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

                   A S I A   P A C I F I C

          Tuesday, October 22, 2002, Vol. 5, No. 209

                         Headlines

A U S T R A L I A

ADULTSHOP.COM: Managing Director Denies Rumored Crisis Talks
AMP LIMITED: Cuts Exposure to Citect Corporation Limited
AMP LIMITED: Decreases Substantial Holding in AMP Industrial
BURSWOOD INTERNATIONAL: Mulls AU$30 Million Stock Placement
PMP LIMITED: Issues AGM Results

SELWYN MINES: Wants Trading Suspension Extended to November 4
SPORTS AUSTRALIA: Director Sued for Flawed Prospectus Convicted
TELEVISION & MEDIA: In Talks With Shareholders on Restructuring
TELEVISION & MEDIA: Delays Annual General Meeting
UECOMM LIMITED: Undertakes Disclosure Audit


C H I N A   &   H O N G  K O N G

BEIJING DATANG: HK Exchange Halts Trading


I N D O N E S I A

BANK DANAMON: Bombing Overshadows, Delays Sale


J A P A N

COSMO OIL: Posts 1Q02 Net Loss of Y2.8B
DAI NIPPON: Seeking Alliance With Tsuchiya-gumi
DAIEI INC.: Incurs 1H FY02 Net Profit of Y140.49B
FUJITSU LIMITED: Ends Joint Venture Talks With Amkor
MARUBENI CORPORATION: JCR Affirms BBB+ Rating

MAZDA MOTOR: Closing Plants in Hiroshima
MITSUBISHI TOKYO: Applies For Compulsory Liquidation Proceedings
NICHIMEN CORPORATION: JCR Downgrades Rating to BBB
NTT DOCOMO: Accepts I-Mode Applications For Bank Payments
NTT DOCOMO: Discovers Software Glitch in Some Mobile Phones

ASAHI BANK: Unit Receives Business Reform Order From FSA
SUMITOMO REALTY: JCR Assigns BBB Rating


K O R E A

DAEWOO MOTOR: GM's Australia Unit Holds 44.6% Stake in Spin-off
DAEWOO MOTOR: MG Rover Invests US$350M in Polish Factories
KOREA ELECTRIC: In Talks With Dacom Over Cable Unit Sale


M A L A Y S I A

BERJAYA SPORTS: Purchases 8% Convertible Loan Stocks
BESCORP INDUSTRIES: Cybron Holdings Withdraws From Deal
PENAS CORPORATION: Receives FIC Approval
RHB SAKURA: Reconstruction Deal Update With Dato Foo
SRI HARTAMAS: Appointment of Special Administrators Extended


P H I L I P P I N E S

DMCI HOLDINGS: Restructures P2.4B Convertible Debt
NATIONAL BANK: Appoints Benilda Tejada as Chief Legal Counsel
NATIONAL BANK: Posts Q302 Financial Report
NATIONAL POWER: ERC Okays Rate Cuts For Large Consumers  
PHILIPPINE AIRLINES: Will Continue IPO Despite Losses

PHILIPPINE AIRLINES: Aims to Intensify Rehab Campaign
SHEMBERG MARKETING: Makes First Rehab Program Debt Payment


S I N G A P O R E

EXCEL MACHINE: In Talks With Creditor Banks
FLEXTECH HOLDINGS: Discloses Debt Restructuring Scheme
SEMBCORP INDUSTRIES: Result of Shareholders Meeting


T H A I L A N D

NATIONAL FERTILIZER: Settles 1999 Plant Construction Dispute
THAI MILITARY: Records THB1.62 Billion Net Losses in 3Q02

     -  -  -  -  -  -  -  -

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


ADULTSHOP.COM: Managing Director Denies Rumored Crisis Talks
------------------------------------------------------------
AdultShop.com managing director Malcolm Day denied over the
weekend he had contacted financiers to boost the companies
sagging balance sheet.

Mr. Day could not be reached last week, leading many to
speculate he had commenced crisis talks with lenders to raise
additional funding ahead of necessary "adjustments" to its 2001-
02 financial results and December half forecasts.

The company was suspended from the Australian stock exchange on
October 11.  Speculations of a brewing cash crunch heightened
when the company twice failed to meet stock exchange deadlines
for details of any changes to the company's financial statements
and forecasts, and fueled by comments that its absent chief
executive was "working interstate," the West Australian said.

"We are not seeking to raise any capital at the moment - I was
not visiting any financiers," Mr. Day said in an emailed
response to questions from The West Australian on Sunday.

"We have an office in Brisbane that I was working from... where
most of the online business is conducted from. I have an active
role in this business," he said.

Mr. Day was unable to shed any light on changes to AdultShop's
financial reports and forecasts, or indicate when such details
might be available, the paper said.

"From a corporate governance perspective, most of the questions
you have asked can't be answered for obvious reasons... We will
make an ASX announcement soon that will cover most answers," he
said.

Asked what assurances he could provide to nervous investors
anxious about the company's survival and the potential for the
stock to fall below its pre-halt close of just 7.1 cents, Mr.
Day underlined his personal commitment to the group.

"I personally still strongly believe in the future of the
company, and as such have never sold one of my shares (since
AdultShop listed in June 1999)," he said, adding that the
company's $10.8 million cash reserves at September 30 was "quite
healthy."

AdultShop disclosed last week it had bolstered its cash reserves
after a positive overall cash flow of AU$2.3 million for the
month of September, on total revenue of AU$10.7 million.

Its quarterly cash flow report also indicated it had chewed
through AU$29.2 million in the first quarter, ringing up a total
of AU$28 million in customer receipts but finishing the period
with a negative cash flow of AU$6.6 million, the paper said.


AMP LIMITED: Cuts Exposure to Citect Corporation Limited
--------------------------------------------------------
Insurance financial services company, AMP Limited, announced
yesterday that it had decreased its relevant interest in Citect
Corporation Limited on October 16, 2002, from 5,838,605 ordinary
shares (11.17%) to 5,066,408 ordinary shares (9.69%).

The move is part of the sweeping changes pledged by new CEO
Andrew Mohl, who has received praise for his plans to
restructure the troubled United Kingdom business.

Mr. Mohl plans to split the UK financial services (UKFS)
business into mature and contemporary streams, as well as
eliminating five senior executives, including UKFS managing
director Tom Fraser.

The so-called mature unit will oversee products already
earmarked for closure including those in the struggling life
insurance units Pearl, London Life and National Provident Life.

In support of the recent changes taking place in the company,
Salomon Smith Barney retained last week its "In-Line"
recommendation for AMP Limited, which is Australia's leading
financial services company.

ABN AMRO also lifted the 12-month price target of AMP Limited
from AU$12.25 to AU$13 after the company announced the split of
its U.K. unit and replacement of key officers.

Shares of the company sank to all time lows in September as the
market reacted to revelations that the group had not been
reporting the full extent of the financial troubles at its
British operations.


AMP LIMITED: Decreases Substantial Holding in AMP Industrial
------------------------------------------------------------
In a press statement Monday, AMP Limited said it had decreased
its relevant interest in AMP Industrial Trust on October 16,
2002 from 56,278,044 ordinary shares (15.95%) to 52,578,577
ordinary shares (14.90%).

The company did not state its reason for the move, but it had
recently announced sweeping changes in its operations to counter
the slide in its share price.  The company stocks sank to all
time lows in September on revelations that the company had not
been reporting the full extent of the financial troubles at its
British operations.


BURSWOOD INTERNATIONAL: Mulls AU$30 Million Stock Placement
-----------------------------------------------------------
Time is ticking and the options are limited for Burswood
International Resort Casino, says The Age Newspaper.

In a report yesterday, the paper said the company may only have
the stock market as its viable option at the moment, but this
will come at quite a price.

The company faces a AU$67 million bill at the end of February
next year, the balance of the AU$104 million purchase price of
the five-star Burswood Hotel.  The paper says ABN-Amro is
rumored to have approached fund managers on behalf of Burswood
to gauge their interest in a possible capital raising to help
fund the acquisition.

Accordingly, the company has started canvassing investors about
raising up to $30 million in new equity, potentially putting
further strain on the casino and resort operator's share price.
Burswood managing director John Schaap has previously ruled out
an increase in borrowings to fund the hotel deal, the report
says.

"Some of those investors approached are thought to have
responded cautiously to the prospect of a share issue. They feel
Burswood, given its patchy earnings history over the past two
years, may have to offer the shares at a sizable discount to
attract enough interest," the paper says.

The stock is already under pressure after the company reported a
first-quarter loss of AU$2.8 million.  The result, largely the
product of international gamblers hitting a winning streak, is
significantly less than expected and at this stage means
Burswood will struggle to increase full-year earnings.

The paper says, "investors are also skeptical of whether
Burswood can extract an appropriate return on the hotel, which
was recently refurbished and expanded at a cost of AU$96
million."

Burswood shares, which ended at 78 cents on Friday are down 22
percent since May, the report says.

"Burswood has definitely got to pay for the hotel by February
and they don't have the capacity to fund it all through debt,"
said one analyst interviewed by The Age.  "The company will have
to raise equity and any issue could come at quite a discount."

Rumors have it that the company had hoped to announce the issue
at its annual meeting today but, if the equity raising does
proceed, it may now come in the next week or so.

