TCRAP_Public/020307.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, March 7, 2002, Vol. 5, No. 47



ANACONDA NICKEL: Planned Shutdown Brought Forward
ANSETT GROUP: Kendell To Operate `Stand-Alone'
ARROWLEA PTY: Federal Court Action Finalized
BEACONSFIELD GOLD: Secretary Resigns, Solnordal Replaces Post
BULONG OPERATIONS: Posts Jan 2002 Production Report
PMP LIMITED: To Consolidate Victorian Printing Operations
POWERTEL LIMITED: Gains $16M Further Funding for Growth

C H I N A   &   H O N G  K O N G

ASIA GLOBAL: DebtTraders Reiterates Bond SELL Recommendation
COLINE COCOA: Assets Auction Scheduled This Week
HORIZON GROUP: Winding Up Petition Hearing Set
IDSBEES.COM: Petition To Wind Up Pending
LUEN CHEONG: Winding Up Sought By Hennabun Resources
MAXSING DEVELOPMENT: Winding Up Petition Slated
PIONEER SKY: Hearing of Winding Up Petition Set


BANK CENTRAL: Sukardi Defends Joint Team Formation
CITRA MARGA: Not Allowed to Increase Toll


APLUS CO: UFJ Bank Eyes Y130b Bailout Package
DAIWA SECURITIES: Unit Enters Class Action Suit Against Enron
DAIWA SECURITIES: S&P Lowers LT-ST Ratings; Outlook Negative
MITSUBISHI ELECTRIC: Tamotsu Nomakuchi New CEO, Chairman
MITSUBISHI ELECTRIC: Reorganization of Management Structure
MITSUBISHI ESTATE: Sees FY2001 Y72.5B Net Loss
NIKKO CORDIAL: Unit Seeking Damages From Enron, Andersen
NIPPON TELEGRAPH: Enters Sale Agreement With Atreus Systems
OMRON CORP: Dissolves Health, Fitness Subsidiary


DAEWOO GROUP: Freezes Various Moroccan Ventures
HYNIX SEMICONDUCTOR: Develops 1GB DDR Registered DIMM Product
HYNIX SEMICONDUCTOR: Posts Q4 Y400B Loss; Expects FY Turnaround
HYUNDAI ENGINEERING: Gets US$12M Debt Repayment From Ex-Minister
KOOKMIN BANK: Issues Executive VP's Resignation Notice
SHINHAN BANK: Moody's Revises Ratings Outlook To Positive


ACTACORP HOLDINGS: Enters MOA With White Knight
AUTOWAYS HOLDINGS: Restructuring Scheme MOUs Executed
ESPRIT GROUP: Serves Winding Up Petition Filed by SIBB
IDRIS HYDRAULIC: Lenders Extend New Debt Restructuring Period
L&M CORPORATION: Defaulted Payments Stands at RM191,731,648.49
LAND & GENERAL: CDRC Aids RM350M Debt Restructuring Scheme
MBF CAPITAL: SC Approves Proposed Office Lot Acquisition
MGR CORPORATION: Signs Conditional Agreement With CBSB
NAUTICALINK BERHAD: Enters Proposed Acquisition MOU W/ Vendors
PARIT PERAK: Seeks Requisite Announcement Extension Until May 31
TECHNO ASIA: Further Defaults Interest, Principal Payments


COSMOS BOTTLING: Appointment of New Board of Directors
METRO PACIFIC: Posts 2001 P3.9B Operating Loss
RFM CORPORATION: President Denies Sale Proposal Issue


ALLIANCE TECHNOLOGY: Applies for Judicial Management
ADROIT INNOVATIONS: CEO Teh Kor Lak Resigning March 15
ADROIT INNOVATIONS: Posts Winding Up Petition, Interest Notice
INTRACO LIMITED: Issues Capital Restructuring Scheme Update
PRESSCRETE HOLDINGS: Clarifies Provision Issue, FY Results


B. N. S. STEELGROUP: Business Reorganization Petition Filed
GENERAL ENGINEERING: Clarifies 2001 Financial Statements
MODERN HOME: 2001 Financial Statements Submission Delayed
NEP REALTY: Suspends Dividend Payment
SIAM SYNTEC: SET Grants Listed Securities
THAI HEAT: Explains 20% Net Profit Increase

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -


ANACONDA NICKEL: Planned Shutdown Brought Forward
Anaconda Nickel (ASX: ANL) announced that a planned 5-day
maintenance shutdown at the Murrin Murrin nickel plant,
originally scheduled for mid-March, has been brought forward
following a lightning strike that hit the plants main power
generator in the early hours of this morning.

The lightning strike directly hit an 11KV Bus bar, shattering
three insulators in the reactor area, knocking out power to the
entire plant.

Anaconda CEO Peter Johnston said the lightning strike would not
have an impact on plant operations or nickel production, as a 5-
day planned shutdown to carry out routine maintenance works was
already budgeted for in March.

ANSETT GROUP: Kendell To Operate `Stand-Alone'
Kendell Airlines General Manager, Rob O'Brien, indicated that
Kendell would continue to operate independently of Ansett,
following the withdrawal of the TESNA consortium.

"It is unfortunate that the sale of Ansett to TESNA was not
completed, however this does not mean that Kendell is grounded,"
Mr O'Brien said.

"Kendell is a separate company to Ansett and we have the
resources and capacity to continue operations as usual. I expect
no disruption to our schedule."

Mr O'Brien said that tickets purchased for travel on Kendell
Airlines are still valid and customers should proceed with their
travel plans.

"The Kendell network is operational and all tickets for travel
on Kendell sectors will be honored," Mr O'Brien said,

"Our customers can feel secure that they will arrive at their
chosen destination on time."

ARROWLEA PTY: Federal Court Action Finalized
The Federal Court action taken by the Australian Securities and
Investments Commission (ASIC) against Arrowlea Pty Ltd
(Arrowlea), Arrowlea 1 Pty Ltd (Arrowlea 1), Arrowlea 2 Pty Ltd
(Arrowlea 2) and Mr Terry Norman Stephens, a director of
Arrowlea, was finalized.

ASIC had applied to the Federal Court for declarations and
injunctions in relation to the offer of shares in Arrowlea to
protect the interests of creditors.

ASIC alleged that Arrowlea had offered its shares to the public
in breach of the Corporations Act, and provided misleading
information relating to dealings in its shares.

On 24 January 2002, ASIC successfully obtained interim ex parte
orders in the Federal Court preventing the issue of Company
shares and the disposal of Company property. The Court extended
the orders against Arrowlea 1, Arrowlea 2 and Mr Stephens on 31
January 2002. The Court made those injunctive orders final.

On ASIC's request, the Court also made an order that Mr Stephens
be permanently disqualified from managing corporations. Mr
Stephens did not attend Court and the orders were made in his

Arrowlea's creditors voted on Wednesday 27 February 2002 to
place the company in liquidation. As a result, the Court gave
ASIC leave to discontinue the action against Arrowlea.

ASIC's investigation into the matter is otherwise continuing.

BEACONSFIELD GOLD: Secretary Resigns, Solnordal Replaces Post
Beaconsfield Gold NL (Receiver and Manager Appointed) advised
that Mr Baard Solnordal resigned as Company Secretary on 28
February 2002.

Following Mr Solnordal's resignation, the Company advised that
Mr Michael W Trumbull was appointed Company Secretary on 28
February 2002.

BULONG OPERATIONS: Posts Jan 2002 Production Report
Preston Resources Limited, parent company of Bulong Operations
Pty Limited, informed that although plant throughput was lower
than the previous month, nickel metal output was a site record
at 710 tonnes. Cobalt recoveries improved to a record level of
77% and current efficiency in the tankhouse also improved.


Production statistics for the month of January are shown in the
table below:

PRODUCTION                      THIS     THIS    YTD      YTD
                                ACTUAL   TARGET

Leach Feed dt                  41,765   48,606  262,106  309,031
Leach Feed %Ni                 1.780    1.775   1.787    1.780
Leach Feed %Co                 0.120    0.116   0.127    0.120
Ni metal Output t              709.8    776.3   3,771.7  4,715.9
Co metal Output t              36.8     47.7    215.1    300.3
Ni Inventory change t          -64.1     0.000   95.3     0.000
Co Inventory change t          2.165    0.000   0.271    0.000
Plant Recovery %Ni             86.9     90.0    82.6     85.8
Plant Recovery %Co             77.7     85.0    64.9     81.0
Ni output Quality % above
specification                 0.0      75.0    0.0      75.0
Co output Quality % above
specification                 0.0      75.0    17.0     75.0

Key: t = tonnes, dt = dry tonnes

Nickel metal output was a record 710 tonnes. Overall, production
(metal output plus inventory) was 645.7 tonnes (t).

Nickel recovery for January was 86.9%, slightly less than the
previous month. Cobalt recovery improved to 77.7%.

Nickel circuit stocks fell during January. This followed two
months of substantial nickel inventory increases. The inventory
increases provided greater stocks of starter sheets. Inventory
decreases resulted from adjustments to the harvest schedule to
night harvests to avoid harvesting during high ambient
temperatures on dayshift thus providing an improvement in
conditions for tankhouse operators.


Mine production activities were carried out in the Albion-2,
Foundry and Boulder Block pits.

A total of 291,080 bank cubic meters (BCM) was mined which
included 121,407 BCM of waste from the pre-strip of the Boulder
Block pit. Surface waste from Boulder Block, containing humus
and plant material, was dumped on the surface of the Albion
waste dump to provide a better medium for rehabilitation.

Grade control comprised trenching in the Foundry and Gala pits,
and close spaced (10m x 10m) drilling in the Foundry pit.


A total of 41,765 dry tonnes at a grade of 1.78% nickel was fed
to the pressure leach at an average throughput of 59.9 tonnes
per hour (tph). The throughput rate was slightly less than
December. Throughput impediments resulted from maintenance
requirements in the ore preparation circuit (logwasher and twin-
deck screen), flow restrictions in the heater train and
restrictions caused by scale accumulation in the autoclave feed
pump strainers.

The pressure leach plant availability was 93.7%. The major
downtime was associated with power failures (electrical storms)
and failure of a flash vessel choke valve actuator.

The autoclave nickel extraction was 92.5%. The acid pumps ran
for 97.0% of the autoclave feed pump-operating time. The lower
extraction is a result of the lower acid addition to the
autoclave, which was required to maintain stability in the
partial neutralization circuit during periods of high
throughput. The throughput and acid addition rates are selected
to optimize the nickel units extracted rather than the
extraction rate thus optimizing the commercial value of material

The ore preparation circuit achieved 79.0% availability. The
majority of the downtime was associated with scheduled shutdowns
to repair logwasher paddles, and final product screen failures.
Some downtime was also incurred during periods during which
leach plant, which is downstream of the ore preparation circuit,
was not available to take prepared feed.

The ore preparation circuit averaged a production rate of 71.1
tph and a reject rate of 22%. The ore preparation feed grade was
1.57% nickel and an upgrade ratio of 1.13 was achieved by
rejecting the 22% of lower grade material as waste.

Counter current decantation wash recovery increased to 95.7% due
to the steady-state operation and good solvent extraction (SX)
flow rates


Nickel output was 67t below plan at 710t.

Cobalt treated was at plan, however output was 11t below plan
mainly as a result of the continued low cobalt solvent
extraction recovery. This situation is to be rectified by the
addition of more cobalt extractant.

The refinery nickel recovery was 97.4% with performance benefits
maintained as a result of the replacement of the nickel
extractant, which took place during the last major scheduled
plant shut down. The refinery cobalt recovery improved from
71.9% in December, to 86.4% in January. It is anticipated
further improvements can be achieved by increasing the
concentration of cobalt extractant.

The refinery availability was 89.0%. Down time was experienced
as a consequence of the requirement for descaling gypsum and
several other stoppages including and several power failures
caused by electrical storms and boiler trips.

Cobalt solvent extraction averaged 90.0% cobalt recovery at
94.2% availability. Nickel solvent extraction averaged a good
97.5% nickel recovery at 89.0% availability.

Total cobalt production for January was 36.8 tonnes contained in
sulphide. Soluble and solid cobalt losses were vastly improved
when compared with prior months. Cobalt electrowinning (Co EW)
was down for the month because there was no suitable feed.

