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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

           Friday, March 21 2003, Vol. 6, No. 57

                        Headlines

A U S T R A L I A

AMP LIMITED: S&P Places ART Ratings on CreditWatch Negative
ANACONDA NICKEL: Releases Half-Year Accounts
CHIQUITA BRANDS: Dir Doyle Resigns; Posts Final Interest Notice
ENERGY WORLD: Sells Investment in Basin Bridge Power Station
GOODMAN FIELDER: Appoints BPC Nominees to Board

GLENCORE NICKEL: Moody's Withdraws Ca LT Rating
POWERTEL LIMITED: Improves EBITDA Loss to A$2.4M
STARTRACK COMMUNICATIONS: Discloses Half-Yearly Report


C H I N A   &   H O N G  K O N G

CAN DO: Capital Reorganization Circular Dispatched
CHINADOTCOM CORPORATION: Unit Signs Definitive Agreement
EAST TOP: Winding Up Hearing Scheduled April 2  
EZCOM HOLDINGS: Seeks Circular Dispatch Time Extension
GOFAR INTERNATIONAL: Winding Up Petition to be Heard

GOLDEN HARVEST: Trims Net Loss to HK$22.61M
KO FOO: Hearing of Winding Up Petition Set
METALFIELD LIMITED: Winding Up Petition Set for Hearing
MURRIN MURRIN: Cash Settle Prompts Moody's to Withdraw Ratings


I N D O N E S I A

ASTRA AGRO: Pefindo Upgrades Rp500B Bond I Year 2002 Ratings

* IBRA Reports Shareholder Settlement Progress

  
J A P A N

JAPAN AIRLINES: S&P Watches 'BB' Rating on Earnings Threat
JAPAN OIL: JNOC OKs Rehabilitation Plan
ORIENT CORPORATION: Carries Out Final Unit Disposal
RESONA HOLDINGS: Establishes Units for Issuance of Securities
SPACE NEOTOPIA: Real Estate Firm Enters Bankruptcy

TOKYO ELECTRIC: Kyushu Electric Aids Power Firm


K O R E A

HYNIX SEMICONDUCTOR: Plans to Sue ImageQuest
SK GLOBAL: Issues Statement Re Accounting Irregularities
SK GLOBAL: Wins Temporary Reprieve From Creditors


M A L A Y S I A

CSM CORPORATION: Provides Defaulted Payment Status Update
FABER GROUP: 2000/2005 Bondholders Meeting Set on April 10
HO HUP: Faces Winding Up Petition Filed by HL Engineering
LION CORPORATION: RM Denominated Bonds Issuance Effectuated
MYCOM BERHAD: Exchanges DGH Project Proposed Financing Letter

RAHMAN HYDRAULIC: Court Orders Share Premium Account Reduction
SAP HOLDINGS: Unit PTL Serves Tax-Related Summon
SAP HOLDINGS: Unit TPGR Faces Summons Over Canceled SPA
SILVERSTONE CORPORATION: Issues RM Denominated Bonds
SOUTHERN PLASTIC: Answers KLSE's Winding Up Query

TA ENTERPRISE: Inactive Unit Under Voluntary Winding Up
TAI WAH: SPA Termination Affects Proposed Debt Settlement
TECHNO ASIA: SC Approves Proposals Imposed Condition Waiver
TIMBERMASTER INDUSTRIES: KLSE Grants LR Time Extension
WING TIEK: Units Seek Separate Scheme Creditors' Meeting


P H I L I P P I N E S

METRO PACIFIC: FirstPac OKs Sale & Assignment Deal
NATIONAL BANK: Posts P550M Net Profit in Two Months
PHILIPPINE LONG: Expects to Resume Dividends in 2005


S I N G A P O R E

ASIA PULP: Indonesia's BCA Writes Off US$120M Credit
ASIA PULP: Restructuring Underway
NATSTEEL LTD: Clarifies 2002 Financial Result
CHARTERED SEMICON: May Not Compete Successfully in Industry
CHARTERED SEMICONDUCTOR: Explains Manufacturing-Related Risks

OVERSEA-CHINESE: Dissolves Unit
SINGATRONICS LTD: Narrows 2002 Net Loss to S$6.12M


T H A I L A N D

JASMINE INTERNATIONAL: Reports Warrant Conversion Results
POWER-P PUBLIC: SET Suspends Trading; Awaits Amended F/S
RAIMON LAND: Inks Guaranteed Agreement With Thanachart Bank
SAMART CORPORATION: Omits Dividend Payment, April 25 OGM Set


* DebtTraders Real-Time Bond Pricing


     -  -  -  -  -  -  -  -

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


AMP LIMITED: S&P Places ART Ratings on CreditWatch Negative
-----------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it has
placed its 'A/A-1' corporate credit ratings on AMP Shopping
Centre Trust (ART) on CreditWatch with negative implications.
This follows Tuesday's announcement by Centro Property Trust
(Centro, not rated) that it has acquired a 19.9% stake in ART
and is proceeding to make an off-market bid for the remaining
units in ART. The hostile bid by Centro, if successful, will
create an entity with A$3.6 billion in assets comprising a mix
of regional, sub-regional, and other shopping center assets. The
debt-to-assets ratio would increase to 33% from 28% at Dec. 31,
2002, and Centro has indicated that its preferred gearing range
is 30%-40%.

The pro forma asset profile of the merged entity would combine
Centro's existing 28 shopping centers with ART's nine regional
shopping center interests, with the largest center representing
8.7% of total assets. The geographic diversification will re-
weight the current New South Wales bias (32% of asset value) and
increase the exposure to Victoria (27% of asset value).
Nevertheless, the asset quality of the ART portfolio will
weaken, with regional centers comprising 63% of asset value
(previously 100%), with the remainder invested in sub-regional
and other shopping centers.

Standard & Poor's will monitor Centro's hostile bid and update
the CreditWatch should an alternative bidder emerge. If the
Centro bid is successful, the rating could be lowered,
reflecting the weaker asset quality and more aggressive targeted
gearing range.


ANACONDA NICKEL: Releases Half-Year Accounts
--------------------------------------------
In March 2002 and thereafter, Murrin Murrin Holdings Pty Limited
(MMII), a wholly owned controlled entity of Anaconda Nickel
Limited, and owner of a 60% interest in the Project, was unable
to replenish its Debt Service Reserve Accounts in
respect of the Senior Secured Fixed and Floating Rate Notes (the
Notes). The failure by MMH to rectify these and other breaches
of the borrowing indenture constituted events of default under
agreements related to the Notes. As a consequence, the
Consolidated Entity commenced discussions with holders of the
Notes and senior secured foreign exchange counter parties
(collectively referred to as the "Senior Secured Creditors")
addressing both short term and long term liquidity issues.

In September 2002, the Consolidated Entity concluded
negotiations with Senior Secured Creditors giving rise to
Schemes of Arrangement (the Schemes) between the Senior Secured
Creditors, MMH and Anaconda Nickel Holdings Pty Limited (ANH),
the guarantor of the Notes and a wholly owned controlled entity
0f Anaconda. In addition, Glenmurrin Pty Limited and Glencore
Nickel Pty Limited simultaneously reached agreement with their
respective secured creditors to restructure their respective
secured debts over the Project.

Under the terms of the Schemes, each Senior Secured Creditor was
offered its proportionate share of the total project cash
payment of US$114 million (the Cash Consideration) and a
proportionate interest in the Phase I and Phase 2 Net
Recoveries from the Fluor Arbitration. In consideration of the
Schemes, the Senior Secured Creditors agreed to extinguish
US$460.8 million (A$819.1 million) at 31 December 2002,
including accrued interest. The terms of the Schemes stipulated
that the Senior Secured Creditors' entitlement to an interest in
the Phase 2 Net Recovery of the Fluor Arbitration was
conditional upon a sufficient number of the Senior Secured
Creditors voting to elect to contribute to the funding of Phase
2 of the Fluor Arbitration (Fluor Funding Election). An
insufficient number of Senior Secured Creditors voted in favor
of the Fluor Funding Election. Accordingly, the rights of the
Senior Secured Creditors to a proportionate allocation of the
Phase 2 net recovery was extinguished except for a limited right
to recover costs paid by them up until the completion of the
Schemes.

The Schemes were approved by the Senior Secured Creditors on 8
January 2003 and approved by the Supreme Court of
Western Australia on 17 January 2003.

The effective date of the Schemes was 28 February 2003. The
final agreed value of Senior Secured debt that was extinguished
on the effective date was US$645.5 million (A$775.1 million),
including accrued interest. In order to fund the payment to
Senior Secured Creditors, on 20 January 2003, Anaconda lodged a
prospectus with the Australian Securities and Investment
Commission (ASIC) o1fering a 14 for f pro rata renounceable
rights issue at an issue price of $0.05 per share, to raise
gross proceeds of $323 million (the Rights Issue). The Rights
Issue was supported by an underwriting agreement with Glencore
(the Glencore Underwriting Agreement) committing Glencore
to fully underwrite the Rights Issue.

To see a copy of the Company's Half-Year Audit Review, Half-Year
Directors' Statement and Half-Year Accounts, go to
http://bankrupt.com/misc/TCRAP_ANL0321.pdf


    
CHIQUITA BRANDS: Dir Doyle Resigns; Posts Final Interest Notice
---------------------------------------------------------------
Chiquita Brands South Pacific Limited announced the resignation
of Mr Dennis M Doyle from the Board effective 17 March 2003.

Mr Doyle has served on the Board as a non-executive director
since 15 January 1998. The Chairman of Chiquita, Mr Anthony
Hartnell, paid tribute to the contribution of Mr Doyle during
his time on the board, particularly during the recent
restructuring of the Group.

                   FINAL DIRECTOR'S INTEREST NOTICE

   Name of Company     Chiquita Brands South Pacific Limited

   ABN                 002 687 961

We (the entity) give the ASX the following information under
listing rule 3.19A.3 and as agent for the director for the
purposes of section 205G of the Corporations Act.

   Name of Director         Dennis M Doyle

   Date of last notice      10/01/2002

   Date that director
   ceased to be director    17/03/2003

Part 1 - Director's relevant interests in securities of which
the director is the registered holder

Number & class of securities   -  nil  -

Part 2 - Director's relevant interests in securities of which
the director is not the registered holder

   Name of holder &                  Number & class
   nature of interest                of securities

      nil                                   nil                      
                                                                 
Part 3 - Director's interests in contracts

Detail of contract              nil

Nature of interest              -

Name of registered holder
(if issued securities)          -

No. and class of securities
to which interest relates       -

Wrights Investors' Service reports that at the end of 2002, the
Company had negative working capital, as current liabilities
were A$57.88 million while total current assets were only
A$55.48 million. It has paid no dividends during the last 12
months and company also reported losses during the previous 12
months.


ENERGY WORLD: Sells Investment in Basin Bridge Power Station
------------------------------------------------------------
Energy World Corporation Ltd (EWC) confirms that, in accord with
its previously advised assets sales programmed, agreement has
now been reached with GMR Group members, located in India to
purchase 100% of EWC's shares in Odeon Limited, the Mauritius
based Company through which EWC holds its 25% ownership in the
Basin Bridge Power Station.

Proceeds from the Sale, when received, will be utilised to
reduce the outstanding debt with the Commonwealth Bank of
Australia (CBA).

CONTACT INFORMATION: Stewart Elliott
                     EWC Managing Director
                     telephone number (612) 9247 6888


GOODMAN FIELDER: Appoints BPC Nominees to Board
-----------------------------------------------
Burns, Philp & Company Limited (Burns Philp) refers to the
takeover bid by its wholly owned subsidiary BPCI Pty Limited
(BPC1) for all the ordinary shares in Goodman Fielder Ltd
(Goodman Fielder).

The Board of Goodman Fielder met on Wednesday. Four Burns Philp
nominees were appointed to the Board (Messrs McGregor, Burrows,
Hart and Degnan), with Mr McGregor being appointed Chairman.
Burns Philp nominees now constitute a majority of the board of
directors of Goodman Fielder.

Outgoing Board members Sir Dryden Spring, John Grant, Janet
Holmes a Court, Neil Lister and Catherine Livingstone tendered
their resignations at the meeting.


GLENCORE NICKEL: Moody's Withdraws Ca LT Rating
-----------------------------------------------
Moody's Investors Service has withdrawn the Ca LT rating of
Glencore Nickel Pty Ltd (Glencore Nickel) following the cash
settlement with the company's secured creditors.

