TCRAP_Public/020228.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, February 28, 2002, Vol. 5, No. 42

                         Headlines

A U S T R A L I A

ANSETT AIRLINES: Tesna Consortium Withdraws Buy-out Deal
ANSETT AIRLINES: PM Demands Answers Concerning Deal's Collapse
AQUARIUS PLATINUM: Assets Restructuring Agreements Extended
AUSTRALIAN PLANTATION: Posts Removal of Director Notice
CALTEX AUSTRALIA: S&P Lowers Ratings; Outlook Remains Negative

CAPRAL ALUMINIUM: Welcomes Director Arnall to Board
ERG LIMITED: Expects Substantial Loss
PACIFIC DUNLOP: Harris Associates Cuts Interest to 4.97%


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Issues Preliminary Financial Results
GUANGDONG WATER: Petition To Wind Up Pending
INNOVATIVE INTERNATIONAL: Posts Results Announcement Summary
NEW WORLD: Potential Internal Reorganization Canceled
NORTHEAST ELECTRICAL: Resolutions Passed at Board Meeting

SELFFULL ENTERPRISES: Faces Winding Up Petition
WISE TREND: Hearing of Winding Up Petition Set


I N D O N E S I A

BAHANA PEMBINAAN: Debt Plan in Doubt
BANK CENTRAL: IBRA Grants Bidders SPA Revision Approval


J A P A N

CASIO COMPUTER: Moody's Reviews Rating for Possible Downgrade
DAINIPPON INC: Slicing Group Debt to Y500B by March 2005
HITACHI LTD: Reorganizes Europe Marketing Operations
IWATAYA DEPARTMENT: Seeking Y20B Debt Waiver From Creditors
IWATAYA DEPARTMENT: Two Banks Shoulder 90% of Debt Waiver

MATSUSHITA ELECTRIC: Signs MOU Acquisition Deal With TMS
NISSAN MOTOR: Issues Warrant Bonds For Stock Incentive Program
SNOW BRAND: Moody's Downgrades Long-Term Debt Rating to B3
SUMIYA CO: R&I Downgrades Rating to B+ From (BB)


K O R E A

HYNIX SEMICONDUCTOR: Creditors Agree on Chipmaker's Survival
HYNIX SEMICONDUCTOR: Halts Three Non-Memory Chip Lines
HYUNDAI ENGINEERING: Planning Overseas Claims Collection
HYUNDAI HEAVY: Posts 2001 W78.1B Loss
HYUNDAI MOTOR: Discloses Development Deal With Enova Systems



M A L A Y S I A

ASIAN PAC: Gets SC's Nod on Proposed Disposal
AUTOWAYS HOLDINGS: Unit Faces Material Litigation From VSL
DAMANSARA REALTY: Interim Injunction Hearing Adjourned
L&M CORPORATION: MITI Gives Proposed Scheme Conditional Approval
NCK CORPORATION: RA Time Extension Application Pending

PAN MALAYSIAN: Seeks Proposed Shareholders' Mandate Approval
RAHMAN HYDRAULIC: SAs Offer Assets, Business to Investors
SISTEM TELEVISYEN: Resolutions Carried Out at 18th AGM
TAJO BERHAD: Provides Defaulted Payment Status Update
TRANSWATER CORPORATION: Applies For Further RA Extension


P H I L I P P I N E S

BENPRES HOLDINGS: Unit Debt Payment Deal Not Finalized
METRO PACIFIC: PhilRatings Withdraws Baa Credit Rating


S I N G A P O R E

JADE TECHNOLOGIES: Releases Notice Of Shareholder's Interest
SEMBCORP INDUSTRIES: Post Shareholder's Interest Notice


T H A I L A N D

BANGKOK RANCH: Pays Fifth Interest Payment to Creditors
MDX PUBLIC: Files Reorganization Petition in Bankruptcy Court
SINN BUALUANG: Petition for Business Reorganization Filed
THAI WAH: Won't Pay 2001 Dividend

* DebtTraders Real-Time Bond Pricing




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


ANSETT AIRLINES: Tesna Consortium Withdraws Buy-out Deal
--------------------------------------------------------
The Tesna syndicate, lead by Melbourne millionaires, Solomon Lew
and Lindsay Fox, pulled out of negotiations to buy the bankrupt
carrier Ansett Airlines, APP reports, giving a termination
notice Tuesday night to the administrators.

Administrators Mark Korda and Mark Mentha, of Andersen, will now
approach unsuccessful bidders for the collapsed airline.

"We are assessing the situation and, as foreshadowed at the
creditors' meeting, will return to the unsuccessful bidders to
pursue an alternative course," Mr Korda said in a statement.

He defended the administrators' decision to go with Tesna only,
and reject other options, including a bid by a transport company
Patrick.

"The Tesna option was the only option at the time to keep the
Ansett business in existence. It was in the best interests of
all creditors and the only option that would have provided
benefits for all unsecured creditors and jobs for employees,"
Korda said.

Mr Korda said they were surprised Tesna had pulled out.

"This was unexpected because Tesna had employed 20 new senior
executives and offered jobs to about 3,000 employees. It had
announced a Global Rewards scheme and a Golden Wing plan. It had
committed to new aircraft. Also the Sydney Airports Corporation
Limited had advised that they had agreed to assign the Sydney
terminal to Tesna. The administrators were ready, willing and
able to complete the transaction," Korda added.

Patrick Corp said the offer it had last year with the
administrators of Ansett still stands.  Last November, Patrick
Corp said it was working on a proposal to acquire some Ansett
assets in a deal with Virgin Blue.


ANSETT AIRLINES: PM Demands Answers Concerning Deal's Collapse
--------------------------------------------------------------
Prime Minister John Howard called for Ansett administrators to
fully explain why the Tesna syndicate withdrew its bid to buy
Ansett Airlines, The Age reports.

Prime Minister Howard is disappointed and feels sorry for Ansett
employees who hoped to get back their jobs.

"My first thoughts are with the workers. I feel very sorry for
them, and it's particularly heartbreaking that it has happened
right on the eve of this thing getting off the ground. I feel
for the workers more than anything else and I'm very
disappointed it has happened right at the end, out of the blue,"
Mr Howard said.

Prime Minister Howard said the government is not to blame for
the deal's collapse.

"It's not the government's fault that the Tesna thing has fallen
over. I think everybody knows this was run very much by the
administrators and the Australian Council of Trade Unions (ACTU)
and Mr Fox and Mr Lew, on occasions the government was a bit
left out of the loop but so be it."

Prime Minister Howard hopes that the administrator immediately
looks at the alternative bid and not at liquidation.



AQUARIUS PLATINUM: Assets Restructuring Agreements Extended
-----------------------------------------------------------
Excellent progress is being made with regard to the
restructuring arrangements of the Aquarius Platinum Limited
Group of Companies (Aquarius or the Company), as outlined in the
announcement dated 8 January 2002.

The three parties relevant to the restructuring arrangements,
Aquarius, Impala Platinum Holdings Limited (Implats) and
Investec Bank Limited (IBL) have executed agreements to
effectively extend the Implats guaranteed ZAR504 million
facility that Aquarius Platinum (South Africa) Pty Ltd (AQPSA)
was required to settle with IBL on 28 February 2002 to 30 April
2002.

This extension will allow the Company sufficient time to arrange
for shareholder meetings to consider the restructure.


AUSTRALIAN PLANTATION: Posts Removal of Director Notice
-------------------------------------------------------
Australian Plantation Timber Limited posted Administrator M J
Kitay's notice to the public:

Notice is given that the Administrator of Australian Plantation
Timber Limited (Administrator Appointed) (Receivers and Managers
Appointed) ACN: 054 653 057 and the following subsidiaries
removed Paul Geoffrey Brazenor as Director effective 22 February
2002:

   APT Nurseries (Administrator Appointed) (Receivers and
Managers Appointed) ACN: 067 553 762

   APT Finance (Administrator Appointed) (Receivers and Managers
Appointed) ACN: 080 974 278

   APT Investments (Administrator Appointed) (Receivers and
Managers Appointed) ACN: 059 240 998

   APT Forestry (Administrator Appointed) (Receivers and
Managers Appointed) ACN: 008 927 731

   APT Projects (Administrator Appointed) (Receivers and
Managers Appointed) ACN: 054 653 039

Collectively (APT Group)


CALTEX AUSTRALIA: S&P Lowers Ratings; Outlook Remains Negative
--------------------------------------------------------------
Standard & Poor's lowered on Tuesday its corporate credit
ratings on Caltex Australia Ltd. (Caltex) to `BBB/A-3' from
`BBB+/A-2'. The outlook is negative. On July 11, 2001, Standard
& Poor's revised Caltex's outlook to negative, citing Caltex's
poor financial performance and the Australian refining
industry's weak fundamentals.

"Although the ongoing ownership and technical support from
Caltex's ultimate parent company, ChevronTexaco Corp.
(AA/Stable/A-1+), has not changed, Caltex's marginal
profitability and high leverage continue to weaken its credit
quality," said Peter Stephens, associate director, Corporate &
Infrastructure Ratings.

Caltex's financial results to Dec. 31, 2001, remained weak, with
a loss of A$186.1 million recorded for the full year; however,
excluding its A$147.5 million goodwill write-off, the company
made a loss of A$38.6 million. The write-off of the company's
goodwill in Caltex Australia Petroleum Pty. Ltd., of which 50%
was acquired from Pioneer International Ltd. in 1997, increased
leverage to 61% in fiscal 2001 from 55% in fiscal 2000. The
company has targeted a leverage (total debt to total capital)
ratio of about 50% by fiscal 2003, but this is subject to
improvements in cash flow generation being applied to debt
reduction. Improved refinery reliability and refiner margins in
2002, in addition to a zero dividend policy, are expected to
increase free operating cash flow, which will be applied to debt
reduction. EBITDA interest cover for the 12 months to Dec. 31,
2001, is weak at 1.6 times (x) compared with 2.7x in fiscal
2000. At Dec. 31, 2001, the company had balance sheet debt of
A$1.26 billion compared with A$1.28 billion in fiscal 2000.

