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     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

             Monday, October 2, 2000, Vol. 3, No. 191

                                       Headlines


* A U S T R A L I A *

ANACONDA NICKEL LTD.: Project placed on negative outlook
BULONG OPERATIONS PTY.: Credit rating downgraded
LIBERTY ONE: Steps up retreat


* C H I N A  &  H O N G  K O N G *

ASIA LOGISTICS: Posts HK$8.626M first-half loss
HAINAN INT'L TRUST: China approves bankruptcy filing
LUKS INDUSTRIAL: Records 1H net loss
MANAGEMENT INVEST.& TECHNOL.HLDGS.: Records 1H loss
PACIFIC CENTURY CYBERWORKS: Posts HK$35M 1H loss
RENREN MEDIA LTD.: Records 1H loss
ROCKAPETTA HOLDINGS: Records 1H net loss
SEN HONG RESOURCES HLDGS.: Records 1H net loss
TA FU INT'L HOLDINGS: Records 1H net loss
TEM FAT HING FUNG: Records annual loss
TSE SUI LUEN JEWELLERY: Chairman to appeal bankruptcy order


* I N D O N E S I A *

BANK BAJA INT'L: IBRA seals debt deal with owner
BANK BUDI INT'L: IBRA seals debt deal with owner
BANK BUMI RAYA: IBRA seals debt deal with owner
BANK YAMA: IBRA seals debt deal with owner
PT BINTUNI MINARAYA: To sell ships to pay bond interest
PT ONGKO DINAMIKA: Declared bankrupt
PT TIRTAMAS COMEXINDO: Court orders s'holder pledge


* J A P A N *

AIWA Co.: Now projecting annual loss
DAISUE CONSTRUCTION: Sanwa Bank comes to financial aid
HAZAMA CORP.: S&P lowers debt rating
KAWADEN CORP.: Seeks protection from creditors
NIIGATA CHUO BANK: Takeover deals for units imminent
SENSHU BANK: Sanwa Bank comes to financial aid
SOGO CO: Former chairman sued for loan repayment
SOGO CO: Amounted 180B yen in overseas losses


* K O R E A *

CHEJU BANK: Rehab plan to go before directors
CHO HUNG BANK: Rehab plan to go before directors
DAEWOO MOTOR: DaimlerChrysler, Hyundai say no to bid
HANBO STEEL: Snag in sale to Nabors consortium
HANVIT BANK: Rehab plan to go before directors
KOREA EXCHANGE BANK: Rehab plan to go before directors
KWANGJU BANK: Rehab plan to go before directors
PEACE BANK: Rehab plan to go before directors


* M A L A Y S I A *

ORIENTAL BANK: CIMB appointed adviser for sale
SCK GROUP: To complete revamp by year-end


* P H I L I P P I N E S *

NATIONAL STEEL CORP.: Liquidation plan given to SEC
SEMIRARA COAL CORP.: To be delisted, sold
URBAN BANK: BanCommerce asks okay on modified rehab plan


* S I N G A P O R E *

BBR HOLDINGS: Posts 1H net loss
INNO-PACIFIC HOLDINGS: Posts wider 1H loss
IPC: Posts wider net loss
L&M INVESTMENTS: First-half loss widens


* T H A I L A N D *

BANGKOK BANK OF COMMERCE: Debt recovery stalled, obstacled
KRISDAMAHANAKORN PLC: Reports on rehabilitation SET
KRUNG THAI BANK: Board approves rehabilitation plan
PRESIDENT MYOJO FOODS: Closed down, in liquidation
RAIMON LAND: To file rehabilitation petition
SANSIRI: Issues new shares to pay debts
THAI GYPSUM PRODUCTS: Subsidiary to be dissolved,liquidated


=================
A U S T R A L I A
=================

ANACONDA NICKEL LTD.: Project placed on negative outlook
--------------------------------------------------------
Standard and Poor's Corporation (S&P) has placed Anaconda
Nickel Limited's Murrin Murrin project's bonds on negative
outlook.  S&P rates $A29 billion of infrastructure debt
within Australia and $US300 billion ($A546 billion)
globally. It is increasingly rating debt at the low end of
the distribution scale.

BULONG OPERATIONS PTY.: Credit rating downgraded
------------------------------------------------
Bulong Operations Pty Ltd was downgraded to D on $US185
million of notes after defaulting on a loan repayment.

Standard and Poor's Corporation rates $A29 billion of
infrastructure debt within Australia and $US300 billion
($A546 billion) globally. It is increasingly rating debt at
the low end of the distribution scale.

LIBERTY ONE: Steps up retreat
-----------------------------
Grounded Internet media group LibertyOne continued the
sorry process of exiting its dot com investments, yesterday
extricating itself from another two interests.

LibertyOne, which earlier this month resolved to offload
all but two of its Internet investments and posted a half-
year loss of $58.05 million, terminated its agreement with
online auction site uBid. It also sold an 8.3 per cent
stake in Hong Kong e-commerce outfit HT Hypernet to
Singapore's Transpac Nominees. The deal was not reported to
the Australian Stock Exchange, indicating the amount
realised from the sale could not have been material.

Under the restructuring, LibertyOne will hang on to Web
development arm Zivo and keep its 49 per cent interest in
health-care software venture Monet Asia-Pacific.  A
fortnight ago it terminated its 80 per cent joint venture
with privacy management business Persona Asia-Pacific.
Australian tennis player Pat Rafter's Web site,
oncourt.com, has also been shut down.

Discussions with uBid Inc and its parent CMGi for uBid Inc
to purchase uBid Asia's regional assets have been under way
for some weeks and yesterday the parties agreed to
terminate the licence arrangement whereby LibertyOne was
entitled to operate online auctions throughout Asia using
uBid's technology.

Under the agreement, LibertyOne will be released from
future royalty obligations in return for transferring
intellectual property and intangible assets to uBid Inc.
LibertyOne's online auction sites in Australia, New Zealand
and Hong Kong will close at the end of October. UBid Inc
has been contributing to the sites' operating costs since
the restructuring was foreshadowed.

The auction sites which are LibertyOne's biggest cash drain
are expected to suck up $6 million from this month to the
end of the year.  LibertyOne chief executive Ms Marcelle
Anderson said yesterday the savings, while not $6 million,
were "considerable."

