TCRAP_Public/010413.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

                 Friday, April 13, 2001, Vol. 4, No. 73



BRADMILL UNDARE: Closes Plants, Sells Pelaco Business
HARRIS SCARFE: Liabilities Understated, Admin's Say
HARRIS SCARFE: Receiver Plays Down Dstore Speculation
HARRIS SCARFE: Search for Buyer Begins
PASMINCO LIMITED: Industrial Action Threatened By Union
ROSETTO WINE: Sold To Consortium

C H I N A   &   H O N G  K O N G

i100: Posts HK$132.58-M Net Loss
FORTUNE INTERNATIONAL: Faces Winding Up Petition
MAGNUM INTERNATIONAL: Posts HK$7.153 Operations Loss
NEP HOLDINGS: Faces Winding Up Petition
ZIBO CHEMICAL: Workers Blame Gov't For Lack Of Help


ASIA PULP: Sinar Mas Seeks $200M Loans
PELABUHAN INDONESIA: Rp2.1 Trillion Due This Month


BEST DENKI: Slides Into the Red
SHIMIZU CORP: To Post Loss Higher Than Expected


HAITAI CONFECTIONARY: Files For Court Protection
HYNIX SEMICONDUCTORS: Regains Export Credit Line
HYUNDAI GROUP: Suspend Operations, Creditors Urge
SSANGYONG INFORMATION: Carlyle To Pursue Takeover Plans   


ASSOCIATED KAOLIN: Executes Scheme Agreement
CSM CORPORATION: Defaults Debt Payments Due March 31
FATA BERHAD: Winding Up Petition Received


BENPRES HOLDINGS: Financial Fix Pulls Losses In Trading
DMCI HOLDINGS: Posts P1.4-B Losses For 2000
VICTORIAS MILLING: Committee Charges Ex-Prez With Contempt


HO WAH GENTING: ICB Withdraws Banking Facilities


CENTRAL PAPER: Fails To Meet Deadline For Rehab Report
RAIMON LAND: Court Postpones Decision On Workout Plan
THAI PETROCHEMICAL: Fresh Capital Needed For Refinery


BRADMILL UNDARE: Closes Plants, Sells Pelaco Business
Bradmill Undare, the troubled textile giant, sold its Pelaco
Brands unit, and shut down operations this week in factories in
Sunshine, Reservoir, Hawthorn, and Thomastown, AAP News reported.

Bradmill went into receivership last month, with liabilities
totaling $50 million.

The sale, of undisclosed amount, was a positive outcome for both
the company and Pelaco's workers according to Mark Korda of
Arthur Andersen.

Korda added, "Pelaco is a well known Australian icon and it is
good to see that it will remain in business and in Australian

Bradmill-owned Pelaco brands include Pelaco, Toronto, Whimont,
Hoppers and national retailer house brands. For 2000 the brands
registered about $24.5 million in revenues.

"The new buyers have offered continuing employment contracts to
half of the company's 57 staff. This is also a great outcome for
those employees who will enjoy continued employment," Korda told
AAP News.

Bradmill is set to sell its remaining business units, including
its denim manufacturing operations, said to be one of the world's

HARRIS SCARFE: Liabilities Understated, Admin's Say
Harris Scarfe, according to the group's administrators, may have
underestimated its liabilities, saying they could soar above the
$46 million assessment, ABC News Online reported Tuesday.  

Administrator Michael Dwyer said the understatement of
liabilities must have stemmed from overstating its profit, adding
that this could mean the company traded at a loss. To quote, he
said: "The quantum as mentioned in our report is increasing
everyday. We believe that the majority of the adjustments have
been identified but we are finding new ones."

HARRIS SCARFE: Receiver Plays Down Dstore Speculation
Harris Scarfe receiver Bruce Carter of Ferrier Hodgson, defended
the retail chain's Dstore against accusations that the e-commerce
unit was to blame for the collapse of the group, the Sydney
Morning Herald reported Wednesday.

