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            T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                 Wednesday, April 25, 2001, Vol. 4, No. 81


                               Headlines

A U S T R A L I A

ALLSTATE EXPLORATIONS: Will Sell Interest In Mine JV
ANSETT AUSTRALIA: Group Adjusts Operations
CBD ONLINE: Four Directors Resign
CBD ONLINE: Will Close and Liquidate Halescom
HALESCOM LIMITED: Parent Withdraws Support
ISIS COMMUNICATIONS: Radley & Globalmedia Strike Deal
LEIGHTON PROPERTIES: N Sydney Property Sells For $90.75-M
MAXIS CORPORATION: Strikes Agreement On DCA
VILLAGE ROADSHOW: Continues Exhibition Restructuring
WAIVCOM WORLDWIDE: Administrator Reports Update


C H I N A   &   H O N G  K O N G

JIAN LONG: Faces Winding Up Petition
KEENSET DEVELOPMENT: Winding Up Petition To Be Heard
LEADING SPIRIT: Likely To Face Winding Up Petitions
LINKWORLD INTERNATIONAL: Winding Up Petition To Be Heard
SHUN FAN: Hearing Scheduled For Winding Up Petition
VISION CENTURY: Changes Company Name
VISION CENTURY: Change In Directorships
VISION CENTURY: Records HK$355.8-M Loss


I N D O N E S I A

BANK DANAMON: Calls Bank IFI Claim Illegal
DHARMALA FINANCE: Inks MoU With IBRA
JAKARTA SETIABUDI: Posts R214.6-B Net Loss For 2000
SEMEN GRESIK: Plans To Issue Bonds Worth R1.2 Trillion


J A P A N

CHIYODA LIFE: Moody's Withdraws Caa2 Rating
CRAYFISH COMPANY: Nasdaq Orders Trading Halt
KYOEI LIFE: Sold Off To Prudential For Y148-B
KYOEI LIFE: Completes Reorg Exercise
NEC CORPORATION: Display Business Chosen For Reorg


K O R E A


DACOM CORPORATION: Twenty-eight Officials Resign
HYNIX SEMICON: SSB Urges Creditors To Assume CBs
HYNIX SEMICON: W3 Trillion in Bailout Funds Likely
HYNIX SEMICON: Sets Goal To Raise W1.8-Trln


M A L A Y S I A

LIEN HOE: Reports Status Of Defaults On Loan Stocks
UNITED ENGINEERS: Gets Turnkey Contracts


P H I L I P P I N E S

BELLE CORPORATION: To Divest Core Property Assets
UNIWIDE GROUP: Woos Casino Toward Negotiations


S I N G A P O R E


MULTIPLE PROPERTIES: To Sell Properties At Boat Quay
TIONG WOON: JV With DSSB Enters Voluntary Liquidation


T H A I L A N D

BANGKOK RANCH: Achieves Financial Restructuring
BANGKOK RANCH: Change Of Auditor
BANGKOK RANCH: Cancels AGM, Omits Dividend Payments
EASTERN STAR: Signs Debt Restructuring Deal
THAI PETROCHEMICAL: Labor Case Hearing Slated For May


     -  -  -  -  -  -  -  -  -  -


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


ALLSTATE EXPLORATIONS: Will Sell Interest In Mine JV
----------------------------------------------------
Allstate Explorations NL announced on March 19, 2001 that it was
negotiating with Goldfields Limited for a possible sale of
Allstate's 51.51 percent interest in the Beaconsfield Mine Joint
Venture (BMJV). That announcement followed the receipt by
Allstate of a non-binding offer from Goldfields to acquire
Allstate's interest in the BMJV and to take Allstate's hedge
book of future production for $32 million.

Allstate and Goldfields have not reached any agreement for the
sale and purchase of Allstate's interest in the BMJV, and
Goldfields has withdrawn its offer.

Allstate will continue to discuss with interested parties a
possible sale, on reasonable commercial terms, of its interest
in the BMJV. Allstate will advise the ASX if it receives any
offers that it considers to be in the best interests of Allstate
shareholders.


ANSETT AUSTRALIA: Group Adjusts Operations
------------------------------------------
Air New Zealand Limited announced Monday that the Air New
Zealand-Ansett Australia airline group has adjusted its
operations to take account of the grounding of Boeing B767
aircraft in its Ansett fleet, and the withdrawal of the Tasman
Pacific - Qantas New Zealand airline from the New Zealand
domestic market.

On Friday, April 20, the Director of the Australian Civil
Aviation Safety Authority, Mick Toller, announced that CASA
would not, as previously advised, issue the notice which would
have required Ansett Australia, Ansett International, and ANNZES
Australia to show cause why their airline operator's
certificates and engineering certificates of approval should not
be withdrawn in 14 days.

Toller stated that a package of proposals presented by the
company to CASA was "a significant step forward in improving
safety and the safety culture within your (Ansett) organization.
As they provide the necessary basis for addressing the
identified concerns, CASA will not be issuing a show cause
notice to Ansett based on those concerns."

The first of the 10 Ansett B767 aircraft grounded on Thursday,  
April 12, was cleared by CASA and returned to scheduled service
on Friday afternoon, April 20. The company hopes that checks on
the other grounded aircraft will proceed more rapidly now that
information needs and both documentary and physical checking
processes have been established.

From the time the B767 grounding was initiated, Ansett was able
to lease capacity from Air New Zealand, Singapore Airlines and
Air Canada and purchase seats on other Australian carriers to
sustain services to all its customers.

Approximately 95 percent of all passengers booked an Ansett
Australia flights over the school holiday/Easter period were
carried on aircraft provided by the Group's Ansett and Air New
Zealand airlines. Additional costs resulting from the grounding
are estimated at less than NZ$3 million.

Demand for passenger travel bookings on Ansett Australia's
services has been sustained at strong levels since the
groundings were announced. Passenger "no show" levels have been
at normal levels, and, to date, no major corporate travel
accounts have been lost.

In the New Zealand domestic market, Air New Zealand has been
coping with a heavy increase in demand for its domestic services
since the Tasman Pacific - Qantas New Zealand airline ceased
operation early on Saturday morning.

