/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060217.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, February 17, 2006, Vol. 9, No. 035 Headlines A U S T R A L I A & N E W Z E A L A N D BEAINI HOLDINGS: Appoints Joint Receivers and Managers BRYDIES CATERING: Decides to Close Business BURGESS HOLDINGS: Court to Hear Wind-up Petition Feb. 20 CAPRICE ACQUISITIONS: Liquidation Process Commenced CEDUNA PTY: Liquidator to Issue Wind-up Report CLEARSKY MOUNTAINS: Appoints Official Liquidator DIAMONDPLACE PTY: To Distribute Dividend ERDYNAST HOLDINGS: Enters Voluntary Liquidation FERMORE PTY: Opts to Liquidate Operations FLORIDA FARM: Holds Final Meeting Today GILETE G&B: Creditors Agree to Wind Up Firm GLOBAL SEAFOOD: Receivers and Managers Appointed GLOBAL PROJECT: Placed Under Voluntary Liquidation IVYCROSS INVESTMENTS: Prepares to Close Shop KOPI MALAYSIA: Enters Winding Up Proceedings KRYSTAL HARBOUR: To Declare First and Final Dividend MEZE BESPOKE: Creditors OK Liquidator's Appointment MUNICH MANAGEMENT: Members to Receive Wind-up Details N2 COMMUNICATIONS: CIR Applies for Firm's Liquidation NAI FLETCHERS: Creditors Decide to Shut Down Firm PERFORMANCE MAINTENANCE: Taps Joint and Several Liquidators POWER PUMPING: Set to Pay Dividend PUHANU PTY: Liquidator to Distribute Assets QANTAS AIRWAYS: Fuel Spending and Job Cuts Slash H1 Profit QANTAS AIRWAYS: Unveils Group Executive Changes QANTAS AIRWAYS: Firm on Job Cuts QANTAS AIRWAYS: CEO Wants to Stay Beyond 2007 RABINDAMIR PTY: To Hold Final Meeting Today SHEVANE PTY: R. A. Sutcliffe Tapped to Liquidate Firm SJ TRADING: Receiver Quits Role SOHO CITY: Winds Up Business TELSTRA CORPORATION: Awaits ACCC's Verdict on Competition Notice TELSTRA CORPORATION: Completes Sale of Satellite JV to Stratos WATTYL LIMITED: Allco Holds On Despite Barloworld's Counterbid WESTPOINT GROUP: Watchdog to Probe Advisers Over Role on Fiasco C H I N A & H O N G K O N G ASAHI ELECTRIC: Liquidator to Give Wind-up Report ASIA PROCUREMENT: Court Issues Wind-Up Order BEST MENTOR: Lau Kong Sing Lodges Wind-Up Petition BRILLIANCE CHINA: Targets Sales Increase CENTURY BEST: Court Enters Wind-Up Order EXPRESS BUILDERS: Members and Creditors to Meet Feb. 20 HOPEFUL MOVE: Court Enters Wind-Up Order LUEN YICK: Members and Creditors to Meet Feb. 20 NEW GENERATION: Members and Creditors Meeting Fixed Feb. 20 PHOENIX COURT: Enters Winding Up Petition POTENT CORPORATION: Court to Hear Wind-Up Petition March 29 POWERWAVE COMPANY: Winding Up Hearing Slated for March 29 POWERWAVE MULTIMEDIA: Court to Hear Wind-Up Petition March 29 SUNSHINE BUILDING: Court Issues Wind-Up Order UNITED PLASTIC: Begins Bankruptcy Proceedings VIC GARMENT: Creditors and Contributories to Meet Feb. 28 WING MOU: Liquidator to Give Wind-up Report I N D I A BHARAT PETROLEUM: Seeks Partners for Bina Refinery PRANAVADITYA SPINNING: Considers Debt Restructuring I N D O N E S I A GARUDA INDONESIA: Government May Use State Reserves for Bailout NEWMONT MINHASA: Parent to Pay IDR276.8 Bln in Settlement PERUSAHAAN LISTRIK: Government Rules Out Power Rate Hike J A P A N HITACHI LIMITED: To Build Water Pumps in China HITACHI LIMITED: Unions Calls for JPY2,000 Pay Hike JAPAN AIRLINES: Chief Rejects Calls to Resign PIONEER CORPORATION: Launches New Internal DVD Multi Writers K O R E A DAEWOO ENGINEERING: Union Blocks Two Preliminary Bidders M A L A Y S I A ANTAH HOLDING: Averts Securities Delisting COMSA FARMS: Installs New Group Chief Financial Officer FOUNTAIN VIEW: New Shares up for Listing and Quotation KIA LIM: SC Grants 3-Month Extension to Corporate Exercise KIG GLASS: Chinese Unit Shuts Down Operations LITYAN HOLDINGS: Scraps Agreement with Unique Base and Rafiki MAGNUM CORPORATION: Holds Shares Buy Back PACIFIC & ORIENT: Repurchases 3,000 Ordinary Shares SBBS CONSORTIUM: Wind-Up Hearing Fixed March 29 SETEGAP BERHAD: Court Extends Restraining Order to February 28 SOUTHERN BANK: Questions Validity of Bumiputra Offer P H I L I P P I N E S ABS-CBN BROADCASTING: VACC Prepares Class Action Suit ABS-CBN BROADCASTING: Stampede Video Sent to Probers on Time NATIONAL POWER: Congress to Probe Semirara Oil Spill TPG CORPORATION: Turns to Court for Rehabilitation UNIWIDE HOLDINGS: Leases Out Loss-making Supermarkets S I N G A P O R E ACCREDIT BAY: Creditors' Proofs of Claim Due March 16 ASPAC REGION: Decides to Close Operations ASPAC REGION: Prepares to Distribute Dividend CIH LIMITED: Posts Third-Quarter Net Loss TRINITY RESEARCH: Receiving Proofs of Claim Until March 10 T H A I L A N D SUNTECH GROUP: Fails to Submit Financial Statement on Time * Large Companies With Insolvent Balance Sheets - - - - - - - - ========================================== A U S T R A L I A & N E W Z E A L A N D ========================================== BEAINI HOLDINGS: Appoints Joint Receivers and Managers ------------------------------------------------------ On January 13, 2006, Murray Campbell Smith and Anthony Gregory McGrath, of McGrath Nicol + Partners Chartered Accountants, were appointed as joint receivers and managers for the property of Beaini Holdings Pty Limited. BRYDIES CATERING: Decides to Close Business ------------------------------------------- At an extraordinary general meeting of the members of Brydies Catering Services Pty Limited on January 23, 2006, it was agreed that a voluntary wind-up of the Company is appropriate and necessary. Moreover, Paul William Gidley, of Lawler Partners Chartered Accountants, was appointed as liquidator for the wind-up. BURGESS HOLDINGS: Court to Hear Wind-up Petition Feb. 20 -------------------------------------------------------- On February 20, 2006, the High Court of Wellington will hear a petition to liquidate the business of Burgess Holdings Limited. The Commissioner of Inland Revenue lodged the Petition on November 25, 2005. Further particulars may be obtained from the office of the Court or from the plaintiff or the plaintiff's solicitor, Kate Elizabeth Harder, at: Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House, 7-27 Waterloo Quay (P.O. Box 1462) Wellington Telephone: (04) 802 8162 Facsimile: (04) 802 8187 CAPRICE ACQUISITIONS: Liquidation Process Commenced --------------------------------------------------- On November 23, 2005, the Commissioner of Inland Revenue has filed before the High Court of Wellington a petition to put Caprice Acquisitions Limited into liquidation. The High Court will hear the application on February 20, 2006, at 10:00 a.m. Further particulars may be obtained from the office of the Court or from the plaintiff or the plaintiff's solicitor, KATE Elizabeth Harder, at: Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House 7-27 Waterloo Quay (P.O. Box 1462) Wellington Telephone: (04) 802 8162 Facsimile: (04) 802 8187 CEDUNA PTY: Liquidator to Issue Wind-up Report ---------------------------------------------- A final meeting of the members of Ceduna Pty Limited will be held on February 17, 2006, at 10:30 a.m. At the meeting, liquidator D. D. Plante will report the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. CLEARSKY MOUNTAINS: Appoints Official Liquidator ------------------------------------------------ On January 27, 2006, the shareholders of Clearsky Mountains NZ Limited appointed W. G. Cant to liquidate the Company's operations. The Liquidator requires the Company's creditors to lodge their proofs of debt or claims by February 28, 2006, to: The Liquidator Level Seven, Southern Cross Building 61 High Street, Auckland DIAMONDPLACE PTY: To Distribute Dividend ---------------------------------------- Diamondplace Pty Limited will declare a dividend on February 17, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. ERDYNAST HOLDINGS: Enters Voluntary Liquidation ----------------------------------------------- At Erdynast Holdings Pty Limited's general meeting on January 24, 2006, members concurred that it is in the Company's best interests to liquidate its operations. Richard Judson, of Members Voluntarys Pty Limited, was appointed to oversee the wind-up. FERMORE PTY: Opts to Liquidate Operations ----------------------------------------- Members and creditors of Fermore Pty Limited held a meeting on January 25, 2006, and agreed on the Company's need to liquidate. They named R. A. Sutcliffe to manage the Company's wind-up activities. FLORIDA FARM: Holds Final Meeting Today --------------------------------------- A final meeting of Florida Farm Holdings Pty Limited will be conducted on February 17, 2006, at 9:00 a.m. Liquidator Alan Tarrant Green will present his final account regarding the Company's wind-up operations at that meeting. GILETE G&B: Creditors Agree to Wind Up Firm ------------------------------------------- On January 20, 2006, the creditors of Gilete G&B Logistics Pty Limited agreed that a voluntary wind-up of the Company is necessary and in its best interests. As a result, Martin Jones and Darren Weaver, of Ferrier Hodgson Chartered Accountants, were appointed as official liquidator. GLOBAL SEAFOOD: Receivers and Managers Appointed ------------------------------------------------ Geoffrey Frank Totterdell and Derrick Craig Vicekers of PricewaterhouseCoopers were appointed Receivers and Managers of Global Seafood Australia Limited on February 15, 2006, by the National Australia Bank Limited over all the assets and undertakings of the Company. GLOBAL PROJECT: Placed Under Voluntary Liquidation -------------------------------------------------- Members of Global Project Group Pty Limited convened on January 20, 2006, to commence the Company's wind-up operations. Subsequently, the members named Martin Jones, of Ferrier Hodgson Chartered Accountants, to administer the wind-up activities. IVYCROSS INVESTMENTS: Prepares to Close Shop -------------------------------------------- Members of Ivycross