TCRAP_Public/020823.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

           Friday, August 23, 2002, Vol. 5, No. 167

                         Headlines


A U S T R A L I A

AURORA GOLD: Announces Merger With Abelle Limited
DVT HOLDINGS: USC Buys More Relevant Shares
ONE.TEL LTD: AmEx Launches Action Against Telco Founder


C H I N A   &   H O N G  K O N G

EXECUTIVE SIGN: Faces Winding Up Petition
FEMAX INTERNATIONAL: Hearing of Winding Up Petition Set
PLEASANT HILL: Court Sets October Winding Up Hearing
TECHPACIFIC CAPITAL: Goto Steps Down as Non-Executive Director
TEMPEST CONSULTANTS: Winding Up Hearing Set on September 18


I N D O N E S I A

ASURANSI JIWA: Three Judges Face Probe for Manulife Case
KIMIA FARMA: Indonesia Delaying Kimia Sale


J A P A N

CHUBU BANK: Three Banks to Acquire Operations
HITACHI LTD: Enters Alliance With Emulex
HITACHI LTD: Selects Adaptec's RAID Products
HITACH LTD: SCC Reviews Judgment Re Litigation Decision
KENWOOD CORPORATION: Negotiating Y20B Financial Aid With Banks

NKK CORPORATION: Closing Surface-Treated Sheet Production Line
TDK CORP: Completes Repurchase of All Shares


K O R E A

DAEWOO ELECTRONICS: October Asset Transfer Completion Planned
HYNIX SEMICONDUCTOR: $1.7B Debt to Equity Swap Update
HYNIX SEMICON: Creditors to Implement New Restructuring Plans
KIA STEEL: Court Ruling Likely to Delay Sale Process
KOREA THRUNET: Receives Nasdaq Delisting Notice
SEOUL BANK: Lone Star Offers KRW1.25T


M A L A Y S I A

ANTAH HOLDING: Secures Extension of SBLC
DATAPREP HOLDINGS: AmMerchant Seeks for Extension of Time
DENKO INDUSTRIAL: KLSE Delays Scheme Deadline to Month-end
GEORGE KENT: Submits Debt Restructuring Proposals to SC
GULA PERAK: SC Approves Revision of Rehab Plan

JOHAN HOLDINGS: Submits Rehab Proposal to SC
LION CORPORATION: Creditors to Vote on $2.3M Debt Plan
OLYMPIA INDUS: Widens Full-Year Loss to RM151.9M
PARK MAY: Joins Irisbus France to Promote Civis System
PLUS EXPRESSWAYS: Reports RM2.2B Net Loss for First Half

SELOGA HOLDINGS: KLSE Approves Extension of Time
SIME DARBY: SD Holdings Sells Entire Stake in Vintage Jaya
SIME DARBY: Subsidiaries Deregistered From CCM
TENAGA NASIONAL: Jamaludin Extends Chairmanship for Two Years
TENAGA NASIONAL: Selling Bonds to Refinance MYR300M Loans

TEXCHEM RESOURCES: Selling Stock to Improve Finances
UCP RESOURCES: Terminates BDO Capital Services
UNITED CHEMICAL: Served With Writ of Summon


P H I L I P P I N E S

ASIAN TERMINALS: Director Roger Davies Resigns
BELLE CORPORATION: Schedules ASM on August 22
MONDRAGON INTERNATIONAL: Remarks on Unusual Price Movement
PHILIPPINE AIRLINES: Slashing Local Fares by Half
PHILIPPINE LONG: Cojuangco, Pangilinan Present Buyout Plan

PHILIPPINE LONG: Exchange Notes Lifted From The Prospectus
PHILIPPINE LONG: First Pac Rejects Buyout Offer Reports


S I N G A P O R E

ACHIEVA LIMITED: Replies to SGX Queries
CK TANG: Posts Notice of Changes in Director's Interest
OCULUS LIMITED: Announces Directors' Resignation
SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest


T H A I L A N D

BGES ENGINEERING: Court Approves Rehab Plan
COUNTRY (THAILAND): Administrator Reduces Capital to Bt1.2M
KARAT SANITARYWARE: Shareholders Okay Delisting From SET
NATURAL PARK: Completes Registration of Capital Increase
RAIMON LAND: Submits to SET Capital Increase Offering Form

THAI MILITARY: Selling 10% Stake in CGU
UNITED BROADCASTING: Hopes to Post Profit Next Year

     -  -  -  -  -  -  -  -

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


AURORA GOLD: Announces Merger With Abelle Limited
-------------------------------------------------
The Directors of Abelle Limited and Aurora Gold Ltd are pleased
to announce that an agreement has been reached to merge the two
companies. The proposed Abelle-Aurora merger will be implemented
by way of a Scheme of Arrangement.

Under the terms of the proposed Scheme, Aurora shareholders will
receive five Abelle shares and one 30 June 2007 Abelle option
exercisable at $0.30 for every ten Aurora shares.

The proposed merger will result in Aurora shareholders holding
an approximate 50 percent interest in the expanded issued share
capital of Abelle comprising approximately 160 million shares
and 76 million 2007 options.

The merged entity will be debt free with in excess of $22
million in cash.

The proposed merger is supported by both Boards and by the major
shareholders of Aurora and Abelle.

THE MERGED GROUP

The proposed merger will create a substantial Australian listed
gold producer.

The merged entity will have Australian gold production of
approximately 70,000oz pa from the Gidgee Mine, a 50 percent
interest and management in the large Morobe gold project, and a
100 percent interest in the Wafi gold and Wafi porphyry copper
deposits near Lae in eastern Papua New Guinea.

The merged entity will have an identified Mineral Resource
containing 8.1 million ounces of gold, 71 million ounces of
silver and 1.3 million tonnes of copper metal.

MOROBE

The Morobe project (50 percent Aurora) has an identified global
Mineral Resource (100 percent) of 5.23 million ounces of gold
and 71 million ounces of silver. A feasibility study is near
completion and the project (100 percent) is expected to be
capable of producing 300,000 ounces of gold and 4.5 million
ounces of silver per annum at a cash operating cost from US$165
to US$175 per gold equivalent ounce for approximately 10 years.
Morobe ore is free milling and significant potential to
increase the size and term of the project exists within the
titles.

WAFI GOLD RESOURCE

The Wafi project (100% Aurora), which is in the advanced
exploration phase, has an identified Mineral Resource of 3
million ounces of gold. The primary gold ore at Wafi is
refractory in nature and significant potential for additional
discoveries is considered to exist. The 1997 drilling programme
within the epithermal gold resource at Wafi drilled between Zone
A and Zone B to test continuity and discovered the high grade
Link Zone. Results from this drill program included 70 meters at
11 g/t gold and 86 meters at 5.7 g/t gold in adjacent holes.

WAFI COPPER/GOLD RESOURCES

In addition to the gold resource at Wafi, the diatreme structure
hosts a substantial porphyry copper-gold resource from which
drilling has determined an identified Mineral Resource of 100
million tons at 1.3% copper and 0.6 g/t Au for a contained 1.3
million tons of copper metal and 1.9 million ounces of gold.

The Abelle management team believes that exploration within this
highly mineralized epithermal diatreme is in its infancy and
that further gold and copper-gold discoveries are likely.
Further, a limited amount of exploration work can add to the
value of this already significant project and may, in due
course, lead to a development proposal allowing sequential
extraction of the gold and copper/gold resources.

GIDGEE

The Gidgee Gold Project at Sandstone is currently producing at
approximately 70,000oz per annum. The merged group will continue
with its present strategy of developing the underground mining
operations with the objective of establishing an operation which
produces 100,000 ounces of gold per year.

The Gidgee Gold Project has a total Mineral Resource of
approximately 600,000 ounces of gold.

BOARD AND MANAGEMENT

Abelle will be the parent company of the merged group. The Board
of Abelle will invite two members of the Aurora Board to become
directors of Abelle.

Mr Peter Cook will also be appointed a director of Abelle
following the merger. Mr Cook was the Managing Director of Hill
50 Ltd. His agreement to join the Board will see the former Hill
50 management team join with Aurora and take over the
operational and corporate management of the merged entity.