Earlier this year Burswood negotiated a four-month extension to
the settlement date for the purchase of the Burswood Hotel from
former controlling shareholder, Japanese businessman Tiebu
Ogino.  The deal has hung over the Burswood share price since
the original agreement was struck in 1997.


PMP LIMITED: Issues AGM Results
-------------------------------
Following is the proxy summary and poll result for PMP Ltd's
Annual General Meeting (AGM) held on October 17, 2002.

The following resolution was passed on a show of hands:

1. Proxy result to re-elect James Donnelley as a director.

For       80,045,794
Against    1,935,212
Open         917,498
Abstain    9,375,489

2. The resolution to re-elect Peter Chegwyn as a director was
withdrawn as he announced his retirement from the Board.

The following resolution was passed on a poll:

3. Poll result to approve and renew the company's option scheme
is:

For      132,480,715
Against    8,614,446

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pmp1021.pdf


SELWYN MINES: Wants Trading Suspension Extended to November 4
-------------------------------------------------------------
Australian miner Selwyn Mines asked the Australian Stock
Exchange to extend further the trading suspension of the
company's stocks to November 4, 2002.

The company said it needs the extension, as it plans to
"approach major shareholders and the broking community
concerning a capital raising."

"Discussions with the brokering community and major shareholders
are continuing... [The extension] will allow major shareholders
and other interested parties to visit the Selwyn Project during
this period," a company letter addressed to the stock exchange
reads.

The company had originally sought voluntary trading suspension
on October 16, 2002.  This request was granted and was to last
until 10 am yesterday.

Just this January, the company raised AU$5.85 million to bring
forward some exploration expenditure and for working capital
purposes.   It raised the money through the placement of three
million shares at AU$1.95 per share to clients of KTM Capital
Ltd.

Selwyn operates the Mt. Elliott Mine some 150 kilometers
southeast of Mt. Isa in North West Queensland, Australia.  The
ore from the Mt. Elliott Mine is processed through the Selwyn
Plant some 20 kilometers south of the mine.

The Selwyn plant is currently treating 700,000 tpa but has the
capacity to treat up to 940,000 tpa in its current
configuration. The company processes copper concentrate
containing copper and gold.

In its year to June 30, 2002 report, the Company bared
production of 17,589 tons of copper and 25,892 ounces of gold.  
Sales revenue for the company's second full year of operation
was AU$62.6 million.  Profit for the year was AU$1.164 million.


SPORTS AUSTRALIA: Director Sued for Flawed Prospectus Convicted
---------------------------------------------------------------
Judge Davey of the County Court of Victoria convicted last week
Dale Cameron Munckton and sentenced him to a 12-month good
behavior bond with a recognizance of AU$2000 for making false
and misleading statements in a prospectus.

Mr. Munckton had previously pleaded guilty to raising money
through an Offer Information Statement lodged on June 1, 2000
for the company Dotnet Limited (Dotnet).

The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC).  The
Commonwealth Director of Public Prosecutions prosecuted the
case.

Mr. Munckton was the director of Dotnet, when it raised money
from investors during 1999 and 2000 with the intention of
listing on the Australian Stock Exchange.

Dotnet is now part of Sports Australia Media Group Ltd, which is
currently in the process of being liquidated. Scott Pascoe of
Sims Lockwood has been appointed liquidator.  


TELEVISION & MEDIA: In Talks With Shareholders on Restructuring
---------------------------------------------------------------
As previously announced to the market, TMS has been negotiating
with various interested parties regarding a proposed
restructuring plan.

An in-principle agreement on the plan is part of that
negotiation.  No binding offer or acceptance has yet been made
or received.

Subject to a number of conditions, including TMS shareholder
approval, any necessary regulatory approvals and formal
documentation:

* TMS would transfer the loss making Val Morgan and MEG
Australian and New Zealand cinema advertising businesses
(Advertising Businesses) to major creditors of the Advertising
Businesses (being the cinema exhibitors Hoyts, Greater Union and
Village) (Exhibitors) in return, particularly, for the release
of existing and future liabilities under cinema advertising
agreements.

* TMS would be re-capitalized and will focus on growing and
developing its profitable TV production and outside broadcasting
business through its wholly owned subsidiary, Global Television.

* TMS will continue the review of its non-core assets, with the
proceeds from any asset sales being used to reduce TMS' bank
debt.

Further details of the proposed restructure are as follows:

* A standstill agreement would be entered into, pursuant to
which the Exhibitors will agree to a moratorium on outstanding
cinema rentals and a reduction in the rentals for the period
from 1 October 2002 until the restructure is completed or
terminated. An interim standstill agreement for the period from
1 October 2002 to 25 October 2002 has been agreed.

* TMS will make a rights issue, offering (at 2.5 cents per
share) 5 new shares for every 2 shares currently held. For each
new share subscribed for, an option to subscribe for a TMS share
exercisable during the next 3 years at 2.5 cents per share will
be granted.

* The rights issue will be jointly underwritten by PBL and TEN.

* An additional placement of $2.5m on approximately the same
pricing terms is expected to be underwritten by ANZ, which
proceeds will be used as part of the Exhibitor transactions.

* Of the $11.4m raised under the rights issue, TMS would use $10
million to reduce its bank debt.

* PBL and TEN will provide limited guarantees of TMS's
obligations to the ANZ of up to approximately $13m. If the
guarantees are called on during the next 3 years then the debt
of TMS to PBL and TEN to the extent of the call may be
capitalized at the option of PBL or TEN at 2.5 cents per TMS
share.

* Each of PBL, TEN and ANZ are to be granted 50 million 4 year
options to subscribe for TMS shares exercisable at 3 cents.

As would be expected, there are a number of conditions to be met
for the restructure to be implemented. Reaching an agreement
that balances the interests of all stakeholders has been and is
a difficult and complex task.

The TMS board looks forward to finalizing the formal terms of
the restructure proposal and presenting it to TMS shareholders
for their consideration.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_tms1021.pdf


TELEVISION & MEDIA: Delays Annual General Meeting
-------------------------------------------------
Television & Media Services (TMS) confirmed last week that the
previously announced Annual General Meeting (AGM) to be held on
30 October 2002 has been cancelled. This was prompted by the
resignation of Frank Burke before the AGM. The board has decided
to cancel the AGM so that formal notice of all retiring
directors standing for re-election could be given to
shareholders.

TMS will issue a new notice of AGM.

As previously announced, the board of directors of TMS are
investigating a number of proposals to restructure the TMS
business.

Delaying the AGM also has the benefit that further information
relating to such proposals may be available for dispatch to
shareholders.

The press release is located at
http://bankrupt.com/misc/tcrap_tms1021p2.pdf


UECOMM LIMITED: Undertakes Disclosure Audit
-------------------------------------------
The Australian Securities and Investments Commission (ASIC)
accepted an enforceable undertaking from Uecomm Limited that it
will review its compliance procedures, following an ASIC
investigation into Uecomm's compliance with its disclosure
obligations.

"Compliance with the continuous disclosure provisions in the
Corporations Act is important to ensure the transparency and
promote the confidence of investors in the Australian market,"
said Jan Redfern, ASIC's Deputy Executive Director of
Enforcement.

"ASIC will act to protect investors by ensuring that publicly
listed companies comply with their continuous disclosure
obligations so that the market is fully informed," said Ms.
Redfern.

The enforceable undertaking requires Uecomm to review its
internal procedures for ensuring compliance with its continuous
disclosure obligations, and to have those procedures
independently audited by a senior member of the corporate
finance industry.

Also as part of the enforceable undertaking, Uecomm will:

     (i) engage an external consultant, approved by ASIC, to
         review its practices, polices and procedures for
         dealing with continuous disclosure obligations;

    (ii) adopt a continuous disclosure compliance program that  
         meets the relevant Australian standard;

   (iii) instruct the external consultant to review, assess,
         make recommendations and report on the effectiveness
         and operation of Uecomm's internal compliance
         procedures;

    (iv) implement any recommendations from the independent
         consultant arising from the review; and

     (v) not rely on the reduced prospectus content rule for
         continuously quoted securities for 12 months. (The rule
         can usually be used by listed companies because the
         continuous disclosure regime ensures that material
         information is being provided to investors on a
         continuous basis.)

Background

ASIC commenced an investigation into Uecomm's compliance with
its disclosure obligations as a listed company following two
announcements by Uecomm relating to its 2001 revenue forecast
and its 2001 net profit after tax forecast.

As a result of its investigation, ASIC is concerned that Uecomm
may not have had appropriate corporate governance and compliance
procedures and controls in place to ensure compliance with its
continuous disclosure obligations because ASIC found that
Uecomm:

     (a) may have breached its continuous disclosure obligations
         by failing to announce its poor trading results for
         January 2001, February 2001 and the March quarter of
         2001 immediately on becoming aware of these results;
         and

     (b) may have engaged in misleading and deceptive conduct in
         the April 2001 announcement, as it did not have
         reasonable grounds for the revised forecast revenue of
         $100 million.

On 19 April 2001, Uecomm announced it had revised its 2001
revenue forecast from $146.3 million to $100 million and its
2001 net profit after tax forecast from $33.8 million to $25
million.

