/raid1/www/Hosts/bankrupt/TCRAP_Public/011227.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 27, Vol. 4, No. 252

                          Headlines


A U S T R A L I A

ENERGY EQUITY: PEA Changes Substantial Holding
JAMES HARDIE: Boyd Ceases To Be Holder; Exercises Options
NORMANDY MINING: Issues President's Letter To Shareholders
NORMANDY MINING: Issues Newmont Offer's Summary
PMP LIMITED: Working Capital Provision Notice Issued
SECTION 1602: Posts Case Profile
TENNYSON NETWORKS: Releases Notices Of Director's Interests
WAIVCOM WORLDWIDE: Heads Of Agreement Still In Works


C H I N A   &   H O N G  K O N G

CALTEC SHIPPING: Winding Up Sought By Shaanxi Province
GUANGDONG INTERNATIONAL: Hotel, Office Buildings Up For Sale
HENG LEE: Winding Up Petition Set For Hearing
HENWIN TEXTILE: Winding Up Petition Slated For Hearing
JIFA AGRICULTURAL: Forecasts 2001 Net Loss
KWOK KAI: Faces Winding Up Petition
LAI SUN: Retrenches Workforce, Cancels Bonus
VOGUE-STAR INDUSTRIAL: Winding Up Petition To Be Heard


I N D O N E S I A

ASIA PULP: Appoints BOCI As Co-Financial Adviser
BANK BUKOPIN: IBRA Completes Restructuring Process
BANK CENTRAL: Malaysian Plantations Drops Bid
SINAR MAS: Bapepam Warns That Govt Could Seize Units' Assets


J A P A N

MATSUSHITA ELECTRIC: Unit Acquisition Rumor Not True
MYCAL CORP: Gets Court Nod To Start Rehabilitation
NIKO NIKO: Sells China Hotels To Pay Debts
ODAKYU HAWAII: Liquidation Planned By March 2002


K O R E A

HI-MART: Daewoo Sues for Repayment of 350 Billion Won Debt
HYNIX SEMICONDUCTOR: January 2002 MOU Signing Likely, Says FSC
HYUNDAI INVESTMENT: Sale Talks May Be Delayed Till 2002
KOREALIFE INSURANCE: Creditors Start Negotiations To Sell


M A L A Y S I A

ARTWRIGHT HOLDINGS: Proposed Strategic Alliance With Steelcase
CSM CORPORATION: In Talks With Investors For Asset Injection
NAUTICALINK BERHAD: Awaits KLSE's Reply On Extension Application
NCK CORPORATION: Seeks KLSE's Two-Month Extension Approval
PAN MALAYSIA: Proposes Amendment To Memorandum Of Association
REKAPACIFIC BERHAD: Court Sets February Judicial Review Hearing
RNC CORPORATION: Liquidates Subsidiary Company
SISTEM TELEVISYEN: Requests Corporate Proposals Time Extension


P H I L I P P I N E S

BENPRES HOLDINGS: Digitel Sale Planned To Pay Bond
COSMOS BOTTLING: LTCPs To Be Settled By December 28
UNIWIDE HOLDINGS: SEC Approves Sale of Unit's Theme Parks


S I N G A P O R E

BBR HOLDINGS: Directors Prefer Scheme To Winding Up
FLEXTECH HOLDINGS: Expects Significant Net Loss This Year
PINETREE INVESTMENTS: Court Taps PwC As Judicial Managers
W&P PILING: Gives Guarantee For $2.3 Million Worth Of Facilities
W&P PILING: Board Okays Creditors' Scheme Proposal


T H A I L A N D

BANGKOK RUBBER: Court Orders Rehabilitation, Appoints Planner
EASTERN WIRE: Informs Registration Of Paid-up Capital Increase
RATTANA REAL: Releases Board of Directors' Meeting Resolutions
SAMART CORPORATION: SET Allows Trading Of Securities
SAREETHORN COMPANY: Petition For Business Reorganization Filed
SRIVARA REAL: SET Grants Listed Securities
THAI TELEPHONE: Court Orders Reorganization Termination
WONGPAITOON GROUP: Submits Required Progress Report

* DebtTraders Real-Time Bond Pricing

      -  -  -  -  -  -  -  -

=================
A U S T R A L I A
=================


ENERGY EQUITY: PEA Changes Substantial Holding
----------------------------------------------
Pacific Energy Ltd (PEA) changed its relevant interest in Energy
Equity Corporation Limited on 18 December, 2001, from 41,666,666
ordinary shares (8.34 percent) to 52,083,333 ordinary shares
(6.26 percent).

According to yesterday's issue of TCR-AP, the Directors of the
Energy Equity advised that during the past year the level of
debt under the Company's facility with The Commonwealth Bank of
Australia (the Bank) was reduced from $112 million to $82
million.


JAMES HARDIE: Boyd Ceases To Be Holder; Exercises Options
---------------------------------------------------------
John Boyd Reid (AO) ceased to be a substantial shareholder in
James Hardie Industries N.V. on 20/12/2001.

James Hardie posted this notice:

     APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND
          AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
James Hardie Industries N.V.

ACN or ARBN
097 829 895

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued     Shares / CUFS
    or to be issued                Options over unissued shares /
                                   CUFS

2. Number of securities issued    65,000 shares / CUFS
    or to be issued (if known)     4,248,417 options granted and
    or maximum number which        43,115 options have been
    may be issued                  cancelled

3. Principal terms of the securities  65,000 shares/CUFS issued
   (eg, if options, exercise price     on exercise of options.
    and expiry date; if partly paid
    securities, the amount        4,248,417 new options have been
    outstanding and due dates for      granted under the terms of
    payment; if convertible securities, the Key Management Equity
    the conversion price and dates      Incentive  Plan. Each
    for conversion)                     option confers the right
          to subscribe for one
    share/CUFS.

                                  The options may be exercised as
                                  follows:

                   QUANTITY      EXERCISE DATE    EXERCISE PRICE
                   1,062,179     17/12/2002       A$5.65
1,062,071     17/12/2003       A$5.65
                   2,124,167     17/12/2004       A$5.65
                   4,248,417  total

                                    Options not exercised will
                                    lapse on 17/12/2011.

                                    43,115 options from earlier
                                    grant have been cancelled.

4. Do the securities rank equally  Shares / CUFS: Yes, rank
    in all respects from the date   equally with issued Shares /
    of allotment with an existing   CUFS.
    class of quoted securities      Options:  N/A

    If the additional securities
    do not rank equally, please
    state:
    * the date from which they do
    * the extent to which they
      participate for the next
      dividend, (in the case of
      a trust, distribution) or
      interest payment
    * the extent to which they do
      not rank equally, other than
      in relation to the next
      dividend, distribution or
      interest payment

5. Issue price or consideration    Shares / CUFS AUD 3.7235 each
                                    on exercise of 65,000 options

                                    No consideration was paid for
                                    grant of 4,248,417 options or
                                    on cancellation of 43,115
                                    options

6. Purpose of the issue (if        65,000 Shares / CUFS exercise
    issued as consideration for     of options.
    the acquisition of assets,
    clearly identify those          43,115 options cancelled as a
    assets)                         result of employment termin-
                                    ation.

                                   4,248,417 options granted as
                                   awards under the Equity
                                   Incentive Plan which is
                                   intended to promote the
                                   Company's long term financial
                                   interests by encouraging
                                   management and other employees
                                   to acquire an ownership
                                   position in the Company,align-
                                   ing the interests of partici-
                                   pants with those of the
                                   Company's security holders and
                                   encouraging and rewarding
                                   their performance.

