/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060704.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, July 4, 2006, Vol. 9, No. 131 Headlines A U S T R A L I A & N E W Z E A L A N D ACCANTIA HEALTH: Members Opt to Shut Down Operations A&H HAULAGE: Court to Hear Liquidation Bid on July 10 ARPINGE PTY: Enters Voluntary Liquidation AWB LIMITED: U.S. & Canadian Farmers Gear Up for AU$1-Bil Suit BGA GOSFORD: Schedules Final Meeting on July 5 CARKRAFT LIMITED: Court to Hear CIR's Liquidation Bid on Aug. 3 CAR - TRUCK: Members and Creditors to Convene on July 19 CARLYLE FINE: Appoints Joint Liquidators CIVIS PTY: Members Resolve to Wind Up Firm COLES MYER: Completes Acquisition of Hedley Hotel Group COLES MYER: Completes Department Store Sale to TPG-Newbridge CROESUS MINING: Slides into Administration CUSTOM CLEANING: Names Rocco Romeo as Liquidator ELLERSLIE PARK: Creditors Must Prove Debt by July 24 ESKBAY PTY: Liquidator to Present Wind-up Report on July 5 FOREST VIEW: High Court Appoints Liquidator GMJ PLUMBING: Official Assignee Named Liquidator GREEN PACIFIC: ASIC To Wind Up Firm for Trading While Insolvent H. TREVAIL: To Distribute Dividend on July 6 HAWKTRAIL PTY: Members Decide to Cease Operations JAMES HARDIE: ASX Extends Lodgement of 2006 Dutch Accounts L. A. GANE: Creditors Appoint Official Liquidator MAJESTIC FOUNDATION: Names Official Assignee as Liquidator NUPLEX INDUSTRIES: Restructures at Estimated NZ$20-Million Cost PALVERA PTY: Final General Meeting Set on July 7 PLANIT KITCHENS: Winds Up Business Operations REPUBLIC LIMITED: Liquidation Petition Hearing Set July 10 S&V DEVELOPMENTS: Faces Liquidation Proceedings SEACLIFF ORCHARDS: Creditors Proofs of Claim Due on July 21 SHAPE BRAND: Creditors Agree to Shut Down Business SOFAS OF STYLE: Members and Creditors to Convene on July 5 SPENCO PTY: Placed Under Voluntary Liquidation STRATHFIELD: Reports Positive EBITDA for 6 Months Ended June 30 TRACEPOT PTY: Members Appoint Liquidators TREGA PTY: Set to Declare its Final Dividend on July 11 WALLALA INVESTMENTS: To Declare Final Dividend to Creditors WEST CITY VALET: Court to Hear Liquidation Petition on July 27 C H I N A & H O N G K O N G AGRICULTURAL BANK: China Life Keen on Capital Cooperation CHIYODAGUMI (H.K.): Creditors' Meeting Slated for July 5 DORFLINE LIMITED: Final Members & Creditors Meetings Set July 25 FINWIN LIMITED: Liquidator to Present Wind-Up Report GAMEWELL ENTERPRISES: Members to Receive Liquidator's Report HILL SAMUEL: Joint Liquidators Step Aside JADE REGAL: Members Opt for Voluntary Wind-Up MAD CATZ (ASIA): Members to Hear Liquidator's Report on July 28 MAGNUS MANAGEMENT: Liquidator to Present Wind Up Report MARK SINO: Creditors Must Prove Debts by July 25 SAN CHIT DEVELOPMENT: Members Agree to Wind Up Operations SINOVIEW LIMITED: Creditors' Proofs of Debt Due on July 28 TSUIN KING RESTAURANT: Liquidator Ceases to Act for Company VICLAND LIMITED: Liquidator to Present Wind-Up Report on Aug. 8 WAI HING CONSTRUCTION: Final Members Meeting Set July 24 * CBRC Orders Banks to Establish Accountability System I N D I A GENERAL MOTORS: Sales Up 53% at Indian Arm * State Oil Firms Hike Aviation Turbine Fuel Prices by 2% J A P A N JAPAN AIRLINES: Partners with JTB Corp on Travel JAPAN AIRLINES: Shares Fall 7% on Issue K O R E A CJ GROUP: Food Poisoning Leads to Business Crisis DAEWOO SHIPBUILDING: Gets KRW509-Billion Panama Ship Deal DAEWOO SHIPBUILDING: Sails to Profit in May 2006 DAEWOO SHIPBUILDING: Romanian Unit in the Red HANARO TELECOM: Wins Corporate Governance Award HYUNDAI MOTOR: Workers Seek to Create Industry-Wide Union KOREA EXCHANGE: Prosecutors Raid Headquarters SAMSUNG GROUP: Apparel Unit Upgrades German Operations * Corporate Bankruptcies At All-Time Low in May * Non-Listed Units of Conglomerates Under Probe M A L A Y S I A AMTEK HOLDINGS: Unit Sells Property to Jeeson for MYR400,000 CHEW GEOK: Undergoes Wind-Up Exercise CHG INDUSTRIES: Bourse Slaps Fine and Public Reprimand CONSOLIDATED FARMS: Books MYR4.99-Mln Pre-tax Loss in 1Q/FY2006 FUTUTECH BERHAD: Unveils Results of 22nd AGM HLB VENTURES: Enters Members' Voluntary Wind-Up KIG GLASS: Buys More Time for Submission of Revamp Plan KOMARKCORP BERHAD: April 30 Balance Sheet Shows Weak Liquidity MENTIGA CORPORATION: Shareholders Adopt Financial Statements MERCES HOLDINGS: All AGM Resolutions Win Members' Approval METROPLEX BERHAD: Court Orders Pave Way for Putra Place Sale SUGAR BUN: To Hold 22nd Annual General Meeting on July 20 SUREMAX GROUP: TT Dotcom to Formally Withdraw Suit on July 20 TECHVENTURE BERHAD: Shareholders Pass All AGM Resolutions P H I L I P P I N E S BAYAN TELECOMMUNICATIONS: Pays Over PHP900 Million of Debt LAFAYETTE MINING: Parent Seeks Approval to Resume Phil. Ops NATIONAL POWER: Concludes Clean-Up of Semirara Spill PETPLANS INC: SEC Approves Rehabilitation Plan RADIO PHILIPPINES: Congress Must Approve Government's Stake Sale STENIEL MANUFACTURING: Seeks to Restructure Loan Obligations S I N G A P O R E ASIA-PACIFIC BULK: Creditors' Proofs of Claim Due on July 14 I S U PRODUCTS: Court to Hear Wind-Up Petition on July 14 JIANGSHAN INVESTMENT: Accepting Proofs of Debt Until July 14 NORTHSTAR TRAVEL: Intends to Pay Dividend to Creditors SUNWAY HOLDINGs: Members' Final Meeting Slated for July 28 T H A I L A N D HANTEX PCL: Revenue Drops THB223 Million for F/Y 2005 TANAYONG PCL: FY06 Financial Report Show Decrease in Net Loss - - - - - - - - ============================================ A U S T R A L I A & N E W Z E A L A N D ============================================ ACCANTIA HEALTH: Members Opt to Shut Down Operations ---------------------------------------------------- After an extraordinary general meeting on June 1, 2006, members of Accantia Health & Beauty Pty Limited decided to voluntarily wind up the Company's operations and appoint R. B. Mckern as liquidator. Contact: R. B. Mckern Liquidator c/o McGrathNicol+Partners Level 1, 161 Collins Street Melbourne Victoria 3000 Australia Telephone:(03) 9038 3100, e-mail: www.mcgrathnicol.com/ A&H HAULAGE: Court to Hear Liquidation Bid on July 10 ----------------------------------------------------- The High Court of Palmerston North will hear a petition to liquidate A&H Haulage Ltd on July 10, 2006, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition before the Court on May 12, 2006. Contact: Kerri Ann Doherty Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House 7-27 Waterloo Quay, Wellington New Zealand Telephone: (04) 890 1045 Facsimile: (04) 890 0009 ARPINGE PTY: Enters Voluntary Liquidation ----------------------------------------- Members of Arpinge Pty Limited convened on June 1, 2006, and agreed that the Company should wind up its operations voluntarily. David Clement Pratt and Timothy James Cuming were subsequently appointed as liquidators. Contact: David Clement Pratt Timothy James Cuming Liquidators Level 15, 201 Sussex Street Sydney, New South Wales 1171 Australia AWB LIMITED: U.S. & Canadian Farmers Gear Up for AU$1-Bil Suit -------------------------------------------------------------- American and Canadian wheat farmers are preparing to file a AU$1-billion damages lawsuit against AWB Limited with the New York Federal Court this month, The Sunday Mail reports. According to ABC News Online, the lawsuit would pertain to claims by U.S. wheat growers that they lost trade worth hundreds of millions of dollars with Iraq when AWB paid almost AU$300 million in kickbacks to former dictator Saddam Hussein's regime. ABC notes that the initial case may cover just 20 or so farmers, but thousands of other U.S. and Canadian farmers may join them. AWB Will Defend Today Online says that, according to AWB spokesman Peter McBride, the firm was aware of the potential lawsuit, but the Company has not been served with papers. At this stage, such actions are ill-conceived and if any action is formally brought against AWB, the firm will vigorously defend itself, Today Online cites Mr. McBride as telling Agence France Presse. Lawsuit May Cost AWB Hundreds of Millions The Age says that lawyers for the farmers plan to use the Racketeer Influenced and Corrupt Organizations Act, which covers bribery, kickbacks, and extortion. The U.S. Congress passed the RICO Law in 1970 to eliminate organized crime, under which, any person who succeeds in establishing a claim can automatically receive three times their actual damages, plus costs. If the action is successful, AWB could be forced to make a payout triple the value of the kickbacks, ABC says. Yet, Sunday Mail says that Leon Bradley, chairman of the Western Grain growers, believes that the lawsuit would be a costly disaster for farmers. ABC notes that it is hard to argue that U.S. farmers were hurt by AWB kickbacks because the U.S. had sanctions against trading with Iraq. ABC relates that U.S. Wheat Associates knows nothing of the proposed legal suit at this stage. Other Legal Actions Expected According to Sunday Mail, Iraq is expected to lodge a AU$300-million damages claim as soon as Commissioner Terence Cole, who leads the inquiry into the AWB kickback scandal, hands down his findings. Australian AWB shareholders are also considering a class action over AWB's alleged misleading of the stock market by making statements that it was not paying kickbacks, Sunday Mail reports. About AWB AWB Limited -- http://www.awb.com.au/-- is Australia's leading agribusiness and one of the world's largest wheat marketing companies. It is also one of Australia's top 100 publicly listed companies. The Company is the exclusive manager and marketer of all Australian bulk wheat exports through what is known as the Single Desk. The Company markets wheat, and a range of other grains, into more than 50 countries, with Australian wheat exports worth up to $5 billion per year. AWB's footprint includes more than 430 outlets through its subsidiary landmark and has offices across the world. The company employs more than 2,700 staff reaching over 100,000 customers. AWB is also one of the nation's largest suppliers of rural merchandise, distributors of fertilizer, marketers of livestock, brokers of rural real estate and handlers of wool. Previously a low profile organization, AWB made headlines in late 2005 when it was accused of knowingly paying AU$290 million in kickbacks to the Government of Iraq, under Saddam Hussein's administration, through the United Nation's oil-for-food program. A UN report then found out that AWB paid the kickbacks to a Jordanian trucking company linked to Hussein's deposed regime. The Australian Government then appointed a commission, headed by retired judge Terence Cole, to investigate into the Company's role in and the Government's alleged "knowledge" of the scandal. The "Cole Inquiry" is currently underway. The scandal is anticipated to create great political repercussions to the Australian Government, given the country's contribution to military action against President Hussein in the 2003 invasion of Iraq. BGA GOSFORD: Schedules Final Meeting on July 5 ---------------------------------------------- A final meeting of the members and creditors of BGA Gosford Pty Limited will be held on July 5, 2006, at 10:00 a.m. During the meeting, Liquidator Danny Vrkic will present final accounts of the Company's wind-up and property disposal exercises. Contact: Danny Vrkic Liquidator Jirsch Sutherland & Co. Wollongong, Level 3 6-8 Regent Street, Wollongong New South Wales, Australia Telephone: (02) 4225 2545 Facsimile: (02) 4225 2546 CARKRAFT LIMITED: Court to Hear CIR's Liquidation Bid on Aug. 3 --------------------------------------------------------------- An application to liquidate Carkraft Limited -- formerly Wealth Masters Ltd & Auto Disc Machining Ltd -- will be heard before the High Court of Auckland on August 3, 2006, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition with the Court on May 15, 2006. Parties wishing to attend the hearing are required to file an appearance not later than August 1, 2006. Contact: David Weaver Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department 5-7 Byron Avenue, Takapuna Auckland, New Zealand Telephone: (09) 984 1595 Facsimile: (09) 984 3116 CAR - TRUCK: Members and Creditors to Convene on July 19 -------------------------------------------------------- A final meeting of the members and creditors of Car - Truck Pty Limited will be held on July 19, 2006, at 10:00 a.m. During the meeting, Liquidator Daniel Civil will report on the manner of the Company's wind-up and property disposal. Contact: Daniel Civil Joint Liquidator Rodgers Reidy Level 8, 333 George Street Sydney New South Wales 2000 Australia CARLYLE FINE: Appoints Joint Liquidators ---------------------------------------- At a general meeting of Carlyle Fine Arts Pty Limited held on June 1, 2006, David Clement Pratt and Timothy James Cuming were appointed as liquidators to oversee the Company's wind-up activities. Contact: David Clement Pratt Timothy James Cuming Liquidators Level 15, 201 Sussex Street Sydney, New South Wales 1171 Australia CIVIS PTY: Members Resolve to Wind Up Firm ------------------------------------------ After an extraordinary general meeting on June 1, 2000, members of Civis Pty Limited decided to voluntarily wind up the Company's operations. Leonard A. Milner was appointed as liquidator at a creditors' meeting held that same day. Contact: Leonard A. Milner Liquidator Venn Milner & Co. Suite 1, 43 Railway Road Blackburn, Victoria 3130 Australia COLES MYER: Completes Acquisition of Hedley Hotel Group ---------------------------------------------------------------- The Troubled Company Reporter - Asia Pacific reported on February 27, 2006, that Coles Myer Limited has acquired Hedley Hotel Group. In an update, Coles Myer has now completed the acquisition. The acquisition includes: -- 35 hotels, -- 102 retail liquor stores, and -- strategic sites for an additional 17 1st Choice Liquor Superstores in Queensland. The final acquisition cost was approximately AU$328 million, including inventory, with AU$197 million of the purchase price being taken in the form of Coles Myer shares. Coles Myer Chief Executive Officer, John Fletcher, discloses that part of the shares issued as consideration for Hedley will be deferred and are expected to be issued by September 2007. According to Mr. Fletcher, the Hedley acquisition boosts both Coles Myer's liquor superstore and hotel presence in the key Queensland liquor market. Mr. Fletcher adds that Hedley more than doubles Coles Myer's existing hotel portfolio in Queensland and provides a catalyst for the rapid rollout of the Company's 1st Choice Liquor Superstore format in Australia's liquor market. Mr. Fletcher also notes that there are currently 10 1st Choice Liquor Superstores operating in Australia, including five in Queensland. Sites for an additional 72 1st Choice stores have also been secured nationally, subject to licensing approval. Coles Myer Liquor Group MD Mick McMahon says Hedley gives the company additional nine sites and a potential for eight more. He adds that Hedley will also bring additional buying and synergy benefits associated with increased scale. Mr. Fletcher also reports that annual sales are in excess of AU$325 million and the acquisition will be earnings per share positive in its first full year of operation. * * * Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operated around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. Coles Myer has been suffering the burden of consumer-spending downturn. In August 2005, its subsidiary, Myer Limited -- http://www.myer.com/-- has been named in an ABN Amro report as a big loser in the battle between upmarket department stores and discount retailers, with its market share dropping more than 7% since 1996, as discount operators undercut department stores on price and quality. In the same period, Myer's market share has plummeted from 27.8% to 20.6%. The bad news came on top of Merrill Lynch's downgrade of its forecast of Coles Myer's net profit to AU$680 million, in line with the Company's own prediction of between AU$670 million and AU$680 million. Merrill Lynch blamed weakness in the retail sector for the cut of AU$20 million, or 3%, in forecast net profit. Between 2001 and 2004, Myer closed 12 of its 73 outlets. In March 2006, after months of negotiations, Coles Myer sold the 61-store Myer chain to Newbridge Capital and to the former Myer store owners, the Myer family, for AU$1.4 billion. COLES MYER: Completes Department Store Sale to TPG-Newbridge ------------------------------------------------------------ Coles Myer Limited has completed the sale of the Myer department store business to TPG-Newbridge Capital and the Myer Family for AU$1.4 billion. The sale was reported in the Troubled Company Reporter - Asia Pacific on March 15, 2006. Coles Myer Chief Executive Officer John Fletcher says that TPG- Newbridge will immediately assume control of Myer. Mr. Fletcher relates that transition arrangements have been carefully designed to ensure business continuity for Myer and to ensure that the sale process is seamless for customers. While detailed financials associated with the transaction will be released with the annual accounts, current indications are that Coles Myer's profit on sale after the impact of non-cash A- IFRS and tax accounting will be approximately AU$600 million. Mr. Fletcher notes that post-completion, Coles Myer will retain some contingent lease liabilities for Myer of approximately