/raid1/www/Hosts/bankrupt/TCRAP_Public/020821.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

            Wednesday, August 21, 2002, Vol. 5, No. 165

                         Headlines

A U S T R A L I A

AUSTAR UNITED: Director John Dick Changes Interest
AUSTRALIAN PLANTATION: Issues Restructuring Compliance Shares
BRIDGESTONE AUSTRALIA: Issues Half-yearly Shareholders Report
GOODMAN FIELDER: Buys Back Daily Share
MTM ENTERTAINMENT: Closes Brisbane Imax Theatre

UNLEYCAL PTY: Car Dealer Faces ASIC Charges


C H I N A   &   H O N G  K O N G

EVERICH TRADING: Winding Up Petition to be Heard
FITNESS CENTRE: Winding Up Petition Set for Hearing
GUANGDONG KELON: Board Resolves Audit Committee Appointment
GUANGZHOU SHIPYARD: Widens 2002 Loss to RMB$68M
ROSSA LIMITED: Winding Up Petition Slated for Hearing

TINIC HUNG: Hearing of Winding Up Petition Set


I N D O N E S I A

ASTRA INTERNATIONAL: Selling Sumalindo's Stake for Rp14B
CHANDRA ASRI: IBRA Finalizes Debt Restructuring
PUTRA SURYA: IBRA Seeks Debt Restructuring Termination
TEXMACO GROUP: Debt Restructuring Successfully Completed


J A P A N

HITACHI SEIKI: Files for Court Protection From Creditors
ISUZU MOTORS: Cutting 200 Positions, Halting US Production
ISUZU MOTORS: R&I Places on Monitor With a View to Downgrading
NIPPON MEAT: R&I Downgrades L-T Rating to (A-)
NIPPON TELEGRAPH: US Unit Restructuring on Track


K O R E A

HYNIX SEMICONDUCTOR: Creditors May Swap $837M in Debt
HYNIX SEMICONDUCTOR: Refuses to Confirm DRAM Price Hike Report
HYNIX SEMICONDUCTOR: Debt Restructure Key to Sale Success
KOREA LIFE: Hanwha Comes Up With New Bid Proposal
KOREA LIFE: Macquarie to Take 10% Stake in Hanwha Consortium

SHINWON CO.: Creditors Meet on Debt Workout


M A L A Y S I A

BRIDGECON HOLDINGS: Issues Proposed Restructuring Scheme Report
CSM CORPORATION: Issues Defaulted Payment Monthly Status Report
EPE POWER: Seeks KLSE Requisite Announcement Time Extension
FW INDUSTRIES: Faces Legal Suit From Former Corp Adviser
GENERAL LUMBER: KLSE Uplifts Suspension of Trading

KEMAYAN CORP.: KLSE Extends Restraining Order Period to Aug 28
NCK CORPORATION: Danaharta OKs Units' Workout Proposals
PICA (M) CORPORATION: Submits Regularization RA Time Extension
RASHID HUSSAIN: Discloses Trustee RN(T) Shares Dealings
SUNWAY HOLDINGS: Unit's Scheme Sanctioned at Malaya High Court

TAJO BHD: Submits Proposed Restructuring Exercise Application
WING TIEK: Definitive Agreement Execution Period Extended


P H I L I P P I N E S

NATIONAL POWER: PNOC May Swap Plants for P4B in Receivables
PHILIPPINE LONG: Keeping Buy Recommendation, ING Financial
PICOP RESOURCES: Lifts Trading Suspension
UNITRUST DEVELOPMENT: Shareholders Ask Court to Replace PDIC


S I N G A P O R E

ACHIEVA LIMITED: Electronics Slowdown Pulls Into The Red
ASIA PULP: IBRA Eases Demand on Debt Payment
ASIA PULP: Judicial Managers Will Complement IBRA
CHARTERED SEMICONDUCTOR: Changes Top Management
NATSTEEL LTD: Management Ups Buyout Offer to $350M


T H A I L A N D

ADVANCE PAINT: Releases Capital Increase Report Form
BANGKOK EXPRESSWAY: Clarifies Toll Reduction Media Report
EMC POWER: Makes Fourth Debt Interest Payment to Creditors
INTERNATIONAL ENG'G: Signs Debt Restructuring Agreement W/ TAMC
JASMINE INTERNATIONAL: Posts Additional Business Rehab Info

JASMINE INT'L: Bankruptcy Filing Won't Affect Acumen's Bonds
TANAYONG PLANNER: Official Receiver Calls Meeting on Sept 27

* SET Posts SP Sign Against Listed Companies

     -  -  -  -  -  -  -  -

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


AUSTAR UNITED: Director John Dick Changes Interest
--------------------------------------------------
Austar United Communications Limited disclosed this notice:

CHANGE OF DIRECTOR'S INTEREST NOTICE

   Name of Company          Austar United Communications Limited

   ABN                      88 087 695 707

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

   Name of Director         John Dick

   Date of last notice      08/01/2002

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

Direct or indirect interest             -

Nature of indirect interest
(including registered holder)           -

Date of change                          16/08/2002

No. of securities held prior
to change                               Nil

Class                                   N/A

Number Acquired                         100,000 share options

Number disposed                         0

Value/consideration                     Nil

No. of securities held after
change                                  100,000 share options

Nature of change                        Issued under executive
                                        share option plan

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

Detail of contract                      N/A

Nature of direct interest               -

Name of registered holder
(if issued securities)                  -

Date of change                          -

No. and class of securities to which
interest related prior to change        -

Interest Acquired                       -

Interest disposed                       -

Value/consideration                     -

Interest after change                   -


AUSTRALIAN PLANTATION: Issues Restructuring Compliance Shares
-------------------------------------------------------------
Australian Plantation Timber Limited posted this notice:

APPLICATION FOR QUOTATION OF ADDITIONAL SECURITIES AND AGREEMENT

Information or documents not available now must be given to ASX
as soon as available.  Information and documents given to ASX
become ASX's property and may be made public.

Introduced 1/7/96. Origin Appendix 5. Amended 1/7/98, 1/9/99,
1/7/2000.

Name of Entity
Australian Plantation Timber Limited

ABN
36 054 653 057

We (the entity) give ASX the following information.

PART 1 - ALL ISSUES
You must complete the relevant sections (attach sheets if
there is not enough space).

1. Class of securities issued          i) Fully paid ord shares
   or to be issued
                                       ii) Fully paid ord shares

2. Number of securities issued         i) 39,682,524
   or to be issued (if known)
   or maximum number which             ii) 11,904,757
   may be issued

3. Principal terms of the securities   i) In accordance with the
(eg, if options, exercise price     terms of existing fully
and expiry date; if partly paid     paid ordinary shares.
   securities, the amount
   outstanding and due dates for       ii) In accordance with
   payment; if convertible securities, the terms of existing
   the conversion price and dates      fully paid ord shares.
   for conversion)

4. Do the securities rank equally      Yes
   in all respects from the date
   of allotment with an existing
   class of quoted securities

   If the additional securities
   do not rank equally, please
   state:
   * the date from which they do
   * the extent to which they
     participate for the next
     dividend, (in the case of
     a trust, distribution) or
     interest payment
   * the extent to which they do
     not rank equally, other than
     in relation to the next
     dividend, distribution or
     interest payment

5. Issue price or consideration

i) the transfer by Integrated Tree Cropping Limited to APT of
100% of the issued shares in the share capital of ITC Project
Management Limited.

ii) the consideration under the terms of the Deed of Company
Arrangement executed by APT was that the unsecured creditors of
APT, APT Nurseries Pty Ltd, APT Finance Pty Ltd, APT Forestry
Pty Ltd, APT Finance Pty Ltd, APT Forestry Pty Ltd, APT Projects
Ltd and APT Land Pty Ltd (DOCA Companies) agreed to compromise
their total debts of in excess of $45,000,000 and release the
DOCA Companies from all claims and debts, in return for Mervyn
Jonathan Kitay as Trustee of the APT Group of Companies Proposal
A Creditors Trust receiving the 59,523,786 shares in APT (pre-
consolidated)

6. Purpose of the issue (if            Issued as part of the
   issued as consideration for         restructure of the DOCA
   the acquisition of assets,          Companies
   clearly identify those
   assets)

7. Dates of entering securities        19/08/02
   into uncertified holdings
   or despatch of certificates

                                      NUMBER  CLASS
8. Number and class of all        79,364,312  Fully paid
ordinary
   securities quoted on                       shares
   ASX (including the
   securities in clause
   2 if applicable)

9. Number and class of all securities not quoted on ASX
(including the securities in clause 2 if applicable)

300,000 Unlisted options issued to Ord Minnett Corporate Finance
Limited

24,000 Unlisted options issued under the APT Directors and
Executive Officers Option Plan

22,400 Unlisted options issued under the APT Employee Option
Plan

10.Dividend policy (in the case        N/A
   of a trust, distribution
   policy) on the increased
   capital (interests)

PART 2 - BONUS ISSUE OR PRO RATA ISSUE

Items 11 to 33 are Not Applicable

PART 3 - QUOTATION OF SECURITIES
You need only complete this section if you are applying for
quotation of securities

    Items 34 to 37 are Not Applicable
34. Type of securities (tick one)

    (a) x  Securities described in Part 1

    (b)    All other securities

Example: restricted securities at the end of the escrowed
period, partly paid securities that become fully paid, employee
incentive share securities when restriction ends, securities
issued on expiry or conversion of convertible securities

Entities that have Ticked Box 34(a)

Additional Securities Forming a New Class of Securities
(If the additional securities do not form a new class, go to 43)

Tick to indicate you are providing the information or documents

35.     If the securities are equity securities, the names of
        the 20 largest holders of the additional securities,
        and the number and percentage of additional securities
        held by those holders

36.     If the securities are equity securities, a distribution
        schedule of the additional securities setting out the
        number of holders in the categories
         1 - 1,000
         1,001 - 5,000
         5,001 - 10,000
         10,001 - 100,000
         100,001 - and over

37.    A copy of any trust deed for the additional securities
(now go to 43)

    Entities that have Ticked Box 34 (b)

    Items 38 to 42 are Not Applicable

ALL ENTITIES

Fees

43. Payment method (tick one)

Cheque attached

Electronic payment made
Note: Payment may be made electronically if Appendix 3B is
given to ASX electronically at the same time.

x  Periodic payment as agreed with the home branch has been
arranged
Note: Arrangements can be made for employee incentive schemes
that involve frequent issues of securities.

