TCRAP_Public/011231.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    A S I A   P A C I F I C

             Monday, December 31, Vol. 4, No. 254

                          Headlines



A U S T R A L I A

LEND LEASE: Sells Arrabida Shopping Center Portugal
NORMANDY MINING: Directors Recommend Holders "Do Nothing"
NORMANDY MINING: Newmont Urges Shareholders To Wait
PACIFIC DUNLOP: Posts Director's Interests Notice
PMP LIMITED: Seven Acquires Strategic Shareholding
SMITS HOLDINGS: Issues Case Profile


C H I N A   &   H O N G  K O N G

401 HOLDINGS: Still In Red
CHEERFUL ENTERPRISE: Faces Winding Up Petition
EUREKA COMMUNICATIONS: Winding Up Sought By Eureka Design
FLOUR CITY: Winding Up Petition To Be Heard
GOLDTONE CREATIONS: Winding Up Petition Slated For Hearing
TEBBO TRADING: Winding Up Petition Set For Hearing
UDL HOLDINGS: Issues AGM, Scheme Results
WING LEE: Posts Summary Results Announcement


I N D O N E S I A

PERMADANI KHATULISTIWA: IBRA Finalizes Debt Restructuring
SEMEN CIBINONG: Debt Restructuring Completed
SINAR MAS: Units To Pay Bapepam Rp6.9B Fine


J A P A N

ASAHI MUTUAL: Draws Up Restructuring Plan
FUJITSU LIMITED: S&P Lowers Credit Rating To 'BBBpi'
NISSHO IWAI: S&P Affirms 'B-pi' Rating


K O R E A

DAEWOO MOTOR: GM Fails To Return 13 Of 28 Contracts
SAMSUNG ELECTRONICS: Court Orders Directors To Pay W90B Damages


M A L A Y S I A

KIARA EMAS: Seeks Extension To Regularize Cashflow
PERNAS INTERNATIONAL: Extends Replacement Warrants Closing Date
PSC INDUSTRIES: Obtains CDRC's Letter of Discharge
RENONG BERHAD: Proposals' Resolutions Approved At EGM
RENONG BERHAD: To Reduce Debt, Streamline Operations
TECHNOLOGY RESOURCES: Clarifies Media Reports
YCS CORPORATION: SC OKs Proposed Workout Scheme Time Extension


P H I L I P P I N E S

GUOCO HOLDINGS: Sells Assets To Raise Debt-Payment Funds
FRANCISCO MOTORS: Loses P40M Each Month
NATIONAL STEEL: Seeks Outside Aid To Carry Out Scheme


S I N G A P O R E

CAM INTERNATIONAL: Records After-Tax Loss of S$3M For FY2001
DENNY'S SINGAPORE: Cannery Sues For Repayment Of $1M Loan
DOVECHEM STOLTHAVEN: HSBC Makes Voluntary Conditional Offer
DOVECHEM STOLTHAVEN: Nix Partial Offer, DHPL Tells Creditors
HBM PRINT: Enters Into Purchase Agreement For 87% Of NAI
THAKRAL CORPORATION: Reports US$43.7M Gain From Debt Buyback


T H A I L A N D

EASTERN WIRE: Registers Paid-Up Capital Increase
GENERAL ENGINEERING: Enters Debt Workout Agreement With TFB
POWER-P: Submits Rehabilitation Plan To Solvency Court
RAYONG TANK: Filed Business Reorganization Petition To Court
THAI PETROCHEMICAL: Posts Plan Implementation Progress Report
WONGPAITOON GROUP: Reports Securities Offering Results

      -  -  -  -  -  -  -  -

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


LEND LEASE: Sells Arrabida Shopping Center Portugal
---------------------------------------------------
Lend Lease Global Properties SICAF (the Global Fund), Lend
Lease's Luxembourg-based opportunistic investment fund, and Lend
Lease Europe Ltd (Lend Lease) have closed the sale of their
respective shares in the Arrabida Shopping Center, Porto,
Portugal.

Lend Lease and the Global Fund purchased the Arrabida Shopping
Center as a 50:50 joint venture investment in June 1999. Through
the implementation of an active investment management strategy,
including the introduction of leading European retailers and
rationalizing the development potential of the property, both
Lend Lease and the Global Fund were able to successfully
reposition the asset within the growing institutional real
estate capital market.

The price of the center was agreed at EURO115 million (GBP72
million, AU$200 million), with final proceeds subject to audited
completion balance sheet. The investment returns for both Lend
Lease and the Global Fund is a reflection of the pro-active
investment strategy brought to bear on the asset.

The purchasers are CNP Assurances and Ecureuil Vie (French
financial institutions), and Sonae Immobiliaria (a major
shopping center owner & manager in Southern Europe).

The sale is consistent with the Global Fund's investment
strategy of transacting on assets to achieve returns through the
property cycles. The combination of Lend Lease's retail business
knowledge, expertise and capital, and the capital of the Global
Fund have resulted in the successful execution of the investment
strategy for both parties.

This sale is the second disposition for the Global Fund, which
closed on the sale of Hayes Office Park, a suburban office
campus located just four miles from Heathrow Airport in London,
to Challenger International Group in November this year.

Jim Quille, Chairman of the Global Fund, also said: "When we
acquired this asset we saw increased pan-Eurozone institutional
investment, which would result in increased capital flowing to
quality assets in the more opportunistic markets of the
Eurozone. This transaction fulfils our objectives in that we
bought the asset from a local developer/owner, used Lend Lease
to improve the asset and are selling it to a joint venture,
formed by a French institution and a Portuguese company."

David Hutton, CEO of Development and Capital Services for Lend
Lease Europe, said: "Arrabida Shopping Center is another
example of the synergies created by marrying the investment aims
of our real estate investment funds and the real estate skills
and capabilities of the Lend Lease Group. Through this
combination, we can deliver attractive returns to our investors
and shareholders."


NORMANDY MINING: Directors Recommend Holders "Do Nothing"
----------------------------------------------------------
Normandy Mining Limited (Normandy) acknowledged the announcement
by AngloGold Limited (AngloGold) on Thursday that AngloGold has
increased its offer for Normandy by $0.10 cash per Normandy
share.

AngloGold's revised offer of 2.15 AngloGold shares per 100
Normandy shares plus $0.30 cash per share implies an offer price
of $1.84 per Normandy share (based on the 26 December 2001
closing price of AngloGold's ADRs on the NYSE). AngloGold has
also announced an extension to the closing date of its offer to
11 January 2002.

Normandy notes the exploratory discussions that AngloGold
has had with Barrick Gold Corporation (Barrick) and the fact
that no agreement has been reached in respect of any of the
opportunities that have been outlined in AngloGold's
announcement. Normandy is seeking further clarity from AngloGold
on some issues, including further detail on the potential
arrangements with Barrick.

Response of Normandy Board - DO NOTHING

Normandy currently has takeover offers from two parties.

The offer by Newmont Mining Corporation (Newmont) has an implied
value of $1.87 per Normandy share (based on the 26 December 2001
closing price of Newmont shares on the NYSE). The current
implied value of the revised AngloGold offer is $1.84.

Normandy is currently unaware of Newmont's likely response to
the revised AngloGold offer.

The Normandy Board will meet as soon as possible to consider its
position. Shareholders should do nothing with respect to their
shareholding in Normandy at the present time, particularly given
the extended closing date of the AngloGold offer of 11 January
2002.


NORMANDY MINING: Newmont Urges Shareholders To Wait
---------------------------------------------------
Newmont Mining Corporation said that it is reviewing the revised
offer that AngloGold Limited announced Thursday in the context
of Newmont's current offer for the shares of Normandy Mining
Limited. Newmont will respond in due course.

Newmont notes that based on Thursday's closing prices, Newmont's
offer is valued at A$1.87, while AngloGold's revised offer is
valued at only A$1.84. Shareholders are urged to obtain current
quotes on the Normandy, Newmont and AngloGold shares.

Newmont advises Normandy shareholders that there is no need for
them to take any action at this time.

                    IMPORTANT NOTICE

Although Newmont Mining Corporation has lodged its Bidder's
Statement in Australia and mailed it to shareholders of Normandy
Mining Limited who reside outside of the United States and
Canada, the offer by Newmont is not currently being made to
shareholders in the United States and Canada.  In addition, the
Newmont offer cannot be accepted by shareholders in the United
States and Canada until Newmont's Registration Statement on Form
S-4 has been declared effective by the U.S. Securities and
Exchange Commission.

       ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed transactions, Newmont Mining
Corporation has filed with the U.S. Securities and Exchange
Commission a Registration Statement on Form S-4 (which includes
a preliminary prospectus) on December 20, 2001 and a preliminary
proxy statement on December 26, 2001. Investors and security
holders are advised to read the preliminary prospectus and
preliminary proxy statement, which are available now, and the
definitive prospectus and definitive proxy statement, when they
become available, because they contain and will contain
important information. Investors and security holders may obtain
free copies of the preliminary prospectus and preliminary proxy
statement (which are available now) and the definitive
prospectus and definitive proxy statement (when available) and
other documents filed by Newmont with the Commission at the
Commission's web site at http://www.sec.gov.

Free copies of the preliminary prospectus and preliminary proxy
statement, now available, and the definitive prospectus and
definitive proxy statement, once available, and other filings
made by Newmont or Normandy with the Commission, may also be
obtained from Newmont. Free copies of Newmont's and Normandy's
filings may be obtained by directing a request to Newmont Mining
Corporation, Attn: Investor Relations, 1700 Lincoln Street,
Denver, Colorado 80203, Telephone: (303) 863-7414. Copies of
Franco-Nevada's filings may be obtained at http://www.sedar.com.

