/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060428.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, April 28, 2006, Vol. 9, No. 084 Headlines A U S T R A L I A & N E W Z E A L A N D ABATIS AUSTRALIA: Members to Review Wind-up Report A.C.N. 103 673 061: Prepares to Pay Dividend to Creditors ANGLISS ESTATE: Names Mark Poulsen as Liquidator AUTOWORLD LIMITED: Faces Liquidation Proceedings AVENUES TANNERY: Enters Voluntary Liquidation CORPORATE EDUCATORS: Creditors' Proofs of Debts Due on May 12 COTTER BUILDING: Creditors OK Liquidators' Appointment DATATREE COMPUTING: To Hold Final Meeting Today ESIBUILT PTY: Supreme Court Orders Wind-up FAULKNER ENTERPRISES: Court to Hear Wind-up Petition on May 4 FORTESCUE METALS: ASX Questions Firm on Share Price Increase FORTESCUE METALS: Cloud Break Mine Gets Environmental Approval FOX-CARLEY PROPERTIES: To Declare Dividend Today GLOBAL SPORTS: Members Opt for Liquidation HALEN HOLDINGS: Faces Liquidation Proceedings HIGHLAND OAKS: Liquidator Set to Present Wind-up Report MIKAR INVESTMENTS: Receivers Step Aside MOBILE BLAST: Court to Hear Liquidation Petition on May 5 MOTOR REPAIRING: Decides to Wind Up Business NATIONAL AUSTRALIA: Ex Traders' Case Hearing Adjourned To May 1 NKM LOGISTICS: Placed Under Voluntary Liquidation PETALUNA PTY: Supreme Court Issues Wind-up Order QANTAS AIRWAYS: Fuel Surcharge Rises Due to High Oil Prices RDR MANUFACTURING: Prepares to Shut Down Operations RUGS GALORE: Member and Creditors to Receive Wind-up Report SHERSONS PHARMACY: Enters Wind-up Proceedings SKY MEDIA: Appoints Official Liquidator TOSK PTY: Members Resolve to Wind Up Firm WATSON STEEL: To Pay Final Dividend on May 1 WESTLEE CLOTHING: Appoints Official Receivers WILLIAM NAIRN: Liquidator Prepares to Distribute Assets C H I N A & H O N G K O N G ASIA PIONEER: Faces Winding-up Proceedings BANK OF CHINA: To Issue Domestic Shares This Year After H.K. IPO BRUMMEN LIMITED: Appoints Official Liquidator CHINA SOUTHERN: Resumes Flights to North Korea, Moscow & Macau DEEPER LIMITED: Enters Voluntary Wind-up Proceedings DHL CARGO: Liquidators Ceased to Act for the Company KING-SING ENGINEERING: Court to Hear Wind-up Petition on May 17 LUOYANG GLASS: 2005 Loss Widens to CNY969 Mln MAPICS HONG KONG: Members Agree on Wind-up MILLION GRAND: Creditors' Proofs of Claims Due on May 15 OLIVER'S SUPER: Creditors Must Prove Debts by May 4 OPALVISION LIMITED: Appoints Joint Liquidators PERFECT RIVER: Appoints Official Liquidator SHARELAND LIMITED: Holds Final Meeting on May 15 SWEETMART GARMENT: Enters Compulsory Liquidation TRADE-LINK E-COMMERCE: Final Meeting Set on May 12 WORLD GRADE: To Receive Proofs of Claims Until May 15 XS SOLUTIONS: Creditors' Proofs of Debts Due on May 8 I N D I A BHARAT PETROLEUM: Earmarks US$1 Billion for E&P Activity FERTILISERS AND CHEMICALS: Revival Plan Gets Green Light INDIAN OIL: Sells Part of ONGC Stake for US$815 Million I N D O N E S I A LIPPO KARAWACI: Moody's Confirms B1 Ratings With Stable Outlook J A P A N LIVEDOOR COMPANY: Ex-CEO Pays Bail But is Not Released on Appeal LIVEDOOR COMPANY: Shareholders File Suit to Claim Damages MITSUBISHI MOTORS: Posts Third Annual Loss on Restructuring K O R E A HYUNDAI MOTOR: Postpones First Quarter 2006 Earnings Results LG CARD: Posts 21% Rise in First Quarter 2006 Profit M A L A Y S I A AFFIN HOLDINGS: New Ordinary Shares Set for Listing & Quotation AKTIF LIFESTYLE: Appeal on SC Decision Still Pending Approval AKTIF LIFESTYLE: Books MYR0.024-Mln Pre-tax Loss in 4Q/FY05-06 MALAYSIA AIRLINES: 3,500 Staff May Go Voluntarily PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908 POLYMATE HOLDINGS: Submits Outstanding Financial Statements PROTON HOLDINGS: Vendors Left Tie-up Decision on Market SELANGOR DREDGING: Unit's Proposed Acquisition TELEKOM MALAYSIA: Unit Commences Wind-up Exercise TONG GIAP: Faces Winding up Proceedings P H I L I P P I N E S ABS-CBN BROADCASTING: Turns Around With PHP121-Million Profit MANILA ELECTRIC: Expects Sales to Grow by 2.8% MANILA ELECTRIC: Scraps NAPOCOR Settlement Talks on Contract PACIFIC PLANS: Planholders File Suit for Syndicated Estafa S I N G A P O R E CITIRAYA INDUSTRIES: Creditors Back SOA Meeting MAC CARPENTRY: Faces Bankruptcy Proceedings NAMITA INDUSTRIAL: Pays Preferential Dividend SAPPHIRE CORPORATION: Lists Best Efforts Debt Conversion Shares TOMEX CONSTRUCTION: Bankruptcy Action Initiated TRI-M TECHNOLOGIES: Adds Details to 2005 Financial Results YANG CONSTRUCTION: Creditors Must Prove Debts by May 5 T H A I L A N D THAI PETROCHEMICAL: Exit from Rehabilitation Approved by Court * Large Companies With Insolvent Balance Sheets - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ ABATIS AUSTRALIA: Members to Review Wind-up Report -------------------------------------------------- The members of Abatis Australia Pty Limited will convene today, April 28, 2006, to receive Liquidator Stephen Baker's account regarding the Company's completed wind-up and disposal of its property. Contact: Stephen Baker Liquidator Stephen Baker & Company Suite 2, 98 Woolwich Road Woolwich, New South Wales 2110 Australia A.C.N. 103 673 061: Prepares to Pay Dividend to Creditors --------------------------------------------------------- A.C.N. 103 673 061 Pty Limited will declare a first and final dividend today, April 28, 2006. Creditors who were unable to prove their claims will be excluded from the benefit of the dividend. Contact: G. S. Andrews Liquidator G. S. Andrews & Associates 22 Drummond Street Carlton, Victoria 3053 Australia Telephone: (03) 9662 2666 Fax: (03) 9662 9544 ANGLISS ESTATE: Names Mark Poulsen as Liquidator ------------------------------------------------ Members of The Angliss Estate (Laverton) Pty Limited held a meeting on March 14, 2006, and agreed on the Company's need to liquidate. Subsequently, Mark Geoffrey Poulsen was appointed as official liquidator. Contact: Mark G. Poulsen Liquidator Poulsen Partners Pty Limited 4th Floor, 457 Upper Edward Street Brisbane, Australia AUTOWORLD LIMITED: Faces Liquidation Proceedings ------------------------------------------------ The High Court of Auckland, on January 16, 2006, received an application to liquidate Autoworld Limited. The Court is set to hear the Application today, April 28, 2006. Contact: A.W. Johnson Martelli McKegg Wells & Cormack Level 20, PricewaterhouseCoopers Tower 188 Quay Street, Auckland New Zealand AVENUES TANNERY: Enters Voluntary Liquidation --------------------------------------------- The members of Avenues Tannery Pty Limited decided to voluntarily wind up the Company's operations at a meeting on March 14, 2006. Robert Colin Parker was appointed as liquidator for the wind-up. Contact: Robert C. Parker Liquidator Freer Parker & Associates 40 Sturt Street, Adelaide South Australia Australia CORPORATE EDUCATORS: Creditors' Proofs of Debts Due on May 12 ------------------------------------------------------------- The shareholders of Corporate Educators Limited, on April 7, 2006, appointed Boris van Delden and Dennis John Wood as the Company's Joint and Several Liquidators. Mr. Delden and Mr. Wood now request the Company's creditors to prove their debts by May 12, 2006. Failure to comply with the requirement will exclude any creditor from sharing in or objecting to any distribution the Company will make. Contact: Boris Van Delden Liquidator McDonald Vague P.O. Box 6092, Wellesley Street Post Office Auckland, New Zealand Telephone: (09) 303 0506 Facsimile: (09) 303 0508 Web site: http://www.mvp.co.nz/ COTTER BUILDING: Creditors OK Liquidators' Appointment ------------------------------------------------------ Members of Cotter Building Pty Limited convened on March 16, 2006, and agreed to wind up the Company's operations. P. Ngan and G. Parker were appointed as joint & several liquidators at a creditors' meeting held later that day. Contact: P. Ngan G. Parker Liquidators Ngan & Company Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia DATATREE COMPUTING: To Hold Final Meeting Today ----------------------------------------------- A final meeting of the members and creditors of Datatree Computing Systems Pty Limited will be held for the parties to receive the Liquidator P. Ngan's final account showing how the Company was wound up and how its property was disposed of. The meeting will be held today, April 28, 2006. Contact: P. Ngan Liquidator Ngan & Company Chartered Accountants Level 5, 49 Market Street Sydney, New South Wales 2000 Australia ESIBUILT PTY: Supreme Court Orders Wind-up ------------------------------------------ On March 10, 2006, the Supreme Court of New South Wales ordered the wind-up of Esibuilt Pty Limited, and nominated David Lewis Clout to act as liquidator. Contact: David L. Clout Liquidator Woodgate & Company Telephone: (02) 9233 6088 Fax: (02) 9233 1616 FAULKNER ENTERPRISES: Court to Hear Wind-up Petition on May 4 ------------------------------------------------------------- An application to place Faulkner Enterprises Ltd into liquidation was lodged before the High Court of Auckland on March 6, 2006. The Court will hear the Application on May 4, 2006, at 10:45 a.m. Parties wishing to appear at the hearing are required to file an appearance not later than May 2, 2006. Contact: D.J. Kleine Daniel Overton & Goulding 33, Selwyn Street, Onehunga Auckland, New Zealand FORTESCUE METALS: ASX Questions Firm on Share Price Increase ------------------------------------------------------------ The Australian Stock Exchange asked Fortescue Metals Group Limited to explain the Company's increased share price. The WA Business News says that Fortescue's share price has risen from AU$6.75 on April 19, 2006, to AU$8.15 on April 26. According to Business News, the ASX has also questioned the Company over the volume of Fortescue shares trade in this period, which has also increased. The ASX asked Fortescue if it was aware of any information concerning the share price movement that had not been announced to the market. Fortescue responded by saying that it had provided all required information to the market in accordance with listing rules. The Company also said that it had no knowledge of any specific reasons for the recent share price rise, or the increase in volume of stock traded. About Fortescue Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. Fortescue's troubles began when its Chief Executive Officer, Andrew Forrest, admitted to a AU$500-million blowout on the cost of port and rail infrastructure in the Pilbara Project because of price hikes for steel, fuel, construction materials and contract labor. The Company also disclosed that the hampered progress brings in the possibility that the Company may not meet its ore delivery schedule and pushes up costs at resource developments across Western Australia. In May 2005, the Australian Stock Exchange pressured Fortescue to explain matters about the troubled project and to explain how the Company would be able to dispose of its lower grade order for 95% of the price obtained by rivals BHP Billiton and Rio Tinto for their top- quality products. The ASX referred the Fortescue matter to the Australian Securities and Investments Commission, which recently commenced a legal action against the Company. ASIC alleges that Fortescue is engaged in misleading and deceptive conduct and has failed to comply with its continuous disclosure obligations when it announced various contracts with Chinese entities on Aug. 23 and November 5, 2004. In particular, Fortescue did not disclose that the Chinese parties had not reached a concluded agreement on fundamental aspects of the projects and they had merely agreed that they would in the future jointly develop and agree on the "agreed" matters. ASIC is seeking civil penalties of up to AU$3 million against Fortescue. FORTESCUE METALS: Cloud Break Mine Gets Environmental Approval -------------------------------------------------------------- Fortescue Metals Group Limited has obtained State Environment Minister Mark McGowan's final environmental approval for the Company's Cloud Break iron ore mine, subject to a comprehensive package of environmental conditions, the WA Business News reports. The Cloud Break site is located in Western Australia's Pilbara region. Minister McGowan said that the Cloud Break Proposal was designed to integrate with the previously approved Stages A and B of Fortsecue's Pilbara operations. According to Minister McGowan, the approval follows the consideration