TCRAP_Public/010611.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

            Monday, June 11, 2001, Vol. 4, No. 113


                         Headlines

A U S T R A L I A

ALPHA HEALTHCARE: Ramsay To Extend Offer
ALPHA HEALTHCARE: Ramsay Raises Substantial Holding
ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
ALPHA HEALTHCARE: Ramsay Notifies S-holders Of Extension
ALPHA HEALTHCARE: Ramsay Files Offer Extension With ASIC
ANACONDA NICKEL: Consolidates Non-Executive Directors
ANACONDA NICKEL: Reports Output Of Murrin-Murrin For May
IMPULSE AIRLINES: ACCC Explains Decision On Qantas Merger
MACMAHON HOLDINGS: Reports Half-Year Performance  
NORMANS WINES: Merger With Xanadu To Raise $20M
ONE.TEL LIMITED: Lucent Appoints Receiver
ONE.TEL LIMITED: Owes Workers Additional $500,000


C H I N A   &   H O N G  K O N G

GENERAL STAR: Winding Up Petition Set For Hearing
GLORYLANE ENGINEERING: Faces Winding Up Petition
GUANGDONG ENTERPRISES: Creditors Sell Assets For HK$334-M
LEAD AIM: Winding Up Petition Slated For Hearing
PRICERITE GROUP: Trading Suspended
REGAL HOTELS: Selling Five Hotels To Repay Debts
REGAL HOTELS: Trading Suspended
TECTWISE INDUSTRIAL: Winding Up Petition To Be Heard


I N D O N E S I A

INDOCEMENT TUNGGAL: Posts A Decline In Losses For Q1
PT CITATAH: Posts Q1 Loss Of Rp48.403-B


J A P A N

MITSUBISHI MOTOR: To Appoint Advisers For Turnaround Plan
SOGO COMPANY: Mizushima Released On Bail, Hospitalized


K O R E A

HYUNDAI MERCHANT: Pulling Out Of Mt Kumgang Venture
HYUNDAI SECURITIES: Gov't Pressures Group To Sell Stake
KOREA DEVELOPMENT: Gov't To Inject W3-Trillion
KOREA EXPRESS: Creditors Plan To Extend W136-M Debt Relief


M A L A Y S I A

ABRAR CORP: AMBB Seeking Court Order For Sale
HAI MING: In Talks With Creditor Banks For Debt Workout
INNOVEST BERHAD: Enters Into Debt Settlement Deals
KEDAH MARBLE: Served Notice Of Demand From Mataly
LAND & GENERAL: Served Notice For Loan Payment
SATERAS RESOURCES: Danaharta Offers Debt Restructure
SISTEM TELEVISYEN: Announces Plan Schedule


P H I L I P P I N E S

ASB GROUP: Creditors Fight Rehab Plan
MAYNILAD WATER: Signs MOA With MWSS
METRO PACIFIC: Secures Fresh Loan Worth P2.1-B
NATIONAL SUGAR: Still Owes GFIs P240-B


S I N G A P O R E

APRIL GROUP: To Defer Interest Payments On $1.2-B Debts
ASIA FOOD: AGM Postponed To July 31
GOLDEN AGRI: AGM Postponed To July 31
KEPPEL TATLEE: Hearing On Workout Scheme Slated


T H A I L A N D

NTS STEEL: Court Approves Rehab Plan
THAI PETROCHEM: Japanese Firm Buying TPI Polene's Debt

     -  -  -  -  -  -  -  -

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


ALPHA HEALTHCARE: Ramsay To Extend Offer
----------------------------------------
Ramsay Health Care Limited said Friday it would extend by two
weeks its $0.40 cash per share offer for Alpha Healthcare
Limited.

Ramsay's offer for Alpha, was scheduled to close at 7pm (Sydney
time) 22 June. Ramsay is currently entitled to more than 70
percent of Alpha's issued shares.

Ramsay Managing Director Pat Grier said Ramsay was pleased to
have achieved the current level of acceptances from Alpha
shareholders and urged shareholders to accept the offer
promptly.

"Ramsay has appointed three directors to the Alpha board and has
commenced discussions with Alpha's senior managers. We look
forward to an increasing level of acceptances from Alpha
shareholders ahead of the close of the offer," Grier said.

"Alpha shareholders should be aware that Ramsay's offer is final
and that they should accept promptly in order to receive cash
for their Alpha shares," he said.


ALPHA HEALTHCARE: Ramsay Raises Substantial Holding
---------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 7 June 2001, from 30,222,118
ordinary shares (67 percent) to 32,002,836 ordinary shares (70.9
percent).


ALPHA HEALTHCARE: Ramsay Raises Relevant Interest
-------------------------------------------------
Ramsay Centauri Pty Limited increased its relevant interest in
Alpha Healthcare Limited on 7 June 2001, from 30,222,118
ordinary shares (67 percent) to 32,002,836 ordinary shares (70.1
percent).


ALPHA HEALTHCARE: Ramsay Notifies S-holders Of Extension
--------------------------------------------------------
Chairman P Ramsay wrote the following letter to shareholders of
Alpha Healthcare Limited regarding the extension of its offer,
thus:

"Further to my letter to you dated 4 June 2001, I am writing to
inform you that Ramsay has decided to extend its offer for your
Alpha Healthcare Limited shares in order to allow you extra time
to accept.

"As you may be aware, Ramsay's offer was due to close today.
However, following a large number of requests for new acceptance
forms, Ramsay has decided to extend its offer for another two
weeks so that all shareholders have the opportunity to
participate.

"A copy of the notice of variation which was lodged [Friday]
with the Australian Securities and Investments Commission is
attached. The offer will now close on Friday 22 June 2001 at 7pm
Sydney time.

"I would like to remind you that the Directors of Alpha have
unanimously recommended that all Alpha shareholders accept
Ramsay's offer.

"The Directors of Alpha have warned that there are substantial
risks for shareholders who do not sell their shares.

"Many shareholders have already taken advantage of the offer and
have been paid for their shares. As of 7 June, 2001, Ramsay is
entitled to 69.4 percent of Alpha's shares, and has now declared
its offer final.

"I encourage you to accept the offer as soon as possible in
accordance, with the procedures set out in Ramsay's Bidder's
Statement.

"If you have any questions about how to accept the offer or
require a new acceptance form, please call Computershare on (02)
8234 5222."


ALPHA HEALTHCARE: Ramsay Files Offer Extension With ASIC
--------------------------------------------------------
The notice of variation of takeover offer of Ramsay Centauri Pty
Ltd in Alpha Healthcare Limited was lodged Friday with the
Australian Securities and Investments Commission pursuant to
section 650D of the Corporations Law, and a copy of the Notice
is being sent to Alpha and each shareholder to whom the Takeover
Offer relates who has not yet accepted the Takeover Offer.

For any questions in relation to the above matter, one may
contact Lisa Mather on 9258 5708.

1. Extension of Offer Period

By this notice Ramsay Centauri Limited ACN 090 070 156 (Ramsay
Centauri) VARIES its offers dated 26 April 2001 for all of the
fully paid ordinary shares in Alpha (the Offers) by:

(a) further extending the period during which the Offers remain
open for acceptance until 7pm Sydney time on 22 June 2001;

(b) substituting the date 22 June 2001 for the date "28 May
2001" (the "Original Close of Offer Date"), in section 1, clause
2 of the Bidder's Statement dated 12 April 2001, which includes
the Offer dated 26 April 2001, the Original Close of Offer Date
previously having been extended until 8 June 2001;

(c) substituting the date 22 June 2001 for the date "28 May
2001", under the sub-heading "The Offer" in the letter from the
Chairman of
Ramsay Health Care Limited to Alpha Shareholders, which appears
at the front of the Offer document dated 26 April 2001; and

(d) substituting the date 22 June 2001 for the date "28 May
2001", under the heading "Important Dates" which appears at the
inside front cover of the Offer document dated 26 April 2001.