                PARTICIPANTS IN SOLICITATION

Newmont Mining Corporation and its directors, executive officers
and other members of its management and employees may be
soliciting proxies from its stockholders in connection with the
transactions. Information concerning Newmont's participants in
the solicitation is set forth in Newmont's Current Report on
Form 8-K filed with the Commission on November 14, 2001, as
amended.

CONTACT: Media, Doug Hock, +1-303-837-5812, or Investors, Wendy
          Yang, +1-303-837-6141, both of Newmont Mining
          Corporation
          Web site: http://www.newmont.com


PACIFIC DUNLOP: Posts Director's Interests Notice
-------------------------------------------------
Pacific Dunlop Limited posted this notice:

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

UPDATING NOTICE

    Name of Director       Herbert James Elliott

    Name of Company        Pacific Dunlop Limited

    Date of Last
    Notification to ASX    20/09/2001

    Date Director's
    Interest Changed       17/12/2001

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

  16,354 ordinary shares

  On market purchase of 1,704 ordinary shares at $0.95 per share
  pursuant to the Pacific Dunlop Non-Executive Directors Share
Plan

"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:  N/A"


PMP LIMITED: Seven Acquires Strategic Shareholding
--------------------------------------------------
Seven Network Limited acquired on Friday a strategic
shareholding in PMP Limited. Seven has subscribed for a
placement of 37.0 million new shares in the company, at 55 cents
per share, representing 12.7 per cent of PMP's expanded capital.

The placement forms part of a broader alliance between the two
companies, built on Seven's $65.0 million acquisition of a 50
per cent interest in PMP's Australian and New Zealand magazine
publishing business - including titles such as New Idea, TV
Week, Girlfriend, B, That's Life and Home Beautiful.

The first $8 million in EBIT from the venture will flow to
Seven.

The creation of the new magazine venture with PMP provides
A significant opportunity for the future development of the
company, as Seven creates an integrated media and entertainment
company encompassing broadcast and subscription television,
online and magazines. The magazine business provides
considerable opportunities for the leveraging of Seven's
television brand and content and the further development of
integrated marketing solutions for advertisers.

Seven's Executive Chairman, Mr Kerry Stokes will be the initial
Chairman of the Seven-PMP Pacific Publications magazine
publishing venture. Seven's other representatives on the board
of Pacific Publications will be: Mr Peter Gammell, a non-
executive Director of Seven, Mrs Dulcie Boling, a non-executive
Director of Seven (and a former Chairman and Chief Executive of
Southdown Press, Chief Executive, Magazines, PMP Limited and
director of News Limited), and Mr Chris O'Mara, Seven's Director
of Programming and Production.


SMITS HOLDINGS: Issues Case Profile
-----------------------------------
Territory :  Australia
Company Name:  Smits Holdings Pty Ltd
Lead Partner:  Ian Hall
Case Manager:  Nicholas Carter
Date of Appointment:  7 December 2000
Normal Contact :   Ryan Hennessey
Contact Phone No :   07 3257 8114

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
Appointor :  National Australia Bank Limited
Registered Office of company:  71 York Street, BEENLEIGH QLD
  4207
Company No/CAN  :  072 672 023
Type of Appointment :  Receiver and Manager
Lead Partner - Full Name:  Ian Richard Hall
Second Partner - Full Name:  Peter James Hedge

Case Information (Last Updated 12/06/2001 11:34:56 AM)

Other Key Information

Report as to Affairs received from directors:

The directors have lodged a report as to affairs. It does not
appear to be complete and ASIC have been informed.

Dates of trading by insolvency practitioner:

Smits Holdings Pty Ltd and Smits Pty Ltd ceased trading on 7
December 2000.

Business sold/ceased trading:

Smits Holdings Pty Ltd and Smits Pty Ltd ceased trading on 7
December 2000.

Job closure:  To be determined.

Background Information

Ian Richard Hall and Peter James Hedge were appointed Receivers
and Managers of the following Companies on 7 December 2000:

    * Smits Holdings Pty Ltd;
    * Smits Pty Ltd;
    * Ron Smits Investments Pty Ltd; and
    * North West Engineering Holdings Pty Ltd.

Smits Holdings Pty Ltd and Smits Pty Ltd were trading as Smits
Engineering. The engineering business included parts machining
as well as production.

Smits Engineering operated from two sites, Yatala and Mt Isa.

The properties from which Smits Engineering was trading will be
advertised on our business for sale page in the near future as
well as two investment properties on the Gold Coast.

A chattels auction at Yatala and Mt Isa took place in late
January and early February.

Current status of assignment and actions required by creditors

A liquidator was appointed on 18 December 2000 over Smits
Holdings Pty Ltd and Smits Pty Ltd. All enquiries should be
director to Mr Phil Jefferson and Mr Gerry Collins, Jefferson
Stevenson and Co. telephone (07) 3229 2800

Next milestone and estimated timetable

Continuing to deal with recovering and realizing assets of the
company.

Likely outcome for creditors and timetable

At this stage, it is too early to determine the likely outcome
for the various classes of creditors. All enquiries should be
directed to Jefferson Stevenson and Co - Phil Jefferson and
Gerry Collins, liquidators of Smits Holdings Pty Ltd and Smits
Pty Ltd . Address: Lvl 20/ 288 Edward St Brisbane 4000
(www.pwcrecovery.com)


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


401 HOLDINGS: Still In Red
--------------------------
401 Holdings posted a net loss of $36.19M for six months ended
September 30.  Loss per share was 0.26 cent and no interim
dividend was declared.  Last year, the company recorded a net
loss of $36.51M.


CHEERFUL ENTERPRISE: Faces Winding Up Petition
----------------------------------------------
The petition to wind up Cheerful Enterprise Company Limited is
scheduled to 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 10, 2001 by Chen Wei Ying of 2nd Floor,
Guoxing Building, Huangjing Keng Industry Garden, Sha Wan, Buji,
Shenzhen, the People's Republic of China.


EUREKA COMMUNICATIONS: Winding Up Sought By Eureka Design
---------------------------------------------------------
Eureka Design Company Limited is seeking the winding up of
Eureka Communications Limited. The petition was filed on
September 13, 2001, and will be heard before the High Court of
Hong Kong on January 9, 2002 at 10:00 am. Eureka Design holds
its registered office at 31st Floor, No. 133 Wanchai Road,
Wanchai, Hong Kong.


FLOUR CITY:  Winding Up Petition To Be Heard
--------------------------------------------
The petition to wind up Flour City Architectural Metals (Asia)
Limited will be heard before the High Court of Hong Kong on
January 9, 2002 at 10:00 am.

The petition was filed with the court on September 13, 2001 by
The Hongkong and Shanghai Banking Corporation Limited whose
registered office is situated at 1 Queen's Road Central, Hong
Kong.

GOLDTONE CREATIONS: Winding Up Petition Slated For Hearing
----------------------------------------------------------
The petition to wind up Goldtone Creations Limited is set for
hearing before the High Court of Hong Kong on January 9, 20021
at 10:30 am. The petition was filed with the court on September
19, 2001 by The Hongkong and Shanghai Banking Corporation
Limited whose registered office is situated at 1 Queen's Road
Central, Hong Kong.


TEBBO TRADING: Winding Up Petition Set For Hearing
--------------------------------------------------
The petition to wind up Tebbo Trading Limited is scheduled for
hearing before the High Court of Hong Kong on January 30, 2002
at 11:00 am. The petition was filed with the court on November
13, 2001 by Shen Gang Finance Company Limited whose registered
address is situated at 23rd Floor, Tower 1, Admiralty Center, 18
Harcourt Road, Hong Kong.


UDL HOLDINGS: Issues AGM, Scheme Results
----------------------------------------
The Directors of UDL Holdings Limited, in reference to the
Notice of the AGM dated 30 November 2001, announced the results
of the AGM as:

Resolution No.       Result

1. In respect of the adoption of the Audited Consolidated
Financial Statements and Reports of the Directors and the
Auditors for the year ended 31 July 2001.   Passed

2. In respect of the re-election of the Directors and
authorizing the Board   to fix the Directors' remuneration.
  Passed

3. In respect of the re-appointment of Grant Thornton as the
Company's auditors and authorizing the Directors to fix their
remuneration.       Passed

4. In respect of the granting of a general mandate to the
Directors for repurchase of the Company's shares. Passed

5. In respect of the granting of a general mandate to the
Directors for the issuance of new shares of the Company.
  Adjourned

6. In respect of the extension of the new shares issuance
mandate notwithstanding any repurchase under resolution numbered
4 of the Notice.       Adjourned

7. In respect of the adoption of a new share option scheme
subsequent to the expiration of the old share option scheme in
September 2001.       Adjourned

8. In respect of the adoption of Company's new Chinese name.
  Passed

The new Chinese name as adopted under resolution numbered 8 of
the Notice in the AGM has been used by the Company for
identification purpose only in the past and the issued share
certificates of the Company do not contain the Chinese name. As
there is no statutory requirement for the Company to add the
aforesaid Chinese name onto its share certificates subsequent to
the successful registration of it in Hong Kong, the Directors
have decided not to do so. Accordingly, the Company will not
issue any new share certificate or replace the existing issued
share certificates following the successful registration of the
Chinese name in Hong Kong.

Further to the announcement of the Company dated 3 December
2001, the Company is now formulating the Global Solution. The
Directors considered that the Adjourned Resolutions would be
better dealt with later. As such, the Chairman of the AGM had
proposed to adjourn the Adjourned Resolutions sine die (i.e.
indefinitely), which were approved by a simple majority of the
Shareholders attending the AGM in accordance with the bye-laws
of the Company.

