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/raid1/www/Hosts/bankrupt/TCRAP_Public/011210.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, December 10, Vol. 4, No. 240 Headlines A U S T R A L I A AMP LIMITED: ASIC Concludes Investigation ANALYTICA LIMITED: Appoints Secretary, Relocates Office HARTS GROUP: ASIC Revokes Harts Securities Dealer's License IOCOM LIMITED: End of Restriction Period MURRIN MURRIN: S&P Places Issue Rating On CreditWatch Negative TENNYSON NETWORKS: Director Coleman Changes Interests UECOMM LIMITED: Welcomes Keith Stamm To The Board Of Directors C H I N A & H O N G K O N G CHEERWIT LIMITED: Winding Up Petition Pending GOFAR TEXTILES: Hearing of Winding Up Petition Set KTP HOLDINGS: Price, Turnover Movements Unexplainable PEARL ORIENTAL: Genesis Sale Not To Holders' Best Benefit SUNDARJEE BROS: Petition To Wind Up TEMBO TRADING: Winding Up Sought By Bank of China WAH LEE: Court Sanctions HK Scheme I N D O N E S I A SEMEN GRESIK: Employees Continues Cemex Sale Protest SULFINDO GROUP: Restructured, Sold For Us$41.2M J A P A N AOKI CORP: Court Protection Concerns Causes Dollar Inflation AOKI CORP: March Delisting Likely K O R E A DAEWOO MOTOR: Minister Expects Sale Completion By Year's End DAEWOO SECURITIES: In Negotiations With KDB On Unit Sale HANVIT BANK: Unloads W890.2B Bad Loans HYUNDAI ENGINEERING: Issuing Shares SEOUL BANK: Catches 5 More Potential Buyers M A L A Y S I A L&M CORPORATION: Posts Defaulted Payment As Of November MAY PLASTICS: Shares, Warrants Exchange Implemented NALURI BERHAD: Issues Proposals Under SC's Evaluation PAN PACIFIC: Updates Subsidiary's Winding Up Petition Status PERNAS INTERNATIONAL: SC Grants Proposed Extension Approval S P SETIA: Order To Strike Units' Winding-Up Petition Issued TAIPING CONSOLIDATED: EGM To Be Held On Dec 28 TECHNO ASIA: Continues Payments Default TIME ENGINEERING: Ceases Holding In Unit, Appoints COO TIME ENGINEERING: Fails To Redeem Third Tranche of USD Bonds UH DOVE: Subsidiary Disposes HWGB Shares P H I L I P P I N E S NATIONAL BANK: Government Offers Put-Option On Stake S I N G A P O R E FHTK HOLDINGS: Posts Changes In Shareholder's Interests Notice T H A I L A N D NAKORNTHAI STRIP: Court Postpones Plan Consideration Date PRASITPATANA PUBLIC: Business Reorganization Petition Filed * FRA Takes UNITED and SITCA Into Bankruptcy Process - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: ASIC Concludes Investigation ----------------------------------------- David Knott, Chairman of the Australian Securities and Investments Commission (ASIC), announced Thursday that the ASIC has finalized its investigation into a suspected breach of AMP Limited's market disclosure obligations in July, and will be taking no further action. ASIC's investigation followed an ASX referral relating to briefings of analysts by AMP during July 2001 and its subsequent publication of revised profit expectations for the year ended 30 June 2001. "ASIC has found no evidence that non-public price sensitive information was released at the briefings, nor is there evidence that there was any insider trading in the shares of AMP prior to announcement of the revised profit expectations," Mr Knott said. "On the other hand, ASIC considers that AMP probably did commit a breach of ASX listing rules between 23 July and 26 July and has obtained the advice of Senior Counsel to that effect. The breach was constituted by AMP's failure to notify the ASX of its view that there was an error in a number of analysts' forecasts of half-year investment income and profits. The breach occurred once AMP commenced private briefings with some of those analysts in which it sought to correct that error. "However, even if ASIC is correct in concluding that the listing rules were breached, ASIC has been advised by Senior Counsel that there is insufficient evidence to establish that the breach was intentional, reckless or negligent as required in order to commence proceedings under the Act. "It is disappointing that such a large company conducted analyst briefings that caused these problems. However I note that, soon after our investigation commenced, AMP amended its policy to introduce a prohibition on future selective analyst briefings pre-result. "This has been one of the most comprehensive investigations undertaken by ASIC in relation to disclosure obligations under the ASX listing rules and the Corporations Act. The investigation has again highlighted the complexity of the disclosure regime and the difficulty of satisfying the current requirements for disciplinary action," Mr Knott said. During the course of the investigation, ASIC examined: * key officers of AMP, including the Chief Executive Officer Mr Paul Bachelor and the Chief Financial Officer Mr Marc de Cure; * five analysts who attended the July briefings; * a number of dealers employed by broking firms whose clients traded AMP shares in the relevant period; and * a number of institutions who traded in AMP shares. ASIC also commissioned reports on market disclosure issues from an industry expert and consulted Senior Counsel on a range of issues. Specifically, ASIC's investigation found that: * There was no breach of the continuous disclosure rules by AMP prior to the analysts' briefings. Although information about investment income was likely to be price sensitive, this information was not required to be disclosed under the 'carve out' provisions of the ASX listing rules. The 'carve out' provisions allow information that is confidential or insufficiently definite not to be disclosed, or information that a reasonable person may not expect to be disclosed. * A breach of the insider trading provisions of the Corporations Act could not be established because there was no evidence that non-public price sensitive information was provided during the briefings. * It is probable that there was a breach of the ASX listing rules between 23 July and 26 July when AMP conducted analyst briefings. Prior to the briefings, AMP became aware that market expectations for the half-year investment income and profits were not in line with AMP's anticipated results and in some cases were based on a number of errors in analysts' calculations and assumptions. During the course of the briefings, AMP staff sought to correct these errors based on public information and a number of analysts (although not all) subsequently amended their forecasts. Once the analyst briefings commenced on 23 July, AMP should also have made a general disclosure to the market of its concerns. The failure to do so caused confusion in the market. Any breach of the listing rules was corrected on 27 July when AMP released profit forecasts to the market, which were subsequently amended on 15 August 2001. * In order for ASIC to commence proceedings under the continuous disclosure provisions of the Corporations Act, ASIC