TCRAP_Public/010322.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

           Thursday, March 22, 2001, Vol. 50, No. 57



                           Headlines



A U S T R A L I A

SCAPE ENTERTAINMENT: Under Voluntary Administration
KNIGHTSBRIDGE FINANCE: ASIC Moves to Wind Up
HIH INSURANCE: Insurance Industry Still Strong, ICA Says
HIH INSURANCE: NZ Assets Not Included in Liquidation
HIH INSURANCE: ICA Sets Up Toll-Free Hotline
WAIVCOM WORLDWIDE: Appoints Voluntary Administrators


C H I N A   &   H O N G  K O N G

PACIFIC CENTURY: Write-offs To Reach $344B


I N D O N E S I A

INDOMARCO PRISMATAMA: IBRA To Announce Bidding Winner


J A P A N

BETTER LIFE: Seeks Court Protection


K O R E A

KOREA INDUSTRIAL: Shares Trading Suspended
DAEWOO ELECTRONICS: Nears Debt-For-Equity Deal
DAEWOO MOTOR: Official Denies Rumors Of Takeover Bid
HYUNDAI CONSTRUCTION: Writes Off Half of Unpaid Proceeds
ORION ELECTRIC: Swaps W500B Debt for Equity
DAEWOO GROUP: Affiliates To List on KSE on Friday


M A L A Y S I A

SPORTMA CORPORATION: Winding-Up Petition
MAI KAH: Stay Of Winding Up Petition
SOUTH PENINSULAR: CIMB Announces Implementation Of Plan
IDRIS HYDRAULICS: CIMB Reports PUB Loss
TECHNOLOGY RESOURCES: In Talks To Sell Unit
PANGLOBAL BERHAD: Awaiting Approval For Debt Plan
BESCORP INDUSTRIES: Winds Up


S I N G A P O R E

ASIA PULP: NYSE Reviews Status, May Delist
ST ASSEMBLY: Business Conditions "Worse Than Expected"


T H A I L A N D

SAVING CREDITFONCIER: BOT Assigns Liquidators
SANYO UNIVERSAL: Under Rehab Preparation


     -  -  -  -  -  -  -  -  -  -

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


SCAPE ENTERTAINMENT: Under Voluntary Administration
---------------------------------------------------
Network Ten Holdings Limited and Village Roadshow announced on
Tuesday, March 20, at the Australian Stock Exchange, that their
online company Scape Entertainment Pty Ltd (SCAPE) had been
placed in voluntary administration and ceased operations.

To efficiently wind-up SCAPE, Mark Korda and Mark Mentha of
Arthur Andersen had been appointed as voluntary administrators.

When Network Ten and Village first set out to develop a joint
online presence, strict financial and performance criteria were
established.

Despite the efforts by the SCAPE team, these criteria had not
been met and were unlikely to be achieved in the foreseeable
future. A key reason for this has been the failure of the online
sector to globally develop as expected.

These developments left Network Ten and Village at a position of
little choice, but to stop funding SCAPE.

Since the inception of SCAPE, Village and Ten have each
contributed $22 million to their joint online activities. Given
their contribution, both Network Ten and Village Roadshow will
incur a one-off charge. The full impact of this charge will be
finalized following the completion of Arthur Andersen's
administration.

Village and Ten will work closely with the administrator to
achieve a reasonable outcome for creditors and ensure that
employees are treated fairly. In particular, Village and Ten will
enter into arrangements with the administrators to make sure
current employees are paid promptly.


KNIGHTSBRIDGE FINANCE: ASIC Moves to Wind Up
--------------------------------------------
The Australian Securities and Investments Commission (ASIC)
announced on March 12, 2001 that it has finalized a plan of
action to wind up the Knightsbridge Finance Mortgage Scheme.

The Scheme is a pooled mortgage investment plan that has a loan
book in excess of $80 million and over 500 investors.

The plan will see ASIC apply to the Supreme Court for orders to
wind up the Scheme and to appoint a liquidator, John Carrello of
PKF Chartered Accountants, to oversee the process.

In December 2000 ASIC commenced proceedings seeking the
appointment of a provisional liquidator to the custodian and
manager of the Scheme, Knightsbridge Finance Pty Ltd.

In January 2001 Knightsbridge Finance appointed Carrello as its
voluntary administrator.

