/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060427.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 Thursday, April 27, 2006, Vol. 9, No. 083 Headlines A U S T R A L I A & N E W Z E A L A N D A.C.N. 107 424 788: Supreme Court Appoints Liquidator ASKNA PTY: To Declare Dividend Today AUCKLAND WEST: CIR Files Liquidation Petition AUSTRALIAN MARINE: Decides to Close Operations CORSA CORPORATION: Members to Receive Wind-up Report DIRECT COLOUR: Enters Voluntary Liquidation GENEJAM LIMITED: Placed Under Liquidation HAWKES BAY: Appoints Official Liquidator HIRE COMPANY: Names Receivers and Managers INSPIRATION IMMAGINATION: To Hold Final Meeting Today INTER-PACIFIC HOLDINGS: Court to Hear Wind-up Petition on May 4 JASMIN REEF: Members Resolve to Wind Up Business KOURTIS PTY: Court Issues Wind-up Order LONGNOSE CREEK: Wind-up Process Commenced MEDIAPIRI PTY: To Distribute Final Dividend Today MILLAROO MINES: Members Agree to Liquidate Business NORTON-RAM PTY: Receivers Step Aside PILMINT PTY: Court Releases Wind-up Order PRYTON PTY: Liquidator to Present Wind-up Report RANGEVILLE PROPERTIES: Members Opt for Voluntary Liquidation SECURE-ALL SECURITY: Liquidator Set to Present Wind-up Report SKANZ PTY: Placed Under Voluntary Liquidation TAVELA PTY: Prepares to Pay Dividend to Creditors TIME-MOTION ANALYSIS: Faces Wind-up Proceedings TM STEELFIXING: Falls Under Voluntary Liquidation TRAVELGATE TECHNOLOGY: Falls Into Liquidation C H I N A & H O N G K O N G AGRO PRODUCTS: Creditors' Proofs of Debt Due on May 14 AMASS VISION: Wind-Up Hearing Set on June 14 ASSON COMPUTING: Wind-up Petition Hearing Fixed on May 17 BANK OF CHINA: Forced To Raise HK IPO Float BRIDGELEY LIMITED: Court Appoints Liquidator CASPER (H.K.) HI-TECH: Appoints Soong Ching-Wah as Liquidator CODEBANK LIMITED: Winding Up Process Commenced DYNAMIC CREATIONS: Court to Hear Wind-up Petition on May 10 INTERNATIONAL PRECAST: Chiu & Yin Ceases to Act as Liquidators MILLION GRAND: Appoints Official Liquidators PRELUDE SHIPPING: Postpones Wind-Up Hearing to May 17 SPEEDTEX GARMENT: Liabilities Prompt Firm to Wind Up QUANTUM NETWORKS: Winding Up Hearing Set on May 10 SHINY LUCK: Court to Hear Wind-up Petition on May 24 SINO LOGIC: Winding Up Process Commenced VASTECH DEVELOPMENT: Wind-up Hearing Slated for May 24 WIN CAPITAL: Creditors' Proofs of Claims Due on May 14 YAMAHA MOTOR CHINA: Court Appoints Joint Liquidator I N D I A DUNLOP INDIA: Fire Breaks Out at Shahaganj Plant FERTLISERS AND CHEMICALS: Registers Higher Sales Revenue I N D O N E S I A PERUSAHAAN LISTRIK: Plans to Issue $2.5 Billion Islamic Bonds J A P A N EHOMES INCORPORATED: President Arrested for Law Violations EHOMES INCORPORATED: Finance Firm to Cut Equity Ties LIVEDOOR COMPANY: Ex-CEO To Be Released on Bail K O R E A ASIANA AIRLINES: Posts KRW41.26 Billion Profit in First Quarter HYUNDAI MOTOR: Chairman Faces Arrest for Corruption KOREA EXCHANGE: Kookmin's Takeover May be Delayed M A L A Y S I A AFFIN HOLDINGS: Finance Ministry Backs Banking Group Plan APEX EQUITY: Pays MYR3,292 for 6,400 Own Shares BUKIT KATIL: Unable to Pay Loans Due to Insolvency CHG INDUSTRIES: Seeks More Time to Implement Rehabilitation Plan INTAN UTILITIES: Takes Remaining Stake in Premier MALAYSIA AIRLINES: Says Cost Cuts will not Affect Service MBF HOLDINGS: Tor and Variouf Participates in Impact Offer METROPLEX BERHAD: Court Adjourns Wind-up Hearing to May 11 PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908 PROTON HOLDINGS: To Embark on Major Revamp SYARIKAT KAYU: Proposed Share Sale to Boost Group's Net Assets TELEKOM MALAYSIA: Lists and Quotes Additional Shares P H I L I P P I N E S LAFAYETTE MINING: Probe Finds Loopholes in Enforcement of Laws MANILA ELECTRIC: Rising Demand Contributes to Narrowed Losses PHILIPPINE NATIONAL BANK: S&P Assigns B- Credit Rating S I N G A P O R E LINDETEVES-JACOBERG: Passes All AGM Resolutions LION CITY: New York Bankruptcy Court Grants Chapter 15 Petition LION CITY: Chapter 15 Petition Summary SOI YONG: Creditors' Proofs of Claims Due on May 5 STEADY PILING: Creditors Must Prove Debts by May 5 TRI-MAG FOOD: Faces Bankruptcy Proceedings T H A I L A N D TANAYONG: Court Approves Reorganization Plan Amendments TANAYONG: Disposes Changklanway Common Shares for THB300 Million THAI-DENMARK SWINE: Stocks Excluded from Index Calculations - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ A.C.N. 107 424 788: Supreme Court Appoints Liquidator ----------------------------------------------------- The Supreme Court of Victoria on March 15, 2006, appointed A. D'Aloia as provisional liquidator for the winding up of A.C.N. 107 424 788 Pty Limited. Contact: A. D'Aloia Liquidator D'Aloia Handberg Chartered Accountants Level 10, 200 Queen Street Melbourne, Victoria 3000 Australia ASKNA PTY: To Declare Dividend Today ------------------------------------ Askna Pty Limited will declare its final dividend on April 28, 2006. In this regard, creditors are required to submit their formal proofs of claim today, April 27, 2006, in order to participate in the dividend distribution. As reported by the Troubled Company Reporter - Asia Pacific members of Askna Pty Limited resolved on February 28, 2006, to wind up the Company's operations. They named Ezio Marco Senatore and Stephen Brennan as liquidators for the wind-up. Contact: Stephen Brennan Liquidator Senatore Brennan Rashid DFK Level 7, 28 University Avenue Canberra, Australian Capital Territory 2601 Australia Telephone: (02) 6214 6700 Fax: (02) 6214 6799 AUCKLAND WEST: CIR Files Liquidation Petition --------------------------------------------- The Commissioner of Inland Revenue, on February 10, 2006, filed an application before the High Court of Auckland to put Auckland West Construction Limited into liquidation. The Application will be heard before the Court on May 4, 2006, at 10:00 a.m. Any person wishing to appear at the hearing is requested to file an appearance not later than May 2, 2006. Contact: David Weaver Solicitor for the Plaintiff Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department, 5-7 Byron Avenue Takapuna, Auckland New Zealand Telephone: (09) 984 1595 Fax: (09) 984 3116) AUSTRALIAN MARINE: Decides to Close Operations ---------------------------------------------- Members of Australian Marine Bi Products Pty Limited held a general meeting on March 16, 2006, and agreed to voluntarily wind up the Company's operations. Contact: Des Benjamin Director c/o Norman K. Jones Pattisons Business Advisors and Insolvency Specialists Level 14, 461 Bourke Street Melbourne 3000, Australia Telephone: (03) 9600 4611 CORSA CORPORATION: Members to Receive Wind-up Report ---------------------------------------------------- The members of Corsa Corporation Pty Limited will convene today, April 27, 2006, to receive Liquidator David H. Scott's account regarding the Company's completed wind-up and disposal of the Company's property. As reported by the Troubled Company Reporter - Asia Pacific, members of Corsa Corporation resolved to voluntarily wind up the Company on August 17, 2005. Contact: David H. Scott Liquidator Scott Partners Chartered Accountants 77 Station Street, Malvern Victoria 3144, Australia DIRECT COLOUR: Enters Voluntary Liquidation ------------------------------------------- The members of Direct Colour Digital Service (Australia) Pty Limited resolved to close the Company's business operations at a general meeting on March 14, 2006. Subsequently, Anthony Robert Cant was appointed as liquidator. Contact: Anthony Robert Cant Liquidator Romanis Cant Chartered Accountants 106 Hardware Street, Melbourne Australia GENEJAM LIMITED: Placed Under Liquidation ----------------------------------------- On March 31, 2006, it was resolved by special resolution that Genejam Limited be liquidated for restructuring purposes and that Brian Spooner be appointed liquidator. All known creditors have been paid on the due dates and the Company's business is now with the restructured City Car Groomers Limited. The Company's creditors are requested to prove their claims and to establish any priority their claims may have on or before May 5, 2006. Contact: Brian Spooner Liquidator Level Seven, West Plaza Auckland 1030, New Zealand Telephone: (09) 303 4507 HAWKES BAY: Appoints Official Liquidator ---------------------------------------- Ewan Richard Gardiner was appointed as liquidator of Hawkes Bay Model A Club Incorporated on March 31, 2006. Mr. Gardiner has fixed May 8, 2006, as the date on or before which the Company's creditors are to make their claims. Failure to do so will exclude any creditor from sharing in any distribution the Company will make. Contact: Ewan richard Gardiner Gardiner Knobloch Limited Chartered Accountants Wilket House, Shakespeare Road Napier, New Zealand Telephone: (06) 835 5018 HIRE COMPANY: Names Receivers and Managers ------------------------------------------ Ross Andrew Blakeley and Ian Charles Francis Taylor were appointed as the joint and several receivers and managers of the property of The Hire Company (Australia) Pty Limited on February 21, 2006. Contact: Ross A. Blakeley Receiver Taylor Woodings, Exchange Tower Suite 612, 530 Little Collins Street Melbourne, Australia Ian C. F. Taylor Receiver Level 6, 30 The Esplanade Perth, Western Australia INSPIRATION IMMAGINATION: To Hold Final Meeting Today ----------------------------------------------------- A final meeting of Inspiration Imagination Innovation (31) Pty Limited will be conducted today, April 27, 2006. At the meeting, Liquidator Ashton Brailey will present his final accounts regarding the Company's wind-up operations. Contact: Ashton Brailey Liquidator Ashton Brailey & Company Suite 8, 14 Frenchs Forest Road Frenchs Forest, New South Wales Australia INTER-PACIFIC HOLDINGS: Court to Hear Wind-up Petition on May 4 --------------------------------------------------------------- An application to wind up Inter-Pacific Holdings Limited was filed by Teamtalk Limited on February 10, 2006. The High Court of Auckland will hear the application on May 4, 2006, at 10:00 a.m. Any person wishing to appear at the hearing is requested to file an appearance not later than May 2, 2006. Contact: Dianne S. Lester Solicitor for the Plaintiff Credit Consultants Debt Services NZ Limited Level Three, 3-9 Church Street Wellington, New Zealand Telephone: (04) 470 5972 JASMIN REEF: Members Resolve to Wind Up Business ------------------------------------------------ After their extraordinary general meeting on March 15, 2006, the members of Jasmine Reef Pty Limited agreed to shut down the Company's operations. Wayne Benton was appointed as liquidator at a creditors' meeting held on the same day. Contact: Wayne Benton Liquidator PPB Chartered Accountants Level 10, 90 Collins Street Melbourne, Victoria 3000 Australia KOURTIS PTY: Court Issues Wind-up Order --------------------------------------- On March 10, 2006, the Federal Court of Australia ordered the wind-up of Kourtis Pty Limited, and nominated Stephen James Parbery as liquidator for the wind-up. Contact: Stephen J. Parbery Liquidator c/o PPB Chartered Accountants and Business Reconstruction Specialists 15th Floor, 25 Bligh Street Sydney, New South Wales 2000 Australia Telephone: (02) 9233 4955 Fax: (02) 9221 1310 LONGNOSE CREEK: Wind-up Process Commenced ----------------------------------------- At a general meeting on March 14, 2006, the members of Longnose Creek Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets. Anthony M. Long was named as liquidator to manage the Company's wind-up activities. Contact: Anthony M. Long Liquidator c/o Boyce Chartered Accountants 19 Montague Street, Goulburn New South Wales 2580, Australia MEDIAPIRI PTY: To Distribute Final Dividend Today ------------------------------------------------- Medapiri Pty Limited will distribute its final dividend today, April 27, 2006, to the exclusion of its creditors who were not able to prove their claims. Contact: Robert Michael Scales Liquidator Ernst & Young 8 Exhibition Street, Melbourne Victoria 3000, Australia Telephone: 03 9288 8272 MILLAROO MINES: Members Agree to Liquidate Business --------------------------------------------------- At a general meeting on March 13, 2006, members of Millaroo Mines N L concurred that it is in the Company's best interests to liquidate its operations. M. C. Smith was appointed as liquidator to oversee the wind-up. Contact: M. C. Smith Liquidator c/o McGrathNicol+Partners Level 9, 10 Shelley Street Sydney, New South Wales 2000 Australia Telephone: (02) 9338 2666 Web site: http://www.mcgrathnicol.com.au/ NORTON-RAM PTY: Receivers Step Aside ------------------------------------ Neil Geoffrey Singleton and Anthony Milton Sims ceased to act as the receivers and managers of the property of Norton-Ram Pty Limited on March 16, 2006. PILMINT PTY: Court Releases Wind-up Order ----------------------------------------- The