/raid1/www/Hosts/bankrupt/TCRAP_Public/020405.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

            Friday, April 05, 2002, Vol. 5, No. 67

                         Headlines

A U S T R A L I A

ECSI LIMITED: Reinstated to Official Quotation
GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
HIH INSURANCE: Considers Suing APRA for Negligence
JAMES HARDIE: Board Appointment
JOYCE CORPORATION: Issues Change of Director`s Interest Notice

MTM ENTERTAINMENT: Distributes Force Litigation Proceeds
TRANSURBAN GROUP: March Y/Y Weekday Traffic Growth 8.9%
UNITED ENERGY: Unit NPS Reveals New Construction Contracts


C H I N A   &   H O N G  K O N G

CELESTIAL ASIA: April 25 SGM Scheduled
FUJIAN GROUP: Winding Up Petition to be Heard
LEGEND HOLDINGS: Changes English Company Name
NICERICH INVESTMENTS: Winding Up Petition Slated for Hearing
SHANGHAI GROWTH: Narrows 2001 Operations Loss to HK$387,181

WAI KEE: Winding Up Petition Pending


I N D O N E S I A

HOLDIKO PERKASA: Intends to Sell Remaining Assets before Nov 4

* IBRA'S Asset Disposal Plan 2002


J A P A N

KOTOBUKIYA CO: Will Submit Rehab Plan in July
MARUBENI CORP: S&P Cuts Rating to C
MITSUBISHI CHEMICAL: Sets Up Medical Ethics Think Tank
MITSUBISHI MOTOR: Considers Spinning Off Truck Unit
SNOW BRAND: Dissolving Company April 30

SUMITOMO CORP: Will Book Y45B Extraordinary Loss


K O R E A

DAEWOO ELECTRONICS: Creditors Okay Company Split-up
DAEWOO ENGINEERING: Considers W159.6B Debt Repayment
DAEWOO INT'L: Will Use Cash Reserve to Repay W104B Debt
DAEWOO MOTOR: Narrows 2001 Net Loss by 74%
HYNIX SEMICON: Chohung Bank to Double Hynix Loss Reserves


M A L A Y S I A

ABRAR CORPORATION: Releases Monthly Business Update
AUTOWAYS HOLDINGS: Proposed Restructuring Scheme Underway
BESCORP INDUS.: Requests Regularization Plan Time Extension
CHASE PERDANA: Updates Defaulted Payment Status
DATAPREP HOLDINGS: Issues Book Closure Notice

KELANAMAS INDUS.: Seeks Creditors' Nod on Restructuring Plan
MALAYSIAN GENERAL: Plan Extension Request Pending
MBF HOLDINGS: Finalizing Proposed SOA Legal Documentation
MYCOM BERHAD: In Scheme Negotiation With Lenders, Creditors
NCK CORPORATION: Unit Enters Asset Disposal Agreement

PAN PACIFIC: FI Rejects Debt Restructuring Proposal
PANCARAN IKRAB: In the Midst of Restructuring Plan Preparation
PLANTATION & DEVELOPMENT: Regularization Plan Unfinished
SPORTMA CORP.: Proposal Approval Pending
TALAM CORPORATION: Dormant Subsidiary Removed From Register


P H I L I P P I N E S

BELLE CORP: In Restructuring Talks With Foreign Creditors
NATIONAL STEEL: Govt Asks Cerberus to Help Ailing Firm
NATIONAL STEEL: Govt Gives Up on Reopening Proposal
PHILIPPINE LONG: Internet Cafe Chain Expands, Spends P24M


S I N G A P O R E

ARTHUR ANDERSEN: E&Y Will Integrate Unit, Absorb Staff
ASIA PULP: Ferrier Hodgson Extends Debt Restructuring Aid
L&M GROUP: Clarifies Discrepancy in FY01 Financial Statement
THAKRAL CORPORATION: Undertakes Capital Reduction Exercise


T H A I L A N D

ADVANCE PAINT: Files Business Reorganization Petition
FINANCE ONE: FRA Draws Last Suspended Company Into Bankruptcy
RAIMON LAND: Financial Adviser Appointed
THAI HEAT: Planner Registers Increasing Capital
THAI-GERMAN: Revises Company Holidays

     -  -  -  -  -  -  -  -

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


ECSI LIMITED: Reinstated to Official Quotation
----------------------------------------------
The suspension of trading in the securities of ECSI Limited,
will be lifted before the commencement of trading on
Monday, 8 April 2002 following completion of the acquisition of
E-Control Pty Limited and the matters set out in its Notice of
General Meeting held on 11 February 2002 and compliance by the
Company with Chapters 1 and 2 of the listing rules.


GOODMAN FIELDER: Posts Daily Share Buy-Back Notice
--------------------------------------------------
Goodman Fielder Limited posted this notice:

                 DAILY SHARE BUY-BACK NOTICE
             (EXCEPT MINIMUM HOLDING BUY-BACK AND
                     SELECTIVE BUY-BACK)

Name of Entity
Goodman Fielder Limited

ABN 44 000 003 958

We (the entity) give ASX the following information.


INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On Market

2. Date Appendix 3C was given to    Tuesday, 13th November, 2001
   to ASX

TOTAL OF ALL SHARES BOUGHT BACK, OR IN RELATION TO WHICH
ACCEPTANCES HAVE BEEN RECEIVED, BEFORE, AND ON, PREVIOUS DAY

                                  BEFORE               PREVIOUS
                                  PREVIOUS                DAY
                                    DAY

3. Number of shares bought      33,168,734             762,622
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid     47,016,695           1,155,449
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                        Highest price paid   Highest price paid
                               $1.59                $1.52
                               Date:

                        Lowest price paid    Lowest price paid
                               $1.30                $1.51
                               Date:
                                             Highest price
                                             allowed under rule
                                             7.33:
                                             $1.6212

PARTICIPATION BY DIRECTORS

6. If buy-back is an on-market      Nil
   buy-back - name of each
   director and related party
   of a director from whom the
   company bought back shares
   on the previous day, the
   number of shares which the
   company bought back from
   each named director or
   related party, and the
   consideration payable for
   those shares.

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     39,068,644
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

1. The Company is in compliance with all Corporations Act
requirements relevant to this buy-back.

2. There is no information that the listing rules require to be
disclosed that has not already been disclosed, or is not
contained in, or attached to, this form.


HIH INSURANCE: Considers Suing APRA for Negligence
--------------------------------------------------
HIH liquidator Tony McGrath has named deals involving two
reinsurance groups, owned by US billionaire Warren Buffett's
Berkshire Hathaway, as potential targets for damages claims
following revelations of account dressing that have emerged at
the HIH Royal Commission, the Sydney Morning Herald reports.

Mr McGrath said that suing the federal regulator Australian
Prudential Regulation Authority (APRA) on grounds of negligence,
was a possibility, but added that APRA was "not in our immediate
sights."

His list of targets as a result of "a collapse of monumental
proportions" includes directors, officers, auditors, actuaries
and advisers. "There are clearly claims that we will obviously
have," Mr McGrath added.

Mr McGrath said after Wednesday meeting at Sydney that it would
be up to creditors to decide whether it was worth spending the
money to mount legal actions for damages. But he said
revelations at the royal commission about "accounting
deceptions" relating to reinsurance contracts had brought
reinsures into his ambit.


JAMES HARDIE: Board Appointment
-------------------------------
James Hardie Industries N.V. announced the appointment of Mr
James Loudon as a consultant to the Board.

Mr Loudon has a distinguished finance and construction industry
background having hold a number of senior executive positions in
these sectors.

Mr Loudon served as Group Finance Director of Blue Circle
Industries Plc, one of the world's largest cement producers,
from 1987 to July 2001. Prior to this he was appointed the first
Vice-President of Finance for Blue Circle's companies in the
United States in 1983.

Mr Loudon began his career with Rio Tinto before joining the
investment bank, Samuel Montagu & Co. (now part of HSBC). He
also hold a senior position at the major shipping company
Overseas Containers Ltd (now part of P&O), before joining Blue
Circle Industries Plc in 1977.

Mr Loudon is currently Deputy Chairman of Caledonia Investments
Plc and a non-executive director of Malayan Cement Berhad. He
also chairs the Blue Circle Pension Fund Investment Committee
and is a Governor of the University of Greenwich.

James Hardie's Chairman, Mr Alan McGregor said: "Mr Loudon
brings to the Board extensive construction industry and finance
expertise that will be of great benefit as we continue to
capitalize on our significant growth opportunities for fiber
cement around the world."

"Europe has been identified as one of our fiber cement growth
opportunities and Mr Loudon's experience in this region will be
particularly beneficial." Mr McGregor said.

Mr Loudon was educated at Eton College in England and graduated
from Magdalene College, Cambridge in 1965. He obtained an MBA
from Stanford Graduate School of Business, California in 1971.
Mr Loudon's appointment follows the earlier appointment of the
eminent scientist, Dr. Gregory Clark in December 2001 as a
consultant to the Board.


