TCRAP_Public/020404.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, April 04, 2002, Vol. 5, No. 66

                         Headlines
A U S T R A L I A

EARTH SANCTUARIES: $1.46M Properties Sale Agreement Reached
HIH INSURANCE: Issues Commission's Hearing Schedule
NTL INC.: Completes Sale of Australian Broadcast Business
TIMBERTOWN COMMUNITY: Former Chairman Sentenced on Appeal
UECOMM LIMITED: AGM to be Held on April 24

WESTERN METALS: Mount Oxide Copper Project Drilling Results

* Fitch Publishes 2002 Australian Insurance Review, Outlook


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Further Delays Dispatch of Circular
CLP HOLDINGS: Proposes Share Premium Account Reduction
DAILYWIN GROUP: Cancellation of Shares Executed
HINET HOLDINGS: Hopes to Raise HK$108M From Open Offer
LINKWEALTH (CHINA): Winding Up Petition Hearing Set

MAXII HIGH: Winding Up Sought by Ocean Cassette
SUNSHINE HOLDINGS: Hearing of Winding Up Petition Set
WELL DRIVE: Petition to Wind Up Pending


I N D O N E S I A

DJAJANTI GROUP: Liquidation Team Seeks Djajanti Plaza Seizure


J A P A N

DAI-ICHI KANGYO: R&I Cancels CP Rating
EAST JAPAN: Stock Decline Results in FY02 Y88.9B Loss
KISHU PAPER: Predicts FY01 Y430M Net Loss
KOTOBUKIYA CO: Accused of Falsely Declares Earnings Report
MITSUBISHI MOTORS: Introduces New Managerial Ranking System

NTT COMMUNICATIONS: Unit Extends Y40B Assistance to Verio
ORIENT CORPORATION: Liquidates Four Subsidiaries
SNOW BRAND: Seeking Tie-Up With Asahi Breweries
TDK CORP: Revising Consolidated Projections For FY02


K O R E A

DAEWOO MOTOR: US Unit Unveils March Sales Report
HYUNDAI MERCHANT: Hutchison Buys Port Assets
HYUNDAI MOTOR: Plans For First US Manufacturing Plant Underway  


M A L A Y S I A

AMSTEEL CORP.: Releases Business Update
ARTWRIGHT HOLDINGS: Regularization Reaches Completion
CONSTRUCTION AND SUPPLIES: Enters Debt Settlement Agreement
EPE POWER: Debt Workout Proposal Finalization In Progress
GEAHIN ENGINEERING: In PRS Talks With Danaharta, Creditors

LION CORPORATION: Proposed GWRS Still in Progress
MAY PLASTICS: Defaulted Payments Status Unchanged
NCK CORPORATION: Subsidiary Proposes Asset Disposal
OMEGA HOLDINGS: Awaits Creditor Banks' Nod on Proposed Scheme
SISTEM TELEVISYEN: Corp Workout Scheme Approval Pending

SRI HARTAMAS: Issues Report on Financial Regularization Plan
TECHNO ASIA: Moratorium Period Extended Until Feb 2003
TRANSWATER CORPORATION: Plan Evaluation Continues
UH DOVE: KLSE, SC Review EGM Circular Draft to Shareholders
UNIPHOENIX CORPORATION: Workout Plan Under SC, MITI's Purview


P H I L I P P I N E S

DMCI HOLDINGS: Default Likely This Month
PHILIPPINE LONG: Will Offer $500M of Bonds This Month


S I N G A P O R E

CK TANG: Applies Rights Issue Proceeds to Repay Debt
CSC HOLDINGS: Narrows FY01 Net Loss to S$10.2M
HOE SENG: Goes Into Voluntary Liquidation
MEDIARING.COM: Incurs FY01 S$34.5M Net Loss


T H A I L A N D

CENTURY PARK: Files Business Reorganization Petition
EASTERN PRINTING: Actions in Compliance With Rehab Plan      
GENERAL ENGINEERING: Prepares Rehabilitation Plan
                  
* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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EARTH SANCTUARIES: $1.46M Properties Sale Agreement Reached
-----------------------------------------------------------
The Directors of Earth Sanctuaries Ltd announced that Wednesday
Earth Sanctuaries has entered into agreements on Wednesday to
sell its Tiparra and Murrawoollen properties for $1.46 million.
The successful purchaser of Tiparra is the Indigeneous Land
Corporation and the successful purchaser of Murrawoollen is the
Winten Property Group.

Each of these sales represents the highest final offers received
for each of these properties resulting from the expression of
interest process which was announced and commenced on January
14.

None of these properties have been developed by Earth
Sanctuaries nor has the company populated them with rare and
endangered Australian wildlife. The sales of these undeveloped
sanctuaries will realize $1.46 million for Earth Sanctuaries and
enable the company to reduce its current debt of $2.1 million.

These sales represent a further step in the restructuring
process which has been underway at Earth Sanctuaries. Several
further announcements regarding the restructuring of Earth
Sanctuaries, including clarification of the future of its
established operating sanctuaries which accommodate thousands of
rare and endangered animals, are expected to be made in coming
weeks.

For further information, please contact

Greg Follent
CHALLENGER CORPORATE FINANCE
Telephone +61 2 9994 7530
Mobile 0417 224 072


HIH INSURANCE: Issues Commission's Hearing Schedule
---------------------------------------------------
HIH Royal Commission advised that during April and May the
Commission will sit from each Monday to Friday.

Hours of Sitting

The sitting times will be 9:30AM to 11AM, 11:15AM to 12:45PM and
2:15PM to 4:30PM

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney


NTL INC.: Completes Sale of Australian Broadcast Business
---------------------------------------------------------
Debt-laden telecommunications and cable company NTL Inc. has
closed the sale of its Australian broadcast business to
Macquarie Bank Ltd. for $448 million cash.

According to a Dow Jones Newswires report, NTL received net
proceeds of $303 million from the sale.

NTL's Australian operations comprise two entities: NTL Australia
Pty. Ltd. and NTL Telecommunications Pty. Ltd.

In March 1999, NTL acquired Australia's National Transmission
Network (NTN) for GBP250 million US$360 million). NTN is
Australia's largest broadcast spectrum provider and distributes
TV and radio programming for the ABC and SBS national networks.

The sell-off will not only raise cash for NTL, but also remove a
profitable division which last year generated EBITDA of US$27
million on revenues of US$61 million. The funds out of the sale
will be used to redeem foreign debts of US$117 million.

NTL Incorporated owns and operates broadband communications
networks for telephone, cable television and Internet services
and television and radio broadcasting systems in the United
Kingdom, France, Australia and the Republic of Ireland.


TIMBERTOWN COMMUNITY: Former Chairman Sentenced on Appeal
---------------------------------------------------------
Mr Peter Vincent Wall, a former director and chairman of the
failed Timbertown Community Enterprises Ltd (TCEL), has been
sentenced to 300 hours community service.

The Director of Public Prosecutions (DPP) to the New South Wales
Court of Criminal Appeal sentenced Mr Wall following an appeal.

On 28 May 2001 Mr Wall was found guilty of being knowingly
concerned with making false and misleading statements in a
document lodged with ASIC.

The charge followed an ASIC investigation of Mr Wall and his co-
accused, Mr Russell Harris, into circumstances surrounding the
issue of shares by TCEL through a prospectus and replacement
prospectus, as well as the negotiation of leases to operate a
local Wauchope theme park called Timbertown.

Acting Judge Stewart of the NSW District Court sentenced Mr Wall
to be placed on a good behavior bond of two years with a self-
recognizance of $10,000. Acting Judge Stewart ordered that no
conviction be recorded against Mr Wall.

The Court of Criminal Appeal, comprising Justices Wood, Meagher
and Bell, quashed the previous order and imposed a sentence of
300 hours community service, resulting in a conviction against
Mr Wall.


UECOMM LIMITED: AGM to be Held on April 24
------------------------------------------
Uecomm Limited advised that the Annual General Meeting of
Shareholders will be held at the Melbourne Exhibition Center, 2
Clarendon Street, Southbank, Victoria on Wednesday, 24 April
2002, at 11.00 am.