7. Dates of entering securities  65,000 Shares / CUFS 20/12/2001
    into uncertified holdings
    or dispatch of certificates

                                       NUMBER  CLASS
8. Number and class of all       450,948,804  Shares / CUFS
    securities quoted on
    ASX (including the
    securities in clause
    2 if applicable)

                                       NUMBER  CLASS
9. Number and class of all        11,463,604  Options
    securities not quoted
    on ASX (including the
    securities in clause 2
    if applicable)

Reduce the exercise price of outstanding options by A$0.965
capital return.

* Peter D Macdonald Plans:

* 1,200,000 options, exercise price has reduced to A$3.7735, and
* 624,000 options, exercise price has reduced to A$5.3535;

* 2001 Equity Incentive Plan

1,895,508 options expiring November 2009 exercise price has
reduced to A$3.7235, and 3,495,679 options expiring November
2010 exercise price has reduced to A$3.685, 4,248,417 options
(terms see 6 above)

10.Dividend policy (in the case  65,000 shares / CUFS rank
    of a trust, distribution      equally with issued shares/CUFS
    policy) on the increased      for dividends.
    capital (interests)           Options do not rank for
                                  dividend.


NORMANDY MINING: Issues President's Letter To Shareholders
----------------------------------------------------------
Normandy Mining Limited disclosed President and Chief Executive
Officer W W Murdy's letter to the shareholders:

LETTER TO NORMANDY SHAREHOLDERS

"It is with great pleasure that I enclose Newmont's Offer to
acquire all of your shares in Normandy Mining Limited.

"Newmont is offering 3.85 shares of Newmont Common Stock and 40
Australian dollars in cash for every 100 Normandy shares you
own. The Newmont Offer values your shares in Normandy at A$1.86
per share, based on Newmont's closing share price on the NYSE on
17 December 2001.

"The Director's of Normandy have agreed, subject to their
fiduciary duties, to recommend that Normandy shareholders accept
the Newmont Offer. The Directors of Normandy have recommended
that Normandy shareholder's reject the revised AngloGold offer.

"Your CEO and Chairman, Mr Robert Champion de Crespigny, and
each of the other Normandy Directors have stated that they
currently intend to accept the Newmont Offer in respect of any
Normandy shares they hold. Normandy's largest shareholder,
Franco-Nevada, has committed its shares to our bid as well.

"You may recall that, at the same time as we announced our
initial intention to bid for Normandy, we also announced that we
had entered into an agreement with Franco-Nevada to acquire all
of its outstanding shares. Our bid for Normandy is not
conditional on completion of the Franco-Nevada transaction.
Nonetheless, we fully expect that our acquisition of Franco-
Nevada will be completed in conjunction with our acquisition of
Normandy.

"You are now faced with a choice between two competing bids.
Newmont believes that its Offer provides the best potential for
value creation both in the short-term and in the long-term.
Based on the trading range of Newmont and AngloGold shares on
the NYSE since 29 November 2001, the date that AngloGold
announced its revised offer, the equivalent implied premium of
the Newmont Offer over AngloGold's revised offer has ranged from
6 percent to 18 percent.

"Importantly, Newmont is offering double the cash component of
AngloGold's revised offer, which provides additional certainty
of value to Normandy shareholders.

"These benefits, together with other substantial benefits
accruing from the Newmont Offer, are described in the enclosed
document - which I would strongly encourage you to read
carefully.

"We expect the Newmont Offer to be completed by mid-February -
the Newmont Offer is scheduled to expire on 15 February 2002,
unless extended.

"We remain tremendously excited about the opportunity to combine
our companies and look forward to welcoming you as a shareholder
in Newmont"


NORMANDY MINING: Issues Newmont Offer's Summary
-----------------------------------------------
Normandy Mining Limited provided an overview of the Newmont
Offer:

THE OFFER

Newmont is offering to acquire all of your ordinary shares in
Normandy, including those represented by American Depositary
Receipts.

OFFER PRICE

Newmont is offering 3.85 shares of Newmont Common Stock (or the
CDI equivalent) and 40 Australian dollars in cash for every 100
Normandy shares you own.

CONDITIONS OF THE OFFER

The Newmont Offer is conditional on:

* Newmont having a relevant interest in at least 50.1 percent of
the ordinary shares of Normandy

* FIRB and other regulatory approvals

* Newmont shareholder approval

* Certain other conditions as set out in section 2.10 of the
Offer

Newmont may choose to waive any of these conditions (except the
FIRB condition and the ASX Listing condition) in accordance with
the Offer.

SCHEDULED CLOSING DATE

The Offer will close at 7pm Sydney time on Friday, 15 February
2002, unless extended

QUESTIONS ABOUT THE OFFER

If you have any other questions regarding the offer, contact
Newmont's shareholder information line on:

1 800 507 507 toll free if within Australia, or
+61 2 9278 9331 if outside Australia


PMP LIMITED: Working Capital Provision Notice Issued
----------------------------------------------------
PMP Limited posted this notice:

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
PMP Limited

ABN
39 050 148 644

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          Ordinary shares
    or to be issued

2. Number of securities issued         37,000,000
    or to be issued (if known)
    or maximum number which
    may be issued

3. Principal terms of the securities  Shares will rank equally
    (eg, if options, exercise price    with all other shares
    and expiry date; if partly paid
    securities, the amount
    outstanding and due dates for
    payment; if convertible securities,
    the conversion price and dates
    for conversion)

4. Do the securities rank equally      Yes
    in all respects from the date
    of allotment with an existing
    class of quoted securities

    If the additional securities
    do not rank equally, please
    state:
    * the date from which they do
    * the extent to which they
      participate for the next
      dividend, (in the case of
      a trust, distribution) or
      interest payment
    * the extent to which they do
      not rank equally, other than
      in relation to the next
      dividend, distribution or
      interest payment

5. Issue price or consideration        $0.55 per share

6. Purpose of the issue (if            Provision of working
    issued as consideration for         capital
    the acquisition of assets,
    clearly identify those
    assets)

7. Dates of entering securities        21/12/2001
    into uncertified holdings
    or despatch of certificates

                                       NUMBER  CLASS
8. Number and class of all       290,421,502  Ordinary shares
    securities quoted on
    ASX (including the
    securities in clause
    2 if applicable)

                                       NUMBER  CLASS
9. Number and class of all         7,445,000  Unlisted options
    securities not quoted
    on ASX (including the
    securities in clause 2
    if applicable)

10.Dividend policy (in the case    Shares will rank equally with
    of a trust, distribution        all other shares in respect
    policy) on the increased        of dividend policy.
    capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

34. Type of securities (tick one)

     (a) x  Securities described in Part 1

     (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

     Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35.    The names of the 20 largest holders of the additional
        securities, and the number and percentage of
        additional securities held by those holders

36.    A distribution schedule of the additional securities
        setting out the number of holders in the categories
          1 - 1,000
          1,001 - 5,000
          5,001 - 10,000
          10,001 - 100,000
          100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

     Entities that have Ticked Box 34 (b)

     Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

        Cheque attached

        Electronic payment made
        Note: Payment may be made electronically if Appendix 3B
        is given to ASX electronically at the same time.

     x  Periodic payment as agreed with the home branch has been
        arranged
        Note: Arrangements can be made for employee incentive
              schemes that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
discretion. ASX may quote the securities on any conditions it
decides.