She also said there was still strong interest from buyers
regarding music retailer Satellite Music Australia.
LibertyOne is also in discussions regarding Greg Norman
Interactive, a 70 per cent joint venture with Great White
Shark Enterprises. LibertyOne shares closed slightly higher
at 8.9c yesterday, just off Thursday's all-time low of
8.1c. (Sydney Morning Herald  30-Sept-2000)


==============================
C H I N A  &  H O N G  K O N G
==============================

ASIA LOGISTICS: Posts HK$8.626M first-half loss
-----------------------------------------------
Asia Logistics Technologies Ltd recorded a HK$8.626 million
net loss for the six-month period ended June 30. That was a
turnaround from the profit of HK$16.086 million it recorded
for the same period a year ago. Sales declined drastically
to HK$5.656 million, down from HK$32.359 million the prior
year's first half.

The company suffered an operating loss of HK$7.465 million
for the semester, another turnarond from a HK$20.161
million profit the same period last year. Loss per share
was 41 centsHK compared to an earnings per share of 80
centsHK the year before. No interim dividend was declared.

HAINAN INT'L TRUST: China approves bankruptcy filing
----------------------------------------------------
China has approved the filing of bankruptcy by a debt-
ridden southern trust firm, likely dooming its bond
interest payments along with the ability of other Chinese
entities to tap the Samurai market.

If an official default announcement is made on Hainan
International Trust and Investment Corp's (HITIC) 14-
billion-yen Samurai bond, it would be the first time a
Chinese financial firm has failed in Japan's yen bond
market and would make it almost impossible for others to
tap the market again, analysts said.

The trust, owned by the government of the southern province
of Hainan, missed a payment on a 14 billion yen Samurai
bond on Monday. A Hainan government official confirmed the
trust had halted business but said it had not been
officially closed.

The banks or bond holders could declare an official default
if HITIC fails to pay the interest coupon within two weeks
from the scheduled payment date, or by October 9. The
amount of the coupon is estimated at about 480 million yen.

It was not the first time HITIC has missed a payment.
HITIC's other 14.5 billion yen seven-year Samurai due to
mature in December 2001 went into de facto default on July
10 after payment was missed at the end of the 14-day grace
period.  No official default was declared and the coupon,
estimated at about 370 million yen, was finally made good
on July 27. (China On Line  30-Sept-2000)

LUKS INDUSTRIAL: Records 1H net loss
------------------------------------
Luks Industrial, a major shareholder in TCL International
Holdings, recorded a net loss of HK$453.3 million for six-
month period ended June 30. That was drastically up from a
HK$15.6 million loss for the same period the year before.
Loss per share was 132.8 HK cents compared with 5.3 HK
cents the year before. Revenue rose 22.1 percent to HK$54
million, but no interim dividend was proposed.

MANAGEMENT INVEST.& TECHNOL.HLDGS.: Records 1H loss
---------------------------------------------------
Management Investment & Technology Holdings (MIT), a
company recently taken over by red-chip Founder Holdings
and internet giant Yahoo!, reports falling into the red for
the first half of the year.  The smoke-detector
manufacturer lost HK$4.81M for the six-month period ended
June 30. By comparison, the company earned a HK$5.42M net
profit for the same period last year.  Turnover shrank 72.5
percent this year to HK$118.93M during the period.  MIT
will be renamed EC-Founder following the completion of a
takeover.

PACIFIC CENTURY CYBERWORKS: Posts HK$35M 1H loss
------------------------------------------------
A change of accounting methods allowed Pacific Century
CyberWorks to report a HK$35M loss for the six-month period
ended June 30.

Analysts had expected CyberWorks to report losses up to
HK$250M. But for two accounting changes, the company would
have seen this year's interim loss reach HK$1.5B, analysts
noted.  A year earlier, the company recorded a loss of
HK$41M for the same six-month period.

CyberWorks said the half was bolstered by a HK$562M
investment gain, mainly from re-classifying long-term
holdings into short-term investments in Tom.com and some of
its holding in CMGI.  Re-classification allowed CyberWorks
to mark up the value of its shares in both companies and
book an unrealized gain of HK$509.52M from price
appreciations.

CyberWorks also capitalized a US$130M investment for
developing Network of the World, its convergence television
and multimedia service.  Capitalising the investment meant
it was not booked as an expense and so did not have an
impact on earnings.  CyberWorks also announced HKT's
operating profit in the half fell 3.2% from a year earlier
to HK$4.19B due to a 14.5% fall in IDD revenues.  Overall
revenue rose 1.3% year on year to HK$14.13B.

RENREN MEDIA LTD.: Records 1H loss
----------------------------------
Internet portal operator Renren Media posted a net loss of
HK$47.84M for the first half of the year ended June 30. The
company saw its turnover shrink 10.9 percent to HK$55.9M
from HK$62.75 during the six-month period, which ended June
30. Formerly a car dealer called Ankor Holdings, Renren
Media posted a net loss of HK$27.71M a year earlier.

The operator of Greater China portal renren.com said most
of the loss could be attributed to a sharp rise in
marketing expenses during the period.  Renren Media spent
HK$30.5M on marketing, compared with HK$1M a year ago, when
the company was still a car dealer.  That meant the company
spent 54.5 HK cents on marketing to generate each dollar of
revenue.

Last month, the mainboard-listed company announced it would
axe 102 staff - more than a third of its workforce - in a
bid to contain its burn rate while revenues were still at
just a trickle.  Loss per share for the six months was 1.9
HK cents, compared to 3.5 HK cents for the same period the
year before. No interim dividend was recommended.

ROCKAPETTA HOLDINGS: Records 1H net loss
----------------------------------------
Rockapetta Holdings Ltd. recorded a HK$9.38 million net
loss for the six-month period ended June 30. That was down
over 50 percent from the HK$19.96 million loss it posted
for the same period the year before. Loss per share was
2.85 HK cents compared with 6.88 HK cents the year earlier.
Revenue fell 16 percent to HK$51.5 million, and no interim
dividend was proposed.

SEN HONG RESOURCES HLDGS.: Records 1H net loss
----------------------------------------------
Sen Hong Resources Holdings Ltd., a holding company mainly
engaged in energy exploration and development, posted a
US$1.3 million net loss for the six-month period ended June
30. That was up slightly from a US$1 million loss the same
period a year earlier. Loss per share was 23 US cents
compared with 28 US cents the year before.  Revenue rose
17.5 percent to US$6.5 million, and no interim dividend was
proposed.

TA FU INT'L HOLDINGS: Records 1H net loss
-----------------------------------------
Timber trader Ta Fu International Holdings Ltd. posted a
net loss of US$4.3 million for the six-month period ended
June 30, down by half from its loss of US$8.7 million for
the same period a year earlier. Loss per share was 0.52 US
cent compared with 1.05 US cents the year before. Revenue
fell 14.4 percent to US$41.3 million and no interim
dividend was proposed.

