/raid1/www/Hosts/bankrupt/TCRAP_Public/021128.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

           Thursday, November 28, 2002, Vol. 5, No. 236

                           Headlines

A U S T R A L I A

BOVELL'S BAKERY: Administrators Back as Unit Gets Wind up Suit
HIH INSURANCE: Expert Says Andersen Book Work Sloppy
PINEAPPLEHEAD: Blames High Operating Cost for Financial Woes


C H I N A & H O N GK O N G

CHEERGEM LIMITED: Court to Examine Creditors Resolutions
CIL HOLDINGS: Promises to Publish Audited Results by December 31
FOCUS TRUMP: High Court Sets December Hearing on Wind up Suit
GOAL4U LIMITED: Hearing on Winding Up Petition Next Month
HEALTH EASY: December Hearing on Winding up Petition Set


HENSEN INTERNATIONAL: Proofs of Claim Deadline December 23
JUMBO ALLIANCE: Winding Up Petition to be Heard December 11
LAI SUN: Schedules Annual General Meeting on December 20
NICEMATE COMPANY: High Court to Hear Wind Up Suit December 18
PROSPERITY ENTERPRISE: Wind Up Petition to be Heard December 18

YAU WING: General Meeting of Creditors Set for December 3


I N D O N E S I A

ASTRA INTERNATIONAL: C&C Denies Acquisition Reports


J A P A N

DAIO PAPER: JCR Assigns BBB Rating
JR FREIGHT: Posts H102 Y600M Net Loss
K MANABE: Construction Firm Applies for Rehabilitation
MITSUBISHI TOKYO: Unveils Consolidated Financial Statements
MITSUBISHI TOKYO: Details Allowance For Domestic Units' Losses

MITSUBISHI TOKYO: Unstable Economy Influences Dividend Decision
SHISEIEN HAYATA: Enters Bankruptcy
SNOW BRAND: Selling Winery Unit to Chateraise
SOFTBANK CORPORATION: Strategically Merging Four Subsidiaries
SOFTBANK CORPORATION: No Decision Yet on Aozora Bank Share Sale

TOWA REAL: UFJ Gives Financial Assistance


K O R E A

CHOHUNG BANK: Newbridge Joins Competition to Acquire Bank
CHOHUNG BANK: Shinhan, Cerberus Front-Runner Candidates
DAEWOO CAPITAL: Selling W145B of ABS Today
HYNIX SEMICON: TFT-LCD Unit Sell-off Nearing Closure
HYNIX SEMICONDUCTOR: Deutsche Bank Proposes Rescue Measures

KIA MOTORS: Freighter Fire Destroys Cars Valued at US$20M


M A L A Y S I A

ABRAR CORPORATION: Status of Defaulted Loans Remains Unchanged
GENERAL LUMBER: Affin Bank Files Winding Up Petition
MALAYSIAN RESOURCES: Posts Changes in Restructuring Proposal
SRIWANI HOLDINGS: Foreign Investment Body OKs Restructuring Plan


P H I L I P P I N E S

MANILA ELECTRIC: Talk of Government Take-over Continues
MANILA ELECTRIC: Government Offers Only Representatives
MANILA ELECTRIC: Seeking to Delay Tariff Increase Petition
METRO PACIFIC: FirstPac Approves BLC Sale in Principle
NATIONAL POWER: Union Questions Resolution to Cut 2,370 Jobs

NATIONAL STEEL: Arroyo Approves Restructuring
PHILIPPINE LONG: Conciliatory Meeting Set For November 27


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Hosting Conference Call With Investors
CHARTERED SEMICONDUCTOR: Joins With IBM to Create Faster Chips
SEATOWN CONSTRUCTION: Units Obtained Stay Orders, Re Proceedings
SNP CORPORATION: Voluntarily Winding Up Unit


T H A I L A N D

BANGCHAK PETROLEUM: Caltex Spurns Government's Intervention
NAKORNTHAI STRIP: Creditors Give Nod to Restructuring Plan


       -  -  -  -  -  -  -  -


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


BOVELL'S BAKERY: Administrators Back as Unit Gets Wind up Suit
--------------------------------------------------------------
Bovell's Bakery has called in administrators for the fourth time
in as many years, said The West Australian. The pie-maker
phoned Monday night Hall Chadwick accountant Chris Williamson to
act as administrator of Pieman Australia Pty Ltd.

In an interview with The West Australian Tuesday, Mr. Williamson
said his appointment was triggered by Byford Flour Mills
applying to the WA Supreme Court to have Pieman wound up over
debts of about $300,000. He said he was operating the O'Connor
bakery while he tried to gain an understanding of the company's
financial affairs.

The paper says Bovell's was started by Percy and Mill Bovell
around 1928 and was operated as a home-made-style pie shop in
Bayview Terrace, Claremont, by their son and grandson until
1987, after which it became an industrial baker.Peter Piggott
bought Bovell's in January 1999 after its Singaporean-backed
holding company, Goldbell Holdings Pty Ltd, fell into
administration with debts of about $2.1 million. He sold it to
Malaysian-backed MAS Food Industries in October 1999 but MAS
went back under administration the following month. Mr. Piggott
subsequently regained the business, the paper said.

In the collapses of Goldbell and MAS, unsecured creditors were
not paid on debts of $760,000 and $800,000 respectively but
employees and secured creditors had all or most of their debts
paid, the paper said.National Australia Bank appointed Ernst &
Young's Brian McMaster as receiver of Pieman on October 9 but he
stayed in the job for just two days.Mr. Williamson says Pieman
owed the bank about $1.4 million but he did not have details of
other creditors.


HIH INSURANCE: Expert Says Andersen Book Work Sloppy
----------------------------------------------------
A partner of Deloitte Touche Tohmatsu opined yesterday before
the HIH Royal Commission that the audit conducted by Arthur
Andersen on the doomed insurer was inadequate and deficient.

According to the Australian Associated Press, Greg Couttas
produced yesterday six reports for the commission, which
detailed the way Andersen audited HIH in 1999 and 2000, the
years leading up to its March 2001, $5.3 billion collapse.
Among the deficiencies he cited were the work on the accounts
and returns relating to deferred costs, goodwill and the
accounting treatment of HIH's acquisition of FAI Insurance.

Citing Mr. Couttas' report, the news agency said there is
evidence Andersen didn't have adequate basis for its going
concern opinion in 1999 and 2000.He also added that the
auditing firm should have raised concerns on the returns HIH
submitted to the Australian Prudential Regulation Authority
(APRA).

"Arthur Andersen did not use their knowledge... to question the
appropriateness of the position reflected in the APRA returns of
the authorized insurers," Mr. Couttas wrote of the 1999 APRA
returns."Arthur Andersen should have issued qualified audit
opinions in respect of the APRA returns which had been
erroneously prepared."

In 2000, the auditor "did not obtain appropriate evidence" as to
whether assets pledged as security against credit could be
included in the return, Mr. Couttas wrote.  As well, Arthur
Andersen was wrong to have relied on advice rival firm KPMG had
given to HIH about what should be included in the returns.

"Arthur Andersen as auditors of the authorized insurers were
obliged to form their own opinion in regard to matters disclosed
in the APRA returns and as to whether there was any material
misstatement in these returns," Mr. Couttas said.

In one example in the 1999/2000 accounts, Mr. Couttas said he
was particularly concerned that despite knowing FAI's aging
computer system was to be replaced within 12 months, the
auditors allowed HIH to amortize that system over a further
three to four years.


PINEAPPLEHEAD: Blames High Operating Cost for Financial Woes
------------------------------------------------------------
Struggling sports technology company, Pineapplehead, announced
losses of AU$6.27 million on Monday and cautioned investors that
it won't be making any profit over the next few years.

Speaking during the annual general meeting, Evan Kourambas, who
took up the chairman's role after Stan Wallis resigned in June,
said the company's high operating costs are eating up its
profits.He said at least $1 million of the losses in the
previous fiscal year had gone to running the company as an ASX-
listed firm.

