/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/011213.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Thursday, December 13, Vol. 4, No. 243 Headlines A U S T R A L I A AUSTAR UNITED: TelstraSaturn Completes Clear Acquisition AUSTRALIAN HEALTHCARE: Removal From List Closes On Friday CHROME GLOBAL: Deed Of Company Arrangement Executed CHROME GLOBAL: Posts Director Resignation, Appointments GASNET AUSTRALIA: S&P Lowers Rating To `BBB', Off CreditWatch JOYCE CORPORATION: Exits Receivership PACIFIC DUNLOP: Undertaking Major Review Of Ansell Healthcare PMP LIMITED: IPMG Ends Merger Discussions QANTAS AIRWAYS: Rivkin Charged With Insider Trading C H I N A & H O N G K O N G G-PROP HOLDINGS: Cause Of Price, Turnover Movements Unknown HO MING: Faces Winding Up Petition MANDARIN RESOURCES: Enters Placing, Subscription Agreements PENNER LIMITED: Winding Up Petition Pending SHOU JIA: Winding Up Petition Slated For Hearing UDL HOLDINGS: Sees No Reason For Share Price Decrease WAH LEE: Appoints Directors, Resumes Trading VINCOR GROUP: Winding Up Petition Set For Hearing I N D O N E S I A ASIA PULP: CAD Commences Investigation BAHANA PEMBINAAN: Prepares Two Restructuring Options BANK CENTRAL: Sale Postponed Next Year J A P A N DAIWA BANK: 49 Execs Agree To Pay Y250M Settlement DAIWA BANK: Launches Holding Co With Kinki Osaka, Nara Banks ENRON JAPAN: Files For Bankruptcy GAP (JAPAN): Moody's Reviews Ratings For Possible Downgrade ISUZU MOTORS: Halting SUV Production In Japan By Early 2004 TORUS (JAPAN): Fitch Assigns Y4.95B Notes Due On 2008 Ratings TOSHIBA CORP: Cuts Salaries As US1.6B Loss Looms K O R E A DAEWOO MOTOR: May Purchase Later After Yr-end, GM Says DAEWOO MOTOR: Stops All Domestic Plants Operations HANBO IRON: Awaits AK Capital Sale Conditions Acceptance HYNIX SEMICONDUCTOR: Creditors Won't Seek Capital Write-off HYNIX SEMICONDUCTOR: HSBC Demands W2.1B Cash Payment SEOULBANK: Swiss Investment Co To Buy 51% Stake TAEKWANG INDUSTRIAL: Developing New Core Businesses, Restructure * Moody's Reviews Banks' Deposit Ratings For Possible Upgrade M A L A Y S I A ABRAR CORPORATION: Seeks Further RA Time Extension AMSTEEL CORPORATION: Appeal Of Court's Decision Planned ANSON PERDANA: Updates Property Interests BERJUNTAI TIN: Proposes Articles Of Association Amendments IDRIS HYDRAULIC: EGM To Be Held On December 31 PAN MALAYSIAL: SC Grants Extension Requests REPCO HOLDINGS: Resolutions Passed At 11th AGM SPORTMA CORPORATION: Posts Defaulted Payment Update SPORTMA CORPORATION: SC Grants Approved Proposals Time Extension P H I L I P P I N E S METRO PACIFIC: P7B Proceeds To Settle Third-Party Creditors METRO PACIFIC: Offers Bonifacio Stake For US$200M NATIONAL BANK: Methodology Revision Prompts Moody's Review S I N G A P O R E CREATIVE TECHNOLOGY: Posts Changes In Merrill Lynch's Interests ELTECH ELECTRONICS: Completes Non-Core Property Division SPA HONG LEONG: Posts Changes In Kwek Holdings' Deemed Interests RAFFLES HOLDINGS: Names New Director For Landmark Hotels SPH ASIAONE: Proposes Privatization Scheme of Arrangement SPH ASIAONE: Issues Court Meeting Notice WING TAI: Notice of Books Closure Date Issued T H A I L A N D EVERGREEN INDUSTRY: Files Business Reorganization Petition * DebtTraders Real-Time Bond Pricing - - - - - - - - ================= A U S T R A L I A ================= AUSTAR UNITED: TelstraSaturn Completes Clear Acquisition -------------------------------------------------------- Austar United Communications announced that TelstraSaturn Limited, a joint venture between Austar United Communications Limited and Telstra Corporation, had completed the acquisition of Clear Communications from British Telecom. At the conclusion of the transaction Austar's shareholding in TelstraClear, as the new company will be known, is 41.6% TCR-AP reported last week that Austar announced a major restructuring of its business in order to focus on profitable growth, reduce costs and capital expenditure and improve productivity. AUSTRALIAN HEALTHCARE: Removal From List Closes On Friday --------------------------------------------------------- The securities of Australian Healthcare Investment Fund (the Company) will be removed from the official list of Australian Stock Exchange Limited from the close of trading on Friday, 14 December 2001 at the request of the Company, in accordance with the timetable referred to in the Company's announcement dated 15 November 2001. CHROME GLOBAL: Deed Of Company Arrangement Executed --------------------------------------------------- Chrome Global Limited's Deed Administrator Brian McMaster posted this notice: Chrome Global Limited (Subject to a Deed of Company Arrangement) ACN 009 264 699 1. Notice is given under Section 450B that the company executed a Deed of Company Arrangement on 11 December 2001. 2. A copy of the deed may be inspected at the offices of Ernst and Young, 152 St George's Terrace, Perth, Western Australia. CHROME GLOBAL: Posts Director Resignation, Appointments ------------------------------------------------------- B McMaster of Ernst & Young, administrator of Chrome Global Limited, announced that on 16 November 2001, Kevin Michael Baum resigned as director of the Company. On 11 December 2001, Mr Paul Niardone, Mr Ananda Kathiravelu and Mr He Jun were appointed directors of the Company. GASNET AUSTRALIA: S&P Lowers Rating To `BBB', Off CreditWatch ------------------------------------------------------------- Standard & Poor's lowered its long-term rating on the newly named GasNet Australia (Operations) Pty. Ltd. (GasNet), formerly GPU GasNet Pty. Ltd., to `BBB' from `BBB+' and removed the rating from CreditWatch with negative implications, where it was placed on Oct. 23, 2001. The `A-2' short-term rating is affirmed and the outlook is stable. As a consequence of this rating action, the existing medium-term note issues totaling A$150 million and the A$750 million syndicated bank loan are also rated `BBB'. On Oct. 23, 2001, Standard & Poor's indicated the rating action would occur if the initial public offering for GasNet Australia Trust (unrated) was successful. With the issue of units in the trust completed Wednesday, the change of ownership in GasNet is now complete. GasNet Australia Trust holds 100% of the shares in GasNet. "The ratings action reflects the new capital structure, distribution policy, and coverage ratios for GasNet," said Kevin Lewis, associate director, Corporate & Infrastructure Finance Ratings. "While the company's business position remains strong, the financial profile is expected to be slightly weaker in the medium-term than was expected under its previous ownership structure." The current ratings on GasNet reflect the low risk nature of its natural gas transmission business, supported by a transparent regulatory regime and strong operational performance. These factors are offset by the company's aggressive financial structure. JOYCE CORPORATION: Exits Receivership ------------------------------------- The Board of Joyce Corporation Ltd announced Wednesday that the Company has emerged from receivership. Joyce Corporation Managing Director Rod Brown said the Company was close to concluding all financial arrangement and expected to make a positive announcement soon. This would enable Joyce to request the ASX to lift the trading suspension on its shares. The receivers retired on Friday 7 December, when Joyce was able to draw down $5.1 million of its $6.6M in refinancing funds together with $11.2 cash at bank. The company expects to complete arrangements this week for additional refinancing for working capital and to pay creditors under the Deeds of Company Arrangement. PACIFIC DUNLOP: Undertaking Major Review Of Ansell Healthcare -------------------------------------------------------------- The Board of Pacific Dunlop announced Wednesday that following the sale of its Pacific Brands business, the Company will immediately enter into a full strategic review of