Shareholders will be notified by separate announcement once the
details of the Global Solution are settled and formal
agreement(s) have been made.

Shareholders are reminded that the Global Solution may or may
not proceed. Shareholders and investors are advised to exercise
caution in their dealings in the shares of the Company.

Definitions

"AGM"   annual general meeting of the Company
held on
24 December 2001

"Adjourned Resolutions"  resolutions numbered 5 to 7
contained in the Notice

"Board" the board of Directors

"Company" UDL Holdings Limited, the shares of which are listed
on The Stock Exchange of Hong Kong Limited

"Directors" directors of the Company

"Global Solution" a plan for the provision of funds to the
Scheme for expeditious implementation and
early distribution of dividend to the Scheme
Creditors

"Notice" notice of the AGM dated 30 November 2001

"Reorganization Circular" circular of the Company dated 1
      March 2000 in respect of very
substantial acquisition, major
transaction and connected
transactions, proposed
reorganization for the Company
involving, among others,
acquisition of asset companies,
capital reduction, share
consolidation of 20 shares into 1
share, new issue of 5 rights
shares for every consolidated
share held and disposal of scheme
assets

"Scheme" such one or more of the schemes of arrangement made
respectively between each of the Company and the
Scheme Participating Subsidiaries on one hand and
their respective Scheme Creditors on the other hand
effective on 28 April 2000

"Scheme Creditors" creditors of the Company as defined in
the Reorganization Circular

"Scheme Participating Subsidiary"   each and any of the
Major
and the Other Subsidiaries
(each as defined in the
Reorganization Circular),
and "Subsidiaries" shall
be construed accordingly

"Shareholder(s)"  holder(s) of the shares of the Company


WING LEE: Posts Summary Results Announcement
--------------------------------------------
Wing Lee Holdings Limited announced on 27 December, 2001:

(stock code: 876)
Year end date: 30/9/2001
Currency: HKD                                     (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/10/2000   from 1/10/1999
                                  to 30/9/2001     to 30/9/2000
                                  ('000)           ('000)
Turnover                             : 147,427          172,025
Profit/(Loss) from Operations        : (24,733)         4,148
Finance cost                         : (272)            -
Share of Profit/(Loss) of Associates : -                -
Share of Profit/(Loss) of
   Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (24,855)         1,456
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (44.4 cents)     2.6
cents
          -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (24,855)         1,456
Final Dividend per Share             : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A
Payable Date                         : N/A
B/C Dates for (-) General Meeting    : N/A
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : N/A

Remarks:

(1) Following the release of final results announcement of the
Company on teletext on 27/12/2001, the Company subsequent
notified the Exchange that the Company considered that it is not
necessary for the closure of register of members from 23 January
2002 to 28 January 2002, both days inclusive.  Thus, the
register of members for the Annual General Meeting will not be
closed during the period mentioned above.

(2) EARNINGS/(LOSS) PER SHARE

The calculation of basic earnings/(loss) per share is based on
the net loss from ordinary activities attributable to
shareholders for the year of HK$24,855,000 (2000: net profit
from ordinary activities attributable to shareholders of
HK$1,456,000) and the weighted average number of 56,000,000
(2000: 56,000,000) ordinary shares in issue during the year, as
adjusted for the consolidation of the share capital of the
Company subsequent to the balance sheet date.

No diluted loss per share is shown for the year ended 30
September 2001 as the effect of the Company's share options
granted on 5 October 2000, which were outstanding during the
year, was anti-dilutive.  In addition, the exercise price of the
share options granted on 16 February 2000, which were
outstanding during the year, was higher than the average market
price of the Company's shares and, accordingly, there was no
dilutive effect on the basic loss per share.

No diluted earnings per share was shown for the year ended 30
September 2000 because the exercise price of the share options
outstanding during that year was higher than the average market
price of the Company's shares and, accordingly, there was no
dilutive effect on the basic earnings per share.


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


PERMADANI KHATULISTIWA: IBRA Finalizes Debt Restructuring
---------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has managed to
complete debt restructuring of PT Permadani Khatulistiwa
Nusantara in mid-December. The settlement was officiated by the
signing of Credit Agreement (PK) between IBRA and the
shareholder of PT Permadani Khatulistiwa Nusantara. PT Permadani
Khatulistiwa Nusantara is a debtor under the group Kodel. The
debtor is part of the Top 50 Obligors of which the restructuring
completion is a priority achievement target for IBRA in the year
2001.

The total obligation of PT Permadani Khatulistiwa Nusantara to
IBRA is US$ 161.50 million, to be settled through restructuring
in 3 (three) tranches:

   * Tranche A:
     Loan Reschedulling in 10 years (including grace period of 2
(two) years) of US$ 27.00 million
   * Tranche B:
     Secured Convertible Bonds in 10 years valued US$ 68.50
million
   * Tranche C:
     Debt to equity conversion of US$ 66.00 million (equivalent
to 51% share ownership)

Under the restructuring scheme, IBRA will also receive overdue
interest of about US$ 3.40 million. This overdue interest will
have been repaid within 1 (one) month as of the Credit Agreement
signing date.

PT Permadani Khatulistiwa Nusantara is a company operational in
the property industry and the managing company of Hotel Regent
Jakarta.


SEMEN CIBINONG:  Debt Restructuring Completed
---------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) finalized PT
Semen Cibinong's debt restructuring in mid-December. The
settlement was officiated by the signing of a Credit Agreement
(PK) between IBRA and the PT Semen Cibinong's shareholders.

PT Semen Cibinong, a debtor under the Tirtamas group, is part of
the Top 50 Obligors of which the restructuring completion is a
priority achievement target for IBRA in the year 2001.

The total obligation of PT Semen Cibinong to IBRA is US$ 57.00
million, to be settled through the restructuring scheme as
follows:

   * Cash collection is US$ 10.16 million
   * Debt conversion of US$ 9.59 million into 95,786,440 shares
(debt to equity swap)
   * Debt portion in secured term loan US$ 11.39 million
   * Debt portion in Tranche A Notes US$ 12.38 million

Apart from cash settlement secured from the scheme, IBRA also
received fund in the amount of US$ 17.50 million from the shares
sale revenue of PT Semen Cibinong owned by PT Tirtamas Majutama
to Holcim as strategic investor in the afore-mentioned
restructuring scheme.

The total cash income of IBRA from the restructuring of PT Semen
Cibinong is US$ 27.66 million. All of the cash income received
by IBRA is effective as of the signing date of the Credit
agreement. IBRA's share ownership at PT Semen Cibinong is now
1.25% or equivalent to 7,662,900,000 shares.

PT Semen Cibinong, as the name denotes, is a debtor operational
in the cement manufacturing industry.


SINAR MAS: Units To Pay Bapepam Rp6.9B Fine
-------------------------------------------
Indonesia's Capital Market Supervisory Agency (Bapepam), fined
PT Indah Kiat Pulp & Paper, PT Pabrik Kertas Tjiwi Kimia and
other local units of Sinar Mas Group an amount of Rp6.9bn for
not disclosing unpaid receivables of more than US$1 billion owed
by 10 British Virgin Islands companies, IndoExchange reported
Friday.

The delay in reporting the unpaid receivables was "because of
the debt standstill agreement," Sinar Mas spokesman Yan
Partawidjaja said. "We were busy in collecting information
needed to audit the consolidated statement of 2000." Mr.
Partawidjaja added that the group must pay the fine by the first
week of January.

Indah Kiat and Tjiwi Kimia face more fines for missing an April
1 deadline for filing audited 2000 results. A Rp1 million per-
day fine has been piling up for four Sinar Mas firms, including
Indah Kiat and Tjiwi Kimia, although the charges haven't been
levied yet, Bapepam Chairman Herwidayatmo said.

"We have to be careful in the Sinar Mas case because it involves
international creditors," Mr. Herwidayatmo said. "We don't want
to levy any fines until we're sure they were in the wrong."


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


ASAHI MUTUAL: Draws Up Restructuring Plan
-----------------------------------------
Struggling Asahi Mutual Life Insurance Co is planning to scale
back its corporate business and withdraw from personal
installment loans, Kyodo News reports.

The restructuring plan is reportedly being undertaken in
preparation for a projected merger with Tokio Marine & Fire
Insurance Co.  The plan will reduce Asahi's workforce by 1,000
heads and is projected to bring down operating costs by Y20
billion.


FUJITSU LIMITED: S&P Lowers Credit Rating To 'BBBpi'
----------------------------------------------------
Standard & Poor's lowered on Friday its credit rating on Fujitsu
Ltd. to triple-'Bpi' from triple-'B'-plus-pi.

The downgrade reflects Fujitsu's weakening credit protection
measures, following the recording of substantial losses by its
key businesses, including electronic devices and transmission
equipment for North America. This is the result of weak demand
and severe pricing pressure stemming from intensifying
competition, amid a stagnant global economy, and a radical
change in the global manufacturing industry. The downgrade also
incorporates Standard & Poor's expectations that Fujitsu will be
unable to achieve a marked improvement in its earnings structure
or establish a business base capable of generating stable and
higher levels of profitability in the short-term.

Standard & Poor's believes that the restructuring measures
undertaken by Fujitsu of companywide cost reductions, downsizing
or withdrawing from unprofitable operations, and improving
production efficiency by streamlining under-performing
manufacturing sites could prevent a further expansion in losses.
However, it remains uncertain whether this will achieve any
longer-term improvements in the company's fundamental earnings
generating ability. Improvements in Fujitsu's credit quality
will depend on its ability to strengthen the competitiveness and
earnings of its mainstay service and software business, which
includes network services and system integration (SI). In
addition, the company will have to stabilize earnings from
electronic devices by bolstering the performance of its
strategically important system LSI business. Standard & Poor's
believes that it will be difficult for Fujitsu to make a marked
improvement in these areas in the short term.

