2602, e-mail:
       acharnes@kilpatrickstockton.com

   (2) Stacey Cerrone of Proskauer Rose, LLP, 909 Poydras St.,   
       Ste. 1100, New Orleans, LA 70112, US, Phone: 504-310-  
       4089, Fax: 504-310-2022, e-mail:
       scerrone@proskauer.com and  

   (3) Michael Scott Fox of Tuggle Duggins & Meschan, P.A.,
       P.O.B. 2888, Greensboro, NC 27402, Phone: 336-271-5244,
       Fax: 336-274-6590, e-mail: mfox@tuggleduggins.com  

                        About Krispy Kreme

Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme
(NYSE: KKD) --http://www.krispykreme.com/-- is a leading  
branded specialty retailer of premium quality doughnuts,
including the Company's signature Hot Original Glazed.  There
are currently approximately 300 Krispy Kreme stores and 90
satellites operating systemwide in the U.S., Australia, Canada,
Mexico, the United Kingdom and the Republic of South Korea.

Headquartered in Winston-Salem, North Carolina, Freedom Rings
LLC is a majority-owned subsidiary and franchisee partner of
Krispy Kreme Doughnuts, Inc., in the Philadelphia region.  The
Debtor operates six out of the approximately 360 Krispy Kreme
stores and 50 satellites located worldwide.  The Company filed
for chapter 11 protection on Oct. 16, 2005 (Bankr. D. Del. Case
No. 05-14268).

M. Blake Cleary, Esq., Margaret B. Whiteman, Esq., and Matthew
Barry Lunn, Esq., at Young Conaway Stargatt & Taylor, LLP,
represent the Debtor in its restructuring efforts.  When the
Debtor filed for protection from its creditors, it estimated
US$10 million to US$50 million in assets and debts.

Headquartered in Oak Brook, Illinois, Glazed Investments, LLC,
is a 97%-owned unit of Krispy Kreme.  Glazed filed for chapter
11 protection on Feb. 3, 2006 (Bankr. N.D. Ill. Case No. 06-
00932).

The bankruptcy filing will facilitate the sale of 12 Krispy
Kreme stores, as well as the franchise development rights for
Colorado, Minnesota and Wisconsin, for approximately
US$10 million to Westward Dough, the Krispy Kreme area developer
for Nevada, Utah, Idaho, Wyoming and Montana.  Daniel A. Zazove,
Esq., at Perkins Coie LLP represents Glazed in its restructuring
efforts.  When Glazed filed for protection from its creditors,
it estimated assets and debts between US$10 million to
US$50 million.

KremeKo, Inc., Krispy Kreme's Canadian franchisee, is currently
restructuring under the Companies' Creditors Arrangement Act.
Pursuant to the Court's Initial Order, Ernst & Young Inc. was
appointed as Monitor in KremeKo's CCAA proceedings.  The Monitor
is attempting to sell the KremeKo business.


STANDARD CHARTERED FIRST BANK: Fitch Affirms C Individual Rating
----------------------------------------------------------------
Fitch Ratings has affirmed Standard Chartered First Bank's  
ratings as follows:

   * Long-term Issuer Default Rating 'A',
   * Short-term rating 'F1',
   * Individual rating 'C', and
   * Support rating '1'.

The rating Outlook is Stable.

SCFB's Long-term rating is underpinned by the strength of its
parent, Standard Chartered Bank ("SCB", rated 'A+'/Stable/'F1'),
which has a 100% ownership of SCFB.  Its Individual rating,
meanwhile, reflects the bank's limitations in terms of
profitability and capitalization in South Korea.

Following its acquisition by Newbridge Capital in 1999, SCFB's
strategy was to achieve high quality loan book growth by
focusing on mortgages and, to a lesser extent, loans to large
blue-chip corporates and its treasury operations.  This resulted
in low credit costs, but with intensifying competition, it also
led to low margins and low profitability.  In 2005, net
profitability was halved as margins fell sharply.  Also, despite
ongoing low credit costs, SCFB's returns on assets and equity
were very poor, at just 0.13% and 3.3%, respectively.  Also
putting a drag on profitability was the KRW120 billion one-off
cost relating to the integration with SCB.

Going forward, the agency expects SCFB's profitability to
improve as SCB, which acquired the bank from Newbridge in April
2005, redirects the bank towards higher yielding small- and
medium-sized enterprises, credit cards and other unsecured
personal loans.  Though this will entail higher risk, Fitch
understands that the move will be a gradual process and expects
it to be well-managed as it is currently implementing the credit
risk management systems of SCB.  The agency also notes that
SCFB's margins should improve faster due to more fee income,
particularly from its treasury and trading services, as the bank
leverages off SCB's global strength.

That said, Fitch warns that the process will take time and over
the coming years, profitability may continue to be constrained
by a need for higher loan loss charges.  To date, while the
bank's low-risk strategy of mortgage and blue-chip lending has
resulted in low credit costs, it has not be able to avoid
problems arising from its small portfolio of SME loans.
Delinquencies rose sharply over FY05 and Q106 to stand at 5.70%
at May 31, 2006, compared to 4.39% at end-2005 and 1.39% at end-
2003.  While overall non-performing loans have remained low,
1.58% at end-2005 compared to 1.50% at end-2004, reserves
coverage was limited given a further 3.80% level of
precautionary loans (1.29% at end-2003).  The bank's
capitalization was only just adequate with total and Tier I CARs
of 10.7% and 7.1% at end-2005 due to the bank's limited
profitability and loan quality problems.

The Outlook on SCFB's ratings is Stable.  Being just one notch
below SCB's long-term rating, there is little scope of a higher
Long-term rating on SCFB at this stage.  The agency notes that
as SCFB comprises 27% of SCB's total assets, any problems at
SCFB would be negative for the group.  However, over time,
SCFB's profitability and balance sheet strength is expected to
improve, which will lead to an improved Individual rating.

Established in 1929, SCFB was nationalized in 1998, before being
sold to Newbridge in 1999 and later, to SCB in April 2005.  It
is Korea's sixth-largest of seven nationwide commercial banks
with 5.1% of system-wide assets.


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

AKTIF LIFESTYLE: Members Pass All AGM Resolutions
-------------------------------------------------
All resolutions tabled at Aktif Lifestyle Corporation Berhad's
12th Annual General Meeting on August 24, 2006, have been duly
passed.

During the meeting, members:

   -- received and adopted the Company's Audited Financial
      Statements for the financial year ended February 28, 2006,
      together with the reports of the directors and auditors;

   -- approved the payment of directors' fees for the year
      ended February 28, 2006;

   -- re-elected as director Chan Teik Huat, who retired
      pursuant to the Company's Articles of Association;

   -- reappointed Deloitte KassimChan as auditors of the Company
      and authorized the directors to fix Deloitte's
      remuneration;

   -- authorized the directors to issue shares in the Company
      at any time until the conclusion of the next Annual
      General Meeting and on terms and conditions and for
      purposes deemed fit by the directors provided that the
      aggregate number of shares to be issued does not exceed
      10% of the issue share capital of the Company for the time
      being; and

   -- transacted any other ordinary business for which due
      notice was given.

                     About Aktif Lifestyle

Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activities include investment
holding.

The Company has defaulted on several loan facilities and
incurred continuous losses.  It embarked on various corporate
exercises aimed at regularizing its financial condition.  In
2005, the Company presented a proposed restructuring scheme,
hich did not win the Securities Commission's favor due to
uncertainty in assets valuation and concerns on corporate
governance issues.  An appeal to the SC to review its decision
on the Proposed Restructuring Scheme was already submitted.  

As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia Securities Berhad, on June 8, 2006, commenced
delisting procedures against Aktif, which is a Practice Note 10
company.  In a statement, Bursa Securities said that Aktif has
failed to ensure that its level of operations is adequate in
accordance to the listing requirements.


DATUK KERAMAT: Continues to Fail Submission of Financials
---------------------------------------------------------
Datuk Keramat Holdings Berhad said that it will not be able to
submit its interim financial report for the first quarter ended
March 31, 2006, by the end of the extended timeframe on
August 31, 2006.

The submission of the financial statement will be delayed, as
the Company is still working on its proposed restructuring
scheme.