ORDINARY BUSINESS

1. FINANCIAL REPORTS FOR YEAR ENDED 31 DECEMBER 2001

To receive and consider the Financial Reports of the Company and
the consolidated entity and the Declaration by the directors and
the Reports of the directors and auditors thereon for the year
ended 31 December 2001.

2. ELECTION OF DIRECTORS

(a) To re-elect Mr M John Craven who retires in accordance with
Rule 81 of the Constitution and, being eligible, offers himself
for re-election.

(b) To re-elect Mr Robert W Holzwarth who retires in accordance
with Rule 68 of the Constitution and, being eligible, offers
himself for re-election.

(c) To re-elect Mr Keith G Stamm who retires in accordance with
Rule 68 of the Constitution and, being eligible, offers himself
for re-election.


WESTERN METALS: Mount Oxide Copper Project Drilling Results
-----------------------------------------------------------
A program of 11 diamond holes has been completed at the old
Mount Oxide mine site, located 25 kilometers to the north of the
Western Metals Limited, Mount Gordon Mine in north east
Queensland. The exploration target is high-grade chalcocite
liberalization of similar style to that seen at the Mt Gordon
Mine.

Western Metals Copper Limited, who is currently earning a 60%
interest in the project from Perilya Limited, carried out the
program. The holes were drilled below the old Mount Oxide open
pit, which last operated in 1971.

Significant results (greater than 3 meters down hole at a 1% Cu
cutoff) were as follows:

HOLE NO   NORTH     EAST RL  AZIMUTH DECLIN- FROM  INTERVAL   CU
           (m)      (m)       (m)     ATION   (m)    (m)     (%)

MOX001   7845436   330965   5264   309     71    107.0   3.0 1.1

MOX002   7845485   330995   5291   290     77    215.0   3.0 1.1

MOX003   7845433   330968   5261   327     58     90.0   9.0 3.1
                                                 104.1  14.9 2.1
                                                 138.0   3.0 2.1

MOX004   7845416   331030   5264   338     59     71.0   5.0 1.9
                                                 135.0   7.0 1.0
                                                 220.0   3.0 1.6

MOX005   7845226   330886   5239   316     55   No significant
    results

MOX006   7845303   330905   6118   289     67     54.0   4.0 1.9
                                                  87.0   6.0 2.0
                                                 140.0   3.0 2.3
                                                 163.0   3.0 9.1

MOX007   7845290   330953   5229   300     63     78.0   3.0 1.7
                                                 192.0   5.0 9.0
                                                 203.0   3.0 1.3
                                                 240.0   5.0 2.0

MOX008   7845290   330954   5229   325     66    Hole Abandoned

MOX009   7845291   330954   5229   325     58    80.0   3.0  2.0
                                                157.0   3.0  2.8
                                                207.0  16.0 10.3
                                                228.0   9.0  6.4
                                                258.0   7.0 14.0

MOX010   7845414   331035   5262   308     78    42.0   3.0  1.4
                                                 60.0   7.0  1.9
                                                167.0   5.0  2.4
                                                199.0   4.0  7.0

MOX011   7845373   331010   5247   282     71     68.0   6.0 1.4
                                                 211.0  18.0 7.0
                                                 258.0   5.0 2.7

The liberalization occurs in carbonaceous pyritic shale, on the
margins of steeply dipping zones of siliceous hematitic breccia.
The copper occurs as chalcocite, and is interpreted to be of
supergene origin.

The results are encouraging and are currently being interpreted
in detail. Additional surface mapping around the prospect will
be completed and follow up drilling is planned.


* Fitch Publishes 2002 Australian Insurance Review, Outlook
-----------------------------------------------------------
Fitch Ratings, the international rating agency, has published
its semi-annual review and outlook report entitled, "Australian
General Insurance 2002 - Credit Issues Facing the Australian
General Insurance Industry". In the report, Fitch Ratings
analyses the current market conditions, discusses the likely
duration of the current hard market and the industry
implications arising. The report also discusses the capital,
solvency and reserve development trends of Australia's
indigenous general insurers, and comments on the current status
of the terrorism insurance issue.

Following the largest insured loss in history, the Australian
general insurance industry in 2002 is characterized by massive
rate increases, a reduction in reinsurance market capacity, poor
but improving combined ratios and underwriting results, subdued
investment market performance, increased regulator scrutiny, low
public confidence and investor nervousness. While the focus on
the industry has been negative, the Australian industry appears
adequately placed to take advantage of premium rate rises across
all portfolios which, with disciplined underwriting and no major
domestic catastrophes, should result in lower combined ratios
and improved shareholder returns.

Fitch Ratings predicts the current hard market in Australia to
extend into late 2004, slightly longer than that predicted for
the US and key European markets, due to a number of domestic
factors, including; - The March 2001 collapse of HIH, an
aggressive and ultimately flawed pricer of risk alleviating
downward pressure on premiums; - - The ongoing legacy of
Australia's very high combined ratios of the mid to late-1990's;
- The increased frequency and severity of public and product
liability claims in Australia; and - Australian premium rates
being more market driven than in the highly regulated US market.
Much will depend also on when international reinsurance market
begins to soften. Despite the lure of large premium rate
increases, judicious underwriting must become an entrenched part
of an insurer's operations if underwriting results and
shareholder returns are to achieve a sustained improvement.

Recent examples of Australian insurers closing certain
unprofitable lines to focus on writing quality risks augers well
for the industry's profitability and claims paying capacity.
Capital levels at the top end of Australia's general insurance
industry remain quite robust, but do vary by insurer.
Maintaining a strong capital base in a hard rate environment
allows an insurer to take advantage of premium rate rises
without compromising its solvency, and the main industry
participants are cognizant of this. At the other end of the
scale, consolidation may be an inevitable product of the
introduction of tougher solvency and capital adequacy
requirements in July 2002. "Australian General Insurance 2002 -
Credit Issues Facing the Australian General Insurance Industry"
is available at www.fitchratings.com.au, or by contacting the
Fitch Ratings Desk on 1300-1-FITCH (1300 1 34824).

Contact: Michael Herlihy, Brisbane, 61 7 3222 8600


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C H I N A   &   H O N G  K O N G
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CIL HOLDINGS: Further Delays Dispatch of Circular
-------------------------------------------------
CIL Holdings Limited (the Company) is required to issue a
circular to the Shareholders in relation to, inter alia,
Restructuring Proposal within 21 days after the date of the
Joint Announcement. Pursuant to Rule 14.13(2) and Rule 14.29(2)
of the Listing Rules, the Company is required to issue a
circular in relation to the Discloseable Transaction and the
Connected Transaction to the Shareholders within 21 days after
the date of the Announcement. As set out in the joint
announcement of the Company and the Subscriber dated 8th March
2002, the circular of the Company in relation to the
Restructuring Proposal was expected to be dispatched on 2nd
April 2002.

It is the intention of the Company and the Subscriber to issue a
composite document containing information relating to the
Restructuring Proposal, the Discloseable Transaction and the
Connected Transaction. However, the Company is still in the
process of incorporating information relating to the
Discloseable Transaction and the Connected Transaction into the
composite document, and the Company and the Subscriber are in
the process of finalizing various information relating to the
Restructuring Proposal and incorporating information relating to
the Discloseable Transaction and the Connected Transaction into
the aforesaid composite document. In particular, the Company
needs to finalize and verify financial information of the
Company relating to, inter alia, its indebtedness and its
interim results. The Company is also in the process of
consulting its legal advisers to determine the arrangements
relating to the Scheme. The aforesaid matter require
considerable amount of additional time to complete. Accordingly,
an application has been made by the Company to SFC and the Stock
Exchange to extend the date of dispatch of the aforesaid
composite document from 2nd April 2002 to 19th April 2002 .

