/raid1/www/Hosts/bankrupt/TCRAP_Public/020805.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

            Monday, August 5, 2002, Vol. 5, No. 153

                         Headlines

A U S T R A L I A

BALLARAT GOLDFIELDS: Recovery of German Debt Unlikely
CLUB CROCODILE: Shares Placement Yields New Board Member
DVT HOLDINGS: Bigshop, Zero Advise Requisitions Withdrawal
MAXIS CORPORATION: Shares Placement Approved; Releases Q102
UECOMM LIMITED: Welcomes New Board Members, Cancels Shares

UNITED ENERGY: Pulse/Edgecap, Utili-Mode Sale Complete
WESTERN METALS: Issues Outstanding Employee Options
WORLDWIDE TECHNOLOGY: Requests Trading Halt


C H I N A   &   H O N G  K O N G

B-TECH (HOLDINGS): Widens 2002 Net Loss to HK$238.8M
CHINA ELEGANCE: Operations Loss Narrows to HK$33.3M
EASTWELL ENTERPRISES: Winding Up Petition to be Heard
GRAND ART: Faces Winding Up Petition Pending
NORTHEAST ELECTRICAL: NET Reaches Debt Settlement Agreement

SMITH & SMITH: Winding Up Petition Set for Hearing


I N D O N E S I A

ASTRA INTERNATIONAL: Awaits Creditors' Decision on Rescheduling  
INDAH KIAT: Books Audited 2001 Net loss of US$182.4M
TJIWI KIMIA: Incurs US$50.7M Net Loss


J A P A N

ALL NIPPON: Selling ANA Grand Hotel Wien to European Firm
HANKYU CORPORATION: Moody's Changes Baa1 Outlook to Stable
HITACHI LTD: US Unit Appoints George Wilson as President
MATSUSHITA ELECTRIC: Updates Retirement and Pension Plan
MIZUHO HOLDINGS: Discloses 1Q02-03 Financial Results

NISSAN MOTOR: Launches Forklift National Sales Firm in Shanghai
NIPPON TELEGRAPH: Reviewing Recommendation on Draft Charges


K O R E A

DAEWOO INTERNATIONAL: Posts W20.2B 1H Net Profit Since Spinoff
DAEWOO MOTOR: July Vehicle Sales Down 14.2 Percent
SEOUL BANK: Likely to Select Hana as Acquisition Negotiator
HYNIX SEMICON: SK Telecom Denies Interest in Unit Acquisition
SEOUL BANK: Hana Bank Presents Takeover Proposal


M A L A Y S I A

AUTOINDUSTRIES VENTURES: SC Approves Proposed Restricted Issue
BRIDGECON HOLDINGS: Material Regularization Status Unchanged
CHG INDUSTRIES: Begins Debt Restructuring Agreement Drafting
COUNTRY HEIGHTS: MITI Grants Proposals Conditional Approval
DENKO INDUS: Requisite Announcement Extension Request Pending

EPE POWER: TIME OKs Proposed Acquisitions HOA Amendments
L&M CORPORATION: Seeks Regularization Time Extension
MBF CAPITAL: Placing Unit Under Voluntary Liquidation
MECHMAR CORPORATION: Reduces Defaulted Payment to RM56.49M
PAN PACIFIC: KLSE Further Grants Proposed Scheme Time Extension

PLANTATION & DEVELOPMENT: Court Orders Creditors' Meetings
SEAL INCORPORATED: July 02 Defaulted Payment Stands at RM57.2M
SEE HUP: Proposes Renewal of Shareholders Mandate
SINMAH RESOURCES: Redeems Bank Guaranteed Bonds 1997/2002  
TAJO BHD: Provides Defaulted Payment Update Status


P H I L I P P I N E S

PHILIPPINE AIRLINES: Files Case Against Govt Re Put-Option Deal
PHILIPPINE LONG: Net Income Doubles in 1H02
PHILIPPINE LONG: Response to First Pac/Gokongwei/JG Summit MOA
PHILIPPINE LONG: Gokongwei Did Not Violate SEC Disclosure Rules


S I N G A P O R E

ASIA PULP: Makes Partial Payment to IBRA
CHARTERED SEMICONDUCTOR: Appoints Jim Norling as Chairman
FREIGHT LINKS: Falls Deeper Into Debt During FY02
NATSTEEL LTD: Disposes of Shares
PAN-UNITED: Dissolves Subsidiary

PRESSCRETE HOLDINGS: Updates Existing Loans' Repayment Status

*Technical Outlook at Singaporean Firms Potentially Affected


T H A I L A N D

ITALIAN-THAI: Incurs Q202 Profit of Bt5,820M
M.E.C. FAREAST: Files Business Reorganization Petition
THAI DURABLE: Offers Newly Issued Shares   

     -  -  -  -  -  -  -  -

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

    
BALLARAT GOLDFIELDS: Recovery of German Debt Unlikely
-----------------------------------------------------
Ballarat Goldfields NL subsidiary Oztrak Group Pty Ltd has
received the Munich, Germany Appeals Court verdict as expected,
awarding Oztrak approximately $2.3 million in damages, interest
and costs.

The defendant has formally applied to the court for insolvency.
As a result, there is significant doubt that Oztrak will be able
to recover any of the amount awarded to it. Oztrak is
investigating whether any other legal options are available.


CLUB CROCODILE: Shares Placement Yields New Board Member
--------------------------------------------------------
Club Crocodile Holdings Limited placed the equivalent of 8.6%
of its issued stock (ie 4.45 million shares) at 14 cents to
Sydney businessman David Kingston. Mr Kingston also acquired on
Friday existing shares so that his shareholding in Club
Crocodile is at 20 percent. Mr Kingston has accepted an
invitation to join the Board of Directors and will replace Mr
Murray Charlton who has resigned from the Board.

The company on Friday exchanged a contract to sell, for the
consideration of $1.96 million, its Brisbane paddlewheelers, the
"Kookaburra River Queens" to managing director Peter Thynne.
This sale is subject to independent experts advice and
shareholder approval. Assuming approval is obtained, Mr Thynne
will resign as managing director but will continue as a non-
executive director.

The company also signed a Heads of Agreement to sell its
Brisbane based accommodation facility "Toowong Villas" at the
price of $1.2 million to Mr Charlton. This sale is subject to
contract and independent experts advice and shareholder
approval.

For the financial year just completed (2001/02) it is expected
that the company will report a loss in the vicinity of $800,000,
reflecting in part reduced occupancies flowing from Ansett's
collapse. It is expected that the result for the current year
(2002/03) will also be a loss, albeit a smaller one, as the
Company seeks new sources of revenue to replace the lost Ansett
business.


DVT HOLDINGS: Bigshop, Zero Advise Requisitions Withdrawal
----------------------------------------------------------
DVT Holdings Limited confirmed Friday that it has been requested
by Bigshop.com.au Limited (Bigshop) and Zero Nominees Pty
Limited (Zero) not to proceed with the extraordinary general
meeting of DVT shareholders to be held on 7 August 2002, and to
withdraw the resolutions formerly to be considered at that
meeting.

Zero and Bigshop were the parties who requisitioned the meeting
and proposed the resolutions. This request was previously
subject to the condition that shareholders pass the resolutions
to approve the proposed merger with Utility Services Corporation
at the general meeting held 31 July 2002. This condition has now
been satisfied.

DVT is under legal obligation to hold the meeting, as a result
of the litigation heard by the Supreme Court of New South Wales
as to the validity of the requisition. As a result, the meeting
will be convened; however, there will be no business for that
meeting to consider.


MAXIS CORPORATION: Shares Placement Approved; Releases Q102
-----------------------------------------------------------
The Directors of Maxis Corporation Limited announced that the
approval of resolution 2 by shareholders paves the way for the
issue of 100,000,000 fully paid ordinary shares at $0.02 per
share, underwritten by ABN Amro Morgan, to raise $2.0 million in
working capital. This additional cash and the positive cash
delivered from the recent quarter result will allow Maxis to
expand its services and seek value adding opportunities
complementary to existing services offered by the Maxis Group.

To see a copy of the first quarterly report for the June 2002
quarter for the Maxis Group to be released since its securities
were suspended from trading 18 months ago, go to
http://www.bankrupt.com/misc/TCRAP_MXS0805.pdf.

The Directors consider the net operating cash flow result of
$1.36 million for the quarter and in excess of $2.0 million for
the 2002 year very satisfactory and very encouraging, compared
to the $78.2 million loss declared in 2001.


UECOMM LIMITED: Welcomes New Board Members, Cancels Shares
----------------------------------------------------------
The Board of Directors of Uecomm Limited announced on Wednesday
the appointment of Mr Peter Shore as Chairman and Mr Doug
Evanson as a Director of the Board of Uecomm Limited.

Mr Shore is also a Director of Hostworks Limited, Chairman of
IP1 (Australia) Pty Limited and a Director of Unwired Australia
Pty Limited. He was also formally the Group Managing Director of
Telstra's Commercial and Consumer Division.