On 25 June 2001 Uecomm again downgraded its 2001 revenue
forecast, from $100 million to between $45 to $55 million, and
its 2001 net profit after tax from a $25 million profit to a
loss of $12.5 million.

Uecomm is a subsidiary company of United Energy Limited. It
lodged a prospectus in August 2000 and was listed on the ASX in
September 2000.



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


BEIJING DATANG: HK Exchange Halts Trading for Undisclosed Reason
----------------------------------------------------------------
Trading of China's leading independent power generator, Beijing
Datang Power Generation Co., were suspended Monday by the Hong
Kong stock exchange, which gave no explanation for the move.

According to Dow Jones Newswires, shares in the non-state power
generator rose 3.8% Friday to HK$2.7 as the Hang Seng Mainland
Composite index rose 1.1% to 988 points.

Beijing Datang Power Generation Company Limited was established
as a joint stock limited company by way of promotion by North
China Power Group Company (NCPGC), Beijing International Power
Development and Investment Company (BJIPDIC) and Hebei
Construction Investment Company (HBCIC) and registered at the
State Administration for Industry and Commerce, the People's
Republic of China on December 13, 1994 and registered as a Sino-
foreign joint venture on May 13, 1998.

Trading of the Company's H shares commenced on the Stock
Exchange of Hong Kong Limited and the London Stock Exchange
Limited on March 21, 1997, the proceeds raised from the H share
offer is 3.7 billion RMB yuan. Beijing Datang Power is the first
Chinese power enterprise listed in Hong Kong and the first
Chinese enterprise listed in London.

Beijing Datang is one of the largest independent power producers
in China engaged in the construction and operation of power
plants; sale of electricity; examination, repair and debugging
of electric equipment; power technology services.

It currently owns and operates four power plants with the total
installed capacity of 4650MW, namely: Dou He Power Plant
situated in Tangshan, Hebei Province with an installed capacity
of 1,550MW; Gao Jing Power Plant situated in Beijing with an
installed capacity of 600MW; Units 1 to 7 of Zhang Jia Kou Power
Plant with an installed capacity of 2100MW and Xia Hua Yuan
Power Plant with an installed capacity of 400MW both situated in
Zhang Jia Kou, Hebei Province.

Besides these power plants, the company Owns 75% equity
interests in Tianjin Panshan Power Generation Company Ltd (two
600MW units); 60% equity interests in Tuoketuo Power Plant A
Phase I (two 600MW units); 90.43% equity of the HuaZe hydro
power plant in HeBei Province; 30% equity of the North China
Electric Power Research Institute Company Ltd; and 60% equity of
the Shentou Huajin Power Generation Company Limited in Shanxi
Province.



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


BANK DANAMON: Bombing Overshadows, Delays Sale
----------------------------------------------
Thanks to the recent bombing of a nightclub in Bali, the
completion of PT Bank Damamon's sale is not expected anytime
soon.

According to Bloomberg, the recent bombing has sent the
Indonesian financial markets on a sharp dive.   The country's
key stock index is hovering at a four-year low and the
government said it may be forced to cut its growth forecast.

"Even if there are people who are going to buy, they are going
to demand a much lower price," said Sheree Tan of Morley Fund
Management in Singapore during an interview with Bloomberg.

As UBS Warburg LLC, J P Morgan Chase & Co and Merrill Lynch & Co
jostle to manage the sale of Indonesia's fifth-biggest bank, the
government may have to cut its price, investors say. The
government expects to award the mandate next week.

The government's sale of its 71 per cent stake in Danamon,
valued at 5.2 trillion rupiah (S$1 billion), is a step towards
recouping more of the 600 trillion rupiah it spent to bail out
lenders after the Asian financial crisis four years ago,
Bloomberg said.

The news agency says Danamon's first-half profit rose 13 percent
to 411 billion rupiah.  Its shares are up 7.1 percent this year,
while the benchmark stock index dropped 8.5 percent.  The
positive figures, though, belie the fact that the lender gets
most of its income not from lending but from government bonds
moved onto its balance sheet as part of the US$40 billion
industry bailout, in which 11 of the nation's 12 biggest banks
were nationalized.

Danamon is 99.35 percent owned by the government. It is the
result of a government-mandated merger of eight smaller lenders
two years ago, Bloomberg says.

The government hopes to complete Danamon's privatization by the
end of the year.



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


COSMO OIL: Posts 1Q FY02 Net Loss of Y2.8B
------------------------------------------
Cosmo Oil Co. posted a consolidated net loss of 2.8 billion yen
in the first half of 2002, versus a profit estimate of 3 billion
yen released on May 28, Kyodo News said on Friday.

The result was due to a falling demand for petroleum products
and an inability to transfer higher costs of imported crude to
consumers.

According to Wright Investor's Service, at the end of 2001,
Cosmo Oil Co., Ltd. had negative working capital, as current
liabilities were Y702.56 billion while total current assets were
only Y630.95 billion.


DAI NIPPON: Seeking Alliance With Tsuchiya-gumi
-----------------------------------------------
Dai Nippon Construction will ask construction firm Tsuchiya-gumi
Co. to come to its rescue by way of an alliance, the Japan Times
reports.

Dai Nippon filed for court protection on July 5 from its
creditors with debts of 271.2 billion yen. The Tokyo District
Court granted the request on July 10.

If the construction agrees to help, Dai Nippon will make full
use of its capital accounts to pay off debts and ask main
shareholder Kinki Nippon Railway Co. to buy new shares.

In this event, its main creditor bank, UFJ Bank, would provide
funds to finance Dai Nippon's operations.

Dai Nippon aims to submit a restructuring program by October 22
to the Tokyo District Court, calling for the debts of major
creditors with outstanding claims of 3 million yen or more to be
partially cut.

The program includes trimming the Company's workforce and
closing down unprofitable branches.

Dai Nippon, which will meet with its creditors to brief them on
the debt-repayment plan in December, wants to strike an
agreement with a Company that will come to its rescue before the
meeting.


DAIEI INC.: Incurs 1H02 Net Profit of Y140.49B
----------------------------------------------
Daiei Inc. incurred a net profit of 140.49 billion yen in the
first half ending August 31 due to massive debt waivers and cost
cutting measures, Japan Times reported on Saturday.

The Company's net profit increased 435.2 percent. Pretax profit
rose 132.4 percent to 5.72 billion yen.

Under a major restructuring scheme announced this year, Daiei's
three major lenders namely UFJ Bank, Sumitomo Mitsui Banking
Corp. and Mizuho Corporate Bank agreed to waive claims on 170
billion yen in outstanding loans.

The report said the removal of loss-making units from its
consolidated financial statements also contributed to the huge
increase in the group profit.


Nevertheless, Daiei President Kunio Takagi told a news
conference that recovery efforts are "on schedule."

The Company slashed interest-bearing debt in the six-month
period by 428.5 billion yen, bringing it to 1.236 trillion yen.
It is aiming to reduce such debt, excluding debts owned by
consumer credit service subsidiary OMC Card Inc., to 900 billion
yen by the end of February 2005.


FUJITSU LIMITED: Ends Joint Venture Talks With Amkor
----------------------------------------------------
Fujitsu Limited and Amkor Technology, Inc. have ended
discussions relating to making Kyushu Fujitsu Electronics Ltd.,
Fujitsu's wholly owned semiconductor assembly and test operation
located in Kagoshima, Japan, a joint venture. Fujitsu and Amkor
had signed a non-binding memorandum of understanding in April
2002 aiming for the joint venture to commence operations in the
second quarter of this fiscal year, and they were in
negotiations on a definitive agreement.

Subsequently, after extensive negotiations regarding the details
of the proposed venture, and taking into account various factors
including economic aspects and industry environment, both
companies concluded that the transaction proposed by the MOU was
not feasible and therefore decided to discontinue further
discussions.

Kyushu Fujitsu Electronics currently provides assembly and test
services to Fujitsu Limited and more than 20 third-party
customers using a variety of leading-edge package technologies,
including bump chip carrier (BCC) and stacked multi-chip
packages (S-MCP), which incorporate as many as eight die per
package. The Company will continue to develop its business as a
leading edge, high-quality semiconductor back-end test and
assembly facility for the Fujitsu Group.

Fujitsu www.fujitsu.com is a leading provider of customer-
focused IT and communications solutions for the global
marketplace. Pace-setting technologies, high-
reliability/performance computing and telecommunications
platforms, and a worldwide corps of systems and services experts
make Fujitsu uniquely positioned to unleash the infinite
possibilities of the broadband Internet to help its customers
succeed.

TCR-AP reported that Fujitsu reported a first quarter
consolidated operating loss of 29.0 billion yen (US$242
million), an improvement of 13.3 billion yen over the operating
loss recorded during the corresponding quarter of the previous
fiscal year. Due in part to costs associated with continuing
restructuring efforts, the Company posted a net loss for the
period of 56.4 billion yen (US$470 million), compared with a net
loss of 55.4 billion during the corresponding period last year.

Contacts:
Naomi Ogawa, Robert Pomeroy
Fujitsu Limited
Public & Investor Relations
Tel: +81-3-3215-5259 (Tokyo)
Fax: +81-3-3216-9365


MARUBENI CORPORATION: JCR Affirms BBB+ Rating
---------------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB+ and J-2
ratings of Marubeni Corporation on the following shelf
registration, bonds, Euro Medium Term note Programme and CP
program, respectively.