ANACONDA NICKEL: Consolidates Non-Executive Directors
-----------------------------------------------------
As a result of the settlement of issues on 31 May 2001, the
Board of Anaconda Nickel Limited is now comprised of six non-
executive directors: Ian Delaney, Chairman, James Campbell, Ivan
Glasenberg, John Morrison, Chris Linegar, and Willy Strothotte.
The two executive directors are Andrew Forrest, Deputy Chairman
and CEO and Les Stewart, Technical Director.

It was confirmed that Michael Masterman, having retired as a
director of the Company and the Boards of its related bodies
corporate, effective 31 May 2001, has also resigned as CFO of
Anaconda Nickel Ltd.

His responsibilities have been absorbed into the existing senior
executives of the Company.

The Company would like to acknowledge its gratitude for the
energy and ability he has brought to the Company in his five
years with the group, said CEO Forrest.


ANACONDA NICKEL: Reports Output Of Murrin-Murrin For May
--------------------------------------------------------
The Murrin-Murrin operation produced 1403 tons of Nickel, and 92
tons of Cobalt for the month of May.

There was also a planned acid plant shutdown. The major works
completed were associated with catalyst screening and
maintenance of the sulphur melting area. The shutdown was
completed successfully and Murrin Murrin's ramp up to previous
forecasts will continue.

Prior to the shutdown, the acid plant also experienced a failure
of a blower impellor. This restricted the capacity of the acid
plant to @65 percent of design. The company expects to have
repairs finished by the end of June. In the interim Anaconda is
bringing in third party acid via rail and road to supplement
production.

In the month of June the re-establishment of previous ramp-up
trends is expected.


IMPULSE AIRLINES: ACCC Explains Decision On Qantas Merger
---------------------------------------------------------
The Australian Competition and Consumers Commission's (ACCC)
published the following rationale for not opposing the merger
between Impulse Airlines and Qantas Airlines, thus:

Qantas Airways Limited (Qantas) and Impulse Airlines Holdings
Limited (Impulse) publicly announced a proposal to enter into a
commercial arrangement on 1 May 2001.

Qantas provided a draft submission to the ACCC on 2 May 2001.
The parties argued that Impulse is a failing firm and would
become insolvent on 14 May 2001. Therefore, the parties
requested that the ACCC reach a view on whether the acquisition
was likely to breach section 50 of the Act before 14 May 2001.

As part of its investigation of the proposed acquisition, the
ACCC conducted market inquiries and submissions were sought from
interested parties. The ACCC also engaged an auditor to analyse
and report on Impulse's financial status.

On the basis of the information gathered during its market
inquiries, the ACCC identified a number of areas of concern. In
particular, the Commission was concerned that the acquisition of
Impulse by Qantas would:

Preclude new entry into domestic aviation services. The ACCC was
particularly concerned that any new entrant airline into the
Australian aviation industry would be unable to access scarce
takeoff and landing slots at Sydney Airport. Currently, there
are severe slot constraints in the peak time periods of 7 a.m.
to 9 a.m., and 5 p.m. to 7 p.m. The ability of new competitors
to access slots during these periods represents a substantial
barrier to entering domestic air services in Australia and in
particular, the high yield Sydney-Melbourne route.

The ACCC was also concerned that a new entrant could not access
the multi user domestic terminal at Sydney Airport.

Result in an increase in the price of fares on those routes
currently operated only by Qantas and Impulse. Routes of this
type are primarily regional NSW routes.

The undertakings accepted from Qantas address the ACCC's
concerns by including assurances on:

The requirement for Qantas to make available to Virgin Blue up
to a total of 12 slots during the morning and afternoon peak
periods, each weekday, in order to provide Sydney-Melbourne
services. This represents almost 60 percent of Impulse's slots
in these peak periods.

In the event that Virgin Blue withdrew from the Australian
airline industry as an independent entity, Qantas will be
required to make available to a new entrant on interstate trunk
routes up to 16 slots during the morning and afternoon peak
periods each weekday. This represents almost 80 percent of
Impulse's slots in these peak periods.

The undertaking by Qantas to make a significant proportion of
Impulse's slots in these periods available to Virgin Blue or new
entrants was fundamental to satisfying the ACCC's concerns.

The requirement that Qantas will facilitate access to terminal
space at the multi user domestic terminal at Sydney Airport to a
new entrant airline.

Restrictions on air fare increases on those routes currently
operated only by Qantas and Impulse.

The Commission was also concerned about the possible reduction
in the number of services to Tasmania. The Commission welcomed
the commitment made by Qantas to the Tasmanian Government
regarding the maintenance of services to Tasmania.

After taking into consideration the undertakings provided by
Qantas, the ACCC considered that any anti-competitive detriment
caused by the Qantas merger with Impulse will be minimized.

Under these circumstances, the ACCC decided not to oppose the
proposed merger.


MACMAHON HOLDINGS: Reports Half-Year Performance  
------------------------------------------------
A number of issues have occurred in the current 6-month period
ended 1 June, which will impact the profit performance of
Macmahon Holdings up to June 2001. The majority of issues relate
to prior year claims and therefore have not had the same
corresponding impact on cashflow.

Claims - Macmahon has had a number of significant
claims/disputes, all of which are related to contracts/works
completed before June 2000. The two most significant claims
relate to the Tarmoola mining contract and the Eastern Gas
Pipeline with the balance being a claim which was settled in
full in August 2000 for the Yimuyn Manjerr project. These claims
were carried in the 30 June 2000 balance sheet at an anticipated
recovery position totaling $21.1 million. As reported in the
December 2000 results Macmahon would focus on resolving all of
these claims, albeit with potential profit impact, by 30 June
2001 for the following reasons:

* To realize cash on prompt basis to facilitate the continuing
reduction in debt.

* To eliminate ongoing high legal costs.

* To enable senior management to focus on the current and future
business and not on the past.

By June 2001 all the company's significant current claims will
have been settled, which will bring in a substantial amount of
cash.

However, the cash receipts from the claims settlements will be
less than the balance sheet carrying value and will result in a
writedown of $13 million in the half year to June 2001.

Revenue - In the 6 months to December 2000 Group revenue was
$204.5 million and it was expected that similar revenue would be
achieved in the current 6 months. However, due to the factors
listed below Group revenue is now expected to be in the order of
$170 million for the 6 months. This reduced revenue of $35
million was a result of:

* Completion of the large St Ives open cut gold contract in
March.

* Termination of the Cawse nickel contract in March following
the client, Centaur Mining and Exploration Ltd, appointing an
Administrator.

* Completion of the Eneabba open cut contract in May.

The completion of these contracts resulted in significant levels
of idle plant time and the corresponding holding costs (finance
payments) which has impacted profit. The overall result from
operations is therefore expected to be a loss of $3 million for
the 6 months compared to a $1.3 million profit in the first
half.

Bad Debts - As advised to shareholders on 15 March, Centaur
Mining and Exploration Ltd, Macmahon's client at the Cawse
Nickel mine appointed an Administrator. Whilst Macmahon
continues to strongly pursue the recovery of the $3.5 million
owing from works completed the Board has decided to recognize
fully this loss in the June accounts.

In summary, the claims settlement and bad debt combined
represented some $16 million which in addition to the impact of
lower revenue is expected to result in full year pre tax
operating loss in the range of $18 to $21 million.

New Work

The completion of the previously mentioned open cut contracts in
the period was unexpected and has impacted the financial
performance of the Groups 6 month result to June 2001. However,
it has also enabled the Group to pursue other opportunities and
we are pleased to announce the following new contracts totaling
$190 million:

* 50 month plant hire contract for Pacmin subsidiary Oriele Pty
Ltd at their Carosue gold mine in Western Australia.

