/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/011105.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, November 5 2001, Vol. 4, No. 216 Headlines A U S T R A L I A ANALYTICA LIMITED: Psiron Changes Diagnostics Ops Sale Terms AUSTRALIAN HEALTHCARE: Southern Highlands Sale Completed AUSTRALIAN MAGNESIUM: Updates Stanwell Magnesium Project Funding AUSTRIM NYLEX: Executes Deed Of Charge On Assets CAPRAL ALUMINIUM: Posts GSP's Change In Substantial Holding CHROME GLOBAL: ASIC Grants AGM Extension GOODMAN FIELDER: ING Australia Changes Substantial Holding GOODMAN FIELDER: Jon Peterson Steps Down As Chairman JAMES HARDIE: Discloses Share Distribution Schedule C H I N A & H O N G K O N G CONKY INVESTMENTS: Petition To Wind Up Pending G-PROP (HOLDINGS): Reason For Share Price Increase Unknown GOLD WAY: Winding Up Petition Hearing Scheduled INNOVATIVE INTERNATIONAL: Director Chow Loy Resigns KTP HOLDINGS: Posts Special General Meeting Notice I N D O N E S I A SALIM GROUP: Holdiko Sells Gumindo For US$1.68M SEMEN GRESIK: West Sumatra Residents Take Over Unit J A P A N MATSUSHITA ELECTRIC: Heavy Losses Lower Company Defenses MYCAL CORPORATION: May Undertake Rehab Under Different Law NEC CORPORATION: Plans Temporary Lay Off of 7,400 Workers K O R E A HANBO IRON: Bidding Process Starting Again HYNIX SEMICONDUCTOR: Outlook Unclear Despite Bailout Approval HYNIX SEMICONDUCTOR: Government Denies Bailout Involvement HYNIX SEMICONDUCTOR: Deploys Sales, Marketing Group To U.S. HYUNDAI GROUP: Unit's Top Execs Resign, Job Cuts Considered HYUNDAI MOTOR: U.S. Auto Sales Expected To Rise 77% HYUNDAI SECURITIES: Union To Appeal Court Decision SAMSUNG ELECTRONICS: W500B Bond Issue Possible M A L A Y S I A ACTACORP HOLDINGS: Auditors' Report Authorized BERJUNTAI TIN: Awaits Proposed Restructuring Scheme Approval BRIDGECON HOLDINGS: SA Prepares Workout Proposal Preparation DEWINA BERHAD: Authorities Reviewing Submitted Plan ESPRIT GROUP: Prepares Documents, Meeting Arrangements GEAHIN ENGINEERING: Obtains New White Knight HAI MING: Posts Debt Restructuring Status Report INSTANGREEN CORP.: FIC Approves Proposed Restructuring Scheme KILANG PAPAN: Seeks Debt, Equity Workout Scheme Extension LION LAND: Posts Audited Results Loss Variation MECHMAR CORPORATION: Remains In Loan Default PANGLOBAL BERHAD: Awaits SC's Proposed Debt Scheme Approval PARIT PERAK: Explains Audited/Unaudited Results Variance SATERAS RESOURCES: Applies Time Extension To Complete Exercise TIMBERMASTER IND.: Financial Regularization Status Unchanged P H I L I P P I N E S NATIONAL BANK: Pres Arroyo Gains Tan's Approval Re PNB Rehab S I N G A P O R E CREATIVE TECHNOLOGY: Posts Changes In Substantial Interests RAFFLES HOLDINGS: Posts Change In Shareholder's Interests SEMBCORP LOGISTICS: Capital Group Changes Substantial Holding T H A I L A N D THAI PETROCHEMICAL: EPL Reviews Plant Bids' Terms, Conditions TPI CONCRETE: Files Petition For Business Reorganization * FRA Brings More Companies Into Bankruptcy Process - - - - - - - - ================= A U S T R A L I A ================= ANALYTICA LIMITED: Psiron Changes Diagnostics Ops Sale Terms ------------------------------------------------------------ Chairman S Jones of Psiron Ltd advised that the consideration payable by Analytica Limited for the purchase of Psiron's diagnostic business for a price of $1.6 million would be paid by a series of convertible notes, with a combined face value of $1.6 million. The consideration will now be paid by structured debt with no equity conversion rights. The $1.6 million of debt is a eight year loan secured by registered mortgaged debt, fixed over the assets and undertakings of the diagnostics business, carrying an interest of the Westpac 90 day bill rate +2.5%. The loan is subject to these terms and conditions; * Over the first two years from the date of settlement of the sale of the diagnostic business (Settlement), the Company will provide Analytica Ltd with a come and go facility (similar to a revolving line of credit), by which Analytica Ltd may repay or draw down funds in any amount, without penalty; * Psiron may, but is not obliged to advance funds under the facility from time to time in excess of the initial debt of $1.6 million; * Any amount lent in excess of the initial debt of $1.6 million is repayable on demand, or as may be agreed from time to time; * After the first two years from Settlement, Analytica Ltd must repay $1 million of the principal over a five year period at the rate of $200,000 per year, payable on each anniversary of Settlement or as may be agreed from time to time; * During this 5 year period, the facility will remain a come and go facility except for the requirement to repay $200,000 of principal in each year; * The balance of $600,000 of principal must be repaid on the eighth anniversary of Settlement; * Interest is payable quarterly in arrears, on the last days of March, June, September and December for the entire period of the facility including the first two years from Settlement; The payment of all amounts payable by Analytica Ltd under the facility is to be secured by a charge given by Analytica Ltd over all existing and future assets of, or referable to, the diagnostic business. There have been no changes to the previously announced investment by Psiron in Analytica Ltd. AUSTRALIAN HEALTHCARE: Southern Highlands Sale Completed -------------------------------------------------------- Australian Healthcare Investment Fund advised that the sale of the Southern Highlands Private Hospital was settled on 31 October 2001 at a sale price of $2,700,000 less selling costs. The Fund will be wound up and the balance of funds distributed to Unitholders by 30 November 2001. AUSTRALIAN MAGNESIUM: Updates Stanwell Magnesium Project Funding ---------------------------------------------------------------- Australian Magnesium Corporation Limited (AMC) is in the second week of its scheduled four week public offer to raise $525 million for the Stanwell Magnesium Project and provides this update; AMC is encouraged with the public response and indications of support to date from the retail broking community, institutions and general public. The Company has received requests from 21 brokers for 'protected allocations' of Distribution Entitled Securities and has closed further broker requests for such allocations. The Company is monitoring public subscriptions and is yet to determine whether to close the Offer before the scheduled closing date of Friday, 16 November 2001, mindful of allowing an appropriate time for shareholder and public applicants to send in their applications. AMC will continue to keep the market informed of developments. For further comment and clarification, please contact: Simon Jemison - MANAGER PUBLIC AFFAIRS AND COMMUNICATION Ph: +61 7 3335 8600 AUSTRIM NYLEX: Executes Deed Of Charge On Assets ------------------------------------------------ Austrim Nylex Limited informed that on 31 October 2001, Austrim National Radiators Ltd and the Company executed a Deed of Charge over their assets in favor of the banks to the Austrim Nylex Limited Group. According to Wright Investors' Service, the Company Limited had negative working capital, as current liabilities were A$646.30 million while total current assets were only A$415.53 million. The fact that the company has negative working capital could indicate that the company will have problems in expanding. CAPRAL ALUMINIUM: Posts GSP's Change In Substantial Holding ----------------------------------------------------------- Guinness