TCRAP_Public/010420.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 20, 2001, Vol. 4, No. 78



ANSETT AUSTRALIA: Figures Confirm Flights Over Easter
ANSETT AUSTRALIA: Singapore Airlines In The Wings
BUZZLE GROUP: Confirms Closure Of Six Stores
HARRIS SCARFE: Promotes The Sale Of Assets And Takeover
HIH INSURANCE: QBE Expands Into L. America
MACROCOM: Liquidators To Probe New PC Maker

C H I N A   &   H O N G  K O N G

ASIA ONLINE: Cuts Workforce Further
KING PACIFIC: Directors Sued Over Default On Loans


CHANDRA ASRI: Debt Restructuring Firmed Up  
PT PLN: Gov't OKs Debt Restructuring


ISUZU MOTORS: Warns Will Post Loss
MITSUI MUTUAL: Baa3 Rating Under Review, Moody's Says
SEIYO CORPORATION: Court Postpones Creditors' Confab


DAISHIN LIFE: Gets Panel's Cease And Desist Order
HANIL LIFE: Sell-Off Of Ssangyong Unit Fails
HYNIX SEMI: Will Look For US$1.3-B Foreign Investment
SSANGYONG CEMENT: Pulls Out Of Talks With Carlyle Group


ANSON PERDANA: Winding Up Petition Adjourned
BERJAYA SPORTS: SC OKs Proposed Rights Issue
BRIDGECON HOLDINGS: Applies For Special Administration
CHG INDUSTRIES: Misses Deadline for Restructuring Bid
RENONG BERHAD: Will Pursue Land Transaction


BENPRES HOLDINGS: Group To Drop Holdings In Media Arm
NEGROS NAVIGATION: Board OKs Revision In Cap Restructuring
NEGROS NAVIGATION: Parent Plans To Sell Stake
PHILIPPINE AIRLINES: Plans To Lease Three Boeing 737


CHARTERED SEMICONDUCTOR: First Quarter Returns Alarming
I-ONE.NET: Creditors Divest 6.7-M Shares


THAI ELECTRONIC: Announces Rehab Plan
WONGPAITOON GROUP: Announces Terms Of Debt Deal

     -  -  -  -  -  -  -  -  -  -


ANSETT AUSTRALIA: Figures Confirm Flights Over Easter
Air New Zealand reports latest figures confirm Ansett-Australia
has continued to carry almost all passengers booked to fly with
it throughout the Easter peak travel period, with assistance from
Air New Zealand.

Figures have confirmed that of nearly 40,000 passengers booked on
Ansett Australia services on Easter Monday, over 95 percent
traveled on Ansett Australia or Air New Zealand aircraft, the
remainder being transferred to other airlines.

Most flights continue to depart on schedule or with minimal
delay. Over the coming week Ansett Australia expects to be able
to maintain its schedule with the addition of aircraft provided
by Air New Zealand or leased from Singapore Airlines and Air

In addition to aircraft, Air New Zealand and Singapore Airlines
are providing technical assistance supplementing Ansett's own
resources in compiling the data required for CASA's inspection

Air New Zealand-Ansett President & CEO Gary Toomey has described
talks held yesterday with CASA as constructive and positive.

Toomey said, "A range of issues was discussed yesterday afternoon
and the outcome was an agreement between CASA and Ansett to work
together between now and Friday to satisfy the Regulator of our
safety systems. We recognize that this is a matter solely within
the judgment of the Regulator.

"The issues of concern include the structure of the engineering
organizations within Ansett and the internal control systems
relating to the planning and implementation of manufacturers'
Airworthiness Directives and Service Bulletins."

The Group will be working to satisfy CASA on these points by

ANSETT AUSTRALIA: Singapore Airlines In The Wings
Ansett Australia (Ansett) may call in Singapore Airlines (SA) to
secure the future of the Air New Zealand (Air NZ)-owned
Australian carrier, The Courier Mail reported Wednesday, citing
industry analysts.

According to managing director of the Centre for Pacific Aviation
Peter Harbison, this would be a more possible recourse for
Ansett, in order to undertake upgrading measures.

It would take Ansett as much as $5 billion to upgrade, and this
could be achieved, Harbison said, if SA could raise its stake in
Air NZ. At present SA holds 35 percent stake in the Air NZ.

Harbison told Courier, "It looks very unlikely that Air NZ is in
a position to raise adequate capital, or even to talk about it
for the moment in the medium term. In those circumstances there
is really only one logical place to look for cash and obviously
it's Singapore Airlines. The more likely and more straightforward
approach is to increase their equity in Air NZ."

BUZZLE GROUP: Confirms Closure Of Six Stores
Since it plunged into receivership early this month, the
Australian Apple distributor Buzzle Group confirmed that its
receivers, KPMG, have already closed six of the network's stores,
the reported Wednesday. The six stores, the
group's spokeswoman said, are in Heidelberg and La Trobe in
Victoria, Chermside in Brisbane, and McMahons Point, Burwood and
Capital Square in Sydney.

According to the Buzzle source, the group will continue
operations in all 19 stores, while KPMG scouts for interested
buyers to take over the Apple retail chain.

Buzzle group boasts an annual turnover of about $170 million,
however its debts reached $30 million, about two-thirds of which
is owed to Apple.

HARRIS SCARFE: Promotes The Sale Of Assets And Takeover
Harris Scarfe Holdings Limited posted this copy of the
advertisement inviting expressions of interest for the purchase
of the business assets and undertakings of Harris Scarfe
department stores, which was been published by Hindal Corporate
Wednesday, as follows:

"Harris Scarfe is Australia's third largest department store
chain with

* approximately $460 million in annual revenue;

* 35 stores, predominantly in the southern states;

* experienced and dedicated employees;

* high brand recognition and loyal customer base;

* the necessary critical mass; and

* e-tailing presence including

"Harris Scarfe presents the unique opportunity to grow further
in, or enter into, the Australian department store market.

"To register interest and obtain an information memorandum,
please contact Andrew Tindall or David Beatty of Hindal Corporate
Pty Ltd, Level 10, 350 Collins Street, Melbourne Vic 3000."

HIH INSURANCE: QBE Expands Into L. America
QBE Insurance Group Limited, following extensive due diligence,
has reached an agreement in principle with Reliance Insurance
Company of the United States and the provisional liquidators of
HIH Insurance Limited to acquire their respective Latin American

The agreements are subject to definitive agreements together with
regulatory and other approvals. The transactions encompass
Reliance's holdings in Reliance National Compania Argentina de
Seguros S A, Reliance National Brasil Seguros SA and Reliance
National de Mexico SA together with HIH's holding in HIH
Aseguradora de Riesgos del Trabajo.