* 9 month prestrip contact for BHP Coal at their Blackwater coal
mine in Queensland involving the movement of 20 million tons of
material. This is a significant contract and will utilize a
large fleet of Macmahon equipment.

* 6 Month coal contract for Apollo Resources at their
Muswellbrook coal mine.

* A contract to June 2004 at the Kepong quarry (100% Macmahon)
in Kuala Lumpur for Pedana Park City for the quarrying, crushing
and sales of rock products.

* Extensions and expansions to a number of our existing
contracts including GRD Macraes gold mine in New Zealand, the
Blair underground nickel mine and the Argyle diamond mine in
Western Australia.

The award of this work which is in addition to the Alice to
Darwin Rail project takes Macmahon's order book to $700 million
at the end of May. Importantly these new contracts will utilize
almost entirely the equipment which was idle.

The two contracts in the coal sector are important for Macmahon
as they provide an entry into an industry which is currently
undergoing significant expansion.

Macmahon has contracts in hand for $272 million of work for 1/2
which is approximately 65 percent of our expected $400 million
of work for next year.

Debt Reduction

Notwithstanding the lower revenue and other profit impacts the
Group has continued with its focus on generating cash and the
debt reduction programme and expects that net debt will be
reduced to around $120 million at the end of June 01 (down from
$173 million in June 2000 and $134 million in December 2000).

Outlook

Bowen said, "While we will have achieved our objective of
settling all of the material outstanding claims by the end of
this month, the P&L impact has been greater than anticipated
which in addition to the bad debt of Centaur Mining and
Exploration Ltd has resulted in an unsatisfactory financial
result for shareholders.

"However with the current strong order book including the Alice
to Darwin Rail (construction has now commenced) the 2001/02 year
is expected to see a return to sustainable profitability for
Macmahon and continued debt reduction."


NORMANS WINES: Merger With Xanadu To Raise $20M
-----------------------------------------------
The merger of Xanadu Wines Limited and Normans Wines has taken
another major step forward with Xanadu, commencing a $20 million
capital raising venture through the placement of 52.6 million
shares at 38 cents each as part of a renegotiated Implementation
Agreement in relation to the Schemes of Arrangement.

The merger, which will see the 153 year-old Normans become a
wholly owned subsidiary of Xanadu, will create an outstanding
national wine company with a strong focus on exports from two
premium wine regions, Margaret River in Western Australia and
McLaren Vale in South Australia.

The capital raising, through Hartley Poynton and directed at
institutional investors, is one of three principal amendments to
the terms of the agreement previously announced. The other two
amendments are:

* Normans shareholders will receive two Xanadu shares for every
three Normans shares held; and

* Normans shareholders will receive a pro rated cash
distribution of any surplus cash proceeds, above a net $10
million, from the sale of its Monash winery.

The terms of the Scheme for convertible noteholders are
unchanged from those announced on May 18, 2001. It is not the
intention of Xanadu to list the Xanadu converting notes to be
issued as part of the consideration to Normans convertible note
holders.

The Scheme documentation, including an independent experts
report, is currently expected to be sent to share and note
holders in the first week of July with the Scheme meetings being
held in the first week of August.

Tenders for the sale of Normans' Monash winery close today.
Closing of the tender process will determine the likelihood of
any surplus cash proceeds being available for Normans
shareholders. The sale of Monash is a key component of the
merger in positioning the merged group as a major producer of
premium category wines.

The merged group will have approximately 173 million shares on
issue with a forecast revenue for 2001/2002 of $50 million with
net profits after tax of $7.1 million. This equates to an EPS of
approximately 4.1 cents per share and a net asset backing of
approximately 34 cents per share.

The capital raising, at 38 cents, is being done at a fully
diluted PE ratio of 9.6 on 2001/2002 forecasts compared to an
industry average PE for comparable companies of 14.3.

The key driver of the revenue forecasts are the expert sales
which have grown from a consolidated $4.4 million in 1999/2000,
to $12.5 million in 2000/2001 and are forecast at $24 million in
2001/2002. The UK represents approximately 70 percent of the
total 2002 forecast export sales and commitments for 80 percent
of these UK sales have already been received.

The merged group has budgeted to spend in excess of $7 million
on brand building in 2001/2002 and are close to announcing the
appointment of a major national distributor for Normans domestic
sales and a major distributor for sales in the USA. These
appointments will support the existing well established
relationships of both Xanadu and Normans in the UK and Europe.

The directors are very positive about the benefits the merger
will bring to the merged group. These include:

* A new wine group with 2001/02 sales of approximately 1.16
million case equivalents with a particular emphasis on the
premium wine growing regions of Margaret River and McLaren Vale.

* Two thirds of premium bottle sales will be into export
markets.

* Substantial cost savings will be achieved through an external
national distributor, economies of scale in production,
marketing and distribution and removal of corporate overhead
duplications.

* A strong shareholder base.

* Significant debt reductions.

* 285 hectares under vines with further plantings planned for
2002 and a proposed winery capacity of 11,000 tons per annum.

It is the opinion of the Xanadu directors that the current
Xanadu share price does not reflect the value of the merger and
they reserve the right to acquire further shares on market
following this announcement.


ONE.TEL LIMITED: Lucent Appoints Receiver
-----------------------------------------
US-based firm Lucent Technologies Incorporated has appointed
Greg Hall, a partner with PricewaterhouseCoopers, to five firms
of insolvent telecommunications company One.Tel Limited, The
Asian Wall Street Journal reported last week.

Lucent has an outstanding contract with One.Tel to build a
digital mobile network all over Australia worth A$1.15 billion.

Hall was quoted by the Journal as saying, "The key objective of
the receivership will be to maximize the realization value of
those assets for the benefit of creditors."

The collapsed telecoms firm went into administration in late May
following the cancellation of the rescue rights issue worth
A$132 million, on allegations raised by major shareholders News
Corporation (NWS) and Publishing and Broadcasting Limited (PUB)
that One.Tel "profoundly misled" its shareholders on its
financial state.

Following this event, One.Tel's joint administrator Steve
Sherman of Ferrier Hodgson is working out to wind up the company
and eventually, sell off its assets within a month's time to
help raise cash to repay its debts amounting to A$600 million,
the newspaper said.


ONE.TEL LIMITED: Owes Workers Additional $500,000
-------------------------------------------------
One.Tel Limited, the collapsed telecommunications firm, owes its
1,400 workers additional $500,000 in superannuation
entitlements, which the company failed to pay in May, AAP
reported Thursday, citing union officials.

With the move of joint administrator Steve Sherman of Ferrier
Hodgson to wind up the company, the telecoms firm's 1,400
employees will have to go. A notice will be sent to the
Community and Public Sector Union (CPSU) before any terminations
be made.

Meanwhile, One.Tel founders Jodee Rich and Brad Keeling have
been asked by the labor union to immediately and unconditionally
fund the payment on all unpaid workers' entitlements, now
totaling over $19 million.


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C H I N A   &   H O N G  K O N G
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GENERAL STAR: Winding Up Petition Set For Hearing
-------------------------------------------------
The petition to wind up General Star Group Limited is scheduled
for hearing before the High Court of Hong Kong on June 20, 2001
at 9:30 am. The petition was filed with the court on April 23,
2001 by The Industrial and Commercial Bank of China, Shenzhen
Branch whose principal place of business is situated at North
Block, Financial Centre, Shennan Road East, Shenzhen, The
People's Republic of China.


GLORYLANE ENGINEERING: Faces Winding Up Petition
------------------------------------------------
The petition to wind up GloryLane Engineering Limited will be
heard before the High Court of Hong Kong on July 11, 2001 at
10:00 am. The petition was filed with the court on May 16, 2001
by Westson Electrical Supplies Limited whose registered office
is situated at Ground Floor, Tung Chau Building, 276 Tung Chau
Street, Shamshuipo, Kowloon, Hong Kong.


