TCRAP_Public/010102.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, January 2, 2001, Vol. 4. , No. 1

                                Headlines


*A U S T R A L I A*

ENERGY EQUITY:  Revamps Finances
INFOSENTIALS:  Founder Sells 25 Percent Stake
RECKON:  Suffers $20M Loss


*C H I N A  &  H O N G  K O N G*

BEST WIDE: First Half Net Loss Narrows to HK$2.4 Million
B-TECH (HOLDINGS):  First Half Net Loss Narrows to HK$54 Million
CHINA HUARONG TRUST:  Announces Liquidation Plans
INTERFOAM CERAMICS:  Posts HK$83.8M 1H Net Loss
LAI SUN DEVELOPMENT:  Property Investor Reduces Debt to HK$4B

PAM & FRANK:  Posts First Half HK$111.3M Net Loss
SINOCAN HOLDINGS:  Posts First Half HK$14.3M Net Loss
SINO LAND:  To Merge Hotel Operations
TELECOM PLUS HOLDINGS:  Seeks to Raise HK$18M to Repay Debts
WAH TAK FUNG:  Posts First Half HK$118.2M Net Loss


*J A P A N*

MITSUI CORP:  Restructuring Plan Includes Capital Reduction


*K O R E A*

CHEJU BANK:  Gov't Injects W755B Public Funds to Four Banks
HANIL LIFE:  Fails to Recapitalize
HYUNDAI ENGINEERING:  Creditors Agree to Rollover 1.62Tril Debt
HYUNDAI LIFE: Fails to Re-capitalize
KWANGJU BANK:  Gov't Injects W755B Public Funds to Four Banks

KYONGNAM BANK:  Gov't Injects W755B Public Funds to Four Banks
PEACE BANK:  Gov't Injects W755B Public Funds to Four Banks
SSANGYONG GROUP:  Fails To Sell Subsidiary


*M A L A Y S I A*

MALAYSIAN AIR LINES:  Government Moves to Save Jobs
TIME ENGINEERING:  Sells US$5M Shares to Zhone Technologies


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

ASB GROUP:  SEC Extends Deadline to February 28
EQUITABLE PCI BANK:  Denies Seeking Liquidity Assistance
VICTORIAS MILLING: Creditor Bank Cautious on New Investor


*T H A I L A N D*

BANGKOK METROPOLIOTAN BANK:  Merges with Siam City Bank
HANA MICROELECTRONICS: Dissolves Subsidiary
PREMIER ENTERPRISE:  Central Bankruptcy Court Approves Rehab Plan
TUNTEX:  Extends US$70M Floating Rate Note Issue


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

ENERGY EQUITY:  Revamps Finances
--------------------------------  
Power group Energy Equity Corp. said it remained locked in talks with
Commonwealth Bank of Australia about revamping its finances, according to a
report from the Sydney Morning Herald.

Energy Equity is negotiating with banks to restructure and refinance a
longer-term amortizing facility for the planned $35 million convertible
note and subscription facility. But the terms are still subject to
Commonwealth Bank of Australia approving the refinancing plan.

The effort is part of a $60 million refinancing package from June of last
year, part of which is to raise $25 million by either placement or a rights
issue. The money will be used to cut the group's debt and restructure it
into a longer-term facility to match the group's long-term revenue stream
from its long-term power and gas agreements.

In September Energy Equity disclosed an operating loss of $12.9 million for
the year to June, down from the previous year's loss of $45.3 million. The
losses were mainly due to disappointing currency changes and changes in the
group's accounting standards which come into force from today.

Energy Equity's shares closed 0.2c higher at 9c last Friday. The high for
the year high was 22.5c.


INFOSENTIALS:  Founder Sells 25 Percent Stake
---------------------------------------------
The founder of Infosentials sold a 25 percent stake in the company five
days before it was placed in voluntary administration in the hands of
corporate insolvency group Spencer & Co., owing more than 320 creditors
around $4 million.