Shelf Registration Maximum: Y500 billion Valid: two years from
July 8, 2001
Issues Amount (bn) Issue Date Due Date Coupon
reverse dual currency bonds no.1 Y20/Oct. 5, 1995/Oct. 5, 2005/
4.00 percent
convertible bonds no.8 Y100/Nov. 6, 1996/Mar. 31, 2006/0.85
percent
bonds no.20 Y15 / May 14, 1999 / May 14, 2003 / 2.00 percent
bonds no.21 Y45 / May 19, 1999 / May 19, 2003 / 2.00 percent
bonds no.22 Y5 / May 25, 1999 / May 25, 2004 / 2.12 percent
bonds no.23 Y35 / June 11, 1999 / Dec. 11, 2002 / 1.60 percent
bonds no.24 Y12.5 / July 28, 1999 / July 28, 2003 / 2.00 percent
bonds no.25 Y22 / July 28, 1999 / July 28, 2003 / 2.00 percent
bonds no.26 Y10 / Aug. 25, 1999 / Aug. 25, 2004 / 2.50 percent
bonds no.27 Y8 / Oct. 26, 1999 / Oct. 26, 2004 / 2.30 percent
bonds no.28 Y15 / Nov. 8, 1999 / Nov. 8, 2002 / 1.50 percent
bonds no.29 Y30 / Nov. 18, 1999 / Nov. 18, 2003 / 2.00 percent
bonds no.30 Y25 / Nov. 18, 1999 / Nov. 18, 2003 / 2.00 percent
bonds no.31 Y5 / Dec. 3, 1999 / Dec. 3, 2003 / 2.00 percent
bonds no.32 Y7 / Dec. 13, 1999 / Dec. 13, 2004 / 2.37 percent
bonds no.33 Y8 / Apr. 6, 2000 / Apr. 6, 2005 / 2.13 percent
bonds no.34 Y12 / Jun. 27, 2000 / Jun. 28, 2004 / 1.52 percent
callable bonds no.35 Y5 / Feb. 15, 2001 / Feb. 15, 2008 / 1.75
percent*
bonds no.36 Y10 / Mar. 2, 2001 / Apr. 2, 2004 /1.20 percent
bonds no.37 Y5 / Apr. 27, 2001 / Apr. 27, 2006 / 1.48 percent
bonds no.38 Y40 / May 11, 2001 / May 11, 2005 / 1.15 percent
bonds no.39 Y10 / June 6, 2001 / June 6, 2006 / 1.27 percent
bonds no.40 Y30 / Aug. 9, 2001 / Aug. 9, 2006 / 1.13 percent
bonds no.41 Y30 / Aug. 9, 2001 / Aug. 9, 2004 / 0.81 percent

FRN no.42 Y20 / Aug. 9, 2001 / Aug. 9, 2007 / 0.82 percent**
*2.50 percent on and after Feb. 16, 2005
**6M Yen LIBOR + 0.73 percent on and after Feb. 9, 2002
Euro Medium Term Note Programme Maximum: US$2 billion Program
Established: November 12, 1993
CP Maximum: Y1.7 trillion Backup Line: 0 percent

Rationale

Marubeni impaired the shareholders' equity due to the write-offs
in fiscal 2001. Although the asset quality improved, the net
debt-to- equity ratio deteriorated. Compared to the amount of
the equity capital, the securities, real estate and claims in
Asia are still large. The risk assets remain large.

Marubeni plans to reduce the net debt-to-equity ratio to 8.6
times by the end of March 2003, reducing the net interest-
bearing debt (interest-bearing debt minus cash & deposits) and
increasing the owners' equity to 2,500 billion yen and to 290
billion yen, respectively. It will finance the funds for
improvement in debt-to-equity ratio with matured securities and
reduction in the assets of non-core businesses. JCR considers it
necessary for the Company to increase the good assets as well as
reduce the non-core businesses with low asset utilization to
improve the asset quality.

Marubeni plans to use the proceeds from sales of assets to repay
the bonds. It has no plan for refinancing. The parent Company
has established a commitment line of 400 billion yen.

Marubeni plans to increase the core earnings, operating profit
with the restructuring charges being added back plus dividend
income and investment income from the equity-method affiliates,
sharply to 111 billion yen for fiscal 2002 through March 31,
2003 from 56.1 billion yen for fiscal 2001. It has taken into
account the possible increase in funding cost due to changes in
the environment in the target. The increase in the core earnings
will be realized through cost reductions. The performance has
been good till the end of the first half fiscal year. With no
optimism being guaranteed on the outlook for the external
environment, JCR will pay close attention to the developments as
to whether or not the Company can increase the core earnings as
targeted.

In September, PT Barito Pacific Timber filed petition in the
Central Jakarta District Court against Marubeni Corporation and
creditors after creditors failed to recognize Barito's stake in
PT Tanjung Enim Lestari declined to 40 percent after it wasn't
able to inject additional capital, thus failing to approve the
dilution of Barito's stake in pulp production subsidiary
Tanjung, TCRAP reports.


MAZDA MOTOR: Closing Plants in Hiroshima
----------------------------------------
Mazda Motor Corporation will shut down its truck and van plants
in Hiroshima next year, due to sluggish truck business
conditions, Nikkei and Nihon Keizai Shimbun said on Monday.

The Company will outsource small truck production to Press Kogyo
Co., an affiliate of Isuzu Motors Limited. Another Mazda
facility in Hiroshima, called the second Ujina plant, which will
be scheduled to reopen in 2003, will take over van assembly.

The plan is to be made public on October 21.

Mazda's finances have improved since the implementation of its
restructuring plan announced in November 2000. The Company
returned to profitability in the year ended this March.

Demand for small trucks, however, looks unlikely to recover
anytime soon, so the Company has decided to retain only the
first and second Ujina plants and the Hofu plant in order to
enhance managerial efficiency.

TCR-AP reported earlier the Company's shareholders capital ratio
is low, at 9.96 percent, as a result of poor performances in the
past and the fragile management condition of domestic
dealerships and other factors.

There is still a heavy interest bearing debt burden in the
Company.

Furthermore, the overseas sales ratio is at a high level of 61.3
percent, mainly for the North American and European markets.


MITSUBISHI TOKYO: Applies For Compulsory Liquidation Proceedings
----------------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) said the credit provided by its subsidiary, The
Mitsubishi Trust and Banking Corporation (MTBC), to Shinwa Real
Estate Co., Ltd. and its subsidiary Shinwa Tochi Tatemono
Kabushiki Kaisha may eventually not be repaid due to the event
described hereunder.

1.  Outline of Shinwa Real Estate Co., Ltd. and Shinwa Tochi
Tatemono Kabushiki Kaisha

Shinwa Real Estate Co., Ltd.

(1) Head office:      4-3, Minami Senba 4-chome, Chuo-ku, Osaka,
Japan
(2) Chief liquidator: Hidenori Isono
(3) Capital:          Japanese yen 300 million
(4) Business:         Real estate


Shinwa Tochi Tatemono Kabushiki Kaisha

(1) Head office:     4-3, Minami Senba 4-chome, Chuo-ku, Osaka,
Japan
(2) Chief liquidator:Hidenori Isono
(3) Capital:         Japanese yen 10 million
(4) Business:        Real estate leasing

2. Event and date of occurrence

Shinwa Real Estate Co., Ltd. and Shinwa Tochi Tatemono Kabushiki
Kaisha submitted applications for commencement of compulsory
liquidation proceedings to the Osaka District Court on October
18,
2002.

3. Outstanding credit provided by MTBC

Shinwa Real Estate Co., Ltd.: Japanese yen 17,688 million
Shinwa Tochi Tatemono Kabushiki Kaisha: Japanese yen 17,495
million

4. Influence on MTFG's business results

This event is not expected to have any material effect on MTFG's
business forecast for the current fiscal year.

For further information, please contact: Masahiko Tsutsumi,
Chief Manager, Public Relations Office Tel: 81-3-3240-8136


NICHIMEN CORPORATION: JCR Downgrades Rating to BBB
--------------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings of
Nichimen Corporation on the following bonds from BBB+ to BBB,
affirming the J-2 rating on the CP program.

Issues Amount(bn) Issue Date Due Date Coupon
bonds no.5 Y10 / Dec. 10, 1997 / Dec. 10, 2003 / 2.15 percent
bonds no.6 Y10 / Feb. 5, 1998 / Feb. 5, 2003 / 3.05 percent
bonds no.10 Y15 / Jun. 17, 1999 / Jun. 17, 2003 / 2.40 percent
bonds no.11 Y9 / Sept.14, 1999 / Sept. 14, 2004 / 3.21 percent
bonds no.12 Y10 / June 26, 2000 / June 25, 2004 / 2.03 percent
bonds no.13 Y11 / Sept.22, 2000 / Sept. 22, 2005 / 2.70 percent
bonds no.14 Y20 / Dec. 14, 2000 / Dec. 14, 2004 / 2.10 percent
CP Maximum: Y300 billion Backup Line: 0 percent

Rationale

Nichimen plans to maximize the net income through allocation of
the resources to core businesses, merger and acquisitions and
alliances. However, the net income for fiscal 2002 is expected
to be far lower than the target 20 billion yen. The amount would
be half of the target amount. First, as each of the business
areas is facing fierce competition, it is difficult to expand
the business. Effects of alliances and mergers and acquisitions
should be carefully examined for a little longer. Secondly,
growth potential of the earnings is considered low due to the
financial constraint, although the earnings are stable.