GUANGDONG ENTERPRISES: Creditors Sell Assets For HK$334-M
---------------------------------------------------------
Assets previously owned by Guangdong Enterprise (Holdings) (GDE)
have been sold to Henderson Land Development at an auction by
the company's former creditors for HK$334 million, South China
Morning Post reported Friday.

The properties include a site in Sheung Wan and an office block
in Central.

According to the report, these properties were among 40 GDE
assets surrendered to a creditors-owned company, as covered by
GDE's restructuring program.  

GDE stumbled into financial crisis when foreign banks froze
lending to some mainland-based companies in 1998, at the same
time when Guangdong International Trust and Investment
Corporation was heading for closure, Post said.

Jones Lang LaSalle was appointed as the lone agent for the 40
transferred properties of GDE.


LEAD AIM: Winding Up Petition Slated For Hearing
------------------------------------------------
The petition to wind up Lead Aim Development Limited is
scheduled to be heard before the High Court of Hong Kong on July
4, 2001 at 9:30 am. The petition was filed with the court on May
12, 2001 by Sin Hua Bank Limited whose principal place of
business of its Hong Kong Branch is situated at 2A Des Voeux
Road Central, Hong Kong.


PRICERITE GROUP: Trading Suspended
----------------------------------
At the request of Pricerite Group Limited, trading in its shares
will be suspended, effective 10:00 a.m. Friday, 8 June 2001,
pending an announcement in relation to placing of new shares
and/or existing shares in the Company to restore the minimum
public float of 25 percent.


REGAL HOTELS: Selling Five Hotels To Repay Debts
------------------------------------------------
Regal Hotels International Holdings, the hotel operating arm of
debt-laden Century City Group, is negotiating thr sale of its
five hotels in Hong Kong to reduce its debts amounting to over
$9 billion, Hong Kong IMail reported Friday.

The group's assets value dropped at the height of the Asian
financial crunch, compelling the group to dispose of assets,
especially those that were provided as collateral to huge bank
loans. In 1998, three of the group's listed companies sustained
a consolidated net loss of $9.98 billion.

Meanwhile, Paliburg Holdings, the group's property branch,  
defaulted on bond payments, which led the company to near-
bankruptcy, the report said.


REGAL HOTELS: Trading Suspended
-------------------------------
At the request of Century City International Holdings Limited,
Regal Hotels International Holdings Limited and Paliburg
Holdings Limited, trading in their shares has been suspended
with effect from 10:09 a.m. Thursday, 7 June 2001, pending the
issuance of a clarification announcement of the newspapers'
reports on the possible disposal by Regal Hotels International
Holdings Limited of the five Regal Hotels in Hong Kong.


TECTWISE INDUSTRIAL: Winding Up Petition To Be Heard
----------------------------------------------------
The petition to wind up Tectwise Industrial Limited is set for
hearing before the High Court of Hong Kong on July 4, 2001 at
9:30 am.  The petition was filed with the court on May 12, 2001
by Sin Hua Bank Limited whose principal place of business of its
Hong Kong Branch is situated at 2A Des Voeux Road Central, Hong
Kong.


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I N D O N E S I A
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INDOCEMENT TUNGGAL: Posts A Decline In Losses For Q1
----------------------------------------------------
PT Indocement Tunggal Prakarsa booked for the first quarter
ended March 31, a net loss of Rp155.63 billion, a drop by about
27 percent from Rp213.25 billion posted in the corresponding
period in the previous year, The Asian Wall Street Journal
reported late last week.

This drop in losses was attributable to sales of Rp683.52
billion, a 38.6 percent climb from Rp493.21 billion recorded in
the year-ago period, the newspaper said.

The cement maker, however, sustained a slight rise in its
foreign exchange losses to Rp312.94 billion from Rp309.27
billion recorded in the same period in 2000.  


PT CITATAH: Posts Q1 Loss Of Rp48.403-B
---------------------------------------
PT Citatah sustained a net loss of Rp48.403 billion in the first
quarter ended March 31, surging 65.30 percent from Rp29.282
billion net loss recorded in the same period last year, AFX-Asia
reports.

The figure was made on sales of Rp17.366 billion, a drop by over
half from Rp36.708 billion in sales reported in the preceding
year's corresponding period.

Operating loss for the same period stood at Rp547.118 billion,
swinging from a profit of Rp2.108 billion a year ago. The
company's foreign exchange loss climbed to Rp36.278 billion from
Rp20.737 billion, the report says.


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J A P A N
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MITSUBISHI MOTOR: To Appoint Advisers For Turnaround Plan
---------------------------------------------------------
Mitsubishi Motor (MMC) is set to appoint external advisers for
its proposed restructuring and asset disposal plan, under the
company's co-called Mitsubishi Turnaround Plan (MTP), Financial
Times reported late last week.

The MTP, which is touted to propel the company back to
profitability by the end of the fiscal year, will entail job and
cost reductions, plant closures, and the disposal of assets, the
report said.

Assets to be sold to local and foreign investors include the
company's parts suppliers and real estate properties. These are
expected to earn for the company, when consolidated, billions of
yen to be used to cut the company's interest-bearing debts.

The company hopes to break even by March next year.


SOGO COMPANY: Mizushima Released On Bail, Hospitalized
------------------------------------------------------
Hiroo Mizushima, the former chair of collapsed retailer Sogo
Company, was released Thursday afternoon on bail of Y40 million
from the Tokyo Detention House, Kyodo News reported Thursday
last week. However, in the evening, after the court-ordered
release, Mizushima was hospitalized.


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


HYUNDAI MERCHANT: Pulling Out Of Mt Kumgang Venture
---------------------------------------------------
Hyundai Merchant Marine (HMM), the unit that operates the cruise
ships in the Mt Kumgang tour project, is pulling its ships early
next month from the North Korean tourism venture. HMM will
retain only one vessel, conducting one or two trips a week at
the most, The Digital Chosun reported Friday, citing a top
official at HMM.

HMM, which used to run four cruise ships in the project, expects
to save up to W60 billion in expenses by implementing the cut
back.


HYUNDAI SECURITIES: Gov't Pressures Group To Sell Stake
-------------------------------------------------------
The Hyundai Group is being pressured by the government to sell
its entire stake in the insolvent brokerage unit Hyundai
Securities to the AIG-led consortium, The Korea Herald reported
Friday, citing the Financial Supervisory Commission (FSC).

"Should Hyundai Group hand over its entire stake in Hyundai
Securities to AIG, the current laws exempt Hyundai Life
Insurance from all responsibilities as the controlling
shareholder of Hyundai Securities. However, as large
shareholders, Hyundai Capital and Hyundai Finance would still be
held liable," a top FSC official was quoted by the Herald as
saying.

According to the report, the AIG has expressed interest in
buying the controlling stake in Hyundai Securities, while it is
currently in talks with the government panel to acquire Hyundai
Investment Trust and Securities (HITS).

However, the Hyundai Group has plans to sell its stakes in its
brokerage unit, and eventually surrender its management rights.


KOREA DEVELOPMENT: Gov't To Inject W3-Trillion
----------------------------------------------
According to an official at the Ministry of Finance and Economy,
the Korean government intends to inject a total of W3 trillion
in investments into the Korea Development Bank (KDB) by the end
of this month, The Korea Herald reported Friday.

The fund injection is aimed to bolster the state-owned bank's
capital adequacy ratio, which recently dropped to below the
required 8 percent, after the bank agreed to provide guarantee
to loans amounting to W25.4 trillion given to Korea Electric
Power Corporation (KEPCO).

However, the official said, the government's decision to inject
investments in KDB will require the approval of the cabinet when
it meets this week.


