/raid1/www/Hosts/bankrupt/TCRAP_Public/020110.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, January 10, 2002, Vol. 5, No. 7

                         Headlines


A U S T R A L I A

AQUARIUS PLATINUM: Restructure South African Assets
AUSTAR UNITED: Moody's Lowers Debt Ratings; Outlook Negative
ENERGY EQUITY: Changes Name To Energy World Corporation Limited
NORD AUSTRALEX: In Dispute With Joint Venture Partner
OZDIRECTORY PTY: Sofcom Confirms Appointment Of Administrator

STRATEGY ONE: Posts Case Profile


C H I N A   &   H O N G  K O N G

BIG WIN: Winding Up Sought By China Travel
CENTURY LEGEND: Price, Turnover Movements Unexplainable
HOP CHEONG: Winding Up Petition Set For Hearing
PEARL ORIENTAL: Continues Debt Settlement Talks With Creditors
SINORANK INTERNATIONAL: Petition To Wind Up Slated

SCORE TRINITY: Winding Up Petition Pending
TAT CHEONG: Faces Winding Up Petition


I N D O N E S I A

BANK CENTRAL: Salim Group Assures No Involvement In Stake Sale
BARITO PACIFIC: Proposes To Delay Coupon Payment Until July
CIPUTRA DEVT: Still In Debt Restructuring Negotiations
PERUSAHAAN LISTRIK: Trims Net Loss To Rp1.8T From Rp24.6T
SEMEN GRESIK: Workers Stage Strike To Protest Sale To Cemex


J A P A N

ALPS ELECTRIC: Closes Iwate Plant
DAIEI INC: Banks Eye Y300-400B Bailout Scheme
DAIEI INC: Sells Transport Unit To US Investment Firm
NISSHO IWAI: Introduces 401(k) Pension Scheme
PSINET: Intends To Sell Japan Unit To C&W Entity For US$10.2M

SEIDEN CO: Files For Court Protection From Its Creditors
TAIHEIYO COAL: Labor Union Accepts Closure Proposal

* Fitch Comments On Major Japanese Banks 2002 Prospects


K O R E A

CHOHUNG BANK: Govt Considers Share Sale, MOFE Says
DAEWOO MOTOR: GM Chair Says It Will Conclude Deal Soonest
DAEWOO MOTOR: GM Has No Plans To Replace Assets Listed In MoU
DAEWOO MOTOR: Govt, Creditors Consider Excluding Egypt Facility
HYNIX SEMICONDUCTOR: Holders Get Less Than Par In Micron Deal

HYNIX SEMICONDUCTOR: Micron Offers DRAM Businesses Merger
KUKJE HWAJAE: Sale To Kunhwa Will Erode Shareholder Equity


M A L A Y S I A

AVENUE ASSETS: Enters Supplemental Settlement Agreement
KELANAMAS INDUSTRIES: Posts EGM Notice
L&M CORPORATION: Discloses Dec 2001 Interest Payment Default
MAY PLASTICS: Settles Debt With Creditors By Share Issuance
MENTIGA CORP.: Court Orders Writ Of Seizure

PAN PACIFIC: Posts Default In Payment Status
PILECON ENGINEERING: Faces Defamation Action From SA
SINMAH RESOURCES: EGM To Be Held On Jan 31
TAJO BERHAD: Proposes Articles Of Association Amendments
TRANSWATER CORP.: Proposes Amendments To Articles Of Association

WING TIEK: Posts Notice Of AGM


P H I L I P P I N E S

METRO PACIFIC: Fails To Pay Parent $90M Advances
METRO PACIFIC: Pangilinan Replaces Resigned Co President
VICTORIA MILLING: Laying Off As Part Of Rehab Program


S I N G A P O R E

ACMA: UOB Sells Acma Stake
CAPITALAND: Unit Ascott Group Ups Equity in Ascott Hospitality
CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest
ISOFTEL: Expects Higher H2 Losses
VERTEX VENTURE: Sees $140-150M Loss In 2001

WEE POH: Updates WWP Proposed Scheme of Arrangement W/ Creditors


T H A I L A N D


CALCIUM PRODUCT: Files Petition For Business Reorganization
THAI-GERMAN PRODUCTS: Lists 2002 Holidays
THAI PETROCHEMICAL: Fails To Meet Repayment Milestone
TPI Polene: Founder Favors Holcim Over Cemex

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AQUARIUS PLATINUM: Restructure South African Assets
---------------------------------------------------
Aquarius Platinum Limited (AQP) has entered into agreements with
Investec Bank Limited (IBL) and Impala Platinum Holdings Limited
(Implats) to extend the Implats guaranteed ZAR504 million
facility that Aquarius Platinum (South Africa) Pty Ltd (AQPSA)
was required to settle with IBL on 31 December 2001.

The extension, for a period of two months, has been agreed to by
the parties to allow AQP to complete a refinancing and a
restructuring arrangement of its South African based assets. Key
features of the re-financing arrangements will be the provision
of a new ZAR390 million 4 year term facility financing package
by Investec Bank Limited to AQPSA that will allow for inter
alia:

i) a partial repayment of the ZAR504 million facility

ii) the repayment of the ZAR124.8 million working capital loan
granted by Implats to AQPSA in February 2001 and

iii) a standby facility for AQPSA to complete the Marikana
project in the unlikely event of an overrun of the project
capital or a significant deterioration of current Rand prices
received for the Kroondal production.

The restructuring plan being discussed with Implats also
includes:

i) bringing the Kroondal mine assets and strong cashflows into
AQPSA

ii) the creation of a unitary management structure for all of
AQP's South Africa operations and projects

iii) the guarantee by Implats of some of the new ZAR390 million
Investec facility and

iv) the conversion of some of the ZAR504 million debt guaranteed
by Implats into equity in AQPSA.

The restructuring arrangements are subject to certain SA
regulatory approvals, which are anticipated to be granted during
the two-month extension period. Shareholders will be kept
informed of future developments.


AUSTAR UNITED: Moody's Lowers Debt Ratings; Outlook Negative
------------------------------------------------------------
Moody's Investors Service lowered the debt ratings of
UnitedGlobalCom, formerly known as United International
Holdings, and its subsidiaries as outlined below, concluding its
review, which began October 2001. Moody's also withdrew the
ratings for the company's shelf registration, the senior
unsecured discount notes due on 2009, which were recently
redeemed, and the subsidiary bank loans to VTR GlobalCom and
Austar United Communications, the former of which needs to be
refinanced imminently and the latter of which remains under
technical default. The rating outlook remains negative.

UnitedGlobalCom (UGC)

US$1.375 billion (face amount) of 10-3/4% senior secured
discount notes due 2008 - to Ca from Caa3

US$355 million (face amount) of 10-7/8% senior unsecured
discount notes due 2009 - WR from Ca

US$425 million of 7% Series C preferred stock - C

US$287.5 million of 7% Series D preferred stock - C

Prospective Senior Secured/Senior
Unsecured/Subordinated/Preferred Ratings under US$1.2 billion
shelf registration - WR/WR/WR/WR

Senior Unsecured Issuer Rating - to C from Ca

Senior Implied Rating - to Ca from Caa2

United Australia/Pacific (UAP; formerly UIH Australia/Pacific)

US$447.42 million (face amount) of 14% senior discount notes -
to C from Ca

US$45.45 million (face amount) of 14% senior discount notes -to
C from Ca

Austar United Communications (Austar; formerly Austar
Entertainment)

A$200 million senior secured revolving credit facility due 2006
- WR from Caa1

A$200 million senior secured revolving credit facility due 2006
- WR from Caa1

VTR GlobalCom (VTR; formerly VTR Hipercable)

US$140 million senior secured term loan due 2002 - WR from B3

US$80 million senior secured term loan due 2002 - WR from B3

The reduction of the UAP rating, and withdrawal of the Austar
rating, reflects the current payment default of UAP (as
suggested in our press release of April 2001) and the expected
technical default of Austar, and the anticipated restructuring
of these entities, with little to no incremental support being
provided by UGC. The ratings for UAP are also likely to be
withdrawn commensurate with any restructuring activities given
the de minimus amount of value perceived to be remaining
therein.


ENERGY EQUITY: Changes Name To Energy World Corporation Limited
---------------------------------------------------------------
The Directors of Energy Equity Corporation Ltd advised that,
in accordance with the Resolution passed by Shareholders at the
AGM held on 30 November 2001, the Australian Securities and
Investments Commission has now approved the change of company
name from Energy Equity Corporation Ltd to Energy World
Corporation Limited, effective 18 December 2001.

The Company also informed that Energy World International Ltd
increased its relevant interest in the Company on
06/December/2001, from 343,649,062 ordinary shares (50.41
percent) to 477,695,727 ordinary shares (57.42 percent).


NORD AUSTRALEX: In Dispute With Joint Venture Partner
-----------------------------------------------------
Nord Pacific Limited's wholly owned subsidiary in Australia,
Nord Australex Nominees Pty Ltd. (Australex), which is the
company that legally owns Nord Pacific's interests in the
Girilambone Joint Ventures and the Tritton Copper Project, is in
dispute with its joint venture partner, Straits Mining Pty Ltd
of Perth, Western Australia (a wholly owned subsidiary of
Straits Resources Limited) over the management and funding of
the Girilambone Copper Operations.  

Previously, Australex had defaulted on scheduled payments for
the purchase of the Tritton project from Straits. The defaults
occurred following the Company's failure to procure anticipated
financing.  This was exacerbated by the reduced cash flow being
derived from Australex's share of copper sales from Girilambone,
due to the gradual exhaustion of copper production from the
leach heaps, and by the low price of copper being realized.  On
December 21, 2001, Straits issued to Australex a Statutory
Demand for Payment of monies owed (A$1,500,000 or approximately
US$780,000) under the terms of the Tritton Sale Agreement.  
Australex has 21 days, or until January 11, 2002, to meet this
demand.  Under Australian law, a company may be declared
insolvent if it cannot meet its bills when due and payable.  

