/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/010816.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, August 16, 2001, Vol. 4, No. 160 Headlines A U S T R A L I A AUSTRALIAN MEDIA: Releases Case Profile BLUE RIBBON: Second Creditors' Meeting Held MAXIS CORP.: Director Hovanessian Issues Notice of Interest MAXIS CORPORATION: Director Sepan Stepanian Releases Notice MAXIS CORPORATION: Director Swan Posts Notice of Interest MTM ENTERTAINMENT: Babcock & Brown Raises Stake SILVAKROME: Sacked 55 first To Get Rescue Package C H I N A & H O N G K O N G CAPTAIN PRODUCTS: Faces Winding Up Petition PACIFIC CENTURY: Undergoes Corporate Reorganization YUE HING: Winding Up Petition Set For Hearing I N D O N E S I A BAHAMA PEMBINAAN: Timah To File Suit Over Missed Payment TRI POLYTA: Fails To Meet Bond Interest Payment * IBRA Endeavors to Comply with the Revenue Target of 2001 J A P A N AIWA CO: Issues Y30B In Corporate Bonds JUSCO COMPANY: 2003 Furniture Venture Dissolution Planned K O R E A DAEWOO GROUP: Founder of Daewoo vanished with $A14.6M HANVIT BANK: Enters Restructuring Deal With KAMCO HYNIX SEMICONDUCTOR: KEB Seeks Long-term Solution HYUNDAI HEAVY: Needs Manpower To Meet Orders HYUNDAI HEAVY: Posts Net Loss of W53B SSANGYONG CEMENT: CHB Takes Debt-For-Equity Conversion * KCCI Contests Governance Evaluation Agency M A L A Y S I A LION CORP: KLSE Approves Extension Request MOTIF HARTA: Suspends Debt Payments Of RM3.5M RAHMAN HYDRAULIC: Unit Facing Suit SISTEM TELEVISYEN: Proposed Debt Workout Aborted WEMBLEY INDUSTRIES: Exchange Grants Two-Month Extension ZAITUN INDUSTRI: Winding Up Hearing Rescheduled P H I L I P P I N E S MAYNILAD WATER: Gets Six-Month Extension To Settle $100M Debt NATIONAL POWER: Malaysians Join Asset Sale S I N G A P O R E OAKWEEL ENGINEERING: Faces Winding Up Petition SEMBCORP LOGISTICS: Sells Shenzhen Chiwan Shares VAN DER HORST: Share Sale Price Pegged At S$12M T H A I L A N D CENTRAL PAPER: 2001 Q2 Net Loss Surges To Bt101.445M DATAMAT PUBLIC: Incurs Net Loss Of Bt25.871 Million EASTERN PRINTING: Incurs Bt32.64M Q2 Net Loss EMC PUBLIC: Administrator Issues Rehab Implementation Progress EMC PUBLIC: Incurs 2001 Q2 Bt35.01 Million Net Loss MEDIA OF MEDIAS: Explains Operation Results Changes MEDIA OF MEDIAS: Posts Bt20.596M 2001 Q2 Net Loss NATURAL PARK: Books Bt200.12M 2001 Q2 Net Loss THAI HEAT: Posts Net Loss Of Bt4.511M THAI MODERN: Posts 2001 Q2 Net Loss of Bt4.915M - - - - - - - - ================= A U S T R A L I A ================= AUSTRALIAN MEDIA: Releases Case Profile --------------------------------------- Territory: Australia Company Name: Australian Media Company Pty Limited Lead Partner: Greg Hall Case Manager: Simon Cathro Date of Appointment: 30 November 2000 Normal Contact: Simon Cathro Contact Phone No: (02) 8266 7852 PwC Office Location: Sydney PO Box: GPO Box 2650 Street Address: Darling Park Tower 2 201 Sussex Street City: SYDNEY State: NSW Postcode: 1171 DX: DX 77 Sydney Phone: (02) 8266 0000 Fax: (02) 8266 5820 Appointor: Supreme Court of New South Wales Registered Office of company: Suite 2208, 168 Kent Street, Sydney NSW 2000 Company No / ACN: 087 150 463 Type of Appointment: Official Liquidator Lead Partner - Full Name: Gregory Winfield Hall Case Information First Creditors' Meeting Date: No meetings scheduled at this stage. Other Key Information Report as to Affairs received from directors: Not yet received. Dates of trading by insolvency practitioner: Business is not trading. Business sold/ceased trading: Business is not trading. Job closure: Estimated by 31 March 2001. Background Information The company was an internet service provider using the Optus network. It is related to a parent company in the US. Current status of assignment and actions required by creditors At the date of our appointment, trading has ceased and no assets have been located. The liquidators are attempting to contact the sole director, who appears to have returned to the USA. Next milestone and estimated timetable Report as to Affairs due from directors within 14 days of appointment. Likely outcome for creditors and timetable Dividend to unsecured creditors appears unlikely. No assets have been recovered at this stage. (Source: www.pwcrecovery.com) BLUE RIBBON: Second Creditors' Meeting Held ------------------------------------------- Meat processor Blue Ribbon was to conduct its second creditors' meeting on August 14, 2000, The Mercury reported Tuesday. Administrator Dick Shoobridge of Deloitte Touche Tohmatsu was expected to recommend the meeting be adjourned for 60 days while expressions of interest in the company are discussed. Kem Perkins, President of the Tasmanian Farmers & Graziers Association, said its meat council would support the adjournment. Bindaree Beef is among the companies that have expressed interest in the meat processor. Blue Ribbon entered voluntary administration after Commonwealth Bank of Australia rejected a refinancing package for its $A10m debt. MAXIS CORP.: Director Hovanessian Issues Notice of Interest ----------------------------------------------------------- Maxis Corporation Limited Director Vaz Hovanessian issued the following notice: NOTICE OF DIRECTOR'S INTERESTS Section 205G of the Corporations Law INITIAL NOTICE Name of Director Vaz Hovanessian Name of Company Maxis Corporation Limited Date of Appointment 09/March/2001 "I have a relevant interest in the following securities of the company or a related body corporate: Type of security: Shares Number of securities: 12,284,029 I also have an interest in 7,500,000 options exercisable at 20 cents expiring on 02/07/2005 "I have an interest in the following contracts to which I am a party or under which I am entitled to a