its global healthcare business, Ansell International. The Ansell healthcare business has worldwide sales in excess of $1.4 billion, with its corporate headquarters in New Jersey, USA. More than 90% of its sales are outside Australia and New Zealand. It is the global number one or two in each of its major product segments (occupational industrial gloves, surgical & medical examination gloves and condoms) and geographic regions. Over 80% of its manufacturing will be located in Asia. The Chairman of Pacific Dunlop, Dr E D Tweddell, will lead the review process, and will work closely with the Managing Director of Ansell, Mr Harry Boon. A Group CEO for the Company will not be appointed pending the review. "The review will determine the best possible shape of the Ansell business for the future." Dr Tweddell said. The Company, having completed the essential stages of its major restructuring, Mr A B Daniels will step aside as Acting Chief Executive Officer, a position he has held since April 2001. Dr Tweddell also expressed the particular thanks of the Board to Mr Daniels for leading the Company through a most difficult period, and in settling a number of problems, which had returned its balance sheet to a sound position. PMP LIMITED: IPMG Ends Merger Discussions ----------------------------------------- PMP Limited announced Wednesday that Independent Print Media Group Pty Ltd had decided to abandon a proposed merger of the two companies given its inability to obtain a clearance from the ACCC. The Chief Executive of PMP, Mr Robert Muscat, said the ACCC's position was not a complete surprise given the ACCC's resistance to the initial merger proposal and that PMP had been developing its business strategies to go forward without the merger. PMP regards the Clayton plant as integral to its national operations and any disposal of that plant to satisfy the ACCC would likely have undermined the benefit of the merger proposal. Mr Muscat said "as I explained to shareholders at the AGM, PMP has implemented substantial initiatives over the last year that provide us with a solid platform for future growth." For further information please contact Robert Muscat on 02 9464 3580. QANTAS AIRWAYS: Rivkin Charged With Insider Trading --------------------------------------------------- Mr Rene Walter Rivkin, 57, of Bellevue Hill, appeared Tuesday in the Local Court in Sydney charged with one count of insider trading in the shares of Qantas Airways Limited (Qantas). Mr David Knott, Chairman of the Australian Securities and Investments Commission (ASIC), said that the charge follows an investigation by ASIC into the circumstances surrounding trading in Qantas shares shortly before Qantas announced that it would take over the operations of Impulse Airlines. ASIC alleges that Mr Rivkin contravened the insider trading provisions of the Corporations Act when, on 24 April 2001, he purchased 50,000 Qantas shares. The shares were purchased in the name of Rivkin Investments Pty Ltd, a company of which Mr Rivkin is the sole director. Mr Rivkin will next appear before the Court on 22 January 2002. The Commonwealth Director of Public Prosecutions is prosecuting the matter. ASIC will not comment further on this matter at this time. ================================ C H I N A & H O N G K O N G ================================ G-PROP HOLDINGS: Cause Of Price, Turnover Movements Unknown ----------------------------------------------------------- The Board of Directors (Board) of G-Prop (Holdings) Limited has noted the recent increases in the price and trading volume of the shares of the Company and stated 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. HO MING: Faces Winding Up Petition ---------------------------------- The petition to wind up Ho Ming Motors Company Limited is set for hearing before the High Court of Hong Kong on January 2, 2002 at 10:00 am. The petition was filed with the court on September 5, 2001 by Cheng Yuk Sim of Flat H, Ground Floor, Golden Horse Building, 27 Mansion Street, North Point, Hong Kong. MANDARIN RESOURCES: Enters Placing, Subscription Agreements ----------------------------------------------------------- Mandarin Resources Corporation Limited (the Company) informed that that on 10th December, 2001, the Company, 369 Holdings Limited and the Placing Agents entered into an unconditional placing agreement pursuant to which 369 Holdings has agreed to place an aggregate of 170,000,000 existing Shares, representing approximately 13.37% of the existing issued share capital of the Company, to no less than six independent institutional and/or professional investors at a price of $0.066 per Share, which represented approximately a 10.8% discount to the closing price of $0.074 per share. On the same date, the Company and 369 Holdings Limited entered into a conditional subscription agreement pursuant to which 369 Holdings Limited has agreed to subscribe for, and the Company has agreed to issue, 254,000,000 new Shares, representing approximately 19.98% of the existing issued share capital of the Company and about 16.65% of the issued share capital of the Company as enlarged by the issue of the Subscription Shares. Completion of the Placing is unconditional. Completion of the Subscription is conditional upon: (a) the completion of the Placing; (b) the Executive granting the Dispensation; and (c) the Listing Committee of the Stock Exchange granting the listing of, and permission to deal in, the Subscription Shares. Both the Company and 369 Holdings Limited will not waive any of the above conditions. The net proceeds to be derived from the Subscription will be approximately $16.3 million, all of which will be retained as general working capital of the Company. THE PLACING Date of the Placing Agreement: 10th December, 2001 Parties to the Placing Agreement: Vendor 369 Holdings Limited, a company incorporated in Hong Kong with limited liability and controlled by Mr. Chen Chak Man, an executive director of the Company, is the vendor of the Placing Shares and the substantial shareholder of the Company. As at the date of this announcement, 369 Holdings Limited and parties acting in concert with it, hold an aggregate of 423,300,000 Shares, representing approximately 33.3% of the existing issued share capital of the Company. Placing Agents Each of the Placing Agents is a dealer registered under the Securities Ordinance (Chapter 333 of the Laws of Hong Kong) and is independent of and not acting in concert with 369 Holdings Limited, the Company or any of their respective directors, chief executive, substantial shareholders, subsidiaries or their respective associates (as defined under the Listing Rules). Warrantor The Company Shares to be placed 170,000,000 Shares, representing approximately 13.37% of the existing issued share capital of the Company. Placing price The Placing price of $0.066 per Share represents a discount of approximately 10.8% to the closing price of $0.074 per Share as quoted on the Stock Exchange on 10th December, 2001, being the last trading day of the Shares immediately preceding the date of this announcement and a discount of approximately 10.2% to the average closing price of $0.0735 per Share as quoted on the Stock Exchange for the last ten trading days up to and including 10th December, 2001. Placing commission 2.5% of the amount equal to the Placing price multiplied by the number of Placing Shares. Placees The Placing Agents have jointly and severally undertaken, on a fully underwritten basis, to place the Placing Shares to no less than six placees who are independent institutional and/or professional investors not associated with and/or acting in concert with 369 Holdings Limited, the Company, or any of their respective directors, chief executive, substantial shareholders, subsidiaries or their respective associates. Condition and completion of the Placing Agreement Completion of the Placing Agreement is unconditional. THE