On Friday, March 2, 2001 ASIC revoked the dealer's licence of the
responsible entity of the Scheme, Knightsbridge Managed Fund
Limited, after KMF acknowledged that it had breached two licence
conditions. The breaches were:

(i) that since January 11, 2001 KMF did not have the requisite
amount of net tangible assets; and

(ii) that since December 18, 2000 KMF did not have professional
indemnity and fraud insurance as required under its license.

The winding up process will involve the loans comprising the
Scheme being managed to the end of their term and then realised,
with the proceeds being returned to investors.

One of the orders that ASIC will seek from the court is an order
giving loan syndicates the right to withdraw from the winding-up
process and to take over management of their loan, provided that
all members of the syndicate consent.

In the next few days, investors will be given details of the plan
to wind up the Scheme and will be invited to attend a meeting of
investors where the plan will be explained. This meeting will
occur before any Court hearing so that investors are able to
consider their position before any orders are made.

In the interim, the Scheme will continue to be managed by Mr.
Carrello in his capacity as administrator of KMF and KFP.

In addition, the WA Finance Brokers Supervisory Board has
appointed a supervisor to aspects of the Knightsbridge Finance's
management of the Scheme, giving investors further protection in
the interim.

The orders sought allow the winding up to be coordinated with the
work of the supervisor.

This plan of action is the result of discussions between ASIC,
the WA Finance Brokers Supervisory Board and Carrello.


HIH INSURANCE: Insurance Industry Still Strong, ICA Says
--------------------------------------------------------
Insurance Council of Australia (ICA) Executive Director Alan
Mason assured policyholders March 16, 2001 that the Australian
general insurance industry is in an extremely strong financial
position.

Mason said ICA was not a regulator, and any detailed information
needed to come from the company, the provisional liquidator,
KPMG, or the regulator, the Australian Prudential Regulation
Authority.

However, the company and KPMG had made several public statements,
indicating that there are "substantial reserves available to meet
policyholders' claims." KPMG has said it will manage the HIH
balance sheet to facilitate "an orderly run-off of existing
liabilities and claims."

Mason said arrangements have been put in place between HIH
(including FAI, CIC, and WMG) and Allianz Australia Insurance Ltd
to handle claims from all personal lines, Compulsory Third Party
(CTP) and small business insurance policies in force as of
January 1, 2001, and all new business or business renewed since
that date.

"Arrangements have also been put in place for all workers'
compensation new business to be underwritten by NRMA Insurance
Group Ltd with immediate effect."

Mason said in the case of people who already held CTP or Workers'
Compensation policies with HIH companies, arrangements existed in
all States to protect claimants. There was no need for
policyholders to make changes to existing CTP or workers'
compensation policies already in force.

QBE Insurance (Australia) Ltd has already announced arrangements
to underwrite renewal or replacement of corporate insurances,
also with immediate effect.

Mason said it was extremely important for existing business and
corporate policyholders to check with their broker or agent
immediately as to the status of their HIH policy and to seek
advice about what further action they needed to take.

KPMG will be operating a hotline for existing policyholders and
will release details of that shortly, ICA said.

Mason said the most recent published figures by the Australian
Prudential Regulation Authority showed the industry had total
assets inside Australia of $51 billion and a solvency surplus,
i.e. an excess of assets over liabilities, of $7.5 billion.

"There are substantial prudential requirements in place in
Australia, which are administered by APRA to protect
policyholders. All policyholders should continue to lodge claims
as normal with their insurer," he said.


HIH INSURANCE: NZ Assets Not Included in Liquidation
----------------------------------------------------
Major New Zealand commercial risk insurer HIH Casualty & General
Insurance (NZ) Ltd said on March 16, 2001 that the previous day's
announcement that its Australian parent company, HIH Insurance
Ltd, had voluntarily appointed a provisional liquidator following
major losses does not apply to the New Zealand company.

HIH NZ managing director Ross Chapman says the New Zealand
company enjoys a strong financial situation, and a new joint
venture with QBE Insurance, commencing June 1, will create one of
the country's largest and best resourced commercial insurers.

* The assets of HIH NZ are not included in the liquidation.

* A legal structure, including the appointment of an independent
prudential supervisor, was put in place in December 2000 to
ensure that HIH NZ has a separate financial profile from HIH
Insurance Ltd. The only distributions made to HIH NZ's parent
company are through commercially prudent dividends.