benefit that confer a right to call for or deliver shares in, debentures of, or interests in a collective investment scheme made available by, the company or related bodies corporate: Nil" MAXIS CORPORATION: Director Sepan Stepanian Releases Notice ----------------------------------------------------------- Maxis Corporation Limited Director Sepan Stepanian released the following notice: NOTICE OF DIRECTOR'S INTERESTS Section 205G of the Corporations Law UPDATING NOTICE Name of Director Sepan Stepanian Name of Company Maxis Corporation Limited Date of Last Notification to ASX 10/August/2001 Date Director's Interest Changed 13/August/2001 "I have a relevant interest in the following securities of the company or related bodies corporate: Transfer of 5,000,000 shares from SWF Investments Pty Ltd, a company of which I am a director, to Raxigi Pty Ltd (a company of which Vaz Hovanessian, Executive Chairman of Maxis, is a director) for nil consideration for corporate and advisory services reducing the residual shareholding from 135,381,057 (54.28%) to 130,381,057 (52.28%). Type of security: Shares Number of securities: 130,381,057 "I have an interest in the following contracts to which I am entitled to a benefit that confers a right to call for or deliver shares in, debentures of, interests in a collective investment scheme made available by, the company or a body corporate: Nil" MAXIS CORPORATION: Director Swan Posts Notice of Interest --------------------------------------------------------- Maxis Corporation Limited Director Nicholas John William Swan posted the following notice: NOTICE OF DIRECTOR'S INTERESTS Section 205G of the Corporations Law INITIAL NOTICE Name of Director Nicholas John William Swan Name of Company Maxis Corporation Limited Date of Appointment 09/March/2001 "I have a relevant interest in the following securities of the company or a related body corporate: Type of security: Shares Number of securities: 10,000 held in my name 368,450 held by a Superannuation Fund of which I am a beneficiary. "I have an interest in the following contracts to which I am a party or under which I am entitled to a benefit that confer a right to call for or deliver shares in, debentures of, or interests in a collective investment scheme made available by, the company or related bodies corporate: Nil" MTM ENTERTAINMENT: Babcock & Brown Raises Stake ----------------------------------------------- Babcock & Brown Group increased its relevant interest in MTM Entertainment Trust on 14/08/2001, from 56,955,603 ordinary units (71.19 percent) to 58,340,295 ordinary units (72.93 percent). SILVAKROME: Sacked 55 first To Get Rescue Package ------------------------------------------------- The failed Adelaide furniture manufacturer, Silvakrome, fired 55 employees 13 August 2001, The Australasian Business Intelligence reported Wednesday. According to the company's administrator, KPMG Australia's Michael Dwyer, the collapsed company did not have sufficient funds to pay the workers, which are owed $A800,000 in entitlements. The ex-workers are eligible to apply for a maximum of $A20,000 each under an Australian Government compensation scheme for employees who lose their entitlements. Had the company collapsed earlier, employees would have only been eligible for $A10,000 in entitlements, due to the South Australian Government's tardiness in joining the scheme. ================================ C H I N A & H O N G K O N G ================================ CAPTAIN PRODUCTS: Faces Winding Up Petition ------------------------------------------- The petition to wind up Captain Products Limited is set for hearing before the High Court of Hong Kong on the 19th day of September 2001 at 9:30 am. The petition was filed with the court on June 28, 2001 by Giant Riches Limited of 15th Floor, Alexandra House, 16-20 Chater Road, Central, Hong Kong. PACIFIC CENTURY: Undergoes Corporate Reorganization --------------------------------------------------- Pacific Century Cyberworks Limited (PCCW) announced the company's corporate reorganization, including several new senior appointments designed to enhance the company's drive to become a customer-led integrated communications provider. Effective immediately, the Telecom Services Sector (TSS) will be split into two groups, Commercial and Consumer. based on client segmentation. The Commercial Business Group will be headed by Aloysius Lee. Currently the president for Group Sales, Lee will serve in a new capacity as managing director for Commercial Group. Rita Hsu, who has recently joined PCCW from Chase Manhattan Card Company Limited, has been appointed managing director for Consumer Group. Both Lee and Hsu will report to William Cheung, PCCW's Group chief operating officer, who has also assumed the role of managing director of PCCW-HKT Telephone Limited. "Rita Hsu's achievements in helping create a customer-led business focus at Chase Manhattan are well known and respected in the industry," said Cheung. "Together with Aloysius' new responsibilities, the addition of Ms. Hsu demonstrates PCCW's commitment to take our customer focus to the next level." PCCW also announced that Roy Wilson, currently managing director of Telecom Services Sector, will be appointed non-executive board chairman of Corporate Access (HK) Limited and Beyond The Network Limited, both subsidiaries of Pacific Century CyberWorks Limited. In this new role Wilson will concentrate on strategic initiatives and business relationship development, with a special focus on North America, leveraging more than 30 years of experience in telecommunications and international connectivity, with previous appointments at AT&T International and Sprint in the US. Commenting on the