In a meeting with creditors, Carter explained, "The investment in
Dstore, on a relative basis, was not a big investment. The
problem with Harris Scarfe goes back five years."

Regarding the proposed sell-off of Dstore, a decision will be
made within the week if the sale will be separate from the
group's bricks-and-mortar business. Entities both from the
Internet and the retail businesses have expressed interest in the

HARRIS SCARFE: Search for Buyer Begins
Retail icon Harris Scarfe is officially on the market.

Investment bank Hindal Corporate has been appointed to find a
buyer for Harris Scarfe by the company's Receivers & Managers,  
Bruce Carter and John Spark of corporate recovery and
reconstruction specialists Ferrier Hodgson, who were appointed to
the company last Friday.

Hindal Corporate will begin a marketing campaign immediately. The
firm's successes include securing a buyer and future for retailer
Sportsgirl and its Sportscraft and David Lawrence brands early
last year as well as selling leading carpet group Shaw Industries
Australia Pty Ltd for approximately $120 million to Feltex
Carpets of New Zealand.

Announcing the appointment of Hindal Corporate today, Carter said
the prompt move to find a buyer reflected a priority commitment
to provide certainty to Harris Scarfe's employees, customers and

"We are confident of the saleability of Harris Scarfe based on
its strong turnover, the apparent profitability of the vast
majority of its stores and the fact that along with David Jones
and Coles-Myer it is one of the three largest retail chains in

"Those factors make it a pretty attractive purchase proposition."

Adding further certainty is a commitment by the Receivers &
Managers not to close any of the chain's 35 stores without
consultation with Hindal Corporate.

"Even non-contributing stores may have a strategic value for a
purchaser so we certainly intend to keep our options open at this

Carter said no decision regarding store closures would be taken  
until the end of the month and if such a decision is made at that
stage, any closures will be undertaken in an orderly manner in
consultation with relevant unions to ensure the interests of
staff are protected.

Carter said the staff morale had lifted, due to strong pre-Easter
sales while the certainty of ongoing payment for the company's
suppliers created by the appointment of the Receiver and Manager
meant stock levels were fast returning to normal.

"We have spent a busy five days since our appointment making
commercial arrangements to get the business moving again,"  
Carter said.

"Continuity of supply is vital to the ongoing health of the
business and we have been very active in protecting supplier
relationships to that end.

"In addition, Ferrier Hodgson staff have visited all Harris
Scarfe stores and we have spoken with all store managers this
week. They have given us their support and we have pledged ours."

Hindal Corporate Director, David Beatty said the firm was
confident it could secure a buyer for Harris Scarfe, based on
early interest and the Group's position in the retail market.

"This is a unique opportunity to enter the Australian department
store market," Beatty said.

Harris Scarfe - founded more than 150 years ago - is a familiar
shopping icon with customers spending more than $400 million in
its 35 stores across Australia in 1999-2000. The group employs
approximately 2,800 people nationally.

PASMINCO LIMITED: Industrial Action Threatened By Union
Pasminco Limited may be facing an industrial action to be
undertaken against the company by Australian Workers' Union
(AWU), to settle a squabble between the two parties over AWU's
access to Pasminco's Port Pirie Smelter, ABC News Online reported

The squabble resulted after Pasminco revised its rules earlier
this year, with regard to union representatives' access to the
smelter plant, allowing entry only from 7 am to 7 pm. and
allowing union representatives to talk with members on one
"predetermined" issue, ABC News said. AWU argued that with the
time limit, night shift workers would be deprived of the flow of

Owing to both parties' disagreement on this issue, negotiations
had to be stopped. However, both parties want to resume the
negotiations, ABC News said.

According to the company's spokesperson, Sue Rana, the company
has not decided yet on how it will deal with the issue on union

ROSETTO WINE: Sold To Consortium
One of Australia's largest private wine companies, Rossetto Wines
was sold to a new consortium, which includes Griffith accountant
Frank Sergi, local grapegrower Eric Rossetto and First Wine Fund.