Mr Evanson is currently the Chief Financial Officer of United
Energy Limited. He has previously held financial and accounting
positions with Aquila Inc with his most recent position as
Manager Corporate Finance, Assistant Treasurer and Assistant
Secretary.

Former Interim Chairman, Mr Keith Stamm commented "The Board
welcomes Peter Shore and Doug Evanson as Directors. We are
delighted to announce these appointments and both Peter and Doug
will add tremendous industry and commercial experience to
Uecomm".

The Company also advised that due to the cessation of employment
of a participant in the Uecomm Option Plan, the Directors have
resolved to cancel the following options:

DATE OPTIONS   EXERCISE   OPTION   DATE OPTIONS   OPTIONS
GRANTED         PRICE     CLASS     CANCELLED    CANCELLED

18/01/2002     $0.17      UECAM    30/07/2002     400,000


UNITED ENERGY: Pulse/Edgecap, Utili-Mode Sale Complete
------------------------------------------------------
United Energy Limited on Friday finalized the sale of its 25
percent interest in Pulse Energy, its 50 percent interest in
EdgeCap and its wholly owned subsidiary Utili-Mode to AGL.
Confirming the transaction's closure, United Energy Chairman,
Keith Stamm, said that the completed sale enables United Energy
to focus on its key strengths in the areas of energy asset
ownership and management.

United Energy received $83.3 million for its interests in Pulse
Energy and EdgeCap, while receiving an additional $37.6 million
for Utili-Mode, its back office business. The cash proceeds,
less transaction costs, have been used to reduce United Energy's
short-term debt.

Mr Stamm emphasized that United Energy would concentrate on its
electricity distribution network ownership, its utility
construction and maintenance business, NPS, and its management
of the Multinet Gas distribution network on behalf of Energy
Partnership.

"We will continue to improve our business efficiencies, while
aiming to broaden our suite of asset management services," he
said. "These capabilities provide predictable cash flows and a
good degree of certainty in a time of volatile global markets."

Mr Stamm reaffirmed that United Energy expects to maintain its
interim dividend of 8.25 cents per security, fully franked, for
the half-year to 30 June, 2002.

HALF-YEAR RESULTS

United Energy will announce its financial results for the half-
year to 30 June, 2002, on Tuesday, 13 August, 2002. Analyst and
media briefings will be held in Sydney on 13 August, which will
be webcast and teleconferenced respectively.


WESTERN METALS: Issues Outstanding Employee Options
---------------------------------------------------
Western Metals Limited advised that the following unlisted
employee options remained outstanding at 31 July 2002.

NUMBER          EXERCISE        EXPIRY          CLASS
OF OPTIONS      PRICE            DATE

1,680,000      83 cents      8 December 2002    Employee
2,967,500      62 cents     15 November 2004    Employee
  800,000      83 cents      8 December 2002    Executive

Days ago, TCR-AP reported that the Company, in consideration of
the Noteholders entering into debt restructuring arrangements,
had issued 121,358,721 fully paid ordinary  shares (Escrowed
Securities) to the Noteholders.

    
WORLDWIDE TECHNOLOGY: Requests Trading Halt
-------------------------------------------
The securities of Worldwide Technology Group Limited was placed
in pre-open at the Company's request, pending provision of a
response to ASX queries regarding the Company's Quarterly Report
for the period ended 30 June 2002.

Unless Australia Stock Exchange decides otherwise, the
securities will remain in pre-open until the earlier of the
commencement of normal trading on Tuesday, 6 August 2002 or when
the announcement is released to the market.


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


B-TECH (HOLDINGS): Widens 2002 Net Loss to HK$238.8M
----------------------------------------------------
B-Tech (Holdings) Limited released it interim financial report
for the year ending 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
                                
Turnover                          : 5,035,000        38,661,000
Profit/(Loss) from Operations     : (206,123,000)  (308,931,000)
Finance cost                      : (28,539,000)    (54,499,000)
Share of Profit/(Loss) of Associates: (2,933,000)    (1,499,000)
Share of Profit/(Loss) of
  Jointly Controlled Entities     : N/A              N/A
Profit/(Loss) after Tax & MI      : (238,073,000)  (366,696,000)
% Change over Last Period         : N/A
EPS/(LPS)-Basic                   : (3.02)           (11.30)
         -Diluted                 : N/A              N/A
Extraordinary (ETD) Gain/(Loss)   : N/A              N/A
Profit/(Loss) after ETD Items     : (238,073,000)  (366,696,000)
Final Dividend per Share          : Nil              Nil
(Specify if with other options)       : -                -
B/C Dates for Final Dividend          : -
Payable Date                          : -
B/C Dates for Annual General Meeting  : 4/9/2002-6/9/2002 bdi.
Other Distribution for Current Period : -             
B/C Dates for Other Distribution      : -             

Remarks:

1. TURNOVER                     
                                         2002            2001
                                         HK$             HK$

Continuing operations                 5,035,000     15,326,000
Discontinued operations               -             23,335,000
                                      --------------------------
                                      5,035,000     38,661,000
                                       =========================

2. LOSS FROM OPERATIONS                                         
                                                
                                         2002            2001
                                        HK$             HK$

Continuing operations                  206,123,000  288,826,000
Discontinued operations                -            20,105,000
                                       -------------------------
                                       206,123,000  308,931,000
                                       =========================
3. FINANCE COSTS                                           
                                                
                                         2002            2001
                                        HK$'000         HK$'000     
Interest on:                                               
  Bank loans and overdrafts       -               26,764,000
  Other loans wholly repayable within five
     years                      28,516,000          34,925,000
   Finance lease payable        23,000          100,000
                               ---------------------------------
   Total finance costs         28,539,000          61,789,000
                              ==================================
Less: Interest capitalized in respect of
properties under development       -               (7,290,000)
                              ---------------------------------
                                    -                      -
                              28,539,000              54,499,000
                             ==================================
4. LOSS PER SHARE                                          
                                                
(a)     Basic loss per share                                    

        Basic loss per share is calculated based on (i) the net
loss from ordinary activities  attributable  to sharesholders  
of  HK$238,073,000 (2001: HK$366,696,000); and (ii) the weighted
average number of 78,779,817 (2001: 32,445,045 as restated)
ordinary shares in issue during the year, as adjusted to reflect
the consolidation of shares during the year, and the
consolidation of shares and the rights issue of shares
subsequent to the balance sheet date.                                     
                                                
(b)     Diluted loss per share                  
                
No diluted loss per share is presented for the two years ended
31st March 2002 as the effect of the Company's outstanding share
options was anti-dilutive.                                       


CHINA ELEGANCE: Operations Loss Narrows to HK$33.3M
---------------------------------------------------
China Elegance International Fashion Limited issued its audited
interim report for the year ending 31 March 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                             : 170,517          143,575
Profit/(Loss) from Operations        : (33,397)         (41,282)
Finance cost                         : (197)            (352)
Share of Profit/(Loss) of Associates : (1,090)          (204)
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (37,604)         (41,831)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (0.2 cent)    (0.4 cent)
         -Diluted                    : N/A              N/A
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (37,604)         (41,831)
Final Dividend per Share             : Nil              Nil
(Specify if with other options)      : -                -
B/C Dates for Final Dividend         : -               
Payable Date                         : -               
B/C Dates for Annual General Meeting : 28/8/2002 to 30/8/2002
bdi.
Other Distribution for Current Period: N/A
B/C Dates for Other Distribution     : -  

Remarks:

1. LOSS FROM OPERATIONS

Loss from operations is arrived at after charging:

                                              2002        2001
                                             HK$'000     HK$'000

Depreciation                           1,338           7,080
Amortization of goodwill               2,609           1,991
Impairment loss of goodwill            16,922               -

2. LOSS PER SHARE

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the year of HK$37,604,000
(2001: HK$41,831,000) and 17,665,936,000 (2001: the weighted
average of 11,393,318,724) ordinary shares in issue during the
year.

There is no diluted loss per share shown for either year as the
effects arising from the exercise of the potential ordinary
shares would have been anti-dilutive.


EASTWELL ENTERPRISES: Winding Up Petition to be Heard
-----------------------------------------------------
The petition to wind up Eastwell Enterprises Limited is
scheduled 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 23, 2002 by
Industrial and Commercial Bank of China (Asia) Limited whose
registered office is situated at ICBC Tower, 122-126 Queen's
Road Central, Hong Kong.


GRAND ART: Faces Winding Up Petition Pending
--------------------------------------------
The petition to wind up Grand Art Development 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 23, 2002 by
Industrial and Commercial Bank of China (Asia) Limited whose
registered office is situated at ICBC Tower, 122-126 Queen's
Road Central, Hong Kong.


NORTHEAST ELECTRICAL: NET Reaches Debt Settlement Agreement
-----------------------------------------------------------
The People's High Court of Liaoning Province ruled in the
Judgment ((2002) Liam Far She Zip No. 9) dated 25th June, 2002
that Northeast Electrical Transmission and Transformation
Equipment Group Corporation Limited should use 33% equity
interest held by it in Shinnying Furukawa Cable Company Limited
to set off RMB52,015,144 of the debt owing to the Company.