* KPMG, which has been appointed as statutory liquidators for
HIH, has confirmed that the sale of HIH NZ to QBE, which has
already been announced, will proceed as planned. Earlier this
week, HIH and QBE signed a shareholder agreement for a joint
venture, QBE Corporate Insurances Ltd, which includes the
transfer of all the insurance assets and liabilities of the HIH
and QBE NZ operations (except FAI run off) to the joint venture.
QBE Corporate Insurances Ltd will commence operation in New
Zealand and Australia on June 1.

* Standard and Poor's, on March 15, reaffirmed HIH NZ's A- credit
rating. For some time, HIH NZ has enjoyed higher insurer
financial strength and counterparty credit ratings than those
assigned by Standard and Poor's to HIH Insurance Limited.

* HIH NZ is operating profitably. For the year ending June 2000,
the company reported a record tax paid profit of $22.1 million
(up 410% year on year) on premium income of $153 million. Pre-tax
profit for the six months to December 31, 2000 was $5.3 million
(up 310% year on year). The company remains fully capitalized
with net assets of $138 million.

Chapman, says that while the liquidation of its parent company is
disappointing, the stand-alone structure means that HIH NZ's
assets and income stream are secure regardless of the activities
of HIH Insurance Ltd.

"Thanks to our strong broker network and excellent relationships
with our major clients, we have a sound history of trading
profitably, enjoying strong equity ratios and growth in the New
Zealand market," Chapman said.

"We expect this track record of success to continue in our new
partnership with QBE and, as QBE Corporate Insurances Ltd, look
forward to continuing to offer innovative products to the New
Zealand marketplace."


HIH INSURANCE: ICA Sets Up Toll-Free Hotline
--------------------------------------------
The Insurance Council of Australia (ICA) advises insurance policy
holders who have inquiries with regard to HIH Insurance Limited
or its related companies, including FAI and CIC and WMG, that a
toll free hotline is now available at 1.800.600.400. Information
can also be obtained via the Australian Securities and
Investments Commission (ASIC) website at www.asic.gov.au.


WAIVCOM WORLDWIDE: Appoints Voluntary Administrators
----------------------------------------------------
A press release, dated March 21, 2001, posted on the Australian
Stock Exchange, announced that the directors of Waivcom Worldwide
Ltd appointed Nick Brooke and David McEvoy of  
PricewaterhouseCoopers as voluntary administrators of the company
and its wholly owned subsidiaries effective 10:30 a.m. March 16,
2001.

Waivcom had announed on February 6 that the expected results for
the half-year to December 31, 2000 will not meet the expectations
as stated in the company's annual report for the year ended June
30, 2000.

In the directors' report, it is stated that the restructured
group would deliver a profit for the half year to December 2000.
As a consequence of the on-going restructuring process, which is
taking longer and costing more than expected, and the on-going
critical review of certain operations of the group, it is
expected the result to December 31, 2000 would yield a loss.

The trading loss to December 31, before abnormal items and
amortization costs, was expected to amount to approximately
$600,000, a substantial improvement on the trading performance
for 1999/2000. Waivcom noted that most of the costs associated
with the restructuring process have been incurred during the
December 2000 half-year.

Waivcom had resolved on February 16 to cease trading in the
Asian-based hotel loyalty program by one of Waivcom's
subsidiaries, Hotel Link Marketing Pty Ltd, and focus those
resources to the major activities of the group.

The company said that as a consequence, the carrying value of the
investment in and loans to HLM by Waivcom were to be written off
as an abnormal cost in Waivcom's results to December 31,
2000. Waivcom estimated the amount at $735,000.

National Australia Bank Limited Group announced to ASC on March 8
that it had ceased to be a substantial shareholder in Waivcom
starting March 7.

The securities of the company were placed in pre-open on March 16
pending the release of an announcement, ASX said.

The securities of Waivcom, were suspended from official quotation
from the commencement of trading on Monday, March 19, following
failure to lodge with the Australian Stock Exchange Limited the
Appendix 4B for the period ended December 31, 2000 in accordance
with Listing Rules.