Mr. Michael Schildberger, the founder of Infosentials, sold around 2.3
million shares on December 15, netting him around $350,000 and cutting his
interest from 9.4 million shares to 7.1 million shares, documents from the
stock exchange showed. The money was used to convert some of his options,
which were due to expire on December 31.

Schildberger had 6 million options exercisable at 25c each, all of which
expired at the end of 2000, according to a report in Sydney Morning Herald.


RECKON:  Suffers $20M Loss
--------------------------
Reckon, an Australian software company, suffered a $20 million loss at the
end of October. Losses include restructuring costs for its Hong Kong,
Singapore and New Zealand assets and "non-cash" losses of $3 million,
according to the Daily Telegraph. Shares dived to a record low of 16c.

According to Reckon chief executive Greg Wilkinson, selling the Asian
assets protects the company's revenue so the new owners will buy the
company alone. Next year, the company will return to its fundamental
service, selling financial software. In particular, Reckon will focus on
point-of-sale software that allows small businesses to automatically
complete their business activity statements each time they ring the cash
register.

Sales leapt 511 percent to deliver Reckon an earlier-than-expected full-
year profit of $37,000 on sales of $36.1 million, compared with a $3.1
million loss the previous year.

Shares traded at $2.18 when the company expanded rapidly to cope with the
tax inspired demand.

An estimated $20 million loss is forecast with a projected $8.1 million
loss in the prospectus for the July 1999 float.


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

BEST WIDE: First Half Net Loss Narrows to HK$2.4 Million
--------------------------------------------------------
Best Wide Group Ltd., a garment manufacturer, said its net loss narrowed to
HK$2.4 million for the six months through September from HK$2.7 million a
year earlier. The company recorded no turnover for this and the previous
financial period. No interim dividend was proposed, unchanged from the same
period last year. Trading in shares of the company was suspended.

Loss per share was 0.7 HK cent compared with 0.8 HK cent a year before, a
Quamnet News report said.


B-TECH (HOLDINGS):  First Half Net Loss Narrows to HK$54 Million
----------------------------------------------------------------
B-Tech (Holdings) Ltd., a property investor, said its net loss narrowed to
HK$54 million for the six months through September, from HK$124.9 million a
year earlier. The company's revenue dropped 38.3 percent to HK$36.6
million. No interim dividend was proposed, unchanged from the same period
last year.

Loss per share also narrowed to 1 HK cent from 7 HK cents, a Quamnet News
report said.


CHINA HUARONG TRUST:  Announces Liquidation Plans
-------------------------------------------------
On December 29 China Huarong Trust and Investment Co. moved to liquidate
its assets. Its securities business was transferred to four other trust
companies forming China's largest brokerage, a Reuters report said.

China Galaxy Securities Co Ltd., was launched in August of this year after
Beijing merged the securities operations of five trusts -- Huarong, China
Great Wall, China Dongfang, China Cinda and China Life Insurance trust and
investment firms.

China Trust had $102 million in foreign exchange capital and total assets
of 8.865 billion yuan ($1.07 billion).

The trust will be handled by ICBC, Huarong Asset Management Co. and Galaxy
Securities. Liquidators were given until March 29 to register debts
including those from foreign sources.

Galaxy Securities is China's largest brokerage with 174 trading offices and
a registered capital of 4.5 billion yuan ($543.6 million). It is
administered by the Finance Ministry and supervised by the China Securities
Regulator Commission.


INTERFOAM CERAMICS:  Posts HK$83.8M 1H Net Loss
-----------------------------------------------
Interform Ceramics Technologies Ltd., a designer of ceramics products, said
its net loss widened to HK$83.8 million for the six months through
September, from HK$67.4 million a year earlier. Loss per share was 9 HK
cents compared with 7.2 HK cents.

Revenue dropped 51.9 percent to HK$48.9 million. No interim dividend was
proposed, unchanged from the same period last year, a Quamnet News report
said.