In order to rectify these situations, Nord Pacific is in
discussion with a number of parties to secure financing for the
acquisition of Straits' share of the Girilambone joint ventures
and the redemption of the Tritton Project, or, to otherwise come
to some suitable arrangement with Straits.


OZDIRECTORY PTY: Sofcom Confirms Appointment Of Administrator
------------------------------------------------------------
Software Communication Group Limited (Sofcom) advised that
further to an ASX Announcement made on 18 December 2001 in
respect of Sofcom's concerns surrounding the appointment of
David Neil Lockwood as Administrator of Ozdirectory Pty Ltd, in
the interests of continuing to preserve shareholders funds in
Sofcom, Sofcom's appointees to the Board of Ozdirectory Pty Ltd
have resolved to confirm the appointment of David Neil Lockwood
as Administrator of Ozdirectory Pty Ltd, such appointment being
effective from 18 December 2001.


STRATEGY ONE: Posts Case Profile
--------------------------------
Strategy One released this case profile:

Territory  :  Australia  
Company Name :  Strategy One  
Lead Partner :  Peter Hedge  
Case Manager :  Ian Douglas  
Date of Appointment:  13 February 2001  
Normal Contact :  Peter Hedge (strategy.one@au.pwcglobal.com)  
Contact Phone No :  (02) 8266 5423  

PwC Office  

Location :  Sydney  
PO Box :  GPO Box 2650  
Street Address:  Darling Park Tower 2, 201 Sussex Street  
City  :  SYDNEY  
State  :  NSW  
Postcode :  1171  
DX  :  DX 77 Sydney  
Phone  :  (02) 8266 5423  
Fax  :  (02) 8266 8915  
Appointor :  APRA  
Registered Office of company :  Oak Breeze Pty Ltd Level 1 201
     Sussex Street  
Company No / ACN   :  095 333 743  
Type of Appointment:  Trustee  
Lead Partner - Full Name :  Peter John Hedge  
Second Partner - Full Name :  Peter Kenneth Williamson  

Case Information (Last Updated 13/12/2001 02:13:12 PM)  

Background Information  

On 13 February 2001, Oak Breeze Pty Limited was appointed acting
trustee of a number of superannuation funds by the Australian
Prudential Regulation Authority (APRA) in place of Commercial
Nominees of Australia Limited (CNA), who has been removed as
trustee by APRA.  

Current status of assignment and actions required by creditors  

The Trustees are conducting a review of each of the
superannuation entities to whom they have been appointed as
Trustee. A number of the entities have investments in impaired
assets and the Trustees are currently investigating options to
resolve this issue. Except for necessary transactions, all
payments are frozen until the position of the fund is clarified.
For more detail please refer to the Notification of Replacement
Trustee sent to each affected entity on 9 March 2001, copies of
which are available to view on this website.  

Next milestone and estimated timetable  

The new trustee directors expect to be in a position to report
to members by 14 May 2001, the date they are required to report
to APRA under the terms of their appointment. Until further
reviews have been undertaken, no timetable for the resolution of
the position of the funds' assets is able to be determined.  
(www.pwcrecovery.com)


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


BIG WIN: Winding Up Sought By China Travel
------------------------------------------
China Travel Trading Co., (HK) Limited is seeking the winding up
of Big Win Company Limited. The petition was filed on November
5, 2001, and will be heard before the High Court of Hong Kong on
January 30, 2002. China Travel holds its registered office at
13th Floor, CTS House, 78-83 Connaught Road, Central, Hong Kong.


CENTURY LEGEND: Price, Turnover Movements Unexplainable
-------------------------------------------------------
Century Legend (Holdings) Limited noted the recent increase in
the price and volume of the shares of the Company and stated
that we are not aware of any reasons for such increase.

The Company also confirmed that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under paragraph 3 of the Listing
Agreement, neither is the board of directors of the Company
aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price-sensitive nature.


HOP CHEONG: Winding Up Petition Set For Hearing
-----------------------------------------------
The petition to wind up Hop Cheong Knitting Garment Factory
Limited was scheduled for hearing before the High Court of Hong
Kong on January 9, 2002 at 10:30 am.

The petition was filed with the court on September 18, 2001 by
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.


PEARL ORIENTAL: Continues Debt Settlement Talks With Creditors
--------------------------------------------------------------
The Directors of Pearl Oriental Holdings Limited (Directors)
updated the public that despite the realization of the Genesis
Property by the creditor bank pursuant to the announcement of
the Company dated 3 January 2002 (3rd Announcement), there is no
indication whatsoever from the Purchaser, China Wanan Group
Limited that they will not complete the Share Sale Agreement on
30 January 2002, the Completion Date.

Currently, the Purchaser is negotiating with the creditor banks
to resolve the settlement of the outstanding indebtedness owed
to them by the Company. The amount due to the creditor bank
after the disposal of Genesis is approximately HK$100 million
whereas the total amount due to the creditor banks is
approximately HK$1.39 billion as at 13 December 2001 as
disclosed in the 13th Announcement.

The Company will keep the public informed on the development of
the completion of the Share Sale Agreement and any formal
agreement reached on the settlement of the outstanding
indebtedness as disclosed in the 13th Announcement.


SINORANK INTERNATIONAL: Petition To Wind Up Slated
--------------------------------------------------
The petition to wind up Sinorank International (Holdings)
Limited Is scheduled to be heard before the High Court of Hong
Kong on January 30, 2002 at 11:30 am. The petition was filed
with the court on November 21, 2001 by the Industrial and
Commercial Bank of China, Shenzhen Branch.


SCORE TRINITY: Winding Up Petition Pending
------------------------------------------
Score Trinity Trading Limited is facing a winding up
petition, which was heard before the High Court of Hong Kong on
January 9, 2002 at 10:30 am.

The petition was filed on September 18, 2001 by 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.


TAT CHEONG: Faces Winding Up Petition
-------------------------------------
The petition to wind up Tat Cheong International Trading Limited
was heard before the High Court of Hong Kong on January 9, 2002
at 10:30 am. The petition was filed with the court on September
18, 2001 by 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.


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


BANK CENTRAL: Salim Group Assures No Involvement In Stake Sale
--------------------------------------------------------------
Anthony Salim, son of Salim Group founder Liem Sioe Liong,
assures State Enterprise Minister Laksamana Sukardi that the
group will not participate in the government's sale of a 51
percent stake in Bank Central Asia, AFX-Asia reports.

Sukardi said Anthony Salim gave him a "verbal guarantee" on the
group's non-participation in the sale.

Based on criteria set by the government, the Salim Group is not
eligible to take part in the stake sale.


BARITO PACIFIC: Proposes To Delay Coupon Payment Until July
------------------------------------------------------------
PT Barito Pacific Timber will not be able to service the coupon
payment on its bonds due Jan 10 because of its failure to
improve second half of 2001 financial performance, AFX-Asia
reports, thus proposed to delay payment of the coupon until July
10. The coupon payments due are for the Serie I bonds the
company issued in May 1997.

"Unfortunately, our operations in the second semester 2001 was
not better than the first. The selling prices of timber products
weakened while production costs rose due to the increase of
fuel, electricity and spare parts prices," the Company said.

The company also said progress on debt restructuring talks with
foreign creditors has been sluggish due to numerous lot of
differences between the two sides on their respective
restructuring proposals.


CIPUTRA DEVT: Still In Debt Restructuring Negotiations
------------------------------------------------------
PT Ciputra Development said 78.23 percent of its Rp189.708
billion and US$264.073 million debts are still under
negotiations for restructuring, AFX-Asia reported Wednesday.

The company added that 12.04 percent of the debts have been
restructured through a debt-to-equity swap, 7.23 percent through
rescheduling, and the rest through a combination of rescheduling
and an issue of convertible bonds.


PERUSAHAAN LISTRIK: Trims Net Loss To Rp1.8T From Rp24.6T
---------------------------------------------------------
State Electricity firm Perusahaan Listrik Negara (PLN) expects
its net loss for 2001 to fall to Rp1.8 trillion from Rp24.6
trillion last year, AFX-Asia reports, citing company's President
Eddie Widiono.

"The fall in net loss is mainly attributable to PLN's decision,
which was approved by the government, to swap the company's
short-term debts to the government into equity," Widiono said,
giving no details on the debts.

Widiono added he expects the company's net loss to decline to
Rp200 billion this year partly due to a planned increase in
electricity tariffs in each of the quarters during the current
year.


SEMEN GRESIK: Workers Stage Strike To Protest Sale To Cemex
-----------------------------------------------------------
Cement producer PT Semen Gresik's workers walked off their jobs
Tuesday in a 24-hour strike to protest the possible sale of the
company to Cemex SA de CV of Mexico, EFE reported Wednesday.

"This strike is only for a day. But we'll declare another if the
government keeps open its option to sell the company," uttered
one of the strikers' representatives.

Indonesian Investment and Public Enterprises Minister Laksamana
Sukardi raised on Tuesday the possibility of selling of Semen
Gresik to another investor.

Cemex already owns 25.5 percent of the Indonesian company and
Indonesian officials said they hoped the Mexican company would
still hold on to its stake.

Semen Gresik was lower in Tuesday afternoon trade after news
that at least 900 non-production workers are on a one-day strike
to protest a government plan to sell a majority stake in the
company. A dealer with an offshore brokerage said that Semen
Gresik shares are lower mainly because of the strike, although
it is also correcting from a ramp-up over recent weeks.

At Tuesday 2.03 pm, Semen Gresik was down 50 at Rp5,650 off a
low of 5,550 on volume of 1 million shares.  