The availability of nickel electrowinning (Ni EW) was 99.2%. A
current efficiency of 80% was achieved during January.


                   THIS         THIS        YTD         YTD
HIGH LEVEL KPAs    MONTH        MONTH       OR 12MMA    OR 12MMA
                   ACTUAL       TARGET      ACTUAL      TARGET

$ Total Labor Cost per
  t Base metal     2236         2250        3815        2838
# Full Time Equivalent
  (FTE)            217.6        225         -           225
% Turnover rate (12MMA)  -      -           37.4        20.0

Manning levels -
  %Contractors     18.8         20.0        -           -

Manning levels fell by six over the month with eight Bulong
Nickel Operation staff and eight full time equivalent
contractors leaving the organization.

A total of ten staff joined the organization in January.
Consequently, turnover continued to climb and now stands at
37.4% for the twelve month moving average.

The percentage of contractors making up the workforce fell from
21.9% in December to 18.8% in January.



                  THIS          THIS          YTD          YTD
                  ACTUAL                      TARGET

Operating Cost $ M 7.438         7.313         53.268     53.202
Capital Cost $ M   0.123         0.554         2.045      5.476
$ Cost/tonne base metal  9,963   8,876         13,361     10,606
1$ Cost/tonne (leach)
  ore treated       178           150           203        172

Operating costs were slightly above budget largely as a result
of increased mining costs (drill and blast exceeded budget by
$188,000) and maintenance costs which related to the ore
preparation circuit.

Unit cost per tonne of metal and ore processed, whilst above
budget, were significantly lower than year to date trends. Unit
cost of labor per tonne of metal was below target.

Year to date total costs remain on budget.

Capital expenditure remains low, due to financial restrictions.


Contract mining costs were above budget due to changes in the
mining schedule to provide higher plant feed grades as reflected
in recent mine production and plant feed schedules. Increased
waste mining and drill and blast activity were the main
contributors to increased contract mining costs.


Total costs were 8.2% below budget at $2,257,650 or $54.06/t of
leach feed (budget $50.59/t), reflecting the lower than planned

Labor was 4.1% under budget reflecting the lower than planned
manning levels.

Reagents were 8.3% under budget. The major variances were:

* Savings in quicklime by utilizing more limestone. Limestone
consumption averaged 164kg/t, 31% above budget. The saving in
quicklime considerably offset this increased cost. Quicklime
consumption was down at 9.8kg/t 40% below budget.

* Savings in sulphuric acid because of the lower than planned
acid addition rate (401kg/t of ore versus a target of 460kg/t of

* Flocculant was over-budget by approximately $60,000. This is
being focused on and several modifications are being considered
to optimize flocculant consumption.

Consumables were 10.7% under budget as a result of savings in
diesel fuel - rebates. Unit consumption's were normal.


The refinery was 6.4% below budget for January:

Labor was 17.0% below budget reflecting the decrease in refinery

Reagents were 8.9% below budget reflecting the slightly lower
than plan output for the month. Ammonia was well under-budget as
a result of the improved utilization in SX. Cobalt extractant
costs exceeded budget levels. Diluent was over budget reflecting
the organic additions to Co SX.

Consumables were 79% over budget as a result of anode
replacements and cathode bag consumption.


Maintenance costs for the month were $968,499 (41% above
budget). Contributing factors included repairs to the autoclave
feed valve, apron feeder gearbox rebuild and repairs to choke
valves and acid valves. A number of pump rebuilds were completed
in the Counter Current Decantation (CCD) area.

Year to date costs is approximately $1 million over budget of
which a large portion relates to shut down costs.


Cost for the month was only $61,975 compared to the budget of
$235,995. A reversal of rehabilitation charges under mine
services was the main contributor to the low costs reported.

Year to date costs are 22% below budget.

Engineering was below budget by $30,128.


January costs were $25,000 (4%) above budget. The main variance
was in administration where insurances were over budget by
$41,000 due to premium increases.

Information Technology was on budget with Supply and Human
Resources areas under budget by 17% and 22% respectively.


The tables below summaries the breakdown of costs for the month
of January.



                    THIS MONTH
ACTUAL ($)      BUDGET ($)    VARIANCE         VARIANCE (%)

  604,966      580,247        -24,719            -4
6,764,044    6,497,154       -266,890            -4
   68,975      235,995        167,020            71

7,437,985    7,313,396       -124,589            -2



Commercial    4,029,325      4,064,672       35,347      1
Operations   47,937,225     47,474,842     -462,383     -1
Production    1,300,982      1,662,419      361,437     22
TOTAL        53,267,532     53,201,933      -65,599      0

                  THIS MONTH

  30,517        39,281            8,764           22
105,732       127,483           21,751           17
  17,318        19,166            1,848           10
451,399       394,317          -57,082          -14
604,966       580,247          -24,719           -4

UNIT              ACTUAL ($)    BUDGET ($)   VARIANCE

Human Resources        134,567    270,967     136,400      50
Supply                 723,399    892,381     168,982      19
Information Tech       111,988    134,162      22,174      17
Site Administration  3,059,371  2,767,162    -292,209     -11
TOTAL                4,029,325  4,064,672      35,347       1

                                THIS MONTH

  893,190       530,841       -362,349       -68
2,257,650     2,459,098        201,448         8
2,558,924     2,733,957        175,033         6
   85,780        88,519          2,739         3
  968,500       684,739       -283,761       -41
6,764,044     6,497,154       -266,890        -4

  UNIT              ACTUAL ($)    BUDGET ($)   VARIANCE

Mining               5,362,312    4,665,090    -697,222      -15
Leaching            16,006,133   16,561,824     555,691        3
Refining            18,169,357   18,861,519     692,162        4
Occ Hlth & Safety      603,289      623,633      20,344        3
Maintenance          7,796,134    6,762,776  -1,033,358      -15
TOTAL               47,937,225   47,474,842    -462,383       -1

                               THIS MONTH

-50,089        75,814         125,903        -166
  50,460        40,226         -10,234         -25
   4,172        25,395          21,223          84
  64,432        94,560          30,128          32
  68,975       235,995         167,020          71

  UNIT              ACTUAL ($)    BUDGET ($)   VARIANCE

Mine Services         111,611     271,138      159,257        59
Metallurgical Svcs    377,204     281,582      -95,622       -34
Process Control        49,395     177,765      128,370        72
Engineering           762,772     931,934      169,162        18
TOTAL               1,300,982   1,662,419      361,437        22

                                THIS MONTH

  810        704         -106        -15
9,060      7,885       -1,175        -15
   92        286          194         68

9,963      8,876       -1,087        -12

UNIT              ACTUAL       PLAN       VARIANCE     VARIANCE
                  COST/T     COST/T                     (%)
                   BASE        BASE
                  METAL       METAL

Commercial        1,011         810         -200         -25%
Operations       12,024       9,464       -2,560         -27%
Production          326         331            5           2%
TOTAL            13,361      10,606       -2,755         -26%

                                THIS MONTH
ORE       ORE

  14.49      11.94       -2.55        -21%
161.96     133.67      -28.28        -21%
   1.65       4.86        3.20         66%

178.09     150.46      -27.63        -18%

UNIT              ACTUAL       PLAN       VARIANCE     VARIANCE
                  COST/T     COST/T                     (%)
                   ORE         ORE
                TREATED      TREATED

Commercial         15.37       13.15        -2.22        -17
Operations        182.89      153.62       -29.27        -19
Production          4.96        5.38         0.42          8
TOTAL             203.23      172.16       -31.07        -18

                   JAN 2001

Nickel Sales          8,423
Cobalt Sales            409


Estimates of quarterly metal output, through to December 2002
are shown in the table following:

                         (in tonnes)

31/03/2002            1,825          136
30/06/2002            1,834          138
30/09/2002            2,343          179
31/12/2002            2,184          158


Subsequent to the end of January plant performance has remained
satisfactory. February has included a scheduled three-day
maintenance shut, which will impact on metal output and
consequent revenue.

A failure of the acid plant at the WMC nickel smelter in
Kalgoorlie will impact on acid delivery costs and may constrain
plant throughput. The total impact of this failure is still
being assessed.

PMP LIMITED: To Consolidate Victorian Printing Operations
PMP Print, a wholly owned subsidiary of PMP Limited, announced
on Tuesday details of a major restructuring plan, which will see
the closure of its Moorabbin printing plant as well as expansion
of the PMP Clayton operation.

The restructure follows a strategic review of all PMP Print
operations. The review showed that PMP's market position in the
highly competitive printing industry would be enhanced by the
closure and sale of the Moorabbin plant along with the
redeployment of some personnel and equipment to our Clayton

The Moorabbin plant will close in June 2002 and will be offered
for sale in the second half of 2002. Proceeds from the sale
would be used to further pay down debt.

A total of 179 operational, administrative and support staff
based at the Moorabbin plant have been informed of the decision.
Discussions have also been held with the relevant unions. Some
105 staff would be offered redeployment to other PMP Print
operations in Victoria. Voluntary redundancies would be limited
to 74 positions.

The CEO of PMP Limited, Mr Robert Muscat, said the restructuring
would ensure maintenance and enhancement of the efficiencies and
economic viability of future PMP operations.

"We've examined every aspect of our operations and business and
the moves we've announced are further consolidation of our
national print focus," he said.

Mr John Leevers, Group Managing Director of PMP Print, said that
while the Company regretted the need for redundancies, the
restructuring was necessary for the viable future of the

"We will be maintaining our print capacity in Victoria and the
majority of those to be redeployed will be transferred to
Clayton, the largest print operation in the Southern Hemisphere,
where already some 750 people are employed.

"PMP is the major player in the Australian print industry and we
intend to maintain that position in the highly competitive

Mr Leevers confirmed that all staff seeking redundancies would
receive full award entitlements as well as full outplacement
counseling service, and financial planning advice.

Mr Leevers said the restructure had been approved by PMP
Limited's Board of Directors and would enable the sale of a
valuable but surplus real estate asset as well as better
utilization of the company's Victorian asset base.

Kay elements of Tuesday's announcement include:

   * closure of PMP Print's Moorabbin printing plant by mid 2002

   * 105 staff offered redeployment at other PMP Print
operations in Victoria

   * staff seeking redundancies will receive full entitlements

   * all staff to be offered appropriate counseling and
outplacement assistance

All Media Inquires to be directed to:

Mr John Leevers               Mr Bob Muscat
PMP Print                     PMP Limited
(02) 9805 3111                (02) 9805 3111

Visit the PMP Limited website at:

POWERTEL LIMITED: Gains $16M Further Funding for Growth
Business and wholesale broadband telecommunications network
operator, PowerTel Limited, has received A$8 million of funding
with a further funded commitment of A$8 million subject to
certain conditions being satisfied.

The funding is in the form of a subordinated convertible loan
from PowerTel's largest shareholder, Williams Communications.
Key terms of the loan from Williams Communications are that
repayment of principal and interest are deferred and
subordinated to the bank loan and repayable one year after the
bank loan is repaid. The loan is to be capable of conversion by
Williams Communications to ordinary shares which requires
shareholder approval prior to conversion which is anticipated to
be sought at the May 2002 Annual General Meeting.

Williams Communications has been a major shareholder and sponsor
of PowerTel since 1998. Notwithstanding its recent announcement
that it is holding restructuring discussions with its banks, its
continued support of PowerTel is evidenced by the additional
funding currently being provided to PowerTel.

Chief Executive of PowerTel, Stephen Butler, said "the principal
benefit to PowerTel from this additional funding is to provide
it financial strength and credibility in the marketplace so that
PowerTel can continue to attract and service customers, in its
own right. Furthermore, while PowerTel enjoys the support of a
shareholder and sponsor such as Williams, PowerTel is not
dependent operationally on Williams Communications to service
PowerTel's customers in Australia."

PowerTel expects to announce its full year financial results on
13 March 2002. Mr Butler said that despite a difficult
environment in the telecommunications market, PowerTel had
enjoyed continued month-on-month revenue growth in 2001.

PowerTel's fiber optic telecommunications network is Australia's
third largest after those of Telstra and Optus. The network,
which now reaches into over 450 major buildings in the CBDs of
Australia's capital cities, was completed in 2000 and PowerTel
is now building its corporate and wholesale customer base.