QUOTATION AGREEMENT

1.  Quotation of our additional securities is in ASX's absolute
    discretion. ASX may quote the securities on any conditions
it
    decides.

2.  We warrant the following to ASX.

    *   The issue of the securities to be quoted complies with
the complies with the law and is not for an illegal purpose.

    *   There is no reason why those securities should not be
granted quotation.

    *   An offer of the securities for sale within 12 months
after their issue will not require disclosure under section
707(3) or section 1012C(6) of the Corporations Act.

    *   Section 724 or section 1016E of the Corporations Act
does not apply to any applications received by us in relation to
any securities to be quoted and that no-one has any right to
return any securities to be quoted under sections 737, 738 or
1016F of the Corporations Act at the time that we request that
the securities be quoted.

    *   We warrant that if confirmation is required under
section 1017F of the Corporations Act in relation to the
securities to be quoted, it has been provided at the time that
we request that the securities be quoted.

    *   If we are a trust, we warrant that no person has the
right to return the securities to be quoted under section 1019B
of the Corporations Act at the time that we request that the
securities be quoted.

3.  We will indemnify ASX to the fullest extent permitted by law
in respect of any claim, action or expense arising from or
connected with any breach of the warranties in this agreement.

4.  We give ASX the information and documents required by this
form. If any information or document not available now, will
give it to ASX before quotation of the securities begins. We
acknowledge that ASX is relying on the information and
documents. We warrant that they are (will be) true and complete.


BRIDGESTONE AUSTRALIA: Issues Half-yearly Shareholders Report
-------------------------------------------------------------
Bridgestone Australia Limited Group has reported consolidated
revenue of $254.914 million on its half yearly report, which is
a 0.9% decrease on the same period last year. Despite this, net
profit for the period, after tax, of $5.220 million was achieved
compared to $4.537 million for the first half of the previous
year.

The Directors announced that borrowings are continuing to
reduce, however, further reduction is necessary to strengthen
the position of the Company.

To see full copy of the its Half Yearly Report and the
Chairman's letter to Shareholders, go to
http://www.bankrupt.com/misc/TCRAP_BDS0821.pdf


GOODMAN FIELDER: Buys Back Daily Share
--------------------------------------
Goodman Fielder Limited issued this notice:

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

Name of Entity
Goodman Fielder Limited

ACN or ARBN
44 000 003 958

We (the entity) give ASX the following information.

INFORMATION ABOUT BUY-BACK

1. Type of buy-back                 On market

2. Date Appendix 3C was given to    13/11/2001
   to ASX                           Amended by appendix 3D
lodged
                                    21/06/2002

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

                                   BEFORE               PREVIOUS
                                   PREVIOUS                DAY
                                     DAY

3. Number of shares bought      71,277,658             200,000
   back or if buy-back is
   an equal access scheme,
   in relation to which
   acceptances have been
   received

                                      $                    $
4. Total consideration paid   108,119,554             335,000
   or payable for the shares

5. If buy-back is an on-market
   buy-back
                         Highest price paid   Highest price paid
                               $1.69                $1.68
                               Date:   17/07/2002

                         Lowest price paid    Lowest price paid
                               $1.30                $1.67
                               Date:   13/12/2001
                                              Highest price
                                              allowed under rule
                                                    7.33:
                                                   $1.7724
PARTICIPATION BY DIRECTORS

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

HOW MANY SHARES MAY STILL BE BOUGHT BACK.

7. If the company has disclosed     56,522,342
   an intention to buy back a
   maximum number of shares - the
   remaining number of shares to
   be bought back

COMPLIANCE STATEMENT

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

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


MTM ENTERTAINMENT: Closes Brisbane Imax Theatre
-----------------------------------------------
MTM Funds Management Limited advised Tuesday that The World's
Biggest Screens Pty Limited (WBS) (formerly IMAX Australia Pty
Limited) will cease operation of the Brisbane IMAX Theatre on 30
October 2002.

WBS, which is wholly owned by the MTM Entertainment Trust,
operates the Trust's IMAX Theatres.

Under the terms of the agreement with Imax Corporation Inc, the
Trust will continue to be liable for projector rentals and
maintenance amounting to $10,000 per month in connection with
the Brisbane IMAX Theatre until 31 January 2003.


UNLEYCAL PTY: Car Dealer Faces ASIC Charges
-------------------------------------------
Mr Christopher Beresford James appeared on Monday in the
Adelaide Magistrates Court on 23 charges arising from an
Australian Securities and Investment Commission (ASIC)
investigation into the affairs of car dealer Unleycal Pty Ltd
(Unleycal).

ASIC alleges that Mr James, of Unley, South Australia, used his
position as an officer of Unleycal Wholesale Pty Ltd to gain
advantage for Unleycal Pty Ltd by failing to account for funds
received from sales of motor vehicles to the bank which held
security over the vehicles.

Unleycal formerly traded as Unley Mitsubishi. Both Unleycal and
Unleycal Wholesale Pty Ltd are currently in liquidation.

The charges have been laid by ASIC and are being prosecuted by
the Commonwealth Director of Public Prosecutions.

The matter has been adjourned until 27 September 2002.


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


EVERICH TRADING: Winding Up Petition to be Heard
------------------------------------------------
The petition to wind up Everich Trading Limited is scheduled to
be heard before the High Court of Hong Kong on September 18,
2002 at 9:30 am.  The petition was filed with the court on June
27, 2002 by Lin Wing Wah of Room 1821, Yan Lam House, Tsui Lam
Estate, Tseung Kwan O, New Territories, Hong Kong.


FITNESS CENTRE: Winding Up Petition Set for Hearing
---------------------------------------------------
The petition to wind up The Fitness Centre Limited will be heard
before the High Court of Hong Kong on September 25, 2002 at 9:30
am.  The petition was filed with the court on July 3, 2002 by
Chan Wai Ching of 2/F., 102 Java Road, North Point, Hong Kong.


GUANGDONG KELON: Board Resolves Audit Committee Appointment
-----------------------------------------------------------
The Board of Directors of Guangdong Kelon Electrical Holdings
Company Limited announced that a meeting of the Board was held
on 16 August 2002 by means of written resolutions. The written
resolutions were signed by seven out of the nine directors, and
the requirements of the Company Law of the People's Republic of
China and the Articles of Association of the Company have been
complied with. The following resolutions were passed at the
meeting:

1. That the audit committee of the Company (Audit Committee) be
established and the document, "Terms of Reference for the Audit
Committee" be approved. The principal duties of the Audit
Committee include the review and supervision of the Company's
financial reporting process and internal controls; and

2. That Mr. Chan Pei Cheong, Andy and Mr. Chen Wen Hui (who are
independent non-executive directors of the Company) be appointed
as members of the Audit Committee for a period of 2 years
commencing from the date on which these resolutions were passed.


GUANGZHOU SHIPYARD: Widens 2002 Loss to RMB$68M
-----------------------------------------------
Guangzhou Shipyard International Company Limited announced on
16 August 2002:

(stock code: 317)
Year end date: 31/12/2002
Currency: RMB
Auditors' Report: N/A
Review of Interim Report by: Auditors with Modified Opinion
                                                  (Unaudited)
                                  (Unaudited)      Last
                                  Current          Corresponding
                                  Period           Period
                                  from 1/1/2002    from 1/1/2001
                                  to 30/6/2002     to 30/6/2001
                                  ('000)           ('000)
Turnover                             : 1,162,637        779,177
Profit/(Loss) from Operations        : (46,817)         21,314
Finance cost                         : (22,865)         (29,035)
Share of Profit/(Loss) of Associates : 354              147
Share of Profit/(Loss) of
  Jointly Controlled Entities        : -                -
Profit/(Loss) after Tax & MI         : (67,974)         (7,589)
% Change over Last Period            : N/A
EPS/(LPS)-Basic                      : (RMB0.1374)
(RMB0.0153)
         -Diluted                    : -                -
Extraordinary (ETD) Gain/(Loss)      : -                -
Profit/(Loss) after ETD Items        : (67,974)         (7,589)
Interim Dividend per H Share         : NIL              NIL
(Specify if with other options)      : -                -
B/C Dates for Interim 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


ROSSA LIMITED: Winding Up Petition Slated for Hearing
-----------------------------------------------------
The petition to wind up Rossa Limited is set for hearing before
the High Court of Hong Kong on September 18, 2002 at 10:00 am.
The petition was filed with the court on June 27, 2002 by Ko Man
Yin of 70B, Ko Po North Tsuen, Kwan Tei, Fanling, New
Territories, Hong Kong.


TINIC HUNG: Hearing of Winding Up Petition Set
----------------------------------------------
The petition to wind up Tinic Hung Company Limited is scheduled
for hearing before the High Court of Hong Kong on September 18,
2002 at 10:00 am.  The petition was filed with the court on June
28, 2002 by Mo Kin Chung of Room 1020, Tin Mei House, Tin Ping
Estate, Sheung Shui, New Territories, Hong Kong.