JOYCE CORPORATION: Issues Change of Director`s Interest Notice
--------------------------------------------------------------
JOYCE CORPORATION LIMITED posted this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Joyce Corporation Limited

   ABN                      80 009 116 269

We (the entity) give the ASX the following information under
listing rule 3.19A.2 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Daniel Alexander Smetana

   Date of last notice      22/03/2002

Part 1 - Change of director's relevant interests in securities

Direct or indirect interest             -

Nature of indirect interest
(including registered holder)           Adamic Pty Ltd

Date of change                          21/03/2002

No. of securities held prior
to change                               6,439,291

Class                                   Ordinary fully paid

Number Acquired                         20,974

Number disposed                            N/A

Value/consideration                     $6,935,42

No. of securities held after
change                                  6,460,265

Nature of change                        On-market trade


Part 2 - Change of director's relevant interests in contracts

Detail of contract                      N/A

Nature of direct interest               N/A

Name of registered holder
(if issued securities)                  N/A

Date of change                          N/A

No. and class of securities to which
interest related prior to change        N/A

Interest Acquired                       N/A

Interest disposed                       N/A

Value/consideration                     N/A

Interest after change                   N/A


MTM ENTERTAINMENT: Distributes Force Litigation Proceeds
--------------------------------------------------------
The directors of MTM Funds Management Ltd, responsible entity of
the MTM Entertainment Trust (MME), have resolved to distribute
$29 million of the proceeds from the Force litigation by way of
a pro-rata capital distribution to MME unitholders. Such a
return of capital is made pursuant to clause 16.9 of the
Constitution.

This equates to a capital distribution of $0.27 per unit.

The timetable for the distribution is as follows:

   * Trading in the units on an "ex return of capital" basis
commences-Tuesday, 9 April 2002

   * Record Date-Monday, 15 Apri1 2002

   *Proceeds to be sent to unitholders-Friday, 19 April 2OO2

The proceeds will be distributed by cheque, which will be sent
to the registered name and address of each unit holder.


TRANSURBAN GROUP: March Y/Y Weekday Traffic Growth 8.9%
-------------------------------------------------------
Transurban Group established a new average weekday traffic
record in March 2002 with 640,661 transactions (previous record
622,146 in February 2002). Year on year weekday traffic growth
was up 8.9 per cent and toll and fee revenue in March 2002
[$20.65 million] was 11 per cent higher than in March 2001
[$18.6 million]. Average revenue per transaction was $1.23.

The average weekday improvement of 3 per cent over February 2002
transaction volumes consisted of 2.5 per cent growth on the
Western link and 3.3 per cent on Southern Link.

The All Day averages were impacted by Good Friday and the Labor
Day holiday falling in the month and accordingly there were 19
weekdays out of the total 31 days. In February this mix was 20
weekdays out of 28 days.

Peak daily transaction volumes were recorded as follows:

Western Link              1 March 2002           291,908
Southern Link             8 March 2002           402,328
Combined Link             8 March 2002           690,741

This total is only 1.1 per cent behind the record daily
transaction volume established on December 14th last year.

Average daily transaction volumes for the month of March 2002
are set out in the following table. The descriptions of the toll
zones used in the table are consistent with those used in the
Transurban prospectus.

TOLL ZONE                              ALL DAYS        WEEKDAYS

Tullamarine Freeway, Moreland            102,454        119,560
Road to Brunswick Road  (Zone 1)
Racecourse Road to Dynon Road (Zone 2)    67,910         79,333
Bolte Bridge (Zone 3)                     60,746         70,353
Domain and Burnley Tunnels(1)             73,786         87,001
(Zones 4 & 8)
Batman Avenue, Swan Street to Flinders    12,687         15,594
Street (Zone 5)
Batman Avenue, Punt Road to Swan Street   17,393         21,255
(Zone 6)
Burnley Tunnel plus Monash Freeway, between  104,334    123,691
Burnley Street and Punt Road(2) (Zones 7 & 8)
Monash Freeway, between Toorak Road and   104,412        123,875
Burnley Street (Zone 9)
TOTAL ALL ZONES                           543,721        640,661

Notes:

(1) This zone is referred to as "Zone 4 / Domain Section"
in the Transurban prospectus.

(2)  This zone is referred to as "Zone 5 / SE Arterial" (Punt Rd
to  Burnley Street) in the Transurban prospectus.

MONTHLY TRANSACTION DATA BY TOLL ZONE
WESTERN LINK       DAILY AVERAGE TRANSACTIONS FOR WEEKDAYS
                    TOLL        TOLL       TOLL      TOTAL ALL
MONTH             ZONE 1      ZONE 2     ZONE 3       ZONES

February 2002       116,968      77,278     68,393       262,639
                       14.4%      14.5%      13.0%        14.0%
March 2002          119,560      79,333     70,353       269,246
                       2.2%       2.7%       2.9%          2.5%

Percentages refer to growth relative to the preceding month.
Data is for a full month unless otherwise stated.

MONTHLY TRANSACTION DATA BY TOLL ZONE

POST OPENING OF BURNLEY TUNNEL
DAILY AVERAGE TRANSACTIONS FOR WEEKDAYS

MONTH      TOLL    TOLL    TOLL     TOLL     TOLL    TOTAL ALL
      ZONE  4 & 8    5       6       7 & 8      9      ZONES

February  84,017  14,879  20,866   119,976  119,749   359,507
2002       11.2%   11.0%   18.4%    12.0%    12.4%     12.2%

  March    87,001  15,594  21,255   123,691  123,875   371,416
            3.6%     4.8%   1.8%      3.3%     3.4%      3.0%

Percentages refer to growth relative to the preceding month.
Data is for a full month unless otherwise stated.


UNITED ENERGY: Unit NPS Reveals New Construction Contracts
----------------------------------------------------------
National Power Services (NPS), a wholly-owned subsidiary of
United Energy Limited, has secured two major contracts with
Transfield Power Systems, including its first "green energy"
project in eastern Victoria.

NPS has been contracted to supply electrical and related
services to Transfield's wind farm project, under construction
near Toora, Gippsland. The project includes the design and
construction of a 22kV distribution system and all electrical
works for the 12-windmill farm. It will deliver $1.6 million in
revenues to NPS in the current year.

NPS will also undertake construction of a 2.7km underground
power supply and associated public lighting in the City of
Whitehorse in Melbourne's eastern suburbs. This contract is
valued at $1.7 million. Both projects are due for completion
mid-year.

NPS Managing Director, Tony Zuiderwyk, said that the projects
highlight NPS's increasing profile and growth in the network
construction sector.

"The Whitehorse contract involves the delivery of underground
power to a substantial customer base in a fast-expanding area,"
he said.

"We are also delighted to be delivering an electrical
distribution system and associated works for the wind farm
project at Toora. This project is a first for our Company, and
represents a commitment to green energy initiatives and a
widening of our construction opportunities."

According to Wrights Investors' Service, at the end of 2001,
United Energy Limited had negative working capital, as current
liabilities were A$407.68 million while total current assets
were only A$157.47 million.


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


CELESTIAL ASIA: April 25 SGM Scheduled
--------------------------------------
Celestial Asia Securities Holdings Limited (the Company) advised
that a Special General Meeting will be held at 21/F The Center,
99 Queen's Road Central, Hong Kong on 25 April 2002, Thursday,
at 9:30 am for the purpose of considering and, if thought fit,
passing the following resolution as a special resolution of the
Company:

SPECIAL RESOLUTION

"THAT subject to and conditional upon

(i) the Listing Committee of The Stock Exchange of Hong Kong
Limited granting listing of, and permission to deal in, shares
of HK$0.10 each in the issued share capital of the Company upon
the Share Consolidation and the Capital Reduction (as defined
below) becoming effective, and

(ii) the publication of a notice in Bermuda for the reduction in
the share capital of the Company pursuant to section 46 of the
Companies Act 1981 of Bermuda, with effect from 10:00 am on 26
April 2002 (Effective Date),:

   (a) every twenty (20) existing shares of HK$0.10 each in the
issued and unissued share capital of the Company be consolidated
into one (1) share of HK$2.00 each in the capital of the
Company ("Consolidated Share") ("Share Consolidation"),

   (b) the issued share capital of the Company be reduced by
canceling paid up capital to the extent of HK$1.90 on each of
the Consolidation Shares in issue on the Effective Date
("Capital Reduction") so that each issued share in the capital
of the Company shall be treated as one (1) fully-paid up
ordinary share of HK$0.10 each in the capital of the Company,
and

   (c) the credit amount arising from the Capital Reduction of
approximately HK$607,463,693.90 be transferred to the
contributed surplus account of the Company where it may be
applied in accordance with the bye-laws of the Company,

and that the board of directors of the Company be and are hereby
authorized generally to do all acts, deeds and things as they
may, in their absolute discretion, deem appropriate and in the
best interest of the Company to effect and implement the Share
Consolidation and the Capital Reduction in accordance with the
timetable and the trading arrangement as set out in the circular
of the Company dated 2 April 2002 to which this notice forms
part and/or any other revised arrangement as the board of
directors of the Company may deem fit."


FUJIAN GROUP: Winding Up Petition to be Heard
---------------------------------------------
The petition to wind up Fujian Group Limited is set for hearing
before the High Court of Hong Kong on April 14, 2002 at 9:30 am.