SUBSCRIPTION Date of the Subscription Agreement: 10th December, 2001 Parties to the Subscription Agreement Subscriber: 369 Holdings Limited Issuer: The Company New Shares to be subscribed for 254,000,000 new Shares, representing approximately 19.98% of the existing issued share capital of the Company and about 16.65% of the issued share capital of the Company as enlarged by the issue of the Subscription Shares. The Subscription Shares will be issued under the general mandate granted to the Directors at the annual general meeting of the Company held on 30th November, 2001. Subscription price $0.066 per Share, which is the same as the Placing price. PENNER LIMITED: Winding Up Petition Pending ------------------------------------------ Penner Limited is facing a winding up petition, which is slated to be heard before the High Court of Hong Kong on December 19, 2001. The petition was filed on August 28, 2001 by So Tak Pong of Room 1512, Sun Chun House, Sun Tsui Estate, Shatin, New Territories, Hong Kong. SHOU JIA: Winding Up Petition Slated For Hearing ------------------------------------------------ The petition to wind up Shou Jia Information Technology Limited is scheduled to be heard before the High Court of Hong Kong on January 23, 2002 at 10:00 am. The petition was filed with the court on October 12, 2001 by Pei Wai of Flat E, 8th Floor, Tower 5, Greenwood Terrace, Chai Wan, Hong Kong. UDL HOLDINGS: Sees No Reason For Share Price Decrease ----------------------------------------------------- UDL Holdings Limited noted the recent decrease in the price of the shares of the Company and state that the Company is not aware of any reasons for such a decrease. The Company 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. WAH LEE: Appoints Directors, Resumes Trading -------------------------------------------- Wah Lee Resources Holdings Limited (Provisional Liquidators Appointed), announced that Messrs Yeung Kwok Fan, Yeung Ming Kwong, Sun Tak Yan Desmond, Zhang Hua, Wu Ming Fat Simon and Ms. Lo Miu Sheung Betty have been removed as Directors of the Company while Messrs. Zhang Yang, Jiang Feng and Lam Cheung Shing, Richard have been appointed as executive Directors of the Company with effect from 10 December 2001 in accordance with the relevant resolutions passed by the Shareholders at the SGM. Trading in the Shares of the Company has been suspended since 10:00 a.m. on 5 February 2001 and an application has been made to the Stock Exchange for the trading in the Shares of the Company to be resumed with effect from 10:00 a.m. on Tuesday, 11 December 2001. VINCOR GROUP: Winding Up Petition Set For Hearing ------------------------------------------------- The petition to wind up Vincor Group Of Companies (Investment) Limited was scheduled for hearing before the High Court of Hong Kong on December 5, 2001 at 9:30 am. The petition was filed with the court on August 16, 2001 by Messrs. Richard Butler, a firm of solicitors having its principal place of business at 20th Floor, Alexandra House, 16-20 Chater Road, Central, Hong Kong ================= I N D O N E S I A ================= ASIA PULP: CAD Commences Investigation -------------------------------------- The Commercial Affairs Department (CAD) has launched a probe into Asia Pulp & Paper (APP) and its sister companies, Singapore-listed Asia Food & Properties (AFP) and Golden Agri Resources, Business Day Thailand reported Wednesday referring to a Business Times report. The CAD visited APP's offices at Maritime Square in Pioneer Road and AFP's and Golden Agri's workplaces at Shenton House, though they could not give specifics of the investigations. "APP has been asked to assist the CAD and it is giving its full cooperation at this point of time APP is not aware nor has it been informed about who the CAD is investigating." an APP spokesman said. "Yes, we have been visited by the CAD but we do not know what specifically is being looked at. As far as the company is concerned we will always extend to them our full cooperation," AFP told Business Times. The CAD authorities are also believed to be asking APP's auditors, Arthur Andersen, to assist in the investigations. APP is one of the world's largest and most heavily indebted pulp and paper companies with debts of US$12 billion. BAHANA PEMBINAAN: Prepares Two Restructuring Options ---------------------------------------------------- The Directors of PT Bahana Pembinaan Usaha Indonesia (BPUI) are going to present the debt restructuring alternative to BPUI's shareholders and FSPC/IBRA, Bisnis Indonesia reported on December 12, quoting BPUI Director Hendi Kariawan. "We are ready to present the two option alternatives to the shareholders and related parties," Kariawan said. According to him, if the first option is taken, the company's current value is calculated around Rp291.2 billion, while if the second option is taken, the value reaches Rp989.5 billion. "If it is liquidated, BI and the Finance Ministry have to endure payment burden over the asset margin and liabilities and since this is a state company, eventually the people will carry the burden," he explained. BANK CENTRAL: Sale Postponed Next Year -------------------------------------- The government said it wouldn't be able to meet a year-end target for the sale of Bank Central Asia (BCA), Business Times reported Wednesday citing State Enterprises Minister Laksamana Sukardi. Sukardi said that final bidders for the bank, which includes UK's Standard Chartered, will be permitted to finish their inspections of the bank next year. Adnan Tan of PT Bahana Securities said that the delay "can't be good in the short term, since local investors were led to believe the sale could be finalized this year. Nevertheless, the stock is still cheap, and there is still plenty of foreign buying demand." Bloomberg reported that BCA's shares have fallen 8 percent the past weeks on rumors that final bidders objected to the time they were given to go through the lender's books. ========= J A P A N ========= DAIWA BANK: 49 Execs Agree To Pay Y250M Settlement -------------------------------------------------- The Osaka High Court said Tuesday that Daiwa Bank's forty-nine former and current executives agreed to pay the bank Y250 million to settle a lawsuit, where the court earlier ruled and ordered 11 of them to pay a compensation of $775 million (about Y98.27 billion yen) for losses related to unauthorized bond deals at its New York branch, Japan Today reported Wednesday. The bank's shareholders, in a case filed in November 1995, demanded the 49 to pay the bank $1.45 billion (about Y183.86 billion), including $1.1 billion in trading losses, Y340 million yen ($2.72 mill7ion) in penalties the bank paid in a plea bargain with U.S. prosecutors and $10 million in lawyers' fees. DAIWA BANK: Launches Holding Co With Kinki Osaka, Nara Banks ------------------------------------------------------------ Daiwa Bank and regional banks Kinki Osaka Bank, based in Osaka, and Nara Bank, based in Nara, integrated their management, creating Daiwa Bank Holdings Inc, the largest financial group in the western Japan region of Kansai, Japan Today reported Wednesday. The holding company, capitalized at Y380 billion and with a workforce of 230, is based in Osaka and engaged in management planning and product development. ENRON JAPAN: Files For Bankruptcy --------------------------------- American energy giant Enron Corp's Japanese affiliates Enron Japan Corp, Enron Japan Marketing Corp, Enron Japan Funding Corp and E Power Corp filed for bankruptcy Monday in accordance with Japanese bankruptcy law. Enron Japan said the filing for bankruptcy came after the parent company filed for Chapter 11 bankruptcy in the United States, Japan Today reported Wednesday. GAP (JAPAN): Moody's Reviews Ratings For Possible Downgrade ----------------------------------------------------------- Moody's Investors Service placed on review for possible