The purchase price of the four companies is around US$24 million,  
about 37 percent of which will be held in account to cover any
deficiency in insurance liabilities and insurance assets.

The annual gross written premium of the four operations in Latin
America is approximately US$90 million or A$180 million.

Frank O'Halloran, QBE's CEO said, "The acquisition provides QBE
with a unique opportunity to expand into general and group life
insurance in the largest Latin American markets.

"The acquisitions are at a price which are expected to be
earnings per share positive in year one for QBE shareholders."

The operations will be managed through QBE's New York office. QBE
currently underwrites business in Latin America through QBE
Reinsurance Corporation in New York, QBE Del Istmo Reinsurance
Company, Inc in Panama, Mexico and Peru and through its Lloyd's
and European company operations.

Core products of the QBE Group in Mexico, Argentina and Brazil
will be workers compensation, surety, directors and officers,
errors and omissions, group life, accident and health, credit,
liability, entertainment, agriculture and property.

MACROCOM: Liquidators To Probe New PC Maker
Liquidators of collapsed computer manufacturer Macrocom have
launched an investigation into a new computer company that's
reported to be using similar advertising materials as Macrocom's,
The Press reported Tuesday. The new PC maker is reported to be
located in Brisbane, Westgate, and suspected to be owned by a
Macrocom's ex-official, Alex Al-Azzawi.

C H I N A   &   H O N G  K O N G

ASIA ONLINE: Cuts Workforce Further
Asia Online has axed 33 more workers, about 19 percent of its
Hong Kong staff, South China Morning Post reported yesterday.
This leaves its worldwide staff at 570 people or less. It also
has relocated the remaining Hong Kong staff to its head office
from the International Finance Center.

This independent ISP, said to be the oldest in Hong Kong, had
undergone two rounds of lay-offs, which cut over 350 workers.  

This series of staff cuts befell the company after Asia Online
pulled out of the Nasdaq listing to source funds totaling US$100
million. Last year Asia Online shut down operations in North

Asia Online's CEO, Ed Roberto, announced Wednesday that the
company will push ahead with its evaluation of operations as it
aims to streamline its range of services, in accordance with the
business plan drawn up last year. Roberto said, "We've got a very
challenging business environment and one we're going to stay on
top of. I still have work in progress, not to mention

KING PACIFIC: Directors Sued Over Default On Loans
King Pacific International Holdings former director Cheung Yiu-
wing and present managing director Jenson Cheng Chao-ming have
been served summons from the High Court to face the $6-million
suit filed against the two by China State Bank, Hong Kong IMail
reported yesterday.

The bank took this legal action in order to recover unpaid loans
of US$820,854 and US$88,893.

In a writ filed with the court, the plaintiff stated that Cheung
and Cheng acted as the signatories of a letter of guarantee on
July 15, 1998 for the loan of US$1 million granted to King
Pacific. In the following year, the writ stated, Cheng signed
another deed of guarantee for $4 million.

March 28 this year, IMail reported, both Cheng, Cheung, and King
Pacific, were sent a letter demanding payment for the
aforementioned loans. No payments were made within the five-day
period as demanded by the bank.


CHANDRA ASRI: Debt Restructuring Firmed Up  
The Indonesian government has already firmed up a revised debt
restructuring package worth $1.2 billion for PT Chandra Asri,
Asian Wall Street Journal reported Wednesday.

The debt deal will call for a 15-year repayment period for debts
amounting to US$723.6 million owed to Japanese consortium
Marubeni Corporation at a rate of 1.5 percentage points above
LIBOR. Marubeni had earlier agreed to the conversion of US$100
million into 20-percent equity stake in the petrochemical
venture, the report said, citing a company spokesperson.

This revised deal will be less favorable to Marubeni than the  
original plan approved last year, which called for an interest
rate at 2.5 percentage point premium to LIBOR, and a repayment
period of nine years.

A government statement was issued saying the Indonesian Bank
Restructuring Agency (IBRA) would take legal actions, as
requested by the Financial Sector Policy Committee (FSPC), if
Marubeni objects to FSPC's decision.

IBRA, on the other hand, has agreed to swap its US$413.6 million
in loans extended to Chandra Asri for a 31 percent stake in the
petroleum venture. However, the remainder amounting to US$50
million in debts would have to be paid in cash.

Marubeni has yet to receive an official notice regarding this new

PT PLN: Gov't OKs Debt Restructuring
PLN, the state-owned power firm, is going to restructure its
debts amounting to R26.9 trillion, as agreed by the Indonesian
government, Asia Pulse reported Tuesday. According to
Coordinating Minister for Economic Affairs Rizal Ramli, this will
be "a comprehensive effort to settle the company's financial

Ramli added that this restructuring exercise would entail
conversion of interest and principal owed to the government into
added investment in PLN.

Even under restructuring, the power firm will continue to receive
subsidies from the government, but through a different system.
"Now, the subsidy system will focus on consumers. For instance,
(PLN) will impose 'affordability tariff' for consumers of less
than 450 volt ampere," Ramli said as quoted by Pulse.

In addition, this agreement reached by both parties will call for
a re-evaluation of PLN's assets, and the identification of non-
core assets to be divested, with the aim to improve liquidity.


ISUZU MOTORS: Warns Will Post Loss
Isuzu Motors Limited issued a warning that the company would post
a group net loss of Y67 billion for the fiscal year ended March
31, as opposed to an earlier prediction by 49-percent stakeholder
General Motors Corporation of Y19 billion, Asian Wall Street
Journal reported yesterday.

The truck maker will attribute this figure to the rise in
incentive spending as the company struggled to safeguard its
Japanese market share.

Isuzu, moreover, predicts that its pretax loss will exceed an
earlier projection of Y32 billion to Y50 billion, as the company
estimated its sales revenue at Y1.53 trillion.   

In the previous financial year, Isuzu registered a net loss of
Y104 billion, which resulted in the company's efforts to narrow
underperforming product line and the firming up sales outlets.
Isuzu also intends to go into cost-cutting measures by trimming
materials expenditure to just 8 percent.

GM spokesman Rob Leggat said, "Basically, Isuzu is an independent
company, and we're confident they can successfully implement
their recovery plan. GM is going to do everything in its power to
help Isuzu."

