/raid1/www/Hosts/bankrupt/TCRAP_Public/060606.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, June 6, 2006, Vol. 9, No. 111
Headlines
A U S T R A L I A & N E W Z E A L A N D
ASCOT CONSTRUCTIONS: To Distribute Dividend on June 9
ATCO ELECTRONIC: Members Agree on Liquidation
BC INDUSTRIAL: Court to Hear Liquidation Application on June 15
BUNBORA PTY: Decides to Close Operations
CALWRIGHT PACKAGING: Receivers Step Aside
CONTRACT MESSENGER: CIR Files Liquidation Petition
CORNISHE COMPANY: Names Peter Krejci as Liquidator
CORPORATE ADVISORY: Supreme Court Orders Wind-up
COYOTE HOLDINGS: Receiver and Manager Named
EJ&L PINCINI: Final Meeting Fixed for Today
ELLINGTON EAST: Liquidation Bid Hearing Set on June 12
EVANS & TATE: Shares Placed in Trading Halt Pending ABD Ruling
EVERGREEN MEMORIAL: To Declare Dividend on June 14
HOUSE OF SOY: Members Appoint Liquidator
HYGRADE PLASTER: Enters Voluntary Liquidation
JUGGERNAUT TECHNOTHERAPY: Voluntarily Winds Up
K&J GARDNER HAULAGE: Liquidator Presents Wind-up Report
MCG TELEVISION: Members Agree to Cease Operations
MICK HORNSBY & CO: Members Opt for Voluntary Wind-up
NATIONAL AUSTRALIA: Ditches Refund Plans on Overcharging Scandal
PEPAR PTY: Winds Up Business
R & D MASON: Members Opt for Voluntary Wind-up
ROTHBURY PTY: Initiates Wind-up Proceedings
SYNERGY GROUP: Inability to Pay Debts Prompts Wind-up
TELSTRA CORPORATION: ACT Rejects Proposed AU$9 Access Charge
TRAFFIC AND ROADING: Creditors' Proofs of Claim Due on June 30
TOOT REMOVAL: Prepares to Pay Dividend to Creditors
WESTPOINT GROUP: ASIC Bars Promoter from Leaving Australia
YAMATO FOODS: Court Issues Wind-up Order
C H I N A & H O N G K O N G
AGILE SOFTWARE: Creditors' Proofs of Claim Due on July 10
BATEY BURN: Liquidator to Present Wind-up Report on July 3
CENTERLINE AGENTS: Members Opt for Voluntary Wind-up
CLASSICS ENTERPRISES: Court to Hear Wind-up Petition on June 28
GREAT FORCE: Members' and Creditors' Final Meetings Set July 6
GREEN APPLE: Faces Winding up Proceedings
LAI WO HONG: Members Final Meeting Slated for July 4
SPECIAL COATINGS: Court to Hear Winding-up Bid on July 12
VICLAND LIMITED: Creditors Must Prove Debts by June 23
WHOLE RISE: Members and Creditors to Get Wind-up Report July 3
I N D I A
DUNLOP INDIA: New Workers List Infuriates Unions
HINDUSTAN PETROLEUM: Bags Readers Digest Award
TUNGABHADRA STEEL: Proposed Revival Gets Cabinet's Nod
J A P A N
SOMPO JAPAN: President Resigns After Business Suspension
K O R E A
SSANGYONG MOTOR: Union Opposes SUV Manufacture in China
M A L A Y S I A
AVANGARDE RESOURCES: Delays Submission of Financial Report Again
AYER MOLEK: Posts Zero Review for First Quarter
DATUK KERAMAT: Fails to File First Quarter Report
GULA PERAK: Net Current Deficit Hits MYR51.7 Million as of March
JOHAN HOLDINGS: Fails to Submit Annual Audited Accounts on Time
MYCOM BERHAD: Third Quarter Unveils Poor Results
NORTH BORNEO: March 31 Balance Sheet Reveals Poor Liquidity
PAXELENT CORPORATION: Incurs MYR1.7-Million Loss in 1Q/FY2006
PILECON ENGINEERING: Unable to Pay Debts Due to Insolvency
PILECON ENGINEERING: 29th AGM Slated for June 23
SATERAS RESOURCES: Pre-tax Loss Drops to MYR2.306 Million
SUREMAX GROUP: Unit Mulls Joint Venture with Japsyukur
P H I L I P P I N E S
NEGROS NAVIGATION: In Talks With Foreign & Local Investors
PREMIERE ENTERTAINMENT: Turns Around with PHP370,000 Net Income
PRIME MEDIA: In Talks with Creditors to Clear Balance Sheet
PRYCE CORP: Court of Appeals Rejects Rehabilitation Plan
VICTORIAS MILLING: Deutsche Bank Acquires 36 Million Shares
ZEUS HOLDINGS: Auditor Raises Going Concern Doubt
S I N G A P O R E
ACCORD CUSTOMER: Former CEO Pleads Guilty to Fraud
ACCORD CUSTOMER: Book Closure Date Fixed on June 16
ACER TECHNOLOGY: Creditors Must Prove Claims by July 3
ELECTRONIC MATERIALS: Creditors' Proofs of Claim Due on July 3
SNP DIGITAL: Placed in Members' Voluntary Wind-Up
VANGUARD REALTY: Intends to Declare Dividend to Creditors
* BOND PRICING: For the Week 5 June to 9 June 2006
- - - - - - - -
============================================
A U S T R A L I A & N E W Z E A L A N D
============================================
ASCOT CONSTRUCTIONS: To Distribute Dividend on June 9
-----------------------------------------------------
Ascot (Bendigo) Constructions Pty Limited will distribute a
first and final dividend on June 9, 2006.
Creditors who were unable to prove their claims are excluded
from sharing in the dividend distribution.
Contact: James Patrick Downey
Liquidator
Cole Downey & Co. Chartered Accountants
Level 1, 22 William Street
Melbourne, Victoria 3000
Australia
ATCO ELECTRONIC: Members Agree on Liquidation
---------------------------------------------
The members of Atco Electronic Controls Pty Limited convened on
April 12, 2006, and agreed to liquidate the Company's business
operations.
Gregory Stuart Andrews of G. S. Andrews & Associates, and A.
Thomas Fernandez of Fernandez Partners Pty Limited were
appointed as joint liquidators.
Contact: Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton
Victoria 3053, Australia
Telephone: (03) 9662 2666
Fax: (03) 9662 9544
A. Thomas Fernandez
Liquidator
Fernandez Partners Pty Limited
3 Chester Street, Glen Waverley
Victoria 3150, Australia
BC INDUSTRIAL: Court to Hear Liquidation Application on June 15
---------------------------------------------------------------
The High Court of Auckland will, on June 15, 2006, hear a
petition to put BC Industrial Engineers & Consultants Ltd into
liquidation.
The Commissioner of Inland Revenue filed the petition before the
High Court on March 16, 2006.
Contact: Simon John Eisdell Moore
Solicitor for the Plaintiff
Meredith Connell
Level Seventeen, Forsyth Barr Tower
55-65 Shortland Street
Auckland, New Zealand
BUNBORA PTY: Decides to Close Operations
----------------------------------------
At an extraordinary general meeting of Bunbora Pty Limited held
on April 11, 2006, Andrew Carter of Chapman & Eastway was
appointed as liquidator to oversee the Company's wind-up
activities.
Contact: Andrew Carter
Liquidator
Chapman & Eastway
Level 12, 10 Barrack Street,
Sydney, Australia
CALWRIGHT PACKAGING: Receivers Step Aside
-----------------------------------------
Simon A. Wallace-Smith and Salvatore Algeri ceased to act as
joint and several receivers and managers of the property of
Calwright Packaging Pty Limited on April 13, 2006.
CONTRACT MESSENGER: CIR Files Liquidation Petition
--------------------------------------------------
The Commissioner of Inland Revenue, on April 5, 2006, filed with
the High Court of Auckland an application to put Contract
Messenger Services Limited into liquidation.
The application will be heard before the High Court on June 15,
2006.
Contact: Contact: Simon John Eisdell Moore
Solicitor for the Plaintiff
Meredith Connell
Level Seventeen, Forsyth Barr Tower
55-65 Shortland Street
Auckland, New Zealand
CORNISHE COMPANY: Names Peter Krejci as Liquidator
--------------------------------------------------
The members and creditors of The Cornishe Company Pty Limited
gathered at separate meetings on April 19, 2006, and agreed to:
-- voluntarily wind up the Company's business operations; and
-- appoint Peter P. Krejci, of GHK Green Krejci, as liquidator
to manage the Company's wind-up activities.
Contact: Peter P. Krejci
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney, New South Wales 2000
Australia
CORPORATE ADVISORY: Supreme Court Orders Wind-up
------------------------------------------------
The Supreme Court of New South Wales ordered the winding up of
Corporate Advisory & Training Pty Limited on April 21, 2006, and
appointed Antony de Vries as liquidator.
Contact: Antony de Vries
Liquidator
c/o de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta, New South Wales 2124
Australia
Telephone: (02) 9633 3333
Fax: (02) 9633 3040
COYOTE HOLDINGS: Receiver and Manager Named
-------------------------------------------
Anthony Harris was appointed as receiver and manager of Coyote
Holdings (Tauranga) Limited on May 18, 2006. Hence, Mr. Harris
will manage all the Company's property.
Contact: Anthony Harris
Receiver and Manager
Harris
Neil and Associates Limited, 28 Park Street
Tauranga, New Zealand
Telephone: (07) 571 6384
Facsimile: (07) 571 6385
EJ&L PINCINI: Final Meeting Fixed for Today
-------------------------------------------
A final meeting of the members of EJ&L Pincini (Melbourne) Pty
Limited will be held today, June 6, 2006, for them to receive
Liquidator G. M. Rambaldi's final account showing how the
Company was wound up and how its property was disposed of.
Contact: G. M. Rimbaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne, Victoria 3000
Australia
ELLINGTON EAST: Liquidation Bid Hearing Set on June 12
------------------------------------------------------
An application to put Ellington East Limited into liquidation
will be heard before the High Court of Christchurch on June 12,
2006, at 10:00 a.m.
Tonkin & Taylor Limited filed the petition on May 3, 2006.
Contact: Roger A. MCL. Fraser
Receivables Management (NZ) Limited
Level Eight, 7 City Road, Auckland
New Zealand
Facsimile: (09) 919 3697.
EVANS & TATE: Shares Placed in Trading Halt Pending ABD Ruling
--------------------------------------------------------------
At Evans & Tate Limited's request, shares in the Company were
placed in a trading halt from June 2, 2006, until the start of
trading to June 6, or until an announcement is made to the
Australian Stock Exchange, the Australian Associated Press
reports.
The Australian relates that the trading halt came after shares
in E&T rose more than 70% on expectation of a favorable court
ruling in the winemaker's case with Australian Beverage
Distributors.
As reported in the Troubled Company Reporter - Asia Pacific on
May 26, 2006, ABD launched wind-up proceedings against Evans &
Tate and its subsidiary, Evans & Tate Premium Wines Pty Ltd.,
with the New South Wales Supreme Court on May 24, asserting that
Evans & Tate was insolvent and had been unable to pay its debts
as and when they fell due. ABD contended that Evans & Tate
should be wound up "to prevent the further dissipation in the
value of assets available to unsecured creditors."
Furthermore, ABD sought a declaration from the Supreme Court
that the notice of meeting of holders of Evans & Tate's
unsecured convertible notes, scheduled for June 14, 2006, is
false and misleading.
Evans & Tate managing director Martin Johnson, The Advertiser
says, sent a letter to the ASX saying that the Company had
requested the halt because it had learned that a judgment on the
wind-up application was expected to be delivered verbally in the
NSW Supreme Court on June 5, 2006.
The Australian notes that the earlier rumors of a verbal
judgment being handed down in Evans & Tate's favor were
responsible for the surge in the winemaker's share price, as
investors considered it unlikely that a decision to wind up a
public company would be made without a written judgment.
Shares in Evans & Tate rose from 7 cents to 12 cents before the
trading halt, BusinessNews points out.