must demonstrate that the breach was intentional, reckless or negligent. In the opinion of Senior Counsel, there was insufficient evidence to satisfy those requirements. ANALYTICA LIMITED: Appoints Secretary, Relocates Office ------------------------------------------------------- Analytica Limited announced the appointment of Mr Bryan Dulhunty as Company Secretary, effective Friday. >From Monday 10 December 2001, the office of Analytica Limited will be relocated to: Unit 8 , 10 Anella Avenue Castlehill, NSW 2154. The new contact numbers for Analytica are: Phone (02) 9659 8652 Fax (02) 9659 8654 For further information, contact: Damian Lismore General Manager (03) 9526 8560 0417 351 272 HARTS GROUP: ASIC Revokes Harts Securities Dealer's License ----------------------------------------------------------- The Australian Securities and Investments Commission (ASIC) announced that it revoked the securities dealer's license of Harts Securities Limited on 28 November 2001, as a result of its concerns about investor protection and the liquidation of the Harts Group. ASIC revoked the dealer's license because Harts Securities is under external administration. ASIC has worked closely with the Liquidator of the Harts Group, John Greig of Deloitte Touche Tohmatsu, to ensure continuity of the business and investor protection. ASIC acknowledges the cooperation of the liquidators in consenting to the revocation of the dealer's license. ASIC has been informed by the Liquidator that the business of Harts Securities has been sold. The Liquidator has also advised that the new owners of the business have communicated the change of ownership to all fund managers who had previously dealt with their clients through Harts Securities. ASIC's investigation into the Harts Group is ongoing and ASIC will not be making any further comment on that investigation at this time. IOCOM LIMITED: End of Restriction Period ---------------------------------------- Iocom Limited advised that the restriction period on 8,171,428 ordinary shares and 600,000 Options will end on 14 December, 2001. Iocom will seek quotation of these securities on ASX within 10 business days of that date. Of the options 300,000 are exercizable at 50 cents and 300,000 are exercizable at 55 cents. All these Options will expire on 14 June 2003. MURRIN MURRIN: S&P Places Issue Rating On CreditWatch Negative -------------------------------------------------------------- Standard & Poor's placed its `B+' ratings on the US$340 million fixed-rate notes due in 2007 and the US$80 million floating-rate notes due in 2005, issued by Murrin Murrin Holdings Pty. Ltd. (MMH) on CreditWatch with negative implications. At the same time, the `BB-' rating on Glencore Nickel Pty. Ltd.'s (GN) US$300 million bonds due in 2014 was placed on CreditWatch with negative implications. The ratings were placed on CreditWatch because cash generated by the Murrin Murrin Joint Venture (MMJV) has been under pressure due to low nickel and cobalt prices and weaker-than-expected operating performance. The MMJV has suffered from a decline in commodity prices. Also, its progress toward commercially sustainable operations has been slower than expected, thus compounding the already tight cash position and uncertainty over the quantum of compensation in the arbitration with Fluor Daniel Australia Pty. Ltd. The arbitration for claims over construction and ramp-up will begin in January 2002. In the meantime, both issuers have relied on their shareholders to provide funding to meet operating cost and scheduled debt service shortfalls. Financial support has been provided through a variety of measures, including metal offtake arrangements, secured loan facilities, and additional shareholder funds. Standard & Poor's believes that, despite the demonstrated financial support provided by Anglo American and Glencore International AG (BBB+/Stable/A-2) to date, the willingness and ability to continue to support the project on a timely basis is not guaranteed nor are the issuers adequately capitalized for their current credit ratings. Although Anaconda Nickel Ltd.'s (ANL) management has expressed its commitment to the project, ANL is not rated and despite its strong shareholders is expected to be a weaker credit than the MMJV. TENNYSON NETWORKS: Director Coleman Changes Interests ----------------------------------------------------- Tennyson Networks Limited posted this notice: NOTICE OF DIRECTOR'S INTERESTS Section 205G of the Corporations Law INITIAL NOTICE Name of Director Leigh Anthony Coleman Name of Company Tennyson Networks Limited Date of Appointment 15/10/2001 "I have a relevant interest in the following securities of the company or a related body corporate: Type of security: Unlisted Options Number of securities: 2,700,000 "As previously disclosed to ASX and approved by shareholders in Tennyson Networks Ltd, I have been issued 2,700,000 unlisted options at an exercise price of $0.11 per share. "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" TCR-AP reported on late September that the company closed its Perth office, consolidating all head office functions in Melbourne Commensurate with the move, as another major milestone in its cost reduction program. UECOMM LIMITED: Welcomes Keith Stamm To The Board Of Directors -------------------------------------------------------------- Uecomm Chairman Bob Green announced Friday the appointment of Keith Stamm to the Board of Directors. Mr Stamm is President and Chief Operating Officer of UtiliCorp's newly-formed Global Networks Group, which will manage the company's electric, natural gas and telecommunications network operations and investments in the United States, Canada, Europe and Australasia. He also serves as a director of United Energy Limited and Aquila Inc and is a Senior Vice President of UtiliCorp United Inc. Previously Mr Stamm was Chief Executive Officer of UtiliCorp's multinational energy company Aquila Inc. Prior to his appointment to Aquila, Mr Stamm was Chief Executive Officer of United Energy. During his tenure, United Energy listed on the Australian Stock Exchange and successfully established the Uecomm business. Mr Stamm has also served as director of UnitedNetworks, the largest energy network in New Zealand. Before joining United Energy he held various positions with UtiliCorp United Inc since 1983, including Vice President and General Manager of Regulated Power and Vice President of Energy Trading. Mr Stamm brings to the Board of Uecomm nearly 19 years of experience in strategic planning, risk management, utility operations and energy marketing. He is certified as a Professional Engineer and holds a Bachelor of Science degree in Mechanical Engineering from the University of Missouri and an MBA from Rockhurst College in Kansas City. ================================ C H I N A & H O N G K O N G ================================ CHEERWIT LIMITED: Winding Up Petition Pending --------------------------------------------- CHEERWIT LIMITED is facing a winding up petition, which is slated to be heard before the High Court of Hong Kong on December 12, 2001 at 10:00 am. The petition was filed on August 21, 2001 Bank of China (Hong Kong) Limited (the successor corporation to The Kwangtung Provincial Bank pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. GOFAR TEXTILES: Hearing of Winding Up Petition Set -------------------------------------------------- The petition to wind up Gofar Textiles Limited is scheduled for hearing before the High Court of Hong Kong on December 12, 2001 at 10:00 am. The petition was filed with the court on August 22, 2001 by The Kwangtung Provincial Bank pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. KTP HOLDINGS: Price, Turnover Movements Unexplainable ----------------------------------------------------- KTP Holdings Limited noted the increases in the price and trading volume of the shares of the Company on 5th December 2001 and stated that the Company is not aware of any reasons for such increase. The Company also confirmed that there are no negotiations or agreements relating to intended acquisitions or realizations which is discloseable under paragraph 3 of the Listing Agreement, neither is the board of directors 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. PEARL ORIENTAL: Genesis Sale Not To Holders' Best Benefit --------------------------------------------------------- Pearl Oriental Holdings Limited, further to the announcements dated 5, 12 and 23 November 2001 issued concerning, amongst other issues, developments regarding discussions with potential purchasers for the sale of "Genesis", noticed various press articles which appeared in various Chinese and English newspapers and an announcement issued by Dong Jian Tech.Com Holdings Limited (Dong Jian) published on Hong Kong iMail and in Hong Kong Economic Times on 5 December 2001. These articles all related to a sale and purchase agreement entered into between one of the Company's creditor banks (the "Creditor Bank") and Advantage Properties Limited, an indirect wholly owned subsidiary of Dong Jian for the disposal of "Genesis". "Genesis" is charged in favor of the Creditor Bank. The total indebtedness due to the Creditor Bank as at 30 November 2001 was approximately HK$328 million (the "Indebtedness"). Referring to the announcement issued by Dong Jian, the consideration for the sale of "Genesis" by the Creditor Bank is HK$230 million. The directors of the Company (the "Directors") consider that the sale of "Genesis" by the Creditor Bank is not for the maximum benefit of shareholders of the Company. The Directors are consulting the Company's lawyers and professional advisers for appropriate actions to be taken relating to the possible disputes arising from the sale of "Genesis". At the time of this announcement, the Company has not received any formal notice from the Creditor Bank in relation to the disposal of "Genesis". In-depth discussions still continue: (i) between the Company and potential investor in the shares of the Company who is interested in "Genesis"; (ii) between the Creditor Bank and potential investors (who are in discussions with Mr Wong Kwan, Chairman and Chief Executive of the Company, regarding a possible acquisition of his stake in the Company) on proposals to unwind the Indebtedness due to the Creditor Bank; and (iii) between Mr Wong Kwan and potential purchasers in respect of the possible disposal of all or part of his stake in the Company with developments substantially the same as disclosed in the 5th Announcement and the Company's announcements dated 12, 19 and 23 November 2001, The Directors will continue to meet with the Creditor Bank and other intended investors with the view to find solutions relating to the outstanding Indebtedness due to the Creditor Bank. The development of the Statutory Demand is substantially the same as disclosed in the Company's announcements dated 12, 19 and 23 November 2001. The Company is not aware of, as at the date of this announcement, any proceedings in furtherance of the Statutory Demand having been taken by the Creditor Bank. The Company will inform the shareholders on further development of the matters. SUNDARJEE BROS: Petition To Wind Up ----------------------------------- The petition to wind up Sundarjee Bros. (HK) Limited is set for hearing before the High Court of Hong Kong on January 30, 2001 at 10:00 am. Puran Sundarjee of 352 The Boulevarde Gymea, NSW 2227, Australia filed the petition with the court on November 1, 2001. TEMBO TRADING: Winding Up Sought By Bank of China ------------------------------------------------- Bank of China (Hong Kong) Limited, (formerly known as Kincheng Banking Corporation), is seeking the winding up of Tembo Trading Limited. The petition was filed on September 5, 2001, and will be heard before the High Court of Hong Kong on January. Bank of China holds its registered office at 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong Kong. WAH LEE: Court Sanctions HK Scheme ---------------------------------- Wah Lee Resources Holdings Limited, further to the joint announcement of the Company and the Investor dated 30 November 2001 in relation to the HK Court hearing of the petition to sanction the HK Scheme, the Provisional Liquidators announced that the HK Court sanctioned the HK Scheme at a hearing held on 5 December 2001. Trading in the Shares of the Company has been suspended since 10:00 a.m. on 5 February 2001 and will continue to be suspended while the Provisional Liquidators remain appointed to the Company. Further announcement will be made if material developments take place or the trading in the Shares of the Company is to be resumed. ================= I N D O N E S I A ================= SEMEN GRESIK: Employees Continues Cemex Sale Protest ---------------------------------------------------- Semen Gresik's hundred employees on Thursday entered a third day of protesting government plans to sell 51 percent of the state- owned company's shares to Mexico's Cemex, EFE via COMTEX reported Thursday. The Indonesian government made official its sale of shares after a series of delays caused by worker dissatisfaction over the privatization plans. Nonetheless, the government restated its intention to privatize the firm, indicating that control of the two affiliates, namely Semen Padang and Semen Tonasa, would be among the benefits obtained in the sale of Semen Gresik. "Unless the government issues a statement against it, Cemex Indonesia will stick with Dec. 14 as the sale date," Cemex's spokesman said. Cemex Indonesia owns 25.5 percent of Semen Gresik. Its acquisition of most of Semen Gresik's shares would give the Mexican giant a privileged position