Ansett also obtained, with agreement of the receiver of Tasman
Pacific Limited, the fleet of eight BAe 146 aircraft (and
associated documentation), which had been leased to Tasman
Pacific by Ansett Australia. The leases had been negotiated in
first half of last year, before News Limited completed the sales
of its 50 percent interest in Ansett Holdings to Air New Zealand
and its 100 percent interest in Ansett New Zealand to Tasman
Pacific.




CBD ONLINE: Four Directors Resign
---------------------------------
CBD Online Limited announced that four Directors, including the
Chairman of CBD Online, Dr John Hewson, have resigned from their
positions as directors of the company.

James Neilsen and Robert Paterson, non-executive Directors of
the Company, also resigned.

The Finance Director and Company Secretary of CBD Online
Limited, Richard Hasseldine, resigned from the Board in order to
pursue other commitments as Finance Director of Davstoc
Investments.

The Board appointed Barry Moignard as Chairman of the Company,  
Moignard was one of the founders of CBD Online and was
previously Deputy Chairman of the Company Moignard is also
Founder and Chief Executive Officer of Davstoc Investments.

Christopher Powell was appointed as Chief Financial Officer and
Company Secretary. Powell was formerly Vice President of Finance
and Administration with software developer, Bullant Technology.


CBD ONLINE: Will Close and Liquidate Halescom
---------------------------------------------
CBD Online Limited has announced that it would close its
Halescom subsidiary and liquidate the subsidiary's assets.

The decision arises out of a review of the projected
consolidated results for the CBD Online Group for the half year
ending June 30, 2001 which show that its EBITDA loss, if it were
to continue with its present strategy, is likely to be at least
$2.5 million.

In recent months CBD Online has been undertaking a comprehensive
cost reduction program in order to refocus its core operating
activities and improve its profitability.

However, despite expenditure levels being severely curtailed,
the new loss projections represent a considerable difference to
the projected EBITDA profit of approximately $0.5 million for
the half year previously communicated to shareholders and
investor's in a Supplementary Offer Information Statement dated  
December 22, 2000.

CBD Online announced in February that a significant shortfall in
the revenue projections for its Halescom subsidiary was expected
and the extent of that likely shortfall has now been quantified
to a greater extent.

Further, CBD Online has determined that the revenue projected
for its flagship business, CBD Online, is also showing a
significant shortfall for 2000/01.

As a result of the revised loss projections Davstoc Investments,
a major investor in and previous provider of financial support
to CBD Online, notified the Board that it would not be willing
to provide any further financial support to CBD Online without a
significant change in its corporate strategy. As a consequence,
the Board has determined to liquidate the Halescom subsidiary
and to consolidate the operations of the CBD Online business,
which will also enable the company to contain expenditure in a
suitable and effective manner.

Earlier today CBD Online announced the resignation of four of
its Directors, including its Chairman, Dr John Hewson, and the
appointment of Barry Moignard as Chairman of the company. The
Board has already commenced a process of identifying suitable
candidates to replace these directors as a matter of urgency and
several names are under active consideration. A further
announcement will be made as soon as any appointment is made.

The Board also announced that the Managing Director, Gary
Greenbank and the Chief Financial Officer and Company Secretary,
Christopher Powell, who are both based in Sydney, have agreed to
terms with the Board that will see them undertake the closure
and liquidation of Halescom over the next two to three months
before leaving CBD Online, which will relocate all its
operations to Melbourne.


HALESCOM LIMITED: Parent Withdraws Support
------------------------------------------
CBD Online Limited announced yesterday that it has withdrawn all
financial support to its Halescom Limited subsidiary.

Following receipt of this advice from CBD Online, the Directors
of Halescom Limited have appointed Grant Thorton, Chartered
Accountants, as the voluntary administrator of Halescom Limited.


ISIS COMMUNICATIONS: Radley & Globalmedia Strike Deal
-----------------------------------------------------
Isis Communications Ltd has been advised by Radly Corporation
Ltd, the Company's major shareholder, that Radly Corporation Ltd
has entered into a non binding Letter of Intent (LOI), which
could lead to the transfer by Adam Radly and his associates of
their shares in Radly Corporation Ltd to a US company,
GlobalMedia Inc (GlobalMedia) for shares of Global Media.

The LOI is subject to a number of conditions including due
diligence as well as various shareholder and regulatory
approvals.

ISIS anticipates these approvals will include FIRB, ASX and the
takeover provisions of the Corporations Law, should the proposed
transactions proceed over the ensuing months.

ISIS became aware April 20, 2001 of a media release made by
GlobalMedia in the US on April 19, 2001 concerning the LOI. ISIS
is concerned about certain inaccuracies relating to ISIS
Communications Limited in the GlobalMedia release and on April
20, 2001 sought to have the parties immediately correct these
inaccuracies.

These inaccuracies included reference to Isis Communications
Limited being party to the LOI and reference also to several
contracts Isis Broadcast Media has purportedly entered into for
Internet delivery of its services.

Isis Broadcast Media Pty Ltd has not entered into material
Internet related contracts.

The Board has determined that although opportunities exist for
the company to grow in Australia, there are many opportunities
present in the US. As a result, Peter Colby was appointed to the
position of Chief Operating Officer and as an executive Director
of the company to be responsible for Australian operations
thereby enabling Adam Radly to spend considerably more time in
the US.

ISIS is currently considering various opportunities in the US in
tandem with accessing funding in that market. The Board is
taking a cautious approach and generally favoring opportunities
that involve partnering with US based organizations where
revenue sharing arrangements may be established as opposed to
opportunities that involve utilizing the company's cash
reserves.

However, Isis Communications Limited has not entered into any
Letter of Intent or any alliance or other agreement with
GlobalMedia.




LEIGHTON PROPERTIES: N Sydney Property Sells For $90.75-M
---------------------------------------------------------
Leighton Properties' landmark commercial development at 80
Pacific Highway, North Sydney has been sold to Investa Property
Group for $90.75 million, with contracts now exchanged.

The property will be purchased by Investa Property Trust for 50
percent down, the balance being acquired by the Investa North
Sydney Property Trust (INSPT). INSPT is a new syndicate offering
the equity which is being underwritten by Westpac Banking
Corporation.

The $90.75 million contract price for the property equates to a
7.5 percent yield before acquisition costs.