new management structure, Richard Li, executive chairman of PCCW, said, "The new structure will allow PCCW to be even more focused, effective and competitive in serving our customers here and abroad." To learn more about PCCW, go to www.pccw.com Or call: Jenny Fung SVP, Corporate Affairs PCCW Tel: +852 2888 5588 Email: jenny.mkh.fung@pccw.com For Investor Relations inquiries, please call: Garth Collier VP, Director of Investor Relations PCCW Tel: +852 2514 5084 Email: garth.collier@pccw.com YUE HING: Winding Up Petition Set For Hearing ---------------------------------------- The petition to wind up Yue Hing Fat (Holding) Company Limited is scheduled for hearing before the High Court of Hong Kong on September 26, 2001 at 9:30 am. The petition was filed with the court on July 5, 2001 by Hua Chiao Commercial Bank Limited of 92 Des Voeux Road Central, Hong Kong. ================= I N D O N E S I A ================= BAHAMA PEMBINAAN: Timah To File Suit Over Missed Payment -------------------------------------------------------- PT Timah Tbk will take legal action against PT Bahana Pembinaan Usaha Indonesia for failing to pay promissory notes, Bisnis Indonesia reported Wednesday. PT Timah holds promissory notes issued by PT Bahana worth US$17 million and Rp61 billion. The notes were due and have been extended a number of times. The latest was due 30 June 2001. Todung Mulya Lubis, PT Timah Tbk lawyer said the amount is only the principal loan and does not include interest. Based on PT Timah's information, the amount of interest as of December 31, 1998 reached Rp29.841 billion and US$3.591 million. Meanwhile, interest claims as of January 1, 1999 until June 30, 2001 are Rp160 billion and US$14.537 million, respectively. PT Bahana's Financial Director Sukandar could not be reached for comment. According to Todung Mulya, his client has already gathered evidence and documents related to the issuance of the promissory notes. "Now we're just waiting for a good will from PT Bahana. If they do not respond in the near future, PT Timah would immediately take legal action," he added. TRI POLYTA: Fails To Meet Bond Interest Payment ----------------------------------------------- Chemical company PT Tri Polyta Indonesia Tbk failed to pay bonds' interest due to the decline in performance since economic crisis hit Asia, IndoExchange reported Tuesday. The bonds, with nominal value of $185 million, were issued through its subsidiary, Tri Polyta Finance BV. It consists of 11 3/8% interest rate and to mature two years from now. The trustee Bank of New York has been asking the company to speed up the payment. Tri Polyta has been delaying the payment since 1999. Iman Sucipto Umar, Tri Polyta President Director, said the failure in paying the interest was a result of default. Under such circumstance, bondholders, be it individual or collective, own at least 25% of the total bonds. Therefore, bondholders can ask the trustee for payment acceleration, he concluded. * IBRA Endeavors to Comply with the Revenue Target of 2001 ---------------------------------------------------------- Having succeeded in raising cash revenue of Rp11.16 trillion in the first semester of 2001, and transferring funds to the Ministry of Finance of the Republic of Indonesia amounting to Rp11.25 trillion, IBRA aims to raise cash revenues of Rp10.5 trillion in the third quarter and Rp7.9 trillion in the fourth quarter of 2001. This effort shall constitute the endeavor of IBRA to comply with the APBN transfer targets for 2001, i.e. Rp27 trillion from cash sales and Rp10 trillion from bonds. Target for Semester II IBRA has set a second quarter target for cash revenue of Rp18.4 trillion. Additionally IBRA will also fulfill the Rp10 trillion target of withdrawing government bonds from the banks, so that in total the target for 2001 revenues will be met as follows: IBRA: Recovery Targets for 2001 (in Rupiah trillions) Semester I (Actual) Target Total 3rd Quarter 4th Quarter Cash Revenue Sale of equity assets (shares) 3.1 6.0 3.9 13.0 Sale of loan assets 6.9 3.9 3.9 14.7 Other Revenue 1.1 0.6 0.1 1.8 Total Cash Revenue 11.1 10.5 7.9 29.5 Bonds Revenue 0.0 5.5 4.5 10.0 In details, the plan of asset sales is as follows: ASSET / COMPANY LINE OF BUSINESS PT Holdiko Perkasa Sulfindo Vinyl Alkaly Sugar companies Sugar Cane Plantation Indomarco Adi Prima Distribution Gumindo Perkasa Industries Food Additive Poli Contindo Nusa Steel Drums Berdikari Flour Mills Flour Miling Salim Rengo Containers Corrugated Box Packaging Edible Oils Cooking Oil Indogift Chuenher Indah Gift and Souvenir Indomobil Sukses International Car distributors & Assembler Guangdong Jiangmen FG (China) Float Glass Riau Projects : Industrial Estate, Hotel & Resort Metropolitan Kencana Property Yakult Indonesia Persada Health Drink Ariobimo Estate Perkasa Property Bumi Serpong Damai Property Kota Bukit Indah Property PT Kiani Wirudha Pangansari Utama Catering Services Kiani Kertas (Phase 1) Pulp & Paper Karana Line & Wisesa Line Shipping Batu Penggal Chemical Industries Glue & Chemical Lakosta Indah Glue & Chemical PT Bentala Kartika Abadi Danataru Jaya Landbank Bukit Nirmala Landbank Alfindo Mercu Estate Landbank Kuningan Persada/Puri Imperium Apartment & Landbank Supra Estetika Landbank Wimukti Arthamas Landbank Bentala Anggana Mandura Landbank Caterison Sukses/Hotel Nikko Hotel Balibuana Perkasa Landbank PT Cakrawala Gita Pratama Balidesa Suites Hotel Cariu Landbank Makawidey Landbank Tiwoho Landbank Awani Modern Indonesia/Trawas Project Landbank Modern Putratama Residential Estate Modern Griya Reksa Landbank BANK Bank BCA Bank Niaga LOAN ASSETS Corporate Core Asset Sale IV Corporate Strategic Sale I Corporate Strategic Sale II