The Troubled Company Reporter - Asia Pacific reported on
July 26, 2006, that the revamp plan has also prevented Datuk
Keramat from issuing its Annual Audited Accounts for fiscal
2005, which was due in July 31, 2006.  The expected date to
submit the Report will depend on the outcome of the proposed
restructuring scheme.

The TCR-AP reported on May 29, 2006, that the Company's
securities have already been suspended since August 1, 2005,
because it has not issued the Annual Audited Accounts and Annual
Report for the 15-month period ended December 31, 2004,
Quarterly Reports for the periods ended March 31, 2005, June 30,
2005, and September 30, 2005, by the given due dates.

The TCR-AP also noted that the Company has failed to submit its
quarterly report for the period December 31, 2005, to the Bursa.  
The report was due on February 28, 2006.  Furthermore, on
June 6, 2006, the TCR-AP reported that Datuk Keramat has not
issued its first quarterly report ended March 31, 2006, which
was due on May 31, 2006.

                       About Datuk Keramat
  
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding.  The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services.  

The Group is facing numerous suits filed by financiers and trade
creditors who have alleged that outstanding debts are owed to
them.  On January 24, 2005, the Company was served with a wind-
up petition by Affin Bank Bhd, who claimed a sum of
MYR15.66 million in respect of revolving credit facilities
granted to the Company.  


JIN LIN: June 30 Balance Sheet Reveals Insolvency
-------------------------------------------------
Bursa Malaysia Securities Berhad, on August 24, 2006, received
Jin Lin Wood Industries Berhad's financial report for the
quarter ended June 30, 2006.

For the quarter under review, the Group recorded a loss before
taxation of MYR2,403,000 compared with a loss before taxation of
MYR8,179,000 in the year preceding corresponding quarter.  The
Group's turnover increased by 12% to MYR2,635,000 from
MYR2,352,000 recorded in the preceding year corresponding
quarter.

For the current quarter, the Group continued to record a low
turnover of MYR2,635,000.  The low turnover with the high
operating fixed cost resulted in a loss before taxation of
MYR9,348,000 for the 12 months financial period ended June 30,
2006.  The losses for the financial period-to-date incurred by
the Group consist of depreciation and finance cost amounting to
MYR7.610 million and MYR1.880 million, respectively.

The company's balance sheet as of June 30, 2006, revealed
current assets of MYR3,884,000 available to pay current
liabilities of MYR99,490,000 that fall due within the next 12
months.  The company has a net current deficit of MYR32,641,000.

The balance sheet also showed total assets of MYR66,849,000 and
total liabilities of MYR100,292,000, resulting into a
stockholders' deficit of MYR33,443,000.

As of June 30, 2006, the Company accumulated losses of
MYR114,660,000.

No dividend has been declared in respect of the financial period
under review.

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

http://bankrupt.com/misc/tcrap_jinlin082806.pdf

http://bankrupt.com/misc/tcrap_jinlinnotes082806.pdf

                         About Jin Lin

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment, and investment holding.

As of June 30, 2006, the Company's balance sheet showed total
assets of MYR66,849,000 and total liabilities of MYR100,292,000,
resulting into a stockholders' deficit of MYR33,443,000.


JIN LIN: Unveils Results of Meetings
------------------------------------
Shareholders of Jin Lin Wood Industries Berhad approved at a
Court Convened Meeting on August 25, 2006, the Proposed Scheme
of Arrangement in respect of the Company's proposed
restructuring scheme.

Jin Lin's shareholders have also duly approved the special and
ordinary resolutions tabled at the Extraordinary General Meeting
pertaining to the Proposed Restructuring Scheme held on
August 25, 2006.

Both meetings will be held at Dewan Berjaya, Bukit Kiara
Equestrian & Country Resort, Jalan Bukit Kiara, Off Jalan
Damansara, 60000 Kuala Lumpur, Malaysia.

                  About Jin Lin Wood Industries

Headquartered in Kuala, Lumpur Malaysia, Jin Lin Wood Industries
Berhad is engaged in the manufacture and trade of timber and
related timber products.  The Company is also involved in
warehousing, chemical treatment, and investment holding.

As of March 31, 2006, the Company's balance sheet showed total
assets of MYR68,666,000 and total liabilities of MYR99,706,000
resulting into a shareholders deficit of MYR31,040,000.


MALAYSIA PACKAGING: 2nd Quarter Pre-tax Loss Jumps to MYR509,000
----------------------------------------------------------------
Malaysia Packaging Industrial Berhad submitted on August 24,
2006, its financial report for the second quarter ended June 30,
2006, to Bursa Malaysia Securities Berhad.

For the quarter ended June 30, 2006, the company recorded a
turnover of MYR16.7 million as against MYR18.7 million in the
same quarter last year, representing a reduction of MYR2 million
or 11%.

The company registered a pre-tax loss of MYR509,000 in the
quarter under review as against a pre-tax profit of MYR116,000
in the corresponding quarter.  Higher loss incurred in current
quarter was mainly due to sales mix and higher production cost.

The turnover for the quarter under review was slightly higher at
MYR16.7 million as against MYR15.9 million in the immediate
preceding quarter.

The Company registered a pre-tax loss of MYR509,000 for the
quarter under review as compared to a pre-tax loss of MYR81,000
in the same quarter last year. Accumulated losses stands at
MYR5,837,000 as of June 30, 2006.

The increase in electricity tariff, surging crude oil price and
potential inflationary effect have further increased the cost of
production and intensified the competition.  However, the
company will remain committed to its long-term strategies to
develop new markets and to introduce new technologies.  The
directors are of the opinion that the company's performance
outlook for the year is envisaged to be the same as last
financial year.

Meanwhile, the company's June 30, 2006, balance sheet revealed
total assets of MYR61,022,000, total liabilities of
MYR24,751,000, and total stockholders' equity of MYR36,271,000.

There was no dividend declared or recommended for the quarter
under review.

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

http://bankrupt.com/misc/tcrap_malaysiapackaging082806.pdf

http://bankrupt.com/misc/tcrap_malaysiapackagingIS082806.pdf

http://bankrupt.com/misc/tcrap_malaysiapackagingBS082806.pdf

http://bankrupt.com/misc/tcrap_malaysiapackagingCFS082806.pdf

http://bankrupt.com/misc/tcrap_malaysiapackagingnotes082806.pdf

                     About Malaysia Packaging

Headquartered in Malaysia, Malaysia Packaging Industry Berhad
-- http://www.maypak.com/-- is principally engaged in the  
manufacture of printed and laminated flexible light packaging
materials such as vacuum packing, liquid packaging, sachets,
snack foods, retort pouches, doypacks and capseals.

The Company has been making net losses since 2003, as it is
unable to increase revenue due to cutthroat competition in the
market.  Accumulated losses stands at MYR5,837,000 as of
June 30, 2006.  For the first time since its listing in 1990,
the Company was not able to declare a dividend from 2004 up to
the present.


MBF CORPORATION: Books MYR6.9-Mil. Pre-tax Loss in 2nd Quarter
--------------------------------------------------------------
MBf Corporation Berhad has submitted for public release its
financial report for the second quarter ended June 30, 2006.

For the quarter under revenue, the Group registered revenue of
MYR14.20 million as compared with a MYR6.72-million revenue in
the same quarter last year.  The favorable variance in revenue
for the current financial quarter was mainly due to higher sales
from leisure and timeshare, and property development division.  

The Group recorded a pre-tax loss of MYR6.9 million for the
financial quarter ended June 30, 2006, as compared with the
previous year's corresponding quarter profit of MYR4.11 million.  
The adverse variance was mainly attributed to loss on disposal
of fixed asset in a subsidiary.

The Group recorded a revenue of MYR20.71 million for the current
six-month financial period ended June 30, 2006, compared with
the previous year's MYR16.04 million, an increase of
MYR4.67 million or 29.11%.  The increase in revenue was mainly
due to improved sales in leisure and timeshare, and property
development.  

Meanwhile, the Group recorded a pre-tax loss of MYR7.01 million
for the six months ended June 30, 2006, compared with the
previous year's corresponding financial period loss of
MYR2.58 million.  The adverse variance was mainly attributed to
loss on disposal of fixed asset in a subsidiary.