"It's very difficult to see how we can make a profit given the
cost of running a public company," he told shareholders.
"Basically, (that cost)... is sucking up any profits."

According to The Age, Kerry Packer already appears to have lost
patience, cutting his stake in Pineapplehead to less than 2
percent from a peak of 6.6 percent when the company floated in
June 2000.The paper says Mr. Packer's holding in Pineapplehead
is now believed to be less than one million shares, via Nine
Network Australia Pty Ltd. It is also believed he has declined
to exercise an option to take a further 5 percent stake.

Stan Wallis remains a major shareholder, with nearly one million
shares held by his partly controlled Bromyard Investments Pty
Ltd., the report says.Pineapplehead shares, offered in the
float at 50 cents each, now trade well under five cents.

Mr. Kourambas said that on an operating basis the company should
turn cashflow positive this financial year, but non-cash items
would most likely keep it in the red.Pineapplehead's Future
Reality division was responsible for $4.08 million of the 2001-
02 loss, while its sports graphics business accounted for a
further $1.13 million in losses, Mr. Kourambas said.

When Pineapplehead bought Future Reality last year, it had hoped
the graphics company would launch it into the big league. But
the business failed to perform and was sold back to the original
vendors. Pineapplehead is suing the vendors for fraudulent
misrepresentation, breach of sale deed and other charges under
the Trade Practices Act.

Shares in Pineapplehead closed unchanged at 3.2 cents Monday,
The Age said.



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C H I N A  &  H O N G  K O N G
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CHEERGEM LIMITED: Court to Examine Creditors Resolutions
--------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator will be heard before Master Ho of the High Court for
consideration of the resolutions and determinations (if any) of
the inquorate first meetings of creditors and contributories and
the inquorate adjourned first meetings of creditors and
contributories held on October 4, 2002 and October 11, 2002
respectively, deciding the differences (if any) and making such
order of appointment as the court may think fit.

The hearing will be on December 6, 2002 at 9:30 in the morning,
according to E T O'Connell, the Official Receiver & Provisional
liquidator of the company.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing, which will be held at
the High Court Building, No. 38 Queensway, Hong Kong.


CIL HOLDINGS: Promises to Publish Audited Results by December 31
----------------------------------------------------------------
CIL Holdings announced recently that its audited final results
for the year ended June 30, 2002 will be published on or before
December 31, 2002 and the dispatch of the annual report to
follow approximately three weeks thereafter.

It admitted that the delay in the publication and dispatch of
the audited results and annual report have breached paragraph
8(1), 11(1) of appendix 7b of the listing rules of the Hong Kong
Stock Exchange. The company, however, guarantees that directors
have not dealt in the shares of the company since June 1, 2002.

"[In addition], they have undertaken to the stock exchange that
they will not deal in the shares of the company until the
audited final results for the year to June 30, 2002 are released
and published," the company said in a statement.

You may view the press release of the company, which also
contains its unaudited final results, through this link
http://bankrupt.com/misc/cil_holdings.pdf


FOCUS TRUMP: High Court Sets December Hearing on Wind up Suit
-------------------------------------------------------------
A petition seeking the winding up of Focus Trump Development
Limited is scheduled for hearing before the High Court of Hong
Kong on December 18, 2002 at 10:00 in the morning.

Chung Ho Yeung of Room 3419, Kwai Ming House, Kwai Fong Estate,
New Territories, Hong Kong filed the petition on October 23,
2002. Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


GOAL4U LIMITED: Hearing on Winding Up Petition Next Month
---------------------------------------------------------
The High Court of Hong Kong will hear on December 18, 2002 at
10:00 in the morning the petition seeking the winding up of
Goal4U Limited.

Tai Chin Cheung of Room 219, 2/F., Man Lee House, Tai Hang Sai
Estate, Shek Kip Mei, Kowloon, Hong Kong filed the petition on
October 18, 2002.  Tam Lee Po Lin, Nina represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


HEALTH EASY: December Hearing on Winding up Petition Set
--------------------------------------------------------
The High Court of Hong Kong will hear on December 18, 2002 at
9:30 in the morning the petition seeking the winding up of
Health Easy Medical Network Limited.

Tsui Ka Yiu of Room 2101, 21/F., Wah Chui House, Wah Fu Estate,
Aberdeen, Hong Kong filed the petition on October 16, 2002.Tam
Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing. They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


HENSEN INTERNATIONAL: Proofs of Claim Deadline December 23
----------------------------------------------------------
E T O'Connell, the official receiver and liquidator of Hensen
International Limited, announces that creditors of the company
have until December 23, 2002 to submit their proofs of claim.

The proofs of claim must be sent to the liquidator's office
located at the 10th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.


JUMBO ALLIANCE: Winding Up Petition to be Heard December 11
-----------------------------------------------------------
Jumbo Alliance Limited faces a winding petition, which the High
Court of Hong Kong will hear on December 11, 2002 at 9:30 in the
morning.

Lee Oi Tak of Room 3219, King Man House, Ho Man Tin Estate,
Kowloon, Hong Kong filed the petition on October 7, 2002.  Tam
Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


LAI SUN: Schedules Annual General Meeting on December 20
--------------------------------------------------------
Notice is hereby given that the Annual General Meeting of the
Members of Lai Sun Development Company Limited will be held at
The Chater Room III, Function Room Level (B1), The Ritz-Carlton
Hong Kong, 3 Connaught Road Central, Hong Kong on Friday,
December 20, 2002 at 10:30 a.m. for the following purposes:

(1) To receive and consider the Audited Financial Statements and
    the Reports of the Directors and of the Auditors for the
    year ended July 31, 2002;

(2) To re-elect retiring directors and to fix the directors'
    remuneration;

(3) To appoint auditors and to authorise the directors to fix
    their remuneration; and

(4) As special business, to consider and, if thought fit, pass
    with or without amendments, the following resolution as an
    Ordinary Resolution:

    "THAT:

    (a) subject to paragraph (c) of this Resolution, the
        exercise by the directors during the Relevant Period (as
        hereinafter defined) of all the powers of the Company to

        issue, allot and deal with additional ordinary shares in
        the Company, and to make or grant offers, agreements and
        options (including warrants, bonds, debentures, notes
        and any securities which carry rights to subscribe for
        or are convertible into ordinary shares in the Company)
        which would or might require the exercise of such power
        be and is hereby generally and unconditionally approved;

    (b) the approval in paragraph (a) of this Resolution shall
        authorise the directors during the Relevant Period to
        make or grant offers, agreements and options (including
        warrants, bonds, debentures, notes and any securities
        which carry rights to subscribe for or are convertible
        into ordinary shares in the Company) which would or
        might require the exercise of such power after the end
        of the Relevant Period;

    (c) the aggregate nominal amount of ordinary share capital
        allotted or agreed conditionally or unconditionally to
        be allotted (whether pursuant to an option or otherwise)
        and issued by the directors pursuant to the approval in
        paragraph (a) of this Resolution, otherwise than
        pursuant to (i) a Rights Issue (as hereinafter defined);
        or (ii) an issue of ordinary shares in the Company upon
        the exercise of rights of subscription or conversion
        under the terms of any of the securities which are
        convertible into shares of the Company; or (iii) an
        issue of ordinary shares in the Company as scrip
        dividends pursuant to the Articles of Association of the
        Company from time to time; or (iv) an issue of ordinary
        shares in the Company under any option scheme or similar
        arrangement for the grant or issue to employees of the
        Company and/or any of its subsidiaries of ordinary
        shares in the Company or rights to acquire ordinary
        shares in the Company, shall not exceed 20% of the
        aggregate nominal amount of the issued ordinary share
        capital of the Company as at the date of this
        Resolution, and the said approval shall be limited
        accordingly; and

    (d) for the purposes of this Resolution:

        "Relevant Period" means the period from the passing of
        this Resolution until whichever is the earlier of:

        (i) the conclusion of the next Annual General Meeting of
            the Company;

       (ii) the revocation or variation of the authority given
            under this Resolution by an ordinary resolution of
            the shareholders of the Company in general meeting;
            or

      (iii) the expiration of the period within which the next
            Annual General Meeting of the Company is required by
            law to be held; and "Rights Issue" means an offer of
            ordinary shares of the Company open for a period
            fixed by the directors to the holders of ordinary
            shares, whose names appear on the Register of
            Members of the Company on a fixed record date in
            proportion to their then holdings of such ordinary
            shares as at that date (subject to such exclusions
            or other arrangements as the directors may deem
            necessary or expedient in relation to fractional
            entitlements or having regard to any restrictions or
            obligations under the laws of, or the requirements
            of any recognised regulatory body or any stock
            exchange in, any territory applicable to the
            Company)."