of an appeal against the mine proposal. He said that the appeal emphasized the potential direct and indirect impacts of the mining operations on the nearby Fortescue Marsh and the loss of vegetation under-represented in conservation reserves. Minister McGowan said that he had given the Cloud Break proposal his seal of approval after assessing the Environmental Protection Authority's report and the recommendations made by the Appeals Convenor. The Minister noted, however, that the concerns raised have led him to impose strict environmental conditions on the Cloud Break project, which require additional research and investigations and the development of management plans for the high value conservation features in the area. Minister McGowan further acknowledged Fortsecue's need to put in place an overall package of biodiversity offsets and develop a broad-scale feral animal control program. He specifically said that the development of a specific management plan for the Night Parrot -- possibly sighted in the area in 2003 -- was central to the conditions. "Subsequent targeted surveys have been unable to locate any individuals, but due to the highly endangered status of this creature it is essential that we do what we can to protect it," the Minister stated. "I have requested that a very comprehensive management plan be drawn up to ensure that FMG's activities during mining and transport do not impact on the potential habitat of the parrot." Moreover, the Minister said that Fortescue "has agreed to provide funding to CALM for the acquisition of about 200,000 to 300,000ha of land surrounding Fortescue marsh for conservation, which is significantly greater than the 18,075ha that will be impacted by mining." Other offsets proposed by the Company for its Stage B and Cloud Break proposals include: * research projects into Mulga and other poorly known taxa, the Night Parrot, Bilby and other threatened fauna; * research projects into improving the understanding of local conservation values; * development of a broad-scale feral animal control program; * development of a weed management program; * working with CALM in the development of a Fortescue Marsh management plan; * fencing of conservation areas; and * funding of a position within CALM About Fortescue Headquartered in West Perth, Western Australia, Fortescue Metals Group Limited -- http://fmgl.com.au/-- is involved in the exploration of iron ore through a project to mine iron ore in the Chichester Ranges, in the Pilbara region of Western Australia and exporting it from Port Hedland. Fortescue's troubles began when its Chief Executive Officer, Andrew Forrest, admitted to a AU$500-million blowout on the cost of port and rail infrastructure in the Pilbara Project because of price hikes for steel, fuel, construction materials and contract labor. The Company also disclosed that the hampered progress brings in the possibility that the Company may not meet its ore delivery schedule and pushes up costs at resource developments across Western Australia. In May 2005, the Australian Stock Exchange pressured Fortescue to explain matters about the troubled project and to explain how the Company would be able to dispose of its lower grade order for 95% of the price obtained by rivals BHP Billiton and Rio Tinto for their top- quality products. The ASX referred the Fortescue matter to the Australian Securities and Investments Commission, which recently commenced a legal action against the Company. ASIC alleges that Fortescue is engaged in misleading and deceptive conduct and has failed to comply with its continuous disclosure obligations when it announced various contracts with Chinese entities on Aug. 23 and November 5, 2004. In particular, Fortescue did not disclose that the Chinese parties had not reached a concluded agreement on fundamental aspects of the projects and they had merely agreed that they would in the future jointly develop and agree on the "agreed" matters. ASIC is seeking civil penalties of up to AU$3 million against Fortescue. FOX-CARLEY PROPERTIES: To Declare Dividend Today ------------------------------------------------ Fox-Carley Properties Pty Limited will declare its first and final dividend today, April 28, 2006, to the exclusion of its creditors who were unable to prove their claims. Contact: G. M. Rambaldi Liquidator Pitcher Partners Level 19, 15 William Street Melbourne, Victoria 3000 Australia GLOBAL SPORTS: Members Opt for Liquidation ------------------------------------------ At a general meeting of Global Sports Interactive Pty Limited on March 14, 2006, members concurred that it is in the Company's best interests to liquidate its operations. James Patrick Downey was appointed to oversee the wind-up. Contact: James P. Downey Liquidator Cole Downey & Company Chartered Accountants Level 1, 22 William Street Melbourne, Victoria 3000 Australia HALEN HOLDINGS: Faces Liquidation Proceedings ---------------------------------------------- The High Court of Hamilton, on March 10, 2006, received an application to liquidate Halen Holdings Ltd. The Application will be heard before the High Court on May 1, 2006, at 10:45 a.m. Contact: Contact: P.L. Windsor-Knaap Inland Revenue Department 1 Bryce Street, Hamilton New Zealand HIGHLAND OAKS: Liquidator Set to Present Wind-up Report ------------------------------------------------------- The members and creditors of Highland Oaks Pty Limited will hold a final meeting today, April 28, 2006, for them to get an account of the manner of the Company's wind-up and property disposal from Liquidator Philip McGibbon. Contact: Philip McGibbon Liquidator Jenkins Peake & Co. Chartered Accountants PO Box 1570, Geelong 3220 Australia Telephone: (03) 5223 1000 Fax: (03) 5221 4938 MIKAR INVESTMENTS: Receivers Step Aside --------------------------------------- On March 15, 2006, George Divitkos and Russell H. Heywood-Smith ceased to act as receivers and managers of all the property of Mikar Investments Pty Limited. MOBILE BLAST: Court to Hear Liquidation Petition on May 5 --------------------------------------------------------- On March 28, 2006, The High Court of New Plymouth received an application to have Mobile Blast and Pain Ltd liquidated. The Court will hear the Application on May 5, 2006, at 10:00 a.m. Any person wishing to appear on the hearing must file an appearance not later than May 3, 2006. Contact: P.L. Windsor-Knaap Inland Revenue Department 1 Bryce Street, Hamilton New Zealand MOTOR REPAIRING: Decides to Wind Up Business -------------------------------------------- The members of Motor Repairing & Engineering Pty Limited held a meeting on March 13, 2006, and agreed on the Company's need to liquidate. Subsequently, Antony de Vries and Riad Tayeh were named Joint and Several Liquidators. Contact: Riad Tayeh Antony de Vries Liquidators de Vries Tayeh Level 3, 95 Macquarie Street Parramatta, New South Wales 2150 Australia NATIONAL AUSTRALIA: Ex Traders' Case Hearing Adjourned To May 1 --------------------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on March 24, 2006, that two former foreign exchange options traders at National Australia Bank -- Vincent Ficarra and David Bullen -- were charged by the Australian Securities and Investments Commission after investigations into an unauthorized foreign exchange trading that cost NAB AU$326 million. Messrs. Ficarra and Bullen, however, pleaded not guilty to allegations that they placed false information into NAB's accounting systems to falsely inflate the profit results of the forex options desk between September 2003 and January 2004. In an update, the Sydney Morning Herald relates that the trial against the former forex traders has been adjourned until May 1, 2006, because Mr. Ficarra has a viral infection. According to the Sydney Herald, Mr. Ficarra produced a doctor's certificate and Judge Geoff Chettle of the Victorian County Court allowed him time to recover from his illness. Judge Chettle told the jury that it was important for defendants of criminal offences to have the full capacity to concentrate on what was going on in court. The Australian Associated Press recounts that Mr. Ficarra faces 13 charges of gaining financial advantage by deception, while Mr. Bullen faces 19 similar charges. * * * National Australia Bank is undertaking a three-year revival program after a foreign exchange trading scandal in 2004, which cost it AU$326 million, and several profit downgrades in 2005 that hammered its share price. The Bank is working to recover from a tumultuous two years marked by a boardroom upheaval and disintegration, executive departures and huge job cuts. As of February 2006, NAB said that it was moving ahead and that its crises were over. NAB further stated that planning for its post-recovery phase was under way. NKM LOGISTICS: Placed Under Voluntary Liquidation ------------------------------------------------- The members and creditors of NKM Logistics Pty Limited agreed at a meeting on March 15, 2006, that a voluntary wind-up of the Company is necessary and in its best interests. R. A. Sutcliffe was named as liquidator for the wind-up. Contact: R. A. Sutcliffe Liquidator Ground Floor, 192-198 High Street Northcote, Victoria 3070 Australia Telephone: (03) 9482 6277 PETALUNA PTY: Supreme Court Issues Wind-up Order ------------------------------------------------ The Supreme Court of New South WaLes had, on March 13, 2006, issued a winding up order to Petaluna Pty Limited, and appointed Sule Arnautovic as liquidator. Contact: Sule Arnautovic Liquidator Jirsch Sutherland Chartered Accountants Level 2, 84 Pitt Street Sydney, New South Wales 2000 Australia Telephone 02 9233 2111 Fax: 02 9233 2144 QANTAS AIRWAYS: Fuel Surcharge Rises Due to High Oil Prices ----------------------------------------------------------- Qantas Airways Ltd. will increase its international and domestic fuel surcharges on all tickets issued in Australia from May 5, 2006, due to continuing record crude oil and jet fuel prices. In a press statement, Qantas disclosed that the increases vary from an additional AU$5 on domestic flights to AU$23 on Qantas and Australian Airlines International flights. Surcharges apply to each flight or sector shown on a ticket. According to The Age, the new AU$5 impost for both Qantas domestic and Jetstar flights brings the surcharge to a total of AU$31. Qantas Executive General Manager John Borghetti recounts that the airlines introduced its first fuel surcharges in May 2004, when crude oil was trading at US$40 a barrel. He said that since then, oil prices have nearly doubled and the benchmark Singapore jet fuel price has increased from US$44 a barrel to more than US$88 a barrel. The Courier Mail says that Qantas expects its fuel bill to be about AU$2.9 billion in 2005-06, after hedging, and to rise to about AU$3.9 billion in 2006-07. Mr. Borghetti said that while Qantas has hedged the crude oil component of its 2005/06 fuel cost at around US$56 a barrel, the unprecedented increase in the price of jet fuel means that the airline group's fuel bill will have risen by around AU$1 billion after hedging, compared to 2004/05. "Our fuel surcharges, including this latest increase, will only partially offset some of this very significant additional cost," he added. Qantas assures that it will closely monitor the surcharges and their impact on demand. About Qantas Airways Headquartered in Sydney, Australia, Qantas Airways -- http://www.qantas.com.au/-- is the world's second oldest airline and is also recognized as one of the leading long- distance airlines, having pioneered services from Australia to North America and Europe. The Qantas Group employs approximately 38,000 staff across a network that spans 145 destinations in Australia, Asia-Pacific, Americas, Europe and Africa. The Qantas Group also operates a diverse portfolio of airline-related businesses, including Engineering Technical Operations and Maintenance Services, Airports and Catering, Qantas Freight, Qantas Holidays, Qantas Defence Services and Qantas Consulting. Qantas started having problems in 2003 with the ill effects of the Iraq War and the SARS outbreak, on top of the already difficult period following the events of the 9/11 terrorist attacks, the Afghanistan war and the terror threats, which lead to a downturn in bookings to other Asian countries, and affecting most of European routes as well. The adverse effects also affected other areas of the business including