The petition was filed with the court on January 21, 2002 by the
1st Petitioner Ng Ling of Room E, 8th Floor, Continental Mansion,
294 King's Road, North Point, Hong Kong, the 2nd Petitioner Or
Wo Tung of Room 408, Hang Lai House, Cheung Hang Estate, Tsing
Yi, New Territories, Hong Kong, the 3rd Petitioner Poon So Kwan
of Flat A, 36th Floor, Block 19, South Horizons, Ap Lei Chau,
Hong Kong, the 4th Petitioner Shum King Shuen of Flat B, 19th
Floor, Elgar Mansion, 41-43 Fort Street, North Point, Hong Kong,
the 5th Petitioner Tsang Siu Wah of 1st Floor, 136 Nga Tsin Wai
Road, Kowloon City, Kowloon, Hong Kong and the 6th Petitioner
Cheng Ka Ming of Flat 4, 21st Floor, Tsui Lun House, Siu Lu
Court, Tuen Mun, New Territories, Hong Kong.


LEGEND HOLDINGS: Changes English Company Name
---------------------------------------------
Legend Holdings Limited requested market participants to note
that the name of Legend Holdings Limited has been changed to
"Legend Group Limited".  Accordingly, the stock short name of
its ordinary shares (stock code: 992) will also be changed to
"LEGEND GROUP" with effect from Monday, 8/4/2002 while the
Chinese stock short name remains unchanged.

The Board of Directors of the Company announced that the change
of English name of the Company from "Legend Holdings Limited" to
"Legend Group Limited", which was approved by the shareholders
of the Company at the extraordinary general meeting held on 25th
March 2002, was subsequently approved by the Registrar of
Companies in Hong Kong and the Certificate of Incorporation on
Change of Name was issued on 28th March 2002. Trading of the
shares of the Company on The Stock Exchange of Hong Kong Limited
under the new name will take effect on 8th April 2002.

The change of English name of the Company will not affect any of
the rights of the shareholders of the Company. All existing
certificates in issue bearing the previous English name of the
Company will continue to be evidence of title of the shares of
the Company and will be valid for trading, settlement and
delivery of the same number of shares in the present English
name of the Company. Accordingly, there will not be any
arrangement for free exchange of existing share certificates for
new share certificates under the present English name of the
Company.


NICERICH INVESTMENTS: Winding Up Petition Slated for Hearing
------------------------------------------------------------
The petition to wind up Nicerich Investments Limited is
scheduled for hearing before the High Court of Hong Kong on June
19, 2002 at 9:30 am.

The petition was filed with the court on February 28, 2002 by
the Petitioner, Bank of China (Hong Kong) Limited (the successor
corporation to Kincheng Banking Corporation pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.


SHANGHAI GROWTH: Narrows 2001 Operations Loss to HK$387,181
-----------------------------------------------------------
Shanghai International Shanghai Growth Investment Ltd. announced
on 02/04/2002:

(stock code: 00770)
Year end date: 31/12/2001
Currency: USD
Auditors' Report: Neither Review of Interim Report by:
                                           (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2001    from 01/01/2000
                              to 31/12/2001      to 31/12/2000
                              Note  ($)          ($)
Turnover                           : 7,625,637        3,097,500
Profit/(Loss) from Operations      : (387,181)       (3,396,614)
Finance cost                       : 0                  0
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (387,181)
(3,396,614)
% Change over Last Period          : N/A          %
EPS/(LPS)-Basic (in dollars)       : (0.043)            (0.378)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : 0                  0
Profit/(Loss) after ETD Items      : (387,181)       (3,396,614)
Final Dividend                     : 0.40               0.30
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Final Dividend                  : 17/05/2002 to 24/05/2002bdi.
Payable Date                      : 10/06/2002
B/C Dates for Annual
  General Meeting                 : 17/05/2002 to 24/05/2002bdi.
Other Distribution for            : A special dividend of
Current Period                      US$0.60 per share is
recommended and to be paid
                                    together with final dividend
B/C Dates for Other
    Distribution                  : 17/05/2002 to 24/05/2002bdi.


WAI KEE: Winding Up Petition Pending
------------------------------------
Wai Kee Marine Supplies Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on April 10, 2002.  The petition was filed on January 15, 2002
by CRC Department Store Limited of Room 3908, 39th Floor, China
Resources Building, 26 Harbour Road, Wanchai, Hong Kong.



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


HOLDIKO PERKASA: Intends to Sell Remaining Assets before Nov 4
--------------------------------------------------------------
PT Holdiko Perkasa's team was formed in the 2H of 1999 with the
objective of selling all of Holdiko's assets to fulfill its
obligations to Indonesia Bank Restructuring Agency (IBRA) by 4
November 2002, the date when the Salim Group's settlement
payment to IBRA is due. As this time approaches, the Company is
confident that it will be able to meet this objective.

To date, Holdiko has conducted 33 transactions selling 76
companies and raising Rp16.2 trillion. This year, the Company
expects to conduct 19 more transactions to sell the remaining 32
companies.  By the end of the year, expect the overall proceeds
to be within PricewaterhouseCooper's valuation of all the
Company's assets completed in early 2000, which was in the range
of Rp12-20 trillion.

Since the initial preparation phase of some of this year's asset
sales began last year, within the next couple of weeks the
Company should be ready to announce the commencement of a number
of our asset sales. At present, IBRA's Consultant Management
Unit (CMU) is also in the process of conducting the selection
process for advisors appointment for our other transactions. To
date, disposal advisors that have been appointed to assist
Holdiko in conducting our 2002 transactions include the
following:

  * PT Metropolitan Kentjana: PT PricewaterhouseCoopers FAS
  * PT Alam Indah Bintan: JP Morgan, Jones Lang LaSalle, Procon
    Indah
  * SKMP Resort Development : JP Morgan, Jones Lang LaSalle,
    Procon Indah
  * Edible Oils and Fats Group : Odigo Management Group
  * PT Indomarco Adi Prima : PT Ernst & Young Consulting
  * Indogift Chuenher Indah : PT Siddharta Consulting / KPMG


* IBRA'S Asset Disposal Plan 2002
---------------------------------
The Indonesian Bank Restructuring Agency (IBRA), announced the
progress of AMI's (Asset Management Investment) Asset disposal
2002, which is a continuation of a similar program launched in
2001.

The 2002 Asset Disposal Program is one of IBRA's efforts to meet
its contribution target to the 2002 state budget, which is to
raise IDR 35.3 trillion in cash and Rp7.5 trillion in bonds.
This target is expected to be raised from the Asset Management
Investment (AMI) for Rp8,490 trillion.

In order to meet this year's target, the AMI Division will
dispose of the assets detailed at
http://www.bankrupt.com/misc/TCRAP_Holdiko0404.doc

The complete list of asset disposal of each holding company will
be announced to the public in due course, including the process
& phase according to the timetable of each asset disposal. All
interested parties will be able to participate in the asset
disposal process as well as to observe the process and the
timetable of the sale.


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


KOTOBUKIYA CO: Will Submit Rehab Plan in July
---------------------------------------------
Kotobukiya Co plans to submit a rehabilitation plan to the
Kumamoto District Court by July 16, the Japan Today reports.

The failed supermarket chain operator, which is currently
rehabilitating, told its creditors it aims to reinvent itself as
a real estate management business and asked them to refrain from
disposing of its real estate held by the financial institutions
as collateral.

It said such disposal would hurt its efforts to reconstruct.


MARUBENI CORP: S&P Cuts Rating to C
-----------------------------------
Standard & Poor's Corp said Wednesday it has lowered the short-
term rating of trading house Marubeni Corp. to C from B.

The credit rating agency said the downgrade reflects the decline
in the company's credit strength given the current adverse
economic and market conditions in the country.


MITSUBISHI CHEMICAL: Sets Up Medical Ethics Think Tank
------------------------------------------------------
Mitsubishi Chemical Corp. has set up the nation's first private
think tank in Kawasaki to specialize in the ethics of life and
medical care, the Japan Times reports.

The chemical maker said it believes that ethics will become
increasingly important as bioscience research progresses and
raises new questions.

The Company spun off a research division on life ethics and
health-care policy at its subsidiary, Mitsubishi Kagaku
Institute of Life Sciences, and established the Center of Life
Science and Society. Capitalized at Y10 million, it is 100
percent owned by the subsidiary.

Shohei Yonemoto, president of the think tank, said it plans to
gradually increase the number of research staff from seven to 10
or more, and conduct specialized studies into the ethical
problems associated with genetic research and reproductive
medicine.

Mitsubishi Chemical earlier revealed it experienced a net loss
of Y30 billion in the year to March 2002, due to poor
performance of its petrochemical business. The company earned a
net profit of Y3.2 billion in the previous fiscal year.


MITSUBISHI MOTOR: Considers Spinning Off Truck Unit
---------------------------------------------------
Mitsubishi Motors Corp (MMC) will consider spinning off truck
unit Mitsubishi Fuso, to raise cash and pay down debt, the
FT.com and AFX News reported Tuesday, citing unnamed bankers.

DaimlerChrysler holds 37 percent stake in MMC.

DaimlerChrysler may take a 30 percent stake in the new Company.
About half the remaining shares may be listed on the Tokyo Stock
Exchange in 2003, and MMC would control the rest.

TCR-AP reported Monday that MMC posted a net loss of Y75.6 in
2000 and suffered Y31.49 billion net loss in the first half of
the current business year. The Company said it would cut its
procurement costs by 15 percent by 2003 and slash 9,500 jobs by
March 31, 2004.


