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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Thursday, July 18, 2002, Vol. 5, No. 141

                         Headlines

A U S T R A L I A

AUSDOC GROUP: Regulatory Board Approves ABN AMRO Takeover
CC CIVIL: Successfully Wound Up
GOODMAN FIELDER: PTT Cuts Relevant Shares to 12.41%
JARDINE FLEMING: Winding Up Terminated
KOOMA ABORIGINAL: PwC Posts Case Profile  

PRESTON RESOURCES: Resolutions Approved at AGM
SPIKE NETWORKS: Appoints Ferrier Hodgson as Liquidators


C H I N A   &   H O N G  K O N G

CANDUSA TECHNOLOGY: Faces Winding Up Petition
CULTURECOM HOLDINGS: Incurs Net Loss of HK$195.56M
G-PROP (HOLDINGS): Loss Narrows to 36%
GOLDEN WISE: Winding Up Petition Slated for Hearing
IDEALFUND DEVELOPMENT: Petition to Wind Up Pending

NEW WORLD: Operations Loss Narrows to HK$163,672        
ROOTS HOLDINGS: Winding Up Petition Set for Hearing
ULTRAN TECHNOLOGY: Winding Up Sought by Clear Pearl


I N D O N E S I A

SALIM GROUP: IBRA To Execute US$420M Asset Holdback
SEMEN PADANG: In Rp500B Loan Negotiations With Bank Mandiri

* IBRA Updates Core Assets Sales Program Development

J A P A N

KOTOBUKIYA CO: Submits Rehabilitation Plan
FUJITSU LTD: Adopts Group Taxation Method With NEC
MITSUI HOME: Closing US Subsidiary
MITSUBISHI MOTORS: Reorganizing North American Operations
NITTO KOGYO: Goldman Sachs Takes Over Golf-Course Operator

SANDEN CORP: R&I Downgrades Rating to BBB+


K O R E A

CHOHUNG BANK: Launches $250M Syndicated Loan
HYNIX SEMICONDUCTOR: No Reasonable Offer Refused, Says DPM


M A L A Y S I A

AOKAM PERDANA: Director Tick Siang Resigns
ASSOCIATED KAOLIN: Gets SC's Conditional Nod on Proposals
AUTOINDUSTRIES VENTURES: Provides Defaulted Payment Update
DAMANSARA REALTY: JCD's RM400M BG Facility Fully Settled
FW INDUSTRIES: Replies KLSE's Query on Suit Filed by Hiap Teck

HIAP AIK: Defaults ICULS Half-Yearly Interest Payment
INNOVEST BERHAD: Welcomes New Audit Committee Member
LION GROUP: SC Grants Amended GWRS Proposals Approval
MBF HOLDINGS: SC Extends Proposals Implementation Until Dec 31
POLY GLASS: Junks Rights Issue Proceeds Utilization Revision

SUNWAY BUILDING: August 1 EGM Scheduled


P H I L I P P I N E S

BENPRES HOLDINGS: Units Under Pressure Due to Parent Debt
DMCI HOLDINGS: Issues Total Shares
FAIRMONT HOLDINGS: Total Case Settlements Reach P11.426M
NATIONAL POWER: PSALM Evaluates US$400-500M Loan Offers
PHILIPPINE AIRLINES: Must Honor Put Option or Face Charges

PHILIPPINE LONG: No Comments on CEO Replacement Report


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Expects US104.7-106M Q2 Net Loss
FDS NETWORKS: Issues Profit Warning
SEMBCORP LOGISTICS: Posts Changes in Director's Interest
SINGAPORE PRESS: Property Restructuring Put on Hold


T H A I L A N D

ADVANCE PAINT: Posts Business Rehabilitation Plan Summary
DATAMAT PUBLIC: Increases Registered Capital
SRITHAI SUPERWARE: Court Orders Release From Rehabilitation
THAI CANE: Files Business Reorg Petition in Bankruptcy Court


* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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


AUSDOC GROUP: Regulatory Board Approves ABN AMRO Takeover
---------------------------------------------------------
AUSDOC Group Limited announced Tuesday that it was notified by
ABN AMRO Capital (Belgium) NV (ABN AMRO Capital) that the
Treasury of the Commonwealth of Australia has informed ABN
AMRO Capital that, in respect of its proposed acquisition of all
of the shares in AUSDOC, there are no objections in terms of the
Government's foreign investment policy.

SATISFACTION OF RELEVANT BID CONDITION

On 18 June 2002 ABN AMRO Capital announced its intention to make
a takeover offer for AUSDOC shares. That offer was subject to a
number of conditions, including the condition that before the
end of the offer period:

   * the Treasurer of the Commonwealth of Australia advises that
there is no objection (or words to similar effect) to the
purchases contemplated by the offer under the Federal
Government's foreign investment policy or Foreign Acquisitions
and Takeovers Act 1975; or

   * the time within which the Treasurer is empowered under the
Foreign Acquisitions and Takeovers Act 1975 to make an order in
respect of those purchases expires.

AUSDOC considers that this condition has now been satisfied.


CC CIVIL: Successfully Wound Up
-------------------------------
The Australian Securities and Investments Commission (ASIC)
announced Wednesday that it has successfully applied to the
Supreme Court of South Australia to have a liquidator appointed
to CC Civil Pty Ltd (CC Civil).

Owing to a number of factors, ASIC took the view that the
company had ceased operating.

Mr Paul William Young, the company's sole director, resigned
from his position after declaring bankruptcy, however the former
company employees were unable to access support schemes to claim
their entitlements as the company had not been placed into
external administration.

The company also failed to lodge its 2001 annual return and
notify a change in address of the registered office.

Mr Christopher Powell of Duncan Powell has been appointed
liquidator of CC Civil.

Mr Powell, with his partner, were previously appointed
liquidator of three related companies, Days Plant Hire Pty Ltd,
John's Electrical Services Pty Ltd and Vicness Pty Ltd.

"ASIC took this action to ensure the interests of creditors and
employees were protected as much as possible. A liquidation will
ensure the affairs of the company are thoroughly examined", ASIC
Director Enforcement, Jamie Orchard said.


GOODMAN FIELDER: PTT Cuts Relevant Shares to 12.41%
---------------------------------------------------
Perpetual Trustees Australia Limited decreased its relevant
interest in Goodman Fielder Limited on 16 July 2002, from
184,009,851 ordinary shares (14.38 percent) to 151,943,896
ordinary shares (12.41 percent).

Early this month, TCR-AP reported that the Company entered an
agreement with McCain Foods to sell the Goodman Fielder
International Taiwan (Goody Foods) as part of the Company's
strategy of selling non-core businesses to simplify and
streamline the business to improve returns to shareholders.


JARDINE FLEMING: Winding Up Terminated
--------------------------------------
The Supreme Court of NSW has terminated the winding up of China
Region Investments Limited (formerly Jardine Fleming China
Region Ltd (in Voluntary Liquidation) ACN 060 652 191) as and
from 15 July 2002.

The management and control of the company resumes under a Board
of Directors comprising of Peter Burrows, Warren McLeland and
Jonathan Chi.


KOOMA ABORIGINAL: PwC Posts Case Profile  
----------------------------------------
PricewaterhouseCooper (PwC) posted this case profile:

Territory :  Australia  
Company Name:  Kooma Aboriginal Corporation for Land  
Lead Partner:  Ian Hall  
Case Manager:  Derrick Vickers  
Date of Appointment:  9 March 2001  
Normal Contact  :  Katarina Omelkova  
Contact Phone No  :  (07) 3257 8614  

PwC Office  

Location :  Brisbane  
PO Box   :  GPO Box 150  
Street Address:  Waterfront Place, 1 Eagle Street  
City  :  BRISBANE  
State  :  QLD  
Postcode :  4001  
DX  :  DX 77 Brisbane  
Phone  :  (07) 3257 5000  
Fax  :  (07) 3257 8004  
Appointor :  Federal Court of Australia  
Type of Appointment :  Liquidator  
Lead Partner - Full Name:  Ian Richard Hall  

Case Information (Last Updated 26/04/2002 12:06:18 PM)  

First Creditors' Meeting  
Date :  Not relevant at this stage.  
Time :  12:00 PM  
Return time:  12:00 PM  

Second Creditors' Meeting (or adjournment)  
Date :  N/A  
Time :  12:00 PM  
Return time:  12:00 PM  

Annual General Meeting  
Date :  N/A**  
Time :  12:00 PM  

Background Information  

Kooma Aboriginal Corporation for Land was placed in liquidation
upon application of creditor on 9 March 2001 with Ian Richard
Hall being appointed as Liquidator.  

Current status of assignment and actions required by creditors  

Appointment documents received and letters to close all bank
accounts sent.  

Next milestone and estimated timetable  

Letterswill be sent to professional advisers such as solicitors,
accountants and to the ATO advising of the appointment.  

Likely outcome for creditors and timetable  

Unknown if there will be any recovery at this stage. It is not
intended to call any meetings of creditors until RATA has been
received and assessed. Following that will a decision be made.  
(www.pwcrecovery.com)


PRESTON RESOURCES: Resolutions Approved at AGM
----------------------------------------------
Preston Resources Limited announced Wednesday that at the
Company's Annual General Meeting held on Monday 15th July 2002,
shareholders voted unanimously in favor of all resolutions put
to the meeting. Accordingly shareholders approved:

   * The disposal of the Company's main undertaking by the issue
of shares in Bulong Operations Pty Ltd to Barclays Bank Plc and
related entities and Bondholders such that they will acquire 95%
of the issued capital of Bulong Operations Pty Ltd.

   * The cancellation of Resolute Limited's shareholding in the
Company and the release of Resolute Limited from certain or its
obligations and liabilities under the Bulong Sale Agreement
dated 3 November 1998 and the Technical Services Agreement dated
4 November 1998 in relation to the Bulong Nickel Project.

   * The appointment of Ernst and Young as auditors of the
Company.

   * The re-election of Trevor John Matthews as a Director of
the Company.

The disposal of a 95% interest in Bulong Operations Pty Ltd, the
approval of the Resolute release and the cancellation of
Resolute shares are effectively the final approvals required for
completion of the Bulong Schemes of Arrangement and the Preston
Group's debt and capital restructuring.

Subject to the completion of a number of conditions precedent,
the Schemes of Arrangement should become effective by 31 July
2002.

At a class meeting held prior to the Annual General Meeting,
Resolute Limited approved the cancellation of the ordinary
shares in Preston held by Resolute Limited.