Qantas Flight Catering, Qantas Holidays and Australian Airlines. Qantas started reviewing, and widened, the range of initiatives it had put in place following the triggering events. These initiatives included the reduction of staffing numbers through the use of accumulated leave to the equivalent of 2,500 full- time employees by June 2003 and by the equivalent of 1,000 employees between July and September 2003; a restructuring program involving 1,000 redundancies, 400 permanent positions eliminated through attrition and 300 permanent positions converted from full time to part time; a freeze on capital and discretionary expenditure; expansion of the leave without pay program; increased use of part time workers; significant restructuring of work practices and activities; and reduction of capital expenditure, including retirement of some aircraft and deferral of delivery of new aircraft. In December 2003, Qantas unveiled its new low cost-carrier airline, Jetstar Asia, which later proved to be a headache after failing to gain access to crucial markets such as Indonesia and China. In June 2005, Qantas admitted it is still struggling to recover its investment in Jetstar, despite having managed to lease out four of its unused Airbus 320s. Qantas went into another round of job cuts in late June 2005, a move that was punctuated with more than 600 jobs slashed in the first half of its financial year. The latest round of job cuts announced in February 2006 came amidst uncertainty of outsourcing the airline's heavy maintenance works overseas. RDR MANUFACTURING: Prepares to Shut Down Operations --------------------------------------------------- The members of RDR Manufacturing Pty Limited have on March 21, 2006, agreed to seek voluntary liquidation for the Company due to its inability to pay its debts as and when they mature. Geoffrey McDonald was then appointed as liquidator. Contact: Geoffrey McDonald Liquidator c/o Hall Chadwick Level 29, 31 Market Street Sydney, New South Wales 2000 Australia RUGS GALORE: Member and Creditors to Receive Wind-up Report ----------------------------------------------------------- The members and creditors of Rugs Galore Pty Limited will convene in a final meeting today, April 28, 2006. At the meeting, Liquidator David J. Lofthouse will present his final accounts regarding the Company's wind-up operation. Contact: David J. Lofthouse Liquidator CJL Partners Level 3, 180 Flinders Lane Melbourne, Victoria 3000 Australia Telephone: 9639 4779 Fax: 9639 4773 SHERSONS PHARMACY: Enters Wind-up Proceedings --------------------------------------------- The High Court of Hamilton, on March 21, 2006, received an application to liquidate Shersons Pharmacy Ltd. The Petition will be heard before the Court on May 1, 2006. Contact: P.L. Windsor-Knaap Inland Revenue Department 1 Bryce Street, Hamilton New Zealand SKY MEDIA: Appoints Official Liquidator --------------------------------------- Stephen Mark Lawrence and Anthony John McCullagh were appointed as Joint and Several Liquidators of Sky Media Limited on April 6, 2006, by an order of the High Court of Auckland. The Liquidators have 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 or objecting to any distribution the Company will make. Contact: Stephen Mark Lawrence Anthony John Mccullagh Joint and Several Liquidators Horwath Corporate (Auckland) Limited P.O. Box 3678, Shortland Street Auckland 1015, New Zealand Telephone: (09) 303 5478 Facsimile: (09) 302 0536. TOSK PTY: Members Resolve to Wind Up Firm ----------------------------------------- The members of TOSK Pty Limited held a general meeting on March 17, 2006, and resolved to wind up the Company's operations. They also named Ivor Worrell and Morgan Lane as liquidators. Contact: Morgan Lane Ivor Worrell Worrell Solvency & Forensic Accountants Level 3, 333 George Street Sydney, New South Wales 2000 Australia WATSON STEEL: To Pay Final Dividend on May 1 -------------------------------------------- Watson Steel Fabrications Pty Limited will declare its first and final dividend on May 1, 2006. Creditors who were not able to prove their claims are excluded from the benefit of the dividend. Contact: D. A. Turner Liquidator PKF Chartered Accountants 11th Floor, 485 Latrobe Street Melbourne, Victoria 3000 Australia WESTLEE CLOTHING: Appoints Official Receivers --------------------------------------------- Bruno A. Secatore and Daniel P. Juratowich were appointed as the receivers and managers of the property of Westlee Clothing Pty Limited on February 21, 2006. Contact: Daniel P. Juratowich Bruno A. Secatore Liquidator Bentleys MRI 114 William Street, Melbourne Australia WILLIAM NAIRN: Liquidator Prepares to Distribute Assets ------------------------------------------------------- At a general meeting on March 15, 2006, the members of William Nairn Pty Limited resolved to close the Company's business operations and distribute the proceeds of its assets. Gary Buswell was named as liquidator to manage the Company's wind-up activities. Contact: Gary Buswell Liquidator Royal Cornell & Company 4th Floor, 14-16 Victoria Avenue Perth, Western Australia 6000 Australia ================================ C H I N A & H O N G K O N G ================================ ASIA PIONEER: Faces Winding-up Proceedings ------------------------------------------ The High Court of Hong Kong, on March 17, 2006, received a petition from Leung Wing Fui to wind-up Asia Pioneer Enterprises Ltd. The Petition will be heard before the Court on May 17, 2006, at 9:30 a.m. Parties wishing to appear at the hearing may report at the time of the hearing either by himself or by proxy, prior to submission of notice of appearance not later than May 16, 2006. Contact: Betty Chan For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong BANK OF CHINA: To Issue Domestic Shares This Year After H.K. IPO ---------------------------------------------------------------- The Bank of China will issue A-shares on the domestic market this year following its planned initial public offering in Hong Hong Kong, AFX News relates. 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). The lender was scheduled to attend a formal hearing on April 26, 2006, after receiving approval in a preliminary hearing by the Hong Kong Stock Exchange last week. Since last year, the lender has sold a combined 20% stake to Royal Bank of Scotland, Temasek Holdings, UBS, the Asian Development Bank and the mainland's national pension fund. 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. BRUMMEN LIMITED: Appoints Official Liquidator --------------------------------------------- Leung Fung Yee was appointed official liquidator of Brummen Limited on April 3, 2006, by the virtue of a special resolution. CHINA SOUTHERN: Resumes Flights to North Korea, Moscow & Macau -------------------------------------------------------------- China Southern Airlines Co. Ltd. announced further expansion of its International route network with new service to Pyongyang, North Korea. In a press statement, the Chinese carrier said it would operate these new services on Monday, Wednesday and Friday using either a Boeing 737-300 or Boeing 737-800 aircraft. The carrier will also resume its service to Moscow. The airlines' branch in Xinjiang Uygur Autonomous Region in Northwest China announced that it will use a Boeing 737 or 757 aircraft from Urumqi, capital of Xinjiang, to Moscow every Monday, Wednesday, Friday and Sunday. Return flights will be on Mondays, Tuesdays, Thursdays and Saturdays. The five-hour flight between Urumqi and Moscow was suspended in 2003 amid the Asian financial crisis and affected by the epidemic of severe acute respiratory syndrome -- SARS -- that hit China. Li Jian, General Manager of China Southern Airlines' Xinjiang Branch, said that the company would operate four two-way flights on the route every week, making Urumqi one of the best choices of transferring stations on international air traffic from Europe to East and Southeast Asian region. Currently, China Southern Airlines operates four air routes between China and Russia, namely: * Urumqi-Moscow; * Urumqi-Novosibirsk; * Harbin-Khabarovsk; and * Harbin-Valdivostok. Meanwhile, China Southern Airlines' Guangxi Branch will formally launch a new service between Guilin and Macau, using its newly delivered Boeing 737-800, with daily service except Sunday. About China Southern Airlines Headquartered in Guangzhou, China, China Southern Airlines Co. Ltd. -- http://www.cs-air.com-- engages in the operation of airlines, as well as in aircraft maintenance and air catering operations in the People's Republic of China and internationally. It provides commercial airlines, cargo services, logistics operations, air catering, utility service, hotel operation, travel services, aircraft leasing, and Internet services. As of June 30, 2005, the company operated 498 routes, of which 399 were domestic, 73 were international, and 26 were Hong Kong routes. It operated a fleet of 242 aircraft comprising 136 Boeing aircraft and 56 Airbus aircraft with an average of 7,929 scheduled flights per week serving 134 cities, as of the above date. The company was founded in 1995 and is headquartered in Guangzhou, the People's Republic of China. China Southern Airlines Company Limited is a subsidiary of China Southern Air Holding Company. In July 2005, Xinhua Far East China Credit Ratings downgraded the domestic currency issuer credit rating of China Southern Airlines Ltd from BBB to BB+. The downgrade is prompted by Xinhua Far East's concerns that it will be very challenging for CSA to turn around its operations and significantly reduce its high financial gearing amid soaring jet fuel costs and intensifying competition in China's aviation market. As such, it will be difficult for the Company to restore its credit profile that is commensurate with the requirements of an investment grade rating. The Company has reported after tax net loss since financial year 2003 and it has recently announced a profit warning that it expected to continue to report a net loss for the first half of 2005. At the same time its peers Air China Ltd and China Eastern Airlines Ltd managed to rebound from setbacks by SARS in 2003 and became profitable in 2004. While CSA's acquisitions of regional airlines in 2004 reinforced its position as the largest airline in China with the most extensive domestic routing network, the acquisitions brought about substantial rise in debts and financial leverage, and dragged down its operating efficiency. Including the liabilities under financial leases, the Company's total debt increased from CNY18.9 billion in 2003 to CNY35.3 billion in 2004, and further up to CNY40.5 billion as at end of first quarter of 2005. Correspondingly, its total debt to total capital ratio exhibited a rising trend, from 58.2% in 2003, to 71.8% in 2004 and to 74.5% as at March 31, 2005. Despite the sharp rise in revenues by organic growth and acquisitions, soaring jet fuel costs have considerably eroded CSA's profitability. It is noteworthy that prevailing regulatory framework hinders CSA from fully and immediately transferring the hikes in fuel costs to the passengers in domestic routes. Furthermore, the progressive liberalization of China's domestic air transportation fuels increasing competition among domestic airlines and consequently constrains airlines' flexibility to increase airfares. Thus, even though CSA's extensive domestic network enables it to enjoy the burgeoning growth potentials in domestic aviation, its large exposures to domestic routes makes it more vulnerable to increases in fuel price. Under the backdrop of above operating challenges and a CNY11.8 billion capital commitment to procure 33 new aircrafts and equipment during 2005 - 2007, it will be difficult for CSA to generate adequate cash flow to reduce its large debt burdens in next few years. Xinhua Far East acknowledged that the Company's strategic importance to China's aviation industry and economic development would warrant government support, which has been proven during the SARS crisis in 2003. In Xinhua Far East's opinion, such support against contingency mitigates the liquidity pressure on the Company and is already factored into Company's ratings. As previously reported in the Troubled Company Reporter - Asia Pacific, the Chinese carrier posted a net loss of CNY1.85 billion for 2005 versus a net loss of CNY48 million a year earlier. However, the Company's operating