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


ASTRA INTERNATIONAL: Selling Sumalindo's Stake for Rp14B
--------------------------------------------------------
PT Astra International has agreed to sell its entire 74.56
percent stake in PT Sumalindo Lestari Jaya to PT Sumber Graha
Sejahtera for Rp13.981 billion, AFX-Asia reports, quoting Astra
Ppresident Director Budi Setiadharma.

"The signing of this transaction is expected to improve Astra's
overall performance," Setiadharma said, adding that the sale is
part of Astra's efforts to divest non-core assets to meet debt
repayments.

The car maker is in the process of negotiating with major
creditors to restructure between US$830 million to US$ 850
million in debt, of which US$133 million and Rp165 billion
matures this December.

According to DebtTraders, Astra Overseas Finance's 4.809%
floating rate notes due on 2005 (ASII05IDS1) are trading between
76.5 and 77.5. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=ASII05IDS1


CHANDRA ASRI: IBRA Finalizes Debt Restructuring
-----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has successfully
completed the debt restructuring of PT Chandra Asri with the
closing of the Debt Restructuring Agreement (DRA).

Before, IBRA has signed the DRA with PT Chandra Asri (9 April
2002) but the DRA is only effective after the precedent &
condition has been fulfilled.

PT Chandra Asri's (CA) debt restructuring agreement (DRA) has
been effective since 5 August 2002 as IBRA and CA has signed
several agreements related to the DRA.

Some of these agreements include:

   * Global amendment agreement
   * Termination agreement of security sharing
   * Termination agreement of escrow account agreement
   * Termination & release of pledge of shares.

In securing the CA restructuring, IBRA has placed several of its
representatives in the company, which are as follows:

   * Dr. Maizar Rahman as President Commissioner.
   * Jusak Kazan as Commissioner.
   * Didit Yasmedi as Vice President Director (CFO).
   * Rifki Musharnanto as Audit and Administration Director.

The new management has been approved by the General Shareholders
Meeting.

In relation to PT Chandra Asri's debt restructuring, IBRA has
also signed several debt restructuring agreements with the
shareholders and relevant parties of PT Chandra Asri. The debt
restructuring agreement with PT Inter Petrindo Inti Citra has
also been effective since 7 August 2002.


PUTRA SURYA: IBRA Seeks Debt Restructuring Termination
------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) is applying for
the cancellation of an amicable debt restructuring of PT Putra
Surya Perkasa's debts as recommended by a commercial court,
IndoExchange reports, citing Director Robert Puang Sunur's
statement to the Jakarta Stock Exchange, .

"By canceling proceedings towards an amicable settlement both
sides would have refer the issue back to the court. Only through
a court settlement could both sides achieve a judicial
definition about the transfer of rights and obligations from PT
Putra Sinar Pesona, a subsidiary of Putra Surya Perkasa,"
Director Sunur said, stressing that he was grateful IBRA did not
want an amicable settlement.

"As such, both sides will be satisfied and soon implement the
peace scheme, for which we have appointed Bramm & Associates as
our lawyer," he added.

Nearly 66 percent shares of Putra Surya Perkasa, engaged in the
field of real estate, construction, general trade and sales
agent, are owned by PT Putra Suryagraha Pratama, with the
remaining 33 percent held by the public.


TEXMACO GROUP: Debt Restructuring Successfully Completed
--------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has successfully
completed the debt restructuring of Texmaco Group with the
closing of the Debt Restructuring Agreement (DRA).

Before, IBRA has signed the DRA with Texmaco Group (23 May 2001)
but the DRA is only effective after the precedent & condition
has been fulfilled.

The DRA of Texmaco Group has been effective since 16 August 2002
with the signing of the agreements, which includes the debt
transfer, asset transfer and exchangeable bond (EB) issue.

On the same day, IBRA has accepted the EB issued by the two new
companies in exchange for Texmaco Group's debt transfer.

The EB is denominated in both Rupiahs and US Dollars, which
consist of the following:

PT Bina Prima Perdana (PT BPP)

    * EB-1-1 amounting to USD41,398,554.96, which is the past
      due interest and penalty payable in US Dollars.
    * EB-1-2 amounting to Rp2,085,041,742,381, which is the past
      due interest and penalty payable in Rupiah.
    * EB-2-1 amounting to USD243,110,019.27, which is the past
      due principal payable in US Dollars.,
    * EB-202 amounting to Rp3,195,907,049,351, which is the past
      due principal payable in Rupiah.

PT Jaya Perkasa Engineering (PT JPE)

    * EB-1-1 amounting to USD321.148.147,03, which is the past
      due interest and penalty payable in US Dollars.
    * EB-1-2 amounting to Rp2.381.803.438.760, which is the past
      due interest and penalty payable in Rupiah.
    * EB-2-1 amounting to USD1.155.034.987,10, which is the past
      due principal payable in US Dollars.
    * EB-202 amounting to Rp3.335.668.649.595, which is the past
      due principal payable in Rupiah


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


HITACHI SEIKI: Files for Court Protection From Creditors
--------------------------------------------------------
Machine tool maker Hitachi Seiki Co. has filed for court
protection from its creditors under the fast track Civil
Rehabilitation Law, Kyodo News and Xinhua News reported Monday.

The Tokyo District Court accepted the application on Monday.

As of June 2002, Hitachi Seiki has total liabilities of 50.4
billion yen (US$427.1 million).

The Company's Bankruptcy was attributed to shrinking orders, in
line with declined capital investment by domestic corporations
since the bursting of the asset-inflated economic bubble in the
early 1990s.

Reports said sales were also hit hard by the yen's appreciation
and stagnant economic activities overseas.

According to Hitachi Seiki President Katsunobu Maeda the Company
was holding talks with major machine-tool manufacturer Mori
Seiki Co. to draw support for its rehabilitation efforts,
including the possibility of transferring its businesses.

The President said Hitachi Seiki is ready to negotiate with
other companies if they show interest in its rehabilitation
program.

Hitachi Seiki posted an unconsolidated pretax loss of 785
million yen (US$6. 65 million) and a net loss of 4.04 billion
yen (US$34.2 million) on sales of 25.19 billion yen (213.5
million dollars) in fiscal 2001 that ended March 31.

The Company has no capital relationship with Hitachi Ltd.

Hitachi Seiki has subsidiary companies in the United States,
Germany, United Kingdom and Singapore, Hitachi Seiki U.S.A. has
a plant in Huntsvill, Alabama to build CNC turning centers and
vertical machining centers. Also in Krefeld, Germany, Hitachi
Seiki Deutschland has started to manufacture machines for
Europe. In addition, Hitachi Seiki has technical partnerships
with companies in Korea, India and the U.S.A.

Hitachi Seiki Co., Ltd. Founded July 1936
Capital 5,060,000,000
Employees 1,033
Address 1, Abiko, Abiko-shi, Chiba-ken, 270-1195, Japan
Phone No. (0471)83-1211


ISUZU MOTORS: Cutting 200 Positions, Halting US Production
----------------------------------------------------------
Isuzu Motors Ltd. will slash about 200 jobs and temporarily halt
production at its U.S. Indiana plant in September as the
Japanese carmaker struggles to reduce its sport-utility vehicle
inventory amid a sales slump, Bloomberg said Monday.

Isuzu said jobs won't be restored unless sales improve and
inventories fall. Isuzu will stop making Rodeo, Rodeo Sport and
Axiom sport-utilities at the Lafayette, Indiana, plant it shares
with fellow General Motors Corp. affiliate Fuji Heavy Industries
Ltd., for two weeks starting September 16, Subaru-Isuzu
Automotive Inc. spokeswoman Ann McConnell said.

General Motors agreed last week to help bail out Isuzu by paying
about $500 million for control of two of the Tokyo-based
Company's engine units.

The Indiana plant employs about 3,100 people who produce both
Subaru and Isuzu vehicles. The Isuzu line employs 705 workers.
The least senior employees at the plant will be let go and will
receive about 95 percent of their base wages, McConnell said.


ISUZU MOTORS: R&I Places on Monitor With a View to Downgrading
--------------------------------------------------------------
Rating and Investment Information, Inc. (R&I) on Wednesday has
placed Isuzu Motors ratings on the Rating Monitor scheme, with a
view to downgrading them.

Senior Long-term Credit Rating; Long-term Bonds (5 Series)
R&I RATING: (BB-)
(Placed on the Rating Monitor scheme with a view to downgrading)

ISSUE: Domestic Commercial Paper Program
R&I CP RATING: (a-3)
(Placed on the Rating Monitor scheme with a view to downgrading)

RATIONALE:

Isuzu Motors Ltd. announced on August 14 the basic framework of
a new three-year management plan, which will feature accelerated
efforts to cut staff, new measures to improve its North American
operation, and requests for an increased capitalization from GM
and for financial assistance from its main banks.

In view of the fact that Isuzu is being forced to request its
bankers to convert debt into stock because the operational
environment has deteriorated to a greater extent than it had
expected, R&I is placing the company's Senior Long-term Credit
Rating and other debt ratings on the Rating Monitor scheme with
a view to downgrading them.

R&I will investigate whether Isuzu will be capable of
implementing genuine structural changes to its operations, and
whether it can ensure stable financial management, including
raising the funds required for the
structural changes, given its excessive indebtedness.