QUOIN (INT):  Sale of Hotels Settled, Completed
Quoin (Int) Limited, further to the Company announcement on
January 29, 2002, advised that settlement and completion of
sales regarding Gizo Hotel and King Solomon Hotel has taken
place on March 1, 2002.

The price received after the adjustment of $80,000 was
1.420 million AUD.

C H I N A   &   H O N G  K O N G

ASIA GLOBAL: DebtTraders Reiterates Bond SELL Recommendation
DebtTraders analyst, Matthew Breckenridge (1 212-247-5300),
reports, "Asia Global Crossing Ltd. (AGX) and Global Crossing
Ltd. (GX) reported unaudited sales figures for the fourth
quarter 2001 and full-year 2001. In addition, AGX reported its
cash balance as of year-end, while GX reported its cash balance
as of February 25. Neither Company reported expenses or
operating income. We believe that the lack of disclosure is a
combination of both companies being overwhelmed by GX's
bankruptcy filing and the associated legal implications of the
bankruptcy and the ongoing SEC and U.S. Attorney's Office
investigations into Global Crossing's accounting treatment of
certain capacity transactions."

"AGX also reported that operating cash flow generated by
Pacific Crossing-1 (PC-1), the trans-Pacific cable network, will
not be sufficient to support the approximately $700 million
currently outstanding on the PC-1 Credit Facility (see PC-1
Credit Facility below). Because bank creditors of Pacific
Crossing Ltd. are secured by the equity of Pacific Crossing
Ltd., creditors would then be able to exercise their rights to
foreclose on AGX's equity investment in Pacific Crossing Ltd.,
the owner of Pacific Crossing-1. As a result, the creditors of
Pacific Crossing Ltd. would effectively take control of the PC-1
asset. Furthermore, Asia Global Crossing reported that it no
longer has a fully funded business plan and therefore will
likely receive an opinion from its auditors stating that there
is substantial doubt about whether AGX will continue as a going
concern when the 10-K is filed with the SEC.

"As a result, DebtTraders is reiterating our SELL
recommendation (SAFETY 36%; ATTRACTIVENESS 58%) on Asia Global
Crossing 13.375% Notes due '10 (see Asia Global Crossing -
January 30, 2002). Despite the current price of 2.00 for Global
Crossing's unsecured notes, we are also reiterating our SELL
rating on Global Crossing's unsecured notes (see Global Crossing
- January 30, 2002). However, we are increasing our SAFETY
rating to 26% because we believe that there is a possibility
that the Hutchison/SingTech plan, or once similar to it, is
consummated prior to GX running out of cash and having to
liquidate," adds Mr Breckenridge.

According to Mr Breckenridge, "As a result of the higher SAFETY
rating and the increased likelihood that bondholders recover
close to the current market price of the unsecured notes we are
increasing our ATTRACTIVENESS rating to 58%. The ATTRACTIVENESS
rating is based upon the upside scenario that the
Hutchison/SingTech plan is completed, resulting in an estimated
recovery value of 3.00 to 4.00, largely offset by the risk that
reorganization is not completed prior to insolvency. We believe
that if GX is liquidated, the recovery value to bondholders will
most likely be nil."

DebtTraders reports that Asia Global Crossing's 13.375% bonds
due on 2010 are trading between 15 and 18. Go to
for real-time bond pricing.

COLINE COCOA: Assets Auction Scheduled This Week
Assets of the bankrupt Shanghai Coline Cocoa Products Co will be
sold off this week, Associated Press reports, citing from
Shanghai Auction Corp. auction house and China Daily newspaper.

Included in the auction is Asia's largest chocolate factory with
a 75,000-ton annual capacity. "The whole company will be
auctioned off, including all tangible assets like factory
houses, production equipment and all invisible assets associated
with its trademark," Chen, a spokesman for Shanghai Auction,

China Daily said that Coline has debts of 400 million yuan (US$
48 million). It's total auction assets are valued at 320 million
yuan (US$ 38 million).

Shanghai Coline, set up in 1993 as a joint venture involving
investment from Malaysia and a company in the local Jinshan
District, was acquired by Hong Kong-based Eureca Corp. three
years later. The Company continued to produce and market
chocolate products under two brands, Coline and Cemoi, until it
went bankrupt in October last year.

HORIZON GROUP: Winding Up Petition Hearing Set
The petition to wind up Horizon Group Investments Limited is
scheduled for  hearing before the High Court of Hong Kong on May
8, 2002 at 9:30 am.

The petition was filed with the court on January 29, 2002 by T&F
Technology Limited whose registered office is situate at Units
1101-1103, 11th Floor, Tower B, Regent Center, 70 Ta Chuen Ping
Street, Kwai Chung, New Territories, Hong Kong.

IDSBEES.COM: Petition To Wind Up Pending
The petition to wind up Idsbees.Com Limited is set for hearing
before the High Court of Hong Kong on April 17, 2002 at 9:30 am.
The petition was filed with the court on January 23, 2002 by
Wong Sze Yan of Flat 1111, Chak Yam House, On Yam Estate, Kwai
Chung, New Territories, Hong Kong.

LUEN CHEONG: Winding Up Sought By Hennabun Resources
Hennabun Resources Limited is seeking the winding up of Luen
Cheong Tai Construction Company Limited.  The petition was filed
on February  18, 2002, and will be heard before the High Court
of Hong Kong on June 5, 2002.

Hennabun Resources Limited holds its registered office at 31st
Floor, China United Center, No. 28 Marble Road, North Point,
Hong Kong.

MAXSING DEVELOPMENT: Winding Up Petition Slated
Maxsing Development Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on March 20, 2002 at 9:30 am.

The petition was filed on December 28, 2001 by Toi Shan
Association of Hong Kong Limited, a company incorporated under
the Companies Ordinance (Chapter 32)  whose registered office is
situated at 4th Floor, San Toi Building, 137-139 Connaught Road
Central, Hong Kong.

PIONEER SKY: Hearing of Winding Up Petition Set
The petition to wind up Pioneer Sky International Limited will
be heard 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 Chan Hak Wang of Room 806, 8th Floor, Block 24, Shek Kip
Mei Estate, Shamshuipo, Kowloon, Hong Kong.


BANK CENTRAL: Sukardi Defends Joint Team Formation
Minister of State Enterprises, Laksamana Sukardi, reveals the
formation of a joint team to determine the winner of government
shares divestation at PT Bank Central Asia (BCA) was also
intended for divestation of other recapitalized banks, Bisnis
Indonesia reports.

"We hope it (the joint team) also works for other major sales.
The existence of this special team need not formal basis,
because it is the way a business process goes," Sukardi said.

The decision, he insists, need not agreement from financial
sector policy committee. With the formation of the team, the
competence of IBRA to choose the winner of government shares
divestation of BCA ends.

CITRA MARGA: Not Allowed to Increase Toll
PT Citra Marga Nusaphala Persad (CMNP) management declined to
recommend that the inside Jakarta toll-road revenue change to be
48%:52% from the previous 75%:25%, as the step would be
"slaughtering" to the private company, Bisnis Indonesia reports.

"Should revenue sharing becomes 52% for Jasa Marga and 48% for
CMNP we certainly will refuse it," Finance Director I Ketut
Mardjana said.

CMNP management demanded moderate composition change to 65% and
35% (for Jasa Marga).  However, the government will not allow an
increase in toll prices until the questionable arrangement is

Separately, the toll road operator is negotiating with
bondholders to restructure the CMNP 7.25% Bond due '02.
DebtTraders reports that PT Citra Marga's 7.250% Bonds due on
2002 (CMNP02IDN1) are trading between 67.5 and 71.5. Go to
for more real-time bond pricing information.


APLUS CO: UFJ Bank Eyes Y130b Bailout Package
UFJ Bank is planning to provide debt-laden Aplus Co a bailout
package worth Y120 billion, Kyodo News reported on Wednesday. A
debt waiver of nearly Y100 billion is expected to be the core of
the package for the Osaka-based consumer finance firm ailing
under Y1 trillion in interest-bearing liabilities.

The Company's principal activity is the provision of financial
services in retail installments, credit card insurance and
collection agency business in the Kinki region, centering on
Osaka. The Company has 73 branches.

DAIWA SECURITIES: Unit Enters Class Action Suit Against Enron
With regards to a fall in prices of bonds issued by Enron after
its collapse, Daiwa Asset Management on Tuesday will join a
class action suit against Enron and its auditor Andersen to
claim damages incurred by investors of "Attack Three- series
one, two and three", "Attack Six- series, B, D and F" and
"Super Trust Three- series one, two and three", JCN Newswire

About Daiwa Securities Group Inc.

Daiwa Securities Group Inc. is the holding Company of the Daiwa
Securities Group, which consists of 52 consolidated subsidiaries
and affiliated companies accounted for using equity method.
Operations include dealing, brokering of securities and
derivative products, underwriting and distribution of
securities, private offering of securities, other securities
business and financing, offering a wide range of investment and
financing services through its global network.

DAIWA SECURITIES: S&P Lowers LT-ST Ratings; Outlook Negative
Standard & Poor's on Tuesday lowered its long-term and short-
term ratings on Daiwa Securities Co Ltd (8601) to triple-'B'-
minus and 'A-3' from triple-'B' and 'A-2', respectively and on
Daiwa Securities SMBC Co. Ltd. to triple-'B' and 'A-3' from
triple-'B'-plus and 'A-2', respectively, due to the worsened
operating environment for securities businesses in Japan.

The long-term rating on Daiwa Securities SMBC was removed from
CreditWatch, where it was placed on Nov. 27, 2001, with negative
implications. The outlooks on the ratings on the two companies
are negative.

The rating action on Daiwa Securities reflects the Company's
slow progress in revenue diversification away from stock
brokerage and investment fund distribution, representing about
half its revenues, which are vulnerable to market fluctuation
and mounting discount pressure.

Furthermore, the Company faces stiffening competition from banks
in investment fund distribution, and a probable delay in the
shift of household assets from deposits into capital markets as
a result of revived risk cautiousness.

The rating action on Daiwa Securities SMBC reflects the recent
downgrade of Sumitomo Mitsui Banking Corp. (SMBC;
BBB/Negative/A-2), a part owner of Daiwa Securities SMBC.

Standard & Poor's assumes that the Company will pay out most of
its profit stream in the form of dividends for at least several
years, making it difficult to accumulate sufficient risk-taking
capacity to strengthen its currently weak revenue generation.

Furthermore, the Company lacks the ability to maintain
sufficient revenue streams under adverse market conditions,
reflected in a 39 percent decline in revenue in the first nine
months of fiscal 2001.

"Without access to deposits, securities companies rely on
wholesale funding from financial markets, which have recently
exhibited greater sensitivity to credit risk," bank analyst
Takamasa Yamaoka said.

A recent purchase of subordinated bonds issued by banks has put
additional pressure on the Daiwa Securities group's funding
flexibility, he added.

The ratings on the companies are supported by the group's
second-largest customer base in Japan-particularly among the
Sumitomo and Mitsui corporate groups-their moderate financial
leverage, and expected disinter mediation over the long-term.

Concerns remain about the ability of Daiwa Securities and Daiwa
Securities SMBC to maintain their current credit profiles under
further stress that may arise if domestic capital markets
deteriorate further.

It is likely to take several years for them to significantly
improve their profit generating structure even under stable
market conditions.

Daiwa Securities Ltd. is the retail unit of the Daiwa Securities
group and is wholly owned by the group's holding Company, Daiwa
Securities Group Inc. Daiwa Securities SMBC is the wholesale
unit of the group and is 60 percent owned by Daiwa Securities
Group and 40 percent owned by SMBC.

MITSUBISHI ELECTRIC: Tamotsu Nomakuchi New CEO, Chairman
Mitsubishi Electric Corporation on Tuesday has appointed Dr.
Tamotsu Nomakuchi as the Company's new President & CEO.
Scheduled to assume his new position on April 1, 2002, Dr.
Nomakuchi will be replacing Dr. Ichiro Taniguchi, who will be
appointed to the new position of Chairman.