The acquisition is still subject to agreements being completed
and First Wine Fund will release further details once all the
agreements have been finalized.

Rossetto has been operating for more than 70 years from its base
at Griffith in NSW, and is a major supplier of bulk wine.

Rossetto was placed into voluntary administration in January.

A majority of 90 of the creditors present at a meeting late last
week in Griffith voted for the deed of arrangement, preferring it
to another proposal from an unnamed Australian Stock Exchange
listed company, not involved in the wine industry. Rossetto's
administrator, Robert Whitton of Deloitte Touche Tohmatsu, said
the approval by creditors of the deed of arrangement meant
Rossetto would continue trading. Whitton said Rossetto had just
completed its grape harvest and though the quantity was down, the
quality was "significantly up."

The Rossetto winery has the ability to crush up to 15,000 tons of
grapes each year.

C H I N A   &   H O N G  K O N G

i100: Posts HK$132.58-M Net Loss
Internet investment company, i100, reported a net loss of
HK$132.58 million for the year ended December 31, as opposed to
its net profit of HK$4.27 million in the preceding year, South
China Morning Post reported yesterday. However, in 1999, the
company was still under the wing of Acme Landis, a sanitary
fixtures manufacturer.

82.1 percent of the full-year net loss was made in the last half.
The company also posted a turnover of HK$247 million throughout
the year, a 45 percent drop from HK$449 million in 1999.
Operating loss registered at HK$85 million, compared to profit of
HK$6.9 million in the previous year.

i100 was established in January 1999 as an Internet venture
capitalist after US-based H&Q Asia Pacific and JH Whitney took
over. JH Whitney is now planning to dispose of its stake to
prospective buyers.

FORTUNE INTERNATIONAL: Faces Winding Up Petition
Fortune International Removal Company Limited is facing a winding
up petition before the High Court of Hong Kong on April 25, 2001.
The petition was filed with the court on February 15, 2001 by
PCCW Enterprises Limited formerly known as Cable & Wireless HKT
Enterprises Limited formerly known as Hong Kong Telecom
Enterprises whose registered office is situated at 39th Floor,
Hongkong Telecom Tower, Taikoo Place, Quarry Bay, Hong Kong.

MAGNUM INTERNATIONAL: Posts HK$7.153 Operations Loss
Magnum International Holdings Limited posted an operations loss
of HK$7.153 million for year ended December 31. Its turnover
stood at HK$33.921 million.

As Magnum incurred substantial losses in the manufacturing
operations, the directors of the company resolved on July 21,
1999 that it would be beneficial for the Group to close down its
manufacturing division and to deploy its current resources to
other core businesses of the Group.  The discontinued business
was accounted for up to December 31, 1999 at which time the
abandonment process was substantially completed.

The diluted loss per share for the years ended 1999 and December
31, 2000 and have not been shown, as the outstanding share
options during these years had an anti-dilutive effect on the
basic loss per share for these years.

NEP HOLDINGS: Faces Winding Up Petition
NEP Holdings Limited is facing a winding up petition before the
High Court of Hong Kong on May 23, 2001. The winding up petition
was filed with the court on March 15, 2001 by Yu Sau Yung of Room
811, 8th Floor, Lee Hong House, Shun Lee Estate, Kowloon, Hong

ZIBO CHEMICAL: Workers Blame Gov't For Lack Of Help
Former workers of Zibo Chemical Fertilizer Company, in Zibo city,
Shandong, staged a rally in front of the local government office,
to air their grievances against the government's lack of support
for the company, AFP reported.

Citing the Information Center for Human Right and Democracy, the
company was declared bankrupt last year, leaving 1,500 workers
jobless. According to a local government official, the company is
still operating, although, it "isn't doing well."

"They [the workers] dispersed after the government agreed to look
into the company's trouble," the official told AFP.