MITSUI MUTUAL: Baa3 Rating Under Review, Moody's Says
Moody's Investors Service has placed Mitsui Mutual Life Insurance
Company's Baa3 insurance financial strength rating under review
for possible downgrade.

Moody's says the rating action reflects its view that Mitsui Life
is now under additional business pressure resulting from a
continued decline of policies in force, the negative spread of
its guaranteed returns to policyholders exceeding its yield on
investments in Japan's low interest rate environment, and the
rating agency's concerns over the quality of its investment

In addition, the Japanese stock market's recent movements have
once again proven the high volatility and weakness of capital and
earnings for those companies who rely heavily on unrealized gains
to support their operations.

Moody's believes Mitsui Life will face increasing pressure to
meet the challenges of restructuring. Mitsui group members have
decided to provide support to Mitsui Life in the form of
Foundation Funds and subordinated loans, which provides some time
for Mitsui Life to restructure.

In Moody's view, however, the increasingly competitive industry
conditions, waning consumer confidence in life insurers and the
likelihood of sluggish economic activity requires swift action on
the part of Mitsui's management to reverse the negative
aforementioned trends.

Moody's believes that the series of recent company failures has
demonstrated the limitations of external support in the Japanese
market. External support in the form of debt-natured capital is,
at best, as short-term remedy. Mitsui Life has received in the
past and continues to receive support from Mitsui group members.
This support is expected to slow the impact of the recent
negative developments at the company.

However, going beyond the support from group members, and turning
around the company's business and financial fundamentals will be
a substantial hurdle for the company.

In addition, policyholders and investors have become more
sensitive to the credit risk profile of life insurance companies,
which will require a quicker implementation of the company's
restructuring plans.

In its review of Mitsui Life's rating, Moody's will focus on the
feasibility of Mitsui Life's plan to re-build its business
franchise and capital, improve its balance sheet and
profitability, and formulate a successful alliance strategy in a
changing business environment.

Mitsui Mutual Life Insurance Company, headquartered in Tokyo, is
the seventh largest Japanese life insurance company in terms of
asset size. Mitsui Life had total assets of Y9.7678 trillion as
of September 30, 2000.

SEIYO CORPORATION: Court Postpones Creditors' Confab
The Tokyo District Court has decided to postpone the Seiyo
Corporation's creditors meeting, originally scheduled for May 24,
to the end of June, Jiji Press reported Tuesday.

Real estate developer Seiyo collapsed in July of last year. When
it undergoes liquidation, it has been agreed that Seiyo's leading
shareholder Seibu Department Stores Limited, and a core company
of the Saison group will shoulder the company's financial burden
of Y50 billion, while other companies under the Saison group will
take a total amount of Y40 billion.

In addition, Saison Group founder Seiji Tsutsumi, in a
concession, is going to contribute Y10 billion.    


DAISHIN LIFE: Gets Panel's Cease And Desist Order
Daishin Life Insurance received a cease and desist order from the
Financial Supervisory Commission (FSC), and was given a month's
period to present its normalization program to the panel, Asia
Pulse reported Monday.

The FSC's order was made on grounds that the life insurer's
solvency ratio, pegged at negative 744.9 percent, is far below
the required 100 percent. Daishin would need to secure funds
amounting to W78.7 billion to achieve the standard solvency

Moreover, should Daishin's normalization plan fail to meet the
requirements of the panel, the company would likely be declared  

Daishin has been on the lookout for foreign investors. However,
no interested parties have surfaced yet.

HANIL LIFE: Sell-Off Of Ssangyong Unit Fails
Hanil Life Insurance's fate seems uncertain after talks failed
between Ssangyong Cement and the Carlyle Group regarding the sale
of its controlling stakes in Ssangyong Information &
Communications, The Korea Herald reported Wednesday.

Per the order of the Financial Supervisory Service (FSS), which
granted the insurer the opportunity to conduct its own rescue
operations, Hanil Life needs to recover its loans granted to
Ssangyong Cement totaling W39 billion by the end of the month.

An official at FSS told the Herald, "Earlier on, Ssangyong had
promised creditors it would pay them back as soon as it sells its
shares in Ssangyong Info. & Comm." However, Ssangyong Cement
pledged to pay off its debt using the investment fund of Japan's
Taiheiyo Cement amounting to US$220 million.

The government, on the other hand, said Hanil Life's rescue
efforts would not suffer from repercussions of the failed talks
between Ssangyong and Carlyle, as Taiheiyo's investment money
will serve as a buffer. Meanwhile, the FSS is urging Ssangyong
creditors to sanction the cement maker to settle its debts with

HYNIX SEMI: Will Look For US$1.3-B Foreign Investment
Hynix Semiconductors, the offshoot of the collapsed Hyundai
Semiconductors, with the aid of American investment bank Salomon
Smith Barney, is searching for foreign investment worth US$1.3
billion to improve its financial status, The Digital Chosun
reported Wednesday.

Citing Korea Exchange Bank Vice-President Lee Yeon-su, the report
said Hynix's investment promotional efforts will commence next
month. These promotions will be geared towards the flotation of
global depository receipts and high-yield bonds, worth US$1
billion and US$300 million respectively.

Apart from that, Hynix is also planning to bolster its financial
resources by W1 trillion later in the year through the divesting
its securities affiliate and stakes in overseas units.

SSANGYONG CEMENT: Pulls Out Of Talks With Carlyle Group
Ssangyong Cement has pulled out of its negotiations with American
investment company Carlyle Group, to sell its controlling stake
in its information technology unit, Ssangyong Information and
Communications Corporation (SICC), The Digital Chosun reported

The cement maker and its creditors, Chosun said, decided to do so
on the basis that the American party had a change of interest
from the earlier proposal to purchase Ssangyong Cement's
controlling stake of 3.84 million shares for W316.8 billion, to
the acquisition of the company's assets only.

Meanwhile, major creditor, Cho Hung Bank, said that creditors of
Ssangyong Cement will seek prospective buyers of the group's IT

Ssangyong Cement and its creditors, have already completed a
debt-to-equity conversion worth W1.4 trillion.


Abrar Corporation Berhad (ACB) announced that there has been no
change to the status in payment since the previous announcement
made on March 19, 2001.

ACB originally operated as a textile retailer under the name of
Mun Loong stores. In 1996, construction activities and
infrastructure development replaced retailing as the main core

The retailing business was then disposed of in 1997. In the same
year, ABRAR Group International became the Company's major
shareholder, resulting in a change of name from Mun Loong Berhad
to Abrar Corporation Berhad.