Dr. Nomakuchi was born in 1940 in Kagoshima Prefecture and
received his doctorate in physics from Osaka University in 1978.
Joining Mitsubishi Electric in 1965, Dr. Nomakuchi first served
as a researcher in the Company's Central Research Laboratory. He
joined Mitsubishi Electric's board of directors and assumed the
post of Senior Vice President and Vice President of Corporate
Research and Development in 1997. In 2001, Dr. Nomakuchi was
promoted to his former position of Executive Vice President and
Vice President of Information Systems & Network Services.

Born in Hyogo Prefecture in 1936, Dr. Taniguchi received his
engineering doctorate in 1972 from Kyoto University. He joined
Mitsubishi Electric Corporation in 1959 and was first named to
the Company's Board of Directors in 1991. He became the General
Manager of the Electronic Products and Systems Group in 1995
and, after becoming a senior managing director in June 1997, was
promoted to the position of President & CEO in June 1998.

About Mitsubishi Electric Corporation

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (FTSE:
6503q.l) is a recognized world leader in the manufacture,
marketing and sales of electrical and electronic equipment used
in information processing and communications, space development
and satellite communications, consumer electronics, industrial
technology, energy, transportation and construction. The Company
has operations in 34 countries and recorded consolidated group
sales of over US$33BN in the year ended March 31, 2001.
Additional information on Mitsubishi Electric is available at


Mitsubishi Electric Corporation (Tokyo)
Katsuyuki Hashimoto (Public Relations Dept.)
Tel: +81-3-3218-2346 (Media inquiries only)

TCR-AP reported Monday that Mitsubishi Electric Corp would
expect to post a consolidated net loss of Y70 billion in fiscal
2001 through March, due to weak performance of the electronic
device and information equipment division. The firm, which
employs a total 11,000 full-time staff and contract workers on a
consolidated basis in Japan, has total liabilities of US$27.3
billion as of March 2001 compared to total assets of US$33.1

MITSUBISHI ELECTRIC: Reorganization of Management Structure
Mitsubishi Electric Corporation announced on March 5, 2002 a
significant reorganization, effective April 1, 2002, of its
management structure by forming a new "Corporate Strategy &
Management Office". This new office will be composed of the
three corporate functions of the current Corporate Strategic
Planning Office* (responsible for the management strategy of
Mitsubishi Electric and its subsidiaries and affiliates), the
Associated Companies Department (responsible for increasing
management strength among subsidiaries and affiliates) and the
Public Relations Department (responsible for corporate PR

The purpose of this reorganization is to enhance the structural
reform of management in Mitsubishi Electric and its consolidated
subsidiaries and affiliates. With the aim of increasing
corporate value, the new reform will also promote planning and
implementation of PR strategy in line with management's policy

As a result of this structural reform, Mitsubishi Electric's
objectives are:

Further strengthening of consolidated management structure both
in Japan and overseas with accelerated promotion of global

Strengthened and improved corporate information dissemination
function (especially IR)

Accelerated promotion of positive business structural reform,
including strategic business alliances

* With this structural change, the current Corporate Strategic
Planning Office is to be newly named the "Corporate Strategic
Planning Dept."

About Mitsubishi Electric Corporation

With over 80 years of experience in providing reliable, high-
quality products to both corporate clients and general consumers
all over the world, Mitsubishi Electric Corporation (FTSE:
6503q.l) is a recognized world leader in the manufacture,
marketing and sales of electrical and electronic equipment used
in information processing and communications, space development
and satellite communications, consumer electronics, industrial
technology, energy, transportation and construction. The Company
has operations in 34 countries and recorded consolidated group
sales of over US$33BN in the year ended March 31, 2001.

Additional information on Mitsubishi Electric is available at
For more information:
Katsuyuki Hashimoto
Public Relations Dept.
Mitsubishi Electric Corporation (Tokyo)
Tel: +81-3-3218-2346 Media inquiries only

MITSUBISHI ESTATE: Sees FY2001 Y72.5B Net Loss
Real estate firm Mitsubishi Estate Co expects to post a
consolidated net loss of Y72.5 billion in fiscal 2001 through
March, a reversal from an earlier forecast profit of Y20.5
billion, as it will write off latent losses on real estate
holdings, Kyodo News reported Tuesday. In order to eliminate the
latent losses from its balance sheet, the Company will combine a
land revaluation rule and valuation losses on land and building
holdings, which will result in an extraordinary loss of Y157.9

A Company press release disclosed in January that Mitsubishi
Estate Co. decided to dissolve its unit Hokuriku Estate Co.,
Ltd. in charge of managing the Kanazawa Park Building, and to
transfer the Company's stake in that property to Japan Real
Estate Investment Corporation. In accordance with the decision,
the Company will post extraordinary losses of Y4.1 billion for
the affiliate Company's restructuring charges and 4Y.0 billion
for the sales of the property on its non-consolidated financial
results for the period ending in March 2002.

Mitsubishi Estate Group is a comprehensive real estate developer
whose consolidated businesses include building leasing,
residential development and sales, and architecture, as well as
real estate brokerage and hotels.

NIKKO CORDIAL: Unit Seeking Damages From Enron, Andersen
Nikko Asset Management Co Ltd, a unit of Nikko Cordial Corp,
will join a U.S. class action suit seeking damages from failed
Enron Corp and its auditor Andersen, Reuters reported Tuesday.
The shock collapse of U.S. energy trader Enron triggered huge
cancellations in a domestic fund managed by Nikko Asset
Management that contained bonds issued by Enron. The Company
sought damages after it had defaulted on its liabilities.

Moody's Investors Service on February 21 has lowered ratings on
Nikko Cordial to a notch above junk status. Moody's said the
long-term debt ratings of Nikko Cordial Corp was cut to Baa3
from Baa2. Nikko, owned 20 percent by US financial giant
Citigroup, reported a group net loss of more than US$220M.

NIPPON TELEGRAPH: Enters Sale Agreement With Atreus Systems
Nippon Telegraph and Telephone East (NTT East) and Nippon
Telegraph and Telephone West Corporation (NTT West) announced on
March 4 an agreement with Atreus Systems (TM), an emerging
leader of service fulfillment solutions, to sell Atreus
guestLINK(TM) Service Creation Platform under NTT East and NTT
West's brand name.

NTT East and NTT West will sell the Atreus guestLINK platform as
part of a complete broadband solution to the Japanese
hospitality market. Atreus guestLINK is a market-ready solution
that will enable NTT East and NTT West to quickly launch
Internet-based services to the hospitality industry. It is
equipped with a starter set of services including plug-and-play
Internet access. Atreus guestLINK has a flexible architecture
that will allow NTT East and NTT West to deliver compelling
services today that can be easily expanded to offer new services
including content and applications in the future.

"We're pleased that a recognized leader such as NTT East and
NTT West has embraced our technology to deliver high-value
services to the Japanese hospitality market," said Mike
Crumlin, Vice President of worldwide sales & service at Atreus
Systems. "NTT East and NTT West have selected Atreus as their
service creation and delivery solution because of our proven
ability to enable providers to successfully deploy IP services
in multi-vendor and multi- technology environments. The Atreus
solution will allow NTT East and NTT West to realize top line
revenue growth by accelerating customer acquisition in the
hospitality market and rapidly deploying new profitable services
to their growing customer base."

"This agreement is proof that Atreus is executing on their
business plan by delivering innovative products that are being
embraced by carriers and service providers worldwide," said Amy
Cravens, industry analyst at Cahner's In-Stat. "Atreus
guestLINK will allow NTT East and NTT West to accelerate time-
to-market of new services and increase customer retention rates
by boosting their subscribers' quality of experience with self-
subscription service portals."

About Atreus guestLINK(TM)

With the power of Atreus guestLINK(TM), service providers are
able to quickly bring to the hospitality market a full suite of
differentiated IP-based services for their customers. The Atreus
guestLINK solution comes complete with the technical
capabilities needed to support IP-based service offerings:

Plug and play (no PC or software configuration)
Internet appliance
Guest self-serve branded portal
Front desk administrative portal
Pre-packaged set of services designed specifically to meet the
needs of guests, hotels, airports, cruise liners, kiosks and
other hospitality customers.

About NTT East and NTT West

NTT East and NTT West are innovators in the world of the
Internet. They provide the best innovative Internet services to
help our customers realize new business models or lifestyles,
thereby becoming a "Global IP Company". For more information,
please visit the Company's website at:

About Atreus Systems

Atreus Systems(TM) delivers a service fulfillment software
platform for the automated creation and delivery of managed IP
services and applications. Atreus xAuthority(TM) Service
Fulfillment Solution is a front-to-back-end software platform
that helps carriers and service providers drive top line revenue
growth by increasing average revenue per user (ARPU), improving
capital efficiency, reducing operations expenses and focusing on
"success based" capital expenditures. Atreus Systems,
headquartered in Cupertino, California, is a privately held
Company financed by leading telecom venture capital firms Mobius
Venture Capital (formerly SOFTBANK), Blueprint Ventures,
Skypoint Capital Corporation, BDC Venture Capital and Aliant
Telecom. For more information, visit the Company's web site at or call 800/764-5514.

Atreus Systems, the Atreus Systems logo, fill YOUR pipes, Atreus
xAuthority and all Atreus Systems products are trademarks of
Atreus Systems, Inc. or its subsidiaries and are used under
license. All other trademarks or registered trademarks are the
property of their respective owners.

Atreus Systems, Inc.
Tony Busa, 613/233-1741 ext. 109
Interprose PR
Vivian Kelly, 703/860-0707

OMRON CORP: Dissolves Health, Fitness Subsidiary
The Board of Directors of Bell Sante Co., Ltd. a consolidated
subsidiary of Omron Corporation, resolved at its February 22,
2002 Board meeting to begin dissolution procedures.

1. Reason for dissolution

Bell Sante Co., Ltd. was established in July 1997 and was
involved in the health and fitness business, but due to poor
results and no foreseeable future, the decision was made to
dissolve the Company.

2. Company profile

Location of HQ: 901 Higashishiokoji-cho, Shiokoji-sagaru,
Karasuma-dori, Shimogyo-ku, Kyoto, Japan

Representative Director: Kimio Kawashima

Capital: Y100 million

Principal stockholder: Omron General Service Corporation

(OMRON's wholly owned subsidiary), 100 percent

Business area: Management and operation of a health fitness club

3. Date of dissolution

A resolution by the general meeting of stockholders to dissolve
the Company is to be made as scheduled no later than March 31,

4. Outlook

The effect of this dissolution on Omron's revenues/profits will
be minimal and will have no impact on the consolidated and non-
consolidated projections for the fiscal year ending March 31,


DAEWOO GROUP: Freezes Various Moroccan Ventures
Daewoo Group has decided to freeze all its previously planned
automobile assembly and television manufacturing projects in
Morocco due to serious financial difficulties in the country,
Al-Hayat and Al-Bawaba reported on Tuesday.

The group will sell its Hilton Hotel in Rabat, which it
purchased in 1997 for $35 million through Moroccan privatization
plan. Daewoo is also planning to sell another hotel located in

HYNIX SEMICONDUCTOR: Develops 1GB DDR Registered DIMM Product
Hynix Semiconductor Inc. announced on March 5, 2002 that it has
developed a 1GB DDR Registered DIMM and is introducing it to the
market. This product is focused primarily on the high-end server
application market for major OEM customers.

Following on the heels of the successful launching of the 1GB
SDR DIMM last year for high-end server applications, Hynix
developed the 1GB DDR Registered DIMM, following development of
the 512MB high-density module. In addition, Hynix added that it
is on target to develop the 2GB DDR version and anticipates
introduction early second half of this year.

Hynix expects most major OEMs to welcome the high-density memory
module due to its high density and large capability. It gives
huge extendability to memory-hungry applications, such as high-
end servers, which normally require memory stability as well as
a great amount of memory, to operate properly. This DIMM
provides as much as twice the memory capability in the
applications, which in the past suffered from limited memory

"High-end server suppliers are quickly ramping to higher
density DDR memory modules, enabling these servers to provide
incredible performance benefits," stated Farhad Tabrizi, Vice
President of Worldwide Memory Marketing. "Today, many OEMs are
offering servers with 64GB of total memory in one server, and
with DDR DRAMs as their main choice of memory. These modules are
required to achieve these high density systems."

Through full-scale promotion of this value-added product, Hynix
anticipates it will have new opportunities to gain revenue,
currently 20 percent of their total revenue, and increase market
share in this fast growing market segment.

