TCRAP_Public/020416.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

            Tuesday, April 16, 2002, Vol. 5, No. 74

                         Headlines

A U S T R A L I A

ANACONDA NICKEL: Miner Hit by Collapse in Cobalt Prices
ANSETT AUSTRALIA: $30M Offer Will Close in May
COTTEE HEALTH: Patrick Joseph Steps Down as Director
PACIFIC DUNLOP: Unions Urge to Stop Violating Workers' Rights
PACIFIC DUNLOP: Will Appoint Harry Boon as CEO


C H I N A   &   H O N G  K O N G

FIVEOCEANS SUPPLY: Winding Up Petition Hearing Set Next Week
GREAT WALL TECHNOLOGY: Stiff Competition Results in Y135M Loss
KONKA GROUP: Posts Full-Year Net Loss of Y700M
ON LINE EDUCATION: May Winding Up Petition Hearing Scheduled
PERFECT PAPER: Faces Winding Up Petition


I N D O N E S I A

ARTHUR ANDERSEN: Merger With Rival E&Y Looks Promising
CHANDRA ASRI: Inks Restructuring Deal With IBRA, Marubeni
TELEKOMUNIKASI SELULER: Bimantara Seeks Partner for Komselindo


J A P A N

DAIWA BANK: Unveils New Group Name, Reorganizes Unit Banks
HITACHI LTD: EMC Files Patent Infringement Complaint
KEISHIN WAREHOUSE: Applies for Corporate Rehabilitation
KANTO DENKA: JCR Downgrades Senior Debt Rating to BB+
KDDI CORP: Enters Capital Alliance With Brazilian Units

NIKO NIKO: Fukuoka Will Aid Struggling Retailer
SNOW BRAND: Scraps Plan to Sell Ham Operations
SUMITOMO MITSUI: JCR Downgrades L-T Rating to AA-
NIPPON TELEGRAPH: Unit Collaborates With 11 Asian Carriers
YAMAKI CO: JCR Downgrades Rating to BB-


K O R E A

HANBO IRON: AK Capital Starts Due Diligence on Assets, Debts
HYNIX SEMICONDUCTOR: Returns to Black in Q102
SAMSUNG ELECTRONICS: May Up Chip Spending to Rival Demand


M A L A Y S I A

AUTOINDUSTRIES VENTURES: Defaults on April Payment
BESCORP INDUSTRIES: KLSE Approves Scheme Extension
HAI MING: Accepts Restructuring Scheme Conditions
L&M CORP.: KLSE Approves Extension to July
S P SETIA: Commission Approves Proposed Refinancing

S P SETIA: Infrastructure Ops to Increase Profits by 30%
S P SETIA: KLSE Grants Share Option Scheme Listing
SPORTMA CORPORATION: KLSE Extends Proposal to June


P H I L I P P I N E S

BW RESOURCES: SEC Warns Stockbrokers to Settle Penalties
PHILIPPINE AIRLINES: Opposes Govt Plan to Exercise Put Option
PHILIPPINE LONG: Moody's Assigns Ba3 Rating; Possible Downgrade


S I N G A P O R E

ASIA PULP: Parent Surrenders Stake to Government
BIL INTERNATIONAL: Faces Removal From ASX
BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
L & M GROUP: SGX-ST Approves Issuance of New Shares
LKN-PRIMEFIELD: Bondholders Discuss New Restructuring Scheme


T H A I L A N D

BANGKOK EXPRESSWAY: Expects to Refinance THB37.6B Debt

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Miner Hit by Collapse in Cobalt Prices
-------------------------------------------------------
West Australian miner Anaconda Nickel, which is in negotiation
with bondholders in a bid to restructure repayments, received a
further blow with the collapse of cobalt prices, the Australian
newspaper reports.

According to a report, cobalt production at Anaconda's Murrin
Murrin plant has been lower than expected due to poor recovery
rates and a lower cobalt grade in processed ores.

Sydney-based researcher, AME Mineral Economics says the original
budget for the Murrin Murrin project forecast cobalt revenue of
between $US80 million and $US100 million a year, based on a
metal price of $US15 a pound and a 75 percent recovery rate.

AME puts the recovery rate last year at only 65 percent, rising
to 71 percent this year. It predicts cobalt will average $US8 a
pound this year, giving Anaconda earnings of just $US35 million
($65 million) from the by-product.


ANSETT AUSTRALIA: $30M Offer Will Close in May
----------------------------------------------
The $30 million tender offer for the Ansett headquarters at the
north end of Melbourne's CDB will close May 17.

The Ansett building, which is currently being used by the Ansett
administration team, includes a 17-story head office tower with
a rooftop helipad.

The building is valued at $20 million, with another three
adjoining properties to be sold separately or as a $30 million
package.

Marketing agents, Knight Frank and International will run an
international marketing campaign to get the best deal.

Creditors are still waiting for the sale of the domestic
terminal leases, including the Sydney terminal lease valued at
between $200 million and $400 million. Three bids have been
confirmed while talks continue between bidders, airport owners,
administrators and the Federal Government.

Ansett collapsed in September with debts of AUD$1.5 billion.


COTTEE HEALTH: Patrick Joseph Steps Down as Director
----------------------------------------------------
Cottee Health said yesterday that Mr Patrick Joseph Lyons has
resigned as a Company Director.

In December, Cottee Health appointed Mr A Sims and Mr Scott
Pascoe as joint and several Company administrators.


PACIFIC DUNLOP: Unions Urge to Stop Violating Workers' Rights
-------------------------------------------------------------
Officials of the United Steelworkers of America (USWA) and the
National Union of Workers of Australia (NUW) jointly called on
Pacific Dunlop Ltd. (PDLPY) Chairman and Acting Chief Executive,
Ed Tweddell, to stop the Company's planned restructuring of U.S.
operations in ways that violate the "basic rights and dignity of
its employees."

The officials spoke out at an Extraordinary Shareholders'
Meeting here, called by Pacific Dunlop to hold a vote on a
company name change to Ansell Ltd. Among the meeting attendees
were Greg Sword, NUW National Secretary and National President
of the Australian Labor Party (ALP), and David Kennard,
President of USWA Local 601-L, which represents workers at
Pacific Dunlop's wholly owned Ansell Healthcare Products Inc.
subsidiary U.S. facility in Massillon, Ohio. The NUW represents
over 1,000 Pacific Dunlop employees in Australia.

After the meeting, Sword and Kennard met separately with
Tweddell. They agreed to provide further information on the
planned closure of the Massillon plant and its effects on the
workforce and its possible detrimental impact on Ansell's future
ability to sell products in the U.S.

"Our members have invested their entire careers making latex
gloves in Massillon," stated Kennard. "We helped make Ansell
extremely profitable since the company purchased our operation
in 1995.

"Despite that profitability, the company has insisted on
shutting down our factory and moving to Malaysia to take
advantage of lower wages. It has refused an offer from a
credible buyer to purchase the facility and keep the factory
running," Kennard said. "It refused our offer to make major
concessions to reduce operating costs in order to keep the jobs
in Massillon. It has unlawfully refused to provide the workers
with requested information necessary to bargain over the effects
of this shutdown; and it has refused to negotiate a fair
severance that could enable the workers to transition to other
jobs."