Commercial Loan Sale (5 Bn - 50 Bn) Ex-Outsourcing SME & Retail Pursuant to the mission of IBRA, which includes achieving maximum recovery of the Government's capital in order to decrease financing pressure on the APBN, IBRA aims to reach its net cash revenue target for the fiscal year 2001 of Rp27 trillion. It is hoped that IBRA shall be able to play a more active role in the process of the recovery of the Indonesian economy in the future. ========= J A P A N ========= AIWA CO: Issues Y30B In Corporate Bonds --------------------------------------- Aiwa Co Ltd, the troubled Japanese audio-visual electronics maker, has filed a shelf registration to issue up to Y30 billion in corporate bonds, Reuters reported Monday, citing the Finance Ministry. The company received a Y7.5 billion injection from its parent company Sony Corp. last month. Aiwa incurred a net loss of 8.36 billion yen for the first half of 2001. It has been hit by vacillating demand for its products as well as hefty one-off losses from its planned restructuring of operations. JUSCO COMPANY: 2003 Furniture Venture Dissolution Planned --------------------------------------------------------- Jusco Company, a major Japanese supermarket chain operator, will dissolve its furniture retailing joint venture with RTG International Inc. of the United States by February 2003 due to poor performance, Japan Times Online reported Tuesday. Jusco expects an extraordinary loss of Y2.6 billion from the liquidation of RTG Japan Co. RTG's liquidation follows its posted net loss of Y483 million and a pretax loss of Y473 million in the previous year. Jusco said RTG Japan would close its four outlets in Tokyo by the end of September. RTG Japan, 85-percent-owned by Jusco, was established in November 1997 and a remainder of RTG International, a unit of U.S. furniture retail chain Rooms To Go Inc. ========= K O R E A ========= DAEWOO GROUP: Founder of Daewoo vanished with $A14.6M ------------------------------------------------------ The founder of the collapsed Daewoo Group took at least $US7.5 million in company funds before going into hiding, according to a report by Australasian Business Intelligence Tuesday. Founder, Kim Woo-Chong, disappeared after the South Korean company collapsed under a record $US80bn in debt in July 1999. Seven former executives have been jailed for between three and seven years each for falsifying company accounts and diverting funds. Kim has managed to avoid an international arrest warrant. Kim's lawyer says the disgraced tycoon is writing his memoirs and may return to South Korea when they are finished. He claims both Kim and his wife have developed cancer. HANVIT BANK: Enters Restructuring Deal With KAMCO ------------------------------------------------- Hanvit Bank and Korea Asset Management Corp signed a business pact to promote corporate restructuring, Asia Pulse reported Monday. The agreement will reinforce stronger synergy, strengthen its ability to dispose of bad debts and speed up corporate restructuring, Hanvit Bank said. Hanvit Bank is one of the ten financial institutions that have been provided bailout funds by the state. HYNIX SEMICONDUCTOR: KEB Seeks Long-term Solution ------------------------------------------------- Korea Exchange Bank (KEB) hopes to come up with long-term measures to help the ailing Hynix Semiconductor out of its chronic liquidity problems, The Digital Chosun reported Wednesday citing KEB President Kim Kyung-lim. Hynix's creditor banks have been providing short-term contingency support to rescue the chipmaker, concluding the financial troubles at the Hyundai subsidiary have mostly been due to plunging chip prices. "If creditors want to save Hynix, then they need to move ahead with definitive and concrete plans to do so," Kim said. He added the plan could include the rolling over of maturing debts or the writing down of interest for the company. Regarding the proposal that creditors make equity-for-debt conversions, Kim commented the creditors are considering other options. One high-ranking KEB official said Hynix has secured a total of W2.6 trillion through issuance of GDRs and convertible bonds in the first half of this year, but the company is left with only W667 billion after paying off short-term debt. "If the slump in the chip market continues, Hynix may face the risk of not being able to pay interest on its loans," the official added. HYUNDAI HEAVY: Needs Manpower To Meet Orders -------------------------------------------- Hyundai Heavy Industries Co. lacks sufficient manpower to deal with a two-year backlog, and new orders which include marine plants, The Korea Herald reported Monday. The company plans to add 200 new workers later this year as it has received back-to-back orders for marine plants and liquefied natural gas (LNG) container ships. "The industry faces manpower problems due to expanded operations and especially workers in their late twenties and thirties are needed," an industry source said. In March, the company sent 134 graduates of its in-house training facility to cover company and subcontractor operations. HYUNDAI HEAVY: Posts Net Loss of W53B -------------------------------------- Despite a flood of orders, Hyundai Heavy Industries (HHI), reported net losses of W53.1 billion in the first half this year as it shoulders its sister firms losses, The Digital Chosun reported Wednesday. Despite sales in the first half edging upward 7.86 percent over the same period last year to W3.52 trillion, the firm still posted a total of W53.1 billion in net losses. The firm achieved an operating profit, but has ended up in the red as it incurred W264.8 billion in unrealized losses in its equities in other Hyundai subsidiaries, which