TEM FAT HING FUNG: Records annual loss
--------------------------------------
Tem Fat Hing Fung (Holdings) Ltd., a refiner and trader of
gold, recorded a HK$43.89 million net loss for the year
ended April 30, down substantially from a HK$788.4 million
loss the year before.  Loss per share was 1.97 HK cents,
compared with 34.29 HK cents the year before. Revenue fell
5.7 percent to HK$5.55 million. No final dividend
was proposed.

TSE SUI LUEN JEWELLERY: Chairman to appeal bankruptcy order
-----------------------------------------------------------
Tse Sui Luen, former chairman of jewelry maker Tse Sui Luen
Jewellery (International) Ltd., plans to appeal a
bankruptcy order made against him.

Tse reportedly will continue to take part in the company's
jewelry retailing business, even though he had resigned as
the company's chairman. According to the local bankruptcy
rules, Tse's 49.6 percent stake in the company will go into
receivership after the bankruptcy order.

Tse Sui Luen Jewellery discounted that the bankruptcy order
against Tse Sui Luen will have much if any adverse
financial impact on the company, which already made a
provision of HK$79.45 million for certain amounts due
from Tse.


=================
I N D O N E S I A
=================

BANK BAJA INT'L: IBRA seals debt deal with owner
BANK BUDI INT'L: IBRA seals debt deal with owner
BANK BUMI RAYA: IBRA seals debt deal with owner
BANK YAMA: IBRA seals debt deal with owner
------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has secured
a debt settlement deal with the owners of four closed
banks, agency senior official Lungguk Gultom said late on
Friday.

Lungguk said in a press statement that the agreement was
reached with former president Soeharto's daughter Siti
Hardijanti Rukmana (owner of now defunct Bank Yama), Hendra
Liem (Bank Budi International) Hartawan Sarjito and The
Ning Kong (Bank Baja International), and Suparno Ardijanto
(Bank Bumi Raya).

Under the agreement, called the shareholders settlement
program, the bank owners must repay their obligation to the
government including by surrendering their personal assets.
Lungguk said that IBRA expected to be able to complete debt
settlement deals with the owners of 20 other closed banks
by the end of the first week of next month.

IBRA had initially expected to conclude deals with the
owners of 24 closed banks by the end of this month.
The banks were part of the 39 banks closed down by the
government last year due to insolvency or violation of bank
legal lending limits. Prior to the closures, the banks
received emergency loan facilities from the government
to help them stay afloat amid massive bank runs at the
time. The bank owners must now repay these debts.

The owners of eight of the 39 banks have already settled
their obligation through other mechanism within IBRA, while
the owners of three banks had made cash repayment. IBRA had
also handed over its case with the owners of four closed
banks because they have been uncooperative. The banks
included Bank Dewa Rutji, Bank Aspac, Bank Orient and Bank
Central Dagang.

Lungguk didn't mention the total obligation of the 24
closed banks, but IBRA said in July that the obligation was
around Rp 10.5 trillion (US$1.2 billion).  Lungguk said
that IBRA would take legal action to bank owners who were
uncooperative in settling their obligation.

Press reports said Thursday that many of the owners of the
closed banks had recently expressed their reluctance to
sign the debt settlement deal because IBRA forced them to
surrender assets worth 150 percent of their debt. The
reports said that IBRA had been under strong pressure
because of the widespread criticism of the controversial
Master of Settlement and Acquisition Agreement (MSAA) it
made in 1998 with the owners of five larger banks, which
had also been the largest recipients of the emergency
government loans.

It turned out that the value of the assets surrendered by
the former bank owners had been less than their total
debts.  The government has demanded that the former bank
owners inject more assets.  (Jakarta Post  30-Sept-2000)

PT BINTUNI MINARAYA: To sell ships to pay bond interest
-------------------------------------------------------
At its annual meeting of shareholders Friday, fishery
concern PT Bintuni Minaraya agreed to sell part of its
shipping fleet in order to meet bond interest payments.

"The meeting has decided to authorize management to sell
ships if the company's cash flow cannot meet payments on
bond interest," Bintuni investor relations officer Dixi
Satianagara told a press conference.

According to Dixi, Bintuni owned a fleet of some 700 ships.
He said that the company would sell 10 to 20 ships to pay
the US$11.25 million in bond interest due in June and again
in December next year. Bintuni's bonds worth some $270
million will mature in 2007.

Dixi however, did not explain whether the $11.25 million in
interest included fines on previous deferred interest
payments.  Bintuni is part of the Djajanti Group, a fishery
and plantation concern that is one of the largest debtors
with the Indonesian Banking Restructuring Agency (IBRA).

The meeting further agreed plans to relocate Bintuni's
operations base from its current location in Maluku to
Irian Jaya.  Religious fighting in Maluku has prevented
Bintuni from operating at 100 percent.

"Because of disturbances at the operations site, the
company suffers a deficient in working capital ... if
security situations do not improve it will affect the
company's continuing operations," Bintuni's press statement
said.

The Djajanti group owns another fishery in Irian Jaya where
it has established a processing plant. But according to
Dixi, relocating the operations base would cost the company
some $30 million.  "We don't know yet where we will get the
funds to relocate our operation," he said.

Bintuni has also blamed the riots in Maluku for having
caused a delay in submitting the company's 1999 financial
report, which resulted in it being delisted from the
Jakarta Stock Exchange (JSX).  The JSX then fined Bintuni
and its subsidiary PT Daya Guna Samudra Rp 117 million
each, for the late submission of their 1999 financial
reports.

Auditors further gave the company a disclaimer for its 1999
financial reports due to uncertainties related to Bintuni's
continuing operations. Bintuni booked a net loss of Rp
444.4 billion in 1999 as against 1998's net profit of Rp
375.9 billion.

Dixi said the company and its affiliate, Daya Gun, planned
to relist their shares on the JSX.  He said that although
there was no schedule for Bintuni, he expected to see
Daya Guna traded again at the JSX sometime next month.

The shareholders' meeting further agreed to appoint Johnson
Sihombing as Bintuni's new president, replacing Rudy
Lengkong.  Rudy is the company's new commissioner along
with Franciscus Xaverius Sudjasmin. Both men replaced BRM
Mardjono Poerbonegoro and Anwar Pulukadang as
commissioners. (Jakarta Post  30-Sept-2000)

PT ONGKO DINAMIKA: Declared bankrupt
------------------------------------
The Jakarta Commercial Court declared PT Ongko Dinamika, a
unit of the Ongko Group, bankrupt after it failed to pay
US$215.3 million in promissory notes to Enchanting
Properties Ltd.  Judge Putu Supadmi said Ongko Dinamika has
stated that it could not meet its obligations, including to
the Indonesian Bank Restructuring Agency.