At the shareholder meeting, Kennard also called attention to
apparent human rights violations at Ansell facilities in lower
wage countries such as Sri Lanka, Mexico and Haiti, where
workers are often prevented from having effective union
representation and companies are free to take advantage of this
situation.

In addition to the announced closure of the Massillon plant,
Ansell has announced the closing of facilities in Troy, Ala.,
Wilkesboro, N.C., and Coshocton, Ohio. The work is being moved
from those operations to low wage countries as well. A recent
editorial in the trade magazine Rubber & Plastics News accused
Ansell of "taking the low road" in closing the Massillon
facility and refusing to listen to the union's proposals to keep
the plant open.

Pacific Dunlop has also shed many jobs in Australia recently, in
some cases similarly moving them offshore to lower wage
countries. South Pacific Tyres Ltd., the Pacific Dunlop-Goodyear
joint venture, is in the process of shutting two Australian
facilities, cutting nearly 900 jobs.

"Pacific Dunlop should reconsider its misguided policy of
discarding loyal employees in the United States," said Kenneth
Zinn, North American Regional Coordinator of the International
Federation of Chemical, Energy, Mine and General Workers' Unions
(ICEM), a global union federation of 20 million workers, which
helped to coordinate the joint union effort. Referring to
pervasive market speculation that Pacific Dunlop is a take-over
target for corporate predators, Zinn said, "Management and
shareholders should carefully consider the long-term impact this
controversy could have on the company's Ansell brand, on
consumer goodwill in the U.S. and on its shareholder value."

The NUW represents over 90,000 workers in a variety of
industries, including food, retail, rubber and other
manufacturing, oil and warehousing, in Australia. The USWA
represents 600,000 workers in a wide variety of industries,
including steel, rubber, mining and health care in the U.S. and
Canada.


PACIFIC DUNLOP: Will Appoint Harry Boon as CEO
----------------------------------------------
Pacific Dunlop Chairman Ed Tweddell announced that the long-
serving Managing Director of the Ansell gloves and condoms
business, Harry Boon, will be appointed Chief Executive of the
parent company, the Age newspaper reports.

Mr Boon will also be invited to join the Board of Directors, the
paper adds.

Shareholders also approved Friday proposals to change Pacific
Dunlop's name to Ansell Ltd, consolidate its issued capital, and
renew its partial takeover clause.


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

FIVEOCEANS SUPPLY: Winding Up Petition Hearing Set Next Week
------------------------------------------------------------
The petition to wind up Fiveoceans Supply Services Limited is
set for hearing before the High Court of Hong Kong on April 24,
2002 at 9:30 am.

Citibank, whose registered office is at 50/F., Citibank Tower,
Citibank Plaza, 3 Garden Road, Hong Kong, filed the petition
with the court on December 20, 2001.


GREAT WALL TECHNOLOGY: Stiff Competition Results in Y135M Loss
--------------------------------------------------------------
Mainland computer maker Great Wall Technology reported a net
loss of 135 million yuan in 2001 due to tough competition in the
nation's personal computer market, the South China Morning Post
reports. Earlier, Great Wall warned of a step earnings decline
or a loss for 2001.

According to Great Wall Chairman, Wang Zhi, heavy losses at some
of its investment projects had also hurt its performance. The
Company's broadband network operations registered a loss of 190
million yuan.


KONKA GROUP: Posts Full-Year Net Loss of Y700M
----------------------------------------------
Konka Group, China's second-largest television maker, has
reported a net loss of 699.79 million yuan for last year, its
full year in the red since its 1992 listing, the South China
Morning Post reported.

Analysts said ventures to manufacture in India and produce its
own mobile telephones had contributed to the loss.

Sales of its color televisions and mobile phones tumbled nearly
25 percent to 6.75 billion yuan, the paper said.


ON LINE EDUCATION: May Winding Up Petition Hearing Scheduled
------------------------------------------------------------
The petition to wind up On Line Education Limited is set for
hearing before the High Court of Hong Kong on May 29, 2002 at
9:30 am.

Yau Chung Chau of Room 925, Pok Tat House, Pok Hong Estate,
Shatin, New Territories, Hong Kong, filed the petition with the
Hong Kong court on February 8, 2002.


PERFECT PAPER: Faces Winding Up Petition
----------------------------------------
The petition to wind up Perfect Paper Merchants Limited is set
for hearing before the High Court of Hong Kong on April 24, 2002
at 9:30 am.

Fiveoceans Supply Services Limited of Unit B, 17th Floor, No. 1
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, filed the
petition with the Hong Kong court on January 17, 2002.


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


ARTHUR ANDERSEN: Merger With Rival E&Y Looks Promising
------------------------------------------------------
Arthur Andersen's Indonesian unit Prasetio, Utomo & Co. is
likely to merge its operation with Ernst & Young to ease  
clients' uncertainty, the Jakarta Post reported. The newspaper
source declined to provide details, as the merger talks are
underway.

Prasetio, Utomo & Co. managing partner, Soemarsono S. Rahardjo
would not confirm the report, but said that the firm had held
talks with a major accounting firm.


CHANDRA ASRI: Inks Restructuring Deal With IBRA, Marubeni
---------------------------------------------------------
PT Chandra Asri Petrochemical Co has signed a debt restructuring
deal with its Japanese creditors led by Marubeni Corp, and the
Indonesian Bank Restructuring Agency (IBRA), the AFX Asia
reports.

The deal will increase the Japanese companies' combined holding
in Chandra Asri to 24.59 percent from 23.81 percent and give
IBRA a 25.86 percent stake. It will reduce the stake held by
businessman Projogo Pangestu, representing the Indonesian
Petrochemical Investment Corp, to 49.55 percent from 76.19
percent.

Pangestu, founder of the Barito Group, will be able to increase
this stake back to a majority through a call option to buy up to
4 percent of IBRA's shares in the company, at a price and time
to be determined by IBRA.

In return, Pangestu will pledge additional assets or company
shares to strengthen the guarantee on Chandra Asri's debt.

The deal involves converting US$417.4 million in IBRA loans into
common shares, along with US$147 million in Japanese loans,
leaving a sustainable debt of US$100.083 million to IBRA and
584.232 million to the Japanese creditors.

The balance of the loans from both parties will be repaid over
15 years at an annual interest rate of LIBOR plus 1.25 percent.


TELEKOMUNIKASI SELULER: Bimantara Seeks Partner for Komselindo
--------------------------------------------------------------
PT Bimantara Citra is looking for a strategic partner for PT
Komunikasi Selular Indonesia (Komselindo) and has approached a
number of foreign and local companies to see if they would like
to acquire shares in the unit, public relations head, Intan
Abdams told AFX-Asia. She said Bimantara is having difficulty
finding a partner for the mobile phone unit because there is not
much interest in Indonesian investments.

Abdams would not say how Bimantara plans to use the money raised
from the proposed sale of Komselindo shares, saying only that it
is working on many possibilities.