2.  We warrant to ASX that the issue of the securities to be
quoted complies with the law and is not for an illegal purpose,
and that there is no reason why those securities should not be
granted quotation. We warrant to ASX that an offer of the
securities for sale within 12 months after their issue will not
require disclosure under section 707(3) of the Corporations Law.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


SECTION 1602: Posts Case Profile
--------------------------------
Territory :  Australia
Company Name:  Section 1602 Plan S94/293B and Lot 5 Plan
    LTO 73/011
Lead Partner:  Ian Hall
Case Manager:  Nicholas Carter
Date of Appointment:  12 February 2001
Normal Contact  :  Michelle Dean
Contact Phone No  :  (07) 3257 8540

PwC Office

Location :  Brisbane
PO Box :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City  :  BRISBANE
State  :  QLD
Postcode :  4001
DX  :  DX 77 Brisbane
Phone  :  (07) 3257 5000
Fax  :  (07) 3257 8004
Appointer :  ANZ Banking Group Limited
Registered Office of company:  24 Barolin Street
        Bundaberg QLD 4670
Company No / CAN  :  088 194 923
Type of Appointment :  Receiver and Manager
Lead Partner - Full Name:  Ian Richard Hall
Second Partner - Full Name:  Peter James Hedge

Case Information (Last Updated 19/07/2001 09:27:18 AM)

Other Key Information

Report as to Affairs received from directors:
Not required as only appointed over properties.

Dates of trading by insolvency practitioner:
There is no trading on this appointment as it is over
properties.

Business sold/ceased trading:
Properties will be placed on the market to be sold at auction
towards the end of April 2001.

Job closure:
To be advised

Background Information

Ian Richard Hall and Peter James Hedge were appointed Receivers
and Managers over Section 1602 Plan S94/293B and Lot 5 Plan LTO
73/011 properties owned by Peter and Ann Heystraten. The
properties are located in the Northern Territory at Lambells
Lagoon (30 south of Darwin). The properties contain roughly 600
mango trees of varying varieties and maturity.

There are a small number of exotic trees as well as a market
garden area. There are two structures on the property, one of
which appears to have been used as accommodation. Other features
include an electric water pump and shaded nursery areas.

Current status of assignment and actions required by creditors

The marketing submission is currently being assessed.

Next milestone and estimated timetable

Appointment of marketing agents and commencement of marketing
campaign.

Likely outcome for creditors and timetable

This is not an issue due to the nature of the appointment which
is over property only. (www.pwcrecovery.com)


TENNYSON NETWORKS: Releases Notices Of Director's Interests
-----------------------------------------------------------
Tennyson Networks revealed these notices:

NOTICE OF DIRECTOR'S INTERESTS
          Section 205G of the Corporations Law

UPDATING NOTICE

    Name of Director       Ross William Leighton

    Name of Company        Tennyson Networks Limited

    Date of Last
    Notification to ASX    04/12/2001

    Date Director's
    Interest Changed       18/12/2001

"I have a relevant interest in the following securities of the
company or related bodies corporate:

  Type of security: Fully paid ordinary shares
  No of securities: 6,879,721

  Note: Since the date of the last notification to ASX, I have
acquired a relevant interest in 20 convertible notes with a face
value of $10,000 each.

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate:

  20 convertible notes with a face value of $10,000 each. The
notes can be converted into ordinary shares in the company at 85
percent of the average of the last sale price of the company's
shares on the ASX calculated over the previous 20 trading days,
up until 25/06/2002."

NOTICE OF DIRECTOR'S INTERESTS
                Section 205G of the Corporations Law

UPDATING NOTICE

    Name of Director       Ronald Warren Woss

    Name of Company        Tennyson Networks Limited

    Date of Last
    Notification to ASX    04/12/2001

    Date Director's
    Interest Changed       18/12/2001

"I have a relevant interest in the following securities of the
company or related bodies corporate:

  Type of security: Fully paid ordinary shares
  No of securities: 15,520,790

  Note: Since the date of the last notification to ASX, I have
acquired a relevant interest in 20 convertible notes with a face
value of $10,000 each.

"I have an interest in the following contracts to which I am
entitled to a benefit that confers a right to call for or
deliver shares in, debentures of, interests in a collective
investment scheme made available by, the company or a body
corporate:

  47 convertible notes with a face value of $10,000 each. The
notes can be converted into ordinary shares in the company at 85
percent of the average of the last sale price of the company's
shares on the ASX calculated over the previous 20 trading days,
up until 25/06/2002."

On late September, TCR-AP reported that the company closed its
Perth office, consolidating all head office functions in
Melbourne Commensurate with the move, as another major milestone
in its cost reduction program.


WAIVCOM WORLDWIDE: Heads Of Agreement Still In Works
----------------------------------------------------
Waivcom Worldwide Limited advised that that
PricewaterhouseCoopers (the Deed Administrators) and Verona
Capital Pty Ltd (Verona) are continuing to finalize the
preconditions in the Heads of Agreement but are unlikely to be
finalized by the revised completion date of 3 January 2002.

To allow for delays caused by the Christmas holiday period, the
Deed Administrators and Verona have agreed to a further
extension for completion of the preconditions to 6 February
2002.

For more information, visit website www.pwcrecovery.com through
the "Businesses Under Management" link or contact Leonie Barnard
of my office on 03 8603 3997.


================================
C H I N A   &   H O N G  K O N G
================================


CALTEC SHIPPING: Winding Up Sought By Shaanxi Province
------------------------------------------------------
Shaanxi Province Textile Products Import and Export Corporation
is seeking the winding up of Caltec Shipping Limited. The
petition was filed on September 24, 2001, and will be heard
before the High Court of Hong Kong on January 16, 2001. Shaanxi
Province holds its registered office at No. 118, Jian Guo Lou,
Xian City, Shaanxi Province, the People's Republic of China.


GUANGDONG INTERNATIONAL: Hotel, Office Buildings Up For Sale
------------------------------------------------------------
DebtTraders' analysts, Blythe Berselli (1-212-247-5300) and
Daniel Fan (852-2537-4111), report that Guangdong International
Trust & Investment Corporation (GITIC) plans to sell another
office and hotel buildings at Jiangwan New City for 800 million
yuan (US$97 million) and 1 billion yuan (US$120 million),
respectively.

Berselli and Fan added that GITIC also plans to auction the
International Mansion and Guangdong International Hotel again at
a lower reserve price in February after Chinese New Year.

The GITIC 6.75 percent bonds due on 2003 (GITIC1) were last
quoted trading between 14.5 and 16.5. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=GITIC1


HENG LEE: Winding Up Petition Set For Hearing
---------------------------------------------
The petition to wind up Heng Lee Construction Company Limited is
scheduled for hearing before the High Court of Hong Kong on
January 23, 2002 at 10:00 am. The petition was filed with the
court on October 23, 2001 by Chen Shun Zhong, Ye Ying Jie, Yang
Qi Jie, Yang Yong Long and Huang Zhi Mei, all of 3rd Floor, 57
Peking Road, Tsimshatsui, Kowloon, Hong Kong.


HENWIN TEXTILE: Winding Up Petition Slated For Hearing
------------------------------------------------------
The petition to wind up Henwin Textile Limited is scheduled to
be heard before the High Court of Hong Kong on January 2, 2002
at 10:30 am. The petition was filed with the court on Bank of
China (Hong Kong) Limited (the successor corporation to Sin Hua
Bank Limited pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap. 1167) of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong.


JIFA AGRICULTURAL: Forecasts 2001 Net Loss
------------------------------------------
Jilin Province Jifa Agricultural Development Group Co Ltd said
it expects to report a net loss in 2001, according to a Tuesday
AFX-Asia report, referring to the company announcement.

Jifa said it reported a net loss of 47.4 million yuan from first
to third quarter this year and the company saw no improvement in
its operations during the fourth quarter.

The company also said its major shareholder is currently
performing an asset restructure with China Resources, but the
announcement did not make clear which part of the China
Resources group is involved in the restructure.