SNOW BRAND: Dissolving Company April 30
---------------------------------------
Snow Brand Foods Co has officially decided to disband on April
30, AsiaPulse reported.

The Company saw sales plummet after a beef-mislabeling scandal
broke at the end of January. It concluded a month after, where
the damage caused by the scandal has made it impossible to
restructure its operations, deciding to disband.

It dismissed about 800 of its 944 employees Sunday.


SUMITOMO CORP: Will Book Y45B Extraordinary Loss
------------------------------------------------
Sumitomo Corp will book a Y45 billion extraordinary loss in the
year to March 2002 period, due to a deterioration in the value
of its stock holdings, AFX News said Tuesday. The Company said
it maintained its earnings forecast for the period.

According to Wright Investors Service, as of March 2001, the
Company's long-term debt was Y1.56 trillion and total
liabilities were Y4.22 trillion.

In 2001, the Company has fixed assets of Y705.3 billion,
according to a World'Vest Base report.

Sumitomo Corporation is one of Japan's leading traders and
distributors of a wide range of commodities, industrial goods
and consumer goods. Besides its role as an intermediary, it is
increasingly active as an investor.


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


DAEWOO ELECTRONICS: Creditors Okay Company Split-up
---------------------------------------------------
Creditors of Daewoo Electronics, including Hanvit Bank, have
approved a plan to split the financially troubled company into
several units, and then sell them off, the Korea Herald reports.

A Hanvit Bank official said that creditors, accounting for more
than 75 percent of loans extended to the electronics company,
approved the proposal.

In February, the creditors scrapped the plan to sell the company
as a whole entity to possible investors due to a price
difference with buyers on the company's assets.

Consequently, the creditors sought to sort out viable business
units, and keep them afloat, while at the same time liquidating
money-losing business divisions.

According to an unnamed Company spokesman DEC has been working
on a normalization scheme since mid-February in case the sale
talks collapse. The Company was placed under a debt workout
program when the parent conglomerate, Daewoo Group, collapsed in
2000.


DAEWOO ENGINEERING: Considers W159.6B Debt Repayment
----------------------------------------------------
Daewoo Engineering and Construction plans to repay W159.6
billion next week following the March 29 repayment of W51.51
billion, the Korea Herald reports.

The debt repayment plan will lower the company's debt-to-equity
ratio to 195.82 percent from the current 206.44 percent, with
the outstanding debt reaching W1.25 trillion.

The Company, the report adds, will use its cash reserves to
repay the debt. The reserves have built up since its spin-off
from Daewoo Corp. last year.


DAEWOO INT'L: Will Use Cash Reserve to Repay W104B Debt
-------------------------------------------------------
Daewoo International will repay its W104 billion worth of debt
using cash reserves accumulated through the implementation of
self-help plans and the recovery of its marketing capabilities.

According to a report from the Korea Herald, South Korea's
international trading company will soon complete the debt
repayment to  lower its external borrowing to W557.3 billion and
its debt-to-equity ratio from 464 percent to 429 percent.

A Company official said Daewoo will repay W76.7 billion this
week and the remaining W26.3 billion toward the end of this
month.

Daewoo also plans to repay W280.7 billion by the end of the year
to lower its debt-to-equity ratio to the 300 percent range.


DAEWOO MOTOR: Narrows 2001 Net Loss by 74%
------------------------------------------
Daewoo Motor Co., which has been operating under court
receivership, has narrowed its loss in 2001 by 74 percent to
W3.629 trillion ($2.7 billion) from W13.707 trillion a year ago.

According to a report from Dow Jones Newswires, Daewoo Motor has
achieved it by trimming its workforce and financial costs. The
carmaker cut its staff by 7,000 to around 14,000 last year as
part of its restructuring.

Sales fell 21% to W4.583 trillion as demand for its cars at home
and abroad dropped after the company was declared bankrupt in
November 2000.

Analysts said the improvement in Daewoo Motor's 2001 results
will likely help speed up the sale of the Korean car maker's
assets to General Motors Corp., which is expected this month.

GM in September 2001 has signed a preliminary agreement with
Daewoo. It has offered to set up a new company with its alliance
partners to buy Daewoo's assets, including four production
facilities, for $400 million.


HYNIX SEMICON: Chohung Bank to Double Hynix Loss Reserves
---------------------------------------------------------
Chohung Bank will raise its loan loss reserves against ailing
Hynix Semiconductor Inc to 70 to 80 percent from 40 percent when
it closes its books for the January to March quarter, Reuters
reports, citing Chief Executive Hong Serck-joo.

The bank ranks among Hynix's largest creditors and is a key
player in talks aimed at selling $4 billion in Hynix assets to
U.S.-based Micron Technologies Inc.

That boost will put its Hynix provisions in the range of W250
billion, or $189.5 million, to W260 billion, Reuters said.

"We expect 1.65 trillion won in earnings before provisioning
for this year and the additional loss reserves against Hynix
will not affect us much," Hong said.

Analysts see the deal as a way for Chohung and other creditors
to recover some of their $6.6 billion in Hynix exposure after
twice rescuing the world's third-largest memory chip maker last
year.


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


ABRAR CORPORATION: Releases Monthly Business Update
---------------------------------------------------
Abrar Corporation Berhad (Special Administrators Appointed) (the
Company), in compliance with paragraph 4.1(b) of PN 4/2001, the
announced the following:

On 10 January 2002, the Special Administrators (the SAs) of the
Company held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company. The interested parties were required to
submit the offers / proposals on 23 January 2002.

On 6 March 2002, the SAs of the Company conducted a restricted
re-tender exercise for the top two (2) bidders who were required
to submit their revised offers / proposals by 13 March 2002.

The SAs of the Company are currently reviewing the offers /
proposals submitted to them and will thereafter, formulate a
Workout Proposal for the Company pursuant to Section 44 of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (the Danaharta
Act).

The new Workout Proposal will inter alia take into
considerations the interest of all stakeholders that will also
deal with the Company's plans to regularize its financial
condition, its inadequate level of operations and the minimum
RM60 million paid-up capital requirement for companies listed on
the Main Board of the Exchange.

In the meantime, the Company had on 7 February 2002 sought the
approval of the Exchange for a further extension of ten (10)
months to 31 December 2002 to enable the Company to make its
announcement on the Company's plans to regularize its financial
condition (the Requisite Announcement). The Exchange's reply to
the Company's request is still pending.

The Exchange had on 25 January 2002 granted the Company with an
extension of time until 28 February 2002 to make its Requisite
Announcement.


AUTOWAYS HOLDINGS: Proposed Restructuring Scheme Underway
---------------------------------------------------------
On behalf of the Board of Directors of Autoways Holdings Berhad
(AHB or the Company), Arab-Malaysian Merchant Bank Berhad
announced that the Company is still in the midst of finalizing
the Proposed Restructuring Scheme pursuant to the Memorandum of
Understanding entered into by AHB announced on 5 March 2002.

Once finalized, an appropriate announcement will be made in due
course. The Company's application to the KLSE on 26 February
2002 for an extension of time of three (3) months from 28
February 2002 to make the R


BESCORP INDUS.: Requests Regularization Plan Time Extension
-----------------------------------------------------------
Bescorp Industries Berhad (Special Administrators Appointed)
(BIB or the Company) is required to announce the status of its
plan to regularize its financial condition on a monthly basis
until further notice from the Exchange. The Company informed
that an application has been made to the Exchange for an
extension of time of four (4) months until 10 August 2002 under
Paragraph 5.1(c) of the Practice Note, to obtain all necessary
approvals for the implementation of its plan to regularize its
financial condition. The application is pending the approval
from the Exchange.

On 6 March 2002 and 21 March 2002, announced to the Exchange
that the Proposed Corporate and Debt Restructuring Scheme
(PCDRS) had been approved by the Foreign Investment Committee
and Ministry of International Trade and Industry respectively.
The PCDRS is now subject to the approval of the following
authorities:-

1. the Securities Commission; and
2. the KLSE for the following:-
(a) the transfer of the listing status of the Company to TF
Cybron Sdn Bhd ("TF Cybron") and to the Main Board of the KLSE;
and
(b) listing of and quotation for the new TF Cybron shares,
irredeemable convertible unsecured loan stocks ("ICULS"),
warrants to be issued pursuant to the PCDRS and the new TF
Cybron shares arising from the conversion of the ICULS and the
exercise of the Warrants as the case may be.


CHASE PERDANA: Updates Defaulted Payment Status
-----------------------------------------------
Chase Perdana Berhad updated the status of its default in the
repayment of both the principal and interest of all credit
facilities granted by Financial Institutions detailed in the
table found at http://www.bankrupt.com/misc/TCRAP_Chase0405.xls

Further to the Company's Requisite announcement on 5 March 2002
and subsequent announcement on 8 March 2002, the Company also
announced that the Company is finalizing the submission
documents to the relevant authorities.

The submission will be made within the period of 2 months as
stipulated under Paragraph 5.1(b) of Practice Note 4/2001.