expenses increased 72% to CNY39.6 billion in 2005 from CNY23 billion in 2004. DEEPER LIMITED: Enters Voluntary Wind-up Proceedings ---------------------------------------------------- A special resolution was passed at an Extraordinary General Meeting of Deeper Limited on April 3, 2006, to voluntarily wind up the Company's operations. Ng Kim Ming was subsequently appointed as official liquidator. Contact: Ng Kim Ming Unit A, 14/F., Shun On Bldg 112-114 Des Voeux Road Central, Hong Kong DHL CARGO: Liquidators Ceased to Act for the Company ---------------------------------------------------- Ying Hing Chiu and Chung Miu Yin, former Joint and Several Liquidators of DHL Cargo Limited, ceased to act as the Company's liquidators on March 27, 2006. KING-SING ENGINEERING: Court to Hear Wind-up Petition on May 17 --------------------------------------------------------------- On March 15, 2006, Wong Wai Hum lodged before the High Court of Hong Kong a wind-up petition against King-Sing Engineering (China-Hong Kong) Co Ltd. The Petition will be heard before the Court on May 17, 2006, at 9:30 a.m. Parties wishing to appear at the hearing may report at the time of the hearing either by himself or by proxy, prior to submission of notice of appearance not later than May 16, 2006. Contact: Betty Chan For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong LUOYANG GLASS: 2005 Loss Widens to CNY969 Mln --------------------------------------------- Luoyang Glass Company Limited incurred losses of CNY969 million and net current liabilities of CNY498 million in 2005, caused by a 34% rise in the production costs of glass, The South China Morning Post reports. The Company also stressed that its losses were part of an overall decline in the industry which has recorded falls of more than 90% on high oil, coal, water and electricity costs. Auditor KPMG said there was now a fundamental uncertainty about the future of the group which has posted losses for at least 10 years after listing on the Hong Kong stock exchange in 1994. Meanwhile, the glass manufacturer has gained permission from an unnamed financial institution to delay repayment of a loan of CNY861 million, due to be cleared this year. In a statement, the group said that it was aiming to expand its export business to boost sales and profits this year. The Company added that the glass industry has been through a difficult period over the past two years following the implementation of macroeconomic policies in 2004 by the central government aimed at curbing over-investment in the sector. * * * Headquartered in Henan Province, People's Republic of China, Luoyang Glass Company Limited's -- http://www.clfg.com-- principal activities are the production and sale of float sheet and flat glass and reprocessing of automobile glass. Other activity includes the exploration of minerals. The Group owns six production lines of float glass and is able to produce float flat glass of various thickness, size and color. The thickness of flat glass ranges from 1.1mm to 25mm, the maximum size is 3,000mm x 6,000mm and the color includes primary, dark brown, blue and green. These products are widely used in construction industry. The Group also owns glass processing line. The flat, curve steel glass produced can be used as window glass for all kinds of automobiles, glass screen wall of buildings and for arts and furniture. Product of the Group is known as 'Luoyang Float Glass Technology'. The Group operates in China, Asia, America, Oceania and other countries. MAPICS HONG KONG: Members Agree on Wind-up ------------------------------------------ At an extraordinary general meeting on April 3, 2006, the members of Mapics Hong Kong Limited decided to voluntarily wind up the Company's operations. Subsequently, Cheng Chung Por Gordon and Ngan Lin Chun Ester were appointed as joint and several liquidators at a creditors' meeting held on the same day. Contact: Cheng Chun Por Gordon Ngan Lin Chun Esther Joint Liquidators 1902 Mass Mutual Tower 38 Gloucester Road Wanchai, Hong Kong MILLION GRAND: Creditors' Proofs of Claims Due on May 15 -------------------------------------------------------- Million Grand Industrial Limited is receiving proofs of claims from its creditors until May 15, 2006. Creditors are required to send in their full particulars regarding their debts and claims to the Liquidator of the Company. Failure to do so will exclude any creditors from sharing in the distribution of assets the Company will make. Contact: James T. Fulton Cordelia Tang 905 Silvercord, Tower 2 30 Canton Road, Tsimshatsui Kowloon, Hong Kong OLIVER'S SUPER: Creditors Must Prove Debts by May 4 --------------------------------------------------- Oliver's Super Sandwiches Management Ltd is receiving proofs of debts from the creditors of the Company until May 4, 2006. Creditors are required to send in their full particulars of their claims and or debts to the Company's Liquidators. Failure to do so will exclude any creditors from sharing in the distribution of assets the Company will make. Contact: Ying Hing Chiu Cung Miu Yin Level 28, Three Pacific Place 1 Queens Road East Hong Kong OPALVISION LIMITED: Appoints Joint Liquidators ---------------------------------------------- Bruno Arboit and Simon Richard Blade were appointed as Joint and Several Liquidators of Opalvision Limited. The Appointment was made official on a resolution passed on March 31, 2006. Contact: Bruno Arboit Simon Richard Blade Baker Tilly Hong Kong 12th Floor, China Merchants Tower Shun Tak Centre 168-200 Connaught Road Central Hong Kong PERFECT RIVER: Appoints Official Liquidator -------------------------------------------- On April 10, 2006, Lo Wa Kei was appointed as the official Liquidator of the Perfect River International by the virtue of a Special Resolution passed at an Extraordinary General Meeting of the Company held at Units G&H, 12F., Universal Industrial Centre, 19-21 shan Mei Street, Fotan, Shatin, NT., Hong Kong. SHARELAND LIMITED: Holds Final Meeting on May 15 ------------------------------------------------ The creditors of Shareland Limited will convene at a final meeting on May 15, 2006, to receive Joint Liquidator Chan Kam Kei's accounts regarding the Company's completed wind-up and disposal of the its property. The meeting will be held at Room 703, Wah Ying Cheong Central Building, 158-164 Queen's Road Central, Hong Kong. SWEETMART GARMENT: Enters Compulsory Liquidation ------------------------------------------------ Sweetmart Garment Works Limited, a company under compulsory liquidation, held its creditors meeting on April 20, 2006. As reported by the Troubled Company Reporter - Asia Pacific the High Court of the Hong Kong Special Administrative Region Court of First Instance issued a winding up order against Sweetmart Garment Works Limited on November 30, 2005. Contact: Kong Tak Wing Joint and Several Provisional Liquidator 41/F., Bank of China Tower 1 Garden Road, Central Hong Kong TRADE-LINK E-COMMERCE: Final Meeting Set on May 12 -------------------------------------------------- A final meeting of the members of Trade-link E-Commerce (Holding) Company Limited will be held at 8/F., Shum Tower, 268 Dex Voeux Road Central, Hong Kong, on May 12, 2006. At the meeting, the parties will receive Liquidator Au Yeung Huen Ying's final account showing how the Company was wound up and how its property was disposed of. WORLD GRADE: To Receive Proofs of Claims Until May 15 ----------------------------------------------------- World Grade Trading Ltd is receiving creditors' proofs of claims until May 15, 2006. Creditors are required to send in their full particulars regarding their claims or debts. Failure to do so will exclude any creditors from sharing in the distribution of assets the Company will make. Contact: Chan Cheuk Ying Lee Cho Yiu Suite 1, 8/F., New Henhry House 10 Ice House Street Central, Hong Kong XS SOLUTIONS: Creditors' Proofs of Debts Due on May 8 ----------------------------------------------------- XS Solutions Limited will be receiving proofs of debts on or before May 8, 2006. Creditors are required to send in their particulars to the solicitors and liquidators of the Company. Failure to comply with the requirements will exclude any creditor from sharing in any distribution the Company will make. Contact: Leong Ting Kwok, David Joint & Several Liquidator 26th Floor, Citicorp Centre 18 Whitfield Road Causeway Bay Hong Kong ========= I N D I A ========= BHARAT PETROLEUM: Earmarks US$1 Billion for E&P Activity -------------------------------------------------------- Bharat Petroleum Corporation Limited will set aside around US$1 billion for its crude oil and gas exploration and production plans, The Financial Express reveals. A portion of the allocation will be used for the establishment of a new exploration and production subsidiary, which will manage the existing E&P assets of the state oil firm. According to the Financial Express, the new entity will have an initial issued and paid-up capital of INR200 crore. And since Bharat Petroleum has already committed investments of about INR200 crore in its ongoing E&P projects and is further expected to spend around INR300 crore over the next three years, the authorized share capital of the unit has been fixed at INR500 crore. Bharat Petroleum is confident that the new subsidiary will add around INR50 crore to INR500 crore to profits in 10 years. While the proposal for a fully owned E&P subsidiary has been firmed up by the Company, it has yet to get the board's approval. About Bharat Petroleum Headquartered in Maharashtra, India, Bharat Petroleum Corporation Limited -- http://www.bharatpetroleum.com/-- is engaged in refining and marketing petroleum, liquefied petroleum gas and petrochemical products including middle distillates, light distillate, lubricants, benzene and toluene. During the year 2002, the Group introduced Petro Card and SmartFleet Card and had around 700,000 customers enrolled in 28 cities. There are 4,711 retail outlets and 1,729 LPG distributors that operate in the country. The plants of the Group are located in Mahul and Mallet Road in Mumbai and in Budge. Bharat Petroleum is currently working to reverse its losses resulting from the Government's mandate to sell kerosene, liquefied petroleum gas, petrol and diesel way below market rates. On September 23, 2005, the Company delisted its shares from Madras Stock Exchange Ltd, Calcutta Stock Exchange Association Ltd and Delhi Stock Exchange Association Ltd. In November 2005, Bharat Petroleum's November 2004 profits dissipated and the Company registered a INR203-crore (US$45.7 million) net loss. By the end of the third quarter ending December 31, 2005, the Company posted a US$231 million net loss. In January 2006, Bharat Petroleum entered into a merger with Koichi Refineries Ltd, which shareholders for both companies accepted, after an initial merger bid was disapproved in September 2005. Even with its aggressive expansion moves, Bharat Petroleum has decided to put aside a US$1.4 million dollar expansion project due to losses brought about by oil subsidies, as the Company -- and the entire industry -- suffered huge losses and has difficulty implementing expansion activities due to the Government's refusal to allow oil companies to raise fuel prices despite global crude oil price crossing US$70 a barrel. On February 20, 2006, the Petroleum Ministry, however, has proposed an increase of INR3 per liter each in petrol and diesel prices and INR20 per cylinder increase in liquefied petroleum gas price to save the oil companies from going bankrupt. FERTILISERS AND CHEMICALS: Revival Plan Gets Green Light -------------------------------------------------------- The Union Cabinet has finally given its final nod to Fertilisers and Chemicals Tranvancore's revival plan, NewIndpress relates. FACT, which has been incurring huge losses since the late nineties, will receive a INR650-crore rescue package from the Government. The Government, however, is not in favor of indiscriminately bringing workers under any voluntary retirement scheme. According to NewIndpress, details of the revival plan were not yet disclosed. The Troubled Company reporter - Asia Pacific reported on April 6, 2006, that the Cabinet Committee on Economic Affairs reportedly handed down a favorable decision regarding FACT's revival package. FACT's revival package was expected to be finalized by March 31, 2006, as the Committee of Secretaries and the Board for Reconstruction of Public Sector Enterprises had earlier endorsed the Company's rehabilitation program, TCR-AP said. According to NewIndpress, the Union Government is keen on turning around sick state chemical and fertilizer firms, which the previous government had proposed to disinvest. 