R&I RATINGS:

ISSUER: Isuzu Motors Ltd. (TSE Code: 7202)
Senior Long-term Credit Rating: (BB-)
(Placed on the Rating Monitor scheme with a view to downgrading)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 17 Feb 10, 1998 Feb 10, 2003 Yen 10,000
Unsec. Str. Bonds No. 18 Feb 25, 1998 Feb 25, 2005 Yen 10,000
Unsec. Str. Bonds No. 22 Dec 09, 1999 Dec 09, 2002 Yen 5,000
Unsec. Str. Bonds No. 23 Dec 09, 1999 Dec 09, 2003 Yen 5,000
Unsec. Str. Bonds No. 24 Dec 09, 1999 Dec 09, 2004 Yen 5,000

R&I RATING: (BB-)
(Placed on the Rating Monitor scheme with a view to downgrading)
ISSUE: Domestic Commercial Paper Program
Issue Limit: 50,000 million yen

R&I CP RATING: (a-3)
(Placed on the Rating Monitor scheme with a view to downgrading)


NIPPON MEAT: R&I Downgrades L-T Rating to (A-)
----------------------------------------------
Rating and Investment Information, Inc. (R&I) on Wednesday has
downgraded Nippon Meat Packers, Inc.'s Senior Long-Term Credit
Rating to A- from A.

Senior Long-term Credit Rating; L-T Bonds (6 series)
R&I RATING: (A-); Downgraded from (A);
Remains on the Rating Monitor scheme with a view to downgrading

ISSUE: Domestic Commercial Paper Program
R&I CP RATING: (a-1);
Remains on the Rating Monitor scheme with a view to downgrading

R&I placed the ratings assigned to Nippon Meat Packers, Inc.
(known as Nippon Ham), on the Rating Monitor scheme on August 8.
Since then, the problems surrounding the company have become
more severe, and it is necessary to reflect this in the rating.
There are growing claims that Nippon Ham and other firms were
involved in concerted fraud of the government in the meat
buyback scandal, and some large-volume retailers such as
supermarkets are following the lead of some department stores in
banning the company's products. It is also possible that the
Nippon Ham group will be ordered to cease sales in some of its
meat businesses, and the group's earnings potential will
inevitably be affected. R&I is maintaining the ratings on the
Rating Monitor scheme with a view to downgrading them in view of
the growing pressure on earnings as the scandal unfolds, as well
as the inevitable impact on its finances.

R&I RATINGS:
ISSUER: Nippon Meat Packers, Inc. (TSE Code: 2282)
Senior Long-term Credit Rating: (A-); Downgraded from (A);
Remains on the Rating Monitor scheme with a view to downgrading

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 1 May 07, 1998 May 07, 2003 Yen 5,000
Unsec. Str. Bonds No. 2 May 07, 1998 May 07, 2004 Yen 5,000
Unsec. Str. Bonds No. 3 May 07, 1998 May 06, 2005 Yen 5,000
Unsec. Str. Bonds No. 4 Sep 25, 1998 Sep 25, 2008 Yen 10,000
Unsec. Str. Bonds No. 5 Oct 06, 1998 Oct 06, 2005 Yen 10,000
Unsec. Conv. Bonds No. 4 Sep 14, 1988 Sep 30, 2003 Yen 10,000

R&I RATING: (A-); Downgraded from (A);
Remains on the Rating Monitor scheme with a view to downgrading
ISSUE: Domestic Commercial Paper Program
Issue Limit: 30,000 million yen


NIPPON TELEGRAPH: US Unit Restructuring on Track
------------------------------------------------
A restructuring plan at Verio Inc, the U.S. web-hosting unit of
Nippon Telegraph and Telephone Corp (NTT), is on track despite a
tough U.S. market and uncertain industry outlook, Reuters said
Monday.

NTT Communications injected about 830 billion yen ($7.1 billion)
into the loss-making Denver, Colorado-based Company over the
last four years. An appraisal loss at Verio posted a net loss of
410.7 billion yen ($3.5 billion) at NTT Communications.

In September 2001, NTT assembled a revival plan, revising it in
January with a near halving in the unit's workforce to 1,700 and
a three-quarter cut in capital expenditure.

Verio suffered after the global Internet bubble burst two years
ago.

In 2002 the Company's outlook remains grim.

Verio expects to post a net loss of $4.2 billion this year
before turning a profit by 2003 on an EBITDA basis.


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


HYNIX SEMICONDUCTOR: Creditors May Swap $837M in Debt
-----------------------------------------------------
Deutsche Bank AG suggested that Hynix Semiconductor Inc.
creditors to swap 1 trillion won ($837 million) more of its debt
for equity before possibly breaking up the chipmaker and selling
it off, Bloomberg and Seoul Economic Daily said Tuesday, citing
unidentified government financial officials.

Deutsche Bank is due to give its full assessment of Hynix's
finances and prospects this week. Creditors may meet this week
to make a decision.

Creditors hold about 67 percent of the chipmaker, which has 6
trillion won of debt. Korea Exchange Bank, Woori Bank and other
major creditors have set aside money equivalent to 80 percent or
more of their exposure to the Company.


HYNIX SEMICONDUCTOR: Refuses to Confirm DRAM Price Hike Report
--------------------------------------------------------------
Hynix Semiconductor Inc declined to confirm a report from
Internet news provider edaily that the chipmaker has increased
the contract prices of its DDR DRAM chips by 5 percent, AFX Asia
said Monday.

"We cannot confirm the report. As you know we don't make
comments on those reports," an unnamed Company spokesman said.

TCR-AP reported Tuesday that creditors of Hynix Semiconductor
are preparing a debt- rescheduling scheme, including a write-off
of part of Hynix' total 6 trillion won in debt, to halt the
deceleration of its corporate value.

An unnamed high-ranking official of the Hynix creditor group
said that it is not possible to sell off the ailing chipmaker
right away, as currently no Company is interested in buying the
firm.


HYNIX SEMICONDUCTOR: Debt Restructure Key to Sale Success
---------------------------------------------------------
An official from the Korea Exchange Bank (KEB) said that the
creditors of Hynix Semiconductor Inc will have to first carry
out a new round of debt restructuring before selling the chip
maker's DRAM operations to strengthen Hynix's weak financial
structure, AFX-Asia News reported.

The official said a debt write-off, debt-for-equity swaps and
capital write-downs are possible options creditors will consider
to rehabilitate the Company.

He also said creditors may have to sell the Company's non-DRAM
operations and its holdings of shares in its affiliates, before
selling its mainstay DRAM unit.

The official said Hynix's financial advisor Deutsche Bank is
expected to report the result of its due diligence study on
Hynix and its version of restructuring programs to KEB "either
late this week or early next week. " (M&A REPORTER - ASIA
PACIFIC, Vol. No.1, Issue No. 164, August 20, 2002)


KOREA LIFE: Hanwha Comes Up With New Bid Proposal
-------------------------------------------------
The Hanwha-led consortium come up with a new proposal in its
ongoing bid for Korea Life Insurance, which calls for the
government to cover the stock investment losses of Shindongah
Fire and Marine, a subsidiary of Korea Life, and pay a large
deposit insurance fee, the Digital Chosun reported.

The consortium is offering KRW1.42 trillion for the nationalized
insurer.

Commenting on the new proposal, Korea Deposit Insurance Corp.
(KDIC), the state body in charge of selling off the government
stake in the public fund-injected financial firm, said that it
will not sell the insurance firm at such a low price under those
conditions.

KDIC said earlier that the price for Korea Life could be
adjusted downward to KRWW1.4 from KRW1.6 trillion.

Hanwha reportedly came up with the new conditions in response to
expectations that the government would increase the deposit
insurance fee rate next year. The increase would be to collect
the public funds injected into the financial firms as early as
possible.

The group demanded that the government cover the increase, as
Korea Life will have to pay an additional KRW20 to KRW30 billion
in insurance fees every year for the next 25 years if insurance
rates go up, sources said.

Hanwha has also requested that the government pay for the losses
the insurance Company is expected to incur if Korea Life loses
its lawsuit against the tax office. The Company filed the suit
over allegations that the firm's former chair Choi Soon-young
misappropriated a massive amount of Company funds. (M&A REPORTER
- ASIA PACIFIC, Vol. No.1, Issue No. 164, August 20, 2002)


KOREA LIFE: Macquarie to Take 10% Stake in Hanwha Consortium
------------------------------------------------------------
Macquarie Bank Ltd spokesperson said the bank has agreed to take
a stake of under 10% in a Hanwha Group-led consortium bidding
for a stake in Korea Life Insurance, although no further details
about the bid was given, the AFX-Asia News reported.

Earlier, the Hanwha Group said talks to take over a controlling
51% stake in Korea Life Insurance Co are progressing smoothly
and are expected to produce positive results soon.

The Korea Economic Daily cited that a government official as
saying that the Hanwha-led consortium and state-run Korea
Deposit Insurance Corp have reached a final agreement for Hanwha
to take over a controlling 51% stake in Korea Life Insurance Co
for about KRW724 billion. (M&A REPORTER - ASIA PACIFIC, Vol.
No.1, Issue No. 164, August 20, 2002)


SHINWON CO.: Creditors Meet on Debt Workout
-------------------------------------------
Creditors of garment-making firm Shinwon Co, will meet this week
to review whether the Company will be able to leave the debt
workout program, Korea Herald said Monday.

The Company's business performance and financial structure have
improved markedly, prompting creditors to review the possibility
of the Company's release from a debt workout scheme.

Creditor banks will discuss the Company's debt rescheduling, an
extension of debt payment period, as part of measures to keep
the Company afloat.

The Company has total borrowings of 160 billion won.


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


BRIDGECON HOLDINGS: Issues Proposed Restructuring Scheme Report
---------------------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed)
announced on 28 June 2002, that the Special Administrators (SA)
of BHB, namely Mr Tan Kim Leong, JP and Mr Siew Kah Toong of
Messrs. BDO Binder, had on 27 June 2002 on behalf of BHB entered
into a restructuring agreement with National Land Finance Co-
operative Society Limited (NLFCS) (Restructuring Agreement),
which sets out the principal terms and the basis of the
restructuring scheme for BHB (Restructuring Scheme).