On May 27, 2000, Pengurusan Danaharta Nasional Berhad appointed  
Gong Wee Ning and Lim San Peen as Special Administrators (SAs) of
ACB pursuant to Section 24 of the Danaharta Act, 1998. The SAs
will carry out an assessment on the viability of ACB's business
and will thereafter prepare a workout proposal to address ACB's
debt issues.

In May 2000, pursuant to a directive from the Economic Planning
Unit, ACB agreed to dispose of its entire 20 percent stake in
Express Rail Link Sdn Bhd at the original cost of RM5.2 million.
The disposal was completed in October, 2001.

ANSON PERDANA: Winding Up Petition Adjourned
The hearing on April 13, 2001 with regard to the winding-up
petition filed by Alliance Bank Malaysia Berhad (formerly known
as Multi-Purpose Bank Berhad) against Sharikat Tanaman Dan
Perusahaan Perak Sdn Bhd and Primason Sdn Bhd, both subsidiaries
of Anson Perdana Berhad, has been adjourned to August 10, 2001.


Anson Perdana Berhad (APB) was originally solely involved in
plantation activities estates were sold. Following this, the
company acquired plantation interests in Perak and also moved
into property development activities. The latter has become its
core business since.

Through its subsidiary, the company is also involved in the
trading of building materials and timber products and
manufacturing of large diameter concrete pipes and sound barrier

The 1997 financial crisis had an adverse effect on the
operations of the Group and APB. In view of these adverse
financial conditions, the Group had in December 1998 sought the
assistance of the Corporate Debt Restructuring Committee (CDRC)
to restructure the maturities of its short-term debts.

APB has appointed Arthur Andersen Corporate Advisory Sdn
Bhd as an independent financial consultant to provide advisory
services pursuant to a scheme.

In October 1999, APB also appointed Moores Rowland
Consulting Sdn Bhd as an additional advisor to act directly on
behalf of the Group to develop and negotiate with the financial
institutions, trade and other creditors on an integrated debt-
restructuring plan.

On September 25, 2000, the High Court granted a three-month
restraining order for APB to implement the plan.

BERJAYA SPORTS: SC OKs Proposed Rights Issue
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors of Berjaya Sports Toto Berhad (BToto),
has announced that the Securities Commission (SC) on April 16,
2001 granted its approval on the Proposed Rights Issue as

(i) proposed renounceable rights issue of up to RM769.693 million
nominal value 10-year 8 percent irredeemable convertible
unsecured loan stocks (ICULS) to all shareholders of BToto at 100
percent of its nominal value on the basis of RM27 nominal value
of ICULS for every 20 existing ordinary shares of RM1.00 each
held; and

(ii) the listing of and quotation for the ICULS and the new BToto
Shares to be issued pursuant to the conversion of the ICULS on
the Main Board of the Kuala Lumpur Stock Exchange (KLSE).

The approval of the SC for the Proposed Rights Issue is subject
to certain terms and conditions, details of which are as follows:

(i) the proceeds (if any) received from the subscription of the
ICULS pursuant to the Proposed Rights Issue shall be utilized for
dividend payment pursuant to the Proposed Special Dividend. With
regards to the utilization of the proceeds, the SC has imposed
the following conditions:

- the Company is required to obtain the approval of its
shareholders for the utilization of the proceeds. The approval of
the shareholders of BToto is also required should the utilization
of proceeds deviate by 25 percent or more from that originally
proposed by the Company. Should the Variation be less than 25
percent, appropriate disclosure of the Variation must be made to
the shareholders of BToto;

- any extension of time from the time frame set by BToto for the
utilization of the proceeds has to be approved by a clear
resolution by the Board of Directors of BToto and must be fully
disclosed to the KLSE; and

- appropriate disclosure on the status of the utilization of
proceeds (if any) must be made in the quarterly reports and
annual reports of BToto until the proceeds have been fully

(ii) CIMB to obtain the prior approval of the SC on any variation
to the principal terms and conditions of the issue of the ICULS;

(iii) CIMB to furnish to the SC a copy of the executed Trust Deed
constituting the ICULS;

(iv) CIMB to furnish to the SC a copy of the letter of
undertaking from B-Land on the Proposed Repayment Scheme;

(v) CIMB is to ensure that full disclosure together with the risk
factors associated with the ICULS and the Proposed Repayment
Scheme will be made in the circular to the shareholders;

(vi) CIMB is to ensure that full disclosure in relation to the
rationale and effects of the proposed investment in the ICULS by
BToto will be made in the circular to the shareholders;

(vii) BToto is required to release immediate announcements
through the KLSE and disclose in its annual reports regarding the
purchase, sale or cancellation of the ICULS as well as the
effects of the transactions;

(viii) The Board of Directors of BToto is to ensure that the
investments in the ICULS by BToto are in the best interests of
BToto and in compliance with all the relevant laws. In relation
thereto, BToto is required to furnish a written confirmation that
the investments in the ICULS do not contravene any laws, in
particular, Section 85 of the Securities Industry Act 1983;

(ix) CIMB and BToto are required to ensure full disclosure of the
Proposed Repayment Scheme, in particular, the risk factors,
details of the implementation of the Proposed Repayment Scheme,
including the terms in the letter of undertaking from B-Land, as
well as the proposed investment in the ICULS by BToto, in the
Abridged Prospectus which will be submitted to the SC for

(x) BToto and the relevant parties are required to fully comply
with the decision or requirements of the KLSE on the provision of
the inter-company advances in accordance to Section 8.23 of the
new KLSE Listing Requirements; and

(xi) BToto is required to fully comply with the relevant
requirements in relation to the implementation of the Proposed
Rights Issue as provided for under the SC's Policies and
Guidelines on Issue/Offer of Securities.

BToto and the relevant parties are required to furnish written
confirmation that all the terms and conditions of approval
imposed on the Proposals have been complied with after the
implementation of the Proposals.

The Proposals are inter-conditional upon one another and are
still subject to the approvals of the following:

(i) the KLSE for the listing of and quotation for the ICULS and
the new BToto Shares to be issued pursuant to the conversion of
the ICULS;

(ii) the shareholders of BToto at an Extraordinary General
Meeting to be convened; and

(iii) any other relevant authorities, if required.