SPIKE NETWORKS: Appoints Ferrier Hodgson as Liquidators
-------------------------------------------------------
On 3rd July 2002 Spike Networks Limited announced that the board
of Spike (Australia) Pty Limited had appointed Messrs Walker and
Donnelly of Ferrier Hodgson as administrators of Spike
Australia. On 10th July 2002, the administrators convened a  
Spike Australia creditors meeting. In light of the
Administrators report, the Board of Spike Limited (the
owner of Spike Australia) met to consider the financial position
of Spike Limited and its other operating subsidiaries Spike
(Japan) Limited, Spike (Hong Kong) Limited and Spike (Singapore)
Pte Limited.

As a consequence of this review, Spike Limited's board have
appointed Messrs Sutton and Flynn of Ferrier Hodgson as the
liquidators of Spike Limited. Messrs Sutton and Flynn have also
been appointed as the liquidators of Spike (Japan) Limited,
Spike (Singapore) Pte Limited and Spike (Hong Kong) Limited.

Further details as to the outcome of the administration of Spike
Australia and the liquidation of Spike Limited and its
subsidiaries will be made known as they come to hand.

The Board is currently reviewing options as to the future of the
Company and will revert to shareholders in this regard at an
appropriate time. The Company has sufficient cash reserves to
meet its obligations.

In addition, the Company announced the resignations of Mr
Lawrence Maltz and Mr Mico Chung as directors of the Company and
the appointment of Mr Ilyas Khan as a director of the Company on
12th July 2002. Mr Khan is the Chief Executive Officer of
Techpacific Capital Limited which is a significant shareholder
in the Company.


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


CANDUSA TECHNOLOGY: Faces Winding Up Petition
---------------------------------------------
The petition to wind up Candusa Technology Limited is set for
hearing before the High Court of Hong Kong on August 14, 2002 at
9:30 am.  The petition was filed with the court on May 24, 2002
by Industrial and Commercial Bank of China (Asia) Limited
formerly known as Union Bank of Hong Kong Limited whose
registered office is situated at ICBC Tower, 122-126 Queen's
Road Central, Hong Kong.


CULTURECOM HOLDINGS: Incurs Net Loss of HK$195.56M
--------------------------------------------------
Culturecom Holdings posted a net loss of HK$195.56 million in
the year ended March 2002, compared with a net loss of HK$111.89
million in the previous year, the Standard reported.

The loss per share was 7.18 cents. No final dividends were
declared. Culturecom is engaged in the printing, publishing,
newspaper distributing, advertising and marketing and property
investment.


G-PROP (HOLDINGS): Loss Narrows to 36%
--------------------------------------
G-Prop (Holdings), which develops and invests in real estate,
said its net loss narrowed 36% to HK$295.6 million, or HK$1.53 a
share, for the year to March 31 from HK$458.4 million, or
HK$7.61 a share, a year ago. Below is the Company's interim
summary report for the year ended March 31 2002:
              (Audited)
                                  (Audited)        Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/4/2001    from 1/4/2000
                                  to 31/3/2002     to 31/3/2001
                                  ('000)           ('000)
Turnover                             : 7,367           11,084
Profit/(Loss) from Operations        : (200,693)       (98,202)
Finance cost                         : (28,419)        (29,996)
Share of Profit/(Loss) of Associates : -               (3,652)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : (2,548)         (11,329)
Profit/(Loss) after Tax & MI         : (295,590)       (458,361)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : ($1.53)         ($7.61)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (295,590)       (458,361)
Final Dividend per Share             : Nil              Nil
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : N/A             
Payable Date                         : N/A
B/C Dates for (-) General Meeting    : N/A
Other Distribution for Current Period: N/A
B/C Dates for Other Distribution     : N/A

Remarks:

1. TURNOVER

Turnover represents the net amounts received and receivable from
third parties and is summarized as follows:
                                                2002    2001
                                                HK$'000 HK$'000

        Sales of energy saving machine          4,286   -
        Income from finance                     1,553   3,212
        Sale of properties held for resale      1,180   -
        Rental income                             348   3,523
        Sale of other investments               -       4,349
                                                _______ _______
                                                7,367   11,084
                                                ===============

2. LOSS PER SHARE

The calculation of the basic loss per share is based on the loss
for the year of HK$295,590,000 (2001: HK$458,361,000) and on
weighted average number of ordinary shares in issue during the
year of 193,809,649 shares (2001: 60,260,135 shares after
adjusted for the effects of the consolidation of the Company's
shares and the open offer during the year).

No diluted loss per share has been calculated for the years
ended 31st March, 2002 and 2001 as the exercise of the share
options and the conversion of the convertible bonds would result
in a decrease in the loss per share for both years.


GOLDEN WISE: Winding Up Petition Slated for Hearing
---------------------------------------------------
The petition to wind up Golden Wise (Hong Kong) Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 9:30 am.  The petition was filed with the
court on April 24, 2002 by Ambridge Investments Limited whose
registered office is situated at 22nd Floor, Hutchison House, 10
Harcourt Road, Central, Hong Kong.


IDEALFUND DEVELOPMENT: Petition to Wind Up Pending
--------------------------------------------------
The petition to wind up Idealfund Development Limited is
scheduled for hearing before the High Court of Hong Kong on July
24, 2002 at 11:00 am.  

The petition was filed with the court on March 28, 2002 by
Standard Chartered Bank being a corporation duly incorporated in
the United Kingdom and with a place of business registered in
Hong Kong pursuant to Part XI of the Companies Ordinance
(Cap.32) at Standard Chartered Bank Building, 4-4A Des Voeux
Road, Central, Hong Kong.


NEW WORLD: Operations Loss Narrows to HK$163,672        
------------------------------------------------
Software solutions provider New World CyberBase said its net
loss narrowed 87% to HK$189 million, or 5 cents per share, for
the year to March 31 due to its growing business in greater
China, the Standard reports.

However, its sales fell 21% to HK$66.7 million in 2001. The drop
was mainly due to a cut in revenue after the disposal of non-
core businesses.  Its operating loss before interest and tax was
HK$163.7 million for the year to March 31. This compared with a
HK$1.31 billion operating loss at the same time last year.

It said the unexpected continuation of the global downturn
affected the performance and value of many companies within its
investment portfolio, which comprised investment properties and
high-tech companies.

Below is the Company's results announcement summary:

Year end date: 31/3/2002
Currency: HK$
Auditors' Report: Unqualified
Review of Interim Report by: N/A
                                                  (Audited)
                                 (Audited)        Last
                                 Current          Corresponding
                                 Period           Period
                                 from 1/4/2001    from 1/4/2000
                                 to 31/3/2002     to 31/3/2001
                                 ('000)           ('000)
Turnover                          : 66,677           84,402
Profit/(Loss) from Operations     : (163,672)        (1,316,924)
Finance cost                      : (19,941)         (69,046)
Share of Profit/(Loss) of Associates: (7,889)          (37,873)
Share of Profit/(Loss) of
  Jointly Controlled Entities     : -                (3,095)
Profit/(Loss) after Tax & MI      : (189,203)        (1,423,932)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : ($0.05)          ($0.41)
         -Diluted                 : N/A              N/A
Extraordinary (ETD) Gain/(Loss)   : -                -
Profit/(Loss) after ETD Items     : (189,203)        (1,423,932)
Final Dividend per Share          : NIL              NIL
(Specify if with other options)   : -                -
B/C Dates for Final Dividend             : -                
Payable Date                             : -                
B/C Dates for (-) General Meeting        : -                
Other Distribution for Current Period    : N/A              
B/C Dates for Other Distribution         : N/A

Remarks:

(1) Loss per share

The calculation of the loss per share is based on the loss
attributable to shareholders of HK$189,203,000 (2001 as
restated: HK$1,423,932,000) and on the weighted average of
3,817,274,564 (2001: 3,503,530,852) shares in issue during the
year.

Diluted loss per share is not presented as the exercise of the
outstanding share options of the Company would be anti-dilutive.

(2) Certain comparative figures have been reclassified to
conform with current year presentation.


ROOTS HOLDINGS: Winding Up Petition Set for Hearing
---------------------------------------------------
The petition to wind up Roots Holdings Limited will be heard
before the High Court of Hong Kong on August 14, 2002 at 9:30
am.  

The petition was filed with the court on May 24, 2002 by
Industrial and Commercial Bank of China (Asia) Limited formerly
known as Union Bank of Hong Kong Limited whose registered office
is situated at ICBC Tower, 122-126 Queen's Road Central, Hong
Kong.


ULTRAN TECHNOLOGY: Winding Up Sought by Clear Pearl
---------------------------------------------------
Clear Pearl Limited is seeking the winding up of Ultran
Technology Development Company Limited. The petition was filed
on June 15, 2001, and will be heard before the High Court of
Hong Kong on September 5, 2001.

Clear Pearl Limited holds its registered office at Room 1005,
10th Floor, Hilder Centre, No. 2 Sung Ping Street, Hung Hom,
Hong Kong.


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


SALIM GROUP: IBRA To Execute US$420M Asset Holdback
---------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) is going to
execute an asset holdback worth US$420 million as the
preliminary step to force Salim family to pay the remaining
misrepresented asset debt, besides in cash, Bisnis Indonesia
reported.

A government source disclosed IBRA was controlling the holdback
asset at the escrow account even though according to the
agreement it has matured on September 2001. "The escrow
agreement with Salim, as far as I know was prolonged. The MSAA
agreement allows it," he said.

He was talking in relation to the settlement of remaining Rp2.2
trillion misrepresentation conducted by Salim. Salim so far has
acknowledged Rp729 billion misrepresentation, as the remaining
was still awaiting for financial due diligence (FDD).

The Master Settlement Acquisition Agreement (MSAA) signers
submitted the asset holdback. On September 1998, Salim handed
over his asset at 29 companies worth US$420 million and placed
at the escrow agreement between IBRA and Salim. The asset
placement was based on the escrow agreement stipulating IBRA to
return the rest if all Salim liabilities has been met.

The 29 assets include PT Pepsi Cola Indobeverages, Sinamitra
Tata Perkasa, Ubindo Aneka Biscuit, Sinar Culindo Perkasa, and
Lion Super Indo.

IBRA's Deputy Chairman AMI Taufik M.Ma'ruf could not be
contacted for comment.