The 14 story, 13,695-square-meter commercial building is fully
leased to Cisco Systems - who have taken 11,500 square meters
for an initial eight-year lease - with the balance taken up by
Siebel Systems. There are also seven fully leased retail outlets
at street level with one minor vacancy and 87 basement car
spaces.

Andrew Junor, General Manager Investments, said, "We are pleased
with this quality acquisition and the structuring of this
transaction highlights the strength of the stapled structure and
the ongoing relationship Investa has with its former parent
Westpac."

Mark Gray, NSW Manager, Leighton Properties said there had been
strong interest in the property from institutional investors who
sought to capitalize on the strong lease covenants and long-term
investment growth of North Sydney. Leighton Properties are
proceeding with their joint venture development of 100 Pacific
Highway, North Sydney.

The high quality building was completed in May 2000 with the
commercial component being fully leased prior to completion.

Acting for the sale were Tom Southern of CB and Richard Ellis
and David Harrison of FPD Savills.


MAXIS CORPORATION: Strikes Agreement On DCA
-------------------------------------------
Maxis Corporation Limited has announced that its subsidiary NDT
Pty Limited trading as Managed Networks, the Administrators of
its two other subsidiaries ARBT Pty Limited and ABT Supplyline
Pty Limited, together with the Receiver and Manager of
Australian Business Technologies Pty Limited (ABTPL) and
Compaq Computers Australia Pty Limited, collectively reached
agreement on April 17 to help facilitate the execution of the
Deed of Company Arrangement (DCA), the supplementary report of
which was unanimously approved by creditors on April 6, 2001.

In accordance with the short minutes of order made by consent
between the parties and noted in open court by Justice Windeyer
in the Equity Division of the Supreme Court of NSW:

1) NDT was fully released from its undertakings given to the
court on February 14, 2001 and as varied by subsequent orders.

2) Maxis and NDT provided an amount of $1,000,000 in partial
satisfaction of the principal amount outstanding to Compaq under
a charge dated September 30, 1996 granted by ABTPL to Compaq.

3) Compaq agreed to participate in the DCA as an unsecured
creditor and in accordance with the terms of the DCA.

4) Compaq agreed not to enforce its charge in respect to NDT,
its business and its assets, unless and until the DCA is
completed or the conditions precedent to the DCA have not been
satisfied.

5) The proceedings and cross-claim are discontinued with no
order as to costs.

6) Compaq and the Receiver and Manager of ABTPL agreed not to
bring any claims against the companies in Administration
alleging the same or similar matters as in the current
proceedings.

7) The Director of ABTPL acknowledged that the charge held by
Compaq and the appointment of the Receiver and Manager to ABTPL
by Compaq is valid.

            Important Condition

The above agreement and the dismissal of the proceedings
satisfied an important condition precedent of the DCA, thereby
facilitating the final execution of the DCA.

In this regard, Maxis also wishes to advise that the
Administrators of Heartland and Supplyline indicated in open
court that they intend to apply for a 14 day extension for the
completion of the DCA, since the number of public holidays and
the proceeding referred to above interrupted the ability of the
parties to the DCA to complete the process within the requisite
21 day period.

The Maxis Board is pleased with the significant progress made to
date in respect to the anticipated retirement of the
Administrators and the Receiver and Manager from its
subsidiaries.

Maxis anticipates that, in accordance with the terms of the DCA
and following the satisfaction of the debt owing to Compaq, the
control of its subsidiaries will revert to Maxis upon the
execution of the DCA in early May 2001.

When this process is completed, Maxis will release its
intentions to the market in respect of the businesses of
Heartland and Managed Networks.


VILLAGE ROADSHOW: Continues Exhibition Restructuring
----------------------------------------------------
Village Roadshow Limited announced Monday the sale of its cinema
exhibition interests in Switzerland and Hungary and the sale of
its remaining 50 percent property interest in Village
Entertainment Park, the company's major cinema site in Athens,
Greece.

Gross sale proceeds of $94 million were realized and net
proceeds of $45 million were received after the repayment of $49
million in debt.

Consideration for the sale of both Switzerland and Hungary
cinema circuits was close to book value and the Greek property
realized a respectable capital profit.

Village's single site of 13 screens in Switzerland has been sold
to Pathe, one of Europe's leading cinema exhibitors.

In Hungary, the group has sold its interest in 45 screens at six
sites to its Joint Venture partner in the region, Intercom.

After acquiring and developing Village Entertainment Park into
Athens' premier retail and entertainment complex, Village
Roadshow sold the first half of its interest in the property in
1999.

The sale of the group's remaining property interest in the site
to Pradera European Retail Fund further reduces the company's
property exposure and completes its strategy to lease and manage
the cinemas only.

Managing Director and CEO of Village Roadshow Limited Graham
Burke said, "Having embarked some 9 months ago on a program to
restructure our exhibition division we have now achieved many
significant milestones in that plan.

"The sale of Switzerland and Hungary combined with the sale of
our remaining interest in Village Entertainment Park further
reduces the capital committed to this division and will assist
in raising the overall returns from cinema exhibition."


WAIVCOM WORLDWIDE: Administrator Reports Update
-----------------------------------------------
N Brook, the appointed joint and several Voluntary Administrator
of Waivcom Worldwide Limited, announced, together with partner
David McEvoy, the following report:

The share registry continues to be maintained by Computeshare
but is not being updated, as pursuant to section 437F of the
Corporations Law, the transfer of shares in the company, or an
alteration in the status of members of the company, that is made
during the course of the Administration of the company is void
except so far as a Court otherwise orders.

At this stage of the Administration it is too early to determine
if sufficient funds will be available to repay the priority and
unsecured creditors in full and subsequently if there will be
any return to shareholders. As a consequence, we cannot offer
shareholders any confirmation as to the potential value or
otherwise of their shareholding in Waivcom Worldwide Limited at
this point in time.

Set out below is a summary on the Administration to date.

* The Waivcom businesses are being continued as going concerns
under my supervision.

* We are pursuing a sale of business process at the current
time. While the response has been positive to date, it is too
early to predict all outcome.

* The second meeting of creditors of Waivcom Worldwide Limited
will be held no later than May 28, 2001 as Court approval to
extend the convening period has recently been granted. The
second creditors meeting is held to decide the future of the
company and decisions taken by creditors at this meeting will
impact significantly the position of shareholders.