The TCR-AP recounts that Evans & Tate and ABD have been involved
in a commercial dispute for about two years in the NSW District
Court in Newcastle. The dispute relates to the payment for more
than AU$240,000 of wine that ABD received from Cranswick Premium
Wines before Evans & Tate took over Cranswick three years ago.
Evans & Tate claimed that it was, in turn, owed AU$216,000 by
ABD, and decided to fight the wind-up process in the Newcastle
District Court in NSW.
In an update, the Sydney Morning Herald says that the decision
on the ABD case has been delayed until today, June 6, 2006.
About Evans & Tate
Headquartered in Wembley, Western Australia, Evans & Tate
Limited -- http://www.etw.com.au/-- is an Australian wine
company listed on the Australian Stock Exchange. The primary
businesses of the Evans & Tate Wine Group are the production,
marketing and distribution of a number of branded, exclusive
labeled and unbranded wines; contract winemaking; wine trading;
viticultural services; and wine tourism through its Visitor
Centers.
In June 2005, rumors began brewing that the wine maker was
carrying total liabilities of AU$127.5 million, of which
AU$102.5 million was interest-bearing debt. A few days later,
Evans & Tate admitted that it had been coordinating with
insolvency firm KordaMentha on the recommendation of its major
creditor, ANZ Banking Group Limited. It had appointed
KordaMentha's 333 Performance Management "to improve its
forecasting, planning and business efficiencies." Evans & Tate
also admitted that it was cash flow negative and had sought an
AU$8.5-million capital injection from ANZ Bank. The firm
further said that it would cut the value of its wine inventories
by AU$8 million to AU$10 million, offload stock at a discount,
and cut the carrying value of certain wineries. In July 2005,
Evans & Tate has secured an additional AU$10 million in short-
term working capital from ANZ. In January 2006, Evans & Tate
announced that it was selling off its Griffith Winery to boost
capital, but not without borrowing another AU$12 million. The
Company is still seeking for buyers. In February 2006, Evans &
Tate shed 20 jobs as part of a restructure that it said was
expected to result in cost savings of about AU$2.5 million a
year.
EVERGREEN MEMORIAL: To Declare Dividend on June 14
--------------------------------------------------
Evergreen Memorial Park Pty Limited will declare its first and
final dividend on June 14, 2006, to the exclusion of creditors
who were not able to prove their claims.
Contact: D. J. F. Lombe
Liquidator
Deloitte Touche Tohmatsu
Level 3, 225 George Street
Sydney, New South Wales 2000
Australia
HOUSE OF SOY: Members Appoint Liquidator
----------------------------------------
The members of House of Soy Pty Limited met on April 21, 2006,
and appointed Christopher J. Palmer of O'Brien Palmer as
liquidator to oversee the Company's wind-up activities.
Contact: Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney, New South Wales 2000
Australia
HYGRADE PLASTER: Enters Voluntary Liquidation
---------------------------------------------
At a general meeting of Hygrade Plaster Distributors Pty Limited
held on April 13, 2006, members decided to voluntarily wind up
the Company's operations.
Creditors appointed M.F. Cooper, of Frasers Insolvency Advisory,
as liquidator at a meeting held on the same day.
Contact: M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 5, 99 Elizabeth Street,
Sydney, New South Wales 2000
Australia
JUGGERNAUT TECHNOTHERAPY: Voluntarily Winds Up
----------------------------------------------
Members of Juggernaut Technotherapy Pty Limited resolved
to voluntarily wind up the Company at a general meeting
held on April 13, 2006.
Creditors subsequently named Craig Crosbie of PPB
Chartered Accountants as liquidator at a separate
meeting held on the same day.
Contact: Craig Crosbie
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne, Victoria 3000
Australia
K&J GARDNER HAULAGE: Liquidator Presents Wind-up Report
-------------------------------------------------------
The members and creditors of K&J Gardner Haulage Pty Limited
will convene at a final meeting today, June 6, 2006, to get an
account of the manner of the Company's wind-up and property
disposal from Liquidator Russell Peake.
Contact: Russell Peake
Liquidator
Jenkins Peake & Co. Chartered Accountants
PO Box 1570, Geelong 3220
Australia
Telephone: (03) 5223 1000
Fax: (03) 5221 4938
MCG TELEVISION: Members Agree to Cease Operations
-------------------------------------------------
The members of Pty Limited held a meeting on April 13, 2006, and
agreed to shut down the Company's business operations and
appoint Jenner L. Harwood as liquidator.
Contact: Jenner L. Harwood
Liquidator
Suite 1, 19-21 Watt Street
Gosford, New South Wales 2250
Australia
Telephone: (02) 4324 3288
Fax: (02) 4324 3436
MICK HORNSBY & CO: Members Opt for Voluntary Wind-up
----------------------------------------------------
At a general meeting of the members of Mick Hornsby & Co.
(Dandenong) Pty Limited on April 12, 2006, it was agreed that a
voluntary wind-up of the Company's operations is appropriate and
necessary.
In this regard, Gregory Stuart Andrews, of G.S. Andrews &
Associates, was appointed as liquidator.
Contact: G. S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton
Victoria 3053, Australia
Telephone: (03) 9662 2666
Fax: (03) 9662 9544
NATIONAL AUSTRALIA: Ditches Refund Plans on Overcharging Scandal
----------------------------------------------------------------
More than a year after it confessed to over-charging on clients'
accounts, National Australia Bank said that it has abandoned
efforts to contact the remaining customers who have not yet
received refunds, The Sydney Morning Herals reports.
The Sydney Herald recounts that NAB, in May 2005, confessed to
overcharging on packaged loans when it introduced a range of
"Choice" packages, which allowed customers to bundle loans and
accounts together and pay one annual fee. The error occurred
when more than one loan was taken out under the package and the
annual fee was charged more than once.
NAB spokesman Geoff Lynch notes that 96,000 customers had
already received average refunds of AU$625.
However, Jessica Irvine, of the Sydney Herald, relates that
around 17,000 NAB clients are still owed a total of AU$10
million on account of the overcharging, which dates back to
1994. Ms. Irvine says that with NAB aborting its refund plan,
other customers who closed their accounts prior to 2000 and for
which records are incomplete may never see their money returned.
The Sydney Herald cites customer groups as asserting that the
bank did not act quickly enough to identify and compensate its
customers.
According to the report, NAB has run just two lots of newspaper
advertisements to alert customers with closed accounts about the
overcharging since the errors were revealed last year. The last
ad, which ran for one day last month, failed to unearth a single
customer, the Sydney Herald notes.
Mr. Lynch confirmed that the bank has no plans to run more
campaigns about the overcharging, admitting that this could mean
that some unsuspecting customers would never get a refund.
Mr. Lynch told the Sydney Herald that there has been a huge
volume to go through and that some cases have been complicated
with difficulties in tracking through all of the customers
attached to all of the accounts.
* * *
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. As of February 2006, NAB said
that it was moving ahead and that planning for its post-recovery
phase was under way.
PEPAR PTY: Winds Up Business
----------------------------
The members of Pepar Pty Limited met on April 12, 2006, and
decided to wind up the Company's business operations
voluntarily.
Christopher Michael Williamson and Kimberley Andrew Strickland,
of SimsPartners, were appointed as joint and several voluntary
liquidators.
Contact: Christopher M. Williamson
Kimberley A. Strickland
Liquidators
SimsPartners
Level 12, 40 St George's Terrace
Perth, West Australia 6000
R & D MASON: Members Opt for Voluntary Wind-up
----------------------------------------------
The members of R & D Mason Pty Limited held a meeting on April
13, 2006 and concurred that the Company should wind up its
operations voluntarily.
Contact: Tim Davis
123 Margaret Street
Toowoomba, Queensland 4350
Australia
ROTHBURY PTY: Initiates Wind-up Proceedings
-------------------------------------------
At a general meeting on April 12, 2006, the members of Rothbury
Pty Limited resolved to close the Company's business operations
and distribute the proceeds of its assets.
Subsequently, William John Fletcher and Katherine Elizabeth
Barnet were appointed as liquidators.
Contact: Katherine E. Barnet
William J. Fletcher
Liquidators
Bentleys MRI Chartered Accountants
Level 26, 10 Eagle Street
Brisbane, Queensland 4000
Australia
Telephone: (07) 3222 9777
SYNERGY GROUP: Inability to Pay Debts Prompts Wind-up
-----------------------------------------------------
At the meeting of The Synergy Group Int. Pty Limited on
April 20, 2006, members opted to wind up the Company's
operations due to its inability to pay its debts when they fall
due.
Daniel Civil, of Rodgers Reidy, was consequently appointed as
liquidator.
Contact: Daniel Civil
Liquidator
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney, New South Wales 2000
Australia
TELSTRA CORPORATION: ACT Rejects Proposed AU$9 Access Charge
------------------------------------------------------------
The Australian Competition Tribunal has affirmed the Australian
Competition and Consumer Commission's rejection of Telstra
Corporation's proposed AU$9 monthly charge for its line sharing
service, ITWire reports.
Stuart Corner, of ITWire, explains that the LSS is used by
service providers to supply broadband to their customers on a
Telstra phone line simultaneous with that line being used to
provide a standard telephone service.
In a move to limit rivals' access to its phone lines, Telstra
had proposed to charge its competitors AU$9 per line on a
monthly basis. However, ITWire relates, the plan was rejected
by the ACCC in December 2005. Telstra appealed the ACCC's
decision to the ACT in January 2006.
Following the ACT's decision, the price for the LSS will now be
determined by agreement between Telstra and individual
customers, and where agreement is unable to be reached, by the
ACCC following notification of an access dispute.
ACCC's Network Upgrade Faces ACCC Rejection
The Age recounts that Telstra plans to spend money on a high-
speed fibre-to-the-node broadband network in the five biggest
capital cities in Australia. The telco had indicated that it
will only develop its fibre-to-the-node network if the ACCC
allows it to charge commercial rates to rivals that want to use
the network.
According to The Age, protracted talks over Telstra's AU$3.1
billion broadband network upgrade may come to nothing, after the
ACCC flagged its inclination to reject the telco's proposal to
limit competitors' access.
The Age cites the ACCC's commissioner for telecommunications, Ed
Willett, as saying that Telstra's upgraded broadband network was
not essential for consumers because broadband speeds as high as
24 megabits a second were available from telcos such as Optus
and iiNet, which had installed special broadband equipment in
telephone exchanges.
Mr. Willett said that the ACCC would not approve restrictive
conditions on Telstra's proposed network. He said that any in
order for any network proposal by Telstra to be successful, the
telco must promise better offerings for consumers than the
likely alternative.
Telstra reiterated its assertion that it will not develop the
fibre-to-the-node network if the ACCC will not allow them
regulatory exemption. The telco said that it cannot afford to
build a AU$3.1 billion fibre-to-the-node network "if there is no
investment certainty for that massive amount of shareholders'
savings."
The Troubled Company Reporter - Asia Pacific reported on May 9,
2006, that the sale of the Government's remaining 51.8% stake in
Telstra is effectively on hold until the telco's concerns over
regulations applying to its proposed fibre-to-the-node broadband
network are ironed out.
About Telstra
Headquartered at Melbourne, in Victoria, Australia, Telstra
Corporation -- http://www.telstra.com.au/-- is an Australian
telecommunications and information services company. Telstra
offers a full range of services and compete in all
telecommunications markets throughout Australia, providing more
than 10.3 million Australian fixed line and more than 6.5
million mobile services. In September 2005, Telstra suffered an
earnings downgrade and share price fall. The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing. Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company. The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade. This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior. In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.
TRAFFIC AND ROADING: Creditors' Proofs of Claim Due on June 30
--------------------------------------------------------------
Creditors of Traffic and Roading Services Auckland Limited are
required to file their proofs of claim on or before June 30,
2006, with Liquidators Grant Bruce Reynolds and Gilbert Dale
Chapman.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Traffic and Roading Services was placed into liquidation on May
18, 2006.
Contact: Grant Bruce Reynolds
Reynolds & Associates Limited
Insolvency Practitioners
P.O. Box 259-059, Burswood
East Tamaki, Auckland
Telephone: (09) 577 0162
Facsimile: (09) 577 0243
TOOT REMOVAL: Prepares to Pay Dividend to Creditors
---------------------------------------------------
Toot Removal Contractors Pty Limited will declare its first and
final dividend on June 14, 2006.