The company has maintained its position as the leading supplier
of SI and network services in Japan. However, Fujitsu's overseas
operations have posted losses for five consecutive years.
Despite attempts to turn them around, it is unlikely that the
company will be able to achieve a satisfactory level of profits
in the short term given the severe competition from global
leasers, such as IBM in the U.S. market. Also, sluggishness in
the domestic market could hamper Fujitsu's ability to boost its
earning power through its strategically important service and
software business. In addition, it remains unclear whether the
performance of Fujitsu's system LSI operations, which require
high development costs and which have become subject to
increasingly competitive market conditions, will be robust
enough to support the performance of its electronic devices
business as a whole.

Fujitsu's financial profile is weak for its current rating
category. In particular, profitability and cash flow protection
are likely to deteriorate substantially in fiscal 2001, with
funds from operations to total debt expected to fall to less
than 10%. Total debt to capital is set to weaken to around 60%
from 53%, resulting from a deterioration in cash flow and an
erosion of equity led by a sizable net loss.

The credit rating on Fujitsu could be lowered if its earnings
fail to recover and its credit protection measures continue to
weaken.


NISSHO IWAI: S&P Affirms 'B-pi' Rating
--------------------------------------
Standard & Poor's affirmed on Wednesday its single-'B'-minus-pi
rating on Nissho Iwai Corp.

The rating reflects Nissho Iwai's weak business base. Aside from
its aerospace and information technology businesses, the
company's operations suffer from a lack of competitiveness and
weak profitability. The rating also reflects the company's poor
credit standing arising from its very thin equity cushion
compared to the business risks it assumes.

Despite efforts to reduce debt, Nissho Iwai suffers from a very
weak financial profile, characterized by a high debt usage, and
very weak financial flexibility caused by its heavy reliance on
short-term bank borrowings. The rating also reflects concerns
over deterioration in the business environment for the trading
industry overall, such as the slowdown of the global economy and
Japan's continued deflationary trend.

As a general trading company, Nissho Iwai has been striving to
restructure its business by reducing its level of debt to
capital, disposing of problem assets, and withdrawing support
for struggling subsidiaries and affiliates. At the same time,
the company has been aggressively reorganizing its business
units, as evidenced by the recent listing of ITX, its
information technology subsidiary, and the consolidation of its
steel trading operations with those of Mitsubishi Corp. As a
result of these efforts, the company reduced its total debt to
Y2.4 trillion at the end of September 2001, down from Y3.3
trillion at the end of March 1999.

However, Nissho Iwai still has more than 600 subsidiaries and
affiliates, some of which are unprofitable, thus representing a
further potential burden on Nissho Iwai's small equity base. In
addition, the company has a large amount of outstanding credit
in the Asian market, such as 180 billion in investments and to
Indonesia, which could further damage its financial profile.

Nissho Iwai's equity ratio is very low at around 3% (excluding
minority interest), as a result of large write-offs of problem
assets over the past few years, and the recent write-offs of
investment securities holdings in September 2001. Nissho Iwai's
small equity cushion is insufficient to serve as a buffer
against the risks inherent in the company's long-term investment
activities. While Nissho Iwai is trying to restore its equity
position through increased earnings, the pace of improvement is
likely to remain slow.

The company's financial structure is characterized by extremely
high leverage and a heavy reliance on short-term bank loans,
with only 27% of its funding consisting of long-term debt at the
end of September 2001. This dependence on short-term debt
essentially places Nissho Iwai at the mercy of its main banks
for continued financing.

Standard & Poor's currently assumes that Nissho Iwai's main
banks will continue to refinance its upcoming debt maturities.
However this relationship could come under pressure given the
changes taking place in Japan's banking industry, and any sign
of waning bank support could result in a downgrade of the
company.


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


DAEWOO MOTOR: GM Fails To Return 13 Of 28 Contracts
---------------------------------------------------
GM has not returned 13 of the 28 contracts required to close the
deal for its purchase of Daewoo Motor, the English-language
JoongAngIlbo reports.

Jung Keun-yong, Governor for Daewoo's main creditor Korea
Development Bank, told the paper, "I think that except for the
contracts regarding the Bupyeong factory there won't be much of
a problem."

"GM and the labor union recently had a very constructive
meeting," he added.


SAMSUNG ELECTRONICS: Court Orders Directors To Pay W90B Damages
---------------------------------------------------------------
The Suwon District Court ordered nine incumbent and former
Samsung Electronics directors to pay about W90 billion in
compensation for financial losses incurred by the Company due to
their neglect of duty and illegal practices, Korea Herald
reports.

The decision, which came after three years and two months of
litigation, marked a major victory for minority shareholders.

Samsung Electronics directors have to pay 27.62 billion won in
compensation to the company, as they decided, after only one
hour of discussion, to take over a firm with questionable
financial stability at the time of acquisition in March 1997,"
the court said.

Less than two years after the acquisition, the court said the
firm went bankrupt, causing a loss of W27.62 billion to Samsung
Electronics.

The court also ordered Samsung Electronics board members to pay
another W62.66 billion to the company in compensation for
neglect of duty.


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


KIARA EMAS: Seeks Extension To Regularize Cashflow
--------------------------------------------------
On behalf of Kiara Emas Asia Industries Berhad (Kiara Emas O
Company), Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian),
in reference to the announcement on October 18 wherein Kiara
Emas entered a Memorandum Of Understanding (MOU) with Excellent
Avenue (M) Sdn Bhd (Excellent) in relation to a Proposed
Restructuring Scheme (Proposed Scheme) to regularise its
financial condition, announced that the Company made an
application to the KLSE for a further extension of time to make
its Requisite Announcement of its plan to regularise its
financial condition.

The Company is currently engaged in on-going negotiations on the
details of the restructuring scheme with the assistance of the
Company's advisers. The Company is requesting the additional
time to ascertain the financial condition of the Kiara Emas
Group and to finalize the details of the restructuring scheme,
to ensure that the proposals presented to all parties are
comprehensive, workable and effective.

Kiara Emas has also initiated discussions with bank creditors
towards a mutually acceptable settlement of all the outstanding
indebtedness of the Company and its subsidiaries as an integral
part of the restructuring scheme. The additional time is also
required for the purpose of conducting a financial and legal due
diligence on Stone World.

SALIENT TERMS OF THE MOU

The salient terms of the MOU are as follows:

    (a) Each of the parties will in good faith use its best
endeavors to conclude negotiations leading to the finalization
and execution of all the agreements in respect of the Proposed
Scheme within three (3) months from the date of the MOU (Lockout
Period);

    (b) During the Lockout Period, the parties will negotiate
exclusively with each other only in respect of the Proposed
Scheme. Each of the parties agrees that it shall not during the
Lockout Period negotiate with any other party;

    (c) The MOU represents the good faith, understanding and
statement of intention of the parties to proceed further with
their negotiations and as such, is not intended to have any
legally binding effect save with respect to the agreement as to
exclusive negotiation during the Lockout Period;

    (d) Proposed Scheme
The Proposed Scheme would include the following components,
which will be inter-conditional upon each other and will be
subject to all relevant approvals:

      (i) Incorporation of a new holding company (Newco) for the
purpose of being the new holding company of Kiara Emas and
eventually to assume the listing status of Kiara Emas;

      (ii) Proposed capital reduction of the existing issued and
paid-up share capital of Kiara Emas from RM39,999,999 comprising
39,999,999 ordinary shares of RM1.00 each to RM7,999,999
comprising 39,999,999 ordinary shares of RM0.20 each through the
cancellation of RM0.80 of the par value of the RM1.00 of each
existing ordinary share, thereby reducing the par value to
RM0.20 per share;

      (iii) Proposed consolidation of 5 ordinary shares of RM0.20
each in the capital of Kiara Emas after the proposed capital
reduction into 1 ordinary share of RM1.00 each; and

      (iv) Proposed scheme of arrangement between Kiara Emas, its
shareholders and the Newco whereby the shareholders of Kiara
Emas will exchange their ordinary shares in Kiara Emas for the
equivalent value of new ordinary shares of RM1.00 each in Newco.
Immediately upon completion of this scheme, Kiara Emas will
become a wholly-owned subsidiary of Newco.

    (e) Proposed acquisition by Newco of approximately 90.9 % of
the equity interest, comprising 50,192,602 ordinary shares of
RM1.00 each, in Stone World Sdn Bhd (Stone World) from
Excellent;

    (f) Proposed exemption of Excellent and parties acting in
concert with it from the obligation to extend a mandatory offer
for the remaining Newco shares not held by them upon completion
of the proposed acquisition of equity interest in Stone World;
and

    (g) Transfer of listing status of Kiara Emas to Newco upon
completion of the Proposed Scheme.

INFORMATION ON STONE WORLD

Stone World was incorporated in Malaysia under the Companies
Act, 1965 on 6 September 1991 as a private limited company. It
has an authorized capital of RM100,000,000 comprising
100,000,000 ordinary shares of RM1.00 each, and an issued and
paid-up capital of RM55,214,143 comprising 55,214,143 ordinary
shares of RM1.00 each. Its principal activities are the
manufacture, supply and installation of stone products.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the directors or substantial shareholders of Kiara Emas
or persons connected with them has any interest, direct or
indirect, in the Proposed Scheme.

Mr. Loh Chen Peng who is an existing director of Kiara Emas, was
a past director of Stone World and its subsidiary, Stone World
Marketing Sdn Bhd. However, Mr. Loh Chen Peng did not have any
interest in the said companies.