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


JIAN LONG: Faces Winding Up Petition
------------------------------------
Beijing Jian Long Construction Joint Corporation will be facing
a winding up petition before the High Court of Hong Kong on May
9, 2001 at 9:30 am. The petition was filed with the court on
February 14, 2001 by Anderson Asphalt Limited whose registered
office is situated 12/F., Cheung Kong Center, 2 Queen's Road
Central, Hong Kong.


KEENSET DEVELOPMENT: Winding Up Petition To Be Heard
----------------------------------------------------
The winding up petition filed against Keenset Development
Limited is set to be heard on June 6, 2001 before the High Court
of Hong Kong. The petition was filed on April 9, 2001 by Sin Hua
Bank Limited formerly known as Sin Hua Trust, Savings &
Commercial Bank, Limited whose principal place of business for
the Hong Kong Branch is situated at No. 2A Des Voeux Road
Central, Hong Kong.


LEADING SPIRIT: Likely To Face Winding Up Petitions
---------------------------------------------------
For failing to settle debts amounting to HK$342 million, Leading
Spirit High-Tech (Holdings) Company Limited, an assembler and
trader of computers, will likely face court actions as stepping
boards to winding up petitions, European Investor reported late
last week.

Leading Spirit, including some of its subsidiaries, such as  
China Digicontent Company Limited, have outstanding payables to
ABSA Asia Limited and Standard Chartered Bank, totaling HK$88.38
million. In addition, it has yet to repay debts amounting to
US$32.51 million to Deutsche Bank International Asia Limited,
Investor said, citing a company statement.

Negotiations with creditors, which was started in 1998, on the
company's debt restructuring have already been terminated.
However, there are other proposals by the companies that are
currently under study, Leading Spirit told Investor.


LINKWORLD INTERNATIONAL: Winding Up Petition To Be Heard
--------------------------------------------------------
The petition to wind up Linkworld International (Hong Kong)
Limited is set to be heard on May 16, 2001 before the High Court
of Hong Kong. The petition was filed on March 15, 2001 by Bank
of Communications, a banking corporation duly incorporated in
the People's Republic of China and having a branch office at No.
20 Pedder Street, Central, Hong Kong.


SHUN FAN: Hearing Scheduled For Winding Up Petition
---------------------------------------------------
The petition to wind up Shun Fan Construction Company Limited is
set to be heard before the High Court of Hong Kong on May 30,
2001. The petition was filed on March 30, 2001 by Kincheng
Banking Corporation of No. 55 Des Voeux Road Central, Hong Kong.


VISION CENTURY: Changes Company Name
------------------------------------
Hing Kong Holdings Limited had been changed to Vision Century
Corporation Limited. Accordingly, the stock short name of its
ordinary shares (stock code: 535) had also been changed to
"Vision Century" effective March 28, 2001.


VISION CENTURY: Change In Directorships
---------------------------------------
Vision Century Corporation Limited has announced that:

(1) Chow Nin Mow Albert resigned as Managing Director of the
Ccompany with effect after the close of business on April 18,
2001; and

(2) Chua Tiow Chye resigned as alternate director to Ms. Chong
Siak Ching and was appointed as Managing Director of the Company
with effect from April 19, 2001.

"The Board of Directors would like to thank  Chow Nin Mow,
Albert for his contribution to the company in the past," Company
Secretary Peter Lee Yip Wah said.


VISION CENTURY: Records HK$355.8-M Loss
---------------------------------------
Vision Century Corporation Limited (formerly known as Hing Kong
Holdings) posted a loss of HK$355.811 million for the year ended
December 31, 2000, Business Times reported Friday last week.
This year-end result, announced two months after the takeover by
a consortium, was attributed to the decrease in the group's
investments and property portfolio value.

Vision Century registered a total turnover of HK$565.025
million, two-and-a-half times more than the HK$99.9 million
incurred during the preceding year.

The company also lost HK$0.226 per share, as opposed to HK0.18
earnings per share. In this regard, the company noted: "The
calculation of the basic (loss)/earnings per share is based on
the loss attributable to the shareholders for the year of
HK$355,811,000 (1999: a profit of HK$19,650,000) and on the
weighted average number of 1,576,992,134 (1999: 1,083,590,331)
shares in issue during the year. No diluted (loss)/earnings per
share has been presented because had the company's warrants and
convertible bonds been exercised, there should have been on
dilutive effect on the Group's results for both years."

Two months ago, a consortium composed of CyberCity Holdings,
Fraser & Neave and Ascendas Pte Limited took over Vision Century
after it bought a substantial holding owned by China Travel
International.


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


BANK DANAMON: Calls Bank IFI Claim Illegal
------------------------------------------
Bank Danamon President Arwin Rasyid dismissed as unlawful Bank
IFI's demanding payment on the former Bank Nusa Nasional's (BNN)
debts worth $12.20 million, IndoExchange reported Friday last
week.

BNN's liabilities referred to by Rasyid involved a syndicated
loan for PT Riau prima Energi in 1996 as per agreements on sub-
participation and put-option made between BNN and Bank IFI, the
report said. Further, BNN took part in that loan as it borrowed
$4.2 million from Bank IFI. However, according to Rasyid, Bank
IFI pull out of the sub-participation deal, leaving BNN unable
to repay the principal.

Resulting from the merger of BNN with Bank Danamon on June 30
last year, the latter soon assumed the former's liabilities, and
pledged to pay the principal amount to Bank IFI.

However, Bank IFI demanded payments of the sum $12.2 million,
which would include interests, which Bank Danamon refuted as
excluded from the deal made between the two said banks. Bank
Danamon also argued that PT Riau Prima Energi has not made any
payments on debts to BNN, Rasyid told IndoExchange.


DHARMALA FINANCE: Inks MoU With IBRA
------------------------------------
PT BBL Dharmala Finance Tbk (BDF) announced that it has signed a
memorandum of understanding with Indonesian Banking
Restructuring Agency (IBRA) relating to the restructuring of
debts owed by BDF to IBRA. The MOU, as stated on letter to
Capital Market Supervisory Agency (Bapepam) and Jakarta Stock
Exchange (JSX), was signed on Friday, April 06, 2001.

As per the MOU, it said, IBRA expresses its agreement in
principal with the terms and conditions of a Term Sheet
initiated in May 2000 by BDF and offers of two of the company's
major creditors.