DATAPREP HOLDINGS: Issues Book Closure Notice
---------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Dataprep
Holdings Berhad (Dataprep or Company), announced the Book
Closure Date in relation to the Capital Reduction and
Consolidation of the Company as follows:

   * Capital reduction of the Company's existing issued and
paid-up share capital of RM31,989,146 comprising 31,989,146
ordinary shares of RM1.00 each (Dataprep Shares) to RM15,994,573
comprising 31,989,146 ordinary shares of RM0.50 each, by
cancelling RM0.50 of the par value of each existing ordinary
share of RM1.00 each in Dataprep. After the completion of the
share capital reduction, the issued and paid-up share capital of
Dataprep comprising 31,989,146 ordinary shares of RM0.50 each
will be consolidated into 15,994,573 ordinary shares of RM1.00
each (Consolidated Shares) on the basis of two (2) ordinary
shares of RM0.50 each into one (1) ordinary share of RM1.00 each
credited as fully-paid-up.

   * The sanction of the High Court of Malaya (Court Order) has
been obtained on 21 March 2002 for the Capital Reduction and
Consolidation. An office copy of the Court Order has been lodged
with the Registrar of Companies on 29 March 2002 and
accordingly, the resolution for the Capital Reduction and
Consolidation will take effect on the same day. In this respect,
notice of book closure is hereby given that:

   (a) Shareholders whose names appear in the Record of
Depositors of Dataprep at the close of business at 5.00 p.m. on
19 April 2002 shall be subject to the Capital Reduction and
Consolidation.

   (b) Depositors shall be subject to the Capital Reduction and
Consolidation in respect of the following:

    *  Dataprep shares transferred into the depositor's
securities accounts before 12.30 p.m. on 19 April 2002 in
respect of ordinary transfers; and

    *  Dataprep shares bought on the KLSE on a cum entitlement
basis according to the Rules of the KLSE.

To facilitate the recalling and cancellation of the existing
Dataprep Shares and issuance of Consolidated Shares, the trading
of Dataprep Shares will be suspended with effect from 9.00 a.m.
on Monday, 15 April 2002, that is three (3) clear Market Days
prior to the Book Closure Date. Hence, the last day for trading
of Dataprep Shares shall be Friday, 12 April 2002.

Any queries concerning the above notice of book closure should
be addressed to the Company's share registrar at:

Malaysian Share Registration Services Sdn Bhd (378993-D)
7th Floor, Exchange Square
Bukit Kewangan
50200 Kuala Lumpur
Tel: 03 - 2026 8099
Fax: 03 - 2026 3736


KELANAMAS INDUS.: Seeks Creditors' Nod on Restructuring Plan
------------------------------------------------------------
Kelanamas Industries Berhad (KIB or the Company) entered into a
Memorandum of understanding (MOU) with MP Technology Resources
Berhad (MPTR), Tai Seng Plastic Industries Sdn Bhd (Tai Seng)
and other companies, in relation to a proposed scheme to
regularize its financial condition.

On 28 February KIB had entered into a Restructuring Scheme
Agreement (RSA) with MP Technology Resources Berhad (MPTR),
which involves the injection of the following companies into
MPTR:

   a) Taiseng Plastic Industries Sdn Bhd (Taiseng)
   b) Eng Zan Machinery & Trading Sdn Bhd (Eng Zan)
   c) Highlight Plastic Machinery Sdn Bhd (HL)
   d) VCM Precision Sdn Bhd (VCM)
   e) Tralvest (M) Sdn Bhd (Tralvest)
   f) MP Plastic Industries Sdn Bhd (MPPI)

(Collectively referred to herein as "New Business")

The New Business is a group of companies involved in the
manufacturing of plastic related products. Pursuant to the
Proposed Restructuring, MPTR would assume the listing status of
KIB. Under the RSA, KIB and the New Business agreed to undertake
and implement a restructuring scheme, which is subject to
approval from the authorities, and consist of the following
exercises:

   a) Proposed acquisition of KIB.
   b) Proposed acquisition of SBM
   c) Proposed scheme of arrangement
   d) Proposed acquisition of New Business.
   e) Proposed special issue.
   f) Proposed offer for sale.
   g) Proposed acquisition of MPR.
   h) Proposed acquisition of Plastronic.
   i) Proposed transfer of listing status
   j) Proposed disposal/liquidation.
   k) Proposed General Offer Waiver (GO Waiver).

(Collectively referred to herein as "Proposed Restructuring")

The transactions contemplated above are inter-conditional to
each other save for the Proposed Acquisition of MPR, Plastronic
and Disposal/Liquidation. The Proposed Acquisition of MPR,
Plastronic and Disposal/Liquidation are conditional upon the
completion of the other proposals under the Proposed
Restructuring but not vice versa.

Currently, KIB is in the midst of securing the approval-in-
principle from its creditors for the Proposed Restructuring.


MALAYSIAN GENERAL: Plan Extension Request Pending
-------------------------------------------------
Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on behalf
of Malaysian General Investment Corporation Berhad (MGIC or
Company), announced that the Company submitted an application to
the Kuala Lumpur Stock Exchange's (KLSE)for a further extension
of time of three (3) months from 28 February 2002 until 31 May
2002 to make an announcement on its revised regularization plan.

In line with Practice Note No. 4/2001 of the Listing
Requirements of the KLSE which requires an announcement on the
status of an affected listed issuer's plan to regularize its
financial condition to be made on the first market day of each
month, Arab-Malaysian, on behalf of the Company, also announced
that to-date, the KLSE's decision on the Company's application
is still pending. Notwithstanding this, the Company is actively
identifying new viable assets for the purposes of the Company's
new restructuring proposal. The Company's Proposed Restructuring
Scheme involved a Debt Restructuring with the Creditors of MGIC
and Two (2) of its subsidiaries, MGIC Construction Sdn Bhd and
Magic Hill Resort Sdn Bhd.


MBF HOLDINGS: Finalizing Proposed SOA Legal Documentation
---------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of MBf Holdings Berhad (MBf-H or
Company), announced that the Company is currently finalizing the
legal documentation for execution by MBf-H and the parties
involved in the Proposed Schemes of Arrangement (Proposed SOA).

Alliance, on behalf of the Board of Directors of MBf-H, will be
submitting an application to the KLSE for the listing of and
quotation for the new MBf-H shares and warrants to be issued
pursuant to the Proposed SOA, in due course.

Save for the above, there is no further development on the
status of MBf-H's plan to regularize its financial condition
pursuant to Practice Note No. 4/2001 issued by the Kuala Lumpur
Stock Exchange, subsequent to the Company's announcement dated 1
March 2002.


MYCOM BERHAD: In Scheme Negotiation With Lenders, Creditors
-----------------------------------------------------------
The Board of Mycom Berhad (the Company), in relation to the
Proposed Restructuring Scheme (Scheme), informed that the
Company is in continued discussion with all the Scheme
lenders/financial institution creditors in order to reach an
agreement for the implementation of the Scheme. A Circular to
Shareholders will be issued to the shareholders for their
approvals in respect of the said Scheme in due course.

Profile

In May 2000, the Company and certain of its subsidiaries entered
into a restructuring agreement with its financial institutions
to undertake a proposed debt and corporate restructuring scheme.
Implementation of the restructuring exercise is expected within
the 2001 financial year.

As per the proposals, Mycom will focus on property development
and construction activities post-restructuring, with the
acquisition of property development and construction
subsidiaries from Olympia and joint development with Olympia of
the Kenny Heights project located at the Mont Kiara/Sri Hartamas
vicinity which it proposes to co-own with Olympia. The
acquisitions will not only contribute immediate earnings to
Mycom, but will also inject a sizeable land bank in various
parts of Malaysia into the Group, turning it into a major
property developer in the country.

Repayment of restructured borrowings will be financed by
operating cash flow as well as disposal of oil palm plantation
and other non-core investments. The Company has, in November
2000 and January 2001, received approvals from FIC and MITI
respectively. Approvals from the SC and BNM are still pending.


NCK CORPORATION: Unit Enters Asset Disposal Agreement
-----------------------------------------------------
On behalf of NCK Corporation Berhad (NCK) Special Administrators
Appointed, Alliance Merchant Bank Berhad, announced that NCK
Wire Products Sdn Bhd Special Administrators Appointed, a wholly
owned subsidiary of NCK, on 1 April 2002 entered into a
conditional sale of assets agreement for the proposed disposal
of its plant and machinery to Brisk Steel Products Sdn Bhd.

THE PROPOSED DISPOSAL

On 1 April 2002, NCK Wire, had entered into an Agreement to
dispose of its Assets for a total cash consideration of
RM18,000,000 to Brisk Steel Products Sdn Bhd (Purchaser).

The Assets are plant and machinery that are used by NCK Wire for
the manufacture of wire products and shall be disposed of free
from all encumbrances. NCK Wire is authorized to utilize the
sale consideration of RM18,000,000 or any part thereof to redeem
certain plant and machinery, which are encumbered, in accordance
with the workout proposal of NCK Wire to be prepared by the
Special Administrators (SA).

On the same date, the following agreements were also entered
into with the Purchaser:

   (a) Ng Choo Kwan & Sons Hardware Sdn Bhd (Special
Administrators Appointed) entered into a tenancy agreement with
the Purchaser for the lease of the premises on which the Assets
are located;

   (b) NCK Wire entered into a management agreement (Management
Agreement) with the Purchaser for the Purchaser to fulfill all
orders from the customers of NCK Wire and to assist NCK Wire to
recover all outstanding trade debts due to NCK Wire from its
customers, subject to the terms and conditions in the Management
Agreement.