Subsequent to the execution of the Restructuring Agreement, a
special purpose company, Premium Nutrients Berhad (PNB) was
incorporated on 12 August 2002 to facilitate the implementation
of the Restructuring Scheme and ultimately apply for admission
to the official list on the Second Board of the Kuala Lumpur
Stock Exchange (KLSE).

Further to the announcement made on 28 June 2002, PNB had on 13
August 2002 entered into a conditional share sale agreement
(SSA) with the vendors of Premium Vegetable Oils Berhad (PVOB)
to acquire 100% equity interest comprising 54,862,500 ordinary
shares of RM1.00 each in PVOB for RM136,500,000 to be satisfied
by the issuance of new ordinary shares of RM0.50 each in PNB
(PNB Shares) (Proposed Acquisition).

The Proposed Acquisition is part of the Restructuring Scheme,
which includes:

   (i) Proposed share exchange of all the ordinary shares of
RM1.00 each in BHB (BHB Shares) between the shareholders of BHB
and PNB on the basis of one (1) new PNB Shares for every 9.975
BHB Shares held;

   (ii) Proposed settlement of debts owing by BHB to its
creditors through, inter-alia, issuance of 62,000,000 new PNB
Shares to the creditors of BHB;

   (iii) Proposed acquisition of the entire issued and paid-up
share capital of PVOB by PNB;

   (iv) Proposed de-listing of BHB from the Second Board of KLSE
and the transfer of the listing status of BHB to PNB;

   (v) Proposed offer for sale of PNB Shares by certain vendors
of PVOB to the existing shareholders of BHB, identified
bumiputera investors to be approved by the Ministry of
International Trade and Industry, other identified investors and
the Malaysian public.

(Collectively referred to as "Proposals")

The Proposals form an integral part of the workout proposal for
BHB, which is being finalized by the SA and will be submitted to
the Pengurusan Danaharta Nasional Berhad for its approval.

Further details on the Proposals are found at
http://www.bankrupt.com/misc/TCRAP_Bridge0821.pdf


CSM CORPORATION: Issues Defaulted Payment Monthly Status Report
---------------------------------------------------------------
CSM Corporation Berhad, pursuant to the KLSE Practice Note No.
1/2001, provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 31 July 2002. Details are tabled at
http://www.bankrupt.com/misc/TCRAP_CSM0821.pdf

The shareholders' approval on the proposed settlement &
termination agreement with Saujana Pertiwi Sdn. Bhd. (SPSB)
whereby SPSB shall pay in full the principal and outstanding
interest on the overdraft facility of RM45 million was obtained
at an Extraordinary General Meeting convened by CSM on 26 June
2002.


EPE POWER: Seeks KLSE Requisite Announcement Time Extension
-----------------------------------------------------------
EPE Power Corporation Berhad, in view that it has not received
all the lenders' decision on the proposed debt restructuring
scheme, envisaged that EPE is unlikely to meet the deadline to
make the Requisite Announcement by 28 August 2002, pursuant to
Practice Note No. 4/2001 of the Listing Requirements of the
Kuala Lumpur Stock Exchange (KLSE).

Hence, Commerce International Merchant Bankers Berhad, on behalf
of EPE, had on 15 August 2002 submitted an application to the
KLSE for an extension of time of three (3) months to 30 November
2002 to make the Requisite Announcement of its plan to
regularize its financial condition.


FW INDUSTRIES: Faces Legal Suit From Former Corp Adviser
--------------------------------------------------------
FW Industries Berhad informed that on 14th August 2002 it had
been served with a legal suit dated 9th August 2002 filed by
Arthur Andersen Corporate Advisory Sdn. Bhd.

FW had appointed AA as its Corporate Adviser to conduct a
position assessment of the FW Group. Due to the major difference
between the draft report furnished by AA and the 2001 audited
financial statements, the Management had decided to appoint
Southern Investment Bank Berhad to handle the restructuring
exercise.

AA is claiming for the alleged sum of RM45,722 (the Debt), being
the balance sum due and owing to them in respect of their
professional services rendered. AA is now demanding a full
settlement of the Debt within twenty-one (21) days upon receipt
of the Statutory Notice, failing which, they may institute
winding-up proceedings against FW.

FW has instructed its legal counsel to defend the case and will
keep all relevant parties informed about its outcome in due
course.

Except for the disputed alleged sum of RM45,722 by AA and
bearing any unforeseen circumstances, there is no other and
additional financial and operational impact on the Group.

FW is not expected to expose to any other potential contingent
loss other than the disputed alleged sum of RM45,722 arising
from the said litigation.


GENERAL LUMBER: KLSE Uplifts Suspension of Trading
--------------------------------------------------
The Board of Directors of General Lumber Fabricators & Builders
Bhd announced that an Order of the withdrawal of the Winding-up
Petition by Malinta has been obtained from the High Court Malaya
Kuala Lumpur No. D3-28-162-2002 on 17 July 2002. The Company has
received an original copy of the same on 12th August 2002.

The Company has earlier applied to the Exchange for uplifting of
suspension of the trading of the Company's shares and received
the approval from the Exchange on 15th August 2002 . Please be
advised that the trading of Company's resumed with effect from
9.00 a.m., Tuesday, 20th August 2002.


KEMAYAN CORP.: KLSE Extends Restraining Order Period to Aug 28
--------------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad announced
that the Kuala Lumpur High Court has granted an interim
extension of the Restraining Order until 28 August 2002.

On July 15, TCR-AP reported that the Kuala Lumpur High Court has
granted an adjournment with an interim extension of the
restraining order until 15 August 2002.

Profile

The Company originated as a plantation concern developing oil
palm plantations in Pahang and cocoa plantations in Sabah. It
undertook corporate exercises from 1993 to 1995 focusing on
construction and property related activities via the acquisition
of companies and projects. Besides these, the Group is also
involved in other activities like timber logging and saw-
milling, food manufacturing, retailing and trading, education,
aviation, hotel and tourism.

The 1997/1998 economic crises faced by the country and the
region severely affected the Group's cashflow and operation of
projects. The Company and certain of its subsidiary companies
obtained a Restraining and Stay Order (RO) on 12 August 1998
from the High Court of Malaya under Section 176(10) of the
Companies Act, 1965 for the purpose of implementing a proposed
corporate restructuring scheme. The RO has been extended to 3
June 2002.

The Company entered into a second MOU on 19 February 2002 with a
White Knight for injection of assets and to propose a corporate
restructuring scheme.


NCK CORPORATION: Danaharta OKs Units' Workout Proposals
-------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance) on behalf of NCK
Corporation Berhad (Special Administrators Appointed), announced
that the Workout Proposals for NCK, Ng Choo Kwan & Sons Hardware
Sdn Bhd (NCK Hardware), NCK Wire Products Sdn Bhd (NCK Wire),
NCK Aluminium Sdn Bhd (NCK Aluminium) and Fook Chuan Trading Sdn
Bhd (FC Trading) have been approved in accordance with the
Pengurusan Danaharta Nasional Berhad Act, 1998, on 13 August
2002.

The Workout Proposal for NCK involves:

   ú Proposed Restructuring Scheme of NCK
   ú Proposed Debt Settlement to Creditors
   ú Proposed Liquidation of the NCK Group

The Workout Proposal for NCK Hardware involves:

   ú Proposed Sale of Assets of NCK Hardware
   ú Proposed Debt Settlement to Creditors
   ú Proposed Liquidation of NCK Hardware

The Workout Proposal for NCK Wire involves:

   ú Proposed Sale of Assets of NCK Wire
   ú Proposed Debt Settlement to Creditors
   ú Proposed Liquidation of NCK Hardware

The Workout Proposal for NCK Aluminium involves:

   ú Proposed Sale of Assets of NCK Aluminium
   ú Proposed Debt Settlement to Creditors
   ú Proposed Liquidation of NCK Aluminium

The Workout Proposal for FC Trading involves:

   ú Proposed Sale of Assets of FC Trading
   ú Proposed Debt Settlement to Creditors
   ú Proposed Liquidation of FC Trading

The respective Workout Proposals are summarized in a file
attached at http://www.bankrupt.com/misc/TCRAP_NCK0821.pdf


PICA (M) CORPORATION: Submits Regularization RA Time Extension
--------------------------------------------------------------
Pica (M) Corporation Berhad, in view that it has not received
all the lenders' decision on the proposed debt restructuring
scheme, envisaged that the Company is unlikely to meet the
deadline to make the Requisite Announcement by 28 August 2002,
pursuant to Practice Note No. 4/2001 of the Listing Requirements
of the Kuala Lumpur Stock Exchange (KLSE).

Hence, Commerce International Merchant Bankers Berhad, on behalf
of PICA, had on 15 August 2002 submitted an application to the
KLSE for an extension of time of three (3) months to 30 November
2002 to make the Requisite Announcement of its plan to
regularize its financial condition.


RASHID HUSSAIN: Discloses Trustee RN(T) Shares Dealings
-------------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Rashid Hussain Berhad,
pursuant to Section 32(4) of the Malaysian Code on Take-overs
and Mergers, 1998, disclosed the dealings in the shares of RHB
Capital by Rothputra Nominees (Tempatan) Sdn Bhd (RN(T)) who is
the bare trustee for various funds managed by Alliance Merchant
Bank Berhad (Alliance) on a discretionary basis.

As announced on 20 March 2002, Alliance has been appointed as
the independent adviser to RHB Capital, a subsidiary of RHB, in
connection with the Proposed Privatization of RHB Sakura
Merchant Bankers Berhad via a scheme of arrangement pursuant to
sections 176 and 178 of the Companies Act, 1965 involving all
its shareholders, including RHB Capital. Alliance is therefore a
person connected to RHB.