KWOK KAI: Faces Winding Up Petition
-----------------------------------
The petition to wind up Kwok Kai Chiu Company Limited will be
heard before the High Court of Hong Kong on January 9, 2002 at
9:30 am. The petition was filed with the court on September 11,
2001 by Bank of China (Hong Kong) Limited (the successor
corporation to Hua Chiao Commercial Bank Limited pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167)
of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


LAI SUN: Retrenches Workforce, Cancels Bonus
--------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and
Blythe Berselli (1-212-247-5300), say, "Lai Sun Group has cut
costs in the last six months through firing 300 staff and
canceling a staff bonus. Lai Sun Development may sell assets
including its stake in Asia Television to cut debt. The property
arm needs to prepay over $300 million in the next three years,
including the $150 million Lai Sun 4 percent Convertible Bond
due '02 and the $115 million Lai Sun 5 percent Convertible Bond
due '04."

DebtTraders reports that Lai Sun International Finance's 5.000%
convertible bonds due in 2004 (LAISUN2) are trading between 50
and 67. For more real-time bond pricing information, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=LAISUN2


VOGUE-STAR INDUSTRIAL: Winding Up Petition To Be Heard
------------------------------------------------------
The petition to wind up Vogue-Star Industrial Company Limited is
scheduled for hearing before the High Court of Hong Kong on
January 30, 2001 at 10:30 am. The petition was filed with the
court on November 5, 2001 by Vogo Industrial Company Limited
whose registered office is presently situated at Room 1201,
12/F., Hong Kon gTrade Center, 161-171 Des Voeux Road Central,
Hong Kong.


=================
I N D O N E S I A
=================


ASIA PULP: Appoints BOCI As Co-Financial Adviser
------------------------------------------------
Debt-laden Asia Pulp & Paper Co (APP) appointed Bank of China
International (BOCI) as co-financial adviser to restructure its
obligations in China, Hong Kong Edition reports.

APP, which has no immediate plans to seek a re-listing of its
shares, said that BOCI would join its main adviser Credit Suisse
First Boston to restructure the group's US$12.2 billion in
overall debt. About US$3.8 billion of that is believed to be in
China.


BANK BUKOPIN: IBRA Completes Restructuring Process
--------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) and Bank Bukopin
on 21 December 2001 signed the execution of Class C government-
owned share divestment in the aforementioned bank, which is a
part of the completion of Bank Bukopin restructuring process.
This is also a follow up/implementation of FSPC Decree No.
Kep.03/K.KKSK/11/2001 issued on 29 November 2001. The share
value upon the selling process is based on Bank Bukopin
recapitalization value (amount of obligations) added to the
carrying cost value (paid obligation interest).

The execution of Class C government-owned share divestment is
conducted through Certificate of Entitlement (SBH) mechanism
included in the Investment, Management and Performance Agreement
(IMPA) for Bank Bukopin recapitalization and Joint Decree from
Minister of Finance and Bank Indonesia No. 53/KMK.017/1999 and
No. 31/12/KEP/GBI on Execution of Recapitalization Program for
Banks. The IMPA was signed by the Government, represented by
IBRA, and Bank Bukopin Management and Majority Shareholder on 28
May 1999. The signing of this divestment execution is a part of
the completion of Bank Bukopin restructuring program since 28
May 1999.

This divestment process is an achievement in Bank Bukopin
restructuring process to take its role as an intermediation
institution.


BANK CENTRAL: Malaysian Plantations Drops Bid
---------------------------------------------
Alliance Bank owner, Malaysian Plantations Berhad, had dropped
its high-profile bid to purchase a controlling stake in Bank
Central Asia (BCA) without citing reasons, Jakarta Post reported
Wednesday.

"We wish to advise that Malaysian Plantations Berhad will not be
proceeding further on the proposed bid for up to 51 percent of
BCA," Reuters quoted the company's statement.

The withdrawal of Malaysian Plantations, one of the nine
investors selected for the final bid for the government's shares
in BCA, would be yet another blow to the Indonesian Bank
Restructuring Agency's (IBRA's) faltering efforts to revive
foreign interest in the local company.

"I cannot give any confirmation just yet as I haven't received
such information from our financial advisors. So, as far as I'm
concerned, there are still nine bidders for the BCA tender,"
Soebowo Musa, IBRA Deputy Chairman for Bank Restructuring, said.

The other eight bidders are Farallon Capital, New Bridge Capital
Inc. Consortium, Standard Chartered, Bank Mega Consortium,
Dynamic Choice, Indonesia Recovery Fund Limited, Korsorsium
Berca and Korsorsium Pemegang Saham Bank Panin.


SINAR MAS: Bapepam Warns That Govt Could Seize Units' Assets
------------------------------------------------------------
The Directorate General of Claims and State Auction is entitled
to seize four Sinar Mas Group (SMG) units if it fails to pay a
fine worth Rp6.895 billion until the last week of December 2001
or the first week of January 2002, Bisnis Indonesia reported
citing an unnamed official.

"Bapepam sent the letter of notification to SMG on the first
week of December 2001," Herwidayatmo, Chairman of the Capital
Market Authority (Bapepam), said adding that Bapepam had imposed
almost Rp7 billion in fines to four of SMG units. Herwidayatmo
notified that Bapepam concluded that INKP, TKIM, and PINDO
failed to deliver open information to the public and the capital
market authority.

The four SMG units are PT Indah Kiat Pulp and Paper Tbk (INKP),
PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM), PT Pindo Deli Pulp &
Paper Mills (PINDO), and PT Lontar Papyrus Pulp & Paper Industry
(LOPA). INKP, TKIM, and PINDO failed to pay bond and principle
interests and violated the agreements made with the mandate
protectorate. Based on an investigation carried out for over two
months, the three units did not deliver the 2000 annual report
to Bapepam and did not make announcements to the public.

"The companies did not report to Bapepam of the trade claim
worth US$1 billion in five companies in the British Virgin
Islands," said Herwidayatmo.

Bapepam hopes that SMG will settle the sanctions immediately in
accordance with the schedule. If they insist on refusing to pay
on excuse unable to pay, Bapepam will give the case to the
Directorate General of Claims and State Auction. "They would
likely seize the companies' assets."


=========
J A P A N
=========


MATSUSHITA ELECTRIC: Unit Acquisition Rumor Not True
----------------------------------------------------
Matsushita Electric Industrial Co., Ltd. (NYSE:MC) commented on
December 21 article in a Japanese newspaper and reports by other
media reporting that the Company plans to make five of its Group
companies wholly-owned subsidiaries through share exchanges. The
Company stated that, while it is studying on an ongoing basis
alternatives for reorganizing the Group's operation, including
share exchanges, it has not decided it will pursue any such
alternative.

The Company also noted that Victor Company of Japan (JVC), a
consolidated subsidiary that markets its products under a
different brand name from other Matsushita Group companies, is
not currently being considered for reorganization under any
current alternative.

Regarding the possible issuance of straight bonds as reported by
the media, Matsushita commented that, while it has filed a shelf
registration statement for bond offerings with the relevant
Japanese government authorities, it has not decided on the
specific amount to be offered or other details.

Matsushita Electric Industrial Co., Ltd. is one of the world's
leading producers of electronic and electric products for
consumer, business and industrial use, which it markets around
the world under the "Panasonic," "National," "Technics" and
"Quasar" brand names. Matsushita's shares are listed on the
Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf,
Frankfurt, New York, Pacific and Paris stock exchanges. For more
information, visit the Matsushita web site at the following URL:
http://www.panasonic.co.jp/global/


MYCAL CORP: Gets Court Nod To Start Rehabilitation
--------------------------------------------------
Mycal Corp announced it has received an advance notice from the
Tokyo District Court that it will be permitted to launch
rehabilitation proceedings under the Corporate Rehabilitation
Law, the Kyodo News reports.

The court's decision, which will be announced soon, will cover
nine affiliates of the failed supermarket chain operator.


NIKO NIKO: Sells China Hotels To Pay Debts
------------------------------------------
An unidentified official at Niko Niko Do Co announced the
Kumamoto-based supermarket chain will sell its two hotels in
China to its local joint-venture partner by the end of this year
to help repay debts, Kyodo News reports.