A lower rating could result if parental support from Chevron
Texaco Corp. is diminished, or if Caltex's financial profile
weakens further.


CAPRAL ALUMINIUM: Welcomes Director Arnall to Board
---------------------------------------------------
Capral Aluminium Limited informed that Mr Phillip James Arnall
has accepted an invitation to join the Board.  Mr Arnall has
extensive experience in the metals business having held senior
positions with Smorgon Steel Group Limited, Australian National
Industries and Tubemakers of Australia Limited.

For further information please contact:

Nigel Chalk                        Greg L'Estrange
COMPANY SECRETARY                  MANAGING DIRECTOR
Telephone: (02) 9682 0657          Telephone: (02) 9682 0655
Mobile: 0404 818 288               Mobile: 0404 818 000


ERG LIMITED: Expects Substantial Loss
-------------------------------------
The Directors of ERG Limited advised that the Company is
expected to report a substantial loss for the half-year ended 31
December 2001.

This follows a comprehensive review of the carrying value of
ERG's assets, particularly its investments in unlisted companies
that have taken up licenses of ERG's technology.

The Directors have concluded that although they are confident
that these investments will generate substantial returns and
cash flow in the future, at this stage it is difficult to
measure precisely the future returns from these investments.
Accordingly, a reduction in their carrying value has been made.
Additionally, during the half-year, ERG reacquired 10 per cent
of the shares in PCL. As a result, the profit of approximately
$9 million, which ERG previously booked on the disposal of those
shares, has been reversed. The balance of the PCL carrying value
has been written down to zero.

As a result of these changes, ERG is likely to make one off
adjustments in the range of $140 million to $160 million.

Consistent with this policy, the ERG Directors have also decided
not to include in ERG's revenue or profits in the half-year the
licensing fees it has received which take the form of shares in
unlisted companies. The total revenue value of such transactions
in the period concerned is approximately $55 million.

It should be noted that all these adjustments are non-cash
accounting entries.

Following the adjustments above the loss for the half-year will
be in a range of $175 million to $195 million.

The Directors believe that their decision to write-down the
value of ERG's holdings in these unlisted companies will permit
a more transparent view of the Group's financial structure.

The Company expects to lodge its half-yearly 4B Report with the
Australia Stock Exchange and ASIC on Monday, 11 March 2002.


PACIFIC DUNLOP: Harris Associates Cuts Interest to 4.97%
--------------------------------------------------------
Harris Associates L P changed its relevant interest in Pacific
Dunlop Limited on, from 46,599,073 ordinary shares (5.01
percent) to 46,253,089 ordinary shares (4.97 percent).

According to Wrights Investors' Service, the Company has paid no
dividends during the last 12 months. Pacific Dunlop also
reported losses during the previous 12 months. As of 2001, the
Company's long-term debt was A$861.90 million and total
liabilities were A$2.30 billion. The long-term debt to equity
ratio of the Company is 0.81.


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


ASIA GLOBAL: Issues Preliminary Financial Results
-------------------------------------------------
Asia Global Crossing (NYSE: AX) reported on Tuesday the
following preliminary information concerning its unaudited
financial results for the fourth quarter and year ended
December 31, 2001.  Final audited results may differ, and are
dependent upon completion of an investigation into certain
allegations regarding accounting and reporting and
determinations regarding asset impairments.

The Company expects a material loss for the fourth quarter and
for the year.  As earnings will depend materially upon the final
determination of asset impairments and could be affected by the
conclusions of the investigations, no results of operations
beyond revenue for the quarter or the full year are presented.

"This is a critical time in our Company's history," said Jack
Scanlon, acting Chief Executive Officer of Asia Global Crossing.

"While most telecommunications companies have found the current
business environment to be difficult, we have faced additional
challenges specific to our parent company. Our resolve is
strong, we see some promising activity, in particular on the
recurring services side of our business, and we have taken
important steps to grow this area.  We have refocused our
business strategy, added new members to our management team and
retained outside financial advisors to help us through this time
of change."

Financial Overview

Asia Global Crossing noted that it has engaged external counsel
to investigate allegations by a former employee of Global
Crossing regarding the accounting for and disclosure of certain
transactions of the kind described below under "Reciprocal
Transactions."  Among other things, the allegations raise the
question whether the company's disclosures concerning such
transactions, which were presented in addition to GAAP
financials, created a misleading impression of sales activity.
Asia Global Crossing does not expect the audit of its financial
statements to be completed until after this investigation has
been completed.  The final audited results may differ from those
presented below.  See "Reciprocal Transactions" and
"Investigations," below.

The Company is also reviewing whether a charge is
necessary to reflect impairment of its trans-Pacific cable
system.  See "Pacific Crossing Ltd.," below.

The preliminary, unaudited information below is prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), subject to completion of the audit, review of impairment
of the trans-Pacific cable system and the effect of the pending
investigations.

Revenue was $46.7 million for the fourth quarter compared to
$29.2 million for the same quarter last year.  Year-on-year
revenue comparisons are influenced by the fact that the company
discontinued sales-type lease transactions at the beginning of
2001. Sales-type leases recognize revenue up-front rather than
amortizing it over the life of the contract.  Fourth
quarter 2000 revenue included $15.1 million from sales-type
leases. Excluding revenue from transactions accounted for as
sales-type leases, fourth quarter 2001 revenue was $46.7 million
compared to $14.1 million for the same period last year.

Asia Global Crossing's recurring services revenue was $41.6
million in the quarter, showing 43 percent growth over the
previous quarter.  Included in this amount is $8.1 million
related to a reciprocal transaction.  Without this reciprocal
transaction, recurring services revenues would have been up
15 percent quarter-on-quarter.

Revenue was $121.5 million for the year, compared to $166.7
million for year 2000.  Year 2000 revenue included $138.3
million from transactions accounted for as sales-type leases.
Excluding such revenue, 2001 revenue was $121.5 million compared
to $28.4 million for year 2000.  This year-on-year growth is
primarily attributable to the fact that the company's network
infrastructure and product offerings were at a significantly
more developed stage in 2001 than in 2000.

Dollars in millions
   Q4           Q4        Full Year    Full Year

                    2001         2000          2001        2000

Revenue           $46.7         $29.2       $121.5        $166.7

Asset Impairments

Asia Global Crossing expects to record one-time impairment
charges of at least $232.6 million, consisting of $146.0 million
of capitalized intangibles related to the formation of the
company and $86.6 million of goodwill related to the company's
acquisition of IXnet Asia and other minor intangibles.  The
company anticipates that an additional material impairment
charge related Pacific Crossing Ltd. will also be recorded (see
"Pacific Crossing Ltd.", below).

Pacific Crossing Ltd.

Pacific Crossing Ltd. (PCL) is a 64.5 percent-owned joint
venture company and as such its results are included in Asia
Global Crossing's consolidated financial statements.  The
Pacific Crossing 1 trans-Pacific system is owned by PCL, and was
financed in part by debt incurred by PCL.  This debt is non-
recourse to the company, but is secured by the company's equity
holdings in PCL.  There is a significant likelihood that the
operating cash flow generated by PCL will not be sufficient to
service this debt.  PCL has begun discussions with its lenders
regarding changes in the terms of its obligations.  If PCL fails
to reach an agreement with its lenders, the lenders will have
the right to foreclose on the company's equity investment in PCL
and thereby acquire effective ownership and control the Pacific
Crossing system. At the end of 2001, the book value of the
company's equity in PCL was approximately $171 million.

The company is currently reviewing the fair value of long-lived
assets related to PCL and expects that an additional asset
impairment charge will be taken in the final results for the
fourth quarter of 2001.  At the end of 2001, the carrying value
of these assets was approximately $1.2 billion, all or part of
which may be subject to such a charge.  Under U.S. GAAP, the
magnitude of this charge may exceed the company's net equity in
the joint venture.

Reciprocal Transactions

During 2001, Asia Global Crossing entered into a number of
transactions in which it provided capacity, services or
facilities to other telecommunications carriers and, at
approximately the same time, purchased or leased capacity,
services or facilities from these same telecommunications
carriers.  The company refers to such transactions as
"reciprocal transactions."  The capacity, services and
facilities acquired in these transactions enable Asia Global
Crossing to serve certain markets in advance of its own network
availability and redundancy on certain routes. The business
justifications of these acquisitions and the carrying value of
the assets acquired are being reviewed as part of the
investigations described under "Investigations," below.

Asia Global Crossing defers the revenue from all such sales.
The deferred revenue is amortized into revenue on a straight-
line basis as earned over the terms of the sales agreements.
Capacity, services and facilities the company acquired are
recorded as "Property and equipment," "Other long-term
Assets" or "Other current assets," based upon the type of the
assets and the terms of purchase agreements.  "Other current
assets" and "Other long-term assets" primarily relate to
prepayments for capacity leases, telecommunications services and
charges for operations, administration and maintenance.  These
"Other assets" are expensed over the terms of the purchase
agreements to "Cost of access and maintenance" in the company's
statement of operations. "Property and equipment" is depreciated
over the term of the purchase agreements.

The Company completed two principal reciprocal transactions in
the fourth quarter. The first, for $23.3 million, was the second
step of a two-step transaction under which Asia Global Crossing
acquired terrestrial capacity in China and related co-location
space and other services and sold capacity from Hong Kong to the
west coast of the U.S. for the same amount.  The total amount
received and spent related to this transaction during 2001 was
$68.3 million.

