TCRAP_Public/030404.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

             Friday, April 4, 2003, Vol. 6, No. 67

                         Headlines

A U S T R A L I A

BO LONG: Liquidator Appointed to Bo Long Investment Scheme
ERG GROUP: EFIC to Provide AU$25.6M Project Performance Bonds
FELDWORTH FINANCIAL: AAT Upholds Life Ban Against Ex-adviser
FINANCIAL OPTIONS: Ex-director Pleads Guilty in Deception Suits
PASMINCO LIMITED: CEO Sees Sale of Elura Mine Despite Strike

TASSAL LIMITED: Interested Buyers Now Number 80, Says Receiver


C H I N A   &   H O N G  K O N G

ADVENTURE FORCE: Hearing Date on Winding Up Petition Set
CEDAR BASE: Dah Sing Bank Asks High Court to Wind Up Firm
CENTURY COMPUTER: High Court to Hear Wind Up Petition April 16
DAVENHAM ENGINEERING: Winding up Hearing Slated April 23
LAI SUN: Risks Being Liquidated Following Bond Dues Default

REGENT SKY: Winding Up Hearing Scheduled Next Week


I N D O N E S I A

ASIA PULP: Sets April 30 as New Deadline for Debt Plan Approval


J A P A N

DAIEI INC.: Creditors Name Advisers
FUJITSU LIMITED: Needs to Restructure Hardware Operations
HANKYU CORPORATION: JCR Downgrades BBB+/BBB/J-2/ Ratings
NAGANO FORGING: Steel Firm Enters Rehab Proceedings
NIPPON STEEL: Slashing 2,600 Jobs on Restructuring

NIPPON STEEL: Aims to Cut Debt to Y1.6 Trillion
TAISEI CORPORATION: Issues Y15 Billion 4-year, 1.5% Bonds
TOSHIBA CORP.: Shuts Down Brazilian Plant
TRAVEL PLAN: Files For Bankruptcy
YOROZU CORPORATION: JCR Assigns BBB- Rating


K O R E A

DAEWOO MOTOR: Sells Bus Unit for KRW148.3 Billion
HYNIX SEMICONDUCTOR: US Imposes 57.37% Tariff on Chip Imports
HYUNDAI CORPORATION: Unveils Negative Net Worth


M A L A Y S I A

AUTOWAYS HOLDINGS: Proposals Still Lack Official Receiver's Nod
EMICO HOLDINGS: Starts Implementing Rehabilitation Plan
EPE POWER: Defaults Anew on Monthly Bank Loan Interest Payments
KSU HOLDINGS: Confirms Winding up Petition v. Wholly Owned Unit
SOUTHERN PLASTIC: Continues to Default on Unspecified Bank Loans

WEMBLEY INDUSTRIES: Approval of Turnaround Plan Remains Pending


P H I L I P P I N E S

BENPRES HOLDINGS: Elects Vicente Jayme as Director
BENPRES HOLDINGS: Clarifies FCC Order Report
NATIONAL BANK: Posts PHP45 Million Profit in Jan-Feb Period
PHILIPPINE LONG: Clarifies "FirstPac Selling Stake" Report


S I N G A P O R E

ASIA PULP: IBRA Close to Deal on Subsidiaries
BERGER INTERNATIONAL: Narrows FY02 Net Loss to $1.069 Million
HUA KOK: Voluntarily Winds Up Subsidiary
OVERSEA-CHINESE: Winds Up Units
SINGAPORE TELECOMMUNICATIONS: Unit Enters Liquidation


T H A I L A N D

POWER-P PUBLIC: Explains Auditor's Disclaimer in Latest Report
TANAYONG PUBLIC: Creditors Postpone Vote on Restructuring Plan
THANAYONG: To Seek Approval of Restructuring Plan in Three Weeks
TPI POLENE: Denies Firing Broker, Cites Contract Expiry as Cause

     -  -  -  -  -  -  -  -

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


BO LONG: Liquidator Appointed to Bo Long Investment Scheme
----------------------------------------------------------
The Supreme Court of Queensland on Wednesday made orders
appointing Maree Ann Henry and Grant Dene Sparks of
SimsPartners, Brisbane, as joint liquidators to the property of:

(a) Bo Long International Development Company Pty Ltd;

(b) Bo Long Support Group Australia Limited;

(c) Bo Long International Electronic Police System Company Pty
    Ltd (now known as Bo Long International Charity Pty Ltd);

(d) China Travel (Australia) Pty Ltd

(e) Bo Long International Investment Group Pty ltd

The Supreme Court granted the orders following an application
made by the Australian Securities and Investments Commission
(ASIC) on April 2, 2003.