Nichimen improved the asset quality, recording extraordinary
loss of 200 billion yen for the past 3 years for the write-downs
and write-offs. The actual financial strength lowered due to the
restructuring charges, realizing the unrealized gains on
businesses. The basic financial stability indicator, net debt-
to-equity ratio was 10.4x as of end of March 2002, relatively
high among the top general trading firms. There remains large
real estate. Risk management will be of more importance in the
future.

Short-term funds procured are relatively large against the long-
term funds procured. Nichimen plans to increase weight of long-
term debt financing. It is important that the Company maintain
the close relationships with the lenders centering on the main
bank.

The downgrade reflects the following: 1) It is probable that the
strengthening of earnings power will not go well as planned in
the midst of increased uncertainty over the external
environment. 2) The firm's strength lowered due to the
realization of the unrealized gains on businesses. 3) Nichimen
may be impacted on the changes in the fundraising environment.

TCR-AP reported earlier that Nichimen posted an extraordinary
loss of Y121 billion in fiscal 2000 (ended March 2001). This
loss incorporated a write-down of investment securities, and
losses from the disposal of investments in and advances to
subsidiaries and affiliates.


NTT DOCOMO: Accepts I-Mode Applications For Bank Payments
---------------------------------------------------------
NTT DoCoMo, Inc. and its eight regional units disclosed that
starting October 21, 2002, customers nationwide may use the fee
menu site to apply for payment of monthly mobile phone charges
by automatic bank transfer.

Application via i-mode represents a significant upgrade from the
current procedure, which requires users to fill out and sign a
hard-copy application and then wait up to two months before
payments begin. With the introduction of online application,
users can register in real time. Transactions will go into
effect the following month.

Initially, i-mode application will be available only to
individual, not corporate, customers with ordinary savings
accounts at UFJ Bank. DoCoMo plans to add more banks in the
future.

DoCoMo's SSL 128bit protocol and DoCoMo's dedicated network will
help to ensure secure applications. SSL 128bit protocol is
widely used and has proved a reliable source for making secure
transactions.

Application is free and only i-mode packet transmission charges
will apply.

Registrations will be accepted 24 hours a day, 7 days a week,
except every Saturday from 9:30 p.m. to 8:30 a.m. the following
morning and the third Sunday of every month from 9 p.m. to 5:00
a.m. the following morning, due to maintenance on the DoCoMo and
UFJ Bank networks, respectively.

About NTT DoCoMo

NTT DoCoMo www.nttdocomo.com/top.shtml is the world's leading
mobile communications Company with more than 40 million
customers. The Company provides a wide variety of leading-edge
mobile multimedia services. These include i-mode, the world's
most popular mobile internet service, which provides e-mail and
internet access to over 33 million subscribers, and FOMA,
launched in 2001 as the world's first 3G mobile service.

Contact:
Takumi Suzuki
Public Relations Department
suzukitaku@nttdocomo.co.jp
81-3-5156-1111


NTT DOCOMO: Discovers Software Glitch in Some Mobile Phones
-----------------------------------------------------------
NTT DoCoMo, Inc. and its eight regional subsidiaries announced
last week that a software glitch has been discovered in some
FOMA(R) T2101V mobile phones. Sales of the model have been
suspended today until the problem is fixed.

When the screen is in the energy-saving mode, the phone
sometimes does not receive incoming phone calls, including
videophone, or e-mail. Users can avoid this by disabling energy-
saving mode.

The energy-saving feature extends battery time by switching to a
screen that has fewer graphics after the phone remains unused
for a specified number of minutes.

The T2101V is capable of slightly more than 30 hours of
continuous stand-by in the normal mode.

Since introducing the T2101V on September 27 2002, DoCoMo has
sold about 1,640 units.

DoCoMo issued an advisory via both its website and i-mode(R)
portal site.

The Company is urgently producing replacement phones and will
notify users immediately via direct mail when these new phones
are ready for replacement free of charge.

For more information, please contact:
Yuichiro Pat Kuwahata or Takuya Ori
Public Relations Department
International PR
NTT DoCoMo, Inc.
Tel:  +81-3-5156-1366
Fax:  +81-3-5501-3408
Website: http://www.nttdocomo.com


ASAHI BANK: Unit Receives Business Reform Order From FSA
--------------------------------------------------------
The Asahi Bank, Limited, (President, Yukio Yanase) on October
18, 2002, received a Business Reform Order from Japan's
Financial Services Agency (FSA), based on the Emergency Measures
Law for Early Achievement of Soundness of the Financial System
(Article 20-2) and the Banking Law (Article 26-1) because its
lending balance to small and medium-sized enterprises fell short
of the planned level under its fiscal year 2001 Plan for
Management Reforms.

The Company expressed their apologies for the concern and
inconvenience that the issuance of this Business Reform Order
7may cause among our many business and other associates.

The Asahi Bank regards this order with the greatest seriousness,
and, together with a review of developments in the previous
fiscal year will exert its utmost efforts to reach its targets
under its management plan for the current fiscal year. We
therefore request your increased understanding and support.

1. Content of the Business Reform Order

Under the Emergency Measures Law for Early Achievement of
Soundness of the Financial System and other laws, the Asahi Bank
will submit a Business Reform Plan including specific measures
for meeting targets for lending to small and medium-sized
enterprises and will steadily implement this plan, while
reporting on progress toward implementation.

2. Reasons for Issuance of the Order

The Asahi Bank's balance of loans to small and medium-sized
enterprises for fiscal 2001, under its Plan for Management
Reforms, was substantially below target, and, when implementing
this plan, the Bank did not set a goal for lending to small and
medium-sized enterprises for the second half of fiscal 2001.
Moreover, the Bank did not implement sufficiently effective
measures to reach its goals.

3. Reasons for Not Meeting the Target for the Previous Fiscal
Year

During fiscal 2001, the Bank pursued policies to increase its
lending to these enterprises, including strengthening its
organization for making net increases in new loans, expanding
the range of loan products, and enhancing its capabilities for
supporting the growth of small and medium-sized enterprises.

However, in the latter half of fiscal 2001, the Bank's stock
price fell to unprecedentedly low levels owing to rumors and
other developments. The Bank exerted its fullest efforts to
recovering confidence and decided to omit the establishment of
goals for lending for its offices.

Therefore, there were not sufficient incentives to increase
lending from the Bank's offices to small and medium-sized
enterprises. In addition, as a result also of the decline in
funding needs among customers for capital investment
accompanying the economic recession, the repayment of loans by
customers accompanying financial restructuring, the progress
toward repayment of loans made under guarantee systems to
promote financial stability, and the downward pressure on the
Bank's loan balance exerted by the disposal of non performing
loans, the Bank's loans to small and medium-sized enterprises,
unfortunately, were stagnant, and lending fell short of the
targets contained in the Plan for Management Reforms.

4. Policies to Be Implemented this Fiscal Year

As a member of the Resona Group, which is aiming to become a
'Super Regional Bank,' which will be a 'new federation of
regional financial institutions founded on close ties with local
communities,' the Asahi Bank has accepted this Business Reform
Order with utmost seriousness and, going forward, will respect
its ties with local communities and strengthen its systems for
focusing its management resources on small and medium-sized
enterprises in regional areas.

Regarding the Bank's plans for lending to small and medium-sized
enterprises in fiscal 2002, the Bank will reflect on and
reexamine its systems for the previous fiscal year and
strengthen its supervisory systems in the Head Office and in its
branches. Moreover, through the implementation of various
measures aimed at increasing loans to small and medium-sized
enterprises, all management and staff will work together to
respond speedily to the financial needs of customers among small
and medium-sized enterprises, and, by providing funds smoothly,
contribute to the communities served by the Bank and to its
customers.

The Resona Group, formerly known as Daiwa Bank Holdings, Inc,
has been working on the integration of the trust business
divisions within the Group, TCRAP reports.

Daiwa Bank Holdings Inc's combined securities appraisal loss at
its five banks ballooned to 113.6 billion yen as of the end of
June, up from 70.7 billion yen three months earlier, due to a
depressed stock market.

The amount of non-performing loans at the five banks namely
Daiwa Bank, Asahi Bank, Kinki Osaka Bank, Nara Bank and Daiwa
Trust & Banking Co declined by 37.4 billion yen to 3,318.6
billion yen in the same period.

TCR-AP reported last week that Asahi Bank Ltd has sold bad debts
worth Y16 billion in book value at an undisclosed market price
to a state-backed debt management firm Resolution and Collection
Corp (RCC). The bank plans to sell a Y100 billion by the end of
next fiscal year through March 2003.

Asahi Bank aims to write off its bad debts totaling Y470 billion
in book value by March 31. It will join Daiwa Bank-led holding
Company, Daiwa Bank Holdings Inc on March 1 to create Japan's
fifth-largest banking group.