BENEFITS OF THE MERGER

The directors of Abelle and Aurora believe the merger will add
value to the interests of shareholders of both companies. Key
benefits of the merger are:

* Creation of a group with a market capitalisation approximating
$100 million;

* Likely increase in institutional investor interest due to
market relevance;

* Attractive blend of existing gold production, a development
project and advanced exploration interests which have the
potential to turn the group into a significant gold producer;

* Sound financial resources;

* No debt;

* Substantial unhedged gold resources; and

* Growth oriented management with a track record of delivering
outstanding results for shareholders.

IMPLEMENTATION OF THE MERGER

Abelle and Aurora have today signed an Implementation Agreement
which proposes the companies merge by Scheme of Arrangement.

Key conditions of the Implementation Agreement (some of which
may be waived) are as follows:

* approval of Aurora shareholders in accordance with the
Corporations Act;

* receipt of all necessary regulatory and third party approvals,
including approval of the Court under the Corporations Act;

* no material adverse change (as defined in the Agreement)
affecting the assets or financial position of Aurora or Abelle
occurring prior to the meeting at which Aurora shareholders'
approval will be sought;

* no "prescribed occurrences" (being broadly the events set out
in section 652(C)(1) and (2) of the Corporations Act) affecting
Aurora or Abelle, arising prior to the date Court approval is
sought;

* no superior competing proposals (as defined in the Agreement)
for Aurora or Abelle are made or announced.

The Implementation Agreement also contains restrictions on the
ability to solicit competing proposals from other parties.

Break fees of less than 1% of the transaction value may be
payable to either party if the Agreement is terminated in
certain circumstances.

ADVICE TO SHAREHOLDERS

In the coming weeks, Aurora shareholders can expect to receive
full details of the Scheme in advance of a shareholder meeting
to approve the Scheme, which is likely to be held in October or
November.

Shareholders of Aurora do not need to take any action at this
stage in relation to the proposed merger.

For further information, please contact:

Abelle Limited                    Aurora Gold Ltd
Peter Cunningham                  Michael Jefferies
Level 2, 35 Ventnor Avenue        Level 2, 24 Outram Street
West Perth WA 6005                West Perth WA 6005
Tel (61 8) 9485 1476              Tel (61 8) 9424 3500
Fax (61 8) 9322 9177              Fax (61 8) 9424 3565


DVT HOLDINGS: USC Buys More Relevant Shares
-------------------------------------------
In accordance with the Supplementary Share Target's Statement of
Utility Services Corporation Limited (USC) dated 5 August 2002,
USC announces that on 21 August 2002 it acquired on market
459,700 shares in DVT Holdings Limited (DVT) at an average price
of 3.10 cents per share.

USC now has a relevant interest in 28,131,780 DVT ordinary
shares, which equates to 5.11% of DVT's issued ordinary shares.

TCR-AP reported earlier that USC also acquired on market 122,000
shares in DVT at an average price of 3.1 cents per share.


ONE.TEL LTD: AmEx Launches Action Against Telco Founder
-------------------------------------------------------
American Express has filed for legal action in the District
Court in Sydney against Jodee Rich, one of the founders of the
failed telecommunications company One.Tel.

The credit provider is seeking to recover hundreds of thousands
of dollars from Mr Rich for the $558,000 worth of purchases
incurred on his American Express corporate card. An amount of
$283,000 is outstanding in the wake of the company's collapse.

Amex counsel Mark Ashhurst said that under the terms and
conditions of the card, Mr Rich was personally liable for all
charges.

Mr Rich's lawyer, David Williams, disputes the founder's
personal liability for the debt because he had authorized that
his card be used to pay for travel and accommodation for
One.Tel's overseas operations in the United Kingdom, France and
Holland.

One.Tel folded in June 2001 with debts of more than A$600
million.


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C H I N A   &   H O N G  K O N G
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EXECUTIVE SIGN: Faces Winding Up Petition
-----------------------------------------
Cheung Yung of Flat 14, 33/F., Kwong Cheong House, Kwong Ming
Court, Tseung Kwan O, Kowloon, Hong Kong is seeking for the
winding up of Executive Sign Limited.

The petition was filed on June 27, 2002, and will be heard
before the High Court of Hong Kong on September 18, 2002 at
10:00 a.m.


FEMAX INTERNATIONAL: Hearing of Winding Up Petition Set
-------------------------------------------------------
The petition to wind up Femax International Limited is set for
hearing before the High Court of Hong Kong on September 11, 2002
at 10:00 am.

Mei Luen Garment Factory Limited filed the petition with the
court on June 20, 2002.


PLEASANT HILL: Court Sets October Winding Up Hearing
----------------------------------------------------
Hua Xing Equipment Limited of 27th Floor, Effectual Building,
No. 16 Hennessy Road, Wanchai, Hong Kong is seeking the winding
up of Pleasant Hill Printing Equipment Limited.

The petition was filed on July 22, 2002, and will be heard
before the High Court of Hong Kong on October 16, 2002 at 9:30
a.m.


TECHPACIFIC CAPITAL: Goto Steps Down as Non-Executive Director
--------------------------------------------------------------
The Board of Directors of start-up financier Techpacific Capital
Limited announced that Mr. Junichi Goto has resigned as a non-
executive Director of the Company effective August 21 2002.

According to Robert John Richard Owen, Chairman of Techpacific
Capital, Mr. Goto's other commitments mean he is no longer able
to devote sufficient time and attention to the affairs of the
Company.

The Board appreciates Mr. Goto's valuable insights during his
term as Director of the Company.

TCR-AP said earlier this week that Techpacific has narrowed its
net loss by 38 percent to US$10.01 million in the six months to
June 30 after closing a loss-making subsidiary.


TEMPEST CONSULTANTS: Winding Up Hearing Set on September 18
-----------------------------------------------------------
The petition to wind up Tempest Consultants Limited is set for
hearing before the High Court of Hong Kong on September 18, 2002
at 9:30 am.

Poon Yiu Kwok, whose registered office is Flat 10, 15th Floor,
Block J, Kam Ying Court, No. 9 Kam Ying Road, Ma On Shan, New
Territories, Hong Kong, filed the petition with the court on
June 27, 2002.


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


ASURANSI JIWA: Three Judges Face Probe for Manulife Case
--------------------------------------------------------
The judicial Council of Honor formed by the Jakarta Court of
Appeal examined on Wednesday the three judges who have been
suspended on August 6 on suspicion of accepting bribes to
declare bankruptcy of the local unit of Canadian insurer
Manulife.

According to a Xinhua News Agency report, a five-member council
led by Abner Hutagaol probed Judges Hasan Basri, Kristi
Purnamiwulan and Tjahjono for bribery and the making of
bankruptcy decision against PT Asuransi Jiwa Manulife Indonesia.

Hasan Basri, the presiding judge of Manulife case, denied
accepting bribes and said the allegation was untrue and
groundless.

The Central Jakarta Commercial Court declared the local Manulife
branch bankrupt on June 13 as part of a legal battle between the
insurer and its Indonesian partner Dharmala Group. The Supreme
Court overturned the decision a few weeks later following strong
protests from the Canadian government.


KIMIA FARMA: Indonesia Delaying Kimia Sale
------------------------------------------
The Indonesian government will postpone the sale of the
country's largest pharmaceutical retailer PT Kimia Farma to next
year, as the company needs to be restructured first to increase
its value.

"We want Kimia to first restructure its divisions which consist
of retail, distribution, manufacturing and formulation,"
Ferdinand Nainggolan, a senior state enterprises ministry
official, said, adding that Kimia will also undergo financial
restructuring.

The cash-strapped government had planned to sell a majority
stake in Kimia by the end of this year under its Rp6.5 trillion
($735.7 million) privatization program to help plug a budget
deficit of 2.5 percent of GDP.

By the end of 2001, Kimia, 90 percent owned by the government,
had total assets of Rp1.2 trillion.


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J A P A N
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CHUBU BANK: Three Banks to Acquire Operations
---------------------------------------------
Chubu Bank, which failed in March, is in final stage of talks
with Shimizu Bank, Shizuoka Chuo Bank and Tokyo Star Bank to
transfer its operations to the three, Kyodo News reported
Wednesday, citing the Chubu Bank administrator.

Shimizu Bank and Shizuoka Chuo Bank aims to acquire 40 of the
bank's 44 branches located in Shizuoka Prefecture.