Peat Group (GSP) increased its relevant interest in Capral Aluminium Limited on 31/October/2001, from 18,333,020 ordinary shares (27.42%*) to 19,412,230 ordinary shares (28.63%*). * subject to a restriction as to voting in relation to part of the shareholding as set out in the letter dated 02/04/2001 from Guinness Peat Group (Australia) Pty Ltd to Capral Aluminium Limited which is Annexure A to our substantial shareholding notice dated 02/April/2001. CHROME GLOBAL: ASIC Grants AGM Extension ---------------------------------------- B McMaster of Ernst & Young, administrator of Chrome Global Limited, announced that on 1 November 2001, the Australian Securities and Investments Commission (ASIC) granted the Company an extension so it can hold the Annual General Meeting 30 March 2002. The extension was sought and granted due to the Company entering into Administration on 23 October 2001. GOODMAN FIELDER: ING Australia Changes Substantial Holding ---------------------------------------------------------- ING Australia Limited increased its relevant interest in Goodman Fielder Limited on 16 October 2001, from 63,936,541 ordinary shares (5.00%) to 77,722,585 ordinary shares (6.05%). GOODMAN FIELDER: Jon Peterson Steps Down As Chairman ---------------------------------------------------- Jon Peterson has announced that he will step down immediately as Chairman of Goodman Fielder for health reasons and will not seek re-election as a Director at the Annual General Meeting on 16 November 2001. The Deputy Chairman, Sir Dryden Spring, will take over as acting Chairman while a search is being conducted for a new Chairman to work with the new Managing Director and Chief Executive, Tom Park, over the next five years. Mr Peterson said it was with a great deal of regret that he was standing down as Chairman and as a Board Director at this time and in these circumstances. "However, I am satisfied that the company now has the right strategy and management team to take the business forward and improve shareholder returns," he said. "Our Board has worked tirelessly in developing a new strategy and appointing a new Chief Executive and I would like to thank them all for their commitment and support." Sir Dryden Spring expressed appreciation on behalf of the Board for the contribution that Jon Peterson made as a Director and Chairman. "I join with all members of the Board in thanking Jon for his leadership and enormous personal contribution as a Director, and more recently as Chairman" Sir Dryden said. Sir Dryden said that as part of the ongoing program of Board renewal, further announcements on Board composition and the Chairman's position would be made in due course. JAMES HARDIE: Discloses Share Distribution Schedule --------------------------------------------------- JAMES HARDIE INDUSTRIES N.V. posted its Distribution Schedule and Top 20 share/CUFS Holders: DISTRIBUTION SCHEDULE AT 31/10/2001 SIZE OF HOLDINGS SHARES/CUFS HOLDERS HOLDING 1 - 1,000 8,471 4,303,900 1,001 - 5,000 9,254 23,205,365 5,001 - 10,000 2,088 14,966,715 10,001 - 100,000 1,427 32,630,636 100,001 and over 195 375,764,546 TOTAL 21,435 450,871,162 TWENTY LARGEST SHARES/CUFS HOLDERS AS AT 31/10/2001 NAME NUMBER % Chase Manhattan Nominees Limited 42,217,342 9.36 National Nominees Limited 30,592,077 6.79 Citicorp Nominees Pty Limited 22,780,027 5.05 Westpac Custodian Nominees Limited 18,208,014 4.04 Queensland Investment Corporation 15,535,388 3.45 Citicorp Nominees Pty Limited 12,779,990 2.83 CFS WSLE Imputation Fund A/C AMP Life Limited 12,534,075 2.78 Perpetual Trustees Victoria Limited 10,467,364 2.32 MTRAEF A/c Madingly Nominees Pty Limited 10,242,200 2.27 Citicorp Nominees Pty Limited 9,461,095 2.10 CFS WSLE Aust Share Fund A/c RBC Global Services Australia Nominees Pty Ltd RA A/C 8,002,718 1.77 Citicorp Nominees Pty Limited 7,678,629 1.70 CFS Imputation Fund A/C Perpetual Nominees Limited 7,110,446 1.58 JBEMEP A/c Sherwood House Nominees Pty Ltd 6,620,500 1.47 Australian Foundation Investment Company Limited Investment Portfolio A/c 6,044,679 1.34 Citicorp Nominees Pty Limited 6,016,310 1.33 CFS WSLE Industrial Share A/C NRMA Nominees Pty Limited 5,802,837 1.29 Zurich Australia Limited 5,580,597 1.24 Perpetual Trustees Victoria Limited 5,385,480 1.19 Imputa A/c Perpetual Trustees Victoria Limited 5,366,890 1.19 MTRBAL A/c TOTAL 248,436,658 55.09 ================================ C H I N A & H O N G K O N G ================================ CONKY INVESTMENTS: Petition To Wind Up Pending ---------------------------------------------- The petition to wind up Conky Investments Limited is scheduled to be heard before the High Court of Hong Kong on January 23, 2001 at 9:30 am. The petition was filed with the court on October 15, 2001 by Nanyang Commercial Bank, Limited whose registered office is situated at 151 Des Voeux Road Central, Hong Kong. G-PROP (HOLDINGS): Reason For Share Price Increase Unknown ---------------------------------------------------------- The board of directors of G-Prop (Holdings) Limited have noted the recent increases in the trading volumes of the shares of the Company and wish to state that the Board is not aware of any reasons for such increases. The Board also confirmed that there are no negotiations or agreements relating to intended acquisitions or realizations which are discloseable under paragraph 3 of the Listing Agreement, neither is the Board aware of any matter discloseable under the general obligation imposed by paragraph 2 of the Listing Agreement, which is or may be of a price-sensitive nature. GOLD WAY: Winding Up Petition Hearing Scheduled ----------------------------------------------- The petition to wind up Gold Way Foods Co., Limited is set for hearing before the High Court of Hong Kong on November 7, 2001 at 9:30 am. The petition was filed with the court on August 2, 2001 by Sham Hoo Fat of Room 1018, Lim Kit House, Lei Cheng Uk Estate, Kowloon, Hong Kong. INNOVATIVE INTERNATIONAL: Director Chow Loy Resigns --------------------------------------------------- Innovative International (Holdings) Limited (Receivers and Managers Appointed) (the "Company") announced that Mr. Liu Chow Loy tendered his resignation as a director of the Company effective on 23rd October, 2001, a copy of which was received by the Company Secretary on 30th October 2001. KTP HOLDINGS: Posts Special General Meeting Notice -------------------------------------------------- KTP Holdings posted this notice of special general meeting: NOTICE IS HEREBY GIVEN THAT a special general meeting of the shareholders of KTP Holdings Limited (the Company) will be held at Block C, 1st Floor, Wong King Industrial Building, 2-4 Tai Yau Street, Sanpokong, Kowloon, Hong Kong at 10:00 a.m. on 26th November 2001 for the purpose of considering and, if thought fit, pass the following special resolution: Special resolution "THAT, (1) with effect from10:00 a.m. (Hong Kong Time) on the day after the day on which this resolution is duly passed (the "Effective Date") and conditional upon the Stock Exchange of Hong Kong Limited granting the listing of, and permission to deal in, the shares in the Company resulting from (a) and (b) below; (a) the nominal value of each ordinary share of HK$0.45 each be and is hereby reduced to HK$0.01 by canceling HK$0.44 of the paid up capital on each of the ordinary share in issue; (b) each unissued ordinary share of HK$0.45 be and is hereby subdivided into 45 unissued shares of HK$0.01 each; and (c) the credit arising from the capital reduction be applied to eliminate