in the Southeast Asian industry. SULFINDO GROUP: Restructured, Sold For Us$41.2M ----------------------------------------------- The Indonesian Bank Restructuring Agency (IBRA) and PT Holdiko Perkasa (Holdiko), a holding company established pursuant to the Shareholding Settlement Agreement between IBRA and the Salim Group, announced that Holdiko's entire shareholdings in the Sulfindo Group has been sold to Durability Enterprise Ltd. of the Emperor Group in Hong Kong, for gross proceeds of US$41.2 million. The transaction price represents a 25 percent increase over the highest bid offered to Holdiko in early September 2001, which resulted in the cancellation of the sale process as IBRA/Holdiko considered the price offered was too low. "We are pleased to finally arrive to the last stage of this transaction. We initiated discussions with the various partners, invited local and international investors, and went through a two cycle process before coming to the point of selecting the winning bidder," states Dasa Sutantio, Deputy Chairman Ad Interim - AMI, IBRA. "This process is in line with our commitment to ensure that we achieve optimum sale results through a transparent process in conducting our asset sales," he adds. IBRA/Holdiko began the process of selling Holdiko's entire ownership in the Sulfindo Group by offering the shares to potential investors through a two-stage open tender sale on 8 May 2001. Invitations were sent to 42 potential investors of which 10 confirmed their interest by signing Confidentiality Agreements. Four potential investors were short-listed and went through a due diligence phase, and finally 2 bidders submitted their final bids. Director of Holdiko, Scott Coffey commented, "We officially canceled the sale transaction in early September as the final bids we received were far below the preliminary bids as well as the valuation range submitted by the Financial Advisors. We have since taken various steps to restructure the offering which increased proceeds to Holdiko by 25 percent in this sale." The sale process resumed in mid November for second phase bidders, who were subsequently requested to resubmit new final bids in early December 2001. JPMorgan and PT Bhakti Capital Indonesia acted as financial advisors to Holdiko for this asset sale process. "As a chemical manufacturer, the Sulfindo Group is ideally integrated, and benefits from the advantages it has in various areas. It also strategically positions itself for future expansion and is in place for value creation by making best use of its partnerships," states Quek Choon Meng Rodney, Director of Durability Enterprise Ltd. of the Emperor Group. "We therefore believe that the Sulfindo Group will add a beneficial synergy to our existing business activities," he added. The Emperor Group is one of Hong Kong's most dynamic organizations that has been flourishing for over 50 years, and owns an extensive network comprising over 300 subsidiaries and associated companies with business in Hong Kong, China and throughout the Asia-Pacific region. The Emperor Group has diversified into multifarious industries, including property development and investment, banking and financial services, watch and jewelry retailing and manufacturing, entertainment, hotel, publishing, marine products trading and culturing, apparels trading and retailing, distilled water manufacturing and distribution, food catering and restaurant, etc. The Sulfindo Group consists of (i) PT Sulfindo Adiusaha (SAU), a producer of chlorine and caustic soda, (ii) PT Satomo Indovyl Monomer (SIM), a producer of Ethylene Dichloride (EDC) and Vinyl Chloride Monomer (VCM), and (iii) PT Satomo Indovyl Polymer (SIP), an operator of a Poly Vinyl Chloride (PVC) production plant. Sulfindo Group's head office is located in Jakarta, while its production facilities are located in Merak, West Java. The Sulfindo Group is one of the only two fully integrated producers within Indonesia's vinyl alkali industry. ========= J A P A N ========= AOKI CORP: Court Protection Concerns Causes Dollar Inflation ------------------------------------------------------------ The U.S. dollar rose against the yen in Tokyo, as the filing for court protection by Aoki Corp, construction work firm specializing in civil engineering, fueled concerns about the fate of major construction firms and the health of major banks to be hit by resultant loan losses, Japan Today reported Thursday. At Thursday 5 p.m., the dollar was quoted at Y124.65-68, compared with Wednesday's 5 p.m. quotes of Y124.10-20 in New York and Y124.10-13 in Tokyo. AOKI CORP: March Delisting Likely --------------------------------- The Tokyo Stock Exchange will delist the stock of failed midsize construction firm Aoki Corp from its First Section on March 7 next year, after transferring it to a liquidation post from Friday's trading, according to a Friday Japan Today report. Kyodo News also reported that Aoki, as a component of the 225- issue Nikkei Stock Average, will be replaced by major air conditioner maker Daikin Industries Ltd, referring to Nihon Keizai Shimbun Inc's statement. ========= K O R E A ========= DAEWOO MOTOR: Minister Expects Sale Completion By Year's End ------------------------------------------------------------ Deputy Prime Minister Jin Nyum said that he looks forward to the ongoing negotiations regarding the sale of Daewoo Motor and Hyundai Investment Trust & Securities (HITS) to be concluded by the end of the year, The Korea Herald reported Friday. Jin believes that the conclusion of the talks will eventually wipe out the uncertainties surrounding the Korean economy. The Finance Minister said that expansionary fiscal and monetary policies would be continued in order to compensate for sagging exports amid the global economic slowdown. "The embezzlement and misuse of company funds at firms that received public support took place well before the ailing organization received cash from the state coffers," Jin noted. DAEWOO SECURITIES: In Negotiations With KDB On Unit Sale -------------------------------------------------------- Daewoo Securities Co has been in talks with Korea Development Bank (KDB) to sell unit Daewoo Bank Hungary Ltd as part of corporate restructuring, PRNewsAsia said Thursday, referring to the company's statement to the Korea Stock Exchange. The unit, situated in Budapest, Hungary, shareholders' equity, stood at W34.5 billion as of end-September, an unnamed company spokesman said. HANVIT BANK: Unloads W890.2B Bad Loans -------------------------------------- Hanvit Bank has recently disposed of W890.2 billion in non- performing loans through asset-backed securities issuance worth of W489.1 billion, according to a Friday Korea Herald report. An unidentified bank official said that Hanvit will sell additional bad loans of W70 billion to the Korea Asset Management Corporation