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


ALPS ELECTRIC: Closes Iwate Plant
---------------------------------
Electrical machinery maker Alps Electric Co has revealed that it
will close its system device plant in Morioka, Iwate Prefecture,
on April 1 as part of its restructuring scheme, due to sluggish
business in the electrical components industry, Kyodo News
reports.

The company will adapt an early retirement program from February
18 to March 15, which it will offer to settle up to 24 months of
basic salary in addition to the usual retirement package.


DAIEI INC: Banks Eye Y300-400B Bailout Scheme
--------------------------------------------------
Four Japanese banks namely, Sanwa, Fuji, Tokai and Sumitomo
Mitsui are considering mapping out a Y300-400 billion bailout
plan for the cash-strapped supermarket chain Daiei Inc, Kyodo
News said Wednesday. The package under consideration includes
debt forgiveness and a debt-for-equity swap plan that would
replace Daiei's debts for Daiei shares.


DAIEI INC: Sells Transport Unit To US Investment Firm
-----------------------------------------------------
Supermarket chain operator Daiei Inc will sell its secure-
transportation unit A.S.S. Inc. to the U.S. private equity
investment firm Carlyle Group, for Y3.5 billion in February to
lessen group interest-bearing liabilities, Japan Times reported
on Monday. A.S.S. provides secure transportation of cash
receipts for Daiei group restaurants and handles building
management.

The company will post Y2.6 billion in proceeds on a consolidated
basis from the sale of 10,000 A.S.S. Inc. shares held by Daiei
and another subsidiary, a Daiei spokesman said. Both companies
plan to sign a contract this month before the shares are
transferred in February. Daiei is struggling to lessen its debt
load, which stood at Y2.3 trillion at the end of August 2001.


NISSHO IWAI: Introduces 401(k) Pension Scheme
---------------------------------------------
Trading house firm Nissho Iwai plans to set up a 401(k) pension
plan like those presented in the United States to deal with a
deficit in reserves for retirement payments, according to Kyodo
News on Wednesday. The management will soon present the plan to
the labor union, with the aim of introducing it as soon as
possible, officials said.

Last year the company suffered 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 firm has total debts of Y2.4 trillion at
the end of September 2001.


PSINET: Intends To Sell Japan Unit To C&W Entity For US$10.2M
-------------------------------------------------------------
PSINet, Inc., and its debtor-affiliates move the Court, pursuant
to Sections 105, 363, 365 and 1146 of the Bankruptcy Code and
Rules 2002, 6004, 6006 and 9014 of the Bankruptcy Rules, for
approval of a sale of the Debtor's non-debtor subsidiary in
Japan, PSINet Japan, to an entity designated by Cable & Wireless
IDC Inc. (C&W), for US$10.2 million, subject to higher and
better offers.
                        Sale Procedures

The Debtors sought and obtained the entry of a Sale Procedures
Order:

(1) approving certain bidding and sale procedures, including
    payment of a termination fee and expense reimbursement in
    certain circumstances;

(2) scheduling a bidding deadline and a Sale Hearing to consider
    approval of the Sale; and

(3) approving the form and manner of notice thereof;

                   The Cable & Wireless Transaction

The Debtors seek the entry of a Sale Order:

(1) authorizing the sale of all of the issued ordinary shares of
    PSINet Japan (the Company) by PSINet to the C&W designee or
    the "Buyer"), free and clear of all liens, claims,
    encumbrances and interests, subject to the terms and
    conditions of the Share Purchase Agreement and subject to
    higher and better offers;

(2) approving the terms and conditions of the Share Purchase
    Agreement, dated as of December 9, 2001, by and between
    PSINet (the Seller), on the one hand, and C&W, on the other
    hand, and approving certain related agreements; and

(3) determining that the Sale is exempt from any stamp,
    transfer, recording or similar tax.

The Court has granted part I of the motion and issued a Sale
Procedures Order authorizing the Debtors, among other things, to
solicit bids in accordance with the Bidding Procedures, and to
subsequently hold a public auction on January 14, 2002 at 11:00
a.m. at the offices of Dresdner Kleinwort Wasserstein, 1301
Avenue of the Americas, New York, New York.

The Debtors are also authorized to pay to Purchaser the
termination fee in an amount up to $306,000, in the case of a
termination, in accordance with Article 7 of the Share Purchase
Agreement) and to make reimbursement of expenses not to exceed
$100,000.

The Court has determined that the Debtors' payment to Purchaser,
of the Termination Fee and the Expense Reimbursement is (i) an
actual and necessary cost of preserving the Debtors' estates,
within the meaning of 11 U.S.C. Sec. 503(b), (ii) necessary to
ensure that Purchaser will continue to pursue its proposed
acquisition of the Shares, (iii) of substantial benefit to the
Debtors' estates, and (iv) reasonable and appropriate, including
in light of the size and nature of the Sale and the efforts that
have been and will be expended by Purchaser notwithstanding that
the proposed Sale is subject to higher or better offers. The
Court is satisfied that the Termination Fee and Expense
Reimbursement were material inducements for, and conditions of,
Purchaser's entry into the Purchase Agreement and has therefore
promoted more competitive bidding.

Judge Gerber directs that the Debtors' obligation to pay the
Termination Fee and the Expense Reimbursement shall survive
termination of the Purchase Agreement and, until indefeasibly
paid, shall constitute administrative expenses of Realty's
estate under sections 503(b) and 507(a)(1) of the Bankruptcy
Code and shall be paid when due without further order of the
Court.

On January 15, 2002, at 9:45 a.m. Eastern time, the Court will
conduct a Sale Hearing to consider Part II of the Motion with
respect to the Sale and consider confirmation of the Auction, if
any. Objections to the entry of the Sale Order, if any, must be
actually received no later than 4:00 p.m. Eastern time on
January 11, 2002.
                       Business Rationale

The Debtors reiterate that, since the latter part of 2000, they
have been engaged in developing an effective restructuring
strategy together with their professionals. In the beginning of
March 2001, the Debtors determined that it was necessary to
pursue a dual tracked approach; marketing their businesses for
sale while simultaneously developing a stand-alone plan of
reorganization.  The Debtors, with the assistance of Goldman
Sachs, prepared a detailed offering memorandum describing the
Debtors' entire business. The Offering Memorandum was
distributed to over 50 parties who were willing to sign
confidentiality agreements. A number of assets, including the
Debtors' subsidiaries in Canada, Hong Kong, Panama and Chile
have been sold with the authorization of the Court.

With respect to PSINet Japan, the Debtors received several
inquiries. After discussions with multiple parties, the Debtors
determined that the terms offered by Buyer were the highest and
best terms available, and that proceeding to contract with Buyer
would be in the interests of the Debtors and their estates. The
Debtors submit that negotiations with the Buyer were extensive,
in good-faith, noncollusive, and at arms length.

The Debtors believe that the proposed transaction represents
exercise of reasonable business judgment and is in the best
interests of the Debtors' estates. First, the proceeds of a sale
of the Shares, to the extent sold as a going concern, likely
will be greater than if the assets of PSINet Japan are sold by
piecemeal liquidation. Second, a prompt sale will aid in
minimizing administrative expenses of the estates. Third, prompt
receipt of the Sale proceeds will provide working capital to
fund the Debtors' various operations and to preserve the value
of their assets, thereby maximizing the value received from a
restructuring, sale or other disposition of their assets for the
benefit of the Debtors' estates and their creditors.

The Share Purchase Agreement provides for the sale of the Shares
to the Buyer, free and clear of all liens, claims, encumbrances,
interests and transfer taxes in exchange for $10.25 million in
cash (subject to certain adjustments and escrows). The Temporary
Trademark License Agreement and the Transitional Services
Agreement are attached as Exhibit D and E to the Share Purchase
Agreement. Establishment of the escrow account provides the
Buyer security in the event the Sellers fail to perform their
obligations under the Share Purchase Agreement and constitutes a
material inducement for the Buyer to enter into the Share
Purchase Agreement, the Debtors represent.

Accordingly, the Debtors request the Court's approval of the
Sale to the Buyer pursuant to the Asset Purchase Agreement and
related agreements.

The Debtors also request that the Buyer be granted limited
relief from the automatic stay to the extent necessary to allow
the Buyer to give any notice provided for under the Share
Purchase Agreement or the Related Agreements and to take any
actions permitted by such agreements.

The Debtors further request that, in the event the Debtors
become obligated to pay any amounts pursuant to the Share
Purchase Agreement or the Related Agreements, such obligation
will constitute an administrative expense under Sections 503(b)
and 507(a)(1) of the Bankruptcy Code and be immediately
payable if and when the Debtors' obligations arise under the
Share Purchase Agreement or the Related Agreements without
further.

The Debtors request that the Court eliminate the 10-Day Stay
under Rule 6004(g) of the Bankruptcy Rules because they need to
close this Sale as soon as possible after closing conditions
have been met.

While the Debtors believe that the Buyer's offer for the Shares,
reflected in the Share Purchase Agreement, is the best offer the
Debtors have received, in order to obtain the greatest value for
the Shares, the Debtors believe good cause exists to expose the
Shares to sale at a public auction, thereby maximizing the value
obtained for the Shares.

The Debtors believe the Bidding Procedures will promote active
bidding that will result in the highest and best offer the
marketplace can offer, and the proposed sale procedures and
protections taken together will encourage, rather than hamper,
bidding for the Shares and that they are therefore appropriate
under the standards governing bidding incentives in bankruptcy
proceedings.
                      Bidding Procedures

Pursuant to the Court's Sale Procedures Order, the proposed sale
will be subject to Bidding Procedures as follows:

(A) Any Competing Offer must provide for aggregate consideration
    or value to the Sellers' estates of at least $10,956,000.

(B) All subsequent overbids at the auction must include
    additional consideration of at least $250,000, over the
    previous bid.