Investments Pty Limited held a meeting on January 23, 2006, and agreed to close the Company's business. Moreover, the members agreed to appoint Kimberley Andrew Strickland and Christopher Michael Williamson, of SimsPartners, as liquidator to oversee the wind-up operations. KOPI MALAYSIA: Enters Winding Up Proceedings -------------------------------------------- On November 17, 2005, the Commissioner of Inland Revenue has filed with the High Court of Wellington an application to have Kopi Malaysia Limited liquidated. The High Court will hear the application on February 20, 2006, at 10:00 a.m. Further particulars may be obtained from the office of the Court or from the plaintiff or the plaintiff's solicitor, Kerryn Marie Watt, at: Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House 7-27 Waterloo Quay (P.O. Box 1462) Wellington Telephone: (04) 802 8095 Facsimile: (04) 802 8187 KRYSTAL HARBOUR: To Declare First and Final Dividend ---------------------------------------------------- Krystal Harbour Pty Limited will declare a first and final dividend on February 20, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. MEZE BESPOKE: Creditors OK Liquidator's Appointment --------------------------------------------------- Members of Meze Bespoke Furniture & Joinery Pty Limited convened on January 25, 2006, to voluntarily wind up the Company's operations. In addition, R. M. Sutherland, of Jirsch Sutherland Chartered Accountants, was appointed as liquidator to supervise the Company's wind-up activities. Creditors confirmed the liquidator's appointment at a creditors' meeting held that same day. MUNICH MANAGEMENT: Members to Receive Wind-up Details ----------------------------------------------------- The final meeting of the members of Munich Management Pty Limited is slated for February 17, 2006, at 10:00 a.m., to get an account of the manner of the Company's wind-up and property disposal from liquidator David Clement Pratt, of PricewaterhouseCoopers. N2 COMMUNICATIONS: CIR Applies for Firm's Liquidation ----------------------------------------------------- On November 25, 2005, the Commissioner of Inland Revenue has applied to put N2 Communications Limited into liquidation. The application will heard before the High Court of Wellington on Monday, February 20, 2006, at 10:00 a.m. Further particulars may be obtained from the office of the Court or from the plaintiff or the plaintiff's solicitor, Julia Marie Snelson, at: Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House 7-27 Waterloo Quay (P.O. Box 1462) Wellington Telephone: (04) 802 8127 Facsimile: (04) 802 8187. NAI FLETCHERS: Creditors Decide to Shut Down Firm ------------------------------------------------- The creditors of Nai Fletchers Fotographics Pty Limited convened on January 24, 2006, and concurred that the Company should wind up its operations. In addition, the creditors appointed Atle Crowe-Maxwell, of PKF Chartered Accountants, as liquidator. PERFORMANCE MAINTENANCE: Taps Joint and Several Liquidators ----------------------------------------------------------- Boris van Delden and John Trevor Whittfield, insolvency practitioners of Auckland, were appointed as joint and several liquidators of Performance Maintenance Limited on January 27, 2006. The Liquidators have require the Company's creditors to prove their claims on or before February 28, 2006, at: BORIS VAN DELDEN Liquidator McDonald Vague P.O. Box 6092 Wellesley Street Post Office Auckland Telephone: (09) 303 0506 Facsimile: (09) 303 0508 Web site: http://www.mvp.co.nz/ Failure to comply with the requirement will exclude any creditor from the benefit of any distribution made before the debts are proved or, as the case may be, from objecting to the distribution. POWER PUMPING: Set to Pay Dividend ---------------------------------- Power Pumping Pty Limited will declare its first and final dividend on February 20, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend distribution. PUHANU PTY: Liquidator to Distribute Assets ------------------------------------------- After their extraordinary general meeting on January 24, 2006, the members of Puhanu Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets. As a result, Norman C. Liefermann was appointed as liquidator. QANTAS AIRWAYS: Fuel Spending and Job Cuts Slash H1 Profit ---------------------------------------------------------- Qantas Airways Limited's first-half profit fell 9.6% due to rising fuel costs and redundancy payouts to workers, Bloomberg says. Net income fell to AU$352.6 million (US$261 million) in the six moths ended Dec. 31, from AU$390 million a year ago. Net profit for the six months ended Dec. 31, declined to A$352.6 million from A$390.2 million a year earlier. The carrier had warned in August its fiscal 2006 earnings would fall to AU$357 million due to soaring fuel prices, after it posted a record fiscal 2005 profit. Qantas's fuel bill, the airline's second-biggest expense after labor, rose 58 percent to AU$1.3 billion. The carrier has said its fuel costs may rise AU$900 million in fiscal 2006, ending three straight years of net income growth. Chief Executive Officer Geoff Dixon has pledged to cut costs by AU$3 billion by fiscal 2008 to offset rising fuel expenses. To reach the target, low-cost domestic carrier Jetstar will start to fly international routes. Mr. Dixon is also planning to move maintenance jobs overseas, where labor is cheaper. Qantas, with 38,000 staff, has approved the international expansion of its low-cost domestic airline Jetstar to fly to cities within six to 10 hours of Australia by January 2007. A full-text copy of Qantas' First Half Financial Report is available for free at: http://bankrupt.com/misc/tcrap_qantasairways021606.pdf Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline. Qantas is also recognized as one of the world's leading long-distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations (including codeshare services) in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline- related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. QANTAS AIRWAYS: Unveils Group Executive Changes ----------------------------------------------- The Qantas Group unveiled a new executive structure to lead the Company through the next stage of its business transformation program. Qantas Chief Executive Officer Geoff Dixon said the changes, effective February 20, centered on a significantly smaller top team with broader responsibilities, in keeping with the efficiency drive throughout the Group. "Under the new structure, the management of each of the businesses will have the freedom to pursue independent business development initiatives, with accountability for the results. At the same time, collaboration between the segments will be a key focus, reflecting the importance of the links between the various businesses in driving value for the Group." "We are fortunate to have an executive leadership team of the caliber and commitment that we do," Mr. Dixon said. The seven executive general managers reporting to Mr. Dixon are: * John Borghetti as executive general manager of Qantas Airlines; * Kevin Brown as executive general manager for people; * David Cox as executive general manager for engineering; * Grant Fenn as executive general manager for associated businesses; * Peter Gregg as chief financial officer and executive general manager for strategy; * Alan Joyce as chief executive officer for Jetstar; and * Rob Kella as chief risk officer. Mr. Dixon said the structure had been organized around three key groupings - flying businesses, non-flying businesses, and corporate support. Flying Businesses The flying businesses will be grouped under two major brands - Qantas and Jetstar. John Borghetti will lead the full service airlines, including Qantas (domestic and international), QantasLink and Australian Airlines, and Alan Joyce will be responsible for Jetstar operations including the Australian business, the new international airline and Jetstar Asia. The senior management of both flying businesses will work closely to ensure the profitable growth of the Group's flying portfolio to achieve the best result for the company. Non-flying Businesses Current Executive General Manager Airports and Catering Grant Fenn will become Executive General Manager Associated Businesses, taking on responsibility for Freight and Qantas Holidays in addition to Airports and Catering, with the focus on growing and diversifying the Qantas Group's earnings stream as well as driving efficiencies in each business. David Cox will continue to lead Qantas Engineering, and will be responsible for the Engineering transformation program as well as taking on responsibility for Qantas Defence Services. Corporate Support Chief Financial Officer and Executive General Manager Strategy Peter Gregg will oversee: -- Finance, led by Deputy Chief Financial Officer Colin Storrie, including financial policy, Treasury, Tax and the Sustainable Future Program; -- a new Qantas Shared Services (QSS) area, led by the current Head of the Sustainable Future Program Curtis Davies, which will be responsible for Property, Procurement and the Financial Services areas of Revenue Accounting, Accounting Control, Accounts Payable, Credit Management and Group Payroll; -- a separated Information Technology division, IT Services, to be headed by current Head of IT Business Services, John Willett, who replaces Fiona Balfour as Chief Information Officer; and -- a streamlined Corporate Centre including Strategy, Economics, Investor Relations, Qantas Consulting and Strategic Procurement divisions, which will provide business segments with advice and support on policy, strategy and stakeholder relations. Kevin Brown, as Executive General Manager People, continues to have responsibility for people strategy including industrial