on December 20. By this year, the bank disposed of W8.45 trillion in bad loans, decreasing its ratio of bad loans to total lending to 3.2 percent from 14.04 percent at the end of last year. The bad loan ratio is well below the 4 percent Hanvit promised the Korea Deposit Insurance Corporation to attain this year under a management improvement plan. "The elimination of huge bad loans has made Hanvit become a clean bank again," the official said. HYUNDAI ENGINEERING: Issuing Shares ----------------------------------- DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300, say that Hyundai Engineering & Construction plans to issue 48.038 million shares at a price of W5,000 each on December 14 to domestic creditors. "The W2.9 trillion debt plan was reaffirmed last moth, which involves swapping W231 million debt into equity," Tan & Berselli added. According to DebtTraders, Hyundai Engineering's 0.125 percent convertible bonds due on 2004 (HYUNENC) are trading between 65 and 75. For real-time bond pricing information, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNENC SEOUL BANK: Catches 5 More Potential Buyers ------------------------------------------- Seoul Bank is now in contact with five other potential buyers in addition to a Dongbu-led consortium for its sale, Korea Herald reports Friday, citing an unnamed government official. "Seoul Bank President Kang Jung-won told the government that six potential buyers are interested in taking over the state-owned bank," the official said. The prospective buyers include the Dongbu consortium, Chohung Bank (CHB) and a consortium of domestic non-financial companies and foreign financial institutions. At a recent investor- relations session, Kang indicated that he is now contacting two to three foreign buyers. To normalize the bank's operations, the government intends to merge it with a strong domestic bank, sell the bank to a foreign financial institution or a domestic corporate consortium, consolidate it as a nationalized bank, or allow the bank to survive on its own. The government has attempted to sell the Seoul Bank for the past three years, but to no avail. =============== M A L A Y S I A =============== L&M CORPORATION: Posts Defaulted Payment As Of November ------------------------------------------------------- The Board of Directors of L & M Corporation (M) Bhd provided an update on the default in payments by the L&M Group. As of 30 November 2001, the total default payments to financial institutions in respect to various credit facilities by L&M Group is RM191,177,781.44. There is no further new development since the previous announcement with regard to the steps taken to address the default MAY PLASTICS: Shares, Warrants Exchange Implemented --------------------------------------------------- The Board of Directors of May Plastics Industries Bhd (MPI or the Company), further to the announcement made on 22 December 2000 and 27 February 2001 in relation to the Proposed Rescue Cum Restructuring Scheme comprising Composite Schemes of Arrangement Pursuant to Section 176 of the Companies Act 1965 and Various Related Proposals (The Proposals), announced the implementation of: (a) Shares exchange pursuant to a scheme of arrangement (SOA) under Section 176 of the Companies Act, 1965 (Act) between MPI, its shareholders and KSU Holdings Berhad (KSUH), whereby the existing shareholders of MPI are to exchange all their existing ordinary shares of RM1.00 each in MPI (MPI share(s)) for new ordinary shares of RM1.00 each in KSUH (KSUH share(s)) on the basis of one (1) new KSUH share for every two (2) existing MPI shares held (Shares Exchange) (b) Warrants exchange pursuant to a SOA under Section 176 of the Act between MPI, its warrantholders and KSUH, whereby all the 13,298,175 existing unexercised MPI warrants are to be cancelled and replaced with 13,298,175 new KSUH warrants on the basis of one (1) new KSUH warrant for every one (1) existing MPI warrant held (Warrants Exchange). After the Shares Exchange, Warrants Exchange, the proposed acquisitions by KSUH of the entire issued and paid-up share capital of Earnest Equity Development Berhad (EEDB) and Kembangan Alam Berhad (KAB) (Proposed Acquisitions), and the proposed restructuring of debts owing by the MPI group to the secured and unsecured lender banks/financial institutions, and hire purchase and lease creditors of the MPI group, the offerors (who represent certain vendors of the EEDB/KAB shares to be acquired by KSUH pursuant to the Proposed Acquisitions) will make a non-renounceable offer for sale of the rights to allotment of 33,701,033 new KSUH shares to the entitled shareholders of KSUH (being existing MPI shareholders who will be receiving the KSUH shares pursuant to the Shares Exchange) at an offer price of RM2.00 per share on the basis of five (5) KSUH shares for every two (2) KSUH shares held after the Shares Exchange (Offer for Sale). The Offer for Sale was initially envisaged to be carried out on a renounceable basis. However, as MPI shares/warrants are suspended from trading on the Kuala Lumpur Stock Exchange (KLSE) and the KSUH shares/warrants to be issued pursuant to the Proposals would only be listed and quoted on the KLSE after, inter-alia, KSUH meets the public spread requirement of the Securities Commission and KLSE, there would not be any trading of KSUH shares or the rights to the Offer for Sale on the KLSE at the point in time when the Offer for Sale is being implemented. Accordingly, the Offer for Sale is to be carried out on a non-renounceable basis. NALURI BERHAD: Issues Proposals Under SC's Evaluation ----------------------------------------------------- On behalf of the Board of Directors of Naluri Berhad (Naluri or the Company) (the Board), Southern Investment Bank Berhad announced further information: 1. The net loss and net tangible assets of TRI based on the latest audited accounts for the financial year ended 31 December 2000 are as follows: Net loss for the year ended 31 December 2000 - RM101.5 million Net tangible assets as at 31 December 2000 - RM97.0 million 2. Save as disclosed in the announcements dated 9 and 23 November 2001 in relation to the interested directors and major shareholders, none of the other directors and major shareholders of Naluri or any persons connected to them, have any interest, direct or indirect, in the Proposals. 