Supreme Court of New South Wales issued a wind-up order against Pilmint Pty Limited on March 9, 2006, and appointed Mark Julian Robinson to act as liquidator. Contact: Mark J. Robinson Liquidator c/o PPB Chartered Accountants and Business Reconstruction Specialists 15th Floor, 25 Bligh Street Sydney, New South Wales 2000 Australia Telephone: (02) 9233 4955 Fax: (02) 9221 1310 PRYTON PTY: Liquidator to Present Wind-up Report ------------------------------------------------ A final meeting of the members and creditors of Pryton Pty Limited will be held for the parties to receive Liquidator H. J. Kazar's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held today, April 27, 2006. Contact: H. J. Kazar Liquidator c/o Sims Partners PO Box 211, Deakin West Australian Capital Territory 2600 Australia RANGEVILLE PROPERTIES: Members Opt for Voluntary Liquidation ------------------------------------------------------------ At a general meeting of the members of Rangeville Properties Pty Limited on March 16, 2006, it was agreed that a voluntary wind- up of the Company is appropriate and necessary. Gregory Stuart Andrews was then appointed as liquidator for the wind-up. Contact: Gregory S. Andrews Liquidator G. S. Andrews & Associates 22 Drummond Street, Carlton Victoria 3053, Australia Telephone: (03) 9662 2666 Fax: (03) 9662 9544 SECURE-ALL SECURITY: Liquidator Set to Present Wind-up Report ------------------------------------------------------------- The final meeting of the members and creditors of Secure-All Security Services Pty Limited is scheduled today, April 27, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from liquidator Paul Burness. Contact: Paul Burness Liquidator Worrells Solvency & Forensic Accountants Level 5, 15 Queen Street Melbourne, Victoria 3000 Australia Telephone: (03) 9613 5500 Fax: (03) 9614 3233 Web site: http://www.worrells.net.au/ SKANZ PTY: Placed Under Voluntary Liquidation --------------------------------------------- Members of Skanz Pty Limited agreed at an extraordinary general meeting on March 10, 2006, that a voluntary wind-up of the Company is necessary and in its best interests. Anthony Matthews and Tarquin Raoul Koch were appointed as official liquidators of the Company. Contact: Tarquin R. Koch Anthony Matthews Liquidators Anthony Matthews & Associates Ground Floor, 91 Hutt Street Adelaide, South Australia 5000 Australia Telephone: (08) 8232 8885 Fax: (08) 8232 8886 e-mail: info@matthewsassociates.com.au TAVELA PTY: Prepares to Pay Dividend to Creditors ------------------------------------------------- Tavela Pty Limited will declare its final dividend today, April 27, 2006. Creditors who were not able to prove their debts are excluded from the benefit of the dividend. Contact: Robert Michael Scales Liquidator Ernst & Young 8 Exhibition Street, Melbourne Victoria 3000, Australia Telephone: 03 9288 8272 TIME-MOTION ANALYSIS: Faces Wind-up Proceedings ----------------------------------------------- The Commissioner of Inland Revenue, on March 15, 2006, filed an application before the High Court of Invercargill to put Time- Motion Analysis & Solutions Limited into liquidation. The Application will be heard before the Court on May 15, 2006, at 10:00 a.m. Any person wishing to appear at the hearing is requested to file an appearance not later than May 11, 2006. Contact: S. N. McKenzie Solicitor for the Plaintiff Preston Russell Law, Solicitors 92 Spey Street, (P.O. Box 355) Invercargill, New Zealand Telephone: (03) 211 0080 Facsimile: (03) 211 0079 TM STEELFIXING: Falls Under Voluntary Liquidation ------------------------------------------------- At a meeting on March 14, 2006, the members of creditors of TM Steelfixing Pty Limited had determined that, due to the Company's inability to pay its debts, a voluntary wind-up of its business operations is appropriate and necessary. Geoffrey McDonald was appointed as liquidator. Contact: Geoffrey McDonald Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia TRAVELGATE TECHNOLOGY: Falls Into Liquidation --------------------------------------------- The liquidation of Travelgate Technology Limited was commenced on April 6, 2006, after the appointment of Joint and Several Liquidators Peter Reginald Jollands and Catherine Jane Jollands. The Liquidators now requests the Company's creditors to prove their claims on or before May 31, 2006, or be excluded from sharing in any distribution the Company will make. The Troubled Company Reporter - Asia Pacific reported that the High Court of Auckland on January 25, 2006, received an application from Telecom New Zealand Limited to liquidate Travelgate Technology. Contact: Peter R. Jollands Liquidator Jollands Callander Accountants and Insolvency Practitioner Level Four, 3-13 Shortland Street Auckland, New Zealand Web site: http://www.jollandscallander.co.nz/ ================================ C H I N A & H O N G K O N G ================================ AGRO PRODUCTS: Creditors' Proofs of Debt Due on May 14 ------------------------------------------------------ Agro Products Trading Limited will be receiving creditors' proofs of debts on or before May 14, 2006. Creditors are requested to send in their particulars to the solicitors and liquidators of the Company. Failure to comply with the requirements will exclude any creditor from the benefit of any distribution of the Company will make. Contact: Yuen Shu Tong Liquidator 3/F., Malaysia Building 50 Gloucester Road Wanchai, Hong Kong AMASS VISION: Wind-Up Hearing Set on June 14 -------------------------------------------- The High Court of Hong Kong received on April 11, 2006, a petition to wind up Amass Vision Company Limited. Music Nation Records Company Limited -- of 15th Floor, East Exchange Tower, 38 Leighton Road, Causeway Bay, Hong Kong -- presented the petition. The High Court will hear the petition on June 14, 2006, at 9:30 a.m. Any creditor or contributory planning to support or oppose the Petition may appear personally or by proxy at the time of hearing. Contact: Messrs. OR, Ng & Chan Solicitors for the Petitioner 15th Floor, The Bank of East Asia Building 10 Des Voeux Road Central Central, Hong Kong ASSON COMPUTING: Wind-up Petition Hearing Fixed on May 17 --------------------------------------------------------- Lam Wai Yan on March 17, 2006, filed a petition to wind up Asson Computing Education Center Limited. The Petition will be heard before the High Court of Hong Kong at 9:30 a.m. on May 17, 2006. Any creditor or contributory wishing to support or oppose the making of a wind up order may appear at the hearing by himself or by his counsel. Contact: Betty Chan For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong BANK OF CHINA: Forced To Raise HK IPO Float ------------------------------------------- As reported by Troubled Company Reporter - Asia Pacific on January 10, 2006, the Bank of China has secured key approval from the State Council to launch a HK$60 billion (US$7.7 billion) Hong Kong initial public offering in the first half of 2006. The offering would value the bank at CNY400 billion (US$49.6 billion). In an updated on April 26, 2006, The Standard reports that the Hong Kong Exchanges & Clearing Ltd. has forced the Chinese lender to increase the size of its initial public offering to 20% of its share capital. The deal is likely to raise US$7 billion, or HK$54.6 billion. The Standard relates that the Bank of China was originally planned a float of 16% of its enlarged share capital. Investors including Swiss bank UBS AG, Temasek Holdings and the mainland's National Social Security Fund, have taken up a 10% stake. The original share sale structure would have left less than half the number of shares to be sold to institutional and retail investors, which was rejected by the Hong Kong regulator. The Standard relates that in order to comply with the requirements of the listing committee, the Bank of China should sell more Hong Kong-listed H-shares and reduce the number of shares made available in a potential listing on the mainland at a later date. About The Bank of China Headquartered in Beijing, China, the Bank of China -- http://www.bank-of-china.com/-- provides corporate banking, retail banking and investment banking. Other activities include provision of corporate deposits, corporate loans, foreign exchange business, savings deposits, consumer credit and bankcards. It has 12,967 domestic branches and 559 overseas branches. The bank received a US$22.5 billion capital injection from the Government in 2003 to restructure state-owned banks. The state-owned lender has been offloading bad loans and increasing capital since 2003 in preparation for an overseas share sale, part of government plans to prepare the industry for increased foreign competition, starting at the end of this year. BRIDGELEY LIMITED: Court Appoints Liquidator -------------------------------------------- On March 31, 2006, the High Court of Hong Kong Special Administrative Region appointed Wong Po Weng and Bruce William Dunlop as Joint Liquidators for Bridgeley Limited. Contact: Wong Poh Weng Bruce William Dunlop Joint and Several Liquidators 7th Floor, Allied Kajima Building 138 Gloucester Road Hong Kong CASPER (H.K.) HI-TECH: Appoints Soong Ching-Wah as Liquidator ------------------------------------------------------------- Soong Ching-Wah was appointed as the liquidator of Casper (H.K.) Hi-Tech Limited on March 31, 2006. Contact: Soong Ching-Wah Liquidator Flat A, 21st Floor Block 8, Ka Wai Chuen 5 Fat Kwong Street Hunghom, Kowloon Hong Kong CODEBANK LIMITED: Winding Up Process Commenced ---------------------------------------------- Codebank Limited has received a wind-up order from the High Court of the Hong Kong Special Administrative Region Court of First Instance on March 29, 2006. The Troubled Company Reporter - Asia Pacific has reported on March 17, 2006, that Fong China Fai Simon presented a petition for the winding up of the Company on January 6, 2006. Contact: Edward Thomas O'Connell Official Receiver HKSAR-Official Receiver's Office 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong Telephone: 2867 2426 Fax: 3105 1814 e-mail: eamonn@oro.gov.hk DYNAMIC CREATIONS: Court to Hear Wind-up Petition on May 10 ----------------------------------------------------------- Smart Developments Limited on January 18, 2006, lodged with the High Court of Hong Kong a winding-up petition against Dynamic Creations Limited. The High Court will hear the Petition on May 10, 2006, at 10:00 a.m. At the hearing, members will consider: -- that the shares of the Company be valued by an independent auditor appointed by the Court; -- that Abbeycrest Plc shall purchase the 25 shares held by Smart Developments Limited in the issued capital of the Company at such value as assessed in accordance with paragraph 1 (a) hereinabove or otherwise as assessed or directed by the Court; and -- that Abbeycrest Plc, through itself or through its agents and/or nominated directors of the Company, be restrained from acting or conducting business of the Company in a manner unfairly prejudicial to the interest of the Petitioner. Any creditor or contributory wishing to support or oppose the making of the wind up order may appear at the hearing by himself or by his counsel. Contact: Messrs. Kenneth C.C. Man & Co. Solicitors for the Petitioner 7th Floor, New Henry House 10 Ice House Street Central, Hong Kong INTERNATIONAL PRECAST: Chiu & Yin Ceases to Act as Liquidators -------------------------------------------------------------- Ying Hing Chiu and Chung Miu Yin, Diana, on March 27, 2006, ceased to act as Joint and Several Liquidators of International Precast Systems Limited. Contact: Ying Hing Chiu Chung Miu Yin Diana Former Joint and Several Liquidators Level 28, Three Pacific Place 1 Queen's Road East Hong Kong MILLION GRAND: Appoints Official Liquidators -------------------------------------------- The High Court of the Hong Kong Special Administrative Region on April 6, 2006, released an order to appoint James T. Fulton and Cordelia Tang as Joint and Several Liquidators of Million Grand Industrial Limited. Contact: James T. Fulton Cordelia Tang 905 Silvercord, Tower 2 30 Canton Road, Tsimshatsui Kowloon, Hong Kong PRELUDE SHIPPING: Postpones Wind-Up Hearing to May 17 ----------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on March 14, 2006, that Alpha-Marine Company Limited has filed a petition to wind up Prelude Shipping Company Limited on January 4, 2006. The petition was fixed for hearing before the High Court of Hong Kong Special Administrative Region on March 22, 2006, at 9:30 a.m. In an update on April 21, 2006, Alpha-Marine amended the winding up petition and rescheduled the hearing on May 17, 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. Contact: Messrs. Elsa Law & Co. Solicitors for the Petitioner Room 1602, 16th Floor Workingbond Commercial Centre 162 Prince Edward Road