includes a loss of W143.4 in its equity in Hyundai Petrochemical, an HHI official explained. SSANGYONG CEMENT: CHB Takes Debt-For-Equity Conversion ------------------------------------------------------ Cho Hung Bank (CHB) converted W1.2 trillion to W1.3 trillion out of its W1.7 trillion in convertible bonds of Ssangyong Cement into equity, The Digital Chosun reported Wednesday. The debt-for-equity conversion measure represented CHB's bid to reinforce the capital structure of the ailing firm. CHB announced the rescue package for the firm would be confirmed by the end of this month in consultation with other creditors, including Korea Development Bank, Korea Deposit Insurance Corp., and Seoul Guarantee Insurance Corp. Ssangyong Cement's capital amounts to W935 billion, but is expected to be wiped out as it books its equity investments and loans to its sister firms as losses this year. The conversion measure would not lift the company out of its current liquidity crunch fully and, as such, the bank has been working out other packages, including purchase of the firm's bonds due to mature next year, CHB said. * KCCI Contests Governance Evaluation Agency -------------------------------------------- The Korea Chamber of Commerce and Industry (KCCI) opposes the organization of "corporate governance evaluation agency" to administer chaebol reforms, The Korea Herald reported Tuesday. In August 5, the Ministry of Finance and Economy proposed a new government agency to improve the chaebol's transparency. KCCI said the agency could use its power as a new means of corporate regulation. "An independent government agency in charge of conducting minute surveillance of corporate reforms and issuing grades for individual corporations is unprecedented in the world. "The ISS of the United States and PIRC of Britain, cited by the Seoul government as similar instances, are actually private organizations, not government agencies," said the KCCI. It also alleged that the agency's proposed numerical evaluations of individual firms' restructuring might be weakened by technical difficulties and a lack of objectivity. These problems could lead to investor confusion. The KCCI added the government's education programs offered to outside directors are unrealistic, as outside directors have limited influence over management. =============== M A L A Y S I A =============== LION CORP: KLSE Approves Extension Request ------------------------------------------ Lion Corporation Berhad (the Company) says the Kuala Lumpur Stock Exchange has, via its 3 August 2001 letter, granted the Company an time extension for the implementation of the proposed group-wide restructuring scheme until 25 August 2001, within which the Company is required to: 1. revise its regularization plan; 2. make a revised Requisite Announcement to the Exchange; and 3. submit its revised plan to the regulatory authorities for approval. The Company is also required to make a separate application to the Exchange to seek additional time for the Company to obtain all the necessary approvals from the regulatory authorities upon submission of the revised plan to the authorities. MOTIF HARTA: Suspends Debt Payments Of RM3.5M --------------------------------------------- Motif Harta Sdn Bhd (MHSB), a wholly owned subsidiary of Ayer Hitam Dredging Malaysia Berhad (AHTIN), has further suspended its interest and principal sum payments amounting to RM3,475,090.30 as of 13 August 2001 due to several financial institutions (the Lenders) under the RM63million Syndicated Term Loan (STL) facilities. The total principal drawdown and outstanding on the STL facilities as of 13 August 2001 is RM22.8 million. The Company has proposed a debt restructuring scheme to its Lenders and is awaiting their formal response which is expected soon. RAHMAN HYDRAULIC: Unit Facing Suit ---------------------------------- The Special Administrators of Rahman Hydraulic Tin Berhad (RHTB) announce that on 2 August 2001, the Company received a Writ of Summons dated 30 June 2001 from Yalaco Sdn. Bhd. (Plaintiff) against Natural Acres Sdn. Bhd. (Defendant), a wholly-owned subsidiary of RHTB. In the suit, which was filed with the High Court of Malaya, the Plaintiff is claiming a sum of RM2,270,000.00 and associated interest therein, allegedly owed by the Defendant to the Plaintiff for the sale of various parcels of land. RHTB's solicitors filed a Memorandum of Appearance for the suit August 9, 2001. SISTEM TELEVISYEN: Proposed Debt Workout Aborted ------------------------------------------------ Sistem Televisyen Malaysia Berhad (TV3) revealed the Company's Proposed Restructuring Scheme has been aborted as Simpletech Sdn Bhd has retracted its offer to participate in the Proposed Restructuring Scheme. The Company intends to formulate a new restructuring scheme. The Company will seek an extension of time from the Kuala Lumpur Stock Exchange (KLSE) to allow the Company to comply with paragraph 5.0 of Practice Note 4/2001 of the KLSE Listing Requirements pertaining to the stipulated time frames for regularizing an affected listed issuer's financial condition. WEMBLEY INDUSTRIES: Exchange Grants Two-Month Extension ------------------------------------------------------- On 3 August 2001, the Kuala Lumpur Stock Exchange (KLSE) approved an extension of two months from 23 June 2001 to 22 August 2001 to Wembley Industries Holdings Berhad (the Company). In approving the extension, the Company is required, within the extension period, to carry out the following: (i) revise its regularization plan; (ii) make a revised requisite announcement to the Exchange; (iii) submit its revised plan to the regulatory authorities for approval; and (iv) upon submission of