Under the settlement, which was effected on 28 February, 2003.,
Glencore Nickel paid US$76m to the secured creditors, which
mainly comprise the bondholders. This represents a recovery of
around 25 cents in the dollar.


POWERTEL LIMITED: Improves EBITDA Loss to A$2.4M
------------------------------------------------
PowerTel Limited announced its results for the year to 31
December 2002. Revenue doubled to $102.5 from $49.8 million for
the previous corresponding period, and the EBITDA loss improved
to $2.4 million from $42.8 million.

In the second half PowerTel made an EBITDA profit of $3.1
million in contrast to the EBITDA loss of $5.5 million in the
first half.

Chairman Miller Williams said "Our revenue growth, combined with
tight management of costs, resulted in the company achieving
EBITDA positive every month during the second half of 2002. We
have not only survived the worst year for telecommunications in
recent history; we've more than doubled our revenue and grown
our market share."

Earlier last week PowerTel announced a non-cash asset write down
of $106.9 million, reflecting the decline in telecommunications
asset values throughout the industry. Excluding the write-down,
PowerTel reduced its net operating loss to $52.8 million in 2002
from $83.3 million in 2001. After the write-down, the 2002 loss
was $161.9 million.

POWERTEL LIMITED RESULTS FOR THE          2002     2001   CHANGE
YEAR TO 31 DECEMBER                        $M       $M

Revenue                               102.5     49.8  106% up

EBITDA loss                           2.4     42.8  94.4% down

Borrowing costs                       8.9      4.7  89.4% up

Depreciation & amortization           41.5     35.8  15.9% up

Operating loss before write-down      52.8     83.3  36.6% down

Asset write-down                      106.9        -

Diminution in investments,
restructure costs                    2.2      2.9

Total loss including non-cash
write-down                           161.9     86.2  87.8% up

STRONG SALES GROWTH TO CORPORATES, GOVERNMENT AND SERVICE
PROVIDERS

PowerTel CEO Stephen Butler said: "PowerTel passed a major
turning point in June 2002 when it became EBITDA positive.
Substantial increases in voice and data traffic have lifted
network utilization significantly in 2002 and lifted our market
share in voice, data and internet. This has been helped by
strong revenue growth from our strategic alliance with Macquarie
Corporate.

"New contracts with corporate, government and service provider
customers have continued to increase each quarter. Contracts
signed during the year reached an annualized total of more than
$39 million, and this momentum has continued with new sales of
$3 million of annualized sales per month in the first two months
of 2003."

EXTENDED ACCESS INTO NEW MARKETS

"Many customers have joined PowerTel because they want direct
access to an alternative network. In view of the demand,
PowerTel is now extending its network reach by establishing its
own DSL infrastructure. For an initial outlay of less than $2
million we will reach three times as many corporate customers
and government organizations  up from an addressable market of
3,000 large customers to 9,000. It also propels PowerTel into an
entirely new market, selling to the small to medium business
sector.

"Using this infrastructure, PowerTel recently launched its
AccessAdvantage product which links local phone lines directly
to the PowerTel network to provide combined voice and internet
broadband services to its customers. Initial sales to the small
to medium enterprise market in 2003 are already encouraging," Mr
Butler said.

In 2002, PowerTel continued to receive recognition of its
excellent customer service and also received an award for the
"Best Corporate/Wholesale Broadband Initiative".

FINANCIAL POSITION

The company currently has a $10 million cash balance and a $100
million syndicated bank loan facility drawn to $78.5 million.


STARTRACK COMMUNICATIONS: Discloses Half-Yearly Report
------------------------------------------------------
Startrack Communications Limited disclosed its Appendix 4B Half
Yearly Report:
               
Appendix 4B
HALF YEARLY REPORT

Name of entity
Startrack Communications Limited

ACN, ARBN, ABN       Half Preliminary  Half/Financial Year ended
or ARSN              yearly     final  ('current period')
                     (tick)    (tick)
79 009 155 971            X            31/12/2002

FOR ANNOUNCEMENT TO THE MARKET                        AUD000
Extracts from this report for announcement to the market (see
note 1).

Revenues from ordinary activities
(item 1.1)                           down  58% to       656

Profit (loss) from ordinary activities
after tax attributable to members
(item 1.22)                          down  41% to   (1,139)

Profit (loss) from extraordinary items
after tax attributable to members
(item 2.5(d))                        loss  of  % to   (1,139)

Net profit (loss) for the period             
attributable to members
(item 1.11)                          up/down 41% to   (1,139)

DIVIDENDS (DISTRIBUTIONS)    AMOUNT PER SECURITY  FRANKED AMOUNT
                             (cents)        PER SECURITY
                                             (cents)
Final dividend (Preliminary final report
only - item 15.4)
Interim dividend (Half yearly report
only - item 15.6)                         -             -

Previous corresponding period (Preliminary
final report - item 15.5; half yearly
report - item 15.7)                        -             -

Record date for determining entitlements to the
dividend, (in the case of a trust, distribution)
(see item 15.2)                                    -

Brief explanation of any of the figures reported above (see Note
1) and short details of any bonus or cash issue or other item(s)
of importance not previously released to the market:  -

Wrights Investors' Service reports that at the end of 2002,
Startrack Communications Limited had negative working capital,
as current liabilities were A$5.07 million while total current
assets were only A$955,004.00. The company also reported losses
during the previous 12 months and has not paid any dividends
during the previous 2 fiscal years.


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


CAN DO: Capital Reorganization Circular Dispatched
--------------------------------------------------
Reference is made to the announcement of Can Do Holdings Limited
dated 14th February, 2003 regarding, amongst other things, the
Capital Reorganization (the Announcement).

The Directors announce that copies of the circular (the
Circular) in relation to the proposed Capital Reorganization was
dispatched to all classes of the shareholders of the Company on
19th March, 2003. The Circular contains, amongst other things,

   (i) further information on the Capital Reorganization and the
relevant exchange and trading arrangements; and

   (ii) a notice convening the EGM of all classes of the
shareholders of the Company.

Expected timetable

Go to http://bankrupt.com/misc/TCRAP_Cando0321.pdfto see the  
expected timetable in relation to the Capital Reorganization and
the relevant exchange and trading arrangements, which is
indicative only and is subject to change due to factors
including the availability of the Court and outcome of the Court
hearings.

Shareholders will be informed by press announcement(s) of any
changes to the expected timetable. The procedures for free
exchange of new share certificates and trading facilities for
odd lots of the Consolidated Shares are set out in the Circular
and will be confirmed by way of press announcement once the
Capital Reorganization is approved by the Court.

To see a copy of the Circular, go to
http://bankrupt.com/misc/TCRAP_CandoCircular.pdf.


CHINADOTCOM CORPORATION: Unit Signs Definitive Agreement
--------------------------------------------------------
chinadotcom corporation announced Tuesday that hongkong.com
Corporation, its 81%-owned subsidiary and Hong Kong GEM (Growth
Enterprise Market) board-listed company, has signed a definitive
agreement to acquire a 100% stake in the holding company of
Newpalm (China) Information Technology Co., Ltd. (Newpalm), a
leading mobile software platform developer and application
service provider in China, for a first installment of US$14
million in cash and the rest on an earn-out basis over the next
two years. While it has had a relatively short operating
history, Newpalm is a rapidly growing, profitable company with
projected annual sales of US$12 million for 2003.

Newpalm has direct connections in 22 provinces with local
network operators with a strong presence in Shandong, Zhejiang
and Jiangsu Provinces and service coverage throughout China.  
Newpalm has six offices across the country with a total sales
and customer support force of around 100 professionals.  Since
its entry into the SMS business, it has built a substantial base
of 2.8 million paying subscribers in China with a current growth
rate of over 40% per quarter.  It is viewed as one of the top
mobile software platform developers and mobile application
services providers such as SMS applications, in terms of
subscriber base and revenue size.

Newpalm has principally developed its own intellectual property
of mobile applications and products compatible with GSM and CDMA
networks based on an open-architecture technology platform that
supports SMS (Short Message Service) and MMS (Multi-Media
Message Service) and allows rapid capacity expansion. This
platform is network-independent, and is connected to both
major mobile telecom operators, China Mobile Communications
Corporation (CMCC) and China Unicom.  Earlier versions of this
mobile application platform have been used by China Unicom in
Fujian.  In addition, Newpalm runs two R&D (Research and
Development) centers, in Beijing and Nanjing, with over 40
professional application developers.

"This is our first major move to participate in the fast growing
mobile data business in China and provides synergies with
hongkong.com's existing business in SMS and the planned rollout
of online games," said Rudy Chan, Chief Executive Officer of
hongkong.com Corporation. "The SMS business in China has shown
significant growth over the past year.  Leveraging our online
capabilities, this acquisition will add 2.8 million paying
subscribers and will bring additional wireless and non-
advertising revenue.  In addition, it is expected to expand and
accelerate our planned product offerings of online games and
SMS-related content."

Mobile phone users have been growing rapidly in the China
market.  China's MII (Ministry of Information Industry) survey
indicates that in 2002, mobile users in China reached 200
million.  SMS has also been experiencing exponential growth in
China.  According to a report by Pyramid Research, total
SMS revenues in China in 2002 were around US$750 million and are
expected to reach US$16 billion by 2007, generating greater
comparable revenues than all of Western Europe.

John Xiao, Chief Executive Officer of Newpalm (China) Technology
Co., Ltd., said, "The mobile data service market is one of the
fastest growing sectors in China.  Our proven track record in
this market sector and our state-of-the-art development
platform, coupled with chinadotcom's strong financial position
and online capability, I believe will further strengthen our
market position and increase our market share in this growing
market."

"This acquisition fits well into our investment criteria as
Newpalm is profitable and offers additional, high-margin,
recurrent revenue streams," said Daniel Widdicombe, Chief
Financial Officer of chinadotcom corporation. "The sophisticated
and advanced mobile application platform developed by Newpalm
should help our subsidiary, hongkong.com, build a scalable
business in China's rapid growth mobile data market."

The impact of this acquisition on chinadotcom's 2003 results
will depend on the timing of its closing.  chinadotcom expects
for this to occur in April 2003 although it cannot make any
assurance that the transaction will close at such time or, since
the transaction is subject to customary closing conditions, for
it to be consummated should those conditions not occur.

About chinadotcom corporation

chinadotcom corporation -- www.corp.china.com -- is a leading
integrated enterprise solutions company offering technology,
marketing and media services for companies throughout Greater
China and the Asia-Pacific region, the US and the UK.  With
operations in 10 markets, the companies under chinadotcom group
have extensive experience in several industry groups including
finance, travel and manufacturing, and in key business areas,
including e-business strategy, packaged software implementation,
precision marketing, and supply chain management.  chinadotcom
leverages this expertise with alliances and partnerships to help
drive innovative client solutions.

According to Wrights Investors Service, the company has paid no
dividends during the last 12 months and has not paid any
dividends during the previous 2 fiscal years.  It has also
reported losses during the previous 12 months.


EAST TOP: Winding Up Hearing Scheduled April 2  
----------------------------------------------
The High Court of Hong Kong will hear on April 2, 2003 at 10:00
in the morning the petition seeking the winding up of East Top
Investment Limited.

Cheung Siu Keng of 6th Floor, No. 1 King Sing Street, Wan Chai,
Hong Kong. filed the petition on February 24, 2003.  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 on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


EZCOM HOLDINGS: Seeks Circular Dispatch Time Extension
------------------------------------------------------
Ezcom Holdings Limited announced that application has been made
to the SFC for an extension of time to dispatch the Circular to
a date no later than 27th March, 2003. The request for further
extension of time to dispatch the Circular is due to additional
time is required for finalization and clearance of the Circular.
Nevertheless, the Company will endeavor to arrange for dispatch
of the Circular as soon as practicable and a further
announcement will be made when the Circular is dispatched.

Independent Financial Adviser

The Company and Ample Capital Limited have agreed that Ample
Capital Limited will no longer be joint Independent Financial
Advisers to the Independent Board Committee. First Asia Finance
Group Limited will act as the sole Independent Financial Adviser
to advise the Independent Board Committee in respect of the Open
Offer, Special Deal and Whitewash Waiver.


GOFAR INTERNATIONAL: Winding Up Petition to be Heard
----------------------------------------------------
The petition to wind up Gofar International Limited is scheduled
for hearing before the High Court of Hong Kong on April 2, 2003
at 9:30 in the morning.