The second transaction was a $20 million sale of capacity on the
company's intra-Asia cable system to a carrier from which Asia
Global Crossing purchased, for the same amount, capacity on the
Japan/Australia cable to provide access to a portion of Asia
Global Crossing territory that is not served by the company's
own network.

The other principal reciprocal transactions during 2001 totaled
$57.5 million.  In these transactions Asia Global Crossing
acquired capacity for $55.0 million to provide redundancy
between Hong Kong and Japan in advance of the ring completion of
its own system and to provide connectivity between Hong Kong and
Singapore in advance of its own system readiness.

A significant number of the Company's sale transactions during
2001 were completed with telecommunications carriers from whom
Global Crossing purchased capacity, services or facilities at
approximately the same time as these carriers purchased capacity
or services from the Company.  Asia Global Crossing received
cash in these transactions, and did not make any related
purchases.  The total cash additions to deferred revenue from
such transactions during 2001 was $354.8 million, none of which
was received during the fourth quarter.  Revenue recognized from
the amortization of such amounts was $5.8 million for the full
year, of which $2.7 million was recognized in the fourth
quarter.

The following tables set forth the effect of reciprocal and
other transactions on the company's deferred revenues for the
year and quarter ended December 31, 2001:

Full Year 2001                 Reciprocal        Other

Dollars in Millions      Transactions   Transactions*      Total

Additions to deferred revenue   $181.3      $455.6        $636.9

Amortization to revenue           (8.5)     (30.2)        (38.7)

Net change in deferred revenue  $172.8      $425.4        $598.2

Q4 2001                        Reciprocal         Other

Dollars in Millions      Transactions    Transactions*     Total

Additions to deferred revenue    $50.5       $25.4         $75.9

Amortization to revenue           (8.4)     (11.3)        (19.7)

Net change in deferred revenue   $42.1       $14.1         $56.2

*Other transactions include cash additions to deferred revenue
totaling $354.8 million for the full year 2001 and $0 for the
fourth quarter 2001 related to transactions in which Global
Crossing purchased capacity, services or other facilities from
customers of Asia Global

Crossing at approximately the same time that Asia Global
Crossing made sales to such customers.

The following table sets forth the effect of reciprocal
transactions on the company's balance sheet and statement of
operations as of and for the year ended December 31, 2001:

Dollars in millions                          Other        Other

Deferred    Property &      Current     Long-term
             Revenue     Equipment       Assets       Assets

Sales           $181.3            --           --            --

Purchases         --          79.6         64.4          37.9

Amortization to revenue  (8.5)     --           --            --

Amortization to cost of
access & maintenance      --       --         (8.1)           --

Net change       $172.8         $79.6        $56.3         $37.9

Liquidity and Financial Restructuring

On December 20, 2001, Global Crossing announced that it would
not honor the $400 million draw request made by the company on
the $400 million subordinated credit facilities established in
the company's favor by Global Crossing in October 2000.  On
January 28, 2002, Global Crossing commenced voluntary bankruptcy
proceedings in the U.S. and provisional liquidation proceedings
in Bermuda.  This liquidity impact is exacerbated by weak demand
for IRU sales.  As a result, the company no longer has a fully
funded business plan.  The company is taking a number of actions
to address its funding needs, including minimizing discretionary
expenditures and seeking to renegotiate the payment terms
associated with its principal construction and supply contracts.
Successful negotiation of these changes should allow sufficient
liquidity for the majority of the current year.

Asia Global Crossing is also seeking new capital.  Asia Global
Crossing has engaged Lazard Freres as its financial advisor in
connection with its consideration of alternatives for
restructuring and obtaining new funds.

It is likely that in their report on the Company's audited
financial statements, the company's auditors will express
substantial doubt about the company's ability to continue as a
going concern.

"We are working with our vendors to give us time to address the
need for new capital.  These discussions look promising.  As to
new capital, we have already received a number of inquiries from
potential investors," added Mr. Scanlon.

While initial results on vendor talks are encouraging, no
assurance can be given that final agreements acceptable to the
company will be achievable with such vendors.  Similarly, that
while inquiries have been received from various parties about
possible investment, no assurance can be given that such
inquiries will result in a proposal or that any such proposal if
made will be acceptable to the company.

Asia Global Crossing finished the year with $553.0 million in
cash, of which $72.9 million was restricted to use on the
Pacific Crossing system.

Investigations

Widespread publicity has been given to allegations by a former
employee of Global Crossing that the accounting for and
disclosure of reciprocal transactions entered into by Global
Crossing or Asia Global Crossing have been improper.  The audit
committee of the Asia Global Crossing board of directors has
engaged external counsel for the purpose of investigating
issues raised by these allegations so far as they concern Asia
Global Crossing.  Asia Global Crossing understands that the
Federal Bureau of Investigation has also undertaken by the
Securities and Exchange Commission and investigations of these
matters, and that Global Crossing has been contacted in this
matter. At this time, Asia Global Crossing has not been
contacted in connection with either of such investigations.


GUANGDONG WATER: Petition To Wind Up Pending
--------------------------------------------
The petition to wind up Guangdong Water Conservancy & Hydro-
Power Engineering Development Company Limited is scheduled for
hearing before the High Court of Hong Kong on March 5, 2002.

The petition was filed with the court on December 3, 2001 by Top
Treasure Engineering Limited whose registered office is situated
at Room A, 15th Floor, Wah Hen Commercial Centre, 381-383
Hennessy Road, Wanchai, Hong Kong.


INNOVATIVE INTERNATIONAL: Posts Results Announcement Summary
------------------------------------------------------------
Innovative International (Holdings) Limited announced on 25
February 2002:  (stock code: 729)

Year end date: 31/3/2002
Currency: HKD                                     (Unaudited)
                                  (Unaudited)      Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2001    from 1/4/2000
                                  to 30/9/2001     to 30/9/2000
                                  ('000)           ('000)
Turnover                             : 60,783           93,208
Profit/(Loss) from Operations        : (61,761)         (19,049)
Finance cost                         : (27,244)         (27,003)
Share of Profit/(Loss) of Associates : (10)             (2,010)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : NIL              NIL
Profit/(Loss) after Tax & MI         : (87,380)         (48,192)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (15.09 cents)    (8.32
cents)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : N/A              N/A
Profit/(Loss) after ETD Items        : (87,380)         (48,192)
Interim Dividend per Share           : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Interim Dividend       : -
Payable Date                         : -
B/C Dates for (-) General Meeting    : -
Other Distribution for Current Period: -
B/C Dates for Other Distribution     : -

Remarks:

1. TURNOVER

Turnover represents total net invoiced value of goods supplied
to customers outside the Group.

The analysis of the Group's turnover and profit/(loss) from
operations by principal activities and geographical markets are
as follows:

----------------------------------------------------------------
Turnover        Loss from operations
----------------------------------------------------------------
     6 months        6 months        6 months        6 months
  ended30.9.2001  ended30.9.2000  ended30.9.2001  ended30.9.2000
    (HK$'000)       (HK$'000)       (HK$'000)       (HK$'000)
----------------------------------------------------------------
By principal activities

Manufacturing and trading
         60,783           93,208        (61,761)        (19,049)
----------------------------------------------------------------
By geographical markets

Europe   23,200           40,745        (23,500)         (8,300)
America  22,360           29,307        (22,700)         (6,000)
Asia      4,786           11,265         (4,800)         (2,300)
Australia and Oceania
          4,755            6,738         (4,831)         (1,379)
Others    5,682            5,153         (5,930)         (1,070)
----------------------------------------------------------------
         60,783           93,208        (61,761)        (19,049)
----------------------------------------------------------------
2. TAXATION
                                         6 months      6 months
                                         ended         ended
                                         30.9.2001     30.9.2000
                                        (HK$'000)      (HK$'000)
----------------------------------------------------------------
The tax charge/(credit) comprises:

Current tax
Hong Kong profits tax
- Company and subsidiaries
Underprovision in respect of prior years       -           (380)
----------------------------------------------------------------
No provision for Hong Kong and overseas profits tax has been
made in the consolidated financial statements as the Group had
no assessable profit for both periods.

3. LOSS PER SHARE

The basic loss per share is calculated based in the loss
attributable to shareholders of HK$87,380,561 (2000:
HK$48,192,221) and on 579,039,594 ordinary shares.

Diluted loss per share has not presented for both periods as no
diluting events existed during these periods.

4. LOSS BEFORE TAXATION
                                        6 months       6 months
                                        ended          ended
                                        30.9.2001      30.9.2000
                                        (HK$'000)      (HK$'000)
----------------------------------------------------------------
Loss before taxation is arrived at after

charging:

Auditors' remuneration                      500            525
Interest expenses less amount capitalized   27,244
27,003
Depreciation of property, plant and equipment11,201       13,840
Share of loss of associated companies      10          2,010
Amortization of development costs           -          2,434
Amortization of intangible assets          1,950          1,950
Loss on disposal of property, plant and equipment
                                           -          2,158
Provision for bad and doubtful debts       12,666              -

and crediting:
Interest income                             48             49
Exchange gain                               376            898
Written back provision for loans to associated companies
                                            -          1,998
----------------------------------------------------------------
5. COMPARATIVE FIGURES

The presentation and classification of items in the interim
financial report have been changed due to the adoption of the
requirement of SSAP1 (revised) "Presentation of financial
statements" and additional line items have been included on the
face of the income statement as required by SSAP 1 (revised).
Comparative figures have been reclassified to conform with
current period's presentation.


NEW WORLD: Potential Internal Reorganization Canceled
-----------------------------------------------------
The Directors of New World Infrastructure Limited (NWI) and New
World Development Company Limited (NWD), in reference to the
joint announcement dated 28th January, 2002 regarding the
discussion of a potential internal reorganization relating to
the fixed line telecommunications businesses, announced that the
discussion has been discontinued. There will be no significant
impact on the financial positions and operations of both
companies.