(C) In order for a Competing Offer to be considered, it must
    meet the criteria of a "Qualified Bid" as set forth in the
    Sale Purchase Agreement.

    Among other things, a Qualified Bid must

   (1) be in writing in the form of the Share Purchase Agreement
       marked to show any and all changes thereto;

   (2) have a cash component greater than or equal to the sum of
       (x) the value, as reasonably determined by the
       independent financial advisor of Seller, of the
       consideration to be provided by the Share Purchase
       Agreement, plus (y) the amount of the Termination Fee and
       the Expense Reimbursement, plus (z) US $350,000 (the sum
       of subsections (x), (y) and (z) is referred to as the
       "Alternative Purchase Price");

   (3) is a proposal that Seller and the Committee, in good
       faith and after consultation with their independent
       financial advisors (if Seller and the Committee deem such
       consultation to be necessary and appropriate) reasonably
       determine is not materially more burdensome or
       conditional than the terms of this Agreement (in light of
       the total consideration provided by such Competing
       Offer);

   (4) is substantially on the same or better terms and
       conditions as those set forth in a copy of the Share
       Purchase Agreement and the Related Agreements;

   (5) is accompanied by satisfactory evidence of committed
       financing or other ability to perform the payment of the
       Alternative Purchase Price;

   (6) is accompanied by a deposit (by means of a certified bank
       check from a U.S. bank or by wire transfer) equal to or
       greater than the Initial Deposit plus the Termination Fee
       and the Expense Reimbursement; and

   (7) includes a commitment to consummate the transaction not
       more than 30 days after the entry of an order approving
       the purchase, subject to receipt of governmental and
       regulatory approvals, which must be obtained or otherwise
       satisfied within 60 days of such order.

(D) Each Competing Offer must be irrevocable until the closing
    of the purchase of the Shares.

(E) Competing Offers shall be delivered to the Debtors, with
    copies to Purchaser and to the Committee, so as to be
    received by them no later than noon on January 11, 2002 (the
    "Bid Deadline"), provided, however, that prospective
    purchasers that submitted timely Competing Offers and the
    Purchaser shall be permitted to make subsequent Overbids at
    the auction.

    Competing Offers shall be delivered to the Debtors, the
    Committee and Purchaser as follows:

    (1) to the Debtors, to: PSINet Inc. 44983 Knoll Square
        Ashburn, VA 20147 Attention: General Counsel Telephone:
        (703) 726-4100 Facsimile: (703) 726-4264 with a copy to:
        Wilmer, Cutler & Pickering 2445 M Street N.W.
        Washington, DC 20037 Attention: Craig Goldblatt, Esq.
        Telephone: (202) 663-6000 Facsimile: (202) 663-6363

    (2) to the Purchaser, to: Cable and Wireless plc 124
        Theobalds Road London WC1X 8RX England Attention:
        Jonathan Hardy Facsimile: +44 (207) 315-5077 with a copy
        to: Cleary, Gottlieb, Steen & Hamilton One Liberty Plaza
        New York, New York 10006 Attn: James L. Bromley, Esq
        Telephone: (212) 225-2264 Facsimile: (212) 225-3999

    (3) to the Committee, to: Wachtell, Lipton, Rosen & Katz 51
        West 52nd St. New York, New York 10019-6188 Attention:
        Scott Charles, Esq. Telephone: (212) 403-1000 Facsimile:
        (212) 403-2000

(F) If the Debtors do not receive any Qualified Bids, the
    Debtors will proceed with the Sale pursuant to the terms of
    the Share Purchase Agreement, subject to Debtors' right to
    pursue an Alternative Transaction.

(G) If a qualifying Competing Offer is submitted, an auction
    (the "Auction") will be held on January 14, 2002 at 11:00
    a.m. at the offices of Dresdner Kleinwort Wasserstein, 1301
    Avenue of the Americas, New York, New York. Only the
    Purchaser and any prospective purchaser that has timely
    submitted a qualifying Competing Offer shall be entitled to
    participate in the Auction. At the Auction, bidding shall
    begin with the highest qualifying Competing Offer timely
    submitted. All subsequent Overbids shall include additional
    consideration of at least $250,000 over the previous bid.
    All Bids made at the Auction must remain open until the
    highest and best Qualified Bid is determined.

(H) A Competing Offer shall not be considered to be a higher and
    better offer unless, at a minimum, such offer is a proposal
    that the Sellers determine, in good faith (in consultation
    with the Committee) provides for aggregate consideration or
    value to the Sellers' estates, when taken together with the
    value of any Shares or assets of the Company that would be
    retained by the Sellers under the Competing Offer (as
    determined in good faith by the Seller in consultation with
    the Committee) of at least $10,956,000 (with respect to the
    initial round of bidding) and of at least $250,000, in
    excess of the aggregate consideration contained in the
    highest standing Competing Offer (with respect to each
    subsequent round of bidding, if any).

The most favorable bid as determined by the Seller shall be
submitted to the Court for approval at the Sale Hearing.

The Debtors may determine, in their business judgment, which
Competing Offer is the highest or otherwise best offer and
reject any competing offer at any time before entry of an order
of approval by the Court. (PSINet Bankruptcy News, Issue No. 12;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


SEIDEN CO: Files For Court Protection From Its Creditors
--------------------------------------------------------
Home electric appliance chain Seiden Co. has filed for court
protection from its creditors due to debt liabilities totaled
Y28 billion and weak sales in Japan's second-biggest business
area, Kyodo News reported yesterday. The company will continue
to operate its 28 outlets in Hyogo and Osaka prefectures, and
tries to restructure itself under the fast track civil
rehabilitation law.


TAIHEIYO COAL: Labor Union Accepts Closure Proposal
---------------------------------------------------
A labor union at Japan's last coal mine, operated by Taiheiyo
Coal Mine Company, will accept severance pay and other
conditions presented by the firm when it shuts down the colliery
in Kushiro, Hokkaido on January 30, a Wednesday edition of Kyodo
News said. The management accepted on almost all the 25 demands
and the 1000-member union submitted to the company last month.


* Fitch Comments On Major Japanese Banks 2002 Prospects
-------------------------------------------------------
Prospects for Japan's bank sector during 2002 and into 2003 are
likely to experience continued weakness, compounded by low
capitalization levels and worsening loan loss projections for
the banks as a whole, international rating agency Fitch says in
a report following the disclosure of interim results for Japan's
major banks. This is moving the banks closer towards the outcome
of a further round of bank recapitalization by the government,
which the agency has been expecting since early 2001.

The cost to the government of supporting banks was a significant
contributing factor behind Fitch's move to lower Japan's
sovereign rating on 26 November 2001 (to `AA' from `AA+' with
Outlook Negative). In turn, the sovereign downgrade led Fitch to
lower most of the major banks' Long-term ratings as well since
the creditworthiness of the banks is underpinned by support from
the state. "Should the Japanese economy deteriorate further
during 2002, large additional losses from non-performing loans
and equity investments will undermine the Japanese banks already
very frail capital bases. The Long-term rating Outlook for all
of the major banks is `Negative', reflecting the challenging
economic environment - in line with the Outlook for the
sovereign rating," says Reiko Toritani, Fitch Banking Senior
Director (Asia).

The larger-than-expected loan losses for the sector combined
with valuation losses on their equity portfolios dominated the
results for the interim period to end-September 2001. For the
second half - to end-March 2002 - the banks project even larger
loan losses, their forecast being loan loss charges of around
Y4,400 billion. As their projected operating profit for the
period is JPY1,800bn, the banks are expected to make another net
loss (aggregate profit forecasts are detailed in Fitch's
report).

At the consolidated level, major Japanese banks increased their
operating profit by 32 percent to an aggregate Y2,290 billion in
the first half thanks to higher profits on foreign currency
(mainly US dollar) interest rate trading and realization of bond
gains. However, this was more than absorbed by loan loss
charges, which increased to Y2,332 billion. Equity prices
declined sharply during the interim period (the TOPIX index on
the TSE falling by c.20 percent), leading to banks writing-down
the value of their equity investments and taking an aggregate
charge equivalent to one third of operating profits. Such
`extraordinary' charges, arising from revaluation write-downs of
the investment portfolios, resulted in an aggregate pre-tax loss
of Y858 billion. While guidelines for writing-down equity
investments differ slightly from bank to bank, the general rule
is to recognize valuation losses in the balance sheet, or by
posting a write-down charge on the income statement when a
stock's market value falls to less than 50 percent of cost.

Fitch has frequently pointed out that the quality of Japanese
banks' capital is poor, as it includes a large element of
preferred shares as well as the effect of deferred tax
receivables. Once these elements are removed, the bank's "pure
capital" becomes dangerously thin. At end-September 2001, some
Japanese banks' "pure" capital had totally disappeared and Fitch
envisages that with very few exceptions, by end-March 2002,
almost all of the banks' "pure" capital will have disappeared as
a result of net losses. At this point, while it is estimated
that the banks' aggregate regulatory Tier 1 ratio will still be
just over 4 percent, it will consist almost entirely of the
elements Fitch does not consider to be pure capital.

For 2001/2002, the banks plan to post loan loss charges of Y6.5
trillion. Although this is a positive development that Fitch
applauds after several high profile corporate bankruptcies and a
worsening economic backdrop, the agency estimates that the banks
may well need to post another Y8 trillion of loan losses in
2002/2003 to cover further necessary increases in reserves and
rising write-offs. During this period, as the yield curve
flattens out and US dollar earnings dry up, and yen interest
margins are squeezed further, Fitch estimates the banks'
operating profits will be Y3 trillion (25 percent down on
2001/2002). Based on these assumptions, the banks would post a
pre-tax loss of over JPY5 trillion, which is clearly beyond
their collective capacity.