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 steep rise in cost of raw materials like naphtha, benzene, sulphur and rock phosphate. There were also uneconomic realization from sales and the company had to stop production because of a liquidity crunch. 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 Government approved its revamp program. INDIAN OIL: Sells Part of ONGC Stake for US$815 Million ------------------------------------------------------- State-run Indian Oil Corp Ltd. sold 27.4 million shares in Oil and Natural Gas Corp Ltd for INR36.72 billion or US$814 million, Bloomberg reports. The shares were sold at INR1,340 to Indian and foreign institutional investors. Investment banking sources had earlier told Reuters that Indian Oil would sell one fifth of its 9.2% stake in ONGC at INR1,330 to INR1,399 a share to Indian and foreign institutional investors in a block deal. Analysts said that the sale, which is managed by Citigroup Incorporated and Morgan Stanley, would help Indian Oil raise funds for its business expansion plans. Indian Oil, GAIL (India) Ltd. and Oil & Natural Gas -- the nation's biggest explorer -- acquired shares in each other in 1999 as the Government wanted to boost proceeds from the sale of shares in state companies. On November 24, 2005, the Government allowed the three companies to sell the holdings to pay debt and raise cash for expansion. Indian Oil had, on March 2, 2006, sold half of its 4.8% stake in gas utility GAIL for INR561 crore to repay part of its debt and fund expansion, Business Line says. Oil & Natural Gas holds 9.6% of Indian Oil, while the refiner held an equal amount in the oil explorer before the recent sale. Indian Oil held 4.8% of GAIL before the March sale. GAIL, meanwhile, has a 2.4% stake in Oil & Natural Gas. The Government owns 82% of Indian Oil, 74% of Oil & Natural Gas and 57.34% of GAIL, according to the Mumbai stock exchange's Web site. About Indian Oil Corporation Indian Oil was established as Indian Oil Company Limited in 1959. Indian Oil Corporation was formed in 1964 with the merger of Indian Refineries Limited with the Indian Oil Company Ltd. Indian Oil's countrywide network of over 22,000 sales points is backed for supplies by its extensive, well spread out marketing infrastructure comprising 167 bulk storage terminals, installations and depots, 94 aviation fuelling stations and 87 LPG bottling plants. Its subsidiary, IBP Co. Ltd, is a stand- alone marketing company with a nationwide network of over 3,000 retail sales points. In spite of its large production capacity and smooth operations, Indian Oil incurred huge losses as a result of a Government mandate, which prohibits public sector oil marketing firms from raising fuel prices despite skyrocketing global prices. For years, Indian Oil has been selling fuel at subsidized prices, which is way below the costs it pays for importing fuel from overseas markets. The Company has not been able to pass on the high prices leading to large under-recoveries and losses. Early this year, the Government has offered a bailout package to help rescue oil companies, including Indian Oil, from going bankrupt. Under the package, the Government issued Indian Oil, Bharat Petroleum, Hindustan Petroleum and IBP oil bonds worth INR10,000 crore to INR12,000 crore to compensate them for not raising LPG and kerosene prices. The move was expected to improve their balance sheets. ================= I N D O N E S I A ================= LIPPO KARAWACI: Moody's Confirms B1 Ratings With Stable Outlook --------------------------------------------------------------- Moody's Investors Service has confirmed the (P)B1 provisional local currency corporate family rating of PT Lippo Karawaci Tbk (LK) following the company's announcement that it has entered into an agreement to sell its entire interest in the property development project at Kim Seng Road, Singapore, and which the company had acquired for around IDR2 trillion in mid April. The outlook is stable. This concludes the review initiated on April 19, 2006. At the same time, Moody's has placed the (P)B2 provisional foreign currency senior unsecured bond rating of Lippo Karawaci Finance B.V. and guaranteed by LK on review for possible upgrade. This reflects the review for possible upgrade status of Indonesia's sovereign rating. "The sale of the Singapore project has alleviated our earlier concern that this project may materially weaken LK's financial profile, given that part of it is expected to be debt-funded," says Moody's lead analyst Kaven Tsang. "The confirmation also reflects our expectation that LK will continue to focus on developing its core businesses in Indonesia and its future capex will not go beyond the original plan," Tsang adds. The (P)B1 local currency rating continues to reflect that the Company's key challenges including: 1. its domestic market focus has led to concentration risk and exposure to the uncertainties associated with Indonesia; 2. its core property development business exposes it to cyclicality and development risk; 3. the relatively short history of its diversified business strategy indicates uncertainties over its ability to weather a down-cycle; 4. its modest liquidity -- including the reliance on short-term debt -- and improvement is expected with the refinancing by the bond proceeds; and 5. the material exposure to foreign currency risk after the bond issuance. At the same time, the (P)B1 rating considers the core credit strengths of the company, including: -- moderate business diversification, and the stable recurring income from its healthcare and hospitality operations, and which partly smooth cyclical developments in cash flows; -- its long operating track record and established brand name in township development; -- its huge land bank reserves -- acquired at low cost -- that contain development costs and support ongoing cash flow generation; and -- the favorable growth prospects and supply-demand dynamics in its key industry sectors and which support prospects for medium-term growth. PT Lippo Karawaci Tbk is one of the largest property developers in Indonesia, with a market capitalization of over US$550 million. As of end-2005, it possessed a land bank reserve of 2,079 hectares. It also operates 4 hospitals and 4 hotels in Indonesia. ========= J A P A N ========= LIVEDOOR COMPANY: Ex-CEO Pays Bail But is Not Released on Appeal ---------------------------------------------------------------- As reported in the Troubled Company Reporter - Asia Pacific, on April 26, 2006, the Tokyo District Court granted the release of Livedoor Company Limited's former president, Takafumi Horie, on JPY300 million bail. However, Crisscross News relates that the Tokyo Public Prosecutors Office filed an appeal that same day, delaying Mr. Horie's release. A February 21, 2006 report by the TCR-AP stated that Mr. Horie was arrested in January 2006 together with four other former Livedoor directors on charges of spreading false data about a unit's earnings, and manipulating stocks to inflate share prices. Prosecutors later indicted Mr. Horie and his colleagues for falsifying financial reports to cover up a JPY313 million net loss by posting a JPY5 billion net profit. According to the Japan Times, Mr. Horie immediately put up the bail when the decision to release him was handed down, but that same day the district court stopped him from leaving, pending the hearing of the prosecutors' appeal. New judges will examine the appeal and decide whether to release Mr. Horie or not. Mr. Horie had already applied for bail twice since his arrest, but the requests were denied. The court will hold a meeting on May 10, 2006, to set a trial date for Mr. Horie. 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. LIVEDOOR COMPANY: Shareholders File Suit to Claim Damages --------------------------------------------------------- A group of around 100 shareholders of Livedoor Company Limited filed a damages lawsuit against the Internet firm on April 26, 2006, seeking compensation for losses caused by an accounting scandal it is involved in, Crisscross News says. According to the report, unnamed sources say that the shareholder group is seeking to recover up to JPY2 billion in damages. Crisscross says that a separate group of 1,000 shareholders is planning to file another damages lawsuit against Livedoor next month. Livedoor has about 220,000 shareholders as of September 2005, TMC News relates. 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. MITSUBISHI MOTORS: Posts Third Annual Loss on Restructuring ----------------------------------------------------------- Mitsubishi Motors Corporation posted a net loss for the third straight year due to restructuring costs, WLNS News reveals. For the fiscal year 2005 ended March 31, 2006, the Company posted an 81% decrease in its net loss to JPY92.2 billion, from a JPY474.8 billion last year. According to the Associated Press, the loss was bigger than what Mitsubishi had earlier expected, as it forecasted to post a JPY64 billion loss for the business year. Mitsubishi attributes the higher loss to special restructuring costs it paid, including a re-evaluation of its property. Sales also fell slightly to JPY2.12 trillion last year, from JPY2.122 trillion in 2004. However, the Company expects to return to profit this year on an increase in worldwide shipments, with sales expected to reach JPT2.23 trillion. Mitsubishi said it expects to reach its goal to increase global sales by 5% on the introduction of new models this year. The Company's Full-Year 2005 Results, which also contain its report on the progress of the Mitsubishi Revitalization Plan, can be accessed at the Company's Web site. About Mitsubishi Motors Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation -- http://www.mitsubishi-motors.co.jp/-- is one of the few automobile companies in the world that produces a full line of automotive products ranging from 660-cc mini cars and passenger cars to commercial vehicles and heavy-duty trucks and buses. The Company also operates consumer financing services and provides this to its customer base. Mitsubishi's problems stem, in part, from the scandal surrounding years of systematically covering up auto defects and ill-advised auto lending policies in the United States. Mitsubishi Motors appeared to be turning around for a few years under an alliance with DaimlerChrysler AG, but the German automaker withdrew additional financing in 2004. Since then, Mitsubishi Motors has received massive cash infusions from the Mitsubishi group of companies, including a bank, machinery maker and trading company, to support revival efforts. Mitsubishi adopted the 'Mitsubishi Motors Revitalization Plan' on January 28, 2005, as its 3-year business plan covering fiscal 2005 through 2007. The main objectives of the plan are 'Regaining Trust' and 'Business Revitalization.' * * * According to a March 31, 2006 report by the Troubled Company Reporter - Asia Pacific, Moody's Investors Service changed the outlook of Mitsubishi's Ba3 long-term debt rating to stable from negative, which reflects Moody's expectation that the Company's credit profile may continue improving profitability recovering due to improved cost structures and an increased market position due to global introductions of new models. ========= K O R E A ========= HYUNDAI MOTOR: Postpones First Quarter 2006 Earnings Results ------------------------------------------------------------ Hyundai Motor Co. was scheduled to announce its first-quarter 2006 financial results on April 27, 2006. However, according to Reuters, the Company has yet to compile its earnings data, and thus postponed the release of its financials. Reuters says that the Company announced the postponement shortly before prosecutors were expected to say whether top officials of the Hyundai Automotive Group will be arrested in a corruption scandal that they are involved in. The Troubled Company Reporter - Asia Pacific recounts that prosecutors have evidence proving that Hyundai Motor and five affiliates created slush funds worth some KRW110 billion, which were used to bribe government officials in exchange for business favors. The TCR-AP reported on April 25, 2006, that Hyunda Chairman Chung Mong-koo had faced prosecutors and answered questions regarding his involvement in the slush fund case. On April 20, 2006, Chairman Chung's son, Kia Motors Corporation President Chung Eui-sun, had also appeared before prosecutors and went under 18 hours of questioning. The TCR-AP added that the Supreme Prosecutor's Office will recommend to Prosecutor General Choung Sang-myoung that Chairman Chung be arrested, while the younger Chung be indicted without arrest. 