One of the hotels is in Beijing while the other is in Shanghai.
The company also plans to sell its department store in Guilin in
the Guangxi Zhuang Autonomous region in southern China by March
2002.


ODAKYU HAWAII: Liquidation Planned By March 2002
------------------------------------------------
Odakyu Electric Railway Co. announced it will liquidate its
wholly owned Hawaii-based hotel operator, Odakyu Hawaii Corp.,
by March next year, Kyodo News reports.

Odakyu Hawaii Corp operates a 612-room hotel in Waikiki and is
capitalized at $35.5 million, but its parent company said its
net balance has rested in the red in four of the past five
years.


=========
K O R E A
=========


HI-MART: Daewoo Sues for Repayment of 350 Billion Won Debt
------------------------------------------------------------
Daewoo Electronics brought a lawsuit against electronics dealer
Hi-mart in an effort to collect 350 billion won out of a total
debt of W540 billion, the Korea Times reports.  Daewoo filed the
lawsuit with the western branch of the Seoul District Court.

Daewoo had extended over 457.6 billion won in credit to then-
sister firm Hi-mart in 1998, but Hi-mart has reportedly been
able to pay only about 120 billion won.  The court on December
17 allowed Daewoo to seize the electronics dealer's assets and
exercise its right to 4 of the dealer's Seoul outlets.

Daewoo plans to extend its legal right gradually to about 50
outlets, the Times said.


HYNIX SEMICONDUCTOR: January 2002 MOU Signing Likely, Says FSC
--------------------------------------------------------------
Hynix Semiconductor Inc may sign a memorandum of understanding
(MOU) with Micron Technology Inc for a strategic and
comprehensive alliance as early as January, AFX-Asia reported
Wednesday citing Financial Supervisory Commission Chairman Lee
Keun-young.

"Micron is expected to come here in January to sign an MoU with
Hynix, which will include the basic framework for the strategic
partnership between the two chipmakers. There are some concerns
that Hynix-Micron deal may fall apart in the wake of Micron's
agreement with Toshiba, but I see such a possibility very low,"
Chairman Lee said.

An unidentified dealer said that Hynix's shares went up after
Chairman Lee's announcement. An analyst with a local brokerage
said investors reacted very positively to Lee's remarks that
Hynix had been notified by Micron before its decision to buy.

DebtTraders reports that Hyundai Semiconductor's 8.625% bond due
on 2007 (HYUNS2) are trading between 50 and 55. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNSfor
real-time bond pricing.


HYUNDAI INVESTMENT: Sale Talks May Be Delayed Till 2002
-------------------------------------------------------
Negotiations between the Korean government and the American
International Group-led consortium on the sale of Hyundai
Investment Trust Securities (HITS) may be delayed until next
year, Kim Yon-se, writing for the Korea Times, reports.

An unidentified official of the Financial Supervisory Commission
(FSC) told the Times that both sides have little choice but to
extend the talks since they found it hard to reach an agreement
within the year.  The official added that negotiations will
certainly go on as the delay doesn't mean AIG has less desire to
take over Hyundai.

"Although the memorandum of understanding (MOU) signed between
the government and AIG in August will expire at the end of the
year, it can be extended by mutual agreement," he added.

"They are actively debating drafts of the official agreement
presented by AIG. The negotiations seem to be in the last stage
and have a good chance of being concluded within this year," the
Times quoted financial industry sources as saying.


KOREALIFE INSURANCE: Creditors Start Negotiations To Sell
---------------------------------------------------------
Deputy Prime Minister Jin Nyum announced Sunday that
negotiations have been commenced between two firms and the
financial authorities and creditor banks towards the sale of
Korealife Insurance Co., the Korea Times reports.

"We had originally planned to auction off some ailing banks and
financial institutions within this year. But we have to delay
the sales because of a tougher negotiation process," Mr. Jin
said, and added that the government would continue to push for a
plan to sell Seoul Bank after talks with foreign investors broke
down.


===============
M A L A Y S I A
===============


ARTWRIGHT HOLDINGS: Proposed Strategic Alliance With Steelcase
--------------------------------------------------------------
On behalf of the Board of Directors of Artwright Holdings Berhad
(AHB), Alliance Merchant Bank Berhad announced that, on 21
December 2001, AHB and Steelcase Inc. (Steelcase) have agreed to
structure the loan of US$4,375,000 to be granted by Steelcase to
AHB (Loan) pursuant to the Facility Agreement to be entered into
between Steelcase and AHB as a term loan. Accordingly, AHB will
not be issuing a promissory note as evidence of the Loan as
proposed earlier.

Notwithstanding the omission of the promissory note, the terms
of the Loan will remain unchanged subject to the approval of the
relevant authorities. The Facility Agreement, the Share Charge
Agreement and other ancillary documents pursuant thereto will
only be amended to the extent necessary to omit references to
the promissory note, if any. All other terms of the Facility
Agreement, the Share Charge Agreement and other ancillary
documents pursuant thereto will remain intact.

Bank Negara Malaysia has also approved the interest rate for the
Loan to be fixed at 6.375 percent per annum vide its letter of
approval dated 21 December 2001. The said approval is
conditional upon the Loan being disbursed by 20 June 2002, being
six (6) months from the date of the letter of approval.


CSM CORPORATION: In Talks With Investors For Asset Injection
------------------------------------------------------------
On behalf of the Board of Directors of CSM Corporation Berhad
(CSM or the Company), Arab-Malaysian Merchant Bank Berhad
announced that the Company is unable to make the Requisite
Announcement by 25 December 2001 as CSM is still in discussions
with prospective investors on potential assets for injection.

In view of the above, the Company had written to the KLSE on 19
December 2001 for a further extension of time until 28 February
2002 to make the Requisite Announcement. Currently, the
application is still pending the KLSE's approval.


NAUTICALINK BERHAD: Awaits KLSE's Reply On Extension Application
----------------------------------------------------------------
Nauticalink Berhad (NLB or the Company) informed that it sought
an approval from Kuala Lumpur Stock Exchange (KLSE) for another
extension of six months' time from 22 December 2001 to 21 June
2001 to make the Requisite Announcement (RA). The Company is
presently considering various proposals involving the injection
of new income generating assets into NLB and the restructuring
of the Company's debts in order to regularize its financial
position. This extension of time is necessary to enable the
Company and its advisers to prepare and work out the details of
the fresh restructuring scheme.

The Company is awaiting the KLSE's response pending which the RA
is expected on or before 21 June 2001 subject to KLSE's
approval.


NCK CORPORATION: Seeks KLSE's Two-Month Extension Approval
----------------------------------------------------------
NCK Corporation Berhad (NCK or Company), in reference to the
announcement made on 3 December 2001 in relation to the approval
of the KLSE for the extension of time until 25 December 2001 to
make the Requisite Announcement to the KLSE, announced that the
Company has applied to the KLSE on 20 December 2001 for a
further two (2) months extension of time for the Company to make
the Requisite Announcement to the KLSE. The application is
currently pending the KLSE's decision.


PAN MALAYSIA: Proposes Amendment To Memorandum Of Association
-------------------------------------------------------------
Pan Malaysia Holdings Berhad (PMH or the Company) on 3 December
2001 announced its proposal to amend its Memorandum and Articles
of Association. The amendments are intended to incorporate
relevant provisions to enable the Company to purchase its own
shares and to adopt a new set of Articles of Association which
complies with the relevant provisions of the Listing
Requirements of Kuala Lumpur Stock Exchange, other relevant
regulatory and statutory requirements, and to be in consonance,
where applicable, with the articles of association of Malayan
United Industries Berhad, its holding company.