In addition, CIMB is also pleased to announce that the conversion
price of the ICULS is fixed at RM1.20 per share, which represents
a discount of 9.50 percent below the theoretical ex-dividend
(third interim dividend of 5 percent gross declared on March 27,
2001 and the Proposed Special Dividend of 170 percent gross)
weighted average market price of BToto Shares for the five
consecutive trading days to April 17, 2001 of RM1.326 per share.

BRIDGECON HOLDINGS: Applies For Special Administration
The Board of Directors of Bridgecon Holding Berhad (BHB) has
applied to Pengurusan Danaharta Nasional Berhad (Danaharta) for
the appointment of the Special Administrators (SA) for BHB after
taking into consideration that the Company was not likely to be
able to pay its debts or to fulfill its obligations to its

Subsequently, pursuant to Section 23 of the Pengurusan Danaharta
Nasional Berhad Act, 1998 the Oversight Committee of Danaharta
had effected the appointment of the SA for BHB on April 6, 2001.

Terms of Reference of the SA

The terms of reference of the SA are generally set out in Section
28 to 56 of the Act. The specific powers of the SA are set out in
Second Schedule of the Act, and inter-alia includes the

- Power to do all things (including the carrying out of works) as
may be necessary for the management and realization of the assets
and affairs of the Company.

- Power to remove or suspend from office any director of the
Company or appoint other persons to act as directors of the
Company notwithstanding the Memorandum and Articles of
Association of the Company or any other law.

- Power to appoint any person as a director of the Company,
whether to fill a vacancy or otherwise.

- Power to take possession of, collect and get in the assets of
the Company and for that purpose, to take such proceedings as may
seem to him expedient.

- Power to sell or otherwise dispose of the assets of the Company
by public auction or private contract.

- Power to raise or borrow money and grant security thereof over
the assets of the Company.

- Power to appoint a solicitor or accountant or other
professionally qualified person to assist the SA in the
performance of SA's functions.

- Power to bring or defend any action or other legal proceedings
in the name and on behalf of the Company.

- Power to refer to arbitration any question affecting the

- Power to effect and maintain insurances in respect of the
assets of the Company.

- Power to use the common seal of the Company.

- Power to do all acts and to execute in the name and on behalf
of the Company any deed, receipt or other document.

- Power to draw, accept, make and endorse any bill of exchange or
promissory note in the name and on behalf of the Company.

- Power to appoint any agent to do any business which is unable
to do by the SA or which can more conveniently be done by an
agent and power to employ and dismiss employees.

- Power to carry on the business of the Company.

- Power to transfer to subsidiaries of the Company the whole or
any part of the assets of the Company.

- Power to grant or, accept a surrender of a lease or tenancy of
the assets of the Company, and to take a lease or tenancy of any
asset required or convenient for the assets of the Company.

- Power to call up any uncalled capital of the Company.

- Power to rank and claim in the bankruptcy, insolvency or
liquidation of any person indebted to the Company and to receive
dividends, and to accede to trust deeds for the creditors of any
such person.

- Power to present or defend a petition for the winding up of the

- Power to change the location of the Company registered office.

- Power to perform any function and exercise any power, that the
Company or any of its directors or officers could perform or
exercise if the SA had not been appointed.

- Power to make any payment which is necessary or incidental to
the performance of SA's functions.

- Power to do all other things incidental to the exercise of the
foregoing powers.

The appointment of SA will not have any immediate financial
impact on the BHB Group. The SA will assume control of all
operations of BHB at the holding company level and have since the
date of appointment taken control and possession of the Company's
assets and records.

The business operations of the BHB shall continue while an
assessment of the BHB Group's financial position is conducted by
the SA.

The SA have taken control and possession of BHB's assets and
records and following the outcome of the assessment of BHB
Group's financial position, the SA shall prepare a workout
proposal which must be examined by an Independent Adviser, whose
role is to review the reasonableness of the proposal, taking into
consideration the interests of all creditors (whether secured or
unsecured) and also the shareholders of BHB.

The powers of the Board of Directors of BHB are effectively
suspended on the date of the appointment of SA on April 6, 2001.
Pursuant to Section 33 of the Act, the SA shall be entitled to
exercise all the functions of the Board of Directors of BHB.

CHG INDUSTRIES: Misses Deadline for Restructuring Bid
CHG Industries Berhad failed to submit its restructuring plan to
the Securities Commission within the period as stated in the
earlier announcement dated October 17, 2000. CHG missed its
deadline while reconsidering the feasibility of the proposals
under the current bearish market conditions.

Meanwhile, CHG is continuing the on-going discussions with its
various lenders to address the high cost levels of the Company
and some of its subsidiaries. CHG expects an announcement to be
made on the status of the final proposals within six months
starting April 18, 2001.


CHG's core business is manufacturing plywood and other veneer
products for both the domestic and export market. CHG is also
involved in manufacturing and distribution of plywood and other
veneer products, logs extraction, manufacture of office
furniture, office seating products, trading in building materials
and property investment. With a monthly production output of
20,000m3, the company operates its timber-related facilities from
Selangor, Johor and Kelantan.

CHG was incorporated as an investment holding company. In
conjunction with the public listing of its shares, CHG embarked
on a restructuring exercise in June 1992 which involved the
acquisition of CHG Plywood and Cheng Hin Timber Industries.

On October 17, 2000, CHG unveiled its restructuring plan
involving a capital reduction and raising exercise and debt
settlement. The plan also entails the acquisition of a new
company whose principal activities lie in manufacture of plywood,
block-board, particleboard and laminated-board. The proposals
will enable CHG to regain its financial footing and reduce its
current financial leverage.

Moreover, the acquisition is synergistic with CHG's expansion
plans and establishment of strategically located manufacturing
hubs to support future logistics and distribution. This will, in
the long run, position CHG as a dominant player in the supply of
timber-based housing materials in Malaysia as well as Asian

RENONG BERHAD: Will Pursue Land Transaction
On behalf of Renong Berhad, the Commerce International Merchant
Bankers Berhad (CIMB) announced that the termination of the sale
and purchase agreement (SPA) dated June 28, 1996 for the Proposed
Disposal and the entering into a new sale and purchase agreement
on April 2, 2001 for a reduced land size, as per the announcement
dated April 3, 2001, provides the best commercial alternative to
continue the land transaction as both parties are at an impasse
in relation to the continued performance of the Original SPA.

The termination of the Original SPA and entering into a New SPA
will enable Ho Hup to continue the development of the land,
albeit a smaller portion, under the New SPA and would be
beneficial to the overall development of Bandar Nusajaya.