SEMEN PADANG: In Rp500B Loan Negotiations With Bank Mandiri
-----------------------------------------------------------
The management of PT Semen Padang is negotiating with PT Bank
Mandiri (Persero) to disburse loan worth of Rp500 billion to
refinance the cement company debt, Bisnis Indonesia reports,
citing President Director Satriyo of public listed company PT
Semen Gresik, the parent company PT Semen Padang.

Satriyo added that the negotiation was expected to be finalized
before August so that Semen Padang could pay soon Semen Padang
debt amounting to Rp200 matures in August 2002.

"The management of Semen Padang and Bank Mandiri were
negotiating on the preparations for disbursing loan tranche of
Rp500 billion," Satriyo said at the Jakarta Stock Exchange (JSX)
Tuesday, adding that the to be received by Semen Padang has five
years term.


* IBRA Updates Core Assets Sales Program Development
----------------------------------------------------
Indonesia Bank Restructuring Agency has received 202 Letter of
interest, as of Tuesday, 16 July 2002, from investors that
intent to participate on "Core Asset Sales Program" amounting a
face value of Rp185 trillion. The interested parties, which
consist of 111 local investors and 91 foreign investors have
interested in the loan portofolio with a sum of Rp145 trillion
in face value. The total security deposit that collected by IBRA
amounting US$38.9 million.

On July 17th, 2002, the core assets sales program achieved its
bidding day where the investor make submission of their bidding
offer. After the bidding day, which was opened at 8am and closed
at 12PM, IBRA made an evaluation of each bidder's proposal and
will announce the winner on July 24th 2002. There are two
payment options for the winner which is through a cash payment
and or using a recapitalization bonds.

In these Core Assets Sales Program, IBRA is implementing an
Asset to Bonds Swap (ABS) and Clearing System mechanism which
allows the investor to make payment using recapitalization
Bonds. This mechanism is accordance of the FSPC decree
No.01/KKSK/07/2002 dated July 11th 2002, which regulates that
only Recapitalization Bonds which had a maximum maturity date on
the year 2005 (except the FR0007 & FR 0009 serial number) could
be used as a payment tool. For the implementation Bonds payment
scheme, IBRA will coordinate with Pusat Manajemen Obligasi
Negara (State Obligation Management Center) under the Ministry
of Finance.

IBRA hopes this Core Asset Sales Program will make a significant
contribution for achieving IBRA's 2002 collection target which
amounting of Rp42.8 trillion. Until July 2002, IBRA has proceed
its Rp16.5 trillion to the Ministry of Finance.


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


KOTOBUKIYA CO: Submits Rehabilitation Plan
------------------------------------------
Kotobukiya Co, which is in the process of court-guided
rehabilitation, has submitted a rehabilitation plan to the
Kumamoto District Court, Kyodo News said Wednesday.

Under the scheme, the supermarket chain operator intends to
reinvent itself as a real estate management business, hoping to
earn profits by renting or selling its property in Kyushu and
Yamaguchi.


FUJITSU LTD: Adopts Group Taxation Method With NEC
--------------------------------------------------
Fujitsu Ltd and NEC Corporation will adopt a consolidated
taxation accounting method at the start of the year through next
March to save them substantial tax payments, Kyodo News said
Saturday.

Under the system, Companies are permitted to offset their
profits and losses with those of wholly owned domestic units.
NEC has 90 units and Fujitsu about 100.

Fujitsu's consolidated operating loss in the April-June quarter
was likely to be less than last year's 42.3 billion yen ($359
million), although the figure would still be in the red, TCR-AP
reported Monday, citing Chief Financial Officer Takashi Takaya.

Fujitsu Ltd is looking at further restructuring possibilities
for its ailing hardware operations, considering hard disk drives
and telecommunications equipment.


MITSUI HOME: Closing US Subsidiary
----------------------------------
House builder Mitsui Home Co will close its U.S. unit Mitsui
Home America Inc by the end of September, as part of the
Company's restructuring efforts, Kyodo News said Wednesday.

The California-based unit handles North American materials
procurement for export to Japan.

Mitsui decided to outsource the unit's operations to a local
concern.


MITSUBISHI MOTORS: Reorganizing North American Operations
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) plans to consolidate its
North American sales, manufacturing, finance, and research and
development operations into a new single organization.

The Company, to be formed by the first quarter of 2003, will be
called Mitsubishi Motors North America (MMNA). It will be led by
a new management structure composed of executives who have
recently overseen a complete overhaul of the Company's
operations in the United States, including three consecutive
years of record U.S. sales, profits, brand awareness and
productivity. The Company's success in the United States has
become one of the primary engines driving MMC's global
turnaround.

Pierre Gagnon, President and COO of Mitsubishi Motor Sales of
America, Inc. (MMSA), will be promoted to President and CEO of
MMNA, responsible for leading all operations in the U.S.,
Canada, Mexico and Puerto Rico.

Under Gagnon's leadership, MMSA has successfully established a
strong and popular brand identity, especially among the
increasingly important market segment of young consumers. MMSA
sales have increased 69 percent over three years, driving three
consecutive years of record profits as well.

Mitsubishi Motors also announced the promotion of Greg O'Neill
to President and COO of MMSA, replacing Gagnon and also assuming
responsibility for all sales and marketing functions as
Executive Vice President and COO of MMNA's Marketing and Sales
Division. O'Neill previously served as Executive Vice President
and General Manager of MMSA, and played a critical role in
driving the Company's brand strategy, implementing new
technologies at the corporate level and expanding Mitsubishi's
U.S. dealer network.

Rich Gilligan, currently President and COO of Mitsubishi Motor
Manufacturing of America, Inc. (MMMA), will retain his current
responsibilities and will assume an expanded role for quality
and procurement throughout North America.

"North America has emerged as a thriving market for Mitsubishi
Motors and is now recognized in Japan as an important target for
further growth and investment," said MMC President and CEO Rolf
Eckrodt. "Creating a single, unified organization allows for
better synergies within Mitsubishi's global operations and
reflects the recent success and the enormous potential we see in
this critical region."

As Mitsubishi Motors prepares for an unprecedented wave of new
product launches in North America, introducing seven new
products over the next three years, the Company's expansion
plans in Canada are several months ahead of schedule. Through
its alliance with DaimlerChrysler, Mitsubishi is also developing
plans to begin selling cars in Mexico in early 2003.

MMC expects the new consolidated organization to provide several
important benefits as the Company enters the next phase of its
North American growth strategy. The new Company's integrated
structure will increase Mitsubishi Motors' competitive advantage
in North America, from engineering and design to distribution
and marketing strategies. It also will ensure development and
delivery of the best products to meet customer needs.

Other benefits include:

Streamlined business planning processes

A single North American legal entity for financial reporting, to
better reflect overall investment and profit picture.

More effectively leveraged support functions and related
resources throughout the organization.

Elimination of non-value added inter-corporate pricing
negotiations and related processes.

Enabling more strategic long-term planning and product
development.

(Outline of Mitsubishi Motors' companies in U.S.)

Mitsubishi Motors' North American operations currently include:


Mitsubishi Motor Sales of America, Inc. (MMSA), based in
Cypress, CA, the sole distributor of Mitsubishi-badged cars and
light trucks in the American market through a network of more
than 580 dealers in 50 states.

Mitsubishi Motor Credit of America (MMCA) a wholly-owned finance
subsidiary of MMSA.

Mitsubishi Motor Manufacturing of America, Inc. (MMMA), located
in Normal, IL, produces the Mitsubishi Galant, Eclipse and
Eclipse Spyder, and two models for DaimlerChrysler Corporation.

Mitsubishi Motors Research and Development of America, Inc.
(MRDA), located in Ann Arbor, MI, and Cypress, CA, is
responsible for the design and engineering of Mitsubishi
products for the American market.

Mitsubishi Motors America, Inc. (MMA), based in Southfield, MI,
oversees parts procurement for MMC and coordinates government
relations in the U.S.

According to TCR-AP, at the end of 2001, the Company had
negative working capital, as current liabilities were 1.95
trillion yen while total current assets were only 1.23 trillion
yen.


NITTO KOGYO: Goldman Sachs Takes Over Golf-Course Operator
----------------------------------------------------------
Since Nitto Kogyo and 11 of its affiliates filed for a special
form of bankruptcy protection, Goldman Sachs Group Inc is now
set to take over the golf-course operator, leaving the US
investment bank, which owns 100 percent of Nitto Kogyo's equity,
in control of the group's 30 golf courses, the Wall Street
Journal reported. Goldman now must negotiate with tens of
thousands of individuals who own memberships in Nitto's courses
to settle their claims on the Company.

A spokesman said Goldman has already negotiated with banks that
were owed a total of JPY120 billion by Nitto Kogyo, but he,
however, declined to say how much Goldman paid to assume the
debt.

The bankruptcy filing is likely to result in the members' losing
virtually all of their deposits, large long-term loans that
golfers made to Japanese courses in exchange for the right to
play at the links. But the members will also likely keep their
memberships and the right to play at the courses, and perhaps a
small share of the equity, the newspaper said.

"A workable restructuring plan will allow members to continue to
play under a business structure, which enhances the long-term
viability of the golf-course operations," said Goldman Spokesman
Orlando Camargo.

Nitto Kogyo first filed for bankruptcy in 1997. The Company,
which has 71,985 members playing at its courses, has total debts
of 426 billion yen, of which 264 billion yen is owed to the
members. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No. 140,
July 17, 2002)


SANDEN CORP: R&I Downgrades Rating to BBB+
-----------------------------------------
Rating and Investment Information, Inc. (R&I) on Friday has
downgraded the Senior Long-term credit rating Sanden Corporation
to BBB+ from A-.

RATIONALE:

Sanden Corp. is an independent manufacturer of automobile parts.
In the mainstay area of compressors for automobile air
conditioners, Sanden has an excellent sales record in overseas
markets such as Europe, where demand continues to grow, and a
powerful operational base. Nevertheless, car assembly firms, the
source of demand for the firm's products, are making
increasingly tough demands, principally over prices.

Furthermore, in the distribution systems division, Sanden's
second key earnings source, although sales and maintenance
contracts for in store showcases are both relatively steady,
vending machines are suffering the effects of a stagnant market
and profitability continues to fall. Sanden aims to improve
profitability by concentrating production on the new Akagi
plant, but the start-up costs are heavy and there is little
prospect of any sudden improvement in profits.