The details of the dealings are set out in Table 1 at
http://www.bankrupt.com/misc/TCRAP_RHB0821.pdf,and are based on
the information furnished to AmMerchant Bank by RN(T) through
RHB Capital on 15 August 2002.

As a result of the dealings, the number of RHB Capital shares
held by RN(T) for the funds concerned are set out in Table 2 at
http://www.bankrupt.com/misc/TCRAP_RHB0821.pdf.

Neither AmMerchant Bank, RHB nor RHB Capital shall be
responsible for the accuracy of the abovementioned disclosure.


SUNWAY HOLDINGS: Unit's Scheme Sanctioned at Malaya High Court
--------------------------------------------------------------
Sunway Holdings Incorporated Berhad, in relation to the Proposed
Scheme of Arrangement and Compromise by a wholly-owned
subsidiary, Sunway Juarasama Sdn Bhd, informed that the High
Court of Malaya has on 16 August 2002, sanctioned the Scheme.

Days ago, TCR-AP reported that the High Court of Singapore has
on 14 August 2002, sanctioned the Proposed Scheme. On July 15,
TCR-AP reported that a meeting of the creditors of Sunway
Juarasama was held in Singapore on 11th July, 2002 to consider
the Scheme dated 10th June, 2002 proposed to be made between
SJSB and certain of its creditors (Scheme Creditors) pursuant to
Section 176 of the Companies Act, 1965 and Section 210 of the
Singapore Companies Act, Chapter 50.


TAJO BHD: Submits Proposed Restructuring Exercise Application
-------------------------------------------------------------
Public Merchant Bank Berhad, on behalf of Tajo Berhad, further
to the announcement made on 10 June 2002 and 9 August 2002,
announced that the applications for the Proposed Restructuring
Exercise have been made to the relevant authorities namely the
Securities Commission, the Foreign Investment Committee and the
Ministry of International Trade and Industry.


WING TIEK: Definitive Agreement Execution Period Extended
---------------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad informed
that the Company at this juncture has not executed the
definitive agreement with JAKS Sdn Bhd and another two weeks'
extension of time has been mutually agreed upon.

As an affected listed issuer, the Company's Proposed Corporate
Debt Restructuring Scheme to be undertaken together with JAKS
Sdn Bhd pursuant to Practice Note 4/2001 would be required to be
approved-in-principle by Scheme Creditors prior to the entry of
the definitive agreement with JAKS Sdn Bhd. The Company is
taking all reasonable steps to procure the approval-in-principle
of such creditors.


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


NATIONAL POWER: PNOC May Swap Plants for P4B in Receivables
-----------------------------------------------------------
The Philippine National Oil Co's Energy Development Corp (PNOC-
EDC) will consider exchanging its 4 billion pesos in receivables
from the National Power Corp (Napocor) for at least four of the
latter's geothermal plants, AFX Asia said Monday, citing PNOC-
EDC Chairman and President Sergio Apostol said.

Napocor owes PNOC about 4 billion pesos in steam and power sales
in the past six to seven years.

"We have indicated our intention to buy the plants as payments
to the 4 bln peso debt of Napocor to PNOC-EDC," he said, adding
PNOC-EDC may stop delivering steam to Napocor's plants unless
the debt is paid.

PNOC-EDC supplies steam to four Napocor geothermal plants in the
provinces of Dumaguete, Leyte and Bicol.

The plants have a combined capacity of 454 megawatts.


PHILIPPINE LONG: Keeping Buy Recommendation, ING Financial
----------------------------------------------------------
ING Financial Markets is keeping its "buy" recommendation on
Philippine Long Distance Telephone Co (PLDT) after the Company
posted stronger first-half results, AFX Asia reported Monday.

PLDT reported a first-half net profit of 2.755 billion pesos
against the year-earlier 1.373 billion, with earnings boosted by
unit Smart Communications Inc.

ING said PLDT's forecast EBITDA of 26.3 billion pesos would be
enough to meet interest payments of 11 billion pesos and capital
expenditure of about 8 billion for the year.

ING said PLDT's debt refinancing will likely exceed management's
target of US$650 million, with the firm raising US$580 million
so far, and another 130 million being currently arranged.


PICOP RESOURCES: Lifts Trading Suspension
-----------------------------------------
Picop Resources, Inc. (PCP), with reference to Circular for
Brokers No. 2091-2002 dated August 12, 2002, pertaining to the
issuance of an indefinite suspension of the shares of PCP, to
the cessation of the corporate life of the Company, as stated in
the letter of Securities and Exchange Commission (SEC) dated
August 6, 2002.

In relation thereto, the Company informed that it has submitted
to the Philippine Stock Exchange attached documents confirming
that PCP's corporate existence subsists and the requirements for
effecting an extension had been properly complied with:

a) A copy of the letter from the SEC affirming that the
commencement date of the extended corporate life of the Company
is March 32, 2002; and

b) SEC Certified True Copy of the Certificate of Filing of
Amended Articles of Incorporation of the Company duly approved
by the Commission.

In view thereof, the suspension of the trading of PCP shares is
lifted on August 20, 2002.


UNITRUST DEVELOPMENT: Shareholders Ask Court to Replace PDIC
------------------------------------------------------------
Shareholders of Unitrust Development Bank are asking the local
courts to replace the Philippine Deposit Insurance Corp. (PDIC)
as receivers of the closed bank, Business World said Monday.

"Despite the efforts of the shareholders to submit their own
rehabilitation program, PDIC went ahead with the (bidding) of
the bank, and while in the process of receiving the bids, made
it difficult for the stockholders to secure information vital to
the preparation of the rehab plan," the group said.

Shareholders suspected that the PDIC, in an effort to dissuade
them, filed "baseless criminal charges against some of the
stockholders in order to disqualify them from eventually re-
acquiring the bank under the "fit-and-proper" rule of the
central bank.

The Makati RTC issued last week an order restraining the PDIC
from selling the assets of the bank or awarding the
rehabilitation program of proponent Philippine Bank of
Communications (PBCom). The court issued the 20-day temporary
restraining order (TRO) following an evaluation which showed the
existence of "an imminent danger of liquidation of Unitrust,
which might cause irreparable damage and injury" to all parties.


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


ACHIEVA LIMITED: Electronics Slowdown Pulls Into The Red
--------------------------------------------------------
Achieva Limited, one of Asia Pacific's top knowledge-based,
value-added distributors and solutions providers focusing on
electronics and IT-related products, announced Friday that its
Group turnover (unaudited) fell by 6 percent from about $244.8
million in the first half of FY2001 to $230 million for the
first six months ended 30 June 2002. The lower turnover is due
to the slowdown of markets in Vietnam, China and Malaysia.

At half time, the Group registered an operating loss before
interest and tax of $3.4 million compared to an operating profit
before interest and tax of $6.2 million for the corresponding
period last year.

The Group's weak financial performance was attributable to a few
key factors:

   - Losses of $2.9 million incurred by the PC peripherals sub-
group, which had to reduce margins to maintain market share;

   - Reduced margins in the electronic components sub-group;

   - One-time write-off in investments relating to Nano Storage
Pte Ltd of $1.9 million;

   - Start-up investments for expanding its operations into
North Asia especially in the People's Republic of China (PRC);
and

   - Unrealized translation loss due to weakness in the US$

Due to funding difficulties faced by Nanochip, Inc., Achieva
took a decision to voluntarily liquidate Nano Storage so as to
cut losses. In the event of a successful funding exercise by
Nanochip, Inc., the Group may be able to recover $965,000 as per
the terms of the convertible notes issued by Nanochip, Inc.
Achieva had earlier concluded an Asia-Pacific distribution
agreement with Nanochip, Inc., and would be able to benefit from
the Asian distribution rights for Nanochip's products should
they go into commercial production.

Earnings per share fell from 0.91 cents in the first 6 months of
last year to a loss per share of 0.98 cents in the first half of
this year. Net tangible assets backing per share also fell from
12.42 cents to 11.23 cents. There will be no interim dividends.

Turnover for the Group's electronic components sub-group grew by
16 percent from $31.8 million in the first half of last year to
$37 million this half-year, reflecting increase in contribution
from the new markets in China. Operating profit for this sub-
group was $2.6 million for the first half of this year, down 34
percent from $3.9 million for the corresponding period of last
year.

All the other business segments registered lower turnover and
losses.

In terms of geographical contribution, Singapore and Australia
were the only two markets whose turnover increased, rising by 7
percent and 11 percent respectively over the same period last
year. All the markets posted operating losses compared to last
year.

Commenting on the results, Mr Henry Lim, President and CEO of
Achieva , said:

"Our unfavorable financial performance reflects clearly the
impact of the difficult operating environment - resulting from
weak regional economies, the global slowdown in the electronics
industry and our decision to reposition ourselves to focus on
our core competencies and growth drivers. We have consolidated
our businesses, streamlined our product portfolio to weed out
non-performing lines, and made strategic investments to grow our
businesses in North Asia and India, which is a major IT hub in
the region. We expect our business expansion initiatives in
these markets to yield results by early next year, if not the
second half of this year.

"Achieva's top management members have taken the initiative to
cut our own salaries to demonstrate our commitment and
responsibility in keeping the Group lean during these
challenging times. Going forward, Achieva remains committed to
scaling up the value chain to provide knowledge-based value-
added solutions for our customers and partners. In the meantime,
we will concentrate on building our core strengths in marketing
and distribution of higher-margin products and services to
deliver long-term returns to our shareholders."

The PC peripherals business expects difficult trading conditions
to continue to the end of the current financial year. However
the second-half performance is expected to be better than the
first half.