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


PACIFIC CENTURY: Write-offs To Reach $344B
------------------------------------------
Pacific Century CyberWorks (PCCW), the troubled
telecommunications and Internet play, might write off a total of
about $344 billion next week, from both dotcom investments and
goodwill, as a result of its first post-merger effects, IMail
reported citing analysts. Its portfolio of investments took a
slump by 38 percent, or US$407 million in losses, according to
CLSA research, the report said.

On the other hand, PCCW had also lost US$318.9 million, the
report continued, from the investment in high-technology
investment vehicle CMGI, and another US$122.7 million from its
stake with SoftNet.

However, it was reported that analysts believed the company was
not bent on writing off above $187 million of investments in
unlisted companies like toy-collectors' site Action Ace.com.
Closely under scrutiny by investors now is the way PCCW is likely
to treat its HK$160-190 billion of goodwill from its merger with
Hong Kong Telecom.

The telecommunication and Internet company will have to handle
interest payments from loans, which were used to fuel its merger
and expansion, amounting to about US$2.3 billion, IMail said.


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


INDOMARCO PRISMATAMA: IBRA To Announce Bidding Winner
-----------------------------------------------------
Indonesian Bank Restructuring Agency (IBRA) announced that it
would release the results of the bidding for sale of shares of
Indomarco Prismatama (Indomaret) next week, Bisnis Indonesia
reported. According to the report, citing a source from IBRA,
four investors tendered their bid, and it wasn't disclosed as to
the identities of the bidders and their bidding price.

Expected revenues had been estimated at R153 billion, nearly
equivalent to an offer made by PT HM Sampoerna. 51 percent of
Indomaret shares would be divested by IBRA, as it is one of PT
Holdiko Perkasa's assets surrendered by the Salim Group in its
application for debt restructuring.


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


BETTER LIFE: Seeks Court Protection
-----------------------------------
Better Life Company sought court protection from creditors on
Monday, company officials said in the Japan Times report. This
was filed with the Osaka District Court, as covered by a law that
allow firms facing imminent downfall to jump-start their
rehabilitation, the report said.

Better Life has liabilities amounting to Y23.1 billion.

This retailer of do-it-yourself household goods was established
in 1973, and 24 years later went public under the second section
of the Osaka Securities Exchange. Its forecast unconsolidated
pretax loss for the business year ending on March 31 might hit
Y850 million, the Times said.
The company closed down its 32 outlets on March 12. On June 20,
it will be delisted from the Osaka Securities Exchange.


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


KOREA INDUSTRIAL: Shares Trading Suspended
------------------------------------------
Trading of shares of Korea Industrial Development Company was
suspended on Tuesday, March 20, 2001, right after the market
opened, the Korea Stock Exchange reported.

The suspension was brought about by information regarding the
company's filing for court receivership. However, halt trading
would only be lifted once the company had released an official
announcement.


DAEWOO ELECTRONICS: Nears Debt-For-Equity Deal
----------------------------------------------
Creditors of debt-laden Daewoo Electronics are eyeing on a debt-
for-equity swap, the Korea Herald reported, as amendments in its
corporation articles to allow third-party allocation of new
shares are likely to be made in the shareholders meeting on March
23.

According to the Herald, this ongoing concern was withheld in
last year's meeting, as its encountered legal impediments.
However, it was also said that this motion for third-party
allocation might get the nod of the small shareholders.
The debt-for-equity bid was first raised in 1999, resulting from
the company's placement under a workout program. Contained in
this arrangement, the Herald said, will be about W1.4 trillion,
with shares totaling W400 billion and convertible bonds amounting
to W1.05 trillion.


DAEWOO MOTOR: Official Denies Rumors Of Takeover Bid
----------------------------------------------------
Shin Kook-hwan, Minister of Commerce, Industry and Energy, denied
in a Korea Herald report that Pohang Iron and Steel (POSCO) would
takeover troubled Korean carmaker, Daewoo Motor, adding that the
steel giant's alleged bid would be improbable for now.
In the Herald report, Shin said, "I have never heard of any POSCO
move to participate in the Daewoo bidding." It was also reported
that the minister had set the April 30 deadline for General Motor
to formally tender its takeover bid. Should GM fail to do so, the
minister would have to look for other foreign buyers.