Renong Berhad was formed as a public company, principally to
implement a scheme of arrangement to transfer the domicile of The
Renong Tin Dredging Company PLC from England to Malaysia.

Renong PLC was incorporated on July 1, 1913 and was engaged in
tin mining in Malaysia until September 1976. Under a plan, which
became effective on October 26, 1983, the entire issued and
outstanding capital of Renong PLC was cancelled and substituted
for shares in RB, after which Renong PLC became a wholly-owned
subsidiary of RB.

RB was listed on January 27, 1984 with interests in the property
and financial services sectors, operation and management of
sports and physical fitness centres, and distribution and
retailing of computers and related services.

Through the years, RB, via its subsidiaries and associates, has
evolved into an integrated infrastructure Group involved in
engineering, construction and infrastructure development;
expressways and toll operations; hotel and property development;
telecommunications, power engineering and information technology;
media and other related engineering services; building material
supplies; oil and gas services; and transportation.

RB has, within its Group, 11 other public listed companies: Time
Engineering Bhd, EPE Power Corporation Bhd, Crest Petroleum Bhd,
Park May Bhd, United Engineers (Malaysia) Bhd, Cement Industries
of Malaysia Bhd, Ho Hup Construction Company Bhd, Kinta Kellas
PLC, Projek Penyelenggaraan Lebuhraya Bhd, Faber Group Bhd and
Commerce Asset-Holding Bhd.

The Group is currently working on a number of major projects
which are the Malaysia-Singapore Second Crossing, the National
Sports Complex, the Johor New Township Development and the Light
Rail Transit System 2 for Kuala Lumpur.

The RB Group has also established business operations overseas.

On October 12, 1998, a financial restructuring plan for the Group
was proposed. It involves swapping RM824 million of commercial
debt at Linkedua (Malaysia) Bhd (Linkedua), a subsidiary of
United Engineers (Malaysia) Bhd (UEM) with bonds issued by a
Special Purpose Vehicle (SPV), which will be wholly-owned by UEM.

The SPV will in turn receive bonds issued by PLUS on a back-to-
back basis of an equivalent amount. To ensure that the cashflow
and value of PLUS is not eroded to the detriment of PLUS' lenders
and shareholders of UEM, the Government will consider the

To waive an equivalent amount of RM824m of the existing
Government Support Loan (GSL) due from PLUS and recover this same
amount from Linkedua at a later date; and

To shift the repayment of the remaining balance of the GSL in
PLUS to a later date.

The bonds issued by the SPV and Projek Lebuhraya Utara-Selatan
Bhd (PLUS) are expected to be zero coupon bonds issued at a
discount. The second restructuring exercise involves swapping
RM4.5 billion of commercial debt at Projek Usahama Transit Aliran
Ringan Sdn Bhd (PUTRA), Sistem Transit Aliran Ringan Sdn Bhd
(STAR) and Keretapi Tanah Melayu Bhd (KTMB) with bonds issued by
a Government entity, Infrastructure Development Corporation

The bonds will be long dated and will be redeemed in full from
the cashflow contributions made by PLUS to the IDC. The payments
by PLUS will come from PLUS's tax contributions and therefore
will not have any adverse implications on PLUS.

In consideration for the Government's assistance, the Government
will receive a shareholding in the LRT projects (STAR and PUTRA)
but majority control is expected to be retained by the Renong

The IDC bonds are expected to be zero coupon bonds issued at a
discount. The quantum of the discount and the tenure of the bonds
as well as the percentage of shareholding of the Government in
the LRT projects have not yet been finalized.

The Renong Group had on August 4, 1998 received approval-in-
principle from the Minister of Finance for the restructuring

The second part of the restructuring plan addresses the debts at
Renong and UEM, which entails government guarantee to be provided
against funding sourced by UEM to repay its outstanding debt; and
or the use of the IDC to potentially issue up to RM6bln worth of
long dated IDC Bonds to UEM.

The cashflow for the final redemption of these bonds will be made
from PLUS.

In exchange for the above, UEM is proposing to offer the shares
of PLUS to the Government as security. The Renong Group is
currently in negotiations with the Ministry of Finance to
finalize the details.

UEM will set up its own Asset Management Company (AMC) as a
subsidiary. The AMC will use the IDC Bonds or cash to settle
UEM's existing debt. UEM also intends to use the AMC to acquire
certain debts and assets from Renong and other companies using
the IDC Bonds at terms that are to be negotiated between the
relevant parties.


BENPRES HOLDINGS: Group To Drop Holdings In Media Arm
As part of the rescue operations for Benpres Holdings Corporation
(Benpres), the Lopez Group plans to sell 8 percent of its
holdings in the group's media arm, ABS-CBN Broadcasting
Corporation, The Philippine Daily Inquirer reported Wednesday.
Lopez currently holds the majority 59 percent in the media

ABS-CBN has been extending advances to Benpres, however, last
year, this was cut to P1.7 billion from P1.79 billion.

Although the revenues from the sale of ABS-CBN shares, should the
group move forward with it, would not entirely ease up Benpres'
condition, an investment banker told Inquirer that this would
give the group the extra allowance to negotiate for a
restructuring, involving its $500-million debt.

Benpres' subsidiaries Bayan Telecommunications Inc, Maynilad
Water Services Inc, and First Philippine Infrastructure Inc., are
currently in a financial fix.

NEGROS NAVIGATION: Board OKs Revision In Cap Restructuring
The Board of Directors of Negros Navigation Company Incorporation
(PSE:NN) (Nenaco) has approved a modification in the capital
restructuring of the corporation in order to reduce approximately
73 percent of its existing deficit. This will involve the
following steps or elements:

a. the decrease of the authorized capital stock of the
corporation from P4 billion to P400 million by reducing the
number of shares from 4 billion to 400 million shares each with a
par value of P1 per share, and the amendment of Article Seventh
of the Articles of Incorporation therefor;

b. the resulting surplus arising out of the capital reduction
shall be offset against the existing deficit thereby reducing the
latter by approximately 73 percent;

c. the re-increase in the authorized capital stock of the
Corporation from P400 million to P4 billion, instead of the
previously approved increase to P3 billion, and the amendment of
Article Seventh of the Articles of Incorporation therefor; and

d. the issuance of 2.7 billion new shares, more or less, at a par
value of P1 per share against a debt conversion, thus increasing
the issued share capital to P3.0 billion, more or less.