HITACHI LTD: Enters Alliance With Emulex
----------------------------------------
Emulex Corp., the world's leading supplier of storage networking
host bus adapters (HBAs), announced Wednesday that Hitachi Data
Systems has qualified the Emulex LightPulse LP9002L HBA for use
with its Hitachi Freedom Storage(TM) Lightning(TM) 9900 Series
storage solutions in conjunction with Sun Microsystems'
(Nasdaq:SUNW) Sun Fire V880 and V480 servers.

Hitachi Data Systems' qualification now enables Sun Fire V880
and V480 server customers to utilize Emulex Fibre Channel host
bus adapters for server-to- storage connectivity, enabling a
robust and high-performance enterprise solution. Emulex
continues to work closely with Hitachi Data Systems to ensure
complete compatibility between the two companies' product
families and other mission-critical enterprise servers.

"Hitachi Data Systems is always pleased to support storage
solutions that provide customers with more choices," said Steve
East, vice president, Integrated Solutions, Hitachi Data
Systems. "This certification expands our reach into Solaris
environments, and ensures that our customers have access to
Emulex's best-of-breed HBAs for deployment of feature-rich,
robust connectivity solutions."

The Emulex family of HBAs offers firmware upgradeability to
protect customers' investments and a unique driver architecture
that enables compatibility of a single driver across Emulex's
entire product line, which significantly reduces SAN management
complexity while lowering the customer's total cost of
ownership.

"Both Emulex and Hitachi Data Systems are committed to ensuring
open, highly scalable storage solutions to our customers through
superior performance and industry-leading technology," said Mike
Smith, executive vice president of worldwide marketing at
Emulex. "Emulex will continue to offer world-class connectivity
solutions, with unmatched features such as firmware
upgradeability that are designed to reduce management
complexity."

The Emulex Family of Host Bus Adapters

The Emulex family of HBAs offers high performance, standards-
based connectivity solutions for both Fibre Channel and Internet
protocol (IP) storage networking environments. Emulex host bus
adapters provide a unique combination of features required for
mission-critical enterprise environments that deliver
reliability, high bandwidth, server CPU offload, low latency and
scalable connectivity.

Emulex HBAs also offer a unique driver architecture that enables
compatibility of a single operating system driver across
Emulex's entire product line and a firmware-based architecture.
These features help to lower the customer's total cost of
ownership and reduce management complexity, while enabling a
seamless migration path to next-generation technologies.

For information about how Emulex HBAs increase SAN productivity
and efficiency, visit the Emulex Web site and download the IDC
whitepaper titled, " Measuring the HBA's Role in SAN
Management."

The Emulex LightPulse family of Fibre Channel HBAs offers full
fabric support, high data integrity, full-duplex operation, data
buffering for up to 100km of cabling and support for all Fibre
Channel topologies. The Emulex LightPulse 2Gb/ s family of Fibre
Channel products includes the LP9002L and LP952L low-profile PCI
HBAs, the LP9002C CompactPCI HBA, the LP9002S SBus-based HBA and
the market- leading 1Gb/s LP8000. The Emulex GN9000/SI is
designed to provide high- performance iSCSI connectivity over
gigabit Ethernet for PCI-based systems.

Emulex - www.emulex.com - is a leading supplier and developer of
storage networking host bus adapters based on both Fibre Channel
and IP networking technologies. The Emulex product families are
based on internally developed ASIC, firmware and software
technologies, and offer customers high performance, scalability,
flexibility and reduced total cost of ownership.

The company's products have been selected by the world's leading
server and storage providers, including Dell, EMC, Fujitsu
Siemens, Groupe Bull, Hewlett- Packard Co., Hitachi Data
Systems, IBM, NEC, Network Appliance and Unisys. In addition,
Emulex includes industry leaders Brocade, INRANGE, Intel,
Legato, McDATA, Microsoft and VERITAS among its strategic
partners.

Emulex markets to OEMs and end-users through its own worldwide
selling organization, as well as its two-tier distribution
partners, including ACAL, Avnet, Bell Microproducts, Info-X,
Netmarks, Tech Data, TidalWire and Tokyo Electron. Corporate
headquarters are located in Costa Mesa.


HITACHI LTD: Selects Adaptec's RAID Products
--------------------------------------------
Adaptec, Inc., the global leader in data storage access
solutions, said Wednesday that Hitachi, Ltd. has selected
Adaptec's low-profile zero- and single- channel RAID cards for
its new model of HA8000 series servers as demand for affordable,
small form factor RAID protection continues to grow, and major
computer makers in Japan increasingly look to Adaptec for RAID
products.

"Low-profile designs are vital to preventing server and storage
sprawl and reducing the related IT costs as companies work to
accommodate exploding data growth," said Tim Connolly, director
of RAID marketing for Adaptec's Storage Solutions Group.
"Adaptec is meeting the high-density and pedestal server
markets' growing need for low-profile, power-thrifty RAID
controllers. We are delighted that Hitachi has selected Adaptec
SCSI RAID products for its HA8000 series servers and look
forward to providing RAID cards for its Ultra320 designs."

"The Adaptec SCSI RAID 2000S and 2005S give us the data
protection our small form factor server customers need by
combining the flexibility of an add-on card with the cost
economies of motherboards with integrated RAID," said Toru
Kaneko, general manager, development operation, for Hitachi's
Internet systems platform division. "With Adaptec's innovative
zero channel RAID solutions, we can provide our customers with
robust data protection in low-profile designs."

Hitachi will integrate the Ultra160 zero channel RAID
controllers, the Adaptec SCSI RAID 2000S and 2005S, with its
entry-level pedestal HA8000/70W, 1U rackmount HA8000/110W and 3U
HA8000/130W servers and offer the single-channel RAID card, the
Adaptec SCSI RAID 2110S, as an option. The HA8000 servers are
geared toward medium and large companies demanding high data
availability and optimum price/performance.

The Adaptec SCSI RAID 2110S is an affordable full-featured,
microprocessor- based Ultra160 SCSI RAID card. The zero channel
controllers -- the credit card- sized Adaptec SCSI RAID 2005S
and the low-profile Adaptec SCSI RAID 2000S -- feature Adaptec's
EMRL (Embedded RAID Logic) technology and other advanced logic
that allow them to use the Adaptec SCSI channels on the
motherboard, eliminating the need for channels on the cards
themselves to reduce size and cost. The 64- bit/66MHz RAID
cards' small form factor designs and power-efficient
microprocessors make them ideal for high-density servers.

"RAID Everywhere"

Using two or more disk drives instead of one to enhance disk
performance, error recovery, and fault tolerance, RAID
technology protects critical data and accelerates information
exchange in businesses of every size. Through its "RAID
Everywhere" initiative, Adaptec is driving mainstream adoption
of RAID data protection in PC-server, high-end PC and external
storage markets by making the technology more affordable and
easy to use. Adaptec has simplified RAID installation and
support with easy-to-use management software tools and 24x7
global customer care. "RAID Everywhere" also includes new RAID
product and technology development, compatibility testing with
motherboards, operating systems, applications and disk drives,
and RAID application education, all designed to help RAID data
protection become a part of every server shipped.

Tokyo-based Hitachi, Ltd. - http://global.hitachi.com- is one  
of the world's leading global electronics companies, with fiscal
2001 (ended March 31, 2001) consolidated sales of 7,994 billion
yen ($60.1 billion). The company manufactures and markets a wide
range of products, including computers, semiconductors, consumer
products and power and industrial equipment.

Adaptec Inc. - www.adaptec.com - provides highly available
storage access solutions that reliably move, manage and protect
critical data and digital content. Adaptec's storage solutions
are found in high-performance networks, servers, workstations
and desktops from the world's leading manufacturers, and are
sold through OEMs and distribution channels to ISPs,
enterprises, medium and small businesses and consumers. Adaptec
is a member of the S&P SmallCap 600 Index.


HITACH LTD: SCC Reviews Judgment Re Litigation Decision
-------------------------------------------------------
Storage Computer Corporation (SCC), a leading worldwide provider
of high-performance data storage delivery systems, and its
wholly owned UK subsidiary, Storage Computer UK Limited, has
received the full text of the Approved Judgment regarding the
litigation decision in the case against Hitachi Data Systems
Limited (Hitachi) in the United Kingdom. The Company is
reviewing the decision, considering whether an appeal is
appropriate or not.

Storage Computer is continuing to aggressively pursue the
litigation currently pending against Veritas Software
Corporation and Veritas Global Software Corporation. Storage
Computer has an infringement action pending against Veritas
asserting infringement of three of Storage Computer's US
patents.