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. LG CARD: Posts 21% Rise in First Quarter 2006 Profit ---------------------------------------------------- LG Card Co. reported a net profit of KRW353.6 billion in the three months ended March 31, 2006. The first quarter 2006 figure is a 21% increase from the KRW291.8-billion net profit for the same period in 2005. Reuters recounts that LG Card creditors are selling a combined 82% stake in the credit card firm. The Troubled Company Reporter - Asia Pacific has reported in March 2006 that the stake up for sale would be between 51% and 72%, and is expected to cost around KRW3.4 trillion and KRW4.8 trillion at current market prices. Shinhan Financial Group, Woori Finance Holdings, Citigroup Inc., and Hana Financial Group Inc. are among the bidders. About LG Card Co. Headquartered in Seoul Korea, LG Card Co. -- http://www.lgcard.com/-- provides installment finance services and credit card, as well as leasing services to credit worthy companies while acquiring valuable assets from merchant banks and leasing firms. LG Card also finances families wishing to purchase big ticket items such as automobiles, appliances and computers. At the end of October 2003, LG Card had KRW3.24 trillion more debt than assets and had faced threats of liquidity crisis and court receivership. LG Card has been in the hands of creditors since it was rescued from bankruptcy through a KRW5 trillion (US$4.78 billion) debt- for-equity swap and a further KRW1 trillion bailout in late 2004. =============== M A L A Y S I A =============== AFFIN HOLDINGS: New Ordinary Shares Set for Listing & Quotation --------------------------------------------------------------- Affin Holdings Berhad'd additional 1,679,000 new ordinary shares of MYR1.00 each will be granted listing and quotation today, April 28, 2006. The additional shares were issued pursuant to the Company's Employees' Share Option Scheme. 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. AKTIF LIFESTYLE: Appeal on SC Decision Still Pending Approval ------------------------------------------------------------- Aktif Lifestyle Corporation's appeal with the Securities Commission, requesting a review of the SC's prior decision on the Company's proposed restructuring scheme, is still pending approval. On May 31, 2005, Aktif entered into a conditional restructuring agreement with Integrated M&G Industries Berhad and: * Dato' Mohamed Bin Jamrah; * Teh Li Li; * Amarjit Singh A/L Kartar Singh; * Balveer Kaur A/P Tahil Singh; and * Kiranjit Singh A/L Amarjit Singh. The Proposed Restructuring Scheme, which seeks to regularize the financial condition of Aktif and its subsidiaries, includes: -- the proposed acquisitions of 100% equity interest in Mahawira Sdn Bhd and 54% equity interest in Citatah AMS Marble Sdn Bhd; -- a proposed exemption from undertaking a mandatory offer; -- the proposed scheme of arrangement with the Aktif shareholders; -- a proposed restricted offer for sale; -- a proposed private placement; -- a proposed private debt securities issuance; -- the proposed transfer of listing status; and -- the proposed disposal of the Company. The Securities Commission, on December 28, 2005, rejected the Company's Proposed Restructuring Scheme because: * an integral component of the Proposed Restructuring Scheme is the proposed acquisition of Mahiwara Sdn Bhd. When compared against previous proposals involving the acquisition of Mahawira, the Commission asserted that the true valuation of Mahawira cannot be determined with certainty; and * of corporate governance issues relating to the previous proposed corporate exercises involving Mahawira and Mahawira's shareholders. On January 27, 2006, Aktif submitted an appeal to the Securities Commission on its decision to reject the Proposed Restructuring Scheme. About Aktif Lifestyle Corporation Berhad Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle Corporation Berhad's principal activities is the operation of specialty retail stores. Other activity includes investment holding. The Company has defaulted on several loan facilities and incurred continuouis losses. It embarked on various corporate exercises aimed at regularizing its financial condition. Last year, the Company presented a proposed restructuring scheme, which did not win the Securities Commission's favor due to uncertainty in assets valuation and concerns on corporate governance issues. An appeal to SC to review its decision on the Proposed Restructuring Scheme was already submitted. The Proposed Restructuring Scheme, if successfully implemented will have the new listed Group be involved in the business of quarrying, manufacturing, trading of granite products as well as the supply and installation of marble and granite related products. AKTIF LIFESTYLE: Books MYR0.024-Mln Pre-tax Loss in 4Q/FY05-06 -------------------------------------------------------------- Aktif Lifestyle Corporation has reported a turnover of MYR0.018 million and pre-tax loss of MYR0.024 million for the fourth quarter of the financial year ending February 28, 2006. The current quarter's turnover was mainly in respect of dividend received. There was a decrease in the impairment of investment on quoted securities amounting to MYR0.06 million during the quarter. There is no significant change in the quarterly results compared to the results of the preceding quarter as the Group has no core business since the disposal of ALS Group on October 31, 2003. The date of disposal was recognized in the books on June 18, 2004. The Group recorded a small loss of MYR0.024 million for the current quarter and compared with the preceding year corresponding quarter loss amounting to MYR0.104 million. The profit for the quarter under review was due to the dividends received on investment and the write back on the impairment of investments. The disposal of the ALS Group improved the financial position considerably but left the Group without core business. No significant change on the Shareholders' fund of the Group was recorded since the date of disposal. The Shareholders' fund of the Group as of February 28, 2005, was positive MYR2.28 million. The Shareholder's fund as of February 28, 2006, stood at MYR2.13 million. The change during the current financial year was mainly due to the expenses incurred in the preparation of the comprehensive Proposed Restructuring Scheme that was submitted to Securities Commission on August 16, 2005. There are no significant changes expected for the Group in the next quarter for the financial year ending February 28, 2007. The closing down of the specialty store in August 2004 had left the Group without a core business. There is no dividend declared for the current financial period to date. Summary of Key Financial Information Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 28-02-2006 28-02-2005 28-02-2006 28-02-2005 MYR'000 MYR'000 MYR'000 MYR'000 * Revenue 18 7 103 36,639 * Profit/(loss) before tax -24 -104 -151 54,634 * Profit/(loss) after tax and minority interest -24 -104 -151 54,691 * Net profit/(loss) for the period -24 -104 -151 54,691 * Basic earnings/(loss) per shares (sen) -0.12 -0.51 -0.74 267.06 * Dividend per share (sen) 0.00 0.00 0.00 0.00 * Net assets per share (MYR) As at end of As at Preceding Current Quarter Financial Year End 0.1000 0.1100 A full-text copy of the Company's Fourth Quarter Report is available for free at: http://bankrupt.com/misc/tcrap_aktiflifestyle042706.pdf http://bankrupt.com/misc/tcrap_aktiflifestylenotes042706.pdf About Aktif Lifestyle Corporation Berhad Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle Corporation Berhad's principal activities is the operation of specialty retail stores. Other activity includes investment holding. The Company has defaulted on several loan facilities and incurred continuous losses. It embarked on various corporate exercises aimed at regularizing its financial condition. Last year, the Company presented a proposed restructuring scheme, which did not win the Securities Commission's favor due to uncertainty in assets valuation and concerns on corporate governance issues. An appeal to SC to review its decision on the Proposed Restructuring Scheme was already submitted. The Proposed Restructuring Scheme, if successfully implemented will have the new listed Group be involved in the business of quarrying, manufacturing, trading of granite products as well as the supply and installation of marble and granite related products. MALAYSIA AIRLINES: 3,500 Staff May Go Voluntarily ------------------------------------------------- Some 3,500 of Malaysia Airline's 13,000-strong workforce may take up the firm's mutual separation scheme under its business turnaround program, Agence France Presse reports. The anticipated high take up rate is due to the perception of "windfall" payments under the scheme, Malaysian Airline System Employees Union Secretary-General Ab Malek Ariff said. As reported by the Troubled Company Reporter - Asia Pacific on March 29, 2006, the carrier will cut back its domestic routes to 19, and reduce its staff strength of 23,000 by about 6,500 under the government-initiated rationalization exercise. Separately, the Star newspaper reports that over 1,000 employees have already been offered jobs by other international airlines and local companies. The union's president, Alias Aziz, said Middle Eastern airlines such as Qatar Airways and Emirate Airlines had approached Malaysia Air management to offer staff the jobs. The carrier, meanwhile, has earmarked MYR700 million for the 6,500 employees who might take up the separation scheme, the Star says. 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 PAN MALAYSIA: Repurchases 60,000 Shares for MYR24,908 ----------------------------------------------------- On April 26, 2006, Pan Malaysia Corporation Berhad bought back 30,000 ordinary shares of MYR0.50 each for a total cash consideration of MYR12,391.72. 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 58,441,400. Pan Malaysia Corporation Berhad, on April 25, 2006, bought back 60,000 ordinary shares of MYR0.50 each for a total cash consideration of MYR24,908.04, 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. POLYMATE HOLDINGS: Submits Outstanding Financial Statements ----------------------------------------------------------- On April 25, 2006, Polymate Holdings Berhad has submitted its Outstanding Annual Audited Accounts for the financial year ended September 30, 2005, to Bursa Malaysia Securities Berhad for public release. The said financial statement was due to be submitted to Bursa Securities for public release on January 31, 2006. The Troubled Company Reporter - Asia Pacific reported on April 25, 2006, that since Polymate failed to issue the outstanding Financial Statements within the due date, Bursa Securities may commence delisting procedures against the Company in addition to any enforcement action the Bourse may take. About Polymate Holdings Berhad Headquartered in Selangor Malaysia, Polymate Holdings Berhad -- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in the manufacturing and marketing of lead acid batteries for the automotive and related industries. It is also engaged in the manufacturing and dealing of plastic articles and products, corrugated carton boxes and related products, manufacturing and trading of door closers and trading of building materials, investment holding and provision of corporate and financial support services. The Group operates in Malaysia, Australia, New Zealand and Europe. Polymate Holdings is in the process of working out possible plans to regularize its condition. Operations in its ailing subsidiaries will be revived when a workable restructuring scheme is formalized with its lenders and when fresh working capital can be injected into the operations. PROTON HOLDINGS: Vendors Left Tie-up Decision on Market ------------------------------------------------------- The Proton Vendors Association welcomes Proton Holdings' plan to consolidate its vendor program in order to enhance the carmaker's efficiency and improve the quality of its cars, The Star Online reports. PVA President Wan Mohamed Wan Embong told the Edge Daily that under the consolidation, the vendors would be able to take on greater responsibilities as they will be working under one strong entity. As reported by the Troubled Company Reporter - Asia Pacific on April 17, 2006, Proton has encouraged its parts vendors to consolidate in order to effectively handle growing competition from other car manufacturers. The Company said that consolidation among vendors could reduce wastage and ensure better utilization of investment. But although the 300-member strong PVA agrees to the rationalization exercise, the group stressed that the market would decide upon any tie-ups or mergers, The Star says. Mr. Wan Mohamed said that the number of vendors will not be reduced until they are willing to work together. Meanwhile, the Troubled Company Reporter - Asia Pacific reported on April 27, 2006, that Proton aims to reduce the number of vendors it directly dealt with to between 20 and 30 from the current 60. Proton will also reduce the 1,700 third party suppliers of raw materials and other non-automotive components and go directly to the source. 