relations, remuneration, workforce management initiatives and the implementation of key employee programs aimed at creating a competitive and motivated workforce. Current Head of Internal Audit, Rob Kella, will become Chief Risk Officer. A new Risk and Assurance Office, which will include Risk, Safety, Security, Occupational Health and Safety, Environment, Aviation Health Services and Internal Audit, will provide an integrated approach to risk management across the Group. The Communication, Public Company and Legal, and Government and International Relations areas continue to serve the Office of the Chief Executive Officer. Mr. Dixon said that every part of the business had aggressive targets for profit, return on assets, cost and growth as applicable. "Qantas has undergone extensive change in recent years, including the reorganization into segments in 2003 to give a clearer picture of the true financial performance and cost structure of each part of the company. "This restructuring has increased accountability and yielded significant benefits, including AU$1.27 billion of cost and efficiency improvements to date, which have enabled us to invest and grow. "These achievements have allowed Qantas to stand out as one of the few airline success stories, despite the significant challenges presented by higher fuel prices and aggressive competition. "These latest organizational changes will now give us the best structure under which to meet the many challenges that lie ahead," Mr. Dixon said. Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline. Qantas is also recognized as one of the world's leading long-distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations (including codeshare services) in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline- related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. QANTAS AIRWAYS: Firm on Job Cuts ------------------------------ Next week, Qantas Airways is expected to decide on its proposal to shift heavy maintenance abroad, a move that will see at least 2,500 jobless, the Sydney Morning Herald reveals. But the carrier, which is in the final stages of its decision process, warned it will have to lay off workers even if it decides to keep its long-haul heavy maintenance operations in Australia. According to the Sydney Herald, Qantas is looking at China as its foreign base because maintenance costs were 20% lower there. There have been rumors that Qantas could create a maintenance joint venture with aircraft manufacturing giant Boeing in the Asian country. The move is expected to provoke the Australian Manufacturing Workers Union and Australian Workers Union, which are still in enterprise bargaining talks with Qantas. The airline wants to cut maintenance workers' overtime pay, a move unions say will slash their take-home pay by 30%. Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline. Qantas is also recognized as one of the world's leading long-distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations (including codeshare services) in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline- related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. QANTAS AIRWAYS: CEO Wants to Stay Beyond 2007 --------------------------------------------- Qantas Airways Chief Executive Geoff Dixon vowed to stay with the carrier beyond the end of his contract on July 1, 2007, The Advertiser relates. Mr. Dixon told The Advertiser that it was not yet his time to move on. However, he acknowledged it was up to the Company's board to decide on his future. Mr. Dixon was appointed chief executive officer and managing director of Qantas in March 2001. He was chief executive designate from November 2000, after serving as deputy chief executive officer since November 1998. He was appointed to the Qantas Board in August 2000. Mr. Dixon joined Qantas in 1994 and has had responsibility in the airline for all commercial activities, including worldwide sales and marketing, network development, revenue management, fleet planning, cabin crew, customer service, product development and airline alliances. Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline. Qantas is also recognized as one of the world's leading long-distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations (including codeshare services) in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline- related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. RABINDAMIR PTY: To Hold Final Meeting Today ------------------------------------------- The final meeting of the members of Rabindamir Pty Limited is slated for February 17, 2006, at 10:00 a.m., to get an account of the manner of the Company's wind-up and property disposal from the liquidator, D. D. Plante. SHEVANE PTY: R. A. Sutcliffe Tapped to Liquidate Firm ----------------------------------------------------- On January 25, 2006, Shevane Pty Limited's members and creditors agreed to shut down the Company's operations. They appointed R. A. Sutcliffe to act as liquidator. SJ TRADING: Receiver Quits Role ------------------------------- On January 18, 2006, Manfred Holzman informed that he ceased to act as the receiver and manager of the property of SJ Trading Pty Limited. SOHO CITY: Winds Up Business ---------------------------- After their general meeting on January 23, 2006, the members of Soho City Pty Limited decided to close the Company's business operations. A meeting of creditors was held on the same day. Subsequently, D. A. Turner, of PKF Chartered Accountants, was appointed as liquidator. TELSTRA CORPORATION: Awaits ACCC's Verdict on Competition Notice ---------------------------------------------------------------- The Australian Competition and Consumer Commission will decide within a few weeks whether it will issue a competition notice to Telstra Corporation over the telco's plan to hike its line rental price for wholesale customers, News.com.au reports. On December 22, 2006, the competition watchdog released a consultation notice, which served as a warning to Telstra for changing its wholesale Home Access rate plan and retail HomeLine Part rate plan. The warning was issued following complaints from Telstra's wholesale customers that the prices for the line rental component of most of Telstra's retail fixed line services were below its prices for the line rental component of its wholesale Home Access service. The ACCC cautioned Telstra that its conduct raised the costs of its competitors in the retail fixed services market and substantially hindered their ability to compete for the supply of fixed line services to consumers, News.com.au says. Meanwhile, ACCC chairman Graeme Samuel said Telstra could expect a decision within weeks on whether a competition notice would be issued. If found guilty of breaching competition notices, Telstra could face fines of up to AU$10 million. Headquartered in Melbourne, Victoria, Australia, Telstra Corporation -- http://www.telstra.com.au/-- is an Australian telecommunications and information services company. Telstra offers a full range of services and compete in all telecommunications markets throughout Australia, providing more than 10.3 million Australian fixed line and more than 6.5 million mobile services. Telstra's international business includes Hong Kong CSL Limited, TelstraClear Limited, and Reach Ltd. TELSTRA CORPORATION: Completes Sale of Satellite JV to Stratos -------------------------------------------------------------- Stratos Global has completed its acquisition of satellite service provider, Xantic, a joint venture between Telstra Corporation and Dutch carrier KPN. The recent acquisition creates what Stratos claims will be "the world's leading provider of advanced remote communications solutions, with a significantly expanded geographic presence and customer base in the Americas, Europe and the Asia-Pacific region". The sale, announced last August, was completed on February 14, 2006, for US$191.3 million in cash, returning US$67 million to Telstra for its 35% stake in the company. Telstra also received US$13 million last year by way of a return of shareholder capital by Xantic. Xantic, with 2004 revenue of approximately $US172 million, employs 270 people worldwide and operates Inmarsat land earth stations in Burum, Netherlands, and Perth, Australia. It also hosts the new satellite access station for Inmarsat's next generation Broadband Global Area Network service, launched late last year. The Telstra-KPN joint venture was formed in 2000 as Station 12 through the merger of Telstra and KPN's Inmarsat-based mobile communications businesses. Station 12 was merged with SpecTec shortly afterwards and renamed Xantic. Headquartered in Melbourne, Victoria, Australia, Telstra Corporation -- http://www.telstra.com.au/-- is an Australian telecommunications and information services company. Telstra offers a full range of services and compete in all telecommunications markets throughout Australia, providing more than 10.3 million Australian fixed line and more than 6.5 million mobile services. Telstra's international business includes Hong Kong CSL Limited, TelstraClear Limited, and Reach Ltd. WATTYL LIMITED: Allco Holds On Despite Barloworld's Counterbid -------------------------------------------------------------- Allco Equity Partners Limited is still unfazed by South African Barloworld's decision to knock off AEP's hostile bid for ailing paint maker Wattyl Limited, The Age reports. Barloworld Limited has won the support of Wattyl's board after it beefed up its friendly AU$3.25 per share takeover offer by 55 cents. AEP managing director, Peter Yates told The Age that Barloworld's offer was highly conditional and that approval from the Australian Competition and Consumer Commission was not assured. The bid, according to Mr. Yates, contains a 90% minimum