The petition was filed with the court on February 12, 2003 by
Worlder International Company Limited whose registered office is
at 21st Floor, Great Eagle Centre, 23 Harbour Road, Wanchai,
Hong Kong.


GOLDEN HARVEST: Trims Net Loss to HK$22.61M
-------------------------------------------
Golden Harvest Entertainment (Holdings) Limited announced on 18
March 2003:

(stock code: 01132)
Year end date: 30/06/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Audit Committee
                                               (Unaudited)
                             Unaudited)         Last
                             Current            Corresponding
                             Period             Period
                             from 01/07/2002    from 01/07/2001
                             to 31/12/2002      to 31/12/2001
                             Note  ('000)       ('000)
Turnover                           : 105,392            137,128           
Profit/(Loss) from Operations      : (27,403)           (18,278)          
Finance cost                       : (312)              (25)              
Share of Profit/(Loss) of
  Associates                       : 6,439              (4,811)           
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A               
Profit/(Loss) after Tax & MI       : (22,618)           (24,491)          
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)    3  : (0.028)            (0.031)           
         -Diluted (in dollars)  3  : N/A                N/A               
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
Profit/(Loss) after ETD Items      : (22,618)           (24,491)          
Interim Dividend                   : N/A                N/A               
  per Share                                                               
(Specify if with other             : N/A                N/A               
  options)                                                                
                                                                          
B/C Dates for
  Interim Dividend                 : N/A          
Payable Date                       : N/A       
B/C Dates for (-)            
  General Meeting                  : N/A          
Other Distribution for             : N/A           
  Current Period                     
                                     
B/C Dates for Other
  Distribution                     : N/A          

Remarks:

GOLDEN HARVEST ENTERTAINMENT (HOLDINGS) LIMITED
Announcement for the Period Ended 31 December 2002
Explanatory Notes

1. Prior period adjustments

In the current period, the Company adopted SSAP 34 "Employee
Benefits".  These changes in accounting policy have been made
retrospectively and accordingly, the comparative balances for
the period ended 31 December 2001, including loss per share and
accumulated losses brought forward as at 1 July 2001 have been
restated.  The effect of this change in respect of the year
ended 30 June 2002 is an increase/(decrease) in general and
administrative expenses and an increase/(decrease) in net losses
attributable to shareholders, of HK$535,000 and HK$(315,000) for
the six months period ended 31 December 2001 and 30 June 2002,
respectively, which are the net movements in accrued employees'
annual leave during those periods.  The accumulative losses
brought forward as at 1 July 2001 have been increased by
HK$1,980,000, which is the amount of adjustment in respect of
the Group's required accrual for employees'annual leave as at
that date.

2. Comparative amounts

Due to the adoption of certain new and revised SSAPs during the
current period, the accounting treatment and presentation of
certain items and balances in the financial statements have been
revised to comply with the new requirements.  A prior period
adjustment has been made and certain comparative amounts have
been reclassified to conform with the current period's
presentation.

3. Loss per share

The calculation of basic loss per share is based on the net loss
attributable to shareholders for the period of HK$22,618,000
(2001: HK$24,491,000 (restated)) and the weighted average number
of 800,887,500 shares (2001: 800,887,500 shares) in issue during
the period.

No disclosure for diluted loss per share for both current and
last period is shown as the exercise price of the Company's
outstanding share options was higher than the average market
price of the Company's ordinary shares during both current and
last period and thus, the share options have no diluting effect.


KO FOO: Hearing of Winding Up Petition Set
------------------------------------------
The petition to wind up Ko Foo Industries Holdings Limited is
set for hearing before the High Court of Hong Kong on April 9,
2003 at 9:30 in the morning.

The petition was filed with the court on February 25, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


METALFIELD LIMITED: Winding Up Petition Set for Hearing
-------------------------------------------------------
The petition to wind up Metalfield Limited is scheduled for
hearing before the High Court of Hong Kong on April 9, 2003 at
9:30 in the morning.

The petition was filed with the court on February 26, 2003 by
Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong.


MURRIN MURRIN: Cash Settle Prompts Moody's to Withdraw Ratings
--------------------------------------------------------------
Moody's Investors Service on Wednesday has withdrawn the Ca LT
ratings of Murrin Murrin Holdings Pty Ltd (MMH) following the
cash settlement with the company's secured creditors. Under the
settlement - which was effected on 28 February, 2003 - MMH paid
US$114m to the secured creditors, which mainly comprise the
bondholders. This represents a recovery of around 25 cents in
the dollar.

The cash settlement was funded from proceeds of the recent
rights issue by Anaconda Nickel Ltd (parent of MMH), and it is
the final step in the Scheme of Arrangement, which was approved
by the courts in January 2003.


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


ASTRA AGRO: Pefindo Upgrades Rp500B Bond I Year 2002 Ratings
------------------------------------------------------------
Credit Rating Indonesia PT Pefindo upgraded its ratings on both
corporate and Rp500 billion Bond I Year 2000 of PT Astra Agro
Lestari Tbk. (AALI) to `idA' from `idA-`. The action reflects
the Company's strengthening financial profile driven mainly by
more favorable crude palm oil units (CPO) business attributable
to improvements in palm oil maturity profile, CPO mills
productivity, and CPO price.

CPO price is expected to remain strong in the medium term, which
would support the Company to book higher margins. AALI is one of
the largest integrated CPO plantation companies in Indonesia.
The Company is the holding company of the agribusiness division
of PT Astra International Indonesia (ASII), which holds
ownership of 63.9 percent.

Wrights Investors' Service reports that at the end of 2001, PT
Astra Agro had negative working capital, as current liabilities
were Rp427.52 billion while total current assets were only
Rp254.05 billion The fact that the company has negative working
capital could indicate that the company will have problems in
expanding.


* IBRA Reports Shareholder Settlement Progress
----------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) reports to the
Financial Sector Policy Committee (FSPC) on the progress of
shareholder settlement (PKPS) of Master of Settlement and
Acquisition Agreement (MSAA), Master Refinancing and Notes
Issuance Agreement (MRNIA) and Debt Memorandum (APU). IBRA has
to do this in order to get a direction especially to the
uncooperative shareholder.  

The Progress of each Shareholder Settlement is as follows:

PKPS APU

The following 9 shareholders that have complied with the terms
of the revised policy and have made an initial payment in cash
equivalent to 30% of the obligation are : Bank Yakin Makmur
(Siti Hardijanti Rukmana), Bank Papan Sejahtera (Njoo Kok
Kiong), Bank Papan Sejahtera (Hashim Djojohadikusumo), Bank
Papan Sejahtera (Honggo Wendratno), Bank Baja Internasional
(Andy H. Sardjito), Bank Baja (The Ning Kong), Bank Raya Utama
(Suparno Adijanto), Bank Sanho (Ganda Eka Handria), Bank Mashill
(Philip S. Widjaja)

The following 2 shareholders that have initiated payment are
Bank Nusa Nasional (Nirwan D. Bakrie) and Bank Sewu (Husodo
Angkosubroto).

And the other 12 shareholders have not fulfilled their
obligations under the revised policy and will be reported to the
FSPC are Bank Hastin (The Tje Min), Bank Tamara (Omar Putihrai,
Lidia Muchtar, Iwan Suhardiman), Bank Putera Multikarsa
(Marimutu Sinivasan), Bank Bira (Atang Latief), Bank Lautan
Berlian (Ulung Bursa), Bank Indotrade (Mulianto Tanaga & Hadi
Widjaja Tanaga), Bank Tata (Hengky Wijaya & Tony Tanjung), Bank
Namura Yasonta (Adisaputra Januardy & James Januardy), Bank Aken
( I Gde Dermawan & Made Sudiarta) dan Bank Umum Servitia
(Tarunojoyo Nusa & David Nusa).

After the report to the FSPC, IBRA will coordinate with the
appropriate legal authorities within 60 days since the date IBRA
reported to FSPC in order to take the legal action according to
the INPRES No. 8/2002

IBRA has also file the lawsuit of 5 shareholders to the National
Police, they are Bank Intan (Fadel Muhammad), Bank Bahari
(Santoso Sumali), Bank Metropolitan (Santoso Sumali), Bank PSP
(Trijono Gondokusumo) and Bank Namura Maduma (Baringin MH
Panggabean & Joseph Januardy).

There are 2 shareholders that have fulfilled their obligation to
the IBRA, they are Bank Danahutama (The Ning King) and Bank Budi
Internasional (Hendra Liem).

PKPS-MSAA

MSAA Salim

IBRA and FSPC are finalizing the review on the limited Financial
Due Diligence (FDD) report as conducted by KPMG.

MSAA Sjamsul Nursalim

IBRA has appointed Ernst & Young (E&Y) to work on the Financial
Due Diligence on assets that have been pledged by Sjamsul
Nursalim to IBRA. The FDD is scheduled to be done in the end of
April 2003.

MSAA Mohammad Hasan

The shareholder has transferred shares in 17 out of 21 companies
to IBRA. IBRA is now finalizing the agreement to the government
institution for the remaining assets.

MSAA Ibrahim Risjad and Sudwikatmono

IBRA has proposed to provide legal certainty (Release and
Discharge) on those two shareholders for they have fully settled
their obligations under their PKPS.

PKPS-MRNIA

MRNIA Usman Admadjaja and Samadikun Hartono

The transfer of assets to IBRA under the agreements has been
completed.

MRNIA Kaharuddin Ongko and Hokiarto-Hokianto

The shareholders for these two cases have been deemed in
violation of their respective PKPS obligations, so the handling
will be transferred to legal process. Ibra will also report them
to FSPC to get a direction on the legal process of those two
shareholders.

After the report to the FSPC, IBRA will coordinate with the
appropriate legal authorities within 60 days since the date IBRA
reported to FSPC in order to take the legal action according to
the INPRES No. 8/2002

  
=========
J A P A N
=========


JAPAN AIRLINES: S&P Watches 'BB' Rating on Earnings Threat
----------------------------------------------------------
Standard & Poor's Ratings Services on Wednesday placed its 'BB'
long-term ratings on Japan Airlines System Corp (JALS) and Japan
Airlines Co Ltd (JAL) on CreditWatch with negative implications,
amid rising concerns over the impact of a war in Iraq on the
airlines' earnings. S&P will also review its 'BB-pi' public
information ratings on All Nippon Airways Co Ltd (ANA) and Japan
Air System Co Ltd (JAS).

In the face of an imminent war in Iraq, Standard & Poor's
believes the financial profiles and credit quality of the JALS
group companies and ANA could come under significant pressure
from a possible decline in traffic volume and increases in fuel
costs. The recent outbreak of Severe Acute Respiratory Syndrome
(SARS) may also contribute to increasing cancellations of
international travel plans in the near term. To maintain their
current ratings, the Japanese airlines face a pressing need to
improve their operational flexibility to deal with a potentially
large decline in traffic, which would weaken their earnings.

Standard & Poor's will examine the impact of rising business
risks on the airlines' cash generating abilities and liquidity
positions.


JAPAN OIL: JNOC OKs Rehabilitation Plan
---------------------------------------
Japan National Oil Corp. has approved a plan by unit Japan Oil
Development Co. to rehabilitate itself under court protection
from creditors, the Japan Times said on Thursday.

The unit has fallen into financial problems as a result of a
decline in crude oil prices and the yen's steep appreciation in
the 1990's. It registered an accumulated deficit of 343.4
billion yen.

The Company produces oil in Upper Zakum and four other fields
off the coast of Abu Dhabi, the capital of the United Arab
Emirates, and ships 200,000 barrels of crude per day to Japan --
equivalent to 4.8 percent of the nation's overall oil imports.


ORIENT CORPORATION: Carries Out Final Unit Disposal
--------------------------------------------------
Orient Corporation, having transactions with Mizuho Corporate
Bank, Ltd., subsidiary of Mizuho Financial Group, Inc., decided
to carry out final disposal of its group Company, Nippon Home
Finance Co., Ltd. (Company).

Notice is hereby given that, as a result of this development,
the possibility has arisen that certain claims against the
Company may be delayed or become irrecoverable.


1.Outline of the Company

(1) Name Nippon Home Finance Co., Ltd.
(2) Address 17-14, Sendagaya 5-chome, Shibuya-ku, Tokyo
(3) Representative Mr. Norio Okamoto
(4) Capital JPY 6,534 million

2.Details of Relevant Developments

On March 14, 2003, Orient Corporation decided to carry out final
disposal of the Company, which is its group Company.