As at to-date, a total of 124,470,793 irredeemable convertible
preference shares (ICPS) of RM1.00 each have been issued
pursuant to the scheme of arrangement involving each of the
companies within the Company's approved specific group and their
respective creditors pursuant to Section 176 of the Companies
Act, 1965. Under the terms of the ICPS, the ICPS will
automatically be cancelled and converted into new ordinary
shares of RM1.00 each in the Company on 29 December 2001
(Conversion Date).

Subsequent to the Conversion Date, the specific provisions of
the Memorandum and Articles of Association in relation to the
ICPS and the terms thereof are no longer required. As such, and
in addition to the announcement on 3 December 2001, the Board of
Directors wishes to announce that the Company proposes to amend
its Memorandum of Association for the purpose of reclassifying
the authorized share capital of PMH, which is currently
RM3,000,000,000.00 divided into 2,000,000,000 ordinary shares of
RM1.00 each and 1,000,000,000 ICPS of RM1.00 each to
RM3,000,000,000.00 divided into 3,000,000,000 ordinary shares of
RM1.00 each.

The proposed amendment is subject to the approval of the
shareholders of the Company at an Extraordinary General Meeting
to be convened at a later date. A Circular to the shareholders
together with the notice of an Extraordinary General Meeting,
will be dispatched to the shareholders of the Company in due
course.


REKAPACIFIC BERHAD: Court Sets February Judicial Review Hearing
---------------------------------------------------------------
The Board of Directors of RekaPacific Berhad (the Company)
refers to its earlier announcement dated 14 December 2001
regarding the de-listing of its the securities from the official
list of the Kuala Lumpur Stock Exchange, announced:

1. On 14 December 2001, the Company filed an application for
leave to institute judicial review proceedings (the Application)
against the Securities Commission (the 1st Respondent) and the
Kuala Lumpur Stock Exchange (the 2nd Respondent) with the High
Court of Malaya at Kuala Lumpur in the matter of the de-listing
of the Company.

2. A sealed copy of the Application was served on the 1st
Respondent on 19 December 2001.

3. A sealed copy of the Application was served on the 2nd
Respondent on 20 December 2001.

4. At the hearing of the Application on 24 December 2001, the
Honorable Court granted various orders, that are, inter alia, as
follows:

    i) leave for the Company to commence judicial review
proceedings against both the 1st Respondent and the 2nd
Respondent under Order 53 Rule 2 of the Rules of the High Court
upon terms; and

    ii) that the decisions of the 1st Respondent and the 2nd
Respondent be stayed, and accordingly, the listing status of the
Company be maintained, pending the disposal of the substantive
application for judicial review.

5. The Honorable Court has since fixed 6 and 7 February 2002 for
the hearing of the judicial review application proper.

In conformity with the Court order, the removal of the
securities of Rekapac scheduled for 26 December 2001 will be
deferred pending disposal of its application for judicial review
of the Exchange's decision.


RNC CORPORATION: Liquidates Subsidiary Company
----------------------------------------------
RNC Corporation Berhad (RNC), pursuant to a members' meeting and
creditors' meeting of Motif Kemuncak Sdn Bhd (MKSB) held on 20
December 2001, announced that a resolution was passed to wind-up
the Company by way of Creditors' Voluntary Liquidation.

Modern Innovations Sdn Bhd (MISB) owns 99.9 percent (1,999,875
shares) of MKSB. The remaining 0.01 percent (125 shares) are
held by Mr Ng Kim Hock @ Ah Kau. Tenaga Ajaib Sdn Bhd (TASB), a
wholly owned subsidiary of RNC, owns 95 percent of MISB. MKSB
was incorporated on 13 October 1994 and is essentially an
investment holding company of TASB . The Company has an
authorized share capital of 5,000,000 shares of RM1.00 each and
issued and paid up capital of 2,000,000 shares of RM1.00 each.

Mr Tan Kim Leong, JP has been appointed Liquidator for the
abovementioned subsidiary company. The liquidation of MKSB will
not have any financial or operational impact on RNC, as the
Company had not been active since 31 March 1999.


SISTEM TELEVISYEN: Requests Corporate Proposals Time Extension
--------------------------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad (TV3) and
Malaysian Resources Corporation Berhad (MRCB), Arab-Malaysian
Merchant Bank Berhad (Arab-Malaysian), in reference to the
announcements dated 8 October 2001 and 22 October 2001 in
respect of the Proposed Corporate Restructuring Scheme
(Corporate Proposals), announced that the necessary applications
and supporting documents to be submitted to the authorities for
the Corporate Proposals are currently being finalized and
pending completion of the ongoing due diligence exercise.

In view of this, pursuant to the requirements of Practice Note
4/2001 issued by the Kuala Lumpur Stock Exchange (KLSE), TV3
will apply to the KLSE for an extension of 2 months, i.e. until
22 February 2002 to submit its plan to regularize its financial
condition to the relevant authorities for approval.


=====================
P H I L I P P I N E S
=====================


BENPRES HOLDINGS: Digitel Sale Planned To Pay Bond
--------------------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and
Blythe Berselli (1-212-247-5300), report that Benpres Holdings
Inc plans to sell its 12.5 percent in Digitel for P302 million
(US$6 million) to help repay the US$150 million Benpres 7.875
percent Bond due '02.

"We believe timing is a major problem for Benpres," Fan and
Berselli say.

Benpres Holdings investment includes Metro Manila, ABS-CBN, Sky
Cable, Bayan Tel, FPHC/Manila Electric, First Gas, First
Philippines Infrastructure Development Corp, Maynilad Water
Services Inc, and Rockwell Land.

According to DebtTraders, Benpres Holdings' 7.875 percent bonds
due on 2002 (BENPR) are trading between 62.5 and 64.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENPRfor
real-time bond pricing.


COSMOS BOTTLING: LTCPs To Be Settled By December 28
---------------------------------------------------
The P750 million long-term commercial papers (LTCPs) of Cosmos
Bottling Corporation (Cosmos), due on Friday, December 14, will
be paid on December 28. This information was relayed to
PhilRatings by Mr. Raymond Azcarate, Vice President for Finance
and Treasury of RFM Corporation (RFM). The P500 million LTCPs of
RFM, due in April 2002, will likewise be pre-paid on December
28. Proceeds from the sale of Cosmos to San Miguel Corporation
will be used for the prepayment as financial closing is expected
on the said date.

Cosmos will be paying 12.75 percent interest on the LTCPs until
December 26 plus a penalty of 24 percent for not having settled
its debt when it matured last December 14.


UNIWIDE HOLDINGS: SEC Approves Sale of Unit's Theme Parks
---------------------------------------------------------
The Securities and Exchange Commission has approved the sale of
theme parks owned by Naic Resources and Development Corp, a unit
of Uniwide Holdings Inc to Westech Ltd, Business World reported
Wednesday citing SEC associate commissioner Juanita Cueto.

"They (Uniwide) are doing all right...the panel is set to decide
on the rehabilitation plan that has been approved by most of the
company's creditors," Commissioner Cueto said.

Uniwide interim receiver committee chairman Monico Jacob said
Uniwide will be able to cut its 11 billion peso debt by 2
billion following the sale of the theme parks.

The Uniwide group suffered from liquidity problems as a result
of the economic crunch and filed for suspension of debt payments
and rehabilitation with the SEC in June 1999.


=================
S I N G A P O R E
=================


BBR HOLDINGS: Directors Prefer Scheme To Winding Up
---------------------------------------------------
BBR Holdings entered into a sub-contract on 8 January 1999 with
Sembcorp Engineers and Constructors Pte Ltd for the design and
construction of viaducts for the light rapid transit systems for
Sengkang and Punggol New Towns.

Pursuant to a domestic sub-contracting arrangement, the Company
said it performed substantially all of the obligations of BBR
Holdings pursuant to the LRT Project. On 30 November 2001, BBR
Holdings entered into an agreement with SEC to withdraw from the
LRT Project on certain terms.