"With limited resources, there is a very real danger that the
banks will not make sufficient provisions in the 2002/2003
financial year, but rather do only what they can afford. This
would delay revitalization of the banks yet further, which in
turn would have a negative effect on the economy at large,"
concludes Toritani. Fitch considers that the pressures on
Japanese banks are mounting, as is the pressure on the
government to recognize the gravity of the problem, suggesting
that the large-scale government-led recapitalization that Fitch
has long expected is imminent.

CONTACTS: Reiko Toritani, Tokyo Tel: +81 3 3288 2673; David
Marshall, Hong Kong +85 2 2263 9911; Philip Jones, Tokyo +81 3
3288 2628; Takayuki Takahashi, Tokyo +81 3 3288 2678; Brett
Hemsley, London +44 (0)20 7417 3494

NOTE: Japanese Banking Sector 2002 January 2002 sees Sanwa and
Tokai merging to create UFJ Bank. In March 2002, Asahi will join
Daiwa Bank Group as a subsidiary of the latter's bank-holding
company, which was established in December last year. And, in
April 2002, the three core Mizuho banks: Dai-Ichi Kangyo Bank,
Fuji Bank and Industrial Bank of Japan, will have their
different operations merged and split into two banks: (1) Mizuho
Bank - for retail and SME customers; and, (2) Mizuho Corporate
Bank - for wholesale customers. As a consequence there are now
five large banking groups in Japan - with assets ranging from
Y50 trillion to Y150 trillion. (US$1.2 trillion).


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


CHOHUNG BANK: Govt Considers Share Sale, MOFE Says
--------------------------------------------------
A Ministry of Finance and Economy (MOFE) official said Tuesday
the government is contemplating selling its shares in Chohung
Bank (CHB) on the domestic bourse, but the specific schedule and
size of the share sale will still be determined, Korea Herald
reported Wednesday. Korea Deposit Insurance Corp., however,
which owns an 80 percent stake in CHB, denied the remark by the
MOFE official, saying that it has not reviewed such a sale.

The MOFE official said, "The government is considering such a
plan as a follow-up to the overseas issuance of selective
exchangeable bonds worth $500 million against government stakes
in CHB and Woori Finance Holdings Co. in December last year."
"Because about $500 million worth of CHB shares are currently
circulating, the size of the planned sale will be less than $500
million."

The selective exchangeable bonds, which will mature in four
years, carry a clause stipulating that they automatically turn
into exchangeable bonds when more than $1 billion worth of CHB
and Woori shares are in circulation on the market.


DAEWOO MOTOR: GM Chair Says It Will Conclude Deal Soonest
---------------------------------------------------------
General Motors Chairman Jack Smith, speaking from its Detroit
head office, said GM will conclude the deal to acquire assets of
Daewoo Motor as early as possible. He also said that the current
negotiations between his company and the Korean car maker have
been moving ahead as set forth in the preliminary agreement
signed late last year, and that the final sales contract will
not be much different from the earlier agreement, Digital Chosun
reported Tuesday.

Mr Smith said it is not true that Daewoo's labor or tax issues
have been delaying the whole negotiations. The current
negotiations are not focused on the take over of the largest
Bupyeong plant, but the purchase of compact cars produced by the
largest plant of Daewoo, he added.


DAEWOO MOTOR: GM Has No Plans To Replace Assets Listed In MoU
-------------------------------------------------------------
General Motors Corp has no plans to change the list of Daewoo
Motor assets for the acquisition as stipulated in the memorandum
of understanding signed between both companies in September,
according to Monday AFX article.

GM Chairman Jack Smith told reporters that although all parties
understand a quick deal is mutually beneficial, the complexities
of due diligence over a number of Daewoo's overseas assets are
causing a delay. General Motors is working hard to find ways to
normalize Daewoo Motor and turn it around as soon as possible,
he said.


DAEWOO MOTOR: Govt, Creditors Consider Excluding Egypt Facility
---------------------------------------------------------------
Daewoo's production facility in Egypt and 5-6 overseas
dealership entities are being considered by the government and
creditors of Daewoo Motor for exclusion the from the list of
assets to be sold to General Motors. A minimum guarantee to
redeem a possible loss by GM due to Daewoo's unexpected overseas
obligations after the transaction is also being considered,
PRNewsAsia reported Tuesday, which cited the Korea Economic
Daily.


HYNIX SEMICONDUCTOR: Holders Get Less Than Par In Micron Deal
-------------------------------------------------------------
DebtTraders reports, "In our last report following our tour of
Hynix Semiconductor Manufacturing America's (HSMA) Eugene
fabrication facility (the Fab), we commented that HSMA's long-
term fortunes rest with its Korean parent, and that we saw no
catalyst for an increase in DRAM prices."

According to a DebtTraders analyst, Matthew Breckenridge, "It
now appears that a potential merger with Micron Technology, Inc.
(Micron) could alleviate both of these concerns. However, the
structure and price offered to HSMA bondholders will probably
not include Micron assuming the HSMA debt and will likely
involve an offer of less than par.

"While we believe that Micron is very interested in acquiring
Hynix's DRAM operations, Micron will not pay a premium for the
assets, and we believe that they will offer far less than the
$6.6 billion of debt at Hynix and probably far less than the
$5.0 billion currently circulating in Korean media, causing
Korean creditors to take a significant haircut on their
investment. As a result, there is still risk that a deal will
not be met with Micron, and that the HSMA bonds would fall
precipitously," adds DebtTraders.

DebtTraders reports that Hyundai Semiconductor 8.625% bonds due
on 2007 (HYUNS2) are trading between 56 and 66. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUNS2for  
real- time bond pricing.


HYNIX SEMICONDUCTOR: Micron Offers DRAM Businesses Merger
---------------------------------------------------------
Micron Technology Inc negotiating team, led by visiting Micron
chief executive officer Steve Appleton, during the third round
of talks with Hynix Semiconductor Inc, offered a merger of the
companies' DRAM businesses, PRNewsAsia reported Wednesday, which
cited Yonhap.

The Hynix restructuring committee official said, "The Micron
negotiation team led by Appleton has offered a package deal,
which is based on merging the DRAM (dynamic random access
memory) operations of Hynix," with Hynix and its creditors
still to review the Micron proposal.

"Micron's alleged package deal has not landed here yet. But if
the terms and conditions proposed by Micron are reasonable, both
sides could move to sign a memorandum of understanding before
striking a final deal," Creditor Korea Exchange Bank said, as
quoted by AFP.


KUKJE HWAJAE: Sale To Kunhwa Will Erode Shareholder Equity
----------------------------------------------------------
Kukje Hwajae Insurance Co told the Korea Stock Exchange that its
entire shareholder equity will inevitably erode when it is sold
to Kunwha Pharmaceutical Co Ltd, PRNewsAsia reported Wednesday.

Kukje Hwajae said, "As our liabilities far exceed the
shareholders' equity, the existing shareholders will see an
entire capital write-down when Kunwha Pharmaceutical acquires
the asset, and thus, investors need to be cautious (on the
stock)."


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


AVENUE ASSETS: Enters Supplemental Settlement Agreement
-------------------------------------------------------
Avenue Assets Berhad (AAB or Company) referred to the
announcement dated 15 November 2000 wherein the Board of
Directors of AAB announced that the Company, on 14 November
2000, entered into the following conditional agreements for the
purpose of the proposed disposal of Mega Palm Sdn. Bhd. (MPSB),
a wholly-owned subsidiary of AAB to Country Heights
Properties Sdn. Bhd. (CHPSB) (Proposed Disposal):

   (i) A Sale and Purchase Agreement between the Company, Lucky
Matrix Sdn. Bhd. (Lucky Matrix), a wholly-owned subsidiary of
the Company, and CHPSB, a wholly-owned subsidiary of Country
Heights Holdings Berhad (CHHB) (Sale and Purchase Agreement),
for the purpose of the sale and purchase transaction pursuant to
the Proposed Disposal; and

   (ii) A Settlement Agreement between the Company, Perwira
Affin Merchant Bank Berhad (PAMB), MPSB and CHHB (Settlement
Agreement) for the purpose of the proposed settlement of the
debt owing by MPSB to several financial institutions (Term Loan
Lenders) via the issuance by CHHB to the Term Loan Lenders, of
RM220 million nominal value of redeemable convertible secured
loan stock (RCSLS) or such other amount that may be approved by
the Securities Commission (SC) (Proposed Settlement).

On 17 July 2001, Arab-Malaysian Merchant Bankers Berhad (Arab-
Malaysian), being the adviser to CHHB for the proposed
acquisition of MPSB, announced that the SC has vide its letter
dated 10 July 2001, approved the said acquisition, except for
the terms of the Proposed Settlement, which shall be varied.
Pursuant to the SC's decision, the Proposed Settlement shall be
by way of the issuance of up to RM135 million nominal value of
RCSLS at 100 percent of its nominal value by CHHB and the cash
payment of RM65 million by AAB to the Term Loan Lenders as
opposed to the proposed issuance of RM220 million nominal value
of RCSLS by CHHB.

On 31 July 2001, CHHB submitted an appeal on the decision of the
SC for the Proposed Settlement to be by way of the issuance of
RM200.0 million nominal value of RCSLS.

On 11 September 2001, Arab-Malaysian further announced that the
SC has vide its letter dated 6 September 2001, approved the
following:

   (i) The proposed issuance of RM148.5 million nominal value of
RCSLS from RM135 million originally approved; and

   (ii) The sharing of the balance settlement of RM51.5 million
(representing the difference between the approved nominal value
of RCSLS of RM148.5 million and the agreed settlement amount of
RM200.0 million) (Differential Amount between CHHB and AAB,
subject to certain conditions.