LAI SUN DEVELOPMENT:  Property Investor Reduces Debt to HK$4B
-------------------------------------------------------------
Lai Sun Development Co., a property investment company, said it hopes to
reduce its debt to below HK$4 billion from HK$5.6 billion currently. The
company's gearing stands at 70 percent, said Director Keith Wu. Of the
total debt, HK$4 billion is in bank loans and HK$1.6 billion in convertible
bonds, a Quamnet News report said.

In its effort to reduce debt, Lai Sun will try to sell its non-core
businesses and float subsidiary Asia Television Ltd., one of the two free-
to-air broadcasters in Hong Kong, in which Lai Sun and its honorary
chairman, Lim Por-Yen, have a combined 33 percent stake. Lai Sun is
selecting sponsors for the ATV share sale, which is likely to take place
during the first half of next year, he said.

Earlier, Lai Sun issued exchangeable bonds that can be converted into
shares of ATV, provided the broadcaster obtains a listing.
Even if ATV's IPO were delayed, it wouldn't have a great impact since Lai
Sun secured an extension of its debt repayments to December 2002, Wu said.
He said income from property sales and rentals should be sufficient to
cover the company's costs.


PAM & FRANK:  Posts First Half HK$111.3M Net Loss
-------------------------------------------------
Pam & Frank International Holdings Ltd., a small Hong Kong
property investor, said it posted a net loss of HK$111.3 million for the
year ended June. The company registered a net loss of HK$198.8 million for
the 15 months ended June a year earlier, Quamnet News report.

Loss per share was 10.6 HK cents compared with 18.9 HK cents for the 15
months ended June 1999. Revenue was HK$50.1 million for the latest period.
No full year dividend was proposed.

The company said its financial statement is qualified by its auditors.


SINOCAN HOLDINGS:  Posts First Half HK$14.3M Net Loss
-----------------------------------------------------
Sinocan Holdings, a maker of three-piece cans for use in food and beverage
industries, said its net loss narrowed to HK$14.3 million for the six
months through June, from HK$53.4 million a year earlier, a Quamnet News
report said. Loss per share also narrowed to 1.7 HK cents from 6.3 HK
cents.

Revenue dropped 25.4 percent to HK$108.6 million. No interim dividend was
proposed.


SINO LAND:  To Merge Hotel Operations
-------------------------------------
Sino Land Co. will merge its hotel operations with its sister company in
Singapore to complete its restructuring plan. Fast East Group in Singapore
will combine operations with Land and Sino Hotels Holdings Ltd., its Hong-
Kong listed arm, according to a Bloomberg report.

Sino Land earlier spent almost S$400 million ($230 million) turning The
Fullerton from a colonial-era post office into a 400-room luxury hotel.


TELECOM PLUS HOLDINGS:  Seeks to Raise HK$18M to Repay Debts
------------------------------------------------------------
Telecom Plus Holdings Ltd., a maker of consumer electronics and
toys formerly known as Chun Tai Holdings Ltd., gained as much as 5.97
percent after it said it seeks to raise HK$18 million via a top up
placement of shares to repay its debts, a Quamnet News report said.

The company said it seeks to raise HK$18 million net through a top-up
placement. Of the proceeds raised, HK$14 million will be used to repay
debts and the remainder as working capital.

The company said its single largest shareholder Able Technology would place
638 million shares, or 9.4 percent of its existing issued share capital, to
Volgala International Ltd. at 30 HK cents each. Able Technology will then
subscribe to the same amount of shares at the same price.

The price represents a discount of about 10.4 percent to the stock's
closing of 33.5 HK cents on Dec. 27.

The shareholding of Able Technology will be diluted to 20.6 percent from
22.6 percent currently after the transactions, the company said.