Interest bearing debt has increased because of the firm's
aggressive plant and equipment investment, and the Company's
ability to redeem its debts is now lower than before. As a
result, R&I is downgrading the Senior Long-term Credit Rating.

The Company's operational environment is not entirely positive
as market prices continue to fall. It will be necessary to cut
costs in order to maintain or improve earnings levels. Sanden is
being more selective about its suppliers, while the new Akagi
plant has been built with the aim of enhancing productivity in
the distribution systems division.

The growing financial burden from this increase in interest
bearing debt will probably reach its peak in the March 2003
term. There are few concerns that profit levels will fall
seriously, depending on the success of the cost cutting program.


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


CHOHUNG BANK: Launches $250M Syndicated Loan
--------------------------------------------
Chohung Bank has launched a $250 million two-year term loan
facility, Dow Jones reported Tuesday, citing coordinating
arranger ING Bank NV.

The loan has a margin of 20 basis points over the London
Interbank Offer Rate. Flat fees range from 40 basis points for
coordinating arrangers to 36 basis points for senior managers.

Deadline for commitment from general syndication participants
will be on July 30.

The Company's other coordinating arrangers are ABN AMRO Bank
N.V., Credit Lyonnais S.A. (F.CLC), Development Bank of
Singapore Ltd., Natexis Banques Populaires, Standard Chartered
Bank, Sumitomo Mitsui Banking Corp. and LB Kiel.

Terms for the issue are:

Amount: $250 million
Maturity: Two years
Margin: 20 basis points over Libor per annum
Fees: 40 basis points (coordinating arrangers)
38 basis points (lead managers)
36 basis points (senior managers)


HYNIX SEMICONDUCTOR: No Reasonable Offer Refused, Says DPM
----------------------------------------------------------
Ailing Hynix Semiconductor will go to any investor who can offer
the most favorable conditions, said Digital Chosun, citing
Deputy Prime Minister for finance and economy Jeon Yun-churl.

In an interview with Bloomberg, Jeon said the Company's
creditors will no longer provide any fresh funds to the
chipmaker.

The Deputy Prime Minister also said that the most worrisome
issue as far as the economy goes is the rapid depreciation of
the United States dollar against the Korean won, for it could
have serious ramifications on the economy in the second half of
this year.

Jeon, however, said that the government has been taking a
variety of countermeasures to slow down the free-falling
greenback. (M&A REPORTER - ASIA PACIFIC, Vol. No.1, Issue No.
140, July 17, 2002)


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


AOKAM PERDANA: Director Tick Siang Resigns
------------------------------------------
Aokam Perdana Bhd posted this Change in Boardroom notice:

Date of change : 15/07/2002  
Type of change : Resignation Boardroom
Designation    : Director
Directorate    : Non Independent & Non Executive
Name       : Tan Tick Siang, Steven
Age      : 31
Nationality    : Singaporean
Qualifications : Bachelor of Business in Financial Analysis from
Nanyang Technological University, Singapore (1995).
Working experience and occupation  : More than 6 years working
experience in financial services industry.
Directorship of public companies (if any) : None
Family relationship with any director and/or major shareholder
of the listed issuer : None
Details of any interest in the securities of the listed issuer
or its subsidiaries : None

Profile

Originally a mining company with activities centered in
Thailand, the Company was, in its early days, associated with
Thai company Aokam Thai Ltd (ATL) that was formed to purchase
all its mining assets. Along the way, the Company diversified
into the food, financial, gaming and manufacturing sectors in
the late 1980s. There followed a shift in investment strategy in
1990 when the Company disposed of its entire interests in the
above investments to focus on the wood-based industry.

The Company is an affected listed issuer under Practice Note No.
4/2001 of KLSE's Listing Requirements. The Company has submitted
an application to KLSE for additional time to 24 October 2002 to
make the necessary applications to all the relevant authorities
on its regularization plan. Meanwhile its proposed corporate
exercise comprising a rights issue, the FIC, SC and MITI have
approved special issue and new ESOS.


ASSOCIATED KAOLIN: Gets SC's Conditional Nod on Proposals
---------------------------------------------------------
On behalf of Associated Kaolin Industries Berhad (Special
Administrators Appointed), Commerce International Merchant
Bankers Berhad announced that the Securities Commission had, by
its letter dated 11 July 2002, approved the Proposals without
variations subject to these conditions:

   (i) Jasa Ringgit Holdings Sdn Bhd (JRH) and the
vendors/promoters of GPSB are required to furnish an irrevocable
undertaking that the factory owned by JRH which is currently
being used for GPSB's manufacturing and business operations
shall continue to be let to GPSB based on the current tenancy
terms until GPSB has completed the relocation of the
manufacturing operations to its new site in Ijok, Selangor;

   (ii) AKI/GHB is required to disclose in the
circular/information memorandum to its shareholders on its risk
management practices as well as its insurance coverage for the
business operations;

   (iii) GHB is required to comply with the twenty five percent
(25%) public spread requirement upon the listing of GHB on the
Second Board of the Kuala Lumpur Stock Exchange in place of AKI;

   (iv) In relation to the proposal for the promoters of GHB to
dispose through open market transactions such number of GHB
Shares upon the listing of GHB, in order to comply with the
minimum number requirement of public shareholders holding not
less than one thousand (1,000) shares each, GHB/the promoters
are required to seek the SC's approval in relation to the
details of such disposals, including the total number of shares
to be disposed and the mode of disposal. In addition, the
promoters are required to dispose such shares within six (6)
months from the date of listing of GHB;

   (v) A moratorium would be imposed on the sale of GHB Shares
issued to the vendors of GPSB and Success Profile pursuant to
the Proposed GPSB Acquisition and Proposed Success Profile
Acquisition. In this regards, the vendors are not allowed to
sell, transfer or assign their shareholdings representing fifty
percent (50%) of the total shares issued as consideration for
the said acquisitions for at least one (1) year from the date of
listing of the said shares. Thereafter, in every subsequent
year, the said shareholders are allowed to sell, transfer or
assign up to a maximum of one-third (1/3) per annum of their
respective shareholdings in GHB which are under moratorium. In
this connection, the SC has no objection on the proposed
moratorium imposed on the shareholders as set out Table 1 found
at http://www.bankrupt.com/misc/TCRAP_AKI0718.doc;

The moratorium and the restriction imposed are also applicable
on shareholders, which are private companies, and to each of its
ultimate individual shareholders. As such, each shareholders,
which are private companies, and its ultimate individual
shareholders, are required to furnish the SC with an written
undertaking that they will not sell, transfer or assign their
shares in the private companies throughout the moratorium
period;

   (vi) CIMB/AKI/GHB is required to obtain the SC's approval on
any variation to the terms of issuance of the irredeemable
convertible unsecured loan stock (ICULS);

   (vii) Prior to the issuance of the ICULS, CIMB/AKI/GHB is
required to furnish the following:

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

      (b) The duly executed trust deed; and

   (viii) To adhere to all relevant requirements in relation to
the implementation of the Proposals, as stated in the SC's
Policies and Guidelines on Issue/Offer of Securities and the
SC's Guidelines on the Offering of Private Debt Securities.

The SC has approved the application on behalf of the vendors of
GPSB and Success Profile, for an exemption from having to
undertake a mandatory general offer for the remaining GHB
Shares, as provided under the Practice Note 2.9.3 of the
Malaysian Code on Take-Overs and Mergers, 1998.

Upon completion of the implementation of the Proposals, CIMB and
AKI/GHB are required to furnish a written confirmation that all
terms and conditions imposed on the Proposals in the said letter
have been fully complied with.

The "PROPOSALS" are:

   * Proposed Capital Reduction;

   * Proposed Termination of AKI's Outstanding Warrants
1996/2005;

   * Proposed Share Exchange of 5,465,023 Ordinary Shares of
Rm1.00 Each in AKI (AKI Shares) on the Basis of One (1) Ordinary
Share of Rm1.00 Each in Greatpac Holdings Berhad (GHB) (GHB
Shares) for Every One (1) AKI Share (Proposed Share Exchange);

   * Proposed Rights Issue of up to 16,395,070 New GHB Shares on
the Basis of Three (3) New GHB Shares for Every One (1) Existing
GHB Share Held After the Proposed Share Exchange at an Issue
Price of Rm1.00 Per GHB Share (Proposed Rights Issue);

   * Proposed Special Bumiputera Issue (SBI) of 25,000,000 New
Ghb Shares to Bumiputera Investors at an Issue Price of Rm1.00
Per Ordinary Share (Proposed SBI);

   * Proposed Acquisition of the Entire Equity Interest in
Greatpac Sdn. Bhd. (GPSB) by GHB for a Total Consideration of
Rm72,000,000 to be Satisfied by the Issuance of 72,000,000 New
GHB Shares at an Issue Price of Rm1.00 Per GHB Share (Proposed
GPSB Acquisition);

   * Proposed Acquisition of the Entire Equity Interest in
Success Profile Sdn. Bhd. (Success Profile) by GHB for a Total
Consideration of Rm17,727,272 to be Satisfied by the Issuance of
17,727,272 New GHB Shares at an Issue Price of Rm1.00 per GHB
Share (Proposed Success Profile Acquisition);

   * Proposed Debt Restructuring of AKI;

   * Proposed Waiver from Undertaking a Mandatory General Offer
(Proposed Waiver); and

   * Proposed Transfer of Listing Status of AKI to GHB(Proposed
Transfer Listing)


AUTOINDUSTRIES VENTURES: Provides Defaulted Payment Update
----------------------------------------------------------
Autoindustries Ventures Berhad, further to the announcements
made on 14 December 2001, and subsequently on every month,
provided the financial position of the Company in respect of its
default in payments for the month of July, 2002 are:

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

i) Pacven Walden Ventures
III L.P.    2,730,955.03 1,387,105.22  4,118,060.25

ii) BI Walden Ventures  1,069,577.00   543,256.74  1,612,833.74
Kedua Sdn Bhd (In Members'
Voluntary Liquidation)

iii) Financial Inst.   12,839,815.10   221.930.29 13,061,745.39
     ------------- ------------ --------------
TOTAL        16,640,347.13 2,152,292.25 18,792,639.38
     ============= ============ =============

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

As announced to the KLSE on 14 December 2001, one of the
measures taken by the Company 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 for cash and issue 2,000,000 new ordinary shares of
RM1.00 each to BI Walden Ventures Kedua Sdn Bhd (In Members'
Voluntary Liquidation) (BI Walden) and Pacven Walden Ventures
III L.P. (Pacven Walden) at a proposed issue price of RM1.00
each as part settlement of the amount due (Proposed exercise).