Storage Computer is continuing to market and deliver our line of
new storage products, including the recently introduced CyberNAS
4000 networked attached storage system. Also, Storage Computer
is now completing the field trials of the next generation
CyberBorg VSA with its advanced Virtual Storage Architecture(TM)
and state-of-the-art remote replication feature sets. CyberBorg
VSA is the first optically connected storage system primarily
developed for the SWAN (Storage Wide Area Networks) market
space. Current trials at Fortune 50 and select international
companies are meeting and exceeding expectations.

Storage Computer has recently expanded the intellectual property
segment of its website, www.storage.com, where updates,
summaries and descriptions of all our intellectual property
activities can be found.

Storage Computer Corporation - http://www.storage.com- is a  
leading worldwide provider of high performance storage
solutions. It develops and manufactures software-driven, multi-
host storage solutions for powering advanced business
applications. Based on open system architectures Storage
Computer's high-bandwidth storage technology supports a great
variety of applications, including advanced database activities,
interactive multi-media, multi-cast content, medical imaging and
more. Storage Computer's worldwide headquarters are in Nashua,
New Hampshire, with subsidiaries and distribution in over 20
countries.

For inquiries, contact Storage Computer Corporation's Peter N.
Hood at telephone 603/880-3005 ext. 303.

UK based Hitachi Data Systems Limited is a unit of Japan's
Hitachi Limited.


KENWOOD CORPORATION: Negotiating Y20B Financial Aid With Banks
--------------------------------------------------------------
Ailing audio equipment maker Kenwood Corporation is discussing a
financial assistance deal worth Y20B, centering on a debt-for-
equity swap with its creditor banks, including Asahi Bank Ltd,
the Asahi Shimbun reported, without citing sources.

The Company will spin off its money-losing audio division before
the end of 2002 to restore its balance sheet.

As of March 2002, the firm's debt exceeded its assets by 17
billion yen.


NKK CORPORATION: Closing Surface-Treated Sheet Production Line
--------------------------------------------------------------
NKK Corporation is closing down its surface-treated steel sheet
production line at its Hiroshima Prefecture factory by the end
of September, AFX Asia and Nihon Keizai Shimbun reported
Wednesday.

The Company expects to save several hundred million yen annually
from the move.

TCR-AP reported in March that NKK Corporation will post special
charges for losses on write downs of its investment securities
due to falling stock prices and for losses related to its unit
National Steel Corp., which filed the petition for
reorganization under Chapter 11 of U.S. Bankruptcy Code on March
6. National Steel's losses will be reflected in NKK's
consolidated income statement through the end of this fiscal
year, but its year-end assets and liabilities will be removed
from NKK's consolidated balance sheet.


TDK CORP: Completes Repurchase of All Shares
--------------------------------------------
TDK Corporation has repurchased treasury stock on the open
market pursuant to Article 210 of the Commercial Code of Japan.
With this repurchase, TDK has completed the repurchase of all
shares under the board of directors resolution held on August 1,
2002.

1. Repurchase period:           August 12, 2002 through August
19, 2002
2. Number of shares:            223,600
3. Cost of shares repurchased:  1,208,843,757 yen
4. Repurchase method:           Tokyo Stock Exchange
transactions

The repurchase authorization approved at TDK's 106th ordinary
annual general meeting held on June 27, 2002 is as follows:

Type of shares: Common stock
Number of shares: Up to 300,000 shares
Total cost: Up to 3.0 billion yen

TDK Corporation - www.tdk.co.jp - is a leading global
electronics company based in Japan. It was established in 1935
to commercialize "ferrite," a key material in electronics and
magnetics. TDK's current product line includes ferrite
materials, electronic components and ICs, wireless computer
networking products, magnetic heads for HDD, digital recording
hardware and advanced digital recording media. Net sales in
FY2001 were JPN Yen 689 billion.

For inquiries, contact Mr. Koike, of the Corporate
Communications Department, at telephone 81-3-5201-7102, or via
e-mail at nkoike@mb1.tdk.co.jp.


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K O R E A
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DAEWOO ELECTRONICS: October Asset Transfer Completion Planned
-------------------------------------------------------------
As part of a creditor bank-led restructuring plan, Daewoo
Electronics Co will complete the transfer of its mainstay home
appliances operations to its unit Daewoo Electric Motor Industry
Ltd by mid-October.

After transferring the main businesses, Daewoo Electronics will
be left with the less well performing monitor, audio and gas
boiler operations and will either be sold off or liquidated,
Daewoo Motor President Kim Choong-hoon said in a statement.

Kim said the new company will start operations as a "clean
company" with KRW450 billion in equity capital, KRW1.2 trillion
in total debt and a debt-to-equity ratio of 250%.

Daewoo Electric Motor, after taking over Daewoo Electronics'
home appliances, TV, VCR, and DVD operations, will become a new
entity with a new name in October, it said.

Daewoo Electronics has been under bank-led debt workout programs
since 1999. (M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No.
166, August 22, 2002)


HYNIX SEMICONDUCTOR: $1.7B Debt to Equity Swap Update
-----------------------------------------------------
Hynix Semiconductor's creditors have not received the report
from Deutsche Bank regarding another 2 trillion won ($1.7
billion) debt-equity swap, according to DebtTraders analysts,
Daniel Fan (852-2537-4111) and Blythe Berselli (1-212-247-5300),
citing the Bloomberg news.

The amount accounts for 50 percent of the chipmaker's unsecured
debt.

Deutsche Bank is the financial advisor on plans for Hynix.


HYNIX SEMICON: Creditors to Implement New Restructuring Plans
-------------------------------------------------------------
Creditor banks of Hynix Semiconductor Inc. will come up with new
plans to restructure the chipmaker and will not delay
implementation of the restructuring, AFX Asia reported
Wednesday, citing the Finance and Economy Minister Jeon Yun-
churl said.

The Company's financial advisor Deutsche Bank has drawn up a
restructuring program after a due diligence on the chipmaker.

Jeon did not provide further details.

TCR-AP reported earlier that Deutsche Bank AG has advised
creditors of Hynix Semiconductor Inc. to write off 2 trillion
won in debt to make the ailing chipmaker more attractive to
buyers.

Deutsche Bank will submit its recommendations to other Hynix
lenders by the end of this week.


KIA STEEL: Court Ruling Likely to Delay Sale Process
----------------------------------------------------
The sale of insolvent Kia Steel Co. may be delayed due a court
ruling on the Company's $419 million debt, Bloomberg and the
Korea Economic Daily reported Thursday.

A court ruling said the Company's creditors don't have to write
off 500 billion won ($419 million) in convertible bonds that the
steel company sold after it went into receivership, suggesting a
new owner would have to assume the debt.

Posco and other 10 potential bidders may not submit proposals on
Friday because Samil Accounting Corporation, which is arranging
the sale process, didn't notify them of the additional debt
burden.

Creditors are planning to select a preferred negotiator by the
end of August.

The steel maker has 870 billion won of debt.


KOREA THRUNET: Receives Nasdaq Delisting Notice
-----------------------------------------------
Korea Thrunet Co Ltd has been notified by NASDAQ that its stock
will be delisted unless the share price stays above the US$1.0
level for at least for 10 trading days in a three-month period
until November 5, AFX Asia reported Wednesday.

The Company said it would try its best to boost its share price
and stay in the NASDAQ by completing the restructuring and
raising funds from international investors.


SEOUL BANK: Lone Star Offers KRW1.25T
-------------------------------------
Lone Star Fund has offered to pay KRW1.25 trillion for
Seoulbank, higher than the KRW1.1 trillion bid submitted by Hana
Bank, the Korea Economic Daily reported.

The government, however, rejected Lone Star's offer after
Goldman Sachs, the lead manager for the deal, questioned the
feasibility of a profit-sharing scheme proposed by the fund, the
report said.

It said the Lone Star proposal had included KRW900 billion in
cash payment and a 350-billion profit-sharing scheme for a
period of three years after the acquisition.