The Proposed Disposal does not depart from the SC's Policies and
Guidelines on the Issue/Offer of Securities.

Barring any unforeseen circumstances, the Proposed Disposal is
expected to be completed by August 2002.

Salient terms of the Agreement

The salient terms of the Agreement are as follows:

   (a) The total sale consideration is payable as follows:

    * 10% of the purchase price upon execution of the Agreement;

    * 90% of the purchase price within seven (7) days from the
fulfillment of the conditions precedent;

   (b) Pending the completion of the Proposed Disposal, NCK Wire
will lease the Assets to the Purchaser from the seventh (7th)
day after the Purchaser's receipt of all approvals from the
relevant authorities to operate the Assets at the premises of
NCK Wire (License Date) until seven (7) days from the
fulfillment of all conditions precedent;

   (c) The conditions precedent stipulated in the Agreement are
to be fulfilled within three (3) months from the date of the
Agreement or such other date(s) extended by NCK Wire at its sole
discretion, such extended period(s) shall not exceed three (3)
months in aggregate;

   (d) The Purchaser shall use its best endeavor to employ the
former employees of NCK Wire (NCK Wire Employees) on terms and
conditions which shall be no less favorable than those
contracted with the Purchaser's existing employees when the NCK
Wire Employees are terminated in accordance with the Agreement.

Basis of determining the sale consideration

The sale consideration was arrived at based on proposals
submitted by Brisk Steel to the SA of NCK on 15 May 2001 and 9
June 2001. The proposals were in response to an invitation for
interested parties to submit proposals to acquire any assets or
business of NCK and its group of companies (NCK Group).

The net book value of the Assets based on the audited financial
statements of NCK Wire for the financial year ended 30 June 2001
is RM21,525,385.25.

Original cost of investment

NCK Wire acquired the Assets between December 1994 and April
1998 for a total consideration of RM31,357,520.83

Based on the audited consolidated accounts of NCK as at 30 June
2001, the Proposed Disposal will result in a loss on disposal of
RM3,815,598 to the NCK Group (the loss on disposal includes the
write-off of amenities for employees and utilities in the books
of NCK Wire that are not included in the Assets).

Liabilities to be assumed by the Purchasers

The Purchasers will not assume any liabilities pursuant to the
Proposed Disposal.

BACKGROUND INFORMATION

NCK Wire

NCK Wire was incorporated in Malaysia on 11 January 1994. The
present authorized share capital of NCK Wire is RM10,000,000
comprising 10,000,000 ordinary shares of RM1.00 each of which
4,000,000 ordinary shares of RM1.00 each have been issued and
fully paid-up. The principal activities of NCK Wire is the
manufacturing and marketing of wire products.

Brisk Steel

Brisk Steel was incorporated in Malaysia on 27 December 1980.
The authorized share capital of Brisk Steel is RM5,000,000
comprising 5,000,000 ordinary shares of RM1.00 each of which
3,424,658 ordinary shares of RM1.00 each have been issued and
paid-up. The principal activities of Brisk Steel is as a
manufacturer of steel wire products.

RATIONALE FOR THE PROPOSED DISPOSAL

On 16 April 2001, Pengurusan Danaharta Nasional Berhad
(Danaharta) appointed Dato' Nordin bin Baharuddin, Mr Adam
Primus Varghese bin Abdullah and Ms Wong Lai Wah all of Messrs
Ernst & Young as SA for NCK pursuant to the Pengurusan Danaharta
Nasional Berhad Act, 1998. On 11 October 2001, Danaharta further
appointed the abovenamed Dato' Nordin bin Baharuddin, Mr Adam
Primus Varghese bin Abdullah and Ms Wong Lai Wah as SA for NCK
Wire. A workout proposal is currently being prepared for NCK and
NCK Wire by the SA. The Proposed Disposal will raise proceeds to
meet the financial obligations of the NCK Group.

Utilization of Proceeds

NCK Wire will receive proceeds totaling RM18,000,000 from the
Proposed Disposal. The proceeds will be utilized for the
settlement of the creditors of NCK Wire in accordance to the
workout proposal to be finalized by the SA.

FINANCIAL EFFECTS

Share capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of NCK.

Earnings

The Proposed Disposal will result in a loss on disposal to the
NCK Group of RM3,815,598 or RM0.10 per share.

Net tangible liabilities

The proforma effect of the Proposed Disposal on the net tangible
liabilities of the NCK Group is set out in Table 1 found at
http://www.bankrupt.com/misc/TCRAP_NCK0405.gif

Shareholding structure

There will be no impact on the shareholding structure of NCK as
a result of the Proposed Disposal.

APPROVALS REQUIRED

The Proposed Disposal is subject to inter-alia, the approvals of
the following:

   (a) the Securities Commission (SC);

   (b) Danaharta and the secured creditors (if any) for the
workout proposal relating to NCK to be prepared by the SA in
accordance with the Pengurusan Danaharta Nasional Berhad Act,
1998;

   (c) Danaharta and the secured creditors (if any) for the
workout proposal relating to NCK Wire to be prepared by the SA
in accordance with the Pengurusan Danaharta Nasional Berhad Act,
1998;

   (d) the Foreign Investment Committee, if necessary;

   (e) the Ministry of International Trade and Industry, if
necessary;

   (f) the shareholders of NCK, if necessary

   (g) the shareholders of the Purchaser, if necessary; and

   (f) any other relevant authorities and/or parties, if
necessary.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the existing Directors and/or substantial shareholders
of NCK and persons connected to them has any interest, direct or
indirect, in the Proposed Disposal.

APPOINTMENT OF ADVISERS

Alliance has been appointed as the Adviser for the Proposed
Disposal.

SA'S OPINION

After due consideration of all aspects of the Proposed Disposal,
the SA of NCK are of the opinion that the Proposed Disposal are
in the best interest of the stakeholders of the Company.

APPLICATION TO THE SC

The application to the SC for the Proposed Disposal will be made
within fourteen (14) days from the date of signing of the
Agreement or such timeframe, which may be extended by the SA of
NCK Wire at their sole discretion.

DOCUMENTS FOR INSPECTION

The Agreement is available for inspection at the SA's office,
Ernst & Young, (Chartered Accountant), 4th Floor, Kompleks
Antarabangsa, Jalan Sultan Ismail, 50250 Kuala Lumpur during
normal business hours from Monday to Friday (except for public
holidays) for a period of 14 days from the date of this
announcement.

PROPOSED DISPOSAL TO BE INCLUDED IN THE WORKOUT PROPOSAL OF NCK

The Proposed Disposal shall be included in the workout proposal
of NCK and NCK Wire to be prepared by the SA. The workout
proposal, once approved by Danaharta and the secured creditors
(where applicable) pursuant to Section 46 of the Pengurusan
Danaharta Nasional Berhad Act 1998, shall be binding on the
Company, all members and creditors of the Company and any
parties affected by the workout proposal, whether or not the
parties had knowledge or notice of the workout proposal.


PAN PACIFIC: FI Rejects Debt Restructuring Proposal
---------------------------------------------------
Pan Pacific Asia Bhd. (the Company or PPAB) informed the Kuala
Lumpur Stock Exchange (KLSE) that, in respect to the debt
restructuring:

   (1) offer has been made by the restructuring agent to the
consortium of bankers for the debt restructuring of syndicated
loans; and

   (2) the financial institution (FI) has rejected the Company's
counter proposal and the Company has indicated to the Receiver
and Manager of a subsidiary that the Company will make a fresh
offer to the financial institution.

With regards to the establishment of its manufacturing facility,
PPAB also informed that the tender for the electrical wiring of
the factory has been closed and the management will award the
tender soon.


PANCARAN IKRAB: In the Midst of Restructuring Plan Preparation
--------------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance), for and on behalf of
the Board of Directors of Pancaran Ikrab Bhd (PIB or Company),
announced that PIB is in the midst of preparing:

(1) Legal documentation

PIB is currently liaising with its legal adviser and the parties
involved in the restructuring scheme to finalize all legal
documentation prior to the implementation of the restructuring
scheme; and

(2) Injection of Promenade Hotel Sdn Bhd (Promenade) into PIB

Alliance, on behalf of PIB, has previously announced to the KLSE
that the restructuring scheme encompasses, inter-alia, the
injection of Promenade by Tokojaya Sdn Bhd (Tokojaya) into PIB.
Tokojaya shall procure that Promenade Hotel, the asset of
Promenade which is the subject of the injection, would be free
from any interest or equity of any person (including without
prejudice to the generality of the foregoing, any right to
acquire, option or right of pre-emption), any mortgage, deposit,
charge, pledge, lien or assignment, or any other form of
encumbrance, priority or security interest or arrangement of
whatsoever nature over or in Promenade.

Tokojaya is currently in the process to free Promenade from
encumbrances.

Subsequent to the above, PIB would proceed to obtain the
approvals from the following parties:

   (a) the shareholders of PIB for the proposed revision to the
restructuring scheme at an extraordinary general meeting to be
held; and

   (b) the KLSE for the listing of and quotation for the new
Promenade Consolidated Berhad shares to be issued pursuant to
the restructuring scheme.