part of the accumulated losses of the Company; (2) with effect from the Effective Date, the entire amount standing to the credit of the share premium account of the Company be and is hereby cancelled and the credit arising therefrom be applied to eliminate part of the accumulated losses of the Company; (3) with effect from the Effective Date, the amount of HK$127,554,983.57 standing to the credit of the contributed surplus account of the Company be applied to eliminate the balance of the accumulated losses of the Company; and (4) any director of the Company be and is hereby authorized to do all acts and things which in his opinion are necessary to effect and implement any of the foregoing." ================= I N D O N E S I A ================= SALIM GROUP: Holdiko Sells Gumindo For US$1.68M ----------------------------------------------- Following the sale of PT Salim Rengo Containers several weeks ago, PT Holdiko Perkasa issued a press release Friday announcing the completion of another asset sale. PT Gumindo Perkasa Industri is Holdiko's 10th (tenth) asset sale for the year, and generated gross proceeds of USD 1.68 million. PT Gumindo Perkasa Industri (Gumindo) is the only food grade manufacturer of seaweed flour (semi-refined carrageenan) in Indonesia. Holdiko's entire 43.20% shareholdings in the company was acquired by an existing shareholder and joint venture partner, Mr. Ridwan Soeriyadi. The sale process, which began last August, was initiated with an offer by Holdiko to all existing shareholders in respect to their pre-emptive rights as ruled by Gumindo's Articles of Association and Joint Venture Agreement. For this transaction, KPMG (PT Siddharta Consulting) acted as financial advisor to Holdiko. More details of this transaction are available on Holdiko's website and can be accessed through the following link: http://www.holdiko.com/prdetails.php?id=59&lang=en IBRA/Holdiko also announced that it is on schedule to complete 9 (nine) more asset sales before the end of the fiscal year, for a total of 19 (nineteen) completed asset sale transactions for 2001. For the next few weeks, IBRA/Holdiko will be conducting due-diligence for the nine remaining asset sales and expects to receive final bids from the participating investors, as outlined below: Asset Sale No. of Investor participating Final Bid Date in the final phase PT Poli Contindo Nusa 9 October 31, 2001 Guangdong jiangmen ISN Float Glass 8 November 9, 2001 Riau Industrial Estates (PT Herwido Rintis/ PT Bintan Inti Industrial Estate/ PT Karimun Sembawang Shipyard) 6 November 12, 2001 Sugar Group 9 November 19, 2001 PT Yakult Indonesia Persada N/A (Offer to November 19, 2001 JV partners) PT Indosiar Visual Mandiri Tbk. 7 November 23, 2001 PT Berdikari Sari Utama Flour Mills 10 November 23, 2001 PT Indomarco Adi Prima 4 November 26, 2001 PT Indogift Chuenher Indah N/A (Offer to November 30, 2001 JV partners) SEMEN GRESIK: West Sumatra Residents Take Over Unit --------------------------------------------------- The West Sumatra community has temporarily taken over PT Semen Padang from its parent company, PT Semen Gresik, pending a central government decision on whether to approve the unit spin off, AFX-ASIA reported Friday. "As of Nov 1, 2001, the provincial parliament declares that Semen Padang is temporarily put under the authority of the people of West Sumatra...until after a spin-off is implemented by the government of the Republic of Indonesia," the provincial parliament said in a decree. State Enterprise Minister secretary Bacelius Ruru said the takeover is against the law and the government will take firm action against it. "Semen Padang is a government asset. Any action related to the asset, therefore, must be in conformity with the applicable law," Ruru said. He added that Semen Padang is covered by the Capital Market law, which requires that any transfer of assets must be approved by shareholders. Ruru declined to comment what action the government will take. ========= J A P A N ========= MATSUSHITA ELECTRIC: Heavy Losses Lower Company Defenses -------------------------------------------------------- Matsushita Electric Industrial Co Ltd could be susceptible to takeover by a foreign corporation should its performance not improve soon, PrnewsAsia reported on Friday citing a Matsushita official. Last week, Matsushita announced that it expects to suffer a net loss of Y265 billion in the full fiscal year. The company's goal it to post a sharp recovery. Yukio Shohtoku, Matsushita Electric director in charge of international business said, "If we should miss this target, ratings agencies will downgrade our status and our market capitalization will decline. That would make Matsushita an easy target for a takeover -- and a lucrative target for a takeover." Shohtoku stressed however that a takeover is merely a possibility not a probability. MYCAL CORPORATION: May Undertake Rehab Under Different Law ---------------------------------------------------------- The failed Mycal Corporation may undertake restructuring under the Corporate Rehabilitation Law, instead of the Civil Rehabilitation Law under which it is currently proceeding, the Asian Wall Street Journal reported on November 1. Unlike the Civil Rehabilitation Law, the Corporate Rehabilitation Law provides for a court-appointed administrator that has a stronger say in the settling of conflicts of interests, something which is currently hindering negotiations between Mycal and sponsor candidates. NEC CORPORATION: Plans Temporary Lay Off of 7,400 Workers --------------------------------------------------------- Following a 90 percent drop in its operating profit for the fiscal first half, NEC Corporation announced plans to temporarily lay off some 7,400 employees at four Japanese plants operated by its subsidiaries, the Asian Wall Street Journal reported on November 1. Previously, NEC announced a similar plan to temporarily lay off 9,000 workers at chip-related divisions at the parent company. In line with its plans, the company's Fukui plant in central Japan suspended operations for a day Thursday, affecting 800 workers there. Furthermore, an NEC spokesman said, "Workers at three other chip plants in the Kyushu, Tohoku and Kansai regions would be temporarily laid off this year. The workers will be paid 80 percent of their standard daily wages on the days they are laid off". Some 1,700 workers of its Kyushu plant will be required to take one to three days leave this November. Its Tohoku plant on the other hand will force some 2,000 workers to take one to three days off this month and next and at its Kansai plant in central Japan, some 2,900 workers will take a total of four days leave by the end of 2001. ========= K O R E A ========= HANBO IRON: Bidding Process Starting Again ------------------------------------------ Hanbo Iron and Steel will open bidding anew in the middle of this month, the Korea Herald reported Friday, quoting an official of the Korea Asset Management Corporation (KAMCO). KAMCO intends to enter into a binding memorandum of understanding (MoU) with the bidder offering the highest price, directly proceeding into negotiations for a final contract. KAMCO plans to set up a corporate restructuring vehicle for Hanbo's assets if a buyer isn't found. Hanbo, which went bankrupt in early 1997, is reportedly staging a turnaround, registering a W22.1 billion ordinary profit and W8.2 billion operating profit for the first half of the year. HYNIX SEMICONDUCTOR: Outlook Unclear Despite Bailout Approval ------------------------------------------------------------- Despite the approval of its bailout package on Wednesday, Hynix Semiconductor Inc. faces a bleak future amid the continuing slump in chip prices and the recent allegations that it has received direct aid from the Korean government, according to a Friday report on Korea Herald. Analysts are divided on their opinions regarding the ailing chipmaker's future, with some saying that although the bailout is meaningful for it may spark a turnaround, a liquidity crisis may result if chip prices continue to slide. According to analysts, for the next 12 months, Hynix needs about W2 trillion for operation funds and technology development costs. They also say that Hynix needs to sell-off non-core facilities and engage in aggressive restructuring moves. Meanwhile, U.S. and EU officials attending a World Trade Organization meeting warned that government support for the ailing chipmaker has led to what they called "severe trade distortions" in the chip industry. Under WTO guidelines, private companies can't receive direct financial assistance from the state, and in this case the government owns large stakes in several of Hynix's creditor banks. Thus, investors see the injection of fresh funds from creditor banks as tantamount to an injection of government money. HYNIX SEMICONDUCTOR: Government Denies Bailout Involvement ---------------------------------------------------------- The Korean government denied its participation in the Hynix Semiconductor Inc. bailout amid growing criticism from competitors and foreign investors alike that the company had directly provided aid for the debt-ridden chip manufacturer, the Korea Herald reported yesterday. Trade Minister Hwang Doo-yun, in a press conference for foreign media said, "We are going to have to ask the critics to trust us when we say we had no part in the aid program. It was a decision made between the creditors and the company," he further noted that, "We can see that the U.S. is afraid that Korea Development Bank's refinancing of Hynix bonds violates WTO's subsidy rules. But we explained that the KDB program is a temporary means, applying to one year, serving as a bridge between supply and demand for corporate bonds". HYNIX SEMICONDUCTOR: Deploys Sales, Marketing Group To U.S. ----------------------------------------------------------- Hynix Semiconductor America Inc. announced the redeployment of its worldwide sales and marketing team from the company's Seoul, Korea, headquarters to its U.S. facility in San Jose, California. Putting into place a critical component of Hynix's restructuring plan, the new infrastructure will become the nerve center of the company's global sales and strategic marketing activities. The organization, lead by senior vice president and general manager of worldwide memory marketing, D. S. Kim, is charged with expanding the company's market share within the U.S. and centralizing communication across its worldwide sales, support and manufacturing facilities and customer base. Reporting to Kim is vice president of worldwide memory marketing, Farhad Tabrizi. With a new technical support group and a task force of additional sales teams strategically located near its key customers, the move positions Hynix to offer swifter service and quicker decision turnaround. The streamlined communication structure will also bolster customer response time -- a critical factor in today's global business world. In addition, a planning team, tasked with coordinating marketing activities across Hynix's several international locations, will lay the foundation for the company's future as a global, market-leading semiconductor company. "Centralizing our sales and marketing functions in Silicon Valley makes excellent business sense for Hynix," said Farhad Tabrizi. "At the heart of this major corporate decision was the fact that North America is Hynix's largest market and the home base for many of our key customers. It's extremely important, therefore, that we have a series of rapid-response teams here to meet the ever-changing needs of these companies. Our new infrastructure will not only allow us to service our existing customer base, but it will also enable us to more easily and rapidly exploit diverse new market segments and applications for which our cutting-edge technology is ideally suited." Hynix Semiconductor America Inc. is a U.S. subsidiary of Hynix Semiconductor Inc. and is headquartered at 3101 North First Street, San Jose, California, 95134. For more information on Hynix Semiconductor visit http://www.hynix.comor http://www.us.hynix.com HYUNDAI GROUP: Unit's Top Execs Resign, Job Cuts Considered ----------------------------------------------------------- Hyundai Group subsidiary Hyundai Asan Corp. announced the resignation of 13 of its 17 top executives. The Chief Executive has not resigned. The resignations come in the wake of the company's continuing liquidity problems, according to a report by the Asian Wall Street Journal on Thursday. Hyundai Asan is also mulling over the possibility of imposing lay-offs and instituting an organizational shuffle. Chief Executive, Kim Yoon-kyu will retain his position but will go without pay for an unspecified period starting November. No clear details were revealed regarding the planned reshuffling except that the company plans on slashing two of its business units to three. In order to raise W700 million for this month, the company is currently readying plans to sell 30 of its buses. Just last Thursday, Hyundai Asan failed to pay one month's salary to all its employees due to a lack of funds. The company managed to pay its employees Wednesday. HYUNDAI MOTOR: U.S. Auto Sales Expected To Rise 77% --------------------------------------------------- In view of an apparent shift in U.S. customer demand, wherein U.S. customers now favor economical vehicles rather than high- priced luxury cars in the wake of the September 11 attacks, Hyundai Motor's U.S. exports are expected to record a 77 percent growth in October, Korea Herald reported Friday. Hyundai Motor affiliate, Hyundai Securities noted that, "Hyundai had sold 27,888 vehicles in the United States by Oct. 29 and is projected to have attained a monthly volume of over 31,000 units". The estimated October volume exceeds its September sales of 30,166 units and represents a huge 77 percent increase from what was recorded for the same month of last year. Buoyed by its strong showing, Hyundai recently forecast an increase of its U.S. exports in 2001 to 335,000 units from 320,000. Earlier this month, Hyundai was planning to issue W200 billion in three-year corporate bonds carrying a 5 percent annual coupon. The proceeds from the issue will be made to repay more than W155 billion of corporate bonds maturing this month. HYUNDAI SECURITIES: Union To Appeal Court Decision -------------------------------------------------- The labor union of Hyundai Securities Co. has decided to appeal to a higher court the Seoul District Court's decision to reject a lawsuit to block the planned investment of American International Group Inc. and W.L. Ross & Co. into the Korean securities firm, the Korea Herald reported November 2, quoting union sources. The lawsuit was filed by the labor union, minority shareholders, and the civic group People's Solidarity for Participatory Democracy. The petitioners insisted that the deal, which involved the issuance of Hyundai preferred shares to the AIG-led consortium, is unfair and detrimental to minority shareholder's interests. The consortium is