AU$170 million. These will progressively diminish over the next few years, he says. According to Egoli News, Citigroup Investment Research estimates that this liability relates to 7-10 stores. There is a significant residual risk for Coles Myer if the leases relate to stores that currently make losses and Newbridge elects to shut them down. CIR forecast a net profit after tax for the 2006 fiscal year of AU$792 million, a slight revision from AU$790 million previously. The small revision reflects lower corporate overhead costs and slightly higher interest revenue from the Myer proceeds, Egoli says. Egoli also adds that CIR maintains its Hold/Medium Risk rating on Coles Myer. Mr. Fletcher notes that Coles Myer will continue to provide some human resources, supply chain, marketing, IT, and finance administration support in the interim. At this stage the Coles Myer Gift Card, Coles Myer Source Card and Flybuys will continue to be accepted at Myer, Mr. Fletcher says. * * * Headquartered in Melbourne, Victoria, Coles Myer Ltd. -- http://www.colesmyer.com/-- operated around 2,500 stores in Australia and New Zealand and employs with over 165,000 staff. The Company is listed on the stock exchanges of Australia, London, and New Zealand. Coles Myer has been suffering the burden of consumer-spending downturn. In August 2005, its subsidiary, Myer Limited -- http://www.myer.com/-- has been named in an ABN Amro report as a big loser in the battle between upmarket department stores and discount retailers, with its market share dropping more than 7% since 1996, as discount operators undercut department stores on price and quality. In the same period, Myer's market share has plummeted from 27.8% to 20.6%. The bad news came on top of Merrill Lynch's downgrade of its forecast of Coles Myer's net profit to AU$680 million, in line with the Company's own prediction of between AU$670 million and AU$680 million. Merrill Lynch blamed weakness in the retail sector for the cut of AU$20 million, or 3%, in forecast net profit. Between 2001 and 2004, Myer closed 12 of its 73 outlets. In March 2006, after months of negotiations, Coles Myer sold the 61-store Myer chain to Newbridge Capital and to the former Myer store owners, the Myer family, for AU$1.4 billion. CROESUS MINING: Slides into Administration ------------------------------------------ Croesus Mining N.L. has gone into administration after failing to restructure its finances and meet its hedging debts, The Sunday Morning Herald reports. In a statement to the Australian Stock Exchange on June 23, 2006, Croesus disclosed that it appointed Bryan Hughes and Vincent Smith -- of Pitcher Partners Accountants, Auditors, & Advisors -- as joint and several administrators pursuant to Section 436A of the Corporations Act. Croesus notes that Pitcher Partners has significant expertise and experience in the mining industry and had successfully restructured and recapitalized more Australian Stock Exchange- listed companies using the Voluntary Administration process than any other firms in Australia. Calling in administrators could have been avoided if the Company's Tokyo-based hedging partner, Mitsui, has agreed to let Croesus defer paying its debt, ABC Online cites Croesus chairman Michael Kiernan, as saying. Macquarie Hedging Agreement Rescheduled According to Mr. Hughes, the Company's Board of Directors has successfully reached and executed an agreement with Macquarie Bank Limited to reschedule its hedging position. He also notes that Macquarie Bank has been constructively assisting the Company to resolve its issues and supports the Administration. Unfortunately, in the absence of a satisfactory agreement with Mitsui, as the second hedging counter-party, the necessary capital to put the Company back on a sound financial footing would be hindered, Mr. Hughes notes. Accordingly, the moratorium now provided by the Administration process will allow all options for either the sale of the operations or a restructure and recapitalization of the Group, to be fully explored. Norseman Operations Will Be Fine The Administrators disclosed that a comprehensive operating recovery plan was implemented and that the Company has been operating substantially in accordance with that Plan. The Administrators are also confident that the Company will continue substantially in accordance with the Plan, thus generate cash surpluses from operations during the Administration. Mr. Hughes maintains that operations at Norseman will continue in the ordinary course and will be unaffected by the Administration process other than standard administration accounting and requisition controls being implemented. According to ABC Online, Mr. Kiernan has vouched for the 250- strong work force at Norseman. He says that the employees' entitlements and their salaries in the past, and going forward, are safe. However, according to ABC Rural, Hartley's mining expert, Rob Brierley, said that he is not sure whether the Company will survive the overhaul from the Administrators. About Croesus Mining Headquartered in Kalgoorlie, Western Australia, Croesus Mining N.L. -- http://www.croesus.com.au/-- explores and produces gold through its Davyhurst and Central Norseman exploration projects. Falling grades and skyrocketing costs have pulled down Croesus' production and profitability since 2005. Croesus' problems also stem from inadequate mine planning and development at its flagship Norseman operation, where it operates the Bullen and Harlequin mines. After selling its Davyhurst project to fellow Western Australian gold miner Monarch Resources Ltd. in November to focus on the Norseman site, Croesus warned of a pretax loss for the six months to December 31, 2005, on lower output and hedging losses. Now nursing the AU$25 million mark-to-market loss on its hedge- book, Croesus was pushed to the brink of collapse by a surge in costs above AU$800 an ounce -- roughly AU$200/oz above the delivery price of its hedging contracts. It was also producing only about 7,000oz a month, well below the 10,000oz needed to meet its gold hedging commitments. CUSTOM CLEANING: Names Rocco Romeo as Liquidator ------------------------------------------------ Members of Custom Cleaning Pty Limited convened on June 1, 2006, and agreed to liquidate the Company's business. Subsequently, Rocco Romeo was appointed as liquidator. Contact: Rocco Romeo Liquidator Ashmans Business and Financial Services Pty Ltd Level 1, 120 Hutt Street Adelaide, SA 5001 Australia ELLERSLIE PARK: Creditors Must Prove Debt by July 24 ---------------------------------------------------- Aaron Leslie Heath and Michael Lamacraft were appointed joint and several liquidators of Ellerslie Park Holdings Ltd on June 22, 2006. The Liquidators require the Company's creditors to submit their proofs of claim by July 24, 2006. Contact: M. Lamacraft Meltzer Mason Heath, Chartered Accountants P.O. Box 6302, Wellesley Street Auckland, New Zealand Telephone: (09) 357 6150 Facsimile: (09) 357 6152 ESKBAY PTY: Liquidator to Present Wind-up Report on July 5 ---------------------------------------------------------- Members of Eskbay Pty Limited will hold their final meeting on July 5, 2006, for them to receive Liquidator Robert Hutson's final account showing how the Company was wound up and how its property was disposed of. Contact: Robert Hutson Liquidator KordaMentha (Queensland) Level 2, Corporate Center One 2 Corporate Court, Bundall Queensland 4217, Australia Telephone: (07) 5574 1322 Facsimile: (07) 5574 1433 FOREST VIEW: High Court Appoints Liquidator ------------------------------------------- The High Court of Christchurch on June 26, 2006, ordered the appointment of David Donald Crichton and Keiran Anne Horne as joint and several liquidators of Forest View Holdings Ltd. In this regard, the Liquidators require the Company's creditors to submit their proofs of claim by July 27, 2006. Failure to comply with the requirement will exclude a creditor from sharing in any distribution the Company will make. Contact: K. A. Horne C/O Marie Inch Crichton Horne & Associates Limited Old Library Chambers 109 Cambridge Terrace, Christchurch New Zealand Telephone: (03) 379 7929 Web site: www.cha.co.nz GMJ PLUMBING: Official Assignee Named Liquidator ------------------------------------------------ The Official Assignee was appointed as liquidator of GMJ Plumbing Ltd on June 15, 2006. Contact: The Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: www.insolvency.govt.nz/ GREEN PACIFIC: ASIC To Wind Up Firm for Trading While Insolvent --------------------------------------------------------------- The Australian Securities and Investments Commission has conducted a formal investigation into the affairs of Sydney- based energy provider, Green Pacific Energy Limited, after a surveillance review identified concerns that the Company was continuing to trade and incur debt while insolvent. The surveillance review was undertaken as part of the ASIC's National Insolvent Trading Program. The Program is ASIC's focused approach to deal with possible insolvent trading before it occurs. It involves a review of a company to ensure that directors comply with their duties: (a) pursuant to Section 180 of the Corporations Act; and (b) to prevent insolvent trading under Section 588G of the Act. After its investigation, the ASIC filed applications with the Federal Court in Brisbane to wind up Green Pacific and its controlled entities, Green Pacific Energy Capital Pty Ltd. and Green Pacific Energy Stapylton No.1 Pty Ltd. The ASIC's move to wind up Green Pacific also comes after allegations that the Company's chairman and chief executive officer, Alfred Chi Wai Wong, and company secretary, Edwin Yeung, have breached their duties as officers in acting in their own interests rather than in the interests of company members. The ASIC also sought the appointment of Greg Hall, of PricewaterhouseCoopers, as liquidator for the Green Pacific group. The appointment is pending a determination of the Court relating to the regulator's wind-up application. Justice Greenwood of the Federal Court of Australia in Brisbane will hear the matter on July 31, 2006. H. TREVAIL: To Distribute Dividend on July 6 -------------------------------------------- H. Trevail & Son Pty Limited will declare its first and final dividend on July 6, 2006. In this regard, creditors are required to file their proofs of claim by July 6, 2006, for them to share in the dividend distribution. Contact: John E. Ellis Liquidator Ellis, Norton & Co. Level 8, 60 Pitt Street Sydney, New South Wales 2000 Australia Telephone:(02) 9232 7466 Facsimile:(02) 9251 3973 HAWKTRAIL PTY: Members Decide to Cease Operations ------------------------------------------------- At an extraordinary general meeting of Hawktrail Pty Limited on June 1, 2006, members agreed that it is in the Company's best interests to wind up its operations. Liquidators Keiran William Hutchison and John Raymond Gibbons were subsequently appointed to oversee the Company's wind-up proceedings. Contact: Keiran William Hutchison John Raymond Gibbons Liquidators Ernst & Young Ernst & Young Centre Level 37, 680 George Street Sydney New South Wales 2000 Australia Telephone:(02) 9248 4124 JAMES HARDIE: ASX Extends Lodgement of 2006 Dutch Accounts ---------------------------------------------------------- The Australian Stock Exchange extends the date within which James Hardie Industries Limited must file the Dutch GAAP accounts for the year ended March 31, 2006, under the ASX Listing Rules, until the accounts are lodged with the Australian Securities and Investments Commission. Under the ASX Listing Rules, the due date for the filing was June 30, 2006. Under the Australian Corporations Act, the latest date for a Dutch company to file its Dutch GAAP accounts is October 19, 2006. James Hardie obtained the ASX extension of the filing date because the Dutch GAAP financial statements must be current at the time they are adopted by its shareholders at an Annual General Meeting. If there is a material event requiring an adjustment to the financial statements prior to their adoption at an AGM, they must be adjusted. Approval of a company's Board and the filing of the Dutch GAAP accounts with the ASIC and ASX will not relieve the Board from the "updating" obligation. James Hardies' U.S. GAAP financial statements for the same accounting period, March 31, 2006, were lodged with the ASX on May 15, 2006, as part of the Company's announcement of its 4th quarter and full-year 2005 results. James Hardie expects to lodge its Dutch GAAP financial statements at the same time it releases its Notice of Meeting for the 2006 Annual General Meeting, which is scheduled on September 25, 2006. James Hardie's scheduled Australian Information Meeting is on September 19, 2006. To incorporate information relating to taxation decisions by the Australian Taxation Office of June 23 and 29, 2006, concerning the Special Purpose Fund and James Hardie, the ASX has consented to the Company's filing of its 2006 annual report this week. About James Hardie James Hardie Industries Limited -- http://www.jameshardie.com/- - manufactures, markets and distributes fiber cement and gypsum products, fiberglass reinforced plastic and PVC products, sanitary ware and bathroom products, insulating materials and fillers, strippers and adhesives. On July 2, 1998, the then public company announced a plan of reorganization and capital restructuring. James Hardie N.V. was incorporated in August 1998 as an intermediary holding company, with all of its common stock owned by indirect subsidiaries of JHIL. Effective as of November 1998, JHIL contributed its fibre cement businesses, its United States gypsum wallboard business, its Australian and New Zealand building systems businesses and its Australian windows business to JHNV and its subsidiaries. On July 24, 2001, JHIL announced a further plan of reorganization and capital restructuring, which reorganization was completed on October 19, 2001. In connection with the 2001 Reorganization, James Hardie Industries N.V., formerly RCI Netherlands Holdings B.V., issued common shares represented by CHESS Units of Foreign Securities on a one for one basis to existing JHIL shareholders in exchange for their shares such that JHINV became the new ultimate holding company for JHIL and JHNV. Following the 2001 Reorganization, JHINV controls the same assets and liabilities as JHIL controlled immediately prior to the 2001 Reorganization. The Company's troubles began with its "under-funded" allocation for asbestos claims, which were brought in by people who suffer or may have diseases caused by exposure to the asbestos-related products produced by JHIL. In 2001, James Hardie set up an independent entity, Medical Research and Compensation Foundation, to handle asbestos claims. The Foundation has warned that it could run out of money within five years. The Asbestos Diseases Foundation of Australia and workers unions called for all the Company's asbestos profits to be immediately placed in the fund. James Hardie was later accused of topping up the dwindling asbestos fund it established. By 2004, James Hardie's former asbestos manufacturing subsidiaries -- Amaca Pty Ltd, Amaba Pty Ltd, and ABN 60 Pty Ltd -- are three of around 150 defendants in asbestos litigation, and based on the Foundation's own figures, they account for US$1,000,000,000 of the predicted US$6,000,000,000 future asbestos liabilities in Australia. Although James Hardie stopped making asbestos products in 1987, the average 35-year latency of mesothelioma, an asbestos-related disease, means asbestos compensation funds will be needed until mid-century. In a 2005 report by a company-hired actuary from KPMG, it was predicted that 4,915 Australians would contract mesothelioma from exposure to Hardie products in the coming decades. When less serious forms of asbestos-related disease are included, James Hardie should expect to compensate 8,725 victims. On December 1, 2005, the Company announced that the NSW Government and a wholly owned Australian subsidiary of the Company -- LGTDD Pty Ltd -- had entered into a conditional agreement to provide long-term funding to a special purpose fund that will provide compensation for Australian asbestos-related personal injury claims against certain former James Hardie asbestos companies. The amount of the asbestos provision of AU$1 billion, at March 31, 2006, is the Company's best estimate of the probable outcome, which estimate includes an actuarial calculation prepared by KPMG Actuaries Pty Ltd of the projected future cash outflows, undiscounted and uninflated, and the anticipated tax deduction arising from Australian legislation which came into force on April 6, 2006. L. A. GANE: Creditors Appoint Official Liquidator ------------------------------------------------- Members of L. A. Gane Pty Limited convened at an extraordinary general meeting on June 1, 2006, and resolved to close the Company's business operations. In this regard, Andrew Stewart Reed Hewitt was named official liquidator. Contact: Andrew Stewart Reed Hewitt Liquidator Grant Thornton Rialto Towers, Level 35 South Tower, 525 Collins Street Melbourne, Victoria 3000 Australia MAJESTIC FOUNDATION: Names Official Assignee as Liquidator ---------------------------------------------------------- The Official Assignee was appointed liquidator of Majestic Foundation Co Ltd on June 19, 2006. Contact: The Official Assignee Insolvency