The Board also approved the postponement of the annual meeting of
stockholders from April 26, 2001 to May 25, 2001. The record date
of February 23, 2001 shall be unchanged.

The Board also gave its green light to the appointment of Grace
Luv T. Zabala as the Officer-in-Charge for purposes of making
disclosures to the Philippine Stock Exchange to replace Melanie
B. Jayme who resigned effective March 31, 2001.

NEGROS NAVIGATION: Parent Plans To Sell Stake
Metro Pacific Corporation (MPC), parent company of Negros
Navigation Company Inc (Nenaco), is planning to sell its 55
percent stake in the shipping company as part of its thrust to
focus on its core operations, which is property development, The
Philippine Star reported Wednesday. This is what company
officials recognize as `great potential' as a long-term venture,
particularly the freight operations.

Nenaco posted an operations net loss of P693 million in 2000. The
company's recurring losses have been attributed to competition
given by shipping conglomerate WG&A, not to mention a narrowed
passenger and freight volume, and the increased fuel prices.

PHILIPPINE AIRLINES: Plans To Lease Three Boeing 737
Philippine Airlines Incorporated (PAL) has notified the
Securities and Exchange Commission that it would like to lease
three Boeing 737-300 aircraft for five years, The Philippine
Daily Inquirer reported Wednesday. Two B737 would be subleased to
Air Philippines, an affiliate, and the other would be for PAL's
use for two to three years to meet capacity requirements.

PAL explained that by leasing the aircraft the airline company,
which is currently undergoing rehabilitation with P100 billion in
debts, would be able to save on integration costs and earn extra
income from sub-lease fees from Air Philippines.

Meanwhile, PAL is planning to open long-tern charter flights for
the Manila-Kaoshiung-Cebu route.


CHARTERED SEMICONDUCTOR: First Quarter Returns Alarming
Chartered Semiconductor Manufacturing will slip into the red in
the first quarter of its business year, Reuters reported, as
published in yesterday's Business Day Thailand. Chartered's
sister company, ST Assembly Test Services Moving, will join it.

According to analysts polled by Reuters, Chartered is likely to
suffer losses from US$30.3 million to US$38.8 million for the
quarter, while ST Assembly is predicted to post from US$21.2
million to US$22.8 million in losses.

I-ONE.NET: Creditors Divest 6.7-M Shares
i-One.Net International's creditors, Hong Leong Finance and Kim
Eng Finance, have sold a total of about 6.7 million I-One.Net
shares held by CEO KK Fong, reported
Wednesday. The shares were sold at S$0.085 per share and S$0.1001
per share respectively by the two creditors.

Fong's holding, is now down to 47.4 percent stake in the company,
equivalent to 186.8 million shares, from 49.1 percent before the
sale took place.  


THAI ELECTRONIC: Announces Rehab Plan
The Central Bankruptcy Court has granted approval to Thai
Electronic Industry Plc's rehabilitation plan, having Premier
Planner Company Limited as the Administrator , on January 12,  
2001. The rehabilitation plan, the detail as reported, consisted
of the following steps:

1. Repayment of Debts

2. Decrease of the Capital

3. Increase of the Capital - by Conversion of Debt to Equity
                      - Shares Payment to the old shareholders of      
                        Premier C E Company Limited

4. Business Merging and Transfer with Premier C E Company Limited

Premier Planner Company Limited, as the plan administrator of
TEIC, is pleased to submit the summary of the company's operation
under the Rehabilitation Plan of the first three months.

1. Repayment of Debts

During the principal grace period presently, the company pays
interest monthly starting from the month the court has approved
the rehabilitation plan, that is from January to March 2001 in
the total amount of Bt973,195.90 (payment to the secured
creditors totaling Bt877,031.50 and to the   unsecured creditors
totaling Bt96,164.40).  

2. Decrease of the Capital

The administrator has proceeded with the Decrease of the Capital
as follows:

January 22, 2001 - announced the closing of the Shareholders
Register to suspend shares transfer

January 30, 2001 - closed the Shareholders Register to suspend
shares transfer

February 12, 2001 - obtained court order approving the amendment
of the company's Memorandum of Association regarding the decrease
and increase of capital

February 22, 2001 - the administrator applied for the decrease of
the registered capital to the Registrar of the Public Companies,
the Commercial Registration Department, the Ministry of Commerce

While undergoing the capital decrease, on February 23, 2001 the
administrator learnt that a financial institute had filed for an
appeal against the court's approval to the rehabilitation plan of
Thai Electronic Industry Plc.  

Now that the court's approval to the plan is not final, the
administrator deems that to continue with the steps of the plan
may cause unfavorable effect to TEIC shareholders, the creditors
and the debtors alike.  

Therefore, on April 3, 2001 the administrator applied to the
court for an amendment of the plan.  The items to amend include
the extension of time in carrying out the plan in connection with
the capital decrease/increase, loans servicing to creditors group
1 and 3, returning the principal and paying interests to the
creditor group 3, and repaying to the account receivables -

Presently, the administrator is awaiting the court order so that
the official receiver will call for a creditor meeting to amend
the plan as requested by the administrator.   

WONGPAITOON GROUP: Announces Terms Of Debt Deal
Wongpaitoon Group Public Company Limited has announced the terms
of its debt restructuring agreement.

The debt restructuring agreement covers a total of
Bt4,061,371,123.92 in debts and this is classified as follows:

Class 1 Creditor: Siam Commercial Bank is the only one creditor
in this class which accounts for Bt735 million. The Company and
Class 1 Creditor agreed to enter into debt restructuring
agreement under the following conditions -

Creditor agreed to allocate Bt735 million for the Company's
working capital facility. The Company agreed to make full
repayment by the tenth year after contract signing date subject
to the conditions as specified in debt restructuring agreement.

2. Class 2 Creditor: Siam Commercial Bank is the only creditor
for this class which accounts for Bt660 million.

Class 2 Debt, which amounted to Bt578 million, must be paid by
new loan as specified in debt restructure contract. For the
balance of the following debt, Class 2 Creditor agreed to Company
to pay back under the same condition as specified in Class 3
Creditor by combining all debt amount of Class 2 Creditor with
Class 3 Creditor and payment should be made as mention in
Section 3.