ASIA PULP: Sinar Mas Seeks $200M Loans
Sinar Mas Group, the parent company of Asia Pulp & Paper Company
(APP), is seeking new creditors in order to borrow $200 million
to alleviate its liquidity plight, Asian Wall Street Journal
(AWSJ) reported yesterday. A Sinar Mas official, in a meeting
with local bondholders of PT Pabrik Kertas Tjiwi Kimia, said the
new money is expected to bolster production in its pulp and paper
units in Indonesia.

Joice Budisusanto, general manager for forestry, expressed his
concern that, with the low credit standing of APP in the
financial community, it will be difficult to find new creditors.  

According to Hendril Tee, APP's chief finance officer, that with
the proposed amount of $200 million as added capital, the company
is confident that operations will be able to stabilize in a short
span of time.

PELABUHAN INDONESIA: Rp2.1 Trillion Due This Month
PT Pelabuhan Indonesia II is scrambling for funds, amid a
cashflow crisis, as its Rp2.1-trillion debt is due this month,
Asia Pulse reported Tuesday, citing a newspaper report.

The port operator owes about Rp1.68 trillion in Indonesian Medium
Term Notes. A company official also said that the company, wholly
owned by the government, would soon be heading for bankruptcy if
no hand plucks the company out of this crisis, particularly the
finance ministry.

A company secretary, however, refuted claims that the company is
on the verge of bankruptcy, citing that it holds a fund reserve
from the privatization of its subsidiary, PT Jakarta
International Container Terminal. PT Pelabuhan generated US$215
million in 1999 from the sale of its 51 percent stake in the  
container terminal.


BEST DENKI: Slides Into Red
Best Denki Company (TSE:8175), an operator of consumer
electronics discount stores, suffered greatly in the year ended
February 28. The company attributed the downhill slide to an
unforeseen loss of Y8.9 billion, Jiji Press reported Tuesday.

Denki projects a group net loss of Y3.5 billion, as opposed to an
earlier profit projection of Y4.1 billion; a recurring profit of
Y1.3 billion; and sales of Y352 billion.

Denki, according to officials, will also incur added loss
totaling Y7.08 billion resulting from the diminished value of
securities portfolios and from the liquidation of company's

SHIMIZU CORP: To Post Loss Higher Than Expected
Contractor Shimizu Corporation (TSE:1803) expects to post a group
net loss of Y66 billion for the year ended March 31, as opposed
to the previous projection of Y51 billion in loss, Jiji Press
reported early this week. This increase, according to company
officials, could be attributed to the sale of real properties to
offset losses on liquidation of development businesses.

Shimizu, however, raised its projections on recurring profit to
Y48 billion from Y43 billion, as it anticipated a bigger gross
profit vis-…-vis lower costs. It also has hiked its sales
projections slightly higher than an earlier projection of Y1.61
trillion to Y1.7 trillion.


HAITAI CONFECTIONARY: Files For Court Protection
Haitai Confectionary has applied for court protection from
creditors, a measure to secure the company's management and
operations from disruption should unpaid creditors take actions
against the company, The Digital Chosun reported yesterday.

Haitai, according to major creditor Cho Hung Bank (CHB), has
agreed in an emergency management committee meeting to undertake
the recommendations made by the creditor bank.

Earlier this month, Haitai appealed to creditors to defer the
issuance of invoices amounting to W25.3 billion in loan and
interest payments, citing the financial crisis the company was
undergoing. However, creditors rejected the motion, and proceeded
to take actions to recover debt claims. Added to that, some
secondary financial entities have issued notices, threatening to
confiscate Haitai's assets.

Preliminary bidders for Haitai intended to take over the
company's core operations assets, rather than those of the
construction unit. CHB chose not to disclose nor identify the
bidders or the bidding items.

HYNIX SEMICONDUCTORS: Regains Export Credit Line
Hynix Semiconductors regains its export credit line worth $1.4
billion, as the company's creditors, along with the Korean
government, have approved to give the company access to such
credit line, Korea Herald reported yesterday, citing a government
official. Hynix is the spun-off Hyundai Electronics Industries.