downgrade the ratings of Gap Inc. based on further unanticipated deterioration in comparable stores sales, primarily in the Gap domestic and Old Navy concepts. Moody's review will focus on whether the company's performance in 2002 can improve significantly to yield debt protection measures appropriate for a Baa2 long-term rating level. Ratings on review for possible downgrade: Gap Inc. * Senior unsecured intermediate term Notes issued under Rule 144A at Baa2. * Senior unsecured notes at Baa2. * Commercial paper and extendible commercial notes at Prime-2. Gap International B.V. * Eurobonds, guaranteed by Gap Inc., at Baa2. Gap (Japan) K.K. * Senior Notes, guaranteed by Gap Inc., at Baa2. Gap, Banana Republic, and Old Navy's concept continue to experience negative comparable store sales and lower profitability. Total comparable store sales have been negative since May 2000. Comparable stores for November 2001 were especially weak, with a negative mid-twenties for Gap domestically. Gap Inc. has already undertaken a number of initiatives to boost sales and profitability. These efforts include new assortments and new advertising campaigns. However, fashions introduced over the past year have not been consistently successful and certainly have not gained enough acceptance by targeted customers to offset shortfalls in sales of basics. The attacks on the United States on September 11th also exacerbated sales weakness previously created by a slower economy, sated apparel purchasers, and stronger competition from discounters and from fashion-oriented specialty apparel companies. ISUZU MOTORS: Halting SUV Production In Japan By Early 2004 ----------------------------------------------------------- Isuzu Motors Ltd, which currently manufactures 20,000 Big Horn SUVs annually at its plant in Fujisawa, Kanagawa Prefecture, 15, 000 for the US market under the brand name Trooper, planned to stop making sport utility vehicles in Japan by end-March 2004 and withdraw from selling other SUVs under its own name, PRNewsAsia reported Wednesday, which cited the Nihon Keizai newspaper. The company will instead concentrate on making trucks. With the vehicle becoming less competitive, Isuzu has decided to procure SUVs from General Motors Corp on an OEM basis for the US market. The Japanese carmaker now sells two other SUV models in Japan, imported from a joint US plant with Fuji Heavy Industries Ltd, but will be replaced in stages with GM Chevrolet models and the vehicles will be offered through the US firm's Japanese sales channels. TORUS (JAPAN): Fitch Assigns Y4.95B Notes Due On 2008 Ratings ------------------------------------------------------------- Fitch, the international rating agency, has assigned ratings to Torus (Japan) I Limited secured floating-rate notes due 2008: Y1,150,000,000 Class A: 'A+' Y2,400,000,000 Class B: 'BBB-' Y1,400,000,000 Class C: 'BB' The issuer, Torus (Japan) I Limited ('Torus'), is a special purpose vehicle incorporated under the laws of the Cayman Islands. At closing, Torus entered into a credit default swap (CDS) with TD Global Finance (TDGF, guaranteed by the Toronto- Dominion Bank,(TD)) and issued the notes listed above. The reference portfolio consists of investment grade corporate credits, initially amounting to Y159.39 billion, which can be substituted in certain situations and subject to eligibility and portfolio guidelines with credits from a predefined substitution portfolio. The ratings of the notes are based on these eligibility requirements and portfolio guidelines, the loss thresholds of each tranche, the credit event language and valuation mechanics and the transaction's sound financial and legal structure. Credit enhancement for the class A notes totals 4.95%, and is provided by the class B notes (1.5%), the class C notes (0.88%) and the first loss threshold (2.57%). Following a credit event on a reference entity in the portfolio, a credit loss amount is determined. When the cumulative credit loss amounts exceed the first loss amount of Y4,096,300,000 (2.57% of the initial portfolio), the notional amount of each class of notes will be written down in reverse order of seniority (starting with class C swap notional) and up to a maximum of the respective initial swap notional of each class. Therefore, the notes bear a part of the economic risk of the reference portfolio. The final maturity date for the notes will be December 2008, at which time they will be redeemed in full unless previously redeemed. Noteholders will receive interest payments on 7th March, June, September and December of each year, starting on March 2002. To determine appropriate credit enhancement levels, Fitch analyzed the reference portfolio, the collateral pool and the financial structure and subjected them to the appropriate stress scenarios. Cash flows derived from the CDS, taking account of any potential credit loss allocation, will be sufficient to make timely payment of interest and ultimate payment of principal for the notes. TOSHIBA CORP: Cuts Salaries As US1.6B Loss Looms ------------------------------------------------ Toshiba Corporation, which forecasts a record loss of US$1.6 billion this fiscal year, has cut salaries as the second largest chipmaker faces the biggest crisis since it was founded 126 years ago. The cuts, which company spokeswoman Midori Suzuki said were between 1.5% and 3% for an undisclosed number of managers starting this month, may do little to stem losses, investors said. Computer memory chip prices are below the cost of production for most chipmakers, even after rising by almost half since November 1. Toshiba's shares fell as much as 4.5% to 493 yen, almost half their value a year ago. Toshiba had a wider-than-expected first- half loss of 123B yen. It expects to lose 150B yen on memory chips this year. Consumers and business have cut spending on PCs, cellular phones and electronic gadgets during an economic slowdown, curbing demand for the chips that power such devices. Though industries sales are improving, Dataquest tips global chip sales to slide 35% to US$148B this year. Worldwide, memory-chip makers are seeking to merge to cope with the slumping demand. ========= K O R E A ========= DAEWOO MOTOR: May Purchase Later After Yr-end, GM Says ------------------------------------------------------ General Motors Corp's (GM) President and Chief Executive Richard Wagoner said GM may sign a final contract to buy the assets of Daewoo Motor Co later than the year-end deadline, PRNewsAsia reported Wednesday, which cited the Korea Economic Daily. In a meeting with South Korean ambassador to the US Yang Sung- chul, Wagoner said it will take time to review legal issues involved in the acquisition and examine the transparency of the operations. DAEWOO MOTOR: Stops All Domestic Plants Operations -------------------------------------------------- Daewoo Motor, which had sold by the end of November a total of 430,789 vehicles, including exports of 275,908 units, suspended Tuesday and indefinitely production in all domestic plants in Bupyeong, Gunsan and Changwon, as its primary components providers cut supplies and demanded an immediate payment of W1.5 trillion ($1.2 billion) in outstanding debts, Korea Herald reported Wednesday. According to a company official, "Suppliers declared that they will halt shipments until their request for the deferred payment of money is accepted. If the supply halt lasts more than one week, our inventories of finished cars will run out in one week, dealing a blow to exports and domestic delivery." Last week, 270 primary components suppliers for Daewoo asked Daewoo Motor creditors or General Motors to pay the W1.5 trillion won in debt. They also asked that Korea Development Bank fulfill its promise to extend them W122.3 billion in loans. HANBO IRON: Awaits AK Capital Sale Conditions Acceptance -------------------------------------------------------- AK Capital has not yet submitted its