ASIC alleged that approximately AU$6.7 million of investor funds
was paid to the Bo Long companies between August 1997 and
January 2001, allegedly to assist Mainland China with various
infrastructure projects such as the supply of gas meters and
electronic police monitoring devices.

There was no managed investment scheme registered in Australia
by any of the Bo Long companies.

ASIC appointed receivers and managers to the companies and
unregistered schemes in early 2002.

On January 17, 2003, Donna Tung Sing Ho was charged in relation
to alleged contraventions as a director of one of the Bo Long
companies.  The charges relate to the alleged use of company
funds to purchase real estate and motor vehicles for personal
use by Ms. Ho.

Henry Shui Sing Ho and Mark Andrew Sweeney have been charged
with being involved in the alleged contraventions.


ERG GROUP: EFIC to Provide AU$25.6M Project Performance Bonds
-------------------------------------------------------------
ERG Group yesterday announced that it has agreed to the main
terms on which Export Finance and Insurance Corporation (EFIC)
is to provide performance bonds for projects won by ERG in
Seattle, Stockholm and Washington DC.

The performance bonds comprise bonds of SEK45 million (AU$9
million), US$2 million (AU$3.3 million) and US$8 million
(AU$13.3 million) for the projects that have been awarded to ERG
over the past two months.

All projects involve ERG supplying integrated transit smart card
solutions and then providing operating and or maintenance
support.  The total value of the contracts is over AU$200
million.

Under the terms of the offer, EFIC will provide performance
bonds to ERG's customers.  The bonds will allow ERG's customers
in the three projects to make progressive payments to ERG and
significantly reduce ERG's cash exposure to the projects.

The issuing of the bonds will be subject to certain conditions
precedent being satisfied.


FELDWORTH FINANCIAL: AAT Upholds Life Ban Against Ex-adviser
------------------------------------------------------------
The permanent ban of Hans Robert John Felden from acting as a
representative of a securities dealer or investment adviser has
been upheld by the Administrative Appeals Tribunal (AAT).

Mr. Felden was a former investment adviser for Feldworth
Financial Services Pty Ltd (in liquidation).

"The AAT has confirmed ASIC's view that Mr. Felden's permanent
ban is an appropriate outcome considering the unacceptable risks
he took with his previous clients' money," ASIC Director
Enforcement Allen Turton said.

Mr. Felden was banned on February 9, 2000, following an
investigation by the Australian Securities and Investments
Commission (ASIC) into the activities of the company prior to
its liquidation.  ASIC had received complaints from a large
number of investors who lost significant portions of their
investment portfolios.

ASIC found that in the course of his role as an investment
adviser, Mr. Felden had placed a number of investors seeking
secure low-risk investments into a number of speculative high-
risk investments, specifically EC Consolidated Capital Limited,
Lateral Trading Limited and Media Asia Pacific Limited.

ASIC found that Mr. Felden had paid little or no regard to the
needs and investment objectives of his clients, some of whom
would not be in a position to recoup their lost money.

In confirming the life ban imposed by ASIC, Alan Limbury of the
AAT noted that many of the clients were elderly or retired, and
that one was the trustee of a 12-year old girl's inheritance.

"Time and again Mr. Felden failed to exercise the critical
judgment he was required to apply, yet presented his
recommendations as based on research that his clients had no
reason to believe was inadequate, as it was," Mr. Limbury said.


FINANCIAL OPTIONS: Ex-director Pleads Guilty in Deception Suits
---------------------------------------------------------------
Robert Gary Johnstone, a former director of Financial Options
Group Incorporated (FOGI), has pleaded guilty in the Downing
Centre Local Court in Sydney to 22 charges brought by the
Australian Securities and Investments Commission (ASIC).

Mr. Johnstone, of Queens Park New South Wales, pleaded guilty to
18 counts of deception under the Crimes Act (NSW), a further two
counts of deception under the Corporations Act and two counts of
providing false statements to ASIC in relation to his role as
the director of FOGI, a failed commodity trading company.

ASIC alleges that Mr. Johnstone was involved in circulating
statements to FOGI investors that contained false information
about the returns they could expect to receive.

On February 18, 2002, ASIC successfully applied to the Supreme
Court of New South Wales to wind up FOGI and the Australia Fund
Limited, of which FOGI was the major shareholder.

ASIC had previously obtained interim orders freezing the assets
of Mr. Johnstone and the co-director of FOGI, Robert Geoffrey
Walker.  Mr. Johnstone and Mr. Walker are now bankrupt and the
interim orders have been lifted.