"Since a large amount of Hynix's documents against acceptance
mature during the first half, the creditors agreed to extend
their maturities till the end of September," the official told
the Herald.

Creditors raised Hynix's export credit line from $600 million to
$1.4 billion in January.

HYUNDAI GROUP: Suspend Operations, Creditors Urge
Hyundai Group's creditors, including Korea Exchange Bank, are
pushing for a suspension of operations in the group's affiliates,
including Hyundai Merchant Marine (HMM) and Hyundai Asan (HA),
The Digital Chosun reported yesterday, citing a top official of
the Hyundai Group.

The official added creditors did not make clarifications if the
message meant suspension to prevent the outlay of additional
funds, which both HMM and HA had earlier asked for.

Hyundai Asan is nearing bankruptcy and has incurred mounting
losses from the Mount Kumgang venture in North Korea since it
started in 1998.

SSANGYONG INFORMATION: Carlyle To Pursue Takeover Plans   
Carlyle Group remains interested in Ssangyong Information and
Communication (SI&C), according to Ssangyong Cement, as
negotiations between the two parties regarding the sale of 71
percent stake in SI&C are still in progress, Korea Herald
reported yesterday.

Ssangyong Cement further denies rumors of the collapse of  
negotiations, as the negotiation period ended February 15, adding
that the two parties are to firm up the deal by the month's end.     

An issue which divides the negotiating table is Carlyle's demand  
that losses made after the proposed takeover be covered in a put-
back option, which Ssangyong Cement refuses as it remains
confident in the affiliate.


ASSOCIATED KAOLIN: Executes Scheme Agreement
Special administrators of Associated Kaolin Industries Berhad
(AKI) on 6 April, 2001 entered into a Scheme Agreement (DSA) with
shareholders of Greatpac Sdn Bhd and Success Profile Sdn Bhd, and
Greatpac Holdings Berhad (GHB) to regulate and record the basic
understanding of the key areas agreement pending finalization and
approval of a corporate and debt restructuring proposal for AKI.

The key areas of the DSA and the proposed workout are as follows:

i) Capital reconstruction involving a capital reduction and
consolidation of AKI shares;

ii) Exchange of the consolidated shares in AKI for new ordinary
shares in GHB;

iii) Acquisition of Greatpac and Success by GHB;

iv) Debt restructuring involving the settlement of all known
debts of the secured, unsecured and other creditors of AKI; and

v) Transfer of listing status of AKI to GHB.

The proposed workout will be subject to and conditional upon the

i) Due diligence conducted to the satisfaction of the SA on all
aspects of the proposed restructuring scheme;

ii) All requisite approvals, consents or waivers being obtained
from the relevant authorities or under the Pengurusan Danaharta
Nasional Berhad Act 1998; and

iii) All relevant corporate approvals.

Further details of the proposed workout shall be announced in due


The company is undergoing a restructuring exercise to address its
current financial problems and Special Administrators (SA) have
been appointed to oversee the development of the restructuring.
Commencing from their appointment on May 3, 2000, a 12-month
moratorium has been placed on the company to enable the SA to
prepare a work out proposal.

On December 18, 2000, pending finalization and approval of the
workout proposal, the SA entered into a MOU with Greatpac Sdn Bhd
and Success Profile Sdn Bhd, towards a capital reconstruction and
share exchange exercise, debt restructuring and transfer of
listing status to a newly incorporated company.

Meanwhile, the company continues to produce and sell refined
kaolin processed at its factory in Tapah, Perak. Current
production capacity is 92,000 metric tons. Besides being sold
locally, AKIMA refined kaolin is exported to China, Singapore,
Thailand, Philippines, Vietnam, Myanmar, Taiwan, Japan, South
Korea, Hong Kong, Bangladesh, Sri Lanka, Pakistan, Mauritius,
Kenya and New Zealand.