The electronic components sub-group, which will be growing its
business in North Asia, is expected to remain profitable in the
second half of the financial year.

The Directors expect the IT market to continue to be volatile.
Barring unforeseen circumstances, the Group expects the second
half-year results to be better than the first-half results.
However, the Group does not expect to be profitable for the full
year.

Listed on the Mainboard of the Singapore Exchange since June
2000, Achieva is one of Asia Pacific's top value-added
distributors and solutions providers focusing on electronics and
IT-related products. With corporate headquarters in Singapore
and its operations spanning the Asia-Pacific region, the Achieva
Group currently represents in excess of 30 product brands.

Currently, the Group has four operating divisions in 9 countries
and a staff strength of about 240, serving a growing customer
base of about 8000 in the Asia-Pacific region.

For further information, please contact:
Ms Gwen W Ling/Ms Tham Moon Yee
Stratagem Consultants Pte Ltd
Tel: 6227 0502
Fax: 6227 5663


ASIA PULP: IBRA Eases Demand on Debt Payment
--------------------------------------------
Indonesia's Bank Restructuring Agency (IBRA) has eased a demand
that Asia Pulp & Paper Co. pay $100 million into a third-party
account as a commitment to repaying loans to creditors,
including the government, Bloomberg said Monday.

IBRA will allow Asia Pulp to pay $60 million in August, and the
balance later.

Asia Pulp owes creditors $13 billion, which it stopped paying in
March 2001. The Company says it's committed to drawing up a fair
debt-restructuring plan. Deutsche Bank and BNP Paribas SA are
petitioning a Singapore court to appoint judicial managers to
the Company.

The agency backed down after Asia Pulp said last week it
couldn't make the full payment by the end-August deadline.

DebtTraders reports that APP China Group's 14.000% bond due in
2010 (PAP10IDS1) trades between 24.750 and 26.500. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=PAP10IDS1


ASIA PULP: Judicial Managers Will Complement IBRA
-------------------------------------------------
Deutsche Bank AG and BNP Paribas SA, petitioning to have the
management of Asia Pulp & Paper Co. (APP) replaced, said the
appointment of judicial managers will complement efforts by
Indonesia's bank rescue agency to monitor APP's finances,
Bloomberg said Monday.

The work of the judicial managers ``would be complementary, not
antagonistic'' to the involvement of the Indonesian Bank
Restructuring Agency, or IBRA, the plaintiff's Senior Counsel
Alvin Yeo of Wong Partnership said. ``The petitioners welcome
the active involvement of IBRA to the restructuring process.''

Asia Pulp's lawyers, who earlier indicated it supported the
application, now opposed the petition. The bank rescue agency
has said it would install five of its executives at Asia Pulp
units to monitor the finances of the Company.

Yeo said replacing the Widjaja family of Indonesia with judicial
managers is "the only real remedy left to the creditors because
they do not want to be at the mercy or left to the whims or
fancy of the controlling shareholders."

Without the appointment of judicial managers, creditors would
have to accept the proposals of the controlling shareholders
even if they were "one-sided", Yeo said.

Asia Pulp defaulted on more than $13 billion of debt in 2001 and
failed to reach an agreement with creditors on repaying its
debts after months of talks. The impasse prompted Deutsche and
BNP to apply to put the Company under the care of a court-
appointed manager.

The case continues on August 21 before Judge Lai Siu Chiu in
Singapore.


CHARTERED SEMICONDUCTOR: Changes Top Management
-----------------------------------------------
Robert Baxter, Chartered Semiconductor Manufacturing's (CCM)
Senior Vice-President for business operations, has left the
Company, Bloomberg reported Monday, citing an unnamed spokesman
for CCM.

Ang Tang Yong, former President of chip services Company
Ellipsiz, joined Chartered as Vice-President for fab support
operations in July.

The management changes follow the promotion of Chief Financial
Officer Chia Song Hwee to Chief Executive in June after Barry
Waite resigned.

TCR-AP reported in July 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.

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


NATSTEEL LTD: Management Ups Buyout Offer to $350M
--------------------------------------------------
Natsteel Ltd's Board has already decided to accept the revised
offer of $350 million, up from $294 million proposed in June, GK
Goh reports. The buyout is now dependent on the approval of the
Company's shareholders and completion of the sale of Natsteel
Brasil.

If the deal passes muster at the October 18 EGM, Natsteel will
be liquidated and the proceeds which include the MBO's $350
million and another $584 million from the sale of Natsteel
Broadway and Natsteel Brasil, distributed to shareholders in two
stages, January 2003 and by December that year. Whilst this
revised offer, which gives shareholders $1.90 per share (net of
expenses and debt) is at a premium to Nasteel's market price, it
is about 40 percent below book value.

CCA's Revised Offer to Acquire Businesses and Undertaking of
NatSteel Ltd is located at
http://bankrupt.com/misc/TCRAP_Natsteel0819.pdf

For a copy of JP Morgan's letter of confirmation of financial
resources of Crown Central Assets Limited, go to
http://bankrupt.com/misc/TCRAP_NatsteelJPMLetter0819.pdf


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


ADVANCE PAINT: Releases Capital Increase Report Form
----------------------------------------------------
Advance Paint Chemical (Thailand) Public Company Limited posted
the Report Form of Capital Increase, in accordance to its
Rehabilitation Plan and to the permission order of the Central
Bankruptcy Court of the red case No. 1025/2544 as of 17 July
2002, as follows:

1. Capital increase:

The Company has to perform the action according to the article
90/64 of the Bankruptcy Act. The registered capital of the
company will be increased from Bt34,800,250 up to
Bt1,674,800,250 by issuing of the new 164,000,000 ordinary
shares at the per value of Bt10 of each share .  The amount of
the increased capital will be Bt1,640,000,000.

2. The Allotment of new shares:

In respect of the provision and the order for the company to
allot the new 164,000,000 ordinary shares with Bt10 per share
and the total amount of Bt1,640,000,000, details are as follows:

   2.1 Details of the Allotment

1. Lt. Gen. Surapun Pumkaew. The amount of shares, 800,000;
Sales per share Bt1; the subscribed & payment date, 7-9 Aug
2002, 14 Aug 2002.

2. Lt. Gen. Kriengkrai Khumkhaengrithirong. The amount of
shares, 500,000; Sales per share, Bt; the subscribed & payment
date, 7-9 Aug 2002, 14 Aug 2002.

3. MissLukravee Heangpapum. The amount of shares, 100,000; Sales
per share, Bt1; the subscribed & payment date, 7-9 Aug 2002, 14
Aug 2002.

4. Mrs. Nuchanart Kreesagnuang. The amount of shares, 5,000,000;
Sales per share, Bt1; the subscribed & payment date, 7-9 Aug
2002, 14 Aug 2002.

5. Mrs. Siriporn Salisattatkorn. The amount of shares, 200,000;
Sales per share, Bt1; the subscribed & payment date, 7-9 Aug
2002, 14 Aug 2002.

6. Mrs. Nataprang Manmai. The amount of shares 400,000; Sales
per share, Bt1; the subscribed & payment date, 7-9 Aug 2002, 14
Aug 2002.

7. Mr. Samak  Chaovapannn. The amount of shares, 800,000; Sales
per share, Bt1; the subscribed & payment date, 7-9 Aug 2002, 14
Aug 2002.

8. Mrs. Tananuj Treethippayabu. The amount of shares, 200,000;
Sales per share, Bt1; the subscribed & payment date 7-9 Aug
2002, 14 Aug 2002.

9. Mrs. Nongnuj Chareonpanich . The amount of shares,
19,000,000; Sales per share, Bt1; the subscribed & payment date
7-9 Aug 2002, 14 Aug 2002.

10. Mr.Suilim  Saejiew. The amount of shares, 300,000; Sales per
share, Bt1; the subscribed & payment date 7-9 Aug 2002, 14 Aug
2002.

11. Mr. Vincent Hai  Ning Chou. The amount of shares, 5,000,000;
Sales per share, Bt1; the subscribed & payment date 7-9 Aug
2002, 14 Aug 2002.

12. Mrs. Pussaporn Ongprasert. The amount of shares, 3,000,000;
Sales per share, Bt1; the subscribed & payment date 7-9 Aug
2002, 14 Aug 2002.

13. Mr. Nopporn  Tangmunjittum. The amount of shares,
10,000,000; Sales per share, Bt1; the subscribed & payment date
7-9 Aug 2002, 14 Aug 2002.

14. Mr. Asawin Leelaina. The amount of shares, 27,200,000; Sales
per share, Bt1; the subscribed & payment date 7-9 Aug 2002, 14
Aug 2002.

15. Eurasia Venture Limited. The amount of shares, 40,000,000;
Sales per share, Bt1; the subscribed & payment date 7-9 Aug
2002, 14 Aug 2002.

16. Mr. Pakorn Makkranon. The amount of shares, 21,000,000;
Sales per share, Bt1; the subscribed & payment date 7-9 Aug
2002, 14 Aug 2002.

17. Mr. Pisarn Tiyarungsrinukul. The amount of shares,
16,000,000; Sales per share, Bt1; the subscribed & payment date
7-9 Aug 2002, 14 Aug 2002.

18. Mr. Vorathep Suwanvanichakij. The amount of shares,
6,300,000; Sales per share, Bt1; the subscribed & payment date
7-9 Aug 2002, 14 Aug 2002.

19. Mr. Vivat  Tamee. The amount of shares, 5,500,000; Sales per
share, Bt1; the subscribed & payment date 7-9 Aug 2002, 14 Aug
2002.

       * The amount of shares Bt164,000,000.