The Company has received all the necessary approvals on the
proposed restricted issue of shares which was announced by
Commerce International Merchant Bankers Berhad on 1 July 2002
and is now pending the approvals from the following:

   i) the KLSE for the listing of and quotation for the new AIV
shares to be issued pursuant to the Proposals on the Second
Board of the KLSE; and

   ii) the Shareholders of the Company at an Extraordinary
General Meeting to be convened.

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 lenders 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.


DAMANSARA REALTY: JCD's RM400M BG Facility Fully Settled
--------------------------------------------------------
Damansara Realty Berhad issued its monthly status report
pursuant to KLSE Practice Note 1/2001 pertaining to the Default
in Principal and/or Interest Payment by:  

a) Johor City Development Sdn Bhd (JCD) in relation to RM400
million Bank Guarantee Facility (BG Facility);

As announced on 29 May and 3 June 2002, JCD and Johor
Corporation had, on 24 May 2002, amongst others entered into a
conditional Debt Restructuring Agreement (DRA) with the
guarantor banks for the purpose of full and final settlement for
the amount owing under the BG facility.

The condition precedent of the DRA are in the process of
being fulfilled by JCorp and/or the relevant parties and
thereafter, the DRA shall proceed to completion.

   b) DBHD in relation to RM13.7 million Revolving Credit
Facilities (RC Facilities); and

There is no material development on the default of the RC
Facilities. DBHD is still in the process of negotiating with the
Lenders for the purpose of restructuring the said Facilities.

   c) Damansara Realty (Pahang) Sdn Bhd (DRP) in relation to
RM57.9 million Syndicated Term Loan Facility (Term Loan
Facility).

There is no material development on the default of the
Term Loan Facility. DRP is still in the process of negotiating
with the Lenders for the purpose of restructuring the said
Facility.


FW INDUSTRIES: Replies KLSE's Query on Suit Filed by Hiap Teck
--------------------------------------------------------------
FW Industries Berhad, in reference to the KLSE's query letter
reference ID: JL-020712-35640 regarding the Legal Suit: Hiap
Teck Hardware Sdn. Bhd. (Hiap Teck) against the Company),
replied to its queries:

   (1) The legal suit is related to a corporate guarantee
granted to Hiap Teck for goods delivered to FW's subsidiary,
Fieldwork Engineering Sdn. Bhd. (FESB). FESB is disputing the
accuracy on the principal amount of Hiap Teck's accounts.

   (2) Except for the disputed alleged sum of RM388,918.54,
inclusive of interest and costs by Hiap Teck, there are no other
pending possible financial and operational impact on the Group.

   (3) The Company is only exposed to a potential contingent
loss on the disputed alleged sum of RM388,918.54 arising from
the litigation.


HIAP AIK: Defaults ICULS Half-Yearly Interest Payment
-----------------------------------------------------
Hiap Aik Construction Berhad (Special Administrators Appointed),
announced that HACB has defaulted in payment of half-yearly
interest of RM967,342 to the registered holders of 8%
Irredeemable Convertible Unsecured Loan Stocks 2001/2006 (ICULS)
which is due and payable on 30 June 2002.

Reason For Default In Payment

The Company defaulted in its payment due to its adverse cash
flow position arising from losses incurred in recent years.

Measures Taken To Address The Default

On 1 April 2002, Special Administrators were appointed to the
Company pursuant to Section 24 of the Pengurusan Danaharta
Nasional Berhad Act 1998 (Danaharta Act).

The Special Administrators are currently preparing a workout
proposal for the Company, as soon as practicable, taking into
the consideration of the interests of the secured and unsecured
creditors and also the shareholders.

Financial And Legal Implications In Respect Of The Default In
Payments Including The Extent Of The Company's Liability In
Respect Of The Obligation Incurred Under The Agreements For The
Indebtedness

The default interest together with the outstanding ICULS will be
entitled to rank for distribution under the workout proposal of
the Company. Meanwhile pursuant to Section 41 of the Danaharta
Act, a moratorium shall take effect to restrain and stay all
creditors of HACB from undertaking any legal actions or
proceedings against HACB to enable the completion of the workout
proposal.


INNOVEST BERHAD: Welcomes New Audit Committee Member
----------------------------------------------------
Innovest Berhad posted notice of change in Audit Committee:

Date of change : 15/07/2002  
Type of change : Appointment
Designation    : Member of Audit Committee
Directorate    : Independent & Non Executive
Name      : Woo Kek Ping
Age      : 32
Nationality    : Malaysian
Qualifications : A member of the Malaysian Institute of
Accountants, an associate member of the Association of Chartered
Certified Accountants
Working experience and occupation : Auditing, accounting and
finance ; Corporate Accountant
Directorship of public companies (if any) : n/a
Family relationship with any director and/or major shareholder
of the listed issuer : n/a
Details of any interest in the securities of the listed issuer
or its subsidiaries : n/a
   
Composition of Audit Committee (Name and Directorate of members
after change):
  
1) Dato' Hj Mat Isa bin Ismail (Chairman/Independent Non-  
Executive Director)
2) Dato' Hj Abdul Jabbar bin Hj Ibrahim (Non-Independent Non-
Executive Director)
3) Ms Woo Kek Ping (Independent Non-Executive Director)

Profile

The Company's principal activity was manufacturing and sale of
nets, ropes and twines until 1984, when it sold all its assets
relating to this business and moved into credit and leasing, and
the machining and general fabrication of metal materials. The
Company later diversified into power electronics, fast food
business (Kentucky Fried Chicken or KFC), manufacture of
activated bleaching clay and gypsum products, and poultry
breeding and feedmilling. Subsequently, the Group divested
subsidiaries that were no longer synergistic with the Group's
core businesses via a reorganization exercise. This included the
disposal of its entire stake in KFC.

In December 1995, the Group completed restructuring exercises
which included the acquisition of three property-based companies
as well as the wood-based business of Sim Hoe Wood Industry.
This transformed the Group into an entity with core businesses
in property development and timber.

The Group expanded its property and timber operations in 1996,
through participation in a multi-billion dollar land
privatization project in Bagan Datoh, Perak, and in a timber
concession covering more than 800,000 acres of forest in Congo,
Africa. However, the Group revisited the viability of the Bagan
Datoh project and in 1998 decided against going ahead. For the
African investment, the Group's operations were adversely
affected by the civil war. In view of the uncertainties, the
costs of investments and fixed assets in Africa have been
substantially written off.

In 2001, the Company has formulated a three-pronged approach to
restore the Group's financial health, namely, debt restructuring
and settlement with major creditors, divestment of Group's
assets overseas and non-core businesses, and business focus in
core timber operations.


LION GROUP: SC Grants Amended GWRS Proposals Approval
-----------------------------------------------------
Lion Corporation Berhad (LCB), Lion Land Berhad (LLB), Amsteel
Corporation Berhad (ACB) and Angkasa Marketing Berhad (AMB)
(collectively referred to as the "Lion Group") jointly
announced on 26 March 2002 further revisions to the terms of the
proposed debt restructuring exercises, divestment programs and
corporate restructuring exercises (collectively referred to as
the "Amended GWRS Proposals") that had been previously
announced.

The Board of Directors of Lion Group announced that the
Securities Commission (SC) has approved each of the relevant
proposal within the Amended GWRS Proposals that required the
SC's approval, as proposed by Lion Group, subject to these  
revisions:

   * The purchase consideration for the proposed acquisition by
ACB of the remaining 30% equity interest in Akurjaya Sdn Bhd
(Akurjaya) was revised by SC to RM395.1 million from the earlier
proposed purchase consideration of RM399.28 million.

   * The SC has required the issue price of new ACB shares to be
attached to the ACB Bonds, to be issued by ACB in settlement of
the purchase consideration of RM35.66 million for the proposed
acquisition of 100% equity interest in Lion Plaza Sdn Bhd, to be
set at a 5% premium over the theoretical market price of ACB
shares.

The issue price of new ACB shares to be issued in settlement of
the purchase considerations for the proposed acquisition by ACB
of the remaining 30% equity interest in Akurjaya and the
proposed acquisition of an additional 13.5% equity interest in
Hiap Joo Chong Realty Sdn Bhd (Hiap Joo Chong) must similarly be
fixed at a 5% premium to the theoretical market price of ACB
shares.

   * The SC has required the issue price of the new LCB shares
to be attached to the LCB Bonds to be issued by LCB in
settlement of the purchase consideration for the proposed
acquisition by LCB of 40% equity interest in Megasteel for
RM1,007.92 million and 50.45% equity interest in LLB for
RM260.47 million, to be set at a 5% premium over the theoretical
market price of LCB shares, subject to the minimum issue price
of RM1.05 each.

The issue price of the new LCB shares to be issued in settlement
of the purchase consideration for the proposed acquisition by
LCB of 415.47 million ACB shares must similarly be fixed at a 5%
premium to the theoretical market price of LCB shares, subject
to the minimum issue price of RM1.05 each.

   * LCB has proposed to acquire 415.47 million ACB shares from
parties deemed connected to Tan Sri William Cheng Heng Jem
(TSWC) and Datuk Cheng Yong Kim (DAC) for RM434.58 million,
which shall be satisfied by the issue of new LCB shares (LCB
Consideration Shares).

The SC has imposed a moratorium on the disposal of 50% of the
LCB Consideration Shares for a period of 1 year from the date of
listing of the LCB Consideration Shares. Thereafter, TSWC and
DAC are allowed to dispose, transfer or assign up to a maximum
of 1/3 of the LCB Consideration Shares under moratorium per
annum.

   * ACB has proposed to acquire 30% equity interest in Akurjaya
from Horizon Towers Sdn Bhd (Horizon Towers) for RM395.1
million, whilst Umatrac Enterprises Sdn Bhd (Umatrac), a wholly-
owned subsidiary of ACB, has proposed to acquire an additional
13.5% equity interest in Hiap Joo Chong from Teck Bee Mining (M)
Sdn Bhd (Teck Bee Mining) for RM1.915 million. Both of these
transactions shall be satisfied by the issue of new ACB shares
to Horizon Towers and Teck Bee Mining respectively, who would in
turn immediately disposed these new ACB shares to LCB.