IBRA and BDF also agree in the MOU to use the Term Sheet as a
basis for discussions with the objective of agreeing a debt
restructuring agreement with a majority of BDF creditors.


JAKARTA SETIABUDI: Posts R214.6-B Net Loss For 2000
---------------------------------------------------
PT Jakarta Setiabudi International reported a net loss for the
year 2000 amounting to Rp214.6 billion, a turnaround from a net
profit of Rp75.3 billion recorded in the preceding year,
attributed to foreign exchange loss of Rp253.05 billion, Asian
Wall Street Journal reported Friday last week.

The company's sales tally climbed 14 percent to Rp408.8 billion.

PT Dharma Samudera Fishing Industries and Ting Sheen
Bandasejhatera, the report said, are planning to infuse an
investment worth $50 million into the fishing and processing
plants in Tual, Southeast Maluku.


SEMEN GRESIK: Plans To Issue Bonds Worth R1.2 Trillion
------------------------------------------------------
PT Semen Gresik Tbk's (SG) shareholders have approved the plan
to issue bonds amounting to Rp1.2 trillion, notwithstanding the
spin-offs of PT Semen Padang and PT Semen Tonasa, Bisnis
Indonesia reported. According to bond team Chairman Ahmad Umar
Asnar, the sum will be utilized to defray debts amounting to
US$162 million and Rp214 billion, respectively in January 2002
and April 2003.

He also told Bisnis, "Some of the debts will be paid with
commercial notes while the remaining will be financed from SG
operations."

SG will still have to present a bond issuance schedule, which is
requisite according to Bapepam regulations, on May 10, 2001.


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


CHIYODA LIFE: Moody's Withdraws Caa2 Rating
-------------------------------------------
Moody's Investors' Service has withdrawn Chiyoda Mutual Life
Insurance Company's Caa2 insurance financial strength rating,
following the approval of its corporate rehabilitation plan.

Chiyoda will be changing its name to AIG Star Insurance Company
Limited (unrated by Moody's), and will resume operations under
that name.

Withdrawal of Chiyoda Life's Caa2 rating reflects Moody's view
that Chiyoda Life's policyholders face economic losses under the
corporate rehabilitation plan, and that it will be difficult to
distinguish ex-Chiyoda policies in the new company.

The new company, however, will provide a different level of
solvency "with restructured conditions" for policyholders that
do not surrender their policies. AIG will provide capital of Yen
30 billion to help recapitalize the reorganized company,
according to the announced plan.

Moody's initially assigned a B3 rating to Chiyoda Life on
November 21, 1997, and downgraded the rating to Caa1 on June 9,
1999 and to Caa2 on October 11, 2000.

The rating agency thus alerted the Japanese marketplace -
including investors, policyholders, and distributors - to the
substantial credit risks present at Chiyoda Life.

Chiyoda Life's policyholders face potential economic losses
because of the reduction of liability reserves, the reduction of
guaranteed rates, and penalties upon early surrender.

Liability reserves will be reduced up to a maximum of 10
percent, minimum guaranteed crediting rates will be lowered to
1.0-1.75 percent, and surrender charge penalties will be applied
to cash surrender values for the next ten years.

Chiyoda's policyholders will receive "special dividends" on
March 31, 2002 and on March 31, 2006, if the realized value of
Chiyoda's corporate loans and real estate holdings exceeds the
appraisal values.

Chiyoda Mutual Life Insurance Company Limited, with headquarters
in Tokyo, is the 12th largest Japanese life insurance company in
terms of assets. The company had total assets of Y3.5019
trillion at the end of March 2000.


CRAYFISH COMPANY: Nasdaq Orders Trading Halt
--------------------------------------------
Nasdaq ordered trading halt on Crayfish Company Monday, seeking
"additional information" regarding the resignation en masse of
the e-mail hosting service provider's auditors and the company-
breached audit agreement, Asian Wall Street Journal reported
Monday.

According to the Journal report, Crayfish's shares last traded
at $11 on Nasdaq volume of 24,300 shares.


KYOEI LIFE: Sold Off To Prudential For Y148-B
---------------------------------------------
Kyoei Life Insurance Company Limited has been sold to Prudential
Insurance Company of America for Y148 billion, Asian Wall Street
Journal reported Monday, citing a report of the Financial Times
Tuesday International Edition.

Prudential's acquisition of the failed Japanese life insurer,
which would account for 13 percent of its international balance
sheet, is part of its vigorous campaign to get a hold of a part
of the Japanese insurance market, said to be the second largest
in the world, Journal reported.

The sum paid to Kyoei Life would be broken down to: Y50 billion
worth of shares, and Y98 billion as reinforcement to the
Japanese life insurer's capital base.

Suffering from a financial crisis, due to widening negative
spread, Kyoei Life went into reorganization beginning October
20, 2000.


KYOEI LIFE: Completes Reorg Exercise
------------------------------------
Kyoei Life Insurance Company has completed its reorganization
exercise Monday, Japan Times Online reported yesterday.

Kyoei Life has been renamed Gibraltar Life Insurance Company
after Prudential Insurance Company of America purchased 100
percent of the Japanese insurer's newly issued stock. Moody's
Investors Service gave Monday Gibraltar's insurance financial
strength an A2 rating.

Prudential took over Kyoei's operations this month, and,
according to Times report, is eyeing on Japan's upscale niche
markets. Prudential Chairman and CEO Arthur Ryan told Times,
"There is plenty of room for growth . . . if we address the
changing needs of customers that others haven't seen."

On its business plans as far as its forays into the Japanese
market, Kiyofumi Sakaguchi, president and CEO of Prudential
International Insurance Group, told Times, "The issue is not how
we will develop new products, but whether the Japanese insurance
industry can match products with the needs of our customers. We
do not believe that the fate of the company lies in product
development, but in our distribution strategy."


NEC CORPORATION: Display Business Chosen For Reorg
--------------------------------------------------
NEC Corporation has planned to reorganize its display operations
as part of its review conducted on different business units,
Asian Wall Street Journal reported yesterday, citing a company
spokesman. Details of the final outline of measures will be
released in a month's time.

Along with this move, NEC, is also planning to cease operations
in the flat-panel screens production.

Back in February, NEC reduced its group earnings projections for
the financial year ended in March. However, it disclosed that it
would consider proposed measures aimed to bolster its earnings
from products such as display, personal computer and
semiconductors.