The key terms of the Agreement provide that SEC will pay a sum
of S$11.4 million to BBR Holdings by several instalments over a
defined time schedule and that BBR Holdings shall continue to be
responsible for all latent defects and construction work carried
out by BBR Holdings up to 26 November 2001. The Agreement is in
full and final settlement of all claims that either party may
have against the other in respect of the LRT Project.

As a result of the Agreement, the domestic sub-contracting
arrangement between BBR Holdings and the Company will be
terminated, However, the Company expects to receive from BBR
Holdings payment for work done under the domestic sub-
contracting arrangement, out of the payment received by BBR
Holdings under the Agreement.

Creditors are not expected to be affected by the recent
developments described in Part II above. In particular, the
Board of Directors of BBRCS is satisfied that the Company has
received reasonable assurance from BBR Holdings that the Company
will continue to be able to meet its cash payment obligations
under the Scheme.

As a result of the recent developments, the projected percentage
at which the unsecured creditors will be paid in respect of
their outstanding debts as at 30 June 2001 on the basis of the
liquidation scenario set out in Part IX of the Explanatory
Statement is estimated to be 3.2 percent instead of 3.3 percent.
This is because of the decrease in available assets for
distribution as a result of the payments expected to be received
by the Company in connection with the Agreement.

In a disclosure to the Singapore Stock Exchange on December 13,
2001, the Board of Directors continue to be of the view that the
adoption of the Scheme results in a more advantageous return to
the Creditors' claims within a shorter time frame as compared to
a winding up scenario of the Company.


FLEXTECH HOLDINGS: Expects Significant Net Loss This Year
---------------------------------------------------------
Flextech Holdings warned it expects to post a significant net
loss this year due to the continuing downturn in the
semiconductor industry. Its unit ASTI Holdings also earlier
warned it will incur a significant loss this year, PRNewsAsia
reported Friday.

Flextech said, "The continuing global downturn in the
electronics semiconductor industry during the second half of
2001 has resulted in further deterioration of the group's order
book and business activities for the semiconductor equipment and
test divisions.

"During the same period, profit margins have declined
significantly across the various operating units in the
Industrial Distribution division.

"In the midst of these difficult times, the management had
implemented additional substantial cost-cutting measures which
included salary reduction, staff retrenchments, divesting from
and downsizing of certain operations. Despite the various cost
saving measures implemented by the management during the year,
the directors expect the group to incur a significant net loss
for the year to Dec 2001."


PINETREE INVESTMENTS: Court Taps PwC As Judicial Managers
---------------------------------------------------------
A High Court application has appointed PricewaterhouseCoopers
(PwC) as interim judicial managers for Pinetree Town and Country
Club. The club is profitable and has posted average annual
earnings of $6 million over the last 5 years, but has been
placed under judicial management to enable it to stay open after
creditors tried to recover massive debts incurred by its parent
companies, the Straits Times reports.

At a press briefing announcement about Pinetree was made by
Chief Executive Rowland Wong and PricewaterhouseCoopers partner
Chan Ket Teck. PricewaterhouseCoopers disclosed that "one or
two" potential investors have already indicated their interest
in buying a stake in the club.

The club's Board of Directors, headed by Chairman Chng Heng Tiu,
sought judicial management to allay fears about the future of
the club after news surfaced that Mr. Chng and his wholly owned
companies had incurred debts of up to $90 million.  Mr. Chng had
invested about US$100 million for a 43 percent stake in a
highway project in China which has seen losses since it began
operations, the Times said.

Mr. Chng owns 100 percent of the club through leisure investment
vehicle Pinetree Resort, which is also 100 percent owned by his
Pinetree Investments company.  The club reportedly has
accumulated liabilities between $120 million to $130
million, including an unexpected tax bill of $29 million.


W&P PILING: Gives Guarantee For $2.3 Million Worth Of Facilities
----------------------------------------------------------------
Wee Poh Holdings Limited, further to the announcements by Wee
Poh Holdings Limited (the Company) on 12th December 2001
pursuant to Clause 905(1) of the Listing Manual and upon
request from the Singapore Exchange, informed the Singapore
Stock Exchange that it has provided a corporate guarantee to two
financial institutions for facilities granted to W & P Piling
Pte Ltd, a wholly-owned subsidiary of the Company. The unaudited
net exposure of W & P on these facilities is approximately
$2.3 million.

In the event that W & P goes into Liquidation, the financial
institutions will make a claim for any amounts due on the
facilities from W & P and simultaneously claim on the corporate
guarantee to recover any balance due on the facilities. The
maximum exposure of $2.3 million represents approximately 11.2
percent of the Group's audited net tangible assets as at 30th
June 2001.


W&P PILING: Board Okays Creditors' Scheme Proposal
--------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited and W&P
Piling Pte Ltd have approved a proposal to place W&P under a
creditors' scheme.

W&P on December 20 filed the application to the High Court of
Singapore. The application seeks an order from the Court
convening a meeting of creditors under Section 210 of the
Companies Act and staying the current legal actions against W&P.

A hearing before the High Court on either December 24 or 26 was
expected to take into account the public holiday.  As soon as
the outcome of the Court hearing is known (the High Court would
typically grant an order at the hearing itself, taking into
account the urgency of the situation), WPH will make an
announcement via Masnet of the order made by the High Court.

If the scheme is successful, the present state of affairs in W&P
is expected to be contained, and the financial position of the
rest of Wee Poh Group safeguarded.

Wee Poh provided information to the Singapore Stock Exchange
showing that it had net assets of $18.9 million and an
improvement from a net current liabilities position of $3.5
million to a net current assets position of $0.8 million as at
June 30, 2001.

Negotiations are ongoing with various parties on the possibility
of new funding for the Wee Poh Group. WPH will make an
announcement over Masnet once negotiations are concluded and new
funding is secured.

Based on the above state of affairs and the application to the
made under Section 210 of the Companies Act, the Board of WPH is
of the opinion that W&P's affairs will not have a material and
adverse financial effect on the rest of the Wee Poh Group. As
such, the Board has no reason to believe at this stage that WPH
will not be able to operate as a going concern.


===============
T H A I L A N D
===============


BANGKOK RUBBER: Court Orders Rehabilitation, Appoints Planner
-------------------------------------------------------------
Bangkok Rubber Public Company Limited (the Company), in
reference to the filing of a rehabilitation petition with the
Central Bankruptcy Court (the Court on November 28,2001 and the
Court fixed the date to inquire the petition on December
24,2001, informed that on December 24,2001, the Court has
ordered that the Company be rehabilitated and that B.R.C.
Planner Company Limited be appointed as the planner (the
Planner) of the Company.

As a result of such Court order, the power and duties in
managing the business and asset of the Company's directors,
including all legal rights of the Company's shareholders shall
be vested in the Planner.  Also, there will be no shareholders
meeting during the period the Court has not yet lifted the
Company's rehabilitation order.


EASTERN WIRE: Informs Registration Of Paid-up Capital Increase
--------------------------------------------------------------
Eastern Wire Public Company Limited has already been approved
the increase of paid-up capital registration from Bt179,367,440
to Bt2,179,367,440 by the Commercial Registration Department on
December 21, 2001. This is in accordance with the Company's
Business Reorganization Plan approved by the Central Bankruptcy
Court on June 21, 2001.