HYUNDAI CONSTRUCTION: Writes Off Half of Unpaid Proceeds
--------------------------------------------------------
Hyundai Engineering & Construction said Wednesday it will write
off 50% of the proceeds from its projects in Iraq, as it is
likely they are impossible to collect.  A report in Asia Pulse on
March 21, 2001 quoted an unidentified company official as saying
the company, in consultation with its accounting firm, has given
up hope of collecting proceeds from its projects in Iraq. The
official said HEC will write off 50 percent of the uncollected
funds in the current fiscal year.

Iraq owes HEC US$849.6 million. 20 percent of that amount was
written off last year, Asia Pulse said.  The company's losses
from Iraq for the current fiscal year will balloon to about 500
billion won this year after the additional 30 percent is written
off.

Hyundai's had 5.7 trillion won in revenues in 1999.  Its
operation ended up 120.8 billion won [$93 million] in the red in
that year due to increased loss provision, a loss sustained from
the dismantlement of the Yonchon Dam in Kyonggi Province, and
payments made on high-interest private loans, Asia Pulse said.


ORION ELECTRIC: Swaps W500B Debt for Equity
-------------------------------------------
Creditors of Orion Electric will swap W500 billion ($386 million)
of the company's debt for equity, an official of one of the
creditors said Tuesday. After a due-diligence analysis, a credit
rating firm recommended that Orion's liability load be reduced
after concluding that Orion's going-concern value, at W819
billion, exceeds its liquidation value of W463 billion.

The official said that Orion, a maker of cathode ray tubes for
TVs and computer monitors, must be revived if it is to pay down
its debt, and that creditors will not consider discontinuing the
firm's workout plan. Creditors already decided not to introduce a
corporate restructuring vehicle to dispose of Orion's loans.
(Joong Ang Ilbo, March 21, 2001)


DAEWOO GROUP: Affiliates To List on KSE on Friday
---------------------------------------------------
Daewoo Group affiliates, including Daewoo Corp., Daewoo
Construction and Daewoo International will likely be listed on
the stock exchange from Friday now that legal matters between
Daewoo America and its creditors have been settled, Daewoo
creditors said Wednesday.

The creditors and Daewoo International said Daewoo America and  
its creditors have settled their legal stand-off through
mediation,  enabling the three Daewoo affiliates which have been
suspended  from listing their shares on the bourse to trade their
shares on  the exchange. (Yonhap, March 21, 2001)


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


SPORTMA CORPORATION: Winding-Up Petition
----------------------------------------
Sportma Corporation Berhad reported to the Kuala Lumpur Stock
Exchange that the issuance of the Section 218 notice under the
Companies Act 1965 to Amalgamated Composite Technologies Sdn Bhd
(ACT) was not expected to have any major impact on the proposed
debt and restructuring scheme of Sportma.

In the event, the company said, that the winding up proceeding
would be taken up against ACT, the subsequent sale of the assets
of the Sportma to ACT would be void.

In this instance, the company further explained, the two
available remedies would be as follows:

- Search for a new party to buy over the assets of the Company;
or

- Distribute the assets of the Company in part settlement of
Affin Bank Berhad's (ABB) outstanding debts, as the entitlement
of ABB pursuant to the debenture over the fixed and floating
assets of the company that had been created in favor of ABB.
                    
                    Background

Sportma Corporation Berhad was first listed in the KLSE Second
Board (Consumer Products) on March 10, 1996. It was incorporated
in Malaysia on January 11, 1989 as a private limited company,
which was later converted into a public limited company on April
3, 1994.

On Septmeber 9, 1999, Pengurusan Danaharta Nasional Bhd appointed
the Special Administrators (SA) to manage the affairs of the
Company. Production activities were reduced to the minimum during
the Receiver & Manager's period and during the appointment of the
SA.

The Company ceased operations following a lease agreement, which
was executed on December 3, 1999 between the Company and
Amalgamated Composite Technologies Sdn Bhd (ACT) for the lease of
fixed and hire purchase assets of the Company and Silkprint
Industries Sdn Bhd.

On March 15, 2000, the secured creditor of the company approved a
scheme as proposed by the SA. The proposed restructuring scheme
involves cancellation of the entire share premium reserves of
Sportma, transfer of Sportma's listing status of Harn Len
Corporation Bhd (Harn Len) by way of exchanging ten existing
Sportma shares for one new share in Harn Len, rights issue,
injection of profit generating assets, disposal of non-
synergistic business and liquidation of existing non-viable and
defunct businesses.