set to acquire about a third of Hyundai Securities, 55 percent of Hyundai Investment Trust & Securities Co. and 29 percent of Hyundai Investment Trust Management Co. SAMSUNG ELECTRONICS: W500B Bond Issue Possible ---------------------------------------------- Samsung Electronics Co. may issue W500 billion worth of three- year bonds in November, supposedly part of a refinancing package introduced early this year, the Asian Wall Street Journal reported on November 1. Samsung Securities may be the underwriter for the bond issuance. In July, Samsung Electronics said it would issue bonds totaling W1.5 trillion before the end of the year in order to refinance W1.6 trillion in bonds maturing in the final quarter. The chipmaker had issued KRW500 billion in three-year unsecured bonds each in August and October, making the latest issuance the last of what the company had earlier promised. The electronics giant's third quarter net profit dropped 75 percent on year to W420 billion as chip prices dropped 90 percent from a year ago. =============== M A L A Y S I A =============== ACTACORP HOLDINGS: Auditors' Report Authorized ---------------------------------------------- Actacorp Holdings Berhad (AHB or the Company) informed that the Auditors' Report on the Audited Accounts for the year ended 30 June 2001 has been qualified due to: * The ability of the AHB Group and the Company to continue as a going concern and to pay its debts as they mature (being debts already accrued in the financial statements) is dependent upon the successful completion of the restructuring scheme and the relationship with their financiers in relation to any variation to settlement of debts or debts covenants should the situation be required. * The details and timing of the current restructuring scheme undertaken by AHB, which AHB has applied to the Corporate Debt Restructuring Committee (CDRC), is pending finalization. * The deficit in the "adjusted shareholders equity" of which the AHB Group had on 26 February 2001 announced that it is considered to be an affected listed issuer pursuant to the requirement of Practice Note 4/2001 (PN4) issued by KLSE. As at 30 June 2001, the AHB Group and Company have net shareholders' deficits of RM197,688,680 and RM194,617,645 respectively, and net current liabilities of RM228,362,309 and RM207,088,911 respectively. The AHB group is required to regularize its financial conditions within the time frame stipulated by PN4. * An "emphasis of matter" as to the appropriateness of the going concern assumption of all other subsidiaries in the Group except for PPKL-Actacorp Sdn Bhd in the preparation of the financial statements of these subsidiaries. The ability of these subsidiaries to continue as going concern is dependent on its ability to obtain continued financial support from its shareholders. * A "disclaimer" in respect of Teknik Cekap Sdn Bhd and TC Machineries Sdn Bhd as these companies were served with a winding up order. However, in the auditors opinion, the financial statements of the AHB group and company have been properly drawn up in accordance with the provisions of the Company Act 1965 ("the Act") and the matters required by Section 169 of the Act to be dealt with in financial statements. Furthermore, the accounting and other records and the registers required under the Act to be kept by the company and its subsidiaries which the auditors have acted for, have been properly kept in accordance with the provisions of the Act. AHB also announced that a meeting was held with the Corporate Debt Restructuring Committee on 29 October 2001 to discuss on the restructuring scheme of AHB. The company is currently in the continuous process of finalizing the terms of the restructuring scheme. BERJUNTAI TIN: Awaits Proposed Restructuring Scheme Approval ------------------------------------------------------------ Berjuntai Tin Dredging Berhad (BTD or the Company) announced on 24 October 2001 that RHB Sakura Merchant Bankers Berhad, on behalf of the Company, on 22 October and 23 October 2001 submitted the applications in relation to the proposed restructuring scheme to the relevant authorities. At present, the Company is awaiting the scheme approval. BRIDGECON HOLDINGS: SA Prepares Workout Proposal Preparation ------------------------------------------------------------ On behalf of Bridgecon Holdings Berhad (Special Administrators Appointed) (BHB or the Company), Arab-Malaysian Merchant Bank Berhad announced that there are no changes to the status of the Company's plan to regularize its financial position. The Special Administrators (SA) of the Company are in the process of preparing the workout proposal of BHB. DEWINA BERHAD: Authorities Reviewing Submitted Plan --------------------------------------------------- On behalf of Dewina Berhad (Dewina or Company) with regards to the Company's plan to regularize its financial condition (Requisite Announcement), Arab-Malaysian Merchant Bank Berhad informed that the relevant authorities are currently reviewing the submissions made by the Company on 21 September 2001. In accordance with PN4, an affected listed issuer, which has made an announcement and submitted its plan to regularise its financial condition to the relevant authorities, must obtain all approvals necessary for the implementation of such plan within four(4) months from the date of submission of such plan for approval. ESPRIT GROUP: Prepares Documents, Meeting Arrangements ------------------------------------------------------ Esprit Group Berhad informed that the Company has made the Requisite Announcement pursuant to Practice Note No. 4/2001 on 25 October 2001 in regard to its detailed planning to regularize its financial condition and level of operations. The Company is in the midst of preparing all relevant documents and will make all necessary arrangements to convene both the Creditors' and Members' meetings for the Company and the Creditors' meetings for its relevant subsidiaries pursuant to Section 176(1) of the Companies Act, 1965. GEAHIN ENGINEERING: Obtains New White Knight -------------------------------------------- Geahin Engineering Berhad announced the Company did not receive any response from Lembaga Tabung Haji (LTH) to confirm their continued interest in the proposed restructuring exercise till 24 October 2001. Alternatively, on 25 October 2001 the company submitted a proposed restructuring scheme with a new White Knight namely Ornapaper Industry (M) Sdn. Bhd. The Company also applied to the Exchange for a further extension of three (3) months commencing from 26 October 2001 for a Merchant Banker to work out the details while awaiting the Exchange's reply. HAI MING: Posts Debt Restructuring Status Report ------------------------------------------------ 0Hai Ming Holdings Berhad (Hai Ming or the Company) and its group of companies (Hai Ming Group) announced on 26 February 2001 that the Company is an affected issuer pursuant to PN4/2001 (First Announcement). Pursuant to Para 4.1 (b) of PN 4/2001, Hai Ming is required to issue a monthly status report to provide details and the status of its plan to regularise its financial condition on a monthly basis on the first market day of each month beginning with the month following the First Announcement. Pursuant to Para 5.1 (a) of PN 4/2001, the Company is required to make an announcement to the KLSE of a plan to regularise its financial condition within six months of the First Announcement, i.e. by 25 August 2001(Requisite Announcement), failing which, the KLSE may impose a suspension