CSM CORPORATION: Defaults Debt Payments Due March 31
CSM Corporation Berhad announced an update on the default in
interest payments and principal loan repayments, as follows:
From Bank Utama (Malaysia) Berhad: Term loan - RM35.1 million;
Overdraft facilities - RM85.5 million;

From Alliance Bank Malaysia Berhad: Term loan - RM24.8 million;

From Bank Islam Malaysia Berhad: Trade facilities - RM7.1 million

From HSBC Bank Malaysia Berhad: term loan - RM2.1 million

Bank Utama (Malaysia) Berhad has served a Letter of Demand
seeking full repayment of the principal and interest owing to
them. On April 6, 2001, Bank Utama (Malaysia) Berhad served
another notice demanding the repayment of its outstanding
facilities. Our Independent Financial Advisor is in the process
of finalizing their report, which will be forwarded to all bank
lenders soon.

The above defaults will be addressed in conjunction with the
Group's efforts to regularize its financial conditions, as
required under the PN4/2001 requirements by way of loan
restructuring and acquisition of new assets. The Group, together
with its financial advisors, is currently in discussions with
prospective investors on potential assets for injection.

The details of the restructuring scheme will be announced by the
group's appointed merchant banker once finalized.

FATA BERHAD: Winding Up Petition Received
Uniphoenix Corporation Berhad announced that its wholly owned
subsidiary, Fata Sdn Bhd has received a Winding-Up Petition
pursuant to Section 218 of the Companies Act, 1965 on April 10,
2001. The petition was filed by Omega Securities Sdn Bhd against

The total amount claimed by Omega as stipulated in their petition
is the sum of RM12,955,992.89 plus interest and roll-over fees of
RM19,056,643.35 and costs of RM225.00 relating to a share margin
trading facility granted by Omega to Fata.

The winding-up petition does not appear to affect the on-going
operation of the Group and to have any further adverse financial
impact on the Group as the above claims have been accounted for
in the Group accounts.


Uniphoenix was formed to acquire then listed company, Amalgamated
Properties & Industries Bhd (API), in conjunction with API's
restructuring scheme. Upon completion of the scheme in May 1990,
API was removed from the Official List of KLSE on June 11, 1990
and Uniphoenix was listed in its place on the same date.

In 1992, the company ventured into the stock brokering business
through the acquisition of 80 percent of Halim Securities (HS).
However, in 1998, HS was suspended of its stock brokering trading
activities by the regulatory authorities. In February 1999,
Pengurusan Danaharta Nasional appointed Special Administrators to
takeover the management and to restructure HS.

In March 2000, Special Administrators (SAs) of HS accepted the
tender proposal submitted by JF Apex Securities Bhd (JFAS) to
acquire the business of HS. Subsequently, in May 2000, the SAs
entered into a Business Merger Agreement with JFAS to acquire HS
for RM100 million. By August, the debt workout proposal as agreed
by the two parties, was approved by the SC and secured creditors.

On January 12, 2001, HS' shareholders agreed to the winding-up of
HS pursuant to which the distribution of any remaining assets
will be made by liquidators, Messrs Pricewaterhouse Coopers, to
settle all outstanding debt balances.

The Group unveiled its restructuring scheme in November 1998
comprising a comprehensive equity and debt restructuring,
injections of property development projects and fund raising
exercise. Since its submission to the SC in July 1999, the
company has received approvals from the FIC and MITI. The scheme
was however aborted in December 2000.

In January 2001, the company entered into two separate agreements
to acquire four property-related companies and one construction-
based company.

The acquisition forms a part of the Group's restructuring scheme
involving capital and debt reconstruction, share exchange and
capital exercises.

The new assets, which complement the Group's property development
arm, will enable Uniphoenix to derive synergistic benefits. In
view of its focus on property development, Uniphoenix had in
December 2000 entered into an agreement to dispose of its entire
60.7 percent interest in Sam Long Chemicals Industries
(Malaysia), one of its manufacturing concerns.