and Trustee Service Private Bag 4714, Christchurch New Zealand Telephone: 0508 467 658 Web site: www.insolvency.govt.nz/ NUPLEX INDUSTRIES: Restructures at Estimated NZ$20-Million Cost --------------------------------------------------------------- New Zealand-based resins manufacturer Nuplex Industries Ltd., restructures its business, taking one-off costs of around NZ$20 million in the current fiscal year, Reuters reports. Managing Director John Hirst says that Nuplex is taking a variety of actions to reflect changes in the market and to restructure the Company to position itself appropriately for future growth. In an announcement to the New Zealand Stock Exchange, Mr. Hirst discloses planned changes, which include: (a) a new management structure, planned staff reduction, and reallocation of resources to support future needs in the Bergen op Zoom, Holland, operations; (b) closure of the liquid coating resins business in Silvertown, United Kingdom, and relocation of the production to Bergen op Zoom. As a result, there will be some job losses. However, other site operations remain unaffected, including powder resin production where additional investment is currently being planned; and (c) relocation of operations of the Specialty Products Group in Seven Hills, Australia, to other Nuplex Facilities, after its sale or closure in the next few months. Personnel will either be transferred within other Nuplex businesses or no longer required for further operations or included as part of the sale. As a result of these actions, the Company anticipates releasing significant working capital and improving performance as it moves all of its operations towards greater economic returns. According to ShareChat News, restructuring costs will be more than offset by the abnormal gain from last year's NZ$24.4-million gain from the sale of its environmental services group earlier this year. The restructuring did not come as a surprise. "They've recently made a large acquisition in Europe and obviously want to go and sort a few things out," ShareChat cites Hamilton, Hindin & Greene partner Grant Williamson as telling the New Zealand Press Association. About Nuplex Industries Nuplex Industries Limited -- http://www.nuplex.co.nz/-- was founded in 1956 and is incorporated in New Zealand. The company is listed on both the New Zealand (NZX) and Australian (ASX) Stock Exchange. Nuplex produces and supplies technical materials used as inputs to a broad range of manufacturing processes. It also provides specialist building products. Nuplex has operations in Australasia, Asia, Europe, and The Americas, and reports in four business segments. According to Reuters, Nuplex is New Zealand and Australia's largest maker and distributor of resins and polymers for the paint, paper, and textile industries. It also bought a coating resins business in Holland. PALVERA PTY: Final General Meeting Set on July 7 ------------------------------------------------ The members and creditors of Palvera Pty will hold a final meeting on July 7, 2006, at 3:00 p.m. for them to get an account of the manner of the Company's wind-up and property disposal from Liquidator I. A. Jolly. Contact: I. A. Jolly Liquidator Storey Blackwood & Co Level 4, 222 Clarence Street Sydney, Australia PLANIT KITCHENS: Winds Up Business Operations --------------------------------------------- At a general meeting on June 1, 2006, members of Planit Kitchens Pty Limited agreed that the Company must voluntarily commence a wind-up of its operations. M. F. Cooper was consequently named liquidator to oversee the Company's wind-up activities. Contact: M. F. Cooper Liquidator Frasers Insolvency Advisory Level 5, 99 Elizabeth Street Sydney, New South Wales 2000 Australia REPUBLIC LIMITED: Liquidation Petition Hearing Set July 10 ---------------------------------------------------------- The High Court of Palmerston North will hear a liquidation petition against The Republic Ltd -- trading as Slow Food Caf� Restaurant and Bar -- on July 10, 2006, at 10:45 a.m. Scott Lee Johnson filed the petition before the Court on May 26, 2006. Contact: E. M. Bate Hansen & Bate, Lawyers 200 Warren Street South (P.O. Box 235) Hastings, New Zealand S&V DEVELOPMENTS: Faces Liquidation Proceedings ---------------------------------------------- An application to liquidate S&V Developments Ltd will be heard before the High Court of Auckland on August 17, 2006, at 10:00 a.m. The Commissioner of Inland Revenue filed the petition with the Court on May 17, 2006. Parties wishing to attend the hearing are required to file an appearance not later than August 15, 2006. Contact: David Weaver Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department 5-7 Byron Avenue, Takapuna Auckland, New Zealand Telephone: (09) 984 1595 Facsimile: (09) 984 3116 SEACLIFF ORCHARDS: Creditors Proofs of Claim Due on July 21 ----------------------------------------------------------- Murray G. Allott was appointed as liquidator of Seacliff Orchards Ltd on June 23, 2006. In this regard, Mr. Allott requires the Company's creditors to submit their proofs of claim by July 21, 2006, for them to share in any distribution the Company will make. Contact: Murray G. Allott 111 Bealey Avenue, P.O. Box 29-432 Christchurch, New Zealand Telephone: (03) 365 1028 Facsimile: (03) 365 6400 SHAPE BRAND: Creditors Agree to Shut Down Business -------------------------------------------------- The creditors of Shape Brand Management Pty Limited met on June 1, 2006, and agreed to: -- voluntarily wind up the Company's business operations; and -- appoint as liquidator to manage the wind-up activities. Contact: H. A. Mackinnon K. L. Sutherland Joint and Several Liquidators Bent & Cougle Pty. Ltd. Chartered Accountants 332 St Kilda Road Melbourne, Victoria 3004 Australia SOFAS OF STYLE: Members and Creditors to Convene on July 5 ---------------------------------------------------------- A general meeting of the members and creditors of Sofas Of Style Pty Limited will be held on July 5, 2006, at 4:00 p.m. During the meeting, Liquidator Hugh Martin will report on the Company's wind-up proceedings. Contact: Hugh Martin Liquidator Bernardi Martin, Level 1 195 Victoria Square, Adelaide Australia SPENCO PTY: Placed Under Voluntary Liquidation ---------------------------------------------- Members of Spenco Pty Limited held a meeting on June 1, 2006, and decided to shut down the Company's business operations. They also agreed to appoint Michael Edward Slaven as liquidator. Contact: Michael Edward Slaven Liquidator Chartered Accountant Rangott Slaven Hundy Unit 12, Level 3 Engineering House 11 National Circuit, Barton ACT Australia STRATHFIELD: Reports Positive EBITDA for 6 Months Ended June 30 --------------------------------------------------------------- The Board of Strathfield Group Limited expects EBITDA profit ranging from AU$10,000 to AU$500,000 for the six months trading period to June 30, 2006. The expected profit is an improvement to an EBITDA loss of AU$11.3 million for the same period last year. The loss included a AU$2.85-million payout to founder and director Andrew Kelly when he left the Company, the Sunday Morning Herald says. However, Intelligent Investor managing director Steven Johnson says that Strathfield would still likely post a loss. The trading situation appeared to have improved but Strathfield appeared "a long way from making money," The Courier Mail cites Mr. Johnson, as saying. Franchise Stores The Australian recounts that Strathfield has said in March that it would franchise 62 of its 87 stores to produce an annual cash profit of more than AU$10 million when the model was fully operational. The Board notes that there are many interested parties and that the Company is holding a number of security deposits. Strathfield expects to have a significant number of these additional stores franchised by December and to reap significant financial benefits from the change to the franchise model. The Daily Telegraph relates that under the changes, Strathfield will retain all its new and under-performing stores, which will be built up, while also keeping flagship stores for staff training purposes and to use as marketplace bellwethers. Strathfield also expects to receive a total of AU$10 million to AU$17 million in upfront franchise fees from the 62 stores and is offering vendor finance to prospective owner/operators, The Australian says. The Board discloses that Strathfield's financiers, GE Commercial Corporation has worked closely with the company in its move to the franchising model including the development of a tripartite agreement with individual franchisees. GE has also agreed to reset Strathfield's financial covenants. According to the Board, Strathfield has completed all documentation in relation to its franchise program and concluded agreements with four franchisees who should commence operating by July 1, 2006. Temporary Funding To secure Strathfield's ongoing reconstruction while moving to franchising, the Board has agreed to accept funding from the directors of the Company -- Warwick Mirzikinian and George Cheihk. The funding is to be provided through a AU$3.1-million working capital note facility for six months in the form of stock draw- downs and guarantees, the Board explains. The terms of the note facility are: * Interest free with no establishment fees; * For every 6 months, the facility is available to Strathfield, Warwick Mirzikinian will be entitled to receive on a pro rata basis, 10 options for every AU$1 of the facility made available, the options will be exercisable at 5c per share on or before March 30, 2009; * The facility will be secured behind the GE Loan facility and behind any additional secured funding SRA deems it may require; * The facility is flexible and will be reviewed by the parties in 6 months and may be terminated early at no cost; and * It is subject to any required shareholder or regulatory approvals. According to Egoli News, the Board has agreed to the note facility terms on the basis that the funding offer was made available to sophisticated and professional investors. The Board has investigated making this offer available to all shareholders but the costs of compliance appear to be prohibitive for the amount of the facility, Egoli notes. Any sophisticated or professional investor wishing to participate in the offer may contact: Richard Poole Director Arthur Phillip Pty Ltd., and Strathfield Group Ltd. About Strathfield Strathfield Group Limited -- http://www.strathfield.com/-- is one of the largest independent retailers of mobile communication products in Australia, with 86 outlets nationwide. Strathfield offers a large range of products including Car, Home, and Mobile entertainment and communication tools. Strathfield is the leader in in-car entertainment, and provides quality "on the spot" installation services through its outlets. The Company has focused on paying down debt and entered into restructuring. After losing AU$41 million in 2003, Strathfield Group has run its cash reserves dangerously low. The Company undertook a capital raising of approximately AU$22.2 million through a AU$12.6 million placement and AU$9.6m Rights Issue of ordinary shares. The shareholders previously approved the placement of 126 million ordinary shares at AU$0.10. Strathfield's major shareholder, Kelly Group Holdings Pty Limited, has agreed to underwrite the rights issue to AU$8 million and has advanced to the Company, as a loan, AU$8 million of the issue. The Group has since been into a series of recapitalizations, and has suffered from a series of losses, defaults and a major management team revamp in 2005. TRACEPOT PTY: Members Appoint Liquidators ----------------------------------------- At a general meeting of the members of Tracepot Pty Limited on June 1, 2006, it was agreed that a voluntary wind-up of the Company is appropriate and necessary. In this regard, Ian Alexander Currie and Peter George Biazos were appointed to oversee the company's wind-up proceedings. Contact: Ian Alexander Currie Peter George Biazos Liquidators Currie Biazos Insolvency Accountants Level 3, Christies Corporate Centre 320 Adelaide Street Brisbane, Queensland, 4000 Australia TREGA PTY: Set to Declare its Final Dividend on July 11 ------------------------------------------------------- Trega Pty Limited will declare its first and final dividend on July 11, 2006. Creditors who were not able to prove their claims will be excluded from sharing in any distribution the Company will make. Contact: Frank Lo Pilato Liquidator C/O RSM Bird Cameron Partners Chartered Accountants Level 1, 103-105 Northbourne Avenue Turner ACT 2601 Australia Telephone:(02) 6247 5988 WALLALA INVESTMENTS: To Declare Final Dividend to Creditors ----------------------------------------------------------- Wallala Investments Pty Limited intends to declare a first and final dividend to the Company's creditors Creditors are advised to file their proofs of claim by July 11, 2006, with Liquidator Hugh Martin for them to share in the dividend distribution. WEST CITY VALET: Court to Hear Liquidation Petition on July 27 -------------------------------------------------------------- An application to liquidate West City Valet Ltd will be heard before the High Court of Auckland on July 27, 2006 at 10:00 a.m. The Commissioner of Inland Revenue filed the petition with the Court on May 30, 2006. Contact: David Weaver Technical and Legal Support Group Auckland North Service Centre Inland Revenue Department 5-7 Byron Avenue, Takapuna Auckland, New Zealand Telephone: (09) 984 1595 Facsimile: (09) 984 3116 ================================ C H I N A & H O N G K O N G ================================ AGRICULTURAL BANK: China Life Keen on Capital Cooperation --------------------------------------------------------- Chairman Yang Chao of China Life Insurance Company Limited expressed interest in taking a stake at the Agricultural Bank of China, Xinhuanet reports. By holding an interest in the Bank, China Life will have the opportunity to establish a cooperation with the Agricultural Bank of China in terms of shareholding reforms and market listing, Xinhuanet cites China Life chairman Yang Chao. Commenting to Mr. Yang's statement, Agricultural Bank president Yang Mingsheng, said he is optimistic about Mr. Yang Chao's expectations, adding that the Bank will make early research into the issue of inviting strategic investors, according to Xinhuanews. "Agricultural Bank offers China Life a chance, though the insurer has failed to become a stakeholder of other big state lenders," Mr. Yang Mingsheng said. Agricultural Bank has been an agent for China Life insurance products for 15 years * * * The state-owned Agricultural Bank of China -- http://www.abocn.com/--is the mainland's fourth largest bank. It has lagged behind other major Chinese commercial banks, which have received government injections of new capital and been allowed to link up with foreign partners in preparation for raising money on foreign stock exchanges. Despite posting operating profits of over CNY42.4 billion in 2005, the Bank is still carrying billions of dollars in unpaid loans to state companies, which it says accounted for 26% of its lending at the end of last year. Recently, as reported by the Troubled Company Reporter- Asia Pacific on June 27, 2006, the National Audit Office found accounting irregularities involving CNY51.6 billion which CNY14.27 billion of the amount come from deposit business, CNY27.62 billion on loan grants, and CNY9.72 billion in fraudulent bill issuance. CHIYODAGUMI (H.K.): Creditors' Meeting Slated for July 5 -------------------------------------------------------- Creditors of Chiyodagumi (H.K.) Ltd will meet on July 5, 2006, 3:30 p.m. at 35th Floor, One Pacific Place, 88 Queensway, Hong Kong to discuss about wind-up matters. DORFLINE LIMITED: Final Members & Creditors Meetings Set July 25 ---------------------------------------------------------------- Members and creditors of Dorfline Ltd will convene for their final meetings at 27th Floor, Alexandra House, 18 Chater Road Central, Hong Kong on July 25, 2006, at 10:00 a.m. and 10:30 a.m. respectively. At the meetings, Liquidator Edward Middleton will present final accounts of the Company's wind-up. Contact: Edward Middleton 8th Floor, Prince's Bldg 10 Chater Road, Central Hong Kong FINWIN LIMITED: Liquidator to Present Wind-Up Report ---------------------------------------------------- The final general meeting of the members of Finwin Limited will be held at Room 1005, Allied Kajima Bldg, 138 Gloucester Road, Wanchai, Hong Kong on July 24, 2006, at 3:30 p.m. At the meeting, Liquidator Lam Ying Sui will present to the members of the Company final accounts of the Company's wind up. GAMEWELL ENTERPRISES: Members to Receive Liquidator's Report ------------------------------------------------------------ Members of Gamewell Enterprises Ltd will be receiving Liquidator Lam Ying Sui's final report on the Company's wind-up operations and how property disposal. The report will be presented at Room 1005, Allied Kajima Bldg, 138 Gloucester Road, Wanchai, Hong Kong on July 24, 2006, at 3:00 p.m. HILL SAMUEL: Joint Liquidators Step Aside ----------------------------------------- Ying Hing Chiu and Chung Miu Yin ceased to act as joint liquidators of Hill Samuel International Property Services on June 19, 2006. JADE REGAL: Members Opt for Voluntary Wind-Up --------------------------------------------- Members