According to the agreement entered into on 29th July, 2002,
Northeast Electrical Transmission and Transformation Equipment
Group Corporation Limited (NET) agreed to use the remaining 9.5%
equity interest of Furukawa Cable to set off RMB14.90 million of
the debt. NET will use a total of 42.5% equity interest of
Furukawa Cable to set off the debt amounting to RMB66,915,144.
After completion of the setoff of the debt, the balance remained
outstanding is RMB94,085,000.

The amount of the debt, which is to be set off accounts for 20%
of the audited net assets of the Company for the year 2001.
Pursuant to the Listing Rules, NET is the connected party of the
Company. Therefore, the above transaction constitutes a
connected transaction, subject to the approval of the
extraordinary general meeting held on 13th September, 2002. A
circular containing information on the connected transaction
with a letter from an independent financial adviser will be
dispatched to shareholders of the Company later. Connected
person, NET, involved in this connected transaction shall
abstain from voting the resolution in the meeting. Change in
shareholding is subject to the approval by the relevant party.
After completion of change in shareholding, the Company will
hold 42.5% equity interest of Furukawa Cable and become one of
its largest controlling shareholders.

Trading in the H shares of the Company will remain suspended
pending further announcement as to whether the Company complies
with the requirements for listing under paragraph 38 of the
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited.


SMITH & SMITH: Winding Up Petition Set for Hearing
--------------------------------------------------
The petition to wind up Smith & Smith Company Limited is
scheduled to be heard before the High Court of Hong Kong on
August 7, 2002 at 11:30 am.  

The petition was filed with the court on May 21, 2002 by Amigo
Paper Products Company Limited whose registered office is
situated at Block C, 16th Floor, Melbourne Industrial Building,
16 Westlands Road, Quarry Bay, Hong Kong.


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


ASTRA INTERNATIONAL: Awaits Creditors' Decision on Rescheduling  
---------------------------------------------------------------
PT Astra International has not yet decided whether to proceed
with a rights issue this year to raise money for debt repayments
falling due in December, AFX-Asia reports, quoting Astra
President Director Budi Setiadharma.

"There is no decision yet about that (rights issue). We are
waiting for a decision from our lenders, who are forming a
creditors committee to study our proposal to reschedule all
outstanding debts over the next 5-10 years," Budi Setiadharma
said, adding that .

Astra's stock fell 11 percent last week as rumors spread that
the Company will push through with a rights issue to cover this
year's debts, with the rescheduling to apply to debts maturing
from 2003 onwards.

However, Setiadharma said the Company wants to reschedule all
its debts, including the US$133 million and Rp165 billion
maturing in December this year.

Astra met its creditors in Singapore last week to seek the
rescheduling of some US$830-850 million debts. An agreement is
expected before year's end.


INDAH KIAT: Books Audited 2001 Net loss of US$182.4M
----------------------------------------------------
PT Indah Kiat Pulp & Paper showed in its audited financial
reports for 2001 a net loss of US182.4 million against a loss of
US400.7 million the year before, AFX-Asia reported Friday. The
Company's unaudited 2001 report had shown a net loss of US$260.4
million.

The company narrowed its loss after a fall in 'other charges' to
US$318.2 million from US$746.3 million in the previous year. It
did not provide an explanation for the fall or a detailed
breakdown of the charges.

Indah Kiat, along with sister company PT Pabrik Kertas Tjiwi
Kimia, was briefly suspended from trade last month after missing
the deadline to submit audited reports.  The Capital Markets
Supervisory Agency then extended the deadline until July 31, and
the stock exchange lifted the trading suspension on the stocks.

Indah Kiat and Pabrik Kertas are part of the debt-laden Asia
Pulp & Paper Co Ltd empire.


TJIWI KIMIA: Incurs US$50.7M Net Loss
-------------------------------------
Tjiwi Kimia has lodged audited reports for 2001, showing a net
loss of US$50.7 million against a loss of US$359.7 million the
previous year, AFX-Asia reports. It's 2001 unaudited net loss
amounts to US$80.3 million.

The 2001 audited sales figure is US$710.4 million, against
US$827.98 million the year before and down from US$744.2 million
in the unaudited accounts.

Tjiwi Kimia said its 2000 results included US$144.7 million in
provisions for doubtful receivables, which narrowed to 538,733
in its 2001 results. Its unaudited report had not stated any
provisions for doubtful receivables in 2001.

The Company was briefly suspended from trade last month after
missing the deadline to submit audited reports, which it blamed
on its auditors.


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


ALL NIPPON: Selling ANA Grand Hotel Wien to European Firm
---------------------------------------------------------
All Nippon Airways (ANA) announced Thursday that its holding
Company, ANA International Europe B.V. has completed the sale of
the ANA Grand Hotel Wien for EUR 110 million (approximately JPY
13 billion, USD 108 million) to London-based, JJW Hotels &
Resorts (JJW).

'This is a well-timed opportunity that fits squarely with ANA's
corporate strategy of focusing resources on core operations,'
said Yoji Ohashi, ANA's President and CEO. 'Proceeds from the
sale of this property will be utilized to reduce the group's
interest-bearing debt with the primary goal of strengthening the
balance sheet and increasing cash flow.'

Henceforth, the hotel will be known as the Grand Hotel Wien and
will continue as a member of ANA Hotels under a marketing
alliance. Under this agreement, ANA Hotels will continue sales
functions under a referral system and license the UNKAI brand
name for the hotel's acclaimed Japanese restaurant.

A summary of the sale may be found below.
Property Sold       ANA Grand Hotel Wien
                    (Karntner Ring 9, A-1010, Vienna, Austria)
Date Acquired       May 24,1991
Date Sold           July 31, 2002
                    (Austrian local time)
Acquiring Party     JJW Hotel & Resorts
                    (London-based hotel investment and
                     management Company)
Transaction Price   EUR 110 million
                    (Approximately JPY 13 billion, USD 108
                    million)

New Name            Grand Hotel Wien

The ANA Harbour Grand Hotel Sydney is the ANA Group's remaining
fully-owned hotel held overseas. Preparations to sell the ANA
Harbour Grand Hotel Sydney are proceeding as planned and a
transaction is expected within the current fiscal year.

TCR-AP reported that All Nippon reported last month a net loss
of 9.5 billion yen for the year ended in March, the airline's
fourth annual loss in five years.


HANKYU CORPORATION: Moody's Changes Baa1 Outlook to Stable
----------------------------------------------------------
Moody's Investors Service on Friday has changed the outlook of
its Baa1 senior unsecured long-term debt rating of Hankyu
Corporation (Hankyu) to stable from negative. The outlook change
recognizes the progress of consolidation and restructuring of
Hankyu's group-wide operations, and the resultant stabilizing of
its financial position and performance.

Hankyu has streamlined its hotel operations, including the
recent amalgamation of the Dai-ichi and Hankyu Hotel groups,
with the aim of higher operating and management efficiency.
Hankyu is also reorganizing its real estate operations within
the group and intends to segregate and streamline operational
functions (investment, asset and property management, and
residential development) and focus more on management functions.

In the meantime, Hankyu has been withdrawing from unprofitable
operations. It has decided to discontinue rolling stock
manufacturing and two amusement park operations. It is also
implementing cost reduction measures at its under-performing
travel operator subsidiary in order to restore its
profitability.

Hankyu has incurred large costs from the restructuring of the
group's operations, and has disposed of losses in its assets,
which have in turn consumed part of its equity resources.
Moreover, its railway operation has been experiencing moderately
decreasing revenue due to demographic changes and a weak
economy.

Hankyu has been promoting liquidation of fixed assets such as
hotel properties, commercial lease properties and rolling stock.
Although such liquidation transactions help debt management and
may reduce inherent asset holding risks, they also drain part of
the cash flow generated from such assets.

Nevertheless, with its business restructuring and cost-cutting
efforts to improve fundamental profitability, Moody's expects
Hankyu to be able to reasonably manage its financial position
and performance over the intermediate term.

Hankyu Corporation, headquartered in Osaka, is a major railway
operator in the Kansai area of Japan with diversified operations
in real estate, hotels, entertainment and others. Its
consolidated revenue for the fiscal year ended March 31, 2002,
were Yen 425 billion.

TCRAP reported in April that Hankyu will close its amusement
park businesses Takarazuka Family Land and Kobe Portopia Land in
2003, due a decline in visitors and fierce competition with
Universal Studio Japan (USJ) in Osaka.


HITACHI LTD: US Unit Appoints George Wilson as President
--------------------------------------------------------
Hitachi America, Ltd., a subsidiary of Hitachi, Ltd. announced
Thursday the appointment of George Wilson as President of its
Hitachi Computer Products (America), Inc. subsidiary based in
Norman, Oklahoma. The appointment is effective August 1, 2002
Mr. Wilson, who is currently vice President of the Oklahoma
Manufacturing Division's Production Operations Group, succeeds
Yoshinobu Migita, who is returning to a new assignment in the
Hitachi, Ltd., Disk Array Systems Division (RSD). The
appointments are effective August 1.