HYNIX SEMICONDUCTOR: Posts Q4 Y400B Loss; Expects FY Turnaround
DebtTraders analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that Hynix Semiconductor
will report its fourth-quarter results on March 7. It is
estimated that the chipmaker will report a loss of approximately
400 billion won ($303 million) on an average of weak DRAM
prices. However, the chipmaker may experience a turnaround this
year on the recovery of chip prices. Separately, Hynix has
retracted its agreement with Cando for the latter to buy an 80
percent in its flat-panel display business for $400 million.

Hyundai Semiconductor's 8.265% bond due in 2007 (HYUS07KRA1)
trades between 61 and 65. For real-time bond pricing, go to

HYUNDAI ENGINEERING: Gets US$12M Debt Repayment From Ex-Minister
Hyundai Engineering and Construction finally received from
Brunei's former Minister a $12 million owed by Amedeo
Development Corporation (ADC) for the construction of an
amusement park on Jerudong Island, Brunei, DebtTraders analysts,
Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300),

Amedeo was controlled by Prince Jefri Bolkiah, which collapsed
in 1998. The contractor hopes to collect $92 million in
receivables this year. Hyundai Engineering is owned more than
$400 million by its clients. The contract reported earlier that
its fourth quarter loss narrowed 80 percent to W535 billion
($404 million).

Hyundai Engineering & Construction's convertible bond due in
2004 (HYNE04KRN1) trades between 82 and 88. For real-time bond
pricing, go to

KOOKMIN BANK: Issues Executive VP's Resignation Notice
On February 28, 2002, Young-Il Kim, Director & Executive Vice
President, who was responsible for the Retail Banking Business
Unit of Kookmin Bank has resigned voluntarily due to a personal
reason.  His term, which extends to October 31, 2004, shall
terminate immediately upon this official announcement of his

TCR-AP reported Wednesday that Kookmin Bank plans to reduce its
management staff after a merger between the former Kookmin and
Housing and Commercial Bank in November last year. The
downsizing plan was postponed, as it had been busy consolidating
the two banks' operations.

SHINHAN BANK: Moody's Revises Ratings Outlook To Positive
Moody's Investors Service revised the ratings outlook for
Shinhan Bank to positive, from stable.

The outlook change for the bank reflects the improved operating
environment, thanks to significant consolidation and
recapitalizations, as depicted by higher profitability and
capital positions of the sector as a whole. The rating agency
also cited the increased capacity of the Korean government to
offer regulatory support, if needed, as a contributing factor
for the enhanced environment. The outlook change also
incorporates the banks' continuing internal restructurings, as
well as their healthier financial fundamentals, with significant
clearing of problem assets. Moody's believes that these efforts
will better position the bank to continue to build upon its
earnings base.

With this revision, all Korean banks rated by Moody's now carry
either positive ratings outlook or are on review for possible

For more information, please contact our representatives in
Singapore at 65-549-7076 or in Hong Kong at 852-2916-1120.

TCR-AP reported earlier this month that the Financial
Supervisory Service (FSS) is investigating Shinhan Bank branches
in Tokyo and Osaka until March 21 because of losses worth W30
billion due to loans it extended to former Chairman Lee Hee-gun.
The agency will focus its inspection on the size and impact the
losses would have on branch operations.


ACTACORP HOLDINGS: Enters MOA With White Knight
Actacorp Holding Berhad (AHB or the Company), further to the
announcement dated 28 February 2002, released this additional

The Company had on 28th February 2002 entered into a Memorandum
of Agreement (MOA) with Magnani Construction Sdn Bhd (White
Knight). The MOA sets out the principal broad terms of the
Proposed Restructuring Scheme involving these proposals:

   a) Incorporation of a new company (Newco);

   b) Capital reduction of up to 95% on of the Company shares;

   c) Issuance of Newco shares to AHB's shareholders after
capital reduction.

   d) Subscription of not more than 20,000,000 new Newco shares
by the White Knight.

   e) White Knight to assign project value of at least RM100
million to Newco;

   f) Right Issue of Newco to existing shareholders of AHB;

   g) Debts settlement to creditors ;

   h) Divestment of subsidiaries and other investment of AHB at
net tangible assets value.

   i) Transfer of the Company's listing status on the Kuala
Lumpur Stock Exchange to Newco.

The Company wishes to emphasize that the MOA is only a
preliminary agreement and a Definitive Agreement will be signed
once the proposal is being evaluated by the Adviser and

Further information on the Proposed Restructuring Arrangement
will be announced in due course.

AUTOWAYS HOLDINGS: Restructuring Scheme MOUs Executed
Autoways Holdings Berhad (AHB or the Company announced that the
management has executed on 1st March 2002:

   1) Memorandum of Understandings (MOU) between AHB and Ahmad
Najib bin Ariffin (for and on behalf of the beneficial
shareholders representing 100% of the paid-up capital of
Kumpulan Liziz Sdn. Bhd.)

   2) MOU between AHB and Ahmad Najib bin Ariffin (for himself
and on behalf of other beneficial shareholders representing 100%
of the paid-up capital of Green Leaf Resources Sdn. Bhd.)

The above MOUs stipulate the broad parameters for each party to
work towards finalizing the details of a restructuring scheme,
the commencement of due diligence work and the execution of Sale
and Purchase Agreement for the "acquisition" of assets by AHB in
due course.

Arab-Malaysian Merchant Bankers would announce the details of
the Scheme in compliance to PN4 once all the prerequisite works
are completed.

ESPRIT GROUP: Serves Winding Up Petition Filed by SIBB
The Board of Directors of Esprit Group Berhad (EGB or the
Company) announced that the Company was served with a Winding-Up
Petition No: MT5-28-260-2001 on 28 February 2002 following a
Notice pursuant to Section 218 of the Companies Act, 1965
requiring EGB to pay the amount of RM 11,359,679.88.

The sum claimed against EGB based on Southern Investment Bank
Berhad (SIBB)'s Petition is:


(i) Bankers Acceptance as at 30.06.1998 RM

    Principal        4,990,000.00
    Accrued Interest       642,925.86
Total Outstanding as at 30.06.1998  5,632,925.86

(ii) Revolving Credit as at 30.06.1998 RM

   Principal     5,000,000.00
   Accrued Interest      726,754.02
Total Outstanding as at 30.06.1998  5,726,754.02

The Petition is served pursuant to a guarantee executed by EGB
for a facility granted to its wholly-owned subsidiary company,
Esprit Corporation Sdn Bhd (ECSB) by Southern Investment Bank
Berhad (formerly known as Perdana Merchant Bankers Berhad

The Shah Alam High Court on 26 August 1999 ordered the winding-
up of ECSB pursuant to a Petition filed by PMBB.

There is a principal sum of RM 9,990,000.00 outstanding from
ECSB to PMBB under the facilities granted.

EGB has ceased operations and is a non-going concern pending its
proposed restructuring scheme.

EGB will instruct its lawyers to file an affidavit in reply to
the Petition before the hearing date i.e. 10 May 2002 and to
apply for an adjournment for the hearing of the Petition in view
of the on-going proposed restructuring exercise being carried
out by the Group.

IDRIS HYDRAULIC: Lenders Extend New Debt Restructuring Period
On behalf of the Board of Directors of Idris Hydraulic
(Malaysia) Berhad (IHMB or the Company), Commerce International
Merchant Bankers Berhad announced that IHMB, Dato' Che Mohd.
Annuar bin Che Mohd. Senawi (the Investor) and a majority of the
various lenders of IHMB and certain of its subsidiaries
(Lenders) in number (holding no less than 75% of the aggregate
scheme liabilities) have mutually agreed to further extend the
date of fulfillment of all the conditions precedent to the
revised Proposed Restructuring Exercise in the new Debt
Restructuring Agreement to 30 June 2002.

The Proposed Restructuring Exercise includes:

   * Proposed Capital Reconstruction;
   * Proposed Corporate Restructuring; and
   * Proposed Debt Reconstruction.

L&M CORPORATION: Defaulted Payments Stands at RM191,731,648.49
The Board of Directors of L & M Corporation (M) Bhd (L&M)
updated on the default in payments by the L&M Group. As at 28
February 2002, the total default payments to financial
institutions in respect of various credit facilities by L&M
Group is RM191,731,648.49.

There are no new developments with regard to steps taken to
address the default, except the approval obtained from the
Ministry of International Trade and Industry (MITI) on the L&M's
Proposed Restructuring Scheme on 21 February 2002.

LAND & GENERAL: CDRC Aids RM350M Debt Restructuring Scheme
The Corporate Debt Restructuring Committee (CDRC) announced that
it has successfully assisted Land & General Berhad (L&G) and its
subsidiary companies to finalize a debt restructuring agreement
with their financial institution lenders to restructure their
outstanding debt of about RM350 million as at end June 2001.

The proposed debt-restructuring scheme (Scheme) involves
implementation of:

   Proposed Debt Restructuring Scheme - This will involve
conversion of the outstanding debts to Term Loan and Redeemable
Convertible Secured Loan Stocks.

   Proposed Swap of Bumi Armada Berhad (BAB) shares - A total of
29.6 million shares of BAB will be offered for swap with all
lenders at a fixed price of RM7.00 per share.

   Proposed Assets Disposal - Disposal of assets with estimated
value of RM618 million with proceeds used for working capital
and repayment of bank borrowings.

A separate meeting with Euroconvertible Bondholders will be held
later to obtain their approval to the Scheme. Their outstanding
debts as at end June 2001 amounted to about RM307 million.

The Scheme will be submitted by L&G and its appointed merchant
bank, Commerce International Merchant Bankers Berhad, to the
relevant authorities for approval soon. The Scheme is
anticipated to alleviate L&G's financial predicament and restore
the company to its original viability.

MBF CAPITAL: SC Approves Proposed Office Lot Acquisition
Alliance Merchant Bank Berhad (Alliance), on behalf of Mbf
Capital Berhad (MBf Capital), pursuant to its announcements
dated 4 December 2001 and 12 April 2001 on the Proposed
acquisition of two (2) units of office lot at Leisure Commerce
Square, Petaling Jaya by MBf Insurans Berhad, a wholly-owned
subsidiary of MBf Capital from Leisure Commerce Square Sdn Bhd
for a cash consideration of RM6,396,088 (Proposed Office Lot
Acquisition) and Proposed acquisition of MBf Unit Trust
Management Bhd (MBfUT) (Proposed MBfUT Acquisition),
respectively, announced:

   (1) the Securities Commission (SC) has vide its letter dated
4 March 2002 approved Proposed Office Lot Acquisition, as
proposed; and

   (2) the SC, via its letter dated 5 March 2002, approved the
exemption for MBf Capital to undertake a mandatory offer for the
shares in MBfUT which are not already owned after the completion
of Proposed MBfUT Acquisition, under Practice Note 2.9.6 of the
Malaysian Code on Takeovers and Mergers 1998.

MGR CORPORATION: Signs Conditional Agreement With CBSB
On behalf of MGR Corporation Berhad (MGR or Company), the
Special Administrators (SA) announced that MGR, on 4 March 2002,
entered into a conditional Principal Agreement with Crest
Builders Sdn Bhd (CBSB) and its shareholders, Yong Soon Chow
(YSC), Koh Hua Lan, Pertiwi Positif Sdn Bhd, Takrif Jaya Sdn Bhd
and Capai Hasil Sdn Bhd for the purpose of implementing a
restructuring scheme for MGR and is subsidiaries (Proposed
Restructuring Scheme). The proposals include:

   (i) Proposed incorporation of a new public limited company
(Newco) for the purpose of implementing the Proposed
Restructuring Scheme;

   (ii) Proposed acquisition of MGR by Newco involving the
exchange of the ordinary shares of RM1.00 each in MGR (MGR
Shares) for new ordinary shares of RM1.00 each in Newco (Newco

   (iii) Proposed acquisition of CBSB by Newco;

   (iv) Proposed issue by Newco warrants to Newco shareholders;

   (v) Proposed debt restructuring with the Creditors, involving
cash payment, issue of Irredeemable Convertible Secured Loan
Stock and Redeemable Convertible Secured Loan Stock in Newco and
transfer of Newco Shares from YSC to the Creditors; and

   (vi) Proposed transfer of listing status of MGR to Newco.