The Board of Directors would like to announce that the release
of the interim results announcement and the dispatch of the
interim reports of the Company for the 6 months ended 31st
December, 2001 which should be released pursuant to paragraphs
10(1) and 11(6) of the Listing Agreement by the end of March
2002 will be delayed. Timing of the publication of the interim
results announcement and dispatch of the interim reports, and
details of the delay in release of the interim results
announcement and the dispatch of the interim reports will be
announced by the Company on 2nd April, 2002.
The delay in release of the interim results announcement and
dispatch of the interim reports of the Company constitute a
breaches of paragraphs 10(1) and 11(6) of the Listing Agreement
by the Company and the Stock Exchange reserves its right to take
any action against the Company and/or directors as a result of
such breach.

The directors confirm that they have not dealt in the securities
of the Company since 28 February 2002 and undertake that they
will not deal in the securities of the Company from the date of
this announcement until the publication of the interim results
announcement by the Company.

The release of this announcement does not necessarily indicate
that the Restructuring Proposal, the Discloseable Transaction
and the Connected Transaction will be successfully implemented
and completed as the conditions precedent to the Restructuring
Proposal, the Discloseable Transaction and the Connected
Transaction may or may not be fulfilled or otherwise waived.
Investors should exercise caution when dealing in the Shares.


CLP HOLDINGS: Proposes Share Premium Account Reduction
------------------------------------------------------
CLP Holdings Limited (the Company) informed that an
Extraordinary General Meeting of the shareholders of will be
held at The Peninsula, Salisbury Road, Kowloon, Hong Kong, on
Thursday, 25 April 2002 at 11:00 a.m. (or so soon thereafter as
the fourth Annual General Meeting of CLP Holdings Limited
convened for the same place and day shall have been concluded or
adjourned) for the purpose of considering and, if thought fit,
passing the following resolution as a special resolution:

SPECIAL RESOLUTION

"THAT, conditional upon (i) the High Court of Hong Kong making
an order confirming the reduction of the share premium account
of the Company pursuant to Section 60 of the Companies Ordinance
and (ii) the registration by the Registrar of Companies in Hong
Kong of an office copy of such confirming order pursuant to
Section 61 of the Companies Ordinance and of any other documents
required by the High Court of Hong Kong, and subject to any
conditions imposed by the High Court of Hong Kong:

   (A)   the share premium account of the Company be reduced by
the amount of HK$10,116,789,910 and that the directors of the
Company be and are hereby authorized to credit such amount to
the distributable reserve of the Company; and


(B) the directors of the Company be and are hereby
authorized generally to do all acts and things which they may
consider appropriate, necessary or desirable to give effect to
or implement the foregoing."


DAILYWIN GROUP: Cancellation of Shares Executed
-----------------------------------------------
Dailywin Group Limited on 1 March 2002 notified the Company
Announcements Office of the intended cancellation of listing of
the Shares and the Stock on the LSE. The London Stock Exchange
(LSE) has provisionally confirmed the cancellation of listing of
the Shares and the Stock on the LSE should be effective from 3
April 2002. On this basis, the last trading day for dealings in
the Shares and the Stock on the LSE should be 2 April 2002.

The Company clarified the arrangements regarding the existing
share certificates in respect of the Shares registered in the
London branch share register upon cancellation of listing of the
Shares on the LSE. Upon such cancellation, the Shares registered
in the London branch share register of the Company shall be
removed and transferred to the Hong Kong branch share register
of the Company. Existing share certificates in respect of the
Shares registered in the London branch share register will cease
to be good for delivery and good evidence to legal title to the
Shares with effect from the date on which new share certificates
in respect of such Shares (in blue color) are issued and posted
(expected to be no later than 16 April 2002) at the risk of the
Shareholders entitled thereto.

Cancellation of the Company's listing of the Shares and the
Stock on the LSE will not affect the rights and entitlements of
the Shareholders in respect of their Shares registered in the
Hong Kong branch share register as the Shares will continue to
be listed on the SEHK, and existing share certificates in
respect of such Shares will remain valid for all purposes.
Accordingly, such Shareholders need take no action.


HINET HOLDINGS: Hopes to Raise HK$108M From Open Offer
------------------------------------------------------
HiNet Holdings Ltd, Hong Kong's telecommunications and Internet
network engineering provider, said it would raise about HK$108
million from an open offer of 6.219 to 6.225 billion shares at a
per-unit subscription price of HK$0.018.

According to an AFX Asia report, one share will be offered for
every two existing shares.

The company will use about HK$60 million of the net proceeds for
loan repayment, while the remainder as general working capital,
the report adds.


LINKWEALTH (CHINA): Winding Up Petition Hearing Set
---------------------------------------------------
The petition to wind up Linkwealth (China) Limited is scheduled
for hearing before the High Court of Hong Kong on May 15, 2002
at 9:30 am.  The petition was filed with the court on February
1, 2002 by Fung Suk King of Room 208, Wang Kei House, Wang Tau
Hom Estate, Kowloon, Hong Kong.  


MAXII HIGH: Winding Up Sought by Ocean Cassette
-----------------------------------------------
Ocean Cassette Accessories Manufactory Limited is seeking the
winding up of Maxii High-Technique Engineering Company Limited.  
The petition was filed on January 21, 2002, and will be heard
before the High Court of Hong Kong on April 17, 2002.

Ocean Cassette holds its registered office at Flat B, 11th
Floor, Sunrise Industrial Building, No. 10 Hong Man Street, Chai
Wan, Hong Kong.


SUNSHINE HOLDINGS: Hearing of Winding Up Petition Set
-----------------------------------------------------
The petition to wind up Sunshine Holdings Limited is set for
hearing before the High Court of Hong Kong on April 10, 2002 at
9:30 am.  

The petition was filed with the court on January 16, 2002 by
Guangdong International Trust and Investment Corporation Hong
Kong (Holdings) Limited (In Creditors' Voluntary Liquidation)
whose registered office is at 8th Floor, Prince's Building, 10
Chater Road, Central, Hong Kong.


WELL DRIVE: Petition to Wind Up Pending
---------------------------------------
The petition to wind up Well Drive Trading Limited will be heard
before the High Court of Hong Kong on May 22, 2002 at 9:30 am.  
The petition was filed with the court on February 4, 2002 by
Fung Ha Wai, Savoy of House 10A, Orchid Path, Palm Springs, Yuen
Long, New Territories, Hong Kong.  


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DJAJANTI GROUP: Liquidation Team Seeks Djajanti Plaza Seizure
-------------------------------------------------------------
The PT Sejahtera Bank Umum (SBU) liquidation team has filed a
petition in the Central Jakarta Court requesting for the seizure
of Djajanti Group's Djajanti Plaza building in Jakarta, AFX Asia
reported Tuesday.

According to the petition document, Djajanti Group's PT Daya
Guna Samudera, PT Djarma Aru, PT Bintuni Minaraya, PT Hasil
Tambak Amboina and PT Kinantan Senaputra have failed to repay
their debt to Bank Indonesia worth US$115 million.

The petition document added that the debt arises from the sale
of an export credit facility obtained from SBU to Bank
Indonesia.

The seizure order, the petition said, was on the land and
building known as Djajanti Plaza building at Jl. Fachrudin,
central Jakarta.


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J A P A N
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DAI-ICHI KANGYO: R&I Cancels CP Rating
--------------------------------------
Rating and Investment Information, Inc. (R&I) announced on March
29 that the rating for the domestic Commercial Paper program of
Dai-Ichi Kangyo Bank Card Co., Ltd., will be canceled as of
March 31 following the merger and subsequent liquidation of the
issuer. The rating was placed on the Rating Monitor scheme on
July 23, 2001, following the announcement of the merger plans.

RATIONALE:

Dai-Ichi Kangyo Bank Card Co., Ltd., will merge with the credit
card companies in the Mizuho Financial Group -- UC Card Co.,
Ltd., Fujigin Credit Ltd. and IBJ Card Services Ltd. on April 1.

Legally, Dai-Ichi Kangyo Bank Card will cease to exist and its
entire liabilities will be succeeded to by the surviving entity,
UC Card Co., Ltd. R&I had assigned a rating for the company's CP
program, but this rating will be canceled as of March 31 in line
with the company's liquidation.