The SC has imposed a moratorium on LCB on the disposal of 50% of
these new ACB ordinary shares to be acquired by LCB as aforesaid
for a period of 1 year from the date of listing of the new ACB
shares. Thereafter, LCB is allowed to dispose, transfer or
assign up to a maximum of 1/3 of the new ACB shares under
moratorium per annum.

   * AMB has proposed to acquire 74.25% equity interest in
Silverstone from Umatrac, Posim Berhad, ACB, LCB, Limpahjaya Sdn
Bhd, DAC and TSWC and parties deemed connected to them for
RM189.85 million, which shall be satisfied by the issue of new
AMB shares (AMB Consideration Shares).

The SC has imposed a moratorium on the disposal of 50% of the
AMB Consideration Shares for a period of 1 year from the date of
listing of the AMB Consideration Shares. Thereafter, Umatrac,
Posim Berhad, ACB, LCB, Limpahjaya Sdn Bhd, DAC and TSWC and
parties deemed connected to them are allowed to dispose,
transfer or assign up to a maximum of 1/3 of the AMB
Consideration Shares under moratorium per annum.

The approval of the SC is subject to, inter alia, these
conditions:

   * Issues affecting the joint-venture operations of the Lion
Group in the People's Republic of China, such as the transfer of
land use rights and property ownership rights by the other
joint-venture parties to the joint-venture companies, must be
resolved prior to the implementation of the Amended GWRS
Proposals.

   * The SC's approval must be obtained for the final number of
new LCB, LLB, AMB and ACB shares to be issued pursuant to the
Amended GWRS Proposals.

   * The Circulars to Shareholders to be issued by the Lion
Group for the Amended GWRS Proposals, must contain the views of
the Directors on any qualifications and emphasis of matters
raised by, inter alia, the reporting accountant on the future
financials of the Lion Group.

   * The Independent Advisers are required to address in their
reports to the minority shareholders of the Lion Group, inter
alia, any qualifications and emphasis of matters raised by the
reporting accountants on the future financials of the Lion
Group, and to provide detailed justifications on the valuations
for the proposed acquisitions and disposals which are related
party transactions.

   * The SC's approval must be obtained for any changes to the
terms and conditions of the Bonds and Consolidated Rescheduled
Debts to be issued pursuant to the Amended GWRS Proposals.

   * Prior to the issuance of the Bonds and Consolidated
Rescheduled Debts, the SC must be informed of, inter alia, the
final amounts and redemption profiles for each of the Bonds and
Consolidated Rescheduled Debts proposed to be issued.

   * The Circular to Shareholders to be issued by the Lion Group
for the Amended GWRS Proposals, must disclose, inter alia, the
risks associated with the sources of cash flows earmarked to
support the redemption of the Bonds and Consolidated Rescheduled
Debts.

   * The Lion Group is required to report the status of the
proposed divestment of non-core assets in their quarterly and
annual reports.

   * The Directors of the Lion Group are required to furnish
written declarations that the Lion Group would divest other
assets which are not part of the proposed divestment program, if
necessary, to redeem the Bonds and Consolidated Rescheduled
Debts.

   * The Circular to Shareholders to be issued by the Lion Group
for the Amended GWRS Proposals, must disclose the details of the
proposed organizational and financial management system
restructuring together with the opinion of the Directors as to
how such restructuring could strengthen the management and
financial infrastructure of the Lion Group.

   * For proposed acquisitions by the Lion Group where the
valuations are premised on the net tangible asset (NTA) values,
the latest audited NTA value of the acquiree companies (to be
based on cut-off dates shall not be earlier than 4 months prior
to the date of completion) must not be less than the NTA values
upon which the Amended GWRS Proposals were based.

   * For the AMB Group, all loss making operations of the AMB
Group, including companies operating in the People's Republic of
China, must be divested within 2 years after all relevant
parties have approved the Amended GWRS Proposals.

   * With regard to LLB Group's proposed acquisition of 83.7%
equity interest in Posim Berhad, the LLB Group is required to
comply with the public spread requirements as stipulated in the
SC's guidelines.

The Board of Directors of LCB, LLB, ACB and AMB shall be
deliberating on the SC's revisions set out above and conditions
imposed by the SC. Accordingly, an appropriate announcement
would be made in due course following the conclusion of the
Lion's Group Board of Directors' meeting.

On 9 May 2002, the Lion Group had also announced that the
Foreign Investment Committee and the Ministry of International
Trade and Industries have approved the relevant proposals within
the Amended GWRS Proposals that had required their respective
approvals. It was also announced on 9 May 2002 that the relevant
proposals within the Amended GWRS Proposals that require the
approval of the Controller of Foreign Exchange, Bank Negara
Malaysia have also been obtained.

The Amended GWRS Proposals remain subject to approvals being
obtained from, inter-alia:

   * the Kuala Lumpur Stock Exchange for the listing of and
quotation for the new shares, warrants and new shares to be
issued pursuant to the exercise of the warrants and conversion
of redeemable cumulative convertible preference shares under the
Amended GWRS Proposals;

   * the Scheme Creditors whose debts are proposed to be
addressed under the Amended GWRS Proposals;

   * the shareholders of LCB, LLB, ACB and AMB and other scheme
companies at their respective Extraordinary General Meetings to
be convened; and

   * the Amended GWRS Proposals being sanctioned by the High
Court pursuant to Section 176 of the Companies Act, 1965 and the
proposed capital reconstruction exercises under the Amended GWRS
Proposals being sanctioned by the High Court pursuant to Section
64 of the Companies Act, 1965.


MBF HOLDINGS: SC Extends Proposals Implementation Until Dec 31
--------------------------------------------------------------
Alliance Merchant Bank Berhad, for and on behalf of the Board of
Directors of MBf Holdings Berhad announced that the Securities
Commission has, via its letter dated 11 July 2002, approved the
Company's application for a further extension of time until 31
December 2002 for the Company to implement the Proposals, which
comprises of Proposed Schemes of Arrangement and Proposed
Employees' Share Option Scheme.

On July 3, TCR-AP reported that MBfH is currently
looking into opportunities to consolidate, amongst others, its
overseas businesses. The Company has yet to negotiate with any
potential parties  who are interested in the overseas
businesses. It believes that by consolidating the overseas
businesses, it would help to reduce its debts level and enable
it to focus on its core business of credit card issuance.


POLY GLASS: Junks Rights Issue Proceeds Utilization Revision
------------------------------------------------------------
Poly Glass Fibre (M) Berhad, further to its announcement dated
10 July 2002 in relation to the Proposed Revision of RM8.332
million from the utilization of rights issue proceeds, stated
that with the outcome from the Shah Alam High Court on 8 July
2002 allowing the application by Golden Approach Sdn Bhd (GASB),
a wholly owned subsidiary of the Company and the application by
the Company for stay of the winding up of GASB pending appeal to
the Court of Appeal (as announced on 8 July 2002), the Company
has decided to maintain the utilization of rights issue
proceeds.

Profile

Poly Glass pioneered the commercial production of fiber
glasswool in Malaysia and was the sole supplier until 1993. On
its own, the Company produces six product lines.

The Company's manufacturing facility is located in Prai, Penang.
Production output is 8,000 m/t per annum. Another plant in
Indonesia has an annual production output of 3,000 m/t and one
in Hubei, China, 3,000 m/t per annum. The products are exported
to Singapore, Indonesia, Thailand, Philippines, Australia, Hong
Kong, Taiwan, Brunei, Japan, New Zealand, Pakistan, India, UAE,
China, Vietnam, South Africa and Myanmar.

Poly Glass also owns a property development company which is
currently undertaking the development of Diamond Creeks Country
Retreat located adjacent to Proton City and close to the
township of Tanjung Malim.

Property development subsidiary Golden Approach Sdn Bhd (GASB)
is currently undergoing litigation arising out of a winding-up
petition originated on 4 January 1999 by Sri Binaraya Sdn Bhd, a
main contractor of GASB, on the grounds that GASB is unable to
pay an alleged debt of RM2,108,820.


SUNWAY BUILDING: August 1 EGM Scheduled
---------------------------------------
Sunway Building Technology Berhad informed that an Extraordinary
General Meeting of the Company will be held at Bahamas 1, Level
12, Sunway Lagoon Resort Hotel, Persiaran Lagoon, Bandar Sunway,
46150 Petaling Jaya, Selangor Darul Ehsan on Thursday, 1 August
2002 at 11.30 a.m.

Go to http://www.bankrupt.com/misc/TCRAP_Suntech0718.docfor a  
copy of the EGM notice.

Early this month, TCR-AP reported that Board of Directors of
Sunway Building Technology entered into a restructuring
agreement with Sunway Holdings Incorporated Berhad (SunInc),
Sunway Construction Berhad (SunCon), Mr Huang Jen Soong (HJS),
Mr Lim Beng Keat (LBK) and Dolomite Berhad (DB) (Restructuring
Agreement) to effect a restructuring scheme with the view of
restoring the financial health of Suntech group of companies
(Suntech Group). Pursuant to the Restructuring Agreement, the
Proposed Corporate Restructuring Exercise of Suntech Group would
entail the following:

   (a) Proposed Group Restructuring;
   (b) Proposed Divestment of Sunway Modular Construction Sdn
Bhd to SunInc;
   (c) Proposed Disposal of Suntech Assets and Liabilities to
SunCon;    
   (d) Proposed Capital Reduction and Consolidation;
   (e) Proposed Acquisition of DB; and
   (f) Proposed Change of Name


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


BENPRES HOLDINGS: Units Under Pressure Due to Parent Debt
---------------------------------------------------------
Benpres Holdings Corp's units are coming under pressure because
of its parent debt problems, which are making funds more
difficult to secure across the entire group, AFX Asia reported
Tuesday, citing Asiasec Equities Inc.

Benpres plans to restructure its US$596.9 million and sell
stakes in group firms to cover its obligations, although the
absence of buyers makes it more dependent on its main cash
sources, such as ABS-CBN or First Holdings.

Asiasec added that the ability of Benpres units to raise funds
for their own operations might also be impaired after Benpres
defaulted on its interest payments.

Benpres expects a net loss of 47 million pesos this year, versus
a loss of 10.251 billion a year earlier, Asiasec said.