the revised plan to the regulatory authorities, make a separate application to the Exchange to seek additional time for the Company to obtain all necessary approvals from the authorities. ZAITUN INDUSTRI: Winding Up Hearing Rescheduled ----------------------------------------------- The High Court of Malaya has postponed the hearing of the winding up petition filed by Maxseal Sdn Bhd against Zaitun Industri Sdn Bhd to 28 August 2001 at 9.00 am. ===================== P H I L I P P I N E S ===================== MAYNILAD WATER: Gets Six-Month Extension To Settle $100M Debt -------------------------------------------------------------- Debt-laden Maynilad Water Services Incorporated, a subsidiary of Benpres Holdings, has been given by its foreign creditors another six months to settle $100 million worth of loans, The Philippine Daily Inquirer reported Tuesday. "We have assured them we will finally obtain an approval for a rate adjustment, but it will take some more time, and they agreed to another extension," Maynilad project finance director Francis Gilles Puno said. Maynilad will implement a September rate hike of P2 per cubic meter to help cover the company's previous foreign exchange losses. NATIONAL POWER: Malaysians Join Asset Sale ------------------------------------------ The Department of Energy (DoE) said that Tenaga Nasional Berhad, Malaysia's largest power company, set up a consortium to bid on the due-to-be-privatized generation assets of ailing National Power Corp. (Napocor), The Business World reported Wednesday. Last week, Tenaga Nasional's officials met with Energy Secretary Vincent S. Perez, Jr. during the state visit of President Gloria Macapagal-Arroyo in Malaysia. "They informed me of their interest during a private meeting after my presentation on the new developments and opportunities in the Philippine energy sector during the recent state visit of President Gloria Macapagal-Arroyo in Kuala Lumpur, " Perez said. Other Malaysian independent power producers such as Power Generation Sdn. Bhd. and Powertek Bhd may join Tenaga Nasional in the bidding. Tenaga Nasional owns and operates about 7,100-MW of installed generating capacity in Malaysia, accounting for 61% of the total power generation in Peninsular Malaysia. YTL Power Generation is the first independent power producer in Malaysia when it deregulated its market in 1992. The firm is operating two natural gas-fired power plants with a total capacity of 1,212 MW. Powertek, on the other hand, is operating the 330-MW plant in Malacay it acquired from Tenaga Nasional in December 1998 worth $195 million. According to Perez, the growing interests of foreign firms to bid for Napocor's assets is a good sign that the privatization efforts on the country's electricity will succeed. ================= S I N G A P O R E ================= OAKWEEL ENGINEERING: Faces Winding Up Petition ---------------------------------------------- Oakwell Engineering Limited revealed that on 13 August 2001 it was served a winding-up petition by Fleet National Bank on the grounds the Company is deemed unable to pay its debts amounting to US$2,082,279.34, S$1,094,117.74 and Euro109,472.03. The Company is currently seeking advice from its Independent Financial Advisors, Arthur Andersen Associates and its legal advisors on various courses of action. SEMBCORP LOGISTICS: Sells Shenzhen Chiwan Shares ------------------------------------------------ SembCorp Logistics Limited (SembLog) has, over the period of May 8, 2001 to August 10, 2001 sold an aggregate of approximately 10.613 million shares in Shenzhen Chiwan Petroleum Supply Base Company Limited ("Chiwan"), an associated company. The sale was conducted via on-market transactions, at an average price of HK13.34 (approximately, S$3.09) per share and average price earning ratio of approximately 70 times. Sale proceeds amounted to a total of approximately S$32.8 million. Chiwan is a company incorporated in Chiwan, Shenzhen, the People's Republic of China and is listed on the Shenzhen Stock Exchange. Chiwan and its associates provide, marine logistics services, wharf and yard services and offshore engineering services. The sales were made to unlock shareholders' value and do not have any significant financial impact on the current earnings of SembLog, save as an exceptional item. The gains from the sales of these shares amounted to 3.0 cents per share and the sales have increased SembLog's net tangible assets by 2.9 cents. The book value of the shares sold is S$6.3 million. The excess of the sale proceeds over the book value of the shares sold is S$26.5 million and the net gain after deducting all related charges excluding taxation attributable to the shares sold, is S$25.2 million. The sale proceeds will be used to reduce SembLog's bank borrowings. None of the Directors and substantial shareholders of SembLog has any interest, direct or indirect, in the sales of these shares. For media and investor enquiries, please call: Chow Hung Hoeng (Ms) Investor Relations SembCorp Logistics Tel: (65) 3579 152 / 462 8408 Fax: (65) 3522 163 / 468 2797 Email: chowhh@sembcorp.com.sg Website: www.semblog.com VAN DER HORST: Share Sale Price Pegged At S$12M ----------------------------------------------- Further to the announcement of Van der Horst Limited (Under Judicial Management) that it had entered into an Investment Agreement and a Share Sale Agreement with Fargro Pte Ltd (Fargro) after having obtained the approval of the High Court of Singapore to enter into the Investment Agreement and the Share Sale Agreement, the Company is pleased to provide further details of the Company's assets sold to Fargro pursuant to the Share Sale Agreement. Share Sale Agreement The