In relation to (ii) above, on behalf of AAB, Commerce
International Merchant Bankers Berhad (CIMB) announced that the
Company proposes to settle its portion of the Differential
Amount of RM25.75 million via the issuance of RM14.5 million of
RM1.00 nominal value 5-year zero coupon irredeemable unsecured
loan stocks (ICULS) and the balance of RM11.25 million via cash
(Proposed AAB Settlement).

On behalf of AAB, CIMB also announces that the parties to the
Settlement Agreement have on 31 December 2001 entered into a
supplemental Settlement Agreement to incorporate inter-alia, the
above variations to the Proposed Settlement.

DETAILS OF THE PROPOSED AAB SETTLEMENT

Pursuant to the supplemental Settlement Agreement, AAB proposes
to settle its portion of the Differential Amount of RM25.75
million via the issuance of RM14.5 million of RM1.00 nominal
value ICULS and the balance of RM11.25 million via cash.
The indicative terms of the ICULS are as set out in Table 1 at
http://www.bankrupt.com/misc/Avenue_table1.doc

3. RATIONALE FOR THE PROPOSED AAB SETTLEMENT

The Proposed Disposal is in line with the Company's intention to
dispose of all its property assets so as to comply with the SC's
policy framework for stockbroking industry consolidation and to
enable the Company to embark on and to concentrate on its
stockbroking business. The Proposed Settlement is being proposed
to necessitate the completion of the sale and purchase
transaction pursuant to the Proposed Disposal, to settle the
bank borrowings of the AAB Group and to release the AAB Group
from further legal proceedings.

The Proposed AAB Settlement will enable the Company to settle
its portion of the Differential Amount partly via the issuance
of ICULS as AAB is currently unable to source for further
financing facilities and the existing cashflow of the AAB Group
does not permit full settlement by cash. The Proposed AAB
Settlement will therefore necessitate the completion of the
Proposed Settlement.

4. EFFECTS OF THE PROPOSED AAB SETTLEMENT

AAB has also completed/proposed to implement a corporate
restructuring exercise (AAB Corporate Exercise), the details of
which are as follows:

   (i) the disposal of a piece of land together with an office
tower known as Menara Phileo erected thereon by AAB to Asia Life
(M) Berhad for a total cash consideration of RM92.6 million
which was completed on 9 April 2001;

   (ii) the proposed acquisition of the entire equity interest
in Soon Theam Securities Sdn. Bhd. (STS) by AAB via Allied
Avenue Assets Securities Sdn. Bhd. (formerly known as MGI
Securities Sdn. Bhd.) (AAA), a wholly-owned subsidiary of AAB,
for a total cash consideration to be based on the aggregate of
RM67.0 million and the net tangible assets (NTA) of STS which
shall be determined by a due diligence audit to be carried out
upon the fulfillment of all the conditions precedent in the
share sale agreement;

   (iii) the proposed acquisition of the entire equity interest
in Kestrel Securities Sdn. Bhd. (KSSB) by AAB via AAA for a
total purchase consideration to be based on 200 percent of the
NTA of KSSB which shall be determined by a due diligence audit
to be carried out upon the fulfillment of all the conditions
precedent in the share sale agreement;

   (iv) the proposed merger of the businesses of Kin Khoon & Co.
Sdn. Bhd. (KKC) and AAA for a consideration of RM58.0 million
for the acquisition of certain assets and agreements employed in
the conduct of its business and a consideration of up to RM10.0
million for certain debts due and owing by specified clients to
KKC as at the completion date (as defined in the business merger
agreement) amounting to RM10.427 million that are recovered by
AAA within 12 months from the said completion date;

   (v) the proposed renounceable rights issue of 313,387,909 new
ordinary shares of RM1.00 each in AAB (Rights Shares) at an
issue price of RM1.00 per Rights Share with 174,104,394
detachable warrants (Warrants) for free on the basis of nine (9)
Rights Shares and five (5) Warrants for every five (5) ordinary
shares of RM1.00 each in AAB (AAB Shares) held on a date to be
determined and announced later;

   (vi) the proposed employees' share option scheme for the
grant of options to the eligible employees ("ESOS Options") for
such number of AAB Shares representing up to 10 percent (or such
other higher percentage as may be permitted by the relevant
regulatory authorities) of the issued and paid-up share capital
of AAB at any time during the existence of the scheme;

   (vi) the proposed disposal of four (4) carparks by certain
wholly-owned subsidiaries of AAB to certain parties for a total
cash consideration of approximately RM99.645 million derived on
the basis that there are a total of 6,643 number of car park
bays;

   (vii) the proposed acquisition of the entire equity interests
in Phileo Asset Management Sdn. Bhd., Phileo Allied Options And
Financial Futures Sdn. Bhd. and PhileoAllied Unit Trust
Management Bhd by Pentaville Investments Limited, a wholly-owned
subsidiary of AAB from Phileo Allied Berhad, for a total
purchase consideration of RM23.0 million which shall be
satisfied by the issuance of 23,000,000 new AAB Shares at par;
and

   (viii) the proposed debt equity swap involving the remission
of the tax liabilities and tax penalties of certain subsidiaries
of AAB and Panbuilt Sdn. Bhd. amounting to RM165,000,000 and the
issuance of RM165.0 million of RM1.00 nominal value ICULS at 100
percent of its nominal value to Aroma Teraju Sdn. Bhd.
In view of the above, the effects of the Proposed AAB Settlement
on the issued and paid-up share capital, NTA and shareholdings
of substantial shareholders of AAB shall therefore also take
into account the effects of the AAB Corporate Exercise.

4.1 Issued and paid-up share capital

The effects of the Proposed AAB Settlement and AAB Corporate
Exercise on the issued and paid-up share capital of AAB are as
set out in Table 2 at
http://www.bankrupt.com/misc/Avenue_table2.doc

4.2 NTA

The effects of the Proposed AAB Settlement and AAB Corporate
Exercise on the consolidated NTA of the AAB Group, based on the
audited consolidated balance sheet of AAB as at 31 January 2001,
are as set out in Table 3 at
http://www.bankrupt.com/misc/Avenue_table3.doc

4.3 Earnings

The Proposed AAB Settlement is expected to result in a further
loss of approximately RM25.75 million to the AAB Group for the
financial year ending 31 January 2002. Based on the issued and
paid-up share capital of AAB as at 31 October 2001 of
174,104,394 ordinary shares of RM1.00 each, the Proposed AAB
Settlement is expected to reduce the earnings per share of the
Company by approximately 14.8 sen.

4.4 Shareholdings of substantial shareholders

The effects of the Proposed AAB Settlement and AAB Corporate
Exercise on the shareholdings of the substantial shareholders of
AAB are as set out in Table 4 at
http://www.bankrupt.com/misc/Avenue_table4.doc

5. APPROVALS REQUIRED

The Proposed AAB Settlement shall be conditional upon the
following being obtained:

   (i) the approval of the SC, for the proposed issuance of
ICULS pursuant to the Proposed AAB Settlement;

   (ii) the approval of the Foreign Investment Committee, for
the proposed issuance of ICULS pursuant to the Proposed AAB
Settlement;

   (iii) the approval of the Kuala Lumpur Stock Exchange (KLSE),
for the listing of and quotation for the ICULS and the new AAB
Shares to be issued pursuant to the conversion thereof on the
Main Board of the KLSE;

   (iv) the approval of the shareholders of the Company in an
extraordinary general meeting to be convened; and

   (v) the approval of any other relevant authorities.
The Proposed AAB Settlement shall be conditional upon the
Proposed Disposal.

6. DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

Insofar as the Directors of AAB are aware, none of the Directors
or substantial shareholders of AAB or persons connected to the
Directors or substantial shareholders of AAB have any interest,
direct or indirect, in the Proposed AAB Settlement.

7. STATEMENT BY THE DIRECTORS

The Board of Directors of AAB after careful deliberation, is of
the opinion that the Proposed AAB Settlement is in the best
interest of the Company.

9. ADVISER

CIMB has been appointed as the adviser for the Proposed AAB
Settlement.

10. APPLICATIONS TO THE RELEVANT AUTHORITIES

Applications to the relevant authorities for the Proposed AAB
Settlement are expected to be made within three (3) months from
the date of this announcement.


KELANAMAS INDUSTRIES: Posts EGM Notice
--------------------------------------
The Board of Directors of Kelanamas Industries Berhad
informed that the forthcoming EGM of Kelanamas Industries Berhad
will be held on:

Date :  Thursday, 31 January 2002

Venue:  Hibiscus Room, Level 1
  Swiss - Garden Hotel
  117, Jalan Pudu
  55100 Kuala Lumpur.

Time :  9:00 am


L&M CORPORATION: Discloses Dec 2001 Interest Payment Default
------------------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd provided an
update on the default in payments by the L&M Group. As at 31
December 2001, the total default payments to financial
institutions in respect of various credit facilities by L&M
Group is RM190,077,293-10.

L&M group has taken steps to address the default by way of
undergoing a corporate and debts restructuring scheme ("Scheme")
governed by Section 176 of the Companies Act 1965. The Scheme is
still pending the approval from Securities Commission and
Ministry of International Trade and Industry whilst Foreign
Investment Committee has approved the Scheme via its letter
dated 31 October 2001, which was received by the Company on 11
December 2001.


MAY PLASTICS: Settles Debt With Creditors By Share Issuance
-----------------------------------------------------------
May Plastics Industries Bhd announced that following the
implementation of the debt restructuring proposal in the month
of December 2001 involving the unsecured lender banks/financial
institutions, and hire-purchase and lease creditors of the group
(Unsecured Lenders) pursuant to composite SOA under Section 176
of the Act between the group, KSU Holdings Berhad (KSUH) (where
relevant) and the said Unsecured Lenders concerned, the debts
owed to the Unsecured Lenders were regularized with the
settlement of the debts by way of shares in KSUH on the basis of
RM 2.00 of debt for one (1) new KSUH share of RM1.00 each at an
issue price of RM2 per share.