BENPRES HOLDINGS: Financial Fix Pulls Losses In Trading
As financial troubles continue to weight down Lopez-controlled
Benpres Holdings Corporation (Benpres), its shares trading posted
the heaviest losses in the market Tuesday, by a low 14 percent,
Business World reported Wednesday.

Citing analysts, Benpres will likely post profits around P1.5
billion for the current year, or, on a negative note, a reduction
of revenues in the event of a write-off of its equity investment
valued at P4.2 billion in Maynilad Water Services Inc (MWSI).

George Ching of Securities 2000, Inc said in the report: "The
worst case scenario is if Benpres writes off its investment in
Maynilad. That's P4.2 billion in equity plus 60 percent of a
$120-million performance bond. It will be a one-time loss, so the
best case scenario is a rate hike."

Maynilad has been urging the state-run Metropolitan Waterworks
and Sewerage System - Regulatory Office (MWSS-RO) to sign the
former's proposed automatic currency exchange rate adjustment
(CERA), for the company to recoup extra costs incurred attributed
to the peso devaluation against the US dollar.

Should MWSS-RO sanction CERA, Maynilad could then implement its
rate hike by about 85 percent.

DMCI HOLDINGS: Posts P1.4-B Losses For 2000
Contractor DMCI Holdings Inc announced Tuesday the firm suffered  
P1.4 billion in net losses for the year 2000, Business World
reported Wednesday.

DMCI CFO Herbert M. Consunji explained: "This was attributed not
to operations but to non-recurring charges amounting to P1.5
billion, which resulted in a consolidated net loss for the
company. Excluding non-recurring items, the company would have
booked a consolidated net income of P64 million, mainly on the
strength of the company's core business."

Owing to the losses incurred, the board of directors of the
company decided to defer dividend payments to stockholders.

Included in the non-recurring items was a write-off of non-
operating assets and deferred charges of a company's unit,
Semirara Coal Corp, with a combined value of P948 million.
Incorporated into this write-off were deferred charges and
obsolete equipment at the closed Unong coalmine plant.

A provision worth P52 million on the group's receivables from
another unit, Atlantic Gulf & Pacific Company (AG&P) is being
recorded under the non-recurring items.

DMCI registered revenues growth of 17 percent to P3.68 billion
from last year's operations, however this was offset by the non-
recurring items figures, the report said. Earnings from contracts
are as follows: P1.4 billion from structural works for
International School Manila in Fort Bonifacio; P1 billion civil
work contracts for the NAIA-3 project; and P318 million from
civil works for the Malampaya onshore gas plant.  

"Over the near term, DMCI is expected to continue with efforts to
divest from non-core assets in line with the thrust to strengthen
its core competencies and sharpen its focus on underlying
opportunities in construction and low- to middle-income housing
development," Consunji said.

In line with this thrust, the company previously announced that
investments in loss-making subsidiaries, particularly AG&P and
Semirara, would be up for sale. In addition, the company's stake
in Subic Water and Sewerage Co, Inc, and real properties in Metro
Manila estimated between P2 billion and P3 billion.

VICTORIAS MILLING: Committee Charges Ex-Prez With Contempt
Victorias Milling Company Inc's (VMC) management committee
(mancom), through its legal counsel, Villanueva, Gabionza & De
Santos Law Office, filed a motion with the Securities and
Exchange Commission (SEC) to charge ex-VMC President Manuel
Ma¤alac with contempt, Philippine Daily Inquirer reported
Wednesday. Ma¤alac allegedly misrepresented himself as VMC
president after his January 31 resignation.

The overseer of the financially troubled giant sugar miller,  
referred to Ma¤alac's letter dated March 22 addressed to
Equitable PCI bank urging the bank not to acknowledge checks by
persons appointed by the mancom, refuting the mancom's authority
to dishonor resolutions passed by the VMC board regarding
authorized signatories.

Earlier, the SEC ordered the appointment of a chief operating
officer to the company, as SEC invalidated Ma¤alac's authority as
company president.