As of June 30, 2006, the Group recorded an accumulated loss
figure of MYR281.33 million.

As of June 30, 2006, the company's balance sheet showed strained
liquidity with current assets of MYR327.78 million available to
pay current liabilities of MYR334.1 million coming due within
the next 12 months.  The company has a net current deficit of
MYR6.34 million.

The June 30, 2006, balance sheet also revealed total assets of
MYR570.88 million total liabilities of MYR518.8 million and
total stockholders' equity of MYR52 million.

There was no interim ordinary dividend paid, proposed or
declared for the quarter ended June 30, 2006.

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

http://bankrupt.com/misc/tcrap_mbfcorp082806.xls

http://bankrupt.com/misc/tcrap_mbfcorpnotes082806.doc  

                     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.


POLYMATE HOLDINGS: Unit Slapped With MYR1.6-Million Claim
---------------------------------------------------------
Polymate Holdings Berhad's wholly owned subsidiary, Polymate
Industries Berhad, was served on August 9, 2006, with a Writ of
Summons and Statement of Claim dated July 17, 2006, by Titan
Petchem (M) Sdn Bhd -- formerly known as Titan PP Polymers (M)
Sdn Bhd.

Titan Petchem is claiming a principal amount of MYR1,592,725
plus a monthly interest of 1.5% on the amounts in each of the
invoices to be calculated 60 days from the date each of the
invoices was issued to the date of full settlement.

The plaintiff is also seeking payment for other costs and
further relief that the Kuala Lumpur High Court deems fit.

A list of the invoices is available for free at:

http://bankrupt.com/misc/tcrap_polymateholdings082806.pdf

                     About Polymate Holdings

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/-- is engaged in the  
manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding, and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand, and Europe.

Polymate is negotiating with its lenders to restructure the
Group's credit facilities and is working on various schemes to
regulate its financial position.


SUGAR BUN: Granted Listing of 1 Million New Shares
--------------------------------------------------
Sugar Bun Corporation Berhad's additional 1,000,000 new ordinary
shares of MYR1 each will be granted listing and quotation today,
August 29, 2006.

The new shares were derived from the exercise of 1,000,000
warrants 2002/2012.

The Troubled Company Reporter - Asia Pacific reported on
August 23, 2006, that Sugar Bun's additional 1,000,000 new
ordinary shares of MYR1 each were granted listing and quotation
on August 24, 2006.  The shares were derived from the exercise
of 1,000,000 warrants 2002/2012.

                      About Sugar Bun Corp.

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

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


SUREMAX GROUP: CMCM Slaps Over MYR62,940 Claim
----------------------------------------------
Suremax Group Berhad and its subsidiary, Suremax Marketing Sdn
Bhd, were on August 24, 2006, served with a Summons dated
June 6, 2006, and Statement of Claim dated June 5, 2006, by CMCM
Perniagaan Sdn Bhd.

Under the suit, CMCM is asserting a MYR62,940 claim plus
interest of MYR17,848 accrued as of November 30, 2005.  CMCM is
also asking payment for continued interest on the principal
amount at a monthly rate of 1.50% calculated from December 1,
2005, until the date of full settlement.

In addition, CMCM is also demanding payment for legal costs
incurred and other relief that the Kuala Lumpur High Court deems
fit.

Suremax will seek legal advice from its solicitors on the next
course of action.

                       About Suremax Group

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

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


TENAGA NASIONAL: Favors Amendment and Novation of ECA Loan
----------------------------------------------------------
On August 24, 2006, Tenaga Nasional entered into a Novation and
Amendment Agreement with TNB Janamanjung Sdn Bhd, TNB Capital
(L) Ltd. and Midland Bank plc -- currently known as HSBC Bank
plc -- to effect the novation of the Export Credit AgencyLoan
from TNB Janamanjung to TNB Capital.  The novation forms part of
the restructuring of the ECA Loan which entails a re-pricing of
the interest rate and unification of the currencies into a
single currency namely from US$, EUR and GBP into US$.

Concurrently on the same date, Tenaga Nasional has issued a new
Overseas Guarantee to replace the original Overseas Guarantee.

As announced on June 29, 1999, Tenaga Nasional Berhad's
subsidiary -- TNB Janamanjung Sdn Bhd signed a loan agreement
and an engineering, procurement and construction contract for
the development of Manjung 2100 MW coal Fired Power Plant
project.

The ECA Loan loan was signed between TNB Janamanjung and Midland
Bank plc and supported by export Credit Guarantee Department
Agreement of United Kingdom, Compagnie Francaise d'Assurance
pour le Commerce Exterieur of France and the Garanti-Instituttet
for Eksportkreditt of Norway.  The ECA loan was also supported
by guarantee issued by Tenaga Nasional Berhad in favor of
Midland Bank plc.

                     About Tenaga Nasional

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

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

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


TRADEWINDS CORP: RAM Reaffirms BBB3(s) Rating; Outlook Negative
---------------------------------------------------------------
RAM has reaffirmed the long-term enhanced rating of BBB3(s) for
Tradewinds Corporation MYR100 million Redeemable Secured Bonds
(2000/2008).  At the same time, the rating outlook on the Bonds
has been revised from stable to negative.

The change in the rating outlook is premised on the rescheduling
of development-rights payments by its joint-venture partners,
which is expected to weaken Tradewinds Corp's cashflow at
company level.  In view of the rescheduling of one of Tradewinds
Corp's main sources of cashflow, the disposal of some of its
non-core assets over the next three years will be critical
towards supporting its financial obligations at company level.  
Slow progress of asset disposals, coupled with the reduced
cashflow from the reorganization of development-rights payments,
will affect its cashflow, more so due to heavy debt repayment
over the next three years; this may exert downward pressure on
the rating of the Bonds.

Meanwhile, the Group's balance sheet remained weak, with more
than MYR2 billion of debts as at end-December 2005; this
translated into a gearing ratio of 0.92 times, albeit an
improvement from 1.15 times a year earlier.  Its gearing ratio
had also eased at company level, from 1.00 time to 0.58 times
over the same period, primarily due to the issuance of its
MYR483 million 2% Irredeemable Convertible Unsecured Loan Stock
(2005/2012) for the acquisition of Ambang Budi Sdn Bhd and land
in Tebrau and Sedili, Johor.  Despite this, Tradewinds Corp's
financial position remained weak, with an operating cashflow
debt coverage of just 0.06 times.

On a more positive note, the Group's plantation division posted
a 14.7% improvement in revenue to MYR382.3 million in FYE
December 31, 2005, underscored by the increase in matured
acreage and better yields of fresh fruit bunches.  In addition,
the completion of the merger of its plantations with those of
Johore Tenggara Oil Palm Berhad boosted the Group's land bank to
145,675 hectares, making it one of the larger players within the
local plantation industry.

Elsewhere, the Group's sugar-refining operations -- which
accounted for 42% of its revenue in FY Dec 2005 -- will remain a
stable source of income and cashflow.  Although the completion
of its acquisition of Gula Padang Terap Sdn Bhd -- a sugar
refinery in Kedah -- is expected to boost Tradewinds Corp's
market share, the margins of its sugar-refining business will
remain susceptible to movements in the price of raw sugar.

In the meantime, the Group's hotel division registered a 2.5%
improvement in revenue to MYYR291.3 million in FY Dec 2005,
underpinned by healthier overall occupancy rates and room rates
for the hotels under its umbrella.  In this instance, the better
operational performance of the Group's Crowne Plaza Mutiara
Kuala Lumpur more than offset the weaker showing of Mutiara
Beach Resort Penang, which had suffered reduced occupancy after
the tsunami disaster in late 2004.

                     About Tradewinds Corp.

Tradewinds Corporation Berhad -- formerly known as Pernas
International Holdings Berhad -- is focused on a diverse range
of business activities, which include plantations, hotels,
manufacturing, and properties, and aims to be the premier
investment company.  The Group has entered into a restructuring
scheme to settle debts, curb losses and streamline its
operations.

In 2004, the Group's debt was significantly restructured with
the reorganization of the hotel businesses.  The Company also
unveiled a new logo after its change of name in July 2004, in
line with its corporate re-branding exercise.  The Group
divested some non-core assets in line with its objective to
streamline its businesses.  In February 2005, the acquisitions
of property development land to diversify earnings and improve
cash flow were completed.