By Order of the Board
Yeung Kam Hoi
Company Secretary

Notes:

(1) A member entitled to attend and vote at the Annual General
    Meeting is entitled to appoint one or more proxies to attend
    and, on a poll, vote on his behalf. A proxy need not be a
    member of the Company.

(2) To be valid, a form of proxy and the power of attorney or
    other authority (if any) under which it is signed, or a
    notarially certified copy of such power or authority, must
    be lodged with the Company's Registrars, Tengis Limited, at
    4th Floor, Hutchison House, 10 Harcourt Road, Central, Hong
    Kong, not less than 48 hours before the time appointed for
    holding the Annual General Meeting or its adjourned meeting
    (as the case may be). Completion and return of the form of
    proxy shall not preclude members from attending and voting
    in person at the Annual General Meeting or at any of its
    adjourned meeting should they so wish.

(3) Ordinary Resolution No. 4 relates to the granting of a
    general mandate to the directors of the Company to issue new
    ordinary shares of up to a maximum of 20% of the aggregate
    nominal amount of the issued ordinary share capital of the
    Company as at the date of the said resolution. The Company
    has no immediate plan to issue such new shares.


NICEMATE COMPANY: High Court to Hear Wind Up Suit December 18
-------------------------------------------------------------
A petition seeking the winding up of Nicemate Company Limited is
scheduled for hearing before the High Court of Hong Kong on
December 18, 2002 at 9:30 in the morning.

Bank of China (Hong Kong) Limited whose registered office is
located at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong filed the petition on October 10, 2002.  Koo
and Partners represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office at the 21st-22nd Floors, Bank of
China Tower, 1 Garden Road, Central, Hong Kong.


PROSPERITY ENTERPRISE: Wind Up Petition to be Heard December 18
---------------------------------------------------------------
Prosperity Enterprise Company Limited faces a winding up
petition, which the High Court of Hong Kong will hear on
December 18, 2002 at 9:30 in the morning.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong filed the petition
on October 11, 2002.  Tsang, Wong & Chan represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tsang, Wong &
Chan, which holds office at the 16th Floor Wing On House, 71 Des
Voeux Road, Central, Hong Kong.


YAU WING: General Meeting of Creditors Set for December 3
---------------------------------------------------------
E T O'Connell, the official receiver of Yau Wing Hong, announces
that creditors of the company will hold a general meeting on
December 3, 2002.  The receiver will host the meeting at its
office on the 10th Floor, Queensway Government Offices, 66
Queensway, Hong Kong.



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I N D O N E S I A
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ASTRA INTERNATIONAL: C&C Denies Acquisition Reports
---------------------------------------------------
In response to speculation in Jakarta that Cycle & Carriage
(C&C) may increase its stake in its Indonesian unit, PT Astra
International, C&C chief financial officer Neville Venter said
in a brief e-mail reply to AFX-Asia, said they haven't purchased
any shares in Astra.

Astra is planning to issue as much as 3 billion rights shares
priced between 500 and 2,000 rupiah. The exercise is likely to
raise between US$100 and 150 million, mostly going to debt
repayment.

Venter earlier said C&C has not committed to take up more than
its entitlement as a 31% owner of Astra during the rights offer,
but may consider subscribing to more shares depending on price
and market conditions.

He has said there would be a limit though, to how much C&C would
take up as it will need to borrow funds to make any purchases.
(M&A REPORTER-ASIA PACIFIC, Vol. No.1, Issue No. 235, November
27, 2002)



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J A P A N
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DAIO PAPER: JCR Assigns BBB Rating
----------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB rating to
the following bonds of Daio Paper as follows:

RATIONALE:

JCR announced the affirmation of BBB rating for Daio Paper on
November 7, 2002.

The bond proceeds will be used for the retirement of the bonds
outstanding of Daio Paper. The issue will not cause an increase
in the interest-bearing debt.

Issue: convertible bonds no.5
Amount: Y25 billion Issue
Date: December 12, 2002
Due Date: March 31, 2008
Coupon: To be decided
Covenants: Negative Pledge, Collateralized and Maintenance of
Net Assets
Commissioned Company: Yes

Meanwhile, Dow Jones reported that the Company's shares declined
3.8 percent at 855 yen on Wednesday.


JR FREIGHT: Posts H102 Y600M Net Loss
-------------------------------------
Japan Freight Railway Co. posted a net loss of 600 million yen
in the first half ending September due to one-time losses of 3
billion yen to make up for a shortage of retirement allowance
reserves, Kyodo News said on Tuesday.

Operating revenues decreased 3.3 percent to 74.9 billion yen on
a 3.9 percent fall in cargo transport amid intensifying
competition with trucks and ferry boats.



K MANABE: Construction Firm Applies for Rehabilitation
------------------------------------------------------
KK Manabe Komuten, which has total liabilities of 6.5 billion
yen, recently applied for civil rehabilitation proceedings,
according to Tokyo Shoko Research.  The highway & street
construction firm is located in Oosaka-si, Oosaka, Japan.


MITSUBISHI TOKYO: Unveils Consolidated Financial Statements
-----------------------------------------------------------
The consolidated balance sheet of Mitsubishi Tokyo Financial
Group, Inc. (MTFG) and its subsidiaries is compiled as required
by the Banking Law and in conformity with accounting principles
and practices generally accepted in Japan, which are different
in certain respects as compared to the application and
disclosure requirements of International Accounting Standards.

The Consolidated Balance Sheet is not intended to present the
financial position in accordance with accounting principles and
practices generally accepted in countries and jurisdictions
other than Japan. The amounts are presented in millions of yen
and are rounded down to the nearest million.

Trading Assets and Liabilities

Transactions for trading purposes (for purposes of seeking to
capture gains arising from short-term changes in interest rates,
currency exchange rates or market prices of securities and other
market-related indices or from gaps among markets) are included
in Trading assets and Trading liabilities on a trade date basis.

Trading securities and monetary claims purchased for trading
purposes are stated at market value at the interim fiscal year
end.

Trading-related financial derivatives such as swaps, futures or
options are stated at the estimated amounts that would be
received or paid for settlement if such transactions were
terminated at the interim fiscal year end.

Investment Securities

Debt securities being held to maturity are stated at amortized
cost computed by the moving-average method (straight-line
amortization). Other securities (securities available for sale)
whose current value can be estimated are stated at market value
at the interim fiscal year end (sale cost is calculated by the
moving-average method) and other non-marketable securities are
stated at cost or amortized cost computed by the moving-average
method. Unrealized gains and losses on securities available for
sale are included in shareholders' equity, net of income taxes.

Derivatives

Derivatives for purposes other than trading are stated at market
value.

Premises and Equipment
Depreciation for buildings and equipment of MTFG and its
domestic banking subsidiary and trust banking subsidiary is
computed using the declining-balance method.

Principal estimated useful lives are as follows:

      Buildings                 15years to 50 years
      Equipment and Furniture   5 years to 20 years

Depreciation for buildings and equipment of other consolidated
subsidiaries is computed principally using the straight-line
method based on the estimated useful lives.

Software

Costs of computer software developed or obtained for internal
use are deferred and amortized using the straight-line method
over the estimated useful lives of 5 years.

Discounts and Issuance Costs of Debentures and Bonds

Debenture and bond discounts are deferred and amortized using
the straight-line method over the lives of the debentures and
bonds. Bond issuance costs are charged to expenses as they are
incurred.