In March, the Jakarta Commercial Court granted Komselindo a 45-
day suspension on repayments.

Komselindo must meet debt repayments amounting to Rp126.4
billion (US$143.7 million) to 41 different creditors.

Among the creditors are PT Bank Negara Indonesia, PT Bank
Danamon Indonesia, PT Bank Mandiri, Bank of Taiwan, Hanil
Leasing and Finance of Hong Kong, First Commercial Bank
Singapore, the Royal Bank of Scotland (Singapore), Arab Banking
Corp, Overseas Chinese Bank, HSBC, and Thai Farmers Bank.

Apart from a number of local and foreign banks, its creditors
include Bimantara, Telkom and PT Indonesian Satellite Corp.

Bimantara owns 65 percent of Komselindo through subsidiary PT
Elektrindo Nusantara, while PT Telekomunikasi Indonesia owns the
other 35 percent.


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


DAIWA BANK: Unveils New Group Name, Reorganizes Unit Banks
----------------------------------------------------------
Daiwa Bank Holdings, Inc. on Friday has decided its new group
name. Daiwa Bank HD also reports updates of ongoing management
consolidation including formulation of a further management
rationalization plan. Details are:

1. Decision of New Group Name

(1) New Group Name
New group name is "Resona Group."

(2) Name of Group Companies
Names of the holding Company and its subsidiary banks will be
changed as follows, subject to the approvals by shareholders and
competent government authorities.

Corporate name of the holding Company is "Resona Holdings, Inc."
Corporate names of subsidiary banks are decided in such a way to
include the group name as part of their names such as Resona
Bank, Ltd., Osaka Resona Bank, Ltd., Resona Trust & Banking
Company Ltd., etc.

New group name is put into use from today.

Name of the holding Company will be changed on October 1, 2002
after obtaining approvals by shareholders in the general
stockholders' meeting to be held in June 2002.

Names of the subsidiary banks will be changed when the
reorganizations of subsidiary banks, details of which are being
discussed at the moment, are implemented.

2. Reorganization of Subsidiary Banks

As a first step, Daiwa Bank and Asahi Bank will be reorganized
into Saitama Resona Bank and Resona Bank, using such
reorganization schemes as corporate separation and merger,
subject to the approvals from competent government authorities.

In addition, operations of Asahi Trust & Banking will be
transferred to or merged by Daiwa Trust & Banking or by Daiwa
Bank on October 1, 2002. This integration will lead to an
elimination of redundant businesses within the group, raise
efficiency of group operations and foster know-how integration.

3. Formulation of a Further Management Rationalization Plan

Daiwa Bank HD formulated a further management rationalization
plan that will be implemented in line with the management
consolidation and business reorganization process. The group
banks will implement the rationalization measures outlined in
the plan and strive to achieve the combined net business profit
of over 440 billion-yen for the fiscal year ending March 2006.
(Increase of approximately 140 billion-yen compared with the
combined result for the fiscal year ended March 2001.)

4. Measures to Strengthen Capital Base

Capital adequacy ratio will be lowered due to net losses posted
for the fiscal year ended March 2002. Considerations will be
given to measures to strengthen capital base including issuance
of preferred securities.

5. Others

As subsidiary banks post significant losses for the fiscal year
ended March 2002, directors' salaries and remuneration will be
reduced as follows: Chairman, President and Deputy President of
Daiwa Bank HD Reduction of 50 percent Directors, Auditors and
Executive Officers of Daiwa Bank HD and its subsidiary banks
Reduction of
10 to 20 percent Furthermore, Daiwa Bank HD will not pay the
term-end dividend for common stock for the fiscal year ended
March 2002.

1. Objectives for the Reorganization

Daiwa Bank HD is aiming at creating a super regional bank,
adopting a new business model of consortium of regional
financial institutions.

More specifically, subsidiary banks under "Resona Holdings" will
be reorganized based on their regional coverage of operations to
form several regional banks covering specific regional areas and
a broad-area bank.

Pension and corporate trust businesses were already concentrated
to Daiwa Trust & Banking Company.* Correspondingly, specialized
services in such business fields as real estate, derivatives and
others will be concentrated to the "broad-area bank." *
Corporate name will be changed to Resona Trust & Banking
Company.

Under this organizational framework, group banks will closely
collaborate with each other to provide customers with high-
quality financial services.

2. Outline of the Reorganization

(1) Establishment of "Saitama Resona Bank"

Branch offices of Asahi Bank in Saitama prefecture will be
separated to form "Saitama Resona Bank" as one of the regional
banks in the aforementioned business model. Saitama Resona Bank
will focus on its home market, serving all segments of
customers.

In close collaboration with Resona Bank and Resona Trust &
Banking Company, Saitama Resona Bank will offer customers wider
variety of high-quality services.

(2) Establishment of Resona Bank
Soon after the separation of the Asahi Bank's operations in
Saitama prefecture, Daiwa Bank and Asahi Bank will merge to
establish Resona Bank as a broad-area bank in the aforementioned
business model.

Resona Bank will take over all branch offices of Daiwa Bank and
Asahi Bank other than those succeeded by Saitama Resona Bank.
These branch offices will also maintain and strengthen their
ties with local areas in which they operate. Considerations will
be given to introducing internal regional Company system to
ensure such operations.

In addition, specialized services offered so far by Daiwa Bank
and Asahi Bank such as derivatives and real estate, etc, will be
concentrated to Resona Bank. As a common platform within the
group, Resona Bank will provide customers of group banks with
such specialized functions or services.

(3) Others

Considerations are being given to reorganizing the operations of
Resona Bank, Kinki Osaka Bank and Nara Bank to form Osaka Resona
Bank in Osaka prefecture and Nara Resona Bank in Nara
prefecture.

In addition, in order to develop its super regional bank concept
further, Daiwa Bank HD continues to adopt an open-door policy
and actively seek participation of other regional financial
institutions in the group. (A regional bank joining the group
will take over the branch offices of "broad-area bank" located
in the region to form a new regional bank within the group.)

For further details, please refer to
http://www.daiwabank.co.jp/e-ir/pdf/020412_1a.pdf

TCR-AP reported Thursday that Daiwa Bank Holdings Inc is
discussing on the restructuring of its units namely Daiwa Bank,
Asahi Bank, Kinki Osaka Bank and Nara Bank. Daiwa Bank and Asahi
Bank are in the final stage of talks to merge by the autumn of
next year. Both banks have already presented proposals for the
merger and regional reorganization to the Financial Services
Agency.