Mr. Wilson, 46, has been Vice President of the Production
Operations Group in Norman, Oklahoma, since 2000. He has spent
15 years in production operations in increasingly responsible
positions during his tenure with the Company. He joined Hitachi
Computer Products (America) in 1987 as an engineer in the
Production Engineering Department in Norman. He has a Masters of
Business Administration (MBA) from Oklahoma City University and
a Bachelor of Science in Mechanical Engineering (BSME) from the
University of Oklahoma.

Mr. Migita has been President of HICAM since April 2001. He
previously was Executive Vice President and General Manager from
1997 to 2001. He joined Hitachi, Ltd. as a mechanical engineer
in 1966, and was primarily involved in the Design Department,
Production Engineering & Manufacturing department of Hitachi,
Ltd. STR (Data Storage & Retrieval Systems Division). Prior to
joining HICAM in April, 1997, he was general manager of the
Production Engineering & Manufacturing Division in STR since
1995. He is a graduate of Kumamoto University.

Hitachi Computer Products (America), Inc., a subsidiary of
Hitachi America, Ltd., is a supplier of systems and solutions,
including disk arrays through a manufacturing facility in
Norman, Oklahoma, and Enterprise Application Security
Integration based in Boston, Mass For more information on
Hitachi Computer Products (America), Inc., please visit
http://www.hicam.hitachi.com.

Hitachi America, Ltd. markets and manufactures a broad range of
electronics, computer systems and products, consumer electronics
and semiconductors, and provides industrial equipment and
services throughout North America. For more information on
Hitachi America, visit http://www.hitachi.com.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics Company, with approximately 320,000 employees
worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales
totaled 7,994 billion yen ($60.1 billion). The Company offers a
wide range of systems, products and services in market sectors,
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For more information on Hitachi, please visit the
Company's Web site at http://global.hitachi.com.


MATSUSHITA ELECTRIC: Updates Retirement and Pension Plan
--------------------------------------------------------
Matsushita Electric Industrial Co., with respect to retirement
benefit and pension plans, effective April 1, 2002, the Company
and certain of its subsidiaries amended their lump-sum
retirement benefit payment plans to cash balance pension plans
which are included in the Employees Pension Funds.

Under the cash balance pension plans, each participant has an
Account, which is credited yearly based on the current rate of
pay and market-related interest rate. At the same time, the
Company introduced a "Point based benefit system" to the Company
portion of Employees Pension Funds, under which the benefit
obligation is calculated based on the accumulated points of each
participant.

As a result of these changes, the amount of Accumulated Benefit
Obligation (ABO) has increased. Accordingly, to comply with
United States generally accepted accounting principles, the
Company on its balance sheet, as of the end of the current first
quarter, provided an increased amount of retirement and
severance benefits (which is included in "Other long-term
liabilities")

Matsushita Electric Industrial Co., Ltd.
                     Consolidated Balance Sheet **
                             June 30, 2002
              With Comparative Figures for March 31, 2002
                        Yen                     U.S. Dollars
                              (millions)                  
(millions)
Assets            June 30, 2002   March 31, 2002   June 30, 2002
------               -------------   --------------     --------
Current assets:
Cash and cash
  equivalents  yen 1,080,529   yen  899,769            $  9,080
Time deposits       361,400        521,333               3,037
Marketable
  securities          8,311         11,849                  70
Trade receivables
  and other current
  assets           1,517,119      1,574,472              12,749
Inventories        858,229        834,608               7,212
                      ---------      ---------            ------
Total current
assets          3,825,588      3,842,031              32,148
                      ---------      ---------            ------
Noncurrent
receivables         323,955        316,230               2,722
Investments and
advances          1,309,127      1,331,401              11,001
Property, plant and
equipment, net of
accumulated
depreciation      1,328,341      1,440,271              11,163
Other assets         818,650        697,226               6,879
                      ---------      ---------            ------

Total assets    yen 7,605,661  yen 7,627,159            $ 63,913
                  -------------  -------------            ------

Liabilities and
Stockholders' Equity
Current liabilities:
Short-term
  borrowings     yen 378,144   yen  508,064            $  3,178
Trade payables and
other current
liabilities      2,091,117      1,978,012              17,572
                      ---------      ---------            ------

Total current
liabilities       2,469,261      2,486,076              20,750
                      ---------      ---------            ------

Long-term debt      720,718        691,892               6,057
Other long-term


MIZUHO HOLDINGS: Discloses 1Q02-03 Financial Results
----------------------------------------------------
Mizuho Holdings announced its first quarter results from April
1, 2002 to June 30, 2002 of fiscal year 2002 ending March 2003.

The Company disclosed their information voluntarily,
understanding the purpose and the intention of "Front-Loaded
Reform Program" under the Ministerial Meeting on Economic
Measures and "Program for Structural Reform of Securities
Markets" by the Financial Services Agency.

Figures in the exhibits are unaudited.

Aggregated Figures of Mizuho Bank, Limited and Mizuho Corporate
Bank, Limited as of March 31, 2002 are those of the former Dai-
Ichi Kangyo Bank, Limited, the former Fuji Bank, Limited , and
the former Industrial Bank of Japan, Limited.

For a copy of the disclosure under the category defined by the
Financial Reconstruction Law "(Non-consolidated report), go to
http://bankrupt.com/misc/TCRAP_Mizuho0802.pdf


NISSAN MOTOR: Launches Forklift National Sales Firm in Shanghai
---------------------------------------------------------------
Nissan Motor announced Wednesday the establishment of the
National sales Company specializing in the sales of forklift and
material handling equipment in China. The Company, a 100 percent
subsidiary of Nissan Motor Co., Ltd, is fully operational.

In responding to the fast-growing forklift market in China, the
new Company, which has facilities to stock repair parts as well
as service center, will:

Enable facilitated delivery of products and repair parts
Provide transfer of technological expertise to its network of
dealers

Consistently aim to provide best customer support services to
Nissan's forklift users in China Starting April of this year,
Nissan has been operating globally under the Nissan 180 growth
plan that aims by the end of 2004 to 1)1 million additional
units sales worldwide, 2) 8% operating margin and 3) net
automotive debt at the end FY04. Nissan intends to grow Forklift
business as well.

Outline of the Company

Name : Nissan Forklift (Shanghai) Ltd.
Tel & Fax : ,O21-6840-5523 / 021-6840-5388
Address : RM.2707, No.357, Songlin Road, Pudong, Shanghai, P.R.
China
Representative : Mikio Saido
Product Lineup : Forklifts, Material Handling Equipment
Industrial Engine/Transmission, and repair parts.

TCR-AP reported that Nissan Motor Co Ltd is planning to issue an
85 billion yen three-year domestic straight bond with a 0.59
percent coupon, citing lead manager Daiwa Securities SMBC Co
Ltd. The bond payment will mature on July 19, 2005.

In its restructuring plan, Nissan had pledged to achieve an
operating margin of 4.5 percent and net debt of no more than 700
billion yen.


NIPPON TELEGRAPH: Reviewing Recommendation on Draft Charges
-----------------------------------------------------------
Nippon Telegraph and Telephone Co (NTT) announced Thursday that
it would review the draft of recommendations on interconnection
charges, which was disclosed on the same day, JCN reports.
Facing challenging financial situations, NTT East and NTT West
are not in a position to accept changes to be in made in
interconnection charges, which will result in decline in service
revenues.

The Company considers it important to quickly abolish the long-
term increment cost accounting formula because it functions as
disincentive to invest in telecom infrastructure, and because
the current market conditions are completely different from the
business environment that the formula initially assumed, due to
drastic changes in the telecom market.


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


DAEWOO INTERNATIONAL: Posts W20.2B 1H Net Profit Since Spinoff
---------------------------------------------------------------
Daewoo International posted a net profit of 20.2 billion won in
the first half of 2002, its first half-year net profit since its
spinoff from Daewoo Corporation two years ago, the Korea Herald
reported Friday.

The Company incurred a profit of 30.4 billion won in the first
half from a loss of 16.5 billion in the same period a year ago.
The sudden gain in earnings is caused by reduced interest
payment burdens resulting from a drop in borrowing, and an
increase in dividend income from its investment in LNG and oil
development projects overseas.

The Company lowered its debt from 1.366 trillion won in the
second quarter of the year to 1.29 trillion won by repaying debt
worth 62.8 billion won. It increased capital from 294.2 billion
won to 359.3 billion won during the period.


DAEWOO MOTOR: July Vehicle Sales Down 14.2 Percent
--------------------------------------------------
Daewoo Motor Co sells a total of 36,219 vehicles in July, down
14.2 percent from a year ago but up 9.8 pct month-on-month, AFX
Asia reported Thursday.

The Company sold 16,790 units at home, up 21.6 percent year-on-
year and up 22.8 percent month-on-month, as sales of recreation
vehicle Rezzo increased 89.4 percent year-on-year to 4,778
units.