3. The Board is of the view that based on the terms of the Proposals as described in the announcement dated 23 November 2001, the Proposals have not departed from the Securities Commission's Policies and Guidelines on Issue/Offer of Securities. Proposals comprise: * Proposed cash subscription by Naluri of up to RM850 million comprising of up to 586,206,897 new ordinary shares of RM1.00 each in Technology Resources Industries Berhad (TRI Shares) at an issue price of RM1.45 per TRI Share pursuant to the proposed restricted issue of up to 724,138,000 new TRI Shares (Proposed TRI Restricted Issue) (Proposed Investment) * Proposed subscription of Naluri's entitlement of 34,536,000 new TRI Shares and such number of unsubscribed TRI Shares to be determined by Naluri pursuant to the proposed TRI Rights Issue of TRI of up to 840,907,661 new TRI Shares (Proposed TRI Rights Issue) (Proposed Subscription) PAN PACIFIC: Updates Subsidiary's Winding Up Petition Status ------------------------------------------------------------ The Board of Directors of Pan Pacific Asia Bhd. (PPAB) announced that a winding-up petition against its wholly-owned subsidiary, Caritimas Sdn Bhd (Caritimas) dated 13 November 2001 by the Government of Malaysia was left at the previous Registered Office of Caritimas at 2A, 3rd Floor, Brooke Drive, 96000 Sibu, Sarawak. The said petition came to the notice of PPAB's agent in Sibu on 30 November 2001. The petitioner, the Government of Malaysia, c/o Lembaga Hasil Dalam Negeri Malaysia, commenced legal suits against Caritimas in the High Court in Sabah and Sarawak at Sibu under suit no. 21-16-2000 for a sum of RM 23,147,156-91. Judgment in Default of Appearance was obtained on 7 September 2000. On 11 December 2000, Lembaga Hasil Dalam Negeri Malaysia issued Notice pursuant to Section 218 (2) (a) of the Companies Act, 1965, demanding a total sum of RM 23,582,272-86, being the Judgment sum of RM 23,147,156-91 and interest of RM 435,115-95, calculated from the Judgment date to 1 December 2000. Following the Notice, the said petition was served. The winding-up proceedings against Caritimas has no operational impact on the Group since Caritimas has ceased operations. The winding-up proceedings will have no financial impact on the Group as the investment cost of RM 18,622,000-00 and all inter- company balances due to PPAB and its subsidiaries have been fully provided for the financial period ended 30 June 2001. No further loss is expected on Caritimas. The Board of Directors of PPAB has decided not to oppose the petition. PERNAS INTERNATIONAL: SC Grants Proposed Extension Approval ------------------------------------------------------------ The Board of Directors of Pernas International Holdings Berhad (PERNAS) announced that the Securities Commission (SC) has approved the Proposed extension of the maturity of PERNAS' RM280 million 2 percent redeemable secured bonds 1996/2001 by 6 months from 25 October 2001 to 25 April 2002 (Proposed Extension) , vide their letter dated 30 November 2001. The SC's approval for the Proposed Extension is subject to these conditions: (i) PERNAS ensuring that the Proposed Extension does not contravene any of the provisions contained in the Trust Deed dated 22 October 1996 (as amended by the Supplemental Trust Deed dated 28 August 1998) constituting the Bonds nor any laws relating thereto; (ii) PERNAS ensuring that the approval of the relevant parties for the Proposed Extension is obtained prior to the implementation of the Proposed Extension and in this connection PERNAS must make adequate disclosure of all risks and effects associated with the Proposed Extension, where applicable; and (iii) PERNAS ensuring that all other regulatory approvals for the Proposed Extension are obtained. S P SETIA: Order To Strike Units' Winding-Up Petition Issued ------------------------------------------------------------ S P Setia Berhad (the Company) informed that the Company, on 15 November 2001, obtained an order regarding its application to strike the winding-up petition against Suharta Development Sdn Bhd, a subsidiary of the Company. The petition, filed by Mr Heaw Yok Poh and Ms Heaw Yook Choo, contained no order as to costs. The draft Order has been filed and the Company is waiting for the Sealed Order to be extracted. TAIPING CONSOLIDATED: EGM To Be Held On Dec 28 ---------------------------------------------- Taiping Consolidated Berhad advised that an Extraordinary General Meeting of the Company will be held at Salon C, Lower Level 3, JW Marriott Hotel Kuala Lumpur, 183 Jalan Bukit Bintang, 55100 Kuala Lumpur on Friday, 28 December 2001 at 3.00 p.m. or immediately after the conclusion or adjournment of the Sixty-First Annual General Meeting of the Company, whichever is later. Check http://www.bankrupt.com/misc/taiping.pdf to see Notice of Extraordinary General Meeting. Profile: Originally a tin mining company, the Company (TCB) branched into its current core business of property development in 1990. Among the landmark properties developed by the Group in Kuala Lumpur is Lot 10, Star Hill Center that houses Tangs Department Store as its anchor tenant, and the JW Marriot International Hotel. TCB is currently involved in the Sentul Raya project. It is in the process of implementing a restructuring exercise, proposed in March 1999, which includes a capital reconstruction, scheme of arrangement with creditors, a restricted issue to YTL Corporation Bhd (YTL) and the restructuring of subsidiary, Sentul Raya Sdn Bhd (SRSB). The restructuring exercise is in its final stage of completion. The various proposals have received the approval of the SC, FIC and the scheme creditors of TCB and its four subsidiaries (the scheme companies). Subsequently, on 20 February 2001, the High Court confirmed TCB's capital reconstruction and sanctioned the composite scheme of arrangement of the scheme companies. As of March 2001, the Company is in the midst of implementing the capital reconstruction, restricted issue and issue of ICPS to creditors. Upon the completion of these exercises, YTL will become TCB's majority shareholder with the revived Sentul Raya development project as its principal asset. TECHNO ASIA: Continues Payments Default --------------------------------------- Techno Asia Holdings Berhad (Special Administrators Appointed) (TECASIA) announced that the Company and its subsidiaries, namely Mount Austin Properties Sdn. Bhd. (Special Administrators Appointed), Prima Moulds Manufacturing Sdn. Bhd. (Special Administrators Appointed), Prima Moulds Sdn. Bhd. and Ganda Energy Holdings, Inc. continue to default on payments of loan interest and principal sum owing to several financial institutions. The outstanding amounts as of 31 October, 2001 are: Loan and Hire-Purchase Total (RM) Principal (RM) Interest (RM) TECASIA 462,301,796 220,005,182 682,306,978 Group 558,787,444 256,307,559 815,095,003 Background Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Arthur Andersen & Co. were appointed Special Administrators over TECASIA and a subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. on 2 February, 2001. The Special Administrators were subsequently appointed over the following subsidiary companies of TECASIA on 30 April, 2001: 1. Mount Austin Properties Sdn. Bhd.; 2. Cempaka Sepakat Sdn. Bhd.; 3. Ganda Edible Oils Sdn. Bhd.; 