Share Sale Agreement provides for the purchase by Fargro of the following assets of the Company for a total consideration of S$12 million: (a) The Company's leasehold interest in the property at 11 Pandan Crescent, Singapore 128467 (the Property). The Company is the lessee of the Property under an agreement with the Jurong Town Corporation (JTC). The lease expires in May 2009. (b) 9,520,000 shares held by the Company in Van der Horst Engineering Services Pte Ltd (VDHES). VDHES is a wholly owned subsidiary of the Company. VDHES is engaged in the re- manufacturing and electroplating of marine, oilfield and industrial precision equipment. (c) 131,422 shares held by the Company in Van der Horst Technologies (Phils.), Inc. (VDHP). VDHP is a wholly owned subsidiary of the Company. VDHP is engaged in the provision of re-manufacturing, electroplating and precision engineering services. (d) 20,000 shares held by the Company in VDH Land, Inc. (VDHL). This comprises 40 percent of the issued shares of VDHL. VDHL owns the land on which VDHP operates a factory. (e) 2 shares held by the Company in Hoyane Capital Ventures, Inc. (HCV), a wholly owned subsidiary of the Company. The acquisition by Fargro of the shares in HCV is conditional upon the transfer to HCV of the Company's 50 percent shareholding in Dalian Van der Horst Marine Engineering Co Ltd. (f) The Company's entire shareholding in VDH Europe B.V. (VDHEUR), a wholly owned subsidiary of the Company, which in turn owns all the shares held by the Company in Hardchroom Nijkerk B.V. (HNBV) and 40 percent of the issued shares in United Van der Horst Limited (UVL). In addition, the Company had pursuant to the Share Sale Agreement assigned to Fargro its rights to "Van der Horst" trade mark registration and the "Van der Horst" name but with the reservation that the Company and all its existing subsidiaries may continue to retain and use the "Van der Horst" name. The Company is not aware of any of its directors or substantial shareholders having any interest, direct or indirect, in the disposal of the Company's assets pursuant to the Share Sale Agreement. Rationale for the Disposal of the Company's Assets (1) The Company is insolvent and it does not have the resources and funds to strengthen and improve the quality of the management of those companies and to assist in the development or expansion of their businesses. In the meantime, those companies are finding it difficult to continue to retain key management and technical personnel. (2) It is unlikely that the Company would be able to secure a better price for the shares in those companies in the foreseeable future given the prevailing regional economic conditions and outlook. (3) The Company's lease expires in May 2009. With the disposal of those companies, the Company has no need or use for the leased premises thereby saving the fixed overhead costs of maintaining the Property. Financial Effects of the Disposal of the Company's Assets The total sale consideration of S$12 million in cash will be applied towards repayment of the Company's debts of approximately US$94 million. The disposed assets constitute substantially all of the Company's operating assets. The Company expects to record a net loss of S$301,000 arising from the disposal. After the disposal, the remaining assets of the Company will comprise of: (1) dormant companies which will eventually be liquidated; and (2) the Company's investment of a 7.06 percent minority stake in Space Imaging LLC. The Group's operating revenue for the year ended 30 September 2000 and year ending 30 September 2001 are derived entirely from the companies sold under the Share Sale Agreement. =============== T H A I L A N D =============== CENTRAL PAPER: 2001 Q2 Net Loss Surges To Bt101.445M ---------------------------------------------------- Central Paper Industry Plc, in its reviewed quarterly financial statement ending June 30, 2001, reported a net loss of Bt101.445 million in the second quarter this year, higher compared to last year's Bt66.810 million second quarter net loss. The statement also indicated a consolidated net loss of Bt168.810 million for the first six months this year, higher to last year's Bt125.903 million. DATAMAT PUBLIC: Incurs Net Loss Of Bt25.871 Million --------------------------------------------------- Datamat Public Company Limited, in its reviewed quarterly financial statements ending June 30, 2001, incurred a net loss of Bt25.871million for the second quarter 2001, down from the Bt112.143 million net loss last year. The statements also indicated a consolidated six months net loss of Bt15.106 million, down from Bt170.877 million last year. EASTERN PRINTING: Incurs Bt32.64M Q2 Net Loss --------------------------------------------- Eastern Printing Public Co., Ltd. and Subsidiaries, in its reviewed quarterly financial statement ending June 30, 2001, reported the company incurred a Bt32.64 million net loss for the second quarter of year 2001, a reduced reported net loss from last year's second quarter net loss of Bt55.142 million. However, for the six-month period ending June 30, 2001, the company incurred a net loss of Bt164.176 million, an increased figure from last year's six month period net loss of Bt126.652 million. EMC PUBLIC: Administrator Issues Rehab Implementation Progress -------------------------------------------------------------- EMC Public Company Limited reported the rehabilitation plan progress for the first three months: 1. The change of the registered capital 1.1 The company reduced its registered capital and paid-up capital from Bt300,000,000 to Bt75,000,000, divided into 7,500,000 ordinary shares which have the par value of Bt10 per share. The company has registered the reduction of registered capital and paid-up capital and amendment to the Memorandum of company on July 25, 2001. 