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. SELANGOR DREDGING: Unit's Proposed Acquisition ---------------------------------------------- The Foreign Investment Committee has, on April 26, 2006, approved an acquisition proposal by SDB SS2 Development -- formerly Vision Map (M) Sdn Bhd), a wholly owned subsidiary of Selangor Dredging Berhad's unit SDB Properties Sdn Bhd. As reported by the Troubled Company Reporter - Asia Pacific, SDB SS2 entered into three separate conditional Sale and Purchase Agreements on April 3, 2006, to acquire three parcels of land in Mukim Sungai Buluh, Daerah Petaling, Selangor for a total consideration of MYR35 million from: * West Oasis Adn Bhd; * Jadelane Development Sdn Bhd; and * Andaman Utama Sdn Bhd. The FIC's approval is, however, subject to certain terms and conditions. Under the conditions: -- SDB SS2 is required to increase its paid-up capital to at least MYR100,000 within six months from the date of the FIC's approval; -- should the Properties be developed as a housing or commercial project, at least 75% of the total value of building materials and equipments utilized in the development project must be locally sourced; and -- SDB SS2 is required to submit a confirmation letter from a certified consultant in respect of the total value of local building materials and equipments utilized in the development project within six months from the commencement of the project or upon completion of the project. About Selangor Dredging Berhad Headquarted in Kuala Lumpur, Malaysia, Selangor Dredging Berhad -- http://www.sdb.com.my/-- is engaged in the distribution of hardware and building materials. Other activities include property investment and development, operation of hotel and car park and investment holding. After the 1997 Asian financial crisis, the Company began to implement exercises to curb losses and improve its bottom line. The Company became involved in many businesses, some unprofitable and others, such as its tin- mining concern with the high cost of extraction and low commodity price, sunset industries with no future. The Company began restructuring its business and decided its core business should be property development. The other businesses and subsidiaries were sold or wound down. TELEKOM MALAYSIA: Unit Commences Wind-up Exercise ------------------------------------------------- Celcom Academy Sdn Bhd, a subsidiary of Telekom Malaysia -- held via Celcom (Malaysia) Berhad -- had commenced members' voluntary winding-up on April 25, 2006. Encik Mohd Afrizan bin Husain and Encik Khairul Azahar bin Arrifin of Messrs Tarmili Khairul Azhar were subsequently appointed as liquidators. The Liquidators may be reached at: Encik Mohd Afrizan bin Husain, and Encik Khairul Azahar bin Arrifin Messrs Tarmili Khairul Azhar 10th Floor Bangunan Yayasan Selangor 74 Jalan Raja Muda Abdul Aziz 50300 Kuala Lumpur, Malaysia The winding-up is expected to be completed by August 2007, about 16 months from the date of the liquidators' appointment. The Exercise is part of the rationalization and streamlining exercise of the Telekom Malaysia Group. About Celcom Academy Sdn Bhd Celcom Academy was incorporated in Malaysia on May 21, 1992. Its present authorized capital is MYR25,000 comprising 25,000 ordinary shares of MYR1.00 each. Its issued and paid-up capital, on the other hand, is MYR3 comprising three ordinary shares of MYR1.00 each. The Company, which was principally involved in the provision of training-related services, has ceased operations since 2004. 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. TONG GIAP: Faces Winding up Proceedings --------------------------------------- Seberang Distributors Sdn Bhd has, on March 10, 2006, filed a winding up petition against Tong Giap Feesmills Sdn Bhd before the High Court of Pulua Pinang. The Petition, which was served on Tong Giap on April 24, 2006, will be heard before the High Court on May 5. Under the Petition, Seberang asserts a MYR104,515.62 claim against Tong Giap on account of animal feed component materials, which Tong Giap purportedly obtained from the petitioner. Aside from the recent legal action, Tong Giap has already been a subject of a wind up petition by another creditor, Sin Heng Chan Pte Ltd, filed on March 24, 2006. Tong Giap Feeedmills is a 50% plus 1 share-owned subsidiary of Axasupreme Sdn Bhd, which is 51%-owned subsidiary of Foremost Holdings Berhad. Foremost had not given any Corporate Guarantees for Tong Giap's debts and will not face any financial liabilities. It has also written down its investment in Tong Giap via its holding company, Axasupreme Sdn Bhd. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Turns Around With PHP121-Million Profit ------------------------------------------------------------- After controlling costs, ABS-CBN Broadcasting Corporation was able to turn around on a PHP121 million net profit for the first quarter this year, Dow Jones says. At an annual stockholders' meeting, ABS-CBN Chairman Eugenio Lopez said that they were able to turn around from a PHP114 million net loss last year due to prudent spending and a lower cost base. He added that revenues were stable, and it was rebuilding its audience for its primetime shows. ABS-CBN will release its financial results on May 15, 2006. The Manila Bulletin, however, cited Mr. Lopez as saying that ABS-CBN does not expect its revenues to rise this year due to weak advertising. ABS-CBN's executive vice-president, Charo Santos-Concio, said that the introduction of new programs has led the Company to regain its audience. * * * ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com/-- is a leading Philippine radio and television broadcasting network and multimedia company. It was the first television station founded in the Philippines in 1953. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center, Mother Ignacia St., Diliman, Quezon City, Philippines. ABS-CBN has been struggling with its debt woes with continued operating losses, weak airtime revenues and rising costs amidst a drop in viewer ratings, along with the restructuring of its parent firm, Benpres Holdings. A stampede on February 4, 2006, that happened in time for a program anniversary led to rumors of license revocation for the Network, class action proceedings initiated by the victims and other expenses, which altogether led to a further drop in ABS-CBN share prices. MANILA ELECTRIC: Expects Sales to Grow by 2.8% ---------------------------------------------- Manila Electric Company forecasts a 2.8% growth in sales in 2006 due to an increased demand for power from light rail transit operations, new malls and call centers, the Philippine Star reveals. According to Manila Electric President Jesus Francisco, they are expecting demand to rise, as power-generating firms would source their electricity from the Company on higher fuel prices. The Troubled Company Reporter - Asia Pacific stated on April 27, 2006, that 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 in 2005, on increased demand. The Star adds that Manila Electric increased its pension provisions from PHP268 million to PHP484 million this year, whereas power purchases reached PHP36.84 billion, and operations and maintenance costs reached PHP2.35 billion. 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. MANILA ELECTRIC: Scraps NAPOCOR Settlement Talks on Contract ------------------------------------------------------------ Manila Electric Company and the National Power Corporation have stopped efforts to reach a settlement of Manila Electric's alleged failure to comply with the terms of a 10-year supply contract, ABS-CBN News relates. Manila Electric President Jesus Francisco said that they have stopped settlement talks with National Power as the matter is now up for final decision by the Energy Regulation Commission. The Company supposedly violated its contract when it decided to reduce its power purchases from National Power, so as to source energy from First Gas Philippines Corporation, a sister firm of National Power. The Manila Times said that in initial negotiation talks, both firms were looking to settle for PHP27 billion, which was later reduced to PHP20 billion. However, Manila Electric said that it only owed PHP14.3 billion to National Power, since it had bought more power from the government-owned company in the last year of the contract. Mr. Francisco said that Manila Electric and National Power are now going to prioritize on their current open access scheme, where large clients that consume more than 1 megawatt of power can choose where to buy electricity. 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. PACIFIC PLANS: Planholders File Suit for Syndicated Estafa ---------------------------------------------------------- Six planholders of Pacific Plans, Inc., filed criminal suits against the Company's owner, Ambassador Alfonso T. Yuchengco, and 24 directors and officials for syndicated estafa, the Manila Times reports. The six planholders, led by Philip Piccio under the Parents Enabling Parents Coalition, are just the first group who has filed lawsuits against the pre-need firm. In an interview with the Manila Times, Mr. Piccio said that the other planholders intend to file individual and group petitions with the Manila Regional Trial Court. In his 17-page complaint, Mr. Piccio said that he was persuaded by Pacific Plans to sign a contract to buy the Company's open- ended Traditional Educational Plans, based on "fraudulent misrepresentation" that the Company will assume the risks that come with the plans. ABS-CBN News says Pacific Plans has yet to receive a copy of the complaint, but the Company's president, Alfredo J. Non, denied the fraud allegations, saying that they are having financial difficulties due to skyrocketing tuition fees, which in turn increases the burden of the open-ended education plans' trust funds. * * * According to an April 15, 2005 report by the Troubled Company Reporter - Asia Pacific, Pacific Plans filed for suspension of plan payments and rehabilitation before the Makati Regional Trial Court as it predicted it would not be able to meet the future claims of its 34,000 planholders on ever-increasing tuition fees, ever since the Philippine Government removed a 10% cap on tuition hikes in 1990. A later TCR-AP report on December 5, 2005, stated that the Makati City Regional Court had approved Pacific Plans, Inc.'s rehabilitation plan, and appointed receiver Mamerto Marcelo to review the plan and figure out the best way to rehabilitate the firm. ================= S I N G A P O R E ================= CITIRAYA INDUSTRIES: Creditors Back SOA Meeting ----------------------------------------------- Citiraya Industries (Singapore) Pte Limited's first meeting of creditors was held on April 26, 2006. At the meeting, the unnamed Judicial Managers proposed that Citiraya apply to the High Court of the Republic of Singapore for an order to convene a meeting of creditors to seek their approval on Citiraya's scheme of arrangement or SOA. The proposal was approved by creditors