Tradewinds' 2005 accounts revealed a net loss of MYR48.4
million.

The Troubled Company Reporter - Asia Pacific reported on
April 10, 2006, that the Board of Directors of Tradewinds
Corporation passed a resolution to voluntarily wind up the
Company's subsidiaries:

     * TCB OUE Cruises Sdn Bhd;
     * Malaysia Timber Exports Sdn Bhd;
     * TCB Services Sdn Bhd;
     * TCB Engineering Sdn Bhd; and  
     * TCB Komputer Sdn Bhd.


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

BANCO FILIPINO: PSE Continues Suspension of Shares Trading
----------------------------------------------------------
The Philippine Stock Exchange advised in a Memo for Brokers
dated August 22, 2006, that Banco Filipino Savings & Mortgage
Bank, whose trading of shares was suspended, has not submitted
its Quarterly Report for period ended June 30, 2006.

Accordingly, the trading of the shares of Banco Filipino will
remain suspended pending compliance with the PSE's requirements.

The Troubled Company Reporter - Asia Pacific reported on
August 9, 2006, that Banco Filipino has yet to submit its 2005
annual report to the Securities and Exchange Commission, after
the deadline, set on May 31, 2006.  Therefore, the bank was
ordered to pay a fee of PHP50,000 as punishment for non-
compliance.  The SEC said it would suspend Banco Filipino's
securities registration unless it settled the fine, the report
noted.

The bank was given 15 days from receipt of the SEC letter to
settle the penalty fee, the TCR-AP said.

                     About Banco Filipino

Banco Filipino Savings & Mortgage Bank --
http://www.bancofilipino.com/-- was organized in 1964,
principally to engage in the general business of savings and
mortgage banking and of a trust company and to perform such acts
as may be incidental thereto.  It started operations on July 9,
1964.

Banco Filipino offers to the public full domestic banking
services, which are five main types, namely: cash services;
commercial services; loans; money market services; and trust
services.

The Troubled Company Reporter - Asia Pacific reported on May 17,
2006, that the Bangko Sentral ng Pilipinas approved an emergency
loan of PHP190 million to Banco Filipino in order for it to
remain liquid, after certain branches experienced heavy
withdrawals.

The state central bank had ordered Banco Filipino's closure in
1985 due to insolvency.  However, the Supreme Court overturned
Bangko Sentral's decision and ordered the bank to reopen in
1994 and resume business as a full service savings bank with
trust operations.


BENGUET CORP: Fails to Submit Quarterly Report; Shares Suspended
---------------------------------------------------------------
In a Memo for Brokers dated August 22, 2006, the Philippine
Stock Exchange advised that Benguet Corporation, whose trading
of shares was suspended, has not submitted its Quarterly Report
for the period ended June 30, 2006.

Thus, the company's trading of its shares will remain suspended
pending compliance with the PSE's requirements.

As reported in the Troubled Company Reporter - Asia Pacific on
August 11, 2006, the company has yet to submit its fiscal 2005
financial report to the Securities & Exchange Commission, due on
May 31, 2006.  Hence, it was ordered to pay a fine of PHP50,000
for its non-compliance.  The company was given 15 days from
receipt of the SEC letter to settle the penalty fee.

The SEC said that it would suspend the securities registration
of Benguet Corp. unless it settled the fine, the TCR-AP noted.

                     About Benguet Corporation

Benguet Corporation -- http://www.benguetcorp.com/-- was  
organized to primarily engage in gold mining.  It expanded into
chromite and copper production, and then into the fields of
general engineering and industrial construction, agriculture,
shipping, banking and finance, real estate and forestry-based
ventures.

As of March 31, 2006, Benguet Corp.'s liabilities to its
creditor-banks amount to PHP1.7 billion.

                          *      *      *

In a financial report for the quarter ended March 31, 2006, the
Company posted PHP310.66 million in current assets available to
pay PHP3.865 billion in current liabilities due within the next
12 months.  Benguet Corp.'s total assets for the period amount
to PHP3.213 billion, compared with total liabilities of
PHP4.909 billion, resulting to a PHP1.695-billion stockholder's
equity deficit.


JG SUMMIT: Net Income for 2nd Quarter '06 Declines to PHP953M
-------------------------------------------------------------
JG Summit Holdings recorded a net income of PHP168.1 million for
the 2nd quarter of 2006, a drop from the PHP953-million net
income posted in the same period last year.  The decline is
caused mainly by foreign exchange losses arising out of its
dollar-denominated liabilities and that of its subsidiaries, the
company explains.

Its half-year net income however, is still at PHP4.05 billion,
compared to PHP1.7 billion in the same period last year, due to
gains from the sale of some of its shares in Universal Robina
Corporation in February 2006.  The sale brought about the
decrease in the Company's equity interest in URC from 86% last
year to 59% this year.

Consolidated revenues were up by 23.5%, from PHP32.64 billion
last year to PHP40.31 billion for the same period this year.  
The substantial growth was driven by the continued improvement
in sales and revenues of our core businesses, foods and real
estate development, plus the revenue contribution of the
company's petrochemicals business.  

JG Summit's interest income from various investment portfolios
boosted its revenues, reflecting a 25.4% increase from
PHP2.03 billion last year to PHP2.54 billion this year.  Other
income registered a significant 327.9% increase from
PHP0.80 billion last year to PHP3.42 billion this year mainly
due to the recognition of gain on sale from URC shares amounting
to PHP3.21 billion.

However, JG Summit notes that not all its business units
registered a rosy picture as service revenues from its
telecommunications business declined by 6%, while the textile
business decreased by 11%.

Gross profit for the six months ended June 30, 2006, amounted to
PHP11.71 billion, higher by 14% from last year's PHP10.26
billion.  Operating expenses went up 14.7% from PHP8.28 billion
for the first half of last year to PHP9.50 billion this year.

Financing costs and other charges incurred for the six months
was up by 11%, from PHP3.47 billion last year to PHP3.85 billion
this year.  The increase in level of the Company's financial
debt contributed to higher finance cost this year.

EBITDA increased from PHP9.32 billion last year to
PHP12.66 billion for the first half of this year.  Excluding the
non-recurring items, EBITDA would present a slight increase from
last year's PHP9.15 billion to PHP9.45 billion this year.

As of June 30, 2006, the Company's balance sheet remains solid,
with consolidated assets of PHP215.86 billion from PHP201.23
billion as of December 31, 2005.

Other current liabilities increased by 5% to PHP4.68 billion as
of June 30, 2006 from PHP4.45 billion as of December 31, 2005,
due to higher customer deposits and recognition of derivative
liability from our capital markets business.

Consolidated liabilities increased to PHP131.10 billion from
PHP129,36 billion as of December 31, 2005.

Stockholders' equity grew to PHP84.77 billion as of June 30,
2006, from PHP71.87 billion at the end of 2005.  Book value per
share improved from PHP9.43 per share as of December 31, 2005,
to PHP9.99 per share as of June 30, 2006.

JG Summit's financial report for the second quarter 2006 is
available for free at:

         http://bankrupt.com/misc/JG_Summit_2Q2006.pdf

                    About JG Summit Holdings

JG Summit Holdings Inc. -- http://www.jgsummit.com.ph/-- is  
engaged in manufacturing and distributing food and agro-
industrial products and commodities; development, leasing and
management of real estate and hotels; manufacturing and
exporting textiles; provision of voice and data
telecommunication services; manufacturing of polypropylene,
polyethylene and other industrial chemicals; operation of thrift
bank and foreign exchange and securities dealing; provision of
air transport services both domestic and international and other
supplementary businesses like manufacturing of printed circuit
boards; air charter services, power generation, printing
services, Internet-related services, packaging materials,
insurance brokering and securities investment.

                          *     *     *

As reported by the Troubled Company Reporter - Asia Pacific on
April 12, 2006, Standard & Poor's Ratings Services assigned its
B+ corporate credit rating to JG Summit, with a stable outlook.  
At the same time, Standard & Poor's assigned its B+ rating to
the US$300 million 8% unsecured notes due 2013 issued in January
2006 by JGSH Philippines Limited, a special purpose vehicle
wholly owned by JG Summit.  The notes are irrevocably and
unconditionally guaranteed by JG Summit.  