In January, shareholders approved a proposal to rehabilitate the
company via a syndicated loan package worth $153 million by
British firm Kest Quartermain Venture Capital in the form of
fresh capital from GE Capital, the report said. The money would
be used to defray debts, including principal and interest,
amounting to P6.56 billion.

This alternative rehab plan, which mancom drew up, would call for
a debt-servicing ceiling requirement of P400 million. Apart from
this, it would call for debt-to-equity conversion, and conversion
of debts amounting to P2.4 billion into convertible bonds. Thus,
Inquirer reported, only about P4 billion in debts would be
covered in a debt servicing concession at a rate of 10 percent
through a 10-year period.


HO WAH GENTING: ICB Withdraws Banking Facilities
On April 6, 2001, Ho Wah Genting International Limited announced
that Industrial & Commercial Bank Limited (ICB) had withdrawn and
recalled the entire banking facilities granted by ICB to the
company. The directors would like to inform shareholders and the
public the following:

The company proposes to dispose of its factory premises located
at 182 Gul Circle, Singapore 629630 to partially repay the
outstanding liabilities owing to ICB under the now withdrawn
banking facilities (the ICB Debt).

The company is discussing with the company's controlling
shareholder to provide additional financial support to repay the
balance of the ICB Debt.

Further, in the event the company's proposed acquisition of
interests in two toll road operations in the People's Republic of
China announced on 29 November 2000 is completed, the company has
secured an undertaking from the new controlling shareholder of
the company to provide financial support sufficient to fully
repay the ICB Debt.

Save for the withdrawn banking facilities provided by ICB, the
company has no other banking facilities.

The company is now discussing with ICB to restructure the
liability due to ICB under the now withdrawn facilities,
including setting out a new repayment schedule.

However, if the company is not able to obtain ICB's agreement to
restructure the ICB Debt, and the company fails to repay the ICB
Debt or to make alternative arrangement(s) to ICB's satisfaction,
the company wishes to inform that ICB could appoint a receiver or
manager over the company's assets which have been provided to ICB
as security for the now withdrawn banking facilities, or to
petition for the winding up of the company, or both.

The company will make appropriate announcements in relation to
the company's discussions with ICB in this regard, and would like
to inform shareholders and the public that sufficient information
has been disseminated to investors at all relevant times.


CENTRAL PAPER: Fails To Meet Deadline For Rehab Report
Central Paper Industry (CPICO) has requested an extension of the
deadline set for the submission of report on the rehabilitation
plan from the Stock Exchange of Thailand (SET). CPICO told the
SET that the company is in the process of negotiating with a
creditor bank and must finish those talks before deciding on a
rehabilitation plan. CPICO will report to SET whether it will
decide to prepare a rehabilitation plan or go for other options
after completing the negotiations within the month.

RAIMON LAND: Court Postpones Decision On Workout Plan
The Central Bankruptcy Court has postponed a decision on the
Raimon Land Plc's Rehabilitation Plan until April 30, 2001.

The postponement was made in order for the Court to consider
objections to the plan made by creditors.

THAI PETROCHEMICAL: Fresh Capital Needed For Refinery
Ferrier Hodgson unit Effective Planners Co, administrator of Thai
Petrochemical Industries PCL (TPI), announced that TPI would need
fresh capital of about $100 million to operate its refinery in
Rayong, Thailand, at economically viable level of 125,000 barrels
each day, Asian Wall Street Journal (AWSJ) reported Wednesday.

Administrator Peter Gothard added TPI will have to seek the  
amount within a three- to four-month period. "We are doing
everything we can to make the company return to normal operating

Accroding to TPI founder and former CEO Prachai Leophairatana,
who recently filed an embezzlement case against Anthony Norman of
Effective Planners, the refinery could have run at optimum
production level if the administrators had not made an allocation  
of money to hire legal counsel and personal security personnel.

For the last three years, Prachai and Effective Planners have
been facing each other in court over TPI's debt restructuring
involving $3.7 billion.

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,
Ronald Villavelez, Maria Vyrna Ni¤eza, 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 ***