West Kowloon, Hong Kong SPEEDTEX GARMENT: Liabilities Prompt Firm to Wind Up ---------------------------------------------------- The members of Speedtex Garment Factory Limited on April 4, 2006, placed the Company in liquidation. The move came after members determined that the Company is unable continue its business operations due to its liabilities. Subsequently, the members appointed Chiu Ming Chung Joe and So Kai Tong Stanley as Joint and Several Liquidators. QUANTUM NETWORKS: Winding Up Hearing Set on May 10 -------------------------------------------------- On March 8, 2006, Boris Frederiksen filed an application to wind up Quantum Networks Asia Pacific Limited with the High Court of Special Administrative Region. The Application will be heard before the High Court of Hong Kong on May 10, 2006. Contact: Allens Arthur Robinson Solicitors for the Petitioner 49/F., One Exchange Square 8 Connaught Place Central, Hong Kong Telephone: 2840 1202 Fax: 2840 0686 SHINY LUCK: Court to Hear Wind-up Petition on May 24 ---------------------------------------------------- Lee Tsz Kwan presented to the High Court of Hong Kong a winding- up petition against Shiny Luck Investment Limited on March 22, 2006. The High Court will hear the petition on May 24, 2006, at 9:30 a.m. Any creditor or contributory wishing to support or oppose the making of the wind up order may appear at the hearing by himself or by his counsel. Contact: Betty Chan Director of Legal Aid 34/F., Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong SINO LOGIC: Winding Up Process Commenced ---------------------------------------- On March 3, 2006, Woo Ho Kei filed an application to wind up Sino Logic Trading Limited with the High Court of Special Administrative Region. The Application will be heard before the High Court on May 10, 2006, at 9:30 a.m. Contact: Betty Chan For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong VASTECH DEVELOPMENT: Wind-up Hearing Slated for May 24 ------------------------------------------------------ On March 9, 2006, the Bank of China (Hong Kong) Limited filed a petition to wind up Vastech Development Limited. The Petition will be heard before the High Court of Hong Kong Special Administrative Region on May 24, 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. Contact: Messrs. Liu, Chan and Lam Solicitors for the Petitioner Suites 1710-1718, 17th Floor Hutchison House 10 Harcourt Road Central, Hong Kong WIN CAPITAL: Creditors' Proofs of Claims Due on May 14 ------------------------------------------------------ Win Capital Trading Limited will be receiving creditors' proof of debts or claims on or before May 14, 2006. Creditors are requested to send in their particulars to the solicitors and liquidators of the Company. Failure to comply with the requirements will exclude any creditor from the benefit of any distribution of the Company will make. Contact: Yuen Shu Tong Liquidator 3/F., Malaysia Building 50 Gloucester Road Wanchai, Hong Kong YAMAHA MOTOR CHINA: Court Appoints Joint Liquidator --------------------------------------------------- On March 31, 2006, the High Court of Hong Kong appointed Rainier Hok Chung Lam and John James Toohey as Joint and Several Liquidators for Yamaha Motor China Limited. Contact: Rainier Hok Chung Lam John James Toohey 22nd Floor Prince's Building Central, Hong Kong ========= I N D I A ========= DUNLOP INDIA: Fire Breaks Out at Shahaganj Plant ------------------------------------------------ A fire hit Dunlop India's Shahaganj facility on April 22, 2006, a day after the plant's reopening, Express News Service reveals. A witness told the New Kerala News that scrap tires and old stuff dumped into a room near the plant's West Gate caught fire, which apparently resulted from a short circuit in the card- punching office. It took three tankers to put out the fire, the witness said. Meanwhile, Dunlop India's new owner, Pawan Ruia, said that he is waiting for an assessment report on the damage. But he is confident that the loss will not be substantial enough to affect the Company's finances. Mr. Ruia also told Express News that he does not see any foul play behind the incident. The Sahagunj factory in West Bengal was reopened on April 21, 2006, after a five-year closure, the Troubled Company Reporter - Asia Pacific reported on April 25, 2006. The plant was reopened for maintenance work to pave the way for full operations on August 31, 2006. As reported by the TCR-AP, Dunlop India's Ambattur factory in Tamil Nadu had also reopened on April 10, 2006, after almost five years of closure. The TCR-AP reported that the Ambattur and Sahagunj plants closed down in 2001 when Dunlop India became sick under the Manu Chabria led management. Dunlop India's revival prospects brightened when Ruia bought the entire tire business of the Chhabria family controlled Jumbo Group of Dubai in December last year for INR200 crores. The Ruia Group had proposed to re-open both plants with 1,000 workers in each and offering voluntary retirement packages to others. Dunlop India's Sahagunj factory produces giant truck and aviation tires while its plant in Ambattur in Tamil Nadu produces cars and smaller vehicle tires. About Dunlop India Headquartered in Kolkota, India, Dunlop India Limited is involved principally in manufacturing and distributing automotive tires and tubes. The firm's other activities include manufacturing high-pressure hoses, steelcord belting and vibration isolators. The company had reported profit until March 1997. In January 1998, the Board of Directors decided that the Company had become sick due to the necessity of reversing the earlier decision for sale of some real estate property of the company through a subsidiary, Dunlop Investment Limited. This decision required a reversal of corresponding entry of INR1,700 million and its reflection in the accounts of the financial year 1997-98. After taking this into account, the Board of Directors decided to refer the Company to Board of Industrial and Financial Reconstruction and abruptly announced suspension of Dunlop's operations in both Sahaganj and Ambattur in February 1998. The Ministry for Law, Justice and Company Affairs had also come to the conclusion after inspection of the Books of Accounts of Dunlop India that there were serious irregularities and had moved the Company Law Board for appointment of Government Directors. In January 2006, the Ruia Group took over the Company and voted to re-open its plants in within this year. FERTLISERS AND CHEMICALS: Registers Higher Sales Revenue -------------------------------------------------------- Fertilisers and Chemicals Travancore Limited clocked better sales results for fiscal 2005-06 with a total sales revenue of INR1,400 crore, as compared INR1,215 in 2004-05, Sify reports. The sales revenue from fertilizers has witnessed a steep rise touching INR1,045 crore during 2005-06 from INR728.27 crore the previous fiscal, the Company said on a press release. The Company, however, failed to achieve its target sales for captrolactam due to fluctuations in the international market. Otherwise rise in overall sales revenue would have been much higher. In the year under review, FACT sold around eight lakh tonnes of factamfos as against 5.30 lakh tonnes in 2004-05, registering a 50% increase. This quantum jump in the sale of factamfos on percentage basis is an all time high record. The total sale of fertilizers during the last fiscal stood at 9.82 lakh tonnes, which showed an increase of 1.97 lakh tonnes over the previous year. Due to strong demand for ammonium sulfate in the domestic market, export of the product to foreign markers could not be taken up in a big way. Meanwhile, the Troubled Company Reporter - Asia Pacific reported on April 7, 2006, that FACT managed to produce a total output of 9,18,888 tonnes against 7,61,352 tonnes the previous year, registering an increase of 21%. About Fertilisers & Chemicals Travancore Limited Headquartered in Kochi, Kerala, India, Fertilisers & Chemicals Travancore Limited is principally engaged in the manufacturing and distribution of fertilizers and chemicals. Its products include ammonium sulphate, factomfos, urea and caprolactam. The Company operates solely in the domestic market. The Company, which had been making profits for over a decade, started reporting losses from 1998-99 onwards due to the high cost of raw materials and intermediaries and the lower selling price of its products. In 2004, the Company was referred to the Board for Industrial and Financial Reconstruction as a potentially sick unit. But FACT is on its way to recovery after the Cabinet Committee on Economic Affairs reportedly approved FACT's revamp program. ================= I N D O N E S I A ================= PERUSAHAAN LISTRIK: Plans to Issue $2.5 Billion Islamic Bonds ------------------------------------------------------------- State-owned electricity company PT Perusahaan Listrik Negara plans to issue between US$2 billion and US$2.5 billion in Islamic bonds in the first half of 2006, Dow Jones reports. "The proceeds from the bond issue will be used to finance the development of coal power plants," its newly appointed president commissioner Alhilal Hamdi said. The bonds, which will be marketed in the Middle East, will be guaranteed by the Company's assets, valued at US$4.5 billion, Mr. Alhilal added. The Company has received offers from HSBC Shariah, Citicorp and Dubai Islamic Bank to arrange the bonds issue. It has also picked state-owned investment bank PT Danareksa as financial adviser for the proposed issue. Meanwhile, PLN expects its planned power plants to commence operations by 2009 with a total capacity of 2,000 megawatts per day. The report did not disclose how many power plants PLN plans to build. * * * 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, as many areas of the country are experiencing power shortages. After suffering heavy losses since 2004, PLN posted a IDR4.92 trillion net loss in 2005, compared with the IDR23-trillion net loss it had expected. The Troubled Company Reporter - Asia Pacific reported that as part of its cost-cutting efforts, PT Perusahaan Listrik Negara is planning to substitute the use of high-speed diesel in some of its power plants with fuel oil, the Jakarta Post says. PLN primary energy director Tonny Agus Mulyantono said that the Company has identified 45 diesel-power plants that could be converted to use the cheaper fuel oil. The Company expects some IDR1.34-trillion savings if the conversion pushes through since fuel oil only costs IDR3,600 per liter, which is much cheaper that the IDR5,043 per liter diesel fuel. PLN would need six to eight months to install new equipment to handle fuel oil, which is thicker than high-speed diesel fuel. ========= J A P A N ========= EHOMES INCORPORATED: President Arrested for Law Violations ---------------------------------------------------------- Local police arrested eHomes Incorporated president Togo Fujita and seven other individuals on April 26, 2006, for alleged violations of construction industry laws in building structures with falsified earthquake-safety data, Kyodo News reports. Crisscross News says that disqualified architect Hidetsugu Aneha provided substandard earthquake-resistance data to property developers, one of which is eHomes. The Ministry of Land, Infrastructure and Transport discovered in November 2005 that several buildings designed by Mr. Aneha and inspected by eHomes were built using structural data that did not pass government standards, TMC News reveals. Mr. Aneha said that he fabricated the data because he was pressured by clients to cut costs. The charges against Mr. Fujita and Mr. Aneha are not directly related to the building scandal, but police hope their arrests and the continuing investigation would help build a strong case against them. Mr. Fujita was arrested mainly for his role in falsifying the Company's financial accounts to show an inflated capital of JPY50 million, when it actually had JPY23 million in capital, according to an April 25, 2006 report by the Troubled Company Reporter - Asia Pacific. EHOMES INCORPORATED: Finance Firm to Cut Equity Ties ---------------------------------------------------- Financial services firm SBI Holdings Inc. plans to dissolve its equity ties with building developer eHomes Incorporated in the wake of a construction scandal involving fabricated structural data, Crisscross News says. According to SBI Holdings chief executive officer Yoshitaka Kitao, they will return their 49% stake to the Company in exchange for JPY60 million, which was used to purchase eHomes shares. * * * The Troubled Company Reporter - Asia Pacific reported on April 27, 2006, that local police arrested the president of building inspector eHomes Incorporated, which is suspected of falsifying its financial statements. LIVEDOOR COMPANY: Ex-CEO To Be Released on Bail ----------------------------------------------- Livedoor Company Limited's former president, Takafumi Horie, is expected to be released on bail this week after having been detained in an accounting scandal earlier this year, Bloomberg News reveals, citing Tokyo prosecutors. Police arrested Mr. Horie on January 23, 2006, for violating securities laws that ultimately led to the demise of the Internet Company. Mr. Horie had sought to be released on bail twice, without success. A January 18, 2006 report by the Troubled Company Reporter - Asia Pacific stated that prosecutors had raided the Company's offices in Tokyo on suspicions that it violated securities laws. Livedoor was accused of spreading false information about a subsidiary in an alleged effort to improperly boost stock prices. Since then, Livedoor's stock plunged, inducing a massive stock selling and causing shareholders to lose their investments as its share price dropped from over JPY300 per share to JPY94 per share within a three-month period. The Company was also accused of doctoring a 2004 financial report to hide a JPY313 million loss, by posting a JPY5 billion profit for the period. About Livedoor Headquartered in Tokyo, Japan, Livedoor Company Limited -- http://corp.livedoor.com/en/-- is engaged in Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solutions, data center and IP telephony business. In 2005, prosecutors raided Livedoor's office on suspicions of accounting fraud. Company executives were alleged to have relayed false information on a merger, with the intent to boost the stock price of a Company subsidiary. Livedoor's stock price plunged on allegations that the Company concealed a JPY1 billion loss for the financial year ended September 2004. The Troubled Company Reporter - Asia Pacific reported on April 18, 2006, that Livedoor's shares were delisted from the Tokyo Stock Exchange on April 14. ========= K O R E A ========= ASIANA AIRLINES: Posts KRW41.26 Billion Profit in First Quarter --------------------------------------------------------------- Asiana Airlines Inc. booked a net profit of KRW41.26 billion in the first quarter of fiscal year 2006, versus a net profit of KRW32.01 billion in the same period last year, the Korea Times reports. Meanwhile, sales gained 9.1% from a year ago to KRW796 billion, while operating profit plunged 4.1% to KRW16.64 billion. Brisk sales and fuel surcharges offset extra costs stemming from a 37.6% increase in the unit price of fuel oil, the Company said. * * * Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines Incorporated -- http://www.asiana.co.kr/-- is engaged in air transportation, engineering, construction, facilities, electricity, ground handling, catering, communication, logo products and e-business. Asiana Airlines is a unit of the Kumho Asiana Group, a South Korean conglomerate whose business portfolio includes tire manufacturing and chemical production. The Troubled Company Reporter - Asia Pacific has reported that Asiana Airlines has incurred a net loss of KRW52.1 billion in the July to September period of 2005, attributed to decreased sales and high fuel costs, compared to the KRW60.6 billion net profit in the same period in 2004. In June 2005, Asiana's losses surpassed the US$30 million mark as the strike of its unionized pilots staged a strike on demands for more rest days, the raising of the retirement age from 55 to 58 and a greater say in personnel management decisions. The pilots' strike caused third-quarter sales to drop by KRW66 billion in 2005 from a year earlier, while fuel costs surged 46.3%. HYUNDAI MOTOR: Chairman Faces Arrest for Corruption --------------------------------------------------- The Supreme Prosecutor's Office will recommend to Prosecutor General Choung Sang-myoung that Hyundai Motor Chairman Chung Mong-koo be arrested in a massive corruption scandal, while Chairman Chung's son, Eui-sun, who is Kia Motors Corporation's president, be indicted without arrest, Digital Chosun relates. The Troubled Company Reporter - Asia Pacific reported on April 25, 2006, that Chairman Chung faced prosecutors and answered questions regarding his involvement in a slush fund case wherein the Hyundai Automotive Group allegedly embezzled millions of dollars to bribe government officials. On April 20, 2006, Eui-sun appeared before prosecutors and went under 18 hours of questioning. Digital Chosun states that investigators have decided that at least one of the Chung's and three or four other executives in the group should be detained for their part in the scandal. The executives include Hyundai Automotive Group Vice-Chairman Kim Dong-jin and President for Planning Chae Yang-ki. Prosecutors say that they have evidence proving that Hyundai Motor and five affiliates created slush funds worth some KRW110 billion, misappropriated hundreds of billions of won and bribed officials to the tune of several billion. Hyundai Automotive Group -- which includes Hyundai Motor Co., Kia Motors Corporation and Hyundai Mobis Co. -- is the nation's second largest conglomerate after Samsung. Chosun notes that prosecutors will apply for arrest warrants before the end of this month. About Hyundai Motor Headquartered in Seoul, South Korea, Hyundai Motor Company -- http://www.hyundai-motor.com/-- has been selling cars in the United States since 1986, but it only started selling its heavy trucks stateside in 1998. Hyundai produces 14 models of cars and minivans, as well as trucks, buses, and other commercial vehicles. The Company reestablished itself as Korea's leading carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since reduced to about 45%. The Company also manufactures machine tools for factory automation and material- handling equipment. The Troubled Company Reporter - Asia Pacific reported that the Hyundai Automotive Group is facing its deepest crisis since chairman Chung Mong-koo took over in 1999, with problems like the falling United States dollar, high oil prices and union demands aggravated by a sweeping criminal investigation regarding the carmaker's alleged creation of slush funds that were used by at least two lobbyists to bribe government officials for business favors, including having KRW55 billion worth of Hyundai's bad debts written off. Some of the group's official business has been on hold since the probe on the slush fund started and several top executives were summoned for questioning. Kia Motor President Chung Eui-sun, the group chairman's son, is currently under a travel ban. Other affiliates are also feeling the pinch. Amid all this, Hyundai Motor's labor union is demanding a wage increase of 9.1% or KRW125,524 (US $125), significantly more than 2005's 6.9% or KRW89,000. The union is expected to capitalize on the slush fund allegations in support of its case and make matters worse for management. KOREA EXCHANGE: Kookmin's Takeover May be Delayed ------------------------------------------------- The Troubled Company Reporter - Asia Pacific has reported on March 24, 2006, that the United States-based Lone Star has agreed to sell its 64.62% stake in Korea Exchange Bank to Kookmin Bank. Kookmin Bank will have to pay KRW6.4 trillion for the takeover. A subsequent TCR-AP report stated on April 12, 2006, that the Board of Audit and Inspection unveiled that Korea Exchange Bank's former president, Lee Kang-won, has admitted there was a mistake in calculating the Bank's capital adequacy ratio before it was sold to Lone Star in 2003. Mr. Lee later denied that the financial data was fabricated, but the audit committee is seeking to investigate whether the data was manipulated for the benefit of Lone Star. In an update on April 24, 2006, The Korea Herald states that Kookmin Bank has extended the four-week due diligence process by three weeks until May 12. Kookmin said it will not make a payment until prosecutors and the auditors finish the investigation. 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 eight consecutive quarterly profits since the end of 2003. As reported by the Troubled Company Reporter - Asia Pacific, 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 results of the Board of Audit and Inspection's probe are expected to come out in June of this year. =============== M A L A Y S I A =============== AFFIN HOLDINGS: Finance Ministry Backs Banking Group Plan --------------------------------------------------------- The Minister of Finance, through a letter dated April 20, 2006, issued by Bank Negara Malaysia and the Securities Commission, has approved Affin Holdings Berhad's establishment of the Affin investment banking group pursuant to the Banking and Financial Institutions Act, 1989, and the Securities Commission Act, 1993, subject to certain conditions. The establishment of the Affin Investment Banking Group would involve Affin's three wholly owned subsidiaries: * Affin Merchant Bank Berhad; * Affin Securities Sdn Bhd; and * Affin Discount Berhad. Bank Negara also approved Affin Merchant Bank Berhad's acquisition from Affin Holdings of the 100% equity interest in Affin Fund Management Sdn Bhd and its subsidiary Affin Trust Management Berhad. The approval of the Securities Commission, on behalf of the Foreign Investment Committee, was also obtained for the Proposal, under the FIC's Guidelines on Acquisition of Interests, Mergers and Take-overs by Local and Foreign Interests. About Affin Holdings Berhad Affin Holdings Berhad -- http://www.affin.com.my/-- was incorporated on May 31, 1975, as a private limited company under the name of I.M.A. Sdn Bhd. On September 15, 1978, it changed its name to Affin Motor and Credit Finance (Malaysia) Sdn Bhd. Subsequently, it changed its name again to Affin Credit (Malaysia) Sdn Bhd on January 16, 1979, and thereafter to Affin Holdings Sdn Bhd on March 2, 1991. It was converted into a public company under its present name on May 6, 1991. Headquartered in Kuala Lumpur, Malaysia, Affin Holdings is engaged in commercial banking, merchant banking, finance company business, stock broking and asset management business. The Company's other activities include the provision of insurance services, lease and hire purchase financing, nominee services and investment holding. Operations are carried out principally in Malaysia. Affin Holdings had experienced consecutive losses because of huge loan provisions and impairment of assets. However, the Affin Group is starting to recover as a result of the hard work and professionalism displayed by management at all levels of the organization. APEX EQUITY: Pays MYR3,292 for 6,400 Own Shares ----------------------------------------------- On April 25, 2006, Apex Equity Holdings Berhad bought back 6,400 ordinary shares of MYR1.00 each for a total cash consideration of MYR3,292.16. The minimum price paid for each share purchased was MYR0.510 and the maximum was MYR0.510. After the purchase, the cumulative outstanding treasury shares have reached 3,102,600. On April 24, 2006, Apex Equity Holdings Berhad bought back 27,400 ordinary shares of MYR1.00 each for a total cash consideration of MYR13,836.94, according to an earlier report by the Troubled Company Reporter - Asia Pacific. About Apex Equity Holdings Berhad Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is principally engaged in stock and share broking, securities dealing, property holding, provision of portfolio management, investment advisory and nominee services, establishment and management of unit trust and property and investment holding. Operations of the Group are principally carried out in Malaysia. The Company has suffered five consecutive years of losses beginning 2001. It has incurred a net loss of MYR32,932,000 in the fourth quarter of the fiscal year ending December 31, 2005, which is an improvement from the fourth quarter 2004 net loss of MYR76,596,000. BUKIT KATIL: Unable to Pay Loans Due to Insolvency -------------------------------------------------- The Board of Directors of Bukit Katil Resources Berhad are of the opinion that the Company is insolvent, as it is unable to pay its debts in full within 12 months from April 25, 2006. In relation to this, the Company provided an update on its loan facilities. * Bumiputra Commerce Bank Berhad The application by the bank to enter summary judgment against the company was allowed by the Learned Senior Assistant Registrar on July 16, 2004. * OCBC Bank (Malaysia) Berhad OCBC Bank (Malaysia) Berhad has obtained an order for sale on November 14, 2003, on Omega Bricks Sdn Bhd's land held under Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah Krian, Negeri Perak. On October 6, 2003, OCBC Bank (Malaysia) Berhad has also obtained a winding-up petition and was served on the Company on November 14, 2003. The High Court on September 8, 2003, allowed the Bank's application for the winding-up petition. The Company has already filed a Notice of Appeal to the Court of Appeal against the decision of the High Court. The