PT TIRTAMAS COMEXINDO: Court orders s'holder pledge
---------------------------------------------------
The Jakarta Commercial Court has ordered Hashim
Djoyohadikusumo, major shareholder in PT Tirtamas
Comexindo, to pledge his personal assets to cover
repayment of the company's debts.

Judge Mahdi Soroindah Nasution said Tirtamas Comexindo,
which has been given until Dec 13 to negotiate a debt
restructuring program, has assets valued at less than
its total debts. Failure to arrive at a debt restructuring
agreement will leave Tirtamas Comexindo subject to being
ruled bankrupt.


=========
J A P A N
=========

AIWA Co.: Now projecting annual loss
------------------------------------
Aiwa Co. is now expecting to post a consolidated net loss
of some 17 billion yen ($158.3 million) for the year ending
March 31.

That's a turnaround from its earlier profit estimate of 1.8
billion yen. A subsidiary of Sony Corp., Aiwa's new
forecast calls for a 16 billion yen pretax loss, a reversal
of its prior projection for profit of 3.3 billion yen.
Sales are now projected at 310 billion yen, down from its
earlier forecasts of 350 billion yen.

The cause of the changed forecast, according to Aiwa, is
weaker-than expected sales of audio products in the U.S.
and Europe. Aiwa's first-half sales of audio products to
those markets dropped more than 20 percent from a year
earlier.

DAISUE CONSTRUCTION: Sanwa Bank comes to financial aid
SENSHU BANK: Sanwa Bank comes to financial aid
------------------------------------------------------
Sanwa Bank will inject additional capital into Senshu Bank,
an ailing regional banking affiliate, while waiving 62.38
billion yen (about HK$4.51 billion) in loans to a troubled
builder, Daisue Construction.

Sanwa Bank confirms it will purchase 65 billion yen of new
shares to be issued by Senshu Bank to help it write off
non-performing loans. The effort is expected to raise to
110 billion yen the amount of Sanwa's financial assistance
to Senshu since April. Japanese financial authorities
recently ordered Senshu to promptly take action to improve
its financial condition.

Sanwa Bank also announced it was waiving 62.38 billion yen
in loans to Daisue Construction to help the builder
rehabilitate its struggling business.  Sanwa already set
aside loan loss charges for the waiver.

HAZAMA CORP.: S&P lowers debt rating
------------------------------------
U.S. credit rating agency Standard and Poor's Corp. (S&P)
has lowered its public information-based rating on Hazama
Corp. from Ccpi to Sdpi.

The action followed an announcement this week that Hazama's
four major creditor banks have agreed to forgive 105
billion yen of its loans.  Dai-Ichi Kangyo Bank agreed to
forgive debts totaling 48.925 million yen, Mitsubishi Trust
and Banking Corp. 34.644 million yen, Shinsei Bank 15.317
million yen and Nippon Credit Bank 6.104 million yen,
according to Hazama.

According to S&P, an SD or selective default rating is
given it believes an obligor has selectively defaulted on
specific issues or classes of obligations but will continue
to make timely payments on its other obligations

KAWADEN CORP.: Seeks protection from creditors
----------------------------------------------
Kawaden Corp., an indebted maker of power systems for
industrial plants, has asked the Tokyo District Court for
protection from its creditors under the civil
rehabilitation law.

The medium-sized company based in Nanyo, Yamagata
Prefecture has liabilities totaling 25.31 billion yen.
The firm aggressively poured investment monies into
production facilities in the late 1980s when the economy
was strong. It ended up mired in debt out of which it
couldn't recover after the economy downturned.

It offered a rehabilitation plan in May which called for
digging into its shareholders' equity, selling new shares
to select investors, and obtaining debt forgiveness from
many of its creditors, including its main one, Shinsei
Bank. Talks between the two led nowhere, however.

NIIGATA CHUO BANK: Takeover deals for units imminent
----------------------------------------------------
Bankruptcy administrators for failed Niigata Chuo Bank
expect to sign basic accords with 10 lenders on the sales
of its businesses probably by the end of this month.

According to sources familiar with discussions, operations
in the regional bank's home prefecture of Niigata in
northern Japan would be taken over by six regional banks
also based there, including Taiko and Daishi banks.
Branches outside that prefecture would be passed on to
Hachijuni Bank of Nagano, Higashi-Nippon Bank of Tokyo,
Gunma Bank based in Maebashi (Gunma Prefecture), and Towa
Bank, also of Maebashi.

Additionally, Nagaoka-based Hokuetsu Bank is expected to
purchase the operations of an affiliated company of Niigata
Chuo. Failing in October 1999, Niigata Chuo was among five
regional banks declared bankrupt under the financial system
rehabilitation law that took effect in 1998.

SOGO CO: Former chairman sued for loan repayment
------------------------------------------------
Sogo Co.'s main bank, Industrial Bank of Japan (IBJ), has
filed a lawsuit in the Tokyo District Court seeking the
repayment by former Sogo Chairman Hiroo Mizushima of 11
billion yen in loans to Sogo Co.

The loans were extended to the Kinshicho Sogo store in
Tokyo, Mizushima giving a personal guarantee, according to
the IBJ suit.  IBJ filed another lawsuit Wednesday at the
district court against Mizushima, seeking an order voiding
the transfer of ownership of his real estate in Setagaya
Ward, Tokyo, to his brother-in-law.

SOGO CO: Amounted 180B yen in overseas losses
---------------------------------------------
Failed Osaka-based department store chain operator Sogo Co.
and its group companies, now undergoing rehabilitation,
incurred upwards of 180 billion yen in losses from failed
overseas projects.

In fact, industry sources add, most of the stores,
restaurants and other enterprises opened by Sogo in 14
countries during the 1980s and 1990s have failed. Moreover,
those sources note that the Sogo executives then manageing
the company were aware of the overseas projects failing as
of the time of a 1996 board meeting, but took no corrective
measures, compounding the accumulation of losses.

The overseas projects were financed by loans from Sogo and
Sogo International Development (SIDC), a Sogo subsidiary
that controls overseas business ventures. Sales in Sogo's
overseas stores were sluggish because the stores were
smaller than their rivals and could not offer enough of the
goods local customers wanted to buy.

Though Sogo subsequently closed several overseas stores in
London and other locations, group losses from overseas
projects had ballooned to nearly 180 billion yen by the end
of February. Those massive losses were a contributing cause
to Sogo group's collapse.