Translation of Foreign Currency Items

Foreign currency assets and liabilities and overseas branches'
accounts of MTFG's domestic banking subsidiary and trust banking
subsidiary are principally translated into yen equivalents at
the exchange rates prevailing at the interim fiscal year end,
except equity securities of affiliated companies which are
translated into yen equivalents at the exchange rates prevailing
at the acquisition date for those securities.

For a copy of the MTFG's Interim Financial Highlights under
Japanese GAAP for the Fiscal Year Ending March 31, 2003, visit
http://bankrupt.com/misc/tcrap_mtfg1127.pdf


MITSUBISHI TOKYO: Details Allowance For Domestic Units' Losses
--------------------------------------------------------------
An allowance for loan losses of Mitsubishi Tokyo Financial Group
(MTFG)'s primary domestic consolidated subsidiaries is provided
as detailed below, pursuant to the internal rules for self-
assessment of asset quality and the internal rules for providing
allowances for credit losses:

For claims to debtors who are legally bankrupt (due to
bankruptcy, special liquidation, suspension of transactions with
banks by the rules of clearing houses, etc.) or virtually
bankrupt, an allowance is provided based on the amount of
claims, after the charge-off stated below, net of amounts
expected to be collected through the disposal of collateral or
execution of guarantees.

For claims to debtors who are likely to become bankrupt for
which future cash flows could not be reasonably estimated, an
allowance is provided for the amount considered to be necessary
based on an overall solvency assessment performed for the amount
of claims net of amounts expected to be collected through the
disposal of collateral or execution of guarantees.

For claims to debtors who are likely to become bankrupt and to
be closely watched for which future cash flows could be
reasonably estimated, an allowance is provided for the
difference between the present value of expected future cash
flows discounted at the contracted interest rate and the
carrying value of the claim.

For other claims, an allowance is provided based on historical
loan loss experience. The allowance for loans to specific
foreign borrowers is provided based on the amount of expected
losses due to the political and economic situation of their
respective countries.

All claims are assessed by the branches and credit supervision
divisions based on the internal rules for self-assessment of
asset quality. The credit examination divisions, which are
independent from branches and credit supervision divisions,
subsequently conduct audits of their assessments, and an
allowance is provided based on audit results.

For collateralized or guaranteed claims to debtors who are
legally bankrupt or virtually bankrupt, the amount of claims
exceeding the estimated value of collateral or guarantees, which
is deemed uncollectible, has been charged off and totals Y
966,321 million.

An allowance for loan losses of other consolidated subsidiaries
is provided based on historical loan losses experience or
estimated collectibility of specific claims.

Allowance for Losses on Investment Securities

An allowance for losses on investment securities is provided
based on the estimated losses on non-marketable debt securities.

Reserve for Employees' Bonuses

A reserve for employees' bonuses is provided for the payment of
employees' bonuses based on estimated amounts of the future
payments attributed to the current interim fiscal year.


MITSUBISHI TOKYO: Unstable Economy Influences Dividend Decision
---------------------------------------------------------------
Mitsubishi Tokyo Financial Group, Inc. (MTFG; President:
Shigemitsu Miki) resolved, at a recent board meeting, not to pay
interim cash dividends on common stock for fiscal 2002.

The Board decided it would be prudent to forgo payment of an
interim dividend in light of the volatile financial and economic
conditions prevailing in the Japanese financial sector. MTFG
also announced that the Company plans to pay cash dividends on
common stock to shareholders of record on March 31, 2003 of
4,000 yen per share, a decrease of 2,000 yen per share from the
6,000 yen per share in dividends paid for fiscal 2001. The Board
determined to reduce cash dividends on common stock for fiscal
2002 to strengthen the financial condition of MTFG by bolstering
its capital base.

Cash dividends on preferred stock-class 1 and class 2 are
expected to remain unchanged from the levels previously
announced on May 24, 2002.

Revised payment of cash dividends for the fiscal year 2002
(unit; Japanese yen per share)

                                 Interim  Term-end    Full-Year
                                         (Planned)


Previous Announcement Common stock      3,000   3,000   6,000
(on May 24, 2002)Preferred stock-class1 41,250 41,250   72,500
                 Preferred stock-class2  8,100  8,100   16,200

Revised          Common stock             -      4,000  4,000
                 Preferred stock-class1   41,250 41,250 82,500
                 Preferred stock-class2   8,100  8,100  16,200

Inquires: Mr. Kohei Tsushima
General Manager, Public Relations Office
Tel. +81-3-3240-8149

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_mtfg1127p2.pdf


SHISEIEN HAYATA: Enters Bankruptcy
----------------------------------
The Japanese court has declared Shiseien Hayata Bokujyo
bankrupt, according to Tokyo Shoko Research Ltd.

Shiseien,located at Date-gun, Fukushima, has 100 million yen in
capital against total liabilities of 5.8 billion yen.


SNOW BRAND: Selling Winery Unit to Chateraise
---------------------------------------------
Snow Brand Milk Products Co. will sell its wine-making unit,
Snow Brand Belleforet Winery, to confectionery chain Chateraise
for 400 million yen by the end of this year, Japan Times said on
Wednesday.

Both firms agreed that all 176,000 outstanding shares in Snow
Brand Belleforet will be transferred to the confectionery chain
on Friday. The winery's fixed assets will be assumed by
Chateraise in late December. Belleforet is in the midst of
restructuring.

Snow Brand Milk will book an extraordinary loss of 700 million
yen in its October-March earnings for the deal, but this has
already been factored into its full-year earnings projections,
it said.

The Company expects a consolidated net loss of 23 billion yen
and a pretax loss of 25 billion yen on group sales of 686
billion yen. Snow Brand's business deteriorated drastically
after a food poisoning case in 2000, caused by milk products.


SOFTBANK CORPORATION: Strategically Merging Four Subsidiaries
-------------------------------------------------------------
The Board of Directors of Softbank Corporation agreed to merge
four subsidiaries (surviving entity: BB Technologies
Corporation; disappearing companies: SOFTBANK Networks Inc.,
SOFTBANK EC HOLDINGS CORP., SOFTBANK COMMERCE CORPORATION.). The
merger of the four subsidiaries is scheduled for January 7,
2003.

The new company, following the merger, will be the largest
operating company in the SOFTBANK Group, with sales of
approximately Y300 billion (based on results for the fiscal year
2002) and approximately 2,000 employees (as of the end of
September 2002).

DETAILS

1. Purpose and effect of the merger

The four SOFTBANK Group companies will be merged in order to
achieve greater efficiency and strengthen the group's base of
operations in broadband infrastructure. BB Technologies
Corporation provides and manages the infrastructure, including
technological development and support services, for Yahoo! BB, a
comprehensive broadband service.

SOFTBANK Networks Inc. includes the subsidiary, IP REVOLUTION
INC., which provides optical fiber services for corporate
clients as a Type-I Telecommunications Carrier.

SOFTBANK EC HOLDINGS CORP. oversees the e-commerce business of
the SOFTBANK Group.

SOFTBANK COMMERCE CORP. is engaged in the distribution of IT-
related products, as well as sales and promotions for Yahoo! BB.
The strategic merger will enable SOFTBANK to integrate all
phases of this business from systems and technology development
to sales and support, in order to produce significant efficiency
gains and accelerate the speed at which business is
accomplished. The merger will also allow administrative
functions, primarily finance, accounting, general affairs,
personnel and business planning, to be consolidated and
strengthened for more efficient operations and enhanced capacity
to formulate business strategy. In addition, the consolidation
will allow personnel to be reallocated to strategic departments.

SOFTBANK envisions this consolidation of the group's broadband
business to create an integrated system to provide customers
with the highest possible levels of technology, products,
services and operations, and is fully confident that it will be
a significant step forward in the broadband strategy of the
SOFTBANK Group.