The shareholders of Sportma would become shareholders of Harn
Len; and Sportma would become a wholly owned subsidiary of Harn
Len. Harn Len would thus become the new ultimate holding company
of Sportma.

Sportma had commenced operations in 1990, producing tennis,
badminton, squash and racquetball racquets for leading brands
such as Wilson, Spalding, Rossignol, Kneissl and Adidas.

In 1999, ending on December 31, it reported a total of R32.143
million in fixed assets, current assets of R15.406, and am total
of R119.63 million in debts to trade and bank creditors.


MAI KAH: Stay Of Winding Up Petition
------------------------------------
Hong Leong Industries Berhad (HLI) reported to the Kuala Lumpur
Stock Exchange on March 20 that, further to its announcement
dated December 14, 2000, that the Originating Summons, regarding
the Stay of Winding-up of Mai Kah Corporation Sdn Bhd, had been
extracted from the court and has been scheduled for hearing on
April 13, 2001 at 9 AM.


SOUTH PENINSULAR: CIMB Announces Implementation Of Plan
-------------------------------------------------------
Commerce International Merchant Bankers Bhd (CIMB) announced to
the Kuala Lumpur Stock Exchange, on behalf of South Peninsular
Industries Berhad (SPIB), that on March 20 the Composite Plan had
been implemented by its holding company, Arab-Malaysian
Corporation Berhad (Amcorp).

The announcement thus said that debts of SPIB, including some of
its subsidiaries, to the unsecured creditors under the Composite
Plan had all been settled by Amcorp via the issuance of the
ordinary shares in Amcorp.


IDRIS HYDRAULICS: CIMB Reports PUB Loss
---------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of
Idris Hydraulics, reported to the Kuala Lumpur Exchange that the
Prime Utilities Berhad and its subsidiaries and associated
companies had incurred a consolidated loss after taxation and the
net liabilities of R40.459 million and R218.022 million,
respectively, for the financial year ended 30 April 2000, being
its latest consolidated audited accounts.

The report was in relation to the proposed disposal of 30.02
percent equity interest of Idris Hydraulics in Prime Utilities
Berhad, comprising 18.011 million ordinary shares for a cash
consideration of R150 million.


TECHNOLOGY RESOURCES: In Talks To Sell Unit
-------------------------------------------
Technology Resources Industries Berhad reported to the Kuala
Lumpur Stock Market that, as it had mentioned in earlier
announcements, the company's subsidiary, Celcom Timur Sdn Bhd
(CTS) had filed a claim against another subsidiary, Celcom Sdn
Bhd (Celcom) in respect of fiber optics links for R102.62
million. Celcom admits the debt but disputes the amount, as both
parties could not agree on the basis of charging.
As Celcom and CTS are still negotiating for an out-of-court
settlement, the other shareholder of CTS, Sarawak Electricity
Supply Corporation (SESCO), has indicated their interest to
acquire the Company's stake in CTS. Technology Resources will
consider all options.


PANGLOBAL BERHAD: Awaiting Approval For Debt Plan
-------------------------------------------------
Further to the announcement dated February 26, 2001 made by
Commerce International Merchant Bankers Berhad on behalf of the
Panglobal Berhad, the company's board of directors informed the
Kuala Lumpur Stock Exchange on March 20 that the company was
awaiting the approval from the Securities Commission of its
proposed composite plan of debt arrangement.


BESCORP INDUSTRIES: Winds Up
----------------------------
Bescorp Industries Berhad, through a notice posted on the Kuala
Lumpur Stock Exchange dated March 21, 2001, announced that the
court allowed the liquidation of the company.  Pati Technologies
Sdn Bhd filed the petition.



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


ASIA PULP: NYSE Reviews Status, May Delist
------------------------------------------
The New York Stock Exchange (NYSE) announced March 13, 2001 that
it continues to review the continued listing status of the
American Depositary Shares of Asia Pulp & Paper Company Ltd. --
ticker symbol PAP, as well as the Liquid Yield Option Notes due
November 18, 2012 (Zero Coupon) of APP Finance Mauritius Limited
-- ticker symbol PAP ZR12, and the Guaranteed Senior Unsecured
Floating Rate Notes due October 4, 2001 of APP Finance Limited --
ticker symbol PAP 01.

The NYSE halted trading in these securities on Monday, March 12,
2001 due to the company's same day news announcement.