Meanwhile, New World Infrastructure's rating on $250 million
convertible bonds due 2003 was downgraded to `BB+' from `BBB-`
by Standard & Poor's due to the deterioration in the company's
profitability and cash generation over the past few years,
DebtTraders reported.

The infrastructure Company's 2001 net profit fell 99% to HK$15
million from $1.3 billion a year ago. NWI has initiated
operational restructuring and has disposed of under-performing
assets.

New World Infrastructure's 1.000% convertible bonds due on 2003
(NWIN03HKS1) are trading between 131 and 132. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=NWIN03HKS1
for real-time bond pricing.


NORTHEAST ELECTRICAL: Resolutions Passed at Board Meeting
---------------------------------------------------------
The Board of Directors (the Board) of Northeast Electrical
Transmission & Transformation Machinery Manufacturing Company
Limited (the Company) held a provisional meeting at Kingdom
Hotel at 9:00 a.m. on 25 February 2002 by way of
telecommunication. 7 of 8 eligible Directors participated.
Resolutions were considered and passed as follows:

1. Due to job transfer and his application, Mr. Li Bin's
resignation from his positions of Executive Director, Deputy
General Manager and Company Secretary was accepted by the Board.
The position of company secretary was originally held by both
Mr. Li Bin and Mr. Luo Hong. Since Mr. Li's resignation, Mr. Luo
Hong is fully in charge of the duties of company secretary.

2. As the number of reply to shareholders in relation to
attending extraordinary general meeting received by the Company
has not reached half of the number of shares in issue vested
with voting rights as at 23 February 2002, the Company further
dispatched the notice of extraordinary general meeting in
accordance with the Articles of Association. The extraordinary
general meeting will be held at Conference Room of the Company,
14/F, Kingdom Hotel, 189 Taiyuan South Street, Heping District,
Shenyang, Liaoning Province, the People's Republic of China at
9:00 a.m. on 15 March 2002 for the purpose of considering change
of domestic auditors and new appointment of directors.

Progress of repayment of US$40 million syndicated loans

In addition, in order to efficiently solve the problem of US$40
million syndicated loan, the board of directors of the Company,
after a prudent study, proposed to the banking consortium led by
CCIC Finance Ltd. a definite US$40 million principal repayment
scheme involving a proposed reduction of the syndicated loan by
US$24 million. On 8 February 2002,  we have received the reply
letter from the banking consortium, which rejected the scheme.
To date, the Company has not submitted other repayment proposals
to the banking consortium and there has been no substantive
progress on the assets reorganization of the Company.


SELFFULL ENTERPRISES: Faces Winding Up Petition
-----------------------------------------------
The petition to wind up Selffull Enterprises Limited is set for
hearing before the High Court of Hong Kong on April 3, 2002 at
9:30 am.

The petition was filed with the court on January 9, 2002 by Bank
of China (Hong Kong) Limited (the successor corporation to Hua
Chiao Commercial Bank Limited by virtue of the Bank of China
(Hong Kong) Limited (Merger) Ordinance Cap. 1167) whose
registered office is situated at Bank of China Tower, 1 Garden
Road, Central, Hong Kong.


WISE TREND: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Wise Trend Trading Limited is scheduled
to be heard before the High Court of Hong Kong on March 6, 2002
at 11:00 am.  The petition was filed with the court on November
8, 2001 by Chinatrust Bank Limited having its head office
situated at Taipei, Taiwan and a branch office in Hong Kong at
19th Floor, Central Tower, No. 28 Queen's Road Central, Hong
Kong.


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


BAHANA PEMBINAAN: Debt Plan in Doubt
------------------------------------
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), said Bahana Pembinaan Usaha
Indonesia's major debtor Festival Company refused to honor its
debt. The company loaned US$47 million to Festival Company,
which is owned and guaranteed by Prajogo Pangestu.

Prajogo Pangestu refused to honor a personal guarantee, which
will put Bahana's six-month schedule to repay debt of US$300
million at risk.

Bahana Pembinaan's 10.875% floating rate notes due on 2000
(BAHA00IDN1) are trading between 21 and 25. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BAHA00IDN1
for real-time bond pricing.


BANK CENTRAL: IBRA Grants Bidders SPA Revision Approval
-------------------------------------------------------
Indonesia Bank Restructuring Agency (IBRA) granted two 50
percent PT Bank Central Asia Tbk (BCA) stock bidders that passed
Bisnis Indonesia (BI) "fit and proper test" the opportunity to
revise their sale & purchase agreement (SPA), Bisnis Indonesia
reports, citing Chairman I Putu Gede Ary Suta.

Based on BI recommendation, IBRA decided two bidders, Standard
Chartered and Farallon, are entitled to take part in the second
phase of evaluation.

Chairman Putu declined to give detail of the failure of Bank
Mega Consortium and GKBI in BI fit & proper test. "We received a
confidential letter from central bank, just ask BI for further
information," he said.

In relation to rumor that Farallon would resign, Chairman Putu
declared he had not received letter of resignation. "There are
various ways in a bid to win BCA tender and rumor saying
Farallon will resign more as a business strategy," he said.


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


CASIO COMPUTER: Moody's Reviews Rating for Possible Downgrade
------------------------------------------------------------
Moody's Investors Service on Monday has placed under review for
possible downgrade the Baa2 senior unsecured debt rating of
Casio Computer Co., Ltd (Casio).

The review is prompted by weakening profitability of Casio, as a
result of the decline in the consumer electronics market, as
well as the company's lack of attractive new products.

In its review, Moody's will examine how Casio copes with the
increasingly hostile market environment and as well as the
company's new product pipeline.

Casio Computer Co., Ltd, headquartered in Tokyo, Japan, is one
of the leading manufacturers of consumer electronics products.


DAINIPPON INC: Slicing Group Debt to Y500B by March 2005
--------------------------------------------------------
Dainippon Ink and Chemicals Inc (DIC) aims to slash its group
interest-bearing debt to Y500 billion from Y609.8 billion by
March 2005, Kyodo News reported Tuesday. The chemical firm plans
to attain a group net profit of Y25 billion and a group
operating profit of Y65 billion.

DIC is one of Japan's most diversified chemical companies and
the core of the DIC Group, which comprises approximately 300
subsidiaries and affiliates, including Sun Chemical Corp. and
Reichhold, Inc., in more than 60 countries worldwide. It is
engaged in manufacturing and sale of diverse products of fine
chemicals.

According to Wright Investor's Service, at the end of 2001,
Dainippon Ink & Chemicals Inc had negative working capital, as
current liabilities were Y520.95 billion while total current
assets were only Y488.90 billion.


HITACHI LTD: Reorganizes Europe Marketing Operations
----------------------------------------------------
A Company press release disclosed on Tuesday that effective
April 1, 2002, Hitachi Home Electronics (Europe) Ltd. (HHEE)
will cease to trade as a legal entity and its two business
groups will be integrated into Hitachi Europe Ltd. (HEL). HHEE's
two business groups - Digital Media Group (Plasma TVs and
monitors, LCD projectors and monitors, DVD Cameras, etc.) and
Consumer Products Group (room air conditioning, floor care,
white goods etc.) will operate alongside HEL's existing business
groups.

The Digital Media Group is re-focusing its business on digital
technology, with the core product focus being on Plasma TVs and
monitors, LCD projectors and DVD cameras. This comprehensive
range of products offer capabilities for applications in both
the home and business environments, reflecting the continuing
convergence of these two markets and a direct response to global
technological changes and consumer demand. This product
realignment will also be coupled with a greater emphasis on
providing customers not only with the latest technology and
products but also systems solutions.

The Consumer Products Group will enable the business to expand
sales of Hitachi household appliances across Europe. Particular
focus will be on the room air conditioning business, where
Hitachi will gain synergy from integrating its existing business
groups, which provide packaged air conditioning products. This
will ensure greater market share in key countries such as Spain
and Greece.

These two newly focused business groups will ensure that the
Hitachi brand is effectively promoted across key European
markets. Furthermore, Hitachi in Europe will benefit from the
design excellence provided by Hitachi Europe's Design Centre*
headquartered in Milan.

Hitachi will now be well placed to meet the future demands in
the home and digital media markets in the UK and continental
Europe, by focusing on new and emerging technologies.

This reflects Hitachi's global strategy, to concentrate on
higher value products, both from existing and new product
ranges. A key feature of the globalization strategy is to
increase sales outside Japan to 50% of turnover. In addition,
Hitachi aims to increase the number of locally hired senior
executives.

This new structure also forms part of a new global initiative by
Hitachi where businesses outside Japan will in future be co-
ordinated by its four regional business entities: Europe,
America, Asia and China.

This increasingly integrated global structure will result in
closer partnerships between Hitachi in Europe and Japan,
ensuring that Hitachi continues to meet the current and future
needs of its European customers, further ensuring its long-term
success.

Mr Tsukada, Managing Director of Hitachi Europe Ltd. comments,
"As well as reflecting Hitachi's global strategy to concentrate
on higher value products, our new organization has been designed
to enable us to continue serving our customers to the highest
standard. The creation of this new structure will be achieved
seamlessly and will not cause any disruption to our business."

About Hitachi Europe Ltd.

Hitachi Europe Ltd., is a wholly owned subsidiary of Hitachi,
Ltd., Japan. Headquartered in Maidenhead, UK, it has operations
in 11 countries and employs over 650 people across Europe, the
Middle East and Africa. As a 'Best Solutions Partner' Hitachi
Europe tailors its services and Solutions to meet the specific
needs of its customers. Hitachi Europe comprises eight key
business areas: power and industrial systems; information
systems; high performance computing; electronic components;
automotive; air-conditioning and refrigeration systems;
procurement and sourcing; and corporate technology group
(research & development). For more
information about Hitachi Europe Ltd., please visit
http://www.hitachi-eu.com.