=========
K O R E A
=========

CHEJU BANK: Rehab plan to go before directors
CHO HUNG BANK: Rehab plan to go before directors
HANVIT BANK: Rehab plan to go before directors
KOREA EXCHANGE BANK: Rehab plan to go before directors
KWANGJU BANK: Rehab plan to go before directors
PEACE BANK: Rehab plan to go before directors
------------------------------------------------------
In line with the government's bank reform projects, the 6
banks ordered to present reform plans will hold board
meetings today to conclude their respective improvement
programs.

These programs will be assessed by an independent
commission of banking experts to determine those which will
be allowed to remain independent and those to be placed
under a bank holding company.  Watchers said yesterday that
two of the healthier banks Cho Hung and Korea Exchange will
be allowed to stand on their own, while Hanvit, Peace,
Kwangju and Cheju are to be placed under a proposed
financial holding company.

Cho Hung Bank will not request public funds since its
capital adequacy ratio is above the government-set minimum
of 10 percent.  The bank plans to clean up five trillion
won worth of problem loans and bring down the share of
loans rated substandard and below to less than 4 percent of
its total lending. As additional measures, the bank plans
to sell off Cho Hung Capital.

Korea Exchange Bank has also been allowed to stand
independently but it needs to clear five trillion won worth
of bad loans to lower their percentage to below 4 percent
of total loans.  Korea Exchange is expected to receive a
600 billion won capital boost from the government and
Commertzbank, two of its two largest stakeholders. The bank
also plans to sell one quarter of its 58.2 percent stake in
Korea Exchange Card Co. to generate extra liquidity of 300-
500 billion won.

Among the remaining 4 banks, Hanvit Bank will request
additional public funds of 3-3.5 trillion won. In return
Hanvit must agree to clear 7 trillion won in problem assets
to lower its proportion of bad loans to under 4 percent.
However, the bank decided not sell its subsidiary Hanvit
Securities on the grounds that the sale would not help
raise Hanvit's capital ratio.

Kwangju Bank will claim 480 billion won of public funds, ,
while selling off 460 billion won in non-performing loans.
It will then sell its venture capital subsidiary and absorb
Kwangju Bank Finance.  Peace Bank will request 450 billion
won in public funds and sell off 500 billion won in trouble
loans to bring down their percentage to less than 2 percent
of total loans.  Cheju Bank plans to ask for 150 billion
won in public funds and sell off 200 billion won in non-
performing loans. (Korea Herald  29-Sept-2000)

DAEWOO MOTOR: DaimlerChrysler, Hyundai say no to bid
----------------------------------------------------
DaimlerChrysler CEO Juergen Schrempp has affirmed that
neither his company nor its South Korean partner Hyundai
Motors were interested in acquiring Daewoo Motor, saying
such investment was not "suitable" for either company.

General Motors Corp. CEO G. Richard Wagoner said his
company is still studying Daewoo and should soon decide
whether to submit a bid for the troubled South Korean
automaker. GM is still gathering infomration necessary for
making a decision, Wagoner siad.

Shrempp said that if Daewoo Motor Co. was to be split up,
DaimlerChrysler and Hyundai would examine individual
divisions of the troubled conglomerate. Schrempp noted that
he deemed it unlikely the firm would be broken up, however.

HANBO STEEL: Snag in sale to Nabors consortium
----------------------------------------------
Korea's efforts to sell off ailing firms to foreign
investors suffered another setback, with creditor banks of
Hanbo Steel saying yesterday that their contract with the
Nabors consortium to buy the bankrupt steelmaker may not go
through.

If it is not sold, the steelmaker, with 4.9 trillion won
($4.39 billion) in debt, will become a serious burden to
the national economy, coming so soon after Ford's
withdrawal from the Daewoo Motor bid.  A bank official said
the contract with the Nabors consortium is likely to be
breached as the American consortium is raising last-minute
complaints over a contract provision.

The consortium was to pay $480 million by the end of this
month under an arrangement reached with Hanbo creditors
last March.  Five creditors visiting Nabors Steel in the
United States were told by Nabors officials that the U.S.
steelmaker is not ready to sign the final contract because
the court has yet to approve the clearing plan of Hanbo
Steel and the provision allowing the use of exclusive port
facilities has not yet been followed through on.

Nabors assigned due diligence of Hanbo Steel to an Indian
steel firm, following the signing of a provisional
agreement in which it would purchase the troubled
steelmaker for $480 million.  The Indian steelmaker
reported to Nabors that Hanbo could be bought for a
considerably lower amount, from around $300 million to $350
million.

A source with creditors visiting the U.S. said Nabors has
made an internal decision to reduce its purchase price by
$100 million or else walk away from the deal.  Creditors
failed to include any penalty provisions in case Nabors
failed to follow through with its purchase at the last
minute and, as things stand now, they have no way to
prevent Nabors from opting out of the contract.

A source with Hanbo Steel blamed the creditors for their
lax attitude in dealing with Nabors; he said they should
have followed what was happening with Nabors after the
contract was signed to see what would happen next. The
contract was disadvantageous to the creditors from the
beginning, he added.

But creditors said they will have to wait until Saturday to
see what happens, and they learned that consortium members
are at odds about issues related to stakes and management
rights after Hanbo is taken over.  Hanbo's debts totals 4.9
trillion won now and its monthly loss amounts to 5 billion
won because most of its facilities are idle, except the
steel rod production plant in the "A" sector of the giant
steel plant. (Korea Herald  30-Sept-2000)


===============
M A L A Y S I A
===============

ORIENTAL BANK: CIMB appointed adviser for sale
----------------------------------------------
Financially distressed Oriental Bank Bhd (OBB) has
appointed Commerce International Merchant Bankers Bhd
(CIMB) as independent adviser for its minority shareholders
in respect to the sale of its business to EON Bank Bhd.

In a statement, OBB said CIMB would issue a circular to its
shareholders prior to OBB's EGM in October, where the facts
of the sale would be made known to them.  "Any questions
pertaining to the sale of OBB to EON Bank will also be
addressed at that same EGM," the statement said.

The statement related that the bank had suffered losses in
the last two years. As at March 31, 2000, the bank had
accumulated losses of RM727.3mil, representing a loss of 96
sen for each OBB share.  To meet the minimum capital
adequacy requirements, the bank obtained a RM700mil
exchangeable subordinated capital loan from Danamodal Bhd
and a RM130mil subordinated term loan from MIDF.

"As a result of the accumulated losses and the government's
directive to consolidate the banking sector, the OBB board
of directors felt that the sale of OBB's business to EON
Bank was the best way toward for the future of the bank and
its staff," the statement said.