of Jade Regal Ltd resolved on June 10, 2006, to wind up the Company voluntarily and appoint Poon Chi Wo and Poon Chin Chung as joint and several liquidators. MAD CATZ (ASIA): Members to Hear Liquidator's Report on July 28 --------------------------------------------------------------- Members of Mad Catz (Asia) Ltd will be receiving Liquidator Nip Kwan Hing's final report on the Company's wind-up operation and property disposal. The report will be presented at Unit 1717-19, 17th Floor, Grand Central Plaza, Tower 2, 138 Sha Tin Rural Committee Road, N.T. Hong Kong on July 28, 2006, at 10:00 a.m. MAGNUS MANAGEMENT: Liquidator to Present Wind Up Report ------------------------------------------------------- Liquidator Sytske Helena Maria Teppema will present to members of Magnus Management Consultants Ltd accounts of the Company's wind-up. The presentation will be made at Suite 1604, 16/F., Hing Yip Commercial Centre, 272-284 Des Voeux Road Central, Hong Kong on July 26, 2006. MARK SINO: Creditors Must Prove Debts by July 25 ------------------------------------------------ Creditors of Mark Sino Enterprises Ltd are required to submit their proofs of debt by July 25, 2006, or be excluded from sharing in any distribution the Company will make. Contact: Tse Yun Tak Liquidator 21st Floor, Fee Tat Commercial Centre No 613 Nathan Road, Kowloon Hong Kong SAN CHIT DEVELOPMENT: Members Agree to Wind Up Operations --------------------------------------------------------- Members of San Chit Development Ltd resolved on June 28, 2006, to wind up the Company voluntarily and appoint Cheung King Poon as liquidator. Contact: Cheung King Poon Unit 5505, Hopewell Centre 183 Queen's Road East Wanchai, Hong Kong SINOVIEW LIMITED: Creditors' Proofs of Debt Due on July 28 ---------------------------------------------------------- Creditors of Sinoview Limited are required to prove their debts by July 28, 2006, or be excluded from sharing in any distribution the Company will make. Liquidator Nip Kwan Hing will be receiving proofs of claims before the dividend distribution date. Contact: Nip Kwan Hing Room 1203, United Chinese Bank Bldg 31-37 Des Voeux Road, Central Hong Kong TSUIN KING RESTAURANT: Liquidator Ceases to Act for Company ----------------------------------------------------------- Li Kwok Hung on June 23, 2006, ceased to act as liquidator of Tsuin King Hsin Kuang Restaurant Ltd. VICLAND LIMITED: Liquidator to Present Wind-Up Report on Aug. 8 --------------------------------------------------------------- Liquidator Yuen Wai Ho will present to members of Vicland Limited accounts of the Company's wind-up. The presentation will be made at 15/F., California Tower, 30-32 D' Aguilar Street, Central, Hong Kong on August 8, 2006, 11:00 in the morning. WAI HING CONSTRUCTION: Final Members Meeting Set July 24 -------------------------------------------------------- Members of Wai Hing Construction Materials Co Ltd will convene for their final meeting at 7th Floor, Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong Kong on July 24, 2006, at 11:00 a.m. At the meeting, members will receive Liquidator Lau Vui Cheong's final account regarding the Company's wind up operation. * CBRC Orders Banks to Establish Accountability System ------------------------------------------------------ The China Banking Regulatory Commission on July 3, 2006, issued a notice ordering China's commercial banks to set up an accountability system to curtail banking irregularities, Xinhuanet reports. According to Xinhuanet, the move comes after the National Audit Office found banking irregularities amounting to CNY51.6 billion involving the Agricultural Bank of China. CBRC said that heads of banking institutions involved should be the first to accept responsibility and resign in severe cases of misconduct cases, before being punished in light of further investigations. The Commission added that "major leaders" are forbidden to act as managers of peer institutions. It The also warned that it would report big commercial banks which see frequent abuses to their shareholders, and even directly to the State Council, China's Cabinet. ========= I N D I A ========= GENERAL MOTORS: Sales Up 53% at Indian Arm ------------------------------------------ The Indian unit of General Motors Corporation saw its June vehicle sales rise 53% to 3,346 units compared to 2,183 in June 2005, NDTV Profit.com reports. GM India -- which sells only Chevrolet-branded cars in India -- said that the growth was mainly driven by the popularity of the Tavera model, NDTV says. GM India had stopped selling cars under the Opel brand in December 2005. India eNews reveals that the sale of cars comprised of 1,961 units of Chevrolet Tavera, 379 units of Chevrolet Optra and 1,006 units of Chevrolet Aveo. In a bid to cater rising demand for the Chevrolet brand in India, GM aims to expand its capacity to 85,000 units by the end of the year, according to India eNews. In line with this target, GM has set up a production facility in Halol, Guajarat. GM aims to take up at least 10% of the Indian market by 2010. Currently, it competes the local units of Ford Motor Co., Hyundai Motor Co., Toyota Motor Co. and Honda Motor Co., besides top Indian car maker Maruti Udyog Ltd. and Tata Motors Ltd, according to NDTV. But while GM India is enjoying profit from sales, its United States-based parent suffered plummeting auto sales in June as demand for trucks tumbled, Chron.com reports. GM sold a total of 413,473 vehicles, down 25.9% from 558,092 in June 2005, a month that was boosted by the introduction of employee pricing incentives, Chron.com says. Car sales fell 2.3% to 171,494 vehicles, while truck sales plunged 36.8% to 241,979 vehicles, the report says. For the year so far GM sales are down 12.1 percent to 2.07 million vehicles, compared with 2.35 million for the first six months of 2005. About General Motors General Motors Corp. -- http://www.gm.com/-- the world's largest automaker, has been the global industry sales leader for 75 years. Founded in 1908, GM today employs about 327,000 people around the world. With global headquarters in Detroit, GM manufactures its cars and trucks in 33 countries, including India. In 2005, 9.17 million GM cars and trucks were sold globally under the following brands: Buick, Cadillac, Chevrolet, GMC, GM Daewoo, Holden, HUMMER, Opel, Pontiac, Saab, Saturn and Vauxhall. GM operates one of the world's leading finance companies, GMAC Financial Services, which offers automotive, residential and commercial financing and insurance. GM's OnStar subsidiary is the industry leader in vehicle safety, security and information services. General Motors made losses of around US$7.6 billion in its North American automotive operations in 2005. This included the costs of decision to close down as many as 12 North American plants and cut 30,000 jobs by the end of 2008. The losses were also due to charges related to factory job losses, its finance arm GMAC and the bankruptcy of former subsidiary Delphi Corp. GM had to make these big restructuring announcements to cut costs and return to profitability as soon as possible. * State Oil Firms Hike Aviation Turbine Fuel Prices by 2% --------------------------------------------------------- Public sector oil firms have raised aviation turbine fuel prices by 2% to INR900 per kiloliter to overcome skyrocketing global prices, The Hindu reports. Indian Oil Corporation, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, on July 1, 2006, revised ATF in line with international trends, the report says. Jet fuel prices for domestic airlines in Delhi were raised by INR895.56 per kiloliter to INR41,303.58 while in Kolkata the hike was INR948.18 per kiloliter to INR46,564.46, an official of Indian Oil Corp told The Hindu. In Mumbai, the hike was INR946.4 per kiloliter to INR42,731, while in Chennai jet fuel prices were raised from INR964.73 to INR43,940.32 per kiloliter. ATF prices for international airlines, on the other hand, were raised to over USD7.6 per kiloliter, The Hindu relates. Unlike domestic carriers, international liners are not required to pay local levies. Indian Oil, Bharat Petroleum and Hindustan Petroleum are hoping that the latest rise in ATF prices will help them realize profit and offset losses they've incurred from selling petrol and diesel at subsidized prices, The Financial Express relates. According to the Financial Express, the Government's delay in raising fuel prices has negatively impacted the three state oil marketing companies. Higher fuel prices will help the companies report profits although costly fuel is expected to hit domestic oil demand, which has been sluggish for the past year. If fuel prices were not raised and crude remained above US$70 a barrel, the combined loss of the state-run refiners would have hit INR750 billion. As reported by the Troubled Company Reporter - Asia Pacific, the three state oil refiners have been counting on fuel price hikes to help curb losses. Last month, the Government has raised retail fuel prices after a nine-month freeze. Petrol prices and diesel prices were raised by 9.2% and 6.6%, respectively, on June 5, 2006. The state refiners expect its losses to drop following the fuel price hikes and duty cuts. ========= J A P A N ========= JAPAN AIRLINES: Partners with JTB Corp on Travel ------------------------------------------------ Japan Airlines Corp. seeks a business tie-up with leading travel agency JPTB Corp. for travel operations, Kyodo News reports, citing Nihon Keizai Shimbun. According to Nihon Keizai, JTB Corp. opted to help out JAL, believing that the Company's drop in earnings might adversely affect certain areas of the agency, e.g. ticket reservations. The proposed tie-up entails JTB Corp. providing vacation packages using JAL flights, so that the Company can penetrate JTB's passenger market and utilize its product development expertise. Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. JAL's international passenger operations incurred losses in recent years due to negative factors such as the severe acute respiratory distress syndrome epidemic and terrorism fears. Due to a series of safety related incidents, the JAL Group was subjected to a business improvement order and administrative warnings relating to assurances on air transportation safety issued by the Ministry of Land, Infrastructure and Transport in March 2005. For the JAL Group, there was a year-on-year decline in passenger demand on international routes, due mainly to a delay in the recovery of demand on routes to China and Southeast Asia. Domestic passenger demand also fell below its year-earlier level, particularly among individual passengers, as a result of factors such as the series of safety problems that occurred. Demand for international cargo services also fell year-on-year, due to weak demand on routes from Japan to East Asian countries and the United States. Rising aviation fuel prices compounded JAL's situation. The Troubled Company Reporter - Asia Pacific stated on May 12 2006, that JAL posted a consolidated net loss of JPY47.24 billion for the business year 2005 ended March 31, 2006, due to safety-related incidents in 2005 that caused passengers to shift to its rival All Nippon Airways, and an increase in aviation fuel costs. JAPAN AIRLINES: Shares Fall 7% on Issue --------------------------------------- Japan Airlines Corp. shares dropped 5.2% on July 3, 2006, after the Company announced that it would issue new shares worth JPY222.71 billion, Reuters News relates. The Troubled Company Reporter - Asia Pacific reported on July 3, 2006, that JAL was planning to issue some 750 million shares in order to raise capital for its refleeting program. The Company also needed funds for a possible early redemption of bonds sold in 2004, which investors can redeem as early as next year. JAL had posted a consolidated net loss of JPY47.24 billion for the business year 2005 ended March 31, 2006, due to safety- related incidents in 2005 that caused passengers to shift to its rival All Nippon Airways, and an increase in aviation fuel costs, according to a TCR-AP report on May 12, 2006. A further report on June 30, 2006, states that the Company will not be able to pay out dividends to shareholders this year. Reuters cites JP Morgan analyst Mana Nakazora as saying that the gap between JAL and its rival All Nippon Airways Co. Ltd. is widening due to the Company's troubles and the fact that several customers from JAL have decided to switch to ANA; the share issuance would strengthen JAL's capital base, but it remains to be seen if the Company could actually generate its target earnings from the issuance. According to JAL, the Company will issue half of the shares in Japan, and the rest overseas. Mizuho Securities Co. Ltd. will manage the local share offer, while Mizuho International Plc, Goldman Sachs and UBS would lead-manage the overseas offer. JAL stocks traded at JPY272 per share, making it the biggest percentage loser on the Tokyo Stock Exchange. About Japan Airlines Tokyo-based Japan Airlines International Company, Limited -- http://www.jal.com/en/-- was created as a result of the merger of Japan Airlines and Japan Air Systems to boost domestic coverage. JAL's international passenger operations incurred losses in recent years due to negative factors such as the severe acute respiratory distress syndrome epidemic and terrorism fears. Due to a series of safety related incidents, the JAL Group was subjected to a business improvement order and administrative warnings relating to assurances on air transportation safety issued by the Ministry of Land, Infrastructure and Transport in March 2005. For the JAL Group, here was a year-on-year decline in passenger demand on international routes, due mainly to a delay in the recovery of demand on routes to China and Southeast Asia. Domestic passenger demand also fell below its year-earlier level particularly among individual passengers, as a result of factors such as the series of safety problems that occurred. Demand for international cargo services also fell year-on-year, due to weak demand on routes from Japan to East Asian countries and the United States. Rising aviation fuel prices compounded JAL's situation. Fitch Ratings Agency has assigned a BB- rating on the Company, which would not be affected by the share issuance, which, despite being positive for the Company, would not resolve the Company's need to turn around operations and generate sufficient cash flows. ========= K O R E A ========= CJ GROUP: Food Poisoning Leads to Business Crisis ------------------------------------------------- CJ Group is currently in crisis after more than 2,300 students at 30 Korean schools became sick after eating school meals supplied by CJ Food System Co., Ltd., The Korea Times reports. According to the report, CJ Food System, which is the country's largest food distributor, decided to stop its school meal business as it takes responsibility for the food poisoning incident linked to its food. CJ Food ceased business in 93 elementary, middle and high schools and 35 universities nationwide. The Korea Times, citing industry and market experts, adds that not only CJ Food System, but CJ Group as a whole, will have to take the brunt of the poisonings. The biggest damage would be to the group's corporate image. Government Investigates Today Online relates that the South Korean Government had been investigating the food poisoning incident after the education ministry reported that students were suffering from symptoms like nausea, diarrhea, stomachaches and fever. Korean Prime Minister Han Myeong-Sook has called for an investigation of food distributors who supply meals to schools. Moreover, health officials shut down cafeterias at dozens of schools in the Seoul area, saying they did not meet cleanliness standards. According to Bloomberg News, the Korea Food & Drug Administration is investigating the case. Crisis Management The Times notes that the loss of business at CJ Food, which posted KRW62 billion in sales in 2005, will most certainly weigh on the group. The food distribution business of CJ Food is expected to make a KRW67 billion dent in the Company's bottom line, a good 10% of the firm's total sales, and 1.3% of the net profit. CJ Food has also pledged around KRW0.2 billion a day to assist affected schools until they can find an alternative provider of student meals, on top of a KRW22-billion donation of food supply facilities. The Company has also promised to financially support student meals until affected schools find an alternative. Effects on Corporate Image Market watchers predict that the impact of the school poisonings on CJ Group's corporate image is more serious than financial loss, The Times notes. CJ Group has had huge profits from its food-related business and the poisonings could impact other food-related operations. The worst-case scenario is a boycott against the entirety of CJ brands. CJ Corp., which holds 60% in CJ Food, has already lost KRW30 billion in market capitalization from a fall of share prices. About CJ Corporation and CJ Food CJ Corp. -- http://www.cj.net/-- manufactures processed food products. The company's products include refined sugar, monosodium glutamate, condiment, wheat powder, flour, cooking oil, processed meats, and animal feed. CJ also manufactures pharmaceutical and household products. The Company reported a total revenue of KRW642.99 billion and a net income