acceptance condition and requires the approval of the ACCC, which 10 years ago rejected a similar proposal on a number of competition grounds. AEP's AU$3.25 a share offer is substantially lower than Barloworld's AU$3.80 per share, but that will not matter if, as seems likely, the deal is blocked by the regulator, The Australian says. The ACCC will accept submissions on the Barloworld offer until March 6, 2006, and expects to make a decision by April 7, 2006. Headquartered in North Ryde, New South Wales, Wattyl Limited -- http://www.wattyl.com.au/-- is a paint and surface coatings company that produces a broad range of paints, varnishes, lacquers and special purpose protective coatings. With operations in Australia and New Zealand, Wattyl employs over 2,000 people. The Company's origins date back to the development of crystal veneer, which is a treatment for reviving French-polished furniture. Wattyl has then developed more special products, including protective coatings with long term exterior durability, high performance marine coating systems, UV-cured timber finishes, specialized protective coatings that enable easy removal of graffiti from treated surfaces, and special effect finishes for automotive wheels and components. WESTPOINT GROUP: Watchdog to Probe Advisers Over Role on Fiasco --------------------------------------------------------------- The Australian Securities and Investments Commission will investigate around 50 financial advisers and companies who backed investment in Westpoint Group, relates the Sydney Morning Herald. The regulator told the Sydney Herald it will act against unlicensed advisers, as well as licensed financial advisers who promoted Westpoint schemes. ASIC is now investigating the conduct of a number of officers and related entities in the group, the licensed and unlicensed advisers who promoted the Westpoint investment, and professional advisers. Several mezzanine financing companies associated with Perth- based Westpoint Group have been placed into in administration while the Federal Court will shortly rule on whether Westpoint itself should be wound up. Around 3,000 investors who sank AU$300 million into the various funds face losing most of their cash, the Sydney Herald says. ASIC vowed to work with these investors to help them get back at least some of their investment. ============================== C H I N A & H O N G K O N G ============================== ASAHI ELECTRIC: Liquidator to Give Wind-up Report ------------------------------------------------- A final meeting of the members and creditors of Asahi Electric Wire (Hong Kong) Company Limited will be held on March 10, 2006, at 3:00 p.m. and 3:30 p.m., respectively. At the meeting, liquidator Ruby Mun Yee Leung will report the activities that took place during the wind-up period as well as the manner by which the Company's property was disposed of. ASIA PROCUREMENT: Court Issues Wind-Up Order -------------------------------------------- The petition to wind up Asia Procurement Limited will be heard before the High Court of Hong Kong Special Administrative Region on March 15, 2006, at 9:30 a.m. Creditors or contributories who wish to support or oppose the Petition may appear in Court at the time of the hearing. A written notice of the creditor's or contributory's intention must be sent not later than 6:00 p.m., on March 14, 2006, to: Betty Chan for Director of Legal Aid 34/F, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong Phone: 633-3368 Fax: 634-3009 BEST MENTOR: Lau Kong Sing Lodges Wind-Up Petition -------------------------------------------------- On January 24, 2006, Lau Kong Sing issued a petition before the High Court to wind up Best Mentor Group Limited. The petition will be heard before the High Court of Hong Kong on March 26, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. A written notice of the creditor's or contributory's intention must be sent not later than 6:00 p.m., on March 28, 2006, to: Messrs. Chan & Associates Solicitors for the Petitioner Rooms 601-2, 6th Floor Hong Kong Trade Centre No. 161 Des Vouex Road Central Hong Kong Phone: 2189 7217 Fax: 2189 7216 BRILLIANCE CHINA: Targets Sales Increase ---------------------------------------- Loss-making carmaker Brilliance China Automotive Holdings Limited plans to sell 100,000 minibuses and Zhonghua sedans in 2006, up 43% from last year, Bloomberg News relates. The Company is betting on new models to attract Chinese buyers this year. Brilliance China reported a loss of CNY299 million in the first half of 2005. It expects a full-year loss of CNY295 million, according to the average estimate in a Thomson Financial survey of 11 analysts. Headquartered in Central, Hong Kong, Brilliance China Automotive Holdings Ltd's -- http://www.brillianceauto.com-- principal activities are the manufacturing and distribution of minibuses for passenger and commercial use, automobile window molding, stripping, other automotive components and passenger sedan. It also manufactures gasoline engines for use in passenger vehicles and light duty trucks. Major brands include Toyota and Zhonghua. CENTURY BEST: Court Enters Wind-Up Order ---------------------------------------- Century Best Engineering Limited had presented a petition to wind up its operations. On February 1, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to the Company. EXPRESS BUILDERS: Members and Creditors to Meet Feb. 20 ------------------------------------------------------- At a meeting on February 20, 2006, the members and creditors of Express Builders Company Limited will tackle the resignation of David John Kennedy as joint and several liquidator, and the appointment of Cosimo Borrelli in his place. Creditors or members may vote either in person or by proxy. HOPEFUL MOVE: Court Enters Wind-Up Order --------------------------------------- Hopeful Move Investment Limited had presented a petition to wind up its operations. Accordingly, on January 9, 2006, the High Court of the Hong Kong Special Administrative Region entered a wind-up order pertaining to the Company. LUEN YICK: Members and Creditors to Meet Feb. 20 ------------------------------------------------ The members and creditors of Luen Yick Water & Drainage Works Limited will meet on February 20, 2006, at 3:00 p.m. and 3:30 p.m., respectively, at the 5/F, Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong Kong. At the meetings, the parties will be accepting the resignation of David John Kennedy as the Company's liquidator, and appoint Cosimo Borrelli in his place. Creditors and members may vote either in person or by proxy. NEW GENERATION: Members and Creditors Meeting Fixed Feb. 20 ----------------------------------------------------------- The meetings of the members and creditors of New Generation Industries Limited will be held for them to consider the resignation of David John Kennedy as its liquidator, and appoint Cosimo Borrelli in his place. The meeting among members will be held on February 20, 2006, at 4:00 p.m. and the creditors' meeting will take place at 4:30 p.m. PHOENIX COURT: Enters Winding Up Petition ----------------------------------------- On January 24, 2006, Lau Kong Sing filed a petition to wind-up Phoenix Court Limited. The High Court of the Hong Kong Special Administrative Region is scheduled to hear the Petition on March 29, 2006, at 9:30 a.m. Any Company creditor or contributory who wants to support or oppose the winding up order may appear at the hearing by himself or his counsel for that purpose. POTENT CORPORATION: Court to Hear Wind-Up Petition March 29 ----------------------------------------------------------- Lau Kong Sing presented a petition for the winding up of Potent Corporation Limited on January 24, 2006. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 29, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. A written notice of the creditor's or contributory's intention must be sent not later than 6:00 p.m., on March 28, 2006, to: Messrs. Chan & Associates Solicitors for the Petitioner Rooms 601-2, 6th Floor Hong Kong Trade Centre No. 161 Dex Vouex Road Central, Hong Kong Phone: 2189 7217 Fax: 2189 7216 POWERWAVE COMPANY: Winding Up Hearing Slated for March 29 --------------------------------------------------------- Nanyang Commercial Bank presented a petition to wind up Powerwave Company Limited on January 23, 2006. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 29, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. POWERWAVE MULTIMEDIA: Court to Hear Wind-Up Petition March 29 ------------------------------------------------------------- On January 23, 2006, Nanyang Commercial Bank presented a petition to wind up Powerwave Multimedia Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on March 29, 2006, at 9:30 a.m. Creditors or contributories of the Company who wish to support or oppose the Petition may appear in Court at the time of the hearing. SUNSHINE BUILDING: Court Issues Wind-Up Order --------------------------------------------- A petition to wind up the operations of Sunshine Building Management Company Limited will be heard before the High Court on March 15, 2006, at 9:30 a.m. Accordingly, on January 9, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to the Company. UNITED PLASTIC: Begins Bankruptcy Proceedings -------------------------------------- A bankruptcy order against United Plastic Material and Pigment Company was issued on February 10, 2006. All debts due to the estate should be paid to the official receiver, E.T. O'Connell. VIC GARMENT: Creditors and Contributories to Meet Feb. 28 --------------------------------------------------------- The meetings of creditors and contributories of VIC Garment Factory Limited will be held on February 28, 2006, at 2:30 p.m. and 3:30 p.m., respectively, at Room 1037, 10/F One Grand Tower, 639 Nathan Road, Mongkok, in Kowloon, Hong Kong. WING MOU: Liquidator to Give Wind-up Report ------------------------------------------- The annual meetings of the members and creditors of Wing Mou Construction Company Limited will be held on February 17, 2006, at 9:30 a.m. and 10:30 a.m., respectively. At the meeting, they will consider the resignation of David John Kennedy as joint and several liquidator, and appoint Stephen Briscoe in his place. ========= I N D I A ========= BHARAT PETROLEUM: Seeks Partners for Bina Refinery -------------------------------------------------- Bharat Petroleum is looking for partners to develop and operate its Bina Refinery in Madhya Pradesh, The Economic Times reports. According to the report, BPCL has already started the groundwork for the INR9,100 crore, six-million-tonne refinery. However, the firm is still looking to different parties for partnering the program. BPCL took up Bina Refinery through its subsidiary Bharat Oman Refineries Ltd. Meanwhile, BPCL is also planning to bid for on-shore blocks in the Middle East. The Company has already secure INR5,500 crore till December this year visa-a-vis INR3,500 crore in 2004-05. Headquartered in Maharashtra, India, Bharat Petroleum Corporation Limited -- http://www.bharatpetroleum.com/-- is engaged in refining and marketing petroleum, liquefied petroleum gas and petrochemical products including middle distillates, light distillate, lubricants, benzene and toluene. During the year 2002, the Group introduced Petro Card and SmartFleet Card and it has around 700,000 customers enrolled in 28 cities. There are 4,711 retail outlets and 1,729 LPG distributors that operate in the country. The Group's facilities are located in Mahul and Mallet Road in Mumbai and in Budge. PRANAVADITYA SPINNING: Considers Debt Restructuring --------------------------------------------------- The Board of Directors of Pranavaditya Spinning Mills Ltd will meet on February 22, 2006, to consider and take on record the Company's restructuring application under the Corporate Debt Restructuring Mechanism. The Company has been racking up losses since 2002. In the April 2005 to June 2005 quarter, the Company incurred a net loss of INR2.64 million, down against INR3.1-million net loss in the same period last year. Headquartered in Mumbai, India, Pranavaditya Spinning Mills is engaged in cotton spinning, and the manufacture of yarns, fabrics and garments. ================= I N D O N E S I A ================= GARUDA INDONESIA: Government May Use State Reserves for Bailout --------------------------------------------------------------- The Indonesian government is looking into the possibility of using the capital reserves of state-owned firms in order to repay PT Garuda Indonesia's debts to creditors, Antara News reports. According to State Enterprises Minister Sugiharto, the troubled airline's liquidity problems had resulted in a negative cash flow. Hence, the Government is trying to see whether it can transfer the capital reserves of other state firms to Garuda, Antara says. Minister Sugiharto added that excessive investments with no returns caused the Company's financial problems. The Minister said it is difficult for the airline to recover from the financial slump without adequate recapitalization or investments from outside parties. At present, Garuda Indonesia has to spend up to IDR83.02 billion per month for its operating expenses. It is currently in talks with its local and foreign creditors on how to settle its debts totaling IDR7.3 trillion. According to the Office of the State Enterprises Minister, the Government is planning to use the investments funds of local insurance firm PT Jamosrek and the surplus funds of state-owned telecommunications firms in order to bail out Garuda, Antara relates. Headquartered in Jakarta, Indonesia, government-owned airline PT Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently has a fleet of about 77 aircraft offering service to some 27 domestic and 33 international destinations. Under its Citilink brand, it serves another 10 domestic routes. Garuda also ships about 200,000 tons of cargo a month and operates a computerized tracking system. NEWMONT MINHASA: Parent to Pay IDR276.8 Bln in Settlement --------------------------------------------------------- The Environment Ministry will withdraw a civil suit against PT Newmont Minhasa Raya after both parties had agreed to a IDR276.78-billion settlement, Reuters News relates. The Ministry filed the suit against Newmont last year, seeking IDR1.23 trillion in compensation for damages caused by the Company's waste disposal process that polluted nearby Buyat Bay. A lower court dismissed the case last November, and lawyers for the Ministry appealed the decision. Newmont denied any wrongdoing, saying that the Government had approved its waste disposal processes. The Company is also involved in a criminal case, where its Chief Executive Officer Richard Ness has stood trial since last August on pollution charges. Despite the signing of the civil settlement, the criminal case against Newmont Minhasa would continue, according to chief social welfare minister Aburizal Bakrie. Reuters News reports that in the settlement agreement, the Government and PT Newmont Minhasa Raya will set up an independent panel to develop and implement an environmental assessment and monitoring program for 10 years, and Newmont would pay IDR276.78 billion over that period as part of the settlement. Once the Government receives an initial transfer of IDR12 million, it would drop the civil suit against Newmont. The panel is tasked to come up with a definitive, scientific conclusion regarding the condition of Buyat Bay, according to a statement. The panel's responsibility would be to find out the condition of Buyat Bay. The Government's investigation found Buyat Bay to be polluted, but studies by the Indonesian Health Ministry and the World Health Organization did not come up with the same conclusion. Newmont Minhasa Raya -- http://www.newmont.co.id/-- is the Indonesian unit of U.S.-based Newmont Mining Corporation, and has mined in Minhasa, North Sulawesi, for the past seven years. During operations, PTNMR was the single largest direct and indirect employer in the Minahasa area. Since inception of operations, PTNMR and its contractors have generated employment opportunities for 700 Indonesians. PERUSAHAAN LISTRIK: Government Rules Out Power Rate Hike -------------------------------------------------------- The Indonesian government has sufficient funds to increase the fuel subsidy of PT Perusahaan Listrik Negara, so there is no need to increase power rates, Antara News reports. According to House Commission VII member Tjatur Sapto Edhi, the remainder of last year's state budget, an estimated IDR7 trillion, would be used to cover PLN's fuel subsidy deficit. PLN had sought a IDR34.7 trillion subsidy, but only IDR17 trillion was provided for in the 2006 state budget. Mr. Edhi said that the Government can cover the shortage, which stands at IDR17.7 trillion, Antara News relates. The Government could also lower fuel prices for PLN, as both PT Pertamina and PT PLN are state-owned. It is a better alternative to raising electricity tariffs, legislator Febby Tumewa said. These are alternative proposals to cover PLN's expected losses this year as businesses and households alike are opposed to increasing power rates due to the negative effects of such an action. Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik Negara -- http://www.pln.co.id/-- is Indonesia's state-owned utility company. The Company transmits and distributes electricity to approximately 30 million customers, or about 60% of Indonesia's population. The Indonesian government decided to end PLN's power supply monopoly to spark interest for independents to build more capacity for sale directly to consumers. The decision comes as many areas of the country are experiencing power shortages. ========= J A P A N ========= HITACHI LIMITED: To Build Water Pumps in China ---------------------------------------------- Hitachi Limited and Wuxi Pump Manufacturing Company Limited has entered into an agreement to produce large pumps for water supply facilities and sewage systems in China through a joint venture, Jiji Press relates. The joint venture firm, Hitachi Pump Manufacture (Wuxi) Co., is capitalized at CNY105 million. The move comes at a time when demand for large water pumps increased in China as the country undergoes rapid urbanization and industrialization. Headquartered in Tokyo, Japan, Hitachi Limited -- http://www.hitachi.com/-- is a leading global electronics Company with approximately 347,000 employees worldwide. The Company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. HITACHI LIMITED: Unions Calls for JPY2,000 Pay Hike --------------------------------------------------- Labor unions at Hitachi Limited submitted their wage demands to the firm's management on Wednesday, requesting a monthly pay increase of JPY2,000, Japan Today says. Negotiations is expecting a rough start as the management is reluctant to raise wages in view of a difficult business environment that includes increased international competition and higher prices of crude oil and other materials. Headquartered in Tokyo, Japan, Hitachi Limited -- http://www.hitachi.com/-- is a leading global electronics Company with approximately 347,000 employees worldwide. The Company offers a wide range of systems, products and services in market sectors including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. JAPAN AIRLINES: Chief Rejects Calls to Resign --------------------------------------------- Japan Airlines Corporation President Toshiyuki Shinmachi rejected calls by several board members for him to step down, The