It said under the conditional sale and purchase agreement,
EON Bank would repay the two outstanding loans totalling
RM830mil to Danamodal and MIDF.  "At the insistence of
MIDF, EON Bank is also paying the OBB minority shareholders
an ex-gratia payment of RM0.32 per share or up to an
aggregate amount of RM30mil. Effectively, EON Bank has to
come up with RM860mil for this exercise," the statement
said.  It added that EON Bank had given the undertaking
that "there will not be any retrenchment resulting from the
merger." (The Star  29-Sept-2000)

SCK GROUP: To complete revamp by year-end
-----------------------------------------
With the Securities Commission having approved its
restructuring scheme in July, SCK Group Bhd expects to
complete its restructuring before year-end. It will seek
shareholders approval at a special general meeting to be
convened next month.

The company made a slight profit last fiscal year while
engaged in restructuring efforts, and its executive
director Low Chin Kiat expects to posts a similar profit
for the current financial year. For fiscal year end March
31, 1999, the company posted a loss of RM14.6 million. SCK
Group's core business is interior decoration.

Low said after the restructuring, SCK Group debts will have
been reduced from RM70 million to just RM30 million, that
would be fully payable by 2004.



=====================
P H I L I P P I N E S
=====================

NATIONAL STEEL CORP.: Liquidation plan given to SEC
---------------------------------------------------
The receiver committee of National Steel Corp. yesterday
made good its promise to submit a liquidation plan to the
Securities and Exchange Commission for what used to be the
Philippines' biggest steelmaker.

With the submission of a liquidation plan, the almost nine
months of efforts to resuscitate the debt-strapped firm
came to naught. The interim receiver's decision to file the
liquidation plan was prompted by the objection raised by
Hottick Investment Ltd. and Danaharta Nasional Berhad to
the rehabilitation plan for NSC.

Hottick is the principal investor in NSC while Danaharta is
the Malaysian asset privatization agency holding Hottick's
NSC shares.  In its letter to the SEC, the receiver said it
has no choice but to liquidate NSC in an orderly manner
unless Hottick or Danaharta, at the last minute, manage to
come up with an acceptable rehabilitation formula.

Jacob said that as part of the liquidation, SEC may either
lift the suspension of payment order on NSC creditors or it
may simply appoint a liquidator.  He said the under the
second option, there is still a possibility for NSC's
revival based on the rules on corporate recovery.

The SEC rules allow the liquidator to create a subsidiary
and place the assets in the subsidiary so that they are
kept whole. The scheme is applicable to assets that are of
no value unless they are being operated.

The receiver has recommended the following liquidation
plan:
 Transfer all the assets of the corporation that are
currently in the name of and possessed by NSC to the
liquidator who shall hold them as trustee.
 The liquidator determines what portion of the entire
obligation of NSC may be converted into equity and whether
the remaining obligation can be adequately serviced by the
new company. He then incorporates an NSC subsidiary,
capitalizes it at an amount equivalent to the converted
obligations, transfers the assets held in trust to the
subsidiary and issues all shares of the subsidiary to
himself.
 The liquidator then exchanges the shares for the debts
which creditors are converting and issues long-term
commercial paper to creditors who are not converting. These
LTCPs may have a tenor of 15 years to 20 years depending
on the ability of the new company to service the remaining
obligation.
 In converting debts into shares or LTCPs, the liquidator
shall adhere to the requirements of the Civil Code on
preference and concurrence of creditors. (Manila Times  30-
Sept-2000)

SEMIRARA COAL CORP.: To be delisted, sold
-----------------------------------------
DMCI Holdings Inc. is set to delist its bleeding subsidiary
Semirara Coal Corp. from the Philippine Stock Exchange and
sell the listed shell company as part of an overall
corporate restructuring.

In a disclosure to the Philippine Stock Exchange yesterday,
Semirara corporate secretary Crisostomo Uribe said a new
company was being incorporated to absorb all its assets and
liabilities.  The shell company will remain listed and is
expected to be sold to any group which needed a backdoor
listing vehicle.

But the DMCI group will continue to operate Semirara Coal
as an unlisted subsidiary once it is spun off into a
separate company. The disclosure said the company's board
of directors has approved an application for P204 million
in fresh funding for the company through bank loans.

The disclosure said P150 million would be sourced from the
Export and Industry Bank and another P54 million from the
United Coconut Planters Bank. The loan proceeds are
expected to be used for capital outlays such as
equipment purchases.

The disclosure said P181 million worth of assets would be
transferred to the new company in exchange for 18.1 million
shares with a par value of P1 per share. The new company
will be given an additional paid-in capital of P162
million.  DMCI Holdings earlier said it wanted to sell its
74.4-percent stake in Semirara as part of an overall
strategy to focus on its core construction business.

In the first half of the year, Semirara incurred a loss of
P178 million and AG&P, P42 million, compared to the P85
million and P58 losses, respectively, recorded in the first
half of 1999.  The DMCI group likewise wanted to get out of
the Semirara Coal business except that it knew that this
might not be the right time to sell the entire operation.

DMCI said in its 1999 annual report that the softening of
coal prices had hampered its efforts to boost Semirara's
coal sales.  The disclosure said Semirara Coal would be
renamed Semirara Mining Corp. (Philippine Daily Inquirer
29-Sept-2000)

URBAN BANK: BanCommerce asks okay on modified rehab plan
--------------------------------------------------------
Bank of Commerce has asked the Securities and Exchange
Commission to approve some modifications in the original
rehabilitation plan for Urban Bank Inc. and Urbancorp
Investments Inc.

The modifications were agreed upon in a meeting recently
between BOC president Raul de Mesa and officials of the
Bangko Sentral ng Pilipinas and Philippine Deposit
Insurance Corp.  Under the proposed term sheet for
rehabilitation, the preferred shares or quasi-equity to be
issued to certain creditors and depositors such as Petron
Corp., Manila Electric Co., and San Miguel Corp. for the
conversion of part of their exposure in Urban Bank and UII
would no longer be redeemable.

The original holders may sell the shares to third parties
after three years from issuance with the Bank of Commerce
committed to cover any shortfall between the price at the
time of sale and the par value of the securities. The
amount to be covered by BOC for the shortfall must come
either from an increase in retained earnings or from new
capital.

A "clawback" arrangement has also been proposed to settle
additional payments to UII.  The mechanics of the clawback
arrangement provide that:

 Actual cash collections from the proceeds of sale of non-
performing assets, net of applicable taxes and expenses
within three years from opening of UII shall be held in an
escrow account to be managed and administered by BOC Trust
Services Group.

 Actual cash collections from the non-performing asset
pool within three years from public opening shall be used
to pay the foregone interest to be distributed annually at
the end of each calendar year. Should the proceeds prove
insufficient to cover foregone interest, proceeds from real
estate properties pool shall likewise be distributed to
depositors and creditors.