WAH TAK FUNG:  Posts First Half HK$118.2M Net Loss
--------------------------------------------------
Wah Tak Fung Holdings Ltd., a property development and investment company,
said it dipped into the red with a net loss of HK$118.2 million for the six
months through September, compared with a net profit of HK$69,907 a year
earlier. Revenue plunged 80.8 percent to HK$118.8 million. No interim
dividend was proposed, unchanged from the same period last year.

Loss per share was 9.5 HK cents compared with earnings per share of 10.1 HK
cents a year before, a Quamnet News report said.


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

MITSUI CORP:  Restructuring Plan Includes Capital Reduction
-----------------------------------------------------------
Mitsui Corporation announced a 14 billion yen capital reduction program as
part of its restructuring agreement with 12 banks involving its 443 billion
yen debt to be presented to the stockholders next June.

Part of the debt includes the 163 billion yen owed from banks: Sakura Bank
(40 percent); Chuo Mitsui Bank Trust and Banking Co. Ltd.; and Nippon
Credit Bank Ltd, a Reuters report said.

The workforce will be reduced from 3,270 as of March 2000 to 2,900 over the
next five years.

Shares in Mitsui Construction rose 1.69 percent on Friday to close at 60
yen, after jumping 23 percent the previous day. ($1=114.40 Yen)


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

CHEJU BANK:  Gov't Injects W755B Public Funds to Four Banks
-----------------------------------------------------------
Four banks slated for re-capitalization have received a total of W755
billion in state funds after severing ties with the Korean Financial
Industry Union (KFIU) without the union's consent.

The Korea Deposit Insurance Corp. (KDIC) injected Peace Bank with 273
billion won. Kyongnam Bank received 259 billion won, Kwangju Bank received
170.4 billion won and while Cheju Bank received 53.1 billion won, according
to a Korea Herald report. The capital levels increased to 10 percent of
their risk-weighed assets, otherwise referred to as their capital-adequacy
ratios.

Next year, Peace Bank will get another 338.9 billion won, Kyongnam to get
94 billion won, and Cheju 165.1 billion won. The money will be used to
clean up non-performing loans and bad assets.

The banks -- whose shares were ordered to be suspended from trading last
month so they can undergo a complete capital write-off -- had been
scheduled to receive a total of 4.1 trillion won from the KDIC by the end
of 2000. Another three trillion won injection is scheduled for next year,
bringing the total estimated cost of cleaning up the banks to 7.1 trillion
won.  

HANIL LIFE:  Fails to Recapitalize
----------------------------------
Hanil Life Insurance has failed to re-capitalize, making it subject to
categorization by The Financial Supervisory Commission (FSC) as a poorly
managed financial institution. The insurance company failed to give a
feasible re-capitalization plan to the commission after asking to reset the
January 10 deadline several times, an FSC official said.

Even though Hanil increased its capital by 20 billion won, it has not yet
collected loans from Ssangyong Cement Industrial Co. as required by the
government, a Korea Herald report said.

If the company is declared nonviable, a due diligence audit will be
required before the Korea Deposit Insurance Corp. can grant the company
public funds equivalent to the amount of its liabilities exceeding assets,
according to the official. The company will then be transferred to a
holding company by the end of March.


HYUNDAI ENGINEERING:  Creditors Agree to Rollover 1.62Tril Debt
---------------------------------------------------------------
Some 35 local creditors representing 93 percent of Hyundai Engineering &
Construction Co.'s debt have agreed to rollover 1.62 trillion won till the
end of June next year, the Korea Herald said. Lee Youn-soo, Hyundai
Engineering & Construction Co. vice president, said the rollover would
relieve Hyundai Engineering from its liquidity problems, which began in May
of last year.  

During the last rollover, around 1.62 trillion of Hyundai Engineering's
2.45 trillion won in liabilities will mature in the first half of next
year. But this will not cover 834 billion won worth of the company's
maturing bonds and commercial paper, Lee said.

HEC had borrowed money in the Middle East and might get some 460 billion
won in fresh loans if it wins construction jobs abroad.