The NYSE's continued listing standards require the maintenance of
a minimum share price of $1 over a 30 trading day period. The
NYSE's continued listing standards also require maintenance of
total market capitalization of not less than $50 million and
stockholders' equity of not less than $50 million, in addition to
total market capitalization of not less than $15 million over a
30 trading day period. The NYSE had previously notified the
company of its non-compliance with the share price standard
effective January 19, 2001. The NYSE requires that the company's
ADS must have a share price of $1 based on a 30 trading day
average six months from receipt of this notification (August 6,
2001).

As detailed in its March 12, 2001 press release, the company
announced a standstill on the payment of interest and principal
on its outstanding debt and on the debt of its subsidiaries and
plans to seek a consensual arrangement with its creditors. The
NYSE will continue to monitor the company's continued listing
status during this process.

The NYSE noted that it may, at any time, suspend a security if it
believes continued dealings in the security on the NYSE are not
advisable.


ST ASSEMBLY: Business Conditions "Worse Than Expected"
------------------------------------------------------
ST Assembly Test Services (STATS) on March 19, 2001 announced
that due to continuing weakness in business conditions, first
quarter revenues will be below previous guidance. STATS is listed
on Nasdaq as STTS, and on SGX as ST Assembly.

"In January, we had alerted that business conditions in this
quarter were expected to be weak and accordingly guided that
revenues would be down by between 20 percent and 30 percent from
the fourth quarter. We also noted that first quarter was expected
to be unprofitable.  Business conditions have turned out to be
worse than expected. Our customers have significantly delayed and
cancelled orders in response to the economic slowdown and the
high level of excess inventory within the semiconductor industry.
The weakness is broad-based impacting all major end-market
segments and across all geographies. The high degree of near-term
uncertainty has also made any demand forecast extremely
difficult," said CFO Tan Lay Koon.

STATS now expects revenues in the first quarter will be down
approximately 50 percent from fourth quarter and diluted earnings
per ADS will be a loss of between US$0.23 to US$0.25.

"This is indeed a very challenging time for the semiconductor
industry and for STATS. The near-term macro economic uncertainty
has exacerbated the lack of visibility in the whole electronics
supply chain. Even though the short-term business outlook is
weak, we are very confident of the long-term business prospects
of STATS. We believe that we are in the sweet spot of our
industry and the drivers of our growth - the global trends toward
outsourcing and the pervasiveness and growth of communications
applications -are intact" said Tan Bock Seng, Chairman and CEO.

Added Tan , "In the near-term we are actively managing our
discretionary spending and we have frozen headcount except for
engineering resources. Our focus is, however, on positioning
STATS for the long-term growth. We continue to improve our mixed-
signal testing and advanced packaging technology leadership,
strengthen our IT infrastructure to support customers' needs, and
optimize our processes and systems as part of our continuing
drive towards operational excellence."

The company has scheduled its fiscal Q1 earnings release date for
April 24, 2001, U.S. time.


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T H A I L A N D
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SAVING CREDITFONCIER: BOT Assigns Liquidators
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The Ministry of Finance (MOF) has assigned liquidators for Saving
Creditfoncier Company Limited, effective starting February 16,
2001. The Bank of Thailand (BOT) would like to inform depositors,
creditors, debtors and all related parties that:

1. The Financial Institutions Development Fund (FIDF) will
provide financial support to debtors and creditors of this
company under the Debtors and Creditors of Financial
Institutions' Insurance Regulations B.C.2540. FIDF staff will be
present at the company on normal working days from 9:30 AM - 3:30
PM. The depositors and debtors are asked to follow rules and
regulations, which are attached in the FIDF's notification under
the subject of the provision of financial support to Saving
Creditfoncier Co. Ltd.'s depositors and creditors.

2. Mr. Sevi Viwatpanachati and/or Miss Chaovana Viwatpanachati
from Pitisevi & Company have been assigned by the MOF to be the
liquidators of the Saving Creditfoncier Co. Ltd.

3. Please deposit checks at the Saving Creditfoncier Co. Ltd. for
those depositors and creditors who has reached maturity and
others who have received undeposited checks issued by this
company as follows:

- For checks to depositors and borrowers, please submit checks to
FIDF staff to receive money.

- For other check purposes, please submit to the liquidators.