SUMITOMO REALTY: JCR Assigns BBB Rating
---------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB rating to
the following bonds of Sumitomo Realty & Development to be
issued under the shelf registration.

Issue bonds no.38
Amount: Y10 billion
Issue Date: November 15, 2002
Due Date: November 15, 2005
Coupon: 1.45 percent
Covenants: Negative Pledge & Collateralized Commissioned
Company: Yes
Shelf Registration Maximum: Y200 billion
Valid: two years from May 18, 2001

Rationale:

Sumitomo Realty & Development is a major real estate Company of
Sumitomo group.

Seven office buildings including large-scale redevelopment
projects will be completed in the current fiscal year. The
management is pushing for these projects under the New Three-
Year Plan for fiscal 2001 through fiscal 2003 ending March 31,
2004. Competition with large buildings to be completed in 2003
for the tenants has already started. There is additional concern
about the operations of the office buildings in the future. The
vacancy rates of the existing office building may increase due
to the successive completion of construction of many new office
buildings. JCR considers that the Company has competitive edge,
given its holding of many relatively young buildings. Concerning
the condominium sales that have been performing well, JCR
considers it necessary to watch carefully the impact of changes
in the market conditions in the future.

The interest-bearing debt including liabilities for guarantee
decreased to 1.192 trillion yen as of end of March 2002 as
planned. The financial structure has been improving. The Company
plans to reduce the interest-bearing debt to less than 10 times
the amount of the operating profit by the end of March 2004. JCR
will watch carefully how the Company deals with the impending
introduction of accounting for impairment of the fixed assets as
well as the progress of the debt reduction.

JCR announced the affirmation of BBB rating for the Company on
February 14, 2002. The bond proceeds will be used for retirement
of the bonds outstanding. Therefore, the issue will not have a
significant impact on the financial structure of the Company.



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


DAEWOO MOTOR: GM's Australia Unit Holds 44.6% Stake in Spin-off
----------------------------------------------------------------
Holden Limited, the Australian unit of General Motors
Corporation, will become a 44.6 percent shareholder of GM Daewoo
Automotive and Technology Co (GM Daewoo), in a deal worth US$251
million, AFX Asia said on Friday.

GM Daewoo is the global Company created to acquire key assets of
Daewoo Motor Co.

Holden will immediately become the Australian distributor for
Daewoo products.

Holden aims to restore Daewoo Australia sales to above 20,000
units a year and sees the brand as complementary to Holden.

GM, through Holden, will have 44.6 percent of GM Daewoo with
other shareholders being Suzuki with 14.9 percent, Shanghai
Automotive Industries Corporation with 10.6 percent and Daewoo
Motor Co creditors with 29.9 percent.


DAEWOO MOTOR: MG Rover Invests US$350M in Polish Factories
----------------------------------------------------------
MG Rover Group Limited will invest US$350 million in a new
Company set up to run the Polish factories of bankrupt Daewoo
Motor Sales Limited, AFX News reports, citing MG Rover Vice
President Mick Stephenson.

Stephenson said MG Rover will take a US$125 million share over
the coming year in the New Small Company (NSC) set up to give
the Daewoo factories a debt-free new start.

MG Rover will also invest US$225 million in a new production
line at Daewoo-FSO's massive Warsaw plant.

The New Small Company was set up on the remains of the ailing
Daewoo-FSO factories, which went under due to the bankruptcy of
Daewoo Motor in South Korea.


KOREA ELECTRIC: In Talks With Dacom Over Cable Unit Sale
--------------------------------------------------------
Korea Electric Power Corp (KEPCO) will open talks with Dacom
Corporation this week regarding the sale of a 30 percent stake
in its unit Powercomm Co., Reuters reports.

KEPCO will continue talks with a consortium led by Hanaro
Telecom, which was named as preferred bidder in September.

Dacom, an Internet service provider, was named as the second
favored bidder.

The power Company plans to close the deal by the end of next
month, as part of its privatization drive.

According to TCR-AP, as of June 30 2001, Seoul's electric
utility Company has current assets of $3.25 billion against
current liabilities of $7.2 billion.

DebtTraders reports that Korea Electric Power Corp.'s 8.250
percent bond due in 2005 (KORE05KRN1) trades between 112.504 and
113.066. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KORE05KRN1



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


BERJAYA SPORTS: Purchases 8% Convertible Loan Stocks
----------------------------------------------------
The Board of Directors of the Berjaya Sports Toto Berhad
informed that its wholly owned subsidiary, FEAB Properties Sdn
Bhd has purchased ICULS in BToto as follows:

1. Date of Purchase: 18th October 2002
2. Number of ICULS Purchased: 100,000
3. Minimum price paid for each ICULS: RM2.65
4. Maximum price paid for each ICULS: RM2.80
5. Total consideration paid: RM278,945.20
6. Total number of ICULS held to-date: 4,062,000
7. Cumulative consideration: RM11,474,592.01 paid to-date

The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Shareholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th June
2002.


BESCORP INDUSTRIES: Cybron Holdings Withdraws From Deal
-------------------------------------------------------
The Special Administrators of BIB (Special Administrators
Appointed) wishes to announce that the vendor of Cybron Holdings
Berhad (CH) has withdrawn the proposed injection of CH into TF
Cybron Sdn. Bhd. (the new holding company which will assume the
listing status of BIB) as part of the Proposed Corporate and
Debt Restructuring Scheme of BIB.

The Special Administrators are currently reviewing the options
available in relation to the Proposed Corporate and Debt
Restructuring Scheme and will make such further announcements to
the Kuala Lumpur Stock Exchange in due course.


PENAS CORPORATION: Receives FIC Approval
----------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad) (AmMercant Bank), on behalf of Pencorp
Corporation Berhad, announced that Pencorp has received the
approval of the Foreign Investment Committee (FIC) in relation
to the abovementioned Proposals vide its letter dated 8 October
2002, which was received on 17 October 2002.

The approval received from the FIC, is conditional upon VVB
having 30% Bumiputera equity interests (Bumiputera Equity
Condition) upon its listing on the Second Board of the Kuala
Lumpur Stock Exchange (KLSE). Pencorp and VVB are currently
deliberating on the Bumiputera Equity Condition set by the FIC
and may submit an appeal to the FIC for an extension of time to
meet the aforesaid condition in due course.

To date, the Proposals are still subject to the approvals of:

a) the Securities Commission;
b) the Ministry of International Trade and Industry (which has
been obtained on 9 October 2002);
c) the shareholders of Pencorp at an Extraordinary General
Meetings (EGM) to be convened;
d) each class of Scheme Creditors of Pencorp at meetings to be
convened pursuant to an order of the Court in accordance with
Section 176 of the Companies Act;
e) the Court pursuant to Sections 64 and 176 of the Companies
Act 1965 and the sanction of the Proposed Capital Reduction;
f) the approval of the KLSE for the listing of and quotation for
the entire issued and paid-up share capital of VVB and VVB's
ICULS on the Second Board of the KLSE; and
g) any other relevant authorities.

The Proposals shall become effective upon the lodgment of an
office copy of the Court order issued pursuant to item (d) above
with the Companies Commissions of Malaysia.

Further thereto, AmMerchant Bank on behalf of Pencorp, announced
that Pencorp and its subsidiaries, namely Penas Management Sdn
Bhd, Penas Engineering Sdn Bhd, Penas Construction Sdn Bhd and
its associated company, namely Innovisco Sdn Bhd (collectively
"Pencorp Group") have on 15 October 2002 obtained a restraining
order ('Order") from the High Court of Malaya pursuant to
Section 176 (10) of the Companies Act, 1965 ("Act") whereby,
inter-alia, all further proceedings in any action or proceedings
or the institution or commencement of any proceedings against
Pencorp Group be restrained and stayed for a period of ninety
(90) days from the date of the Order, pending the filing of an
application pursuant to Section 176(1) of the Act by Pencorp
Group, except by leave of the Court and subject to such terms as
the Court may imposed.

i) Events Leading To The Granting Of The Order
Pursuant to the announcement dated 29 August 2002, on behalf of
the Board, AmMerchant Bank had announced that the Company was
proposing a restructuring scheme involving the abovementioned
Proposals.

The Order is being obtained to ensure smooth implementation of
the Proposals.

ii) Financial And Operational Impact On Pencorp Group

The Company does not expect the Order to have any material
effect on the financial and operational matters of the Pencorp
Group.