The rest of the default payments will be regularized after the
listing of and quotation for the entire issued and paid up share
capital of KSUH on the Second Board of the KLSE.

The list of default payments as at 31 December 2001 is as
enclosed in the following table:

Short term borrowing as at 31/12/01

Bank   Principal(RM) Estimated  Amount(RM)
      Interest (RM)
EON Bank Berhad (formerly
known as Oriental Bank Berhad)
Trade Line   3,881,458.37 605,167.21     4,486,625.58
Overdraft     1,350,054.12    1,350,054.12
Term loan (Overduee
Instalment &
Interest)  3,431,775.00 1,072,445.19    4,504,220.19
   ----------------------------------------------
   7,313,233.37 3,027,665.52   10,340,899.89


MENTIGA CORP.: Court Orders Writ Of Seizure
-------------------------------------------
Mentiga Corporation Berhad (MCB) announced that further to the
Writ Summons Suit No. S3-22-757-2001 dated 9 August 2001 served
on MCB by Malaysian Timber Council (MTC) for the settlement of
the sum of RM4,877,137.79 and the subsequent judgment obtained
from the High Court of Malaya by MTC against MCB on 12 September
2001, MTC had on 3 January 2002 served a Writ of Seizure and
Sale on MCB.

Consequent to the judgment, MCB was ordered by the Court to pay
to MTC:

   (a) the sum of RM4,877,137.79;

   (b) interest at the rate of 8 percent calculated from
1/1/2001 or as determined by the Court;

   (c) cost of proceeding amounting to RM225/-;

   (d) other relief as determined by the Court.

MTC represent one of the suppliers of logs to MCB and to whom
there are amounts owing from MCB to MTC arising from the supply
of logs.


PAN PACIFIC: Posts Default In Payment Status
--------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd PPAB)
announced the Default in Payment as at 31 December 2001 of PPAB
and its subsidiaries in accordance with the Practice Note No.
1/2001, as found at
http://www.bankrupt.com/misc/Pan_Pacific0109.xls

PPAB also informed that there are no material changes in PPAB's
status of default from the date of last announcement until 31
December 2001.


PILECON ENGINEERING: Faces Defamation Action From SA
----------------------------------------------------
Pilecon Engineering Berhad announced that a defamation action
was filed at the Shah Alam High Court on 24 July 2001 against
the Company, Mr Tan Hock Keng and Dato' Dr Gan Miew Chee @ Gan
Khuan Poh (the Defendants) and served on the Defendants on 6
December 2001 for a claim of RM60,000,000.00 plus interest at
the rate of 8.00 percent per annum from 24 July 2001 to the date
of full realization.

1) The details of default or circumstances leading to the filing
of the defamation action against the Defendants

Speci Avenue (M) Sdn. Bhd. (SA) had on 24 July 2001 filed a
defamation suit against the Defendants claiming a sum amounting
to RM60,000,000.00 together with interest thereon at the rate of
8.00 percent per annum from 24 July 2001 to the date of full
realization, alleging that the Defendants had wrongfully
printed, issued and circulated or caused to be printed, issued
and circulated a circular referred to as "Abridged Prospectus of
Rights Issue with Warrants", wherein paragraph 13 (XVI) of
Appendix IX attached therewith stated that E & E Equipment Sdn.
Bhd., a wholly owned subsidiary of Pilecon Engineering Berhad
had filed Writ of Summons and Statement of Claims against SA
claiming for installment payments amounting to RM9,432,859.64
made on behalf of SA to various finance companies for hire
purchase of 14 cranes.

2) The financial and operational impact on the Group

There is no operational impact to the Group. The amount claimed
by SA is as stated in paragraph 1 above. In the event the
Company is found liable, the financial impact (i.e. amount to be
awarded) to the Group would be subject to the determination of
the Court.

3) The expected losses

The Company is expected to incur legal fees of approximately
RM50,000.00

4) The amount of interest claimed

An interest of 8.00 percent per annum from 24 July 2001 to the
date of full realization.

5) The steps taken and proposed to be taken by Pilecon
Engineering Berhad in respect of the defamation proceedings

The Company filed a Defense on 21 December 2001 stating amongst
other things, that all information and facts contained in the  
Prospectus were true unless otherwise stated in its ordinary
meaning.


SINMAH RESOURCES: EGM To Be Held On Jan 31
------------------------------------------
Sinmah Resources Berhad advised that an Extraordinary General
Meeting of the Company will be held at Bunga Teretai Room, 7th
Floor Renaissance Melaka Hotel, Jalan Bendahara, 75100 Melaka on
Thursday, 31 January 2002 at 10.00 a.m. for the purpose of
considering and, if thought fit with or without modifications,
passing the following resolutions as Special Resolutions:

AGENDA

SPECIAL RESOLUTION I
- PROPOSED ADOPTION OF THE NEW MEMORANDUM OF ASSOCIATION OF THE
COMPANY

"THAT the Memorandum of Association as set out in Appendix I of
the Company's Circular to Shareholders dated 8 January 2002 be
and is hereby adopted as the new Memorandum of Association of
the Company in substitution for and to supersede the existing
Memorandum of Association of the Company."

SPECIAL RESOLUTION II
- PROPOSED ADOPTION OF THE NEW ARTICLES OF ASSOCIATION OF THE
COMPANY

"THAT the Articles of Association as set out in Appendix II of
the Company's Circular to Shareholders dated 8 January 2002 be
and is hereby adopted as the new Articles of Association of the
Company."


TAJO BERHAD: Proposes Articles Of Association Amendments
--------------------------------------------------------
Tajo Berhad advised that an Extraordinary General Meeting of the
Company will be held at The Auditorium, Podium 1, Menara MAA,
No. 12, Jalan Dewan Bahasa, 50460 Kuala Lumpur on Wednesday, 30
January 2002 at 10.00 a.m. for the purpose of considering and if
thought fit, passing with or without modifications, the
following resolution:

SPECIAL RESOLUTION
PROPOSED AMENDMENTS TO THE ARTICLES OF ASSOCIATION

"That the proposed alterations, modifications, additions, or
deletions to the Articles of Association of the Company as
contained in Appendix I set out in the Circular to Shareholders
dated 8 January 2002, be hereby approved."


TRANSWATER CORP.: Proposes Amendments To Articles Of Association
----------------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad wishes
to announce that the Company has proposed to amend its Articles
of Association to incorporate the requirements provided in the
Rules of Malaysian Central Depository Sdn Bhd (Proposed
Amendments).

The Proposed Amendments is subject to shareholders' approval at
an Extraordinary General Meeting to be convened.

Details of the Proposed Amendments together with the Notice of
Extraordinary General Meeting will be dispatched to shareholders
in due course.


WING TIEK: Posts Notice Of AGM
------------------------------
Wing Tiek Holdings Berhad (WTHB) posted a Notice of WTHB's
Annual General Meeting:

WING TIEK HOLDINGS BERHAD
(23668-X)
                 (Incorporated in Malaysia)

NOTICE IS HEREBY GIVEN THAT the Twenty Fourth Annual General
Meeting of the Company will be held at Hotel Fairlane Kuala
Lumpur, Melati Room - Level 2, Jalan Walter Grenier, 55100 Kuala
Lumpur on Wednesday, 30 January 2002 at 10.30 a.m. for the
following purposes:

Agenda

1. To receive the financial statements for the year ended 31
July 2001 and the Reports of the Directors and Auditors thereon.

2. To re-elect Tuan Haji Mohamed Bin Musa who retires pursuant
to the Article 80 of the Company's Articles of Association and
being eligible, offers himself for re-election.

3. To re-appoint KPMG as Auditors and to authorize the Board of
Directors to fix their remuneration.

4. As Special Business
To consider and if thought fit, to pass the following as Special
Resolution:

Special Resolution
Proposed Adoption of New Articles of Association

"THAT the Articles of Association of the Company in the form
contained in Appendix I be and are hereby approved and adopted
as the new Articles of Association of the Company in
substitution for and to the exclusion of all existing Articles
of Association AND THAT the Directors and Secretary be and are
hereby authorized to take all steps as they may consider
necessary or expedient in order to implement, finalize and give
full effect to the proposed adoption of the new Articles of
Association."

5. To transact any other business of which due notice shall have
been given.


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


METRO PACIFIC: Fails To Pay Parent $90M Advances
------------------------------------------------
Metro Pacific Corp. (MPC) missed a payment of $90 million in
advances owed to parent First Pacific Co. Ltd. due last December
31. MPC did not ask for a prior extension believing it could
raise cash through the sale of other properties in Fort
Bonifacio (Metro Manila) as well as its entire stake in the
project.

First Pacific Executive Vice President for Group Corporate
Communications, Rebecca Brown, said, "Under the terms of the
existing agreement, there should be no further extensions. If
there will be one, First Pacific needs to go back to its
shareholders for approval."


METRO PACIFIC: Pangilinan Replaces Resigned Co President
--------------------------------------------------------
Metro Pacific Corp's (MPC) announced Tuesday the resignation
effective last December 31 of its president and CEO Ricardo
Pascua, who earlier went on leave to structure a management
buyout of the company, Inquirer News Service reported Wednesday.
The resignation came amid efforts of MPC's parent company, Hong
Kong-based First Pacific Co. Ltd., to sell its controlling stake
in Bonifacio Land Corp., a co-developer of the 150-hectare crown
jewel Fort Bonifacio Global City.

MPC spokesperson Michael Goco said, "With the resignation from
MPC, Mr. Pascua has also tendered his resignation from all
companies associated with MPC where he holds positions,"
including Fort Bonifacio Development Corp. (the joint venture
company formed with the state-controlled Bases Conversion and
Development Authority) to develop the Fort Bonifacio Global
City, holding firm BLC, First e-Bank, leisure estate developer
Landco Pacific Corp. and shipping firm Negros Navigation Co.