ISSUER: Dai-Ichi Kangyo Bank Card Co., Ltd. (unlisted)
CANCELED CP RATING: (a-2)
ISSUE LIMIT: 15,000 million Y


EAST JAPAN: Stock Decline Results in FY02 Y88.9B Loss
-----------------------------------------------------
East Japan Railway Co will expect around Y88.9 billion yen in
extraordinary losses in the year to March 2002. East Japan
blames a decline in the value of its stock holdings, AFX News
said Tuesday. The company has no plan to revise its forecast for
the period.

According to Wright Investor's Service, at the end of 2001, East
Japan Railway Company Limited had negative working capital, as
current liabilities were Y1.15 trillion while total current
assets were only Y561.78 billion.

The principal activity of the Group is the operation of a
railway. Operations are carried out through the following
divisions: Transportation (passenger railway and bus services);
Merchandise Sales (food and drink sales, wholesale and retail
sales); Real Estate Leasing (mainly shopping centers); Others
(hotel operations, advertising, publicity, card business,
housing development and sales, truck delivery services,
information processing and cleaning services).


KISHU PAPER: Predicts FY01 Y430M Net Loss
-----------------------------------------
Paper manufacturer Kishu Paper Co expects a consolidated net
loss of Y430 million for fiscal 2001, which ended March, a
reversal from a profit of Y320 million forecast in November,
Kyodo News said Tuesday.

The Company will book a valuation loss of Y1.8 billion on
shareholdings whose market values have lessened and appear
unlikely to rise again.


KOTOBUKIYA CO: Accused of Falsely Declaring Earnings Report
-----------------------------------------------------------
Struggling Kotobukiya Co is believed to have falsely declared
several billion yen in profit for a period of about 10 years
until fiscal 1999, which ended in February 2000, Kyodo News
reported Tuesday, citing unnamed former employees of the
supermarket chain operator.

TCR-AP reported in January that the Kumamoto District Court has
approved the rehabilitation proceedings for Kotobukiya Co. and
its two affiliates under the civil corporate revival law.

The move makes it possible for the company to launch full-fledge
rehabilitation efforts, such as finding sponsor firms and
shutting down unprofitable stores. The Company is required to
submit a draft rehabilitation plan to the court by May 5.


MITSUBISHI MOTORS: Introduces New Managerial Ranking System
-----------------------------------------------------------
Mitsubishi Motors Corporation announced on March 26 that it
would fundamentally revise its current ranking and evaluation
system for managers, effective 1 April 2002.

The company will reconfigure its Human Resources System by
introducing the concept of the "roles" sought of managers in
pursuit of giving service and nurturing staff who are capable of
making decisions independently to fulfill such roles.

Exactly one year after the start of the Mitsubishi Motors
Turnaround, this change represents another important step in
realizing the new management vision of a developing a more
performance and result-oriented corporate culture.

Abolishing the current ranking system applied to all section
managers and above regardless of their job specifications, MMC
introduces a new two-tier role ranking system. According to the
relative importance, the accompanying responsibilities and
authority, and the level of difficulty of individual roles, both
type of roles are ranked either Management or Senior Management
level.Simultaneously, individual performance assessment and
compensation, as well as personnel training and deployment
policies are reorganized around this new role concept.

This system clearly differs between managerial and expert type
positions. Under the new system, managers are either assigned
general managerial responsibility or identified as experts with
specific skills or knowledge. The overall number of job titles
will be streamlined from the current 33 to 21.

Performance assessment and compensation will be made on a
results achieved against target basis. Job conduct assessment
will include evaluation not only by individual superiors, but
also by colleagues of equal rank and the individual's own staff
(360 degree evaluation). The transparency of the assessment will
be further increased through the use of external organizations.

In further promoting the development of excellent managerial
capacities, MMC will build up a system that directly ties
assessment to training and deployment. By directly matching
individual abilities to exercised roles, the deployment of the
"right person in the right place" will be guaranteed.

President and Chief Executive Officer Takashi Sonobe commented
"This change will benefit both the employees and the company in
better matching individual skills with individual job
description and thus enhance overall performance."

Chief Operating Officer Rolf Eckrodt said "The new ranking
system is a crucial step towards a more performance and results-
oriented corporate culture within MMC as it stresses our clear
emphasis on individual responsibility and accountability."


NTT COMMUNICATIONS: Unit Extends Y40B Assistance to Verio
---------------------------------------------------------
NTT Communications Corp will extend Y40 billion assistance to
its US unit Verio Inc, Nikkan Kogyo Shimbun and AFX News
reported Tuesday. The move would help finance the unit's day-to-
day operations and support its restructuring effort.

TCR-AP reported in February that NTT Communications Corp would
cut 650 employees in Verio Inc by the end of 2002 as part of the
Company's ongoing plan to restructure the business. In order to
make Verio profitable by 2005, its total workforce would be
lessened to 1,700-1,800 workers.

NTT Communications is a wholly owned unit of Nippon Telegraph
and Telephone Corp. It aims to cut 650 people from the Web
hosting firm's staff of 2,600 by the end of 2002.

Verio provides Web site operations, as well as virtual private
networks and managed services, for small to midsize enterprises,
multinational corporations, and Internet-dependent firms.


ORIENT CORPORATION: Liquidates Four Subsidiaries
------------------------------------------------
Orient Corporation, a company having transactions with The Dai-
Ichi Kangyo Bank, Ltd. which is the wholly owned subsidiary of
Mizuho Holdings, Inc., decided to liquidate its subsidiaries
Orient Land Co., Ltd., Holon Fund Co., Ltd., NT Development Co.,
Ltd., and NTM Co., Ltd. on March 29, 2002. Notice is hereby
given that, as a result of this development, the possibility has
arisen that certain claims against above 4 subsidiaries may
become irrecoverable.

1. Outline of 4 subsidiaries:

Orient Land Co., Ltd.
(1) Address :        2-1, Kojimachi 5 chome, Chiyoda-ku, Tokyo
(2) Representative : Mr. Masatora Yoshida
(3) Capital :        JPY 120 million

Holon Fund Co., Ltd.
(1) Address :        2-1, Kojimachi 5 chome, Chiyoda-ku, Tokyo
(2) Representative : Mr. Masatora Yoshida
(3) Capital :        JPY 30 million

NT Development Co., Ltd.
(1) Address :        2-1, Kojimachi 5 chome, Chiyoda-ku, Tokyo
(2) Representative : Mr. Takayuki Kitaura
(3) Capital :        JPY 100 million

NTM Co., Ltd.
(1) Address :        2-1, Kojimachi 5 chome, Chiyoda-ku, Tokyo
(2) Representative : Mr. Takayuki Kitaura
(3) Capital :        JPY 80 million

2. Details of Relevant Developments
On March 29, 2002, Orient Corporation decided to liquidate above
4 subsidiaries.

3. Amount of Claims against above 4 subsidiaries
The Dai-Ichi Kangyo Bank, Ltd. as a sole creditor Y218.4 billion

4. Effect of this Development on Profit/Loss of Mizuho Holdings,
Inc. This development will have no effect on Mizuho's previously
announced projections for this fiscal year.

About Mizuho Holdings, Inc.

Created in September 2000 as Japan's first bank holding company.
The Mizuho Financial Group, comprising Dai-Ichi Kangyo Bank,
Fuji Bank and Industrial Bank of Japan, has combined assets of
over 130 trillion yen, making it the world's largest financial
institution. For further information, please visit the Mizuho
Holdings, Inc. home page at: www.mizuho-fg.co.jp


SNOW BRAND: Seeking Tie-Up With Asahi Breweries
-----------------------------------------------
Snow Brand Milk Products Co. (SBM) is working toward an
agreement with Asahi Breweries Ltd. that will include the
brewer's taking an equity interest in SBM, The Nihon Keizai
Shimbun and Nikkei reported Saturday. Asahi Breweries is
expected to make a decision after it receives a formal request
from the ailing dairy products firm.

The Company believes it is essential to merge with food
companies to gain expertise in improving product development and
quality control.

Snow Brand Milk, whose image has been tarnished by a food
poisoning incident and false-labeling scandal at its unit Snow
Brand Food, aims to regain the public's trust by teaming up with
the popular brewer.