In the January-July period, its total sales declined 8.3 percent
year-on-year to 258,174 units, with domestic sales up 0.5
percent to 98,534 and exports down 13.0 pct to 159,640.


SEOUL BANK: Likely to Select Hana as Acquisition Negotiator
-----------------------------------------------------------
Hana Bank will most likely be selected as a preferred negotiator
for the takeover of Seoulbank over another bidder, the Loan Star
Fund, the Chosun Ilbo daily and AFX Asia reported Thursday,
citing government and industry sources.

Hana Bank offers to pay for the acquisition in stock, while Loan
Star in cash, and the government has decided not to discriminate
stock payments against cash payments in the assessment of their
bids.

Financial advisors have advised the government to sell Seoulbank
to a profitable bank rather than to investment funds as long as
the bid gap is less than 20 percent.


HYNIX SEMICON: SK Telecom Denies Interest in Unit Acquisition
-------------------------------------------------------------
SK Telecom credited "groundless" rumors for word that it is
planning to acquire Hynix Semiconductor Inc's TFT-LCD unit,
Hyundai Display Technology Inc, also known as Hydis, AFX Asia
reported Thursday.

"I don't know why such rumors are circulating on the market.
It's totally groundless," a Company spokesman said.

Hynix also denied any discussion with SK Telecom over the
possible sale of Hydis.


SEOUL BANK: Hana Bank Presents Takeover Proposal
------------------------------------------------
Hana Bank has presented a proposal to acquire Seoulbank,
according to AFX Asia on Thursday, citing a statement to the
Korea Stock Exchange.

The report did not provide further details.

Goldman Sachs is lead-managing the sale of Seoulbank, which are
100 percent owned by Korea Deposit Insurance Corporation.

Reports said Loanstar also presented a separate bid to acquire
the bank.


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


AUTOINDUSTRIES VENTURES: SC Approves Proposed Restricted Issue
--------------------------------------------------------------
Autoindustries Ventures Berhad, further to its Fifth Monthly
Announcement made on 28 June 2002, informed that the Company has
received the Securities Commission's approval on these proposals
via its letter dated 27 June 2002:

   i) Proposed Restricted Issue of up to 13,000,000 new ordinary
shares of RM1.00 each in AIV at a proposed issue price of RM1.00
per share for cash (Proposed Restricted Issue); and

   ii) Proposed Issue of 2,000,000 new ordinary shares of RM1.00
each in AIV to BI Walden Ventures Keempat Sdn Bhd (BIWV4) and
Pacven Walden Ventures III L.P. at a proposed issue price of
RM1.00 per share as part settlement of the amount due.

However, the above Proposals are still subject to the approvals
of the following:

   i) the Shareholders of the Company at an Extraordinary
General Meeting to be convened; and

   ii) 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.

As the Proposed Restricted Issue is conditional upon the
Proposed Waiver, the Board of Directors of AIV is currently
contemplating on the necessary course of action to expedite the
Proposed Restricted Issue.


BRIDGECON HOLDINGS: Material Regularization Status Unchanged
------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
Informed that there is no significant change on the status of
the Company's plan to regularize its financial condition in
accordance with Practice Note No. 4/2001.

Further announcements will be made to the KLSE for public
release upon signing of a definitive agreement with National
Land Finance Co-operative Society Limited (NLF) which has agreed
to participate in the proposed corporate restructuring scheme of
the Company pursuant to a Restructuring Agreement entered into
on 27 June 2002 between the Company and NLF.


CHG INDUSTRIES: Begins Debt Restructuring Agreement Drafting
------------------------------------------------------------
CHG Industries Berhad, in reference to the meeting between the
independent financial advisor and all banks involved in the
proposed restructuring proposals on 8 July 2002 and pursuant to
the meeting certain terms and mechanism of the restructuring
proposals have been modified to accommodate the requests of the
banks raised during the meeting, announced that the Exchange has
on approved on Wednesday the Company's application for an
extension of time to 31 July 2002 to enable the Company to
announce its Requisite Announcement.

Meanwhile, legal firms have been engaged to commence the
drafting of the Debts Restructuring Agreement and the Company is
also in the process of preparing the Requisite Announcement
while awaiting the lenders' official approval of the scheme.

This announcement also serves as the monthly status announcement
pursuant to paragraph 8.14 of the Listing Requirements of Kuala
Lumpur Stock Exchange, which is to be announced on 1 August
2002.


COUNTRY HEIGHTS: MITI Grants Proposals Conditional Approval
-----------------------------------------------------------
On behalf of Country Heights Holdings Berhad, Commerce
International Merchant Bankers Berhad announced that the
Ministry of International Trade and Industry (MITI) has, via its
letter dated 30 July 2002, stated that it has no objection to
the Proposals as announced on 14 March 2002.

The approval of MITI is subject to these conditions:

   (i) approval from the Foreign Investment Committee;

   (ii) approval from the Securities Commission ("SC"); and
   (iii) that the allocation of the 70,000,000 new ordinary
shares of RM1.00 each in CHHB to be issued pursuant to the
Proposed Special Issue is subject to MITI's approval wherein
such allocation will be done separately after the approval of
the SC is obtained.

The Proposals are:

   * Proposed Rights Issue;
   * Proposed Bonus Issue I;
   * Proposed Special Issue; and
   * Proposed Bonus Issue II.


DENKO INDUS: Requisite Announcement Extension Request Pending
-------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of Denko Industrial Corporation Berhad, had announced
on 5 June 2002 that the Company proposed to undertake a proposed
corporate and debt restructuring scheme (Requisite
Announcement).

Under the requirements of Paragraph 5.1(b) of PN4, Denko, being
an affected listed issuer, must submit its plan to regularize
its financial condition to the relevant authorities for
approvals, including the Securities Commission within two (2)
months from the date of the Requisite Announcement, i.e. by 5
August 2002.

Presently, PMBB announced that Denko, through PMBB, had made an
application to the KLSE for an extension of time for Denko to
submit the said applications to the relevant authorities
(Extension). In this respect, Denko expects to submit the said
applications within two (2) months from 5 August 2002.

The Extension is being sought by Denko in order to finalize the
applications to the relevant authorities and to execute the debt
restructuring agreement between Denko and the financial
institution creditors.

The application for Extension is pending the approval from the
KLSE.


EPE POWER: TIME OKs Proposed Acquisitions HOA Amendments
--------------------------------------------------------
On behalf of EPE Power Corporation Berhad, Commerce
International Merchant Bankers Berhad, in reference to the
entered conditional Heads of Agreement (HOA) with TIME
Engineering Berhad (TIME) in respect of the Proposed
Acquisitions had on 30 May 2002, announced that TIME, on 30 July
2002 accepted EPE's proposed amendments to Clause 3.1 of the
HOA:

   " 3.1 The term or duration of this HOA (Term) shall commence
on the date of this HOA and shall terminate on the earlier of:

     (a) the date of the execution of the Sale and Purchase
Agreements, or if executed on different dates, the date of the
execution of the last Sale and Purchase Agreement; or

     (b) the date of the rejection in writing of the Debt
Restructuring Scheme (if applicable) by the Majority Lenders (as
defined below). For the avoidance of doubt, any request for
amendments or modifications to the Debt Restructuring Scheme by
the Lenders shall not constitute a rejection of the Debt
Restructuring Scheme; or

     (c) 30 September 2002;

or such later date mutually agreed to in writing by both
parties.

For the purposes of this Clause, the term "Majority Lenders"
shall mean three or more Lenders who have together an aggregate
indebtedness due from EPE of a value of not less than seventy
five per cent (75%) of the aggregate indebtedness owed by EPE to
all the Lenders. The term "Lenders" shall mean the financial
institutions which have granted or is granting any facility to
EPE and the "Lender" shall be construed accordingly."

All other terms and conditions in the HOA remain unchanged.

Terms defined in the HOA will, unless otherwise defined
hereinbefore or the context otherwise requires, have the same
meanings set forth hereinbefore.

The "PROPOSED ACQUISITIONS" refers to:    

   * Proposed Acquisition of 4,000,000 Ordinary Shares of Rm1.00
Each in Powertron Resources Sdn Bhd (PRSB), Representing 40%
Equity Interest in PRSB;

   * Proposed Acquisition of Rm11.6 Million Nominal Value of
Convertible Unsecured Loan Stocks (CULS) in PRSB, Representing
40% of the Outstanding Nominal Value of CULS in PRSB; and

   * Proposed Acquisition of 2,940,000 Ordinary Shares of Rm1.00
Each in Penjanaan Epe-Time Sdn Bhd (PET), Representing 60%
Equity Interest in PET


L&M CORPORATION: Seeks Regularization Time Extension
----------------------------------------------------
The Board of Directors of L & M Corporation (M) Bhd has applied
for extension of time till 31 December 2002. LMCM is currently
in the midst of resolving several legal matters pertaining to
the conditional sale and purchase agreements executed on 21
November 2000 with the view that there would not be any recourse
on LMCM.

LMCM is also undergoing discussions with other potential white
knights. Such application is pending the approval from the
Exchange.