KOREA EXPRESS: Creditors Plan To Extend W136-M Debt Relief
----------------------------------------------------------
Creditors of Korea Express Company have expressed intention to
grant the truck operator a debt relief package worth W136.1
billion, by way of converting debts to equity, Bloomberg
reported Friday.

As part of the moves to keep the insolvent company's financial
state afloat, the company's creditors may also cancel out the
debt guarantees worth W494.4 billion provided to bankrupt parent
firm Dong Ah Construction Industrial Company, the report said,
citing spokesman Lee Bo Kil.

This request for debt relief is slated for presentation to Korea
Express' creditors at the June 12 meeting.

Earlier, the company's shareholders had to give up 83.4 percent
of their share value in order to secure the debt relief package,
Lee told Bloomberg.


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


ABRAR CORP: AMBB Seeking Court Order For Sale
---------------------------------------------
Abrar Corporation Berhad (the "Company") says Bangsar Properties
Sdn Bhd (BPSB), a 100 percent subsidiary of Abrar Properties Sdn
Bhd which is in turn is a 100 percent subsidiary of the Company,
was served with an Originating Summons by Arab Malaysian Bank
Berhad (AMBB) on 1 June 2001. The Originating Summons was filed
at the Pulau Pinang High Court.

AMBB is seeking a Court Order for the sale of BPSB's four units
of three-storey shop offices at Prai Business Point, Prai, Pulau
Pinang by way of public auction.

BPSB had in March 1997 entered into four Sale And Purchase
Agreements with Prima Prai Offices Sdn Bhd (the Developer) for
the purchase of the Properties.

In November 1997, BPSB entered into four Property Purchase
Agreements, four Property Sale Agreements and four Deed of
Assignments (the Financing Agreements) with AMBB to finance the
purchase of the Properties. In consideration thereof, BPSB has
assigned the Properties to AMBB.

BPSB has defaulted in its repayment obligations to AMBB under
the Financing Agreements. The total amount due to AMBB as at 20
February 2001 was RM530,460.00. The total loan amount obtained
by BPSB under the Financing Agreements was RM1,872,000.00.

The Company was placed under the control of Special
Administrators 27 May 2000 by Pengurusan Danaharta Nasional
Berhad. The Special Administrators of the Company are currently
assessing the implication of the Originating Summons served on
BPSB, being a sub-subsidiary of the Company, with a view of
addressing the same prudently since a Corporate Guarantee was
issued by the Company to AMBB.

The Special Administrators of the Company are currently in the
midst of preparing a workout proposal for the Company which will
also deal with the Corporate Guarantee, provided the Company's
liability under the Corporate Guarantee is admitted and captured
under the workout proposal.

Background

The Company (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 business. 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 27 May 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.


HAI MING: In Talks With Creditor Banks For Debt Workout
-------------------------------------------------------
In relation to the financial condition of Hai Ming Holdings
Berhad the Company is required to issue a monthly status report
to provide details and status of the plan to regularize its
financial condition. This is deemed the company's First
Announcement under KLSE PN 4/2001,

On 2 May 2001, the Company announced the appointment of Public
Merchant Bank Berhad as the financial advisors to explore
various plans to restructure the Hai Ming Group. The Company is
currently negotiating with its creditor banks to restructure the
existing debts of the Hai Ming Group.

Background

Hai Ming revealed on 12 December 2000 through it's financial
advisers, Alliance Merchant Bank Berhad (formerly known as
Amanah Merchant Bankers Berhad) that Hai Ming and its subsidiary
companies (Hai Ming Group), under the auspices of Corporate Debt
Restructuring Committee of Bank Negara Malaysia, had on 8
December 2000 entered into a debt settlement agreement with a
consortium of lenders for the repayment of the outstanding
indebtedness with interest accrued thereon amounting to
approximately RM51.33 million.

In accordance with the terms of the Agreement, the total
indebtedness of RM51.33 million due to the Lenders will be
settled fully by way of cash. Messrs Ferrier Hodgson MH has been
appointed monitoring accountant under the terms of the
Agreement.

The Hai Ming Group will provide further details of the source of
cash for the aforesaid settlement and a detailed plan to
regularize its financial condition.


INNOVEST BERHAD: Enters Into Debt Settlement Deals
--------------------------------------------------
Innovest Berhad says the Company and three of its wholly-owned
subsidiaries namely IB Timber, IIL and Innovest Property
Management Sdn Bhd (IPM) entered into the following agreements:

* a settlement agreement with Marubeni on 26 April 2001 to set-
off an amount owing by IB Timber and IIL to Marubeni of
RM24,658,593.26 against 107 sale and purchase agreements
executed by IPM in favor of Marubeni or a third party which
Marubeni may, at its own discretion, designate as the buyer
instead of Marubeni (Nominee) over the units of shoplots
comprised in a four-storey shopping complex known as Selayang
Capitol Complex;

* a supplement agreement with Marubeni and Tochi Holdings Sdn
Bhd (formerly known as Selekta Positif Sdn Bhd) (Tochi) on 27
April 2001 whereby Marubeni designated Tochi to be its nominee
pursuant to the provisions of the Settlement Agreement
(Supplemental Agreement); and

* 107 sale and purchase agreements, all between IPM and Tochi
dated 23 May 2001 for the transfer of 107 units of shoplots
comprised in a four-storey shopping complex known as Selayang
Capitol Complex which form part and parcel of all that piece of
leasehold land held under Pajakan Mukim 315 Lot No. 57273
(formerly identified as H.S. (M) 20003 P.T. No. 32006) in the
Mukim of Batu, District of Gombak, State of Selangor Darul Ehsan
measuring approximately 13,292 square metres only, from IPM to
Tochi.

The Proposed Debt Settlement

Background information

On 30 October 1997, IB Timber entered into a deferred payment
sales agreement with Marubeni (IB Timber Agreement) whereby
Marubeni sold forestry equipment to IB Timber on, inter alia,
deferred payment terms. By a corporate guarantee and indemnity
dated 30 October 1997, Innovest agreed, inter alia, to jointly
and severally guarantee with IB Timber, the repayment of the
entire contract sum payable under the IB Timber Agreement.

On 18 February 1998, IIL entered into a deferred payment sales
agreement with Marubeni (IIL Agreement) whereby Marubeni sold
forestry equipment to IIL on, inter alia, deferred payment
terms. By a corporate guarantee and indemnity dated 18 February
1998, Innovest agreed, inter alia, to jointly and multilaterally
guarantee with IIL, the repayment of the entire contract sum
payable under the IIL Agreement.

IB Timber and IIL have breached their respective obligations
under the IB Timber Agreement and IIL Agreement and have failed
to repay the contract sum together with interest thereon and all
other monies due and owing to Marubeni in accordance with the
said agreements. As at 31 October 2000, the amount due and owing
by IB Timber and IIL collectively to Marubeni payable under the
IB Timber Agreement and IIL Agreement is RM24,658,593.26.

Details of the Settlement Agreement

On 26 April 2001, Innovest, IB Timber, IIL and IPM entered into
a settlement agreement to set-off an amount owing by IB Timber
and IIL to Marubeni amounting to RM24,658,593.26 against one
hundred and seven (107) sale and purchase agreements executed or
to be executed by IPM in favor of Marubeni or the Nominee over
units of shoplots comprised in a four (4)-storey shopping
complex known as Selayang Capitol Complex developed by IPM,
which forms part and parcel of all that piece of land held under
Pajakan Mukim 315 Lot No. 57273 (formerly identified as H.S. (M)
20003 P.T. No. 32006) in the Mukim of Batu, District of Gombak,
State of Selangor Darul Ehsan measuring approximately 13,292
square meters only.

Subject to all provisions of the Settlement Agreement, Sale
Agreements and other relevant documents which are necessary for
the completion of the transaction and the Sale Agreements being
effective and enforceable, IB Timber and IIL shall be deemed to
have been discharged in full in relation to the Said Debt.