TDK CORP: Revising Consolidated Projections For FY02
----------------------------------------------------
TDK Corporation revealed on March 29 the revised consolidated
projections for fiscal year 2002 as follows:

Revised Consolidated Projections for Fiscal 2002
(April 1, 2001 through March 31, 2002) (Y million)

Consolidated Net Sales Income (loss) before income taxes Net
                                                   income (loss)

Previous projections(A) Y565,000  Y(35,900)           Y(23,000)
Revised projections (B) 565,000     (41,400)           (26,250)
Change (B-A)         0              (5,500)            (3,250)
Change ( percent)           0              (15.3 percent)            
(14.1 percent)

Revised Non-consolidated Projections for Fiscal 2002
(April 1, 2001 through March 31, 2002)
(Y million)

Non-Consolidated Net Sales Current income (loss) Net income
                                                 (loss)

Previous projections (A) Y312,000    Y7,800          Y950
Revised projections  (B) 312,000      7,800         (2,300)
Change (B-A)             0            0             (3,250)
Change ( percent)               0            0              -

Reasons for Revisions

The above revisions reflect the determination of the number of
applicants for the Special Voluntary Retirement Package in TDK
Japan. TDK expects that early retirement expenses and others
will be approximately Y5.5 billion higher than projected earlier
on February 5, when TDK began accepting applications.

This is the sole factor behind the revision to projections on
this occasion. The effect of other factors on final results is
undetermined at present. TDK will release final results at its
fiscal 2002 consolidated and non-consolidated earnings
announcement scheduled for May 8, 2002.

Cautionary Statement About Projections

Projections for the fiscal year ending March 31, 2002 are based
on assumptions and beliefs of TDK and its group companies in
accordance with data currently available. Consequently, these
projections should not be relied upon as the sole basis for
evaluating TDK. Actual results may differ substantially from the
projections depending on a number of factors.

The electronics markets in which TDK operates are highly
susceptible to rapid changes. Furthermore, TDK operates not only
in Japan, but in many other countries. As such, factors that can
have significant effects on its results include, but are not
limited to, shifts in technology, demand, prices, competition,
economic environments and foreign exchange rates.


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


DAEWOO MOTOR: US Unit Unveils March Sales Report
------------------------------------------------
Daewoo Motor America, Inc. announced on Tuesday its sales
figures for the month of March:

                March          YTD        March          YTD
                2001          2001         2002          2002

     Leganza    1911          6198          914          4729
     Nubira     2128          5186         2140          6090
     Lanos      1374          4445         1734          4340
     Total      5413         15829         4788         15159

Daewoo Motor America, Inc. is based in Compton, CA and is the
U.S. subsidiary of Daewoo Motor headquartered in Seoul, Korea.
Daewoo Motor America currently sells the subcompact Lanos, the
compact Nubira and the mid size luxury sedan Leganza through an
expanding network of independent dealerships nationwide.

For further information, please contact: Gary Connelly of Daewoo
Motor America, +1-310-609-2201, gconnelly@daewoous.com.


HYUNDAI MERCHANT: Hutchison Buys Port Assets
--------------------------------------------
Port operator Hutchison Whampoa bought three Korean container
terminals from Hyundai Merchant Marine for US$215 million,
Asiaport Daily News said Tuesday, citing Hutchison Port
spokeswoman, Michelle Lu.

HMM has signed a final contract on April 2 with Hutchison Port
Holdings, a unit of Hutchison Whampoa.

At the end of 2000, Hyundai Merchant Marine Co., Ltd. had
negative working capital, as current liabilities were W3.25
trillion while total current assets were only W1.88 trillion.


HYUNDAI MOTOR: Plans For First US Manufacturing Plant Underway  
--------------------------------------------------------------
Hyundai Motor Company (HMC) announced on Tuesday that it has
approved construction of a $1 billion automotive assembly and
manufacturing plant in Montgomery, Alabama. Hyundai said that
the facility, the company's first assembly and manufacturing
plant in the U.S., will begin production in 2005, creating
approximately 2,000 plant jobs in Montgomery and the surrounding
area.

The facility, to be built on 1,600 acres, is expected to produce
300,000 vehicles per year at maximum capacity.

The decision by HMC's Board of Directors to build the facility
was based on continued strong sales and market share growth in
the U.S. market. In 2001 alone, the Hyundai Automotive Group
(which consists of Hyundai Motor America and Kia Motor America
in the United States) saw sales of 569,956 units, an increase of
29 percent over 2000, the largest increase in the auto industry.

"Our decision to build this facility in Montgomery, Alabama
underscores our commitment to the U.S. market," said Mong Koo
Chung, chairman of Hyundai Automotive Group. "American consumers
have increasingly placed their trust in Hyundai automobiles, as
witnessed by our track record of strong sales growth over the
last several years," he added.

"Hyundai is in the process of doing more design and engineering
in the United States so that our products will be even better
adapted to the American consumer's needs and tastes," said
Chung. "Our new plant will allow us to build more vehicles for
this growing market and get them to our customers more quickly
while continuing to produce the high quality, well-styled, high-
value products our customers have learned to expect from
Hyundai," he said.

HMC selected Montgomery, Alabama for its first U.S. plant
because of its high-quality workforce, its strategic location in
proximity to American populations centers, the superb automotive
parts supply chain available in the region and the commitment
shown by the state of Alabama and the city of Montgomery, which
provided the best environment for the new plant.

"On behalf of Hyundai Motor Company, I wish to thank Governor
Don Siegelman and the state and local officials who have shown
such commitment to Hyundai," said Chairman Chung. "We believe
this announcement is the beginning of an enduring partnership."

An official groundbreaking for the plant is scheduled for April
16. Chairman Chung and other leading executives will attend that
event from Hyundai Automotive Group and its U.S. affiliates.

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


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


AMSTEEL CORP.: Releases Business Update
---------------------------------------   
The Directors of Amsteel Corporation Berhad (the Company), in
accordance with Paragraph 4.1(b) of Practice Note 4/2001 (PN4)
and Paragraph 8.14 of the Listing Requirements of the KLSE, on
April 1 announced:

1. The proposed group wide restructuring scheme announced on 5
July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress;

2. The Company and certain of its subsidiaries have obtained the
relevant court order to convene scheme meetings with their
respective financial institution scheme creditors on or before 1
October 2002;

3. The Company had on 4 March 2002 announced that the Company
and certain of its subsidiaries had filed with the High Court a
joint application pursuant to Section 176(1) of the Companies
Act, 1965 for an order for the Company and its affected
subsidiaries to convene scheme meetings with their respective
non-financial institution (Non-FI) scheme creditors for the
purpose of approving the scheme of compromise and arrangement
proposed to be made between each scheme company and its Non-FI
scheme creditors within six months from the date of the order;
and

4. The KLSE had, via its letter dated 7 March 2002, approved the
Company's application for an extension of time to 11 June 2002
to obtain all necessary approvals from the regulatory
authorities for the Proposed GWRS.


ARTWRIGHT HOLDINGS: Regularization Reaches Completion
-----------------------------------------------------
Artwright Holdings Berhad (AHB), in compliance with Section 4.1
of Practice Note 4/2001 and paragraph 8.14 of the LR, announced
that, further to receiving the approvals from all the relevant
regulatory authorities as set out in previous announcements, the
financial regularization plan of AHB comprising the strategic
alliance with Steelcase Inc. and the voluntary debt
restructuring has been fully implemented.

AHB will be seeking its removal from the classification as an
affected listed issuer under Practice Note 4/2001 in due course.


CONSTRUCTION AND SUPPLIES: Enters Debt Settlement Agreement
-----------------------------------------------------------
On behalf of the Board of Construction And Supplies House Berhad
(CASH or the Company), Alliance Merchant Bank Berhad (Alliance)
announced that CASH has on 1 April 2002 entered into a debt
settlement agreement (DSA) with ISB. The salient terms of the
DSA are similar to those as announced in CASH's Requisite
Announcement while the conditions for the DSA are similar to the
conditions of the Proposals as stated in the Requisite
Announcement.

Applications to the relevant authorities for the Proposals are
expected to be made within six (6) months from the date of the
Requisite Announcement. Further announcements will be made as
and when required.