MBF CAPITAL: Placing Unit Under Voluntary Liquidation
-----------------------------------------------------
The Directors of MBf Capital Berhad (MBfC) informed that its
wholly owned subsidiary, MBf Card (Taiwan) Limited (MBfCT), will
be placed under members' voluntary winding up and that Mr Alex
Wen has been appointed on 31 July 2002 as the Liquidator of the
Company.

Information on MBfCT

MBfCT was incorporated on 5 December 1996 and its principal
activities are issuance of credit card and card related
business. The authorized and paid-up capital of MBfCT is
NTD200,000,000. As at 30 June 2002 the net tangible assets in
the book was NTD2,800,674 (equivalent to RM316,756).

Rationale for the Winding-Up

Arising from a Sale and Purchase Agreement entered between
Associates International Holdings Corporation and MBfCT on 16
September 1999, the sale of MBfCT's card business was completed
in November 1999.

Upon completion of the sale, MBfCT's remaining activities
principally consisted of the collection of outstanding balance
of the receivables from card members. Since then, MBfCT has
ceased operations and had returned its license to the Ministry
of Economic Affairs, Taiwan.

Financial Effect of the Winding-Up

The Winding-Up of MBfCT will not have any material financial and
operation impact to the Group. The expected losses arising from
the aforesaid appointment is nil with the exception of fee
payable to KPMG for dissolution and filing of income tax
amounted to NTD100,000 (equivalent to RM11,310).

Interests of Directors, Substantial Shareholders and Persons
Connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfC
have any interest, direct or indirect in the said exercise.


MECHMAR CORPORATION: Reduces Defaulted Payment to RM56.49M
----------------------------------------------------------
Alliance Merchant Bank Berhad has, via their solicitors, served
two Summons on Mechmar Corporation (Malaysia) Berhad demanding
the repayment of their RM 9.2 M syndicated term loan and RM 7.3
M term loan. The Company has proposed the settlement of both
loans over 60 equal monthly installments.

Other than as stated above there is no change in status to the
rest of the loans in default which are being paid by
installments as agreed with respective lenders. Total loans in
default has decreased from RM57.09M in June 02 to RM56.49M as at
31 July 02.

Go to http://www.bankrupt.com/misc/TCRAP_Mechmar0805.xlsfor the  
list of outstanding loans under agreed repayment schemes as at
31 July 2002 for reference.


PAN PACIFIC: KLSE Further Grants Proposed Scheme Time Extension
---------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pan Pacific Asia Berhad, announced that the Kuala
Lumpur Stock Exchange (KLSE) had vide its letter dated 31 July
2002 approved PPAB's application for a further extension of time
of another one (1) month from 30 June 2002 to 31 July 2002 to
make a requisite announcement to the KLSE of a plan to
regularize its financial condition (Proposed Scheme) within the
time frame stipulated, in compliance with the requirement of
paragraph 5.1(a) of Practice Note 4/2001 of the Listing
Requirements of the KLSE.

PPAB together with its appointed scheme adviser, Deloitte &
Touche Consulting Group Sdn Bhd had since presented the Proposed
Scheme to the lenders of PPAB group of companies. PPAB is
currently still waiting for feedback from its lenders. Details
of the Proposed Scheme will be announced once the scheme is
finalized and the agreement-in-principle for the said scheme had
been procured from the lenders.

As the Proposed Scheme cannot be finalized by 31 July 2002, PPAB
had sought KLSE's approval for an extension of time of another
one (1) month from 31 July 2002 to 31 August 2002 for the
Company to procure the agreement-in-principle from its lenders
for the Proposed Scheme prior to making the requisite
announcement.


PLANTATION & DEVELOPMENT: Court Orders Creditors' Meetings
----------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad, announced to the Kuala Lumpur Stock Exchange
that the High Court of Malaya (in Originating Summons No. MT3-
24-1698-02) had on 29 July 2002 granted an order to P&D and
Redztikah Sdn Bhd, a subsidiary of P&D, to convene meetings of
the creditors and members of both companies pursuant to section
176(1) of the Companies Act, 1965.

P&D will announce the details of its proposed debt and equity-
restructuring scheme once the terms and conditions of the said
scheme have been finalized in due course.


SEAL INCORPORATED: July 02 Defaulted Payment Stands at RM57.2M
--------------------------------------------------------------
Seal Incorporated Berhad informed that there had been no new
developments in relation to the default in payment of the
principal and/or interest of the bank borrowings of Seal
Incorporated Berhad and its subsidiaries (the Group) since our
announcement dated 28 June 2002.

As at 31 July 2002, the Group's total default in payments to
financial institutions in respect of various credit facilities
is RM57.2 million.


SEE HUP: Proposes Renewal of Shareholders Mandate
-------------------------------------------------
See Hup Consolidated Berhad has proposed to seek a renewal of
shareholders' mandate for recurrent related party transactions
of a revenue or trading nature, which are in the ordinary course
of business (Proposed Shareholders' Mandate), pursuant to
Chapter 10.09 of the Listing Requirements of the KLSE (Listing
Requirements) at an Extraordinary General Meeting to be
convened.

DETAILS OF THE PROPOSED SHAREHOLDERS' MANDATE

At the Extraordinary General Meeting of the Company on 27
September 2001, the Board had obtained shareholders' approval to
undertake the proposed shareholders' mandate for recurrent
related party transactions of a revenue or trading nature, which
are necessary for day-to-day operations. The authority to
undertake the Proposed Shareholders' Mandate shall lapse at the
conclusion of the next Annual General Meeting unless the
authority is renewed.

The Board therefore proposes to seek a renewal of the approval
from the shareholders of the Company on recurrent related party
transactions of a revenue or trading nature to comply with
Chapter 10.09 of the Listing Requirements.

A circular containing the details of the Proposed Shareholders'
Mandate will be dispatched to the shareholders of See Hup in due
course.


SINMAH RESOURCES: Redeems Bank Guaranteed Bonds 1997/2002  
---------------------------------------------------------
The Board of Directors of Sinmah Resources Berhad announced that
it has redeemed in full the 5 years bank guaranteed bonds
1997/2002 of RM50.0 million which matured on 31 July 2002
together with the payment of the yearly bond interest of RM1.75
million. The following financed the redemption of the RM50.0
million bonds:

  * RM13.0 million from a sinking fund; and
  * RM37.0 million from a 6-months revolving credit facility
obtained from United Overseas Bank (Malaysia) Bhd, which was
secured against a stand-by letter of credit (SBLC) denominated
in US dollar equivalent to RM37 million from Cooperative Central
Raiffeisen-Boerenleenbank B.A. (Rabobank Nederland).

SINMAH had on 23 July 2002, obtained the approval from the Bank
Negara Malaysia for the following:

  * The procurement of the SBLC denominated in US dollar
equivalent to RM37 million from Rabobank Nederland, a non-
resident financial institution; and
   
  * The procurement of a bond guarantee denominated in US dollar
equivalent to RM37 million from Rabobank Nederland, a non-
resident financial institution in relation to the proposed
issuance of new RM37 million nominal value of redeemable
guaranteed bonds.

The proposed new bonds issue is however still subject to the
approval of the Securities Commission.


TAJO BHD: Provides Defaulted Payment Update Status
--------------------------------------------------
Tajo Berhad provided an update on the details of all the
facilities currently in default in compliance with Section 3.1
of Practice Note 1/2001. Details are as per Table 1 found at
http://www.bankrupt.com/misc/TCRAP_Tajo0805.pdf

A) REASON FOR DEFAULT IN PAYMENT

Due to the slowdown in the regional economy in general and the
construction and building industry specifically following the
financial crisis in late 1997, the cashflow generated from
operations was not sufficient to service the interest and
principal obligations to the lenders as and when they fell due.

B) MEASURES BY THE LISTED ISSUER TO ADDRESS THE DEFAULT IN
PAYMENTS

Reference is made to our previous announcements dated 26 June
2002, 31 May 2002, 26 April 2002, 29 March 2002, 26 February
2002, 31 January 2002, 28 December 2001, 21 November 2001, 22
October 2001, 12 September 2001, 16 August 2001 and 5 July 2001.

On 10 October 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced their appointment as Tajo's Adviser
with regards to Tajo's revised plans to regularize its financial
condition pursuant to PN4. In the same announcement, it was also
announced that an application for an extension of time pursuant
to Paragraph 5.1(c) of PN4 has been made to KLSE on 10 October
2001 as the deadline granted by KLSE to enable Tajo to make a
resubmission of its regularization plans to the relevant
authorities for approval was on 10 October 2001.

On 1st November 2001, Public Merchant Bank Berhad (PMBB), on
behalf of Tajo, announced that KLSE vide its letter dated 1
November 2001, has granted its approval for an extension of time
from 11 October 2001 to 28 February 2002 to enable Tajo to:

   1. Revise its regularization plan;
   2. Make a revised Requisite Announcement to KLSE; and
   3. Submit its revised plan to the regulatory authorities for   
approval.