HITACHI LTD: EMC Files Patent Infringement Complaint
----------------------------------------------------
EMC Corporation announced on Friday that it has filed patent
infringement complaints with the International Trade Commission
(ITC) and U.S. District Court in Worcester, Massachusetts,
against Hitachi Data Systems Corporation (HDS) and Hitachi, Ltd.
According to the complaints, HDS and Hitachi have engaged in
unlawful activities in importing into the United States products
that infringe six EMC patents. Those patents include four that
are the foundation of EMC's market-leading SRDF (Symmetrix
Remote Data Facility) and TimeFinder software products. Two
other EMC patents, relating to data migration and the storage of
mainframe data, are also included in the suits. Specifically,
EMC believes HDS and Hitachi have infringed U.S. Patent Nos.:

               6,101,497                       5,742,792
               6,092,066                       5,909,692
               5,544,347                       6,108,748

After nearly four years of attempting to resolve these issues
amicably, EMC is asking the ITC to block importation of
Hitachi's infringing software, including those products sold by
HDS. The District Court action further seeks damages for patent
infringement. The infringing Hitachi products include HORC,
HOARC and ShadowImage. More details on the patent infringement
suits can be found at www.emc.com/ip

Paul Dacier, EMC Senior Vice President and General Counsel,
said, "Like any innovator, EMC's enduring value is our
intellectual property. We must protect that intellectual
property as a matter of principle. We welcome honest competition
on the basis of innovation, but we refuse to compete against
infringing imitations of our own inventions. We have invested
billions of dollars in research & development to invent the most
functional and reliable set of storage products in the world.
While the Hitachi products in question do not approach the
levels of performance and functionality that EMC SRDF and EMC
TimeFinder provide, the principle is nonetheless critically
important: They clearly infringe on our core patents. Hitachi
has a history of copying technology invented by others and
infringing patents. It is a matter of responsibility to our
shareholders, customers, employees and business partners, to
protect their investments in EMC's most valuable technology
assets."

EMC SRDF software, introduced in 1994, allows customers to
protect their information and provide comprehensive business
continuity in the face of both planned and unplanned outages.
SRDF software is an online, host-independent, mirrored data
solution that duplicates production site data on one or more
physically separate target storage systems located across the
room, on the other side of the globe, or anywhere in between.
With more than 12,000 licenses sold, SRDF is the world's most
widely installed storage-based remote mirroring software.

EMC TimeFinder, introduced in 1997, enables customers to create
multiple copies of production data within the same or remote
storage system without disrupting ongoing applications.
TimeFinder software creates, in background mode, independently
addressable Business Continuance Volumes (BCVs) for mainframe,
UNIX, and Windows NT information storage. The BCVs are local
mirror images of active production volumes that can be used to
run simultaneous tasks in parallel with one another. With more
than 18,000 licenses sold, TimeFinder is the world's most widely
installed storage-based replication software.

EMC Corporation is the world leader in information storage
systems, software, networks and services, providing the
information infrastructure for a connected world. Information
about EMC's products and services can be found at www.EMC.com.

EMC is a registered trademark, and SRDF and TimeFinder are
trademarks of EMC Corporation. Other trademarks are the property
of their respective owners.

For further information, contact Mark Fredrickson of EMC
Corporation at 508-293-7137 or via e-mail at
fredrickson_mark@emc.com


KEISHIN WAREHOUSE: Applies for Corporate Rehabilitation
-------------------------------------------------------
Daiwa Bank Holdings, Inc. disclosed on Friday the application of
corporate rehabilitation of Keishin Warehouse Co., Ltd. and the
Application of Civil Rehabilitation by Its Affiliate, Keishin
Unsou Co., Ltd.

Keishin Warehouse Co., Ltd. and its affiliated Company, Keishin
Unsou Co., Ltd., both of which are customers of The Daiwa Bank,
Ltd. filed applications for commencement of corporate
reorganization and civil rehabilitation proceedings,
respectively.

Due to this development, there arose a concern that the claims
to the Companies may become irrecoverable or its collection may
be delayed. Details are:

1. Outline of the Companies

(1) Corporate Name 1. Keishin Warehouse Co., Ltd. 2. Keishin
Unsou Co., Ltd.
(2) Representative Minoru Kitagawa Akio Masumoto
(3) Amount of Capital 2,110 million yen 98 million yen
(4) Line of Business Warehouse Business Transportation Business

2. Facts Arisen to the Companies

(1) Keishin Warehouse Co., Ltd. The Company filed an application
for commencement of corporate reorganization proceedings with
the Osaka District Court on April 11, 2002.
(2) Keishin Unsou Co., Ltd.

The Company filed an application for commencement of civil
rehabilitation proceedings with the Osaka District Court on
April 11, 2002.

3. Amount of claims to the companies

(1) Keishin Warehouse Co., Ltd. Exposure of Daiwa Bank
    Loans: 4.9 billion yen
(2) Keishin Unsou Co., Ltd. Exposure of Daiwa Bank
    Loans: 3.1 billion yen

The Asahi Bank, Ltd., The Kinki Osaka Bank, Ltd. and The Nara
Bank, Ltd., which are subsidiaries of Daiwa Bank HD, have no
claims to the Companies.

4. Impact of This Development on The Consolidated Earnings
Forecast of Daiwa Bank HD.

This development does not affect the earnings forecast of Daiwa
Bank Holdings for the fiscal year ended March 31, 2002.


KANTO DENKA: JCR Downgrades Senior Debt Rating to BB+
-----------------------------------------------------
Japan Credit Rating Agency Ltd. has downgraded on April 10 the
rating on senior debts of Kanto Denka Kogyo Co., Ltd. from BBB-
to BB+.

Rationale:

Kanto Denka Kogyo is a chemical Company, being engaged in basic
chemicals and fine chemicals. It ranks among the top classes in
fluorine products, NF3, used for cleaning in the process of LCD
and semiconductor manufacturing. It has also strength in
magnetic alloy powder for recording tapes and carriers for
toners.

The Company's earnings for fiscal 2001 through March 31, 2002
are estimated to have dropped sharply due to IT slump and the
weakened market. Therefore, the Company will have to postpone
the restructuring plan for the unprofitable operations.

The Company is heavily dependent on the fluorine products for
the earnings. To maintain and improve the competitiveness in
this business field, it is necessary to make capital investments
for facilities and research and development continually. The
financial conditions are not good due to the lowered earnings
and large capital investments in the fluorine products. It will
take time for the Company to improve the financials, given the
current operating performance.

JCR downgraded the rating for the Company, taking into account
the more and more severe operating environment.


KDDI CORP: Enters Capital Alliance With Brazilian Units
-------------------------------------------------------
KDDI Corp. and Sumitomo Corp. unveiled on April 9 a capital
alliance between their Brazilian subsidiaries to help the
companies expand business opportunities in the fast growing
Brazilian telecommunications market.

Under the terms of the agreement, Sumitomo and its Brazilian
subsidiary, Brazil Sumitomo Corp., will invest about 1.6
millions R$ in exchange for newly-issued shares in KDDI Brazil,
KDDI's Brazilian subsidiary.

The information technology and telecommunications markets have
grown rapidly in Brazil following the privatization of the
state-run telecommunications Company in July 1998. The market's
huge growth potential is attracting attention from around the
world.

KDDI, through its KDDI Brazil subsidiary, provides ISP, hosting,
and consulting services, and also develops and sells Web/WAP-
related software mainly to the Brazilian operations of Japanese
companies.

KDDI Brazil expects future deregulation to lead to a huge
increase in business opportunities as well as increases in
competition and decided to raise capital through a third-party
share sale to strengthen its corporate structure and help
develop new business.