 Payment shall be in the form of preferred shares of BOC
which shall be redeemable at BOC's option and convertible
at the option of the holders after one year from date of
issuance. The conversion ratio, which shall be determined
by BOC and SGV & Co. shall follow the same formula to be
used in the conversion of preferred shares to be issued to
Meralco, Petron and San Miguel.

 If at the end of the three-year period the foregone
interest has not been completely satisfied, the remaining
assets in the assets pool shall be appraised to determine
their value. An independent appraiser acceptable to PDIC
shall conduct the appraisal.  BOC has also proposed to
classify as ordinary creditors the individuals or
entities with monetary claims for accounts receivable,
interbank borrowings, trade receivables, mortgage-backed
securities, National Food Authority papers sold, and
similar claims with Urban Bank and UII as of April 25.

Depositors and ordinary creditors of Urban Bank and UII
shall be paid over a period of three years from date of
opening of Urban Bank possibly on Nov. 27 or Dec. 11 this
year. (Manila Times  29-Sept-2000)


=================
S I N G A P O R E
=================

BBR HOLDINGS: Posts 1H net loss
-------------------------------
SESDAQ-listed construction company BBR Holdings reported a
staggering net loss of $19 million for the six months ended
June 30, reversing from a profit of $1.53 million.

Turnover fell 15.5 per cent to $55.55 million amid a weak
construction sector.  The group also attributed the dismal
results to losses in two design-and-build projects; the
viaducts for the light rail transit (LRT) systems at
Sengkang and Punggol; and Cantonment Complex.

For the LRT project, a provision for anticipated losses
amounting to $9 million was made resulting from non-
recognition of what it termed "variation" orders, cost
overruns and additional costs for optional works.  BBR
stated that the variation order arose from changes in
design initiated mainly by a client and third parties which
resulted in increased work scope.  It is negotiating with
the client for agreement of these claims.

The Cantonment Complex resulted in a loss of $3.5 million
and it suffered another loss of $1.7 million from other
projects, which was due to adverse soil conditions leading
to cost overruns.  Loss per share was 6.34 cents against
earnings of 0.54 cents previously while net tangible asset
backing per share fell from 11.5 cents to 3.1 cents.
No interim dividend was declared.

The company's directors do not "expect the group's
performance to deteriorate significantly further."
They are reviewing several fundraising alternatives,
including a rights issue to recapitalise the group before
end of this year.  (Straits Times  30-Sept-2000)

INNO-PACIFIC HOLDINGS: Posts wider 1H loss
------------------------------------------
Inno-Pacific Holdings, which runs a chain of restaurants,
reported that its interim net loss worsened to $1.82
million from $942,000 previously.

Turnover fell 8 per cent to $4.3 million for the six months
ended June 30 due to pizza restaurant Shakey's sale of its
Philippines operations late last year and a slowdown in
restaurant sales in the US.  Inno-Pacific has about 5.1
million quoted shares in Links Island Holdings, amounting
to $2.7 million. No adjustments have been made in the
accounts for this as the outcome of Link's suspension is
not certain.

The group attributed the increased net loss to lower
turnover, compensation and reinstatement costs for an early
termination of a lease for an S-league clubhouse, and
higher overheads.  Investment income improved by 156 per
cent thanks to the sale of marketable securities.

A net profit of about $3.9 million arising from the sale by
subsidiary Inno-Pacific Property Holdings of a Cairnhill
Court property will be accounted in the second half year
results.  Directors expect second-half year results to be
better than the first-half year for this reason.  Loss per
share firmed at 0.6 cent from 0.4 cent while net tangible
assets per share rose from 8 cents to 12 cents.  No interim
dividend was declared.  (Straits Times  30-Sept-2000)

IPC: Posts wider net loss
-------------------------
Newly debt-free infocomm, Internet and e-service provider
IPC posted an annual net loss of $28.8 million, up from a
loss of $19.6 million a year ago.

The figures were weighed down by interest on borrowings of
$17.8 million and a foreign exchange loss of $11.4 million.
These were to do with IPC's borrowings for funding previous
businesses.  However, these problems are out of the picture
now amid restructuring, including moves such as selling its
Tai Seng office building and the entry of German white
knight Infomatec AG.

On August 25, IPC's entire debt of $337 million was
completely discharged by a cash payment of 20 cents and the
issuance of two IPC shares for 80 cents owed in a dollar,
the company said.  The debt comprises bank borrowings and
liabilities to other creditors.

The completion of the debt restructuring plan had resulted
in IPC "becoming completely debt free, in a strong cash
position and with positive net tangible assets," the
company said yesterday.  "The company henceforth will
neither have interest to service nor be exposed to foreign
exchange risk associated to the discharged debts," it said
yesterday.

Continuing the upbeat tone, the mainboard-listed firm
posted a 114.5 per cent surge in pre-tax profit to $2.3
million for the six months to June 30.  And first-half
turnover increased 5.5 per cent to $10.3 million. No
interim dividend was declared.

"IPC's mid-year surge of 114.5 per cent in group operating
profit before interest and tax clearly affirms that the
company has effectively re-invented itself to advance with
viable and dependable core businesses," IPC chairman and
chief executive officer Patrick Ngiam said. "IPC is now a
rejuvenated company in a debt-free and healthy financial
position, and strengthened fundamentals. This enhances
IPC's position to pragmatically pursue market share and
growth of the core businesses."  (Straits Times  30-Sept-
2000)

L&M INVESTMENTS: First-half loss widens
---------------------------------------
Construction group L&M Investments saw its first-half net
loss widen significantly to $9.7 million from $472,000 a
year ago, due to weak margins in Singapore and the
continued suspension of projects in Brunei.

A $4.3 million provision was also made for an investment in
a former Malaysian associate.  Turnover rose 5 per cent to
$80.7 million with the contribution from a new subsidiary
in Hongkong.  Loss per share was 5.18 cents, significantly
higher than the previous loss per share of 0.31 cents. Net
tangible asset backing per share improved from 26 cents to
28 cents.  L&M did not declare any dividend for the period.

Commenting on the future prospects of the group, L&M said
it has $254.6 million contracts on hand from which it
expects to generate an increased volume of work for the
second half of this year.  It added that it is also
"expecting a positive contribution from its acquisition of
Van der Horst's Indonesian assets for 2000."

This is part of L&M's plan to purchase a 90 per cent stake
in Van der Horst (VDH) for $16 million.  L&M had said that
VDH, which has been under judicial management since January
this year, will result in better synergy between L&M and
VDH.  In the first stage of the deal, the company made a
payment of $11 million last month.