Moreover, reports have it that NEC will suspend its LCD panel
production within the year in units in Kagoshima and Akita
prefectures. The Kagoshima unit will shift its focus to large
plasma display panels production, and the unit in Akita will
create small LCD panels for electronic products, like cellular
phones.

NEC has a monthly production capacity of 150,000 LCD panels. It
generated during the year ended March 31 sales revenues of
around Y100 billion.


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


DACOM CORPORATION: Twenty-eight Officials Resign
------------------------------------------------
Twenty-eight executives of Dacom Corporation, including the
company's vice president, have resigned to assume responsibility
over the company's weakening business operations, Asian Wall
Street Journal reported Monday, citing the company's public
relations director D.J. Lee.

Until the acceptance of their resignations, the executives
agreed to receive wages 75 percent of their original rates. A
restructuring plan will likely be announced tomorrow.


HYNIX SEMICON: SSB Urges Creditors To Assume CBs
------------------------------------------------
Hynix Semiconductor's lead manager Salomon Smith Barney (SSB) is
urging Hynix creditors to shoulder convertible bonds worth W1
trillion, which creditors said is tantamount to a debt-for-
equity swap deal, to repay maturing bonds next year, The Korea
Herald reported Monday. The proceeds of which, SSB told Herald,
would go to an escrow fund.

According to the Herald report, creditors have remained to be
passive to the SSB request, since, should they comply, they
would have to overcome reduced interest earnings and allocate
loss provisions.

SSB is currently on the road overseas to conduct foreign
investment campaigns through the issuance of global deposit
receipts (GDR) and high yield bonds all with a combined amount
of W1.8 trillion.

Moreover, SSB has requested creditors to provide bridge loans
worth W200 billion, apart from maturity extension involving
syndicated loans amounting to W800 billion.

Creditors will meet early next week to consider these requests.


HYNIX SEMICON: W3 Trillion in Bailout Funds Likely
--------------------------------------------------
Hynix Semiconductor, the ailing Korean chipmaker, will probably
receive additional bailout funds from state-run banks worth W3
trillion. Funds will be aquired through debt rescheduling of
this amount, which comprises 40 percent of the total debts of
W7.5 trillion, The Korea Herald reported yesterday. According to
Korea Exchange Bank, the major creditor of Hynix, this will be
provided in exchange for raising W1.8 trillion from foreign
capital investment.

This added bailout plan will call for conversion of W1-trillion
short-term corporate bonds whose maturity is scheduled by year's
end into three-year convertible bonds (CBs). This proposed CB
issuances has yet to be approved by the creditors in a screening
meeting sometime this week.

Last month, Hynix was granted by its creditors a rollover of
debts amounting to W735.8 billion.


HYNIX SEMICON: Sets Goal To Raise W1.8-Trln
-------------------------------------------
Hynix Semiconductor Incorporated projects it will raise W1.8
trillion in foreign investment before the start of June, Asian
Wall Street Journal reported Monday.

Hynix Executive Vice President Jeon In Baik said, "Foreign
investors are now conducting due diligence studies and we expect
to strike a deal by end-May." A prospective investor, he pointed
out, is a multinational semiconductor firm.

Hynix Semiconductor, an offshoot of Hyundai Electronics
Industries, posted first quarter operating profits before
interest and taxes amounting to W70 billion, as opposed to W323
billion in the same period last year.


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


LIEN HOE: Reports Status Of Defaults On Loan Stocks
---------------------------------------------------
Lien Hoe Corporation Berhad has reported the current status of
the following defaults pertaining to the Loan Stocks of Lien Hoe
in accordance with KLSE Practice Note No. 2/98:

a. Loan Stocks interest from January 1, 2000 to June 30, 2000;

b. Loan Stocks interest from July 1, 2000 to August 17, 2000;
and

c. Maturity and redemption of Loan Stocks due August 17, 2000

Reasons for Default in Payments

As stated in our circular to loan stockholders dated July 17,
2000, the company was adversely affected by the Asian financial
crisis, which resulted in the slowdown of the Malaysian economy
in general and the property market in particular. This has
affected the company's ability to pay the Loan Stocks' principal
and interest when they fell due.

Measures Taken to Address the Default

The company on May 30, 2000 received Securities Commission's
approval for its restructuring exercise which includes inter-
alia, a capital reduction and rights issue of warrants.

An amount of RM36.7 million arising from this exercise has been
earmarked for partial redemption of the Loan Stocks whilst the
balance of RM7.1 million and Loan Stocks interest of
approximately RM4.1 million will be repaid via bridging loan
from financial institutions.

This loan, if approved, will be secured by a charge over the
Company's property known as Kompleks Lien Hoe in Johor Baru
valued at RM126.976 million as at May 4, 1998.

The restructuring exercise has also been approved by the
shareholders of the company at an extraordinary general meeting
held on November 23, 2000. On January 10, 2001, the High Court
of Malaya granted its sanction for the capital reduction, which
forms an integral part of the restructuring exercise of the
company.

The capital reduction was completed on February 15, 2001 and the
other components of the restructuring exercise will be
implemented sequentially thereafter.

In view of the depressing local stock market condition, which
may adversely affect the progress of implementation of the
restructuring exercise, the company is actively pursuing a bonds
issue by way of securitization of Kompleks Lien Hoe as an
alternative plan.

The bonds issue, if successful, will raise sufficient cash for
the company to redeem the Loan Stocks plus any accrued interest
in full.

Implications

Under the company's proposed debt restructuring scheme as
facilitated by the Corporate Debt Restructuring Committee, Bank
Negara Malaysia, the major lenders to the Lien Hoe Group, have
agreed to restructure the majority of the Group's debts.

This proposal has also been granted the approval by the
Securities Commission on May 30, 2000 and the shareholders
approval on November 23, 2000. Hence, there are no significant
financial and legal implications in respect of the default.

Lines of Action

The Loan Stocks is secured by a charge over the company's
property known as Kompleks Lien Hoe in Johor Baru valued at
RM126.976 million as of May 4, 1998. Loan stockholders will
continue to have a claim against the Company in respect of their
respective holdings of the Loan Stock.

The rights of the registered loan stockholders will continue to
be protected by the terms of the Trust Deed, as amended by the
Amendment Trust Deed, and will continue to be represented by the
Trustee, Universal Trustee (Malaysia) Berhad.