Creditors who were not able to prove their claims will be
excluded from sharing in any distribution the Company will make.
Contact: Nicholas Crouch
Liquidator
Crouch Insolvency Chartered Accountants
Level 28, 31 Market Street
Sydney, New South Wales 2000
Australia
WESTPOINT GROUP: ASIC Bars Promoter from Leaving Australia
----------------------------------------------------------
The Australian Securities and Investment Commission sought and
obtained an order from the Supreme Court of New South Wales
freezing the assets of a Westpoint financial promoter and
preventing him from leaving Australia, ABC News Online reports.
According to The Australian, Neil Austin Burnard, the sole
director of Palentia Pty Ltd -- formerly known as Kebbel Pty Ltd
-- and who reportedly promoted Westpoint schemes to investors,
was forced to return to Sydney on June 4, 2006, after
authorities blocked his entry into the United States.
Richard Beck, the founder of Kebbel, was a Westpoint director.
The urgent order against Mr. Burnard was sought after ASIC was
advised that he was planning to leave Australia and reside in
the U.S. Mr. Burnard had already boarded a Qantas flight bound
for Los Angeles when the order was issued by the Court. The
Sydney Morning Herald says that upon Mr. Burnard's arrival at
the U.S., American immigration officials loaded him back on to
the same Qantas aircraft for a flight back to Australia.
ASIC believes that Mr. Burnard, through Palentia, helped raise
more than AU$100 million for Westpoint from small investors,
mainly in NSW and Queensland. Palentia earned AU$6.5 million in
commissions in the process, ASIC said. However, Palentia had
recently stopped trading and abandoned its registered office.
ASIC believes the company may be insolvent.
As stated in the press reports, Mr. Burnard was forced to
surrender his passport and unused airline tickets. Moreover,
the Supreme Court froze his personal assets, as well as that of
Palentia and another related company, Tenala.
The Court allowed Mr. Burnard AU$2,000 a week for living costs
and legal costs of up to AU$20,000.
He is expected to appear in the New South Wales Supreme Court on
June 13, 2006, over his involvement with Westpoint.
About Westpoint Group
Headquartered in Perth, Western Australia, the Westpoint Group
-- http://westpoint.com.au/-- is engaged in property
development and owns or manages retail and commercial properties
with a total value of over AU$300 million. The Group's troubles
began in 2005 when the Australian Securities and Investments
Commission commenced a series of legal proceedings in relation
to a number of companies within the Westpoint Group. ASIC
contends that Westpoint projects are suffering from significant
shortfall of assets over liabilities so that hundreds of
investors are at serious risk of not receiving repayment of
their investments. These investigations were then followed by
the winding up of a number of Westpoint's mezzanine companies.
ASIC also sought wind-up orders after the Westpoint companies
failed to comply with ASIC's requirement to lodge accounts for
certain financial years. These wind-up actions are still
continuing.
In February 2006, a wind-up order was issued by the Federal
Court in Perth against Westpoint Corporation Pty Ltd. ASIC had
applied to wind up the company on grounds of insolvency. ASIC
believes that Westpoint Corporation is responsible for
arranging, managing and coordinating Westpoint Group's property
projects as well as holding money for other group companies.
ASIC was concerned that Westpoint Corporation was unable to pay
its debts, including its obligations under the guarantees given
to the mezzanine companies to make good expected shortfalls in
the repayment of amounts owed to investors. The Westpoint
Group's collapse is considered by many as the largest of its
type in recent years, with small investors being the biggest
group affected. Investors are currently joining forces to
commence a class action against Westpoint and its advisors.
YAMATO FOODS: Court Issues Wind-up Order
----------------------------------------
The Supreme Court of New South Wales had on April 21, 2006,
ordered the winding up of Yamato Foods Pty Limited and
appointment of Steven Nicols as liquidator.
Contact: Steven Nicols
Liquidator
Level 2, 350 Kent Street
Sydney, New South Wales 2000
Australia
================================
C H I N A & H O N G K O N G
================================
AGILE SOFTWARE: Creditors' Proofs of Claim Due on July 10
---------------------------------------------------------
Liquidators Andrew C. Ma and Felix Lee require the creditors of
of Agile Software Ltd to submit their proofs of claim by July
10, 2006.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Andrew C. Ma
19/F., Seaview Commercial Bldg
21-24 Connaught Road West,
Hong Kong
BATEY BURN: Liquidator to Present Wind-up Report on July 3
----------------------------------------------------------
Joint and Several Liquidator Leong Ting Kwok will present his
final accounts of Batey Burn (Indochina) Ltd's wind-up
operations.
The presentation will be made at 26/F., Citicorp Centre, 18
Whitfield Road, Causeway Bay, Hong Kong on July 3, 2006 at 10:00
a.m.
CENTERLINE AGENTS: Members Opt for Voluntary Wind-up
----------------------------------------------------
Shareholders of Centerline Agents on May 23, 2006, passed a
resolution to voluntarily wind up the Company's operations and
appoint Francis Young as liquidator.
Contact: Francis Young
20/F., Tung Wai Commercial Bldg
109-111 Gloucester Road
Wanchai, Hong Kong
CLASSICS ENTERPRISES: Court to Hear Wind-up Petition on June 28
---------------------------------------------------------------
An application to wind up Classics Enterprises (Holdings) Ltd
will be heard before the High Court of Hong Kong on June 28,
2006, at 9:30 a.m.
BII Finance Company Ltd filed the application before the High
Court on April 28, 2006.
Contact: To, Lam & Co
Solicitors for the Petitioner
Units 1503B-1504
15/F., Wing On House
71 Des Voeux Road Central
Hong Kong
GREAT FORCE: Members' and Creditors' Final Meetings Set July 6
--------------------------------------------------------------
Members and creditors of Great Force Industries Ltd will convene
for their final general meetings at the liquidator's office on
July 6, 2006, at 10:00 a.m. and 10:30 a.m. respectively.
During the meetings, Liquidator Liu Kin Sing will present final
accounts of the Company's wind-up operations.
Contact: Gabriel Tam
27/F., Alexandra House
18 Chater Road, Central
Hong Kong
GREEN APPLE: Faces Winding up Proceedings
-----------------------------------------
An application to wind up Green Apple Foods Ltd will be heard
before the High Court of Hong Kong on July 5, 2006, at 9:30 a.m.
Au Siu Kuen filed the application with the High Court on May 8,
2006.
Contact: Betty Chan
For Director of Legal Aid
34/F., Hopewell Centre
183 Queen's Road East,
Wanchai, Hong Kong
LAI WO HONG: Members Final Meeting Slated for July 4
----------------------------------------------------
Members of Lai Wo Hong Properties Company Ltd will convene for
their final general meeting on July 4, 2006 at 10:00 a.m.
During the meeting, Liquidator Ngan Lin Chun will present final
accounts of the Company's wind-up operations.
Contact: Ngan Lin Chun
1902 MassMutual Tower
38 Gloucester Road
Wanchai, Hong Kong
SPECIAL COATINGS: Court to Hear Winding-up Bid on July 12
---------------------------------------------------------
Shanghai Zhenhua Port Machinery Co Ltd on May 15, 2006, filed a
petition to wind-up Special Coatings Service Co Ltd.
The High Court of Hong Kong will hear the petition on July 12,
2006, at 9:30 a.m.
Contact: Chong & Partners
Solicitors for the Petitioner
8/F., BOCG Insurance Tower
134-136 Des Voeux Road Central
Hong Kong
VICLAND LIMITED: Creditors Must Prove Debts by June 23
------------------------------------------------------
Liquidator Yuen Wai Ho is receiving proofs of debt from the
creditors of Vicland Limited until June 23, 2006.
Failure to comply with the requirement will exclude any creditor
from sharing in any distribution the Company will make.
Contact: Yuen Wai Ho
Room 03, 16/F.,
Seaview Commercial Bldg
21-24 Connaught Road West,
Hong Kong
WHOLE RISE: Members and Creditors to Get Wind-up Report July 3
--------------------------------------------------------------
Members and creditors of Whole Rise Ltd will convene for their
final general meetings at 2303-7 Dominion Centre, 43-59 Queen's
Road East, Hong Kong on July 3, 2006 at 11:00 a.m. and 11:15
a.m. respectively.
During the meetings, Liquidator Liu Kin Sing will present
accounts of the Company's wind-up operations.
=========
I N D I A
=========
DUNLOP INDIA: New Workers List Infuriates Unions
------------------------------------------------
On June 2, 2006, members of the Centre of Indian Trade Unions
blocked 100 workers from joining maintenance work at Dunlop
India Limited's Sahagunj plant, The Telegraph reveals.
The unionists were angered when the Ruia management put up a
fresh list of additional 100 workers for maintenance work prior
to the resumption of commercial production in the plant without
consulting them, the report says.
CITU told The Telegraph that an April 9, 2006, agreement stated
that the Dunlop management had to discuss with the unions the
names of the workers to be offered early retirement schemes and
those to be allowed to resume work.
Indian National Trade Union Congress-affiliated Dunlop Rubber
Factory Employees' Union also joined the protest, Zee News
relates. Both the unions held a gate meeting urging the workers
not to report for duty.
As reported by the Troubled Company Reporter - Asia Pacific,
similar protests were lodged by the Company's CITU and INTUC
unions on May 15, 2006, when the management put up a list of 42
workers for the same purpose.
The ongoing dispute between Dunlop India's new management and
its workers has further delayed commercial production at the
Company. The clash was over payment of arrears to workers of
the Sahagunj facility, which was closed in August 2001 and
reopened in April this year.
About Dunlop India
Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes. The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators. The company had reported profit until
March 1997. In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited. This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98. After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahagunj and Ambattur
in February 1998. The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors. In January 2006, the Ruia
Group took over the Company and voted to reopen its plants.
Both the Sahagunj and Ambattur plants were reopened in April
2006.
HINDUSTAN PETROLEUM: Bags Readers Digest Award
----------------------------------------------
Hindustan Petroleum Corporation Limited has won Readers Digest
Platinum Award for the "Most Trusted Brand" for the year 2006,
the Company said in a press release.
Hindustan Petroleum has also won best good fuel promise campaign
award from another international agency Platts.
The state oil refiner has been in the forefront of taking
various initiatives towards its customer friendly service and
towards this emphasis has been laid on proper quality, quantity,
queue management and courteous services. In Jammu region, the
Company has been launching various campaigns.
Hindustan Petroleum also conducted a surprise draw in presence
of media. Deputy General Manager North Zone Rakesh Misri who
was the chief guest on the occasion, distributed the prizes
among the lucky clients.
About Hindustan Petroleum Corporation
Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on
nationalization of ESSO India operations. The operations of
Caltex were merged in 1976. With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market. However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices. The Company is counting on a Government
bailout to save it from bankruptcy.
TUNGABHADRA STEEL: Proposed Revival Gets Cabinet's Nod
------------------------------------------------------
The Union Cabinet, on June 2, 2006, gave its in-principle
approval for the revival of Tungabhadra Steel Products Ltd,
Hindu Business Line relates.
According to the plan, Tungabhadra Steel will be rehabilitated
through a joint venture with a strategic private sector partner
74% shareholding and management control, Business Line says.
The Government is also considering a disinvestment in favor of
private parties.
As Tungabhadra Steel is a state-owned firm, an enabling
legislation will be brought forth to cover such possibilities in
line with the advice of the Law Ministry.
Information and Broadcasting Minister Priya Ranjan Dasmunsi told
Business Line that the Company will be shut down in case the
joint venture attempt will not materialize.
Aside from the in-principle approval, the Cabinet also
recommended a voluntary retirement scheme for Tungabhadra
Steel's workers to make the Company more acceptable to the
prospective joint venture partner with a lower workforce.
About Tungabhadra Steel Products Ltd
Tungabhadra Steel Products Ltd, a public sector enterprise
established in 1960, is considered to be a successor of the now
defunct Workshops and Machinery Division of the Tungabhadra
Project. It was set up to undertake the manufacture of gates
and hoists required for spillways, sluices, and canal gages of
the dam.