The company has so far raised 1.28 trillion won in cash through the sale of
stocks and real estate, fulfilling 83 percent of the restructuring plan.
For the year end, the target was to raise 1.55 trillion won, Lee said.

The Korea Development Bank, the Korea Credit Guarantee Fund and other
creditors will purchase 80 percent of the maturing bonds, while HEC will
have to repay 166.8 billion won worth of maturing bonds, he said.


HYUNDAI LIFE: Fails to Re-capitalize
------------------------------------
Hyundai Life Insurance has failed to re-capitalize, making it subject to
categorization by The Financial Supervisory Commission (FSC) as a poorly
managed financial institution. An FSC official said the insurance company
failed to give a feasible re-capitalization plan to the commission after
asking to reset the January 10 deadline several times, according to a
report in the Korea Herald.

If the company is declared nonviable, a due diligence audit will be
required before the Korea Deposit Insurance Corp. can grant the company
public funds equivalent to the amount of its liabilities exceeding assets,
according to the official. The company will then be transferred to a
holding company by the end of March.


KWANGJU BANK:  Gov't Injects W755B Public Funds to Four Banks
-------------------------------------------------------------
Four banks slated for re-capitalization have received a total of W755
billion in state funds after severing ties with the Korean Financial
Industry Union (KFIU) without the union's consent.

The Korea Deposit Insurance Corp. (KDIC) injected Peace Bank with 273
billion won. Kyongnam Bank received 259 billion won, Kwangju Bank received
170.4 billion won and while Cheju Bank received 53.1 billion won, according
to a Korea Herald report. The capital levels increased to 10 percent of
their risk-weighed assets, otherwise referred to as their capital-adequacy
ratios.

Next year, Peace Bank will get another 338.9 billion won, Kyongnam to get
94 billion won, and Cheju 165.1 billion won. The money will be used to
clean up non-performing loans and bad assets.

The banks -- whose shares were ordered to be suspended from trading last
month so they can undergo a complete capital write-off -- had been
scheduled to receive a total of 4.1 trillion won from the KDIC by the end
of 2000. Another three trillion won injection is scheduled for next year,
bringing the total estimated cost of cleaning up the banks to 7.1 trillion
won.  


KYONGNAM BANK:  Gov't Injects W755B Public Funds to Four Banks
--------------------------------------------------------------
Four banks slated for re-capitalization have received a total of W755
billion in state funds after severing ties with the Korean Financial
Industry Union (KFIU) without the union's consent.

The Korea Deposit Insurance Corp. (KDIC) injected Peace Bank with 273
billion won. Kyongnam Bank received 259 billion won, Kwangju Bank received
170.4 billion won and while Cheju Bank received 53.1 billion won, according
to a Korea Herald report. The capital levels increased to 10 percent of
their risk-weighed assets, otherwise referred to as their capital-adequacy
ratios.

Next year, Peace Bank will get another 338.9 billion won, Kyongnam to get
94 billion won, and Cheju 165.1 billion won. The money will be used to
clean up non-performing loans and bad assets.

The banks -- whose shares were ordered to be suspended from trading last
month so they can undergo a complete capital write-off -- had been
scheduled to receive a total of 4.1 trillion won from the KDIC by the end
of 2000. Another three trillion won injection is scheduled for next year,
bringing the total estimated cost of cleaning up the banks to 7.1 trillion
won.  


PEACE BANK:  Gov't Injects W755B Public Funds to Four Banks
-----------------------------------------------------------
Four banks slated for re-capitalization have received a total of W755
billion in state funds after severing ties with the Korean Financial
Industry Union (KFIU) without the union's consent.

The Korea Deposit Insurance Corp. (KDIC) injected Peace Bank with 273
billion won. Kyongnam Bank received 259 billion won, Kwangju Bank received
170.4 billion won and while Cheju Bank received 53.1 billion won, according
to a Korea Herald report. The capital levels increased to 10 percent of
their risk-weighed assets, otherwise referred to as their capital-adequacy
ratios.