acceptance of the three conditions proposed by Korea Asset Management Corp. (KAMCO) and the creditor banks of Hanbo Iron & Steel, delaying legal process of stamping AK Capital as the successful bidder for Hanbo, Korea Herald reported Wednesday, which quoted KAMCO and the ailing Hanbo. Under the conditions, AK Capital can only readjust its acquisition price in the range of five percent above or below its bidding price; in case it fails to sign a final contract for reasons other than any grave errors on the part of the seller, AK Capital will be forced to give up the $10 million contract guarantee money; and once AK Capital is confirmed as the successful bidder by the court, it is then expected to undertake a due diligence on Hanbo for at least 45 days before signing a final contract. KAMCO and the creditor banks earlier planned to submit AK Capital's written acceptance of the three conditions for court approval of the final successful bidder, but the court said it was not in a position to check whether AK Capital was accepting all the conditions, forcing the creditor banks to directly retrieve AK Capital's written acceptance. KAMCO then requested AK Capital's documented form of acceptance within seven days, and that it does not change its mind about acquiring Hanbo. Hanbo's successful bidder will be decided next week, the earliest, but if AK Capital vetoes KAMCO and the creditor banks' conditions for the sale, the whole process will immediately be terminated. HYNIX SEMICONDUCTOR: Creditors Won't Seek Capital Write-off ----------------------------------------------------------- Hynix Special Restructuring Committee Chairman, Shin Kook-hwan said the creditors of Hynix Semiconductor Inc will not seek a capital write-off in exchange for financial assistance, and that creditors have no immediate plans to retrieve cash they injected for the bailout of the company through the prospective alliance with Micron Technology, PRNewsAsia reported Wednesday. Shin said, "Creditors want the alliance to revive Hynix over the next 2-3 years, rather than (to use it) to retrieve cash," and it "could consider" merger if Micron offers a detailed proposal. The alliance will not result in cutting jobs for skilled semiconductor workers, he added. HYNIX SEMICONDUCTOR: HSBC Demands W2.1B Cash Payment ---------------------------------------------------- Hynix Semiconductor's creditor, Hong Kong Shanghai Banking Corp. (HSBC), which opted not to participate in the rescue measure, demanded that its outstanding W2.1 billion ($1.6 million) debt with Hynix be repaid in cash, Korea Herald reported Wednesday, which quoted the principal creditor, Korea Exchange Bank. Domestic banks Korea First, Kwangju and Kyongnam also demanded payment of their respective W68.5 billion, W4.9 billion W1.9 billion loans to Hynix. The coordinating committee for Hynix creditors held a meeting Monday to discuss HSBC's demand, and it has asked HSBC to accept bonds instead due to the chipmaker's liquidity problems, but HSBC insisted on cash payment. Another coordinating committee meeting will be held to discuss HSBC's request including the value of the debt purchase request and means of payment. SEOULBANK: Swiss Investment Co To Buy 51% Stake ----------------------------------------------- HPI, a multinational investment company based in Zurich, Switzerland, is interested to buy a 51 percent stake in Seoulbank, PRNewsAsia reported Wednesday, citing the Chosun Ilbo. An FSC official, who described HPI as having stronger financing capabilities compared with other local and foreign prospective bidders, said two HPI managers were to visit Seoul yesterday for discussions with Seoulbank. TAEKWANG INDUSTRIAL: Developing New Core Businesses, Restructure ---------------------------------------------------------------- Taekwang Industrial Co. said it will develop future core businesses and restructure money-losing divisions, while suspending fresh investment for the time being. The move is triggered by the weakened competitiveness of its mainstay textile division, Korea Herald reported Wednesday. Taekwang, which recently asked each of its divisions to submit a 5-year business plan and asked from its foreign buyers ideas for improving its competitiveness, plans to restructure its textile division, which has suffered from falling profits due to outdated facilities, and to strengthen non-textile businesses such as finance, insurance, media and electronics. As for its textile division, Taekwang will switch to high-value- added items, from mass-producing general goods that are losing competitiveness due to oversupply. It will also focus on developing new business items for non-textile divisions, including broadcasting, finance and securities, and increasing investment in these fields. * Moody's Reviews Banks' Deposit Ratings For Possible Upgrade ------------------------------------------------------------- Moody's Investors Service placed the deposit ratings of four Korean bank, namely Cho Hung Bank, Hana Bank, Hanvit Bank and Korea Exchange Bank, on review for possible upgrade to reflect a change in rating methodology with regard to the banks' credit quality in relation to that of the Korea ceiling ratings. Moody's said that in assigning foreign currency bank ratings in the past, a common practice was to rate the strongest banks at the ceiling and to notch downward from the ceiling for smaller and weaker names. However, a recent study by Moody's of all such ratings globally has shown that this "ordinal scale" approach has in several cases resulted in lower ratings for some banks than they would have received had the ceiling been higher. The four banks now under review may be eligible for ratings at or near Korea deposit and debt ceilings. Moody's said that some of these banks have very low financial strength ratings but all have low risk of local currency default, either because they are solvent or too important to be allowed to default, or both. This new methodology is detailed in a Moody's Special Comment to be released this week, "Emerging Market Bank Ratings in Local and Foreign Currency: Implications of Country Risk and Institutional Support." The ratings placed under review for possible upgrade are: Cho Hung Bank: long-term senior/subordinated debt ratings of Ba1/Ba2, long-term deposit rating of Ba1 and short-term rating of Not Prime. Hana Bank: long-term senior/subordinated debt ratings of Ba2/Ba3, long-term deposit rating of Ba2, and short-term rating of Not Prime. Hanvit Bank: long-term senior/subordinated debt ratings of Ba1/Ba2, long-term deposit rating of Ba1, and short-term rating of Not Prime. Korea Exchange Bank: long-term senior/subordinated debt ratings of Ba1/Ba2, long-term deposit rating of Ba1, and short-term rating of Not Prime. =============== M A L A Y S I A =============== ABRAR CORPORATION: Seeks Further RA Time Extension -------------------------------------------------- Abrar Corporation Berhad (Special Administrators Appointed) (the Company), in reference to the announcement on 26 November 2001 where the Exchange had granted the Company with an extension of two (2) months from 23 October 2001 to 22 December 2001 to enable the Company to make its announcement on the Company's plans to regularize its financial condition (the Requisite Announcement), announced that it had by its letter dated 10 December 2001 sought the approval of the Exchange for a further extension of twelve (12) months to 22 December 2002 to make the Requisite Announcement. On 27 November 2001, the Special Administrators of the Company announced that the Company's restructuring exercise involving Asia Pacific Land Berhad (APLand) and certain subsidiaries/sub- subsidiaries of APLand as envisaged in the Memorandum of Understanding (MoU) dated 27 June 2001 will no longer be proceeded with as the Definitive Agreements (as defined in the MoU) were not executed by the relevant parties within the time period as