on the securities of the Company. On 16 August 2001, the Company had applied to the KLSE for an extension of time to make the Requisite Announcement as negotiations with the Company's bank lenders were still on- going. Subsequently, on 19 September 2001, the KLSE approved the Company's application for an extension of time to 25 October 2001 to make the Requisite Announcement. The Company had on 22 October 2001 via Public Merchant Bank Berhad (PMBB), applied to the KLSE for an extension of time of another one month up to 25 November 2001 ("Extension") to comply with the requirements of Para 5.1 (a) of PN 4/2001. Status of the Company's plan to regularise its financial condition under KLSE PN 4/2001 On 31 October 2001, PMBB made the Requisite Announcement on behalf of the Company as required under Para 5.1 (a) of PN 4/2001. The Requisite Announcement, among other things, highlighted the following agreements entered into by the Hai Ming Group on 30 October 2001 to regularise its financial condition: ? Debt restructuring agreement between the Company, seven (7) of its subsidiary companies, namely Hai Ming Trading Co Sdn Bhd, Hai Ming Marketing Sdn Bhd, Paragon Paper Mill Sdn Bhd, Hai Ming Capital Sdn Bhd, Hai Ming Paper Products Sdn Bhd, Hai Ming Paper Mills Sdn Bhd and Hai Ming Industries Sdn Bhd and the secured and unsecured bank lenders of the Hai Ming Group for the proposed settlement of debts amounting to RM53,588,638 and ? Sale and purchase agreement between the Company and the vendors of Koh Poh Seng Plywood Co. (M) Sdn Bhd (KPS) for the proposed acquisition of the entire equity interest in KPS. ? In accordance with Para 5.1 (b) of PN 4/2001 and barring any unforeseen circumstances, the Board of Directors of Hai Ming expects to submit an application to the Securities Commission in relation to the above proposed restructuring exercise within two months from the date of the Requisite Announcement. INSTANGREEN CORP.: FIC Approves Proposed Restructuring Scheme ------------------------------------------------------------- On behalf of Instangreen Corporation Berhad (ICB or the Company), Arab-Malaysian Merchant Bank Berhad announced that the revisions to the Proposed Restructuring Scheme of ICB (Proposal) as announced on 11 September 2001 has also been approved by the Foreign Investment Committee (FIC) vide its letter dated 30 October 2001 (which was received on 31 October 2001). Apart from that, there are no changes to the status of the Company's plan to regularize its financial position i.e. the Company is presently finalizing the necessary documentation for the completion of the Proposal. KILANG PAPAN: Seeks Debt, Equity Workout Scheme Extension --------------------------------------------------------- Arab-Malaysian Merchant Bank Berhad, on behalf of Kilang Papan Seribu Daya Bhd (KPSD or the Company) (Special Administrators Appointed) announced that an application was made to the KLSE on 31 October 2001 to seek for further extension for the submission of the proposed debt and equity restructuring scheme to the relevant authorities for another one (1) month to 30 November 2001. The extension is needed because the Company requires additional time to finalize the submission documents in view of the changes in the business environment. LION LAND: Posts Audited Results Loss Variation ----------------------------------------------- The Board of Directors of Lion Land Berhad announced that there was a variation in the loss as per the audited consolidated results for the financial year ended 30 June 2001 and stated in the fourth quarter financial results announced 30 August 2001 (Announcement). The details of the variation: Loss (Year-to-date) RM '000 As per the Announcement (63,368) Taking into account the provisions now ascertained pursuant to the Revised Proposed GWRS : -Provision for doubtful debts on amounts owing by ultimate holding company (305,300) -Provision for foreseeable loss on proposed disposals (98,400) Loss after adjustments (a) ------------- (467,068) ======== Loss as per Audited Financial Statements (b) (468,306) ======== Variance - RM '000 (c) = (b) - (a) (1,238) - % (c)/(a) -0.3% As disclosed in the Announcement, the unaudited consolidated results of the Group for the financial year ended 30 June 2001 did not include any adjustments relating to the recoverability of certain assets or receivables which may be necessary upon the completion of discussions with lenders on the revised terms of the proposed group wide restructuring scheme (Proposed GWRS). The Company announced the revision of certain terms of the Proposed GWRS (Revised Proposed GWRS) on October 8 2001. Accordingly, the necessary provisions have been incorporated in the Audited Financial Statements for the financial year ended 30 June 2001. MECHMAR CORPORATION: Remains In Loan Default -------------------------------------------- Mechmar Corporation (Malaysia) Berhad is still in technical default over these loans as of 31 October 2001; 1. The company has settled RM2 million of the outstanding principal of RM4 million due 30 June 2001 to a syndicated term loan of RM 35 million. The outstanding balance of RM 2 million will be repaid from the sale proceeds of a piece of property in Melati owned by a 51% subsidiary. 2. The company is in default on repayment to a local merchant bank of a principal sum of RM5.5 million loan. The Company is in negotiations regarding repayment, planning to use income from their Tanzanian power plant. The plant is scheduled to be in commercial operation in November 2001. 3. On 18 May 2001, the company and its subsidiary was served with a summons in chambers for summary judgement as Corporate guarantor and debtor in respect of two term loans for RM1 million and RM2 million for an outstanding amount of RM 625,231 and RM 1,322,725 respectively. The subsidiary is in final discussions with the lender to repay the outstanding sum by installments. 4.The Company is still in discussions with its syndicated lenders over a technical default in respect to RM 9,185,000 unsecured syndicated loan from local banks owed since December 2000. Ongoing discussions are still being held with the lenders to reschedule loan repayments from the income receivable from their power plant in Tanzania, scheduled to be in commercial operations in November 2001. 5. The Company has been in default since 31 March 2001 on an unsecured loan payment of RM 1.2 million borrowed from a local merchant bank 31 March 2001. The Company has decided to repay this facility from the income receivable from their power plant in Tanzania, which is expected to be in commercial operation in November 2001. The merchant bank has, however, proceeded with legal action to recover debt. 6.The Company is in default on a secured local merchant bank loan payment of RM 2.4 million since April 2001. The Company sold the secured landed property on 18 June 2001. The sale proceeds due will be utilized towards repayment of the loan. 7. The Company is in default over the repayment of a secured loan of RM4.7 million sold to Danaharta in August 2000. The lender has granted indulgence to the Company to repay it from the income of their power plant in Tanzania, which is expected to be in commercial operation in November 2001. PANGLOBAL BERHAD: Awaits SC's Proposed Debt Scheme Approval ----------------------------------------------------------- PanGlobal Berhad (the Company) is still awaiting the Securities' Commission approval of its proposed composite scheme of debt arrangement (the Scheme). The Company has