Associated Press reports. Last week, four board members asked Mr. Shinmachi to step down as president to take the responsibility for the carrier's recent poor performance. JAL's image has been badly tarnished by a series of safety lapses since last year, eroding passenger numbers and driving it deeper into losses. Headquartered in Tokyo, Japan, Japan Airlines Corporation (formerly Japan Airlines System Corporation) -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. Combined, the airlines serve more than 170 cities in some 30 countries and operate more than 270 mostly jet aircraft. Both carriers continue to operate separately as Japan Airlines International Co. Ltd. and Japan Airlines Domestic, though they are combined in a single brand as JAL/Japan Airlines. PIONEER CORPORATION: Launches New Internal DVD Multi Writers ------------------------------------------------------------ Pioneer Corporation announced its new internal DVD multi writers with ATAPI interface for Windows(R)-based PCs - the DVR-A11-J (pure white), DVR-A11-JBK (black), and DVR-A11-JSV (silver). The new DVD drives, employing the Company's newly designed Disc- Resonance Stabilizer, assure stable write and read operation with high accuracy. At the same time, they realize impressively quiet operation even during high-speed rotation owing to Pioneer's proprietary technologies including honeycomb structure. Pioneer's new DVD drives support the recording and playback of recordable discs in seven DVD formats (DVD-R, Dual Layer DVD-R, DVD-RW, DVD-RAM, DVD+R, DVD+R Double Layer, and DVD+RW) as well as CD-R and CD-RW discs. The new drives offering industry leading write speeds realize the high-speed recording of max. 8x*1 on single-sided double-layer DVD formats (Dual Layer DVD-R and DVD+R Double Layer). The new drives will come bundled with an extensive collection of software applications for DVD/CD authoring, DVD slide show creation, data backups, and so on. The DVR-A11-J series will be available inJapan early in March 2006. The retail prices are not suggested. As previously reported in the Troubled Company Reporter - Asia Pacific, during the nine-month period ended December 31, 2005, Pioneer Corp.'s operating activities provided a net cash of JPY21,891 million (US$185.5 million). Despite the net loss of JPY56,641 million (US$480.0 million) for the period, adjustments for non-cash expenses such as depreciation and amortization of JPY35,422 million (US$300.2 million), impairment losses of JPY32,543 million (US$275.8 million) recognized for property, plant and equipment mainly for plasma display production, and equity in losses of affiliated companies of JPY25,132 million (US$213.0 million) resulted in a positive net cash flow. ========= K O R E A ========= DAEWOO ENGINEERING: Union Blocks Two Preliminary Bidders -------------------------------------------------------- Daewoo Engineering & Construction Company's labor union demands transparency in the creditors search for a new buyer, Yonhap News Agency reveals. The union wants reassurance from creditors not to sell their entire shareholding in the Company. "It will cost a new buyer KRW4.5 trillion to KRW5 trillion to purchase the entire stake, which will eventually drag the company back into insolvency because of high interest payments," union leader Jeong Chang-du told Yonhap. The union pointed out that if a new owner acquires the builder through a leverage buyout, the owner should be banned from selling the builder's assets or stakes for at least three years, Yonhap says. Unionists also asked the creditors to drop Doosan Group and Hanwha Group as preliminary bidders for reasons of violating corporate ethics. According to the Korea Asset Management Corporation, the bidders are scheduled to send in their formal tender in March, and a preferred bidder will be selected in April. =============== M A L A Y S I A =============== ANTAH HOLDING: Averts Securities Delisting ------------------------------------------ Bursa Malaysia Securities Berhad has decided against proceeding with Antah Holding Berhad's possible delisting. The delisting procedures was terminated upon the Company's submission of its Annual Report for the financial year ended June 30, 2004, as required by Bursa Malaysia. Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia, Antah Holding Berhad -- http://www.antah.com.my/-- manufactures and trades pharmaceutical products and fluid engineering and manufacturing. Other activities include retailing of housewares and kitchenware, property development, insurance broking, provision of management services and investment holding. The Group discontinued its beverage and security services operations. The Group operates in Malaysia, Australia, United Kingdom and Singapore. COMSA FARMS: Installs New Group Chief Financial Officer ------------------------------------------------------- Lee Swi Heng has been appointed as Group Chief Financial Officer of Comsa Farms Berhad on February 15, 2006. Mr. Lee is a fellow of the Association of Chartered Certified Accountants, United Kingdom. He was also a fellow of the Institute of Certified Public Accountants of Singapore, and also a member of the Malaysian Institute of Accountants. Mr. Lee obtained his Masters in Business Administration from the University of Birmingham, U.K. Mr. Lee has worked in Low Yat group as a Director of Administration and Finance. He was also the Group Financial Controller for the East Malaysia operations of Karambunai Resorts Berhad. Subsequent to this, he was appointed the Chief Financial Officer of Kretam Holdings Berhad and the Non- Executive Director of Innosabah Securities Berhad. Headquartered in Sabah, Malaysia, Comsa Farms Berhad is engaged in the wholesale and retail of fresh and frozen chicken products, meat and foodstuff. The Company's other activities include livestock, aqua feed milling, poultry feeding, hatchery operations, layer farming. FOUNTAIN VIEW: New Shares up for Listing and Quotation ------------------------------------------------------ Bursa Malaysia Securities Berhad will list and quote Fountain View Development Berhad's additional 12,000 new ordinary shares of MYR1.00 each on February 20, 2006. The shares were issued pursuant to the conversion of 12,000 Irredeemable Convertible Unsecured Loan Stocks 2003/2006 into 12,000 new ordinary shares. Headquartered in Selangor Darul Ehsan, Malaysia, Fountain View Development Berhad's principal activity is property development. The Company's other activities include plantation and production of crude palm oil and palm kernel and investment holding. The group principally operates in Malaysia. KIA LIM: SC Grants 3-Month Extension to Corporate Exercise ---------------------------------------------------------- The Securities Commission has approved Kia Lim Berhad's application to extend by three months the time to complete the Company's warrants rights issue and its debt restructuring scheme. The extension granted covers the period from February 16, 2006,to May 15, 2006. Nonetheless, the Company has completed its warrants rights issue and has listed and quoted the shares at the Bursa Malaysia on February 15, 2006. Headquartered in Johor Darul Takzim, Malaysia, -- Kia Lim Berhad http://www.roof-tiles.com/index.html-- manufactures and exports roofing tiles, bricks and pavers. Its subsidiary companies are principally involved in the manufacturing of clay common bricks, facing bricks, block bricks, M211 bricks, brick tiles, chamfered paving bricks, and H-shape pavers, as well as roofing tiles. KIG GLASS: Chinese Unit Shuts Down Operations --------------------------------------------- KIG Glass Industrial Berhad's China unit, Zibo Jiali Glass Industry Company Limited, has subsequently decided to completely cease production operation to facilitate major overhaul of plant and machinery. Since January 29, 2006, Zibo Jiali has gradually scaled down its production due to financial constraints. To address the cash flow problem, the KIG board has endorsed Zibo Jiali management's decision to sell its existing stock on hand. Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass Industrial Berhad -- http://www.kedaung.com/-- manufactures and sells glassware, glass blocks and carton boxes. The firm's other activities include manufacturing of ceramic roof tiles. Its operations are carried out in Malaysia and China. LITYAN HOLDINGS: Scraps Agreement with Unique Base and Rafiki ------------------------------------------------------------- The Conditional Sale and Purchase Agreement between Lityan Holdings Berhad, Unique Base Pty Limited and Rafiki Nominees Pty Limited was mutually terminated on February 15, 2006. Therefore, Lityan will proceed to dispose of the Chariot Shares through open market or placements on a best-effort basis. The agreement was about the proposed disposal of Lityan Overseas Sdn Bhd's 2,580,303 ordinary shares in Chariot Limited to Unique Base and/or RAFIKI for a total cash consideration of AU$1,806.212 (equivalent to MYR5,245,240 based on the exchange rate as at September 15, 2005). Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings Berhad -- http://www.lityan.com.my/-- sells and provides maintenance services and rental of computer equipment, peripherals, telecommunication equipment and related services. The Company's other activities include provision of building maintenance and management services, developing and marketing of new client-server programming tools and application software, operation of public mobile data network, property investment and investment holding. The Group carries out its operations in Malaysia and the Philippines. MAGNUM CORPORATION: Holds Shares Buy Back ----------------------------------------- During its shares buy back on February 15, 2006, Magnum Corporation Berhad repurchased 432,600 ordinary shares of MYR0.50 each. The minimum price paid for each share purchased is MYR1.910 while the maximum price paid for each share purchased is MYR1.960. Number of shares purchased retained in treasury is 432,600 units. The cumulative net outstanding treasury shares is now at 105,433,700. Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation Berhad -- http://www.magnum.com.my-- operates a four-digit number forecast betting game. It is also engaged in property holding and development and letting of properties, operation of hotel, general investment holding and trading, printing activities, credit services, securities dealing and brokerage, and provision of computer software and other related services. The Group sponsors Alex Yoong, the first Malaysian Formula One driver, and KL Minardi Formula One Team. Operations of the Group are carried out in Malaysia, Hong Kong, The People's Republic of China, Philippines and other countries. PACIFIC & ORIENT: Repurchases 3,000 Ordinary Shares --------------------------------------------------- Pacific & Orient Berhad repurchased 3,000 Ordinary shares of MYR1.00 each for a total consideration of MYR5,340.03 during its shares buy back on February 15, 2006. Each share purchased had a minimum price of MYR1.760 while maximum price was MYR1.770. Cumulative net outstanding treasury shares to date is 5,610,856 units. Headquartered in Kuala Lumpur, Malaysia, Pacific & Orient Berhad -- http://www.pacific-orient.com-- is engaged in the provision of general insurance and management services. The firm's other activities include provision of information technology services, sale of information technology equipment, distribution of consumer products, provision of sales and administrative services, provision of management and privilege card programmed services, research and development and trading activities and money lending and investment holding. SBBS CONSORTIUM: Wind-Up Hearing Fixed March 29 ----------------------------------------------- The winding up petition against SBBS Consortium Berhad, instituted by Southern Bank Berhad, is fixed for hearing at the Kuala Lumpur High Court on March 29, 2006. Headquartered in Kuala Lumpur, Malaysia, SBBS Consortium Berhad is engaged in the trade, manufacture and sale of moulded and sawn timber and other wood-based products. Its other activity is investment holding. Operations are carried out predominantly in Malaysia. SETEGAP BERHAD: Court Extends Restraining Order to February 28 -------------------------------------------------------------- The High Court of Malaya, Kuala Lumpur has extended Setegap Berhad's interim restraining order to February 28, 2006. The Court also scheduled Setegap's application to further extend the Restraining Order dated March 17, 2005, for hearing on February 28, 2006. Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's principal activities are construction and maintenance of roads, railways and building, including services rendered on quarrying. The Company's other activities include manufacturing and selling of road construction equipment, asphalt plants, mixing plants, asphalt emulsions and premix. The Group also provides mechanical and electrical services, leases machinery and investment holding. Operations of the Group are carried out predominantly in Malaysia. SOUTHERN BANK: Questions Validity of Bumiputra Offer ---------------------------------------------------- The Board of Southern Bank Berhad advised that the certain terms and conditions of the unsolicited Conditional Voluntary Take- Over Offer (Notice) from Bumiputra-Commerce Holdings Berhad are not in compliance with the Malaysian Code on Takeovers and Mergers, 1998. The Company is seeking a ruling from the Securities Commission with respect to the validity of the Notice. In addition, Southern Bank responds to Bumiputra-Commerce's assertion made in its Bursa Malaysia announcement dated February 14, 2006, implying that Southern Bank's rejection of the business offer would be tantamount to an act of frustrating the takeover offer. The Company refered to Section 35 of the Code (Frustration of offers by a board of directors of the offeree) and noted that Southern Bank's rejection of the business offer is not a prohibited action under the section. The Company noted that Bumiputra has, of its own accord, chosen to impose as a condition to the takeover offer that the approval of the bank's shareholders be obtained for the business offer. There is no legal requirement for Southern Bank's Board to facilitate the fulfillment of such an unusual condition. The Board has carefully deliberated the unsolicited Business Offer and has found that it fundamentally undervalues Southern Bank and is materially inadequate from a financial and business point of view. Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad -- http://www.southernbank.com.my/-- is engaged in the provision of commercial banking business and other related financial services, which include Islamic banking services. Other activities are accepting deposits and advancing loans, property ownership and management, provision of risk capital, stockbroking, sale and management of unit trusts, building construction, property investment and investment holding. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: VACC Prepares Class Action Suit ----------------------------------------------------- The Volunteers Against Crime and Corruption is compiling class action affidavits from at least 100 victims of the Philsports stampede involving ABS-CBN Broadcasting Corporation's popular game show, "Wowowee", ABS-CBN News reports. VACC lawyers Leonard de Vera, Pete Principe and Bong Tansinsin are preparing their case against ABS-CBN, which will be filed after the results of investigations by the Department of Justice and the Department of Local and Interior Government are released. According to ABS-CBN News, the VACC has set up a help desk at the Philsports Arena in Pasig City to assist the stampede victims. The group is coordinating with ABS-CBN to extend medical assistance to the victims by providing psychiatrists. The Troubled Company Reporter - Asia Pacific reported earlier that a government fact-finding committee has placed the blame for the tragedy on "Wowowee" organizers, which attracted an estimated 30,000 people to watch the show's first anniversary presentation. Seventy-one people died while more than 600 were injured in the tragedy. The panel recommended criminal charges against four officials of ABS-CBN for failing to prepare adequate security for the show. Charges of criminal negligence were recommended against Rene Luspo, ABS-CBN's head of security; Marilou Almaden, Wowowee production manager; Rey Cayabyab, assistant location manager; and Mel Feliciano, floor director. Justice Secretary Raul Gonzalez earlier said police and local officials could face criminal charges if investigators find them equally culpable in the tragedy. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. ABS-CBN BROADCASTING: Stampede Video Sent to Probers on Time ------------------------------------------------------------ ABS-CBN Broadcasting Corporation said video footages showing the February 4 stampede were handed over to government investigators within the 72-hour period given to the fact-finding panel to complete its investigation, The Manila Times relates. The statement came amid a claim made by Interior Undersecretary Marius Corpus that the network "intentionally withheld" raw footage of the Philsports Arena stampede that killed 71 and injured more than 600. Mr. Corpus said ABS-CBN's late submission of footages also delayed the report of the fact-finding team, The Manila Times says. However, ABS-CBN said its lawyers have submitted copies of relevant video to the fact-finding committee on February 7, 2006. The network also said that footages of the stampede were aired in the primetime news program, "TV Patrol World". There were also footages carried over the network's other news programs. The report submitted by Mr. Corpus' team to the Department of Justice on Wednesday last week was said to be insufficient because it lacked statements from victims and medical certificates issued by attending doctors. Meanwhile, Troubled Company Reporter - Asia Pacific reported that President Gloria Macapagal-Arroyo blamed ABS-CBN Broadcasting Corporation for the stampede. Pres. Arroyo told a radio interview Tuesday that the event organizers and sponsors were careless in their preparations resulting in the tragedy. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. NATIONAL POWER: Congress to Probe Semirara Oil Spill ---------------------------------------------------- A joint panel from the Senate and the House of Representatives will conduct an on-site inquiry on the massive oil spill in Semirara Island, Antique, which was caused by the grounding of a National Power Corporation barge, The Philippine Daily Inquirer reports. Sen. Pia Cayetano, head of the Senate committee on environment and natural resources and co-chairman of the congressional oversight committee on clear water, will lead the inquiry. President Gloria Macapagal-Arroyo has also ordered newly appointed Environment Secretary Angelo Reyes to act quickly on the Semirara oil spill, The Inquirer relates. Meanwhile, Energy Secretary Raphael Lotilla reported that representatives from his department went to the site last Monday with members of the Philippine Coast Guard for an ocular inspection. Mr. Lotilla told the Inquirer that Napocor has discussed with energy officials a rehabilitation plan while the Coast Guard and the Department of Environment and Natural Resources will work together for the cleanup. Napocor has hired about 250 casual workers to clean up the oil spill. It is estimated that the cleanup will cost P80 million and take four months to finish. The Troubled Company Reporter - Asia Pacific reported earlier that a Napocor barge that carried bunker oil ran aground on December 18, 2006, 200 meters off Semirara after encountering huge waves and strong winds. According to the report, the spilled bunker fuel has contaminated 236 hectares of mangroves and 40 square kilomter of marine life near Semirara Island. The spill, which contaminated fish sanctuaries and damaged sea grasses and coral reefs, has affected at least 10,000 residents. 