stipulated in the MoU. The Special Administrators of the Company will now be reassessing the Company's financial position and thereafter will formulate a new debt restructuring proposal (the Workout Proposal) for the Company. AMSTEEL CORPORATION: Appeal Of Court's Decision Planned ------------------------------------------------------- The Board of Directors of Amsteel Corporation Berhad (the Company) announced that on 5 December 2001 the Kuala Lumpur High Court had in the Itochu Corporation (Itochu) Vs. Optima Jaya Sdn Bhd (Optima Jaya) and Amsteel Corporation Berhad (Kuala Lumpur High Court summons no. D6-22-2030-2000), allowed Itochu to enter summary judgment against the Company and its wholly-owned subsidiary, Optima Jaya, in the following amounts: (i) the sum of RM2,183,225.13 due as at 31 July 2000 together with interest thereon; (ii) the accruing guarantee fee calculated at the rate of 1.5% per annum on the sum of RM45,000,000.00 from 1 August 2000 until 8 February 2001 and on the sum of RM36,000,000.00 from 9 February 2001 to 1 March 2001 together with interest accruing on the aforesaid guarantee fee; and (iii) costs to be fixed, being the amounts alleged by Itochu to be due and owing to Itochu by Optima Jaya under a Guarantee Fee Agreement dated 23 May 1995 and by the Company pursuant to a letter of comfort issued by the Company dated 23 May 1995. The Board of Directors has been advised that Optima Jaya and the Company have reasonable grounds to appeal the Court's decision. Optima Jaya and the Company have instructed their lawyers to appeal against the Court's decision and apply to stay the execution of the judgment. ANSON PERDANA: Updates Property Interests ----------------------------------------- Anson Perdana Berhad announced that the Court has fixed 14 January 2002 as the date when it will deliver its decision on the application by the Company's subsidiary, Tegas Sepakat Sdn Bhd (TSSB), to set aside a court order granting interest in TSSB's property (Geran 55527 Lot 20216, Geran 55528 Lot 20217 and Geran 55529 Lot 20218, all situated in the Town and District of Johor Bahru, State of Johor Darul Takzim) to a third party. Background The 1997 financial crisis adversely affected the operations of the Group and the Company. In view of these adverse financial conditions, the Group in December 1998 sought the assistance of the Corporate Debt Restructuring Committee (CDRC) to restructure its short-term debts. The Company has also appointed an Independent Financial Consultant to provide advisory services pursuant to a restructuring scheme. In October 1999, the Company appointed an additional advisor to act directly on behalf of the Group to develop and negotiate with the financial institutions, trade and other creditors an integrated debt-restructuring scheme. In line with the Group's restructuring efforts, on 29 February 2000, the Group sold several parcels of oil palm plantation land to Felcra Berhad for RM98m cash. As the Group's debt restructuring dragged on to the end of 2000, the Group applied for legal protection under Section 176 of the Companies Act, 1965, to the Kuala Lumpur High Court (KLHC). On September 25 2000, the KLHC granted a three-month Restraining Order (RO) for the Company to implement the restructuring scheme, which was subsequently extended to 24 March 2001. An application to extend the RO was submitted to the High Court and a hearing is pending. BERJUNTAI TIN: Proposes Articles Of Association Amendments ---------------------------------------------------------- Aseambankers Malaysia Berhad, on behalf of Berjuntai Tin Dredging Berhad (BTD or the Company), announced that pursuant to Chapter 7 of the Kuala Lumpur Stock Exchange Listing Requirements (Listing Requirements), BTD proposes to amend its Articles of Association to comply with the said requirements and to be in line with the provisions of the Companies Act, 1965, the Securities Industry (Central Depositories) Act, 1991, the Rules of the Malaysian Central Depository Sdn Bhd and other relevant statutory and regulatory requirements. The Board will be seeking shareholders approval for the Proposed Amendments and the Circular to the shareholders containing details of the Proposed Amendments will be sent to the shareholders in due course. IDRIS HYDRAULIC: EGM To Be Held On December 31 ---------------------------------------------- Idris Hydraulic (Malaysia) Bhd advised that the Extraordinary General Meeting of the Company will be held at Seminar Room 2 & 3, Level 2, Hotel Sri Petaling, 30 Jalan Radin Anum, Bandar Baru Sri Petaling, 57000 Kuala Lumpur on Monday, 31 December 2001 at 9.00 a.m. Check http://www.bankrupt.com/misc/Idris_Hydraulic1212.docto see Notice of Extraordinary General Meeting. PAN MALAYSIAL: SC Grants Extension Requests ------------------------------------------- On behalf of the Board of Directors of Pan Malaysia Capital Berhad (PM Capital or Company) (Board), Commerce International Merchant Bankers Berhad (CIMB) announced that the Securities Commission (SC) had, vide its letter dated 4 December 2001 (Letter), approved: (i) an extension of up to 31 December 2001 for the following to be completed: (a) acquisition of the entire issued and paid-up share capital of Pan Malaysia Equities Sdn. Bhd. (PM Equities) by PM Securities Sdn. Bhd. (PM Securities), a subsidiary of PM Capital (PM Equities Acquisition); (b) the transfer of PM Capital's entire equity interest in PM Securities to Kimara Asset Management Sdn. Bhd. (Kimara Asset) (Transfer) and the requirement for Kimara Asset to increase its shareholders' funds to at least RM100 million in order to meet the requirement of Rule 2.4.3(1) of the Rules of the Kuala Lumpur Stock Exchange (Minimum Requirement). (ii) an extension of up to 31 March 2002 for PM Securities to establish its branches in Johor Bahru, Pulau Pinang and Klang; and (iii) an extension of up to 28 May 2002 for PM Securities to establish its branch in Melaka (Melaka Branch). On behalf of the Board, CIMB also announced that the PM Equities Acquisition and Transfer had been completed on 8 December 2001. PM Securities has also successfully effected the transfer of all clients and staff of PM Equities to the premises of PM Securities' branch in Seremban. In addition, resulting from the issuance of new ordinary shares of RM1.00 each in Kimara Asset to PM Capital pursuant to the Transfer, Kimara Asset has successfully met the Minimum Requirement. PM Securities is now a wholly-owned subsidiary of Kimara Asset which in turn is a wholly-owned subsidiary of PM Capital. REPCO HOLDINGS: Resolutions Passed At 11th AGM --------------------------------------------- On behalf of Repco Holdings Berhad (Special Administrators Appointed) (RHB or the Company), the Special Administrators announced that all the resolutions set out in the Notice of the Eleventh Annual General Meeting of the Company dated 15 November 2001 were duly passed at the Eleventh Annual General Meeting held at Kinabalu Room 1, Level 3, Kinabalu Wing, Shangri-La Tanjung Aru Resort, No. 20, Jalan Aru, 88100 Kota Kinabalu, Sabah on Friday, 7 December 2001. SPORTMA CORPORATION: Posts Defaulted Payment Update --------------------------------------------------- Sportma Corporation Berhad (Special Administrators Appointed) (Sportma) provided an estimate of its default in payment as at 30 November 2001, found at http://www.bankrupt.com/misc/Sportma_Corp1212.xls The total default by Sportma on principal sum plus interest as at 30 November 2001 amounted to RM210,116,919.52. Sportma in respect of revolving credit facilities, trade financing and overdraft utilizes the default payment. Chemitech Industries Sdn Bhd (In Liquidation), a wholly-owned subsidiary of Sportma had as at 30 November 2001, defaulted on RM608,906.87, made up of a principal sum of RM470,000.00 plus RM138,906.87 in interest, in respect of its term loan. There is no further new development on the default of payment