MIRANT CORP: Asia-Pacific Unit Completes US$700-Mil Financing
-------------------------------------------------------------
As reported in the Troubled Company Reporter on July 13, 2006,
Mirant Corporation offered to purchase up to 43,000,000 shares
of its common stock, par value US$0.01 per share, at a price not
greater than US$29 nor less than US$25.75 per share, net to the
seller in cash.

Thomas Legro, the Company's senior vice president and
controller, discloses in an amended Schedule TO filed with the
Securities and Exchange Commission that Mirant and its
subsidiaries will pool in approximately US$1,250,000,000 to fund
the Offer:

      Mirant Entity                       Distribution
      -------------                       ------------
      Mirant Corporation                US$300,000,000
      Mirant Americas Generation, LLC      175,000,000
      Mirant Asia-Pacific Limited, LLC     740,000,000
      Other subsidiaries                    35,000,000

On July 31, 2006, Mirant Asia-Pacific Limited and Mirant Sweden
International AB, as borrowers, and certain banks, as lenders,
with Credit Suisse, Singapore Branch, as facility agent, entered
into a six-year term loan facility.

Bloomberg News says a consortium of 16 banks and financial
institutions has stepped forward and agreed to lend up to
US$700,000,000:

   (1) ABN Amro Holding NV
   (2) BNP Paribas SA
   (3) Bank of Tokyo-Mitsubishi UFJ
   (4) Bank of Philippine Islands
   (5) Banco De Oro Universal Bank
   (6) Bayerische Hypo-und Vereinsbank AG
   (7) Calyon
   (8) Credit Suisse Group
   (9) Fortis Bank A.S.
  (10) HSBC Holdings Plc
  (11) ING Groep NV
  (12) JPMorgan Chase & Co.
  (13) Natexis Banques Populaires
  (14) Royal Bank of Scotland Group Plc
  (15) Sumitomo Mitsui Banking Corp
  (16) WestLB AG

A full-text copy of the US$700,000,000 Mirant Asia-Pacific Loan
Facility is available for free at:

              http://ResearchArchives.com/t/s?1087

According to Timothy Cuff of FinanceAsia.com, a portion of the
MAPFL will be used to refinance project loans by Mirant's
Philippine subsidiaries, which are scheduled for sale for
approximately US$3,000,000,000.

Reuters says interested buyers plan to join together to bid for
Mirant's Philippine assets, six of those groups are:

   (a) Marubeni Corp. and Tokyo Electric Power, Inc.;

   (b) Electric Power Development Co., Ltd. (J-Power) and
       Sumitomo Corp.;

   (c) International Power Plc and Mitsui & Co, Ltd.;

   (d) Korea Electric Power Corp. and Kansai Electric Power;

   (e) OneEnergy Ltd., which is a venture between CLP Holdings
       and Mitsubishi Corp., and American International Group,
       among other financial institutions; and

   (f) a partnership involving Sojitz Corporation.

Reuters adds that AES Corp. will probably join with Sumitomo and
J-Power, and Philippines' Aboitiz Equity Ventures, Inc., is in
talks with some foreign investors.

Mirant, according to radiojamaica.com, faces some problems in
the Philippines -- property tax and contractual disputes and
employee compensation demands -- which may derail the sale.

Jose P. Leviste, Jr., Mirant Philippines' chairman and
president, said in a statement to Manila Standard Today, that
the company will pay its obligations due to the Philippine
government before
disposing its assets.

                          About Mirant

Headquartered in Atlanta, Georgia, Mirant Corporation (NYSE:
MIR) -- http://www.mirant.com/-- is an energy company that  
produces and sells electricity in North America, the Caribbean,
and the Philippines.  Mirant owns or leases more than 18,000
megawatts of electric generating capacity globally.  Mirant
Corporation filed for chapter 11 protection on July 14, 2003
(Bankr. N.D. Tex. 03-46590), and emerged under the terms of a
confirmed Second Amended Plan on Jan. 3, 2006.  Thomas E.
Lauria, Esq., at White & Case LLP, represented the Debtors in
their successful restructuring.  When the Debtors filed for
protection from their creditors, they listed $20,574,000,000 in
assets and $11,401,000,000 in debts.  The Debtors emerged from
bankruptcy on Jan. 3, 2006.  

                           *     *     *

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

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

As reported in the Troubled Company Reporter on July 13, 2006,
Fitch Ratings placed the ratings of Mirant Corp., including the
Issuer Default Rating of 'B+', and its subsidiaries on Rating
Watch Negative following its announced plans to buy back stock
and sell its Philippine and Caribbean assets.

Ratings affected are Mirant Corp.'s 'B+' Issuer Default Rating
and Mirant Mid-Atlantic LLC's 'B+' Issuer Default Rating and the
Pass-through certificates' 'BB+/Recovery Rating RR1'.  Fitch
also placed Mirant North America, Inc.'s Issuer Default Rating
of 'B+', Senior secured bank debt's 'BB/RR1' rating, Senior
secured term loan's 'BB/RR1' rating, and Senior unsecured notes'
'BB-/RR1' rating on Rating Watch Negative.  Mirant Americas
Generation, LLC's Issuer Default Rating of 'B+' and Senior
unsecured notes' 'B/RR5' rating was included as well.

Standard & Poor's Ratings Services also placed the 'B+'
corporate credit ratings on Mirant Corp. and its subsidiaries,
Mirant North American LLC, Mirant Americas Generating LLC, and
Mirant Mid-Atlantic LLC, on CreditWatch with negative
implications.


NATIONAL POWER: Inks MOU with Laos' EDL for Tech'l Cooperation
--------------------------------------------------------------
National Power Corporation will soon be exporting its
professional services and expertise in electric plant
engineering, operations and maintenance services, and rural
electrification, with the signing of a Memorandum of
Understanding with Electricite Du Laos on July 28, 2006, during
the 24th ASEAN Ministers on Energy Meeting held in Laos.

National Power President Cyril C. Del Callar notes that the MOU
with EDL is just the first.  "We are confident that we will be
able to sign similar agreements with other utilities in the
ASEAN region, or even beyond such as those in Europe and the
Americas.  But significantly for ASEAN utilities, National Power
has parallel experiences with them given the similarities in our
geography, culture, society, and history.  Exchanging expertise
with them will strengthen our ties as a people and as economic
partners," Mr. Del Callar says.

The scope of services stipulated for cooperation in the MOU
include:

   (a) technoeconomic analysis, feasibility studies, and general
       plant design;

   (b) environmental engineering services including
       environmental impact studies and environmental compliance
       for power plants;

   (c) construction of power plants including site engineering
       supervision and project management;

   (d) ISO Certification and surveillance procedures;

   (e) watershed and dams management.

Both utilities will also undertake cooperation activities on the
training of electric power plant operators by sharing
facilities, as well as sharing information on rural
electrification, including cost reduction and technical
efficiency in management.

The MOU also calls for the creation of direct channels of
communications between the top management of both National Power
and EDL to pursue the implementation of work plans that will be
formulated based on the MOU.

                      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 LONG DISTANCE: Board Okays 3-Year Strategic Plan
-----------------------------------------------------------
On August 28, 2006, the Board of Directors of Philippine Long
Distance Telephone Company approved in principle, the broad
outline of the PLDT Group's strategic plans for 2007 to 2009.  
The Group's strategic plans will focus on the development of new
revenue streams to drive future growth while protecting its
existing core communications business, particularly its
traditional voice service revenues in light of a shift towards
more data and other converged services.

PLDT Group has moved steadily towards a convergence business
model/platform over the recent past.  The Group intends to
continue pursuing the development of next generation services on
its wireless and fixed line infrastructures, expand broadband
and other data services, exploit opportunities in the content
side to complete the triple-play potential as well as increase
its participation in the call center/business process
outsourcing sector.

To ensure the proper execution of the Group's three-year plans
as presented -- particularly with respect to the manpower
resources being committed to the plans -- a new Long-Term
Incentive Plan, on the endorsement of the Executive Compensation
Committee, was approved by the Board to cover the period 2007 to
2009.