Save for the above, there is no further development on the
status of PIB's plan to regularize its financial condition
pursuant to PN4/2001 issued by the KLSE, subsequent to the
Company's announcement dated 1 March 2002.


PLANTATION & DEVELOPMENT: Regularization Plan Unfinished
--------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Plantation &
Development (Malaysia) Berhad (P&D or the Company), announced to
the KLSE that the Company is still negotiating with potential
parties to devise a plan to regularize its financial position.

The Company is currently waiting for the KLSE's decision for the
application made to seek an extension of time up to 30 June 2002
for the Company to finalise a plan to regularize its financial
condition.

Save as disclosed, there are no other material developments to
the proposed debt and equity-restructuring scheme.


SPORTMA CORP.: Proposal Approval Pending
----------------------------------------
The Special Administrators (SA) of Sportma Corporation Berhad
(Special Administrators Appointed) (Sportma or the Company)
announced that the revised Proposed Corporate and Debt
Restructuring Scheme of Sportma (Proposal) which has been
approved by the Securities Commission vide its letter dated 31
January 2002 and the Foreign Investment Committee vide its
letter dated 21 January 2002, is still pending the following
approvals to be obtained from the relevant authorities:

   1. The SC for the issue of private debt securities, namely
the Proposed Issue of Redeemable Convertible Secured Loan Stocks
(RCSLS);

   2. The Ministry of International Trade and Industry for the
extension of time to comply with the bumiputera equity
participation; and

   3. The Exchange for the transfer of the listing status of
Sportma, and the listing of and quotation for the new shares to
be issued pursuant to the Proposal.

The SA had applied to the Exchange for an extension of time of
three (3) months from 31 March 2002 to obtain all approvals from
the regulatory authorities for the implementation of the
Proposal pursuant to paragraph 5.1(c) of Practice Note 4/2001.


TALAM CORPORATION: Dormant Subsidiary Removed From Register
-----------------------------------------------------------
Talam Corporation Berhad (Talam) announced that Pandan Indah
Management Services Sdn Bhd, a dormant subsidiary of Talam, has
been struck off from the register by the Registrar of Companies
pursuant to powers conferred by subsection 308(4) of the
Companies Act, 1965 and accordingly dissolved.


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


BELLE CORP: In Restructuring Talks With Foreign Creditors
---------------------------------------------------------
Property and gaming firm Belle Corporation is pursuing talks
with foreign creditors for the restructuring of some P4.5
billion (US$87.87 million) in debts, Business World reports.

According to Chief Financial Officer Manuel Gana, approximately
P2 billion of Belle's estimated P6.5 billion debts last year has
been restructured with local creditor banks.

Mr. Gana, however, declined to comment on the terms agreed with
local creditors. He also refused to name the Company's
creditors.

Belle has sold off a number of non-core assets including
Internet firm Maginet Corp., its 51 percent stake in Lucky Star,
which provides the communications network for the jai alai
vending business; and non-prime lands in various areas.

The Company earlier sought a 90-day moratorium on the payment of
its debts to local and foreign creditors.

To help in its debt servicing activities, Belle will also sell
shares in Highlands Prime Leisure Properties, Inc when the Belle
subsidiary makes its market debut this month.

Belle will raise an estimated P757 million from the secondary
offering of shares, P654 million of which will be for debt
settlement.


NATIONAL STEEL: Govt Asks Cerberus to Help Ailing Firm
------------------------------------------------------
Finance Secretary Jose Isidro Camacho said the government has
asked Cerberus Capital Management to take a look at the assets
of National Steel Corp (NSC) to determine options to
rehabilitate the company, Business World reports.

"I suggested [Cerberus] look at other big corporations that may
be undergoing financial restructuring," Camacho said.

The government also expects the New York-based company to help
cut down the non-performing loans (NPLs) of the local banking
sector. As of December, the ratio of bad loans to total loans
was 17.35 percent.

Mr. Camacho had said in December Cerberus agreed to invest $500
million to set up a corporate restructuring fund in the
Philippines. The fund will provide additional equity to local
firms with troubled finances.


NATIONAL STEEL: Govt Gives Up on Reopening Proposal
---------------------------------------------------
The Philippine government has given up on an interim proposal
for the reopening of the National Steel Corp. (NSC) and has
ordered the Securities and Exchange Commission (SEC) to proceed
with the foreclosure of its assets, the Business World reports.

President Gloria Macapagal-Arroyo in a radio interview said it
would be up to the opponents of the foreclosure to question the
move in the courts.

For the past two years, NSC stakeholders have been at odds over
proposals from investors to temporarily operate the firm's
facilities in Iligan in Mindanao.

The parties have earlier threatened to file charges against each
other should the outcome of the negotiations be unfavorable to
either of them.

The NSC Evaluation Committee was supposed to draw up the
proposals for NSC's reopening. The committee was composed of two
representatives from creditor banks, two from NSC's Malaysian
shareholder Hottick Investment, Ltd., the NSC liquidator, and
representatives from SEC and the Department of Trade and
Industry (DTI).

The paper added that Ms Arroyo has ordered DTI Secretary Manuel
Roxas II to brief prospective creditors about the planned
foreclosure, as well as the proposed creation of an asset
management firm that will buy the properties.

NSC is Asia's oldest steel firm. It closed down in 1999 after
mounting debts paralyzed its operations. The ailing firm owes
its creditors some P16 billion (US$312.44 million).

Its creditors are Philippine National Bank, Land Bank of the
Philippines, United Overseas Bank (formerly Westmont Bank),
Allied Banking Corp., Global Bank (formerly Asian Bank Corp.),
Bank of Commerce, China Banking Corp., Credit Agricole Indosuez,
Wise Citco, Equitable PCI Bank, Rizal Commercial Banking Corp.,
Traders Royal Bank, United Coconut Planters Bank and Export
Industry Bank (formerly Urban Bank).


PHILIPPINE LONG: Internet Cafe Chain Expands, Spends P24M
---------------------------------------------------------
Philippine Long Distance Telephone Co. (PLDT) group subsidiary
Netopia Computer Technologies will this year increase the number
of its branches to 70 and will spend around P24 million for the
expansion, the Philippine Star reports.

Netopia, the country's largest Internet cafe chain, currently
has 39 branches and around 1,400 workstations. It is owned 40
percent by ePLDT, a 100-percent PLDT subsidiary, 10 percent by
Newnet Holdings, and the balance, by a group of entrepreneurs.

ePLDT Managing Director Ariel Roda, meanwhile said: "Our
infrastructure has always been developed with our customer
needs. With the advent of digital media, we made sure Filipinos
will have the advantage of broadband connection to make their
digital communication possible."

The Troubled Company Reporter Asia Pacific reported yesterday
that PLDT will start marketing its $500 million of 10-year bonds
this month to help repay debt, which BusinessWorld said, stood
at P83.5 billion (US$1.63 million) as of end-2001.


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


ARTHUR ANDERSEN: E&Y Will Integrate Unit, Absorb Staff
------------------------------------------------------
Auditing firm Arthur Andersen signed Wednesday a memorandum of
understanding on the merger with Ernst & Young, ending much of
the uncertainty and anxiety faced by Andersen Singapore's 1,000
staff and its scores of clients, the Business Times reports.

Under the deal, the former rival will absorb the partners and
staff of Arthur Andersen in Singapore.

"The proposed integration is a positive move for both our firms
and will substantially strengthen the presence of Ernst & Young
in the market place as a leading provider of professional
services," Ernst's managing partner, Fang Ai Lian said.

Ms Fang will also head the merged entity, which will carry on
practicing as Ernst & Young.

The formal integration is yet several weeks away, subject to the
completion of due diligence, regulatory approval and partner
votes, BT adds.


ASIA PULP: Ferrier Hodgson Extends Debt Restructuring Aid
---------------------------------------------------------
Australia's Ferrier Hodgson has reached a deal with a major
group of Asia Pulp & Paper Co. creditors to restructure about
one-third of APP's $13.9 billion debt, Dow Jones Newswires
reports.

The accounting firm did not provide details of the deal.

The group of APP creditors that appointed Ferrier Hodgson
includes guarantors of bank creditors representing a significant
minority of the company's total debt.

APP, which has called a debt standstill in March 2001, presented
this year the first draft of a debt-restructuring plan that
promised to repay all creditors over a 13-year period. Many
creditors said the plan was not
acceptable.

The restructuring is expected to be lengthy and complicated,
particularly due to differences between APP's creditors, which
range from bondholders to banks. The process is further
complicated by the fact that fresh liabilities continue to
emerge.


L&M GROUP: Clarifies Discrepancy in FY01 Financial Statement
------------------------------------------------------------
L&M Group Investments Ltd (the Company), in regards to its un-
audited full year financial statement as at 31 December 2001,
clarified the discrepancy between the figures presented and the
Company's estimate of its un-audited financial statement as at
31 December 2001 as announced on the 30 January 2002.

(1) The discrepancy between the Group's figures arose primarily
as a result of an additional provision of S$6.7 million being
included in the exceptional items in respect of a transaction
entered into between the Group and one of its contractors. The
original provision of S$7.2 million in the announcement made on
30 January 2002 was felt to be inadequate in the light of
subsequent legal developments relating to the transaction. The
decision to increase the provision by S$6.7 million was made
after the Audit Committee meeting on the 27 March 2002 when it
was decided that as a matter of prudent accounting, full
provision should be made on that transaction.