In the event that approvals for the Settlement Agreement are not
obtained, the Settlement Agreement shall automatically terminate
whereupon Marubeni shall be entitled to demand from IB Timber,
IIL and/or Innovest the Said Debt together with interest thereon
calculated at the rate of 12% per annum from 31 October 2000 and
all monies accruing thereon.

Details of the Supplement Agreement

On 27 April 2001, Innovest, IB Timber, IIL, IPM, Marubeni and
Tochi entered into a Supplement Agreement as supplement to the
Settlement Agreement whereby Marubeni designates Tochi as the
Nominee pursuant to the provisions of the Settlement Agreement
and Tochi agrees to such designation and as a result of such
designation, IPM, as seller, and Tochi, as buyer, had on 23 May
2001 entered into the Sale Agreements.

In furtherance of the provisions of the Settlement Agreement and
in consideration of Marubeni agreeing to the conveyance of the
Said Properties to Tochi and IPM agreeing to execute the Sale
Agreements in respect of and to effect the conveyance of the
Said Properties free from encumbrances (save and except as
otherwise disclosed in the Settlement Agreement and Supplement
Agreement) in favor of Tochi, Tochi agrees to pay Marubeni such
sum to be mutually determined and agreed upon between Tochi and
Marubeni.

If either of the Settlement Agreement or Supplemental Agreement
becomes void or unenforceable or is terminated for any reason
whatsoever, the other one shall terminate automatically.

Basis for Determining the Settlement Amount

The set-off of the Said Debt against the Sale Agreements has
been mutually agreed upon by Innovest, IB Timber, IIL, IPM and
Marubeni on a willing-buyer willing-seller basis.

IB Timber Industries Sdn Bhd

IB Timber was incorporated as a private limited company in
Malaysia under the Companies Act, 1965 on 11 February 1991 under
the name of Wemberly Holdings Sdn Bhd. It assumed its present
name on 14 April 1995. IB Timber is a wholly-owned subsidiary of
Innovest.

IB Timber is principally involved in logging, sawmilling,
moulding, kiln-drying, timber related business and rental of
plant and machinery.

The present authorized share capital of IB Timber is
RM50,000,000 comprising 50,000,000 ordinary shares of RM1.00
each, of which 45,000,002 ordinary shares of RM1.00 each have
been issued and fully paid-up.

Innovest International Limited

IIL was incorporated under the laws of the British Virgin
Islands ("BVI") under its present name on 28 June 1996. IIL is a
wholly-owned subsidiary of Innovest.

IIL is principally involved in timber related business.

The present authorized share capital of IIL is US$50,000
comprising 50,000 ordinary shares of US$1.00 each, of which
50,000 ordinary shares of US$1.00 each have been issued and
fully paid-up.

Innovest Property Management Sdn Bhd

IPM was incorporated as a private limited company in Malaysia
under the Companies Act, 1965 on 3 January 1979 under the name
of Hasrat Muda Sdn Bhd. It assumed its present name on 22
September 1997. IPM is a wholly-owned subsidiary of Innovest.

IPM is principally involved in property development and
investment.

The present authorized share capital of IPM is RM25,000,000
comprising 25,000,000 ordinary shares of RM1.00 each, of which
21,776,336 ordinary shares of RM1.00 each have been issued and
fully paid-up.

Marubeni Corporation

Marubeni was incorporated under the laws of Japan on 1 December
1949 and was subsequently listed on the Tokyo Stock Exchange in
July 1950.

Marubeni is principally involved in operations that encompass
domestic import, export and offshore trade and investment
activities, and range from the development of actual resources
to the retail marketing of finished products.

Tochi Holdings Sdn Bhd

Tochi was incorporated as a private limited company in Malaysia
under the Companies Act, 1965 on 21 February 2001 under the name
of Selekta Positif Sdn Bhd. It assumed its present name on 10
April 2001.

Tochi is principally involved in general trading.

The present authorised share capital of Tochi is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each, of which
5,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up.

Selayang Capitol Complex

Selayang Capitol Complex is a four-story shopping center
developed by IPM and it is situated along the Selayang-Kepong
Expressway. The total built-up area of the shopping center is
143,083 square feet.

Rationale For The Proposed Debt Settlement

The Proposed Debt Settlement will:

(i) provide full settlement of the debt owing by IB Timber and
IIL to Marubeni;

(ii) reduce the liabilities of the Innovest group; and

(iii) enable the management of the Company to focus its efforts
on the restructuring of the Innovest group to strengthen the
financial and operational health of the Innovest group.

Effects of The Proposed Debt Settlement

Share capital and substantial shareholding

The Proposed Debt Settlement will not have any effect on the
issued and paid-up share capital and substantial shareholding of
Innovest.

Earnings

The Proposed Debt Settlement will result in a gain of
approximately RM6.1 million for the financial year ending 31
December 2001.

Net Tangible Assets (NTA)

The proforma NTA of the Innovest group as at 31 December 2000
will be enhanced by approximately RM6.1 million or 1.8 sen per
share as a result of the Proposed Debt Settlement.

Approvals Required

The Proposed Debt Settlement is subject to the approvals of the
following:

(i) shareholders of Innovest at an extraordinary general meeting
to be convened at a later date, if required;

(ii) the Foreign Investment Committee; and

(iii) any other relevant authorities.


Status On The Restructuring Of The Innovest Group

Since the Securities Commission had rejected the earlier
announced proposed restructuring of the Innovest group on 6
December 2000, the Company has been working towards streamlining
its timber production and related business, reduce operational
cost at a manageable level and pare down borrowings.

The Proposed Debt Settlement is one of the Company's ongoing
efforts to restore the financial health of the Innovest group.

None of the Directors, substantial shareholders and/or persons
connected to the Directors or substantial shareholders of
Innovest has any interest, direct or indirect, in the Proposed
Debt Settlement.

The Directors of Innovest, having considered all aspects of the
Proposed Debt Settlement, are of the opinion that the Proposed
Debt Settlement is in the best interest of the Company.

The Settlement Agreement, Supplemental Agreement and the Sale
Agreements are available for inspection during the normal office
hours (except public holidays) at the registered office of
Innovest at Suite 9B2, Level 9B, Wisma E & C, No. 2, Lorong
Dungun Kiri, Damansara Heights, 50490 Kuala Lumpur from the date
of this announcement up to the date of the extraordinary general
meeting to be convened.


KEDAH MARBLE: Served Notice Of Demand From Mataly
-------------------------------------------------
Advance Synergy Berhad (ASB) revealed ASB was notified by Kedah
Marble Sdn Bhd (KMSB) on 5 June 2001 that KMSB had been served a
Notice of Demand pursuant to Section 218 of the Companies Act
1965 for payment due to Mataly (Asia) Pte Ltd from KMSB.

ASB on 27 February 2001 made an announcement of a winding up
petition against KMSB by Ng Thoong Chen.

ASB holds an equity interest of 70 percent in KMSB. However, the
management control of KMSB is exercised by the minority
shareholder, Perbadanan Kemajuan Negeri Kedah, pursuant to a
shareholders' agreement and ASB does not exercise any
significant influence over the Board of Directors of KMSB.

Accordingly, the accounts of KMSB have not been consolidated
with the accounts of ASB Group since the financial year then
ended 30 September 1994.

The Notice of Demand dated 23 May 2001 has been served on KMSB
by Mataly on 26 May 2001 based on the judgement dated 28
November 2000, requiring KMSB to pay Mataly a judgment sum of
RM70,497.71 together with interest at the rate of 8 percent per
annum from 2 December 1999 till date of satisfaction and cost in
the sum of RM1,607.00, within 21 days from the date of receipt
of the Notice of Demand.

Mataly is a trade creditor of KMSB and the debt was incurred in
the normal course of business of KMSB.