of KRW76.9 billion for the first three months of 2006, and a full year revenue of KRW2.46 trillion and full year net income of KRW132.50 billion in 2005. CJ Food System Co., Ltd. -- http://www.cjfood.com/-- markets and provides various groceries to food service companies and restaurants. The Company also caters to company restaurants, schools, airports, and private restaurants and processes agricultural products. DAEWOO SHIPBUILDING: Gets KRW509-Billion Panama Ship Deal --------------------------------------------------------- Daewoo Shipbuilding & Marine Engineering Co. has received a KRW509-billion order to build container ships in Panama, Bloomberg News reports. Daewoo Shipbuilding will build an unspecified number of container ships until 2010 for a still unidentified customer, the Company said in a regulatory filing with the Korea Stock Exchange. More in the Middle East The Times of Oman Online reports that Oman Shipping Company's board chairman, Ahmed bin Abdulnabi Macki, met with Daewoo Shipbuilding's chief executive officer to discuss a number of issues related to dry dock projects which the Oman Government intends to set up. Daewoo Shipbuilding has also recently received three new orders for liquefied natural gas carriers from the Qatar Gas Transport Company Ltd., a company press release relates. The Company said that total new orders in 2006, as of May 31, 2006, amounted to US$5.9 billion. About Daewoo Shipbuilding and Marine Headquartered in Seoul, South Korea, Daewoo Shipbuilding and Marine Engineering Co. -- http://www.dsme.co.kr/-- has developed into one of the world's premium specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers. The shipbuilder has been under a creditors-led corporate restructuring program since 1999 along with some other affiliates after its parent, Daewoo Group, collapsed under heavy debt exposure. Daewoo Shipbuilding is up for sale and the Korea Development Bank and Korea Asset Management Corporation plan to start the sale process of their remaining stakes in the second half of 2006. The Troubled Company Reporter - Asia Pacific reported on May 16, 2006, that Daewoo Shipbuilding posted a KRW45-billion net loss for the first quarter ended March 31, 2006, as compared to the KRW31.4-billion net loss for the corresponding period in 2005. The Company blamed the result on low ship prices. DAEWOO SHIPBUILDING: Sails to Profit in May 2006 ------------------------------------------------ Daewoo Shipbuilding & Marine Engineering Co. posted an KRW11.9-billion net income for May 2006, the Troubled Company Reporter - Asia Pacific learns from a company disclosure. The profit allowed the shipbuilder to narrow down its accumulated net loss for the first five months of 2006 to KRW6.5 billion from the KRW18.4 billion accumulated net loss for the months of January to April 2006. May sales totaled KRW383.1 billion, giving the Company an operating loss of KRW1 billion. However, Daewoo Shipbuilding posted a non-operating income of KRW23.9 billion to get an income before taxes of KRW16.4 billion. Total sales for the first five months of 2006 totaled KRW1.99 trillion. Daewoo Shipbuilding had a total of 28 new orders for 2006, adding an estimated of US$5.9 billion in its coffers. Of these new orders, the Company will have to make 12 units of liquefied natural gas carriers and 11 tankers, as well as three offshore plants. The shipbuilder also delivered six ships in May 2006. Order backlogs total 132 commercial ships, nine offshore plants and two special ships, all amounting to US$19.8 billion. About Daewoo Shipbuilding and Marine Headquartered in Seoul, South Korea, Daewoo Shipbuilding and Marine Engineering Co. -- http://www.dsme.co.kr/-- has developed into one of the world's premium specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers. The shipbuilder has been under a creditors-led corporate restructuring program since 1999 along with some other affiliates after its parent, Daewoo Group, collapsed under heavy debt exposure. Daewoo Shipbuilding is up for sale and the Korea Development Bank and Korea Asset Management Corporation plan to start the sale process of their remaining stakes in the second half of 2006. The Troubled Company Reporter - Asia Pacific reported on May 16, 2006, that Daewoo Shipbuilding posted a KRW45-billion net loss for the first quarter ended March 31, 2006, as compared to the KRW31.4-billion net loss for the corresponding period in 2005. The Company blamed the result on low ship prices. DAEWOO SHIPBUILDING: Romanian Unit in the Red --------------------------------------------- Daewoo Shipbuilding and Marine Engineering Co.'s Romanian unit, Daewoo Mangalia Heavy Industries, closed 2005 with losses amounting EUR18.5 million, despite a 46% increase in its turnover, Ziarul Financiar reports, citing financial data published in the Official Gazette. Daewoo Mangalia explains that the net loss is due to the increase in the prices of sheet metal, which is the main raw material used for shipbuilding. Daewoo Mangalia General Business Manager Iulian Sandu said that contracts for sheet metal are generally closed four years before the start of construction. "When we closed these contracts the price of sheet metal for shipbuilding was around EUR250/tonne, although, we estimated it could rise to almost EUR510/tonne. But when we actually bought the metal sheet, the price stood at some EUR700/tonne," he explained. The Romanian shipyard had posted a net profit worth EUR5.7 million in 2005, with turnover standing at EUR109.1 million. About Daewoo Shipbuilding and Marine Headquartered in Seoul, South Korea, Daewoo Shipbuilding and Marine Engineering Co. -- http://www.dsme.co.kr/-- has developed into one of the world's premium specialized shipbuilding and offshore contractor that builds various vessels, offshore platforms, drilling rigs, floating oil production units, submarines, and destroyers. The shipbuilder has been under a creditors-led corporate restructuring program since 1999 along with some other affiliates after its parent, Daewoo Group, collapsed under heavy debt exposure. Daewoo Shipbuilding is up for sale and the Korea Development Bank and Korea Asset Management Corporation plan to start the sale process of their remaining stakes in the second half of 2006. The Troubled Company Reporter - Asia Pacific reported on May 16, 2006, that Daewoo Shipbuilding posted a KRW45-billion net loss for the first quarter ended March 31, 2006, as compared to the KRW31.4-billion net loss for the corresponding period in 2005. The Company blamed the result on low ship prices. HANARO TELECOM: Wins Corporate Governance Award ----------------------------------------------- Hanaro Telecom Inc. was recognized as the best KOSDAQ-listed company for outstanding corporate governance in 2006, after having been selected as a recipient of the Good Corporate Governance Award in 2005, the Troubled Company Reporter - Asia Pacific learns from a company press release. The award is given out by the Korea Corporate Governance Service, an agency established to promote corporate governance of Korea's listed companies. KCGS named Hanaro one of the top three KOSDAQ-listed companies for transparent corporate governance. The 2006 Corporate Governance Award Ceremony was held at the Korea Exchange building. The Corporate Governance Award In order to encourage Korean companies to improve their corporate governance and enhance management transparency, the KCGS has selected listed companies with good corporate governance practices and honored them every year since 2001. The Corporate Governance Award has three categories: the Best Corporate Governance Award, the Good Corporate Governance Award and the Improved Corporate Governance Award. Together with Webzen and LG Telecom, Hanaro received the Best Corporate Governance Award, coming out on top in all evaluation categories including protection of shareholder rights, the board of directors, the audit committee, investor relations and distribution of profits. In 2005, Hanaro received the Good Corporate Governance Award. About Hanaro Telecom Hanaro Telecom Inc. -- http://www.hanaro.com/-- is the second largest player in the Korean local telephone market. It provides high-speed Internet services in Korea. In June 2001, the company integrated broadband Internet access services which included ADSL, Hybrid Fiber Coaxial cables and Broadband Wireless Local Loop into a single brand called HanaFOS. Hanaro offers VoIP services to its broadband business customers as a bundled service and also as a stand-alone service. Its VoIP infrastructure consists of an ADSL/VDSL circuit, a splitter and a modem. The splitter, which is connected through a DSL or cable modem line, converts the user's voice into digital data packets, which are further passed on through the Internet. The operator had 1.5 million VoIP subscribers at the end of July 2005. The Company had 569,604 DSL subscribers and approximately 350,000 VoIP subscribers at the end of December 2005. It aims to reach a target of 550,000 VoIP subscribers by the end of 2006. In January 2006, Hanaro Telecom stated its objective for the new financial year of focusing on improving sales performance, corporate efficiency and implementing organizational restructuring. In due course, Hanaro Telecom merged with Thrunet, which thus ceased to exist. On February 22, 2006, Hanaro Telecom adopted a resolution on a 50% reduction of capital stock without payment to shareholders. If the capital reduction is approved at the annual general meeting of shareholders to be held this year, two registered common shares will be consolidated into one registered common share, with the par value remaining at KRW 5,000, decreasing the number of total outstanding shares from 463,353,012 to 231,676,506 and the amount of paid-in capital from KRW 2,316,765,060,000 to KRW 1,158,382,530,000. Hanaro explained that it plans to eliminate the accumulated deficit of KRW 1,072.9 billion with about KRW 1,158.3 billion of gains from the capital reduction. Based on the improved financial structure, it will pursue shareholder-friendly initiatives such as a dividend payout or purchase of treasury stock. HYUNDAI MOTOR: Workers Seek to Create Industry-Wide Union --------------------------------------------------------- Hyundai Motor Co.'s labor union is organizing an industry-wide umbrella group for the automobile industry to increase its leverage in negotiations with the government and management, The Korea Times relates. Unionists under the Korean Confederation of Trade Unions, which is Korea's second-largest umbrella labor group, will be casting ballots on the union's plan on whether to convert its structure into an industry-wide organization. The move would require a ratification of over two-thirds Hyundai Motor union members who participate in the balloting. This is actually the second time that the Hyundai Motor union has tried this structure conversion, The Times notes. The first attempt failed in 2003. The report says that the industrial union, if successful would include all workers in the same industry. With the increase in members comes the increase in bargaining power. The Korea Times, however, cites critics as saying that the industry-wide union is not appropriate for the local labor situation in which collective action has become an annual ritual. Such a structure would only lead to more frequent strikes, and put a strain on the already tense relations between labor, government and management. Critics also said that the industrial union structure would not be appropriate for all workers in the same industry as employees of small and large companies may have different needs. Proponents, on the other hand, said that workers in smaller companies can voice their opinions as much as their counterparts in larger companies during negotiations. They stated that a package settlement between management and the industrial union would apply to all companies and workers belonging to the union, saving time and money for both sides. About Hyundai Motor Headquartered in Seoul, South Korea, Hyundai Motor Company -- http://www.hyundai-motor.com/-- has been selling cars in the United States since 1986, but it only started selling its heavy trucks stateside in 1998. Hyundai produces 14 models of cars and minivans, as well as trucks, buses, and other commercial vehicles. The Company reestablished itself as Korea's leading carmaker in 1998 by acquiring a 51% stake in Kia Motors -- since reduced to about 45%. The Company also manufactures machine tools for factory automation and material- handling equipment. The Troubled Company Reporter - Asia Pacific reported that the Hyundai Automotive Group is facing its deepest crisis since chairman Chung Mong-koo took over in 1999, with problems like the falling United States dollar, high oil prices and union demands aggravated by a sweeping criminal investigation regarding the carmaker's alleged creation of slush funds that were used by at least two lobbyists to bribe government officials for business favors, including having KRW55 billion of Hyundai's bad debts written off. Chairman Chung has been indicted early in May 2006 for fraud charges. Some of the group's official business has been on hold since the probe on the slush fund started and several top executives were summoned for questioning. KOREA EXCHANGE: Prosecutors Raid Headquarters --------------------------------------------- Prosecutors raided the headquarters of Korea Exchange Bank in an investigation linked to the 2003 sale to United States-based Lone Star Funds, the Associated Press reports. The Korea Times says that the Supreme Prosecutors' Office sent some 30 investigators to the KEB headquarters in Uljiro in downtown Seoul last week to search finance departments and the office of the bank's president, Richard Wacker. They seized financial documents related to the Lone Star deal. According to The Times, prosecutors also searched the homes of former KEB President Lee Kang-won and former vice-president Lee Dal-yong. Both former executives are now under investigation over suspicions that they colluded with ranking finance officials to downscale KEB's financial status, and helped Lone Star acquire the bank at a below-market price. The Troubled Company Reporter - Asia Pacific reported on June 23, 2006, that the Supreme Public Prosecutor's Office has decided to reinforce a team investigating irregularities in the sale of KEB to Lone Star Funds. Lone Star bought a 50.5% stake in KEB in 2003 for KRW1.3 trillion. The BIS ratio is a critical measurement of the viability of banks. Banks are regarded as healthy when the ratio is over 8%. At the time of its sale to Lone Star, KEB's BIS ratio was evaluated at 6.16%. The TCR-AP stated that KEB's former president, Mr. Lee, has admitted to the BAI in April that there was a mistake in calculating KEB's capital adequacy ratio before it was sold to Lone Star. The state inspection agency cited Mr. Lee as admitting that KEB's capital adequacy ratio was lowered to 6.16%. However, Mr. Lee denied that the financial data was fabricated. About Korea Exchange Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm-- was established in January 1967 by the Government originally as a specialist foreign exchange bank. It retains its strength in trade finance and foreign exchange. In terms of assets, it ranks sixth among Korea's nationwide commercial banks with 7% of system assets. It operates a branch network of 317 domestic and 28 overseas offices. During the economic crisis, significant exposures to troubled corporate borrowers led to a deterioration in the bank's financial health. However, since then, its operating performance stabilized, and the bank has reported eight consecutive quarterly profits since the end of 2003. South Korean politicians -- led by the main opposition Grand National Party -- have alleged that the Korea Exchange shares were sold cheap to United States-based Lone Star Funds after the Bank's financial status was incorrectly reported. Korea Exchange denied the allegations in March 2006. The Board of Audit and Inspections and the Supreme Public Prosecutors' Office initiated separate investigations into the matter. Prosecutors will investigate whether there were any transgressions of law in the process of selling KEB and whether bribes were given to officials. If prosecutors will find solid evidence that the data was cooked up, it might lead to the nullification of the KEB sale to Lone Star and the arrest of regulators, policymakers and former KEB executives. SAMSUNG GROUP: Apparel Unit Upgrades German Operations ------------------------------------------------------ Samsung Group's Cheil Industries Inc., a leading textile and chemical maker, plans to open a subsidiary in Germany in July to oversee future chemical operations in Europe and the Middle East, The Korea Times reports, citing industry sources. The Times relates that the Company is elevating its liaison office in Germany to a locally incorporated subsidiary early next month. Industry watchers suggest that Cheil's latest move is aimed at securing production of acrylonitrile-butadienestyrene resin, widely used in plastic parts in household goods, tech products and automobiles. Cheil Industries recorded sales of KRW2.73 billion in 2005. About Samsung Group Headquartered in Seoul, Korea, Samsung Group -- http://www.samsung.co.kr/-- the "chaebol" or industrial group has surpassed its former archrival, the erstwhile