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 ***