About Hitachi Home Electronics (Europe) Ltd.

Hitachi Home Electronics (Europe) Ltd. is a wholly owned
subsidiary of Hitachi Europe Ltd. It has operations throughout
Europe which provide sales, marketing and technical support for
a range of leading edge products for the home and business
environment including Plasma Displays, DVD camcorders and LCD
Projectors. Please visit our website at http://hitachi-consumer-
eu.com.

About Hitachi, Ltd.:

Hitachi, Ltd., headquartered in Tokyo, Japan, is one of the
world's leading global electronics companies, with fiscal 2000
(ended March 31, 2001) consolidated sales of 8,417 billion yen
($67.9 billion**). The company manufactures and markets a wide
range of products, including computers, semiconductors, consumer
products and power and industrial equipment. For more
information on Hitachi, Ltd., please visit Hitachi's Web site at
http://global.hitachi.com.

*Hitachi Europe's Design Centre (HDCE) founded in 1989 as a
strategic satellite of Design Division Japan. HDCE is providing
design solutions for present and future environments, setting up
necessary research topics and is collaborating on global design
projects.

Kantaro Tanii
Hitachi Europe Ltd.
TEL: +44(0)1628-585379
email: kantaro.tanii@hitachi-eu.com

The press release is located at http://www.hitachi-
eu.com/press/index.jsp


IWATAYA DEPARTMENT: Seeking Y20B Debt Waiver From Creditors
-----------------------------------------------------------
Japanese textile chain store operator, Iwataya Department Store
Corp Limited, will ask for a debt waiver of Y20 billion from its
main creditor banks and financial institutions under a
restructuring scheme, Japan Today reported on Tuesday.  The
Company will disclose the restructuring program once concerned
parties agree on it.

Iwataya, established in 1754, was incorporated in 1935 as a
department store.  Department store operations accounted for 64%
of fiscal 1999 revenues; supermarket operations, 29%;
construction, 1% & real estate business, and other, 6%. The
company has seventeen consolidated subsidiaries all based in the
northern Kyushu region of Japan.


IWATAYA DEPARTMENT: Two Banks Shoulder 90% of Debt Waiver
----------------------------------------------------------
Bank of Fukuoka said on Tuesday that it and Fuji Bank will
shoulder 90 percent of Y28 billion in a debt waiver requested by
department store chain operator Iwataya Department Store Co.,
Kyodo News reported on Wednesday, citing Bank Fukuoka President,
Kiyoshi Teramoto.

Meanwhile, Iwataya revealed that it is in talks with Isetan Co
Ltd for third party allocation of shares under its three-year
restructuring program that ends on February 2005, AFX News
reports. The Company stressed that it has received a positive
response from Isetan, but did not disclose any further
statements.


MATSUSHITA ELECTRIC: Signs MOU Acquisition Deal With TMS
--------------------------------------------------------
Thomson Multimedia (NYSE:TMS)(Euronext:18453) and Matsushita
Electric Industrial Co., Ltd. (NYSE:MC) announced on February 26
that they have signed a non-binding memorandum of understanding
for Technicolor, a Thomson business in Camarillo, California, to
acquire Panasonic Disc Services Corporation (PDSC), which is
Matsushita's 100 percent subsidiary specializing in DVD and CD
replication and distribution operations in the U.S. and Europe.

The combination of PDSC within Technicolor Home Entertainment
Services presents substantial business synergies and represents
another step toward Thomson's strategic vision to advance,
enable and manage the digital media transition for
entertainment, media, and content industries.

The industry-leading capabilities of PDSC and Technicolor,
already one of the world's leading providers and distributors of
DVDs, CDs and Videocassettes, will create the most
technologically advanced and capable optical disc manufacturer
in the world. The move will also provide customers with a
broader spectrum of DVD-Video, DVD-Audio and DVD-ROM
replication, packaging and distribution capabilities in North
America and Europe.

Matsushita Electric established Panasonic Disc Services in 1996
in order to accelerate the market acceptance of DVD players.
PDSC, which now operates in 6 locations in the U.S., Mexico, and
Europe, has been producing high-quality DVD discs for the
entertainment and computer industries and serves several major
Hollywood studios, such as Universal and Paramount. With DVD
players now outselling VCR's and DVD player unit sales exceeding
12.4 million units in the U.S. last year, Matsushita has
achieved its initial objective of helping to successfully launch
the DVD business.

While Matsushita will continue to own and operate the Torrance,
California facility of PDSC to support the replication service
requirements of its existing game software customer, the company
welcomes the fact that the business in other PDSC locations will
be carried on by a premier entertainment media replication
company like Technicolor.

Thomson and Matsushita Electric will work to finalize a
definitive agreement, which is subject to conclusion of due
diligence as well as obtaining appropriate internal and external
consents and regulatory approvals. Further details of this
proposed transaction will be announced at the close of the
transaction.

Certain statements in this press release constitute "forward-
looking statements" within the meaning of the "safe harbor" of
the U.S. Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are based on management's current
expectations and beliefs and are subject to a number of factors
and uncertainties that could cause actual results to differ
materially from the future results expressed or implied by the
forward-looking statements due to changes in global economic,
business, competitive market and regulatory factors. More detail
information on the potential factors that could affect the
financial results of THOMSON multimedia is contained in the
THOMSON multimedia's filings with the U.S. Securities and
Exchange Commission.

About Matsushita Electric

Best known by its Panasonic brand name, Matsushita Electric
Industrial Co., Ltd. is one of the world's leading producers of
electronic and electric products for consumer, business and
industrial use. Sales in the most recent fiscal year were $61.4
billion. The company is a leader in the development of DVD
technologies, and played a major role in establishing DVD as the
fast-growing medium for consumer entertainment content that it
is today. Matsushita's shares are listed on the Tokyo, Osaka,
Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf, Frankfurt, New
York, Pacific and Paris stock exchanges. For more information,
visit the Matsushita web site at the following URL:
http://www.panasonic.co.jp/global/

About Technicolor

Technicolor is a Thomson multimedia (NYSE:TMS) business within
Digital Media Solutions, a Thomson division focused on giving
content providers, broadcasters, network operators, and
advertisers the digital building blocks required to deploy
electronic entertainment services. Technicolor is the world's
leading provider and distributor of motion picture film prints,
DVDs, CDs and Videocassettes. On an annualized basis, the
company processes more than three billion feet of motion picture
film and has the capacity to produce approximately 250 million
DVDs, 500 million CDs and 800 million videocassettes.

Technicolor is also a pioneer in digital cinema distribution
technology and services as well as a leading global provider of
distribution and logistics management services for motion
picture release prints, marketing collateral and in-theatre
screen advertising.

With main offices in Camarillo, Calif., Technicolor serves an
international base of entertainment and software customers with
its facilities in the U.S., Canada, Mexico, Europe and
Australia. Major Hollywood clients include The Walt Disney
Company, DreamWorks SKG, New Line and Warner Bros. Software
publishers include Microsoft, Vivendi Universal Interactive,
Electronic Arts and Hewlett- Packard.

About Thomson

With sales of 10.5 billion Euros (U.S. $ 9.3 billion) in 2001
and 73,000 employees in more than 30 countries, Thomson
multimedia (Euronext: 18453) (NYSE: TMS), provides a wide range
of video (and enabling) technologies, systems, finished products
and services to consumers and professionals in the entertainment
and media industries. To advance and enable the digital media
transition, Thomson multimedia has five principal activities:
Digital Media Solutions, Displays and Components, Consumer
Products, Patents and Licensing, and New Media Services. The
company distributes its products under the THOMSON, RCA and
TECHNICOLOR brand names. For more information: www.thomson-
multimedia.com.

CONTACT:
Technicolor
Dana Banks, 805/383-3223
dana.banks@technicolor.com
Carrie Bissell, 805/445-4286
carrie.bissell@technicolor.com
or
Panasonic
Jim Reilly, 201/392-6067
reillyj@panasonic.com

TCR-AP reported on Tuesday that Matsushita said huge losses on
mobile phones and components and a costly early retirement
program would boost its consolidated net loss this business year
to an estimated Y438 billion. In October it had forecast a Y265
billion net loss for 2001-02.


NISSAN MOTOR: Issues Warrant Bonds For Stock Incentive Program
--------------------------------------------------------------
Nissan Motor Company announced on Monday a Y60 billion warrant
bond offering corresponding to approximately 60 million shares.
The six-year bonds will be used for the implementation of the
company's performance based employee compensation system, which
includes warrant bonds options. Thirty-five million warrants
will be tied to fiscal year 2002 personal and corporate results,
and grantees will be able to exercise them after two years.
Twenty-five million warrants will be exercisable after three
years, and will be tied to personal and corporate performance
under Nissan 180, the company's three-year plan commencing in
April, 2002.

The bonds will be issued on March 14. The exercise price will be
set according to the average closing price plus 2.5 percent on
the Tokyo Stock Exchange for 5 working days, up to two days
before the date of issuance. Grantees will include several
hundred managers worldwide whose performance is the key to the
achievement of Nissan's group financial targets, as the company
begins implementation of Nissan 180.

Terms and conditions of the issuance of the bonds with warrants
were filed at the Tokyo Stock Exchange.

About Nissan Motor Co., Ltd.