Next year, Peace Bank will get another 338.9 billion won, Kyongnam to get
94 billion won, and Cheju 165.1 billion won. The money will be used to
clean up non-performing loans and bad assets.

The banks -- whose shares were ordered to be suspended from trading last
month so they can undergo a complete capital write-off -- had been
scheduled to receive a total of 4.1 trillion won from the KDIC by the end
of 2000. Another three trillion won injection is scheduled for next year,
bringing the total estimated cost of cleaning up the banks to 7.1 trillion
won.  


SSANGYONG GROUP:  Fails To Sell Subsidiary
------------------------------------------
Ssangyong Group has failed to sell subsidiary Ssangyong Information &
Communication Corp. Prospective buyers reportedly find the company less
profitable. Under the rehabilitation plan approved by the company's
creditors, Ssangyong Group must get a higher sale price, according to a
Korea Herald report. An official of Cho Hung Bank, a main creditor, said
the slump in the local stock market has lowered considerably the price of
Ssangyong Information.

In early 1999, Cho Hung signed a memorandum of understanding with Ssangyong
Cement Industrial Co., under which the group's flagship group was required
to sell the systems integration unit to a foreign buyer by the end of 2000,
as part of Ssangyong's self-rescue program.

Ssangyong Group will sell 4.2 million shares of its systems integration
affiliate with its managerial rights to foreign buyers. A share is priced
at 200,000 won, Cho Hung President Wee Sung-bok said. There is no agreed
price yet with prospective buyers for Ssangyong Information shares but a
company official said he hopes a conclusion will be reached in early
January.


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

MALAYSIAN AIR LINES:  Government Moves to Save Jobs
---------------------------------------------------
The Malaysian Government intends to preserve the jobs of more than 16,427
workers, as of March 2000, as it bought a 29 percent share from businessman
Tajudin Ramli in the airlines.

The move to preserve jobs was a pre-condition when the airline was
privatized with businessman Tajudin Ramli six years ago, according to a
Bloomberg report.

Last month, the government bought back 29 percent of the airline from
Tajudin for 1.79 billion ringgit ($471 million) and has been in talks with
foreign airlines to sell part or all of that stake.

Malaysian Prime Minister Mahatir Mohammad said during the privatization of
Telekom Malaysia Bhd. and Klang Container Terminal Bhd. no workers were
fired from their jobs.


TIME ENGINEERING:  Sells US$5M Shares to Zhone Technologies
-----------------------------------------------------------  
Time Engineering Bhd. will be sold for US$5 million to Zhone Technologies
Inc. as part of a share sale plan to make up for the 124.8 million ringgit
loss in 1999, up from a 2.3 billion ringgit loss in 1998.

Zhone Technologies Inc., a company based in Oakland, California, bought
5.75 million shares (or 0.23 percent) of TimedotCom, according to a
Bloomberg report.


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

ASB GROUP:  SEC Extends Deadline to February 28
-----------------------------------------------
The Securities and Exchange Commission (SEC) has extended the debt reprieve
of ASB Group to February 28 to give it time to negotiate with new
prospective Investors and shield it from creditor claims.

ASB interim receiver Monico V. Jacob said a Hong Kong firm is seriously
looking at ASB. The receivership committee is currently in talks with the
firm's secured and unsecured creditors, paving the way for a more in-debt
due diligence by the potential white knight, a Business World news report
said.

Jacob said the extension would give ASB more time to finalize its
rehabilitation plan. He also sought the SEC extension to override the
objections of secured creditors against the property firm's rehabilitation
plan and approve the changes proposed by unsecured creditors.

The approval of the rehabilitation plan will reportedly benefit all its
creditors and unit buyers because the installment payment for its debts
will cease.