Investors are also advised to refer to the Requisite
Announcement for further details.

Background

CASH is considered an "affected listed issuer" pursuant to PN4
issued by the KLSE.  On 28 February 2002, Alliance had announced
on behalf of the Board of Directors of CASH (Board) that the
Company proposes to implement certain proposals (Proposals)
which would put CASH on a stronger financial footing (Requisite
Announcement).

In the Requisite Announcement, it was stated that CASH proposed
to enter into debt settlement arrangements with its lenders,
namely Sabah Development Bank Berhad (SDB) and Innosabah
Securities Berhad (ISB) to restructure the debts owed by CASH to
the said lenders. Both of the above lenders had given their
approval-in-principle to participate in the debt settlement
arrangements.


EPE POWER: Debt Workout Proposal Finalization In Progress
---------------------------------------------------------
EPE Power Corporation Berhad (EPE Or The Company) had, with the
assistance of its financial adviser, Commerce International
Merchant Bankers Berhad, presented a concept paper for the debt-
restructuring scheme to its Lenders. EPE has revised the concept
paper and is still in the midst of finalizing the debt-
restructuring proposal before presenting it to the Lenders.

EPE will make an announcement of its plan to regularize its
financial position when the debt-restructuring proposal has been
finalized.


GEAHIN ENGINEERING: In PRS Talks With Danaharta, Creditors
----------------------------------------------------------
Geahin Engineering Berhad (the Company) had on 27 February 2002
applied to the KLSE for a further extension of three (3) months
from 28 February 2002 to enable the Company to make the
Requisite Announcement for public release. To date the
application is still pending approval from the KLSE.

The Company also informed that further to the announcement on 05
February 2002, the Company is currently in continual discussion
with Danaharta Managers Sdn. Bhd. (Danaharta) and various
financial institution creditors (FI Creditors) to finalize the
terms of the Proposed Restructuring Scheme (PRS) to enable the
Company to regularise its financial condition, pursuant to
paragraph 5.1 of PN4. To-date, the Company has yet to reach an
agreement with Danaharta and the respective FI Creditors
involved in the PRS.

The Company has been served with a Statutory Notice pursuant to
Section 218 of the Companies Act 1965 dated 26 March 2002 by a
judgment creditor.


LION CORPORATION: Proposed GWRS Still in Progress
-------------------------------------------------
The Directors of Lion Corporation Berhad (the Company) announced
that as of April 1:

1. The proposed group wide restructuring scheme announced on 5
July 2000, 8 October 2001 and 26 March 2002 (Proposed GWRS) is
still in progress;

2. The Company and its subsidiary, Lion Construction &
Engineering Sdn Bhd (LCE) have obtained the relevant court order
to convene scheme meetings with their respective financial
institution scheme creditors on or before 1 October 2002;

3. The Company on 4 March 2002, announced that LCE had filed
with the High Court an application pursuant to Section 176(1) of
the Companies Act, 1965 for an order for LCE to convene scheme
meetings with its non-financial institution (Non-FI) scheme
creditors for the purpose of approving the scheme of compromise
and arrangement proposed to be made between LCE and its Non-FI
scheme creditors within six months from the date of the order;
and

4. The KLSE, via its letter dated 7 March 2002, approved the
Company's application for an extension of time to 11 June 2002
to obtain all necessary approvals from the regulatory
authorities for the Proposed GWRS.


MAY PLASTICS: Defaulted Payments Status Unchanged
-------------------------------------------------
May Plastics Industries Bhd announced that there has been no
change in the status of default since the last announcement on
11 March 2002?

The defaults will be regularized after the listing of and
quotation for the entire issued and paid up share capital of KSU
Holdings Berhad on the Second Board of the KLSE.

The list of default payments as at 31 March 2002 is as enclosed
in the table found at
http://www.bankrupt.com/misc/TCRAP_May0404.gif


NCK CORPORATION: Subsidiary Proposes Asset Disposal
---------------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)(NCK),
further to the PN No. 4/2001 announcement dated 1 March 2002,
announced that there is no change to the status of the Company's
plan to regularise its financial conditions.

The Company, on 22 February 2002, sought from the Kuala Lumpur
Stock Exchange (KLSE) an extension of a further two months from
25 February 2002 to release the Requisite Announcement (RA) to
the KLSE. The KLSE had on 7 March 2002 approved 2 months from 26
February 2002 to 25 April 2002 to enable the Company to announce
its RA to the Exchange for public release.

In the meantime, as part of the financial regularization
efforts, one of the subsidiary company of NCK i.e. NCK Wire
Products Sdn Bhd (Special Administrators Appointed) (NCK Wire)
had entered into agreements for the proposed disposal of its
assets. The proposed disposal is subject to conditions precedent
amongst which include the approval of the Securities Commission.


OMEGA HOLDINGS: Awaits Creditor Banks' Nod on Proposed Scheme
-------------------------------------------------------------
Omega Holdings Berhad (OHB or the Company) signed a Memorandum
of Understanding (MOU) on 6 December 2001 between Selayang Budi
Sdn. Bhd. (SBSB), and the shareholders of SGGI Industries Sdn.
Bhd, SGG Furniture Marketing Sdn. Bhd., Global Chairs System
Marketing Sdn. Bhd., American Home Furnishings Sdn. Bhd and MP
Metal Furnishing & Design Sdn. Bhd. (collectively known as 'the
companies').

The MOU concerns the proposed sale by the shareholders of the
companies to SBSB of the entire paid up share capital of the
companies and a proposed scheme of arrangement and corporate
reconstruction of OHB (Proposed Scheme).

The Company had thereafter signed a restructuring agreement on
7th February 2002 with the shareholders of Selayang Budi Sdn.
Bhd. which included:

   * Proposed capital reduction to reduce the existing issued
and paid-up share capital of 298,949,331 ordinary shares of
RM1.00 each to 14,947,466 ordinary shares of RM1.00 each
Proposed write off of share premium account up to RM68.35
million.

   * Proposed acquisition of proposed subsidiaries:

As an integral part of the scheme, Selayang Budi Sdn. Bhd.
(SBSB) had on 7 February 2002, entered into separate agreements
with each of the vendors of the following proposed subsidiaries
namely:

    - with the vendors of SGG Industries Sdn. Bhd. (SGGI) for
acquisition of the entire issued and paid up capital of SGGI for
a total purchase consideration of RM22.136 million to be
satisfied by the issue of 22.136 million new SBSB shares at par.

    - with the vendors of SGG Furniture Marketing Sdn. Bhd.
(SGGM) for the acquisition of the entire issued and paid up
capital of SGGM for a total purchase consideration of RM13.376
million to be satisfied by the issue of 13.376 million new SBSB
shares at par.

    - with the vendors of Global Chairs Systems Marketing Sdn.
Bhd. (GCSM) for the acquisition of the entire issued and paid up
capital of GCSM for a total purchase consideration of RM14.192
million to be satisfied by the issue of 14.192 million new SBSB
shares at par.

    - with the vendors of American Home Furnishing Sdn. Bhd.
(AHF) for the acquisition of the entire issued and paid up
capital of AHF for a total purchase consideration of RM15.632
million to be satisfied by the issue of 15.632 million new SBSB
shares at par.

    - with the vendors of MP-Metal Furnishing & Design Sdn. Bhd.
(MMFD) for the acquisition of the entire issued and paid up
capital of MMFD for a total purchase consideration of RM14.664
million to be satisfied by the issue of 14.664 million new SBSB
shares at par.

   * Proposed scheme of arrangement pursuant to Section 176 of
the Companies Act 1965, to exchange 14,947,466 consolidated
shares in Omega Holdings Berhad for shares in SBSB on the basis
of one (1) SBSB share for every one (1) consolidated share held
in Omega to be satisfied by the issue of 14,947,466 new shares
in SBSB.

   * Proposed settlement of RM114.05 million debt net of any
security available to the individual creditor banks should be
waived to the limit that only RM35 million shall be settled in
the following manner:

     - 25% by way of issue of SBSB shares (settlement shares);
and

     - 75% by way of SBSB ICULS.