The company was self-dependent and earning profits, though
marginal until 2004 when its overall performance declined
because of bad management. Subsequently, the Company's account
with the State Bank of India had become irregular. As a result,
the bank did not allow the Company it operate facilities such as
the letter of credit and bank guarantees. It also refused to
give the Company a solvency certificate, which is essential for
securing orders through bids.
A revival proposal was forwarded to the Union Government. The
management was also thinking of referring the company to the
Board for Industrial and Financial Reconstruction.
=========
J A P A N
=========
SOMPO JAPAN: President Resigns After Business Suspension
--------------------------------------------------------
Sompo Japan Insurance, Inc.'s president, Hiroshi Hirano,
resigned on June 2, 2006, to take responsibility for a
suspension order issued by the Financial Services Agency on the
illegal practices by its employees, Crisscross News relates.
According to the Company, its Board of Directors approved a
proposal to remove Mr. Hirano from his position and duties, and
discontinue a plan to make him as Company chairman at their
upcoming annual meeting on June 28, 2006.
TMC News, citing Kyodo News, reports that the Board also
withdrew a previous decision to make three vice-presidents as
presidents of Sompo's affiliate firms. The three executives
also decided to step down after the Company was publicly
criticized following the suspension order. Mr. Hirano and the
three vice-presidents will not be allowed to hold any position
in the Sompo Japan group, and will not receive retirement
benefits until the Company wins back public trust.
* * *
Sompo Japan Insurance, Inc. --
http://www.sompo-japan.co.jp/english/-- was formed by the
merger of The Yasuda Fire and Marine Insurance Company with
Nissan Fire & Marine Insurance Co. Limited, in July 2002. The
Company provides non-life insurances including voluntary
automobile insurance, fire insurance, marine insurance, personal
accident insurance and compulsory automobile liability
insurance, as well as life insurance through its stake in former
CIGNA subsidiary Sompo Japan Himawari Life. It also provides
reinsurance, asset management, and venture capital.
The Troubled Company Reporter - Asia Pacific reported on May 29,
2006, that Japan's Financial Services Agency ordered the partial
suspension of Sompo Japan Insurance, Inc.'s businesses on May
25, 2006, as punishment for unlawful sales practices, according
to Crisscross News.
In its investigations, the FSA discovered that Sompo Japan did
not distribute legitimate payouts in 1,128 cases totaling JPY120
million. The Company admitted it had rejected 27,273 claims
amounting to JPY900 million.
During the two-week suspension, Sompo is banned from selling and
advertising its non-life insurance policies, as well as life
insurance products offered through its partner firms. For one
month from June 12, 2006, the Company will not be able to sell
life insurance products, and for three months from May 26, 2006,
the Japanese Government will not issue licenses for Sompo to
sell new insurance products, and will prohibit the Company from
putting up new offices outside Japan.
=========
K O R E A
=========
SSANGYONG MOTOR: Union Opposes SUV Manufacture in China
-------------------------------------------------------
Ssangyong Motor Company and its controlling shareholder,
Shanghai Automotive Industry Corp of China, have signed a
contract last week allowing Shanghai Automotive to manufacture
Ssangyong's Kyron sport utility vehicles in China, Asia Times
says.
However, according to the report, Ssangyong's labor unions
oppose the management's move, expressing fears over the transfer
of technology to Shanghai Automotive -- which holds a 48.9%
stake in Ssangyong.
Oh Seok-kyu, Ssangyong labor union's chief, told Asia Times that
the union will do any means necessary to thwart the management's
plan.
The Troubled Company Reporter - Asia Pacific reported on
March 22, 2006, that the Chinese Government first rejected
Ssangyong's proposal of making SUVs in China due to Beijing's
fears of over-investment in car plants and its efforts to stop
any more car plants from being built.
Headquartered in Kyonggi, South Korea, Ssangyong Motor Company
Ltd. -- http://www.smotor.com/-- manufactures and assembles
motor vehicle bodies on purchased basis such as jeep style cars
under the brand names of 'Korando' and 'Musso', minibuses under
the brand name of 'Istana', special purpose cars including
cement mixers, trailers, fire-trucks as well as auto parts. The
Company implemented a five-year debt workout program in 1999
after Ssangyong was separated from Daewoo Group, which was
dissolved under huge debt.
===============
M A L A Y S I A
===============
AVANGARDE RESOURCES: Delays Submission of Financial Report Again
----------------------------------------------------------------
Avangarde Resources Berhad has yet to issue its Audited
Financial Statements for the year ended December 31, 2005, which
was due on April 30, 2006.
In the event the Company fails to comply with all the provisions
of the Listing Requirements, including the submission of
outstanding financial statements on time, Bursa Malaysia
Securities Berhad may take action against the Company including
the possibility of delisting.
As reported by the Troubled Company Reporter - Asia Pacific,
Bursa Malaysia, on March 10, 2006, decided to remove Avangarde's
securities from the Official List after failing to submit
outstanding financial reports. On March 17, 2006, the Bourse
deferred the delisting after Avangarde submitted its appeal
against the decision to delist the Company's securities.
After due consideration of all facts and circumstances of the
case and given that the Company had submitted its Annual Audited
Accounts for the financial years ended December 31, 2003, and
December 31, 2004, on March 31, 2006, and the Company's
representation in its letter dated March 31, 2006, that the
submission of its annual reports for the financial years ended
December 31, 2003, and 2004 would follow immediately after Bursa
Securities decided to defer the delisting of the Company's
securities provided that the annual reports are submitted by
April 30, 2006.
About Avangarde Resources Berhad
Headquartered in Kuala Lumpur, Malaysia, Avangarde Resources
Berhad is involved in the construction and development of
housing projects. The Group has incurred huge losses due to
provision of doubtful debts and writing off of bad debts. It
was delisted from the Official List of Bursa Malaysia Securities
Berhad due to its inadequate financial condition and its failure
to meet with the requirements of the Bourse. The Company is now
preparing the Proposed Scheme of Arrangement pursuant to the
Section 176 of the Companies Act to regularize its financial
condition. The Company will unveil its Proposed Scheme once it
is finalized.
The Company's balance sheet as of March 31, 2006, showed
strained liquidity, with current liabilities of MYR147,506,000
exceeding current assets of MYR9,289,000.
AYER MOLEK: Posts Zero Review for First Quarter
-----------------------------------------------
Bursa Malaysia Berhad, on May 31, 2006, received Ayer Molek
Rubber Company Berhad's financial report for the first quarter
ended March 31, 2006.
The Group did not register revenues for the quarter under
review, following a wind-up order issued by the Kuala Lumpur
High Court against the Company on April 13, 2006.
The performance of the Company and its subsidiaries will remain
the same for the time being as there will not be any material
factors that are likely to affect the earnings or revenue of the
Company and the Group.
For the quarter ended March 31, 2006, the Group booked a net
loss of MYR281,000 and a basic loss per share of MYR15.61 sen.
No dividend has been paid or proposed.
The Company's March 31, 2006, balance sheet showed tight
liquidity with current assets of MYR1,037,000 available to pay
current liabilities of MYR5,503,000 coming due in the next 12
months.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
0 69 0 68
* Profit/(loss) before tax
-281 686 -281 686
* Profit/(loss) after tax and minority interest
-281 686 -281 686
* Net profit/(loss) for the period
-281 686 -281 686
* Basic earnings/(loss) per shares (sen)
-15.61 38.11 -15.61 38.11
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
13.4700 13.6200
The Company's First Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_ayermolekbs060506.pdf
http://bankrupt.com/misc/tcrap_ayermolekis060506.pdf
http://bankrupt.com/misc/tcrap_ayermoleknotes060506.pdf
About Ayer Molek Rubber Company
Headquartered in Kuala Lumpur, Malaysia, Ayer Molek Rubber
Company Berhad is principally engaged in the leasing of its
entire plantation land to a third party. It operates solely in
the domestic market. Ayer Molek has suffered recurring losses
since the early 90s, which prompted the Company to propose a
rescue and restructuring scheme to fully redeem and settle
outstanding debts.
DATUK KERAMAT: Fails to File First Quarter Report
-------------------------------------------------
Datuk Keramat Holdings Berhad has not issued its First Quarterly
Report ended March 31, 2006, which was due on May 31, 2006.
The Company explained that its failure to submit its First
Quarter Report was due to the fact that it is still in the
process of working on a proposed restructuring scheme as
announced earlier to Bursa Malaysia Securities Berhad. The
expected date to submit the Report will depend on the outcome of
the proposed restructuring scheme.
The consequences of non-compliance of the requirement under
Paragraph 9.22 of the Bursa Securities Listing Requirements may
result in the Company being suspended or delisted by Bursa
Malaysia Securities Berhad.
As reported by the Troubled Company Reporter - Asia Pacific, the
Company's securities have already been suspended since August 1,
2005, because the Company has not issued the Annual Audited
Accounts and Annual Report for the 15-month period ended
December 31, 2004, Quarterly Reports for the periods ended
March 31, 2005, June 30, 2005, and September 30, 2005, by the
given due dates.
The TCR-AP also reported on May 29, 2006, that Datuk Keramat
Holdings has failed to submit its quarterly report for the
period December 31, 2005, to Bursa Malaysia Securities Berhad
for public release. The report was due on February 28, 2006.
About Datuk Keramat Holdings
Headquartered in Pulau Pinang, Malaysia, Datuk Keramat Holdings
Berhad is engaged in investment and property holding. The
Company is also involved in management services; property
investment services; project management services and
development; credit and financing activities; distribution and
publication of magazines; media design and advertising;
management of supermarket and departmental store; trading and
distribution of pharmaceutical, management of car park, garment
manufacturing and financial services. The Group faced numerous
suits filed by financiers and trade creditors who have alleged
that outstanding debts are owed to them. On January 24, 2005,
the Company was served with a wind-up petition by Affin Bank
Bhd, who claimed a sum of MYR15.66 million as of May 31, 2002,
in respect of revolving credit facilities granted to the
Company. The Company has been suffering tight liquidity and is
facing delisting due to its failure to submit its financial
reports to Bursa Malaysia. In an effort to settle the debts and
come to an agreement with the creditors, the Companies had
prepared an initial scheme for the purposes of a debt
restructuring scheme under Section 176(10) of the Companies Act,
1965.
GULA PERAK: Net Current Deficit Hits MYR51.7 Million as of March
----------------------------------------------------------------
Gula Perak Berhad, on May 31, 2006, filed with Bursa Malaysia
Securities Berhad its financial report for the fourth quarter
ended March 31, 2006.
The Group's profit before tax for the quarter under review was
R1YR.108 million compared to profit before tax of MYR2.265
million in the same period of the previous year.
Turnover for this quarter increased by approximately MYR402,000
primarily due to increase in hotel revenue in the current
quarter. The profit before tax of MYR1.515 million in the
current quarter decreased by approximately MYR1.761 million,
mainly due to the finance costs waived in the last quarter.
But despite the positive earnings, the Company's March 31, 2006,
balance sheet revealed strained liquidity with MYR153,686,000 in
current liabilities exceeding current assets of MYR101,970,000.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
7,320 13,902 31,018 39,549
* Profit/(loss) before tax
1,515 3,655 1,108 2,265
* Profit/(loss) after tax and minority interest
1,514 3,648 1,105 2,253
* Net profit/(loss) for the period
1,514 3,648 1,105 2,253
* Basic earnings/(loss) per shares (sen)
0.28 1.40 0.21 0.87
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
0.7400 1.9300
The Company's Fourth Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_gulaperak060506.xls
http://bankrupt.com/misc/tcrap_gulaperaknotes060506.pdf
About Gula Perak Berhad
Headquartered in Kuala Lumpur, Malaysia, Gula Perak Berhad is
principally involved in the management and operation of hotels.
Its other activities include cultivation of palm oil,
construction works, trading in construction materials, property
development and service apartment operations and management.
Since its inception, Gula Perak has been suffering from high
debt level relative to its weak operating cash flow. Its
business and financial profiles remained unhealthy, as the
Company suffered consecutive losses.