2. Merger schedule
Board of Directors approval of the merger contract: November 15,
2002
Execution of merger contract: November 15, 2002
General Meeting of Shareholders to approve the merger contract:
November 29, 2002
Date of merger: January 7, 2003 (tentative)
Registration of merger: January 7, 2003 (tentative)

3. Form of merger
BB Technologies Corporation will be the surviving entity and
will incorporate the other three companies, which will be
dissolved.

4. Other information
BB Technologies Corporation will issue common stocks in an one-
for-one exchange for the shares of SOFTBANK Networks Inc. and
SOFTBANK EC HOLDINGS CORP., respectively. SOFTBANK COMMERCE
CORP., as a wholly owned subsidiary of SOFTBANK EC HOLDINGS
CORP., is not included in the BB Technologies Corporation share
allotment.

No money will change hands as a result of the merger.

5. Profile of the surviving entity (as of the end of September
2002)

Trade Name BB Technologies Corporation
Type of Business

1. Construction, supply and management of ADSL infrastructures

2. Technology development

3. Technology support

Established May 16, 2000
Head office 24-1 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo
Representative Masayoshi Son, President and CEO
Paid-in capital Y3 billion
Total assets Y96,532 million
Settlement of accounts March 31
Employees 847
(Including contract employees and temporary employees)
Major shareholders and ownership ratio    SOFTBANK CORP. 100%

Trade Name SOFTBANK Networks Inc.
Type of Business Holding company in the Broadband Infrastructure
segment
Established February 1, 2000
Head office Oak Minami Azabu Building, 3-19-23 Minami Azabu,
Minato-ku, Tokyo
Representative Yutaka Shinto, President and CEO
Paid-in capital Y3.75 billion
Total assets Y4,753 million
Settlement of accounts March 31
Employees 75
(Including temporary employees)
Major shareholders and ownership ratio    SOFTBANK CORP. 100%

Trade Name SOFTBANK ECHOLDINGS CORP.
Type of Business Operation holding company in the e-Commerce
segment
Established September 21, 1999
Head office 24-1 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo
Representative Ken Miyauchi, President and CEO
Paid-in capital Y10.0 billion
Total assets Y23,153 million
Settlement of accounts March 31
Employees 94
(Including temporary employees)
Major shareholders and ownership ratio    SOFTBANK CORP. 100%

Trade Name SOFTBANK COMMERCE CORP.
Type of Business IT-related merchandise and service distribution
and provision of total corporate ITsolutions,including e-
Commerce (B2B)
Established March 23, 2000
Head office 24-1 Nihonbashi Hakozaki-cho, Chuo-ku, Tokyo
Representative Eiji Uda, President and CEO
Paid-in capital Y3.0 billion
Total assets Y57,868 million
Settlement of accounts March 31
Employees 960
(Including contract employees and temporary employees)
Major shareholders and ownership ratio    SOFTBANK EC HOLDINGS
CORP. 100%

Reference

SOFTBANK Networks Inc. resolved to merge three subsidiaries (IP
REVOLUTION, INC., Internet Facilities Inc., and TeraPlanet Inc.)
as of December 20, 2002 in order to achieve greater efficiency
and strengthen its base of operations in the broadband
infrastructure business. IP REVOLUTION INC. will be the
surviving entity and will absorb the other two companies, which
will be dissolved.

The Troubled Company Reporter-Asia Pacific reported that
Softbank Corporation posted a group net loss of 55.8 billion yen
(US$463 million) for the first half of this year to March, hit
by heavy losses on shareholdings in Internet-related companies.

On an operating basis, the Company's loss ballooned to 31.20
billion yen from last year's 8.70 billion yen, although revenues
rose 4.2 percent to 191.05 billion yen.


SOFTBANK CORPORATION: No Decision Yet on Aozora Bank Share Sale
---------------------------------------------------------------
Softbank Corporation responded to the news article saying that
"Softbank Corp. is in talks with at least two non-Japanese
investment funds to sell about 50 billion yen ($411 million) in
Aozora Bank shares" published in the November 26, 2002 issue of
the Nihon Keizai newspaper, Bloomberg reports.

The Company clarified that it has made no decision on the sale
of shares it holds in Aozora Bank Limited, citing Softbank
spokesman Hiroshi Hayashi.

'`It is true that we are considering selling some assets to
improve our finances, but no specific decision has been made
regarding the report,'' Hayashi said.

Cerberus Partners LP, an investment fund that owns 11.5 percent
of Aozora, is interested in buying more shares.

Softbank has a 49 percent stake in Aozora.

The Troubled Company Reporter-Asia Pacific reported Softbank
issued 188.67 billion yen in interest-bearing bonds, of which
21.5 billion yen are expected to mature by December and 43.6
billion yen by March 2004.


TOWA REAL: UFJ Gives Financial Assistance
----------------------------------------
UFJ Bank Limited and UFJ Trust Bank Limited, both of wholly
owned subsidiaries of UFJ Holdings, Inc., on Tuesday decided to
give financial assistance to Towa Real Estate Development Co.,
Ltd. (TOWA REAL ESTATE), as described below, in order for TOWA
REAL ESTATE to execute its new reform plan, which was announced
on November 7, 2002.

1. Debt forgiveness

UFJ Bank: 160.637 billion yen
UFJ Trust Bank: 5.103 billion yen

2. Debt-for-equity swaps

UFJ Bank: 25.530 billion yen
UFJ Trust Bank: 762 million yen

Impact on earnings of UFJ Holdings

UFJ Holdings does not change the current forecast of its
consolidated financial results for the fiscal year ending March
31, 2003.



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


CHOHUNG BANK: Newbridge Joins Competition to Acquire Bank
---------------------------------------------------------
Newbridge Capital joined a consortium of US investment fund
Cerberus and Shinsei Bank of Japan to jointly bid for a 51
percent stake in Chohung Bank, AFX Asia reports.

The consortium will compete with another, led by Shinhan
Financial Group.

"With Newbridge's participation, Korea First Bank is conducting
a due diligence study on Chohung currently," the official was
quoted as saying.

Besides the two consortia, each seeking to buy a 51 percent
stake in the bank, ABN Amro is separately seeking to buy a 10
percent stake.


CHOHUNG BANK: Shinhan, Cerberus Front-Runner Candidates
-------------------------------------------------------
The Cerberus Consortium and the Shinhan Financial Group have
come out ahead as the front-running candidates to acquire Cho
Hung Bank, Digital Chosun reports.

Cerberus has reportedly succeeded in attracting Korea First Bank
and Shinsei Bank of Japan as members on its consortium.

The report said three consortia, led by Shinhan, Cerberus and
Shinsei each, had been competing against each other to acquire
Cho Hung Bank, while ABN Amro joined in the bid to purchase only
a 10 percent stake in the bank.

Cerberus, which is headquartered in New York, is one of the
shareholders of New Bridge Capital Consortium, the largest
shareholder of Korea First Bank.


DAEWOO CAPITAL: Selling W145B of ABS Today
------------------------------------------
Daewoo Capital will sell 145 billion won of asset-backed
securities (ABS) today, Reuters reported Monday.

It will be divided into 19 tranches with maturities of six
months to three years, the ABS offer yields from 4.85 to 6.2
percent.

TCR-AP reported in February that the unit of the collapsed
Daewoo Group was currently allowed to keep afloat under a
creditor-initiated workout-restructuring scheme.

Daewoo Capital owes 1.9 trillion won to the state-run Korea
Asset Management Corp. (KAMCO), 974.4 billion won to Daewoo
Securities and 645 billion won to Seoul Investment Trust
Management Company.

HYNIX SEMICON: TFT-LCD Unit Sell-off Nearing Closure
----------------------------------------------------
Hynix Semiconductor will sell its TFT-LCD department to China
Beijing Oriental Electronic Company (BOE), the purchase of which
will be completed next month, a SinoCast report said. A
memorandum had been signed between Hynix and BOE about the
purchase of TFT-LCD of Hynix at the price of US$380 million.

Hynix guarantees the aspects of employees.

Hynix battles Samsung Electronics and Micron Technology for the
crown as the world's largest maker of organic random access
memory (RAM) chips. It also makes static random-access memories
(SRAM's), flash memory and application specific integrated
circuits.