L&M reported a full-year loss of $1.52 million last year
and $49.7 million in 1998.  Its share price fell one cent
to 44 cents on the Singapore Exchange yesterday. (Straits
Times  30-Sept-2000)


===============
T H A I L A N D
===============

BANGKOK BANK OF COMMERCE: Debt recovery stalled, obstacled
----------------------------------------------------------
Bangkok Commercial Asset Management Co says that recouping
money from debtors of the defunct Bangkok Bank of Commerce
has been delayed by the recession and the complexity of
many loans related to politicians and their allies.

"BBC's debtors are non-performing. It's not easy to collect
debts from them and during the crisis the situation was
worse," said Sommai Pathormwichaiwat, the asset management
firm's president.

The company, an offshoot of the BBC, already manages
outstanding debts of 141.84 billion baht. Of the total,
loans extended to 151 special groups of "politicians and
allied businessmen" total 61.61 billion baht; loans to big
customers, 43.39 billion baht; and loans to individuals,
36.84 billion baht.

In the first eight months of this year, the firm collected
only 51 million baht from the special groups, barely 11% of
the target.  In contrast, big customers had repaid 735
million baht, about 76% of the target; individuals in
Bangkok, 482 million, or 88%; and individuals in the
provinces, 2.01 billion baht, or 93%.

"Despite the complexity of politicians' debts, we'll try to
follow them up. Some of debts in this group are being
restructured with the Corporate Debt Restructuring Advisory
Committee (CDRAC)," Mr Sommai said.

Established almost two years ago, the asset management firm
has already repaid 12.46 billion baht to the Financial
Institutions Development Fund (FIDF), the biggest creditor
of the BBC.  To help speed repayments, the FIDF would
likely allow the firm to extend the debt repayment periods
and offer individuals lower interest rates, he said.

"We should do something to help individual debtors who are
honest but facing difficulties because of the crisis. We
also want to ensure that we won't be closed down after
we've been operating for five years," Mr Sommai said.

The asset management firm accepted asset transfers to repay
debts totalling 503 million baht in the first eight months
of this year and sold distressed properties worth 86
million baht in the same period. (Bangkok Post  29-Sept-
2000)

KRISDAMAHANAKORN PLC: Reports on rehabilitation SET
---------------------------------------------------
Krisdamahanakorn Plc has reported to the Stock Exchange of
Thailand (SET) that it will present its rehabilitation plan
to investors and analysts on Friday October 6 at 2 p.m.
The presentation will be made by the management of KMC and
KMC's financial advisors, Finansa Securities Ltd. and
Pacific Rim Co. Ltd.

The rehabilitation plan will provide that:
- It will be 2 years from the third quarter of 2000 to the
second quarter of 2002. Upon approval of the rehabilitation
plan by shareholders, KMC will request the SET to begin
trading the company's ordinary shares.

The company's debt restructuring is 62% completed. The
conditions of the completed debt restructuring are
based on the signed debt restructuring agreements with
lenders. The other 38% is expected to be completed by the
end of 2000. Conditions of the debt restructuring under
negotiation are estimated from the latest negotiation with
lenders.

- The sales forecast is estimated from sales of existing
assets in developed projects under consideration of current
project conditions and market demand.

- The shareholders' equity of KMC will be Baht 451.72
million within the fourth quarter of 2000. The profit
from debt restructuring and profit from termination of
purchase contracts will be Baht 4,053.29 and Baht 148.05
million, respectively. Debt to equity will be Baht 4,386.39
million.

- Based on the financial projection reviewed by Ernst &
Young, KMC will continue to operate at losses during the
third quarter of 2000 and the second quarter of 2001. KMC
has estimated sales over the mentioned period on the
conservative basis since the sluggish economic condition
and property market, higher construction materials from
increased in oil prices, and the delay of revenues
recognition from additional project development and house
construction.

- KMC will begin the profitable operation in the third
quarter of 2001. At that time, KMC will request the SET to
move the company's ordinary shares from "REHABCO" sector to
"Property Development" Sector.

- Beginning in the third quarter of 2001, KMC will continue
the profitable operation till the end of the rehabilitation
plan in the second quarter of 2002. (Stock Exchange of
Thailand  28-Sept-2000)

KRUNG THAI BANK: Board approves rehabilitation plan
---------------------------------------------------
The board of directors of Krung Thai Bank (KTB) has
approved a plan for the sale for Bt25 million of its entire
stake in Sukhumvit Asset Management to the Bank of
Thailand's rescue arm, the Financial Institutions
Development Fund (FIDF).  The deal follows the government's
decision to transfer Bt520 billion worth of the state-owned
bank's distressed assets to Sukhumvit Asset Management,
allowing KTB to cut its level of non-performing loans to
only 10 per cent.

PRESIDENT MYOJO FOODS: Closed down, in liquidation
--------------------------------------------------
nThai Predient Foods has shut down its 26-percent owned
affiliate President Myojo Foods, instant noodle
manufacturer trading under the Myojo brand name. The
company is now in liquidation.

RAIMON LAND: To file rehabilitation petition
-------------------------------------------
Raimon Land soon will file a petition for rehabilitation at
the Central Bankruptcy Court.  In documents filed with the
SET, the company said that it has assigned Raimon Land
Planner the task of drawing up a recovery plan for the
creditors, and for this to be put to the court for a
ruling.

SANSIRI: Issues new shares to pay debts
---------------------------------------
Sansiri (SIRI) plans to issue 5 million new shares (par
value Bt10) to BankThai at the price of Bt5 per share, the
proceeds from which are to be used to repay an outstanding
debt owed to Bank Thai.

SIRI president Srettha Thavisin was appointed by the board
to set the particular date, time and venue for the share
subscription offer, in accordance with conditions yet to be
agreed upon. When the deal is completed, BankThai will hold
1.78 per cent of SIRI's paid-up capital.

THAI GYPSUM PRODUCTS: Subsidiary to be dissolved,liquidated
-----------------------------------------------------------
The Stock Exchange of Thailand has received a report that
at a special meeting of shareholders of Gypsum
International Co. Ltd., a subsidiary of Thai Gypsum
Products Public Company (TGP), it was resolved that the
company be dissolved and liquidated.

Gypsum International Co. Ltd. was established in November
1976 and served as TGP's sole distributor. TGP has held
91.83 percent of shares since May 1993. The dissolution and
liquidation of the company is a strategic policy aimed at
reducing costs and reinforcing the potential of the
competitive gypsum business.


S U B S C R I P T I O N  I N F O R M A T I O N

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