by a resolution passed at the meeting. About Citiraya Industries Headquartered in Tech Park Crescent, Singapore, Citiraya Industries -- http://www.citiraya.com/-- is in the business of providing a one-stop recycling and processing service for the electronics industry. It has also commenced the provision of treatment processing services for toxic chemical waste, which contain precious metals. Citiraya was placed under judicial management in November 25, 2005. Since then, the Company has been plagued with problems including a bribery scandal, which sent former employees to jail. Citiraya Industries has also received claims from suppliers Infineon Technologies (Malaysia) Sdn Bhd and Infineon Technologies Asia Pacific Pte Ltd for alleged wrongful dealings with quantities of non-compliant integrated circuits. Last month, four more Ctiraya workers were charged by the Commercial Affairs Department in Singapore's Subordinate Court for allowing their securities accounts to trade Citiraya Industries Limited shares to benefit former chief executive Ng Teck Lee. About 15 people have been charged over the Citiraya allegations, and nine of them have been sentenced to jail. These individuals allegedly received million in bribes from ex-chief Ng Teck. In return, they helped the Company clinch multinational contracts, divert electronic chips meant for destruction to overseas resale markets, and falsely declared the content of precious metal extracted from electronic waste. Citiraya's creditors stand to get SG$29.7 million from the Company through a sale of assets. MAC CARPENTRY: Faces Bankruptcy Proceedings ------------------------------------------- Oversea-Chinese Banking Corporation Pte Limited has on, April 21, 2006, filed an application for bankruptcy order against Mac Carpentry Pte Limited. The application was lodged before the Assistant Registrar Chung Yoon Joo in Registrar Chamber 4 at the High Court of the Republic of Singapore. Contact: Koh Juat Jong Registrar Supreme Court, Singapore NAMITA INDUSTRIAL: Pays Preferential Dividend --------------------------------------------- Namita Industrial and Trading Concepts Pte Limited had paid a preferential dividend of 63.5% to its creditors on April 13, 2006, as ordered by the Supreme Court of Singapore. The Company also distributed preferential dividends to creditors on March 24, 2006, as reported by the Troubled Company Reporter - Asia Pacific. Contact: Moey Weing Foo Assistant Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 SAPPHIRE CORPORATION: Lists Best Efforts Debt Conversion Shares --------------------------------------------------------------- Sapphire Corporation Limited's 68,111,374 new ordinary shares in the Company's capital were listed and quoted on the Singapore Stock Exchange - Dealing and Automated Quotation System, or SGX- SESDAQ on April 26, 2006. The shares arose from a debt conversion exercise which the Company successfully negotiated with Caravelle Construction & Development Pte Limited and certain trade creditors on April 24, 2006. As reported by the Troubled Company Reporter - Asia Pacific on April 26, 2006, the Company had entered into bilateral debt conversion agreements with the parties for the conversion of an aggregate of SG$595,613.74 and SG$85,500 of liabilities owed to them by Company and Caravelle, respectively, into an aggregate of 59,561,374 amd 8,550,000 new shares at a conversion price of SG$0.01 per share. The conversion price is equivalent to the weighted average trading price of the Shares on the Singapore Stock Exchange - Dealing and Automated Quotation System, or SGX- SESDAQ, prior to the execution of the relevant debt conversion agreements with such creditors. According to TCRAP, the approval-in-principle has been granted by the Singapore Exchange Securities Trading Limited for the issue of, admission to and the listing and quotation of the Best efforts Conversion Shares on the SGX-SESDAQ. The approval granted and the listing and quotation of the Best Efforts conversion Shares are in no way reflective of the merits of the Company and its subsidiaries, the Best Efforts Debt Conversion Exercise, the Best Efforts Debt Conversion Shares or the shares of the Company. An aggregate of 68,111,374 new Shares were allotted and issued pursuant to the bilateral debt conversion agreements entered into out of the share issue mandate approved by shareholders in the Company's Annual General Meeting held on April 18, 2005, TCRAP said. About Sapphire Corporation Limited Incorporated in Singapore on November 26, 1985, Sapphire Corporation Limited, formerly IRE Corporation Limited -- http://www.ire.com.sg/-- is engaged in building maintenance and upgrading; the supply and application of architectural finishing products and related services; and building construction and formwork design engineering. Sapphire has engaged in various debt and equity restructuring exercises in order to improve its cash flow and repay its loans. TOMEX CONSTRUCTION: Bankruptcy Action Initiated ----------------------------------------------- Hong Leong Finance Limited, on April 21, 2006, filed an application for bankruptcy order against Tomex Construction Pte Limited. The application was lodged before the Assistant Registrar Chung Yoon Joo in Registrar Chamber 4 at the High Court of the Republic of Singapore. Contact: Koh Juat Jong Registrar Supreme Court, Singapore TRI-M TECHNOLOGIES: Adds Details to 2005 Financial Results ---------------------------------------------------------- Further to the Group's full-year results announced on March 1, 2006, Tri-M Technologies (S) Limited disclosed that in the Company's audited financial statements for the period ended December 31, 2005, the taxation charge was reduced by SG$389,000 due to a reversal of the over-provision of deferred tax liability at Group level. The reversal was reclassified as provision for inventory obsolescence, which was in line with the Board's prudent financial policy. The increase in the inventory provision was discussed with, and agreed by, the external auditors. The Board continues to closely monitor slow-moving inventories and Management is following up with the customers to obtain sales orders to reduce such inventories. Loss before tax has changed from SG$3,971,000 to SG$4,360,000, while loss after tax remains the same at SG$4,925,000. Net inventory after the increase in the provision for inventory obsolescence is SG$9,348,000. The Board also revealed that the 2005 Financial Statements contain a qualification not amounting to an emphasis of matter in the Auditors' Report. Full-text copies of the Auditors' Report and Notes 1(b) and 10 to the 2005 Financial Statements are available for free at: http://bankrupt.com/misc/tcrap_trimtechnologies042706.pdf http://bankrupt.com/misc/tcrap_trimtechnologiesnotes042706.pdf About Tri-M Technologies (Singapore) Limited Tri-M Technologies (Singapore) Limited -- http://www.tri-m.com.sg/-- is a diversified Electronics Manufacturing Services provider with facilities in Singapore, Malaysia, Philippines and China. In addition, Tri-M has forged strategic alliances in SJ, United States for prototyping and small quantity run to support U.S.-based customers. Tri-M provides services in product design & development, prototyping, full turnkey manufacturing & total supply chain management. TRI-M has been posting financial losses since 2004, when reported a SGD931,000 net loss for the six months ended September 30, 2004. The Company earlier reported that it had overstated its losses for the first-half of 2005, overstating an amount of SGD795,000 in sales from January to September 2005. Tri-M's internal auditors are currently conducting a review of its financial statements. YANG CONSTRUCTION: Creditors Must Prove Debts by May 5 ------------------------------------------------------ Assistant Official Receiver Kamala Ponnampalam is receiving proofs of claims from the creditors of Yang Construction Pte 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's Office The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 =============== T H A I L A N D =============== THAI PETROCHEMICAL: Exit from Rehabilitation Approved by Court --------------------------------------------------------------- On April 26, 2006, the Central Bankruptcy Court of Thailand approved Thai Petrochemical Industry Plc's exit from business rehabilitation, The Nation reports. The Court's ruling ends a chapter to the country's largest corporate debt case. Along with the Court's ruling was the rejection of Prachai Leophairatana's petitions for a resumed chairmanship in the Company. Mr. Leophairatana, the Thai Petrochemical founder, was able to call a board meeting shortly before the Court ruling in a final effort to gain control of his Company. The meeting appointed 10 new directors, including him as the Company Chairman, and agreed on an increase of authorized signatories to 12 persons from 6. However, The Bangkok Post relates, shareholders of the Company are also expected to conduct a meeting, in which they are expected to appoint new directors and authorized signatories including representatives from the PTT Plc, a state owned oil and gas company. Mr. Leophairatana is also expected to attend the meeting to fight for the chairmanship against new shareholders led by PTT. Thai Petrochemical entered rehabilitation six years ago with debts totaling US$3.7 billion. As reported in The Troubled Company Reporter - Asia Pacific, the share restructuring of Thai Petrochemical last year made PTT the largest single shareholder with a 30% stake. In an interview with The Nation, a lawyer who represented the rehabilitation plan's administrator said that "Prachai could attend the meeting as a shareholder and a director, but whether he will remain on the board will be determined right after the meeting." Mr. Leophairatana had filed a petition to postpone the Bankruptcy Court's entry of a ruling. He asserted that a delay is reasonable since there are over 10 pending related cases filed with the Supreme Court. However, the request was rejected by the Bankruptcy Court, arguing that since the Supreme Court had not yet ruled on the cases, its ruling remains valid. The Court ruled that the business rehabilitation plan of Thai Petrochemical and its six subsidiaries -- Thai ABS Co; TPI Aromatics Plc; TPI Oil Co; TPI Polyol Co; Thai Polyurethane Industry Plc; and TPI Energy Co. -- be terminated. The court reasoned that aside from Thai Petrochemical's sound financial status and steady revenue and profits, the plan administrator also met the outlined requirements in the rehabilitation plan, including capital restructuring, board restructuring, debt repayment and the sale of shares to employees and creditors. Apichart Phankeasorn, legal advisor to Thai Petrochemical's creditors, said talks would be held with PTT to refinance the Company's THB37.89 billion outstanding debt. About the Company Headquartered in Bangkok, Thailand, Thai Petrochemical Industry -- http://www.tpigroup.co.th/-- is the leading integrated petrochemical company in the country, producing naphtha, liquefied petroleum gas, and lubricant oils. The Thai Government was reorganizing the bankrupt company, which had defaulted on $2.7 billion in loans, until PTT Plc, Thailand's largest oil and gas group, and Thailand's biggest company, purchased a 31.5% stake in Thai Petrochemical late in 2005. In December 2005, PTT and three other state agencies completed payment for a 61.5% stake on in Thai Petrochemical. The money was used to pay for a bulk of the Company's defaulted loans. The Company has since been trying to get out of restructuring. * Large Companies With Insolvent Balance Sheets ----------------------------------------------- Total Shareholders Total Equity Assets Company Ticker ($MM) ($MM) ------ ------ ------------ ------ CHINA & HONG KONG Guangdong Meiya Group Co. Ltd. 000529 27.43 178.19 Guangdong Sunrise Group Co. Ltd-A 000030 (-182.94) 35.98 Guangdong Sunrise Group Co. Ltd-B 200030 (-182.94) 35.98 Hainan Dadong-A 000613 (-6.63) 17.81 Hainan Dadong-B 200613 (-6.63) 17.81 Heilongjiang Black Dragon Co. Ltd. 600187 (-29.45) 153.92 Shenz China Bi-A 000017 (-206.90) 50.08 Shenz China Bi-B 200017 (-206.90) 50.08 Xinjiang Tunhe Investment Co. Ltd. 600737 47.57 476.47 JAPAN Sakurada Co. Ltd. 005917 44.10 215.62 Yakinikuya Sakai Co. 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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 ***