  * Proposed issue up to 20,000,000 new SBSB shares to Bumiputra
parties to be nominated at an issue price of RM1.00 per share.
Proposed restricted offer for sale of settlement shares and
ICULS by the creditor banks to the registered shareholders of
SBSB after the proposed scheme of arrangement.

   * Proposed waiver from the mandatory takeover offer
requirements.

   * Proposed listing transfer.

   * Proposed disposal of Omega Group to a Special Purpose
Vehicle (SPV) for a nominal cash consideration of RM1.00. It is
further proposed that an independent accounting firm or agent be
appointed to manage the SPV and implement an orderly disposal or
liquidation of Omega Group.

Subsequent to the signing of the Restructuring Agreement, the
Company has sent to the various creditor banks a copy of the
proposed scheme and are waiting for the reply from the
respective creditors. The Company together with the vendors,
merchant bankers and the due diligence solicitors had conducted
a due diligence planning meeting. Pursuant to the meeting, the
various parties are preparing to furnish the relevant
information to the advisor.


SISTEM TELEVISYEN: Corp Workout Scheme Approval Pending
-------------------------------------------------------
On behalf of the Board of Directors of Sistem Televisyen
Malaysia Berhad (TV3 or Company), Arab-Malaysian Merchant Bank
Berhad (Arab-Malaysian) announced the status of TV3's plan to
regularise its financial position as follows:

On 28 February 2002, TV3 has obtained the requisite approval
from the scheme creditors of TV3 for the proposed scheme of
arrangement at a court convened meeting held on even date
pursuant to Section 176 of the Companies Act, 1965.

The approval of the Securities Commission, amongst others, for
the Proposed Corporate Restructuring Scheme remains pending.


SRI HARTAMAS: Issues Report on Financial Regularization Plan
------------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed)(the
Company or SHB) provided below the monthly report for the month
of March 2002 for public attention:

"The Special Administrators of SHB wish to inform that there is
no change to our announcement made on 1 March 2002 on the status
of SHB's plan to regularise its financial position.

Further to the Company's application of the Proposed Scheme of
Arrangement of SHB to the Securities Commission on 29 September
2001, the Special Administrators of SHB wish to inform that the
Securities Commission is still reviewing the proposals. As
announced to the Exchange on 31 January 2002, the Special
Administrators have accordingly applied to the Exchange to
extend the deadline to obtain the relevant authorities' approval
on its plan to regularize its financial condition for three (3)
months from 29 January 2002 to 29 April 2002. As announced to
the Exchange on 11 March 2002, we have received the Exchange's
approval for the said extension on 8 March 2002."


TECHNO ASIA: Moratorium Period Extended Until Feb 2003
------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
(TECASIA) and Subsidiaries advised that Mr. Lim Tian Huat and
Mr. Chew Cheng Leong of Messrs. Arthur Andersen & Co. were
appointed Special Administrators (SAs) over TECASIA and a
subsidiary company, Prima Moulds Manufacturing Sdn. Bhd. (PMMSB)
on 2 February, 2001. The 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.; and
   6. Ganda Plantations (Perak) Sdn. Bhd.; and
   7. Techno Asia Venture Capital Sdn. Bhd. (collectively known
as the "Affected Companies")

Pursuant to the announcement dated 5 March, 2002 in respect of
Practice Note 1/2001, TECASIA announced that the Company and its
subsidiaries, namely Mount Austin Properties Sdn. Bhd. (Special
Administrators Appointed), PMMSB (Special Administrators
Appointed), Prima Moulds Sdn. Bhd. and Ganda Energy Holdings,
Inc had continued to default in payment of its loan interest and
principal sum owing to several financial institutions. The
outstanding amounts as at 28 February, 2002 are as follows:

      Loan and Hire-Purchase    Total (RM)
Principal (RM)  Interest (RM)
TECASIA  463,153,653  244,946,681  708,100,334
Group  559,557,876  285,670,619  845,228,495

2. Measures Taken to Address the Default

TECASIA is considered as an "affected listed issuer" pursuant to
PN4/2001.

Further to the measures undertaken as announced on 5 March 2002,
there are no further development being in place to address the
default of payment of TECASIA.

3. Implications in respect of the Default in Payments

TECASIA further announced that Pengurusan Danaharta Nasional
Berhad 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 subsidiaries continues to be in effect. All legal
actions initiated against TECASIA and other Affected
Subsidiaries will be stayed and any petition for winding-up, or
any appointment of a receiver, receiver and manager or
provisional liquidator cannot proceed.


TRANSWATER CORPORATION: Plan Evaluation Continues
--------------------------------------------------
The Board of Directors of Transwater Corporation Berhad informed
that the Company is still continuing to formulate and evaluate
plans to regularize its financial condition and will make an
announcement on the plan once finalized.

The Board further informed that the Company's appeal to its
application for a further extension of time to the Kuala Lumpur
Stock Exchange (KLSE) for the Company to make the Requisite
Announcement is still pending.

The Company will announce the KLSE's decision in due course.


UH DOVE: KLSE, SC Review EGM Circular Draft to Shareholders
-----------------------------------------------------------
Malaysian International Merchant Bankers Berhad (MIMB), on
behalf of UH Dove Holdings Berhad (the Company or UHD), in
respect of the Proposed Rescue cum Debt Restructuring Scheme
(Proposals) of the Company, has submitted a plan to regularize
its financial condition to the Securities Commission (SC), the
Foreign Investment Committee (FIC) and the Ministry of
International Trade and Industry on 28 February 2001.  
Subsequently, the Board has also made the announcements in
relation to the Proposals, as detailed in the table found at
http://www.bankrupt.com/misc/TCRAP_UH0404.doc

In addition, the Board of UHD also informed the KLSE that the
SSA and SSPAs mentioned above have expired on 28 February 2002
(Approvals Period). The Company is in the midst of obtaining the
consensus of the respective creditor banks to extend the
Approvals Period for another two (2) months, i.e. from 1 March
2002 to 30 April 2002.

Currently, the KLSE and SC are reviewing the Company's draft
circular to the shareholders for the convening of the
Extraordinary General Meeting.


UNIPHOENIX CORPORATION: Workout Plan Under SC, MITI's Purview
-------------------------------------------------------------
Uniphoenix Corporation Berhad (the Company) announced to the
that the application in relation to the Proposed Restructuring
Scheme are still under consideration by the Securities
Commission (SC) and Ministry of International Trade and Industry
(MITI).

Profile

In March 2000, Special Administrators (SAs) of HS accepted the
tender proposal submitted by JF Apex Securities Bhd (JFAS) to
acquire the business of HS. Subsequently, in May 2000, the SAs
entered into a Business Merger Agreement with JFAS to acquire HS
for RM100m. By August, the debt workout proposal as agreed by
the two parties, was approved by the SC and secured creditors.
On 12 January 2001, HS' shareholders agreed to the winding-up of
HS pursuant to which the distribution of any remaining assets
will be made by liquidators, Messrs Pricewaterhouse Coopers, to
settle all outstanding debt balances.

The Group unveiled its restructuring scheme in November 1998
comprising a comprehensive equity and debt restructuring,
injections of property development projects and fund raising
exercise. Since its submission to the SC in July 1999, the
Company has received approvals from the FIC and MITI. The scheme
was however aborted in December 2000.

In January 2001, the Company entered into two separate
agreements to acquire four property-related companies and one
construction-based company. The acquisition forms a part of the
Group's restructuring scheme involving capital and debt
reconstruction, share exchange and capital exercises. The new
assets, which complement the Group's property development arm,
will enable Uniphoenix to derive synergistic benefits. In view
of its focus on property development, Uniphoenix had in December
2000 entered into an agreement to dispose of its entire 60.7%
interest in Sam Long Chemicals Industries (Malaysia), one of its
manufacturing concerns.


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


DMCI HOLDINGS: Default Likely This Month
----------------------------------------
Construction and real-estate firm DMCI Holdings Inc. has warned
it will not be able to wholly redeem or buy back the P2.4
billion (US$46.98 million) convertible preferred shares it
issued in April five years ago due to financial constraints, the
Business World reported, citing DMCIHI chief finance officer
Herbert M. Consuji.