Hyundai Group, to become the number one business group in South Korea. Samsung's flagship unit is Samsung Electronics, the world's top maker of dynamic random-access memory and other memory chips, as well as a global heavyweight in all sorts of electronic gear including LCD panels, DVD players, and cellular phones. Other affiliated companies include credit-card unit Samsung Card, Samsung General Chemicals, Samsung Life Insurance, Samsung Securities, and trading arm Samsung Corporation. The Troubled Company Reporter - Asia Pacific reported on December 14, 2005, that Samsung Group is facing a lawsuit filed by creditors of Samsung Motors, seeking KRW4.73 trillion in damages. Creditors including Woori Bank and the Seoul Guarantee Insurance Corp. wanted to recoup losses stemming from the carmaker's insolvency in 1999 as its efforts to sell its stake in Samsung Life Insurance Inc. was unsuccessful. The Group contributed 3.52 million unlisted shares of Samsung Life as collateral, but the insurer failed to list as it could not meet regulatory rules, involving distribution of dividends to policyholders. The claims filed by Samsung Motors creditors include the Company's debts worth KRW2.45 trillion and overdue loan interest of KRW2.28 trillion, which has been accumulated over the past few years. * Corporate Bankruptcies At All-Time Low in May ----------------------------------------------- Corporate bankruptcies hit a record low in May 2006 due to sound cash flows that helped keep the insolvency rate low, KBS News reports. The Bank of Korea said that 189 firms went bankrupt in May, down by 46 from April 2006 and 124 from May 2005. It is also way below the 2005 monthly average of 285. By industry, 77 companies last month failed in manufacturing, 36 in construction and 69 in the service sector. No conglomerates, however, have gone belly up since October 2004. * Non-Listed Units of Conglomerates Under Probe ----------------------------------------------- Korea's Fair Trade Commission has launched an investigation into non-listed units of business groups -- including Samsung, Hyundai Automotive, SK, LG, GS and Lotte -- to see if they abide by stock trading disclosure rules, the Korea Times reports. This is the first time chaebol-based non-listed units have been subjected to a disclosure-related FTC probe which targets about 70 companies with assets exceeding KRW2 trillion. A written inquiry will be followed by on-site inspections for suspected violators. Companies found breaching disclosure rules could face as much as a KRW100-million fine. The investigation is in line with the FTC's close monitoring of major business groups deemed prone to committing irregular cross-unit transactions. Conglomerates' financial subsidiaries continue to make a stir in the market as they have often been used as vehicles for irregular dealings among units. The commission bans conglomerates' subsidiaries from making equity investments in sister or nonaffiliated companies in excess of 25 percent of their net assets, a move designed to prevent their extreme expansion. =============== M A L A Y S I A =============== AMTEK HOLDINGS: Unit Sells Property to Jeeson for MYR400,000 ------------------------------------------------------------ Amtek Holdings Berhad's wholly owned subsidiary -- Amtek Garment Sdn Bhd -- on June 29, 2006, signed a sale and purchase agreement with Jeeson Electrical Engineering Sdn Bhd. Under the deal, Amtek Garment will sell once piece of leasehold land in North East District, Penang, together with an industrial building erected to Jeeson for MYR400,000. Jeeson has already made an advanced payment of MYR8,000, and will pay MYR32,000 upon execution of the Sale and Purchase Agreement. The remaining balance of MYR360,000 will be paid to Amtek Garment within three months from the date the State Authority issued a consent sanctioning the sales and transfer of the Property by the Vendor to the Purchasers. The sale is expected to realize a gain of MYR268,595, which will be used to boost the Amtek Group's working capital. About Amtek Holdings Berhad Headquartered in Kuala Lumpur, Malaysia, Amtek Holdings Berhad's principal activities are the marketing and distribution of garments and electrical goods. Its other activities include manufacture of shoes, garments and food products, trade offabrics and related accessories, marketing and distribution of jeans wear, property investment, provision of management services and investment holding. Operations are carried out in Malaysia, Europe, Australia, Singapore, United States and other Asian countries. The Company is currently undergoing a business reorganization program to curb losses. For the quarter ended March 31, 2006, the Company booked a net loss of MYR1.9 million due to the poor performances in its apparels and electrical divisions. The prospects for the remaining quarters are not expected to improve as the apparels and electrical divisions are undergoing business reviews and revamp exercises. CHEW GEOK: Undergoes Wind-Up Exercise ------------------------------------- WTB Corporation Berhad voluntarily wound up Chew Geok Lin Nominees (Tempatan) Sendirian Berhad on June 29, 2006. Lim Kam Hoong was subsequently appointed as liquidator for the dormant company. Contact: Lim Kam Hoong Ling Kam Hoong & Company No. 6-1, Jalan 3/64 A Udarama Kompleks, Off Jalan Ipoh 50350 Kuala Lumpur, Malaysia CHG INDUSTRIES: Bourse Slaps Fine and Public Reprimand ------------------------------------------------------ Bursa Malaysia Securities Berhad on June 30, 2006, publicly reprimanded and imposed a fine on CHG Industries Berhad for failing to furnish its 2005 Annual Audited Accounts by the April 30, 2006, deadline. The Bourse imposed a fine of MYR1,500 per market day calculated from May 1, 2006, to the date of submission of the 2005 AAA or up to July 31, 2006, being the extended deadline to submit the outstanding accounts. The public reprimand and fine are imposed after taking into consideration various relevant factors including the fact that the Company had previously breached the Bursa Securities Listing Requirements. The Troubled Company reporter - Asia Pacific reported that on April 28, 2006, the Company was publicly reprimanded and fined MYR25,000 by Bursa Securities for breach of Listing Requirements for failing to furnish to Bursa Securities for public release its annual audited accounts for the financial year ended December 31, 2003, on the due date. The Company issued its 2003 Annual Report only on June 8, 2004. Bursa Securities views the Company's contravention seriously and cautions the Company on its responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public. About CHG Industries Berhad Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries Berhad -- http://www.chg.com.my/-- is an investment holding company listed on the Main Board of the Kuala Lumpur Stock Exchange, Malaysia. It is the parent company of the CHG Industries Group, whose principal activity is in the manufacture, distribution and export of plywood, LVL (Laminated Veneer Lumber) and other veneer products. The Company's financial problems started when it defaulted on loan facilities in 1999. CHG Industries, on June 3, 2004, entered into an agreement with Linmax Group Sdn Bhd to undertake a corporate and debt restructuring exercise, which involves a capital reduction, the injection of fresh assets and a transfer of its listing status. The plywood and veneer product maker will be transformed into a mechanical and engineering company through the injection of the assets of Linmax Group Sdn Bhd. CHG said the restructuring via Linmax will enable its existing shareholders to participate in Linmax, which has income- generating assets, and keep the company listed on the local course. The proposed restructuring scheme had been expected to be completed this year. However, the Securities Commission on April 6, 2006, rejected the Company's restructuring proposal because the Proposals do not provide the appropriate benefits to the shareholders of CHG. On May 8, 2006, the Company submitted an appeal to the Securities Commission with revisions to address the issues raised by the regulator. The revised Proposals are now pending the approval of the Securities Commission and other relevant authorities. CONSOLIDATED FARMS: Books MYR4.99-Mln Pre-tax Loss in 1Q/FY2006 --------------------------------------------------------------- Consolidated Farms Berhad, on June 29, 2006, submitted its financial report for the first quarter ended April 30, 2006, to Bursa Malaysia Securities Berhad. For the quarter ended April 30, 2006, the Group registered a revenue of MYR968,000, a 146.9% increase from last year's first quarter revenue of MYR392,000. Due mainly to a higher level of operations in its breeder farm, the Group posted a pre-tax loss MYR4.99 million for the period under review compared with a pre-tax loss of MYR5.52 million incurred in the same period last year. The Group's pre-tax loss in the preceding quarter ended January 31, 2006, was MYR5.52 million. The Company's April 30, 2006, balance sheet revealed strained liquidity with current assets of MYR3,166,000 available to pay current liabilities of MYR198,185,000 coming due in the next 12 months. The Company has net current liabilities of MYR195,019,000. Confarm's board of directors did not recommend any interim dividend for the quarter under review. With the ConFarm being classified under PN4/2001 Condition, its prospects are much dependent on the outcome of the appeal against the Securities Commission's decision on its Proposed Restructuring Scheme, the Company said in a statement to Bursa Malaysia. Summary of Key Financial Information Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 30-04-2006 30-04-2005 30-04-2006 30-04-2005 MYR'000 MYR'000 MYR'000 MYR'000 * Revenue 968 392 968 392 * Profit/(loss) before tax -4,994 -5,519 -4,994 -5,519 * Profit/(loss) after tax and minority interest -4,968 -5,493 -4,968 -5,493 * Net profit/(loss) for the period -4,968 -5,493 -4,968 -5,493 * Basic earnings/(loss) per shares (sen) -23.77 -26.28 -23.77 -26.28 * Dividend per share (sen) 0.00 0.00 0.00 0.00 * As at end of As at Preceding Current Quarter Financial Year End 1.3300 1.3300 The Company's First Quarter Report and its accompanying notes are available for free at: http://bankrupt.com/misc/tcrap_consolidatedfarms070306.xls http://bankrupt.com/misc/tcrap_consolidatedfarmsnotes070306.pdf About Consolidated Farms Berhad Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd -- http://www.confarm.com/-- is engaged in poultry farming which includes operating of breeder farm, production and processing of organic fertilizer, feed milling and manufacturing and sale of egg trays. Other activities include manufacturing and processing of eggs into pasteurized eggs and de-shelled hard-boiled eggs. The Company is a Practice Note 4 concern currently undergoing a restructuring exercise to address its debt problem. The company had appointed Deloitte KassimChan Business Services Sdn Bhd as advisor for the restructuring exercise. Consolidated Farms was mired with MYR122-million debt on account of its expansion plan, which included the purchase of equipment and facilities. As of March 31, 2006, Confarm said that it will not be able to settle all its debts in full when they fall due within the next 12 months and hence, the Company is unable to provide a solvency declaration. FUTUTECH BERHAD: Unveils Results of 22nd AGM -------------------------------------------- The shareholders of Fututech Berhad passed all resolutions presented at the Company's 22nd Annual General Meeting on June 29, 2006. During the meeting, the Company's shareholders: -- received the Audited Financial Statements for the year ended December 31, 2005, and the Reports of the Directors and Auditors; -- approved payment of Directors' fees of MYR74,000 for the year ended December 31, 2005; -- re-elected as directors Chong Kon You @ Chong Kwan Yew, and Gan Leng Swee, Benny; -- reappointed Messrs Ernst & Young as auditors for the year ending December 31, 2006, and authorized the Directors to fix the Auditors' remuneration; and -- authorized Directors to issue shares in the Company at any time until the conclusion of the Company's next Annual General Meeting provided that the aggregate number of shares to be issued does not exceed 10% of the issued share capital of the Company. About Fututech Berhad Headquartered in Kuala Lumpur, Malaysia, Fututech Berhad -- http://www.fututech.com.my/nutshell.htm-- was formerly listed under the name of Ulbon Berhad on the Kuala Lumpur Stock Exchange, Malaysia, since 1996. Its main business then was the production of steel rods. Later in 2000, the Group shifted its business emphasis to the design and manufacturing of innovative products for the local and global markets. In line with its change of business direction, the name Fututech Berhad, which was inspired by abbreviating the actual words of "future technology", was chosen to replace Ulbon Berhad in 2000. The Group has suffered losses in the past fiscal years due to high operating expenses and other factors. In the quarter ended March 31, 2006, the Group suffered a pre-tax loss of MYR3 million. HLB VENTURES: Enters Members' Voluntary Wind-Up ----------------------------------------------- On June 29, 2006, Hong Leong Bank placed its dormant wholly owned subsidiary -- HLB VEntures Sdn Bhd -- under members' voluntary wind-up. In this regard, Lim Kam Hoong was appointed as liquidator. Contact the liquidator at: Lim Kam Hoong Ling Kam Hoong & Company No. 6-1, Jalan 3/64 A Udarama Kompleks, Off Jalan Ipoh 50350 Kuala Lumpur, Malaysia KIG GLASS: Buys More Time for Submission of Revamp Plan ------------------------------------------------------- KIG Glass Industrial Berhad is seeking more time to comply with the Listing Requirements of Bursa Malaysia Securities Berhad pursuant to the Company's proposed restructuring scheme. The application for extension of time for the Company to submit its Regularization Plan was on June 30, 2006, submitted to relevant authorities for approval. Furthermore, the Company disclosed that it is still finalizing the proposed terms of its Regularization Plan. As reported by the Troubled Company Reporter - Asia Pacific, KIG Glass disclosed on May 11, 2006, that it has entered into a restructuring agreement with Permintex Holdings Sdn Bhd in respect of the reverse take-over of KIG by Permintex Holdings through its wholly owned subsidiary Permintex Berhad. About KIG Glass Industrial Berhad Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass Industrial Berhad -- http://www.kedaung.com/-- manufactured and sold glassware, glass blocks and carton boxes. The firm's other activities included manufacturing of ceramic roof tiles. Its operations were carried out in Malaysia and China. Due its inability to pay its debts, the Company ceased operation in May 2005. As of March 31, 2006, the Company's balance sheet showed strained liquidity with MYR139,222,000 in total current liabilities exceeding MYR13,987,000 in total current assets. To this end, KIG Glass announced its status as an affected listed issuer pursuant to Practice Note 1/2001 and Practice Note 17/2005 of the Listing Requirements. KOMARKCORP BERHAD: April 30 Balance Sheet Shows Weak Liquidity -------------------------------------------------------------- On June 29, 2006, Komarkcorp Berhad submitted for public release its financial report for the fourth quarter ended April 30, 2006. For the quarter under review, the Group recorded a slightly higher turnover of MYR103 million compared to the MYR102.65 million reported in the quarter ended April 30, 2005. Due to higher operating expenses, the Group booked a lower profit before tax of MYR1.47 million for the financial year ended April 30, 2006, compared to the profit before tax of MYR4.83 million for the corresponding financial year ended April 30, 2005. The Group reported a profit before tax of MYR0.311 million for the quarter under review compared to the profit before tax of MYR0.374 million in the preceding quarter ended January 31, 2006. Meanwhile, the Group incurred a net loss of MYR30,000 for the quarter under review, as against a net loss of MYR226,000 in the same quarter last fiscal year. As of April 30, 2006, the Company's balance sheet revealed strained liquidity with current assets of MYR73,224,000 available to pay liabilities of MYR84,324,000 due in the next 12 months. The Company has a net current deficit of MYR11,100,000. There was no dividend has been recommended by the Company's board of directors for the period ended April 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 30-04-2006 30-04-2005 30-04-2006 30-04-2005 MYR'000 MYR'000 MYR'000 MYR'000 * Revenue 29,420 28,313 103,037 102,655 * Profit/(loss) before tax 311 1,014 1,472 4,836 * Profit/(loss) after tax and minority interest -30 -226 626 1,239 * Net profit/(loss) for the period -30 -226 626 1,239 * Basic earnings/(loss) per shares (sen) -0.04 -0.28 0.77 1.52 * Dividend per share (sen) 0.00 0.00 0.00 0.00 * As at end of As at Preceding Current Quarter Financial Year End 1.3300 1.3300 The Company's Fourth Quarter Report is available for free at: http://bankrupt.com/misc/tcrap_komarkcorp070306.xls About Komarkcorp Berhad Komarkcorp Berhad -- http://www.komark.com.my/-- is engaged in investment holding and provides management services through its subsidiaries. The Company operates in two business