Hynix is being advised by Morgan Stanley. (M&A REPORTER-ASIA
PACIFIC, Vol. No.1, Issue No. 235, November 27, 2002)


HYNIX SEMICONDUCTOR: Deutsche Bank Proposes Rescue Measures
-----------------------------------------------------------
Creditors of Hynix Semiconductor Inc. aim to reschedule the
chipmaker's debt to improve its finances and make it more
attractive for sale, according to Reuters on Tuesday, citing
Deutsche Bank.

Deutsche's reform plans, presented at the Tuesday creditors
meeting, include Hynix lenders swapping 1.9 trillion won ($1.57
billion) in unsecured debt for equity and rolling over the
remaining three trillion won to the end of 2006. The early sell-
off of its Eugene, Oregon factory in the U.S. was also
suggested.


KIA MOTORS: Freighter Fire Destroys Cars Valued at US$20M
---------------------------------------------------------
Kia Motors lost 1,997 cars on a freighter that caught fire after
it washed up on a Japanese island during a storm, Reuters
reported on Tuesday.

The 56,835-tonne Hual Europe, owned by a Norwegin firm, was
stranded on Izu-Oshima Island near Tokyo in October during a
typhoon. The report said the value of the 1,997 U.S.-bound cars
was estimated at about $20 million, but he said the loss would
be fully covered by cargo insurer Hyundai Merchant Marine Co.
A Japanese coast guard official said the cause of the fire had
not been determined.

The Company's shares declined 2.5 percent to 9,070 won on
Tuesday, against the main board's 0.51 percent fall.

TCR-AP reported in October that Kia is saddled with 1.9 trillion
won in debts and unclear business conditions in the second half,
explaining difficulties in working out an agreement with the
labor, citing unnamed Company Executives.

DebtTraders reports that Kia Motor Corp's 9.375  percent bond
due in 2006 (KIAM06KRS1), trades between 115.110 and 115.675.
For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=KIAM06KRS1



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

ABRAR CORPORATION: Status of Defaulted Loans Remains Unchanged
--------------------------------------------------------------
Abrar Corporation Bhd revealed there has been no change in its
loan payment status since the Company's previous announcement
made on October 11, 2002.

The Company was placed under the watchful eye of Special
Administrators in May 27, 2000 by Pengurusan Danaharta Nasional
Berhad pursuant to Section 24 of the Pengurusan Danaharta
Nasional Berhad Act, 1998.

The appointment of the Special Administrators created a
moratorium on the Company and no creditors may take action
against the Company except in accordance with Section 41 of the
Danaharta Act. The moratorium expires on May 26, 2003.

On November 1, 2002, Public Merchant Bank Berhad (PMBB) , on
behalf of the Company, announced that the Company's debt
restructuring proposal prepared by the Special Administrators of
the Company, was approved by Danaharta in accordance with
Section 45(2) of the Danaharta Act. Under Section 46(4) of the
Danaharta Act, the Workout Proposal binds the Company, all
members and creditors of the Company and any other person
affected by the Workout Proposal. The Workout Proposal will
address the Company's default in payments.

In the meantime, the Company's Restructuring Proposals, which
was submitted to the Securities Commission by PMBB and announced
on September 2, 2002, is pending the Securities Commission's
approval.

CONTACT INFORMATION:  No. 24-2, Jalan 1/76D
                       Desa Pandan
                       55100 Kuala Lumpur
                       Tel: 03-9283 2299
                       Fax: 03-9281 6299


GENERAL LUMBER: Affin Bank Files Winding Up Petition
----------------------------------------------------
General Lumber Fabricators & Builders Bhd (GLUMBER) had on
November 20, 2002 announced that a winding-up petition was
served by Affin Bank Berhad on GLUMBER by way of Notice
advertised in The Star on Wednesday, November 20, 2002.

CONTACT INFORMATION: Level 9, Wisma General Lumber
                     Block D, Peremba Square
                     Saujana Resort, Section U2
                     40150 Shah Alam
                     Selangor
                     Tel: 03-7621 0800
                     Fax: 03-7621 1133



MALAYSIAN RESOURCES: Posts Changes in Restructuring Proposal
------------------------------------------------------------
On behalf of the Board of Directors of Malaysian Resources
Corporation Bhd, AmMerchant Bank Berhad, formerly known as Arab-
Malaysian Merchant Bank Berhad, wishes to announce that the
Proposed Transfer of IT Companies (as defined and detailed in
the announcement dated October 8, 2001) has been removed from
the Corporate Proposals.

These factors were taken into consideration in deciding not to
proceed with the Proposed Transfer of IT Companies:-

(a) the conditions precedent and requirements for the Proposed
    Transfer of IT Companies, which inter-alia include
    contractual and minority shareholders' approvals have to
    not been fulfilled and are not expected to be fulfilled
    in the immediate future;

(b) the Proposed Transfer of IT Companies is not inter-
    conditional upon the rest of the proposals within the
    Corporate Proposals;

(c) the IT Companies are an immaterial part of the net tangible
    assets of MRCB as well as the enlarged Media Prima Berhad
    ("Newco"), formerly known as Profitune Berhad, post
    restructuring.

Therefore, having recently received the Securities Commission's
approval for the Corporate Proposals, the removal of the
Proposed Transfer of IT Companies helps expedite the
implementation of the Corporate Proposals without having a
significant impact on the Corporate Proposals as a whole. The IT
companies will continue to be held under MRCB post demerger
under the Corporate Proposals.

Further, AmMerchant Bank wishes to announce that the Foreign
Investment Committee has vide their letter dated 18 November
2002 (received on 21 November 2002) approved the proposed
revisions to the Corporate Proposals (as announced on 16 August
2002). Following that, MRCB and Newco have today executed a
second supplemental agreement in relation to the revisions to
the Proposed Transfer of NSTP (as detailed in the announcement
dated 16 August 2002).

The Corporate Proposals remains subject to the approvals of the
shareholders of MRCB and TV3 at their respective extraordinary
general meetings to be convened in due course.


SRIWANI HOLDINGS: Foreign Investment Body OKs Restructuring Plan
----------------------------------------------------------------
This refers to the announcements dated June 28, 2002, July 5,
2002 and August 9, 2002 related to the following proposals:

(1) Proposed Capital Reduction and Consolidation,

(2) Proposed Restricted Issue,

(3) Proposed Rights Issue,

(4) Proposed Debt Restructuring Scheme,

(5) Proposed Assets Injection, and

(6) Proposed Additional Issue

On behalf of the Board of Directors of Sriwani Holdings Bhd,
Commerce International Merchant Bankers Berhad hereby announces
that the Foreign Investment Committee has on November 22, 2002
approved the Proposals as proposed.

CONTACT INFORMATION: Wisma Sriwani, 418 Chulia Street
                     10200 Penang
                     Tel: 04-2628535
                     Fax: 04-2614076



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


MANILA ELECTRIC: Talk of Government Take-over Continues
-------------------------------------------------------
A government source told the AFX-Asia News that a potential
government takeover of Manila Electric Co (Meralco) is one of
"talking points" of ongoing consultations between the state, the
company's management and creditors as it seeks to maintain its
viability amid the implementation of a massive refund to
customers.

The source said the presence of more government representatives
in Meralco will assure its rehabilitation. The state, counting
the shares owned by its agencies, owns 25 percent of Meralco.
At present, management control rests with the Lopez family,
which owns the next biggest share bloc. The government has said
it is not interested in a takeover of Meralco, with its ability
to bail out the company impaired due to its fiscal problems.

Meralco is finding ways to implement the refund of customer
over-billings when the Supreme Court said it must repay
customers back to 1994. It is estimated the refund will cost the
company anywhere from 8-28B pesos. (M&A REPORTER-ASIA PACIFIC,
Vol. No.1, Issue No. 235, November 27, 2002)


MANILA ELECTRIC: Government Offers Only Representatives
-------------------------------------------------------
The Philippine government is proposing to appoint
representatives to Manila Electric Co. (MER) to ensure its
financial viability but it is not seeking to oust the Lopez
group as controlling shareholder, BPI Securities reports.