APPOINTMENT OF ADVISER

Kiara Emas has appointed Arab-Malaysian as its Adviser for the
Proposed Scheme.

FULL ANNOUNCEMENT UPON EXECUTION OF AGREEMENTS

A full announcement will be made upon the execution of the
agreements in respect of the Proposed Scheme.


PERNAS INTERNATIONAL: Extends Replacement Warrants Closing Date
---------------------------------------------------------------
The Board of Directors of Pernas International Holdings
Berhad(PERNAS or the Company) has resolved to extend the closing
date for acceptance of the non-renounceable issue of up to
275,188,382 new 2 3/4 years warrants (Replacement Warrant(s)) by
thirteen (13) days from 5.00 p.m. on 28 December 2001 to 5.00
p.m. on 10 January 2002.

Holders of PERNAS' Outstanding Warrants and investors who have
purchased the Outstanding Warrants from the open market
subsequent to 5 December 2001 therefore, have up to 5.00 p.m. on
10 January 2002 (being the last day for acceptance of the
Replacement Warrants) to accept the Replacement Warrants in
accordance with the terms and conditions of the Prospectus and
Form of Acceptance dated 14 December 2001.

Forms of Acceptance which have been completed in accordance with
the instructions therein may also be deposited into the
designated deposit boxes provided by PERNAS' Share Registrar,
Malaysian Share Registration Services Sdn Bhd, anytime between
9.30 a.m. to 5.00 p.m. daily (including Saturdays and Sundays)
up to 10 January 2002 at:

Lower Ground Floor
Exchange Square
Bukit Kewangan
50200 Kuala Lumpur

Malaysian Share Registration Services Sdn Bhd may also be
contacted by telephone or fax at:

Tel. No. + 603 2026 8099
Fax No. + 603 2026 3736


PSC INDUSTRIES: Obtains CDRC's Letter of Discharge
--------------------------------------------------
The Board of Directors of PSC Industries Berhad (PSCI or
Company) informed that the Company has received carbon copy
letters sent by the Corporate Debt Restructuring Committee
(CDRC) to its Creditors Committee on 27 December 2001 notifying
them that CDRC has discharged PSCI from the purview of CDRC.

The Company convened an Emergency Board of Directors meeting on
even date to deliberate on the contents of the letter and
resolved:

    (a) to accept the decision of CDRC;

    (b) to approach the Company's individual creditor bank
directly to propose alternative payment terms for the settlement
of the outstanding loan; and

    (c) to review and revise the Company's debt restructuring
scheme in consultation with our Merchant Bank, details of which
shall be announced in due course.


RENONG BERHAD: Proposals' Resolutions Approved At EGM
-----------------------------------------------------
On behalf of Renong Berhad, Commerce International Merchant
Bankers Berhad, announced that the resolutions pertaining to the
Proposals were approved by the shareholders of Renong at the
Extraordinary General Meeting held on 27 December 2001.

The "Proposals" include:

   * Proposed Amendments to the Articles of Association of
Renong;

   * Proposed Shareholders' Mandate pursuant to paragraph 10.09
of the listing requirements of the Kuala Lumpur Stock Exchange
in relation to recurrent related party transactions of a revenue
or trading nature; and

   * Proposed Disposal of two (2) parcels of freehold land held
under H.S.(D) 258291 Ptd 71060 and H.S.(D) 317225 PTD 116765,
Mukim of Pulai, Daerah Johor Bahru, Johor Darul Takzim,
measuring approximately 452.625 acres by Prolink Greens Sdn.
Bhd., a wholly-owned subsidiary of Prolink Development Sdn.
Bhd., which in turn is a 64%-owned subsidiary of Renong, to
Bukit Indah (Johor) Sdn. Bhd., a wholly-owned subsidiary of SP
Setia Berhad, for a cash consideration of Rm118,298,070


RENONG BERHAD: To Reduce Debt, Streamline Operations
----------------------------------------------------
Consistent with the group restructuring scheme announced by
United Engineers (Malaysia) Berhad (UEM) on December 12, 2001,
Renong Berhad's (Renong) priority now will be to reduce its
significant debts, especially in relation to the Renong SPV
Bond, via a structured and systematic asset disposal program or
other means deemed appropriate.

Towards this end, Renong has identified the non-core assets
earmarked for disposal, namely, Commerce-Asset Holding Berhad
(CAHB), Crest Petroleum Berhad and Park May Berhad.

According to Renong Chairman, Tan Sri Dato' Mohd Sheriff Mohd
Kassim, in addition to a structured asset disposal programmed,
Renong will also streamline its operations to concentrate mainly
on property development as well as addressing the large debt
problems at TIME Engineering Berhad level.

"However," cautioned Tan Sri Dato' Sheriff, "the Group's future
business direction would be subject to review depending upon
market and economic conditions and unfolding business
opportunities that may come its way."

Tan Sri Dato' Sheriff was speaking at the press conference held
after the Company's Nineteenth Annual General Meeting in Kuala
Lumpur on Thursday.

In the property sector, where Renong's property development
interests are vested in Prolink Development Sdn Bhd (Prolink),
Tan Sri Dato' Sheriff said that the Group will be channeling its
efforts towards value enhancement to boost revenue streams.

"Towards this end, Prolink's strategy is to divest its
undeveloped and partially developed land parcels selectively. In
tandem with this, Prolink has also launched its own development
projects totaling 550 acres. The sale of these properties is
expected to generate a steady revenue stream for Prolink."

On the Group's interest in the telecommunications and multimedia
sector, which is through TIME Engineering Berhad's associate
company, TIME dotCom Berhad (TIME dotCom), Tan Sri Dato' Sheriff
said that TIME dotCom's debt-free balance sheet and good
infrastructure provide good opportunity for it to partake in any
consolidation of the telecommunications industry.

"In conclusion," said Tan Sri Dato' Sheriff, "Renong will aim to
consolidate on its strengths, and capitalize on the foundation
that has been laid to resolve its current problems."

For the financial year under review, Renong posted a net loss of
RM1,375 million, compared with a net profit of RM249.2 million a
year earlier. The loss was attributed largely to a RM1,032
million provision to write down the carrying value of the
Group's investment in Projek Usahasama Transit Ringan Automatik
Sdn Bhd (PUTRA) to an estimated realizable value of RM577
million. The write down follows the Government's decision to
resolve the outstanding debts of PUTRA and which may involve the
takeover of PUTRA's assets relating to the Light Rail Transit
(LRT).

Revenue for FY ended June 30, 2001 also dipped to RM339.5
million, from RM499.8 million.

In view of the Group's accumulated loss position, the Board of
Directors does not recommend the payment of any dividend for the
year under review.


TECHNOLOGY RESOURCES: Clarifies Media Reports
---------------------------------------------
In response to various reports in the media regarding the
progress of Technology Resources Industries Berhad's (TRI)
restricted issue following the Securities Commission's (SC)
rejection of Naluri Berhad's (Naluri) proposed participation in
the same as part of its recapitalization plan, TRI made the
following clarifications.

Pursuant to the announcement of the recapitalization plan in
June this year, various discussions had taken place with several
corporate and institutional parties, both local and foreign, to
participate in the restricted issue.  These parties include
Naluri and other existing TRI shareholders as well as new
potential investors.

However, Khazanah Nasional Bhd is not one of the parties
involved and the report by a leading Malay daily on Thursday
that TRI has offered Khazanah up to 40 per cent of the company's
shares, which it said amounts to a controlling stake, is not
true.

While the SC's rejection of Naluri's proposals is a setback, it
does not spell the end of the recapitalization plan.  Presently,
we are lining up several cornerstone investors to take up a
substantial portion of the restricted issue, which will place
the exercise on a strong footing to raise the required capital.

These investors have indicated strong interest for the
restricted issue though the level of participation has not been
finalized and no time frame has been set to complete the deals
at the moment.

TRI's recapitalization plan is one of the few privately funded
and arranged restructuring plans that has been well received by
the investing community.  This gives us the confidence that the
recapitalization exercise will be completed in time to redeem
the Euroconvertible bonds (ECB) and Danaharta loan due on 22
April 2002.

With the completion of the recapitalization plan, TRI will be
fundamentally strong to retain a significant presence and play a
key role in the Malaysian communications industry.


YCS CORPORATION: SC OKs Proposed Workout Scheme Time Extension
--------------------------------------------------------------
YCS Corporation Berhad (YCSB), in reference to the announcement
on 12 December 2001 regarding YCSB's request to the Securities
Commission (SC) for an extension of six (6) months to complete
the Proposed Restructuring Scheme, announced that the SC via
their letter dated 14 December 2001, has approved the extension
of time to implement the Proposed Restructuring Scheme for a
further six (6) months up to and including 21 June 2002.


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


GUOCO HOLDINGS: Sells Assets To Raise Debt-Payment Funds
--------------------------------------------------------
Guoco Holdings (Phils.), Inc. is liquidating non-core assets
including raw land and industrial estates in Laguna, Batangas
(Southern Tagalog) and Cebu (Central Visayas), Business World
reports.

GPHI executive vice-president Yuen Po Seng told Business World
the company has identified at least three "less critical"
investments for its asset rationalization program. These
include:

      a) a 44-hectare raw land in Kay-Anlog, Laguna;

      b) a 32.53-hectare semi-developed industrial estate in Sto.
Tomas, Batangas; and

      c) GPHI's 30% stake in Mandaue Realty and Resources Corp.

The company intends to raise funds from the sales to pay debts.
It is reportedly in talks with a number of interested parties
for the properties which are estimated to be worth at least
PhP12 million.  Mr. Yuen told the World that no timetable has
been set for the disposal of the assets.