Further to the above, Tajo is also required to provide KLSE with
detailed progress reports on the development and/or latest
status of its regularization plan in accordance with the
following schedule:

   1st progress report by 15 November 2001;
   2nd progress report by 15 December 2001;
   3rd progress report by 15 January 2002; and
   4th progress report by 15 February 2002.

On 15th November 2001, Public Merchant Bank Berhad, on behalf of
Tajo, submitted the 1st progress report on the developments and
latest status of Tajo's regularization plan to KLSE. On 14th
December 2001, the 2nd progress report was submitted to KLSE and
subsequently, the 3rd progress was submitted to KLSE on 14th
January 2002. The fourth progress report was submitted on 15th
February 2002.

On 26th February 2002, Public Merchant Bank Berhad, on behalf of
Tajo had written to the KLSE seeking a further extension of time
of three (3) months from 28 February 2002 for Tajo to make its
revised Requisite Announcement. On 11 April 2002, Tajo announced
that, KLSE, on even date, did not approve Tajo's application for
a further extension and imposed a suspension on the securities
of the Company pursuant to paragraphs 8.14 and 16.02 of the
listing requirements. The suspension took effect on 19 April
2002.

Tajo's Requisite Announcement was made via Public Merchant
Berhad on 10 June 2002 to the KLSE. Tajo has 2 months to submit
their proposal to the Securities Commission for approval wherein
the Securities Commission has up to 4 months to revert. With the
Requisite Announcement being made, the issue of the KLSE not
approving the extension of time is no longer relevant.

In the meantime, management is endeavoring to normalize the
trading of Tajo shares soonest possible through its on-going
plan to regularize Tajo's financial condition and in line with
the requirements of the relevant authorities.

Announcements will be made in due course on the progress of
Tajo's regularization plan.

C) FINANCIAL AND LEGAL IMPLICATIONS IN RESPECT OF THE DEFAULT
IN PAYMENTS INCLUDING THE EXTENT OF THE LISTED ISSUER'S
LIABILITY IN RESPECT OF THE OBLIGATIONS INCURRED UNDER THE
AGREEMENTS FOR THE INDEBTEDNESS

The estimated total outstanding as at 30 June 2002, in relation
to the payments, which are in default and are the subject matter
of the restructuring scheme is RM183,213,251.

Since Tajo is either the principal borrower or the guarantor for
these loans, Tajo is liable for the full amount and any further
interest and financial cost levied there or until the settlement
of these debts.

D) IN THE EVENT THE DEFAULT IS IN RESPECT OF SECURED LOAN
STOCKS OR BONDS, THE LINES OF ACTION AVAILABLE TO THE
GUARANTORS OR SECURITY HOLDERS AGAINST THE LISTED ISSUER

Tajo's bonds were unsecured.

E) IN THE EVENT THE DEFAULT IS IN RESPECT OF PAYMENTS UNDER A
DEBENTURE, TO SPECIFY WHETHER THE DEFAULT WILL EMPOWER
THE DEBENTURE HOLDER TO APPOINT A RECEIVER OR RECEIVER
AND MANAGER

As a debenture holder pursuant to the secured loans made by MAA
to Tajo, MAA is empowered to appoint a receiver or receiver and
manager.

F) WHETHER THE DEFAULT IN PAYMENT CONSTITUTES AN EVENT OF
DEFAULT UNDER A DIFFERENT AGREEMENT FOR INDEBTEDNESS
(CROSS DEFAULT) AND THE DETAILS THEREOF, WHERE APPLICABLE;
AND

The facilities listed above represent all the borrowings of the
Tajo Group, and as a result of the Proposed Scheme of
Arrangement "have not been serviced" (interest and principal)
since December 1998. As such they are all technically in
default.

The creditors have however refrained from serious legal action
other than those, which have been disclosed in our Annual Report
and Circulars as well as Announcements, since they have voted
unanimously in favor of the Proposed Scheme of Arrangement on 15
August 2000.


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


PHILIPPINE AIRLINES: Files Case Against Govt Re Put-Option Deal
---------------------------------------------------------------
Philippine Airlines (PAL) filed a case against the government
regarding the put-option agreement to purchase over two billion
pesos ($39 million) shares held by government financial
institutions, according to DebtTraders analysts, Daniel Fan
(852-2537-4111) and Blythe Berselli (1-212-247-5300), citing the
Business World.

The agreement implies the book value and income of PAL must be
positive before the institutions may exercise their option. The
net book value of the shares is below its par value of one peso
($0.02), and the airline is operating at a loss. Fortune Tobacco
and Asia Brewery guarantee the put-option.

DebtTraders reports that Philippine Airlines' 7.601 percent
floating rate note due in 2000 (PHPA00PHN1) trades between 8 and
14. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PHPA00PHN1


PHILIPPINE LONG: Net Income Doubles in 1H02
-------------------------------------------
Philippine Long Distance Telephone Company (PLDT) announced
Thursday that its consolidated net income doubled to P2.8
billion during the first half of 2002, while consolidated
revenues grew by P3 billion or 8 percent to P39.7 billion.
Consolidated EBITDA rose by 13 percent during the period, to
P22.5 billion this year, as EBITDA margin remained strong at 57
percent of revenues.

PLDT also announced that it was on track to complete its
liability management program with the signing of the US$149
million KfW facility, the completion of a US$350 million bond
offering, and the ongoing syndication of a US$130 million
multicurrency loan, complementing a solid first half
performance.

The driver for PLDT's growth continues to be the strong
performance of Smart, which increased its subscriber base and
posted significant growth in revenues, EBITDA and net income.
Piltel's "Talk 'N Text" service also maintained positive
subscriber take-up during the period, which contributed to the
overall growth of Smart.

PLDT's fixed line business maintained its dominant position with
over 2.1 million subscribers and a market share of almost 70
percent. PLDT's traditional fixed line business remained a key
strength of the PLDT Group and provided strong and stable cash
flows for PLDT during the first half of 2002.

"Our strong performance during the first half of 2002 coupled
with the accomplishment of key milestones in our liability
management program confirm that the fundamentals of our business
remain strong, and the business plan which the PLDT Board and
management set out to accomplish for the year is on track,"
commented Manuel V. Pangilinan, President and CEO of PLDT. "I am
confident that as management continues to implement the Board's
strategy for PLDT, our vision to enhance PLDT's position as the
Philippines' premiere communications Company shall be realized."

"To be able to deliver such a strong performance and to
substantially complete PLDT's liability management program
during these challenging times is testimony to the capability of
PLDT management in steering the Company in the right direction,"
said Antonio Cojuangco, Chairman of PLDT. "The Board remains
committed to its stated strategy and is confident the PLDT
management team will successfully implement the agreed plans for
the Company."


PHILIPPINE LONG: Response to First Pac/Gokongwei/JG Summit MOA
--------------------------------------------------------------
Following Thursday's meeting of the Board of Directors of
Philippine Long Distance Telephone and Co., during which the
Board, together with its financial and legal advisors, undertook
a detailed review of the memorandum of agreement between First
Pacific Company, and the Gokongwei Group and JG Summit, the
attached letter was sent by PLDT's Corporate Secretary at the
request of the Board to First Pacific and each of its directors.

PLDT's Board also indicated that, despite the complications
caused by the proposed First Pacific transaction, PLDT's
management team has continued to deliver strong operating
results and has largely completed the liability management
program. As such, the Board remains firmly committed to its on-
going strategy to create value for all of PLDT's stockholders.

For a copy of PLDT's letter to First Pacific, go to
http://bankrupt.com/misc/TCRAP_PLDT0802.pdf


PHILIPPINE LONG: Gokongwei Did Not Violate SEC Disclosure Rules
---------------------------------------------------------------
The lawyers of John Gokongwei Jr. say he did not violate
disclosure rules of the Securities and Exchange Commission
(SEC), nor has he any intention of binding his JG Summit
Holdings Inc in its joint venture deal with First Pacific Co Ltd
to acquire control of Philippine Long Distance Telephone Co and
Bonifacio Land Co.

Gokongwei disclosed a memorandum of agreement with First Pacific
to the SEC "in his desire to be transparent" and did it
voluntarily, his lawyers, the Romulo Mabanta law firm, said in
July 30 letter to SEC chairperson Lilia Bautista.

It said that since the MOA was confidential, Gokongwei and First
Pacific had to agree to the simultaneous filing with the
Philippine and US regulatory authorities.

Gokongwei's counsel replied to a July 25 letter from the SEC to
Gokongwei, directing him to explain certain matters raised by
the commission in the MOA.

The SEC letter, in Tuesday edition of the M&A Reporter Asia
PAcific, said that while Gokongwei's statement saying he has no
right to bind JG Summit was "legally correct," it "does not
erase the public perception and the reality that you still have
some control over JG Summit as its chairman emeritus and
substantial stockholder."

But his counsel argued "public perception cannot and should not
be the basis for any legal action" and that "the reality is this
case is that" the JG Summit board has resolved to affirm JG
Summit's non-participation in the deal at the present time.