segments: manufacturing of self-adhesive labels and trading of related products, and manufacture of automatic labeling machines. Manufacturing of automatic labeling machineries is operated in Malaysia. Its subsidiaries are General Labels & Labelling (M) Sdn. Bhd., Komark International (M) Sdn. Bhd., General Labels & Labelling (Penang) Sdn. Bhd., General Labels & Labelling Pte. Ltd., Shanghai Komark Labels & Labelling Co. Ltd., Guangzhou Komark Labels & Labelling Co. Ltd., General Labels & Labelling (Ipoh) Sdn. Bhd., General Labels & Labelling (JB) Sdn. Bhd., Komark Australasia Pty. Ltd., Komark Investment Holdings Limited, Komark Hong Kong Co. Ltd., Komark China Ltd. and Komark (Thailand) Co. Ltd. As of April 30, 2006, the Company's balance sheet revealed strained liquidity with current assets of MYR73,224,000 available to pay liabilities of MYR84,324,000 due in the next 12 months. The Company has a net current deficit of MYR11,100,000. MENTIGA CORPORATION: Shareholders Adopt Financial Statements ------------------------------------------------------------ At Mentiga Corporation's 35th Annual General Meeting on June 29, 2006, shareholders received and adopted the Company's Statutory Financial Statements for the year ended December 31, 2005, together with the Reports of the Directors and Auditors. The shareholders also passed all other resolutions tabled at the meeting. About Mentiga Corporation Berhad Headquartered in Pahang Darul Makmur, Malaysia, Mentiga Corporation Berhad is engaged in the trading of timber products, construction and property development and management and advisory services to oil palm plantations. In 2003, the Company proposed to undertake a debt-restructuring program to settle its debt with creditors. The Company has been suffering losses in the past years and is currently working to avert a possible delisting from the Official List of Bursa Malaysia Securities. The Group has submitted a revised comprehensive proposal to the Securities Commission on March 16, 2005, to regularize its financial condition and to restore the Group's shareholders' fund from being in a deficit position in order to remove Mentiga from being classified as a Practice Note 4 company. As of March 31, 2006, the Company's balance sheet showed poor liquidity with MYR16,064,000 in total current assets available to pay MYR142,477,000 in total current liabilities coming due within the next 12 months. MERCES HOLDINGS: All AGM Resolutions Win Members' Approval ---------------------------------------------------------- Merces Holdings Berhad's members passed all resolutions presented at the Company's 40th Annual General Meeting on June 30, 2006. During the meeting, members: -- received and adopted the audited Financial Statements for the year ended December 31, 2005, together with the reports of Directors and Auditors; -- re-elected Lee Boon Hong @ Lee Boon Keong and Encik Mohd Shafizan Bin Shahbudin as directors; and -- reappointed TH Kuan & Company as auditors and authorized the Company's directors to fix the auditors' remuneration. About Merces Holdings Berhad Merces Holdings Berhad's principal activities are the provision of property development and building construction works. The Company's other activity include investment holding. Operations of the Group are predominantly carried out in Malaysia. Merces Holdings has defaulted on several loan facilities and had faced winding-up petitions due to unsettled financial obligations. As of March 31, 2006, the Company's balance sheet showed MYR106,755,000 in total assets and MYR81,088,000 in total liabilities. The March 31 balance sheet also showed strained liquidity with MYR79,550,000 in total current assets available to pay MYR81,088,000 in total current liabilities coming due within the next 12 months. METROPLEX BERHAD: Court Orders Pave Way for Putra Place Sale ------------------------------------------------------------ Morgan Stanley Emerging Markets Inc. advised the Kuala Lumpur High Court of its intention to withdraw an injunction application against Metroplex Berhad and subsidiary Metroplex Holdings Sdn Bhd. Morgan Stanley told the Court that it does not object to the sale of the Putra Place Property to Lembaga Kumpulan Wang Simpanan Pekerja. At a hearing on June 27, 2006, the Court ordered that Metroplex Holdings Berhad and Lembaga Kumpulan Wang Simpanan Pekerja be allowed to complete their Sale and Purchase Agreement for the disposal of the Putra Place Property after the Court struck off Morgan Stanley's application to restrain Metroplex Group from selling the Property. Furthermore, the appointment of Kuan Mei Ling of RSM Nelson Wheeler Teo Corporate Advisory Services Sdn Bhd as provisional liquidator for Metroplex was discharged and the Liquidator's remuneration deferred. The Troubled Company Reporter - Asia Pacific reported that the Kuala Lumpur High Court, on June 2, 2006, heard Metroplex Berhad's application to strike out a wind-up petition filed by Morgan Stanley Emerging Markets Inc. Subsequently, the High Court ruled in favor of Metroplex, and did not issue a wind-up order against the Company. The Kuala Lumpur High Court, on June 15, 2006, dismissed with costs Morgan Stanley Emerging Marker's application for stay of execution against a court order allowing Metroplex's validation order application. About Metroplex Berhad Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's activities are hotel and casino operations. Other activities include property investment, property development, provision of administrative services, general and building construction, leasing and financing, trading of building materials and operation of hotel management training school. Operations are carried out in Malaysia, Hong Kong and Philippines. On April 28, 2005, Morgan Stanley Emerging Markets Inc. had filed a winding-up petition on the Company to the Kuala Lumpur High Court. Morgan Stanley also filed for a summons to appoint a provisional liquidator for the wind up. Until and unless a provisional liquidator is appointed pursuant to the application to the Court by the Petitioner to appoint provisional liquidator for Metroplex, the winding-up petition will not have significant impact on the Group's operations as MB is currently working out a debt-restructuring scheme. In the event the wind-up petition succeeds, the Company will be put into liquidation. SUGAR BUN: To Hold 22nd Annual General Meeting on July 20 --------------------------------------------------------- Sugar Bun Corporation's 22nd Annual General Meeting will be held at Level 9, Wisma Oceanic, Jalan Awang Besar, 87007, in W.P. Labuan, on July 20, 2006, at 8:00 p.m. During the meeting, the Company's shareholders will be asked to: -- receive the Directors' Report and the Audited Financial Statements for the financial year ended January 31, 2006, together with the Auditors' Report; -- approve the Directors' fees for the financial year ended January 31, 2006; -- re-elect as directors * John Lee Yan Hong; and * Tan Kok Chor; -- reappoint Messrs Leou & Associates as auditors of the Company until the Conclusion of the Company's next Annual General Meeting and to authorize the Directors to fix their remuneration; -- empower the directors to allot and issue shares in the Company at any time until the conclusion of the next Annual General Meeting provided that the aggregate number of shares to be issued does not exceed 10% of the total issued share capital of the Company for the time being; and -- transact any other ordinary business for which due notice has been given. About Sugar Bun Corporation Bhd Sugar Bun Corporation Bhd -- http://www.sugarbun.com/-- is engaged in the operation and franchising of restaurants, bakeries and confectioneries. Its other activities include general trading of machinery, spare parts and phone cards, investment holding and provision of administrative, management and marketing services. Operations of the Group are carried out mainly in Malaysia. The Company is currently reorganizing the Group's overall structure in a bid to curb losses it accumulated in the past. The Company is employing various policies formulated to streamline the Group's operations including cost cutting measures. With the corporate exercises in place, Sugar Bun Corporation is expected to recover this year. Sugar Bun Corporation Berhad has incurred a fourth quarter net loss of MYR9.38 million for the financial year ended January 31, 2006, as against a net loss of MYR4.58 million in the corresponding quarter of the previous fiscal year. There was no dividend paid in the current quarter ended January 31, 2006. SUREMAX GROUP: TT Dotcom to Formally Withdraw Suit on July 20 ------------------------------------------------------------- TT Dorcom Sdn Bhd will formally withdraw its suit against Suremax Group Berhad subsidiary Suremax Land Sdn Bhd before the Kuala Lumpur Magistrate court on July 20, 2006. As reported by the Troubled Company Reporter - Asia Pacific, TT Dotcom, on June 19, 2006, informed Suremax Group of its decision not to pursue its legal action against Suremax Land after the defendant fully settled its MYR2,500 debt to TT Dotcom on June 12, 2006. Suremax Land was served with a Summons and Statement of Claim by TT Dotcom on May 24, 2006. According to the TCR-AP report, TT Dotcom claimed payment of MYR3,001, due as of Nov. 12, 2005, plus an annual interest of 8% calculated from Nov. 13 until the date of full settlement. In addition, TT Dotcom also claimed for other costs and further relief as the Kuala Lumpur Magistrate Court deems fair and just. 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. TECHVENTURE BERHAD: Shareholders Pass All AGM Resolutions --------------------------------------------------------- Techventure Berhad's shareholders passed all resolutions tabled at the Company's 13th Annual General Meeting on June 29, 2006. During the meeting, the Company's shareholders: -- received and adopted the Company's Audited Accounts for the financial year ended December 31, 2005, and the reports of Directors and Auditors; -- approved the Directors' fees; -- re-elected as directors: * Y. Bhg. Dato' Anpalagan a/l Ramiah; * Y. Bhg. Dato' MOhd Jai bin Suboh; and * Cheng Jew Keng; -- reappointed Messrs. Leou & Associates as auditors for the ensuing year and to authorize the Directors to fix their remuneration; and -- authorized the Directors to issue shares in the Company at any time until the conclusion of the next Annual General Meeting. About Techventure Berhad Techventure Berhad is based in Selangor, Malaysia. Apart from being a corrugated cartons manufacturer, the Group is also involved in the production of rubber insulation materials and roto-molded plastic products such as septic tanks, playground equipment, traffic barriers, and water tanks. It markets its entire corrugated cartons and plastic products locally while about 80% of the rubber insulation materials are exported. In addition, the Group also manufactures ice cream. In June 2003, the Company proposed a debt-restructuring program to its financial institution lenders in order to avoid liquidation. The proposed Scheme comprises composite schemes to be carried out by eight companies within the Techven Group. The Scheme, when implemented, would allow the beneficiaries to participate in the future profitability of the Group. A successful implementation of the Scheme would also ensure the going concern of the Group and therefore preserve business and employment opportunities for the Group's vendors and employees. In May 2006, the Company was categorized under the Amended Practice Note 17 category of the Bursa Malaysia Securities Berhad's Listing Requirements. As an affected listed issuer, the Company is required to regularize its financial condition or risk being delisted from the Official List of Companies. The Company's balance sheet as of March 31, 2006, showed strained liquidity, with MYR17,729,000 in current assets available to pay current liabilities of MYR143,285,000 coming due in the next 12 months. ===================== P H I L I P P I N E S ===================== BAYAN TELECOMMUNICATIONS: Pays Over PHP900 Million of Debt ---------------------------------------------------------- Bayan Telecommunications Inc. has paid over PHP900 million in principal and interest on its debts in the second year of its rehabilitation program, ABS-CBN News relates, citing the Manila Times. According to the Times, the Company's debts total PHP25.39 billion. Creditors hold PHP14.74 billion, while around PHP10.65 billion is owed to its bondholders. BayanTel's main operating subsidiaries, Bayan Telecommunications, Inc., and Radio Communications of the Philippines, Inc., asked their creditors for the restructuring of their short-term and long-term bank loans and bonds payable. The Times recounts that on June 28, 2004, the Pasig Regional Trial Court Branch 158 approved the Company's financial rehabilitation based on sustainable debt level of PHP17.13 billion, payable over 19 years. According to RTC Judge Rodolfo R. Bonifacio, the remainder of BayanTel's debt may be converted to another appropriate instrument that will not be a financial burden to parent Benpres Holdings Corp. It also mandated BayanTel to treat all creditors equally. Some of BayanTel's creditors have appealed the lower court decision. BayanTel chief consultant Tunde Fafunwa said that the Company set aside up to PHP1.5 billion in capital expenses in order to retain and expand its current services and to develop: * digital subscriber lines; * voice over internet protocol; and * wireless local loop. ABS-CBN News says that the Company had asked the National Telecommunication Commission to extend its license to operate digital cellular mobile telephone services for three years from Nov. 25, 2006. * * * Bayan Telecommunications Holdings Corporation, which is 85.4% owned by Benpres Holdings Corp. and the Lopez Group, was incorporated on October 15, 1993. Bayan Telecommunications Inc. -- http://www.bayantel.com.ph/-- the operating arm of BTHC and formerly known as International Communications Corporation, was incorporated on April 18, 1961. BayanTel is a telecommunications company offering an extensive breadth of traditional links and circuitry as well as cutting edge data and voice applications. BayanTel's existing service areas in Metro Manila and Bicol and local exchange service areas in the Visayas and Mindanao regions combined cover a population of over 25 million, nearly 33% of the population of the Philippines. BayanTel is duly enfranchised to provide these major telecommunications services: * Local Exchange Carrier service; * International Gateway Facility service; * Leased Line service, domestic and international; * Public Trunk Radio service; and * Public Calling Office service LAFAYETTE MINING: Parent Seeks Approval to Resume Phil. Ops ----------------------------------------------------------- Australian firm Lafayette Mining Ltd. is awaiting the Philippine Government's final approval to resume operations in its local plant, Lafeyette Philippines Inc., located in Rapu-Rapu, Albay, Reuters News reports. The mining firm had paid a PHP10-million fine imposed by the Government after two cyanide spills occurred in the Company's Rapu-Rapu mine in 2005, causing its suspension in October that year. The Troubled Company Reporter - Asia Pacific reported that on June 14, 2006, the Government approved LPI's proposed 30-day test run to determine whether its repairs complied with environmental standards, pending the fulfillment of certain conditions. According to Reuters, the Mines Rehabilitation Fund Committee, which is monitoring LPI's repairs and clean-up, stated on June 29, 2006, that the Company had complied with the conditions prior to resuming operations. Early last month, Lafayette shares dropped to a three-year low of PHP3.21 per share, although it jumped 7% to PHP3.64 as of June 30, 2006. * * * Lafayette Mining Philippines, Incorporated, is a subsidiary of Australian firm Lafayette Mining, Incorporated -- http://www.lafayettemining.com/-- which has been listed on the Australian Stock Exchange since August 1997. Lafayette Philippines is currently developing a polymetallic project involving copper, gold, zinc and silver on the Island of Rapu- Rapu in the Philippines. The Department of Environment and Natural Resources' former secretary, Mike Defensor, ordered the closing of Lafayette Philippines in 2005 when the Company's mine tailings were accidentally spilled into the Albay Gulf last October, killing thousands of fish and destroying the livelihood of fishermen in the area. The Company was also fined PHP10.7 million for violating the Clean Water Act and its environmental compliance certificate. NATIONAL POWER: Concludes Clean-Up of Semirara Spill ---------------------------------------------------- The Philippine Coast Guard handed a provisional certificate of completion to National Power Corp. for the clean-up of an oil spill that affected part of Semirara Island, Antique, the Philippine Star says. A report by the Troubled Company Reporter - Asia Pacific on Jan. 30, 2006, said that the Joint Congressional Power Committee had ordered Napocor to clean up an oil spill that had occurred on Dec. 18, 2005, when some 200,000 liters of bunker fuel spilled from Napocor Power Barge 106 into the waters of Semirara Island, and damaged 113 hectares of mangrove and beach area. A study by the University of the Philippines-Visayas discovered