First Pacific executive chair and MPC chair Manuel Pangilinan,
who has likewise become the acting CEO of MPC, earlier said the
Hong Kong-based conglomerate was open to the management buyout
being organized by Pascua, who went on leave to inhibit himself
from the ongoing bidding process for the company's stake in the
Fort Bonifacio Global City after he reportedly had declared an
intention to structure a management buyout of MPC as an
alternative to the sale of MPC's 69.6 percent stake in BLC.
First Pacific executive director Edward Tortorici was brought in
from Hong Kong to assist in the ongoing initiatives at MPC.

DebtTraders reports that Metro Pacific's 2.500% convertible bond
due in 2003 (METPAC) trades between 124.000 and 125.500. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=METPAC


VICTORIA MILLING: Laying Off As Part Of Rehab Program
-----------------------------------------------------
Victorias Milling Co. (VMC) pink-slipped 380 of its 2,446
employees Monday. The layoffs will take effect in 30 days, in
line with the company's rehabilitation program. The company aims
to reduce its workers to 1,600, Inquirer News Service reported
Wednesday, which quoted VMC Chief Operating Officer Arthur
Aguilar. Majority of those served with notices were workers on
the VMC railroad system, which was stopped due to very high
operation and maintenance costs.

Planned to have been implemented in 1998 as part of VMC's
rehabilitation program, the company failed to implement the
retrenchment program immediately as it was waiting for the
infusion of about PhP300 million pesos in funds under a debt
restructuring program. Majority of the company's 33 creditor
banks signed a debt-restructuring program in December via debt
to equity swap scheme.


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


ACMA: UOB Sells Acma Stake
--------------------------
United Overseas Bank sold its remaining 35.9 million shares in
Acma on Monday, liquidating its entire holding in the
electronics and engineering company over two trading days, a UOB
spokeswoman told Dow Jones Newswires on Tuesday. The sale means
the bank was no longer required to announce subsequent dealings
since it was no more a substantial shareholder.

UOB sold 40.6 million Acma shares at 10 cents on Monday,
reducing its shareholding to 4.6 percent from 9.8 percent, below
the 5 percent threshold that defines a substantial shareholder.
The shares were inherited from Overseas Union Bank, a rival bank
that UOB bought last year. No further details of the transaction
were available.


CAPITALAND: Unit Ascott Group Ups Equity in Ascott Hospitality
--------------------------------------------------------------
The Board of Directors of The Ascott Group Limited, a subsidiary
of CapitaLand Limited, announced that The Ascott Hospitality
Holdings Pte Ltd, a wholly owned subsidiary of the Company, has
acquired the remaining 20 percent equity interest in Ascott
Hospitality Holdings Philippines Inc., comprising 500 Preference
Shares of PhP1,000 each, from Supralex Holdings & Venture
Corporation at par value for a total consideration of
PhP500,000. As a result of this acquisition, Ascott Hospitality
Holdings Philippines Inc. is now a wholly owned subsidiary of
The Ascott Hospitality Holdings Pte Ltd.


CREATIVE TECHNOLOGY: Merrill Lynch Changes Deemed Interest
----------------------------------------------------------
Creative Technology posted a notice of changes in substantial
shareholder Merrill Lynch & Co., Inc's deemed interests:

Date of notice to company: 07 Jan 2002
Date of change of shareholding: 03 Jan 2002
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Refer to table created below
Shares held in the name of registered holder

Holdings of Substantial Shareholder including direct and deemed
interest
                                  Deemed       Direct
No. of shares held before change: 3,655,795  
% of issued share capital:        5.058  
No. of shares held after change:  3,655,795  
% of issued share capital:        5.058  
Total shares:   

Shares held in the name of Citibank (Singapore)
Circumstances giving rise         Open market sale and purchase:
to the change:

No. of shares of the change:      8,400 purchased and sold
% of issued share capital:        0.012%

Amount of consideration per
share excluding brokerage,
GST, stamp duties, clearing fee:  SGD 15.01 and SGD 15.26

No. of shares held before change: 43,500
% of issued share capital:        0.060%

No. of shares held after changed: 43,500
% of issued share capital:        0.060%


ISOFTEL: Expects Higher H2 Losses
---------------------------------
Isoftel announced that its Directors expect higher losses for
the second half of last year to be higher than the first half,
Business Times reported on January 9. The company said that
while the group had taken strong steps to lessen the total
operating costs, it was not enough to offset the drastic decline
and overcapacity in the telecommunications industry, which has
severely affected the turnover in the second half of 2001. The
group had said earlier that with the opportunities in China and
continued cost cutting, it was expected to reduce its losses for
the second half.


VERTEX VENTURE: Sees $140-150M Loss In 2001
-------------------------------------------
Vertex Venture Holdings sees $160-170 million of attributable
losses for the second half of last year, resulting in a full
year attributable loss of approximately $140-150 million for the
year ended Dec 31, Business Times said on Monday. The loss was
due to lower divestment profits and significant provisions
against a large number of its portfolio investments, which are
performing below plans. The company will announce its full year
2001 results by February.


WEE POH: Updates WWP Proposed Scheme of Arrangement W/ Creditors
----------------------------------------------------------------
The Board of Directors of Wee Poh Holdings Limited (the
Company), further to the announcement on January 5, 2002 in
respect of the Court hearing on January 4, 2002 for the proposed
scheme of arrangement between its subsidiary, W&P Piling Pte Ltd
(WPP) and its creditors, added that the Company will make the
necessary announcements in due course with regard to any scheme
of arrangement which is agreed upon by WPP and its creditors.

The Company also clarified that due that an administrative
oversight, it was not announced earlier that a third petition
for winding up was presented for a sum of $56,000 just prior to
the filing of WPP's application to court for a scheme of
arrangement with its creditors. This claim is not guaranteed by
the Company or other companies within the Wee Poh Group.


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


CALCIUM PRODUCT: Files Petition For Business Reorganization
-----------------------------------------------------------
The Petition for Business Reorganization of Calcium Product
Company Limited (DEBTOR), engaged in producing and distributing
any of calcium products for paper, plastic, pvc, fiberglass,
color and glue industries, was filed in the Central Bankruptcy
Court:

   Black Case Number 1058/2543

   Red Case Number 10/2544

Petitioner: CALCIUM PRODUCT COMPANY LIMITED

Planner: Mr. Paramiat Kajonvittaya

Debts Owed to the Petitioning Creditor: Bt605,651,838.91

Date of Court Acceptance of the Petition: December 19, 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

Planner postponed the date of submitting the reorganization plan
#2nd to July 22, 2001

Appointment date for the Meeting of Creditors to consider the
plan: August 29, 2001 at 13.30 am. Convention Room 1104, 11th
Floor, Bangkok Insurance Building, South Sathorn Road

The Meeting of Creditors had a resolution not accepting the
reorganization plan pursuant to Section 90/48

Contact: Miss Umaporn Tel, 6792525 ext 133


THAI-GERMAN PRODUCTS: Lists 2002 Holidays
-----------------------------------------      
Veerachai Leelaprachakul, authorized Director of PLV and
Associates Company Limited, as Business Reorganization Plan
Administrator of Thai-German product Public Company Limited
(TGPRO), announced its company and official public holidays for
year 2002.

New Year's Day      Tuesday     1  January  
Chinese New Year    Monday   11 February (Only At
         Rayong Factory)
Chinese New Year    Tuesday  12 February
Macha Bucha Day     Tuesday  26 February
Substitute The Chakri Day     Monday  8  April                  
Songkran Festival Day         Tuesday  9  April                  
Songkran Festival Day         Wednesday  10 April                  
Songdran Festival Day         Thursday  11 April                  
Substitute Songkran Festival  Friday  12 April                  
National Labour Day           Wednesday  1  May                      
Substitute Coronation Day     Monday  6  May                      
Substitute Visakha Bucha Day  Monday  27 May                      
Buddhist Lent                 Thursday  25 July          
H.M. The Queen's Birthday     Monday  12 August               
King Chulalongkorn Memorial Day Wednesday 23 October            
H.M. The King's Birthday      Thursday  5  December         
Substitute 28 December 2002   Monday  30 December         
New Year's Eve                Tuesday  31 December     


THAI PETROCHEMICAL: Fails To Meet Repayment Milestone
-----------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI), in
reference to its notice on December 17th ,2001, which advised
that the company would be unlikely to meet the requirement of
its Business Reorganization Plan (the Plan) to raise at least
US$200 million from the sale of Non-Core Assets by December
31st, 2001 (the Repayment Milestone), informed that TPI was
unable to meet the Repayment Milestone which constituted an
Event of Default under the Plan on January 1st ,2002 . The
company  was unable to remedy the default within the 5-day cure
period  provided for in the Plan.

As a consequence, the Facility Agent has issued a voting request
in respect of the Event of Default on January 7th, 2002 pursuant
to the conditions stated in the Plan.


TPI Polene: Founder Favors Holcim Over Cemex
--------------------------------------------
TPI Polene's Chief Executive Prachai Leophairatana favors Holcim
over Cemex as a strategic investor, DebtTraders analysts, Daniel
Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300), say.

"Holcim plans to invest between US$180 million and US$300
million for more than 50 percent stake for the Thai cement
maker, leaving 25 percent for existing shareholders. Cemex wants
a higher controlling stake of to 73 percent of TPI Polene's
shares. Existing shareholders will be left with less than 10
percent stake," according to Fan and Berselli.

DebtTraders reports that TPI Polene 2.75% convertible bonds due
on 2006 (TPIPOL) are trading between 56 and 60. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TPIPOLfor  
real-time bond pricing.


* 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, Maria Cristina Pernites-Lao, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***