CBSB is principally involved in construction of infrastructure
works (which includes the design, construction, completion and
maintenance of roads) and the construction of residential
houses, commercial building for offices and infrastructure works
for housing development projects. CBSB has no subsidiary. Its
only associated company, Crestland Development Sdn Bhd, is
currently dormant.

Pursuant to the Danaharta Act, the Proposed Restructuring Scheme
is subject to the approvals of Danaharta and the Creditors. An
appropriate announcement on the final terms and the financial
effects of the Proposed Restructuring Scheme will be made after
the aforesaid approvals are being obtained.


On 11 October 2001, Mr Kevin How, Mr Adam Primus Varghese Bin
Abdullah and Ms Wong Lai Wah of Messrs Ernst & Young were
appointed as Special Administrators (SA) of MGR under the
Pengurusan Danaharta Nasional Berhad Act 1998 (Danaharta Act).
With the appointment of the SA, the SA will prepare a workout
proposal, which will be examined by an independent advisor and
approved by Pengurusan Danaharta Nasional Berhad and the secured
creditors of the Company (Creditors).

On 1 March 2002, the SA announced, on behalf of MGR, that the SA
were in the midst of finalizing the evaluation of proposals
involving the acquisition of certain assets of the Company,
including its listing status.

NAUTICALINK BERHAD: Enters Proposed Acquisition MOU W/ Vendors
The Board of Directors of Nauticalink Berhad announced that the
Company on 28th February 2002, entered into a memorandum of
understanding (MOU) with MD Construction Sdn Bhd, Simfoni Madu
Sdn Bhd, Quarto Phase Sdn Bhd and Mukarib Sdn Bhd (collectively
to be known as "Vendors") relating to the Proposed Acquisition
of Trans Msb Sdn Bhd (TMSB) and PD Parade Village Sdn Bhd (PDV)
with a view to commence negotiations and subsequently, finalize
and conclude the terms of the Proposed Acquisition for purpose
of arriving at a new Corporate Restructuring Scheme for the NLB


The Proposed Acquisition involves the acquisition of the entire
issued and paid-up capital of TMSB and PDV (Sale Shares) by NLB
from the Vendors for a purchase consideration to be agreed upon
and subject to the terms contained in the MOU and such other
terms and conditions as the parties may mutually agree upon.

TMSB is principally a building and civil works contractor having
successfully completed numerous system-built factories, building
and civil engineering projects. TMSB is a registered Grade 7
contractor with the Construction Industry Development Board of
Malaysia and also a registered Class A, Head I, II, III and IV
contractor with Pusat Khidmat Kontraktor, Kementerian
Pembagnuanan Usahawan.

PDV is the registered owner of a parcel of land in Port Dickson
earmarked for the construction of a shopping mall cum office


The salient terms of the MOU are as follows:

   (a) The parties to the MOU have mutually reached a broad
understanding that the Vendors will sell and NLB will purchase
the Sale Shares at a purchase consideration to be agreed upon
between the said parties.

   (b) The purchase consideration of the Proposed Acquisition
shall be satisfied by the issuance of such number of new
ordinary shares in NLB at an issue price of RM1.00 or such other
price as the parties may mutually agree upon.

   (c) The parties will take all necessary actions to execute a
share sale agreement (SSA), the terms and conditions of to be
mutually agreed upon by the parties before expiry of the MOU.

   (d) The conditional SSA shall, inter alia, be conditional
upon the following conditions having been fulfilled:

     (i) satisfactory results of the due diligence on TMSB and

     (ii) satisfactory results of the due diligence on NLB;

     (iii) the approval of the Securities Commission;

     (iv) the approval of the Foreign Investment Committee;

     (v) the approval of the Kuala Lumpur Stock Exchange;

     (vi) the approval of the Board of Directors and
shareholders of NLB, subject to the terms and conditions of the

     (vii) the approval of the Board of Directors of the
Vendors, TMSB and PDV, subject to the terms and conditions of
the SSA;

     (viii) all other requisite approvals including but not
limited to any approval of regulatory bodies being obtained in
connection with the Proposed Acquisition and Proposed
Restructuring Scheme.

   (e) During the period between the date of the execution of
the MOU until its expiry 6 months later, ("Exclusivity Period"),
the Vendors and the Company will refrain from selling,
transferring or disposing the Sale Shares or any part thereof to
any person other than NLB and will also refrain from
negotiating, initiating or taking any step with a view to
negotiate with any third party for any purpose in relation to
the sale and purchase of the Sale Shares. Notwithstanding this,
either party may terminate the MOU if an in principle agreement
with the Company's creditors is not reached within 60 days from
the date of execution of the MOU.

   (f) The MOU shall be deemed to have no effect if the Vendors
fail to comply with their obligation during the Exclusivity
Period and/or the conditional SSA is not executed within the
Exclusivity Period.

The MOU merely sets out the general understanding of the
proposed structure of the negotiations to be carried out between
the parties in relation to the conditional SSA and is subject to
its execution. The MOU is not intended to have a legal force or
binding effect until all parties mutually agree upon all terms.


The effects of the Proposed Acquisition will be announced upon
finalization of the terms and conditions of the Proposed
Acquisition in relation to a new corporate restructuring scheme
for the NLB Group.


At present, to the best of the knowledge and belief of the Board
of Directors of NLB, none of the Directors, substantial
shareholders or persons connected with them has any interest,
direct or indirect, in the Proposed Acquisition.


The MOU, which is valid for six(6) months, will be available for
inspection at the Company's registered office during normal
business hours for a period of two (2) weeks from the date of
this announcement.


A detailed announcement will be made upon the execution of the
Conditional SSA in respect of the Proposed Acquisition.

PARIT PERAK: Seeks Requisite Announcement Extension Until May 31
Parit Perak Holdings Berhad (PPHB) announced o 23 February 2001
that is an affected listed issuer pursuant to Paragraph 8.14 of
the KLSE Listing Requirements and the obligations of an affected
listed issuer (First Announcement). One of the obligations
pursuant to Paragraph 4.1(b) of Practice Note 4/2001 is to
announce within 6 months from the date of the First
Announcement, a detailed plan to regularize the Company's
financial Position (Requisite Announcement).

An affected listed issuer is also obligated to announce its
compliance, i.e. failure to comply with a particular obligation
imposed pursuant to Practice Note 4/2001, as and when such
obligation becomes due.

Prior to making the Requisite Announcement, the affected listed
issuer must ensure that:

   (a) all agreements to be entered into with third parties, as
part of the plan to regularize the financial condition, have
been duly executed by all parties to such agreements.

   (b) where the plan involves or comprise or arrangement with
the listed issuer's creditors, an affected listed issuer has
taken reasonable steps to procure the agreement-in-principal of
such creditors.

Consequences of non-compliance

If the Company fails to comply with any of the obligation set
out in Practice Note 4/2001, the Company may be suspended from

If the Company fails to regularize its financial condition to
warrant continued trading and listing within the time frames
stipulated by KLSE, the Company may be de-listed.

KLSE will accord due process to an affected listed issuer prior
to affecting any suspension and/or delisting.

Further to the Announcement made on 22 January 2002, the Board
of Directors of PPHB wishes to announce that on 31 January 2002,
PPHB had been granted an extension of time to release its
Requisite Announcement on 28 February 2002. The Memorandum of
Understanding (MOU) entered into between Dato' Mohd Nadzmi Bin
Mohd Salleh, Chan Poh Kim, Richard Kuah Ah Eng and the Company
had lapsed. The Company is currently seeking additional viable
assets/business for acquisition with the main objective to
rescue PPHB Group and return it to a favourable financial
footing and profitability.

Accordingly, the Company had on 21 February 2002 written to KLSE
to request for further extension of time till 31 May 2002 to
seek income generating assets and obtain written agreement-in-
principal from secured and unsecured creditors prior to making
Requisite Announcement.

TECHNO ASIA: Further Defaults Interest, Principal Payments
Techno Asia Holdings Berhad (Special Administrators Appointed)
(TECASIA) and subsidiaries, pursuant to the announcement dated 4
February, 2002 in respect of Practice Note 1/2001, announced
that the Company and its subsidiaries, namely Mount Austin
Properties Sdn. Bhd. (Special Administrators Appointed), PMMSB,
Prima Moulds Sdn. Bhd. and Ganda Energy Holdings, Inc. had
continued to default in payments of its loan interest and
principal sum owing to several financial institutions. The
outstanding amounts as at 31 January, 2002 are:

  Loan and Hire-Purchase   Total (RM)
Principal (RM) Interest (RM)
TECASIA  463,153,369  239,032,279  702,185,648
Group  559,557,592  278,738,015  838,295,607

Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to

Further to the measures undertaken as announced on 4 February,
2002, the SAs had on 6 February, 2002, obtained the approvals
from the secured creditors for the workout proposals of TECASIA
and Wisma Dindings Sdn. Bhd. (Special Administrators Appointed)
in accordance with Section 46(4)(a) of the Act. Prior to that,
the SAs had on 28 January, 2002, obtained the approval from
Pengurusan Danaharta Nasional Berhad (Danaharta) on the workout
proposal of TECASIA. Subsequently, on 8 February, 2002, Arab-
Malaysian Merchant Bank Berhad, on behalf of TECASIA and PMMSB
made a requisite announcement as required under PN4/2001 to the
Kuala Lumpur Stock Exchange.

Implications in respect of the Default in Payments

TECASIA wishes to announce that Danaharta had on 30 January,
2002 granted an extension of twelve (12) months to the
moratorium previously in effect for TECASIA and PMMSB pursuant
to Section 41(3). The said extension shall expire on 1 February,
2003. The moratorium for the other Affected Companies continues
to be in effect. All legal actions initiated against TECASIA and
other Affected Companies, will be stayed and any petition for
winding-up, or any appointment of a receiver, receiver and
manager or provisional liquidator cannot proceed.


Mr. Lim Tian Huat and Mr. Chew Cheng Leong of Messrs. Arthur
Andersen & Co. were appointed Special Administrators over
TECASIA and a subsidiary company, Prima Moulds Manufacturing
Sdn. Bhd.(PMMSB) on 2 February, 2001. The Special Administrators
(SAs) were subsequently appointed over the following subsidiary
companies of TECASIA on 30 April, 2001:

   1. Mount Austin Properties Sdn. Bhd.;
   2. Cempaka Sepakat Sdn. Bhd.;
   3. Ganda Edible Oils Sdn. Bhd.;
   4. Litang Plantations Sdn. Bhd.;
   5. Wisma Dindings Sdn. Bhd.;
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")


COSMOS BOTTLING: Appointment of New Board of Directors
The Board of Directors of Cosmos Bottling Corporation has
elected Ms. Cristina Bernardino and Mr. Hector P. Guballa as
Directors vice Gregory Kearney and Antonio Panajon,
respectively. The Board also elected Mr. Guballa as President of
CBC vice Mr. Antonio Panajon.

At the same meeting, the Board likewise approved:

1. Schedule for the 2002 CBC stockholders' meeting:

Stockholders' meeting: May 3, 2002
Record date: March 22, 2002
Closing of books: March 23-27, 2002
Validation of proxies: April 30, 2002
Venue: Magellan's Galley, SMPI Center, St. Francis Avenue
Mandaluyong City

2. Amendment of Section 5, Article I of the By-laws to comply
with the SEC Circular on validation of proxies.

METRO PACIFIC: Posts 2001 P3.9B Operating Loss
Metro Pacific Corporation (MPC) announced on March 1 an un-
audited consolidated operating loss of P3.985 billion in 2001.
In addition, asset impairment provisions totaling P19.2 billion
were made. MPC also announced a major debt reduction exercise
that it is undertaking with its various creditors.