3.Amount of Claims

Mizuho Corporate Bank, Ltd.  Loan: JPY 50,874 million

4.Effect of this Development on Profit/Loss of Mizuho Financial
Group, Inc.

Mizuho Corporate Bank, Ltd. will make a necessary financial
preparation for the claims against the Company in this fiscal
year.

This development will have no effect on Mizuho's previously
announced earnings estimate for this fiscal year.


RESONA HOLDINGS: Establishes Units for Issuance of Securities
-------------------------------------------------------------
Resona Holdings, Inc. (Resona HD, Vice President: Yasuhisa
Katsuta) and its banking subsidiary, Resona Bank, Limited
(Resona Bank) announced that their board of directors meetings
held on March 11, 2003 passed resolutions to establish wholly
owned subsidiaries in Cayman Islands as special purpose
companies for issuance of preferred securities. (Five companies
will be established as subsidiaries of Resona HD and the other
two as subsidiaries of Resona Bank. These subsidiaries
collectively referred to as (Cayman SPCs hereafter.) Details
were announced as follows:

The issuance of preferred securities, non-cumulative perpetual
preferred securities denominated in yen to be issued by Cayman
SPCs (by the three companies specified below) will strengthen
the capital adequacy of Resona HD through increasing the Resona
HD's Tier I capital as minority interest in its consolidated
subsidiaries. In addition, since the proceeds from the issuance
of the preferred securities will be provided to Resona Bank and
The Kinki Osaka Bank, Ltd. (Kinki Osaka Bank), these banking
subsidiaries of Resona HD can also strengthen their capital
through increase in their Tier I capital.

This issuance of preferred securities is in line with the
measure to be taken for strengthening the capital base, which
was mentioned in the Resona HD's announcement dated on February
12, 2003, titled 'Formulation of Super Regional Strategy.' As a
result of this capital increase, the financial position of the
Resona Group as a whole will be reinforced.

The preferred securities are not convertible to Resona HD's
common shares. The issuance is scheduled in March 2003, in form
of nonpublic offering, after notification to the Financial
Services Agency (FSA) of the establishment of the Cayman SPCs
and acceptance of such notification by the FSA.

(Reference)

Outline of the Forthcoming Preferred Securities

Issuer        

1) Resona Preferred Capital (Cayman) 4 Limited
2) Resona Preferred Securities (Cayman) 4 Limited
3) Resona Preferred Finance (Cayman) Limited

(SPCs to be established as fully owned subsidiaries of Resona HD
in Cayman Islands)

Aggregate issue price   Approximately 120 billion yen (Total of
                        3 SPCs)

Type of securities      Non-cumulative perpetual preferred
                        Securities denominated in yen

Use of proceeds         To be utilized ultimately to strengthen
                        the capital of Resona Bank and Kinki
                        Osaka Bank, which are wholly owned
                        banking subsidiaries of
                        Resona HD

Order of priority: Preferred securities are designed in such a
way to provide holders with liquidation preference substantially
similar to that of the preferred stocks directly issued by
Resona HD

Form of offering            Private placement

In addition to the above SPCs, Resona HD and Resona Bank will
each establish two SPCs, respectively, in relation to the
issuance of these forthcoming preferred securities.


SPACE NEOTOPIA: Real Estate Firm Enters Bankruptcy
--------------------------------------------------
Space Neotopia, K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The real estate firm, located at
Nagaoka-shi, Niigata, Japan has 4 billion yen in capital against
total liabilities of 23.10 billion yen.


TOKYO ELECTRIC: Kyushu Electric Aids Power Firm
-----------------------------------------------
Kyushu Electric Power Co. plans to supply up to 100,000
kilowatts of electricity to Tokyo Electric Power Co. (TEPCO),
which is due to shut down all 17 nuclear reactors by next month,
Kyodo News said on Thursday.

The planned assistance would be extended for 10 daytime hours on
weekdays from April through August with the utilization of
reserve generating capacity at Kyushu Electric's thermal power
plants, the report said.


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


HYNIX SEMICONDUCTOR: Plans to Sue ImageQuest
--------------------------------------------
Hynix Semiconductor Inc. intends to sue GB Synerworks, as its
deal over the sale of its assets in ImageQuest to Kumho Electric
Inc. is in jeopardy, the Korea Times reports.

GB Synerworks is impeding the chipmaker's contract with Kumho by
questioning the legality of the deal. The report added it was
considering all possible legal actions if the contract goes
nowhere.

Last December, Hynix planned to sell all of its assets in
ImageQuest, a leading display panel manufacturer, to a GB
Synerworks-led consortium in a deal then valued at 45 billion
won ($37.3 million).


SK GLOBAL: Issues Statement Re Accounting Irregularities
--------------------------------------------------------
SK Corporation expressed deep regret regarding the recent
incidents surrounding SK Global and their Company. SK Corp.
reaffirms their commitment to do their utmost to restore
investors' confidence by informing the investor community of all
related facts.

1. The Seoul District Prosecutor's Office statement

The final investigation statement involving SK Group issued by
the Seoul District Prosecutor's Office (SDPO) can be summarized
into three allegations:

- Internal trading by way of share swap,

- Breach of duty relating to the transaction by SK Securities
and JP Morgan, and

- Accounting irregularities at SK Global.

Even though the name SK has been mentioned repeatedly in the
recent news, we would like to clarify that SK Corp. is not a
party to any of the foregoing allegations. SK Corp. is not
subject to any of the SDPO's allegations. We believe that the
facts will become more clear and transparent as the trial
proceeds.

2. Change of income statement due to SK Global's accounting
irregularities.

On March 10, SK Corp. publicly disclosed that it had readjusted
its recurring profit from KW866.1 billion ($692.9 million, based
on $1=KW1250) to KW390.7 billion ($312.6 million) for the fiscal
year 2002. From SK Corp.'s standpoint, it submitted its
financial statements for shareholders' approval at the General
Shareholders Meeting, which was held on March 14, 2003.

Therefore, on the advice of its independent auditors, SK Corp.
took a conservative approach and deducted KW475.4 billion
($380.3 million) from equity income on investments, which
resulted in the current value of SK Global's investment
securities becoming KW178.5 billion ($142.8 million).

3. Transaction amount between SK Global and SK Corp.

From SK Global and its overseas entities, we have net KW1.5
trillion ($1.2 billion) of outstanding account receivables.
Almost all of these receivables resulted from transactions
conducted in the ordinary course of business, which include
receivables incurred in relation to import/export of petroleum
and petrochemical products.

SK Corp. currently holds KW30 billion ($24 million) of guarantee
obligations relating to SK Global's overseas entities and KW80
billion ($64 million) of guarantee obligations for performance
guarantees that are necessary for exportation of our products.
Except for the foregoing, we have found that SK Corp. does not
hold any liabilities, whether fixed or contingent, relating to
SK Global.

4. About SK Corp.'s liquidity

Corporate bonds maturing in the year 2003 amount to KW890
billion ($712 million), of which we have already repaid KW150
billion ($120 million). We have KW2 trillion ($1.6 billion) of
trade finance outstanding.

In the year 2002, we reduced our debt levels with the proceeds
from the sale of SK Telecom shares. In part due to recent
increases in geographical risk, we strengthened our liquidity by
holding KW2.6 trillion ($2.1 billion) of cash and cash
equivalents, including $700 million. In addition, due to the
improved cash flow from strong refining margins and increased
petrochemical product spreads since the fourth quarter of last
year, we do not anticipate any liquidity related difficulties.
Regarding crude oil imports, we are currently utilizing only 50
percent of our credit line.

5. Possibility of impact on SK Corp.'s operations

As the trading arm of SK Corp., SK Global sells petroleum
products using its network and acts as a trading house for some
of our petroleum and petrochemical products. Currently, SK
Global's domestic and international procurement and distribution
network, which are built on a long history of business
relationship and trust, are under normal operation. SK Corp.
will retain the power to control the supply chain. In this
regard, no negative impact on our operations is anticipated.

6. Future plans

SK Corp. will enhance management efficiency through strong
improvements in operations and reduced CapEx. We will secure
additional liquidity by selling non/under-performing assets such
as lands and investment securities and further reduce our debt
levels. In addition, we will endeavor to establish a world-class
corporate governance and transparent management led by the board
of directors in order to maximize shareholders' value. We will
promptly disclose any information related to the profit of the
shareholders and not provide any unreasonable support to any SK
Group-related companies, including SK Global. We will become a
model Company by observing the fair trade laws.

For a copy of the press release, go to
http://eng.skcorp.com/Company/frame_intro.asp?seq=193


SK GLOBAL: Wins Temporary Reprieve From Creditors
-------------------------------------------------
SK Global Co. won a temporary reprieve from creditors who agreed
to give it three more months to pay $5.3 billion of debt,
Bloomberg said on Wednesday.

The accord by Hana Bank and other lenders to seize control of SK
Global and continue funding for three more months is aimed at
containing the fallout from SK Global's admission that it hid
debt and inflated earnings.

Company creditors will continue funding the Company and appoint
an auditor for the business, with lenders representing more than
four-fifths of the Company's debt supporting all the motions at
Wednesday's meeting.

Hana Bank and 10 other creditors accounting for 80 percent of SK
Global debt will form a steering committee to address the
Company's problems. The committee will meet on March 20 to
choose an auditor, said Yoon Kyo Jong, Hana Bank's senior deputy
President. The results of the audit will be available before
June 18, the report said.


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


CSM CORPORATION: Provides Defaulted Payment Status Update
---------------------------------------------------------
Pursuant to the KLSE Practice Note No. 1/2001, CSM Corporation
Berhad provided an update on the status of default in interest
payments and principal loan repayments of the CSM Group bank
borrowings as at 28 February 2003, details at
http://bankrupt.com/misc/TCRAP_CSM0321.pdf.

COMPANY PROFILE

The Company's activities are focused in manufacturing, trading
and distribution of food and allied products, property
management, investment and development. Formed as a wholly-owned
subsidiary of Cold Storage Holdings PLC (CSH), the Company
commenced operations in February 1974, upon completion of a
reorganization of the CSH Group in Malaysia. As part of the
reorganization the Company acquired the Malaysian assets of Cold
Storage Singapore Pte Ltd and was then converted into a public
company and listed on KLSE. Current production
capacity/production output is 236 m/t of butter per month.

Recently, the Company entered into a JV with Saujana Pertiwi Sdn
Bhd for development of mixed residential and commercial
properties on leasehold land measuring approx. 19.56 acres
located at Kelana Jaya, Selangor (Kelana Perdana Project). The
first phase, the Bayu Sutera Condominium comprising 260 units
residential apartments, was launched in December 1999.

Trading, manufacturing and property management will remain the
focus of the Group, in addition to property development that is
envisaged to improve in years to come.

Group operations are located in Kuala Lumpur, Penang, Ipoh,
Malacca, Johor, Kuantan, Sabah and Sarawak.

Following its shareholders' deficit position for financial year
ending 31 December 2000 and default with its bank lenders, the
Group is undertaking a corporate and debt restructuring
exercise, which may include the divestment of certain assets of
the Group, restructuring of the Group's borrowings and new
assets injection. The Group has appointed an independent
financial advisor and merchant banker to advise on the
restructuring proposals. The Group together with its advisors
are currently formulating a restructuring scheme to regularize
its financial conditions and address its debt obligations. The
KLSE has granted the Company a three-month extension until 25
October 2001 to make an announcement on its plan to regularize
its financial condition.