1.2 The company increased its registered capital from Bt75,000,000 to Bt677,954,310 by issuing the ordinary shares of 60,295,431 shares which have the par value of Bt10 per share. The company has registered the increase of registered capital and amendment to the Memorandum of company on July 26, 2001. 2. The plan administrator had registered the restriction of transfer the convertible bonds on July 25, 2001 "the first EMC Public Company Limited's convertible bonds due 2010". 3. Issuance and sale of the convertible bonds, the issuance and sale of "the first EMC Public Company Limited's convertible bonds due 2010", the amount of the convertible bonds will be Bt 50,000,000 divided into 50,000 units, which have the denomination of Bt1,000 per unit, offering to the financial institution creditors group 1 and 2. 4. The payment for the first payment was June 30, 2001, the plan administrator had paid the payment for the creditor group 5. The first interest payment was June 30, 2001, the plan administrator had paid the first interest payment for the creditor group 1 and 2. 5. The appointment of financial auditor, the plan administrator appointed East West Consulting and Education Company Limited as a financial auditor. The financial auditor will report the financial status to the committee of creditors every month. 6. The plan administrator closed the old account and opened the new 6 accounts according to the rehabilitation plan with Bangkok Bank Public Company Limited, head office. 7. The securities agent, the committee of creditors appointed Bangkok Bank Public Company Limited as the securities agent according to the rehabilitation plan. EMC PUBLIC: Incurs 2001 Q2 Bt35.01 Million Net Loss --------------------------------------------------- EMC Public Company limited, in its reviewed quarterly financial statement ending June 30, 2001, reported a second quarter net loss of Bt35.01 million, a reduced figure from last year's Bt144.319 million net loss. The report also indicated the company incurred a 2001 first six months net loss of Bt64.462 million, a reduced loss compared to last year's first six months net loss of Bt170.86 million. MEDIA OF MEDIAS: Explains Operation Results Changes --------------------------------------------------- Media of Medias Public Company Limited explained the changes in results of operation for the second quarter. For the second quarter 2001, the company showed a net loss of Bt20.60 million, lower Bt44.52 million or 68.37 percent compared to net loss of Bt65.12 million of the same quarter of last year. The reduction of net loss was due to: (1) Advertising income increased by Bt14.34 million, resulting in the increase of gross profits of Bt8.34 million. (2) Provision for liabilities from guarantee loans of the associated company reduced by Bt27.43 million. (3) Operating expenses decreased by Bt12.54 million to Bt33.54 million this year. MEDIA OF MEDIAS: Posts Bt20.596M 2001 Q2 Net Loss ------------------------------------------------- Media of Medias Public Co Limited in its reviewed quarterly financial statement ending June 30 reported a net loss of Bt20.596 million for the second quarter 2001, lower than last year's Bt64.124 million. The statement also indicated the company incurred a consolidated first six months 2001 net loss of Bt43.453 million, lower compared to Bt91.785 million in 2000. Reviewed Ending June 30, (In thousands) Quarter 2 For 6 Months Year 2001 2000 2001 2000 Net loss 20,596 65,124 43,453 91,785 EPS (baht) 0.79 2.50 1.67 3.53 NATURAL PARK: Books Bt200.12M 2001 Q2 Net Loss ---------------------------------------------- In its reviewed quarterly financial statement ending June 30, 2001, Natural Park Public Company Limited reported a Bt200.12 million net loss for the 2001 second quarter. Reviewed Ending June 30, (In thousands) Quarter 2 For 6 Months Year 2001 2000 2001 2000 Net profit(loss) (200,120) 97,936 1,961,791 995,875 EPS (baht) (0.53) 0.26 5.19 2.63 The company, with reference to the Reviewed Financial Statements for the 2nd quarter of 2001 comparing to the same period of prior year, said net earnings decreasing Baht 295 million, as the following details: Increase in loss on impairment of assets: Bt176 million Increase in recognition of guarantee obligation to related parties : Bt51 million Decrease in interest expenses: (Bt24 million) Decrease in gain from debt restructuring: Bt92 million Total : Bt295 million THAI HEAT: Posts Net Loss Of Bt4.511M ------------------------------------- In its reviewed quarterly financial statements ending June 30, 2001, Thai Heat Exchange Public Company Limited reported a net loss of Bt4.511 million for the second quarter this year, lower compared to the Bt12.041 million in the second quarter last year. The statements also indicated a consolidated six months net loss of Bt15.004 million, lower compared to the Bt20.067 million net loss in the first six months last year. THAI MODERN: Posts 2001 Q2 Net Loss of Bt4.915M ----------------------------------------------- In its reviewed quarterly financial statements ending June 30, 2001, Thai Modern Plastic Industry Public Company Limited reported a net loss of Bt4.915 million for the second quarter 2001, lower compared to last year's Bt20.956 million. The statement also indicated a consolidated six months net loss of Bt12,156 million this year, lower compared to Bt294.398 million last year. S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick, Roy Tabamo, Maria Vyrna Nineza, Editors. Copyright 2000. All rights reserved. ISSN: 1520-9482. 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