In 2000, Gula Perak embarked on a debt-restructuring exercise in
order to improve its earnings and cashflow position. The
restructuring exercise, which was expected to be concluded in
2001, faced delays. Given the sluggish property market and the
delay in the completion of the Group's debt restructuring
exercise, its property division has been almost at a standstill
in the past two years. Upon completion of the debt
restructuring, the Company's management plans to launch its
industrial and mixed developments in Batang Berjuntai, Kampung
Jawa, Setapak and Cheras over the next few years.
The Company's Board does not expect to see any significant
improvement in Gula Perak's financial profile upon the
completion of its debt restructuring exercise. Based on the
analysis of its cash flow, external funds will be required to
ensure the timely repayment of Gula Perak's future interest and
principal repayments should the Group fail to secure sufficient
sales from its property development activities. In light of the
"lackluster" property market, the Group may not generate
sufficient demand for its properties to adequately cover the
infrastructure cost in the initial years. As expected, the
Group had encountered difficulties in meeting its financial
obligations during the past years. Some of these obligations
have subsequently been restructured with more favorable terms.
JOHAN HOLDINGS: Fails to Submit Annual Audited Accounts on Time
---------------------------------------------------------------
Johan Holdings Berhad has yet to submit its Annual Audited
Accounts for the year ended January 31, 2006, which was due on
May 31, 2006, pursuant to the Listing Requirements of the Bursa
Malaysia Securities Berhad.
Johan Holdings, on May 23, 2006, filed with Bursa Securities an
appeal to extend the deadline for submission of the financial
statements to June 30, 2006.
About Johan Holdings Berhad
Headquartered in Petaling Jaya Selangor, Malaysia, Johan
Holdings Berhad is principally involved in trading of health
foods and supplements, technical and electrical products and
motor cars. Its other activities include provision of travel
and resort related business, marine and leisure club operations,
secretarial and management services and marketing and trading of
engineering, building, technical and electrical products,
production and distribution of ceramic tiles, provision of
charge card and credit card services, merchandising, car rental,
contract hire, property development, motor car servicing,
investment holding and management and property holding and
investment. The Group operates in Malaysia, Singapore, Hong
Kong, Australia, the United Kingdom, the Netherlands, Bahamas,
British Virgin Islands Brunei, Liberia and New Zealand.
The Corporate Debt Restructuring Committee in May 2001
successfully assisted Johan Holdings Berhad and two of its
subsidiary companies, Prestige Ceramics Sdn Bhd and Johan
Equities Sdn Bhd, to finalize a debt restructuring agreement
with their lenders to restructure their outstanding debt of
MYR318.3 million. The Scheme is anticipated to alleviate the
Johan Holdings' financial state and restore the Company to its
original viability.
MYCOM BERHAD: Third Quarter Unveils Poor Results
------------------------------------------------
Mycom Berhad has, on May 31, 2006, submitted its financial
report for the third quarter ended March 31, 2006, to the Bursa
Malaysia Securities Berhad.
For the nine months ended March 31, 2006, the Company posted a
MYR18.12 million revenue, lower by approximately 35% as compared
to the MYR27.42 million revenue in the same period last year.
The variances were mainly due to lower revenue generated by the
manufacturing division.
The loss before tax was reduced to MYR18.34 million from last
year's MYR51.5 million due to the discontinuation of equity
accounting for the results of an associated company.
The loss before tax for the quarter ended March 31, 2006, has
increased by MYR1.4 million or 8% over the immediate preceding
quarter ended December 31, 2005. This was mainly due to the
lower contribution from the property division.
The Company registered a basic loss per share of MYR4.67 sen for
the quarter under review. There was no dividend declared or
recommended for the current financial period.
As of March 31, 2006, the Company's balance sheet showed poor
liquidity with MYR56,129,000 in current assets available to pay
current liabilities of MYR1,302,071,000 coming due within the
next 12 months.
Pending completion of the Restructuring Scheme, the Group's
results are not expected to register any material improvement
for the financial year ending June 30, 2006.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
18,124 27,423 62,924 97,281
* Profit/(loss) before tax
-19,081 -22,656 -52,857 -60,678
* Profit/(loss) after tax and minority interest
-18,340 -21,657 -51,500 -56,319
* Net profit/(loss) for the period
-18,340 -21,657 -51,500 -56,319
* Basic earnings/(loss) per shares (sen)
-4.67 -5.52 -13.11 -14.34
* As at end of As at Preceding
Current Quarter Financial Year End
-0.4971 -0.4449
The Company's Third Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_mycomberhad060506.xls
http://bankrupt.com/misc/tcrap_mycomberhadnotes060506.pdf
About Mycom Berhad
Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.
Mycom is in the advanced stage of negotiations to settle its
foreign debts. The proposed capital reduction and consolidation
by Mycom, as well as the proposed share premium account
reduction will reduce the Company's accumulated losses. In its
proposal to streamline its operations and focus on property
development activities after restructuring, Mycom had proposed
to undertake a series of acquisitions of property companies and
land, as well as the disposal of certain assets in the future
years. Mycom believes that both its corporate and debt
restructuring would the group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.
NORTH BORNEO: March 31 Balance Sheet Reveals Poor Liquidity
-----------------------------------------------------------
Bursa Malaysia Securities Berhad, on May 31, 2006, received The
North Borneo Corporation Berhad's financial report for the first
quarter ended March 31, 2006.
The Group recorded a loss before taxation of MYR1.265 million
for the current quarter under review mainly attributable to
interest costs of MYR1.226 million. The Group did not book
revenues for the quarter.
There is no tax charge as the Group is incurring losses during
the financial year under review. No dividend has been
recommended for the period.
There are no expectations that the Group's operations or
financial results will improve in the near future until the
completion of the proposed revised rescue cum restructuring
exercise. The Securities Commission had approved an extension
of time until 23 July 2006 for the Company to complete the
Revised Scheme.
The Company's March 31, 2006, balance sheet revealed that the
Company is suffering poor liquidity with MYR1,662,000 in current
assets available to pay MYR163,379,000 in current liabilities as
they come due within the next 12 months.
Meanwhile, the Company disclosed that the annual financial
statements for the year ended December 31, 2005, have yet to be
audited, and the Board of Directors have made an application to
Bursa Malaysia Securities Berhad for an extension of time to
issue its annual audited accounts for the year ended December
31, 2005, on April 17, 2006, as the Company's previous auditors,
Messrs Ernst & Young resigned during the period. By a letter
dated May 3, 2006, Bursa Malaysia Securities Berhad did not
approve the Company's application for the extension of time.
The board of directors has nominated a new firm of Auditors in
replacement but require confirmation from shareholders at an
Extraordinary General Meeting.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
0 0 0 0
* Profit/(loss) before tax
-1,265 -1,321 -1,265 -1,321
* Profit/(loss) after tax and minority interest
-1,265 -1,321 -1,265 -1,321
* Net profit/(loss) for the period
-1,265 -1,321 -1,265 -1,321
* Basic earnings/(loss) per shares (sen)
-1.91 -2.00 -1.91 -2.00
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
-2.4500 -2.4300
The Company's First Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_northborneo060506.xls
http://bankrupt.com/misc/tcrap_northborneonotes060506.pdf
About The North Borneo Group Berhad
Headquartered in Sabah, Malaysia, The North Borneo Corporation
Berhad engages in the management of forest management unit and
investment holding. The Group operates in Malaysia and Bermuda.
Due to its continuous losses, the Kuala Lumpur Stock Exchange
placed the Company under the Practice Note 4/2001 category in
April 2001 and was ordered to start regularizing its financial
condition.
On April 28, 2005, the Securities Commission has agreed to North
Borneo's proposal to dispose of its business as part of the
Company's efforts to regularize its finances and restructure its
debts. The Plan, however, met objections from creditors. On
March 6, 2006, two scheme creditors of North Borneo Corp. --
Sabah Development Bank and Prokhas Sdn Bhd -- withdrew their
support of the Company's proposed debt restructuring, saying
that they are no longer agreeable to the terms of the planned
business disposal as part of the restructuring program.
PAXELENT CORPORATION: Incurs MYR1.7-Million Loss in 1Q/FY2006
-------------------------------------------------------------
Paxelent Corporation Berhad, on May 31, 2006, filed with Bursa
Malaysia Securities Berhad its financial report for the first
quarter ended March 31, 2006.
For the quarter under review, the Group recorded lower revenue
of MYR3.2 million as compared to MYR11.7 million in the same
period last year due to the disposal of its foreign subsidiaries
-- Xiptech Holdings Pte Ltd and Xiptech Corporation Ltd. Both
XH and XC have substantial revenue contribution during the
preceding year corresponding period and this has resulted in a
higher loss before tax of MYR 1.7 million as compared to MYR1.4
million in the same period last year.
The Group recorded a loss before tax of MYR1.7 million as
compared to profit before tax of MYR21.8 million for the
immediate preceding quarter due mainly to the materialization of
the consolidation reserve in relation to the disposal of its
foreign subsidiaries during the immediate preceding quarter.
The Company's balance sheet as of March 31, 2006, revealed
strained liquidity with current assets of MYR26,570,000
available to pay current liabilities of MYR64,739,000 due within
the next 12 months.
The Company's directors have not recommended any dividend for
the current financial quarter ended March 31, 2006.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
3,196 11,710 3,196 11,710
* Profit/(loss) before tax
-1,742 -1,350 -1,742 -1,350
* Profit/(loss) after tax and minority interest
-1,743 -1,351 -1,743 -1,351
* Net profit/(loss) for the period
-1,743 -1,351 -1,743 -1,351
* Basic earnings/(loss) per shares (sen)
-1.40 -0.97 -1.40 -0.97
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
0.0600 0.0700
The Company's First Quarter Report and its accompanying notes
are available for free at:
http://bankrupt.com/misc/tcrap_paxelentcorporation060506.xls
http://bankrupt.com/misc/tcrap_paxelentcorporationnotes060506.pdf
About Paxelent Corporation
Paxelent Corporation is engaged in investment holding. The
principal activities of the subsidiaries are property
investment, provision of information technology solutions,
investment holding, marketing and sale of hard disk drive
components. The Company is a public limited liability company,
incorporated and domiciled in Malaysia, and is listed on the
Second Board of Bursa Malaysia Securities Berhad.
Despite booking in positive earnings, the Company has not met
the scheduled repayment obligations of Settlement Agreements
with several financial institutions arising from the
crystallization of corporate guarantees to the Company's former
subsidiaries, which had been wound up. The Company's Board is
currently actively pursuing various restructuring schemes to
address the default. These schemes would involve raising funds
through partial disposal of assets, potential debts waivers and
rescheduling of the debts. On-going discussions with the
financial institutions have been positive and the directors are
confident that agreements could be reached on debts waivers and
rescheduling of the debts in the near future.
PILECON ENGINEERING: Unable to Pay Debts Due to Insolvency
----------------------------------------------------------
Pilecon Engineering Berhad's board of directors is of the
opinion that the Company is insolvent, as it is unable to pay
its debts in full as they come due.
The Board disclosed that there has been no change to Pilecon's
default status since the last announcement on May 3, 2006.
Pilecon is in the midst of implementing a Proposed Scheme of
Arrangement pursuant to Section 176 of the Companies Act, 1965,
to rectify the default. The Company will disclose details of
the Scheme of Arrangement in due time.
About Pilecon Engineering Berhad
Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works. The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works. It also undertakes resort operation and
complex management services. The Group operates in Malaysia,
Hong Kong and Singapore. The Company is currently undergoing a
MYR354-million debt-restructuring exercise. The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.
As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR575,611,000 and total liabilities of
MYR559,710,000. The Company's March 31 balance sheet also
showed strained liquidity with MYR252,609,000 in total current
assets available to pay MYR558,523,000 in total current
liabilities coming due within the next 12 months.
PILECON ENGINEERING: 29th AGM Slated for June 23
------------------------------------------------
The 29th Annual General Meeting of Pilecon Engineering Berhad
will be held at Dewan Bunga Raya, No. 2, Jalan U1/26, Seksyen
U1, Hicom-Glenmarie Industrial Park, in 40150 Shah Alam,
Selangor Darul Ehsan, on June 23, 2006, at 10.00 a.m.