4. Litang Plantations Sdn. Bhd.; 5. Wisma Dindings Sdn. Bhd.; 6. Ganda Plantations (Perak) Sdn. Bhd.; and 7. Techno Asia Venture Capital Sdn. Bhd.. Measures Taken to Address the Default TECASIA is considered as an "affected listed issuer" pursuant to PN4/2001. On 6 August, 2001, the Special Administrators, on behalf of TECASIA, entered into a conditional Memorandum of Understanding (MOU) with Semai Warnasari Sdn. Bhd. and Dr. Yu Kuan Chon, with the intention of setting the key areas of understanding on a corporate restructuring exercise (the Restructuring Scheme). On 7 September, 2001, the Special Administrators have on behalf of TECASIA, signed a Principal Agreement with the abovementioned parties with the intention of implementing the Restructuring Scheme pending the finalization and approval of the Workout Proposal. The Restructuring Scheme is intended to form a part of the Workout Proposal, which will be subject to an examination, by an Independent Advisor, who will review the reasonableness of the Workout Proopsal taking into consideration the interests of all creditors and shareholders. The parties to the MOU and other relevant parties are finalizing the details of the Workout Proposal of the Company and its subsidiaries, where relevant, which will be announced in due course. KLSE had granted an extension of two (2) months till 22 December, 2001 for TECASIA to release the Requisite Announcement. Implications in respect of the Default in Payments Pursuant to Section 41 of the Pengurusan Danaharta Nasional Berhad (Amendment) Act, 2000, a twelve (12) month moratorium is in effect and all legal actions initiated against TECASIA and other affected subsidiaries, will be stayed. Further, any petition for winding-up, or any appointment of a receiver, receiver and manager or provisional liquidator cannot proceed. TIME ENGINEERING: Ceases Holding In Unit, Appoints COO ------------------------------------------------------ Time Engineering Berhad (the Company) advised that the sale and purchase of 1,080,000 ordinary shares of RM1.00 each representing a 60 percent equity interest in Anaza Sdn Bhd to Datuk Abdul Rashid Abdul Manaff for a cash consideration of RM3,000,000 was completed on 5 December 2001. As of the completion of the sale, Anaza Sdn Bhd will cease to be a subsidiary of TIME Engineering Berhad. Anaza has a 60 percent equity interest in Radio Lebuhraya Sdn Bhd (RLSB), the operator of the radio station "TIME Highway Radio". As from 5 December 2001, TIME Engineering Berhad is no longer associated with and has no interest in RLSB and its radio station "TIME Highway Radio". The Company also announced the appointment of En Amiruddin Abdul Aziz as its Chief Operating Officer (COO). En Amiruddin has been attached to the Renong Group since 1988. His employment with the Renong Group began with Projek Lebuhraya Utara Selatan Berhad (PLUS) in the Treasury Department from 1988 to 1994 with the last position held as Senior Manager, Treasury. He then moved to HBN Management Sdn Bhd as General Manager of Group Corporate Affairs for over a year. In May 1995, he was transferred to Projek Usahasama Transit Ringan Automatik Sdn Bhd ("PUTRA"), a wholly-owned subsidiary of Renong Berhad, and was appointed as Chief Financial Officer of PUTRA on 1 January 1997. In February 1999, he moved to be the COO of EPE Power Corporation Berhad and subsequently moved to Renong Berhad as its COO on 15 August 2000. En Amiruddin has a degree in Bachelor of Business Administration from Ohio University, USA. TIME ENGINEERING: Fails To Redeem Third Tranche of USD Bonds ------------------------------------------------------------ Time Engineering Berhad (The Company) announced that on 5 December 2001 it paid to the USD Bondholders interest of US$4,081,745.56 in respect to the period from and including 5 August 2001 to and including 5 December 2001 on the principal of the outstanding amount of the US$250 million Nominal Value Redeemable Secured Zero-Coupon Bonds 1996/2001 (USD Bonds). However, the Company was unable to redeem the third and final tranche of the USD Bonds due on 5 December 2001. On 3 August 2001, the Company announced its inability to redeem the second tranche of the USD Bonds due on 5 August 2001. The Company made a partial redemption of USD5,008,280 of the second tranche of the USD Bonds on 10 August 2001. The current total outstanding principal balance of the second and third tranches of the USD Bonds is USD162,034,270. On 4 December 2001, the Company submitted a revised restructuring proposal to the USD Bondholders, which supersedes the proposal submitted to the USD Bondholders on 21 August 2001. The revised restructuring proposal has been developed by JP Morgan who have been appointed as financial advisor to the Company in connection with the restructuring of the outstanding amount of the USD Bonds. An appropriate announcement will be made by the Company upon finalization of the terms of the revised restructuring proposal. UH DOVE: Subsidiary Disposes HWGB Shares ---------------------------------------- The Board of UH Dove Holdings Berhad (the Company or UHD) announced that on 5 December 2001, the Company's wholly owned subsidiary, namely U.H. Industries Sdn. Bhd. disposed of part of its investment in Ho Wah Genting Berhad ("HWGB") comprising 20,000 shares representing 0.0125 percent of the issued and paid-up capital of HWGB through the open market in the KLSE. Details of Consideration The 20,000 shares were disposed at a selling price of RM1.35 per share through the open market in the KLSE. Particulars of the Transaction The particulars of the investment in HWGB are as follows: Number of Shares held Percentage of RM1.00 each Before Disposal 131,600 0.08225 After Disposal 111,600 0.06975 Statement that the Directors, Major Shareholders and/or person connected with them have no interest, direct or indirect, in the transaction Based on the statutory records of the Company and to the best of our knowledge and belief, none of the Directors and Major Shareholders and/or person connected with them has interest, direct or indirect, in the aforesaid disposal. Rationale for the Disposal The disposal was made to raise additional working capital for UHD Group. ===================== P H I L I P P I N E S ===================== NATIONAL BANK: Government Offers Put-Option On Stake ---------------------------------------------- Negotiations between the government and Lucio Tan, Philippine National Bank's (PNB) majority shareholder, on an "exit mechanism" for both shareholders have shifted to the "put- option" proposal involving government shares, ABS-CBN News reported Friday, citing Finance Secretary Jose Isidro Camacho. Camacho said that both parties are trying to come up with a "specific formula" under the "put option" that the government is pushing for with Tan. Tan and the government, who