For its part, Sumitomo considers the Brazilian IT and
telecommunications market to be one of great importance for the
Company. Aiming to spur on the growth of this market, the
Company sought a trustworthy and technically excellent partner.

Sumitomo's management decided that the best way to work with the
KDDI Group and to expand its business in Brazil was through a
capital alliance. With these new funding arrangements for KDDI
Brazil, the strategies of KDDI and Sumitomo have become more
consistent.

KDDI Brazil plans to add network services to its existing
service lineup, expanding its business in Sao Paulo and Rio de
Janeiro, a move that aims to increase customer satisfaction.

Outline of KDDI Brazil:
Name :            KDDI Brazil (Previously KDD NetHall)
(Portuguese Name: KDDI do Brasil Ltda.)
Capital :         3,792,500 R$
Shareholders :    KDDI Group (50.1%), Sumitomo Group (42.0%),
Others (7.9%)
Main business :   ISP services; IT consulting, maintenance and
operations; hosting and collocation services for servers and
other IT equipment; development, customization, sales of and
support for Web-related and other software.

Sumitomo Corporation operates through the following divisions;
Iron & steel: three iron & steel divisions; Machinery &
electric, media, electronics & information business: ships,
aerospace, transportation systems, motor vehicles, construction
equipment, machinery & electric systems, plant, power &
telecommunication project, media business, electronics; Non
ferrous metals, chemicals, petoleum & carbon: nonferrous metals,
fine & inorganic chemicals; plastics & organic chemicals,
petroleum and carbon; Retail & consumer services: foodstuff,
fertilisers, textile, general products, construction, real
estate, retail and consumer services; Other: financial,
commodity markets, logistics and insurance.Machinery accounted
for 37 percent of fiscal 2001 revenues; retail/consumer, 19
percent; chemical/fuel, 19 percent; metal, 9 percent and trading
business(domestic branches & overseas trading), 16 percent.

For further information, please visit the SUMITOMO CORPORATION
home page at: www.sumitomocorp.co.jp/index-e.html

KDDI Corporation is formerly known as DDI Corporation.
Operations are carried out through the following divisions: Net
Work & Information Provider (domestic telephone call,
international telephone call, internet services, housing
services); Cellular Phone Services (personal mobile phone
services); Personal Hand-Phone Systems; Manufacture and Sales of
Telecommunications Equipment. Mobile phone services accounted
for 66 percent of fiscal 2001 revenues; network and IP services
20 percent; personal hand-phone systems, 11 percent and other, 3
percent. For further information, please visit the KDDI CORP
home page at: www.kddi.com/english/index.html

TCR-AP reported that KDDI Corp would take a special loss of Y229
billion for this business year to March 31 to shut down the part
of its PDC (personal digital cellular) network operated by
wireless brand "au" and waive Y20 billion in loans to another
struggling unit, DDI Pocket. The Company will cut its annual
capital spending to Y310 billion by March 2005.


NIKO NIKO: Fukuoka Will Aid Struggling Retailer
-----------------------------------------------
Fukuoka City Bank will aid Niko Niko Do Co's rehabilitation
efforts if certain conditions are met, Kyodo News said Saturday,
citing the bank's President Tsukasa Shishima.

Shishima said financial support would be difficult to offer
under the current state of affairs, but Fukuoka will cooperate
in whatever it can do to help, such as by investing in a
corporate rehabilitation fund.


SNOW BRAND: Scraps Plan to Sell Ham Operations
----------------------------------------------
Snow Brand Foods Co Ltd will not sell its entire ham/sausage
operations to another Company, as talks on a possible transfer
have reached a deadlock, the Nihon Keizai Shimbun and AFX News
reported Sunday.

The Company was to be wound up at the end of this month, after
the sale of  its ham and sausage operations but is now
considering relocating only the production facilities of the
ham/sausage operations, which account for 40 percent of overall
sales, rather than disposing of the business as a whole.

The scandal-tainted firm, which was involved in a meat
mislabeling fraud, will close a plant in Takarazuka, Hyogo
Prefecture this month. The firm plans to sell two other plants,
one in Hokkaido and the other in Saitama Prefecture, to other
food producers by the end of June.

The names of the food producers were not disclosed in the
report.


SUMITOMO MITSUI: JCR Downgrades L-T Rating to AA-
-------------------------------------------------
Japan Credit Rating Agency Ltd. downgraded on Thursday the long-
term senior debts of Sumitomo Mitsui Banking Corporation from AA
to AA-.

Issuer: Sumitomo Mitsui Banking Corporation (securities code
no.: 8318)

Issue: bonds no.12

Amount: Y100 billion

Issue Date: April 25, 2002

Due Date: April 20, 2007

Coupon: 0.84%

Covenants: Negative Pledge

Commissioned Company: No

Shelf Registration:

Maximum: Y2 trillion

Valid: two years from April 10, 2001

Rationale:

JCR announced the downgrade on the long-term senior debts of the
bank from AA to AA-. It decided to downgrade the rating, taking
into account the adverse impact of the operating environment
such as uncertainty over the general economic conditions and
falling stock prices on the bank's earnings and financial
conditions.

Subsequently, the stock prices increased. On the other hand, the
bank announced the revision of the earnings forecasts for fiscal
2001 through March 31, 2002 on April 5. The credit costs revised
upwards from 1,000 billion yen to 1,550 billion yen. JCR will
continue to watch carefully the bank's earnings and financial
conditions as well as the financial system as a whole.

TCR-AP reported last week that Sumitomo Mitsui Banking Corp
expects to post a year to March 2002 net loss of over 300 to 350
billion yen due to bad loan disposals. The bank will also revise
its November forecast for the year to March 2002 losses from
non-performing loan write-offs to Y1.6 trillion from 1 trillion.


NIPPON TELEGRAPH: Unit Collaborates With 11 Asian Carriers
----------------------------------------------------------
NTT Communications Corporation (NTT Com) announced on April 12
that Arcstar Partners have agreed to concentrate on
strengthening disaster recovery measures.

Arcstar Partners consists of 12 major Asian telecom carriers,
including NTT Com, that provide Arcstar Global Network Services.
The agreement was reached on April 11, during the annual Arcstar
Asia Forum held in Tokyo April 10-12.

The forum presented case studies on specific emergency measures
that were taken during the September 11 terrorist attacks in New
York and Washington, D.C., as well as general procedures that
customers require in case of disaster. Based on these studies,
the Arcstar Partners agreed to implement the following:

1. Introduce an escalation system in preparation for crisis and
long-term network failure.
2. Set up a hot line linking network operations personnel of all
carriers.
3. Launch a website offering the latest information on crisis
management and network restoration.
4. Create a manual on handling large-scale disasters and long-
term network failure.

In addition to promoting these measures, NTT Com has played a
leading role in enhancing network security with the launch of
Global Customer Network Centers based in Tokyo, New York and
London. It also offers back-up service by completely
multiplexing, from end to end, the entire global network, from
domestic access lines and nodes to international circuits. To
further reinforce disaster preparedness, the Company will
provide the following:

1. Japan-U.S. global mirroring service
NTT Com will offer seamless solutions that guarantee business
continuity by constructing a mirror site of its Otemachi data
center. Provided by Verio's East Coast data center, the mirror
site service is scheduled to commence this June.