CONTACT INFORMATION: 10th Floor Jaya Shopping Center
                     Jalan Semangat
                     46100 Petaling Jaya
                     Tel : 03-7958 8888,
                     Fax : 03-7958 1289


FABER GROUP: 2000/2005 Bondholders Meeting Set on April 10
----------------------------------------------------------
Faber Group Berhad notified that a meeting of the holders of all
series of Zero Coupon Redeemable Convertible Secured Bonds Due
2005 (2000/2005 Bonds) will be held at FGB Training Centre, Lot
110 & 111, 1st Floor, Menara 2, Faber Towers, Jalan Desa
Bahagia, Taman Desa, Off Jalan Klang Lama, 58100 Kuala Lumpur on
Thursday, 10 April 2003 at 10:00 a.m. or any adjournment
thereof, for the purpose of considering and if thought fit,
passing the following special and ordinary resolutions:

SPECIAL RESOLUTION 1  - PROPOSED DISPOSAL BY FABER HAULAGE SDN
BHD (FHSB) A WHOLLY-OWNED SUBSIDIARY OF FABER GROUP BERHAD (FGB)
OF 10,000,000 ORDINARY SHARES OF RM1.00 EACH IN MISC HAULAGE
SERVICES SDN BHD (MHSB), REPRESENTING 25.0% EQUITY INTEREST IN
MHSB, FOR A TOTAL CASH CONSIDERATION OF RM19,500,000.00

"THAT subject to the approval of the shareholders of FGB and the
relevant authorities, if required, approval be and is hereby
given to FGB for FHSB to dispose of its 10,000,000 ordinary
shares of RM1.00 each in MHSB, representing 25% equity interest
in MHSB to MISC Integrated Logistics Sdn Bhd (MILSB), for a cash
consideration of RM19,500,000.00 upon such terms and conditions
as set out in the Sale and Purchase of Shares Agreement dated 5
November 2002 entered into between FHSB and MILSB.

AND THAT Universal Trustee (Malaysia) Berhad be and is hereby
authorized to execute all or any documentation to give effect to
the above and to deal with all matters relating thereto and to
take all steps and do all acts and things in any manner it may
deem necessary or expedient in connection with the above."

Special Resolution 1

SPECIAL RESOLUTION 2  -  PROPOSED UTILISATION OF THE RM19.5
MILLION SALE PROCEEDS FROM THE PROPOSED DISPOSAL BY FABER
HAULAGE SDN BHD (FHSB) OF ITS 25.0% EQUITY INTEREST IN MISC
HAULAGE SERVICES SDN BHD (MHSB) FOR INVESTMENT AND WORKING
CAPITAL PURPOSES

"THAT approval be and is hereby given for FGB to utilize the
RM19.5 million sale proceeds from the Proposed Disposal by FHSB
of its 25% equity interest in MHSB for investment and working
capital purposes.

AND THAT Universal Trustee (Malaysia) Berhad be and is hereby
authorized to execute all or any documentation to give effect to
the above and to deal with all matters relating thereto and to
take all steps and do all acts and things in any manner it may
deem necessary or expedient in connection with the above."

Special Resolution 2

SPECIAL RESOLUTION 3  -  PROPOSED DISPOSAL BY FGB OF 500,000
ORDINARY SHARES OF RM1.00 EACH IN RENONG OVERSEAS CORPORATION
SDN BHD (ROC), REPRESENTING 1.1% EQUITY INTEREST IN ROC FOR A
TOTAL CASH CONSIDERATION OF RM1.00

"THAT approval be and is hereby given for FGB to dispose of its
500,000 ordinary shares of RM1.00 each in ROC, representing 1.1%
equity interest in ROC to Renong Berhad (RB), for a cash
consideration of RM1.00 upon such terms and conditions as set
out in the Sale of Shares Agreement dated 11 March 2003 entered
into between FGB and RB.

AND THAT Universal Trustee (Malaysia) Berhad be and is hereby
authorized to execute all or any documentation to give effect to
the above and to deal with all matters relating thereto and to
take all steps and do all acts and things in any manner it may
deem necessary or expedient in connection with the above."

Special  Resolution 3

SPECIAL RESOLUTION 4 - PROPOSED    MODIFICATION   OF   RIGHTS    
OF BONDHOLDERS OF THE REDEEMABLE CONVERTIBLE SECURED BONDS DUE
2005 (THE 2000/2005 BONDS) BY THE PROPOSED TERMINATION OF
FURTHER ACCRUAL OF YIELD AND CONSEQUENTIAL MODIFICATION OF TRUST
DEED

THAT

   (a)  there shall be no further accrual of yield from the date
of this resolution on the 2000/2005 Bonds as set out in the
Trust Deed dated 13th September 2000 (Trust Deed) and that the
Accreted Value (as defined in the Trust Deed) of the 2000/2005
Bonds shall be determined and fixed as at the date of this
Resolution, and subsequently, all references in the Trust Deed
to the Accreted Value shall be deemed to be a reference to the
Accreted Value at the date of this Resolution;

   (b)  the provisions of the Trust Deed shall be modified to
give effect to the above; and

   (c)  Universal Trustee (Malaysia) Berhad be and is hereby
authorized to execute all or any documentation to give effect to
the above and to deal with all matters relating thereto and to
take all steps and do all acts and things in any manner it may
deem necessary or expedient in connection with the above."

Special Resolution 4

ORDINARY RESOLUTION 1 - PROPOSED APPROVAL OF ADMINISTRATION
EXPENSES

"THAT the annual forecast Administration Expenses (as defined in
the Trust Deed) for the period from 1 January 2003 till 31
December 2003, as detailed in Appendix 3 of the Information
Memorandum to Bondholders dated 19 March 2003 (Information
Memorandum) in relation to the Proposed Approval of
Administration Expenses, copies of which have been circulated to
the Bondholders, be and are hereby approved.

AND THAT Universal Trustee (Malaysia) Berhad be and is hereby
authorized to deal with all matters relating thereto and to take
all steps and do all acts and things in any manner it may deem
necessary or expedient in connection with the above."

Ordinary Resolution 1


HO HUP: Faces Winding Up Petition Filed by HL Engineering
---------------------------------------------------------
Pursuant to the Paragraph 9.19(19) of the Listing Requirements
of the Kuala Lumpur Stock Exchange, Ho Hup Construction Company
Bhd advises that it has been served with a winding up petition
(Petition) on 17 March 2003.

The Company is now made aware that the Petition was filed by HL
Engineering (M) Sdn Bhd (HL or the Petitioner) on 27 February
2003 and fixed for hearing on 28 May 2003.

The claim is in respect of works performed by HL under several
subcontracts and no interest is being claimed by HL.

Negotiations to settle the outstanding amount had been going on
since November 2002. The total amount outstanding then was
RM911,221.76. This amount had been partially settled and the
balance outstanding was RM312,434.12. Further negotiations to
settle the balance outstanding were held with HL and the Company
was surprised to receive the Petition out of the blue on 17
March 2003.

By a cheque dated 14 March 2003, the balance outstanding has
been fully settled. The Company has instructed its solicitors to
file an urgent notice of motion to strike out the Petition.
Thus, there is no direct financial and operational impact on the
Group, and no loss is expected since the full amount claimed has
been fully settled.


LION CORPORATION: RM Denominated Bonds Issuance Effectuated
-----------------------------------------------------------
The Board of Directors of Lion Corporation Berhad announced,
that following satisfaction of the conditions precedent to the
Proposed Corporate and Debt Restructuring Exercises, as set out
in section 11 of the Circular to Shareholders issued by LCB
dated 9 January 2003 (Subject Circular), the following have been
effectuated:

   i) the Proposed Corporate Restructuring Exercise (including
the Proposed Capital Reconstruction for LCB but excluding the
proposed renounceable restricted offer for sale of up to
approximately 67.61 million shares in Amsteel Corporation Berhad
(ACB) by LCB to eligible shareholders of ACB which will be
implemented later); and

  ii) the issuance of the RM denominated Bonds, USD denominated
consolidated and rescheduled debts and new ordinary shares by
LCB to the LCB Scheme Creditors.

For further details of the Proposed LCB Scheme, refer to the
Troubled Company Reporter - Asia Pacific Monday, February 10,
2003, Vol. 6, No. 28 issue.


MYCOM BERHAD: Exchanges DGH Project Proposed Financing Letter
-------------------------------------------------------------
On 18 October 2002, Alliance Merchant Bank Berhad (Alliance),
had announced that Mycom Berhad had, amongst others, proposed to
utilize part of the proceeds from the proposed rights issue and
proposed special issue amounting to RM11,720,207 and
RM37,982,208, respectively for the project financing of the
proposed development of Duta Grand Hyatt (Proposed Financing of
DGH Project). The Proposed Financing of DGH Project was
subsequently approved by the Securities Commission (SC) via its
letter dated 27 November 2002 and was announced on 2 December
2002.

The proposed development is comprised of 80 condominium units,
108 service apartments and 572 hotel rooms under the name of
"Duta Grand Hyatt" which are proposed to be constructed on
freehold land of approximately 9,571 square meters and 99 year
leasehold land, expiring on 20 February 2100, of approximately
1,762 square meters, both situated at Section 45, Town and
District of Kuala Lumpur, State of Wilayah Persekutuan (DGH
Project). The DGH Project is proposed to be undertaken by Duta
Grand Hotels Sdn Bhd (DGH), a 51% owned subsidiary of Mycom. The
proposed rights issue, proposed special issue and proposed
development of the DGH Project are all undertaken as part of the
Proposed Restructuring Scheme of Mycom.

In this respect, Alliance, on behalf of the Board of Directors
of Mycom, wishes to announce that on Tuesday, Mycom had entered
into an exchange of letter with DGH (Exchange of Letter) in
relation to the Proposed Financing of DGH Project.

SALIENT TERMS OF THE EXCHANGE OF LETTER

Subject to and in accordance with the Proposed Restructuring
Scheme as approved by the regulatory authorities, Mycom is
agreeable to utilizing part of the proceeds from the proposed
rights issue (up to an amount of RM11,720,207) and part of the
proceeds from the proposed special issue (up to an amount of
RM37,982,208) as a loan to DGH strictly for purposes of the
Proposed Financing of DGH Project.

The liability/obligations of RM49,702,415 arising from the
aforesaid loan from Mycom to DGH for the purpose of the Proposed
Financing of DGH Project shall be completely satisfied and
discharged by DGH to Mycom through the issuance of up to
RM49,702,415 redeemable cumulative convertible preference shares
(RCCPS) of par value of RM0.10 each by DGH to Mycom at an issue
price of RM1.00 (including a premium of RM0.90) for each RCCPS
for every RM1.00 of the loan amount subject always that the
RCCPS shall comply with the terms as set out in Table 1, found
at http://bankrupt.com/misc/TCRAP_Mycom0321.gif,or on such  
terms and conditions as may be approved by the relevant
authorities, or as may be mutually agreed.

The satisfaction and discharge as provided in the Exchange of
Letter shall:

   (a) be conditional upon the Proposed Restructuring Scheme and
the proposed restructuring scheme of Olympia Industries Berhad
(OIB) proceeding as contemplated (which shall include, without
limitation, the issue of the relevant debt instruments and the
implementation of the proposed rights issue and proposed special
issue in accordance with those schemes); and

  (b) be binding upon and inure to the benefit of the parties
and their respective succession and assigns.

RATIONALE

The rationale for the Exchange of Letter is to facilitate the
Proposed Financing of DGH Project, which is an integral part of
the Proposed Restructuring Scheme. The DGH Project was started
in 1994 and was suspended in late 1997. Consequently, DGH
suspended its operations. As such, Mycom proposes to utilize
part of the proceeds from the proposed rights issue and proposed
special issue for the initial funding and recommencement of the
DGH Project.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST ON THE PROPOSED
FINANCING OF DGH PROJECT

Dato' Yap Yong Seong and Yap Wee Keat are the common Directors
of both Mycom and DGH. Yap Wee Chun is a Director in Mycom and
has an indirect interest in DGH through his shareholding in Duta
Equities Sdn Bhd (DESB). Thus, Dato' Yap Yong Seong, Yap Wee
Keat and Yap Wee Chun are deemed interested in the Proposed
Financing of DGH Project. Accordingly, they have abstained and
will continue to abstain from deliberation and voting at the
board meetings of Mycom on the Proposed Financing of DGH
Project.

They will also abstain from voting, in respect of their direct
and indirect shareholdings, on the relevant resolution
pertaining to the Proposed Financing of DGH Project at the
forthcoming extraordinary general meeting (EGM) and have
undertaken to ensure that persons connected to them, will
abstain from voting in respect of their direct and indirect
shareholdings, on the same resolution at the forthcoming EGM.

As of to date, DESB is a major shareholder of Mycom whilst Duta
Credit Sdn Bhd (DCSB) is a major shareholder of DGH. Datin Leong
Li Nar is deemed a major shareholder of both Mycom and DGH by
virtue of her major shareholdings in DESB and DCSB. In addition,
Dato' Yap Yong Seong, Yap Wee Keat and Yap Wee Chun, being the
other shareholders of DESB, are persons connected to Datin Leong
Li Nar. Furthermore, Dato' Yap Yong Seong and Yap Wee Chun are
also major shareholders of DCSB.