As a result of the establishment of the New LTIP, the Board also
approved the early vesting of the current Long-Term Incentive
Plan by the end of 2006.

The establishment of the New LTIP for the next three years --
the award of which is contingent on the successful achievement
of certain targets -- aligns the execution of the new business
strategies of the Group over the same period.  In addition, the
New LTIP ensures the continuity of management and assists in
succession planning for the Group.  It also allows PLDT Group to
cover new hires and key management in newly acquired businesses
to participate in the New LTIP as well as support a more
aggressive retention and pruning process.

The strategic plans and the New LTIP intimately align the PLDT
shareholders and management in achieving the profit targets and
the resulting increase in shareholder value created from the
successful execution of the strategic plans over the plan
period.

                           About PLDT

Based in Makati City, Philippines, Philippine Long Distance
Telephone Co. -- http://www.pldt.com.ph/-- is the leading  
national telecommunications service provider in the Philippines.  
Through three principal business groups -- wireless, fixed line,
and information and communications technology -- the company
offers a wide range of telecommunications services to over 22
million subscribers in the Philippines across the nation's most
extensive fiber optic backbone and fixed line, cellular and
satellite networks.

                          *     *     *

Moody's Investors Service placed a Ba1 local currency corporate
family rating on PLDT.  Moody's also affirmed the company's Ba2
foreign currency senior unsecured ratings, with a negative
outlook.

Standard & Poor's placed the company's long-term foreign issuer
credit rating at BB+.


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

ARMSTRONG INDUSTRIAL: Buys Back Own Shares
------------------------------------------
Armstrong Industrial Corp Ltd on August 23, 2006, bought back
832,000 of its own shares for SGD$0.164999 per share.

The latest share buyback has raised the number of shares
purchased by the company to 7,691,000.

                   About Armstrong Industrial

Armstrong Industrial Corp. Ltd -- 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.


FLEXTRONICS INTERNATIONAL: Sells Photonics Subsidiary to nLight
---------------------------------------------------------------
Flextronics International Limited's subsidiary, Flextronics
Photonics, was acquired by nlight Photonics, a Clark County
company that makes lasers for the semiconductor industry.

NLight President and Chief Executive Officer Scott Keeney,
however, would not disclose financial details of his company's
acquisition of Flextronics Photonics, according to the Columbian
Business.

"The Flextronics corporate strategy started to differ from what
they were doing in Hillsboro and the Singapore-based company
became open to selling its Pacific Northwest subsidiary. That's
how negotiations started," Mr. Keeney told the Columbian
Business.

nLight expects the acquisition to expand its variety of new
fiber-coupled and hybrid microelectronic products, as well
strengthen nLight's position as a top supplier of high-power
semiconductor laser solutions, EE Times says.

Mr. Keeney explained that Flextronics Photonics' operations is
complementary to what nLight does.

"(Flextronics Photonics) has a strong focus on the defense
market, where (nLight) already expanding.  This is a nice
expansion and it builds on our existing strategy." Mr. Keeney
told EE Times.

Flextronics Photonics employs 40 people in Hillsboro, increasing
nLight's total workforce to 170.

According to the Columbian Business, some Hillsboro workers will
be moved to Vancouver and some Vancouver workers will transfer
to Hillsboro.

                          About nLight

Founded in 2000 and privately held, nLight is headquartered in
Vancouver, Washington. It develops and manufactures high-power
semiconductor diode laser components and subsystems.  
              
                About Flextronics International

Headquartered in Singapore, Flextronics International Ltd.
-- http://www.flextronics.com/-- provides electronics  
manufacturing services through a network of facilities in over
30 countries worldwide.  Its global locations include operations
in Brazil and Mexico.

                          *     *     *

Moody's Investors Service assigned a Ba2 rating to Flextronics
International Ltd.'s new US$500 million 6.25% senior
subordinated notes, due 2014.  At the same time, the company was
assigned a liquidity rating of SGL-1, reflecting Flextronics'
significant on-hand liquidity, unfettered access to the sizeable
US$1.1 billion revolver and the expectation for generating
moderately positive free cash flow (pre-Nortel payments) over
the next twelve months.

Standard & Poor's Ratings Services assigned its 'BB-' rating to
Flextronics' private offering of US$500 million, senior
subordinated notes due 2014.  The notes were offered under Rule
144A, with registration rights.  Proceeds of the offering will
be used to repay outstanding debt under its revolving credit
facilities and for general corporate purposes.  The company's
'BB+/Stable/--' corporate credit rating was affirmed.


GREAT OCEAN: Court to Hear Wind-Up Petition on September 1
----------------------------------------------------------
On August 4, 2006, Freight Links Express Pte Ltd filed an
application to wind up Great Ocean Supply (S) Pte Ltd --
formerly known as Gos Investment Pte Ltd.

The High Court of Singapore will hear the petition on September
1, 2006, at 10:00 a.m.

The Applicant's solicitors can be reached at:

         Ari, Goh & Partners
         10 Anson Road #21-08A
         International Plaza
         Singapore 079903


INFORMATICS EDUCATION: Auditors Raise Significant Doubt
-------------------------------------------------------
Informatics Education Ltd's independent auditors, Ernst and
Young, have expressed significant doubt on the company's ability
to continue as a going concern, according to an announcement by
the company's board of directors.

The announcement was made by Informatics Executive Director Tong
Chiu Fai on July 11, 2006, detailing Ernst and Young's opinion
on the company's financial statements for the year ended
March 31, 2006.

The announcement includes the opinions:

   i. The consolidated financial statements of the group and the
      balance sheet and statement of changes in equity of the
      company are properly drawn up in accordance with the
      provisions of the Singapore Companies Act, Cap. 50 (the
       "Act") and the Singapore Financial Reporting Standards so

      as to give a true and fair view of the state of affairs of
      the group and of the company as at March 31, 2006 and the
      results, changes in equity and cash flows of the group and
      the changes in equity of the company for the financial
      year ended on that date, and

  ii. The accounting and other records required by the Act to be
      kept by the company and by those subsidiaries incorporated
      in Singapore of which we are the auditors have been
      properly kept in accordance with the provisions of the
      Act.

iii. Without qualifying our opinion, we draw attention to the
      matters:


      (a) Ongoing investigations

          During the financial year ended March 31, 2004, the
          company restated profits in respect of its unaudited
          quarterly results for the nine months ended Dec. 31,
          2003. The accounting restatements led to an
          Investigation by the Commercial Affairs Department.
          The outcome of the investigation might uncover other
          information, which might require adjustments to be
          made to the financial statements.

     (b) Going concern issues

          The financial statements have been prepared on a going
          concern basis, as set out under the fundamental
          accounting concept. The group incurred a net loss of
          $22,818,000 for the year ended March 31, 2006. As at
          March 31, 2006, the group was in a net shareholders'
          deficit position of $14,772,000. As at March 31, 2006,
          the ability of the group and company to meet its
          financial obligations and to continue as going
          concerns depend on the group's success in implementing
          its plans to streamline its business and generating
          sufficient positive cash flows from its operations.

          Ernst and Young adds: "If the group and the company
          were unable to continue in operational existence for
          the foreseeable future, the group and the company may
          be unable to discharge their liabilities in the normal
          course of business and adjustments may have to be made
          to reflect the situation that assets may need to be
          realized other than in the normal course of business
          and at amounts which could differ significantly from
          the amounts at which they are currently recorded in
          the balance sheet. In addition, the group and the
          company may have to reclassify long term assets and
          liabilities as current assets and liabilities. No
          adjustments have been made to the financial
          statements."


                       Full Year Results

A Troubled company Reporter - Asia Pacific report on June 01,
2006 reports that Informatics Holdings slashed its net losses by
68% or SGD48.4 million from SGD71.2 million in fiscal year ended
March 31, 2005, to SGD22.8 million in fiscal year ended March
31, 2006, as it made great strides in restructuring its
operations.

The decisive measures taken by the group to restructure,
rationalize and consolidate its operations has led to a SGD11.4
million or 27% saving in staff cost and a SGD37.8 million or 45%
reduction in other operating expenses in fiscal year 2005.