4. Debtors who received credit from this company can redeem their
collateral when the principle and interest have been paid.


SANYO UNIVERSAL: Under Rehab Preparation
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Sanyo Universal Electric Public Company Limited (SANYO) is
undergoing preparation for rehabilitation, along with four other
companies that had been transferred to the category named
Companies Under Rehabilitation (REHABCO), the Stock Exchange of
Thailand (SET) reported.

Under REHABCO, Sanyo is currently being subjected to
rehabilitation plan preparation, following the guidelines and
procedures newly established by SET. They are as follows:

1. Listed company's financial statements show negative
shareholders' equity on its balance sheet. However, it should be
noted that any unrealized losses that occurred as a result of the
1997 change in the exchange rate system can be used to adjust its
shareholders' equity.   

In addition, in case the auditor has issued a qualified opinion,
the Exchange may consider the financial condition of the listed
company by including the adjusted condition from the auditor's
report. If company shareholders' equity is less than zero, the
SET will transfer the listed company to the REHABCO category.

2. The auditor has issued a disclaimer or an adverse opinion on
the company's financial statements for three consecutive years.

SET has considered the audited annual financial statements ending
31 December 2000 filed by listed companies. Six listed companies
reported negative shareholders' equity, and they've been grouped
into two.

As a result, the following seven listed companies, which includes
Sanyo, have been subjected to rehabilitation plan preparation:
Central Paper Industry Public Company Limited (CPICO), Thai Heat
Exchange Public Company Limited (THECO), Sanyo Universal Electric
Public Company Limited (SANYO), and Preecha Group Public Company
Limited (PRECHA).

Two of the listed companies whose rehabilitation plans have
already been approved by the creditors and the Bankruptcy Court
are Thai Wah Public Company Limited (TWC), and Thai Petrochemical
Industry Public Company Limited (TPI). The auditor also issued
disclaimer opinions on the financial statements for three
consecutive years from 1998 to 2000.

NEP Realty and Indusrty Public Company Limited's (NEP) auditor
issued a disclaimer opinion on financial statements for three
consecutive years, from 1998 to 2000.

Sanyo, together with the four listed companies subjected to
rehabilitation plan preparation, would undergo the following:

1. The SET temporarily posted an SP (suspension) sign on March
12, 2001 to suspend further trading for 30 days from the date of
announcement to April 11, 2001. This was to give the companies'
management time to make prudent decisions that benefit all
parties concerned.

2. The company must inform the SET by April 11, 2001 whether they
have decided to prepare a rehabilitation plan to propose to the
companies' shareholders; or whether they would like to ask for
voluntary delisting; or whether they would like to try other
options which would benefit all company stakeholders involved.
The companies must also provide the SET with a time schedule to
implement their decisions.

3. In case a company decides to prepare a rehabilitation plan to
propose to the shareholders, the company must proceed as follows:

Appoint an independent financial advisor to assist management in
the preparation of the rehabilitation plan.

Co-operate fully with the independent financial advisor in
organizing a meeting to present the rehabilitation plan to
analysts and shareholders, and then also propose it to the
shareholders for approval.

Co-operate with the independent financial advisor in reporting
every three months to the SET on its actual implementation
progress, as compared to the rehabilitation plan until the causes
of possibly being delisted are eliminated. In case the company
submits a petition under the Bankruptcy Act, the company is able
to implement the rehabilitation plan approved by the creditors
and the court in place of the plan approved by the company's
shareholders.

The company still has the duty to report to the SET about the
implementation progress (see No 3.3).

4. The SET would allow trading the securities of four listed
companies, CPICO, THECO, SUE and PRECHA under the REHABCO
category from 12 April 2001 to 11 May 2001 after receipt of all
required information (see No.2.). This is to give all
shareholders a chance to trade the securities, before further
suspension during the company has implemented the rehabilitation
plan.

5. The SET will post an SP (suspension) sign to prohibit the
trading of four listed companies, CPICO, THECO, SUE and PRECHA on
May 14, 2001 onward. However, these listed companies may request
the SET to allow continued trading under the REHABCO category, if
they have completed their debt restructuring more than 50 percent
of their total debts, and the rehabilitation plan has either been
approved by the shareholders or the Bankruptcy Court in
accordance with the conditions specified by the SET.


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. Lyndsey Resnick,
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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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