The total original cost of investment in KMSB by ASB amounted to
RM52,657,500.00. As at 31 December 2000, the book value of ASB's
investment in KMSB amounted to RM35,174,203.00 after a provision
for diminution in value to reflect the proportionate NTA value
of KMSB as at 31 December 1999.

As adequate provision for diminution in value of ASB's
investment in KMSB has been made, the financial impact that may
arise as a result of any legal action is not expected to be
material.

Based on the latest audited accounts of KMSB for the financial
year ended 31 December 1999, as no other accounts are available
to us, the net tangible assets (NTA) value of KMSB stood at
RM50,248,861.00. ASB's proportionate share of 70 percent of the
NTA in KMSB amounts to RM35,174,203.00.

There will be no operational impact on ASB Group as the
operations of KMSB are separate and independent of the Group.

At this juncture, ASB has not been advised by the Board of KMSB
of any action taken by KMSB with regard to this matter and
accordingly ASB will seek clarification from KMSB in this
respect.


LAND & GENERAL: Served Notice For Loan Payment
----------------------------------------------
Land & General Berhad (L&G) was served on 6 June 2001, with a
notice pursuant to Section 218 of the Companies Act 1965.  
Bayerische Landesbank Girozentrale (Bayerische) is demanding
payment of the sum of US$14,800,000.00 within three weeks from
the date of service. A winding up petition may be presented
against L&G by Bayerische if its demands are not met.

As announced previously, L&G has been and is currently in
negotiations with its bank lenders and certain bondholders to
restructure its outstanding bank facilities and convertible
bonds respectively.

Under the circumstances, L&G is obliged to observe fair and
equitable treatment of all its creditors. So while L&G is
continuing to seek a consensual restructuring of its financial
obligations, the Board is of the opinion that L&G is constrained
to meet Bayerische's demand, as this will be contrary to the
aforementioned treatment of its creditors.

L&G is seeking legal advice on the matter.

Background

Originally a sawmiller, trader in sawn timber and also a
manufacturer and trader in timber moldings, the Group has since
expanded its activities to include real estate development,
timber logging and downstream processing, manufacturing of
polyvinyl chloride resins, compound and PVC products, marine
transportation and support services to the oil and gas sector,
education, and high technology.

Among its property development projects are Bandar Sungai Buaya,
Lembah Beringin and Bandar Sri Damansara.

The Group has logging rights to 195,000 ha of timber concessions
in Papua New Guinea which are logged through an approved process
of selective logging and could last for at least 15 years. In
Indonesia, the Group has access to approx. 800,000 ha of timber
for the supply of logs. The Group also has saw milling and kiln
drying operations in Fiji.

The Group's PVC operations produce 55% of the country's PVC
resin output and control 85 percent of the specialized PVC
compound market. Its PVC manufacturing facility has a production
capacity of 27,000 metric tons per annum, with one of the
largest vinyl chloride monomer (VCM) storage tanks in the world.
The main PVC subsidiary, Perlis Consolidated Sdn Bhd, is
principally involved in the manufacturing and marketing of PVC
flooring and sheets.
The Group's furniture business is undertaken by its wholly-owned
subsidiary, Lang Furniture (Selangor) Sdn Bhd which specializes
in rubberwood furniture of which over 90 percent is exported.
The Company owns and runs its furniture factory in Pandamaran,
Selangor.

Education operations provide quality educational facilities and
services from kindergarten stage to tertiary level. The Group
has to-date established Sekolah Bestari, a private school, and
Manjaria Kindergarten at Bandar Sri Damansara.

The Group's interest in the oil and gas industry is represented
mainly by its shareholding in listed company Bumi Armada Bhd
(BAB). Through subsidiary Bumi Armada Navigation Sdn Bhd, the
Group provides marine transportation, tanker operations and
marine support services for the offshore oil and gas industries
of East and West Malaysia and Brunei.

On 3 February 2000, the Company announced that it is undertaking
a debt restructuring exercise involving the restructuring and
rescheduling of approximately RM529 million of its existing
loans and facilities; trade creditors extending the repayment
period and part payment to some trade creditors from the
property development subsidiaries of the Group; bondholders
restructuring and rescheduling the 4.5 percent bonds due 2004
and the financing of the redemption of preference shares in
Bandar Sungai Buaya Sdn Bhd.


SATERAS RESOURCES: Danaharta Offers Debt Restructure
----------------------------------------------------
Sateras Resources (Malaysia) Berhad said Pengurusan Danaharta
Nasional Berhad had, via their letter dated 22 May 2001, offered
to restructure the outstanding loan facility extended to
Cosmopac Sdn Bhd, a wholly-owned subsidiary of the Company.
Sateras's proposed debt settlement exercise involves paying
RM254,170,157 in debts to identified creditors of the Sateras
Group, by a settlement amount of RM69,600,000 repayable by way
of a redemption scheme from the sales proceeds of Cosmopac's
joint venture development with Mayland Projects (Johor) Sdn Bhd
(formerly known as Widuri Juara Sdn Bhd).

The Proposal which has been extended to 27 October 2001 for
completion is currently subject to approvals from the following:

(a) KLSE; and

(b) the shareholders of Sateras at an extraordinary general
meeting to be convened.


SISTEM TELEVISYEN: Announces Plan Schedule
------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) elaborated on the
details of the preliminary Proposed Restructuring Scheme
involving debt settlement with the scheme creditors of TV3 and
six of its subsidiaries.

On 19 April 2001, it was announced that TV3 was granted an Order
by the High Court of Malaya on 17 April 2001 which specified
that a scheme creditors' meeting has to be convened in Kuala
Lumpur no later than 5 months from the date of the Court Order.
The order is pursuant to Section 176(1) of the Companies Act,
1965. A venue and date is to be decided by the Board of
Directors of TV3.

An Explanatory Statement and Notice of Creditors' Meeting will
be dispatched to the scheme creditors in due course. The Company
will regularize its financial condition within the stipulated
time schedule under Paragraph 5.0 of PN4, and the details are as
follows:


Time Frame
First Announcement 23 February 2001
Requisite Announcement By August 2001
Submission to Securities Commission
and other relevant authorities By October 2001
Procurement of all approvals
necessary for implementation
of the restructuring plan By February 2002


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


ASB GROUP: Creditors Fight Rehab Plan
-------------------------------------
Creditor banks of ASB Group of Companies are opposing the
rehabilitation plan of the company and have asked the Securities
and Exchange Commission's hearing panel to reconsider its
decision regarding the proposed plan and to dismiss the group's
petition for rehabilitation, The Philippine Daily Inquirer
reported last week.

Among the creditor banks that have filed separate motions for
reconsideration are Bank of the Philippine Islands, China
Banking Corporation, and the United Coconut Planters Bank.

These creditor banks, particularly Chinabank, said the
Commission's decision ordering the creditors to accept some
assets of group as payment on the group's debts, and calling on
secured creditors to relinquish collaterals held is infringing
the terms of legal contracts entered into by the group and the
creditors.

The banks refused to accept the Commission's ruling, saying that
market value of the properties to be surrendered to the
creditors as payment was inadequate to cover ASB Realty
Corporation's debts and obligations.

However, the SEC panel maintained its stand on the case, saying,
"The approval of the plan will not deprive the secured creditors
of their right to the mortgaged assets. If there is a subsequent
failure of rehabilitation, the availment of their suspended
rights over the mortgaged assets will be restored."


MAYNILAD WATER: Signs MOA With MWSS
-----------------------------------
Maynilad Water Services Incorporated and the Metropolitan
Waterworks and Sewerage System, the government regulatory body,
were scheduled to sign a memorandum of agreement (MOA), to
finally end the two parties' disagreement over means for
Maynilad to recover its foreign exchange losses, The Philippine
Daily Inquirer reported.