Together, Mycom, DESB, DCSB, Datin Leong Li Nar, Dato' Yap Yong
Seong, Yap Wee Keat, and Yap Wee Chun, are deemed interested in
the Proposed Financing of DGH Project. Accordingly, they will
abstain from voting, in respect of their direct and/or indirect
shareholdings, on the relevant resolution pertaining to the
Proposed Financing of DGH Project at the forthcoming EGM and
have undertaken to ensure that person(s) connected to them, if
any, will abstain from voting in respect of their direct and/or
indirect shareholdings, on the same resolution at the
forthcoming EGM.

DIRECTORS'S OPINION

After taking into consideration the current financial position
of the Mycom Group, the Board of Directors of Mycom (save for
Dato' Yap Yong Seong, Yap Wee Keat and Yap Wee Chun) is of the
opinion that the Proposed Financing of DGH Project which is in
relation to the Proposed Restructuring Scheme, is in the best
interest of the Mycom Group and its shareholders.

ADVISER AND INDEPENDENT ADVISER

The Proposed Financing of DGH Project is in relation to the
Proposed Restructuring Scheme, of which Alliance is the adviser
to Mycom.

In view of the interest of the interested Directors and major
shareholders as set out above, Messrs Horwath Mok & Poon (HMP)
had been appointed as the independent adviser to the minority
shareholders and independent Directors of Mycom on the Proposed
Financing of DGH Project, one of the several related party
transactions under the Proposed Restructuring Scheme being
advised by HMP. The appointment of HMP as the independent
adviser to the minority shareholders in relation to the related
party transactions under the Proposed Restructuring Scheme had
been approved by the KLSE on 24 October 2002, as announced on 25
October 2002.

DOCUMENTS AVAILABLE FOR INSPECTION

The Exchange of Letter is available for inspection at the
Registered Office at Level 23, Menara Olympia, Jalan Raja
Chulan, 50200 Kuala Lumpur during office hours Mondays to
Fridays (excluding Public Holidays) from 9:00 am to 6:00pm for a
period of three (3) months from the date of this announcement.


RAHMAN HYDRAULIC: Court Orders Share Premium Account Reduction
--------------------------------------------------------------
On behalf of IJM Corporation Berhad and Rahman Hydraulic Tin
Berhad (Special Administrators Appointed), Public Merchant Bank
Berhad announced that IJM had on 18 March 2003 obtained the
sanction of the High Court of Malaya for the reduction of the
share premium account of IJM pursuant to the Proposed Capital
Distribution. An announcement on the entitlement date of the
Proposed Capital Distribution will be made in due course.

In addition, IJMP was converted to a public limited company on 7
March 2003.

The Proposed Capital Distribution involves up to 176,929,434
Ordinary Shares of RM0.50 each in IJM Plantations Berhad (IJMP)
(IJMP Shares) representing up to 30.85% of IJMP's enlarged
issued and paid-up share capital to the entitled shareholders of
IJM for free on the basis of two (2) IJMP shares for every five
(5) existing ordinary shares of RM1.00 each held in IJM.


SAP HOLDINGS: Unit PTL Serves Tax-Related Summon
------------------------------------------------
SAP Holdings Berhad (SAP) announced that its subsidiary
Perangsang Templer Landscape Sdn Bhd (PTL), formerly known as
Perangsang Templer Property Sdn Bhd, has been served with a
summons by Government of Malaysia via Kuala Lumpur Sessions
Court Suit No. 11-51-29-2003 filed by Kerajaan Malaysia.

The Plaintiff is claiming for the sum of RM102,914.90 for the
alleged Real Property Gains Tax due for the Assessment Year
1993.


SAP HOLDINGS: Unit TPGR Faces Summons Over Canceled SPA
-------------------------------------------------------
SAP Holdings Berhad announced that its subsidiary Templer Park
Golf & Resort Berhad (TPGR) has on 11th March 2003 been served
with an Originating Summons by Mohamad Naguib bin Mahfodz via
Shah Alam High Court Originating Summons No. 24-96-2003 dated
31st January 2003.

The Plaintiff is seeking for a declaration that the Sale And
Purchase Agreement (SPA) in respect of Lot B33 Peatland Paradise
is rescinded, claiming for the refund of RM223,007.15 paid to
the Defendant, damages, interest, cost and other relief.

SAP has instructed its Solicitors to file appearance and has
also proceeded to take the necessary steps to resist the claim.


SILVERSTONE CORPORATION: Issues RM Denominated Bonds
----------------------------------------------------
The Board of Directors of Silverstone Corporation Berhad
(formerly known as Angkasa Marketing Berhad) announced that
following satisfaction of the conditions precedent to the
Proposed Corporate and Debt Restructuring Exercises (Proposed
SCB Scheme) as set out in Section 11 of the Circular to
Shareholders issued by SCB dated 9 January 2003 (Subject
Circular), the following have been effected:

   i) the Proposed Corporate Restructuring Exercise (including
the Proposed Capital Reconstruction Exercise for SCB); and

   ii) the issuance of the RM denominated Bonds, USD denominated
consolidated and rescheduled debts, new ordinary shares and new
redeemable cumulative convertible preference shares by SCB to
the SCB Scheme Creditors.

Pursuant to item (i) above, Silverstone Berhad and its
subsidiary companies have become subsidiary companies of SCB.

For further details of the Proposed SCB Scheme, refer to the
Troubled Company Reporter - Asia Pacific Monday, February 10,
2003, Vol. 6, No. 28 issue.


SOUTHERN PLASTIC: Answers KLSE's Winding Up Query
-------------------------------------------------
Southern Plastic Holdings Berhad, in reply to Query Letter by
KLSE reference ID: PY-030224-38504 on Winding Up Order filed
against by OCBC Bank (Malaysia) Berhad, clarified the following
matters:

   1. The date of presentation of the winding-up petition was on
16 April 2003. The date of the winding up petition was served to
the Company was on 24 February 2003, via notice in The Star. The
Petition is set to be heard before the Court sitting at Penang*
on 7 May 2003 at 9:00 a.m.

   2. This claim is in relation for its banking facilities
granted to the Company amounting to RM1.03 million with an
interest of 3.5% per year calculated on monthly basis from 9
January 2001 until settlement.

   3. The details of default, which led to, the filling of the
winding petition was due to overdraft facilities for the sum of
RM4,726.75 and revolving facilities for the sum of
RM1,028,632.33.

   4. The Company does not expect any significant operational
and financial impact on the Group arising from the petition. All
operations will continue as usual.

   5. There are no other expected losses arising from the
winding-up proceedings.

   6. The Company has since submitted to Securities Commission
the debt restructuring at 30 January 2003.

Below is KLSE's Query Letter content:

We refer to the advertisement appearing in The Star,
Classifieds, Page18 on Monday, 24 February 2003, a copy of which
is enclosed for your reference.

In this connection, kindly furnish the Exchange immediately with
the following additional information for public release:

The date of the presentation of the winding-up petition and the
date the winding-up petition was served on the Company.

The particulars of the claim under the petition, including the
amount claimed for under the petition and the interest rate.

The details of the default or circumstances, which led to the
filing of the winding-up petition.

The operational and financial impact on the Group, if any,
arising from the winding-up proceedings.

The expected losses, if any, arising from the winding-up
proceedings. The steps taken and proposed to be taken by your
Company in respect of the winding-up proceedings.

Yours faithfully,
TAN YEW ENG
Senior Listing Manager
WSW/LPY/zm
copy to: Securities Commission (via fax)


TA ENTERPRISE: Inactive Unit Under Voluntary Winding Up
-------------------------------------------------------
The Board of Directors of TA Enterprise Berhad announced that TA
Realty Ltd [TA Realty] a wholly-owned subsidiary of the Company
has commenced a Members' Voluntary Winding up.

TA Realty is a dormant company and has been inactive since its
incorporation.

The paid up capital of TA Realty comprises one (1) common share
without par value. The cost of investment in TA Realty was CAD
1.00 (Canadian Dollars One Only).

The above transaction has no material financial effect on the
Company.


TAI WAH: SPA Termination Affects Proposed Debt Settlement
---------------------------------------------------------
Tai Wah Garments Manufacturing Berhad, in reply to the Query
Letter by KLSE reference ID: KLSE/FRS/PLCs.T52(8), informed that
the decision by Ramatex Berhad to terminate the Sale of Shares
Agreement (SPA) and foreclose the entire equity shares of Tai
Wah Garments Industry Sdn Bhd (TWGI) pursuant to their rights
under the Share Charge Agreement dated 8 October 2001 would
obviously affect the cash settlement to the scheme creditors
under the Proposed Debt Settlement.

The settlement to scheme creditors comprises of part cash from
the Proposed Disposals to Ramatex Berhad and part shares from
the Reverse Take Over (RTO) Scheme with Versatile Paper Boxes
Sdn Bhd (Versatile).

As of now, Versatile is still committed to the shares settlement
to the scheme creditors subject to the approval from the
authorities. TWGB has met with the secured creditors on 12 March
2003 to inform them of the impact on the above and they are
still deliberating on the issue. TWGB will be meeting with its
unsecured creditors soon to discuss the same issue.

TWGB is appealing to its scheme creditors to proceed with the
RTO scheme with Versatile while at the same time pursuing any
action against Ramatex, if at all possible.


TECHNO ASIA: SC Approves Proposals Imposed Condition Waiver
-----------------------------------------------------------
On 16 January 2003, AmMerchant Bank Berhad had made an appeal to
the Securities Commission (SC) to waive the condition imposed
via its approval letter dated 17 December 2002 on the Proposals,
namely the requirement for AmMerchant Bank to comment on the
reasonableness and the basis of the valuation of KSB and YSSB
pursuant to the Proposed Acquisition of KSB and its subsidiaries
and YSSB by YNHB in the information circular and prospectus to
be issued.

In this respect, AmMerchant Bank is pleased to announce that the
appeal has been approved by the SC via its letter dated 18 March
2003 (which was received on 19 March 2003).

Other terms and conditions set forth in the SC's approval letter
dated 17 December 2002 remain unchanged.

The Proposals entails:

   (i) Proposed Capital Reduction and Consolidation;

   (ii) Proposed Share Swap with Yu Neh Huat Berhad (formerly
Known as Giant Express Berhad) (YNHB);

   (iii) Proposed Acquisition of Kar Sin Berhad (KSB) and its
subsidiaries (KSB Group) and Yu & Sons Sdn Bhd (YSSB) by YNHB;

   (iv) Proposed Exemption for the Vendors of KSB and YSSB and
Parties Acting in Concert with them to Undertake a Mandatory
Take-Over Offer to Acquire the Remaining Shares in YNHB Not
Owned by Them (Proposed Exemption);

   (v) Proposed Restricted Issue of YNHB Shares to Selected
Shareholders of YNHB;

   (vi) Proposed Transfer of Listing Status of TaHB to YNHB;

   (vii) Proposed Disposal of TAHB;

   (viii) Proposed Offer for Sale of Shares by the Vendors of
KSB and YSSB;

   (ix) Proposed Transfer of Rm100,000 Nominal Value of
Irredeemable Convertible Unsecured Loan Stocks (ICULS) for free;

   (x) Proposed Listing of the entire issued and Paid-Up Share
Capital and ICULS of YNHB on the Main Board of the Kuala Lumpur
Stock Exchange (KLSE); and

   (xi) Proposed Employee Share Option Scheme by YHNB.


TIMBERMASTER INDUSTRIES: KLSE Grants LR Time Extension
------------------------------------------------------
Timbermaster Industries Berhad (Special Administrators
Appointed) announced that the Kuala Lumpur Stock Exchange(KLSE),
by way of its letter dated 19 March 2003, has granted the
Company an extension of time until 30 June 2003 to comply with
the audit committee requirements under paragraphs 15.10 (1) (a),
(b), (c), 15.19 and 15.20 of the KLSE Listing Requirements (LR).

December last year, the Troubled Company Reporter - Asia Pacific
reported that the moratorium under section 41 of the
Pengurusan Danaharta Nasional Berhad Act 1998 (Danaharta Act),
has now been further extended to 13 December 2003. The extension
of the moratorium is pursuant to Section 41(3) of the Danaharta
Act. During the period of the moratorium, no creditor may take
action against the Companies except in accordance with Section
41 of the Danaharta Act.