The sale offering to the person in article 2.1 is the offering
to limited group of persons according to the relevant
announcements of the Securities and Exchange Commission

   * There is no the allotment for the existing shareholders.
   * In the case of the allotment for any other persons.  The
details of such persons are as follows:

     - There is no any relationship between those persons and
the company
     - The principle of share price setting.

Based  upon comparative figure between share price at the last
day traded in the Stock Market and the company's book value.

     - The type of its business.

1. Eurasia Venture Limited Investment Holding
* The Major Shareholders, Director and Executive Officers.
1. SERANGOON LIMITED     50%
2. SELETAR LIMITED       50%

2.2 There is no  procedure of the company to handle the case of
the fragment of the allotment for the existing shareholders.

In the case that there will be the fragment from the allotment,
The Plan Administrator, i.e. BangpaIn Planner Co.,Ltd., shall
have the authority to allot such unalloted shares to any persons
in limited group according to the relevant announcement of the
Securities and Exchange Commission at the price of Bt1 per share

3. The schedule for the Shareholder Meeting to seek the approval
for Capital Increase / Allotment of share.

While the company is in the rehabilitation process according to
the Bankruptcy Act, and is performing the activities as
stipulated in the Rehabilitation Plan, the capital increase is
one of the activities as described in the Plan and conformed to
the court permission order as of 17 July 2002.

In addition, refer to the article 90/59 of the Bankruptcy Act,
only the Plan Administration has its right to conduct the
business and asset of the Company including the right of all
shareholders except only for the right of shareholder to get the
dividend .  Therefore, there is no Shareholder meeting for the
approval of this Capital Increase.

4. The application for Permission of Capital Increase with the
Relevant Authorities and Conditions of such Permission.

The Company shall apply for registration of the capital increase
and amendment of the Memorandum of Association with Ministry of
Commerce. Furthermore, the Company shall submit an application
to the Stock Exchange to accept new shares as listed securities.

5. Objectives of Capital Increase and Application of the
Increased Funds.

The increase of Capital is intended to be paid for the debt to
the company  is creditors  at the discount rate as described in
the Rehabilitation Plan.

6. Benefits to be obtained by the Company from the Capital
Increase / Share Allotment.

The Company will be able to pay all of the debts at the discount
rate according to the Plan. This will cause the rehabilitation
process could be achieved.

7. Benefits to be obtained by Shareholders from the Capital
Increase / Share Allotment.

   - The rehabilitation process will be achieved.
   - The Company will be able to request for the share trading
according to the regulation of the Stock Exchange.

8. Other necessary details for Shareholders in Supporting of
their Approval of the Capital Increase / Share Allotment.
- None-

9. Action Plan for the Capital Increase / Share Allotment
Approved by the Board of Directors.

   - August 9,2002 Inform the  SET.
   - August 9,2002 Share subscription close date.
   - August 15,2002Share payment date.
   - August 19,2002Register to the Ministry of Commerce of paid
shares.
   - August 20,2002Inform the SET of paid shares.

The Company hereby certifies that the information contained in
this report form is true and complete in all respects.


BANGKOK EXPRESSWAY: Clarifies Toll Reduction Media Report
---------------------------------------------------------
Bangkok Expressway Public Company Limited, in reference to the
media report regarding the solution of traffic congestion on the
expressway from Din Dang - Port - Bang Na, which said that the
Commission for Management of Land Traffic assigns the Office of
the Commission for Management of Land Traffic (OCMLT) and the
Expressway and Rapid Transit Authority of Thailand (ETA) to
negotiate with the BECL to lower the tolls from Bt135 to Bt40
for a three month trial period, clarified that the Company had
recently discussed with ETA concerning such idea and BECL agrees
in principle to ease the congestion without effect to the toll
revenues pursuant to the concession agreement.

However, BECL is considering the proper way of toll collection,
the effect on toll revenue and the fairness for the motorists of
this special route and the Sector D (Asoke-Srinagarindra) route
in order to have the clearness in practice before execution.


EMC POWER: Makes Fourth Debt Interest Payment to Creditors
----------------------------------------------------------
EMC Power Co., Ltd., the plan administrator of EMC Public
Company Limited, pursuant to the approval of the rehabilitation
plan by the Central Bankruptcy Court on May 15, 2001, reported
some progress in implementation of the rehabilitation plan
from May 16, 2002 to August 15, 2002, as follows:

1.  The convertible bonds in the amount of 50,000 units, which
was supposed to be converted on June 30, was cancelled. The next
scheduled bond conversion would be on December 30 of the year.
The ratio of exercising of the conversion right is 1 unit of
convertible bond: 1,000 ordinary shares.

2. The plan administrator paid the fourth interest payment for
the dated March 29, 2002, in the amount of Bt1,586,906.20 to the
creditor group 1 and 2.


INTERNATIONAL ENG'G: Signs Debt Restructuring Agreement W/ TAMC
---------------------------------------------------------------
The International Engineering Public Company Limited has
negotiated with Thai Asset Management Corporation (TAMC) from
time to time regarding the Bt1,740 million debt as a result of
loan guarantee.

Finally, IEC and TAMC has mutually agreed on debt restructuring
by allowing IEC to repay Bt450 million by quarterly installment,
starting from the third quarter of this year, for ten-years
period without interest charge, equal to Bt45 million per year.


JASMINE INTERNATIONAL: Posts Additional Business Rehab Info
-----------------------------------------------------------
As Jasmine International Public Company Limited filed a petition
with the Central Bankruptcy Court Business Rehabilitation on
August 9, 2002, the Central Bankruptcy Court has already
rendered the order accepting the petition, and has schedule for
the hearing on September 9, 2002. The Company provided more
details:

  * Name of the planner   : Chaengwatana Planner Co., Ltd.
  * Name of the Directors : 1. Mr. Somboon     Patcharasopak
                            2. Mrs. Pindao     Rojanakul
                            3. Ms. Jongluck    Thongnim

The director number 1 is the director of Jasmine International
Public Company Limited.

Additionally, Jasmine International Overseas Co., Ltd, a
subsidiary of which the Company holds 87.32 percent shares, also
filed a petition with the Central Bankruptcy Court
Business Rehabilitation on August 9, 2002.  The Central
Bankruptcy Court has already rendered the order accepting the
petition and has scheduled for the hearing on September 9, 2002.
The details are as follows:

   * Name of the planner   : Pakkret Planner Co., Ltd.
   * Name of the Directors : 1. Mr. Terasak     Jerauswapong
                             2. Ms. Saowanit    Thanomsuwan
                             3. Ms. Sirirat     Kanhasiri

The director number 1 is the director of Jasmine International
Public Company Limited and Jasmine International Overseas Co.,
Ltd.

Any additional development on these matters will be further
notified.


JASMINE INT'L: Bankruptcy Filing Won't Affect Acumen's Bonds
------------------------------------------------------------
TRIS Rating Co., Ltd. said Thursday that the filing of a
petition by Jasmine International PLC (JASMIN) with the Central
Bankruptcy Court will not impact Acumen Co., Ltd.'s senior
secured debentures, because the strict covenants offer good
protection for Acumen's debenture holders.

TRIS Rating announced that the filing of a petition by JASMIN
with the Central Bankruptcy Court on 9 August 2002 will have no
impact on the risk profile of Acumen's senior secured
debentures, although JASMIN has 100% ownership of Acumen.

Acumen's debenture holders have good protection because of the
strength of the assignment of revenue stream from the credible
payer, the TOT Corporation PLC, and the pledge of debt service
account and sinking fund account for payment of interest and
principal. The covenants of Acumen's debentures restricting
Acumen's support to other companies in the Jasmine group offer
debenture holder's additional support.

TRIS Rating has rated Acumen#1 Bt3,500 million senior secured
debentures (due 2004) at "BBB+".


TANAYONG PLANNER: Official Receiver Calls Meeting on Sept 27
------------------------------------------------------------
Tanayong Public Company Limited on January 22, 2002 had filed
petition for the Business Reorganization with the Central
Bankruptcy Court. Subsequently, the Court gave an order on
February 18, 2002 for the Business Reorganization and appointed
Tanayong Planner Company Limited as the Planner of Tanayong
Public Company Limited.

Furthermore, according to the Court Order, the Planner shall
prepare Business Reorganization Plan and first submit the Plan
to the Official Receiver by June 12, 2002, and the Planner has
requested extension of the Plan submission to August 12, 2002.

Presently, the prepared Plan, which provides business
reorganization in detail in accordance with the Bankruptcy Act
B.E.2483 as amended by Bankruptcy Act (No.6) B.E.2543, was sent
to the Official Receiver together with sufficient copies to be
sent to all the creditors having voting rights and the debtor.

Furthermore, the Official Receiver decided to call for a meeting
of creditors with voting rights on Friday September 27, 2002  at
9.30 a.m. at YWCA Building, No.13 South Sathorn Road, Bangkok,
in order to discuss whether to accept the Plan or how
to revise it.


* SET Posts SP Sign Against Listed Companies
--------------------------------------------
The following listed companies have failed to submit their
financial statements as of 30 June 2002 via the Electronic
Listed Company Information Dissemination system (ELCID)
by the deadline specified by the SET and there have been
at least three consecutive delays in filing their financial
statements. The SET Rules prescribe that conditions and
procedures for the temporary prohibition of trading of listed
securities will take effect on the next day, and remain in
effect until the company has sent the financial statements to
the SET.

     1. Rattana Real Estate Public Company Limited (RR)
     2. Capetronic International (Thailand) Public Company
Limited (CAPE)

The Stock Exchange of Thailand (SET) has posted an "SP"
(Suspension) sign to temporary suspend the trading of the
companies' securities due to failure to submit their financial
statements effective 15 August 2002 onwards, until the
companies submit the required financial statements.


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
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contained herein is obtained from sources believed to be
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                 *** End of Transmission ***