Nissan Motor Co., Ltd. (TSE: 7201)(NASDAQ: NSANY) was
established in 1933 to manufacture and market the Datsun, a
small passenger car, and related automotive components. The
company is Japan's second largest automobile manufacturer and
the world's fifth, with annual global sales of 2,415,433
vehicles. The company markets a wide range of passenger cars,
commercial vans, trucks and buses, parts and components in over
one hundred and seventy countries. The company has also expanded
its operations to include forklifts, textile machinery and other
industrial machinery and equipment. Nissan's affiliation with
French automaker Renault in 1999 has helped produce Nissan's
best results in a decade. The company has three hundred and
forty two consolidated subsidiaries worldwide. Consolidated
sales in FY 2000 exceeded $49 billion dollars (Euro 55 billion.)


SNOW BRAND: Moody's Downgrades Long-Term Debt Rating to B3
----------------------------------------------------------
Moody's Investors Service on Friday has downgraded the senior
unsecured long-term debt ratings of Snow Brand Milk Products
Co., Ltd. (Snow Brand) to B3 from B2, and will continue to
review the ratings for possible further downgrade. The rating
action reflects the company's announcement to liquidate Snow
Brand Food, a 66%-owned consolidated subsidiary of Snow Brand,
which will result in significant deterioration of the company's
capital structure and financial flexibility.

According to the company's announcement on Tuesday, Snow Brand
expects to incur maximum Y25 billion of charges in association
with the liquidation of Snow Brand Food. At the same time, Snow
Brand will provide up to Y25 billion of financial support in
liquidating the subsidiary. Consequently, Snow Brand's already
weak capital base will be further damaged. The reduced financial
flexibility will further constraint the company's ability to
restructure its business operations, which is crucial for the
company to regain market competitiveness and to secure financial
support from its major lenders.

In its review, Moody's will focus on how the Snow Brand's
overall restructuring plan will be impacted by the liquidation
of Snow Brand Food, and its liquidity management. Moody's added
that one of the key rating factors will be strong and continuous
financial support from major lenders.

Snow Brand Milk Products Co., Ltd., headquartered in Tokyo, is a
leading food company in Japan, conducting a dairy product
business.


SUMIYA CO: R&I Downgrades Rating to B+ From (BB)
-----------------------------------------------
Rating and Investment Information, Inc. (R&I), has on February
21 downgraded the Senior Long-term Credit Rating of Sumiya Co.
Ltd to B+ from (BB) and removed from the rating scheme monitor
scheme.

RATIONALE:

Sumiya Co., Ltd., is a major AV software chain-store operator
based in Shizuoka Prefecture, also involved in sales of AV
household equipment, personal computers and musical instruments.
Earnings potential has deteriorated seriously faced with the
prolonged slump in personal consumption and escalating price
competition with bulk retailers of household electronics.

The Company is predicting a Y2.5 billion final loss for the
March 2002 term, partly due to losses arising from its
restructuring measures. This will further damage financial
composition, which was already weak. There are few concerns
about the funds required for the redemption in March this year
of Y1.3 billion in convertible bonds, since the company has a
stable relationship with its main bank, The Shizuoka Bank, Ltd.,
and also has substantial funds at hand. Nevertheless, it is not
going to be easy to get additional funding for projects such as
the total rebuilding of outlets.

The operational environment is expected to remain severe in the
future as well, so it is unclear whether Sumiya can rebuild its
earnings potential, and this is reflected in the rating
adjustment.

The software division accounts for a little over 50 percent of
total sales, with household appliances and personal computers at
a little fewer than 40 percent and musical instruments a little
under 10 percent. The earnings potential of every division has
fallen further than expected because of escalating price
competition with bulk retailers of household electronics, in
addition to the slump in consumer spending, and the firm is
predicting a pretax loss of Y1.15 billion for the March 2002
term (compared to a Y250 million loss in the previous year).
This will rise to a final loss of Y2.5 billion (compared to a
Y250 million loss in the previous year) as a result of
extraordinary losses arising from an early retirement scheme and
from store closures. The loss is equivalent to nearly 30 percent
of equity capital as of the end of March 2001, so the equity-to-
assets ratio is forecast to fall below 30 percent.

Sumiya is aiming to return to a pretax profit in the March 2003
term through a series of restructuring measures including
cutting personnel costs, amalgamating the unprofitable AV
equipment and personal computer divisions, and closing loss-
making stores. Nevertheless, the operational environment is
severe and it is impossible to predict whether the targets for
the return to profit can be met, while plans for earnings
recovery in the period from the March 2004 term onward are
undetermined. It will be essential for the firm to set a clear
policy for earnings recovery under the management plans
currently being implemented, including further restructuring
moves.

For additional information check the release at http://www.r-
i.co.jp/eng/


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


HYNIX SEMICONDUCTOR: Creditors Agree on Chipmaker's Survival
------------------------------------------------------------
Creditors of Hynix Semiconductor Inc. agree that the chipmaker
can survive independence for the time being in view of the
current upward trend in DRAM prices, even if the ongoing sales
talks with Micron Technology Inc. collapse, Korea Herald
reported on Wednesday.

In November 2001, the 128-M DRAM price was about $1, but the
spot price now surpasses $4. If the contract price for regular
customers stays around $4.5, it is possible for Hynix to
maintain viability, an unnamed creditor official said. In case
the upward momentum on DRAM prices slows, or prices fall after
the collapse of the talks, however, talks with Micron or
Infineon Technologies are likely to resume, the report said.


HYNIX SEMICONDUCTOR: Halts Three Non-Memory Chip Lines
------------------------------------------------------
Hynix Semiconductor has suspended output in three non-memory
chip production lines in Ichon City due to outdated facilities
and low production profitability, Maeil Business Newspaper
reported on Tuesday. The three production lines take up 20
percent of overall non-memory chip production for Hynix.

The Company is searching for a buyer in China for the production
facilities while continuing talks to sell off seven memory chip
production facilities to Micron Technologies Co. According to a
creditor official for Hynix, the Company will wait for Micron's
response until the end of this month before setting up
alternative measures.


HYUNDAI ENGINEERING: Planning Overseas Claims Collection
--------------------------------------------------------
Hyundai Engineering and Construction Co. (HEC) intends to
collect overseas construction proceeds worth $92 million in
2002, Korea Herald reported on Wednesday. Hyundai has ordered
superintendents in 60 building sites worldwide to formulate an
action plan to retrieve the claims. Hyundai CEO Shim Hyun-young
is directly monitoring the superintendents' progress.

TCR-AP reported Tuesday that Hyundai Engineering and
Construction sees net loss of around W800 billion for the fiscal
year 2001 as it plans to write off more of its claims in Iraq.
The Company is in talks with its external auditor the size of
the claims to be written off in its financial statements for the
fiscal year 2001.

DebtTraders reports that Hyundai Engineering's 0.125%
convertible bond due in 2004 (HYNE04KRN1) trades between 82 and
88. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNE04KRN1


HYUNDAI HEAVY: Posts 2001 W78.1B Loss
-------------------------------------
Hyundai Heavy Industries Co (HHI) posted losses of W78.1 billion
($59.4 million) in 2001 versus to W161.5 billion in 2000,
Maritime Press reported on Tuesday. Sales in 2001 increased 12
percent to W7.4 trillion against W6.63 trillion it incurred in
2000. Operating profit was down 29 percent at W532.3 billion.

Hyundai suffered losses in 2001 due to poorly performing group
units namely Hynix Semiconductor Inc, cruise venture Hyundai
Asan, and Hyundai Petroleum Co. The Company revealed a loss of
W410 billion from its affiliates. Hyundai Heavy has been
battling to cut its stake in these affiliates, in its attempt to
go it alone and cut its ties with its parent company, Hyundai
Group.


HYUNDAI MOTOR: Discloses Development Deal With Enova Systems
------------------------------------------------------------
Enova Systems, Torrance, California (OTCBB:ENVA), announced on
Tuesday that it is further developing, in conjunction with
Hyundai Motor Company, the next generation Santa Fe Fuel Cell
Electric Vehicle (FCEV), a fuel cell-powered sport utility
vehicle which utilizes Enova Systems' 90kW Panther Drive System,
Fuel Control, and Fuel Cell Monitoring System.

The initial Santa Fe FCEVs were developed by a team comprised of
Hyundai Motor Company, UTC Fuel Cells, Quantum and Enova
Systems. These next generation vehicles will encompass enhanced
technology over the prototype vehicles that were originally
introduced at the California Fuel Cell Partnership at its grand
opening in Sacramento. Enova Systems developed the drive train,
protection and power management systems and data acquisition
systems for the vehicle in conjunction with Hyundai. This
experience as well as Enova technology derived from fuel cell
programs with other OEM customers will be used in the
development of the commercially producable system. Enova Systems
hardware and software manages the power supplied by the fuel
cell and converts it into propulsion power for the vehicle as
well as monitoring the fuel cell and hydrogen delivery system.

"Hyundai Motor Company continues to be an important partner in
our development of hybrid and fuel cell automotive technologies
and our ability to deliver on such vital systems for their
future, truly underscores our position in the global automotive
alternative fuel market," stated Carl Dean Perry, President and
CEO of Enova. "We look forward to expanding our alliance with
Hyundai Motor Company as a leading developer and supplier of
high quality power systems and drive systems for their
production of hybrid and fuel cell vehicles."

The Enova-Hyundai announcement follows a White House meeting
with President Bush on February 25, 2002 where Enova joined
Daimler-Chrysler, Ford, General Motors and United Technologies
to discuss fuel cell and hybrid automotive applications. Bush
underscored his commitment to fuel cell development and examined
prototype fuel-cell hybrids from the American automakers. The
President expressed support for the Department of Energy
"Freedom Car" initiative to commercialize fuel cell vehicles,
and noted that his budget includes $3 billion, over the next
decade, for incentives for purchasing advanced technology
vehicles.