DebtTraders reports that Benpres Holdings' 7.875% bond due in
2002 (BENP02PHS1) trades between 55 and 58. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


DMCI HOLDINGS: Issues Total Shares
----------------------------------
DMCI Holdings, Inc. on Friday informed the Philippine Stock
Exchange that of the total preferred shares issued, the
remaining balance, after taking into account the following, is:

2,400,000 total number of preferred shares issued by the Company

(596,895) shares held as of April 5, 2002

(125,770) shares redeemed for the period of Apr 9 to May 31,
2002 [52,720 april 9-30] [73,050 may 1-31] [5,320 june 1-30]

(145,391) acquired by D.M. Consunji, Inc.

(376,020) redemption as agreed with the shareholders [8,830 -
redeemed June 2]

1,150,604 remaining number of outstanding preferred shares

In view thereof, a total of 5,320 preferred shares should be
delisted from the official registry of the exchange effective
Tuesday, July 16, 2002.

This brings the number of the Company's outstanding preferred
shares to 1,150,604.


FAIRMONT HOLDINGS: Total Case Settlements Reach P11.426M
--------------------------------------------------------
The Securities and Exchange Commission said total settlements
paid by brokers facing administrative charges for the Fairmont
Holdings Inc. price-fixing case reached 11.426 M pesos, AFX
reported Friday.

The SEC said in a statement the payments by 75 brokerages
"settle the administrative charges brought forth by the
commission against various brokers for alleged violations of
marking the close, wash sales, match orders, done-thru deals,
advancing the bids, order ticket rule, among others, in
connection with the BW Resource Corp stock transaction."

The SEC added that while it has dropped its administrative case
against the brokers, they still face criminal cases filed
against them at the Department of Justice. In settling the
administrative cases, the SEC said that it did not press the
brokers to admit guilt since this would have prejudged their
criminal cases.

"While the commission was lenient in the imposition of sanctions
due to the financial difficulties of the broker firms arising
from the weak market, in the future, it will impose heavier
penalties," the SEC said.


NATIONAL POWER: PSALM Evaluates US$400-500M Loan Offers
-------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp (PSALM)
will evaluate loan offers from foreign and local banks totaling
between US$400 million and US$500 for the financing requirements
of the National Power Corp (Napocor), the Manila Bulletin and
AFX Asia reported Wednesday, citing PSALM President Edgardo del
Fonso.

Foreign and local banks are namely Banco de Oro, Citibank NA,
Salomon Smith Barney, Credit Lyonnais, DBS Bank, Standard
Chartered Bank and Sumitomo Mitsui Banking Corp.

The President added that the loan might be tapped for Napocor,
which is also finalizing its 600 million international bond
issue.


PHILIPPINE AIRLINES: Must Honor Put Option or Face Charges
----------------------------------------------------------
DebtTraders Analysts, Daniel Fan (852-2537-4111) and Blythe
Berselli (1-212-247-5300), reported that Philippine Airlines
(PAL) has to use 2 billion pesos ($40 million) to honor its put
option to the government financial institutions' equity holdings
in the national airline at 5 pesos ($0.1) a share or face legal
charges, citing the Business World newspaper.

PAL has 30 days or until the end of August to respond. According
to the 1996 put-option agreement, Lucio Tan and PAL guarantors
agreed to buy the government equity holdings on May 7.


PHILIPPINE LONG: No Comments on CEO Replacement Report
------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) did not comment on
the Philippine Star report that parent First Pacific Co Ltd
controlling shareholder, Anthoni Salim, is asking PLDT Chairman
Antonio Cojuangco to replace Manuel Pangilinan as PLDT chief
executive, AFX Asia said Wednesday.

The report said Salim has set this "precondition" before
entertaining a supposed offer by the Cojuangco group to buy out
First Pacific's interests in PLDT and Bonifacio Land Co.

The report added Cojuangco was set to meet Salim in Singapore to
discuss the latter's offer.


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


CHARTERED SEMICONDUCTOR: Expects US104.7-106M Q2 Net Loss
---------------------------------------------------------
Chartered Semiconductor expects a second quarter net loss of
US$104.7 million to US$106 million, versus a net loss of
US107.557 million in 2001, AFX Asia reported Wednesday, citing
analysts.

The Company incurred a first quarter net loss of US$128.368
million.

Leng Seng Choon, analyst at UOB Kay-Hian Securities, said he
expects the Company to continue incurring losses at least until
the end of the year as average selling prices remain weak.

Pranab Kumar Sarmah, analyst at Daiwa Institute of Research,
said he only expects Chartered to return to profitability in the
third quarter of 2003 but added investors have probably factored
in the earnings risks into the share price.

Chartered Semiconductor's principal activities are the provision
of comprehensive wafer fabrication services and technologies to
semiconductor suppliers and manufacturers of electronic systems.

It provides foundry services to customers that serve high-
growth, technologically advanced application, including
communications applications such as cable modems, wireless,
Gigabit Ethernet, ATM and ADSL.

In 2001, the Group owned five fabrication facilities, all of
which are located in Singapore. It offers full turnkey services
including packaging, assembly and test. Semiconductor products
include Logic, Mixed-Signal and Memory. It operates in Singapore
and has service operations in 7 countries in North America,
Europe and Asia. Its manufacturing operations are solely located
in Singapore.

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500%
convertible bond due in 2006 (CSM06SGN1) trades between 97.5 and
98.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


FDS NETWORKS: Issues Profit Warning
-----------------------------------
FDS Networks Group Ltd (FDS) issued a profit warning for the
first half-year ended June 30, 2002, Kelive reported Wednesday.
Despite cost cutting efforts at unprofitable units, weak demand
from Asia has resulted in a decline in turnover for first half
in 2002 and lower profit margins.

Management said that the business outlook continues to be
challenging and visibility unclear. As a result, the current
year's performance is expected to face continued downward
pressure.

FDS will report the Group's interim results at July's end.


SEMBCORP LOGISTICS: Posts Changes in Director's Interest
--------------------------------------------------------
Sembcorp Logistics Ltd posted a notice of changes in Director's
interests in a related Company Singapore Airport Terminal
Services Ltd:

Name of director: Wee Chow Hou
Date of notice to Company: 17 Jul 2002
Date of change of interest: 16 Jul 2002
Name of registered holder: Wee Chow Hou
Circumstance(s) giving rise to the interest: Sales in open
market at own discretion

Shares held in the name of registered holder
No. of shares of the change: 10,000
percent of issued share capital:  
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: S$1.91
No. of shares held before change: 50,000
percent of issued share capital:  
No. of shares held after change: 40,000
percent of issued share capital:  

Holdings of Director including direct and deemed interest
                                    Deemed Direct
No. of shares held before change:    50,000
percent of issued share capital:   
No. of shares held after change:     40,000
percent of issued share capital:   
Total shares:                        40,000

Note: The number of shares held by the registered holder
includes 5,000 shares held under ASPF/CPF Investment Account.


SINGAPORE PRESS: Property Restructuring Put on Hold
---------------------------------------------------
On 11 January 2002, Singapore Press Holdings (SPH) announced
that it was considering the restructuring of its property
businesses and assets with a view towards the demerger and the
eventual listing of its property businesses on the Main Board of
the Singapore Exchange Securities Trading Limited subject to
favorable market conditions.

As current market conditions, exacerbated by uncertainties
surrounding regional economies, are unfavorable, the Directors
of SPH on July 16 decided not to proceed with the demerger and
the eventual listing of SPH's property businesses.

The Directors continue to believe in enhancing shareholders
value and would focus on core media business and divest non-core
assets in a manner and at such time that would maximize
shareholders value.


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


ADVANCE PAINT: Posts Business Rehabilitation Plan Summary
---------------------------------------------------------
Advance Paint Chemical (Thailand) Public Company Limited posted
a summary of its Business Rehabilitation Plan:

1. Group of Creditors.

The Plan classified the creditors into 9 groups:

Creditor group No. 1  Secured creditors  
Nos. of Creditors : 1
Principal debts   : Bt76,390,000
Interest          : -Bt
Total   : Bt76,390,000

Creditor group No. 2  Unsecured creditors
Nos. of Creditors : 11
Principal debts   : Bt 319,182,046
Interest          : Bt226,725,016.99
Total             : Bt545,907,063.75

Creditor group No. 3  Non institution loan creditors
Nos. of Creditors : 2
Principal debts : Bt10,732,605.00
Interest       : Bt374,977.01
Total   : Bt11,107,582.01

Creditor group No. 4  Rent creditors
Nos. of Creditors : 1
Principal debts : Bt10,766,038.22
Interest       : Bt751,054.38
Total   : Bt11,517,092.60

Creditor group No. 5  Fees and Professionals fees creditors      
Nos. of Creditors : 6
Principal debts : Bt41,749,495.25
Interest     : Bt5,481,862.03
Total   : Bt47,231,357.28

Creditor group No. 6  Public sector creditor
Nos. of Creditors : 1
Principal debts   : Bt356,311.41
Interest          : -Bt
Total        : Bt356,311.41

Creditor group No. 7  Commercial transaction creditors
Nos. of Creditors : 11
Principal debts : Bt58,059,609.02
Interest  : Bt16,652,108.00
Total   : Bt74,711,717.02

Creditor group No. 8  Work contract creditors
Nos. of Creditors : 2
Principal debts : Bt19,321,240.78
Interest     : Bt2,614,727.43
Total   : Bt21,935,968.21

Creditor group No. 9  Guarantor creditors
Nos. of Creditors : 2
Principal debts   : Bt750,835,391.92
Interest          : Bt381,690,598.87
Total           : Bt1,132,525,990.79

Grand Total  : Bt1,921,683,083.07

2. Scheme of Business Rehabilitation Plan.

75% and Bt155.48 million will reduce the registered share
capital for debt equity swap will increase the capital with the
creditors group 2 to 8.

3. Repayment of debt.

Repayment of debt by installments to various group of creditors
will be as follow:

Creditor group 1 with the principal amount of Bt76.39 million
with 1-year grace period. Repayment from 2nd year to 10th year
as follows:

    * Year 2  pay 2% of the principal
    * Year 3  pay 3% of the principal
    * Year 4  pay 10% of the principal
    * Year 5-9 pay 15% of the principal
    * Year 10 pay 10% of the principal

Creditors group 2-8 (except group 6) with principal amount of
Bt458.23 million divided by:

  * 15% of the principal (Bt68.73 million) with repayment period
of 10 years and first 2 years as grace period. Payment from year
3 to 10 as follow:

     * year 3 repayment of 5%
     * year 4 repayment of 10%
     * year 5-9 repayment of 15%
     * year 10 repayment of 10%
     * year 1-4 rate 3.5%
     * year 5-10 rate MLR

  * 85% of the principal (Bt389.5 million) divided as follow:

  * 40% pay with ordinary shares by debt equity swap at the rate
of Bt10 for 1 share.  If the repayment under the Plan completed,
the creditors would turn over 35% of the equity swapped to the
person who is entitle to buy shares and the rest would be on
offer at the rate swapped or market rate whichever is higher.