MPC emphasizes that these asset impairment provisions are
exceptional and non-cash in nature and neither impact what
management believes to be the longer-term value of MPC's
investments in the Bonifacio Global City, nor its ongoing debt
reduction efforts. The provision are consistent with MPC's
conservative approach and establishes book values more in line
with the current softness of the Philippine property market.
More importantly, it enables MPC to return to profitability
assuming future land sales in the Global City are in line with
prices at which recent land transactions have concluded, which
are significantly higher than the post-provisioning reduced cost

The major component of MPC's 2001 consolidated loss relates to
asset impairment provisions of P19.2 billion, of which P16.6
billion is attributable to MPC's carrying costs of its 69.6
percent investment in Bonifacio Land Corporation. BLC has a 55
percent investment in the Fort Bonifacio Development
Corporation, developer of the Bonifacio Global City. With this
exercise, MPC has eliminated all remaining un-amortized
capitalized costs including interest, foreign exchange losses,
and goodwill with respect to its investments in the Fort
Bonifacio Global City. More importantly, it also made additional
provisions equal to the development costs in the Global City,
effectively reducing its value of the raw cost of land to the
original P33, 284 per square meter price purchased from the
government in 1995. Accordingly, the carrying cost of MPC's
investment in BLC has been written down from P30.2 billion to
P13.6 billion.

MPC also reduced the value of its investment in Nenaco by P520
million, bringing its actual book value from P1.4 billion to
P920 million. The rest of the provisions relate mostly to other
development properties. The result of these provisions reduces
MPC's total consolidated assets to P68 billion as at December
31, 2001, financed by shareholder's equity including minorities
of P39.8 billion and total consolidated liabilities of P28
billion, of which P18.5 billion are interest bearing.

Meanwhile, at the special meeting of the Board of Directors of
the corporation held on March 1, 2002, the board accepted the
resignation of Ambassador Albert F. del Rosario from the board
and from all officership positions in the corporation, and
elected him as member of the board advisory committee.

RFM CORPORATION: President Denies Sale Proposal Issue
RFM Corporation President and CEO Jose A. Concepcion III denied
in a press release on Monday that there was a proposal from the
Concepcion family to sell its majority stake in RFM Corporation.
Concepcion issued a statement following newspaper reports that
the Concepcion family submitted a proposal to San Miguel
Corporation for the sale of their majority shareholdings in RFM.

Concepcion cited that "RFM is the one in search of good
opportunities for acquisition that will support its growth
objectives. With the recent sale by RFM of its majority
shareholdings in Cosmos, there is still a cash reserve of over
P2 B for RFM to finance its future plans. This comes after
paying down its debts, the buy-back of WP Argosy shares and its
P2B cash dividends to RFM shareholders."

Concepcion clarified however that RFM has been in discussions
with SMC on a possible merger or acquisition opportunity in the
Swift Foods, Inc., but this has been an old discussion.
Concepcion said that it would be natural for SMC to revive its
interest in Swift and other companies since it has a lot of cash
too from the recent Kirin Investments in SMC.


ALLIANCE TECHNOLOGY: Applies for Judicial Management
The Board of Directors of Alliance Technology and Development
Limited (the Company) informed shareholders on Monday of its
resolution to make an application to the High Court of Singapore
under section 227A of the Companies Act (Cap. 50) for an order
that the Company be placed under judicial management. The Board
of Directors' of the Company's wholly owned subsidiary, Fort
Canning Country Club Investment Ltd (FCCC), has similarly
resolved to apply for FCCC to be placed under judicial

The Company and its subsidiaries (the Group) have, since mid-
1999, been actively rationalizing its non-profitable and non-
core businesses. As of 30 June 2001, the Group had total debts
of approximately S$115 million (inclusive of contingent
liabilities amounting to S$14.3 million). Approximately S$80
million of this amount is owed to financial creditors. The
contingent liability of S$14.3 million relates to claims by
Inland Revenue Authority of Singapore (IRAS) against FCCC for
goods and services tax (GST) and income tax of S$2.1 million and
S$12.2 million respectively.

As highlighted in recent newspaper reports, FCCC is facing
financial difficulties and is currently looking for investors.
FCCC's financial position has become untenable with recent
notifications from IRAS that it has appointed four banks with
which FCCC has banking relationships, as tax agents under
section 79(1) of the Goods and Services Tax Act (Cap. 117A) to
collect the outstanding GST of S$2.1 million from FCCC. This may
have a material impact on FCCC's ability to operate the club. In
order for FCCC to continue its operations and to serve the
interests of its members, the Board of Directors of FCCC has
resolved to apply to Court for FCCC to be placed under judicial

As the Company has provided corporate guarantees to the
financial creditors of FCCC and other subsidiaries, there is a
possibility that these corporate guarantees may be triggered and
called upon when FCCC is placed under judicial management. In
light of the Group's financial status, the Board of Directors of
the Company has resolved to apply for a judicial management
order after taking into account the following considerations:

The Company is or will be unable to pay its debts; there is a
reasonable probability of rehabilitating the Company; and/or
preserving all or part of its business as a going concern; the
interest of creditors and shareholders may be better served than
by resorting to a winding up; and there is a reasonable
probability that a scheme of arrangement pursuant to section 210
of the Companies Act may be successfully implemented if
necessary. (The appointed Judicial Managers shall further
explore the viability of this option).

The Board of Directors of FCCC also took similar reasons into
account when they resolved to apply to Court to place FCCC in
judicial management.

The Company and FCCC propose to appoint Mrs. Fang Ai Lian, Mr.
Ong Yew Huat, and Mr. Seshadri Rajagopalan, all of Messrs Ernst
& Young, as Judicial Managers of both the Company and FCCC.

The Board of Directors of the Company has authorized Mr.
Herminigildo Cruz, a Director of the Company, to act on behalf
of the Company for the purposes of making the judicial
management application.

ADROIT INNOVATIONS: CEO Teh Kor Lak Resigning March 15
The Board of Directors announced on Monday that Chief Operating
Officer, Mr Teh Kor Lak, would be leaving Adroit Innovations
Limited (the Company or Adroit) on 15 March 2002 in pursuit of
other interests and his personal goals.

Kor Lak's responsibilities will be assumed by key operational
staff who have been overseeing the respective critical areas
under his purview in the past year. He continues as a member of
our Board of Directors. The Board of Directors wishes to thank
him for his contributions.

The Company announced its plans to restructure in the face of an
increasingly challenging market environment on May last year.
The restructuring move involves the reduction of staff by 34
employees, 18.7 percent of the current workforce, reported TCR-

ADROIT INNOVATIONS: Posts Winding Up Petition, Interest Notice
Adroit Innovations Limited posted a notice of changes in
substantial shareholder's interest in Adroit Holdings Pte Ltd,
which is in member's voluntary winding up:

Date of notice to Company: 05 Mar 2002
Date of change of interest: 25 Feb 2002
Name of registered holder: Adroit Holdings Pte Ltd
(In Members' Voluntary Winding-Up)
Circumstance giving rise to the change: Others
Please specify details: Distribution in specie arising from
voluntary liquidation of Adroit Holdings Pte Ltd

Shares held in the name of registered holder
No. of shares of the change: 5,771,333
% of issued share capital: 2.27
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0
No. of shares held before change: 23,086,874
% of issued share capital: 9.09
No. of shares held after change: 17,315,541
% of issued share capital: 6.82

Holdings of Substantial Shareholder including direct and deemed
                                           Deemed Direct
No. of shares held before change:          0      23,086,874
% of issued share capital:                 0      9.09
No. of shares held after change:           0      17,315,541
% of issued share capital:                 0      6.82
Total shares:                              0      17,315,541

The percentages are computed based on 254,030,178 issued shares
as March 5, 2002.

INTRACO LIMITED: Issues Capital Restructuring Scheme Update
Intraco Limited announced on March 4, 2002 the Company's update
on its proposed capital restructuring exercise:

On 26 October 2001, the Board of Directors of Intraco Limited
(Intraco or the Company) announced:

   * the payment of a special net cash dividend of S$0.11 (the
Special Dividend) for each issued ordinary share of S$1.00 in
the capital of Intraco (Share); and

   * the proposed capital distribution (the Proposed Capital
Distribution) of S$0.40 in cash for each Share by way of a
capital reduction pursuant to Section 73 of the Companies Act,
Chapter 50 of Singapore (the Act).

The Special Dividend was paid on 3 December 2001.

Following further review, the Board of Directors of Intraco has
decided to:

   (a) revise the amount to be distributed to the shareholders
of Intraco and the structure of the Proposed Capital
Distribution; and

   (b) undertake a further capital restructuring exercise to
write-off the accumulated losses standing in the revenue reserve
account of Intraco as at 31 December 2001 against the share
premium account of the Company as at 31 December 2001 (Proposed
Capital Restructuring).

Revised Proposed Capital Distribution

It was previously announced that the Proposed Capital
Distribution would entail the distribution of S$0.40 in cash for
each Share to shareholders of the Company to be carried out by
way of a capital reduction pursuant to Section 73 of the
Companies Act, Chapter 50 of Singapore involving the
cancellation of approximately S$39.45 million from the Company's
share premium account.

After reviewing the financial position and future funding needs
of Intraco and its subsidiaries, the Board of Directors has
decided to revise upwards the amount to be distributed to
shareholders of the Company by returning S$0.50 in cash for each
Share instead of S$0.40 in cash for each Share as previously
announced, amounting to a total distribution of approximately
S$49.31 million based on the Company's issued share capital as
at the date of this announcement. The intention to revise the
amount to be distributed pursuant to the Proposed Capital
Distribution is undertaken in line with the Company's desire to
deliver value to its shareholders by returning the surplus cash
in excess of the financial requirements of the Company to its

The Board of Directors is also of the view that it is in the
interest of the Company to undertake the Proposed Capital
Distribution by canceling the amount in the Company's issued and
paid-up share capital account instead of the share premium
account. This would be effected by reducing the paid-up capital
of the Company to the extent of S$0.50 on each of the Shares
which have been issued and are fully paid-up or credited as
fully paid-up through the reduction of the par value of all
shares in the capital of the Company, both issued and un-issued,
from S$1.00 to S$0.50 per Share. The rationale for the proposed
revised structure is that the proposed new par value of S$0.50
per Share will be closer to the theoretical ex-Proposed Capital
Distribution market price of each Share (being S$0.42 based on
the closing market price per Share as at the date of this
announcement). This, in turn, will facilitate the issue of new
Shares by the Company in the future for the purposes of
acquisitions, mergers, fund raising and other corporate
exercises, especially in view of the restrictions imposed by the
Act on the issue of Shares below par value.

Proposed Capital Restructuring

In the unaudited results for the financial year ended 31
December 2001 announced by the Company on 4 March 2002, the
Company had accumulated losses amounting to S$12.6 million
reflected in the unaudited balance sheet of Intraco (at Company
level) as at 31 December 2001. These accumulated losses resulted
principally from losses incurred by Intraco and the provisions
made for the diminution in the value of its subsidiaries during
the financial year ended 31 December 2001.

The Board of Directors is proposing a further capital
restructuring exercise that will entail writing off the
accumulated losses standing in the revenue reserve account in
the unaudited balance sheet of Intraco as at 31 December 2001 of
S$12.6 million by way of a capital reduction involving the
cancellation of an amount of S$12.6 million standing to the
credit of the share premium account of the Company as at 31
December 2001. Pursuant to the accumulated losses write-off, the
balance sheet of the Company will reflect more closely the value
of its underlying assets.

The Proposed Capital Restructuring is undertaken to help
rationalize the balance sheet of the Company. It will also help
to facilitate future dividend payments by Intraco.

Shareholders should note that the Proposed Capital Restructuring
will not affect the Proposed Capital Distribution.

Share Options

As at the date of this announcement, the Company has outstanding
share options to subscribe for 1,404,000 new Shares (the Share
Options) granted under the Intraco Limited Share Option Scheme
2000. Of these, 537,000 Share Options (the Vesting Options) will
vest and become exercisable into new Shares at the exercise
price of S$1.02 per new Share from 31 March 2002, which is
before the expected books closure date for determining
shareholders' entitlement to the Proposed Capital Distribution
(the Books Closure Date). Other than the Vesting Options, none
of the remaining Share Options will vest and be capable of being
exercisable into new Shares by the Books Closure Date. In the
event that all the Vesting Options are exercised into new Shares
by the Books Closure Date and based on the Company's current
issued and paid-up share capital, its issued and paid-up share
capital will increase to S$99,152,879 divided into 99,152,879
Shares and the total amount of the Proposed Capital Distribution
will increase by approximately S$0.27 million to approximately
S$49.58 million.