High Court on October 6, 2005, granted a stay of the Winding-up Order for a period until August 18, 2006. * Alliance Merchant Bank Berhad No date has been set to consider the Bank's application for summary judgment. * Perbadanan Kemajuan Negeri Pahang Bukit Katil is a defendant in suit being initiated by Perbadanan Kemajuan Negeri Pahang for breach of a Call Option Contract. On April 19, 2004, a final judgment was granted by the High Court for MYR14.0 million against the Company, inclusive of interest until the date of full settlement. An application in relation to a proposed debt restructuring scheme has been submitted to the Securities Commission on December 16, 2005, for all liabilities. About Bukit Katil Berhad Headquartered in Kuala Lumpur, Malaysia, Bukit Katil Resources Berhad is engaged in money lending and oil palm and rubber production. Other activities include investment holding, software development, property investment and development and manufacturing of bricks and ceramic products. Operations are carried out in Malaysia and India. The Company has defaulted on several loan facilities and admits it does not have sufficient cash to pay its debts. On December 16, 2005, the Company presented an application to regularize its financial condition, which is currently pending approval of the Securities Commission. CHG INDUSTRIES: Seeks More Time to Implement Rehabilitation Plan ---------------------------------------------------------------- The 90-day restraining order granted in favor of CHG Industries Berhad on January 24, 2006, has lapsed on April 23. In this regard, on April 25, 2006, CHG made the necessary application to the Kuala Lumpur High Court to seek further extension of the Restraining Order. Through an extension of the Order, CHG has more time to facilitate the implementation of its proposed debt and corporate restructuring scheme. Meanwhile, the Troubled Company Reporter - Asia Pacific reported that on April 6, 2006, the Securities Commission rejected CHG's application in relation to the proposals under the Company's Debt and Corporate Restructuring Scheme. While considering the CHG Application, the SC noted that: -- the Proposals do not provide the appropriate benefits to the shareholders of CHG whereby upon completion of the Proposals, the shareholders of CHG will only hold 6.72% equity interest in Sinar Tiasa Sdn Bhd; -- the Proposals involve among others, the acquisition of three companies which are involved in businesses in the timber industry. In the competitive timber industry, Sinar Tiasa has no certainty of supply of logs due to, among others, Sinar Tiasa and its proposed subsidiaries not owning a timber concession. Furthermore, one of the companies that will be acquired by Sinar Tiasa, that is, Rejang Logging Co. Sdn Bhd which is the largest profit contributor to the Sinar Tiasa Group, is dependent on income derived from one customer, that is Bornion Timber (Sarawak) Sdn Bhd; and -- there are conflicting interests with the businesses of the Sinar Tiasa Group as the promoters are also involved in the upstream and downstream businesses in the timber industry in other companies that are both listed and unlisted on Bursa Malaysia Securities Berhad. The Company said that it will deliberate on the SC's decision and an appropriate announcement will be made in due course. As reported by the Troubled Company Reporter - Asia Pacific, CHG Industries entered into an agreement with Linmax Group Sdn Bhd on June 3, 2004, to undertake a corporate and debt restructuring exercise, which involves a capital reduction, the injection of fresh assets and a transfer of its listing status. About CHG Industries Berhad Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries Berhad -- http://www.chg.com.my/-- is an investment holding company listed on the Main Board of the Kuala Lumpur Stock Exchange, Malaysia. It is the parent company of the CHG Industries Group, whose principal activity is in the manufacture, distribution and export of plywood, LVL (Laminated Veneer Lumber) and other veneer products. The Company's woes started when it defaulted on loan facilities in 1999. In 2004, the Company has proposed a restructuring exercise, which involves a capital reduction, the injection of fresh assets and a transfer of its listing status. The plywood and veneer product maker will be transformed into a mechanical and engineering company through the injection of the assets of Linmax Group Sdn Bhd. CHG said the restructuring via Linmax will enable its existing shareholders to participate in Linmax, which has income-generating assets, and keep the company listed on the local bourse. The proposed restructuring scheme is expected to be completed this year. INTAN UTILITIES: Takes Remaining Stake in Premier ------------------------------------------------- Intan Utilities Berhad has acquired the remaining two ordinary shares of MYR1.00 each in Premier Merchandise Sdn Bhd from Global Empires Sdn Bhd for a total cash consideration of MYR2.00. The Acquisition has resulted in Intan owning Premier's entire issued ordinary share capital of MYR100,000 comprising 100,000 ordinary shares. The cash consideration of the Acquisition Shares, which was acquired free from all claims and charges, was based on the par value of Premier share. The Acquisition does not have any effect on the share capital and shareholdings of the substantial shareholders of Intan. The Acquisition does not have any material effect on Intan's consolidated earnings and net assets. Intan's Board of Directors is of the opinion that Acquisition is in the best interests of the Intan Group. About Intan Utilities Berhad Headquartered in Kuala Lumpur, Malaysia, Intan Utilities Berhad -- http://www.intan.com.my-- engages in manufacturing, warehousing and trading of all semiconductor components. Its other activities include sourcing, treating and supplying of treated water and investment holding. Operations are carried out in Malaysia, the United States of America and Japan. The Company has defaulted on several loan facilities due to its tight cash flow. It is currently formulating plans to address the issue. MALAYSIA AIRLINES: Says Cost Cuts will not Affect Service --------------------------------------------------------- Malaysia Airlines assured customers that it will not skimp on its services despite the cost-cutting measures it is implementing under its business turnaround plan, Business Times relates. The carrier admitted that there will be a major streamlining to ensure that all changes will not in any way affect customers. The Troubled Company Reporter - Asia Pacific reported on April 20, 2006, that Malaysia Airlines denied speculations that it incurs high costs for the supply of its in-flight meals. The carrier insisted that it is serving in-flight meals at reasonable costs, adding that it is keeping meal costs low compared to top hotels and restaurants. It also reassured its customers that while it is prudent in its expenditure for frontline service, it does not compromise on the quality of its products and services, both in-flight and on ground. The TCR-AP also reported on April 25, 2006, that Malaysia Airlines recently bagged the "Economy Class Onboard Service Excellence 2006" award in an international airline survey done by United Kingdom-based Skytrax Research. MAS economy class service came out tops when it was assessed through a product and service agenda covering up to 800 different rating items. "(Winning this award) serves as an endorsement that in spite of All the airline's problems we do not cut back on products, we do not cut back on the service," the carrier's general manager of flight operations Hayati Ali said. "It is good to know that we are cost-conscious, without affecting the quality of product," he added. About Malaysia Airlines Headquartered in Selangor, Malaysia, Malaysia Airlines -- http://www.malaysiaairlines.com/-- services domestic and international flights. Its global network comprised 32 domestic and 86 international destinations. Of the 86 international destinations, 17 were operated in collaboration with our airline partners. The carrier is currently facing financial difficulties. It made a loss after tax of MYR1.3 billion for MYR2005 and MYR616 million for the nine-month to December 31, 2005, due to high fuel and operating costs, and unprofitable routes. In late February 2006, it unveiled a radical rescue plan to raise MYR4 billion in order to stay afloat and return to profitability by next year. Under the restructuring plan, the airline pledged to cut its budget by 20% across the board, terminate many unprofitable routes, freeze recruitment except for front-line staff, crack down on corruption by encouraging Whistle-blowing and stop corporate sponsorship. MBF HOLDINGS: Tor and Variouf Participates in Impact Offer ---------------------------------------------------------- On April 24, 2006, two companies said that they will act in concert with Impact Action Sdn Bhd in the acquisition of MBf Holdings Berhad's Shares and Convertible Securities. The two firms, which have expressed their interest in Impact's offer to MBf Holdings, are: * Tor Private Limited, a company incorporated in Singapore and jointly controlled by Datuk NML and Datin Matrona D' Cruz A/P Tharsis D' Cruz; and * Variouf Limited, a company incorporated in Guernsey and controlled by Datin Matrona D'Cruz A/P Tharsis D'Cruz. Currently, Tor and Variouf do not hold any voting shares in MBf Holdings. As reported by the Troubled Company Reporter - Asia Pacific, Impact Action, on April 10, 2006, made a mandatory offer to acquire: -- the remaining 304,125,253 ordinary shares of MYR1.00 each in MBf Holdings representing 53.35% of the issued and paid-up share capital of MBf Holdings as of April 10, 2006; -- any new MBf Holdings Share that may be allotted and issued by MBf Holdings up to the close of the Offer following the exercise/conversion of any outstanding convertible securities in the Company; -- all outstanding warrants in MBf Holdings; -- all outstanding class A guaranteed floating rate redeemable convertible secured loan stocks; and -- all outstanding class B guaranteed floating rate RCSLS, not owned by Impact Action and persons acting in concert with Impact Action as of April 10, 2006. The TCR-AP also reported that on April 21, 2006, MBf Holdings appointed Public Merchant Bank Berhad as an independent adviser to the independent directors and minority shareholders of the Company as required by the Malaysian Code on Takeovers and Mergers 1998. The appointment is subject to the approval of the Securities Commission. About MBf Holdings Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings Berhad is involved in retailing and wholesaling of merchandise, shipping, automotive and heavy earthmoving equipment and printing of packaging boxes. Its other activities include copra, cocoa, coffee and tea production, issuing of credit cards, acquiring merchants and other related services, provision of financial services, provision of property management, investment in properties, property development including dealing in land and estate management, club management, development and sale of membership of a recreational club, education and investment holding. The Group's operations are carried out in Malaysia, other Asean countries including Singapore, Thailand and Philippines, Hong Kong, South Pacific Islands, Australia and United States of America. Over the years of 1997 and 1998, the ravages of the Asian economic crisis adversely affected the operations of the MBf Group. Given the substantial debt and accumulated losses suffered, MBf Holdings sought protection under Section 176(1) of the Companies Act 1965. MBf Holdings obtained court orders to propose a scheme of arrangement to restructure its borrowings with its lenders and selected creditors and to restrain its creditors from commencing recovery action. The Scheme was completed on June 30, 2003. Included in the Scheme was a debt- restructuring scheme, which excluded the lease, hire-purchase liabilities, general unsecured liabilities and amounts owing to subsidiary and associated companies. The lease, hire-purchase and general liabilities were to be addressed in the ordinary course of business. However, the Scheme made no provision for the settlement of the Inter-company Loans, which the Group is now having problems with. METROPLEX BERHAD: Court Adjourns Wind-up Hearing to May 11 ---------------------------------------------------------- The Kuala Lumpur High Court adjourned the hearing of Morgan Stanley Emerging Markets Incorporated's application to appoint a provisional liquidator for Metroplex Berhad to May 11, 2006. The Court also adjourned Morgan Stanley's application for an interlocutory injunction to restrain Metroplex Holdings Sdn Bhd, a wholly owned subsidiary of Metroplex Berhad, from selling Putra Place to Lembaga