Under the MOA, Maynilad can proceed with the implementation of
its planned P5 per cubic meter rate hike (or an increase of 54
percent from the current rate of P9.27 per cubic meter) over the
next one-and-a-half-year period, in order to resolve the public
utility firm's financial woes.

"The MOA will finally resolve our long-standing dispute. This
would now prod Maynilad to pay its concession fees which they
have stopped paying for the past three months," a top MWSS
official was quoted by Inquirer as saying.


METRO PACIFIC: Secures Fresh Loan Worth P2.1-B
----------------------------------------------
After the refinancing of Metro Pacific Corporation's maturing
long-term commercial papers (LTCP) amounting to P3.05 billion
this year, creditors granted Metro Pacific another long-term
credit facility worth P2.118 billion, The Philippine Star
reported Friday.

In May 1996, BLC, which is 66 percent controlled by Metro
Pacific, issued LTCPs worth P3.05 billion with a redemption
value of P4.913 billion on maturity in March of this year, the
newspaper said. The refinancing, moreover, was closed in May
with a new fully secured seven-year facility amounting to P2.118
billion.

"In line with our stated objectives, this seven-year facility
realigns debt to future revenue stream," Metro Pacific President
and CEO Ricardo Pascua was quoted as saying.


NATIONAL SUGAR: Still Owes GFIs P240-B
--------------------------------------
Dissolved government agency National Sugar Trading Corporation
(Nasutra) still has payables totaling P240 billion to government
financial institutions (GFIs), The Philippine Daily Inquirer
reported last week, citing Budget Secretary Emilia Boncodin.

The GFIs include Development Bank of the Philippines, Land Bank
of the Philippines and Philippine National Bank, which still
carry these debts as past-due loans.

Sec. Boncodin also said the government has not been allocating
money in its budget for the payment on these loans, since
Nasutra was dissolved.


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


APRIL GROUP: To Defer Interest Payments On $1.2-B Debts
-------------------------------------------------------
Asia Pacific Resources International Holdings Limited, or the
APRIL Group, has announced that the company will defer its
interest payments on debts amounting to $1.2 billion, The Asian
Wall Street Journal reported last week, citing a company
spokesperson.

The Indonesian pulp and paper group's cashflow was badly hurt by
the sharp fall in pulp prices in the market, and that the
company is holding negotiations with creditor banks for a
deferred interest payment.


ASIA FOOD: AGM Postponed To July 31
-----------------------------------
On 17 May 2001, Asia Food & Properties Ltd (AFP) announced that
the Company was granted an extension up to 31 August 2001, by
the Registrar of Companies, to hold its Annual General Meeting
(AGM) for the financial year ended 31 December 2000. In the same
announcement, the Company highlighted its plan to hold the AGM
on 28 June 2001.

The AGM has now been postponed to Tuesday, 31 July 2001. The
reason for the postponement is that, given the size of the
operations and diverse businesses, the Company and its Auditors
cannot finalize the audited accounts of the AFP Group of
Companies (which includes more than 200 subsidiaries) within the
five-month period (as required under Section 201 of the
Companies Act, Chapter 50).

Headquartered in Singapore, AFP is an investment holding company
with operational businesses in agri-resources, food and
property. Listed on the Singapore Exchange in 1997, AFP's
principal operations are located in Indonesia, China, Singapore
and Malaysia. The AFP Group of Companies employs more than
60,000 people with strong local, regional and international
knowledge and experience. The AFP Group reported a turnover of
S$1.4 billion in 2000.


GOLDEN AGRI: AGM Postponed To July 31
-------------------------------------
On 17 May 2001, Golden Agri-Resources Ltd (GAR) stated it would
hold its Annual General Meeting (AGM) for the financial year
ended 31 December 2000, on 28 June 2001.

The AGM has now been postponed to Tuesday, 31 July 2001. The
reason for the postponement is that given the size of GAR's
operations, the company and its Auditors cannot finalize the
audited accounts of the AFP Group of Companies within the six-
month period (as required under 912 [1] of the SGX Listing
Manual).

The Company will mail its Annual Report to shareholders on 16
July 2001, said Director Willie Sia Siew Kiang.

Listed on the Singapore Exchange in 1999, Golden Agri-Resources
Ltd. (GAR) is one of the largest private palm oil plantations in
the world. Its principal operations are located in Indonesia.

With a total planted area of 273,000 hectares, the company's
primary activities include the cultivation and harvesting oil
palm trees, collecting fresh fruit bunch and processing these
into crude palm oil (CPO) and palm kernel and refining CPO into
value-added products such as cooking oils, margarine and
shortening. GAR operates 18 palm-oil processing mills, two
refineries and four kernel crushing mills.

GAR is 55 percent owned by SGX listed Asia Food & Properties Ltd
(AFP), an investment holding company with operating businesses
in agri-resources, food and properties.

Listed on the SGX in 1997, AFP's principal operations are
located in Indonesia, China, Singapore and Malaysia.

The AFP Group of Companies employs more than 60,000 people with
strong local, regional and international knowledge and
experience. AFP's turnover in 2000 was S$1.4 billion.


KEPPEL TATLEE: Hearing On Workout Scheme Slated
-----------------------------------------------
On 24 May 2001, Keppel Tatlee Finance Limited (KTF) announced
that the Scheme, which was approved at a Court-convened meeting
and an extraordinary general meeting, is further subject to the
approval of the High Court. KTF says the Court hearing to
approve the Scheme and to confirm the reduction of share capital
to effect the Scheme has been fixed for Monday, 25 June 2001.

Notice is hereby given that, subject to the Court Approvals
being obtained, duly completed and registerable transfers
received by KTF up to 5:00 p.m. on Friday, 29 June 2001
(Singapore time) will be registered to determine shareholders'
entitlements to payments to be made pursuant to the Scheme.

For the purpose of preparing such payments, the Share Transfer
Books and the Register of Members of the Company will be closed
from 5.00 p.m. on Friday, 29 June 2001 to Tuesday, 3 July 2001
(both dates inclusive).

Assuming that the Court Approvals are obtained on 25 June 2001,
shareholders should note that the last day for the deposit of
physical KTF share certificates for purposes of trading is
expected to be on Thursday, 14 June 2001 and the last day for
trading of KTF shares on the Singapore Exchange is expected to
be on Tuesday, 26 June 2001.

The Scheme will become effective when an office copy of the
Order of Court granting the Court Approvals is lodged with the
Registrar of Companies and Businesses, which is expected to be
on Tuesday, 3 July 2001, and KTF shares are expected to be
delisted on Wednesday, 4 July 2001.

Payment of $0.98 per KTF share to shareholders entitled under
the Scheme is expected to be made on Thursday, 12 July 2001.


===============
T H A I L A N D
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NTS STEEL: Court Approves Rehab Plan
------------------------------------
Referring to the court consideration of the N.T.S. Steel Group
Public Company Limited Plan on June 6, 2001, 331 Planner Company
Limited in its capacity as the Planner of N.T.S. Steel Group
Public Company Limited, reports the Central Bankruptcy Court has
approved the Plan.

Details will be provided at a later date.

THAI PETROCHEM: Japanese Firm Buying TPI Polene's Debt
------------------------------------------------------
Thai Petrochemical Industry PCL (TPI) is selling off TPI Polene
PCL's $50-million to a Japanese company for $28 million, The
Asian Wall Street Journal reported Thursday last week.

Effective Planners Limited Managing Director Anthony Norman, who
heads TPI's rehabilitation plan, said that the Japanese company,
whose name remains undisclosed, is not engaged in the financial
business, the newspaper said.

This non-core asset disposal exercise falls under TPI's debt
restructuring plan involving the sum of $3.7 billion. The
Central Bankruptcy Court approved the plan in December 2000.

Also scheduled for sale this year are TPI Polene shares and non-
core operations. The sale is expected to earn the company a
combined sum of $200 million, the newspaper said.


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
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