It added that it was "unkind and unfair" for anyone to suggest
that Gokongwei's move of crossing out the words "JG Summit
Holdings Inc" in the part of the MOA that he signed may have
been done after the MOA signing.

"If this were the intention of our client, then it would have
been easier for our client to re-execute the entire MOA and
delete altogether references to JG Summit." (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 152, August 2, 2002)


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


ASIA PULP: Makes Partial Payment to IBRA
----------------------------------------
Asia Pulp & Paper paid $30 million instead of $100 million
requested by IBRA, DebtTraders Analysts, Daniel Fan (852-2537-
4111) and Blythe Berselli (1-212-247-5300) reports, citing the
Bloomberg news. The reduced payment will persuade creditors to
back down from replace the management. It seems IBRA is taking a
softer stance after the KPMG reports. In addition, the agency
opposes the appointment of judicial manager. Separately, Indah
Kiat reported its audited 2001 loss narrowed to $183 million,
versus a loss of $400.7 million in 2000 after writing off $413
million of trade receivables.

DebtTraders reports that Indah Kiat Int'l Finance 11.875 percent
bond due in 2002 (IKPP02IDN1) trades between 30 and 32. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=IKPP02IDN1


CHARTERED SEMICONDUCTOR: Appoints Jim Norling as Chairman
---------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd disclosed Thursday
that the Board of Directors has appointed Mr. Jim Norling,
previously Deputy Chairman, to succeed Ms. Ho Ching as Chairman
of the Board of Directors of the Company with effect from 1
August 2002.

A well-respected electronics industry veteran, Mr. Jim Norling
retired in July 2000 from Motorola after a distinguished 35-year
career. He joined Chartered's board in March 2001 as Deputy
Chairman and has also served as interim Chief Executive Officer.

Ms. Ho Ching, who has served as Chairman of the Board of
Directors since August 1995, has stepped down as Chairman and
Director of the Company with effect from the same day. In her
new role as Executive Director of Temasek Holdings, Ms. Ho Ching
has decided to resign from a number of directorship positions,
including that of Chartered, in order to focus on her new
responsibilities.

Chartered also wishes to announce that the Board of Directors
has appointed Mr. Koh Beng Seng as Chairman of the Audit
Committee of the Company with effect from 1 August 2002. Mr. Koh
Beng Seng has served on Chartered's Board of Directors since
February 1999.

He has held a number of senior positions and was with the
Monetary Authority of Singapore from 1973 to 1998, where he
served as Deputy Managing Director from 1988 to 1998. Mr. Sum
Soon Lim, who has held the position of Chairman of the Audit
Committee since January 1996, has taken up an appointment with a
related Company and therefore is stepping down from the
position. Mr. Sum will remain a member of the Audit Committee of
the Company.


FREIGHT LINKS: Falls Deeper Into Debt During FY02
-------------------------------------------------
Higher exceptional loss pulls Freight Links deeper into the red,
GK Goh reports.

The Company posted a net loss of 73 million in fiscal year 2002
versus a net loss of $24 million a year earlier. It incurred
exceptional losses of $70 million compared to $15 million in
2001.

The exception loss arose from the provision for diminution in
value of investments in its subsidiaries as well as write-down
of uncompleted distripark projects in Singapore and Philippines.
There was higher warehousing and distribution profit due to
higher fixed rental occupancy rates, lower depreciation and
operating costs.

On the other hand, freight forwarding suffers increased losses
due to weaker demand for international freight forwarding
services resulting in stiffer competition and lower prices.

Outlook:

Management has taken several measures to rationalize the
business, including some new business initiatives, to help the
Company to return to profitability.

About the Company

Address:
Freight Links Express Holdings Limited -
Homepage: http://www.freightlinks.net/
#04-00, 51 Penjuru Road
Freight Links Express Logisticentre
Singapore 609143
Singapore  +65 2626988
+65 2626928  

Freight Links Express Holding Limited is a total solutions
provider that integrates customized logistics management. The
group is specialized in managing the movement of cargoes in
various shapes and sizes from small packages to heavy machines
and project cargoes of all shapes and sizes. The group offers E-
Logistics and E-Demand Chain Management, EDI Link, FGI (Finished
Goods Inventory) storage and distribution, 3PL management, JIT
(Just In Time) and manufacturing support, bonded warehousing and
storage, customs clearance, import and export services,
inventory management, supplier interface management, order
processing, documents storage, international freight forwarding,
container freight station services and local transportation.
Freight forwarding accounted for 78 percent of fiscal 2000
revenues; warehousing and distribution, 16 percent and other, 6
percent.  


NATSTEEL LTD: Disposes of Shares
--------------------------------
NatSteel Ltd (NSL) announced Wednesday that its wholly owned
subsidiary, NatSteel Properties Pte Ltd (NSP) has disposed its
entire 23.3 percent shareholding comprising of 1,400,000 shares
in Point West London Limited (Point West), a Company
incorporated in United Kingdom, for a cash consideration of
o1,428,000. This disposal was transacted on a willing buyer
willing seller basis.

As a result of this transaction, Point West will cease to be an
associated Company of NSL.

This transaction is not expected to have a material effect on
the earnings per share and net tangible assets per share of NSL
Group.


PAN-UNITED: Dissolves Subsidiary
--------------------------------
The Board of Directors of Pan-United Corporation Ltd (PUC)
announced on Thursday that its wholly owned subsidiary, Glory
Shipping Private Limited, incorporated in 1996 in Jersey,
Channel Islands was dissolved on May 8, 2002. Glory Shipping
Private Limited was dormant since February 28, 2002.

The above transaction will not have any material impact on the
earnings per share and net tangible assets per share of the
Company for the current financial year is not significant.

None of the Directors or substantial shareholders of the Company
have any interest, direct or indirect, in the transaction.


PRESSCRETE HOLDINGS: Updates Existing Loans' Repayment Status
-------------------------------------------------------------
Presscrete Holdings Ltd, with reference to the MASNET
Announcement No. 88 of 1 July 2002, the Company announced
Thursday that to-date the Group's bankers (excluding those of
Ceramic Technologies Pte Ltd) have not demanded repayment of the
Group's existing loans at short notice.

The Company will make prompt disclosure as and when there are
further developments.


*Technical Outlook at Singaporean Firms Potentially Affected
------------------------------------------------------------
Equity markets, yet to get over the recent spate of accounting
scandals and poor corporate performance, have to face another
shadow looming in the background, Kelive reports. This is the
proposed change in accounting standard by the International
Accounting Standards Board, which requires companies to treat
employee stock options as expenses. If approved, Singapore is
likely to follow this change on January 1, 2004.

The negative impact of this change is that it dilutes the
earnings per share. Companies such as Venture Manufacturing and
Chartered Semiconductor Manufacturing (CSM) are viewed as
susceptible to such changes.

Kelive will take a glimpse at the technical outlook of these  
stocks.

TCR-AP reported last month that analysts are expecting Chartered
Semiconductor Manufacturing Ltd to post a second quarter loss of
about US$104.5 million, its sixth consecutive quarterly loss.

The report said the analysts don't expect loss-making Chartered
to shift to the black until the second half of next year.

For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent 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


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


ITALIAN-THAI: Incurs Q202 Profit of Bt5,820M
--------------------------------------------
Italian-Thai Public Company Limited informed that its operating
results for the second quarter of 2002 showed a net profit of   
Bt5,820 million, which was more than 20 percent increase
compared to the same period of the previous year.

The reason for such a gain is due to the Company's debt
restructuring, increase of revenue recognized from operating
projects in the 2nd quarter, and no loss on asset impairment.


M.E.C. FAREAST: Files Business Reorganization Petition
------------------------------------------------------
M.E.C. Fareast International Public Company Limited (DEBTOR)'s  
Petition for Business Reorganization was filed to the Central
Bankruptcy Court:

   Black Case Number 967/2543

   Red Case Number -/2543

Petitioner: Bangkok Bank Public Company Limited # 1st, Bank Of
Asia Public Company Limited # 2nd, BankThai Public Company
Limited # 3rd

Debts Owed to the Petitioning Creditor: Bt2,588,528,000

Date of Court Acceptance of the Petition: November 24, 2000

Date of Examining the Petition: December 25, 2000 at 9.00 A.M.

Court postponed the date of examining the Petition: January 15,
2001

Court has cancelled the Petition for Reorganization

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


THAI DURABLE: Offers Newly Issued Shares   
----------------------------------------
Thai Durable Textile Public Company Limited has increased the
registered capital of the company of 111,510,000 shares, par
value Bt10 by allotting to the existing shareholders whose names
appeared on the share register book on July 2, 2002 at the ratio
of 1 existing share for 0.59 new share. The subscription period
is from 15th to 19th of July 2002 as approved by the
extraordinary Shareholders Meeting no. 1/2544 held on July 9,
2001.

The company submitted on 1 August 2002 the Report of the Sale of
Shares to comply with the rules and regulations of the Stock
Exchange of Thailand in which the listed company reports the
sales of shares within 14 days from the date of subscription and
payment of shares.


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 ***