Kumpulan Wang Simpanan Pekerja. The Court will, likewise, consider the appointment of Commerce International Merchant Bankers Berhad as intervener to resist Morgan Stanley's application. The Troubled Company Reporter - Asia Pacific reported on March 28, 2006, that the Kuala Lumpur High Court has adjourned to April 21 the hearing on Metroplex Berhad's application to strike out a winding up petition filed by Morgan Stanley Emerging Markets Incorporated. About Metroplex Berhad Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's activities are hotel and casino operations. Other activities include property investment, property development, provision of administrative services, general and building construction, leasing and financing, trading of building materials and operation of hotel management training school. Operations are carried out in Malaysia, Hong Kong and Philippines. On April 28, 2005, Morgan Stanley Emerging Markets Inc. had filed a winding-up petition on the Company to the Kuala Lumpur High Court. Morgan Stanley also filed for a summons to appoint a provisional liquidator for the wind up. Until and unless a provisional liquidator is appointed pursuant to the application to the Court by the Petitioner to appoint provisional liquidator for Metroplex, the winding-up petition will not have significant impact on the Group's operations as MB is currently working out a debt-restructuring scheme. In the event the winding-up petition succeeds, the Company will be put into liquidation. PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908 ----------------------------------------------------- On April 25, 2006, Pan Malaysia Corporation Berhad bought back 60,000 ordinary shares of MYR0.50 each for a total cash consideration of MYR24,908.04. The minimum price paid for each share purchased was MYR0.405 and the maximum was MYR0.415. After the purchase, the cumulative outstanding treasury shares have reached 58,411,400. Pan Malaysia Corporation Berhad, on April 21, 2006, bought back 75,000 ordinary shares of MYR0.50 each for a total cash consideration of MYR31,002.71., the Troubled Company Reporter - Asia Pacific reported. About Pan Malaysia Corporation Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia Corporation Berhad provides management services and the manufacturing, marketing and distribution of confectionery and cocoa-based and other food products. The Company also operates departmental and specialty stores, construction and property investment and investment holding. The Group operates in Malaysia, Australia and the rest of Asia-Pacific. Pan Malaysia has suffered consecutive losses in the past due to skyrocketing operating expenses. The group has been selling assets to plug holes in its balance sheet. In the fourth quarter of the fiscal year ending December 31, 2005, the Company booked a net loss of MYR6.8 million. PROTON HOLDINGS: To Embark on Major Revamp ------------------------------------------ Proton Holdings Berhad's business operations are set to undergo a major overhaul in order to boost sales and make the Company more competitive, The Star Online reports, citing managing Director Syed Zainal Abidin Syed Mohamed Tahir. In his first 100 days as Proton's top executive, Mr. Syed Zainal Abidin stressed the need for a revamp aimed at winning back consumers' trust, enhancing productivity, cutting costs and ultimately increase sales. Mr. Syed Zainal Abidin's top priority is to improve the quality of Proton cars. He will send a team of 50 technical staff to various dealers and service centers to get feedback from customers about Proton vehicles. To cut costs and improve productivity, Mr. Syed Zainal Abidin said the appointment of vendors would be done via a committee and purchasing by Proton would also be streamlined. Proton will also reduce the 1,700 third party suppliers of raw materials and other non-automotive components and go directly to the source. Proton would organize more customer get-togethers, car clinics, sales carnivals, the best modified car competition and other programs that would engage itself with its customers, Mr. Syed Zainal Abidin said. Lastly, he said Proton would now refocus on its export strategy and would balance between volume and profitability when pursuing its export markets. The Troubled Company Reporter - Asia Pacific reported on April 18, 2006, that Proton has been losing market share due to limited market penetration, competition in the domestic and global markets, and a lack of new models. Proton Chairman Azlan Hashim said that the Company was looking for partners in multiple areas such as new products, components, and market access or other activities, the TCRAP said. TCRAP also disclosed that Proton was considering selling stake to a strategic foreign partner. About Proton Holdings Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan Otomobil Nasional Berhad or Proton Holdings Berhad -- http://www.proton-edar.com.my/-- is engaged in manufacturing, assembling, trading and provision of engineering and other services in respect of motor vehicles and related products. Its other activities include property development, trading of steel and related products, engine and technologies research, development of automotive related technologies, investment holding, importation and distribution of motor vehicles, related spare parts and accessories, holds intellectual property, provides engineering consultancy, operates single make race series and carries out specific engineering contracts. The Group's operations are carried out in Malaysia, England, Australia, Socialist Republic of Vietnam and the United States of America. Proton has recently suffered plunging profits due to dwindling car sales and cutthroat competition. Proton has been under increasing pressure, with its share of domestic sales falling to 44% from 75% over the past decade. SYARIKAT KAYU: Proposed Share Sale to Boost Group's Net Assets -------------------------------------------------------------- Syarikat Kayu Wangi Berhad's wholly owned subsidiary, Syarikat Subari Pembinaan Perniagaan Sdn Bhd, had on April 25, 2006 entered into a conditional share sale agreement with Ng Chin and Foo Chai Siang to dispose of its entire shareholdings of 797,677 ordinary shares of MYR1.00 each in Ban Dung Palm Oil Industries Sdn Bhd. The shares to be disposed of represents approximately 9% equity interest, for a cash consideration of MYR2,113,844.05 or MYR2.65 per Ban Dung Share. The sale consideration was arrived at on a willing buyer-willing seller basis after taking into consideration the audited net assets of Bandung as of December 31, 2004, of MYR18,153,088. The audited net assets per share of Ban Dung as of December 31, 2004, based on its total issued and paid-up share capital of 8,849,511 Ban Dung Shares was MYR2.05. The 797,677 Ban Dung Shares shall be disposed of free from all liens, charges, encumbrances and claims from any third party of any nature whatsoever and with all rights, dividends, interest, bonus, accretions and accruals attaching thereto. The completion of the shares sale agreement is conditional upon the following conditions being fulfilled or complied with within one month from the date of the SSA. The Proposed Disposal will raise gross proceeds of MYR2,113,844.05, which is proposed to be utilized as working capital for Syarikat Kayu's timber operations. It is expected to result in a gain of approximately MYR1,653,030.42, which is expected to increase the net earnings per share of Syarikat Kayu and its subsidiaries by MYR0.039 for the financial year ending November 30, 2006. Based on the audited consolidated financial statements of the Syarikat Kayu Group as of November 30, 2005, the Proposed Disposal will increase the Group's het assets from MYR7,208,000 to MYR8,861,000 and the net assets per share of the Syarikat Kayu Group from MYR0.169 to MYR0.208. Headquartered in Johor, Malaysia, Syarikat Kayu Wangi Berhad first made a loss in 1999 when it defaulted on its first bond payment. The Company has failed to turn its finances around and has been suffering continuous losses since then. TELEKOM MALAYSIA: Lists and Quotes Additional Shares ---------------------------------------------------- Telekom Malaysia Berhad's additional 158,500 new ordinary shares of MYR1.00 each will be granted listing and quotation today, April 27, 2006. The Shares were issued pursuant to the Company's Employee Share Option Scheme. About Telekom Malaysia Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia -- http://www.telekom.com.my/-- which once owned Malaysia's telecommunications landscape, now faces growing competition. Telekom Malaysia provides voice and data services through three primary operating units: TelCo, its core telecom business; Telekom Multimedia, which develops new media businesses; and ServiceCo, which oversees operational activities such as fleet and property management. The company is also a leading Internet Service Provider. Among Telekom Malaysia's subsidiaries are units that publish phone directories and operate fiber optic networks. It sold its cellular unit in 2002 but gained control of Celcom (Malaysia) in 2003. The company also owns stakes in businesses in nine countries in Asia and Africa. The Company had been locked up in disputes with different companies in the past, which brought heavy losses to the firm. Some of its units are also facing the possibility of being wound up by creditors. ===================== P H I L I P P I N E S ===================== LAFAYETTE MINING: Probe Finds Loopholes in Enforcement of Laws -------------------------------------------------------------- A fact-finding commission created by a Presidential Order to investigate the toxic spills in a Lafayette Philippines Inc. mine located in Rapu-Rapu said that it has so far found government lapses in enforcing laws intended to protect the interest of the people, the Philippine Inquirer says. According to Mr. Charles Avila, vice chairman of the commission, the Philippine Government failed to make Lafayette comply with laws protecting public interest. He did not elaborate, however, saying only that from the information they found, they discovered that the state was unable to regulate the operations of the mining firm. About Lafayette Philippines Headquartered in Melbourne, Australia, Lafayette Mining, Incorporated -- http://www.lafayettemining.com/-- has been listed on the Australian Stock Exchange since August 1997. It focuses on developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu-Rapu in the Philippines, through Lafayette Mining Philippines, Incorporated. The Department of Environment and Natural Resources' former secretary, Mike Defensor, closed Lafayette Philippines in 2005 when the Company's mine tailings were accidentally spilled into the Albay Gulf last October, killing thousands of fish and destroying the livelihood of fishermen in the area. The Company was also fined PHP10.7 million for violating the Clean Water Act and its environmental compliance certificate. The Troubled Company Reporter - Asia Pacific reported on April 7, 2006, that a fact-finding body created by President Gloria Macapagal Arroyo in March 2006 to investigate the mining spills at Lafayette Philippines has sought a one-month extension on the deadline given to conclude its investigation and report its findings. MANILA ELECTRIC: Rising Demand Contributes to Narrowed Losses ------------------------------------------------------------- Manila Electric Company was able to reduce its first-quarter losses 2006 by more than 50% on higher earnings from increased demand, ABS-CBN News says. In a report filed with the Philippine Stock Exchange, the Company indicated a 66.1% decline in its net loss from January to March 2006 to PHP748 million, against a PHP2.2 billion loss for the same period last year, the Philippine Star relates. According to The Manila Times, Manila Electric adopted current financial standards in creating its report; the figures also included provisions for expected losses pending a final decision by the Supreme Court on a rate unbundling case. A 6% increase in commercial electricity sales and a 5.4% rise in industrial power sales led to a 14.2% increase in revenues for the first quarter of the year, to PHP41.6 billion. The Company said that the recent weather may have attributed to high power deliveries to customers for the March period, the Manila Bulletin adds. Manila Electric also noted a 12.8% increase in generation charges due to higher procurement costs from the National Power Corporation, where it sources its energy, and independent power producers. A full-text copy of Manila Electric's first-quarter financial statement is available for free at: http://bankrupt.com/misc/tcrap_meralco042606.pdf About Manila Electric Headquartered in Ortigas, Pasig City, the Manila Electric Company -- http://www.meralco.com.ph/-- is the largest utility