RHB SAKURA: Reconstruction Deal Update With Dato Foo
----------------------------------------------------
The Special Administrators of L&M Corporation (M) Bhd (Special
Administrators Appointed) (L&M) namely Mr. Gan Ah Tee, Mr. Ooi
Woon Chee and Encik Mohamed Raslan bin Abdul Rahman of KPMG
Corporate Services Sdn Bhd, announced L&M has on 17 October 2002
entered into a reconstruction agreement with Dato' Foo Chu Jong,
Foo Chu Pak and Shariman bin Zainal Abideen to outline a
proposed corporate and debt restructuring scheme for L&M which
will, inter-alia, involve:

(i) Proposed capital reduction and consolidation of ordinary
shares in L&M;

(ii) Proposed exchange of L&M shares for shares in a special
purpose vehicle to be incorporated ("Newco");

(iii) Proposed acquisitions by Newco of the entire equity
interests in Prinsiptek (M) Sdn Bhd, Jeram Perwira Sdn Bhd, NBL
Land Development Sdn Bhd and Sekinchan Jaya Sdn Bhd which are
principally involved in construction activities;

(iv) Proposed private placement of new Newco shares to placees
to be identified later;

(v) Proposed issuance of irredeemable convertible unsecured loan
stocks and cash payment by Newco for the settlement of the
liabilities of L&M;

(vi) Proposed cancellation of the entire issued and paid up
share capital of L&M and following such cancellation, the
issuance of three (3) new ordinary shares of RM1.00 each in L&M
to person(s) nominated by the Special Administrators at an issue
price of RM1.00 per ordinary share;

(vii) Proposed offer for sale by Dato' Foo Chu Jong and Foo Chu
Pak of their Newco shares to placees to be identified later or
such other mechanism to be implemented by the substantial
shareholders of Prinsiptek (M) Sdn Bhd to ensure that the public
shareholding spread requirement of the Kuala Lumpur Stock
Exchange (KLSE) is complied with by Newco; and

(viii) Proposed transfer of the listing status of L&M on the
Second Board of the KLSE to Newco.

The proposed corporate and debt restructuring scheme will be
subjected to, inter-alia, a due diligence and/or valuation
exercise to be conducted on all aspects of the proposal and all
requisite regulatory approvals.

The proposed corporate and debt restructuring scheme will form
the basis of a workout proposal to be prepared by the Special
Administrators that would be reviewed by an Independent Advisor
and submitted to Pengurusan Danaharta Nasional Bhd (Danaharta)
and the secured creditors of L&M for approval. The workout
proposal together with the proposed corporate and debt
restructuring scheme will be submitted to the relevant
regulatory authorities for approval prior to its implementation.

Further details of the proposed corporate and debt restructuring
scheme of L&M will be announced in due course.

The Special Administrators further announce that L&M will now
pursue with the above corporate and debt restructuring scheme
and will not pursue the proposed restructuring scheme pursuant
to Section 176 of the Companies Act 1965 ("Proposed 176 Scheme")
announced on 24 November 2000. As announced by the Special
Administrators on 9 September 2002, Eastern Atlas Bhd, the newly
incorporated company set-up to facilitate the implementation of
the Proposed 176 Scheme, had on 29 August 2002 rescinded the
Acquisition Agreements entered into with Satujaya Sdn Bhd,
Vistashine Sdn Bhd and Kayman Integrated Sdn Bhd, all dated 21
November 2000.


SRI HARTAMAS: Appointment of Special Administrators Extended
------------------------------------------------------------
Puncak Permata Sdn Bhd (Special Administrators Appointed)
Mawar Tiara Sdn Bhd (Special Administrators Appointed)
Cempaka Mewah Sdn Bhd (Special Administrators Appointed)

(all wholly-owned subsidiary companies of Sri Hartamas Berhad
(Special Administrators Appointed) and herein referred to as the
Companies)

Extension of Moratorium Pursuant to Section 41(3) of the
Pengurusan Danaharta Nasional Berhad Act, 1998 (amended) (the
Act)

Contents:

The Special Administrators of Sri Hartamas Berhad (Special
Administrators Appointed), who are also the appointed Special
Administrators of the above Companies, wish to announce that the
moratorium under Section 41 of the Act, which took effect from
18 October 2000, i.e. the date of the appointment of the Special
Administrators over the Companies, and expires on 17 October
2002, has been extended to 17 October 2003.

The extension is pursuant to Section 41(3) of the Act. During
the period of the moratorium, no creditor may take action
against the Companies except in accordance with Section 41 of
the Act. All dealings and inquiries may be directed to the
Special Administrators.

This announcement is dated 17 October 2002.



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


DMCI HOLDINGS: Restructures P2.4B Convertible Debt
--------------------------------------------------
Construction firm DMCI Holdings Inc. has restructured 2.4
billion pesos worth of convertible preferred shares that fell
due in April 2002, the Philippine Daily Inquirer and Dow Jones
reported, citing the Company's Chief Finance Officer Herbie
Consunjie.

Consunjie said the Company's creditors exercised various options
presented by DMCI.

The options included the purchase by DMCI of the preferred
shares at 1,000 pesos each through a secured five-year
promissory note, with a grace period on principal payments
during the first two years of obligation.

Another option was for the preferred shares to be purchased by
its unit DMCI Property Developers Inc., at 1,367 pesos a share
through a secured seven-year promissory note, with a grace
period on principal payment for the first three years of
obligation.

There was also the option to exchange the preferred shares, at
1,100 pesos a share, for certain residential and office units of
DMCI.

Creditors were also offered the option for DMCI to redeem the
preferred shares at 775 pesos a share, which is the preferred
stock's prevailing market price.
      

NATIONAL BANK: Appoints Benilda Tejada as Chief Legal Counsel
-------------------------------------------------------------
The Board of Directors of the Philippine National Bank has
appointed Benilda V. Abrasia-Tejada as the new Chief Legal
Counsel of the bank as replacement of Ma. Cecilia L. Pesayco who
resigned effective September 23, 2002.

The press release is located at
http://bankrupt.com/misc/tcrap_pnb1021.pdf


NATIONAL BANK: Posts 3Q02 Financial Report
------------------------------------------
The Philippine National Bank (PNB), in a letter to the
Philippine Stock Exchange dated October 17, 2002, announced
that:

PNB's rehabilitation program posts tangible results four months
after the signing of the memorandum of agreement between the
Lucio Tan group and the government on May 3, 2002, the outlook
for PNB's early recovery is getting brighter as the initiatives
of the new management team at the helm start to bear fruit.

On the financial front, PNB President Lorenzo V. Tan reported
that the bank has posted better than expected financial
performance for the three quarters ending September 2002. In its
income statement for the nine-month period ending September 30,
2002, PNB reported a net loss of 1.5 billion pesos. The amount
indicates an incremental net loss of only 117 million pesos for
the third quarter, which is a big improvement compared to the
first two quarters net loss amounting to 783 million pesos and
619 million pesos, respectively.

The accumulated net loss of 1.5 billion pesos represents a 72
percent improvement from the 5.3 billion pesos net loss
sustained by the bank during the first 9 months of 2001. Under
the rehab program jointly crafted by the government and the
private shareholders led by the Lucio Tan (lt) group, PNB
projected a net loss range of 2.9 to 3.1 billion pesos for its
2002 operations. The bank has kept the actual loss under control
through a combination of revenue generating and cost cutting
initiatives.

The bank is close to wiping out its negative net interest
margin, which now stands at only 19 million pesos for the 9-
month period ending September 2002. The improvement can be
traced to a number of factors, including the substantial
reduction of the bank's debt burden with the implementation of
the debt-to-equity conversion provision of the MOA.

The prevailing low interest rate that enabled the bank to pare
down its cost of funds, and the 4.8 billion pesos growth in the
volume of low-cost current and savings account deposits (CASA)
from September 30, 2001 to September 30, 2002. On the other
hand, cost management efforts translated to a 593 million pesos
reduction in other expenses over the same period last year. The
bank has also reduced non-performing loans (NPLS) to 48.9
billion pesos, a reduction of 2.3 billion pesos, or 4.5 percent
from 51.2 billion pesos for the same period last year. PNB is
also aggressively raising the level of its low cost deposits to
protect the bank from future interest rate increases through its
324 domestic branch network.

Customer and non-customer contact units of the bank are
currently engaged in a race to bring in new customers, and at
the same time, secure greater patronage from existing
depositors.

For more information, go to
http://bankrupt.com/misc/tcrap_pnb1021p2.pdf


NATIONAL POWER: ERC Okays Rate Cuts For Large Consumers  
-------------------------------------------------------
The Energy Regulatory Commission (ERC) has approved a 0.10 to
0.80-peso discount per kilowatt/hour in the National Power
Corp's tariff rates for big industrial and commercial customers,
as part of its Special Program to Enhance Electricity Demand
(SPEED), AFX Asia said on Friday.

The ERC order brings Napocor's selling rate to 2.30 per kWh from
3.091 per kWh for customers in the Luzon grid. In the Cebu-
Negros grid, the rate will drop to 3 pesos per kWh from 3.6997
per kWh, while the rate for the Mindanao grid will fall by 0.10
pesos per kWh to 2.6157 pesos.


PHILIPPINE AIRLINES: Will Continue IPO Despite Losses
-----------------------------------------------------
The Philippine Airlines Inc. (PAL) is still aiming to do an
initial public offering (IPO) despite losses brought on by the
September 11 terrorist attacks in the United States a year ago,
Business World reported Friday, citing PAL Vice-President  
Mindanao Domingo Duerme.

The report said a Company could go public only after three
consecutive years of profit making.

PAL was set to report its third year of profit making in 2001,
but ended up with a 1.6-billion pesos loss following weakness in
air travel due to the September 11 attacks. The loss blew its
plan to go public as it is still under a five-year receivership
plan.

"The plan, I think, is not still out of hand," said Mr. Duerme,
as he discounted the effects of the Bali bombing on the airline
business and the continued government campaign against the Abu
Sayyaf (bandit group) in Basilan.