Approvals Required

The Proposed Capital Distribution and the Proposed Capital
Restructuring are subject to, inter alia:

   (a) the approval of the Company's shareholders for the
Proposed Capital Distribution and the Proposed Capital

   (b) the approval of the High Court of the Republic of
Singapore for the Proposed Capital Distribution and the Proposed
Capital Restructuring; and

   (c) all relevant approvals and consents being obtained.


A circular to shareholders, setting out further details of the
Proposed Capital Distribution, the Proposed Capital
Restructuring and the notice of the extraordinary general
meeting, will be dispatched to shareholders in due course.

PRESSCRETE HOLDINGS: Clarifies Provision Issue, FY Results
Further to the Full Year Results Announcement on 28 February
2002, Presscrete Holdings Limited (the Company) made these
clarifications on the provisions in connection with its 56.3
percent subsidiary Ceramic Technologies Pte Ltd (CT).

Full Year Results Announcement made on 28 February 2002

Group Company
S$000 S$000

Impairment of assets in CT 14,456        -
Development cost written-off in CT 1,769        -

Company's investment in CT's
share capital  written-off   -  5,647
Advances made to CT written-off   - 11,308
Contingent liabilities in respect of
CT guarantee   -  2,061
     16,225 19,016

Announcement made on 2 January 2002

Company's investment in CT's
share capital  written-off   -  5,647
Advances made to CT written-off   - 12,589
Contingent liabilities in respect
of CT guarantees   - 13,826
        - 32,062

(A) In the Full Year Results Announcement made on 28 February
2002, provisions made in connection with CT at the Company level
amounted to S$19,016,000. These provisions are classified, as
Exceptional Items and they comprised of:

   (a) Company's investment in CT's share capital written-off

   (b) Advances made to CT written-off S$11,308,000

   (c) Contingent liabilities in respect of CT's guarantee
(corporate guarantee given to equipment
supplier of CT)        S$2,061,000

In the Announcement made on 2 January 2002,provisions made in
connection with CT at the he Company level amounted to
S$32,062,000 and they comprised of:

   (a) Company's investment in CT's share capital written-off

   (b) Advances made to CT written-off S$12,589,000

   (c) Contingent liabilities in respect of
CT guarantees (corporate guarantees given to equipment
supplier and bank of CT) S$13,826,000

The reasons for the difference between the two provisions are as

   (i) Advances made to CT written-off

In the announcement of 2 January 2002, the advances made to CT
were fully provided.  However, in the Full Year Results
Announcement on 28 February 2002, the advances made to CT were
net of amount recoverable from the realization of assets in CT
based on a valuation of CT's assets carried out by a
professional valuer after the announcement on 2 January 2002.
The amount recoverable attributable to the Company was estimated
to be S$1,281,000. Therefore, the amount provided for the
advances made to CT was reduced from S$12,589,000 to

   (ii) Contingent liabilities in respect of CT guarantees

In the announcement of 2 January 2002, the full amount of the
Company's contingent liabilities under guarantees amounting to
S$13,826,000 was provided in full, setting out the worst-case
scenario. The guarantees comprised of the amount of S$12,979,000
owing to CT's equipment supplier (Bedeschi S.p.A.) and a
guarantee given to a bank for S$847,000.  Subsequent to the
announcement of 2 January 2002, the Company obtained
confirmation that its liability under the guarantee to the bank
of $847,000 was secured in fact by the mortgage of CT's factory
and the provision was therefore removed. Between 2 January 2002
and 28 February 2002, the Company negotiated with CT's equipment
supplier to settle the Company's liability under the corporate
guarantee.  Taking into account the value of CT's plant and
equipment likely to be recovered by the equipment supplier and a
further reduction in the Company's liability to settle the claim
of the equipment supplier, the provision made was reduced to

(B) The provisions made in the announcement on 28 February 2002
under the exceptional items at the Group level amounting to
S$16,225,000 comprised of impairment of assets in CT and
development costs written-off in CT.

The difference for making these provisions when previously no
provisions were made in the announcement of 2 January 2002 are:

   (i) Impairment of assets in CT

Between 2 January 2002 and 28 February 2002, a valuation of
assets in CT by a professional valuer was made. The valuation
amount was less than the book values. Consequently on 28
February 2002, provision for impairment of assets based on the
difference between the valuation and book values, which amounted
to S$14,456,000 was made.

   (ii) Development costs written-off in CT

Development costs in CT were previously amortized.  In view of
the fact that CT has been placed under judicial management on 25
January 2002, development costs in CT amounting to S$1,769,000
are now written-off to Profit & Loss under exceptional item.


B. N. S. STEELGROUP: Business Reorganization Petition Filed
Iron line manufacturer B. N. S. Steelgroup Company Limited
(DEBTOR) filed its Petition for Business Reorganization in the
Central Bankruptcy Court:

   Black Case Number 684/2544

   Red Case Number 668/2544



Debts Owed to the Petitioning Creditor: Bt7,102,596,244.48

Date of Court Acceptance of the Petition: July 20, 2001

Date of Examining the Petition: August 20, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: August 20, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 30, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 25,

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: December 25, 2001

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #1st: January 25, 2002

Planner postponed the Date to submit the Business Reorganization
Plan to Official Receiver #2nd: February 25, 2002

Contact: Mrs. Bang - Orn Tel, 6792525 ext. 112

GENERAL ENGINEERING: Clarifies 2001 Financial Statements
General Engineering Public Company Limited (GEL or the Company)
submitted the financial statements for the year ended December
31, 2001, which have been verified and signed by the auditor of
the Company and adopted by the Board of Directors Meeting No.
1/2002 on February 28, 2002. GEL accounted for the 2001 profit
and loss as:

1. The 2001 sales and service turnovers of the Company amounted
to Bt582.75 million,  higher than those of 2000 which amounted
to Bt426.74 million, by 36.56 percent, whereas the 2001 cost of
sales and services amounted to Bt407.91 million, 540.16
representing 92.69 percent of the revenues and in 2000 the cost
amounted to Bt407.91 million, representing 95.59 percent of the
revenues. It can be perceived that the cost of sales of the
Company rose because the sale prices were affected a lot and the
Company's products, which can yield a high rate of returns to
the Company, were sold in a quantity lower than that of the
previous  year.

2. In the fourth quarter of 2001 GEL have signed debt
restructuring agreement with three Banks by asset transfer,
partial asset transfer and repayment within five years.

The company recognized profit in the amount of Bt207.59 million
from accepts land value.

3. The revaluation increment in land will decrease Bt329.60
million from the result of transfer land.

4. The Company's interest in  the losses of  the associated
companies amounted to Bt24.66 million of which was derived from
the losses of Prinda Public Company Limited, which amounted
Bt20.98 million.

5. The  Company  has  negative  value  of  Company's
Shareholders' Equity, which amounted to Bt83.83 million as at
December 31, 2001.

MODERN HOME: 2001 Financial Statements Submission Delayed
Modern Home Development Public Company Limited (M-HOME or the
Company), as obliged to prepare and submit the financial
statements for the year 2001 ended as of 31 December 2001 to the
SET within 1 March 2002, stated the reasons for its request to
extend the deadline for submission of the financial statements

1. The Company has petitioned for business rehabilitation to the
Central Bankruptcy Court and the Court has granted an order
approving the rehabilitation plan of the Company since 27
September 2001. This causes the Company to adjust the figures in
the accounts to be consistent with the plan.  In order to make
such adjustment, the Company has to receive all orders from the
official receiver (to specify the amounts of debts that the
creditors will be entitled to receive from the Company).
However, up to Therefore,  the Company cannot adjust the
accounts, which are very material.

2.  In the year 2001,  the Company has to reduce its employees
in order to cut down expenses to reflect the current business of
the Company.  This causes the number of the accounting staff of
the Company to be reduced.  And, the fact that the Company has
to implement the business rehabilitation plan approved by the
Court requires the accounting staff to prepare many
documentation to implement the plan within the time schedule
e.g. to transfer assets for debt repayment to creditors within
30 days after the Court approves the plan etc.

Due to the above reasons,  the Company cannot submit the
financial statements of the year 2001 within the deadline and
would request for the extension of the deadline for another 45
day period.  The Company will submit the financial statements to
the SET within 12 April 2002.  The Company does not intend to
evade not to submit the financial statements.

NEP REALTY: Suspends Dividend Payment
The Board of Directors of NEP Realty & Industry Public Company
Limited has approved of the following matters at the Board of
Directors' Meeting No.2/2002 held on February 27, 2002:

1. Fixing of the date, time and place for the General
Shareholders' Meeting, which will be held on April 11, 2002 at
10.00 hrs. at Chateau de Bangkok Building, 29 Soi Ruamrudee,
Ploenchit Road, Khwaeng Pathumwan, Khet Pathumwan, Bangkok,

2. Determination of the matters to be discussed at the General
Shareholders' Meeting, such matters being:

   (1) To Acknowledge Chairman report.

   (2) To adopting the Minutes of the Extraordinary
Shareholders'' Meeting No. 1/2002

   (3) To acknowledge the Board of Directors'' on the operation
of the Company during the year 2001 performance.

   (4) To approve the company's Financial Statement as of
December 31, 2001.

   (5) To consider the dividend omission for 2001''s operational

   (6) Appoint an auditor and fix the auditing fee for year

   (7) To elect members of Board of directors to replace those
retired by rotation.

   (8) To consider directors fee for 2002.

   (9) To consider other issues (if any)

3. Fixing of the date of closing the share register for the
right to attend the General Shareholders' Meeting for the year
2001, such date being March 25, 2002. 12.00 hrs.

4. That the company will omit dividend payment for the operation
year 2001.

SIAM SYNTEC: SET Grants Listed Securities
Starting from March 4, 2002, the Stock Exchange of Thailand
(SET) allowed the securities of Siam Syntec Construction Public
Company Limited (SYNTEC) to be listed on the SET after finishing
capital increase procedures.

However, SYNTEC is a listed company under REHABCO sector and
is in the rehabilitation process, therefore, the SET has still
suspend trading all securities of SYNTEC until the causes of
delisting are eliminated. Anyway, the Company could request the
SET to allow continued trading under the REHABCO category after
it completed the conditions specified by the SET.

Name                   : SYNTEC
Issued and Paid up Capital
     Old               : 346,833,670 Baht
     New               : 350,393,960 Baht
Allocate to            : Finance institution creditors under the
                       Business Reorganization Plan of the
                       company 356,029 shares
Ratio                  : -
Price per share        : 10 Baht
Payment Date           : December 21-25, 2001

THAI HEAT: Explains 20% Net Profit Increase
Thai Heat Exchange Public Co., Ltd. (THECO or the Company), in
relations to the submitted the financial statements as of 31
December 2001 showing the 20 percent increase net profit,
explained that:

1) The company had gain from revaluation of assets in 2001 the
amount of Bt21.6 million but for the year 2000 the company had
loss form revaluation of asset amount of Bt22.3 million.

2) The Supreme Court had ruled that THECO had to pay Bt50.7
Million for compensation to those ex-workers. The company
recorded this payable amount in the year 2000 financial

3) In the year 2000, THECO recorded the loss on disposal to
investment in the Republic of India for the amount of Bt16.3
Million causing the additional loss by Bt16.3 from the previous

4) Interest expenses for the year 2001 has decreased to the
amount of Bt22.95 million due to the company's rehabilitation

5) The company recognized income of subsidiary company in 2001
for amount of Bt5.44 million but for the year 2000 the company
recognized loss of subsidiary company in 2002 for amount of
Bt4.27 million.

* DebtTraders Real-Time Bond Pricing

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

Asia Pulp & Paper     FRN     due 2001     9 - 11       +1
Asia Pulp & Paper     11.75%  due 2005    23 - 25       +1
APP China             14.0%   due 2010    19 - 21       +1
Asia Global Crossing  13.375% due 2006    17 - 20       -4
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007   0.5 - 2.5       0
Hyundai Semiconductor 8.625%  due 2007    63 - 66        0
Indah Kiat            11.875% due 2002    23 - 25       -1
Indah Kiat            10.0%   due 2007    20 - 22       +1
Paiton Energy         9.34%   due 2014    54 - 57        0
Tjiwi Kimia           10.0%   due 2004    17 - 19        0
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

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

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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
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                 *** End of Transmission ***