WING TIEK: Units Seek Separate Scheme Creditors' Meeting
--------------------------------------------------------
The Board of Directors of Wing Tiek Holdings Berhad announces
that the Company and its subsidiaries (as set out in (i) below)
had on 18 March 2003 filed an application to the High Court of
Malaya at Kuala Lumpur (Court) to seek Court orders for inter-
alia:

   (i) WTHB, WTSP, WTMI, WTDIP, WBH and VS to each convene a
separate meeting of their respective Scheme Creditors pursuant
to Section 176 of the Companies Act, 1965 (Act) for the purpose
of approving the respective Proposed Debt Restructuring Scheme;
and

   (ii) WTHB to convene a separate meeting of its members
pursuant to Section 176 of the Act for the purpose of approving
the Proposed Share Exchange.

Go to the Troubled Company Reporter - Asia Pacific Tuesday,
September 03, 2002, Vol. 5, No. 174 issue for details of the
Proposed Corporate and Debt Restructuring Scheme.


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


METRO PACIFIC: FirstPac OKs Sale & Assignment Deal
--------------------------------------------------
The independent shareholders of First Pacific approved the sale
and assignment of the Larouge Loan and pledged 50.4 percent
shareholding in Bonifacio Land Corporation to Evergreen
Holdings, Inc. and Ayala Land, Inc.

First Pacific anticipates that the transactions will close by 2
April 2003.

Background

On 23 November 2002, Metro Pacific Corporation (Metro Pacific)
entered into an agreement with Greenfield Development
Corporation and Ayala Land Inc., which anticipates the sale and
assignment by Larouge B.V. (Larouge), a wholly owned subsidiary
of First Pacific, of its US$90.0 million loan to Metro Pacific
and its 50.4 per cent pledged interest in Bonifacio Land
Corporation, for a consideration of approximately US$90.0
million (the Transaction). The loan was extended by Larouge to
Metro Pacific in April 2001 and became due and payable on 31
October 2001, which date was extended by First Pacific to 31
December 2001, but remains unpaid.

On 8 February 2003, Larouge entered into an assignment agreement
with Evergreen Holdings Inc., Ayala Land Inc. and Greenfield
Development Corporation, which provides for the transfer of the
Larouge loan as part of the Transaction. The closing of the
Transaction requires the fulfillment or waiver of various
conditions precedent as set out in First Pacific's circular of
28 February 2003.

Troubled property developer, Metro Pacific Corp., could suffer a
penalty of PHP427 million if it fails to pursue a deal to sell
its controlling stake in Bonifacio Land Corp, TCRAP reported
in February.

Citing a Company statement, the penalty is part of the agreement
with Ayala Land, which together with Greenfield Development
Corp. and Evergreen Holdings Inc., wants to acquire a 50.4
percent stake in Bonifacio Land.  The pact prescribes a penalty
of PHP100 million if either party withdraws from the transaction
before the signing of an implementing accord.  It would increase
to PHP327.5 million if the withdrawal happens after signing the
implementing accord.

MPC currently owns 72.9 percent shareholding in BLC, which in
turn has a 55-percent interest in Fort Bonifacio Development
Corporation (FBDC), which is a joint venture project with the
Philippine government that commenced the redevelopment of a 157-
hectare property known as the Bonifacio Global City.

First Pacific expects the whole transaction to be completed not
later than April 2, 2003.

For further information, please contact:

First Pacific Company Limited
Rebecca Brown Tel: (852) 2842 4301
Executive Vice President
Group Corporate Communications

Sara Cheung Tel:  (852) 2842 4336
Assistant Vice President
Group Corporate Communications

For more information, go to
http://www.firstpacco.com/newspr/frame.htm


NATIONAL BANK: Posts P550M Net Profit in Two Months
---------------------------------------------------
Philippine National Bank (PNB) booked a net profit of 108
million pesos in the two months to February, versus a net loss
of 550 million a year earlier, AFX Asia reports. PNB President
Lorenzo Tan said the bank expects to generate a full-year profit
this year or cut losses to 400 million pesos.

The bank incurred a net loss of 1.9 billion pesos in 2002. PNB
also plans to cut its non-performing loans to 29 billion pesos
from 44-45 billion currently, he said.


PHILIPPINE LONG: Expects to Resume Dividends in 2005
----------------------------------------------------
Philippine Long Distance Telephone Co (PLDT) expects to resume
dividend payments in the fist half of 2005, Reuters reports,
citing Christopher Young, the firm's Chief Financial Adviser.
PLDT suspended payouts to ordinary shareholders in mid-2001 but
has kept up preferred dividend payments.

PLDT said last month that 2002 net income would come in at the
top end of market expectations of between 5.3 billion and 5.9
billion pesos ($96.4 million and $107.4 million), driven by
strong growth in mobile subscribers.

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between 92
and 94. For real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1


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


ASIA PULP: Indonesia's BCA Writes Off US$120M Credit
----------------------------------------------------
Bank Central Asia (BCA) has written off a US$20 million credit
to PT Indah Kiat, a pulp and paper unit Asia Pulp and Paper
(APP), which is owned by the Sinar Mas Group, Asia Pulse said on
Tuesday. BCA has also put in the category of non-performing loan
(NPL) a credit of Rp224 billion (US$22.7 million) to another
unnamed unit of the Company group.

The debtor is not among the debt ridden pulp and paper
subsidiaries of APP, and the credit is still liquid but as the
Sinar Mas group has been listed among non-performing debtors,
the credit is automatically included among NPL, the report said.
The US$20 credit will be offered to the market and it would be
good enough if the recovery rate is 20 percent.


ASIA PULP: Restructuring Underway
---------------------------------
Singapore's Supreme Court Wednesday reserved judgment on a
petition by Deutsche Bank AG to replace the management of Asia
Pulp & Paper Company (APP), Dow Jones reports. Chief Justice
Yong Pung How didn't set a date when the court will meet again.

Last year, Singapore's High Court denied Deutsche Bank's
petition to replace APP's management with new court-appointed
managers, leading the German bank to approach the Supreme Court.
Singapore-registered, Indonesian-owned APP owes creditors,
including the German lender, some US$13 billion.


NATSTEEL LTD: Clarifies 2002 Financial Result
---------------------------------------------
In response to the query raised by the Singapore Exchange
Securities Trading Limited in its letter dated 18 March 2003
relating to Full Year Financial Statement and Dividend
Announcement for the Financial Year Ended 31 December 2002:

"Disclose whether the financial figures provided in the
Announcement have been reviewed by the auditors as required
under paragraph 2 of Appendix 7.2 of the Listing Manual; and if
so, disclose the relevant standard adopted and provide the
auditors' report."

The Company clarifies that the announcement of the Full Year
Financial Statement were based on figures that were not audited
nor reviewed by the auditors. The audit is currently in progress
and will be completed in due course for reporting in the Annual
Report for 2002.


CHARTERED SEMICON: May Not Compete Successfully in Industry
-----------------------------------------------------------
The worldwide semiconductor foundry industry is highly
competitive. Chartered Semiconductor Manufacturing Ltd. (CSM)
compete with dedicated foundry service providers such as Taiwan
Semiconductor Manufacturing Corporation (TSMC), and United
Microelectronics Corporation, or UMC, as CSMll as the foundry
operation services of some integrated device manufacturers or
IDMs such as IBM. IDMs principally manufacture and sell their
own proprietary semiconductor products, but may offer foundry
services. Further, there have been a number of new entrants to
the semiconductor foundry industry. In particular, foundries in
Korea, Malaysia and China are now becoming increasingly
significant. Our competitors may have greater access to capital
and substantially greater production, research and development,
marketing and other resources than CSM do. As a result, these
companies may be able to compete more aggressively over a longer
period of time than CSM can.

A number of semiconductor manufacturers, including the primary
competitors have announced plans to increase their manufacturing
capacity (including setting up fabrication facilities in
Singapore). Although some of these plans may have been delayed
as a result of the industry downturn, CSM expect that they will
be initiated when the economic and industry conditions improve.
As a result, CSM expect that there will be a significant
increase in worldwide semiconductor capacity over the next five
years. If growth in demand for this capacity fails to match the
growth in supply, or occurs more slowly than anticipated, there
may be more intense competition and pressure on the pricing of
its services may result. Any significant increase in competition
may erode profit margins and earnings.

The principal elements of competition in the wafer foundry
market include technical competence, time-to-market, research
and development quality, available capacity, device yields,
customer service, price, design services, access to intellectual
property and electronic design automation, or EDA, tool support.
CSM cannot assure that CSM will be able to compete successfully
in the future, which could seriously harm our Company.


CHARTERED SEMICONDUCTOR: Explains Manufacturing-Related Risks
-------------------------------------------------------------
Chartered Semiconductor Manufacturing Ltd. (CSM) may experience
difficulty in achieving acceptable device yields, product
performance and delivery times as a result of manufacturing
problems.

The process technology for the manufacture of semiconductor
wafers is highly complex, requires advanced and costly equipment
and is continuously being modified or changed in an effort to
improve device yields and product performance. Microscopic
impurities such as dust and other contaminants, difficulties in
the production process, disruptions in the supply of utilities
or defects in the key materials and tools used to manufacture
wafers can cause a percentage of the wafers to be rejected or
individual semiconductors on specific wafers to be non-
functional, which in each case negatively affects its device
yields. CSM have, from time to time, experienced production
difficulties that have caused delivery delays, loCSMr than
expected device yields and the replacement of certain vendors of
manufacturing equipment used in the production processes.

CSM may also experience difficulty achieving acceptable device
yields, product performance and product delivery times in the
future as a result of manufacturing problems. These problems may
result from, among other things, production failures, capacity
constraints, construction delays, increasing production at new
facilities, upgrading or expanding existing facilities or
changing its process technologies, human errors, equipment
malfunction or process contamination. With regards to the
proposed consolidation of Fab 1 business into Fab 2, while CSM
are working towards a smooth transfer of processes to Fab 2, CSM
cannot assure that there will be no difficulties or risks
resulting from or associated with the transfer of processes from
Fab 1 to Fab 2. Any of these problems could seriously harm the
Company.

CSM DEPEND ON VENDORS OF RAW MATERIALS, SUPPLIES AND EQUIPMENT
AND DO NOT TYPICALLY HAVE LONG-TERM SUPPLY CONTRACTS WITH THEM.

CSM depend on its vendors of raw materials and supplies. To
maintain competitive manufacturing operations, CSM must obtain
from its vendors, in a timely manner, sufficient quantities of
quality materials and supplies at acceptable prices. CSM obtain
most of materials and supplies, including critical materials
such as raw semiconductor wafers, from a limited number of
vendors. CSM typically do not have long-term contracts with its
vendors. CSM purchase most of its key materials and supplies on
a blanket purchase order basis. Although some of its blanket
purchase order contracts contain price and capacity commitments,
these commitments tend to be short term in nature. As a result,
from time to time due to capacity constraints, vendors have
extended lead times or limited the supply of required materials
and supplies to us. Consequently, from time to time, and
particularly during periods of sudden increase in demand, CSM
have experienced and may experience difficulty obtaining
quantities of raw materials CSM need on a timely basis. Further,
where CSM only have one

For more information, visit
http://www.shareholder.com/Common/Edgar/1095270/1145549-03-
278/03-00.pdf


OVERSEA-CHINESE: Dissolves Unit
-------------------------------
Oversea-Chinese Banking Corporation Limited OCBC Bank announced
that its wholly owned subsidiary TLB Bullion & Futures Pte Ltd
TLBBF, which was placed into members' voluntary liquidation on 8
May 1998, held its Final Meeting on 9 December 2002. TLBBF was
dissolved on March 16, 2003.

In connection with the above, TLBBF has ceased to be a wholly
owned subsidiary of OCBC Bank with effect on March 16, 2003.


SINGATRONICS LTD: Narrows 2002 Net Loss to S$6.12M
--------------------------------------------------
Singatronics Limited posted a net loss of S$6.12 million in the
fiscal year 2002 versus a net loss of S$9 million a year
earlier, Reuters reports.

Singatronics Ltd is engaged in the contract manufacturing of
electronic and electrical consumer products and property
development and hotel management activities.