GPHI had earlier in the year sold other assets to help pay its
debts, including Zeus Holdings, Inc.; Dao Heng Bank, Inc.; and
DHB Capital Philippines, Inc.


FRANCISCO MOTORS: Loses P40M Each Month
---------------------------------------
Francisco Motors Corp. (FMC) is losing P40 million to P50
million each month, Business World reports.

The losses are reportedly being incurred while the company waits
for "substantial response" from the Board of Investments (BOI)
to cancel the model registration of Ford Ranger and Econovan on
grounds that the vehicles share the same platform as the Mazda
B-series pickups.  The petition has been pending for two years.

"We are asking BoI to cancel the model registration of Ford
Ranger and Econovan, not Ford's registration. We want to clear
up with them our petition but until now, there is no clear
indication on when they are going to answer," FMC senior
assistant vice-president Roland Francisco told
BusinessWorld.  FMC assembles and distributes Mazda pickup
trucks in the Philippines.

The BOI made a decision in October 2000 that the Ford Ranger's
body components, interior and exterior, style brand and
identification are different from that of Mazda B-series
pickups, but FMC disagrees.


NATIONAL STEEL: Seeks Outside Aid To Carry Out Scheme
-----------------------------------------------------
The debt-ridden National Steel Corporation's (NSC) evaluation
committee has decided to get outside help in carrying out its
tasks to rehabilitate, re-open and maintain NSC's plant in
Iligan City, Business Time reports.

NSC stakeholders, which include National Development Co and
Department of Trade and Industry, Hong Kong-based Hottick
Investment, and Malaysia's Pengurusan Danaharta Nasional Bhd,
are looking for a respected, objective and impartial technical
adviser to help determine the best course of action for the
company, an unnamed source said.

"The committee has instructed the NSC liquidator to draw up a
shortlist, with the caveat that the prospective technical
adviser should have no association with any of the stakeholders
to ensure the continued fairness of the evaluation process," the
source told Business Times.

The evaluation committee, at its latest meeting, also postponed
the deadline for three interested bidders, which are Allengoal
Steel Fabrication and Trading (Allengoal), Cathay Pacific Steel
Corp (Capasco), and Austria's Voest Alpine,  till December 19 to
submit detailed responses to additional questions.

NSC operations have been suspended since November 1999 when it
defaulted over P16 billion in debts. The company incurred net
losses of P2.7 billion and P2.9 billion in the first nine months
of 1999 and 1998, respectively. NSC's total assets are said to
be worth P28 billion while liabilities total some P17 billion.


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


CAM INTERNATIONAL: Records After-Tax Loss of S$3M For FY2001
------------------------------------------------------------
In a disclosure to the Singapore Stock Exchange, CAM
International Holdings Ltd said they group achieved a turnover
of S$ 22.9 million for the year ended 30 September 2001. This is
2% lower than that achieved in FY2000. The decline in revenue
was attributed to the world wide economic slowdown, which has
affected the Group's performance mainly during the second half
of the financial year under review.

The Group's profit before income tax, minority interests,
extraordinary items, interests, depreciation, foreign exchange
loss and exceptional items was S$1.8 million for FY2001 (FY2000:
S$2.7 million). The lower profit was due mainly to higher
professional fees incurred in respect of the restructuring
exercise amounting to approximately S$0.9 million. The lower
depreciation was mainly because some of the plant and machinery
items of the Group have been fully depreciated during the year.

The Group's loss after tax and extraordinary items attributable
to members of the Company was S$3.0 million for FY2001 (FY2000:
S$3.1 million).

The Company's operating loss before income tax, minority
interests, extraordinary items, interests, depreciation and
exceptional items for FY2001 increased to S$1.7 million (FY2000:
S$0.9 million). The increase was due mainly to higher
professional fees incurred in respect of the restructuring
exercise of approximately S$0.9 million for the financial year
under review.

The Company's operating loss after tax for FY2001 decreased to
S$4.6 million (FY2000: S$6.0 million) due to lower losses on
exceptional items. The exceptional items for FY2001 are due to
provision for corporate guarantees of S$3.6 million and
writeback of provision for doubtful debts on amount due from
subsidiary companies of S$0.6 million. In light of SAS8
(revised), the Company has reclassified prior year's
extraordinary items to exceptional items.


DENNY'S SINGAPORE: Cannery Sues For Repayment Of $1M Loan
---------------------------------------------------------
Lam Soon Cannery is suing Denny's Singapore in Singapore's High
Court for repayment of a $1 million loan which Lam Soon extended
to Denny's during its financial problems in 1998 and 1999.  The
case, with Lam Soon represented by Wong Partnership and Denny's
represented by JC Ho & Kang, is being heard before Judicial
Commissioner Woo Bih Li.

Denny's Singapore is a subsidiary of Lam Soon Singapore, which
is a subsidiary of Lam Soon Cannery.  Lam Soon Cannery is the
holding company for the Lam Soon group, according to the Straits
Times. LAM Soon Cannery is suing Denny's Singapore for the
repayment of a $1 million loan, the High Court heard on
Wednesday.

Lam Soon Cannery reportedly extended a loan of $800,000 in May
1999 and $200,000 in October 1999 to Denny's based on two verbal
agreements.  Lam Soon's lawyers sent a letter to Denny's asking
for repayment in January 2001, with another letter asking for
full settlement by July 17 sent after a few months.  Lam Soon's
lawyers claim the loans were repayable on demand because there
were no agreed terms for repayment.

Denny's, which failed to make payments, claims it was agreed
that the loans would be repaid if Denny's became financially
self-sufficient or if it was sold to a third party.  No buyer
had materialized by March of this year, the Times said.


DOVECHEM STOLTHAVEN: HSBC Makes Voluntary Conditional Offer
-----------------------------------------------------------
On October 17, 2001, Stolthaven Asia Pacific B.V., a company
incorporated in the Netherlands and a subsidiary of Stolt-
Nielsen, made a voluntary conditional partial offer in cash to
acquire the offer shares of Dovechem Terminals Holdings Limited.

On October 24, HSBC, on behalf of Stolthaven, delivered to
Dovechem a Notice of Take-over Offer and a Statement in
Compliance with Part B of the Tenth Schedule to the Act in
connection with the partial offer.

The offer document set out the terms and conditions of the
partial offer, as follows:

      (a) Principal Terms.  The partial offer is being made in
respect of one (1) share out of every four (4) existing shares
and will be extended to each independent shareholder as at the
record date, other than those already owned or controlled by the
offeror and parties deemed to be acting in concert with it on
the basis of S$0.75 cash for each offer share.

Under the terms of the partial offer, the offeror is permitted
to acquire one (1) share out of every four (4) existing shares
as at the close of the partial offer, other than those already
owned or controlled by the offeror or any party deemed to be
acting in concert with it, and is not permitted to acquire any
additional shares, which may be tendered for acceptance under
the partial offer.

The offer shares are to be acquired free from all charges,
liens, pledges and other encumbrances and together with all
rights attaching thereto as at the announcement date and
thereafter attaching thereto, including the right
to all dividends, rights and other distributions (if any)
declared, made or paid thereon (including any dividend which may
be declared, paid or made by the company in respect of the
financial year ended June 2001.)

In determining the number of offer shares for which the partial
offer is made, fractions of a share will be disregarded.

      (b) Conditions to the Partial Offer. The partial offer
shall be conditional upon the offeror having received, by the
close of the partial offer, the following:

           A) acceptances in respect of one (1) Share out of
every (4) shares held as at the record date, other than those
already owned or controlled by the offeror and parties deemed to
be acting in concert with it.  For illustrative purposes, based
on (i) the terms of the partial offer and (ii) SHAP's current
shareholding of 41,854,060 shares, and assuming the issued
share capital of Dovechem Terminals is 113,350,000 shares as at
the record date, this condition will be deemed to be satisfied
if acceptances in respect of at least 17,873,985 shares are
received by the close of the partial offer; and

           B) approval by way of more than 50% of the votes
received from the shareholders as at the record date, other than
the offeror, parties deemed to be acting in concert with the
offeror and their associates.

The partial offer will, therefore, not become or be capable of
being declared unconditional until the close of the partial
offer, unless at any time prior to the close of the partial
offer all the above conditions are fulfilled.


DOVECHEM STOLTHAVEN: Nix Partial Offer, DHPL Tells Creditors
------------------------------------------------------------
Dovechem Terminals Holdings Limited, now known as Dovechem
Stolthaven Limited, informed Shareholders that the Board
received a reply from DHPL transmitted at about 8:30 pm on 10
December 2001 which states that:

"As the Company may be aware, all the 42,918,460 shares in
Dovechem held by Dovechem Holdings Pte Ltd have been pledged to
6 financial institutions.

"DHPL instructed each of the Creditors Banks to:

      (a) vote against the Partial Offer and
      (b) not to accept the Partial Offer in respect of the
Dovechem shares held by them (save for one which has voted in
favor of the Partial Offer in respect of the Dovechem shares
pledged to them but did not accept the Partial Offer).

"At this time however, DHPL is uncertain as to whether the
Creditor Banks will act in accordance with the instruction or to
proceed to vote for the Partial Offer and to accept the Partial
Offer. DHPL is therefore unable to state with any certainty the
manner in which these shares will be dealt with by the Creditor
Banks."

The Board has been informed by Cr,dit Agricole Indosuez Merchant
Bank Asia Limited, the independent financial advisor to the
Independent Directors of the Company on the Partial Offer that
the aforesaid does not in any way affect the opinion of CAIMBAL
that the terms of the Partial Offer are neither fair nor
reasonable.