RATTANA REAL: Releases Board of Directors' Meeting Resolutions
--------------------------------------------------------------
Rattana Real Estate Public Company Limited related the
resolutions of the Board of Directors' Meeting No.4/2001, held
on 24 December 2001, on these important matters:

1  Adoption of the Minutes of the Board of Directors Meeting
No.3/2001

2. Unanimous  approval  for  submission  to the Shareholders
Meeting  for adoption and approval of the Balance  Sheet  and
Profit and Loss Accounts  of the  Company for the fiscal year
ended 31 December 2000

3. Unanimous approval for submission  to  the Shareholders
Meeting  for no dividends payment for the performance results of
the fiscal 2000 due to the operation loss and existence of
accumulated losses

4. Unanimous approval for submission to the Shareholders Meeting
for election of new directors to replace Mr. Chainid  Ngow-
sirimanee, Dr. White  Chaipayungpan and Mrs. Somporn
Assavasirisuk being the directors due to  retire  by rotation in
this occasion

5. Unanimous  approval  for submission  to the Shareholders
Meeting for consideration  of electing Mrs. Suvimol
Krittayakiern or Mrs. Vilairat Rojnuckarin the Auditors of DIA
International Auditing, be appointed as  the auditors of the
Company for the fiscal year 2001 and fixing the remuneration of
the auditor

6. Unanimous approval forsetting the date of the Ordinary
General Meeting of Shareholders No1/2002 to be  held on 7
February 2002 at 10.00 hrs.  at  the Conference Room of the
Company No.2922/305-306  Charn  Issara Tower II  New  Petchburi
Road Kwaeng Bangkapi Khet Huaykwang Bangkok Metropolis And  the
closing  date for share registration was set from 18 January
2002 at 12.00 hrs. until the Ordinary General Meeting of
Shareholders No1/2002 will adjourn whereupon the Shareholders
whose name appear in the  Share Register during the closing
period will  be  entitled  to  attend the Ordinary General
Meeting of Shareholders No1/2002

7. Unanimous approval for the Agenda for the Ordinary General
Meeting of Shareholders No 1/2002 to be as follows:

    1. To adopt the Minutes of Ordinary General Meeting of
Shareholders No1/2000

    2. To approve  the performance results of the Board of
Directors  for the fiscal  year 2000 and the Annual Report

    3. To adopt and approve  the balance  sheet and the profit
and  loss  accounts  of  the Company as at 31 December 2000

    4. To  acknowledge  the non-payment of dividends for the
performance results of the fiscal year 2000

    5. To consider and  elect the directors in place of those
retiring by rotation

    6. To consider and appoint Auditors for the fiscal year 2001
and  fix the remuneration

    7. Other business (if any)


SAMART CORPORATION: SET Allows Trading Of Securities
----------------------------------------------------
Starting from December 25,2001, the Stock Exchange of Thailand
(SET) allowed the securities of Samart Corporation Public
Company Limited  (SAMART) to be traded on the SET after
finishing capital increase procedures.

Name                      : SAMART
Issued and Paid up Capital
      Old                  : 753,150,890 Baht
      New                  : 939,090,890 Baht
Allocate to               : 127 persons of Financial Institution
               and Private Placement 18,594,000
       common shares
Price Per Share           : 15.08 Baht
Payment Date              : November 29,2001


SAREETHORN COMPANY: Petition For Business Reorganization Filed
--------------------------------------------------------------
Real estate business investor Sareethorn Company Limited's
(DEBTOR) Petition for Business Reorganization was filed to the
Central Bankruptcy Court:

    Black Case Number 1001/2543

    Red Case Number 17/2544

Petitioner: SAREETHORN COMPANY LIMITED

Planner: Sarin Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt1,021,563,827

Date of Court Acceptance of the Petition: December 1, 2000

Date of Examining the Petition: January 16, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: January 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: January 29, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: February 22,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver: May 22, 2001

Appointment Date of Creditors' Meeting for the Plan
Consideration: May 2, 2001 at Evergreen Hotel

The Meeting of Creditors had a resolution accepting the
reorganization plan pursuant to Section 90/46

Court had issued the order accepting the reorganization plan:
June 13, 2001 and Appointed Sasin Planner Company Limited to be
as a Plan Administrator

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Matichon Public Company Limited and Siam Rath Company Limited:
August 3, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: August 30, 2001

Contact: Mr. Somkit Tel, 6792525 ext 144


SRIVARA REAL: SET Grants Listed Securities
------------------------------------------
Starting from December 25, 2001, the Stock Exchange of Thailand
(SET) allowed the securities of Srivara Real Estate Public
Company Limited (S-VARA) to be listed on the SET after finishing
capital increase procedures. However, S-VARA  is a listed
company under REHABCO sector and is in the rehabilitation
process, therefore, the SET has still suspend trading all
securities of S-VARA until the causes of delisting are
eliminated. Anyway, the company could request the SET to allow
continued trading under the REHABCO category after it completed
the conditions specified by the SET.

Name            :  S-VARA
Issued and Paid up Capital
   Old       :  10,000,000 Baht
   New       :  1,205,915,010 Baht
Allocate to     :  The Creditor group 1 and group 2 under the
                    Business Reorganization Plan 119,591,501
        common shares
Ratio           :  -
Price Per Share :  3 Baht
Payment Date    :  November 20,2001


THAI TELEPHONE: Court Orders Reorganization Termination
-------------------------------------------------------
Thai Telephone & Telecommunication Public Company Limited,
further to its petition to the Central Bankruptcy Court for the
termination of the Company's Business Reorganization dated
November 30, 2001, informed that as the Business Reorganization
Plan has been fully implemented, the Court has approved an order
for the termination of the Company's business reorganization,
effective from December 24, 2001.

The Company had filed a petition to the Central Bankruptcy Court
for the Business Reorganization on April 7, 2000, and was
subsequently ordered to execute the Reorganization
as well as appointed as the Planner on May 8, 2000 and May 29,
2000 respectively.

Pursuant to the Company's Business Reorganization plan dated
November 29, 2000 (including amendments dated December 6 and 15,
2000), which had been agreed by the Company's creditors on
December 21, 2000 and approved by the Court on December 27,
2000, the Company and the Creditors duly signed the Company's
Debt Restructuring Agreements on June 29, 2001. As the Plan
Administrator, the Company has proceeded to fulfill all
conditions required under the Company's Business Reorganization
Plan on September 3, 2001 (Closing Date).

As a result, the Company filed the petition to the Central
Bankruptcy Court for the termination of business reorganization
and was granted the approval by the Court on December 24, 2001.
Consequently, Thai Telephone & Telecommunication Public Company
Limited has resumed its status as normal public company limited.


WONGPAITOON GROUP: Submits Required Progress Report
---------------------------------------------------
Wongpaitoon  Planner  Company Limited, the plan Administrator of
Wongpaitoon Group Public Company Limited (the Company), which
has entered into a business reorganization plan  pursuant  to
the Bankruptcy Act,B.E.2483 (1940) (Amended by the Bankruptcy
Act, B.E.2543 (1999) and which the Stock Exchange of Thailand
(SET) has required the Company to submit a progress report in
accordance with the business reorganization plan, informed that
the Company has finalized the registration with the Ministry of
Commerce with these details:

1. the increase of registered capital from Bt280,000,000 to
Bt16,812,377,560

2. the increase of paid-up capital from Baht 280,000,000 to
Bt6,328,458,800 as a consequence  of  an allocation and offer of
newly issued shares in the amount of 604,845,880 shares to the
creditors under the Business Reorganization plan, with those
creditors making the share payment by a debt to equity
conversion.

3. the  amendment  of  the  Articles  of  Association  of  the
Company in accepting property as a consideration for the payment
of shares other than by money.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer      Coupon   Maturity   Bid - Ask   Weekly change
------    ------   --------   ---------   -------------

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
Asia Global Crossing  13.375% due 2006    36 - 39        +3
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    18 - 21        -1
Paiton Energy         9.34%   due 2014    53 - 56         0
Tjiwi Kimia           10.0%   due 2004    14 - 17        -3
Zhuahi Highway        11.5%   due 2008    17 - 20         0

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
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contained herein is obtained from sources believed to be
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delivered via e-mail. Additional e-mail subscriptions for
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                  *** End of Transmission ***