2. International exchange network support
NTT Com will collaborate with its business partners in times of
crisis, combining multiple cable routes to support international
exchange networks.

3. Satellite connection service package
NTT Com will team up with a satellite operator to secure
communications via satellite connections in times of crisis.

Arcstar Partners (in alphabetical order):
Thailand:    The Communications Authority of Thailand (CAT)
China:       China Telecom
Taiwan:      Chunghwa Telecom Co., Ltd.
Hong Kong:   HKNet
Indonesia:   Indonesian Satellite Corporation (Indosat)
South Korea: Korea Telecom
Japan:       NTT   Communications Corporation
Philippines: The Philippine Long Distance Telephone Company
Sri Lanka:   SriLanka Telecom
Singapore:   StarHub
Malaysia:    Telekom Malaysia
Vietnam:     Vietnam Datacommunications Company (VDC)

Nippon Telegraph and Telephone Corporation - www.ntt.com/index-
e.html - was established in 1952 as a state-owned
telecommunications public corporation and in 1986 converted to a
private Company to be the largest telecommunications Company in
Japan and the second largest in the world. NTT and its
subsidiaries provide a wide range of telecommunications
services.

For further information, contact Akira Tamachi or Daniel
O'Connor, Public Relations Office of NTT Communications, at
telephone +81 3 6700 4010 or via email at info@ntt.com


YAMAKI CO: JCR Downgrades Rating to BB-
---------------------------------------
Japan Credit Rating Agency, Ltd. on Thursday has downgraded
bonds of Yamaki to BB-.

Issuer: Yamaki Co., Ltd. (securities code no.: 3598)

Issue:
Amount (bn) / Issue Date / Due Date / Coupon

Convertible bonds no.1
Y3 / Sept. 5, 1996 / Sept. 30, 2003 / 0.85 percent

Rationale:

Yamaki is a major apparel maker for shirts with sales channels
being major merchandisers and suburban specialty stores.

The operating performance has long been stagnant. The Company is
estimated to have incurred the 6th consecutive pretax loss
before extraordinary items for fiscal 2001 through March 31,
2002. It has been making efforts to shift the production
overseas to improve the earnings. However, it failed to increase
the profit. The Company plans to secure a pretax profit for
fiscal 2002 through revisions of the product mix, marketing
channels, purchasing method and payroll expenses, the
strengthening of the overseas production and consolidation of
unprofitable businesses. It will also consolidate the factories
and slash the jobs.

The debt service capability lowered along with impairment of the
owners' equity due to unprofitable operations. JCR decided to
downgrade the rating for the Company from BB to BB-,
accordingly. It is the most important that the Company put brake
on deterioration in the financial conditions, achieving the
targeted plan. JCR will watch carefully the cash flow generation
capability through reduction in inventory and asset sales and
transactions with the financial institutions as well as progress
of the improvement in the earnings to be reflected in the rating
for the Company.


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


HANBO IRON: AK Capital Starts Due Diligence on Assets, Debts
------------------------------------------------------------
AK Capital has began its due diligence on the assets and debts
of the battered steel maker Hanbo Iron & Steel on April 15,
Korea Herald reports, citing its largest participant Chungwho
Industrial Co.

Participating in the due diligence will be foreign steel
industry experts, in addition to domestic legal and accounting
personnel. The due diligence on Hanbo will last for a maximum of
135 days, with the results to decide the final selling
conditions of the steel maker.

AK Capital was selected as the successful bidder of Hanbo in
March, and will be acquiring the steel maker at its bidding
price of $410 million.

Chungwho Industrial said negotiations regarding the final
takeover price would take after the due diligence.


HYNIX SEMICONDUCTOR: Returns to Black in Q102
---------------------------------------------
Hynix Semiconductor posted on Monday its first quarter results
in 2002 compared to last year, Reuters reports.

The following are first quarter 2002 results:

(in billions of won unless specified)

            Q1 2002   versus            Q1 2001

Sales          823                1.76 Trillion
EBITDA         N/A                      N/A
EBIT           109                     68.7

EBT            N/A                      N/A
Net            3.0                  -538.87

The Company posted W5.07 trillion loss in 2001.

EBITDA: Earnings before interest, taxes, depreciation and
amortization.

EBIT: Earnings before interest and taxes.

EBT: Pre-tax earnings plus extraordinary gains or losses

Hynix Semiconductor is the world's third largest computer memory
chipmaker and is in talks to sell memory operations and a stake
in its non-memory business to U.S. rival Micron Technology Inc.
Hynix shares increased W40 to W1,490 at 0114 GMT versus a 1.02
percent rise in the broader market.

Meanwhile, AFX News said Hynix Semiconductor's parent and
overseas operations recorded a net profit of W35 billion on
sales of W869 billion in the first three months to March on the
back of a rise in memory chip prices.

DebtTraders reports that Hyundai Semiconductor's 8.625% bond due
in 2007 (HYUS07KRA1) trades between 75 and 80. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


SAMSUNG ELECTRONICS: May Up Chip Spending to Rival Demand
---------------------------------------------------------
Samsung Electronics Co., the world's biggest computer-memory
chip maker, may raise technology expenditures, investing in the
latest chip making technologies in order to increase production
as it prepares for a revival in demand, Bloomberg reported.

Spokesman James Chung said reports from the Korean Economic
Daily and other newspapers that Samsung Electronics will boost
spending by about 1 trillion won ($752 million) are only
speculation, because the Company is still deciding.

The Company will reveal its spending plans when it announces
first-quarter earnings on April 19.


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


AUTOINDUSTRIES VENTURES: Defaults on April Payment
--------------------------------------------------
Further to the announcements made on 14 December 2001 and
subsequently on the 14th of each month, the position of the
Company in respect of its default in payments in the month of
April, 2002 is:

Name of Creditor           Principal    Interest      Total
                             (RM)         (RM)         (RM)

i) Pacven Walden        2,730,955.03 1,108,445.97  3,839,401.00
Ventures III L.P.

ii) BI Walden           1,069,577.00   434,120.00  1,503,697.00
Ventures Kedua Sdn Bhd

iii) Financial          5,957,010.08   343,187.36  6,300,197.44
Institutions                          
                       --------------  ----------  -------------
TOTAL                   9,757,542.11 1,885,753.33  11,643,295.44

a) The reason for the default in payments and the measures to be
taken by the Company are as announced on 14 December 2001.

One of the measures by the Company in the announcement to KLSE
on 14 December 2001 to address the default in payments is to
carry out a proposed restricted issue of up to 13,000,000 new
ordinary shares of RM1.00 each at a proposed issue price of
RM1.00 each per share for cash and issue of 2,000,000 new
ordinary shares of RM1.00 each to BI Walden Ventures Kedua Sdn
Bhd and Pacven Walden Ventures III L.P. at a proposed issue
price of RM1.00 each as part settlement of the amount due.