(2) The discrepancy is also attributed to additional losses of
S$7.9 million being booked by three subsidiaries of the Group as
a result of additional provisions being made by these
subsidiaries when their books were closed in March 2002. The
losses were not apparent in January 2002 due to changes in the
management of these subsidiaries occurring on or about November
2001. The Audit Committee adopted the additional provisions, and
consequent losses, after their meeting on the 27 March 2002.

(3) The Company's figures differed significantly between the two
announcement dates principally as a result of added provisions
of approximately S$40 million included in the exceptional items
entry. The increased provisions were made after the Audit
Committee meeting on 27 March 2002 when the Audit Committee felt
that it was prudent to provide an increased exceptional items
loss of S$17 million due to the write down in inter-company
balances as a result of the negative net tangible assets and
accumulated losses sustained by four of the Group's
subsidiaries. The Audit Committee also proposed and the Board of
Directors accepted increased losses of S$26 million resulting
from the write-off of the costs of investment in three
subsidiaries which had negative net tangible assets positions.

The announcement made by the Company on the 31 March 2002 also
showed in the balance sheet for the un-audited full year
financial statement as at 31 December 2001 a negative net
current asset for the Group amounting to S$70.2 million. The
current liabilities of the Group include an amount of
approximately S$82 million outstanding to the Bank. The Board of
Directors wish to state that the Group is a going concern
subject to the successful negotiations with the Bank and the
completion of the various schemes of arrangement proposed by the
Group's subsidiaries and the debt and equity restructuring
exercise currently undertaken by the Group.

For more financial information check the release at
http://info.sgx.com/webcorannc.nsf/413aa2d90e391def4825655300242
a8f/2c899410c0cd078748256b8f001e0698?OpenDocument


THAKRAL CORPORATION: Undertakes Capital Reduction Exercise
----------------------------------------------------------
Thakral Corporation Ltd (the Company), in reference to the
MASNET announcement on 26 March 2002, announced that as a result
of the debt buy-back, the conversion of bank debt into equity
and the injection of fresh money into the Company would
recognize a gain of S$207.5 million in the financial year ended
31 March 2002. Included in this amount was a gain of S$8.6
million resulting from the injection of new money into the
Company and a gain of S$118.9 million resulting from the
conversion of bank debt into equity. Both these gains were
calculated on the basis of the closing market price of S$0.11
per share on 25 March 2002.

As the effective completion date of the financial restructuring
(Effective Date) took place on 27 March 2002, the Company has
now recalculated the gain on the basis of the closing market
price of S$0.115 per share on 26 March 2002, this being the last
quoted price immediately preceding the Effective Date.

On the basis of S$0.115 per share, the gain that the Company
will recognize in the financial year ended 31 March 2002 has now
been determined at S$202.994 million.

As part of the Company's continued efforts to constantly
disclose material information to shareholders and the public at
large, the Company is pleased to show in the table below, the
proforma shareholders' funds of the Company and the Group for
the un-audited 11 months ended as at 28 February 2002, after
taking into account the completion of the financial
restructuring that occurred on the Effective Date (the Proforma
Basis):

COMPANY LEVEL

                       Last Audited               Proforma Basis
                  (FY ended as 31March 2001)       Unaudited
                                                (11 months ended
                                              as at 28 Feb 2002)

S$'000

Shareholders' Funds

Issued and Paid-up Share Capital 58,500              74,798
Non-Distributable Reserves
- Share Premium Account          123,226             177,884
- Other Capital Reserves - -
(Accumulated Losses)             (375,778)          (165,250)
Shareholders' Funds              (194,052)           87,432

GROUP LEVEL

                   S$'000 Last Audited         Proforma Basis
                      (FY ended as at              Unaudited
                     31 March 2001)            (11 months ended
                                              as at 28 Feb 2002)

Shareholders' Funds
Issued and Paid-up Share Capital 58,500           74,798
Non-Distributable Reserves
- Share Premium Account          123,226          177,884
- Other Capital Reserves         772              650
- Translation Reserve            15,103           10,598
(Accumulated Losses)             (354,777)        (151,238)
Shareholders' Funds              (157,176)        112,692

Furthermore, the Company intends to undertake a capital
reduction exercise pursuant to section 73 of the Companies Act
(Chapter 50) to entirely eliminate the Company's proforma
accumulated losses of S$165.250 million for the un-audited 11
months ended 28 February 2002 against the un-audited proforma
share premium account of S$177.884 million. The rationale for
the proposed capital reduction exercise is to write off the
reserves of the Company that are not represented by available
assets. The capital reduction exercise is subject to
shareholders' approval at an extraordinary general meeting to be
convened and the sanction of the High Court of Singapore.

A circular will be dispatched to shareholders in due course.


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


ADVANCE PAINT: Files Business Reorganization Petition
-----------------------------------------------------
Paint manufacturer and Distributor Advance Paint and Chemical
(Thailand) Public Company Limited (DEBTOR) filed its Petition
for Business Reorganization at the Central Bankruptcy Court:

   Black Case Number 1243/2544

   Red Case Number 1025/2544

Petitioner: ADVANCE PAINT AND CHEMICAL (THAILAND) PUBLIC COMPANY
LIMITED

Planner: BANG - PA - IN PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt683,096,388.65

Date of Court Acceptance of the Petition: October 10, 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 16, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: December 4,
2001

Deadline for the Planner to submit the Reorganization Plan to
the Official Receiver: March 4, 2002

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


FINANCE ONE: FRA Draws Last Suspended Company Into Bankruptcy
-------------------------------------------------------------
The Central Bankruptcy Court on Tuesday declared Finance One
Plc., bankrupt and put it under absolute receivership upon the
request filed by the Company's liquidator.

Finance One Plc. (FIN-1) is the biggest finance company under
the supervision of the Financial Sector Restructuring Authority
(FRA). It had Bt40,282.64 million of assets and Bt90,401.30
million of outstanding debts as of December 31, 2000.

Mr. Kamol Juntima, the FRA's Chairman, said that the Company has
already distributed Bt28,864.14 million to the creditors
(approximately 38 percent of their claims). Of this amount,
Bt18,994.87 million or 65.81 percent were paid to the Financial
Institutions Development Fund (FIDF).

The remaining assets include Bt4,713.54 million reserved for all
of FIN-1 creditors who are required to file claims with the
Official Receiver. Others are unsold assets under litigation.
FIN-1 had also sued seven parties claiming Bt4,130.19 million.
If the remainders of the assets are realized and the lawsuits
won, FIN-1 could possibly repay the general creditors a total of
50 percent of their claims.

"Of the 56 suspended companies, six were brought into bankruptcy
process prior to making repayments and their proceeds of
Bt24,816 million from asset sales are being distributed to
creditors by the Official Receiver, while 50 others have made
repayments under the FRA's distribution scheme and their
creditors have already received a total of Bt213,984.63 million.
Of this amount, Bt190,886.38 million or 89.21 percent went to
the FIDF," said Mr.Kamol.

In the Bankruptcy Process, provisions totaling Bt32,683 million
were to be handled by the Official Receiver. The FIDF is
expected to receive additional payments of around Bt50,599
million. The Official Receiver will also make further repayments
from the Profit Sharing Agreement.


RAIMON LAND: Financial Adviser Appointed
----------------------------------------
Raimon Land Planner Co., Ltd., represented by Mr. Nigel John
Cornick in capacity of the Plan Administrator of Raimon Land
Public Co., Ltd., informed that the Company has appointed Thai
Strategic Capital Co., Ltd. as the independent financial advisor
is giving recommendations related to the tender offer to
purchase securities in accordance with the Notification of the
Securities and Exchange Commission, Re: Criteria, Conditions and
Procedures related to a Takeover, dated 6 March B.E. 2538.


THAI HEAT: Planner Registers Increasing Capital
-----------------------------------------------
Thai Heat Revival Company Limited, as the reorganization planner
of Thai Heat Exchange Public Company Limited (the Company), has
registered the Company's increasing capital to the ministry of
Commerce, in compliance with the rehabilitation plan:

Past (Baht)   Change  to

Authorized share capital      492,764,000.00     533,066,000.00
Issued and paid up shares
capital       407,234,000.00     533,066,000.00


                        Past(Share)      Change to (Share)

Common Stock                22,551,200           22,551,200
Preferred Stock             18,172,200           30,755,000


THAI-GERMAN: Revises Company Holidays
-------------------------------------
PLV and Associates Company Limited, as Business Reorganization
Plan Administrator of Thai-German Products Public Company
Limited (TGPRO), regarding its holidays for year 2002, informed
its customers of the changes. The announced holidays for April
8-13, 2002 are cancelled and moved to the following days, as
stated below:

GPRO/PUBLIC HOLIDAYS              DATE

Substitution for Songkran Day         14 Apr 2002 Mon 15 Apr
2002
Substitution for Chakri Memorial Day 8 Apr 2002  Tue 16 Apr 2002
Closed      Wed Apr 2002
Closed           Thurs 18 Apr 2002
Closed        Fri 19 Apr l 2002


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
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