Profile

Lien Hoe (LHC) and its subsidiaries were originally engaged in
the manufacture and trading of building materials.

In 1982 and 1983, Peak Hua Holdings Bhd (PHH), a company
involved in real estate and securities investment, acquired the
majority shareholding in LHC.

LHC then embarked upon a restructuring exercise, which resulted
in diversification into property development in June 1983.
Distribution of scientific/medical supplies was added in mid
1988 as was the manufacture of kitchen cabinets and knock down
furniture.

In 1988 the company ceased to be a subsidiary of PHH. Subsequent
to a scheme of financial restructuring in 1990, LHC branched
into property investment and management through acquisitions.
Over the years, LHC has ventured into timber logging and hotel
property.

Currently, the group is in the process of implementing its
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring and rights issue
of warrants.

The SC approved the scheme on May 30, 2000.


UNITED ENGINEERS: Gets Turnkey Contracts
----------------------------------------
United Engineers (Malaysia) Berhad (UEM) announced that on  
April 16, 2001, the company accepted two Turnkey Contracts which
were awarded by the Government of Malaysia to undertake the
planning, design, construction, equipping, commissioning and
maintenance of two new hospitals which are located at Kunak and
Pitas in Sabah for a period of thirty months commencing from the
date of possession of contract site.

The Turnkey Contracts awarded to the company are worth RM83.2
million and RM80.4 million, respectively.

None of the directors and substantial shareholders of the
company have any interest, whether direct or indirect, in the
Turnkey Contracts. Insofar as the Directors and substantial
shareholders are able to ascertain and are aware of, no persons
connected with them have any interest, direct or indirect, in
the Turnkey Contracts.


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


BELLE CORPORATION: To Divest Core Property Assets
-------------------------------------------------
Belle Corporation announced Monday that it is going to divest
most of its core real property assets to wholly-owned subsidiary
Highlands Prime Leisure Properties Incorporated, Asian Wall
Street Journal reported Monday.

A Belle announcement states, "The proceeds from these equity
sales will be used by Belle primarily to repay most or all of
its debt, with some proceeds also earmarked to fund capital
needs for future property development projects."

Belle's debt reduction is paramount to alleviate its viability
for the long haul.

Moreover, Belle also intends to sell a cut of its stake in
Highlands to "strategic investors", and 10 percent of its stake
to present shareholders and the public.

Belle reported at the end of September that the company owes
debt obligations totaling P18.64 billion, part of which is
comprised of floating rate notes due in May next year amounting
to $125 million.


UNIWIDE GROUP: Woos Casino Toward Negotiations
----------------------------------------------
Uniwide Group of Companies is intent on courting French retailer
Casino Guichard-Perrachon SA, which backed out of a $100-million
deal earlier this year, in order to reopen negotiations,
Business World reported yesterday.  

An official at Uniwide told World, "Casino is still the best
investor for Uniwide. But they want to have all the problems
resolved before they consider investing again. We want to clean
up Uniwide so that when we go back to them, there will be no
hitches."

"They want the rehabilitation plan implemented and to make the
envelope smaller because the value of their supposed investment
is getting bigger and bigger," the Uniwide official further
added.

Uniwide's receiver needs to address Casino's concerns about the
exclusion of macro-economic terms in Uniwide's rehabilitation
plan.

Casino is seeking the implementation of the rehabilitation,
apart from a reduced capital infusion as first required by the
local retailer group.


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


MULTIPLE PROPERTIES: To Sell Properties At Boat Quay
----------------------------------------------------
The Hour Glass Limited announced that on April 20, 2001 its
wholly owned subsidiary, Multiple Properties Pte Ltd (MPPL)
contracted to sell its properties at 57, 57A and 57B Boat Quay
Singapore 049846 to Pavinder Singh, Steve Ting and Christina
Ting.

The sale consideration of the properties is S$3,780,000 and was
arrived at a willing buyer-willing seller basis. The purchasers
are not related to the directors and substantial shareholders of
the company.

The properties were acquired by MPPL in 1990 for investment
holding purposes and have been rented to commercial tenants to
date. However, in line with the company's strategy to focus on
its core business of distribution and retailing of watches and
jewelry, the board has decided to rationalize the group's
property holdings.

Hour Glass intends to utilize the proceeds of the sale of the
properties for the group's working capital purposes. Completion
of the sale is scheduled to take place on June 29, 2001 after
which the company intends to place MPPL under members' voluntary
liquidation.

Hour Glass will realize a gain of approximately S$1 million from
the sale of the properties in the financial year ending March
31, 2002. The sale would have no material effect on the group's
net tangible assets for the financial year.

None of the directors or substantial shareholders of the company
and none of the directors of MPPL have any interest, direct or
indirect in the sale.


TIONG WOON: JV With DSSB Enters Voluntary Liquidation
-----------------------------------------------------
Tiong Woon Corporation Holdings Limited has announced that it
has been mutually agreed between the joint-venture partners that
the joint venture agreement dated December 5, 2000 made between
wholly-owned Malaysia subsidiary, Tiong Woon Crane & Transport
(M) Sdn Bhd (TWCTM) and Delta Structure Sdn Bhd (DSSB) be
terminated, in view of the unsuccessful negotiations to
undertake a proposed project in Malaysia.

In order to mitigate any further cost in maintaining the joint-
venture company, TWC-DSSB Sdn Bhd, it has decided that the
joint-venture company be placed under members' voluntary
liquidation as soon as possible.

The termination of the JV Agreement is however not expected to
have any significant impact on the group's results.

Profit Warning

However, the Board of Directors announced that given the
continued weak sentiment in the local construction industry
coupled with the regional economic instability and the group's
failure to secure some of its anticipated engineering projects,
it is anticipated that the group's profit before tax for the
year ending June 30, 2001 will be significantly lower than
previously projected.

In view of the deteriorating performance as compared to the
previous year, the Directors deem it appropriate to issue a
profit warning.

Turnover

The group has managed to generate a turnover of S$16.5 million
for the first half of the financial year ending June 30, 2001,
which was comparable to the previous corresponding period. Based
on this turnover figure, the group would expect to achieve a
higher turnover in the second half of the financial year ending  
June 30, 2001.