of the Company, since the previous announcement with regard to this Practice Note SPORTMA CORPORATION: SC Grants Approved Proposals Time Extension ---------------------------------------------------------------- On behalf of the Special Administrators of Sportma Corporation Berhad (Special Administrators Appointed) (Sportma or Company), Affin Merchant Bank Berhad (Affin Merchant), formerly known as Perwira Affin Merchant Bank Berhad, announced that the Securities Commission (SC) per its letter dated 3 December 2001 (which was received on 7 December 2001), approved the extension for the implementation of the Proposed Corporate and Debt Restructuring Scheme (Proposals), which were approved by the SC vide its letters dated 30 August 2000 and 6 November 2000 (Approved Proposals) until 4 April 2002 as opposed to 4 July 2002 as originally requested. In addition, the SC will only consider any request for a further extension of time after the revisions to the Proposals together with the corresponding financial projections of Sportma have been submitted to the SC. ===================== P H I L I P P I N E S ===================== METRO PACIFIC: P7B Proceeds To Settle Third-Party Creditors ----------------------------------------------------------- Metro Pacific Corp's (MPC) chairman Manuel Pangilinan said it will use the expected P7 billion, at least, from the parcels of land it intends to sell in Bonifacio Global City, to settle its debts to third-party creditors, ABS-CBN News reported Tuesday. MPC, which recently rejected Ayala Land Inc.'s estimated $500 million wholesale bid for the entire property, has a total of PhP12.5 billion in debt. P7.5 billion of which are obligations to third parties and over P5 billion, cash advances from First Pacific Co. Ltd. (FPC). METRO PACIFIC: Offers Bonifacio Stake For US$200M ------------------------------------------------- Metro Pacific offered to sell its entire 69.6 percent stake in Bonifacio Land Corp for about US$200 million to Ayala Land, instead of the latter offering a bid of US$500 million, PRNewsAsia reported Wednesday. Ayala Land told the stock exchange that "In fact, the counter offer which Metro Pacific itself proposed to Ayala Land set a range of values at a US$200 million level for such an acquisition," which is "unacceptable" as the "the appropriate valuation of Metro Pacific's interest in Bonifacio Land was considerably less than US$200 million." NATIONAL BANK: Methodology Revision Prompts Moody's Review ---------------------------------------------------------- Moody's Investors Service placed the deposit ratings of Philippine National Bank (PNB) on review for possible upgrade to reflect a change in rating methodology with regard to PNB's credit quality in relation to that of the Philippine ceiling ratings. Moody's said that in assigning foreign currency bank ratings in the past, a common practice was to rate the strongest banks at the ceiling and to notch downward from the ceiling for smaller and weaker names. However, a recent study by Moody's of all such ratings globally has shown that this "ordinal scale" approach has in several cases resulted in lower ratings for some banks than they would have received had the ceiling been higher. This new methodology is detailed in a Moody's Special Comment to be released this week -- "Emerging Market Bank Ratings in Local and Foreign Currency: Implications of Country Risk and Institutional Support." The ratings placed under review for possible upgrade is: Philippine National Bank: long-term debt and deposit ratings of Ba3, and short-term rating of Not Prime. PNB is one of the major banks in the fragmented Philippine banking sector. The bank is undergoing a rehabilitation by the government (still a major equity holder in the bank) to restore its deteriorated financial health after years of infomercial politically connected lending. The ongoing rehabilitation reflects the bank's importance in size and franchise, with one of the largest branch network and a dominant position in the overseas remittance business. ================= S I N G A P O R E ================= CREATIVE TECHNOLOGY: Posts Changes In Merrill Lynch's Interests --------------------------------------------------------------- Creative Technology Ltd posted a notice of changes in substantial shareholder Merrill Lynch & Co., Inc.'s deemed interests as: Name of substantial shareholder: Merrill Lynch & Co., Inc. Date of notice to company: 07 Dec 2001 Date of change of shareholding: 05 Dec 2001 Name of registered holder: Citibank (Singapore), HSBC (Singapore) Circumstance giving rise to the change: Others Please specify details: Refer to tables created below Shares held in the name of registered holder No. of shares of the change: % of issued share capital: Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: No. of shares held before change: % of issued share capital: No. of shares held after change: % of issued share capital: Holdings of Substantial Shareholder including direct and deemed interest Deemed Direct No. of shares held before change: 3,822,333 - % of issued share capital: 5.313 - No. of shares held after change: 3,782,333 - % of issued share capital: 5.257 - Total shares: Shares held in the name of Citibank (Singapore) Circumstances giving rise to the change: Open market sale and purchase: No. of shares of the change: 0.00 % of issued share capital: 0.00% Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: SGD 13.60, SGD 14.14 No. of shares held before change: 43,500 % of issued share capital: 0.060% No. of shares held after changed: 43,500 % of issued share capital: 0.060% Shares held in the name of HSBC (Singapore) Circumstances giving rise to the change: Open market sale: No. of shares of the change: -40,000 % of issued share capital: -0.056% Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: SGD 14.58 No. of shares held before change: 1,702,846 % of issued share capital: 1,662,846 No. of shares held after changed: 2.367% % of issued share capital: 2.311% ELTECH ELECTRONICS: Completes Non-Core Property Division SPA ------------------------------------------------------------ Further to Eltech Electronics Limited Board's announcements on October 24 and 29, 2001 concerning the proposed disposal of its non-core property division, the company board announced that the conditional sale and purchase agreement (SPA) to sell all of its shares in (1) Eltech Investments Pte Ltd, (2) Eltech Land Pte Ltd and (3) Eltech properties Pte Ltd to Calamvale Pte Ltd has been completed. HONG LEONG: Posts Changes In Kwek Holdings' Deemed Interests ------------------------------------------------------------ Hong Leong Singapore Finance Limited posted a notice of changes in substantial shareholder Kwek Holdings Pte Ltd's deemed interests as: Name of substantial shareholder: Kwek Holdings Pte Ltd Date of notice to company: 10 Dec 2001 Date of change of deemed interest: 07 Dec 2001 Name of registered holder: Tudor Court Gallery 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: 110,000 % of issued share capital: 0.026 Amount of consideration per share excluding brokerage, GST, stamp duties, clearing fee: S$1.5947 No. of shares held before change: 5,506,000 % of issued share capital: 1.279 No. of shares held after change: 5,616,000 % of issued share capital: 1.305 Holdings of Substantial Shareholder, including direct and deemed interest Deemed Direct No. of shares held before change: 206,353,758 0 % of issued share capital: 47.951 0 No. of shares held after change: 206,463,758 0 % of issued share capital: 47.976 0 Total shares: 206,463,758 0 Note: % of issued share capital is based on the Company's issued share capital of 430,340,464 shares of $1.00 each as at December 7, 2001. RAFFLES HOLDINGS: New Director For Unit's Landmark Hotels --------------------------------------------------------- Raffles International Limited, a Raffles Holdings Limited subsidiary, has appointed