As announced on 14 February 2002, the application for the
Proposed Restricted Issue of shares, which has been submitted on
8 February 2002 by the Merchant Bank, Commerce International
Merchant Bankers Berhad, is still pending approvals from the
relevant authorities concerned.

b) There should not be financial and legal implications in
respect of the default in payments including the extent of the
Company's liability in respect of the obligations incurred under
the agreements for the indebtedness as the Management is
currently negotiating with the leaders on the rescheduling of
payment terms through the Proposed exercise.

c) The Management is of the opinion that the default in payments
should not constitute any event of default under a different
agreement for indebtedness (cross default) due to the
Management's initiative as indicated in Paragraph (b) above.


BESCORP INDUSTRIES: KLSE Approves Restructuring Scheme Extension
----------------------------------------------------------------
Bescorp Industries refers to its requisite announcement made on
19 October 2001 on the Proposed Corporate and Debt Restructuring
Scheme.

The company wishes to inform that submissions have been made to
the Securities Commission (SC), Foreign Investment Committee
(FIC) and Ministry of International Trade and Industry (MITI) on
11 December 2001.

Approvals from FIC and MITI were obtained on 22 February 2002
and 18 March 2002 respectively. However, approvals from the SC
for the Proposal and the KLSE for the listing and quotation of
the new shares have yet to be obtained.

The Kuala Lumpur Stock Exchange, via its letter dated 11 April
2002 approved an extension of four months from 11 April 2002 to
10 August 2002 to enable BIB to obtain all the necessary
approvals from the regulatory authorities necessary for the
implementation of its Proposal.


HAI MING: Accepts Restructuring Scheme Conditions
-------------------------------------------------
Hai Ming Holdings Berhad (HMHB), on 11 April 2002, received a
letter from the Securities Commission dated 9 April 2002. The SC
approved the issuance of the 4.5 percent 5-year redeemable
convertible secured loan stocks (RCSLS) and 4.5 percent 5-year
irredeemable convertible unsecured loan stocks (ICULS). They  
are subject to these additional conditions:

(i) HMHB is required to obtain the approval of the SC for any
changes to the terms and conditions for the issuance of the
RCSLS and ICULS; and

(ii) Prior to the issuance of the RCSLS and ICULS, Public
Merchant Bank Berhad is required to furnish:

(a) The FMF/JPB ("Facility Maintenance File") to the SC and Bank
Negara Malaysia;

(b) The executed trust deed to the SC; and

(c) The final rating and the rating report for the RCSLS to the
SC.

The Board of Directors of HMHB wishes to announce that the
Company has accepted the above conditions.


L&M CORP.: KLSE Approves Extension to July
------------------------------------------
The Board of Directors of L & M Corporation (M) Berhad announced
that on 11 April 2002, the Kuala Lumpur Stock Exchange approved
the application of extension of time, pursuant to Paragraph 5.1
(b) of Practice Note No. 4/2001, of L&M for a further four
months commencing from 31 March 2002 till 31 July 2002.


S P SETIA: Commission Approves Proposed Refinancing
---------------------------------------------------
Alliance Merchant Bank Berhad on behalf of S P Setia Berhad has
announced that the Securities Commission had, via their letter
dated 11 April 2002, approved the Proposed Refinancing, for the
purchase of:

(i) Approximately 452.625 acres of freehold land identified as
H.S.(D) 258291 PTD 71060 and H.S.(D) 317225 PTD 116765 located
at Gelang Patah, in Mukim of Pulai, District of Johor Bahru,
Johor Darul Takzim; and

(ii) approximately 34.518 acres of freehold land held under part
of Master Title known as Geran 10027 Lot No. 41557 located at
Mukim of Batu, District of Kuala Lumpur, State of Wilayah
Persekutuan,

The present mode of consideration of the acquisitions is cash.

The approval of the SC is subject to the following conditions:

(i) S P Setia is allowed to issue securities to fully refinance
up to the total purchase consideration of the Acquisitions;

(ii) S P Setia is required to make an application to the SC when
the Company wishes to implement the issuance of securities for
the refinancing as mentioned above;

(iii) S P Setia is required to comply with the requirements that
are related to the acquisitions as stated under the Policies and
Guidelines on the Issue/Offer of Securities of the SC,
particularly a stated in chapters 17 and 25.


S P SETIA: Infrastructure Ops to Increase Profits by 30%
--------------------------------------------------------
SP Setia Bhd's infrastructure business is expected to contribute
about 30 percent to the company's profits in the next three
years following plans to acquire a 21.9 percent stake in Loh &
Loh Corp Bhd, the New Straits Times reported, quoting group
managing director Liew Kee Sin.

Liew added that the balance would be generated from its property
division.

He also said the Ccompany expects to secure at least one
infrastructure project this year but did not provide details.


S P SETIA: KLSE Grants Share Option Scheme Listing
--------------------------------------------------
SP Setia Berhad's additional 95,000 new ordinary shares of
RM1.00 each issued pursuant to the S P Setia-Employees' Share
Option Scheme, will be granted listing and quotation with effect
from 9.00 a.m., Wednesday, 17 April 2002.


SPORTMA CORPORATION: KLSE Extends Proposal to June
--------------------------------------------------
The Special Administrator of Sportma Corporation Berhad wishes
to announce that the Kuala Lumpur Stock Exchange had on 11 April
2002 granted an extension of three months from 1 April 2002 to
30 June 2002.

The extension will enable the Company to obtain the regulatory
approvals necessary for the implementation of its proposed
corporate and debt restructuring scheme.


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


BW RESOURCES: SEC Warns Stockbrokers to Settle Penalties
--------------------------------------------------------
The Securities and Exchange Commission (SEC) told stockbrokers
they have until April 15 to settle penalties and discuss
possible solutions to administrative cases regarding alleged
shady transactions in former gaming firm BW Resources Corp.
(BWRC), now Fairmont Holdings Inc., Business World reported
Monday.

The SEC earlier recommended the filing of criminal charges
against 10 more persons allegedly involved in the controversial
BWRC stock price manipulation scandal two years ago. The
commission refused to disclose the identities of the
individuals. The cases will be filed before the Department of
Justice.


PHILIPPINE AIRLINES: Opposes Govt Plan to Exercise Put Option
-------------------------------------------------------------
Philippine Airlines Inc (PAL) is opposing the government's plan
to exercise a put option on the airline's shares, because the
airline was citing financial constraints, the Philippine Daily
Inquirer and AFX News said Monday, citing Finance Secretary Jose
Isidro Camacho. The move would cost the Company about P2
billion.

DebtTraders reports that Philippine Airline's 7.601% floating
rate note due in 2000 (PHPA00PHN1) trades between 3.5 and 6.5.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


PHILIPPINE LONG: Moody's Assigns Ba3 Rating; Possible Downgrade
---------------------------------------------------------------
Moody's Investors Service on Friday assigned a Ba3 rating to
Philippine Long Distance Company's (PLDT) proposed $350 million
bond, due 2007 and 2012. At the same time Moody's continued its
review for possible downgrade of PLDT's ratings. The ratings
will be confirmed, with a stable outlook, if PLDT is successful
with the bond issues at the proposed level of $350 million, as
this will materially reduce refinancing pressures the Company
faces.