EQUITABLE PCI BANK:  Denies Seeking Liquidity Assistance
--------------------------------------------------------
Equitable PCI Bank, the country's third largest bank, has denied reports
that it sought the assistance of the Bangko Sentral Ng Pilipinas to cope
with massive withdrawals over the Christmas holiday. Bangko Sentral Gov.
Rafael B. Buenaventura told Business World that the bank is fundamentally
sound and has sufficient secondary reserves to service its needs.

The bank figured prominently in President Joseph Estrada's impeachment case
for its alleged role as a depository for his illegal gambling earnings.

Mr. Buenaventura, who was head of PCIBank before its sale to Equitable
Banking Corp. in May 1999, said the public should differentiate between
personalities in the bank and the institution's financial strength, which
he said is very stable.


VICTORIAS MILLING: Creditor Bank Cautious on New Investor
---------------------------------------------------------
East West Banking Corp. has cautioned the Victorias Milling Corp. (VMC)
management committee (mancom) in accepting an offer from London-based Kest
Quartermain Venture Capital Partners Ltd. (KQVCPL) for a $153 million loan
to help the sugar mill pay its debts.

KQVCPL's proposal includes a provision of a loan to pay off the firm's
obligations with its banks and financial institutions, amounting to over
6.56 billion Philippine pesos ($131 million at PhP49.986=$1). The funding
will be provided by General Electric Corp. (GE Capital) and disbursed
directly to creditor banks as payment for loans, including accrued
interest.

East West Banking Corp. executive vice-president Gerardo Anonas said GE
Capital, KQVCPL's parent company, would extend a loan provided the present
creditors of VMC issue their respective standby letters of credit (LC)
equivalent to 108.5 percent of their VMC exposure, a Business World news
report said.

GE Capital will also require the confirmation of the LCs by five or six
foreign banks. The ultimate exposure of GE Capital is to the foreign banks
that will confirm VMC creditors' standby LCs, Anonas said.

Anonas is not optimistic with KQVCPL's proposal because it will not clear
the company of its obligations in one year and GE Capital might draw on the
standby credit.

Moreover, Mr. Anonas stressed that KQVCPL's proposal does not reduce VMC's
debt but merely converts the same to dollars. This means that VMC will have
to generate cash of PhP750 million ($15.004 million) plus PhP410 million
($8.202 million) a year, for a period of 10 years, to service the required
amount of the proposed PhP4.1-billion ($82-million) sinking fund.


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

BANGKOK METROPOLIOTAN BANK:  Merges with Siam City Bank
-------------------------------------------------------
After the failed sale of Bangkok Metropolitan Bank and Siam City
Bank to HSBC Holdings Plc., the government's Financial Institutions
Development Fund (FIDF) plans to combine the "good assets" while disposing
of the bad assets to an asset-management company.

The merger will mean closing some branches and faces resistance from Siam
City management, which is opposing the merger, a Bloomberg report said.


HANA MICROELECTRONICS: Dissolves Subsidiary
-------------------------------------------
Hana Microelectronics said Hana Microelectronics (NRIE) Co.'s board of
directors would dissolve the subsidiary due to poor business, according to
a report in the Nation.


PREMIER ENTERPRISE:  Central Bankruptcy Court Approves Rehab Plan
-----------------------------------------------------------------
Premier Enterprise's rehabilitation plan, which was recently approved by a
majority of its creditors, will be reviewed by the Central Bankruptcy Court
on January 11, the Nation reported.


TUNTEX:  Extends US$70M Floating Rate Note Issue
------------------------------------------------
Tuntex (Thailand) has extended the maturity of its US$70 million (Bt3.02
billion) floating rate note issue from yesterday to March 31, the Nation
reported.


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., Trenton, NJ USA, and Beard Group, Inc., Washington,
DC USA. Lexy Mueller, Managing Editor, James Philip P.
Jover and Maria Vyrna Nineza, Editors.

Copyright 2000.  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.

The TCR -- Asia Pacific 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
301/951-6400.

                 *** End of Transmission ***