The report said that in naming new representatives, the
government is only exercising its right as shareholder and
protecting the interest of government financial institutions,
which also have loan exposures to MER.

It added that it was important to promote a structure where
clearly government is working with them in a form of partnership
so that there would be confidence-building measures.


MANILA ELECTRIC: Seeking to Delay Tariff Increase Petition
----------------------------------------------------------
Creditor banks of the Manila Electric Co. are urging the Energy
Regulatory Board (ERC) to approve the power firm's long-delayed
tariff increase petition, which would help the Company make
payments on debt maturing next year, AFX Asia said on Wednesday.

On Tuesday, ERC Chairwoman Leticia Ibay said the commission
might issue a ruling on Meralco's application after hearings in
December. Meralco has been seeking a 0.30 peso per kilowatthour
rate increase. It has also submitted an unbundled rate structure
with rates raised by another 1.12 pesos per kWh. These petitions
have been consolidated as ordered by the ERC.


METRO PACIFIC: FirstPac Approves BLC Sale in Principle
------------------------------------------------------
The Board of Directors of First Pacific Co. Limited has approved
in principle Metro Pacific Corp's (MPC) transfer of its shares
in Bonifacio Land Corporation (BLC) to Ayala Land Inc (ALI) and
Greenfield Development Corp. in exchange for their payment of
the loan principal to First Pacific unit Larouge.  BV MPC will
also turn over to the joint venture P655M in Bonifacio Land
notes, according to BPI Secruties on Wednesday.

First Pacific reiterated that an independent board committee,
which will also appoint an independent adviser to assess the
transaction, is reviewing the transaction. The review will be
completed on December 9. At the same time, First Pacific will
hold discussions with the parties involved in the Bonifacio
agreement.


NATIONAL POWER: Union Questions Resolution to Cut 2,370 Jobs
------------------------------------------------------------
The Consolidated Union (NECU), a labor union of the National
Power Corporation (Napocor), questioned the legality of the
Company's board resolution to cut more than 2,370 Napocor
employees starting January 2003, Business World reported.

According to NECU head Abner Eleria, Napocor may have violated
Republic Act 6656 which lays down the rules for the
reorganization of government agencies.  Eleria said the
resolution was "drastically passed" without proper consultations
with Napocor's unions. He said the board meeting wherein the
decision was passed was even kept "confidential" despite huge
implications on employees. The retrenchment is part of
government's plan to privatize the power firm.

The report said NECU is studying possible legal options
available and that the group is keen on filing for a temporary
restraining order (TRO) against the resolution.

"We are still evaluating everything, we're trying to discuss
what legal remedies we can resort to. Right now, we are
considering, among others, to file for a TRO," Mr. Eleria said.


NATIONAL STEEL: Arroyo Approves Restructuring
---------------------------------------------
Philippine President Gloria Macapagal Arroyo approved, in
principle, the restructuring of the National Steel Corp. (NSC)
which would, among others, make available some P650 million for
the accrued benefits due its 4,000 former employees once it
starts operations early in January, the Manila Bulletin said on
Tuesday.  NSC ceased operations in November 1999, displacing
hundreds of workers in Iligan and nearby towns.

The President witnessed the formal signing of the Memorandum of
Agreement (MOA) among the various stakeholders and creditors of
the NSC in a simple ceremony held at Malaca¤ang.

"The MOA will effect write-downs or write-off by the Malaysian
investments so that while they now own about 90 percent of the
entire firm, it will not be reduced to 20 percent ownership,"
Trade Secretary Manuel Roxas said.

Roxas said under the agreement, the ownership share of the
Malaysian government's investment firm, Danaharta, would be
reduced to 20 percent from 90 percent. "The value of what they
(Danaharta) have invested, about $700 million, will now be
reduced so they would be now owning the equivalent of P2 billion
($37.7 million)," Roxas said.


PHILIPPINE LONG: Conciliatory Meeting Set For November 27
---------------------------------------------------------
The Philippine Long Distance Telephone Co. (PLDT) said a
conciliatory meeting with its union is scheduled for November 27
as it tries to prevent a strike, reports the Business World.

The union, called Manggagawa ng Komunikasyon sa Pilipinas (MKP),
has filed a notice to strike before the Department of Labor and
Employment following the layoff of 500 regional telephone
operators.

In a statement, PLDT said management's decision on the issue
will take into account the interest of all stakeholders in the
Company. PLDT said it is hoping the matter will be resolved
soon.

PLDT decided to cut 500 workers by year-end due to the continued
drop in the volume of international and national long-distance
calls coursed through telephone operators. A protest was held on
Tuesday afternoon in front of the PLDT office in Makati Avenue,
Makati City.



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


CHARTERED SEMICONDUCTOR: Hosting Conference Call With Investors
---------------------------------------------------------------
Chartered Semiconductor Manufacturing, one of the world's top
three silicon foundries, will conduct a conference call with
analysts and investors, following the announcement of a
development and manufacturing agreement with IBM. The agreement
is designed to provide customers with greater access to leading
edge semiconductor technologies and sourcing flexibility.

Conference call with analysts and investors Chartered's
President & CEO Chia Song Hwee will be discussing the agreement
with analysts and investors on a conference call today, November
27, 2002, at 8:30 a.m. Singapore time (US time 4:30 p.m. PT/7:30
p.m. ET, November 26, 2002). A webcast of the conference call
will be available to all interested parties on Chartered's Web
site at www.charteredsemi.com, under Investor Relations,
Releases & Confcalls, or at
http://investor.charteredsemi.com/releases.cfm

Chartered Semiconductor Manufacturing www.charteredsemi.com, one
of the world's top three silicon foundries, is forging a
customized approach to outsourced semiconductor manufacturing by
building lasting and collaborative partnerships with its
customers. The Company provides flexible and cost-effective
manufacturing solutions for customers, enabling the convergence
of communications, computing and consumer markets. In Singapore,
Chartered operates five fabrication facilities and has a sixth
fab, which will be developed as a 300mm facility.

A Company with both global presence and perspective, Chartered
is traded on both the Nasdaq Stock Market (Nasdaq: CHRT) and on
the Singapore Exchange (SGX-ST: CHARTERED). Chartered's 3,500
employees are based at 11 locations around the world.

Suresh Kumar
(1) 408.941.1110
sureshk@charteredsemi.com

Clarence Fu
(65) 6360.4060
cfu@charteredsemi.com

Media Contacts:
Chartered U.S.:
Tiffany Sparks
(1) 408.941.1185
tiffanys@charteredsemi.com

Chartered Singapore:
Maggie Tan
(65) 6360.4705
tanmaggie@charteredsemi.com

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_csm1127.pdf

DebtTraders reports that Chartered Semiconductor Mnfg's 2.500
percent convertible bond due in 2006 (CSM06SGN1) trades between
89 and 91. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=CSM06SGN1


CHARTERED SEMICONDUCTOR: Joins With IBM to Create Faster Chips
--------------------------------------------------------------
IBM and Chartered Semiconductor Manufacturing, one of the
world's top three silicon foundries, recently announced a joint
development and manufacturing agreement designed to provide
customers with greater access to leading-edge semiconductor
technologies and sourcing flexibility.

Under terms of the multi-year development agreement, the two
companies plan to jointly develop and align on 90 nanometer (nm)
and 65nm logic processes for foundry chip production on 300-
millimeter (mm) silicon wafers. Additionally, the two companies
may explore an extension to the agreement to include 45nm
technology. To assist foundry customers in designing with these
technologies, IBM and Chartered have also agreed to work
together with third-party providers of design tools and open-
standard formats to help customers more easily move their
products between the two companies for production.

The agreement also includes a reciprocal manufacturing
arrangement between Chartered and IBM. Chartered will be able to
offer its customers some capacity in IBM's new 300mm chip
manufacturing facility in East Fishkill, N.Y. In turn, IBM
expects to utilize some capacity in Chartered's 300mm Fab 7 in
Singapore to help meet additional future capacity requirements.
Financial details of the agreement were not disclosed.