During the meeting, members will be asked to:
-- receive the Company's Audited Financial Statements for
the year ended December 31, 2005, together with the
reports of the Company's directors and auditors;
-- approve the payment of directors' fees of MYR20,000 for
the fiscal year ended December 31, 2005;
-- re-elect Yoon Kwok Ching retiring by rotation pursuant
to Article 101 of the Company's Articles of Association;
-- consider and, if thought fit, approve the re-appointment
of retiring director, Dato Haji Ahmad bin Abdullah, to
hold office until the conclusion of the next Annual
General Meeting;
-- re-appoint Peter I.M. Chiend & Companyt as the Company's
auditors for the financial year ending December 31, 2006,
and to authorize the directors to fix the Auditors'
remuneration;
-- authorize the directors to issue and allot ordinary shares
from the unissued capital of the Company provided always
that the aggregate number of shares to be issued pursuant
to the Resolution will not exceed 10% of the issued and
paid-up capital of the Company for the time being; and
-- transact any other business of which due notice will have
been given in accordance with the Companies Act, 1965.
About Pilecon Engineering Berhad
Headquartered in Selangor Darul Ehsan, Pilecon Engineering
Berhad is engaged in building construction and civil engineering
works. The Company is also involved in trading and hiring of
plant and equipment for foundation engineering and civil
engineering works. It also undertakes resort operation and
complex management services. The Group operates in Malaysia,
Hong Kong and Singapore. The Company is currently undergoing a
MYR354-million debt-restructuring exercise. The scheme,
however, was placed in jeopardy following the Securities
Commission's rejection of an inter-conditional proposal to
acquire a piece of land in Johor at a cost of MYR75 million.
The Commission also rejected the Company's scheme of arrangement
with certain secured creditors.
As of March 31, 2006, the Company's balance sheet revealed total
assets of MYR575,611,000 and total liabilities of
MYR559,710,000. The Company's March 31 balance sheet also
showed strained liquidity with MYR252,609,000 in total current
assets available to pay MYR558,523,000 in total current
liabilities coming due within the next 12 months.
SATERAS RESOURCES: Pre-tax Loss Drops to MYR2.306 Million
---------------------------------------------------------
Sateras Resources (Malaysia) Berhad, on May 31, 2006, filed with
Bursa Malaysia Securities Berhad its financial report for the
fourth quarter ended March 31, 2006.
Turnover for the current reporting quarter was marginally higher
at MYR0.716 million as compared with MYR0.648 million in the
preceding quarter.
The Group reported a lower loss before taxation of MYR2.306
million in this quarter as compared with MYR2.941 million in the
previous quarter. The loss was due to normal operational
activities of the group, which have not shown any improvement.
The Group for this quarter continued to incur losses mainly due
to the interest expenses on outstanding loan, the provision of
penalty interest on tax liabilities and recurring legal expenses
for the numerous litigation cases against Sateras Group.
For the quarter under review, the Group registered a basic loss
per share of 1.15 sen. There was no dividend recommended for
the quarter.
As of March 31, 2006, the Company's balance sheet showed tight
liquidity with current liabilities of MYR243,799,000 exceeding
current assets of MYR114,832,000.
Meanwhile, the Company said it will exhaust all avenues to
secure its proposed restructuring scheme in a bid to regularize
its financial condition.
Summary of Key Financial Information
Individual Period Cumulative Period
Current Year Preceding Year Current Year Preceding Year
Quarter Corresponding to Date Corresponding
Quarter Period
31-03-2006 31-03-2005 31-03-2006 31-03-2005
MYR'000 MYR'000 MYR'000 MYR'000
* Revenue
716 965 3,084 3,120
* Profit/(loss) before tax
-2,306 -2,642 -10,474 -10,190
* Profit/(loss) after tax and minority interest
-2,306 -2,642 -10,474 -10,190
* Net profit/(loss) for the period
-2,306 -2,642 -10,474 -10,190
* Basic earnings/(loss) per shares (sen)
-1.15 -1.32 -5.22 -5.07
* Dividend per share (sen)
0.00 0.00 0.00 0.00
* As at end of As at Preceding
Current Quarter Financial Year End
-0.4971 -0.4449
The Company's First Quarter Report is available for free at:
http://bankrupt.com/misc/tcrap_saterasresources060506.xls
About Sateras Resources
Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad is principally engaged in investment holding
and provision of management and secretarial services. The
principal activities of its subsidiary companies are that of
property development, investment in real property, investment
holding and educational services.
Sateras has been experiencing losses since 1997 and has negative
shareholders' funds as of the financial year ended March 31,
2002. Due to the economic turmoil, which hit the country in
1997-1998, the financial condition of the Group worsened and had
never recovered since then. The Sateras Group was highly geared
with total borrowings of MYR167.04 million as of March 2002.
With the contraction in the property market following the
prolonged weak capital market and the over supply of properties,
the Group's businesses were unable to generate sufficient
revenue and cash flow to service its debts obligations as and
when it fell due since 1998. The Company filed a Proposed
Restructuring Scheme in 2003 to revive its financial strength
through the injection of profitable and viable assets, providing
the Company's creditors and existing shareholders an avenue to
recover part of their debts or investments. The primary
objective of the Proposed Debt Settlement is to address its
financial predicament, to rescue the Company from the risk of
being de-listed. It is also intended to rescue the Company from
the likely event of being wound up or placed under a
receivership due to its inability to meet its financial
commitments.
SUREMAX GROUP: Unit Mulls Joint Venture with Japsyukur
------------------------------------------------------
Suremax Group Berhad's wholly owned subsidiary, Suremax Builders
Sdn Bhd, has commenced negotiations with Japsyukur Sdn Bhd to
set up an overseas joint venture company.
The Company will disclose the details of the proposed joint
venture in due course.
About Suremax Group
Headquartered in Kuala Lumpur, Malaysia, Suremax Group Berhad is
engaged in property development, construction, trading in
construction materials and sub-contracting works. The firm's
other activities include the provision of property management
services and building construction. The Group is also involved
in the manufacture and sale of ready mixed concrete. Suremax
Group has suffered losses since 2004 due to sluggish market
demand. For the second quarter of the financial year ended
August 31, 2006, Suremax booked a pre-tax loss of MYR1.32
million. The Company is also trying to avert a series of
winding up actions against its subsidiaries. On May 9, 2006,
Suremax was identified as a Practice Note 17 company and was
required to regularize its financial condition pursuant to the
Bursa Malaysia Securities Berhad's Listing Requirements.
=====================
P H I L I P P I N E S
=====================
NEGROS NAVIGATION: In Talks With Foreign & Local Investors
----------------------------------------------------------
Negros Navigation Co., Inc., is negotiating with a foreign
investor and a local shipping firm for a potential cash
injection into the Company, the Philippine Star reports.
Negros Navigation, which currently has seven passenger and cargo
ships and two cargo container ships, needs US$10 million to
implement a re-fleeting program and to improve its operations.
The Company plans to replace two ships next year.
Manila Standard Today says that, according to Jose Lim,
president of the Company's parent firm Metro Pacific Corp., they
have cleaned up Negros Navigation to make it more attractive to
other shipping companies. In fact, Mr. Lim told reporters,
several companies had already expressed interest to invest in
Negros Navigation following the Company's improved performance
while undergoing rehabilitation.
Mr. Lim adds that, at the right price, Metro Pacific might even
consider selling Negros Navigation.
For fiscal 2005, Negros Navigation turned around with a PHP17-
million net profit against a net loss of PHP480 million in 2004,
thanks to reduced costs and the implementation of cost-cutting
measures, such as employee downsizing to 411 from 600. The
Company also reported an 18% rise in passenger volume and a 12%
increase in cargo volume.
The Star relates that the Company will focus on improving cash
turnover and collection in its passenger and freight business to
meet its debt obligations and boost operations.
According to the Star, Negros Navigation expects to post a net
income of PHP50 million for 2006, on revenues of PHP2.2 billion.
In December 2003, the Philippine Securities and Exchange
Commission ordered Negros Navigation to explain five accounting
discrepancies in its 2002 audited financial statement, which may
have bloated its earnings.
In March 2004, Negros Navigation entered into talks with
Tsuneishi Heavy Industries to settle the Company's PHP100
million debt.
The Troubled Company Reporter - Asia Pacific reported on
March 27, 2006, that Negros Navigation's total debt is projected
at PHP2.4 billion.
Negros Navigation's creditors include:
Creditor Debt
-------- ----
Bank of Commerce PHP127.65 million
Equitable PCI Bank PHP51.56 million
Prudential Bank and Trust Co. PHP37.77 million
Metropolitan Bank and Trust Co. PHP10.73 million
Dutch firm Financial PHP108.22 million
Pioneer Insurance PHP63.34 million
Development Bank of the Philippines and the Export-Import Bank
are also among Negros Navigation's creditors.
The Company also owes PHP1 billion to its equipment and property
lessors and trade suppliers, and needs to settle PHP400 million
in unpaid taxes to the Bureau of Internal Revenue.
Due to its financial condition, Negros Navigation could not pay
its debts as they matured. Thus, the Company filed for
rehabilitation before the Manila Regional Trial Court on Oct. 6,
2004. Subsequently, the Court approved the Company's 10-year
restructuring plan recommended by its receiver, Monico Jacob, a
year later.
Under the court-approved rehabilitation plan, Negros Navigation
proposed to settle its financial obligations through cash
settlement, dacion en pago of passage tickets and cargo space,
debt conversion into convertible shares at par value, and the
restructuring of balance into long-term notes or preferred
shares. The Court allowed the Company to restructure its total
secured debt for 10 years, with a one-year grace period on
interest payments and a three-year grace period on the
principal.
A later TCR-AP report on May 24, 2006, stated that Negros
Navigation reported a drop in its losses for the first quarter
of 2006 to PHP29 million, against a restated PHP82 million net
loss for the same period last year, on reduced operations.
PREMIERE ENTERTAINMENT: Turns Around with PHP370,000 Net Income
---------------------------------------------------------------
Premiere Entertainment Productions, Inc., posted a net income of
PHP0.37 million for the first quarter of 2006, compared to a net
loss of PHP1.24 million for the quarter ended March 31, 2005,
the Troubled Company Reporter - Asia Pacific learns from the
Company's quarterly report submitted to the Philippine Stock
Exchange.
The Company has no recorded operating revenue, as its Roving
Cinema division has no projects within the quarter. However,
the Company disclosed that negotiations with some advertising
companies are ongoing. The company is also in negotiations with
interested parties on the sale of its film library.
The net income is due to a PHP1.65 million interest and other
non-operating income realized within the period.
Premiere Entertainment's financial report for the quarter ended
March 31, 2006, reflects these key figures:
Premiere Entertainment Productions, Inc.
Financial Highlights
(in millions, PHP)
As of As of
03/31/2006 12/31/2005
---------- ----------
Current Assets 179.23 179.57
Total Liabilities 34.23 35.11
Total Equity 145.00 144.46
Quarter Ending
03/31/2006 03/31/2005
---------- ----------
Net Income 0.37 (1.24)
Premier Entertainment posted a PHP8.5 million net loss for the
full year 2005.
The Company's first quarter financial report is available for
free at:
http://bankrupt.com/misc/PEP_Quarter_Report_033106.pdf
Premiere Entertainment Productions, Inc. -- formerly known as
Premiere Films International, Inc. -- is engaged in the business
of dealing in and with all kinds of motion pictures to the
business of various forms of entertainment and leisure
including, but not limited to, movie films and export and
distribution services offered to and for local and international
film market.
Despite being debt-free, the Company's cash position indicates
that it will need aggressive revenue development, collection of
trade/non-trade receivables and massive cost reduction efforts.
Current collected revenues are only sufficient to cover for
administrative overhead expenses.
As reported in the Troubled Company Reporter - Asia Pacific on
June 5, 2006, Jessie Cabaluna, of Sycip Gorres Velayo and Co.,
raised significant doubt on Premiere Entertainment's ability to
continue as a going concern after auditing the Company's annual
report for the year ended December 31, 2005.
PRIME MEDIA: In Talks with Creditors to Clear Balance Sheet
-----------------------------------------------------------
Prime Media Holdings, Inc., is currently clearing up its balance
sheet to make way for the entry of a new investor willing to
inject its business or assets into the Company, the Troubled
Company Reporter - Asia Pacific learns from the Company's annual
report submitted to the Philippine Stock Exchange.