that the oil spill destroyed coral reefs, mangroves, sea grasses and other aquatic life in the area. According to the Star, Napocor organized the clean up together with First Response Marine Services Inc., a Phil. Coast Guard- accredited private firm engaged in oil-spill cleaning services. After the clean-up, a team of experts from the Marine Environmental Research & Development Center and the University of the Philippines conducted tests in the area, and found that there was significant improvement. Reports show that the ecosystem has improved, and the oil contamination in Semirara is within the allowed environmental limit. Napocor said that the Coast Guard will issue a final completion certificate after the Company completes further bio-remediation on the area, to reduce the time needed for the ecosystem to recover, and to cushion the environmental and socio-economic impact of the oil spill. The Company is going ahead with the bio-remediation process at present, and has started to pay Semirara residents for damages caused by the oil spill. About National Power Headquartered in Quezon City, Philippines, National Power Corporation -- http://www.napocor.gov.ph/-- is a state-owned utility that builds and operates nuclear, hydroelectric, thermal, and alternative power generating facilities. It works with independent producers under a build-operate-transfer program. With a generating capacity of more than 11,500 megawatts, Napocor sells electricity to distributors and industrial companies. To comply with the privatization bill approved by the Philippine Congress, the Company has begun selling off its generation assets to help pay for its estimated debt of PHP600 billion. It also separated its transmission operations into a new subsidiary, the National Transmission Corporation. National Power first incurred losses in 1998 after the Asian financial crisis and expensive contract terms from independent power producers. The Company posted a PHP29.9 billion loss in 2004, after a net loss of PHP117 billion in 2003. The Government absorbed National Power's PHP200 billion debt, which was incurred when the government-owned-and-controlled corporation adopted international accounting standards, forcing the Company to report its foreign exchange losses. The Troubled Company Reporter - Asia Pacific reported on April 5, 2006, that for 2005, National Power posted a PHP16- million profit for the first time in seven years, on the Energy Regulation Commission's approval of a rate increase, the use of an improved fuel mix and better fuel prices. PETPLANS INC: SEC Approves Rehabilitation Plan ---------------------------------------------- The Securities & Exchange Commission approved PETPlans Inc.'s rehabilitation plan, pending approval by the Company's shareholders, the Philippine Star reveals. The Troubled Company Reporter - Asia Pacific reported on June 26, 2006, that the Company sought rehabilitation with a Makati Regional Trial Court in order to change its core operations from providing pre-need plans to offering financial services. In its rehabilitation plan, PETPlans aims to shift into business hubs offering various services: * Network Hub -- will sell life, non-life, HMO and memorial park lots; * Financial Hub -- will provide loan and credit card facilities; * Filipino Workers Overseas Hub -- will provide money transfer, document and parcel delivery services. PETPlans Inc.'s rehabilitation entails that plan holders exchange their pre-need contracts and insurance certificates with a fund certificate that indicates a value proportionate to their share in the fund. Subsequent payments by amortizing plan holders would be deposited into the fund, and in turn, they would get additional certificates with the corresponding value. When the conversion is completed, holders of fully paid fund certificates may opt to keep or withdraw their investment. The pooled fund would be managed independently and invested in a portfolio by a major financial institution that would be accessible to all plan holders. The Company would also change its name to PETLink Financial Corp. The Star relates that, according to PETPlans President Lorenzo Ocampo, they have over PHP2.7 billion in trust funds, of which PHP1.2 billion is liquid, hence availing plan holders need not worry that the Company would not be able to make payments on plans. The Company also has PHP60 million in real estate, which can be sold to raise funds. Mr. Ocampo said that they are now negotiating with several banks to manage the mutual fund. Meanwhile, the Start notes that the Company will continue to make payments to plan holders while awaiting court approval for the rehabilitation. Founded in 1988, PETPlans, Inc. -- http://www.petplans.com/-- is an ISO-certified pre-need firm that offers education, pension, memorial/life and dollar pension pension plans to customers, with a PHP2.7-billion trust fund with 44% liquidity and PHP140 million in corporate funds and real estate property worth PHP60 million. The Company decided to voluntarily stop selling new pre-need plans in March 2006 due to the difficulties facing the pre-need industry. RADIO PHILIPPINES: Congress Must Approve Government's Stake Sale ---------------------------------------------------------------- The Government must seek the approval of the Philippine Congress before it can sell off a 72.4% stake in sequestered Radio Philippines Network, Malaya News relates, citing Department of Justice Secretary Raul Gonzalez. According to Malaya, Deputy chief privatization officer Crisanta Legaspi of the Privatization & Management Office had sought the DOJ's legal opinion on the provision of Section 13 of Republic Act 9250, which allowed RPN-9 to operate radio and television broadcast stations in the country. Section 13 of RA 9250 states that: "the grantee shall not lease, transfer, grant the usufruct of, sell nor assign this franchise or the rights and privileges acquired thereunder to any person, firm, company, corporation, or other commercial or legal entity, nor merge with any other corporation or entity, nor shall the controlling interest of the grantee be transferred, whether as a whole or in parts and whether simultaneously or contemporaneously, to any such person, firm, company, corporation or entity without the prior approval of the Congress of the Philippines. . ." In its Opinion, the DOJ said that the Government, through the Presidential Commission on Good Government, which had planned to sell the RPN-9 shares, is not the owner of the network. According to the DOJ, the PCGG is only a conservator of the station, which is held by the agency as part the ill-gotten wealth of former dictator Ferdinand Marcos. STENIEL MANUFACTURING: Seeks to Restructure Loan Obligations ------------------------------------------------------------ Steniel Manufacturing Corp. asked its creditors to restructure its loan obligations after it was declared in default by creditor Metropolitan Bank & Trust Co., BusinessWorld reports. Steniel Chief Financial Officer Paul Richard T. Camangian said that Steniel is negotiating with creditors Metrobank, Bank of the Philippine Islands and China Trust (Philippines) Commercial Bank Corp. for a 10-year extension -- until 2016 -- to pay its debts worth PHP800 million, the Manila Times relates. Metrobank is Steniel's largest creditor, holding 53% of the Company's debt. The Company hopes that Metrobank will accept the restructuring proposal before September 2006. The Times adds that, according to Mr. Camangian, Steniel seeks to turn around and generate profits within five years. The Company had reduced its losses to PHP31.02 million in the first quarter ended March 31, 2006, from PHP40.27 million in the same period last year on reduced operating costs. The packaging firm is not seeking a cash injection from new investors at the moment, BusinessWorld notes. Moreover, Mr. Camangian said that Steniel is not planning to file for rehabilitation at present because there "is no need for it." Creditor Metrobank said it had declared the Company's debt in default, but that foreclosure of its assets was to be a last resort. About Steniel Manufacturing Steniel Manufacturing Corporation -- http://www.steniel.com/-- was incorporated in 1963 primarily to engage in manufacturing, processing, and selling all kinds of paper products, paper board and corrugated carton containers, and all other allied products and processes. The Company and its subsidiaries have established a strong foothold in the packaging industry by offering a broad line of packaging products from corrugated carton boxes to paper, plastic containers, and flexible packaging. STN stands as the single largest independent manufacturer of corrugated fibreboard containers in the Philippines. About 99% of its revenues come from the corrugated packaging business while the remaining 1% is from rigid plastics. On October 30, 2000, Metro Pacific Corporation and Philippine International Paper Corporation entered into a Sale and Purchase Agreement with Steniel (Netherlands) Holdings B.V. whereby all the 636,193,025 common shares collectively owned by MPC and PIPC representing approximately 72.6% of the issued and outstanding capital stock of the company were sold to Steniel (Netherlands) in accordance with the terms and conditions provided for in the SPA. * * * Steniel Manufacturing did not meet its maturing obligations due as of December 31, 2005, to certain lender banks. Management has submitted its proposed plans and programs for the repayment of the loans, which include, among others, the disposal of idle assets of subsidiary companies, proceeds of which will be used to pay off the loans, and extension of the repayment term of the loans. ================= S I N G A P O R E ================= ASIA-PACIFIC BULK: Creditors' Proofs of Claim Due on July 14 ------------------------------------------------------------ Liquidator Gautam Banerjee will be receiving proofs of claim from creditors of Asia-Pacific Bulk Terminal (Holdings) Pte Limited until July 14, 2006. Failure to comply with the requirement will exclude a creditor from sharing in the Company's dividend distribution. Contact: Gautam Banerjee Liquidator c/o PricewaterhouseCoopers 8 Cross Street #17-00 PWC Building Singapore 048424 I S U PRODUCTS: Court to Hear Wind-Up Petition on July 14 --------------------------------------------------------- DBS Bank Ltd on June 22, 2006, filed an application for the winding up of I S U Products Construction Private Limited. The petition will be heard before the High Court of Singapore on July 14, 2006, at 10:00 a.m. Contact: M/s Gurbani & Co Solicitors for the Applicant 9 Temasek Boulevard Suntec Tower 2,#17-01 Singapore 038989 JIANGSHAN INVESTMENT: Accepting Proofs of Debt Until July 14 ------------------------------------------------------------ Jiangshan Investment Consortium Limited is set to distribute its second dividend to the Company's creditors. In this regard, the Company's creditors are required too submit their proofs of debt by July 14, 2006, in order to share in the dividend distribution. Contact: Chia Soo Hien Liquidator c/o 5 Shenton Way #07-01 UIC Building Singapore 068808 NORTHSTAR TRAVEL: Intends to Pay Dividend to Creditors ------------------------------------------------------ Northstar Travel Media (Singapore) Pte Limited, which is being wound up voluntarily, notifies creditors of its intention to pay dividend. Creditors are requested to lodge their proofs of claim by July 31, 2006, in order to share in the dividend distribution. Contact: Chia Soo Hien Liquidator c/o BDO Raffles 5 Shenton Way #07-01 UIC Building Singapore 068808 SUNWAY HOLDINGs: Members' Final Meeting Slated for July 28 ---------------------------------------------------------- Members of Sunway Holdings Pte Ltd will hold its final general meeting on July 28, 2006, at 11:30 a.m. in 1 North Bridge Road #13-03, at High Street Centre, Singapore 179094. Contact: Tay Joo Soon Liquidator 1 North Bridge Road #13-03 High Street Centre Singapore 179094 =============== T H A I L A N D =============== HANTEX PCL: Revenue Drops THB223 Million for F/Y 2005 ----------------------------------------------------- Hantex Public Company Ltd's annual revenue suffered a setback, with the Company posting THB42.019 million of revenue for the fiscal year 2005, as compared to total revenue of THB265.668 million in fiscal year 2004. According to Hantex, the continued rise in the raw material needed for the operation of its business adversely affected its income statements. Moreover, the Court has not yet accepted the Company's rehabilitation plan preventing the decrease of the expenses of the Company. Without the approved rehabilitation plan, the Company failed to secure temporary ceasing of its expenses and obligations since April 2005. The Company's auditor, Chantra Wongsri-Udomporn of Dharmniti Auditing Company Limited, raised a number of factors leading to uncertainties on the Company's ability to continue as a going concern: 1. The Firm was unsuccessful in completing the negotiation of the debt restructuring agreement with financial institutions including incomplete scheme of raising fund to increase share capital. 2. The existing uncertainty over the recoverable amounts of plant, machinery, and other equipment. 3. The limitation in scope of her review regarding the business dealings of the Company by selling and under pricing assets and the Company's relationship with its clients. Hantex's balance sheet for the fiscal year ending December 31, 2005, reflects these figures: 2005 2004 ---- ---- Total current assets THB2,448,635 THB61,353,963 Total assets 307,791,730 479,524,177 Total current liabilities 631,146,599 551,965,733 Total liabilities 631,146,599 552,023,765 Total liabilities and shareholders' equity 307,791,730 479,524,177 A full-text copy of the Company's financial report for the Fiscal Year ending December 31, 2005, is available for free at: http://bankrupt.com/misc/hantex_FY_2005.xls * * * Headquartered in Bangkok, Thailand, Hantex Public Company Ltd, reported liabilities aggregating THB552 million in 2004, versus lesser assets totaling THB480.64 million. The company drifted further to being insolvent in 2005, with THB608 million in liabilities -- almost double the THB319.86 million in assets reported. The Troubled Company Reporter - Asia Pacific reported on September 8, 2005, that the Central Bankruptcy Court approved the Company's rehabilitation plan on September 6. The Court also appointed Hantex as the planner for its own rehabilitation. TANAYONG PCL: FY06 Financial Report Show Decrease in Net Loss ------------------------------------------------------------- Tanayong Public Company Ltd posted a consolidated net loss of THB449.810 million for the fiscal year ending March 31, 2006, as compared to THB2.601 billion losses in 2005. The Company explained that the big drop in the Group's consolidated net loss was due to the Group's transfer of ordinary shares held in Bangkok Mass Transit System PLC, which reduced its shareholding to 1.86%, as well as the transfer of all of its ordinary shares held in other five companies. The Company's liquidator, Supachai Phanyawattano, of Ernst & Young Office Limited, relates that the Company was unable to increase its share capital, pay debts and convert debts to equity, which were significant conditions stipulated in the business rehabilitation plan. Subsequently, Mr. Phanyawattano raised substantial doubt as to the Company's and its subsidiary companies' ability to continue as going concern and whether the realization of assets and settlement of liabilities will occur in the ordinary course of business. Tanayong's consolidated balance sheet for the fiscal year ending March 31, 2006, reflects these figures: 2006 2005 ---- ---- Total current assets THB4,638,895,638 THB4,289,014,070 Total assets 6,926,837,413 56,300,398,035 Total current liabilities 35,432,103,096 54,232,929,130 Total liabilities 35,458,149,000 80,972,735,200 Total liabilities and shareholders' equity 6,926,837,413 56,300,398,035 A full-text copy of the Company's Balance Sheet for the Fiscal Year ending March 31, 2006, is available for free at: http://bankrupt.com/misc/tanayong_FY_2006.xls * * * Headquartered in Bangkok, Thailand, Tanayong Public Company Limited -- http://www.tanayong.co.th/-- manages, develops and invests in property for both residential and commercial purposes; investment in various infrastructure projects such as investment in Electric Train Bangkok Mass Transit System; ownership and operation of hotels, apartments, restaurants and clubs; and provision of financial services and investment holding. Tanayong is currently under rehabilitation. It is categorized under Rehabco Sector of the Stock Exchange of Thailand. The Company is planning to focus on all kinds of property development, including hotels right after the completion of its debt-restructuring. As reported by the Troubled Company Reporter - Asia Pacific on April 25, 2006, Tanayong posted a THB186,105,000 net loss for the quarter ended December 31, 2006, compared with a THB877,350,000 net profit for the same period in 2005. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland, USA. Catherine Gutib, Valerie Udtuhan, Francis Chicano, Erica Fernando, Reiza Dejito, Freya Natasha Fernandez, and Peter A. Chapman, Editors. Copyright 2006. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is $575 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***