3. Class 3 Creditor: Siam Commercial Bank, Bank of Ayudhaya,
Bangkok Bank, Siam City Bank, Bangkok Commercial Asset
Management, Standard Chartered Nakornthon Bank, Credit Agricole
Indosuez, Industrial Finance Corporation of Thailand and Morgan
Greer Special Situations Fund are major creditors  for this class
which account for Bt2,639,949,097.

Within seven days after the approval of the plan, Class 3
Creditor must inform to the planner whether or not the new loan
will be granted to the Company.   

Class 3 Creditor must also specified amount of new loan. Creditor
who grants this new loan will be classified to Class 7 Creditor
(Creditor of new loan for working capital facility) and this debt
will be paid according to conditions specified on Section 7.

However, for Class 3 Creditors, who do not grant this new loan as
mentioned above, will by paid by the Company as followed:

3.1 The first portion, which amounts to 69.92 percent of all
Class 3 Creditor. This debt portion and accrued interest will be
converted from debt to the Company's equity. Conversion of debt
to the Company's equity action must be completed within 30 days
after contract signing date. During this 30-day period, creditor
agrees not to charge any interest on the first portion of Class 3

a) The Company agrees to decrease its registered capital by
reducing it shares to zero share. However, if the court orders to
amend the Debt Restructuring Plan, in respect to the decrease of
registered capital as otherwise, the decrease of registered
capital under this Clause shall proceed in accordance with the
court's amended order . Bt10 per share will be reduced to Satang
1 per share.

b) The Company agrees to increase its registered capital from
Bt280 million divided into 28 million shares at par value of Bt10
each, by another Bt17,378,225,800, thereby totaling a new
registered capital of Bt17,658,225,800.00 divided into
1,737,822,580 shares at par value of Bt10 each.  

The Company will allocate such addition shares as follows:

1. Allocate 414,193,548 shares to SUL creditors at Bt3.10 each.

2. Allocate 628,500,000 shares at Bt10 each to Class 3 Creditor
(Debt converted shares) to accommodate capital increase.  These
new shares will be offered to Class 3 Creditor in proportion to
each creditor's claim at Bt3.10 per share for repayment of debt
of Bt1.6 billion and the accrued interest.

3. The amount of 695,129,032 shares will be reserved to
accommodate the exercise of warrant as per (c) below.

c) The Company will issue and offer warrants to the creditor in
Class 3 Creditor at the ratio of 2 warrants per 3 new shares.  
Such warrant must be exercised (on a quarterly basis in
accordance with the regulations of The Securities and Exchange
Commission and the regulations of The Stock Exchange of Thailand
within a period of 5 years from the effective date at price of
Bt2.25 per share.

d) Should any of the Creditor in the Class 3 Debt want to
exercise the warrants, the Company gains retaining profit from
its operations and is unable to issue any shares at a price lower
than the par value, the Company can make every effort to request
the majority creditor to ensure that the creditor will be
entitled to exercise the warrants to subscribe for the Company's
shares at the price lower then the market price.

3.2 Second portion: Class 3 debt and the rest

A. Principal payment

Principal must be fully paid within 10 years after the effective
date.  Payment will be paid on monthly basis by the end of each
calendar month in an amount per calendar quarter not less than
such amount and forming a part hereof (hereinafter referred to as
the Minimum Quarterly Amount of Class 3 Debt).  

The first installment will begin only under the New Working
Capital Facility Agreement has been fully repaid upon the sixth
year after contract signing date, whichever occurs first. The
amount to be repaid by the Company each month shall be as

1. Amount paid in the first and second month of each calendar
quarter must not be less than 15 percent of the Minimum Quarterly
Amount of Class 3 debt.

2. Amount paid in the third month of each calendar quarter must
not be less than 70 percent of the Minimum Quarterly Amount of
Class 3 debt.

B. Prepayment

The Company has right to prepay the principal amount of the Class
3 Debt, either in part or in whole. However, the Company must
inform creditor by written notice, no less than three days prior.  

The Company also agrees to allow the creditors to apply such  
prepaid amount by the Company to the final installment. In such
prepayment, the Company must pay interest on such prepaid debt as
calculated up to prepayment date to the creditors.

C. Interest

Interest will be paid on monthly basis by the end of each
calendar month.  The first installment must begin at the end of
the first calendar month from the effective date. Should such
interest rate herebelow exceed the Maximum Rate, the Maximum rate
shall prevail.

  Year ( from the effective date)     Interest rate (per annum)
   1                                     2
   2                                     2
   3                                     4
   4                                     4
   5                                     4
   6 to the final repayment date        Average MLR

4. Class 4 Creditor: Siam Commercial Bank, Bank of Ayudhaya, Siam
City Bank, and Standard Chartered Nakornthon Bank are major
creditors for this class which account for Bt7.658 million.

Creditors in this class will be paid according to conditions,
which specified in debt restructuring contract.

5. Class 5 Creditor: Bank of Ayudhaya and Morgan Greer Special
Situations Fund, L.P. are major creditor for this class, which
account for Bt263,684.93.

Creditor in this class will by paid in full within 3 months after
the Bankruptcy Court has approved the restructuring plan.

6. Class 6 Creditor: Other creditors beside Financial Institution
are major creditors for this class which account for

The Company will pay to Class 6 Creditor within 12 months after
the Bankruptcy Court has approved the restructuring plan.
However, Class 6 Creditor will not be eligible for any accrued

7. Class 7 Creditor: New creditor who grants new working capital
facility of Bt434 million will be classified into this category.

A. Principal payment
Principal must be fully paid within 8 years after the effective
date.  Payment will be paid on monthly basis by the end of each
calendar month in an amount per calendar quarter and forming a
part hereof (hereinafter referred to as the "Minimum Quarterly

The first installment will start only under new working capital
facility agreement is fully paid or upon the sixth year after
contract signing date (whichever occurs first). However, monthly
repayment amount from the Company should be as follows:

1. Amount paid in the first and second month of each calendar
quarter must be no less than 15 percent of the Minimum Quarterly

2. Amount paid in the third month of each calendar quarter must
be 70 percent of the Minimum Quarter Amount.

B. Prepayment

The Company can make prepayment of principal amount to Class 2
Creditor, either in part or in total.  The Company must inform
creditors by writing notice not less than 3 days before
prepayment date.  The Company also allows creditor to take this
prepayment amount to first repay the final installment.

C. Interest

Interest will be paid on monthly basis and paid by the end of
each calendar month. The first installment will be at the end of
the first calendar month from the effective date. Should such
interest rate exceed the Maximum Rate, the Maximum Rate shall

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
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