On September 12, 2002, the Company entered into a memorandum of
agreement with Banco de Oro Unversal Bank, which agreed to
assume the Company's PHP10 billion in liabilities for assets of
equivalent value in the Company. On Oct.23, 2002, BDO assumed
the servicing of the bank's deposit liabilities and other
banking functions.
After the Prime Media's annual stockholders' meeting on Dec. 6,
2002, it started to wind up its operations for turnover to BDO.
It also started talks with major creditors to settle its loans
and clean up its balance sheet, to prepare for the entry of new
investors.
According to auditors Sycip, Gorres and Velayo, the Company's
ability to continue as a going concern depends on its ability to
raise new capital, accomplish its new business plan and return
to profit.
The Company incurred net losses in 2005 and its capital
deficiency as of Dec. 31, 2005, was PHP827.3 million.
Prime Media's financial report for the year ended Dec. 31, 2005,
reflects these key figures:
As of As of
12/31/2005 12/31/2004
---------- ----------
Total Assets PHP95,286,516 PHP277,454,945
Total Liabilities 922,603,903 1,072,638,456
Capital Deficiency 827,317,387 795,183,511
Year Ending
12/31/2005 12/31/2004
---------- ----------
Net Loss 7,371,045 7,288,087
* * *
Prime Media Holdings, Inc. (formerly First E-bank Corporation),
was incorporated in the Philippines and is listed in the
Philippine Stock Exchange. On December 6, 2002, the Company's
board of directors approved the amendment of its articles of
incorporation to change its primary purpose from a development
bank to a holding company, which would hold investments in media
industry. The Securities and Exchange Commission approved the
amendment on October 1, 2003. The Company's principal place of
business is at BDO Plaza, 8737 Paseo de Roxas Avenue, Makati
City.
PRYCE CORP: Court of Appeals Rejects Rehabilitation Plan
--------------------------------------------------------
The Court of Appeals rejected the rehabilitation plan of Pryce
Corp. in terms of a debt to creditor Bank of the Philippine
Islands, and ordered the Company to pay BPI PHP100 million on
account of this debt, the Philippine Star reveals.
A court ruling handed down by Associate Justice Rebecca de Guia-
Salvador stated that the corporate rehabilitation should not
have detracted the trial court's attention "from the fundamental
principle that a contract is, first and foremost, the law
between the contracting parties, and that obligations arising
therefrom should be complied with in good faith."
The Company had borrowed PHP100 million from BPI to maintain
operations, and the loan was secured by mortgages on its
properties. Yet, Pryce sought rehabilitation on July 9, 2004,
stating that it could not pay its debts to the bank due to weak
business following the Asian financial crisis.
A Makati City regional trial court then granted Pryce's petition
to pay its debts via dacion en pago, or delivery and
transmission of ownership of a thing by the debtor to the
creditor as an accepted equivalent of the performance of
obligation, on Jan. 17, 2005.
BPI argued Pryce's rehabilitation, saying that the regional
trial court had no legal and factual basis to approve the dacion
en pago, which would hinder parties from voluntarily entering
into a contract.
* * *
Pryce Corporation -- http://www.prycegardens.com/-- formerly
Pryce Properties Corporation, was incorporated as a property
holding and real estate development company. The Company's real
estate undertakings include the development of memorial parks,
residential and commercial properties and hotel operations.
In 1997, LPG and industrial gases became the dominant business.
Thus, the Company changed its name to Pryce Corp. and its
primary purpose from that of a property company to a
manufacturing company.
Pryce, thru its subsidiary Pryce Gases, Inc., manufactures and
distributes oxygen and acetylene in the Visayas and Mindanao and
trades in other gases such as argon, carbon dioxide and
nitrogen.
* * *
On June 7, 2002, PGI presented a financial rehabilitation plan
to its various creditor banks and foreign financing company as
an initial step towards restructuring its outstanding loans.
On August 27, 2002, the International Finance Corporation and
FMO-Netherlands Development Finance Company, two of PGI's
creditors, filed a petition in court placing PGI under
receivership. On September 2 that same year, the court issued a
stay order pursuant to the interim rules of procedures on
corporate rehabilitation.
On July 9, 2004, Pryce submitted a Rehabilitation Plan of its
own to the court as an initial step towards restructuring its
outstanding loans. The Plan was revised and later approved by
the court on January 17, 2005. The Revised Plan conforms to the
scheme of liquidating all bank loans and long-term commercial
papers by way of dacion en pago of real estate properties with
certain revisions on the settlement of non-banking and trade and
other payables which are PHP500,000 or below.
The Troubled Company Reporter - Asia Pacific reported on May 23,
2006, that Sycip Gorres Velayo & Co. raised substantial doubt on
Pryce Corp.'s ability to continue as a going concern after
auditing the Company's financials for the quarter ended
March 31, 2006.
The Company reported a 38.4% drop in its first-quarter revenue
from PHP465 million in 2005, to PHP286.33 million in 2006. Net
loss from operations was pegged at PHP22.6 million in the 2006
first quarter, down from the PHP26.6 million in the first
quarter of 2005. The Company indicated in its financial report
that no dividends have been declared for fiscal 2004 and 2005,
as well as for the first quarter of 2006.
The Company's ability to declare and pay dividends is restricted
by the availability of funds and the provision of existing loan
agreements.
VICTORIAS MILLING: Deutsche Bank Acquires 36 Million Shares
-----------------------------------------------------------
In a letter to the Philippine Stock Exchange dated June 5, 2006,
Victorias Milling Company, Inc., disclosed that according to its
stock and transfer agent, Fidelity Stock Transfers, Inc.,
Deutsche Bank AG London had acquired 36,888,836 shares in the
Company on May 25, 2006.
The Company sought an extension of 10 working days from June 5,
2006, to submit the required Statement of Change in Beneficial
Ownership of Securities for the share acquisition, as it has yet
to receive the statement of acquisition of shares from Deutsche
Bank AG.
About Victorias Milling
Headquartered in Victorias City, Bacolod, Victorias Milling
Company Inc. -- http://www.victoriasmilling.com/-- was
organized in 1919 and is engaged in the acquisition,
construction, maintenance and operation of sugar mills, as well
as other related business activities. Through the years, the
Company has expanded its operations to include a foundry, a
machine shop, a fabrication shop, a food canning company, an
organic fertilizer plant and a piggery. However, the Company
has incurred significant losses from operations, which adversely
affected its financial condition and cash flow position.
On July 4, 1997, the Company filed an application with the
Securities and Exchange Commission to suspend payments to
creditors. On July 8, 1997, the SEC issued a stay order
restraining all VMC creditors or any of its subsidiaries from
enforcing their claims, to allow the Company or any of its
subsidiaries to continue to their normal business operations.
The SEC also ordered the formation of a Management Committee to
oversee the Company's operations and rehabilitation.
VMC has an accumulated deficit of PHP3.7 billion, PHP3.6 billion
and PHP3.3 billion as of August 31, 2005, 2004, and 2003,
respectively, and capital deficiency of PHP1.8 billion and
PHP1.6 billion as of August 31, 2005 and 2004, which adversely
affected its financial condition and cash flow position.
VMC further defaulted on payments of its maturing liabilities to
creditors, which are currently under a debt restructuring
program. Except for Victorias Foods Corporation, VMC's other
consolidated subsidiaries -- Canetown Development Corporation,
Victorias Quality Packaging Company Inc., and Victorias
Agricultural Land Corporation -- have also incurred significant
losses from operations, and have accumulated deficits and
capital deficiencies, which have adversely affected their
financial condition and cash flow position. Moreover, the other
related companies, North Negros Marketing Co., Inc., has
declared bankruptcy, while Caneland Sugar Corporation has ceased
milling operations in April 1997.
According to a report by the Troubled Company Reporter on
May 31, 2006, Victorias Milling's net loss reached PHP236.4
million for the fiscal year ended August 31, 2005, against a
PHP305.85 million loss for financial year 2004.
The Company's balance as of August 31, 2005, showed total assets
equal to PHP7.19 billion, versus total liabilities amounting
PHP9 billion, resulting to a stockholders' equity deficit of
PHP1.8 billion. The balance sheet also showed strained
liquidity with PHP1.48 billion in current assets available to
pay PHP1.59 billion in current liabilities as they come due
within the next fiscal year.
ZEUS HOLDINGS: Auditor Raises Going Concern Doubt
-------------------------------------------------
Lilian Linsangan, of Punongbayan & Araullo, expressed
substantial doubt about Zeus Holdings, Inc.'s ability to
continue as a going concern after auditing the Company's
financials for the year ended December 31, 2005.
The going concern doubt is due to the Company's capital
deficiency resulting from losses incurred in prior years and the
absence of any investing and operating activity.
Specifically, the Company has incurred these losses since 2002:
Fiscal Year Net Loss
----------- --------
2005 PHP554,657
2004 421,293
2003 404,301
2002 685,734
As of December 31, 2005, the Company's current liabilities
exceeded its total assets by PHP0.78 million.
The Company's balance sheet also reflected a deficit of
PHP2,767,642,335, and capital deficiency of PHP784,487.
The Company's financial report for the year ended December 31,
2005, is available for free at:
http://bankrupt.com/misc/ZHI_17A_Dec2005.pdf
Zeus Holdings, Inc., was incorporated on December 17, 1981, as
JR Garments Corporation, to engage in the garment manufacturing,
distribution and export business. After 15 years, the Company
diversified into other businesses and closed its garment
operations. It increased its capitalization from PHP100 million
to PHP3 billion and changed its primary purpose to that of a
holding company. Consequently, it changed its name from JR
Garments Corporation to Zeus Holdings, Inc.
The Company has not declared any cash dividend for the last two
fiscal years.
The Company is in the process of finding other means and
resources to address liquidity and capital deficiency problems
by way of infusion of property or cash by new investors or
introduction of a new business to the Company.
Its parent company, PICOP Holdings Inc., is committed to support
Zeus Holdings' operations. In the immediate term, PHI will
provide the cash requirements of the Company. For this reason,
there are no expected major changes in its operations, including
any significant changes in its manpower compliment or the
purchase and sale of plant or other major equipment.
=================
S I N G A P O R E
=================
ACCORD CUSTOMER: Former CEO Pleads Guilty to Fraud
--------------------------------------------------
Accord Customer Care Solution's former chief executive officer,
Victor Tan, has pleaded guilty to 21 counts of fraud, false
financial reporting and conspiring to cheat mobile giant Nokia,
Channel News Asia reports.
Mr. Tan now faces up to seven years in jail and a possible fine
of SGD250,000, the report says. Mr. Tan was in the hot seat
last year and was originally accused of 99 counts of cheating,
fraud and false financial reporting.
The prosecutors accused Mr. Tan of ordering his staff to take
advantage of an industry-wide practice of over-claiming warranty
repair work from big clients like Nokia.
Several former top executives at Accord Customer have been fined
for their role in the scam. Moreover, ex-chief financial
officer, Yip Hwai Chong, was jailed for four years and four
months.
Along with Mr. Tan, former general manager Damien Ang also
pleaded guilty to 20 charges of cheating and fraud, Channel News
Asia says. Mr. Tan and Mr. Ang will be sentenced early next
month.
Mr. Tan's lawyers told Channel News that they are working to
reduce the sentence as much as possible and will submit
mitigation arguments on July 6.
About Accord Customer Care Solutions
Accord Customer Care Solutions -- http://www.accordccs.com/--
is the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific. ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited. ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers. ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centers that are conveniently and strategically located. ACCS
has been posting consecutive losses since the first quarter of
2005 due to bad investments, when it incurred a net loss of
SGD3.79 million. Meanwhile, 12 of its former executives are
facing an ongoing case over a cheating scam involving mobile
phone giant Nokia. The executives were accused of falsifying
phone repair claims to cheat Nokia out of SGD4.3 million. They
were also charged with falsifying financial documents and
overstating profits.
The Company is currently in negotiations with its lenders to
restructure its financial obligations. As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets. The timing of receipt of
proceeds from the recovery is dependent on stock market
conditions and conclusion of negotiations.