Markland Blaiklock as Managing Director of its landmark hotels in Raffles City, Raffles The Plaza and Swissotel The Stamford from January 1, 2002. Raffles Holdings, a subsidiary of CapitaLand Ltd., has posted a loss of S$4.3 million in the third quarter ending September as the hotel operator suffered from cancelled bookings from travelers following the aftermath of the September 11 terrorist attacks, Channel News Asia reported. It had previously recorded a profit of S$16.7 million a year ago. The company expects losses for the fourth quarter as well. Raffles Holdings has a portfolio of 39 hotels with 13,457 rooms in 34 destination cities. Raffles Holdings is a subsidiary of CapitaLand Limited, which has an asset base of over S$18 billion. In his new capacity, Mr. Blaiklock will ensure the successful operation of the two hotels, the Raffles City Convention Centre, Amrita Spa Asia's most extensive spa and Equinox, the exciting dining and entertainment concept located on Levels 68 through 72 of Raffles City Complex. With twenty-five years of experience in the hospitality industry, Mr. Blaiklock has worked for hotel management companies such as Hilton, Le Meridien, Shangri-la and most recently The Peninsula Group. His ten-year tenure with the Shangri-La group, from 1990 to 2000, gave him extensive exposure to Asia in key positions in Malaysia, China and the Philippines. Mr. Blaiklock was honored as General Manager of the Year 1994 in recognition of his outstanding achievement as General Manager of the Shangri-La Hotel Beijing. Prior to his appointments at Shangri-La, he was the Financial Controller of Le Meridien Hotels in New York, Houston, San Francisco and Canada. Swissotel The Stamford and Raffles The Plaza, currently known as The Westin Stamford and Westin Plaza respectively, have a combined room inventory of over 2,000 guestrooms and suites. The hotels are located in the heart of the central business district, with a major Mass Rapid Transit station located beneath the complex providing guests easy access to most parts of Singapore. Food and beverage options include Equinox complex, which offers a selection of two restaurants and 3 bars, in addition to ten other dining and entertainment facilities within the hotels. Other features include Amrita Spa, Asia's most extensive spa, the 70,000 sq. ft. Raffles City Convention Centre and an adjacent shopping complex. Raffle s International Limited is the hotel management subsidiary of Raffles Holdings Limited. Raffles Holdings Limited's portfolio comprises hotels and resorts in 33 destinations across the six continents of Asia, Europe, North America, South America, Australia and Africa. Raffles Holdings is a subsidiary of CapitaLand Limited, which has an asset base of over $18 billion. Both Companies are listed on the Singapore Stock Exchange. For more information, please contact: Ms. Marina Wee Ms. Joleena Seah Senior Manager, Public Relations Brand Development Manager Tel: (65) 430 1183 Tel: (65) 431 6653 Email: marina@raffles.com Email: joleena.seah@raffles.com SPH ASIAONE: Proposes Privatization Scheme of Arrangement --------------------------------------------------------- SPH Asiaone Limited posted a proposed scheme of arrangement for the purpose of the privatization of the company. Please see http://www.bankrupt.com/misc/SPH_Asiaone1212.docfor original file of Proposed Scheme of Arrangement. SPH ASIAONE: Issues Court Meeting Notice ---------------------------------------- SPH Asiaone Limited announced that Meeting of the holders of ordinary shares of $0.05 each in the capital of the Company, other than Singapore Press Holdings Limited (the "Scheme Shareholders"), will be held at 82 Genting Lane, News Centre, Singapore 349567 on 3 January, 2002 at 11.00 a.m. Check http://www.bankrupt.com/misc/SPH_Notice1212.docto see Notice of Court Meeting. WING TAI: Notice of Books Closure Date Issued --------------------------------------------- Wing Tai Holdings Limited posted a notice of books closure date as follows: NOTICE OF CLOSURE OF BOOKS Redeemable Convertible Cumulative Preference Shares due 0702 Ninth Cumulative Preferential Dividend of 1.5 % p.a. (net of 24.5% Singapore Income Tax) payable on 15 January 2002 NOTICE IS HEREBY GIVEN to the holders of the 150,000 1.5% Redeemable Convertible Cumulative Preference Shares of US$1,000 each in the capital of the Company that the Transfer Books and the Register of Preference Shareholders of the Company will be closed on 28 December 2001 for the preparation of dividend warrants. Duly completed registrable transfers received by our Registrar and Transfer Office, The Bank of New York of 21st Floor West, 101 Barclay Street, New York, New York 10286, U.S.A., up to 5.00 p.m. (Singapore time) on 27 December 2001 will be registered to determine Shareholders' entitlement to the above-mentioned dividend payable on 15 January 2002. =============== T H A I L A N D =============== EVERGREEN INDUSTRY: Files Business Reorganization Petition ---------------------------------------------------------- Hand-made business Evergreen Industry Company Limited's (DEBTOR) Petition for Business Reorganization was filed to the Central Bankruptcy Court: Black Case Number 799/2543 Red Case Number 813/2543 Petitioner: EVERGREEN INDUSTRY COMPANY LIMITED Debts Owed to the Petitioning Creditor: Bt1,389,454,768.37 Planner: Mr. Chalern Koka Date of Court Acceptance of the Petition: October 2, 2000 Date of Examining the Petition: October 30, 2000 at 9.00 A.M. Court Order for Business Reorganization and Appointment of Planner: October 30, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Matichon Public Company Limited and Siam Rath Company Limited: November 8, 2000 Announcement of Court Order for Business Reorganization and Appointment of the Planner in Government Gazette: November 30, 2000 Deadline for Planner to submit the Business Reorganization Plan to Official Receiver: February 28, 2001 Planner postponed the date to submit the reorganization plan # 1st: March 31, 2001 Appointment Date of the Meeting of Creditors for the Plan Consideration: May 4, 2001 at 9.30 am. Convention Room no. 1104, 11th Floor Bangkok Insurance Building, South Sathorn Rd. The Meeting of Creditors had passed the resolution accepting the reorganisation plan pursuant to Section 90/46 Court Order for Accepting the reorganization plan: June 21, 2001 and appointed Mr. Chalern Koka 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 16, 2001 Announcement of Court Order for Accepting the Reorganization Plan in Government Gazette: August 14, 2001 Contact: Mr. Somkit Tel, 6792525 ext 144 * DebtTraders Real-Time Bond Pricing ------------------------------------ Issuer Coupon Maturity Bid - Ask Weekly change ------ ------ -------- --------- ------------- Asia Asia Pulp & Paper FRN due 2001 9 - 11 0 Asia Pulp & Paper 11.75% due 2005 26 - 29 0 APP China 14.0% due 2010 13 - 16 +0.5 Asia Global Crossing 13.375% due 2006 33 - 36 +1 Bayan Telecom 13.5% due 2006 17 - 20 0 Daya Guna Sumudera 10.0% due 2007 1.5 - 5.5 0 Hyundai Semiconductor 8.625% due 2007 52 - 55 0 Indah Kiat 11.875% due 2002 27 - 30 0 Indah Kiat 10.0% due 2007 19 - 22 0 Paiton Energy 9.34% due 2014 53 - 56 0 Tjiwi Kimia 10.0% due 2004 17 - 20 +0.5 Zhuahi Highway 11.5% due 2008 17 - 20 +1 Bond pricing, appearing in each Thursday's edition of the TCR- AP, is provided by DebtTraders in New York. DebtTraders is a specialist in global high yield securities, providing clients unparalleled services in the identification, assessment, and sourcing of attractive high yield debt investments. For more information on institutional services, contact Scott Johnson at 1-212-247-5300. To view our research and find out about private client accounts, contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing available at http://www.debttraders.com 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, 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 ***