will have 44.98 percent each under a debt-to-equity swap agreement, have agreed to undertake a joint sale sometime in the future. The parties are supposed to come up with a detailed "term sheet" on PNB rehabilitation and then sign a final agreement before the end of this year. "I don't want to give any timetable at this time," Camacho declined to commit any date for the signing of any agreement with Mr Tan. ================= S I N G A P O R E ================= FHTK HOLDINGS: Posts Changes In Shareholder's Interests Notice ------------------------------------------------------------ FHTK Holdings Limited posted this notice: Notice Of Changes In Substantial Shareholder's Interests Name of substantial shareholder : The Development Bank of Singapore Limited Date of notice to company : 03 Dec 2001 Date of change of interest : 30 Nov 2001 Name of registered holder : DBS Nominees (Private) Limited Circumstance giving rise to the change: Others Please specify details : Debt Restructuring Exercise/Change of Registered Holder Shares held in the name of registered holder No. of shares of the change : 624,517 % of issued share capital : 0.05 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee : see footnote No. of shares held before change : 624,517 % of issued share capital : 0.05 No. of shares held after change : 1,249,034 % of issued share capital : 0.1 Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change : 0 74,942,047 % of issued share capital : 0 6.09 No. of shares held after change : 0 74,942,047 % of issued share capital : 0 6.09 Total shares : 0 74,942,047 1. Reference is made to the announcement by FHTK Holdings Ltd (the Company) on 1 October 2001 regarding completion of the Company's Debt Restructuring Exercise. The Development Bank of Singapore Limited is one of the Group's Creditor Banks referred to in the announcement. A total of 74,942,047 ordinary shares of S$0.05 each in the capital of the Company (the "Conversion Shares") have been issued to The Development Bank of Singapore Limited pursuant to the Company's Debt Restructuring Exercise. The Conversion Shares represent approximately 6.09 percent of the total outstanding shares of the Company. 2. Arthur Andersen Associates (S) Pte Ltd, as escrow agent, holds the Conversion Shares for the benefit of The Development Bank of Singapore Limited. 3. The Conversion Shares are registered in the name of UOB Kay Hian Private Limited. UOB Kay Hian Private Limited, as depository agent, holds the Conversion Shares for the benefit of Arthur Andersen Associates (S) Pte Ltd. 4. DBS Nominees (Private) Limited is the registered holder of The Development Bank of Singapore Limited. =============== T H A I L A N D =============== NAKORNTHAI STRIP: Court Postpones Plan Consideration Date --------------------------------------------------------- Maharaj Planner Company Limited, planner of Nakornthai Strip Mill Public Company Limited (NSM), informed that the Court has postponed the date to conduct a hearing and consideration of the Rehabilitation Plan until January 24, 2002, at The Central Bankruptcy Court. PRASITPATANA PUBLIC: Business Reorganization Petition Filed ----------------------------------------------------------- Private hospital Prasitpatana Public Company Limited's (DEBTOR), Petition for Business Reorganization was filed to the Central Bankruptcy Court: Black Case Number 752/2543 Red Case Number 762/2543 Petitioner: PRASITPATANA PUBLIC COMPANY LIMITED BY MR. TERAPHAUT PETCHSUWAT AND/OR MR. BOONRHUNG UTHAIRHAT BEING AS AUTHORITY Debts Owed to the Petitioning Creditor: Bt11,138,216,172.6 Planner: PriceWaterHouseCooper Corporate Restructuring Company Limited Date of Court Acceptance of the Petition: September 21, 2000 Date of Examining the Petition: October 16, 2000 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: October 16, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: October 26, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: November 21, 2000 Deadline for Planner to submit the Business Reorganization Plan to Official Receiver: February 21 , 2001 Planner postponed the date to submit the reorganization plan # 1st: March 21, 2001 Planner postponed the date to submit the reorganization plan # 2nd: April 21, 2001 Appointment Date of the Meeting of Creditors for the Plan Consideration has been postponed to June 19, 2001 at 9.30 am. at The Pan Pacific Hotel The Meeting of Creditors had passed the resolution accepting the reorganization plan pursuant to Section 90/46 Court Order for Accepting the reorganization plan: July 9, 2001 and appointed PriceWaterHouseCooper Corporate Restructuring 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: July 25, 2001 Announcement of Court Order for Accepting the Reorganization Plan in Government Gazette: August 21, 2001 Contact: Miss Amornrat Tel, 6792525 ext 132 * FRA Takes UNITED and SITCA Into Bankruptcy Process ---------------------------------------------------- The Central Bankruptcy Court on December 4, 2001 declared United Finance Corporation Plc. (UNITED) and Sitca Investment and Securities Plc. (SITCA), two of 56 suspended companies under the supervision of the Financial Sector Restructuring Authority (FRA), 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 two companies have already distributed proceeds from the asset sales to their eligible creditors who filed claims with the FRA. United Finance Corporation Plc., during October 15 - November 14, 2001, distributed payments amounting to Bt3,101.83 million to their creditors, of which Bt2,798.51 million or 90.22 percent were paid to the Financial Institutions Development Fund (FIDF). Sitca Investment and Securities Plc., during October 31 - November 20, 2001, made payments to their creditors amounting to Bt6,100.63 million, of which Bt6,001.67 million or 98.38 percent were paid to the FIDF . "To date, the FRA has already brought 47 of the 56 suspended companies under its supervision into the bankruptcy process. Among these 47 bankrupt companies, six were brought into the process before distributing payments to their creditors whereas 41 others have already made payments amounting to Bt108,357.85 million in total. Of this amount, 103,827.38 or 95.82 were paid to the FIDF," said Mr.Kamol. United Finance Corporation Plc. was ordered to suspend operations by the Ministry of Finance on June 26,1997. As of September 30, 2001, the company had Bt6,896.49 million in remaining assets and Bt12,178.14 million in outstanding debts. Sitca Investment and Securities Plc. was ordered to suspend operations by the Ministry of Finance on August 5,1997. As of September 28, 2001, the company had Bt20,535.50 million in remaining assets and Bt29,359.99 million in outstanding debts. 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-Merlin. 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 ***