Accordingly, the Independent Directors of the Company have also
confirmed that the change in circumstance does not in any way
affect their concurrence with CAIMBAL's opinion that the terms
of the Partial Offer are neither fair nor reasonable.


HBM PRINT: Enters Into Purchase Agreement For 87% Of NAI
--------------------------------------------------------
Following a review of the proposed acquisition of The Nanyang
Insurance Company Limited (NAI) , after termination of
negotiations in relation thereto in January 2001, the Board of
Directors of HBM Print Ltd announced that the Company has on 20
December 2001 entered into a conditional Sale and Purchase
Agreement, with its ultimate holding company See Hoy Chan Sdn.
Berhad for the acquisition of 87.39% interest in TNICL.

SHC Capital Holdings Pte Ltd and Allcare Investment Holdings Pte
Ltd, both wholly-owned subsidiaries of SHCSB, own 63,784,054 and
1,209,000 ordinary shares of S$0.10 each in the share capital of
the Company respectively, representing approximately 72.5% and
1.4% of the total issued share capital of the Company
respectively. Consequently, SHCSB is deemed to have an
interest in an aggregate of 64,993,054 Shares representing an
aggregate of approximately 73.9% of the total issued share
capital of the Company.

The consideration for the Proposed Acquisition is S$24,502,487,
which is to be satisfied partly by cash of S$9 million and
partly by way of the issuance to SHCSB and/or its nominees of
103,349,913 new ordinary shares of S$0.10 each in the capital of
HBM at the issue price of S$0.15 per Consideration Share.

The Purchase Consideration was arrived at on a willing seller
willing buyer basis and based on a 30% discount to the adjusted
unaudited net tangible asset value of TNICL as at 30 September
2001 (adjusted to take into account, inter alia, market values
of the properties and securities investments of TNICL and
SHCSB's 87.39% interest in TNICL).

The cash component of the Purchase Consideration is to be
satisfied by a:

      (a) Cash deposit of S$1,000,000 upon signing of the
Agreement;

      (b) Cash payment of S$5,000,000 on Completion Date (as
defined below); and

      (c) Cash payment of S$3,000,000 on or before a date falling
12 months of the Completion Date or such other date as the
parties may in good faith negotiate and mutually agree (such
agreement not to be unreasonably withheld).

The Company intends for the cash component of the Purchase
Consideration to be funded by internal cash resources of S$1
million and borrowings of S$8 million from banks and/or
financial institutions.

The Agreement provides that the cash deposit of S$1,000,000
shall be forthwith refunded by SHCSB to the Company if and when
the Proposed Acquisition is not completed as a result of the
non-fulfillment of any one of the conditions precedent set out
below.

The Consideration Shares when issued will be credited as fully
paid and will rank pari passu in all respects with the then
existing Shares of the Company. The Issue Price for the
Consideration Shares was arrived at having regard to the
unaudited consolidated NTA per Share of the Company as at 30
September 2001.

The book NTA of 87.39% of TNICL as at 30 September 2001 is
approximately 221.4% of the consolidated book NTA of the Company
and its subsidiaries as at 30 September 2001.

The Purchase Consideration payable by the Company for 87.39% of
TNICL shares is approximately 184.6% of the consolidated book
NTA of the Group as at 30 September 2001.

The Consideration Shares represent approximately 117% of the
Company's present issued share capital or approximately 54% of
its enlarged issued share capital after the Proposed
Acquisition.

In view of the foregoing, the Proposed Acquisition is deemed to
be a "Very Substantial Acquisition" as defined under Clause 1008
of the Listing Manual of the Singapore Exchange Securities
Trading Limited. The Proposed Acquisition, as well as the issue
of the Consideration Shares, are therefore subject to the
approval of the SGX-ST and shareholders of the Company at an
extraordinary general meeting.

In addition, as SHCSB is a substantial shareholder of the
Company with an aggregate direct and deemed interest of 73.9% in
the issued share capital of the Company, the Proposed
Acquisition and the issue of Consideration Shares would be
deemed to be interested person transactions under Chapter 9A of
the SGX-ST Listing Manual. As the Purchase Consideration exceeds
5% of the latest audited consolidated NTA of the Group of
S$17.75 million as at 31 December 2000, the Proposed Acquisition
will be subject to the approval of Shareholders at an EGM to be
convened where all interested parties will abstain from voting.

The Proposed Acquisition is conditional upon:

      (a) the approval of the Shareholders for the Proposed
Acquisition and the issue of the Consideration Shares being
obtained at an EGM to be convened;

      (b) the approval of the SGX-ST for the Proposed Acquisition
and for the admission to the Official List of SGX-Sesdaq and the
dealing in and quotation of the Consideration Shares, being
obtained and not withdrawn or amended, on or before the
Completion Date, and if such approval is given subject to any
terms and conditions, that such terms and conditions are
acceptable to the Company and SHCSB;

      (c) the approval of the Monetary Authority of Singapore for
the Proposed Acquisition being obtained and not withdrawn or
amended, on or before the Completion Date, and if such approval
is given subject to any terms and conditions, that such terms
and conditions are acceptable to the Company and SHCSB;

      (d) SHCSB's written undertaking that the requisite number
of Shares of the Company held by and/or to be issued to SHCSB on
Completion Date will be placed out by SHCSB to the public as may
be required by the SGX-ST and so that the listing status of the
Company will be maintained without any suspension in trading of
the Company's Shares on SGX-Sesdaq, being obtained and not
withdrawn, on or before the Completion Date;

      (e) such other approvals (if any) as may be necessary from
any relevant competent authority wherever located having
jurisdiction over the transactions contemplated under the
Agreement being obtained and not withdrawn or amended, on or
before the Completion Date, and if such approvals are given
subject to any terms and conditions, that such terms and
conditions are acceptable to the Company and SHCSB;

      (f) such waivers and consents as may be required to enable
SHCSB to sell and transfer its shares in TNICL to the Company
and for the Company to be registered as holder of such TNICL
shares being obtained and not withdrawn or amended, on or before
the Completion Date, and if such approvals are given subject to
any terms and conditions, that such terms and conditions are
acceptable to the Company; and

      (g) the Company being satisfied with the results of the
legal and financial due diligence exercise and investigations
into the affairs and operations of TNICL.

If any of the conditions precedent as set out above is not
fulfilled or complied with on or before 30 April 2002 (or such
other date as SHCSB and the Company may agree in writing), the
Company shall be entitled (in addition to and without prejudice
to all other rights and remedies available to it) to elect to:

      (i) rescind the Agreement; or

      (ii) effect completion so far as practicable having regard
to the defaults which have occurred.

In the event the Company elects to rescind the Agreement, the
Agreement shall cease and determine and save for the refund of
the cash deposit of S$1,000,000 referred to above, neither party
shall have any claim against the other for costs, damages,
compensation or otherwise arising out of the Agreement save for
any claim by any party against the other party arising from any
antecedent breach of the terms of the Agreement.


THAKRAL CORPORATION: Reports US$43.7M Gain From Debt Buyback
------------------------------------------------------------
Thakral Corporation announced that the debt buy-back exercise
pursuant to its scheme of arrangement under Section 210
Companies Act (Chapter 50) closed on 20 December 2001.

The debt buy-back exercise which was launched on 30 November
2001 involves the Company calling for a tender open to all its
Participating Creditors (as defined in the Singapore Scheme),
wherein each Participating Creditor may choose to submit an
offer to the Company to retire the whole or part of its
debt at a discount of not less than 70%.

The scheme Manager under the Singapore Scheme had advised the
Company that certain Participating Creditors with Approved
Claims (as defined in the Singapore Scheme) amounting to
US$61,176,267 have submitted bids to retire their debt at an
average discount of 71.6%. Accordingly, an amount of
US$17,392,932 will be utilized from the Debt Buy-Back Fund to
retire US$61,176,267 of the Group's debt to be restructured. The
retired amount comprises 24.4% of the Approved Claims owed by
the Company to its Participating Creditors.

As a result of the above debt buy-back exercise, the Group will
report a gain equivalent to US$43,783,335 at the conclusion of
the Singapore Scheme.


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


EASTERN WIRE: Registers Paid-Up Capital Increase
------------------------------------------------
Eastern Wire Public Company Limited informed that approval was
given regarding the increase of paid-up capital registration
from Bt2,179,367,440 to Bt279,367,440 by the Commercial
Registration Department on December 27, 2001.

In accordance with its Business Reorganization Plan approved by
the Central Bankruptcy Court on June 21, 2001, its Plan
Administrator was assigned to increase capital for existing
shareholders amount 200,000,000 shares and then decrease capital
(which increased) amount 190,000,000 shares by decreasing amount
of share for 100 shares remaining to 5 shares.  Thus the net
increased capital remains amount 10,000,000 shares, then the
increase capital and decrease capital, after on above, equal to
Bt279,367,440.


GENERAL ENGINEERING: Enters Debt Workout Agreement With TFB
-----------------------------------------------------------
General Engineering Public Company Limited has signed a debt
restructuring agreement on December 26, 2001 with Thai Farmers
Bank Public Company Limited (TFB) of which the principal amount
is  Bt183.03 million by partial asset transfer and debt
repayment with in five years period. The restructuring amount
represents  30.88% of total debts of the company approximately
Bt16.27 million profit from accept land value and revaluation
increment  in land will decrease Bt51.70 million. The result of
debt restructuring would be recognized in the  fourth quarter of
this year.

The assets have been used for collateral since 1988. GEPC can
buy back within 5 years and can lease the asset, lease agreement
will be in process. The restructuring have no  effect to the
business.