"This agreement is intended to help our customers by making our
advanced technologies more readily available for use in their
applications," said John Kelly, senior Vice President and group
executive, IBM Technology Group. "And IBM intends to further
assist our customers in applying those technologies for real
business advantage by providing complementary services and
support. Our agreement with Chartered is about putting
technology to work for our customers." Scale, Cycle Time and

Cost Efficiencies

Through the agreement, IBM and Chartered expect to achieve
scale, cycle time and cost efficiencies in both leading-edge
process technology development and 300mm manufacturing, while
also providing customers multiple sources of supply.

"This is an exciting milestone for the foundry industry. It
further validates Chartered's belief that flexibility and
openness are what the market wants," said Chia Song Hwee,
President and CEO of Chartered. "Chartered customers gain an
enhanced total product solution and earlier access to 90nm
technologies on 300mm. At the same time, this agreement affords
Chartered the flexibility to defer the pilot production of our
300mm Fab 7 until late in the third quarter of 2004, while still
meeting our customers' needs and gaining 300mm manufacturing
experience."

Historically, foundry customers were characterized as companies
who completed their own chip designs and looked to high-volume,
low-cost manufacturers to simply build wafers. The model is
changing, however, as chip designers are finding it difficult to
deal with the latest, more complex design technologies.
Increasingly, they are depending on foundry suppliers to provide
both advanced manufacturing processes and additional design
support.

This agreement between IBM and Chartered is intended to provide
a broad foundry base for leading-edge technologies -- backed by
technical expertise and services -- to help foundry customers
improve their time to market, reduce costs and increase their
overall competitiveness.

The baseline 90nm technology is targeted for 300mm wafer
production in East Fishkill in the third quarter 2003. In order
to assist customer product planning on next-generation
technology, the companies intend to make details of their 65nm
development efforts known to customers in the fourth quarter
2003. The development activities will be conducted in the East
Fishkill facility. Each Company will have the ability to
implement the jointly developed processes in its own
manufacturing facilities.

About IBM Microelectronics

IBM Microelectronics http://www.ibm.com/chipsis a key
contributor to IBM's role as the world's premier information
technology supplier. IBM Microelectronics develops, manufactures
and markets state-of-the-art semiconductor and interconnect
technologies, products and services. Its superior integrated
solutions can be found in many of the world's best-known
electronic brands.

IBM is a recognized innovator in the chip industry, having been
first with advances like more power-efficient copper wiring in
place of aluminum, faster silicon-on-insulator (SOI) and silicon
germanium transistors, and improved low-k dielectric insulation
between ship wires. These and other innovations have contributed
to IBM's standing as the number one U.S. patent holder for nine
consecutive years.

The press release is located at
http://bankrupt.com/misc/tcrap_csm1127p2.pdf

Media Contacts
Rick Bause
Public Relations Manager IBM
(845) 892-5463; FAX: (845) 892-5542
rbause@us.ibm.com

Tiffany Sparks
Director, Marketing Communications
Chartered Semiconductor Manufacturing
(408) 941-1185; Fax: (408) 941-1285
tiffanys@charteredsemi.com

Maggie Tan
Marketing Communications Manager
Chartered Semiconductor Manufacturing
(65) 6360-4705; Fax (65) 6369-1954
tanmaggie@charteredsemi.com


SEATOWN CONSTRUCTION: Units Obtained Stay Orders, Re Proceedings
----------------------------------------------------------------
As previously disclosed, Seatown Construction Pte Ltd (SCPL) and
Seatown Foundation Engineering Pte Ltd (SFE), Company
subsidiaries have filed and obtained stay orders under Section
210(10) of the Companies Act (Cap.50)(the Act) restraining
certain of their creditors from taking further steps in their
respective proceedings against SCPL and SFE. Pursuant to an
Order of Court of the High Court of Singapore obtained on 23
August 2002, the meetings of the creditors of SCPL and SFE were
to be called no later than 29 November 2002.

The Company announced that SCPL and SFE would not be proceeding
with the scheme of arrangement under Section 210 of the Act and
both SCPL and SFE have filed an application, on 21 November
2002, to discharge the Order of Court to call the meetings of
creditors no later than 29 November 2002 (with respect to SCPL
and SFE) as well as to discharge the stay order under Section
210(10) of the Act (with respect to SFE only).

Pursuant to an Order of Court dated 25 November 2002, the Court
has discharged the Order of Court to call the meetings of
creditors no later than 29 November 2002 as well as the stay
orders under Section 210(1) of the Act with respect to both SCPL
and SFE.

In another announcement issued by the Company on 20 September
2002, the Company confirmed that the High Court of Singapore had
granted a stay order restraining specific creditors of the
Company from taking any further steps in any proceedings
commenced by these creditors against the Company then before the
Courts of Singapore, or in any other way continuing such
proceedings.

The Company disclosed that, pursuant to an Order of the High
Court of Singapore obtained on 25 November 2002, the Court has
granted an extension of the stay order restraining specific
creditors of the Company from continuing their legal proceedings
against the Company until 15 December 2002, pending the entry
into of a definitive sale and purchase agreement between the
Company and a third party for a proposed acquisition of
businesses and assets by the Company.


SNP CORPORATION: Voluntarily Winding Up Unit
--------------------------------------------
The Board of Directors of SNP Corporation Limited announced that
Manhattan Press (S) Pte Ltd (Manhattan) and Panpac Techno
International Pte Ltd (Panpac Techno), the wholly owned
subsidiaries held by Pan Pacific Private Limited which is in
turn a subsidiary of the Company, have been placed under
members' voluntary winding-up on 25 November 2002.

Manhattan and Panpac Techno were incorporated in Singapore on 27
December 1979 and 12 March 1971 and had been dormant since 2001
and 2000. The winding-up will not have any material impact on
the net tangible assets per share and earnings per share of the
Group.



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


BANGCHAK PETROLEUM: Caltex Spurns Government's Intervention
-----------------------------------------------------------
Caltex Oil (Thailand) Ltd criticized Tuesday the government's
plan to revive state-owned refinery Bangchak Petroleum Plc,
calling the move inimical to the country's free market
philosophy.

Caltex Chairman Wayne Klahs said the government's latest attempt
to raise money for the troubled oil refinery constitutes state
intervention and breaches its commitment to liberalize the local
retail oil industry.

According to Mr. Klahs, the recent troubles of Bangchak are just
natural for weak and inefficient companies operating in
liberalized markets.  He denied allegations that it wants to
eliminate the Thai firm so it can benefit from less competition
and boost its profits.

In an interview with Bangkok Post, Mr. Klahs said Bangchak's
future depended on an improvement in its performance and the
country's economic growth. A state guarantee for loans to the
company would constitute a subsidy.

He said even if Bangchak's refinery was out of service, the
country was unlikely to experience an oil shortage because six
key refineries, including Bangchak's, had a lot of spare
refining capacity. Currently, local oil refineries were
operating at 75% of their combined capacities. Of the output,
70% was for domestic sale and 30% for export.

Although local petroleum consumption was projected to grow by
6.5% annually in the next two years, it would be a long time
before the refineries were operating at full capacity, he told
the Bangkok Post.


NAKORNTHAI STRIP: Creditors Give Nod to Restructuring Plan
----------------------------------------------------------
A majority of Nakornthai Strip Mill's creditors have approved
the ailing steel maker's restructuring plan, Dow Jones said
yesterday.

The plan allows the company to raise fresh funds worth US$85
million through several options that will hopefully restructure
debts worth around 37 billion baht.

Nakornthai's founder and director Sawasdi Horrungruang said
creditors holding a combined debt of 21.95 billion baht, or 67.8
percent of the company's total debt, approved the plan.  He said
the company must complete the plan within nine months after the
Central Bankruptcy Court gives its approval.  Mr. Nakornthai
submitted the plan to the court Monday.





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,
Larri-Nil Veloso, 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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