A convertible preferred stock is a type of fixed income
obligation. This has a feature that allows the investor to
convert it into a specified number of shares of common stock. It
also allows the holder to earn dividends, or a portion of the
company's earnings.

DMCIHI is required to redeem the preferred shares by April 8
this year.

Mr. Consunji said that the Board of Directors has proposed to
swap the preferred shares under four options instead of a
redemption.

Under the first option, construction arm DM Consunji Inc. (DMCI)
will buy the preferred shares from shareholders at P1,000 per
share.

A promissory note will be issued as payment, payable over five
years.

Interest will be paid based on the prevailing 91-day Treasury
bill rate plus a spread of 2 percent. Security on the loan will
be in the form of a real-estate mortgage on selected properties.
The loan value will be 60 percent of the appraised value of the
property.

When any of the secured properties are sold, 60 percent of the
sale proceeds or funds raised would be applied to the whole or
partial prepayment of the loan without penalty.

According to Technistock.com, as of 2001, DMCI Holdings, Inc.
has total current assets of P5.39 billion and total current
liabilities were P5.64 billion.


PHILIPPINE LONG: Will Offer $500M of Bonds This Month
-----------------------------------------------------
Philippine Long Distance Telephone Co., the country's largest
phone company, will start marketing $500 million of 10-year
bonds this month to help repay debt, BusinessWorld said, citing
an unidentified company official.

"It is not yet under way, but we will do it this month," the
source said.

Philippine Long Distance Telephone canceled a $250 million bond
sale to investors in Singapore, Europe and the United States
last year after the September 11 terrorist attacks in the U.S.,
raising investor concern about its ability to repay debt.

Early this year, the Bangko Sentral ng Pilipinas (Central Bank
of the Philippines) approved the company's plan to issue up to
$500 million in bonds.

"The improving outlook for Philippine credits should pave the
way for such fund-raising exercises... Market concerns regarding
PLDT's debt obligations seem to have been overplayed as these
are mainly due to debt maturity roll-over risk and not issues of
whether or not the business can survive as a going concern,"
ABN AMRO said in its March report.

As of end-2001, PLDT's total long-term debt maturing over the
next three years stood at P83.5 billion (US$1.63 million).


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


CK TANG: Applies Rights Issue Proceeds to Repay Debt
----------------------------------------------------
The Directors of C. K. Tang Limited (the Company) announced that
as of 2 April 2002, the Company has applied approximately $16.4
million of the proceeds from the Rights Issue to repay its bank
borrowings as was proposed in the Abridged Prospectus dated 25
February 2002. The balance of the proceeds of approximately $6.4
million will be used for working capital requirements.


CSC HOLDINGS: Narrows FY01 Net Loss to S$10.2M
----------------------------------------------
Construction firm CSC Holdings incurred a net loss of S$10.266
million compared to S$12.757 million in the previous year, PR
Newswire reports.

CSC Holdings 2001 results:

Sales - S$61.997 million versus 71.612 million
Net loss - S$10.266 million versus loss 12.757 million
Loss per share 3.10 cents versus loss 3.90 cents
Final div - nil, unchanged

The principal activity of the Company is that of an investment
holding Company. The subsidiary companies are involved in civil
engineering, pilling, foundation and geo-technical engineering
works, crane and other equipment rental and transport services,
trading and manufacturing of concrete products.

According to World'Vest Base, at the end of 1999, CSC Holdings
Ltd has fixed assets of S$31.2 million and current liabilities
were S$33.6 million.


HOE SENG: Goes Into Voluntary Liquidation
-----------------------------------------
At an Extraordinary General Meeting of Hoe Seng Huat Hup Seng
Huat Industries Pte Ltd (Company), held on 26 March 2002, the
shareholders passed a special resolution for the voluntary
liquidation of the Company. The Company is an associated company
of Hup Seng Huat Co. Ltd.

The issued and paid up capital of the Company is $1,600,000.

The Notice of Appointment and Situation of Office of Liquidator
(Form 71) was lodged with the Registrar of Companies and
Businesses on 26 March 2002.


MEDIARING.COM: Incurs FY01 S$34.5M Net Loss
-------------------------------------------
Mediaring.com Ltd revealed a net loss of S$34.568 million versus
a loss of S$55.955 million the previous year, PR Newswire
reports.

Mediaring.com Ltd 2001 results:

Sales - S$20.077 million versus 19.840 million
Net loss - S$34.568 million versus loss 55.955 million
Loss/shr - 4.73 cents versus loss 7.88
Final div - nil; unchanged

MediaRing.com Limited involves in the research and development,
design and marketing and selling of telecommunications software;
provision of Internet voice communication services which make
high quality calls worldwide from a sound-enabled personal
computer to another personal computer free of charge, or to a
traditional telephone at a low-cost relative to traditional
long-distance telephone charges; and marketing.

In January, Media Ring announced a corporate restructuring and a
35 percent reduction in its worldwide workforce and operations
as the Company moves to focus on its higher growth
telecommunications products and services, TCR-AP reported last
week. The worldwide restructuring includes the move to
centralize its engineering and operations in Singapore.


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


CENTURY PARK: Files Business Reorganization Petition
----------------------------------------------------
Real estate Century Park Condominium Company Limited (DEBTOR)'s
Petition for Business Reorganization was filed in the Central
Bankruptcy Court:

   Black Case Number 1215/2544

   Red Case Number 1022/2544

Petitioner: CENTURY PARK CONDOMINIUM COMPANY LIMITED BY MR.
YUNTAPONG INTRARAPANIT AS THE AUTHORITY

Planner: ASIAN CAPITAL AND CONSULTANT COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt894,100,340.38

Date of Court Acceptance of the Petition: October 8, 2001

Date of Examining the Petition: November 5, 2001 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner: November 5, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: November 21, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: December 6,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: March 6, 2002

Contact: Ms. Umaporn Tel, 6792525 ext. 142


EASTERN PRINTING: Actions in Compliance With Rehab Plan      
--------------------------------------------------------
In accordance with the Rehabilitation Plan, Eastern Printing
Public Company Limited has to take these actions regarding
Capital:

1)  Decrease the number of outstanding common shares at ratio of
4 to 1 from 36 million shares to 9 million shares; resulting in
decreasing the paid-up Capital from Bt360 million to Bt90
million.
     
2)  Decrease the par value from Bt10 to Bt4 resulting in
decreasing the paid-up Capital from Bt90 million to Bt36
million.
                   
The registration and approval from the Ministry of Commerce has
been completed on March 27, 2002.


GENERAL ENGINEERING: Prepares Rehabilitation Plan
-------------------------------------------------
General Engineering Public Co., Ltd. (GEL) is required to
prepare a rehabilitation plan. The requirement was initiated by
GEL audited financial statements ending 31, December 2001 showed
the shareholders' equity be negative Bt116 million, which has
fallen under the SET delisting criteria for listed companies'
securities.  The company must inform the SET whether GEL have
decided to prepare a rehabilitation plan for the company's
shareholders or whether voluntary delisting or whether other
options that benefit company.

The Board of Directors has decided to prepare a rehabilitation
plan to propose to the shareholders. The Company will report to
the SET regarding the rehabilitation plan progress.   

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

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

Asia Pulp & Paper     FRN     due 2001    10 - 12        0
Asia Pulp & Paper     11.75%  due 2005    24 - 25        0
APP China             14.0%   due 2010    25 - 27        0
Asia Global Crossing  13.375% due 2006    19 - 22        0
Bayan Telecom         13.5%   due 2006    20 - 22        0
Daya Guna Sumudera    10.0%   due 2007     1 - 3         +0.5
Hyundai Semiconductor 8.625%  due 2007    63 - 66        0
Indah Kiat            11.875% due 2002    26 - 28        -1
Indah Kiat            10.0%   due 2007    20 - 22        -2
Paiton Energy         9.34%   due 2014    65 - 68        +11
Tjiwi Kimia           10.0%   due 2004    19 - 21        0
Zhuahi Highway        11.5%   due 2008    28 - 33        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 www.debttraders.com
             
   
S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Maria Vyrna Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***