A Tuesday report of the M&A Reporter Asia Pacific said that the
Public Fund Oversight Committee (PFOC) awarded Hana Bank the
exclusive right to negotiate with the government to acquire the
state-owned SeoulBank. (M&A REPORTER-ASIA PACIFIC, Vol. No.1,
Issue No. 166, August 22, 2002)

DebtTraders reports that Seoulbank's 3.791% floating rate note
due in 2006 (BKSE06KRN1) trades between 97 and 99. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BKSE06KRN1


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


ANTAH HOLDING: Secures Extension of SBLC
----------------------------------------
Antah Holding Berhad refers to the announcement dated 1
September 1999 wherein Antah Holdings Berhad had fully repaid
the RM140 Million Redeemable Bank Guarantee Bonds 1994/1999 and
secured a RM140 Million Term Loan to repay these Bonds.

The Board of Directors of the Company is pleased to advise that
the Company has obtained the extension of the Standby Letter of
Credit (SBLC) Facility of up to United States of America Dollars
equivalent to Ringgit Malaysia One Hundred and Forty Million
(RM140,000,000.00) granted by The Development Bank of Singapore
Ltd, Labuan Branch (DBS) for a further period of three months to
expire on 22 November 2002.

The Board also wishes to inform the Exchange that the Company
has also secured a Revolving Credit Facility (RC) of RM140
Million granted by Public Bank Berhad to refinance the Company's
existing Term Loan of RM140 Million to Standard Chartered Bank
Berhad. The RC is secured on the SBLC Facility granted by DBS.


DATAPREP HOLDINGS: AmMerchant Seeks for Extension of Time
---------------------------------------------------------
AmMerchant Bank Berhad, formerly known as Arab-Malaysian
Merchant Bank Berhad, on behalf of Dataprep Holdings Bhd, wishes
to announce that the Securities Commission's (SC) approval for
the Schemes (via their letters dated 7 June 2001 and 3 December
2001) will expire on 7 September 2002.

Based on the current progress of the Schemes, the Company
envisage that the completion of the Schemes would require a
longer time frame than 7 September 2002 to be completed.

In view of this, AmMerchant Bank, on behalf of the Company, has
on 21 August 2002 submitted an application to the SC for an
extension of time for the completion of the implementation of
the Schemes.


DENKO INDUSTRIAL: KLSE Delays Scheme Deadline to Month-end
----------------------------------------------------------
Reference is made to the announcement made by Public Merchant
Bank Berhad (PMBB) on behalf of Denko Industrial Corporation
Berhad on 31 July 2002.

On behalf of the Board of Directors of Denko, PMBB wishes to
announce that the KLSE had on 20 August 2002 approved an
extension of time from 6 August 2002 to 31 August 2002.

The delay will enable Denko to make a submission of its proposed
corporate and debt restructuring scheme to the relevant
authorities for approval.


GEORGE KENT: Submits Debt Restructuring Proposals to SC
-------------------------------------------------------
George Kent (Malaysia) Berhad (GKM) is pleased to announce that
Aseambankers Malaysia Berhad, on behalf of GKM, had submitted
the applications for the Proposed Debt Restructuring of GKM, the
Proposed Debt Restructuring of GK-Hardie Sdn Bhd and Proposed
Debt Restructuring of GK Equities Sdn Bhd to the SC and other
relevant authorities on 20 August 2002.

The Kuala Lumpur Stock Exchange report refers to the
announcement dated 19 July 2002 wherein it was stated that the
applications to the SC and other relevant authorities in
relation to the Proposed Debt Restructuring should be submitted
on or before 30 August 2002.


GULA PERAK: SC Approves Revision of Rehab Plan
----------------------------------------------
Reference is made to the announcement dated 21 November 2001 in
relation to the proposed revision to the Proposed Debt
Restructuring, which includes (i) the bank guarantee facility of
RM124.5 million pursuant to RM150 million nominal value of 3%
1995/2000 guaranteed redeemable bonds; (ii) RM25 million
revolving credit (RC) facility; and (iii) RM21 million
syndicated loan for KSB Requirements & Rest SDN BHD, a
subsidiary of Gula Perak Berhad (GPB).

Aseambankers Malaysia Berhad, on behalf of the Board of
Directors of GPB, is pleased to announce that the Securities
Commission (SC) had vide its letter dated 16 August 2002
approved the revision to the Proposed Debt Restructuring as
proposed.

The SC had in the same letter approved the revision made to
certain terms of the redeemable convertible secured notes as
proposed.

In addition, the approvals of the Bank Negara Malaysia and
Foreign Investment Committee were also obtained on 14 January
2002 and 21 January 2002 respectively for the said revision to
the Proposed Debt Restructuring.


JOHAN HOLDINGS: Submits Rehab Proposal to SC
--------------------------------------------
Johan Holdings Berhad (JHB) refers to the announcement dated 19
July 2002 wherein it was stated that the applications to the SC
and other relevant authorities in relation to the Proposed Debt
Restructuring of JHB, Prestige Ceramics Sdn Bhd and of Johan
Equities Sdn Bhd are expected to be submitted on or before 30
August 2002.

We are pleased to announce that Aseambankers Malaysia Berhad, on
behalf of JHB, had submitted the abovementioned applications to
the SC and other relevant authorities on 20 August 2002.


LION CORPORATION: Creditors to Vote on $2.3M Debt Plan
------------------------------------------------------
DebtTraders analysts Daniel Fan and Blythe Berselli said
Thursday that Lion Corporation creditors will vote for three
days from September 16 on the conglomerate's proposal to
restructure 8.6 billion ringgit ($2.3 million) of debt.

The proposal includes selling assets and bonds, an 11 percent
haircut on 6.4 billion ringgit ($1.7 billion) owed to banks,
and resolving 2.2 billion ringgit ($0.6 billion) inter-company
transactions.

The conglomerate defaulted in 1999.


OLYMPIA INDUS: Widens Full-Year Loss to RM151.9M
------------------------------------------------
Olympia Industries BHD registered a slightly higher pre-tax loss
of RM151.94 million in the financial year ended June 30, 2002
compared with a pre-tax loss of RM147.65 million last year.

For the fourth quarter ended June 30, 2002 Olympia Industries
posted a lower pre-tax loss of RM74.07 million against a pre-tax
loss of RM79.18 million in the same quarter last year.

The Company's revenue was RM56.5 million compared with RM46.3
million previously.


PARK MAY: Joins Irisbus France to Promote Civis System
-------------------------------------------------------
Park May Berhad (PMB) has signed an agency agreement with
Irisbus France, a manufacturer and dealer of buses and coaches,
as the exclusive agent to promote the sales of the Civis system,
a new mass transit system vehicle intended for urban
transportation. The agency agreement expires in July 2004.

Both companies have also agreed to initiate discussions for Park
May to be given exclusive rights to assemble at a local plant
the products required for the new system, as well as distribute
and sell the products in the country.

Earlier this month, TCR-AP reported that Park May's
subsidiaries, Leng Huat Omnibus Company Sdn Bhd (LHOC) and Sam
Lian Enterprise Sdn Bhd, entered into two separate sale and
purchase agreements for the disposal of its non-core assets.

The Proposed Disposals will enable PMB to realize RM0.912
million in cash, which will be utilized to reduce its debt.


PLUS EXPRESSWAYS: Reports RM2.2B Net Loss for First Half
--------------------------------------------------------
PLUS Expressways Bhd reported a net loss of RM2.2 billion for
the first six months ended June 30, 2002, after incurring an
exceptional loss of RM2.5 billion and finance cost of RM298
million.

The company stated in a KLSE filing that it recorded revenue of
RM802 million, of which RM665 million was from toll operations,
while the balance of RM142 million was toll compensation due
from the government.

For the 2nd quarter to June 30, PLUS reported net loss of RM4.1
billion. Revenue for the same period was RM404 million.

As for the exceptional items, the company had to account for
some loss on investments amounting to RM4.2 billion which was
for the redemption of the United Engineers (M) Bhd (UEM) bond,
sale of Renong Bhd's special purpose vehicle bonds to UEM and
full settlement of the loan to UEM for aggregate proceeds of
RM3.6 billion, which were used by Plus for settlement of its
bonds.

PLUS Expressways completed a debt revamp exercise on May 31 and
was listed on the KLSE main board on July 17.


SELOGA HOLDINGS: KLSE Approves Extension of Time
------------------------------------------------
Pursuant to Para 5.1 of PN No.4/2001, Seloga Holdings Berhad had
on 24 July 2002 announced that Seloga had applied for a further
extension of time to 30 August 2002 to submit its Regularization
Plans to the relevant authorities.