POWER-P: Submits Rehabilitation Plan To Solvency Court
------------------------------------------------------
Power-P Planner Co., assigned by the Central Court of Solvency
on 2nd July, 2001  to prepare a Re-habilitation Plan for Power-P
Public Co., Ltd., advised that the Rehabilitation Plan in
question has been completed and submitted to the Central Court
of Solvency and by whose order a meeting is set to consider the
Plan on 24th January, 2002 at 8.30-12.00 hours at Meeting Hall
No. 1105, 11th flow of Bangkok  Insurance Building, No.25, South
Sathon Road, Bangkok.


RAYONG TANK: Filed Business Reorganization Petition To Court
------------------------------------------------------------
The Petition for Business Reorganization of technology of tank
terminal provider, Rayong Tank Terminal Company Limited (DEBTOR)
was filed to the Central Bankruptcy Court:

    Black Case Number 1009/2543

    Red Case Number 9/2544

Petitioner: Samseung Heavy Industry Company Limited by Mr. Sang
Sung Park , the Authority #1st, Samseung Heavy Industry
(Thailand) Company Limited #2nd

Planner: Chercill Price Planner Company Limited

Debts Owed to the Petitioning Creditor: Bt4,145,809,845.19

Date of Court Acceptance of the Petition: December 6, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

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 26, 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

Planner postponed the date of submitting the reorganization plan
#1st to June 22, 2001

Appointment date for the Meeting of Creditors to consider the
plan has been postponed till July 25, 2001 at 9.30 am.
Convention Room 1104, 11th Floor, Bangkok Insurance Building,
South Sathorn Road

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:
August 23, 2001 and Appointed Chercill Price 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:
September 3, 2001

Announcement of Court Order for accepting the Business
Reorganization Plan and Appointment of the Plan Administrator in
Government Gazette: September 25, 2001

Contact: Mr. Thummalort Tel, 6792525 ext 122


THAI PETROCHEMICAL: Posts Plan Implementation Progress Report
-------------------------------------------------------------
Effective Planners Ltd, Plan Administrator of Thai Petrochemical
Industry Public Company Limited, Under the Rules of the Stock
Exchange of Thailand and as a listed company, is obliged to
disclose the progress on plan implementation every 3 months. Set
out below is a summary of the progress report sent to the
Official Receiver.

1. Introduction

During the period 1 October 2001 to 31 December 2001, the Plan
Administrator continued with the implementation of the Business
Reorganization Plan. Specifically, the Plan Administrator:

    (a) obtained additional working capital facilities of USD
79.67 million to allow the company to utilize the additional
refining capacity completed during the Plan Preparation period.
(b) Continued with the Non-Core Assets sale program required by
the Plan, realizing a brought the total raised to date to
approximately US$30 million. TPI also made substantial progress
toward the sale of other non-core assets including the
company's power generating facilities, oil depots & several gas
stations, some specialized tank storage facilities and the
company's vacant land holdings. On 17 December 2001, the Plan
Administrator informed the Scheme Creditors and the SET that it
would not be possible to meet the Non Core Asset sales Milestone
of US$200 million by 31 December 2001 as required by the
Business Reorganization Plan. This will result in an event of
default occurring under the Plan. Pursuant to the Plan,
creditors will be asked whether they wish to take any action in
respect of this default in early January 2002.

There have been six transactions involving the transfer of debt
between creditors during the quarter. Such transfers have been
between foreign scheme creditors and hence have not altered the
mix of Thai and foreign creditors or Thai and foreigner
shareholdings.

2. Interest

Tier (i) interest for the period of September to November 2001
was remitted in full to all Creditors on 3rd and 31st October
2001 and 30th November 2001 respectively, details of the
payments are:

September
Currency               Amount (unit: million)
Thai Baht                 248.00
US Dollars                  4.00
Thai Baht                 256.27
US Dollars                  3.48
Yen                        11.18
Euros                       0.13

November
Currency               Amount (unit: million)
Thai Baht                 248.00
US Dollars                  3.08
Yen                        10.77
Euros                       0.12

3.  Finalization of Creditors' Claims

Adjudication of Total Claim Amounts

At the date of writing there remained eleven (11) claims under
adjudication by the Official Receiver, of which six (6) claims
relate to Scheme Debt.  In addition to this, another twelve (12)
previously adjudicated claims are under appeal at either the
Bankruptcy Court or Supreme Court.

Please note that the principal balances used to calculate the
debt to equity conversion are still subject to change.  It
follows that the equity allocations may be adjusted after
the adjudication process is complete.

There are numerous adjustments, which need to be made to the
preliminary creditor entitlement figures previously provided to
creditors. These calculations will be finalized once all
creditor claims have been finally adjudicated.

4. Repayment of Class 14 (Trade) Creditors

There remain four (4) claims pending adjudication by the
Official Receiver. Once these claims are finalized they will be
paid in full in accordance with the Plan.

5. Asset Sales

The TPI Restructuring Plan requires TPI to raised USD 200
million for the sale of Non-Core assets.  Set out below is a
summary of the progress achieved to date.

Banpu Power Limited has been selected by the Plan Administrator
as the preferred bidder for TPI's power plant.

Whilst this is an important milestone in the sale of the power
plant, a significant amount of negotiation remains to finalize
the detail of the sale to Banpu. Please be aware that it
is still possible that the sale will not proceed, if an
acceptable deal cannot be reached with Banpu Power.

Banpu Power's bid values the power plant at approximately USD
100 million, including the opportunity to expand the facility.
However, there are significant conditions attached to the
payment of the purchase price, as follows:

    a) USD 58 million payable at closing of the transaction

    b) USD 12 million provided as vendor financing by TPI as
follows:

      * 12 year term
      * fixed interest rate of 9%
      * bullet repayment
      * second ranking security

    c) US$30 million payable 30 months after obtaining
environmental approval for the construction of the expansion
facility

The Plan Administrator is working to finalize the detailed terms
and conditions of the sale with Banpu Power, in order to sign
binding agreements, as quickly as possible.

The approval of the Committee of Creditors (COC), and of
creditors holding existing security over power plant assets is
required before the sale can be completed. The COC has appointed
PricewaterhouseCoopers to review the sale transaction on their
behalf and the Company is discussing the release of security
with the creditors concerned.

In addition, the transfer of key operating permits is still
underway and must be concluded before the sale can take effect.
It is expected that the transfers may take several months to
complete.

TPI Polene Equity

There are no developments to report this quarter due to delays
in the process of TPI Polene's Restructuring Plan.

Real Estate Assets

Offers continue to be received for several of the properties
advertised. Draft sale contracts have been prepared. The Plan
Administrator is working to finalize as many sales as possible,
although it is unlikely that any sale will be achieved prior to
31 December 2001.

Other Asset Sales

Shares in Thai Synthetic Rubbers Company Ltd (TSL)
A sale of the shareholding of TPI in this company to UBE
Industries Ltd, the major shareholder in the company, has been
completed. This sale is yielded proceeds of USD4.17M.

Sale of Ammonia and Cyclohexane Tanks

Thai Caprolactum PCL and Thai Nitrate Co., Ltd., two companies
operating in TPI's Industrial Park, have expressed interest in
purchasing these three specialized chemical storage tanks.  The
two ammonia tanks are likely to be purchased jointly by the two
companies whilst Thai Caprolactum is the intended purchaser of
the Cyclohexane tank at these assets is projected to realize
US$9.5 million.

It is unlikely that this sale will be concluded by 31 December
2001.

Truck Fleet

Consideration of this sale has been deferred in favor of a wider
ranging review of TPI's total distribution requirements. The
outsourcing of the transportation function will only proceed if
there are clear economic benefits.

Sale and Lease Back of Depots and Gas Stations

The advertising for the sale and lease back of distribution
depots located in Thailand at Prapadaeng and Ayudhya, a Lube
Blending Plant at Prapadaeng and eight (8) freehold
gas station sites are proceeding although no firm offers have
been received to date.

6. Assets sale Milestone Required by Plan

On 17 December 2001, creditors and the SET were advised that TPI
would not be able to raise US$200 million from the sale of Non-
Core Assets by 31 December 2001 as required by the plan.  This
will constitute on even of default under the Plan.  Creditors
will be required to formally indicate whether they wish to take
action under the event of default in early of January 2002.


WONGPAITOON GROUP: Reports Securities Offering Results
------------------------------------------------------
Wongpaitoon Group Public Company Limited reported that results
of the securities offering:

             WONGPAITOON GROUP PUBLIC COMPANY LIMITED
           REPORT THE RESULTS OF A SECURITIES OFFERING
                        December 24, 2001

1. Information relating to the securities offering

   Class of securities offered     :   warrants
   Number of securities offered    :   403,230,585 units
   Offered to                      :   Creditors under the
   Business Reorganization
                                       Plan who converted their
   debt to equity
   Price per units                 :   Baht -0-

2. Results of the securities sale

   ( / )   Totally sold
   (   )   Partly sold, with - units remaining.

3. Details of the sale


           Thai Investors         Foreign Investors     Total
         Juristic     Natural     Juristic    Natural
         Persons      Persons     Persons     Persons

No.of persons   7           -        2           -        9
No. of securities
subscribed   372,832,225    -    30,398,360      - 403,230,585
Percentage of total
securities offered
for sale      92.46%        -      7.54%         -    100.00%

4. Amount of money received from the securities sale Pursuant to
the Business Reorganization plan, the Company is required to
issue and offer warrants to its creditors at the ratio of 3
shares which the creditors acquired from debt-to-equity
conversion to 2 units of warrant at the price of Baht -0-
(zero); thus, there are no proceeds received from this
transaction.


S U B S C R I P T I O N  I N F O R M A T I O N

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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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