Profit Before Tax

Notwithstanding the increase in turnover, the group expects its
profit before tax for the full year ending June 30, 2001 to,
although remain profitable, be significantly lower than last
year. This is due to the following factors:

a) Following the group's aggressive fleet renewal exercise and
the acquisition of a DEMAG CC6400 (1000 tons) crawler crane, its
operating costs in particular depreciation charges, salaries and
wages as well as maintenance costs have increased significantly.

b) The high capital investment has also resulted in increased
borrowings and increased interest costs.

c) The weak sentiment in the local construction industry and
keen competition due to a limited supply of jobs, resulted in
undercutting of rental prices and hence the group is unable to
achieve the profit margins that it used to achieve.

d) The continued instability of the regional economy has
depressed its heavy lift and haulage as well as marine
activities around the region.

e) Aggressive tendering work carried out in anticipation of
securing some engineering projects in the region, attributed to
an increase in engineering staff cost, traveling and other
ancillary costs.

In view of the adverse impact arising from the above factors,
the Directors and management have taken steps to evaluate its
business strategy by taking the following actions:

a) Trimming the company's overheads by removing redundant
employees.

b) Disposing off its less-productive and older equipment.

c) Improving the group's operational efficiency and providing
high level of quality services to improve sales.

d) Enhancing its reputation as a specialist in providing heavy
lift services and adopting a more aggressive marketing strategy
in the plant and process refineries, petrochemical and other
heavy industries targeted towards the international market. This
is expected to reduce the group's dependency on the local
construction industry.


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


BANGKOK RANCH: Achieves Financial Restructuring
-----------------------------------------------
Bangkok Ranch Public Company Limited achieved its long awaited
financial restructuring in the year 2000.

Under the rehabilitation plan, on October 30,, Bangkok Ranch
made a cash settlement to certain creditors and a restructured
facilities agreement with other creditors became effective. The
company emerged from restructuring with a viable capital base.

Bangkok Ranch is committed to continuously improving its
performance both in sales and net profit. To support its plans
for the future, business expansion of about 30 percent of the
current capacity is being considered. In addition, the company
is committed to continuously upgrading the quality of its
products.

For the year 2000, Bangkok Ranch showed a net profit of Bt2.36
billion, mainly from the gain on debt restructuring, against net
loss of Bt380.1 million in 1999. The restructuring included
interest forgiveness and principal write-down as well as long
term debt restructuring.

Net sales registered an increase of Bt84.5 million or 4.4
percent over last year's figure mostly from export sales. Income
from domestic sales decreased 2.8% due to the decline of duck
meat prices. The bulk of the other income came from a realized
exchange rate gain on restructured debt.

The cost of sales increased disproportionately by Bt126.2
million or 7.9 percent over 1999. This was the result of an
increase in wages and the cost of repairs and maintenance. These
costs have not risen for some time.   

Selling and administrative expenses increased by Bt67.9 million
or 40.3 percent over 1999 figures due to the reclassification of
expenses on farming and increase in costs.

In 2000, Bangkok Ranch also paid a number of consultants,
lawyers and advisers related to the financial restructuring.

During the year 2000, Bangkok Ranch also recognized a loss from
impairment of land of Bt181.6 million, based on the appraisal
report from an independent appraisal company.

Interest expense decreased substantially due to the waiver of
the accrued interest as agreed with creditors.  


BANGKOK RANCH: Change Of Auditor
--------------------------------
Bangkok Ranch Planner Company Limited, as the Plan Administrator
of Bangkok Ranch Public Company Limited, would like to inform
the change of auditor for the year of 2001 from Accountants and
Management  Consultants Company Limited to Ernst and Young
Office Limited as follows :
           
Former Auditor  Name           License No. of Certified Public
Accountant (Thailand)                      
Mr. Somchai  Kurujitkosol           3277
                               
New Auditors Name              License No. of Certified Public
Accountant (Thailand)
Mr. Ruth Chaowanagawi , or           3247
Mr. Sophon Permsirivallop , or       3182
Ms. Rungnapa Lertsuwankul            3516


BANGKOK RANCH: Cancels AGM, Omits Dividend Payments
---------------------------------------------------
Bangkok Ranch Planner Company Limited, the plan administrator of
Bangkok Ranch Public Company Limited, announced that the annual
general meeting of shareholders for the year 2001 of Bangkok
Ranch will be cancelled and the dividend payments will be
omitted.

According to the Bankruptcy Act, when the Court grants an order
for business reorganization, all legal rights of shareholders,
except the right to receive dividends, shall be vested in the
planner or plan administrator, as the case may be.


EASTERN STAR: Signs Debt Restructuring Deal
-------------------------------------------        
Eastern Star Real Estate Public Company Limited signed the Debt
Restructuring Agreement with Bank Thai Public Company Limited on
23 April 2001, involving the total amount of Bt473.58 million,
which included principal and interest.  

Eastern Star has settled the total debt by Bt81.22 million in
cash from proceeds derived from homes transferred to customers
and the balance of Bt392.36 million by debt to assets swap.   

This debt restructuring transaction would give the company a
book gain of Bt166.15 million to be recognized in the second
quarter of financial result of 2001.  

After this success of this debt restructuring deal with Bank
Thai, the company has achieved a total reduction of NPL by 96
percent with a remaining NPL of Bt47.84 million before interest.

Eastern Star aims to settle the remaining debt within this year.


THAI PETROCHEMICAL: Labor Case Hearing Slated For May
-----------------------------------------------------
The Central Labor Court has set May 3 as the next hearing date
on the labor case filed by the founder and former CEO of Thai
Petrochemical Industry Pcl (TPI) Prachai Leophairatana against
the company's court-appointed rehabilitation administrator,
Effective Planners Limited (EP), Asian Wall Street Journal
reported Monday.

EP was appointed by the Central Brankruptcy Court to handle
TPI's debt restructuring involving an amount of $3.7 billion.

Prachai, who earlier sued EP for his dismissal from his post in
the company last year, charged EP at the court Monday for taking
control over TPI operations, following its appointment by the
Bankruptcy Court.

"According to the Bankruptcy Law, the administrator can manage
only TPI's assets and operations, not control the whole
management. They have no right to remove executives from their
posts," Prachai stated, adding that the Labor Court must order EP
to restore his post at TPI.


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

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