Subsequently, the Company had on 1 August 2002 announced that
the Regularization Plans had been submitted to the Securities
Commission and Foreign Investment Committee for approval.

On 19 August 2002, the KLSE has approved the extension of time
to 1 August 2002 for the Company to comply with Paragraph 5.1(b)
of PN4.

The extension of time sought by the Company was due to
unexpected delays involved in the submission as the Board is
fine-tuning the proposals' terms in order to achieve the
successful implementation and regularization of the Company's
financial position.


SIME DARBY: SD Holdings Sells Entire Stake in Vintage Jaya
----------------------------------------------------------
Sime Darby Berhad said Wednesday that its wholly owned
subsidiary, SD Holdings Berhad (SDHB) had on 20 August 2002
entered into a Share Sale Agreement with Mr Liu Tie Shin for the
disposal of the entire share capital of Vintage Jaya Sdn. Bhd.
(VJSB) comprising 420,000 ordinary shares of RM10.00 each, for a
cash consideration of RM200,000.

The consideration was arrived at on a "willing-buyer-willing-
seller" basis. VJSB is principally engaged in the business of
manufacturing and bottling of alcoholic beverages.

Upon completion of the Agreement, VJSB will cease to be a
subsidiary of Sime Darby. The Agreement is conditional upon
completion of the Business Purchase Agreement entered into on 20
August 2002 between Sime Darby Marketing Sdn. Bhd. (SDM), a
wholly owned subsidiary of SDHB and Joyful Seasons Sdn. Bhd., a
company owned by Mr Liu Tie Shin, for the disposal of SDM's
distribution, marketing and sale of alcoholic beverages business
for a consideration of RM4,300,000.

The proposed disposals are not expected to have a material
effect on the earnings or net tangible assets of the Sime Darby
Group for the financial year ending 30 June 2003. None of the
directors or substantial shareholders of Sime Darby or persons
connected to them has any interest, direct or indirect, in the
proposed disposals.


SIME DARBY: Subsidiaries Deregistered From CCM
----------------------------------------------
Sime Darby Berhad said Wednesday that its wholly owned
subsidiary companies, Batang Baleh Forest Enterprises Sdn. Bhd.
(BBFE) and Sime Darby Forest Management Sdn. Bhd. (SDFM), have
received notifications from the Companies Commission of Malaysia
(CCM) on 20 August 2002 that their names have been struck-off
the CCM's register of companies.

BBFM was involved in the business of a logging contractor and
SDFM was involved in the business of providing management
services. Both the companies ceased their business operations in
September 1998.

The deregistration of the companies is not expected to have a
material effect on the earnings or net tangible assets of the
Sime Darby Group for the financial year ending 30 June 2003.
None of the directors or substantial shareholders of Sime Darby
or persons connected to them has any interest, direct or
indirect, in the deregistration.


TENAGA NASIONAL: Jamaludin Extends Chairmanship for Two Years
-------------------------------------------------------------
The board of directors of Tenaga Nasional Bhd said it has
extended the tenure of its non-executive chairman Datuk Dr
Jamaludin Jarjis for another two years effective from Sept 1,
2002 upon expiry of his two-year contract on Aug 31, 2002.

Jamaludin has been selling assets to reduced the company's debt
burden. Tenaga Nasional's debt ratio has been cut to 1:6 from
1:9 previously. The company aims to reduce the debt ratio to 1:1
in five years.


TENAGA NASIONAL: Selling Bonds to Refinance MYR300M Loans
---------------------------------------------------------
Tenaga Nasional Bhd will refinance some 300 million ringgit
worth of loans due in 2004, by selling US dollar-denominated
bonds.

According to a New Straits Times report, the exercise will
involve Commerce International Merchant Bankers Bhd (COMB), JP
Morgan, Lehman Brothers and HSBC Bank (Malaysia) Bhd.


TEXCHEM RESOURCES: Selling Stock to Improve Finances
----------------------------------------------------
Texchem Resources BHD (TRB) has signed an agreement for the sale
of corporate stock with Amtes Corp for the acquisition of all
shares in Texchem-Pack (Philippines) Inc, a wholly owned
subsidiary of TRB.

TRB said the proposed disposal would relieve TRB from continuing
to support the losses of Texchem Philippines and would enable
TRB group to improve its financial performance.

It said that the disposal proceeds would be utilized by TRB to
repay the liabilities of Texchem Philippines as at June 30,
2002, assumed by TRB amounting to RM6.997 million.


UCP RESOURCES: Terminates BDO Capital Services
----------------------------------------------
Pursuant to the 2 May 2002 announcement, UCP Resources Berhad
announced Wednesday its termination of BDO Capital Consultant
Sdn Bhd with effect from 1 August 2002 in assisting the Company
on the overall plans to regularize its financial position.

UCP Resources did not disclose the reasons for such termination.


UNITED CHEMICAL: Served With Writ of Summon
-------------------------------------------
United Chemical Industries Berhad (UCI) wishes to inform that it
has been served with a copy of Writ of Summon on 16 August 2002.

The summon is in relation to a claim by RHB Bank Berhad on UCI
for the term loan of RM3,985,342.22, together with the interest
of 3.5 percent per annum on the principal amount outstanding
effective 1 February 2002.

TCR-AP reported in May that UCI defaulted payment for the
principal and interest sums of the 10 years Term Loan Facility
granted by RHB of RM 3.9 million.


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


ASIAN TERMINALS: Director Roger Davies Resigns
----------------------------------------------
Asian Terminals, Inc. announced with reference to Circular for
Brokers No. 2113-2002 dated August 13, 2002 pertaining to the
resignation of Mr. Roger Davies as member of the Board of
Directors of Asian Terminals, Inc. (ATI).

In relation thereto, the Company, in its SEC Form 17-C, further
disclose that:

"The Company's Corporate Secretary received Capt. Roger Davies'
Letter of resignation as a member of the Board of Directors
effective August 6, 2002.

The remaining directors are empowered, by majority vote, to fill
any vacancy caused by resignation, pursuant to Article IV
Section 12 of the Company's amended By-laws. Any action on this
matter will be disclosed at a later appropriate date.

This event is not expected to have any negative impact on the
Company's current or future operations, its financial position
or results operations. The existing Board, which is composed of
the remaining eight out of ten directors, still retains the
sufficient number of members necessary to act upon all matters
that may be presented to it."

The press release is located at:
http://bankrupt.com/misc/TCRAP_AsianTerminal0822.pdf


BELLE CORPORATION: Schedules ASM on August 22
---------------------------------------------
Belle Corporation (BEL), with reference to Circular for Brokers
No. 1075-2002 dated May 2, 2002, the Company furnished the
Philippine Stock Exchange a copy of its SEC Form 17-IS
(Definitive Information Statement) in connection with its Annual
Stockholders' Meeting, which will be held on Thursday, August
22, 2002, at 4:00 p.m., at the Clermont Room, 22/F Discovery
Suites, 25 ADB Avenue, Ortigas Center, Pasig City. The Agenda,
as stated in the Notice of Meeting, shall be as follows:

1. Call to Order
2. Proof of Notice of Meeting
3. Certification of Quorum
4. Approval of the Minuites of the Previous Meeting of
Stockholders
5. Approval of 2001 Operations and Results
6. Ratification of all Acts of the Board of Directors and
Officer
7. Election of Directors
8. Appointment of SyCip Gorres Velayo & Co.as External Auditors
9. Other Matters
10. Adjournment

As previously announced, "the close of business on 22 July 2002
has been fixed as the record date for the determination of the
stockholders entitled to notice of the vote at said meeting and
any adjournment thereof."

The Corporation further advised that, "Registration for those
who are personally attending the meeting will start at 3:30 p.m.
and end promptly at 4:00 p.m."

A copy of BEL's Definitive Information Statement is available
for reference at the PSE Centre and PSE-Plaza Libraries.

For a copy of the press release, go to
http://bankrupt.com/misc/TCRAP_Belle0822.pdf

DebtTraders reports that Belle Corporation's 5.830% floating
rate note due in 2002 (BELC02PHN1) trades between 35 and 40. For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BELC02PHN1


MONDRAGON INTERNATIONAL: Remarks on Unusual Price Movement
-----------------------------------------------------------
Mondragon International Philippines Inc, with reference to the
Philippine Stock Exchange's inquiry about the unusual movement
in the trading of Company's shares on August 19, 2002 from P0.10
to P0.15 per share or an increase by 50 percent.