   * 45% pay by convertible debenture at the rate of Bt10 for 1
unit, which will be converted in year 10.

In the event that the Company makes repayment of debt under the
Plan stated above to the Creditors, the Company would be
released from the debt of the arrears of interest, costs fees,
penalties, costs arising from the Company's unpaid debts and any
other debts occur after the date that the Court issue the order
approving the Plan.

Creditor group 6:    

The principal amount of Bt356,311.00 will be paid within 1 year,  
starting from the date that the Court issued the order approving
the Plan from the company operation cash flow.

Creditor group 9:   

This group of creditors would only receive repayment of debt
after making repayment to other previous groups of creditors and
subrogate the rights of recourse against the Company from that
creditor.

The Company, however, has the right to make early repayment
before the period stated under clause 4.9 of the Plan.

4. Amendment of Memorandum of Association

There will be amendment to the Company's Memorandum of
Association to incorporate the reduction and increase of
capital.

5. Amendment to the Article of Association

It may be necessary to amend the Articles of Association of the
Company in order to facilitate the Plan.

6. Improvement of Company is management structure

It may be necessary to improve management structure of the
company in order to maintain efficiency of the Plan
administration.

7.  Creating Debt and Influence of Capital

The Company may request for working capital support facility by
placing company assets under mortgage or pledge or as a
guarantee or creating any binding conditions in order to obtain
such facility. Moreover, the company may create commercial debt
in order to maintain its normal course of business.

The Company will utilize various type of essential Company
assets including remaining stock of goods to manage the business
of the Company for the creation of cash flow for repayment of
debt to the creditors.  The Company may also sell, release or
transfer non-core assets with proceeds from the process for
repayment of debt to creditors.

9.  Right to make early repayment

The company has the right to make early repayment before its due
date with reduction from different groups of creditors, as
follow:

   Group 1 Payment amounts Bt76,390,000.00
   Group 2 Payment amounts Bt31,918,204.70
   Group 3 Payment amounts Bt1,073,260.50
   Group 4 Payment amounts Bt1,076,603.80
   Group 5 Payment amounts Bt4,160,705.90
   Group 6 Payment amounts Bt356,311.00  (full amount)
   Group 7 Payment amounts Bt5,662,141.60
   Group 8 Payment amounts Bt1,932,124.10

In the event that the Company will use its right by making early
repayment, by reducing and increasing of capital for new
investors, use the proceeds from increase of capital for payment
of the above amount. Further, after the early repayment of debt,
the remaining of the principal amount of debt including all
arrears of interest would be released. As a result, the surety
would be released from all obligations under the debt and the
surety ship, as stated in  Clause 4.9.2 of the Plan.

10. Payment of dividends and other benefits.

There will be no payment as such during the course of
administration under the Plan until the termination date of
Business Rehabilitation.

11. Right to purchase shares

There are limitations on the selling of shares that the
creditors received from debt equity swap and has to be under the
conditions and procedures specified in the Plan.

12. Length of the plan.

The Business Rehabilitation Plan has the period of 5 years from
the date that the Court issued the order approving the Plan.

13. Success of the Plan

Under the conditions of early repayment with reduction as stated
in Clause 4.9 of the Plan, the Plan would succeed under these
circumstances: the break of insolvency or the liquidity of the
business as detailed in Chapter 13 of the Plan.

14.  Plan Administrator: BangpaIn Planner Co., Ltd.

15.  Creditor Committee

The creditors' meeting resolution dated 20 the June 2002 has
appointed 3 creditors committee as follow:

   1. Thai Assets Management Company.
   2. Samak and Associated Legal Counselors Co., Ltd.   
   3. APC Coating Co., Ltd.

Note: (Observations)

The details in this summary are only a concise scheme for the
purpose of understanding the basis of the Plan. The complete
understanding of the details of the Plan is essential for all
parties concerned.


DATAMAT PUBLIC: Increases Registered Capital
--------------------------------------------
Datamat Public Company Limited (DTM) reported the resolutions of
the Board of Directors Meeting No. 9/2002 held on July 10, 2002,
in respect to the capital increase:

1. Capital increase

From the resolutions of the Board of Directors' Meeting of
Datamat Public Company Limited No. 9/2002 held on July 10, 2002,
approval was unanimously given that the Company's registered
capital be increased from Bt6,212,851,980 to Bt10,000,000,000 by
an issuance of 378,714,802 ordinary shares with a par value of
Bt10 00 each to be allocated for offering for sale to specific
investors and/or 17 types of institutional investors in
accordance with the relevant Notification of the
Securities and Exchange Commission.  

The Board of Directors shall have the power to determine and
change the details and conditions in relation to the offer for
sale of the shares, for example, the amount offered, the
offering price and period.

2. Allotment of new shares

The meeting of the board of directors passed a resolution
approving an allotment of 100,000,000 ordinary shares with a par
value of Bt10 each, totaling Bt1,000,000,000.

Odd Shares

If odd shares occur, the Company will round down such shares.

Detail of AIT

Nature of business :  Network and IT System Integrator
                      providing end-to-end enterprise solutions

Paid-up capital :  Bt50 million
Par Value : Bt1,000

Major shareholders :    As of 6th March 2001

        Name                    No. of shares    %
1. Mr. Siripong Oontornpan         38,200      76.4
2. Mrs. Kingporn Sopchokechai       2,400       4.8
3. Mr. Phisak Jarudilok             2,000       4.0    
4. Mr. Anurat Danthanasarn          2,000       4.0

Board of directors         : As of 4th June 2002

Name                            Position
1. Mr. Siripong Oontornpan      Director
2. Mrs. Saowanee Oontornpan     Director
3. Mrs. Natenapis Oontornpan    Director

There are no connected parties to this transaction.

3. Schedule for shareholders meeting to approve the capital
increase

The extraordinary meeting of shareholders No. 2/2002 is
scheduled to be held on August 5, 2002 at 2.00 pm. at Head
Office of the Company. The share register will be closed for
share transfer in order to determine the right to attend this
meeting from July 18, 2002 at 12:00 o'clock, until the meeting
has been duly convened.

4. Approval of the capital increase by relevant governmental
agency and conditions to the Ministry of Commerce.

5. Objectives of the capital increase and plan for utilizing
proceeds received from the capital increase

The objective for DTM in capital increase is to hold 100 percent
of shares in AIT. As consideration for the 100% of the
outstanding shares in Advanced Information Technology (AIT), DTM
will provide 100 million new common shares at Bt3.2 per
share and Bt50 million in cash, making the transaction value
Bt370 million.

6. Benefits, which the company will receive from the capital
increase

Advanced Information Technology provides complementary skills
and market presence to Datamat, particularly on the
infrastructure side of the systems integration business and
specifically in the rapidly growing and highly lucrative
telecommunications sector. The two companies will enjoy
economies of scale across the whole of their business.

7. Benefits, which the shareholders will receive from the
capital increase

The complementary aspect of the two organizations working
together will provide Datamat an opportunity to significantly
increase its market share in the information technology business
and thereby increase its ability to add real capital value to
its business.

8. Other details necessary for shareholders to approve the
capital increase

The transaction is the assets acquisition under the SET
notification on the Rules and Procedures and Disclosure of
Information concerning the Acquisition and Disposition of Assets
of Listed Companies, which requires the shareholders to approve
with the votes of not less than three-fourth of all the votes
for the shareholders present at the meeting and having the right
to vote.

9. Schedule of action where the board of directors of the
company passes a resolution approving the capital increase

        Subjects                            Date
Board meeting no.9/2002             July 10, 2002
XM date                             July 18, 2002
Shareholders meeting no.2/2002   August 5, 2002
Report on shares allotment          14 days after share swap
transaction     completes in all respects.


SRITHAI SUPERWARE: Court Orders Release From Rehabilitation
-----------------------------------------------------------
Srithai Superware Public Company Limited, pursuant to the Civil
Southern Bangkok Court having passed an Order on the red case  
numbered Lor. Phor. 1/2542 to rehabilitate the business of the
Company on 28 May  1999, and to appoint SGV-Na Thalang & Co.,
Ltd. as Plan Preparer, announced Monday that the Rehabilitation
Plan implementation has been completed.  

The Plan Administrator submitted a petition to the Court on 28
June 2002 to release Srithai from the Rehabilitation Plan.  By
virtue of Section 90/70 of the Bankruptcy Act B.E. 2483, the
Court  passed an Order on 15 July 2002 to release Srithai from
the Rehabilitation Plan.


THAI CANE: Files Business Reorg Petition in Bankruptcy Court
------------------------------------------------------------
Paper seller and producer Thai Cane Paper Public Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed at the
Central Bankruptcy Court:
  
   Black Case Number 496/2543

   Red Case Number For. -/2543

Petitioner: THAI CANE PAPER PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt4,834,010,792

Date of Court Appointment for Examining the Petition: August 7
and 15, 2000 at 13.30 PM

Date of Court Appointment for Examining the Objection: September
6,11,and 20, 2000 at 9.00 AM, and September 18, 2000 at 9.00 AM
and 13.30


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

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

AES China             10.125% due 2006    96 - 97.5    n/a
Asia Pulp & Paper     11.75%  due 2005  27.5 - 29.5     -1
APP China             14.0%   due 2010    23 - 25        0
Asia Global Crossing  13.375% due 2010    17 - 19       -3
Bayan Telecom         13.5%   due 2006  19.5 - 21.5     -2
Daya Guna Sumudera    10.0%   due 2007  3.25 - 5.25   -.25
Hyundai Semiconductor 8.625%  due 2007    57 - 65       -5
Indah Kiat            11.875% due 2002    31 - 32       -1
Indah Kiat            10.0%   due 2007    25 - 27        0
Sampoerno             8.375%  due 2006 97.25 - 99.25   n/a
Tjiwi Kimia           10.0%   due 2004    25 - 27      +.5
Zhuahi Highway        11.5%   due 2008    32 - 36        0

Bond pricing, appearing in each Thursday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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

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

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

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

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

                 *** End of Transmission ***