The group's balance sheet reflected an increase in the net
liability position of SGD14.8 million as of March 31, 2006,
against a net liability of SGD11.1 million as of March 31, 2005.
However, excluding the deferred course fee revenue, the group's
balance sheet would have shown a net asset position with an
improvement of SGD2.4 million from SGD1.1 million as of March
31, 2005, to SGD3.5 million as of March 31, 2006.  The
improvement was mainly due to the increase in issued and paid up
capital via a rights issue which raised SGD19.6 million gross
proceeds during the year.

           Narrower Loss for First Quarter of FY07

Another TCR-AP report on August 04, 2006 states that Informatics
Holdings slashed its net losses by 29% or SGD1.15 million in
first quarter fiscal year ended 2007, to SGD2.8 million.  With
the latest quarter's improvement, the group has managed to cut
its net losses in five out of the past six quarters.

The group's loss from operations was down by 34% to SG$2.9
million from SGD4.3 million compared with the same period last
year.  The operating loss reduction was achieved by a 21.1%
reduction in staff costs, fixed asset depreciation and other
operating expenses to SGD14.6 million, in spite of a 17% decline
in operating revenue to SGD11.7 million.

During this period, fees received in advance (course fee revenue
deferred to future periods) increased by SGD0.8 million to
SGD19.0 million. The group's balance sheet reflected a net
liability position of SGD17.1 million as at June 30, 2006.
However, excluding the deferred course fee revenue, the group's
balance sheet would have shown a net asset position of SGD1.9
million as of June 30, 2006.

               About Informatics Education Limited

Formerly known as Informatics Holdings, Ltd., Informatics
Education Ltd -- http://www.informatics.edu.sg/-- was  
established in 1983, in response to Asia's economic growth
fostering tremendous demands for skilled information technology
manpower and knowledge-based workers to build and sustain the
rapid economic development in the region.  Informatics' core
business activities are training and education, IT-related
services and franchise operations.  

                          *     *     *

Informatics was at the center of a scandal that began in mid-
April 2004 when it admitted that it has overstated profits and
understated costs for the nine months ended December 2003 in its
quarterly financial statement.  The scandal started a string of
losses for the education services provider.  


LIANG HUAT: Creditors Approve Modified Schemes
----------------------------------------------
The principal scheme creditors, LHAI scheme creditors and the
Durabeau scheme creditors of Liang Huat Aluminium met on
August 25, 2006, and approved the proposed modifications of the
schemes relating to an investment agreement.

Earlier, it was proposed that the Debt Restructuring Plan should
be implemented first, by way of a scheme of arrangement pursuant
to section 210 of the Companies Act (Chapter 50) to be made
between the Company and its creditors.

In an update made on August 10, 2006, the Company proposed to
include key modifications to the schemes, but are not to be
limited which are the following:

On completion of the Investment Agreement:

   a) the allotment and issuance of such number of new ordinary
      shares in the Company to its scheme creditors on
      completion date to fully discharge each of their
      respective claims under the Scheme;

   b) the allotment and issuance of such number of new ordinary
      shares in the Company to the scheme creditors of LHAI on
      Completion Date, to fully discharge each of their
      respective claims under the LHAI Scheme;

   c) the payment to each of the scheme creditors of Durabeau
      save for Malayan Banking Berhad (Maybank), a cash
      equivalent of 15% of their respective claims under the
      Durabeau Scheme within 14 days from Completion Date, to
      fully discharge each of their claims under the Durabeau
      Scheme (as modified); and

   d) a capital reduction, a capital amalgamation or such other
      corporate measures to be undertaken by the Company and as
      permitted by law on terms reasonably acceptable to the
      Investor to achieve certain objectives as set out in the
      Investment Agreement.

  On non-completion of the Investment Agreement:

   a) the allotment and issuance of such number of new ordinary
      shares in the Company to the Scheme Creditors within two
      months from the Effective Date, to fully discharge each of
      their respective claims under the Scheme;

   b) the allotment and issuance of such number of new ordinary
      shares in the Company to the LHAI Scheme Creditors within
      two months from the Effective Date, to fully discharge
      each of their respective claims under the LHAI Scheme;

   c) payment to each of the Durabeau Scheme Creditors save for
      Maybank, a cash equivalent of 15% of their respective
      claims under the Durabeau Scheme (as modified) in two
      instalments being:

      (aa) 7.5% of their respective claims under the Durabeau
           Scheme within six months from the Effective Date as
           defined in the Durabeau Scheme; and

      (bb) 7.5% of their respective claims under the Durabeau
           Scheme within nine months from the Effective Date as
           defined in the Durabeau Scheme, to fully discharge
           each of their claims under the Durabeau Scheme (as
           modified); and

   d) a capital reduction, a capital amalgamation or such other
      corporate measures to be undertaken by the Company and as
      permitted by law on terms reasonably acceptable to the
      Investor to achieve certain objectives as set out in the
      Investment Agreement.

Furthermore, at a separate creditors' meeting held on  
August 25, 2006, the creditors of Chairman and Group Managing
Director Peter Tan Yong Kee have approved the individual
voluntary arrangement proposed by Peter Tan, to restructure his
debts owed to his creditors.  The voluntary arrangement
announced by the Company on April 7, 2005, is accordingly
terminated.

The Modified Schemes will take effect upon the completion of
these remaining conditions:

   a) the necessary and appropriate approvals from shareholders
      and the SGX-ST for the listing and quotation of the new  
      ordinary shares in the Company to be allotted and issued
      to the Scheme Creditors and the LHAI Scheme Creditors
      pursuant to the Scheme (as modified) and the LHAI Scheme
      (as modified); and

   b) the whitewash waiver in favor of any party -- other than
      the investor who has already obtained the relevant
      whitewash waiver from the SIC as previously announced by
      the company on June 6, 2006, from the requirements of the
      Singapore Code on Takeovers and Mergers from the SIC.

In addition, the approvals are also conditions precedent set out
in the Investment Agreement and have been accordingly fulfilled.
The company will make prompt and timely announcements of further
developments concerning the Modified Schemes and the Investment
Agreement.

                     About Liang Huat Aluminium

Liang Huat Aluminium -- http://www.lianghuatgroup.com.sg/-- is  
a vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
Processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  Liang Huat was the subject of a wind-up
petition filed by Lim Ah Siong trading as Lian Siong Aluminium &
Trading on August 26, 2004.  Presently, the Company is
undergoing a financial restructuring exercise.  It is also
working a Scheme of Arrangement with its major creditor banks.


MIYAMA FOOD: Enters Liquidation Proceedings
-------------------------------------------
Miyama Food Pte Ltd has commenced a wind-up of its operations.

Teo Keng Thwan filed the wind-up application on August 18, 2006.

Creditors are required to submit their proofs of debt, for them
to share in any distribution the Company will make.

The liquidators can be reached at:

         Don Ho-Mun Tuke of
         Don Ho & Associates
         20 Cecil Street #12-02/03
         Equity Plaza
         Singapore 049705


ODYSSEY RE: Declares Dividends for Common & Preferred Stock
-----------------------------------------------------------
Odyssey Re Holdings Corporation declared a quarterly cash
dividend of US$0.03125 per common share, payable on Sept. 29,
2006, to shareholders of record at the close of business on
Sept. 15, 2006.

In addition, the Board of Directors declared a cash dividend of
US$0.5078125 per share on Odyssey Re's 8.125% non-cumulative
Series A preferred shares and US$0.546875 per share on
OdysseyRe's floating rate non-cumulative Series B preferred
shares.  The dividends will be payable on Oct. 20, 2006, to
Series A and Series B preferred shareholders of record at the
close of business on Sept. 30, 2006.

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

                        *    *    *

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


PDC CORP: Issues and Allots 211,000,000 Ordinary Shares
-------------------------------------------------------
On August 25, 2006, PDC Corp. entered into a conditional
placement agreement with the various placees to subscribe in
cash of 211,000,000 new ordinary shares in the company at an
issue price of SGD$0.01.  This was in connection with the share
issue mandate to issue and allot up to maximum of 211,000,000
shares, which was approved at the shareholder's meeting held on
July 28, 2006.