PLDT is well advanced with various potential debt providers.
Once finalized, Moody's anticipates that current year maturities
of approximately $365 million will be covered by a combination
of these facilities and operational cash flow. In addition, the
Company has debt maturities of approximately $570mm in 2003 and
$400mm in 2004. Proceeds from the proposed bond issue together
with extension of certain bank facilities and reduction of debt
from internal cash flows will substantially cover these
maturities. Moody's believes PLDT will be better positioned to
repay debt, given the likelihood of increased free cash
generation.

Philippine Long Distance Telephone Company, head-quartered in
Manila, Republic of the Philippines, is the leading integrated
telecommunications Company in that country.


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


ASIA PULP: Parent Surrenders Stake to Government
------------------------------------------------
Asia Pulp and Paper's parent Sinar Mas Group will surrender its
entire 18 percent stake to the government as part of its $1.25
billion debt repayment, DebtTraders.com reports, citing Bisnis
Indonesia. The 18 percent stake is worth approximately $50
million based on capitalization. The Group may want to
concentrate on saving Asia Pulp and Paper.

DebtTraders reports that Asia Pulp's 11.75 percent bonds due on
2005 (APP7) are trading between 28.5 and 30.5. Go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=APP7for  
real-time bond pricing.


BIL INTERNATIONAL: Faces Removal From ASX
-----------------------------------------
BIL International Ltd will be removed from the Australian Stock
Exchange (ASX) effective July 1 this year for failure to meet
the exchange's amended criteria for admission, the Malaysian
news agency Bernama reports.

BIL, which has a primary listing in Singapore and currently has
secondary listings in London, New Zealand and Australia, said
ASX has advised that it is amending the admission criteria for
entities listed on the ASX in the foreign exempt category.

Entities in this category will be required to have both A$2
billion of net assets and A$200 million profit after tax in each
of the previous three years.

With the changes, BIL is no longer able to meet the admission
criteria, thus face removal from quotation of the official list
of ASX on July 1.

Following the removal, all holdings on the Australian register
will be transferred to the New Zealand register. Once the
securities are transferred, Australian shareholders will receive
a holding statement with a shareholder number. For those who are
already on the New Zealand register, their BIL shares will be
added to their current holding.

BIL International has been on CreditWatch since September 2001
pending the refinancing of US$300 million in debt due on July
23, 2002. Standard & Poor's on March 22 cut its rating on BIL to
BB from BB+.


BOUSTEAD SINGAPORE: Posts Notice of Shareholder's Interest
----------------------------------------------------------
Boustead Singapore Limited posted a notice of substantial
shareholder Chew Leong Chee's interests:

Date of notice to company: 12 Apr 2002
Date of change of interest: 11 Apr 2002
Name of registered holder: ARC Ventures Limited
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 40,000
Percentage of issued share capital: 0.02
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 0.34
No. of shares held before change: 1,085,000
Percentage of issued share capital: 0.59
No. of shares held after change: 1,125,000
Percentage of issued share capital: 0.61

Holdings of Substantial Shareholder including direct and deemed
interest
                                      Deemed      Direct
No. of shares held before change:   17,485,000   780,000
Percentage of issued share capital:    9.44        0.42
No. of shares held after change:    17,525,000  
Percentage of issued share capital:    9.46  
Total shares:                       17,525,000   780,000

Mr. Chew Leong Chee has a deemed interest in the shares held by:

Macondray & Company, Inc - 10,000,000 shares
Representations International (H.K.) Ltd - 6,400,000 shares
ARC Ventures Limited - 1,125,000 shares

Therefore, Mr. Chew Leong Chee's total interest (including
deemed interest) is 18,305,000 shares.
(9.88 percent)

No. of Warrants :180,000
No. of Options : Nil
No. of Rights : Nil
No. of Indirect Interest : 1) Macondray & Company, Inc 500,000
warrants

2) Representations International (H.K.) Ltd 1,520,000 warrants


L & M GROUP: SGX-ST Approves Issuance of New Shares
---------------------------------------------------
The Board of Directors of L&M Group Investments Limited
announced on Monday that all the 108,942,125 new ordinary shares
of S$0.10 each in the capital of the Company which the Singapore
Exchange Securities Trading Limited (SGX-ST) had on 5 April 2002
granted in-principle approval for issuance to certain creditors
of L&M Precast (Tuas) Pte Ltd at S$0.1353 per share pursuant to
the Scheme of Arrangement of L&M Precast (Tuas) Pte Ltd, were
issued on 11 April 2002.

The issuance of the New Shares was completed on 15 April 2002.
The SGX-ST's in-principle approval is not an indication of the
merits of the issuance of the New Shares.

After the issuance of the New Shares, S $14.7 million will
increase the net tangible assets of the Company.

Details of the issued and paid-up capital of the Company are as
follows:

(a) As at 31 December 2000, the authorized, issued and paid-up
share capital of the Company is as follows:

Authorized

1,000,000,000 ordinary shares of S$0.50 each: S$500,000,000.00

Issued and paid up

222,177,510 ordinary shares of S$0.50 each: S$111,088,755.00

(b) After the capital reduction exercise, the increase in
authorized capital undertaken by the Company and the completion
on 21 December 2001 of the placement of 22,244,413 new shares;
the completion on 18 February 2002 of the placement of
12,950,000 new shares; the completion on 26 March 2002 of the
placement of 9,241,000 new shares; and the completion of the
issue of the New Shares on 15 April 2002, the authorized, issued
and paid-up share capital of the Company are as follows:

Authorized

2,500,000,000 ordinary shares of S$0.10 each: S$250,000,000.00

Issued and paid up

375,555,048 ordinary shares of S$0.10 each: S$37,555,504.80


LKN-PRIMEFIELD: Bondholders Discuss New Scheme
----------------------------------------------
LKN-Primefield Limited announced on Friday that following its
earlier announcement on 25 March 2002, an informal Bondholders'
meeting was held on 11 April 2002 to discuss a new debt-
restructuring plan.

The plan, which has been distributed to the Bondholders, is
presently under consideration by the Bondholders.

The Company will be making arrangements to further discuss the
new restructuring plan with the Bondholders. The purpose of the
proposed plan is to convert part of the secured bonds into
equities and to reduce the interest burden of the Company.


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


BANGKOK EXPRESSWAY: Expects to Refinance THB37.6B Debt
------------------------------------------------------
Toll road operator Bangkok Expressway PCL expects to complete
the refinancing of its 37.60 billion baht (US$864.25 million)
debt by the end of this year, Dow Jones Newswires reports,
citing Managing Director Supong Chayutsahakij.

The Company has been in talks with commercial banks Bangkok Bank
PCL, Krung Thai Bank PCL, Siam Commercial Bank PCL and Thai
Military Bank PCL to be financial advisers for the Company's
debt refinancing.

Apart from getting new loans, the Company is also considering
issuance of debentures worth THB5 billion to THB10 billion,
Supong said.

In 1999, the Company's creditors also extended the maturity of
BE's debt by three years to 2012.





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 ***