About Enova Systems

Enova Systems, with headquarters in Torrance, California and
offices in Hawaii and South Korea, is a leading designer,
developer, and manufacturer of power management and conversion
systems for the global mobile and stationary alternative energy
market. The company's technology and products in power
conversion, energy management, and system integration enable
Enova Systems to integrate a wide range of power sources,
including advanced batteries, fuel cells, and turbine
generators, in these power applications. The Company's product
lines include the Panther(TM) propulsion systems ranging from
10kW to 240kW, DC-DC supplies for low voltage accessories, and
power management systems for batteries, fuel cells, turbines and
other components. Enova's propulsion systems and components are
used in OEM vehicles from Hyundai Motor Company and are supplied
to Ecostar for use in the Ford Th!nk city vehicle. Enova also
develops and manufactures propulsion systems for transit buses
and airport trams. For more product details and other news see
the Enova website at www.enovasystems.com.


CONTACT:
Enova Systems, Inc.
Carl Dean Perry, 310/527-3848
contact@enovasystems.com

For Marketing and Sales Information
Edward Moore, 310/527-2800 ext. 114
Edmoore@enovasystems.com

For Investor Relations
Larry Lombard, 310/527-2800 ext. 103
Llombard@enovasystems.com
www.enovasystems.com

DebtTraders reports that Hyundai Motor's 7.600% bond due in 2007
(HYNM07KRS1) trades between 103.656 and 104.159. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYNM07KRS1


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


ASIAN PAC: Gets SC's Nod on Proposed Disposal
---------------------------------------------
Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Asian Pac Holdings Berhad (APHB or Company), in
reference to the announcements dated 28 May 2001, 30 August
2001, 27 November 2001 and 16 January 2002 in respect of the
Proposed disposal by AGB Properties Sdn Bhd (AGB), a wholly-
owned subsidiary of APHB, of 32,640,000 ordinary shares of
RM1.00 each in Tenaga Insurance Berhad (Tenaga) representing
77.7% equity interest therein to Talasco Insurance Berhad
(Talasco) for a sale consideration of RM68,933,349 (Proposed
Disposal), announced that the Securities Commission (SC) had,
vide its letter dated 19 February 2002, approved the Proposed
Disposal subject to the disposal proceeds arising from the
Proposed Disposal are utilized for the core business of APHB.

Further, the SC has taken cognizance of the sale consideration
of RM68,933,349, which is at a premium over the net tangible
assets of Tenaga as at 31 March 2001.

The shareholders of APHB in an extraordinary general meeting on
8 February 2002 approved the Proposed Disposal. This
announcement is dated 26 February 2002.


AUTOWAYS HOLDINGS: Unit Faces Material Litigation From VSL
----------------------------------------------------------
Autoways Holdings Berhad (the Company) announced that the High
Court of Malaya Kuala Lumpur has issued a Writ of Summon dated
28 December 2001 regarding a total claim of RM404,561.30 by VSL
Engineers (M) Sdn Bhd (VSL) against Autoways Construction Sdn
Bhd (ACSBACSB is a wholly owned subsidiary of the Company. Other
details are:

   (1) The Writ of Summon was served on ACSB on the 22 February
2002.

   (2) The total amount claim is RM404,561.30 together with
interest at rate of 8% per annum on the sum from the date of the
Writ of Summon until the final settlement date.

   (3) VSL claimed the following:

     (a) ACSB is the main contractor for the project namely the
construction and completion of Ikatan, TNB at Bangi, Selangor.

     (b) EZ Construction Sdn Bhd (EE) is the main sub-contractor
to ACSB for the project.

     (c) Through the appointment letter dated 24th August 1995,
ACSB has appointed VSL as the nominated sub-contractor to EZ for
the same project.

     (d) ACSB should be the guarantor for EZ for all progress
claims certified to VSL.

     (e) The amount claimed is the balance outstanding and due
from EZ.

   (4) The claim is based on the purported sub-contractor
documents between EZ and VSL has well as the said appointment
letter.

   (5) The hearing date has not been fixed.

The Company wishes to state:

     (a) There is no further operational and financial impact on
the Group as the Company has made provision in the audited
account on the total claims by EZ.

     (b) The Company is taking legal steps to dispute and defend
against this claim and is now waiting for the legal opinions and
advice before making any further announcement, if required.


DAMANSARA REALTY: Interim Injunction Hearing Adjourned
------------------------------------------------------
Damansara Realty Berhad, in regards to the current status of the
litigation, Kuala Lumpur High Court Suit No.D7-22-1947-01
DBHD Vs AMMB International (L) Ltd And 9 Others (Lenders),
informed that the hearing of the application for Interim
Injunction against the Lenders, which was held on 21s February
2002 has been adjourned to 14 March 2002.

Profile

Currently, the Group is undergoing a reconstruction and
restructuring exercise (RRE), which includes an interim
financing exercise, which was completed on 18 January 2000.

On 21 July 2000 and 12 December 2000 the Company announced
revisions to the RRE. The RRE is now proposed to include:
capital reduction, share exchange of the Company's shares into
shares in Newco, redemption of "A" redeemable convertible
cumulative preference shares, acquisition of 100% in Johor City
Development Sdn Bhd (JCD), 20% in Bertam Properties Sdn Bhd,
Larkin Business Park, Gebeng Land, 20% in Damansara Realty
(Pahang) Sdn Bhd, restricted offer for sale by Johor
Corporation, transfer of the Company's listing status to Newco
and private placement of Newco's shares.

The proposed acquisitions are expected to provide downstream
synergies to the Company's current operations since the
additional assets are either engaged in property development
activities and/or construction or would provide land bank in
growth areas for property development activities to be
undertaken by the Group in the future.

Subsequently, on 19 July 2001 and 27 July 2001, the Company
announced that JCD has defaulted in its first principal
repayment of RM76M and interest servicing obligation of approx.
RM6.70M under its RM400M bank guarantee facility in which the
Company is a joint obligor.


L&M CORPORATION: MITI Gives Proposed Scheme Conditional Approval
----------------------------------------------------------------
On behalf of Directors of L&M Corporation (M) Bhd (LMC or the
Company), Affin Merchant Bank Berhad (formerly known as Perwira
Affin Merchant Bank Berhad), announced that the Ministry of
International Trade and Industry (MITI) has approved the
Proposed Restructuring Scheme, via its letter dated 21 February
2002, which was received by the Company on 22 February 2002
subject to these conditions:

   1. That the Company obtains the approval of the Foreign
Investment Committee (which was obtained on 31 October 2001);
and

   2. That the Company obtains the approval of the Securities
Commission.

Profile

On 29 May 2000, the High Court granted the Company a restraining
and stay order pursuant to Section 176 of the Companies Act,
1965 which has been extended to 29 March 2002.

Meanwhile, L&M is presently undergoing a restructuring scheme,
which involves : transfer of its listing status to Eastern Atlas
Bhd (EAB), a newly incorporated company. The scheme also
involves disposal of L&M Geotechnic Sdn Bhd (LMG) and LMI
Engineering Sdn Bhd (formerly known as L&M Instrumentation Sdn
Bhd) (LMI) to EAB, rights issue, composite scheme of arrangement
with financial institutions and trade and other creditors
acquisition by EAB of Satujaya Sdn Bhd, Kayman Integrated Sdn
Bhd and Vistashine Sdn Bhd, liquidation of the remaining
subsidiaries of L&M, excluding LMG and LMI, and listing of EAB
on KLSE. The restructuring process is expected to be completed
by either end of 2001 or IQ2002.

L&M and its companies had mainly provided specialized
engineering and construction services. Currently, other than the
Plebian Tanjung Pelepas Project undertaken by L&M Geotechnic Sdn
Bhd, there are neither any on-going projects nor new projects
secured by other subsidiary companies.


NCK CORPORATION: RA Time Extension Application Pending
------------------------------------------------------
NCK Corporation Berhad (NCK or the Company) (Special
Administrators Appointed) announced that the Company applied to
the KLSE on 22 February, 2002, for an extension of an additional
two (2) months for the RA to be made by 25 April 2002. The
application is currently pending the KLSE's decision.


PAN MALAYSIAN: Seeks Proposed Shareholders' Mandate Approval
------------------------------------------------------------
Pan Malaysian Industries Berhad (PMI or the Company) announced
that pursuant to paragraphs 10.08 and 10.09 Part E of the
Listing Requirements of Kuala Lumpur Stock Exchange (KLSE) and
Practice Note 12/2001, the Board proposes to seek shareholders'
approval for the Proposed Shareholders' Mandate which will
permit PMI and its subsidiaries to enter into recurrent related
party transactions of a revenue or trading nature, which are
necessary for the day-to-day operations and are carried out in
the ordinary course of business of the PMI Group which are not
more favorable to the related party than those generally
available to the public.

The KLSE had, via its letter dated 22 January 2002, approved an
extension of time until 30 June 2002 to procure a general
mandate for recurrent related party transactions of a revenue or
trading nature.

A circular to shareholders in relation to the Proposed
Shareholders' Mandate together with Notice of an Extraordinary
General Meeting, will be dispatched to the shareholders of the
Company in due course.


RAHMAN HYDRAULIC: SAs Offer Assets, Business to Investors
---------------------------------------------------------
The Special Administrators (SA) of Rahman Hydraulic Tin Berhad
(RHTB) announced that they will be making a press release to
invite potential investors with strong asset backing and
financial resources to undertake the proposed restructuring of
RHTB and/or its businesses and/or acquisition of RHTB's assets
to attend a briefing on the procedure for the submission of
proposals. The briefing will be conducted by the Special
Administrators on 1 March 2002 at 3 p.m. at Pengurusan Danaharta
Nasional Berhad's premises located at Tingkat 10, Bangunan Setia
1, 15 Lorong Dungun, Bukit Damansara, 50490 Kuala Lumpur.