in the Philippines, providing power to 4.1 million customers in metropolitan Manila and more than 100 surrounding communities. As deregulation takes effect, Meralco is reducing its dependence on state-owned National Power Corp. by increasing the amount of power it purchases from independent power producers. Meralco is also preparing for competition by moving into non-regulated activities, including energy consulting, independent power production, engineering, fiber optics, e-commerce, and real estate. A March 31, 2006 report by the Troubled Company Reporter - Asia Pacific stated that the Company posted a 79.7% decrease in its 2005 net losses to PHP411 million from PHP2.03 billion in 2004, due to provisions for probable losses while awaiting a Supreme Court final decision on a pending unbundling rate case, and the adoption of new accounting standards. PHILIPPINE NATIONAL BANK: S&P Assigns B- Credit Rating ------------------------------------------------------ Standard & Poor's Ratings Services, on April 26, 2006, assigned its 'B-/B' counterparty credit rating on Philippine National Bank with a positive outlook and at the same time withdrew its 'CCCpi' rating. Standard & Poor's also assigned a Bank Fundamental Strength Rating of 'E+' on the bank. The credit rating reflects the bank's strong franchise and network, improving financial profile, particularly its loan quality and underlying profitability. Despite the significant improvements, Philippine National Bank's operating and financial profile continues to be comparatively weaker by domestic and global standards. PNB's capitalization is weak, given its asset quality problems and, in turn, its high loan-loss provisioning needs. According to Standard & Poor's credit analyst Nandini Vijayaraghavan, Philippine National Bank's asset quality has greatly improved over the past five years, as its ratio of nonperforming assets to loans has fallen to 45% in 2005 from 73% in 2003, due to a loan workout and restructuring initiatives and disposal of foreclosed assets. The bank also posted a 44% decline in its absolute non-performing loans to PHP27.9 billion last year, although its gross NPA ratio is still higher than the domestic average. Philippine National Bank has weak liquidity due to significant loan quality problems; as of Dec. 31, 2005, the bank's ratio of its adjusted common equity to assets dropped to 5.42%, from 8.31% as at Dec. 31, 2001. The positive outlook reflects Standard & Poor's expectation that the bank will continue to improve its operating and financial profile. Standard & Poor's expects Philippine National cannot sustain such improvement of its operating profile, Ms. Vijayaraghavan said. About Philippine National Bank Headquartered in Pasay City, Philippines, Philippine National Bank -- http://www.pnb.com.ph/-- is the country's first universal bank, established on July 22, 1916. Its primary mandate was to provide financial services to the agricultural and industrial sector, and support the government's economic development efforts. The privatization of PNB began when it offered 30% of its stocks to the public on June 21, 1989. The Lucio Tan Group is the single biggest stockholder of the Bank, acquiring a controlling 79% stake after winning a competitive bidding process for a 34% stake from the Government. The Bank's core business consists of lending and deposit-taking activities from corporate, middle market and retail customers, as well as various government units. It also engages in bill discounting, fund transfers, remittance servicing, foreign exchange dealings, retail banking, trust services, treasury operations and trade finance. The Troubled Company Reporter - Asia Pacific reported on August 25, 2005, that Moody's Investors Service has affirmed Philippine National Bank's Ba2/Ba3 local currency long-term deposit/subordinated debt ratings and constrained B1/B1 foreign currency senior debt/long-term deposit ratings with negative outlooks. The negative outlooks for its local- and foreign currency debt/deposit ratings are in line with the negative outlook for the Philippines' sovereign ratings. The TCR-AP also reported on August 23, 2005, that Fitch Ratings affirmed Philippine National Bank's ratings at Individual 'E' and Support '3' following the announcement that the Lucio Tan group had raised its ownership of PNB. Fitch's Individual rating on PNB reflects the bank's weak balance sheet with its high level of non-performing assets, which are in turn a legacy of the Government's direction of the bank's lending during the 1980s and 1990s and the subsequent Asian economic crisis. PNB's balance sheet notably became stronger, after a deposit run in late-2000 led to a bailout of the bank by the government and the Lucio Tan group which as a result, together came to jointly own and manage the bank. The Bank is undergoing a five-year rehabilitation exercise until 2007. In line with a restructuring agreement executed in 2002, the Government and Lucio Tan agreed to jointly sell at least 67% of the bank's equity. Mr. Tan acquired some of the Government's shares in PNB, in exchange for emergency aid to PNB after the Bank suffered huge losses. PNB is considered to be well ahead of its rehabilitation as it booked net profits for four straight years, due to its strong overseas remittance business and the sale of non-performing assets. In 2005, the Bank's net profit rose to PHP610 million, about 73% more than the PHP353.2 million profit it reported for 2004. ================= S I N G A P O R E ================= LINDETEVES-JACOBERG: Passes All AGM Resolutions ----------------------------------------------- Lindeteves-Jacoberg Limited's members have passed all resolutions of their 58th Annual General Meeting on April 26, 2006. At the meeting, members resolved: -- to receive and adopt the Company's Audited Accounts for the financial year ended December 31, 2005 and the Reports of Directors and Auditors thereon; -- to approve the Directors' fees of SG$171,000 for the financial year ended December 31, 2005; -- to re-elect * Lim Say Hui * Soong Tuck Cheong * Heinz Grossmann * Neil Stewardson * Herman Hofhuis; -- to re-appoint Messrs PricewaterhouseCoopers as Auditors of the Company and to authorize the Directors to fix their remuneration; and -- to authorize the Company's Directors to allot and issue shares in the Company. About Lindeteves-Jacoberg Limited Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was incorporated in Singapore on December 11, 1947 as part of a Dutch international trading group. Its principal activities consist of investment holding, provision of warehousing and rental services and acting as specialist mechanical and electrical contractor for environmental engineering projects. The Company is undergoing a debt restructuring exercise by way of a Scheme of Arrangement with its creditors. LION CITY: New York Bankruptcy Court Grants Chapter 15 Petition --------------------------------------------------------------- The Hon. Stuart M. Bernstein of the United States Bankruptcy Court for the Southern District of New York, on April 13, 2006, approved Lion City Run-Off Pte. Ltd.'s petition for protection under Chapter 15 of the United States Bankruptcy Code. The Petition was lodged by Lion City before the U.S. Court on March 15, 2006. Chapter 15, which became effective on October 17, 2005, broadens the mechanism through which representatives of non-U.S. proceedings might obtain relief, including injunctive relief, in the United States; expands the powers of US Bankruptcy Courts; and enhances the rights of both U.S. and non-U.S. creditors. David Elman at The Deal reports that with the Bankruptcy Court's approval, Lion City can now implement a scheme of arrangement designed to speed up the insurer's wind down. The Scheme provides for the restructuring of the Company's contractual rights and the orderly wind-up of its business. Mr. Elman reports that the Lion City plans to pay all of its creditors in full. Omni Whittington Insurance Markets Limited acquired Lion City on Nov. 18, 2004. The transfer was effected by a scheme of transfer, sanctioned by the Singapore courts. Lion City is a special purpose vehicle set-up to receive the Overseas Insurance Fund business of the Insurance Company of Singapore. Omni Whittington disclosed that Scheme Creditors approved Lion City's proposed Scheme of Arrangement, dated June 3, 2005, as supplemented by the Supplemental Scheme, dated Jan. 27, 2006. Omni Whittington also reported that the English Court sanctioned the Scheme on March 23, 2006 and the Singapore Court sanctioned the Scheme on March 30, 2006. LION CITY: Chapter 15 Petition Summary -------------------------------------- Petitioner: Lion City Run-Off Private Limited 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 Debtor: Lion City Run-Off Private Limited 80 Raffles Place #33-00 UOB Plaza 1 Singapore 048624 Case No.: 06-10461 Type of Business: The Debtor is an insurance company that is currently in run-off. In a run-off, insurance companies cease writing new business and seek to determine, settle and pay all liquidated claims of their insureds as they arise. To shorten the company's run-off period and reduce administrative costs, the Company proposed a scheme of arrangement under English and Singaporean law. The Scheme provides for the restructuring of the Company's contractual rights and the orderly wind-up of the Company's business. The Company says that It is solvent and the anticipates that all claims addressed by the Scheme will be paid in full. On Feb. 23, 2006, the requisite majorities of Scheme Creditors voted in favor of the Scheme. The Petitioner says that it will submit the Scheme to the High Court of Justice of England and Wales and to the High Court of Singapore for their approval. If the Scheme is sanctioned by the High Courts, it would be binding on all Scheme Creditors wherever located. Chapter 15 Petition Date: March 15, 2006 Court: Southern District of New York (Manhattan) Judge: Stuart M. Bernstein Petitioner's Counsel: Howard Seife, Esq. Chadbourne & Parke LLP 30 Rockefeller Plaza New York, New York 10112 Phone: (212) 408-5361 Fax: (212) 541-5369 Estimated Assets: US$1 Million to US$10 Million Estimated Debts: US$1 Million to US$10 Million More information on the Company's proceeding under Chapter 15 of the United States Bankruptcy Code is available at http://www.chapter15.com/. SOI YONG: Creditors' Proofs of Claims Due on May 5 -------------------------------------------------- The creditors of Soi Yong Industrial Pte Limited are required to send in particulars of their claims on or before May 5, 2006, pursuant to an order by the Supreme Court of Singapore. Creditors must lodge their proofs of claims on the said date or risk being excluded from sharing in any dividend distribution the Company will make. Contact: Kamala Ponnampalam Assistant Official Receiver The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 STEADY PILING: Creditors Must Prove Debts by May 5 -------------------------------------------------- Assistant Official Receiver Kamala Ponnampalam is receiving proofs of claims from the creditors of Steady Piling Engineering Pre Limited until May 5, 2006. Creditors are asked to comply with the requirement or else be excluded from sharing in any dividend distribution the Company will make. Contact: Kamala Ponnampalam Assistant Official Receiver The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 TRI-MAG FOOD: Faces Bankruptcy Proceedings ------------------------------------------ Kibun Foods Singapore Pte Limited has on, April 13, 2006, filed an application for bankruptcy order against Tri-mag food Enterprise. The application was lodged before the Assistant Registrar David Lee in Registrar Chamber 4 at the High Court of the Republic of Singapore. Contact: Hoh Juat Jong Registrar Supreme Court, Singapore =============== T H A I L A N D =============== TANAYONG: Court Approves Reorganization Plan Amendments ------------------------------------------------------- The Central Bankruptcy Court approved Tanayong Public Company Limited's reorganization plan on May 30, 2005. On February 28, 2006, the plan administrator sought the Court's authority to amend the Reorganization Plan. Subsequently, on April 24, 2006, the Court issued an order approving Tanayong's Amended Reorganization Plan, whose modifications provide for: 1. Capital increase allocation of 533,333,333 shares will be issued to creditors as debt to equity conversion, and 4,266,666,667 shares will be issued to a new investor. The new investor will become a major shareholder of the Company, with an aggregated holding of 80% while the creditors will hold 10% and the existing shareholders will hold another 10% of total Restructured Capital; 2. amendment to the treatment of creditor group 1, providing for the transfer of collateral to the creditors within 60 days after the Capital