obtained approval from the Foreign Investment Committee and conditional approval from Bank Negara Malaysia for the Scheme. PARIT PERAK: Explains Audited/Unaudited Results Variance -------------------------------------------------------- The Board of Directors of Parit Perak Holdings Berhad (PPHB) announced that the Group registered an Audited Group Turnover of RM366,000 for the financial year ended 30 June 2001. It is RM210,062,000 lower than the Unaudited Group's turnover of RM210,428,000 announced to Kuala Lumpur Stock Exchange (KLSE) on 30 August 2001. The variance is mainly due to the reversal of the relevant accounting entries in relation to the contra of properties with Malaysia Building Society Berhad (MBSB). Based on the draft Deed of Settlement between Capital Dynasty Sdn Bhd, a subsidiary of PPHB, and MBSB, the contra of properties gives rise to a sale consideration of RM210,124,767.76. The announcement dated 30 August 2001 had included the sale consideration in the reported Group's turnover. However, the Deed of Settlement was called off. Consequently, there is no ground to include the above transaction in the books of PPHB for the financial year ended 30 June 2001. Reference is made to the announcement dated 1 October 2001 wherein the Company had, pursuant to paragraph 8.14 of the Listing Requirements of the KLSE and Practice Note 4/2001 dated 15 February 2001 issued by the KLSE (Practice Note), announced: *?TCHB is an affected listed issuer under the Practice Note; * ?TCHB has received the approval of the KLSE for the extension of time for 2 months from 22 August 2001 to 21 October 2001 in order for TCHB to comply with the requirements of paragraph 5.1 of PN4/2001. SATERAS RESOURCES: Applies Time Extension To Complete Exercise -------------------------------------------------------------- Sateras Resources (Malaysia) Berhad said that the Company applied to the Securities Commission (SC) for an extension to complete the Proposed Debt Equity Conversion Exercise involving RM254,170,157 owing to identified Creditors of the Sateras Group (Exercise), as well as to make some variations to the Exercise: (i) The Proposed Debt Conversion will involve the conversion of up to RM32,378,638 debts owing to identified creditors into new ordinary shares of RM1.00 each credited as fully paid in the Company as opposed to RM156,013,314 originally; and (ii) The Proposed Private Placement will involve an issuance of up to 221,791,519 new ordinary shares of RM1.00 fully paid in the Company to identified placees as opposed to 98,156,843 new ordinary shares originally; without affecting the total amount of debts of the Sateras Group to be settled pursuant to the Exercise amounting to RM254,170,157. The decision from SC on the proposed variations and implementation of the Exercise is pending. The Company further informed that the KLSE has perused the second draft of the circular to shareholders and Commerce International Merchants Bankers Berhad, our merchant bank adviser, has incorporated the comments and amendments to be made thereto. TIMBERMASTER IND.: Financial Regularization Status Unchanged ------------------------------------------------------------ Timbermaster Industries Berhad (Special Administrators Appointed) (TMIB or the Company) announced that there has been no change to the status of the Company's plan to regularize its financial condition. TMIB has been consistently following up with the White Knight on its endeavors and status of fulfilling the conditions precedent set out in the Memorandum of Understanding (MoU) dated 14 August 2001. TMIB was earlier required to make the Requisite Announcement (RA) by 23 October 2001. However, on 5 September 2001, the Company appealed to the KLSE for consideration of an extension of time until 7 December 2001 to make the RA, as the RA is dependent on the White Knight fulfilling the conditions precedent set out in the MoU dated 14 August 2001. Subsequent to TMIB's appeal, the KLSE, by its letter dated 31 October 2001, granted the Company until 7 December 2001 to make the RA. In the interim, the Company is required to provide the KLSE detailed progress report by 15 November 2001. The progress report sets out the development and/ or latest status of the Company's regularization exercise between its appeal letter dated 5 September 2001 and 14 November 2001. ===================== P H I L I P P I N E S ===================== NATIONAL BANK: Pres Arroyo Gains Tan's Approval Re PNB Rehab ------------------------------------------------------------ Philippine President Gloria Arroyo announced she has convinced business tycoon Lucio Tan to agree on the rehabilitation of the Philippine National Bank (PNB), in which the latter owns a majority stake, the Manila Times reported Friday. No details regarding the negotiations were released but the President said Finance Secretary Isidro Camacho would be in charge of releasing the information. Previously, different plans for the rehabilitation of the ailing bank were proposed including the infusion of capital from a strategic investor, or the outright sale of Tan's majority stake. The persistent stumbling blocks for PNB's early rehabilitation were the bank's bad loans. The absence of a rehab plan also snagged the settlement of some P10 billion emergency loans issued by the Philippine Deposit Insurance Corp. and some P15 billion more from the Bangko Sentral ng Pilipinas. Analysts also noted that PNB's financial state was also due to its reputation of being an alleged "milking cow" of some government officials, thus the presence of such huge bad loans. A PriceWaterhouseCoopers audit released at the end of this year's first quarter revealed that at least half of all PNB's loans were bad loans or "non-performing" loans. ================= S I N G A P O R E ================= CREATIVE TECHNOLOGY: Posts Changes In Substantial Interests ----------------------------------------------------------- Creative Technology Ltd. posted on November 1, a notice of changes in substantial shareholder The Capital Group Companies' deemed interests. The changes: Notice Of Changes In Substantial Shareholder's Deemed Interests Name of substantial shareholder: The Capital Group Companies, Inc. Date of notice to company: 31 Oct 2001 Date of change of shareholding: 30 Oct 2001 Name of registered holder: Cede & Co. Circumstance giving rise to the change: Open market purchase Shares held in the name of registered holder No. of shares of the change: 30,000 Percent of issued share capital: 0.041 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: US$5.89 No. of shares held before change: 2,193,720 Percent of issued share capital: 3.005 No. of shares held after change: 2,223,720 Percent of issued share capital: 3.046 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 3,800,170 Percent of issued share capital: 5.206 No. of shares held after change: 3,830,170 Percent of issued share capital: 5.247 Total shares: No. of Warrants No. of Options No. of Rights No. of Indirect Interest RAFFLES HOLDINGS: Posts Change In Shareholder's Interests --------------------------------------------------------- Raffles Holdings Limited, a subsidiary of CapitaLand Limited, posted on Thursday, a notice of changes in substantial shareholder CapitaLand Limited's shareholding. The changes: Notice Of Changes In Substantial Shareholder's Deemed Interests Name of substantial shareholder: CapitaLand Limited Date of notice to company: November 1, 2001 Date of change of deemed interest: October 31, 2001 Name of registered holder: CapitaLand Commercial Limited Circumstance giving rise to the change: Others Please specify details: On October 31, 2001, CapitaLand Commercial Limited (CCL) transferred its beneficial interest in 793,824,376 ordinary shares of S$0.50 each in the capital of Raffles Holdings Limited to Pidemco Land (Philippines) Pte Ltd (PLP), pursuant to an internal restructuring of the CapitaLand Limited (CL) group, for an aggregate consideration of S$801,000,603.CCL and PLP are wholly-owned subsidiaries of CL. Accordingly, CL is now deemed (through its interest in PLP instead of CCL) to have an interest in the Shares by virtue of Section 7 of the Companies Act, Chapter 50 of Singapore. Shares held in the name of registered holder No. of shares of the change: 793,824,376 Percent of issued share capital: 38.16 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.009 No. of shares held before change: 793,824,376 Percent of issued share capital: 38.16 No. of shares held after change: 0 Percent of issued share capital: 0 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 1,249,273,450 0 Percent of issued share capital: 60.06 0 No. of shares held after change: 1,249,273,450 0 Percent of issued share capital: 60.06 0 Total shares: 1,249,273,450 0 SEMBCORP LOGISTICS: Capital Group Changes Substantial Holding ------------------------------------------------------------- Sembcorp Logistics Limited announced on Friday a notice of changes in the Deemed Substantial Shareholding of shareholder, Capital Group Companies. The changes: Notice Of Changes In Deemed Substantial Shareholding Name of substantial shareholder: The Capital Group Companies, Inc. Date of notice to company: November 2,2001 Date of change of deemed interest: November 1, 2001 Name of registered holder: DBS Nominees Pte Ltd Circumstance giving rise to the change: Open market purchase Shares held in the name of registered holder No. of shares of the change: 138,000 Percent of issued share capital: 0.02 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.6009 No. of shares held before change: 55,872,400 Percent of issued share capital: 6.56 No. of shares held after change: 56,010,400 Percent of issued share capital: 6.58 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 88,233,200 Percent of issued share capital: 10.37 No. of shares held after change: 88,371,200 Percent of issued share capital: 10.38 Total shares: 88,371,200 =============== T H A I L A N D =============== THAI PETROCHEMICAL: EPL Reviews Plant Bids' Terms, Conditions ------------------------------------------------------------- Ferrier Hodgson's wholly owned subsidiary, Effective Planners Public Company Limited (EPL), began a comprehensive review of the terms and conditions set for two bids received for Thai Petrochemical Industry (TPI)'s Rayong-based power plant, Business Day Thailand reported Friday. The process is expected to take several days, during which time EPL will hold further discussions with each bidder. The signing of the sales transaction agreements are expected to held towards the end of the month. TPI CONCRETE: Files Petition For Business Reorganization -------------------------------------------------------- The Petition for Business Reorganization of TPI Concrete Company Limited (DEBTOR) was filed in the Central Bankruptcy Court: Black Case Number 565/2543 Red Case Number 628/2543 Petitioner: TPI CONCRETE COMPANY LIMITED Debts Owed to the Petitioning Creditor: Bt2,218,386,016 Planner: TPI Concrete Company Limited Date of Court Acceptance of the Petition: July 21, 2000 Date of Examining the Petition: August 21, 2000 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: August 21, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: August 25, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: September 14, 2000 Deadline for Planner to submit the Business Reorganization Plan to Official Receiver: December 14, 2000 Appointment Date of the Creditors' meeting for the Plan Consideration: February 1, 2001 at 13.00 pm. Convention Room, 9th Floor Legal Execution Department, Bangkunnont Rd. The Creditors' meeting has a special resolution accepting the plan. Court hearing has been set on February 9, 2001 at 13.30 pm. Court Order for Accepting the reorganization plan: February 9, 2001 and appointed TPI Concrete Company Limited to be the Plan Administrator Announcement of Court Order for Accepting the Reorganization Plan in Matichon Public Company Limited and Siam Rath Company Limited: February 16, 2001 Announcement of Court Order for Accepting the Reorganization Plan in Government Gazette: March 20, 2001 Contact: Mr. Tanawat Tel, 6792525 ext 123 * FRA Brings More Companies Into Bankruptcy Process --------------------------------------------------- The Central Bankruptcy Court declared three suspended companies under the supervision of the Financial Sector Restructuring Authority (FRA), namely G.C.N Finance Plc., Sri Dhana Finance Plc. and Chatiphaibul Finance Co., Ltd., bankrupt and put them under absolute receivership upon the request filed by the liquidator of each company. Mr.Kamol Juntima, the FRA's Chairman , said that these three companies have already distributed the proceeds from asset sales amounting to Bt10,069.75 million to their eligible creditors who had filed their claims with the FRA. Of this amount, Bt9,807.51 million or 97.40% were paid to the Financial Institutions Development Fund (FIDF). "The remaining assets of these three companies will be handled by the Official Receiver of the Legal Execution Department and all of the creditors have to file claims with the Official Receiver for their outstanding debts within 2 months after the receiving orders are publicized," said Mr.Kamol . Mr.Kamol said that, as of October 31,2001, the FRA has already brought 37 of 56 suspended companies under its supervision into the bankruptcy process. Of 19 others, seven have already completed their repayment processes, six are repaying debts to their creditors and two more will be distributing payments during November - December 2001. The last group of four companies with more complicated calculations will be repaying their debts early next year. G.C.N Finance Plc. was ordered to suspend operations by the Ministry of Finance on June 26, 1997. During July 16,2001 - August 15,2001, the company's creditors have been repaid Bt2,920.23 million, of which Bt2,799.64 million was paid to the FIDF. After repaying debts under the FRA's procedures, the company has Bt2,431.82 million in remaining assets and Bt8,561.18 million of outstanding debts as of September 30,2001. Sri Dhana Finance Plc. was ordered to suspend operations by the Ministry of Finance on August 5, 1997. As of July 31, 2001 , the company has Bt7,341.27 million in remaining assets and Bt14,153.82 million in outstanding debts. During July 16,2001 - August 15,2001 , the company's creditors have been repaid Bt5,418.54 million, of which Bt5,289.24 million was paid to the FIDF. Chatiphaibul Finance Co.,Ltd. was ordered to suspend operations by the Ministry of Finance on August 5, 1997. During July 16,2001 - August 15,2001, the company's creditors have been repaid Bt1,730.98 million, of which Bt1,718.63 million was paid to the FIDF. After repaying debts under the FRA's procedures, the company has Bt1,441.10 million in remaining assets and Bt4,711.37 million in outstanding debts as of September 30,2001. 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, Maria Vyrna Nineza, Jerros Dolino, Editors. Copyright 2000. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***