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


JASMINE INTERNATIONAL: Reports Warrant Conversion Results
---------------------------------------------------------      
As Jasmine International Public Company Limited (JASMIN) has
issued and offered warrants to purchase new shares to the
existing shareholders and the directors or employees of the
company and its subsidiaries, Chaengwatana Planner Co., Ltd.,
the Company's Planner, reported the results of warrant
conversion to common shares as follows:

1) Warrants offered to the existing shareholders

Refer to the resolution of the Annual General Meeting No 1/1999
held on 27 April 1999, approving the capital increase of the
company by issuing 333.6 million units of warrant to the
existing shareholders, the warrant holders can exercise right on
the date 15th of March, June, September and December of each
year through the maturity date.  JASMIN has set the date for
converting the company's warrants at the ratio of 1 right
warrant into 1 common share at Bt5 per share.  Date to notify
the intention to exercise is 1-14 March 2003.  The exercise date
is on 17 March 2003.  The results of the conversion are as
follows:

No. of warrant holders    No. of warrants   No. of common shares

1. None of Thai national   - Units                 - Shares
2. One Foreign national    117,100 Units       117,100 Shares
Total                      117,100 Units       117,100 Shares

After this conversion, there are 257,239,437 remaining warrants.

2) Warrants offered to directors or employees of the company and
its subsidiaries

Refer to the resolution of the Extra-ordinary Shareholders
Meeting of JASMIN No. 1/2000 held on 4 September 2000, approving
the issuance and offering of warrants to purchase new shares to
directors or employees of the company and its subsidiaries at
total amount of the project 18,375,706 units, allocated in 3
classes as follows:

- Warrant Class 1    11,749,574 units   (diviad into 3 grants)
- Warrant Class 3     1,200,000 units   (diviad into 2 grants)

And approved the allocation of 18,375,706 ordinary shares at par
value Bt10 each allocated to guarantee the use of rights
exercised under the warrant to purchase ordinary shares of the    
company under the warrant issued to the directors or employees
of the company and its subsidiaries.

Following to the mention project, the company issued and offered
warrants as the following details:

Warrant Issue Issued and Offered Offered price  Exercise price
Class     No.     (Unit)           per unit        per unit
                                    (Baht)         (Baht)
1        1     3,916,524           0               10
         2     3,872,847           0               10
         3     3,872,856           0               10
2        1     622,415             0               15
         2     462,811             0               20
         3     622,415             0               16.50
         4     462,811             0               22
         5     622,415             0               18.15
         6     462,811             0               24.20
3        1     600,000             0               15
         2     600,000             0               15

The warrant holder can exercise on every 3 months on the date
15th of March, June, September and December of each year from
the first day of exercise date specified in the warrant until
the expiry date.  In this time, the exercise date is on 17 March
2003, date to notify the intention to exercise is 1-14 March
2003.  The ratio to exercise for every warrant class is 1
warrant unit per 1 common share at the above mentioned exercise
prices.

The company would like to report the results of the conversion
as follows:

    - No warrant holder exercises his right -                              

After this conversion, there will be warrants remaining as
follows:

   - Warrant Class 1 Issue No. 1            3,916,524 units
   - Warrant Class 1 Issue No. 2            3,872,847 units
   - Warrant Class 1 Issue No. 3            3,872,856 units
   - Warrant Class 2 Issue No. 1              622,415 units
   - Warrant Class 2 Issue No. 2              462,811 units
   - Warrant Class 2 Issue No. 3              622,415 units
   - Warrant Class 2 Issue No. 4              462,811 units
   - Warrant Class 2 Issue No. 5              622,415 units
   - Warrant Class 2 Issue No. 6              462,811 units
   - Warrant Class 3 Issue No. 1              600,000 units
   - Warrant Class 3 Issue No. 2              600,000 units

The company will have a paid-up capital Bt4,746,685,280.


POWER-P PUBLIC: SET Suspends Trading; Awaits Amended F/S
--------------------------------------------------------
Previously, the Stock Exchange of Thailand posted the "SP"
(Suspension) sign on the securities of Power-P Public Company
Limited (PP) from 4 March 2003 because the company has publicly
submitted the SET its audited financial statements for the year
2002 ending 31 December 2003 with the Disclaimer of Opinion
on its financial statements. The SET has been waiting for the
clarification about making financial statements.

PP has now disseminated financial statements and the
abovementioned clarification to investors through the SET,
therefore, the SET has posted the "NP" sign on the company's
securities from the second trading session of 19 March 2003
until such time as the company will submit its amended financial
statements or it is concluded that PP is not necessary to amend
its financial statements. However, the SET has still suspended
trading all securities of PP until the causes of delisting are
eliminated.


RAIMON LAND: Inks Guaranteed Agreement With Thanachart Bank
-----------------------------------------------------------
Raimon Land Planner Company Limited, as the Plan Administrator
of Raimon Land Public Company Limited), provided the resolutions
resolved at the Board of Directors' Meeting No. 8/2002 held on
March 19, 2003 at 22nd Floor, Unit No. 2201-3, The Millennia
Tower, 62 Langsuan Road, Kwaeng Lumpini, Khet Pathumwan,
Bangkok:

1. That the guaranteed agreement between Raimon Land and
Thanachart Bank Public Company Limited (Thanachart) for security
of the repayment of the debts owed by Strategic Property Company
Limited (Strategic), a unit of Raimon Land', with the guarantee
amount of Bt68,750,000 be approved.  Raimon Land holds 341,544
shares in Strategic, being 55 percent of the total shares.  

Strategic and Thanachart will enter into the loan agreement with
the loan amount of Bt120,000,000.  The loan will be utilized for
construction costs and expenses relating to the construction of
residential building on land under title deed no. 9010 located
on Tambol Thungmahamek (Klongteoy),Amphoe Yannawa (Prakha-
nhong), Bangkok, including expenses relating to the construction
of public facilities in the area of that building so called "The
Lofts Sathorn Project" and issue Letter Guarantee to Land
Allocation Committee of Bangkok Metropolitan Administration in
amount of Bt5,000,000.   

Kudu Company Limited (Kudu), shareholder in Strategic holding
279,450 shares, being 45 percent of the total shares in
Strategic, will enter into a guaranteed agreement with
Thanachart with the guarantee amount of Bt56,250,000.  The
guaranteed amounts are provided in proportion to the
shareholding of Raimon Land and Kudu in Strategic.

2.  That the connected transaction of Raimon Land, as a result
of the provision of financial support to Strategic Property
Company Limited (Strategic) by entering into the guaranteed
agreement with Thanachart Bank Public Company Limited with the
guaranteed amount of Bt68,750,000 be approved.  The details of
the connected transaction are as follows:

   1. Date of the transaction: The Board of Directors of
                  Raimon Land Planner Company Limited (acting in
                  the capacity of the plan administrator of    
                  Raimon Land) resolved to approved the entry  
                  into the guarantee agreement between Raimon
                  Land and Thanachart with the guarantee amount
                  of Bt68,750,000 on March 18, 2003.

   2. Names of parties involved: 1. Raimon Land as the Guarantor
                                 2. Thanachart as the Creditor
                                 3. Strategic as the Debtor

   3. Nature of transaction: To provide financial support to the
                  subsidiary by giving guarantee as security of
                  the repayment of Strategic's debts to
                  Thanachart with the guarantee amount of
                  68,750,000. Currently, Raimon Land holds
                  341,544 shares in Strategic.

   4. Details of transaction: Strategic and Thanachart will
                  enter into the loan agreement with the loan
                  amount of Bt120,000,000.  The loan will be
                  utilized for construction costs and expenses
                  relating to the construction of residential
                  building on land under title deed no. 9010
                  located on Tambol Thungmahamek (Klongteoy),
                  Amphoe Yannawa (Prakha-nhong), Bangkok,
                  including  expenses relating to the
                  construction of public facilities in the area
                  of that building so called "The Lofts Sathorn
                  Project" and issue Letter Guarantee to Land
                  Allocation Committee of Bangkok Metropolitan
                  Administration in amount of Baht 5,000,000.  
                  Under the loan agreement, Strategic is
                  required to arrange for the guaranteed by
                  Raimon Land, which provides as security of the
                  repayment of the loan by Strategic with the
                  guaranteed amount of 68,750,000.  

In addition, Kudu Company Limited (Kudu), shareholder in
Strategic holding 279,450 shares in Strategic, being 45 percent
of the total shares, will enter into a guaranteed agreement with
Thanachart with the guaranteed amount of Bt56,250,000.    

The guarantee amounts are provided in proportion to the
shareholding of Raimon Land and Kudu in Strategic.


SAMART CORPORATION: Omits Dividend Payment, April 25 OGM Set
------------------------------------------------------------
Samart Corporation Public Company Limited reported the following
resolutions adopted at the Board of Directors' meeting No.
3/2003 held on March 19, 2003:

1. Propose the shareholders to consider and approve the
appointment of Mr. Pairote Varophas as a company's director.  

   Curriculum Vitae  

   Name       :  Mr. Pairote   Varophas
   Age        :  51
   Education  :  -  BA  (Hons.) Accounting, Thammasat University
                 -  MM (Marketing   and   Finance), Northwestern   
                    University, USA   
                 -  AMP/ISMP,  Harvard University, USA.
   Experience :  - 1993 -  2001  Executive Vice President,
                   Krung Thai Bank Plc.
                 - 1990 - 1993   Managing Director,
                   Assets Insurance Co., Ltd.
                 - 1989 - 1990   Managing Director,
                   Saha Farms Co., Ltd.    
                 - 1986 - 1989   Managing Director,
                   Siam Agro-Industry (Pineapple) Plc.
                 - 1976 - 1986  Vice President,
                   Business Development Dept.,
                   Thai Farmers Bank Plc.    
                 - Present - Independent Director and Audit
                   Committee, Trinity Wattana Plc.  

2. Scheduled for the Ordinary General Meeting of Shareholders
2003 on April 25, 2003 at 2:00 p.m. Executive I Room, Rama
Gardens Hotel, No. 9/9 Vibhavadee Rangsit Road, Laksi, Bangkok
10210 with the following agenda:

   1. To consider and approve the minutes of the Extraordinary
General Meeting of Shareholders 2002

   2. To consider the Company's 2002 operating results and the
annual report

   3. To consider the Company's financial statements for 2002
   
   4. To consider and approve the appropriation of legal reserve
and dividend payment for 2002

   5. To consider and approve the election of Company's
directors to replace of those who will retire by rotation and
fixing the remuneration of the Board of Directors and the Audit
Committee   

   6. To approve the appointment of new director
   
   7. To approve the amendment of the authorized directors of
the Company

   8. To consider the appointment of Company's auditor and
fixing the remuneration

3. Schedule for closing date of share registration book, to
determine the eligible shareholders to attend the Ordinary
General Meeting of Shareholders 2003, on April 4, 2003 starting
from 12.00 hrs. until the meeting is adjourned.

4. Dividend payment for fiscal year ended December 31, 2002 will
not be declared due to the Company still has retained deficit.

Wrights Investors reported that at the end of 2002, the company
had negative common shareholder's equity of -Bt797.71 million.
The company also reported losses during the previous 12 months.
And has not paid any dividends during the previous 6 fiscal
years.


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly change
-----              ------   --------   ---------   -------------

Asia Pulp & Paper     FRN     due 2001   1.0 - 2.0        0.0
Asia Pulp & Paper     11.75%  due 2005  31.5 - 32.5      +0.5
APP China             14.0%   due 2010  30.0 - 32.0      +0.5
Asia Global Crossing  13.375% due 2006  11.75 -12.75     -0.25
Bayan Telecom         13.5%   due 2006  14.0 - 16.0       0.0
Daya Guna Sumudera    10.0%   due 2007   2.5 - 4.5        0.0
Hyundai Semiconductor 8.625%  due 2007  67.0 - 69.0       0.0
Indah Kiat            11.875% due 2002  35.0 - 37.0      -1.0
Indah Kiat            10.0%   due 2007  27.5 - 28.5      +0.25
Paiton Energy         9.34%   due 2014  84.5 - 86.5      +5.0
Tjiwi Kimia           10.0%   due 2004  24.5 - 26.5      +1.5

Bond pricing, appearing in each Friday's edition of the
Troubled Company Reporter - Asia Pacific, is provided by
DebtTraders in New York. DebtTraders is a specialist in global
high yield securities, providing clients unparalleled services
in the identification, assessment, and sourcing of attractive
high yield debt investments. For more information on
institutional services, contact Scott Johnson at 1-212-247-5300.
To view our research and find out about private client accounts,
contact Peter Fitzpatrick at 1-212-247-3800. Real-time pricing
available at www.debttraders.com


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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

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