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. Its transmission network has a line length of nearly 13,000 circuit miles. With a generating capacity of more than 11,500 MW, 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. It has also separated its transmission operations into a new subsidiary, the National Transmission Corporation. TPG CORPORATION: Turns to Court for Rehabilitation -------------------------------------------------- TPG Corporation has finally sought corporate rehabilitation with the Makati Regional Trial Court to ensure continued operations, The Philippine Star reports. According to the Star, TPG's move to seek court intervention is part of efforts to carry out its STEP-Up program, which is expected to help the Company recover from its cash flow woes. The program is also aimed at ensuring the orderly settlement of its obligations to TPG's plan holders. The STEP-UP or the Scholars Trust Fund with Equitable Pay-out for Unified Preservation program calls for preserving the pre- need firm's trust fund and reserving a portion of scholars' a availment benefits as equity in a financial holding company that will have interests in a diverse portfolio of financial services. However, in subsequent discussions with the Securities and Exchange Commission, it was determined that without 100% plan holder consent to the program, the SEC can neither approve nor disapprove STEP-UP. Given that 100% approval is not only highly improbable but physically impossible, the only available option to ensure achievement of the STEP-UP objectives is to seek a court mandate for its implementation. TPG's trust fund is currently valued at between Php800 million to Php900 million while its liabilities stand at Php1.1 billion, The Star says. UNIWIDE HOLDINGS: Leases Out Loss-making Supermarkets ----------------------------------------------------- Uniwide Holdings Incorporated said it has decided to lease out its supermarket business to another company after suffering heavy losses in this segment, The Manila Bulletin relates. In a disclosure to the stock exchange, Uniwide Holdings' unit Uniwide Sales Warehouse Club Incorporated has signed a lease agreement with Suy Sing Commercial Corp that will result in the retrenchment of about 424 Uniwide employees. Uniwide, which also operates warehouse clubs and department stores, said the lease agreement covers all its six stores and will generate monthly rental income of about Php4.0 million, According to the Manila Bulletin, Uniwide suffered a net loss of Php435 million in the nine months to September last year, more than three times the Php129.4 million net loss booked in the same period in 2004. Uniwide Holdings, Incorporated -- http://www.uni-wide.com-- does not engage in retail activities itself, but provides support services to franchisees in the areas of inventory management, merchandising, marketing, advertising and training. It also engages in two kinds of real estate operations. The first is the acquisition, development, holding and leasing of land and buildings used to house Warehouse Clubs, Department Stores and Family Stores. The second is property development principally involving the acquisition, horizontal development and sale of land for residential communities and commercial lots adjacent to Warehouse Clubs, and the development of shopping malls anchored by Warehouse Clubs. UW was established in 1975 as a small textile trading firm. ================= S I N G A P O R E ================= ACCREDIT BAY: Creditors' Proofs of Claim Due March 16 ----------------------------------------------------- Accredit Bay Pte Limite, which is preparing to declare a dividend, has required its creditors to submit their formal proofs of claim to liquidator Chia Lay Beng by March 16, 2006. Failure to comply will exclude creditors from the benefit of the dividend. ASPAC REGION: Decides to Close Operations ----------------------------------------- At the extraordinary general meeting of Aspac Region Pte Limited on February 7, 2006, it was decided that the Company close its business operations. Subsequently, Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. Aw Eng Hai were appointed as liquidators to oversee the wind-up activities. ASPAC REGION: Prepares to Distribute Dividend --------------------------------------------- Creditors of Aspac Region Pte Limited are required to submit proofs of claim to liquidators Kon Yin Tong, Wong Kian Kok and Aw Eng Hai, by March 16, 2006, in order to participate in the Company's dividend distribution. Failure to comply with this requirement will exclude creditors from the benefit of the dividend. CIH LIMITED: Posts Third-Quarter Net Loss ----------------------------------------- CIH Limited reported a net loss for the third quarer of 2005, its third successive loss for the year. In its report, the Company incurred a net loss amounting to SG$2.22 million for the quarter ended December 31, 2005, compared to an SG$862,000 net profit for the same period in 2004. A full-text copy of CIH Limited's financial results is available for free at: http://bankrupt.com/misc/tcrap_cihlimited021606.pdf Incorporated in Singapore in 1991, CIH Limited -- http://www.cihltd.com/-- is the holding company of CIHL Group and is principally engaged in the development, manufacture and marketing of electrical installation products. It is one of the major suppliers of electrical installation products in Asia. In December 2003, CIHL formed a 50-50 joint venture with Schneider Electric SA of France to manufacture and distribute electrical wiring devices and installation systems in Asia. The joint venture Clipsal Asia Holdings Limited has a significant presence across Asia, with manufacturing operations in China, Malaysia, Indonesia and Vietnam and a sales network covering more than 15 countries in Asia. In addition, CIHL holds investments in lighting products, LED superscreens and other businesses. It currently has 200 employees and occupies a total floor area of 8,000 square metres. CIHL is currently 67.6%-owned by Singapore-listed GP Industries Limited, which is an 87.1% subsidiary of Hong Kong firm Gold Peak Industries (Holdings) Limited. TRINITY RESEARCH: Receiving Proofs of Claim Until March 10 ---------------------------------------------------------- Creditors of Trinity Research Pte Limited are required its crditors to submit formal proofs of claim by March 10, 2006, to: Kon Yin Tong, Wong Kian Kok and Aw Eng Hai Liquidators c/o 47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry Building, Singapore 179365 Failure to comply with this requirement will exclude creditors from the benefit of the dividend. =============== T H A I L A N D =============== SUNTECH GROUP: Fails to Submit Financial Statement on Time ----------------------------------------------------------- Suntech Group Public Company Limited failed to submit its unreviewed semi-annual financial statements ending December 31, 2005, on the deadline specified by the Securities and Exchange Commission. The SEC allows listed companies whose securities are suspended to submit its unreviewed semi-annual financial statements and management discussion and analysis within 45 days instead of the reviewed quarterly financial statements. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------ CHINA & HONG KONG ----------------- Guangdong Meiya Group Co. Ltd. 000529 27.43 178.19 Guangdong Sunrise Group Co. Ltd-A 000030 (-182.94) 35.98 Guangdong Sunrise Group Co. Ltd-B 200030 (-182.94) 35.98 Hainan Dadong-A 000613 (-6.63) 17.81 Hainan Dadong-B 200613 (-6.63) 17.81 Heilongjiang Black Dragon Co. Ltd. 600187 (-29.45) 153.92 Shenz China Bi-A 000017 (-206.90) 50.08 Shenz China Bi-B 200017 (-206.90) 50.08 Xinjiang Tunhe Investment Co. Ltd. 600737 47.57 476.47 INDONESIA --------- Barito Pacific Timber Tbk Pt BRPT (-62.86) 360.72 MALAYSIA -------- Kemayan Corp Bhd KOP (-353.12) 84.89 Lityan Holdings Bhd IT (-8.43) 28.86 Panglobal Bhd PGL (-50.36) 189.92 PSC Industries Bhd PSC 51.63 639.35 PHILIPPINES ----------- Pilipino Telephone Co. PLTL (-159.78) 280.22 SINGAPORE --------- China Aviation Oil (Singapore) Corporation AO 132.64 351.87 Informatics Holdings Ltd INFO (-6.73) 27.59 Lindeteves-Jacoberg Limited LG 39.61 332.07 Pacific Century Regional PAC (-145.53) 1289.71 THAILAND -------- Asia Hotel PCL ASIA (-30.12) 101.17 Asia Hotel PCL ASIA/F (-30.12) 101.17 Bangkok Rubber PCL BRC (-57.11) 78.78 Bangkok Rubber PCL BRC/F (-57.11) 78.78 Central Paper Industry PCL CPICO (-37.02) 40.41 Central Paper Industry PCL CPICO/F (-37.02) 40.41 Circuit Elect PCL CIRKIT (-25.89) 61.30 Circuit Elect PCL CIRKIT/F (-25.89) 61.30 Datamat PCL DTM (-1.72) 17.55 Datamat PCL DTM/F (-1.72) 17.55 National Fertilizer PCL NFC 70.66 142.61 National Fertilizer PCL NFC/F 70.66 142.61 Siam Agro-Industry Pineapple And Others PCL SAICO (-14.71) 13.38 Siam Agro-Industry Pineapple And Others PCL SAIC0/F (-14.71) 13.38 Thai Wah Public Company Limited-F TWC (-47.01) 158.87 Thai Wah Public Company Limited-F TWC/F (-47.01) 158.87 ********* 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., Trenton, NJ USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica Fernando, 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. The TCR -- Asia Pacific 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 ***