Increase Date; 3. amendment to the treatment of creditor group 1, providing for the transfer of collateral to be made to all creditors within 60 days after the Capital Increase Date; 4. amendment to the treatment of creditor group 1, providing for Tanayong to act as representative within eight months after the Capital Increase Date at the price agreed by majority of the creditors; 5. amendment to the treatment of creditor group 2, providing for the transfer of collateral to the creditors within 60 days after the Capital Increase Date; 6. amendment to the treatment of creditor group 2, providing that, in case similar collaterals are held by many creditors, creditors will vote on whether: * the trustee will enforce the collateral according to an Appeal Court's order; or * transfer of the collateral to all creditors within 60 days after the Capital Increase Date. Failure to come up with a majority vote will entitle Tanayong the right to sell the assets by auction within two months after the Capital Increase Date; 7. amendment to the treatment of creditor group 2, providing that the transfer of assets, the repayment by net proceed from the disposal of assets, or the enforcement of the collateral will be considered by creditors as settlement; 8. amendment to the treatment of creditor group 3, 6 and 13, which provides for the cash payment of 10.05% of the ordered claims within 60 days after the Capital Increase Date; 9. amendment to the treatment of creditor group 4, 15 and 16, which provides for the cash payment equivalent to 100% of the ordered principal claims within 60 days after the Capital Increase Date; 10. amendment to the treatment of creditor group 5, which provides for the cash payment of 10.05% of debt owed by Tanayong within the later of: -- 60 days after the Capital Increase Date; -- the completion date of the Debtor's liquidation; -- the successful date of the implementation of the Debtor's business reorganization plan; or -- the date that the creditors agree on, whichever is later; 11. amendment of the treatment of creditor group 7 and 12, which provides for the cash payment of 12.25% of the ordered claims within 60 days after the Capital Increase Date; 12. amendment of the treatment of creditor group 8 and 17, which provides for the cash payment of to 12.25% of the ordered claims in not more than five yearly installments starting within 60 days after the Capital Increase Date; 13. amendment of the treatment of creditor group 9, which provides for the cash payment equivalent to 14.70% of the ordered claims within 60 days after the Capital Increase Date; 14. amendment of the treatment of creditor group 10, which provides for the cash payment of 10.05% of the ordered claims not exceeding the debt after repayment within the later of the liquidation of the concession company within 60 days after the Capital Increase Date, or the completion date of the liquidation of the concession company; 15. amendment to the treatment of creditor group 11, to provide for the cash payment of THB539,832,475 in not more than five yearly installments starting within 60 days after the Capital Increase Date; 16. amendment to the treatment of creditor group 18, providing for the cash payment of 10.05% of debts that were claimed on behalf of Tanayong within the later of 60 days after the Capital Increase Date, or the date that the creditors agree on; 17. amendment to the treatment of creditor group 19, providing for the cash payment of 100% of the ordered claims within 60 days after the Capital Increase Date; and 18. amendment to the treatment of creditor group 21, providing that the creditors will be treated according to the original contracts within 60 days after the Capital Increase Date. In the case that any creditor has the right on any collateral, the plan administrator will transfer the collateral to that creditor within 60 days after the Capital Increase Date. Latest Progress in Reorganization Tanayong informs the Stock Exchange of Thailand that its progress in terms of its business reorganization from October 2005 to March 2006 includes: * Tanayong's payment of THB8,699 to creditor Nouvelle Juristic Condominium; and * the new investors' preparation of due diligence, whose outcome is expected to be known at the beginning of May. Tanayong says that its next step are cash payment and assets transfer as debt repayment within 60 days after Capital Increase Date. The Reorganization Plan Tanayong informs the SET that its financial statements for the three-month and nine-month periods ended December 31, 2005, do not yet include adjustments to reflect the debt restructuring transactions stipulated under the Company's Reorganization Plan. Indebtedness per repayment claims made under the Company's Reorganization Plan are grouped as: Indebtedness per repayment claims (in THB millions) Principal Interests Total 1. Secured creditors/ Unsecured creditors for which other parties' assets are placed as security 4,717.7 231.9 4,949.6 2. Unsecured creditors 30,993.9 20,052.3 51,046.2 3. Creditors receiving settlement in accordance with original contracts 6,609.2 287.3 6,896.5 Total 62,892.3 The Company's original Reorganization Plan provides for: A. Capital Restructuring Tanayong will reduce registered capital by canceling the unpaid portion and reduce paid-in capital by reducing the par value of the shares from THB10 to THB1 per share, and reduce capital by cutting the number of shares in a ratio of 6.8953 original shares to 1 new share. Share capital remaining will equal THB533,333,333. The Company will also increase registered capital by THB4,800,000,000 -- 4,800,000,000 ordinary shares of THB1 each -- with the new capital to be allotted as: a) 800,000,000 ordinary shares to be allocated to creditors for conversion of debt to equity; and b) 4,000,000,000 ordinary shares to be issued to new investors, with the cash capital injected to be sufficient to repay debt. Following the increase in share capital and debt to equity conversion, the Company's registered and paid-in capital will be THB5,333,333,333. The new investors will become the major shareholders of the Company, with an aggregate holding of 75%, while the creditors will hold 15% and the existing shareholders hold another 10% of total restructured capital. The additional capital injection by new investors is to be completed within 180 days of the later of the date the Court approves the plan or the date the final judgment is delivered on disputes or appeals, with the period able to be extended to another 180 days. B. Debt Restructuring The Company's debt restructuring provides: a) for the transfer of collateral to the creditors for the settlement of debt in an amount equal to the assessed value of the Company's assets, within 180 days of the later of the date the Court approves the plan or the date the final judgment is delivered on disputes or appeals; b) that, after the transfer of the collateral, claims in this group will be considered to have been fully settled. Unsecured creditors: 1. The creditors' debts are mainly to be repaid in cash at rates of 10.05% to 14.70% of the approved claims, although some creditors are to receive 100% of principal and some creditors' debts to be repaid in full plus interest. Some creditors will receive debt repayment within 180 days of the later of the date the Court approves the plan or the date of a final judgment on disputes or appeals, while another group of creditors are to be paid in eight annual installments, commencing within 18 months of the later of the date the Court approves the plan or the date of any final judgment on disputes or appeals, and the remaining creditors are to receive payment according to other conditions stipulated in the plan. 2. For certain groups of creditors, following payment of indebtedness according to the remaining indebtedness per the rehabilitation plan is to be converted to equity. The 800 million ordinary shares are to be allocated to each creditor proportionately, based on the ratio of each creditor's remaining debt to total remaining debts. 3. When the creditors' debts have been paid at the proposed rates and the remaining indebtedness is converted to equity, the creditors in this group will be considered to have been fully settled. Creditors receiving settlement in accordance with original Contracts: 1. These creditors are to receive settlement in accordance with the original contracts. 2. Upon completion of performance in accordance with the original contracts, the creditors in this group will be considered to have been fully settled. * * * Headquartered in Bangkok, Thailand, Tanayong Public Company Limited -- http://www.tanayong.co.th/-- manages, develops and invests in property for both residential and commercial purposes; investment in various infrastructure projects such as investment in Electric Train Bangkok Mass Transit System; ownership and operation of hotels, apartments, restaurants and clubs; and provision of financial services and investment holding. Tanayong is currently under rehabilitation. It is categorized under Rehabco at the Stock Exchange of Thailand. The Company is planning to focus on all kinds of property development, including hotels right after the completion of its debt- restructuring. As reported by the Troubled Company Reporter - Asia Pacific on April 25, 2006, Tanayong posted a THB186,105,000 net loss for the quarter ended December 31, 2006, compared with a THB877,350,000 net profit for the same period in 2004. TANAYONG: Disposes Changklanway Common Shares for THB300 Million ---------------------------------------------------------------- In a regulatory filing with the Stock Exchange of Thailand, Tanayong Public Company Limited disclosed that it had disposed 2,000 common shares in Changklanway Company Limited, at THB150,000 per share, to various individual investors. The total amount gained in the disposal is THB300,000,000. * * * Headquartered in Bangkok, Thailand, Tanayong Public Company Limited -- http://www.tanayong.co.th/-- manages, develops and invests in property for both residential and commercial purposes; investment in various infrastructure projects such as investment in Electric Train Bangkok Mass Transit System; ownership and operation of hotels, apartments, restaurants and clubs; and provision of financial services and investment holding. Tanayong is currently under rehabilitation. It is categorized under Rehabco at the Stock Exchange of Thailand. The Company is planning to focus on all kinds of property development, including hotels right after the completion of its debt- restructuring. As reported by the Troubled Company Reporter - Asia Pacific on April 25, 2006, Tanayong posted a THB186,105,000 net loss for the quarter ended December 31, 2006, compared with a THB877,350,000 net profit for the same period in 2004. THAI-DENMARK SWINE: Stocks Excluded from Index Calculations ----------------------------------------------------------- The Stock Exchange of Thailand will exclude the stocks of Thai- Denmark Swine Breeder Public Co Ltd from the SET Index Calculation. The SET annually adjusts its Index Calculations and excludes stocks that have been suspended for over one year from the Index. The Stocks will be excluded effective as of May 9, 2006, and would remain so until the Company's stocks are permitted to resume trading. About the Company Headquartered in Bangkok, Thai-Denmark Swine Breeder Public Company Limited is a producer and breeder of swine and piglets. The Company imports all of its parent stocks from Denmark. The Company and its subsidiary, Srithai Feedmill Company Limited, have been troubled with a bludgeoning net loss and capital deficits, which raised significant on its continuing operations as a going concern. On June 2, 2005, the Company filed a petition with the Central Bankruptcy Court to rehabilitate its business. On July 26, 2005, the Court gave the go signal for the Company to rehabilitate and appointed the Company as the Plan Administrator. The first creditor meeting was held on March 2, 2006. However, plan amendments and some other issues had forced its resolution to be postponed to April 11, 2006. At present, the rehabilitation plan is on the process. On April 4, 2005, the Company's subsidiary, Srithai Feedmill Company Limited, filed a petition with Thailand's Central Bankruptcy Court to rehabilitate its business. On April 11, 2005, the Court authorized Srithai's rehabilitation and appointed the company as its own plan administrator. At a creditors meeting on February 10, 2006, creditors approved Srithai Feedmill's reorganization plan and selected five creditors to be its creditors' committee. At present, the rehabilitation plan is under the Court's consideration. ********* 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. Francis Chicano, Ma. Cristina Pernites-Lao, Erica Fernando, 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 ***