"This is favorable to us since we are a fledging airline," he
said. He noted the breather would allow the airline to
concentrate on paying its loans and eventually expand its
operations to make it more profitable. "We need to get out of
receivership and we hope to do that in the near future."

Another plan is for the airline to buy bigger planes for
international routes to improve its presence in the Asia-Pacific
region.

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


PHILIPPINE AIRLINES: Aims to Intensify Rehab Campaign
-----------------------------------------------------
The Philippine Airlines (PAL) is planning to intensify its
rehabilitation and expansion campaign after the United States
has withdrawn its intention to enter into an open skies
agreement with the Philippines, Asia Times said on Monday.

Domingo Duerme, PAL Senior Vice President for Mindanao, said the
withdrawal of the United States would definitely work to the
advantage of the country's biggest airline Company since it
never really expects to survive in a liberalized skies policy.


SHEMBERG MARKETING: Makes First Rehab Program Debt Payment
----------------------------------------------------------
Shemberg Marketing Corp. (SMC) made its first payment of 221.8
million pesos out of the 1.6 billion pesos it owed to a
consortium of commercial banks, the Philippine Star reports,
citing SMC Chief Executive Officer Benson U. Dakay.

The consortium of banks includes Equitable PCI Bank, Bank of the
Philippine Islands, Land Bank of the Philippines, Metropolitan
Bank and Trust Co., United Coconut Planters Bank, Union Bank of
the Philippines and Global Business Bank.

The Philippine National Bank (PNB) and Export and Import Bank
(EIB) will join the consortium this month after 14 months of
negotiations between the banks and SMC.

The Company's financial troubles started during the Asian
financial crisis of 1997-1998, its operations were adversely
affected due to its dollar-denominated loans and wild
fluctuations in the foreign exchange. Its total restructured
loans are 1.6 billion.

SMC said SMC paid P138.2 million in 2001 and P83.4 million to
the consortium from 2001 to 2002.

"We have not missed our interest payments and have adhered to
the repayment schedule. Our agreement with the banks is enabling
us to pay our debts since the restructuring gives us room to
make a turnaround," Dakay said.

Dakay said SMC will meet its commitments under the omnibus
agreement given the already solid market of seaweed and
carrageenan in the international markets such as the US and
European Union.



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


EXCEL MACHINE: In Talks With Creditor Banks
-------------------------------------------
The Board of Directors of Excel Machine Tools Ltd (Excel) and
its wholly owned units, E-Tech Manufacturing Pte Ltd, Excel
Precision (Singapore) Pte Ltd and Excel Advanced Technology Pte.
Ltd., each executed a Debenture and an Intercreditor Deed on 18
October 2002 (collectively the Agreements).

The Agreements are executed by the Companies in favor of United
Overseas Bank Limited as the Security Trustee on behalf of
itself as the successor-in-title to Overseas Union Bank Limited,
Citibank, N.A. Singapore Branch, The Development Bank of
Singapore Limited, HL Bank, Malayan Banking Berhad, Oversea-
Chinese Banking Corporation Limited (the successor-in-title to
Tat Lee Bank Limited), and Standard Chartered Bank (collectively
the Creditor Banks).

The Debentures create a fixed and floating charge over certain
assets of the Companies as security for the payment and
discharge of approximately $63 million owing by the Companies to
the Creditor Banks. The Intercreditor Deed sets out, inter-alia,
the duties and powers of the Security Trustee as well as the
manner of the sharing between the Creditor Banks of any proceeds
that are derived from the enforcement of the Debentures.

The Agreements are acceded to by the Companies as part of the
on-going discussions between the Excel Group and the Creditor
Banks. A formal debt-restructuring proposal will be shall be
presented in due course by the Excel Group and Credit Lyonnais
(Singapore) Merchant Bankers Limited as its financial advisor
for the consideration of the Creditor Banks.


FLEXTECH HOLDINGS: Discloses Debt Restructuring Scheme
------------------------------------------------------
The Board of Directors of Flextech Holdings Limited announced
that a circular in relation to the proposed restructuring of the
Company's unsecured loan stock due October 23, 2002 will be
dispatched to the holders of the Loan Stock 2002 on October 19,
2002.

The Singapore Exchange Securities Trading Limited (SGX-ST)
clarified that the trading of the Loan Stock 2002 will be
suspended with effect from October 24, 2002, pending the outcome
of the Loan Stockholders' Meeting and the finalization of any
legal documentation required (if the approval for the extension
and variation of the Loan Stock 2002 is obtained at the Loan
Stockholders' Meeting).


SEMBCORP INDUSTRIES: Result of Shareholders Meeting
---------------------------------------------------
The Board of Directors of SembCorp Industries Ltd (SCI)
announced that at the Court Meeting of Scheme Shareholders of
SembCorp Marine Ltd (SCM) held on October 21, 2002, the Scheme
Shareholders have not approved the Scheme of Arrangement to
privatize SCM as announced by SCI on June 24, 2002.

Accordingly, the Scheme will not become effective and binding
and SCM will remain a 63 per cent subsidiary of SCI listed on
the main board of the Singapore Exchange Securities Trading
Limited.

Wong Kok Siew, Deputy Chairman and CEO of SCI said: "We have put
what we considered a fair price of $1.10 per share on the table
and the market generally agreed it was fair. We secured 73.8 per
cent of minority shareholder support at the Court Meeting but
unfortunately this fell short of the required 75 per cent
approval threshold. Notwithstanding the fair price, some
minority shareholders preferred to keep a direct stake in SCM
and voted against the privatization. As minority shareholders of
SCM, they have spoken, and we respect their decision. "

"We remain committed to Marine Engineering as a Key Business of
SembCorp Industries and will continue to work with SCM's
management to grow the business globally."

Meanwhile, Business Times reported that SembCorp Industries had
S$2 billion of debt as of Dec 31, 2001.

The Company has been trying to rationalize its businesses by
combining its marine operations and divesting others. The market
would be looking for more divestments going down the road.

For media and analyst inquiries:

Ng Lay San
Manager
Group Corporate Relations
SembCorp Industries
Tel: (65) 6357 9150
Fax: (65) 6352 2163
Email: laysan@sembcorp.com.sg



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


NATIONAL FERTILIZER: Settles 1999 Plant Construction Dispute
------------------------------------------------------------
National Fertilizer Public Company Limited and the financial
institution creditors Siam Commercial Bank PLC, Industrial
Finance Corporation of Thailand and Thailand Asset Management
Corporation, have concluded the compromise settlement to the
arbitration cases in breaching contract of the plant
construction and machinery supply agreements of the consortium
Hyundai Engineering & Construction Co., Ltd (HDEC) and Mitsui
Engineering & Shipbuilding Co., Ltd (MES).

The Company and the Consortium Contractor Group have reach the
settlement agreement in solving the dispute cases in the
arbitration court effectively on the day 21st October 2002,
entitling to allow the Consortium to give factory modification
works and additional compensate of 1.8 million Euro-Dollars in
cash for improving the Granulation Unit with the following
details and specification:

(1) To modify the Phosphoric Acid Unit to enhance the
    concentration of the substance from 49%  up to 54%.

(2) To improve the efficiency of the Dedusting Unit for the raw
    material warehouses.

(3) Cash compensation to cover cost of improving the Granulation
    Unit in amounting 1.8 million Euro-Dollars.

The total costs of the three's compensation is 5.5 million Euro-
Dollars.

In this compromise enacted to the Contractors Group, the Company
will get numerous benefits such as to increase production
efficiency, decrease production cost and including future
business development for the extension products to increase
supplement income for the Company.

NFC brought charges against the consortium in early 1999 for
allegedly building the plant below specifications.  About $70
million compensation was sought for breaching the contract.

The compensation was to be used to upgrade the plant to meet the
standards of Hydro Agri, a Norwegian fertilizer producer from
which it purchased the technology.

NFC had signed a $247-million turnkey contract for the
consortium to build the plant with a full capacity of one
million tons of fertilizer a year.

Although construction was completed in 1998, NFC has yet to
operate the plant at full capacity. Today the plant runs at 20%
of the registered capacity.

The consortium counter-sued NFC for the same amount of
compensation, alleging that NFC had unilaterally postponed the
plant construction and proposed additional work unspecified in
the contract that increased the cost.


THAI MILITARY: Records THB1.62 Billion Net Losses in 3Q02
---------------------------------------------------------
Thai Military Bank Plc announced recently that its results for
the three months to September had swung sharply into a net loss
of 1.62 billion baht compared with a profit of 98.87 million a
year earlier.

Loss per share was 0.81 baht compared with earnings per share of
0.05 previously, the bank said in a press statement.  For the
nine months to September, net loss was 1.16 billion baht
compared with a year-earlier profit of 297.11 million, with loss
per share at 0.58 baht compared with earnings per share of 0.15,
the company said.

The results are unreviewed and unaudited, the company said.

Previously, TCR-AP reported that Thai Military's non-performing
loans (NPL) at the end of August totaled 31.41 billion baht
($726.6 million), or 10.76 percent of total loans before
allowance for doubtful accounts.



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,
Salve M. Mordeno, Maria Cristina Pernites-Lao, Editors.

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

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

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

                 *** End of Transmission ***