           Name of Placee                     Number of
                                          Placement Shares

            Ong Bee Huat                     106,500,000
            Tan Kah Chye                      30,000,000
            Woo Lai Kuen                      15,000,000
            Tay Leong Kwee                    15,000,000
            City Life Advertising Pte Ltd     15,000,000
            Toh Tiam Hock                     10,000,000
            Chin Siow Peng                     7,000,000
            Peh Guan Keng                      5,000,000
            Ng Eng Hong                        5,000,000
            Tan Chwee Kee                      2,500,000

The issue price of SGD$0.01 for each Mandate Placement Share
represents neither discount nor premium per Share to the
weighted average price of SGD$0.01 per Share based on the trades
done on the company's Shares on the SGX-ST for August 25, 2006.

                          *     *     *

Headquartered in Singapore, PDC Corporation Limited is
principally involved in the provision of general construction,
property development, real estate and investment.  Its other
activities are the provision of renovation work of any kind and
for the demolition of any structure, trading, rental and
servicing of industrial machinery and equipment and the
distribution of multimedia products, home automation system,
other high technology products and investment holding.  

Auditors Ernst & Young has expressed significant doubt on the
Company's ability to continue as a going concern citing its
liabilities and default in repayments.


REFCO INC: Files July 2006 Monthly Operating Report
---------------------------------------------------
Refco, Inc., and its debtor-affiliates delivered to the
Bankruptcy Court a statement of their cash receipts and
disbursements for the period from July 1 to 31, 2006.

Peter F. James, controller of Refco, reports that the company
held a US$1,372,136,000 cash balance at the start of the
reporting period.  Refco then received US$160,610,000 and
disbursed US$18,753,000 in cash.  Refco's ending cash balance
totals US$1,513,994,000.
  
As paying agent for certain non-debtors and Refco, LLC, the  
Debtors disbursed approximately US$5,800,000.  Refco Capital,
LLC, also disbursed around US$3,300,000 representing return of
proceeds to Refco Global Finance, Ltd., Refco Global Holdings,
LLC, and
Refco Canada Finance, Inc.

Refco also paid US$1,998,000 in gross wages, of which
US$1,695,022 was paid on behalf of and reimbursed by the Non-
Debtors and Refco LLC.  
      
Mr. James discloses that Refco withheld US$670,000 in employee
payroll taxes, of which US$74,000 was remitted to a third party
vendor.   
   
Mr. James states that all taxes due and owing, as well as tax
returns, have been paid and filed for the current period.
  
Refco paid US$3,878,000 for professional fees for July, and
US$21,951,000 since the Petition Date.  The Debtors did not pay
professional fees on Refco LLC's behalf.  

Mr. James says all insurance policies are fully paid for the
current period, including amounts owed for workers' compensation
and disability insurance.

Refco has prepared the Monthly Statement in lieu of
comprehensive financial statements.

A full-text copy of Refco's July 2006 Monthly Statement is
available at no charge at http://ResearchArchives.com/t/s?1062  

                         About Refco Inc.

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

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

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

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

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


THOMAS PRODUCTS: Pays Dividend to Creditors
-------------------------------------------
Thomas Products Pte Ltd has paid its first and final dividend to
its creditors on August 22, 2006.

The amount paid to creditors was 0.25% of all admitted claims.

The liquidator can be reached at:

         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320


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

TMB BANK: Share Offering Worth THB9.7-Billion Successful
--------------------------------------------------------
TMB Bank revealed on August 25, 2006 -- the last day of
subscription of its 3.22 billion shares worth THB9.7 billion --
that the shares are fully subscribed by shareholders, Reuters
reports, citing the bank's president, Subhak Siwaraksa.

The Troubled Company Reporter - Asia Pacific reported on
August 3, 2006, that the issuance of the bank's shares were
delayed after Vayupak Fund turned down the proposal of the
Finance Ministry of Thailand to purchase shares in TMB.

According to the TCR-AP, Vayupak was tapped by the ministry to
subscribe to the 3.22 billion new shares offered by TMB to help
the Government maintain its stake in the bank.  However, the
fund's board of directors asked for a sharp discount on TMB's
THB3-per-share selling price, which the Bank declined.

This prompted the ministry to exercise its rights to purchase up
to one billion new shares in TMB Bank.  A subsequent TCR-AP
report on August 9, 2006, related that the Ministry would use a
THB3-billion credit line from the Government Savings Bank to
finance the TMB share purchase and will use its 77.28% stake in
MCOT Plc, as collateral for the loan with the GSB.

It was stipulated, however, that the ministry would be able to
repurchase the MCOT shares within three years for the same sale
price.  The GSB in turn would receive dividend income from the
MCOT shares equal to minimum lending rates plus a premium of
1.66%.

                          *     *     *

Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd --
http://www.tmbbank.com/-- is a commercial bank that renders  
financial services to all groups of customers.   TMB Bank had
total assets of about THB717 billion as at December 31, 2005.

                          *     *     *

Fitch Ratings gave TMB Bank a 'BB+' Long-Term Foreign Currency
Issuer Default Rating; 'B' Short-Term Foreign Currency Rating;
'BB' Foreign Currency Subordinated Debt Rating; 'D' Individual
Rating; and Support rating at 3.

Moody's Investor Service gave TMB Bank a 'Ba1' Junior
Subordinated Debt Rating and an 'E+' Bank Financial Strength
Rating.

Standard & Poor's Ratings Services gave TMB Bank's US$200-
million hybrid Tier 1 securities a 'BB' rating.


* BOND PRICING: For the Week 28 August to 1 September 2006
----------------------------------------------------------

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

AUSTRALIA
---------
Ainsworth Game                        8.000%    12/31/09     1
APN News & Media Ltd                  7.250%    10/31/08     4
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%    03/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%    06/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/07     8
Capital Properties NZ Ltd             8.500%    04/15/09     7
Capital Properties NZ Ltd             8.000%    04/15/10     8
Cardno Limited                        9.000%    06/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%    02/28/08     1
Clean Seas Tuna Ltd                   9.000%    09/30/08     1
Djerriwarrh Investments Ltd           6.500%    09/30/09     4
EBet Limited                         10.000%    11/29/06    24
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%    03/15/08     8
Fletcher Building Ltd                 7.800%    03/15/09     8
Fletcher Building Ltd                 8.850%    03/15/10     8
Fletcher Building Ltd                 7.550%    03/15/11     7
Fernz Corp Ltd                        8.560%    10/15/06     9
Futuris Corporation Ltd               7.000%    12/31/07     2
Hy-Fi Securities Ltd                  7.000%    08/15/08     9
Hy-Fi Securities Ltd                  8.750%    08/15/08    10
Hutchison Telecoms Australia          5.500%    07/12/07     1
IMF Australia Ltd                    11.500%    06/30/10     1
Infrastructure & Utilities NZ Ltd     8.500%    09/15/13     8
Infratil Ltd                          8.500%    11/15/15     8
Kagara Zinc Ltd                       9.750%    05/06/07     5
Kiwi Income Properties Ltd            8.000%    06/30/10     1
Minerals Corporation Ltd             10.500%    09/30/07     1
Nuplex Industries Ltd                 9.300%    09/15/07     7
Pacific Print Group Ltd              10.250%    10/15/09    10
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%    01/31/08     1
Salomon SB Australia                  4.250%    02/01/09     8
Sapphire Securities Ltd               7.410%    09/20/35     7
Sapphire Securities Ltd               9.160%    09/20/35     9
Silver Chef Ltd                      10.000%    08/31/08     1
Software of Excellence                7.000%    08/09/07     1
Tower Finance Ltd                     8.750%    10/15/07     9
Tower Finance Ltd                     8.650%    10/15/09     8
TrustPower Ltd                        8.300%    09/15/07     8
TrustPower Ltd                        8.300%    12/15/08     7
TrustPower Ltd                        8.500%    09/15/12     7
TrustPower Ltd                        8.500%    03/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2
Westpac Banking Corporation           6.250%    08/30/11     6

HONGKONG
--------
City Telecom HK Ltd.                  8.750%    02/01/15    73

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

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


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


                            *********

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

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

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


                            *********


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

Copyright 2006.  All rights reserved.  ISSN: 1520-9482.
   
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
   
TCR-AP subscription rate is $575 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are $25 each.  For subscription information, contact
Christopher Beard at 240/629-3300.
   
                 *** End of Transmission ***