This is to inform the Exchange that the Company is not aware of
any other information, which would trigger the said unusual
movement in the price of its stock.

The press release is located at
http://bankrupt.com/misc/TCRAP_Mondragon0822.pdf


PHILIPPINE AIRLINES: Slashing Local Fares by Half
-------------------------------------------------
Philippine Airlines (PAL) has brought back its popular advance-
purchase discount program, slashing fares by more than half on
many domestic routes.

Dubbed "Hati-Hatian," the promotion offers deep discounts on
economy-class tickets purchased at least ten days in advance
from August 14 to October 5, 2002.

It applies to both one-way and round-trip travel between Manila
and all domestic sectors served by PAL.

Fares for Legazpi, Naga, Tuguegarao, Bacolod, Cebu, Iloilo,
Kalibo, Roxas and Tacloban are P1,598 one-way and P2,796 round-
trip.

Rates for Butuan, Cagayan de Oro, Cotabato, Davao, Dipolog,
General Santos, Zamboanga, Tagbilaran and Puerto Princesa are
P2,098 one way and P3,796 round-trip.

Round-trip tickets require a minimum stay of three days and
maximum stay of 14 days for the discounted rates to apply.

The program offers passengers huge savings.  For instance,
round-trip travel between Manila and Kalibo costs P6,296 at full
economy rate.  The advance-purchase fare for the same route is
P2,796, a discount of 56%.

All travel under the "Hati-Hatian" promotion must be completed
by October 15, 2002.  

According to TCR-AP, government agencies holding a combined 4.26
percent in Philippine Airlines are giving the airline and its
majority owner Lucio Tan until the end of August to settle their
put option on their shares.

The report said the government agencies will be sending a letter
to PAL demanding that it honor the put option on the shares,
estimated to be worth PhP2 billion.

DebtTraders reports that Philippine Airlines' 7.601% 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: Cojuangco, Pangilinan Present Buyout Plan
----------------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) President Manuel
Pangilinan and Chairman Antonio Cojuangco have presented a
buyout scheme to First Pacific for the latter's controlling
stake in the telephone company, the Philippine Star reported.

Pangilinan and Cojuangco attended a First Pacific board meeting
on Monday, during which they proposed a three-year exit plan for
First Pacific's Salim family.

First Pacific signed a joint venture agreement with the
Gokongwei group in June, which effectively transfers control of
PLDT and Bonifacio Land Corp to the Gokongwei family. (M&A
REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 166, August 22,
2002)


PHILIPPINE LONG: Exchange Notes Lifted From The Prospectus
----------------------------------------------------------
The Philippine Long Distance Telephone Company (TEL) on
Wednesday has furnished the Philippine Stock Exchange a copy of
the Company's Prospectus on the Offers to Exchange 10.625% Notes
due 2007, which have been registered under the Securities Act
for any and all outstanding 10.625% Notes due 2007, $100,000,000
aggregate principal amount outstanding, and 11.375% Notes due
2012, which have been registered under the Securities Act for
any and all outstanding 11.375% Notes due 2012, $250,000,000
aggregate principal amount outstanding.

Attached in the said document is the Company's SEC Form 10-1
(Notice of Exempt Transaction) relating to the above Exchange
Offer.

Attached for your reference are the Summary of the Exchange
Offer and the Summary of Terms of the Exchange Notes lifted from
the Prospectus.

A copy of TEL's Prospectus and SEC Form 10-1 (Notice of Exempt
Transaction) is available for reference at the PSE Centre and
PSE-Plaza Libraries.

For more information, go to
http://bankrupt.com/misc/TCRAP_PLDT0822.pdf


PHILIPPINE LONG: First Pac Rejects Buyout Offer Reports
-------------------------------------------------------
First Pacific Co Ltd has rejected a Philippine Star report that
said Philippine Long Distance Telephone Co (PLDT) chairman
Antonio Cojuangco and president Manuel Pangilinan presented a
three-year exit plan for the Salim group at a board meeting held
on Monday, to counter First Pacific's joint venture with the
Gokongwei group, saying that it has not received a management
buyout offer for its controlling stake in the telephone company.

"That is not accurate. There was a board meeting last Monday but
it was a results briefing, because as you know we put out our
interim results Monday," First Pacific's executive vice
president for group corporate communications Rebecca Brown told
the AFX-ASIA News.

"Mr Pangilinan did come to the meeting but there was no counter-
offer proposed," she said, adding that Pangilinan "excused
himself" when the transaction with the Gokongwei group was
discussed by the board, in line with the protocol set out by
First Pacific.

First Pacific had earlier disclosed that Pangilinan, who is the
company's executive chairman, would only have access to public
information regarding the Gokongwei bid for PLDT since he
potentially has a conflict of interest due to PLDT management's
opposition to the deal.

Brown, who dismissed the newspaper report as "the rumor mill
working overtime," said First Pacific is not considering any
offer for PLDT or Bonifacio Land other than that of the
Gokongwei group.

"The only matter under consideration at the moment which the
board has reiterated its commitment to is the transaction with
the Gokongwei group."

She said First Pacific still expects the joint venture deal to
be concluded within the third quarter. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 166, August 22, 2002)


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


ACHIEVA LIMITED: Replies to SGX Queries
---------------------------------------
The Board of Directors of Achieva Limited replied to queries
from the Singapore Exchange Securities Trading Limited (SGX) in
their letter dated August 19, 2002.

1. Query: To disclose the Group's hedging policies, if any,
including the employment of foreign currency option contracts,
forward contracts, futures contracts etc. If not, to provide a
negative statement and to explain why no hedging.

Reply : The Group's financial risk management objectives and
policies can be found in note 31 of our Annual Report. Below is
an extract of note 31.

Foreign currency risks

The Group and Company are exposed to the volatility in the
foreign currency cash flows from sales and purchases denominated
in foreign currencies, primarily in USD. The Group and Company
rely on natural hedging as a risk management tool.

The Group's subsidiary company in Australia uses foreign
currency forward exchange contracts with settlement period
within one month to manage foreign currency exposures arising
from normal trading activities.

Interest rate risks

The primary source of the Company's interest rate risk is its
borrowings from banks and other financial institutions in
Singapore.

The Group does not hedge interest rate risks. The Group ensures
that it obtains borrowings at competitive interest rates under
the most favorable terms and conditions.

2. Query: To provide the reason(s) for the decrease in interest
on borrowings from approximately $1.2 million to $500,000

Reply: This was attributable to lower USD interest rates and
lower volume of trade financing which resulted from better
credit terms from suppliers.

3 Query: To provide the reason(s) for the increase in investment
in associated companies from $139,000 to $5.6 million

Reply: The increase in investment in associated companies was
due to new investment in Beijing Stone Computer Co., Ltd (BSC),
a joint venture company with Beijing Stone New Technology Co.,
Ltd. The Group holds 49% of BSC's registered capital of RMB 50
million. Details of the JV Company can be found in our MASNET
announcement no. 47 of 22 May 2002.

4 Query: To explain the material fluctuations of the following
components as noted in the Company's cash flow statement: -
(a) Increase in stocks
(b) Increase debtors
(c) Increase in creditors

In your reply to the above, please confirm whether the
fluctuation would have any adverse impact on the Company's
financial position.
Reply: a) Increase in stocks
This was due to goods-in-transit and quarter-end loading from
suppliers.

b) Increase in debtors
This was due to shipments of products at the end of the second
quarter to customers.

c) Increase in creditors
This was due to quarter-end shipments from suppliers.

The above fluctuations would not have any adverse impact on the
Group's financial position.