ACCORD CUSTOMER: Book Closure Date Fixed on June 16
---------------------------------------------------
The Register of Members and the Share Transfer Books of Accord
Customer Care Solutions Limited will be closed at 5:00 p.m. on
June 16, 2006, for the purposes of determining the provisional
allotments of Rights Shares to Entitled Shareholders Entitled
Shareholders, whose securities accounts with CDP are credited
with Shares as at the Books Closure Date will be provisionally
allotted the Rights Shares under the Company's renounceable
underwritten rights issue.
Entitled Shareholders whose names appear in the Register of
Members of the Company as of the Books Closure Date will be
provisionally allotted the Rights Shares under the Rights Issue
on the basis of the number of Shares held by them as stated in
the Register of Members of the Company as of June 16.
Foreign Shareholders who wish to be eligible to participate in
the Rights Issue may provide an address in Singapore for the
service of notices and documents, by notifying in writing not
later than June 9, 2006:
* CDP (if they have securities accounts with CDP) at 4
Shenton Way, #02-01 SGX Centre 2, Singapore 068807; or
* the Company (if they do not have Shares registered in the
name of CDP) at Lim Associates (Pte) Ltd. at 10 Collyer
Quay, #19-08 Ocean Building, Singapore 049315.
Duly completed and stamped transfers together with all relevant
documents of title received by the Company's Share Registrar,
Lim Associates (Pte) Ltd at 10 Collyer Quay, #19-08 Ocean
Building, Singapore 049315, by the Books Closure Date will be
registered to determine the provisional allotments of the Rights
Shares under the Rights Issue.
About Accord Customer Care Solutions
Accord Customer Care Solutions -- http://www.accordccs.com/--
is the leading provider of after market services for consumer
mobile communication and digital electronic devices in Asia
Pacific. ACCS is a spin-off from supply network solutions
provider Accord Express Holdings Pte Limited. ACCS provides a
wide spectrum of after market services to both its trade
partners and end consumers. ACCS provides professional,
efficient and convenient services to its end consumers by
establishing one-stop single brand or multi-brand proximity
centers that are conveniently and strategically located. ACCS
has been posting consecutive losses since the first quarter of
2005 due to bad investments, when it incurred a net loss of
SGD3.79 million. Meanwhile, 12 of its former executives are
facing an ongoing case over a cheating scam involving mobile
phone giant Nokia. The executives were accused of falsifying
phone repair claims to cheat Nokia out of SGD4.3 million. They
were also charged with falsifying financial documents and
overstating profits.
The Company is currently in negotiations with its lenders to
restructure its financial obligations. As part of the
negotiations with the lenders, these obligations are intended to
be repaid out of the proceeds from the Company's recovery of its
investments in non-operational assets. The timing of receipt of
proceeds from the recovery is dependent on stock market
conditions and conclusion of negotiations.
ACER TECHNOLOGY: Creditors Must Prove Claims by July 3
------------------------------------------------------
Liquidator Wee Hui Pheng is asking the creditors of Acer
Technology Ventures Asia pacific (S) Pte Limited to submit their
proofs of claim on or before July 3, 2006, in order to share in
the Company's dividend distribution.
Contact: Wee Hui Pheng
Liquidator
Wee Seng Tiong & Company
1 Coleman Street
#06-10, The Adelphi
Singapore 179803
ELECTRONIC MATERIALS: Creditors' Proofs of Claim Due on July 3
--------------------------------------------------------------
Creditors of Electronic Materials Technologies Pte Limited are
required to file their proofs of claim on or before July 3,
2006, with the Company's liquidators.
Failure to comply with the requirement will exclude a creditor
from sharing in any distribution the Company will make.
Contact: Bob Yap Cheng Ghee
Neo Ban Chuan
Liquidators
c/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581
SNP DIGITAL: Placed in Members' Voluntary Wind-Up
-------------------------------------------------
SNP Digital Publishing Pte Limited has been placed under
members' voluntary wind-up on June 2, 2006.
SNP Digital is a subsidiary of SNP Corporation Limited. Its
wind-up will not have any material impact on the net tangible
assets per share and earnings per share of the Group.
VANGUARD REALTY: Intends to Declare Dividend to Creditors
---------------------------------------------------------
Vanguard Realty & Development (Pte) Limited notifies parties-in-
interest of its intention to declare dividend to creditors.
In this regard, Peter Chay Fook Yuen and Bob Yap Cheng Ghee ask
the Company's creditors to submit proofs of claim by June 16,
2006.
Contact: Peter Chay Fook Yuen
Bob Yap Cheng Ghee
c/o KPMG
16 Raffles Leong Building
Singapore 048581
* BOND PRICING: For the Week 5 June to 9 June 2006
--------------------------------------------------
Issuer Coupon Maturity Price
------ ------ -------- -----
AUSTRALIA
---------
Ainsworth Game 8.000% 12/31/09 1
Amcom Telecommunications Ltd 10.000% 10/28/07 1
APN News & Media Ltd 7.250% 10/31/08 5
A&R Whitcoulls Group 9.500% 12/15/10 8
Arrow Energy NL 10.000% 03/31/08 1
Babcock & Brown Pty Ltd 8.500% 12/31/49 9
Becton Property Group 9.500% 06/30/10 1
BIL Finance Ltd 9.250% 10/15/06 9
BIL Finance Ltd 8.000% 10/15/07 8
Capital Properties NZ Ltd 8.500% 04/15/07 8
Capital Properties NZ Ltd 8.500% 04/15/09 8
Capital Properties NZ Ltd 8.000% 04/15/10 9
Cardno Limited 9.000% 06/30/08 5
CBH Resources 9.500% 12/16/09 1
Chrome Corporation Ltd 10.000% 02/28/08 1
Clean Seas Tuna Ltd 9.000% 09/30/08 1
Djerriwarrh Investments Ltd 6.500% 09/30/09 4
EBet Limited 10.000% 11/29/06 23
Evans & Tate Ltd 8.250% 10/29/07 1
Fletcher Building Ltd 7.550% 03/15/11 7
Fletcher Building Ltd 7.800% 03/15/09 8
Fletcher Building Ltd 7.900% 10/31/06 8
Fletcher Building Ltd 8.300% 10/31/06 8
Fletcher Building Ltd 8.600% 03/15/08 7
Fletcher Building Ltd 8.850% 03/15/10 8
Fernz Corp Ltd 8.560% 10/15/06 9
Futuris Corporation Ltd 7.000% 12/31/07 2
Hy-Fi Securities Ltd 7.000% 08/15/08 8
Hy-Fi Securities Ltd 8.750% 08/15/08 10
Hutchison Telecoms Australia 5.500% 07/12/07 1
IMF Australia Ltd 11.500% 06/30/10 1
Infrastructure & Utilities NZ Ltd 8.500% 09/15/13 8
Infratil Ltd 8.500% 11/15/15 8
Kagara Zinc Ltd 9.750% 05/06/07 5
Kiwi Income Properties Ltd 8.000% 06/30/10 1
Longreach Group Ltd 10.000% 10/31/08 1
Minerals Corporation Ltd 10.500% 09/30/07 1
Nuplex Industries Ltd 9.300% 09/15/07 8
Pacific Print Group Ltd 10.250% 10/15/09 10
Primelife Corporation 9.500% 12/08/06 1
Primelife Corporation 10.000% 01/31/08 1
Salomon SB Australia 4.250% 02/01/09 8
Sapphire Securities Ltd 7.410% 09/20/35 7
Silver Chef Ltd 10.000% 08/31/08 1
Software of Excellence 7.000% 08/09/07 1
Tower Finance Ltd 8.650% 10/15/09 8
Tower Finance Ltd 8.750% 10/15/07 8
TrustPower Ltd 8.300% 09/15/07 8
TrustPower Ltd 8.300% 12/15/08 8
TrustPower Ltd 8.500% 09/15/12 8
TrustPower Ltd 8.500% 03/15/14 8
Vision Systems Ltd 9.000% 12/15/08 2
Westpac Banking Corporation 6.250% 08/30/11 6
MALAYSIA
--------
Aliran Ihsan Resources Bhd 5.000% 11/29/11 1
Artwright Holdings Bhd 5.500% 03/06/07 1
Asian Pac Bhd 4.000% 12/21/07 1
Berjaya Land Bhd 5.000% 12/30/09 1
Camerlin Group Bhd 5.500% 07/15/07 2
Crescendo Corporation Bhd 3.000% 08/25/07 1
Dataprep Holdings Bhd 4.000% 08/06/07 1
Eden Enterprises (M) Bhd 2.500% 12/02/07 1
EG Industries Bhd 5.000% 06/16/10 1
Equine Capital Bhd 3.000% 08/26/08 1
Fountain View Development Sdn Bhd 3.500% 11/03/06 1
Greatpac Holdings Bhd 2.000% 12/11/08 1
Gula Perak Bhd 6.000% 04/23/08 1
Hong Leong Industries Bhd 4.000% 06/28/07 1
Huat Lai Resources Bhd 5.000% 03/28/10 1
I-Berhad 5.000% 04/30/07 1
Insas Bhd 8.000% 04/19/09 1
Kamdar Group Bhd 3.000% 11/09/09 1
Killinghall Bhd 5.000% 04/13/09 2
Kosmo Technology Industrial Bhd 2.000% 06/23/08 6
Kretam Holdings Bhd 1.000% 08/10/10 1
Kumpulan Jetson 5.000% 11/27/12 1
LBS Bina Group Bhd 4.000% 12/29/06 1
LBS Bina Group Bhd 4.000% 12/31/07 1
LBS Bina Group Bhd 4.000% 12/31/08 1
LBS Bina Group Bhd 4.000% 12/31/09 1
Lion Diversified Holdings Bhd 2.000% 06/01/09 3
Media Prima Bhd 2.000% 07/18/08 1
Mithril Bhd 3.000% 04/05/12 1
Mithril Bhd 8.000% 04/05/09 1
Mutiara Goodyear Development Bhd 2.500% 01/15/07 1
Naim Indah Corporation Bhd 0.500% 08/24/06 1
Nam Fatt Corporation Bhd 2.000% 06/24/11 1
Pantai Holdings Bhd 5.000% 03/28/07 2
Pantai Holdings Bhd 5.000% 07/31/07 2
Pelikan International Corp Bhd 3.000% 04/08/10 1
Poh Kong Holdings Bhd 3.000% 01/20/07 1
Prinsiptek Corporation Bhd 3.000% 11/20/06 1
Puncak Niaga Holdings Bhd 2.500% 11/18/16 1
Ramunia Holdings 1.000% 12/20/07 1
Rashid Hussain Bhd 0.500% 12/24/12 1
Rashid Hussain Bhd 3.000% 12/24/12 1
Rhythm Consolidated Bhd 5.000% 12/17/08 1
Senai-Desaru Expressway Bhd 3.500% 12/08/17 72
Silver Bird Group Bhd 1.000% 02/15/09 1
Southern Steel 5.500% 07/31/08 1
Tanah Emas Corporation Bhd 2.000% 12/09/06 1
Tap Resources Bhd 2.000% 06/29/06 1
Tenaga Nasional Bhd 3.050% 05/10/09 1
Titisan Modal Bhd 4.000% 04/29/19 68
Titisan Modal Bhd 5.000% 04/28/20 73
Tradewinds Plantations Bhd 3.000% 02/28/16 1
VTI Vintage Bhd 4.000% 08/22/06 1
WCT Land Bhd 3.000% 08/02/09 1
Wah Seong Corp 3.000% 05/21/12 3
YTL Cement Bhd 4.000% 11/10/15 1
PHILIPPINES
-----------
Philippine Government 7.500% 03/30/16 75
SINGAPORE
---------
Rabobank Singapore 1.000% 11/03/13 73
Sengkang Mall 4.880% 11/20/12 1
Sengkang Mall 8.000% 11/20/12 1
Structural System Singapore 11.000% 06/30/07 1
Tampines Assets Ltd 5.625% 12/07/06 1
Tincel Ltd 7.400% 06/13/11 1
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA. Valerie Udtuhan, Erickson Torrevillas, Francis
Chicano, 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
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Information contained herein is obtained from sources believed
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*** End of Transmission ***