An Information Memorandum containing particulars of assets and
liabilities and detailing terms and conditions of participation
can be obtained from the Special Administrators during or after
the briefing date.


SISTEM TELEVISYEN: Resolutions Carried Out at 18th AGM
------------------------------------------------------
Sistem Televisyen Malaysia Berhad (TV3) announced that at the
Eighteenth Annual General Meeting of the Company held on 26
February 2002 at 10.00 a.m, all the resolutions contained in the
Notice of Meeting dated 4 February 2002 which was dispatched to
Kuala Lumpur Stock Exchange earlier had been carried out.

TCR-AP reported early this month TV3, in relation to its
Corporate Proposals submitted to the relevant authorities,
including the Securities Commission, for approval, announced
that the Court convened meeting of the TV3 Scheme Creditors is
to be held on 28 February 2002.


TAJO BERHAD: Provides Defaulted Payment Status Update
-----------------------------------------------------
Tajo Berhad (Tajo) is pleased to provide an update on the
details of all the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001. Details are as per
Table 1 found at http://www.bankrupt.com/misc/TCRAP_Tajo0228.doc

REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general, and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN PAYMENTS

Reference is made to our previous announcements dated 31st
January 2002, 28 December 2001, 21 November 2001, 22 October
2001, 12 September 2001, 16 August 2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   1st progress report by 15 November 2001;
   2nd progress report by 15 December 2001;
   3rd progress report by 15 January 2002; and
   4th progress report by 15 February 2002.

On 15th November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14th
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14th
January 2002. The fourth progress report was submitted on 15th
February 2002.

Announcements will be made in due course on the progress of
Tajo's regularization plan.

FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT IN
PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S LIABILITY
IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE AGREEMENTS FOR
THE INDEBTEDNESS

The estimated total outstanding as at 31 January 2002, in
relation to the payments, which are in default and are the
subject matter of the restructuring scheme is RM176,650,813.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN STOCKS OR
BONDS, THE LINES OF ACTION AVAILABLE TO THE GUARANTORS OR
SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER THE
DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF DEFAULT
UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS (CROSS DEFAULT) AND
THE DETAILS THEREOF, WHERE APPLICABLE

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those, which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


TRANSWATER CORPORATION: Applies For Further RA Extension
--------------------------------------------------------
The Board of Directors of Transwater Corporation Berhad (the
Company) announced that the Company has submitted an appeal on
its application for a further extension of time to the Kuala
Lumpur Stock Exchange (KLSE) for the Company to make the
Requisite Announcement (RA). The Company will announce the
KLSE's decision in due course.

Wrights Investors' Service reported that at the end of 2001, the
Company Corporation Berhad had negative working capital, as
current liabilities were RM66.21 million while total current
assets were only RM46.34 million. The fact that the company has
negative working capital could indicate that the company will
have problems in expanding.


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


BENPRES HOLDINGS: Unit Debt Payment Deal Not Finalized
------------------------------------------------------
Benpres Holdings Corp unit Maynilad Water Services Inc has not
completed talks with creditors to extend payment on a US$100
million debt maturing this month, the Philippine Daily Inquirer
and AFX News reported, quoting project finance director Francis
Gilles Puno.

"Nothing final has come up from our negotiations but we are
confident we could get another extension," he said.

TCR-AP reported earlier this month that Gilles Puno rejected a
speculation that the creditors are asking Maynilad parent,
Benpres Holdings Corp, to use shares in its profitable companies
like ABS-CBN Broadcasting Corp as collateral for Maynilad's
loan.


METRO PACIFIC: PhilRatings Withdraws Baa Credit Rating
------------------------------------------------------
In view of announced plans of Metro Pacific Corporation to
negotiate with creditors for a total restructuring of
outstanding debts, and until it is clear how Metro Pacific is
going to meet in full its obligation on its outstanding P200
million long term commercial papers maturing in April 2002,
PhilRatings is immediately withdrawing its credit rating on the
company's LTCP issue.

A revised credit rating will be forthcoming after receiving some
confirming information from the Company, which has already been
requested. The previous rating on MPC's LTCPs was PRS Baa, which
is defined as: "Neither highly protected nor poorly secured;
interest payments and principal security appear adequate for the
present but certain protective elements may be lacking or may be
characteristically unreliable over any great length of time."


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


JADE TECHNOLOGIES: Releases Notice Of Shareholder's Interest
------------------------------------------------------------
Jade Technologies Singapore Ltd posted a notice of changes in
substantial shareholder Govett Singapore Growth Fund's interest:

Date of notice to company: 21 Feb 2002
Date of change of interest: 20 Feb 2002
Name of registered holder: HSBC (Singapore) Nominees Pte Ltd
Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder
No. of shares of the change: 40,000
% of issued share capital: 0.12
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: S$0.53
No. of shares held before change: 1,691,000
% of issued share capital: 5.18
No. of shares held after change: 1,651,000
% of issued share capital: 5.06

Holdings of Substantial Shareholder including direct and deemed
interest
                                       Deemed    Direct
No. of shares held before change:         0      1,691,000
% of issued share capital:                0      5.18
No. of shares held after change:          0      1,651,000
% of issued share capital:                0      5.06
Total shares:                             0      1,651,000


SEMBCORP INDUSTRIES: Post Shareholder's Interest Notice
-------------------------------------------------------
Sembcorp Industries Ltd posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd's
interest:

Date of notice to company: 26 Feb 2002
Date of change of deemed interest: 22 Feb 2002
Name of registered holder: CDP: DBS Nominees
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 34,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: 1.62000
No. of shares held before change:
% of issued share capital:
No. of shares held after change:
% of issued share capital:

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed         Direct
No. of shares held before change:  712,883,175    215,054,693
% of issued share capital:         44.37          13.39
No. of shares held after change:   712,917,175    215,054,693
% of issued share capital:         44.37          13.39
Total shares:                      712,917,175    215,054,693

This transaction was reported to Temasek February 26, 2002.


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


BANGKOK RANCH: Pays Fifth Interest Payment to Creditors
-------------------------------------------------------
Bangkok Ranch Planner Limited, as Plan Administrator of Bangkok
Ranch Public Company Limited (the Company), pursuant to the
Bankruptcy Court's approval of the Business Reorganization Plan
(the Plan) of the Company) on August 17, 2000, reported the
progress of Plan implementation since the previous report sent
to Stock Exchange of Thailand (SET) on November 19, 2001, as:

The Company processed the fifth interest payment according to
the conditions stipulated in the Restructured Facilities
Agreement to all Rescheduling Creditors on December 28, 2001.


MDX PUBLIC: Files Reorganization Petition in Bankruptcy Court
-------------------------------------------------------------
MDX Public Company Limited informed the SET that the Company had
filed a petition for reorganization with the Central Bankruptcy
Court on 11 February 2002.  The Court would inquire into the
matter on 11 March 2002 at 9:00 a.m.

The Company will further inform the SET if there is any
progress.


SINN BUALUANG: Petition for Business Reorganization Filed
---------------------------------------------------------
The Petition for Business Reorganization of Sinn Bualuang
Capital Company Limited (DEBTOR), engaged in financial services,
was filed in the Central Bankruptcy Court:

   Black Case Number 667/2544

   Red Case Number 637/2544

Petitioner: SINN BUALUANG CAPITAL COMPANY LIMITED

Planner: SINN BUALUANG CONSULTANCY COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt871,141,002.94

Date of Court Acceptance of the Petition: July 18, 2001

Date of Examining the Petition: August 14, 2001 at 9.00 AM; the
objection may be filed with the Central Bankruptcy Court not
less than three days prior to the trial date

Court Order for Business Reorganization and Appointment of
Planner : August 14, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 23, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 11,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 11, 2001

Appointment date for the Meeting of Creditors to consider the
Reorganization Plan December 11, 2001 at 9.30 am. Convention
Room 1104, 11th Floor, Bangkok Insurance Building, South Sathorn
Road

The Meeting of Creditors had a special resolution accepting the
reorganization plan

Contact: Ms. Piyanunt Tel, 6792525 ext. 124


THAI WAH: Won't Pay 2001 Dividend
---------------------------------
Thai Wah Group Planner Co., Ltd. (TWGP), as Plan Administrator
of Thai Wah Public Company Limited (TWC or the Company), passed
these resolutions:

   1. Approved TWC's audited balance sheet as at December 31,
2001 and income statement for the year ended December 31, 2001
with the Auditor's report.

   2. Agreed not to pay dividend for the fiscal year 2001 as TWC
did not make any profits in 2001.

   3. Agreed to appoint Ernst & Young Office Limited represented
by Mr. Sophon Permsirivallop, C.P.A. No. 3182 and/or Ms.
Rungnapa Lertsuwankul, C.P.A. No. 3516 and/or Mr. Ruth
Chaowanagawi, C.P.A. No. 3247 of Ernst & Young Office
Limited to be the Company's auditor for the year 2002 at the
auditing fee not exceeding Bt590,000 per year.


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

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

Asia Pulp & Paper     FRN     due 2001     7 - 9        +1
Asia Pulp & Paper     11.75%  due 2005    23 - 25       +2
APP China             14.0%   due 2010    17 - 19       +1
Asia Global Crossing  13.375% due 2006    23 - 26       -2
Bayan Telecom         13.5%   due 2006    19 - 21        0
Daya Guna Sumudera    10.0%   due 2007   1.5 - 5.5       0
Hyundai Semiconductor 8.625%  due 2007    62 - 65       +3
Indah Kiat            11.875% due 2002    25 - 27        0
Indah Kiat            10.0%   due 2007    19 - 21       +3
Paiton Energy         9.34%   due 2014    53 - 56        0
Tjiwi Kimia           10.0%   due 2004    17 - 19       +1
Zhuahi Highway        11.5%   due 2008    23 - 28        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 ***