CK TANG: Posts Notice of Changes in Director's Interest
-------------------------------------------------------
C. K. Tang Limited posted a notice of change in Director Tang
Wee Sung's interest:

Date of notice to company: 21 Aug 2002
Date of change of interest: 12 Aug 2002
Name of registered holder: TANG WEE SUNG
Circumstance(s) giving rise to the interest: Others
Please specify details: TRANSFER FROM TANG WEE KIT PURSUANT TO
THE TERMS OF A SALE & PURCHASE AGREEMENT (RE-DISTRIBUTION OF
ASSETS)

Shares held in the name of registered holder
No. of shares of the change: 456,500
% of issued share capital: 0.2
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: $0.20
No. of shares held before change: 162,859,629
% of issued share capital: 69.73
No. of shares held after change: 163,316,129
% of issued share capital: 69.92

Holdings of Director/Substantial shareholder including direct
and deemed interest
                                  Deemed     Direct
No. of shares held before change: 120,000   162,859,629
% of issued share capital:        0.05      69.73
No. of shares held after change:  120,000   163,316,129
% of issued share capital:        0.05      69.92
Total shares:                     120,000    163,316,129


OCULUS LIMITED: Announces Directors' Resignation
------------------------------------------------
The Board of Directors of Oculus Limited announced Wednesday the
resignation of Lee Phuan Weng and Goh Ban Kin as non-executive
Directors of the Company effective August 21, 2002.

The Board of Directors would like to thank Lee Phuan Weng and
Goh Ban Kin for their invaluable past support and contributions
to the Company.

TCR-AP earlier reported that Oculus Limited expects to post a
larger than expected loss in the first half of financial year
2002 owing to more aggressive reduction of inventory which also
resulted in lower than expected utilization of its group
manufacturing facilities, more aggressive rationalization of its
China customer base and closure of its manufacturing facilities
in Malaysia.


SEMBCORP INDUSTRIES: Posts Notice of Shareholder's Interest
-----------------------------------------------------------
Sembcorp Industries Ltd posted a notice of changes in Director
Wong Kok Siew's interest:

Notice Of Changes In Director's Shareholding
Name of director: Wong Kok Siew
Date of notice to company: 21 Aug 2002
Date of change of shareholding: 21 Aug 2002
Name of registered holder: Wong Kok Siew
Circumstance(s) giving rise to the interest: Open market
purchase

Shares held in the name of registered holder
No. of shares of the change: 100,000
% of issued share capital: 0
Amount of consideration per share excluding brokerage,GST,stamp
duties,clearing fee: 1.190
No. of shares held before change: 236,446
% of issued share capital: 0
No. of shares held after change: 336,446
% of issued share capital: 0

Holdings of Director including direct and deemed interest
                                     Deemed  Direct
No. of shares held before change:     0      236,446
% of issued share capital:            0      0
No. of shares held after change:      0      336,446
% of issued share capital:            0      0
Total shares:                         0      336,446


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


BGES ENGINEERING: Court Approves Rehab Plan
-------------------------------------------
The Central Bankruptcy Court on August 19 has approved a capital
reduction, capital increase and allotment of new ordinary shares
in line with BGES Engineering System's rehabilitation plan,
Bangkok Post reported.

According to Ultimate Key Co, the plan administrator of BGES,
capital will first be reduced from 344.5 million baht to 3.7
million baht, after which it would be increased from 3.7 million
baht to 73.3 million baht by issuing 5.5 million new ordinary
shares to investors and issuing 1.47 million new ordinary shares
to creditor groups 2, 4, 6, 7, 8 and 9 as part of a debt-equity
conversion.


COUNTRY (THAILAND): Administrator Reduces Capital to Bt1.2M
-----------------------------------------------------------
Country (Thailand)'s plan administrator, Property Planner Co,
reduced on August 8 the company's registered capital from 1.5
billion baht to 1.2 million baht by canceling 28.75 million
unissued ordinary shares, Bangkok Post reported.

The capital reduction is in line with the plan approved by the
Central Bankruptcy Court.

Property Planner has also reduced the company's paid-up capital
from 1.2 billion baht to 1.2 million baht, consisting of 121,250
ordinary shares (10 baht par). The changes were registered on
August 19.

Country (Thailand) filed a petition for reorganization of the
company's business with the Central Bankruptcy Court on June 28,
2000. The Court had ordered a business reorganization on the
same date.


KARAT SANITARYWARE: Shareholders Okay Delisting From SET
--------------------------------------------------------
Shareholders of Karat Sanitaryware approved on August 20 the
voluntary delisting of ordinary shares of the company from the
Stock Exchange of Thailand. They also approved the redemption of
land and machinery mortgages used as loan collateral.

The shareholders have further approved borrowings from new
creditors to pay off existing debts or refinancing in line with
a debt-restructuring plan.

As part of the plan, the sale of the company's land to RPLM
(Thailand) Co and lease of the land from RPLM for business
operations was also approved.


NATURAL PARK: Completes Registration of Capital Increase
--------------------------------------------------------
Natural Park Public Company Limited said Wednesday that it has
completed the registration of increase of the registered capital
and the paid-up capital from the existing amount of 18,900,860
Baht to 6,945,935,080 Baht.

The transaction was under the Business Rehabilitation Plan of
the Company, as submitted to the Department of Commercial
Registration, Ministry of Commerce on 21 August 2002.


RAIMON LAND: Submits to SET Capital Increase Offering Form
----------------------------------------------------------
Raimon Land Public Company Limited submitted to the Stock
Exchange of Thailand the Form of Reporting the Result of the
Offering of the Capital Increase Ordinary Shares of the company.

Date :  21 August 2002.

1. Information Relating to the Shares Offering.
Types of Shares offered         :       capital increase
ordinary shares
Number of Shares offered        :       99,968,000 shares
Offered to                      :       Existing Shareholders
Price per Share                 :       5 Baht
Subscription and Payment Period :       2-8 August 2002.

2. The Result of the Shares Sale.
[   ] Totally Sold.
[ / ] Partly Sold, amounting to 43,129,478 shares, with
56,838,522 shares remaining.  In relation to the remaining
capital increase ordinary shares, the Company proceeded in the
following steps as provided in the Business Rehabilitation Plan
and the order of the Central Bankruptcy Court as follows:

1. Knight Thai Strategic Investments Ltd., Quam Securities Co.,
Ltd. and Newer Challenge Holdings Ltd., which resulted that only
Knight Thai Strategic Investments Ltd., subscribed the capital
increase ordinary shares of 4,000,000 shares.

2. Offering to the other existing shareholders who expressed
their intention to subscribe the capital increase ordinary
shares in addition to their allocated rights, which resulted
that 52 existing shareholders who expressed their intention to
subscribe the capital increase ordinary shares in addition to
their allocated rights, subscribed 4,211,080 shares.

3. Offering to the investors in a private placement, which
resulted that there were two investors in private placement
subscribed the capital increase ordinary shares as follows:

(1) K2 Asset Management Pty Ltd. amounting to 1,600,000     
shares
(2) ACH Investments Pte. Ltd.    amounting to   715,000     
shares
Totaling                                      2,315,000     
shares

4. There were 46,312,422 capital increase ordinary shares
remaining, which the Company will from time to time offer to the
investors in private placement.

3. Details of the Shares Sale.
                                                   unit:shares
           Thai Investors        Foreign Investors    Total
         Juristic  Individual   Juristic  Individual
          Person                 Person

Number of
Persons      6        327           6         5        344

Number of
Subscribed
Shares   29,146,312 14,316,794  10,048,568 143,884  53,655,558  

Percentage
of Total
Shares
Offered     29.16    14.32        10.05      0.14      53.67

4. Amount of Money Received from Shares Sale.
        Total amount            :       268,277,790     Baht
        Less expenses                       739,375     Baht
        Net amount received     :       267,538,415     Baht


THAI MILITARY: Selling 10% Stake in CGU
---------------------------------------
Thai Military Bank has agreed to sell its 10 percent stake in
CGU Life Assurance (Thai) Co by the end of this month, Bangkok
Post reported.

Financial details were not disclosed.

The share sale agreement was made between the bank, Suwannalak
Co, Cardif SA and Siam Charoen Capital Service Co.


UNITED BROADCASTING: Hopes to Post Profit Next Year
---------------------------------------------------
Pay-television operator United Broadcasting Corp PLC expects to
make its first profit next year after seven consecutive years of
losses, which totaled 12.5 billion baht as of the end of last
year, Bangkok Post reported.

According to deputy chief financial officer, Vasili Sgourdos,
the growing number of subscribers, improved revenue and lower
operating costs would all contribute to the improved
performance.

UBC has attracted 15,000 new subscribers this year with
aggressive marketing and promotion, especially leading up to the
World Cup.

The company hopes to break even in the current full year and
become profitable in the next, he said.

Cost cutting measures related to programs and decoders, as well
as staff cutbacks, have also helped the company control
operating expenses.




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

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

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

This material is copyrighted and any commercial use, resale or
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