Mr. Johnstone has been committed for sentencing at the Sydney
District Court on April 11, 2003.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


PASMINCO LIMITED: CEO Sees Sale of Elura Mine Despite Strike
------------------------------------------------------------
Pasminco, on Wednesday, disclosed that the strike by employees
at the Elura mine had entered its eighth day. Production at the
mine ceased on Saturday, March 29.

Commenting on the strike, Chief Executive Officer Greig Gailey
said, "We're disappointed that the strike by employees at Elura
has now entered its eighth day.

"The sale process for the Elura mine is at an advanced stage,
and although we are optimistic of concluding a sale, we have yet
to reach final agreement.

"At each stage of the sale process we have kept all Elura
employees informed of progress, but as with any commercial
negotiation it is impossible to put a timeframe on conclusion.

"We have indicated throughout the sale process that should a
sale occur, it was most likely that all employees would be
retrenched. In this eventuality they would receive the
entitlements set out in the Consent Agreement in full.  We
reiterated this point on Monday by letter to all employees,
together with responses to the other questions raised by
employees.

"If a sale is concluded, the future of the mine is a matter for
the new owner," he said.

Mr. Gailey added, "The strike action is disappointing and does
not conform with the dispute handling procedures contained in
the Consent Award."

The company announced its intention to sell the Elura mine in
2002 because it did not fit with the vision of the new Pasminco,
which is a set of world-class zinc/lead mining and smelting
assets.  Pasminco plans to re-list on the Australian Stock
Exchange via a public float when market conditions are
appropriate.

For further information contact:

Trevor Shard
General Manager - Investor and Community Relations
+61 (3) 9288 9186 or 0419 584 515


TASSAL LIMITED: Interested Buyers Now Number 80, Says Receiver
--------------------------------------------------------------
About 80 potential buyers from overseas and locally have
registered interest in the sale of Tassal Limited (Receivers and
Managers Appointed), Australia's largest producer of Atlantic
salmon.

Of these potential buyers, 45 groups from Australia, Canada,
Scotland, Norway, Holland and Chile, have all signed
confidentiality deeds to receive the Tassal information
memorandum, which details the business affairs of Tassal and
outlines the sale process.

An additional 35 interested parties -- both locally and
internationally -- have sought information on the sale process
buy have not yet received the information memorandum.

The receiver and manager of Tassal, Mark Ryan, said the response
to the sale had been very positive and extremely encouraging.

Mr. Ryan, a partner of the national accounting and insolvency
group, KordaMentha, said the purchase in February of the
business and assets of its main competitor, Nortas, to give
Tassal about 65% of the Tasmanian salmon producing market had
been a very positive step in the sale process.

"While the purchase of Nortas was a highly unusual step for a
receiver and manager to take, it has significantly helped
rationalize and stabilize the industry.  We believe that this is
the first time in Australian insolvency history that a company
in receivership has undertaken an acquisition of this magnitude.

"Receivers sell companies.  They usually do not buy them.  This
deal is all about a creative solution that maximizes shareholder
value.  The acquisition also made Tassal a more sustainable
company with an excellent profit outlook.  As well, we believe
the acquisition has also ensured greater job security," Mr. Ryan
said.

Mr. Ryan said he could not discuss a potential sale price of
Tassal.  As part of the sale process, potential buyers would
begin inspections of the Tassal sites in the next two weeks.
Mr. Ryan said he was working to a mid-year sale date but the
sale may take longer due to the international buyer interest and
the logistical aspects of conducting due diligence at the
various fish farm sites.

Tassal has about 640 employees and produces about 8,000 tonnes
of Atlantic salmon and trout a year.  Annual turnover is
estimated at around AU$100 million with a sustainable EBIT of
around AU$11 million to AU$12 million.

For further information, contact:

Mark Ryan
Phone: (03) 6211 9600 or 0414 729 101

David Wilson
Phone: (03) 9671 4458 or 0411 055 311


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


ADVENTURE FORCE: Hearing Date on Winding Up Petition Set
--------------------------------------------------------
Adventure Force Limited faces a winding up petition, which the
High Court of Hong Kong will hear on April 9, 2003 at 10:00 in
the morning.

Wong Yuk Lin of Room A2405, Cheung Tak House, Cheung Wah Estate,
Fanling, New Territories, Hong Kong filed the petition on
February 28, 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.


CEDAR BASE: Dah Sing Bank Asks High Court to Wind Up Firm
---------------------------------------------------------
A petition seeking the winding up of Cedar Base Electronics
(Group) Limited has been scheduled for hearing before the High
Court of Hong Kong on April 23, 2003 at 9:30 in the morning.

Dah Sing Bank Limited whose registered office is located on the
35th Floor, Dah Sing Financial Centre, 108 Gloucester Road,
Wanchai, Hong Kong filed the petition on March 7, 2003.  K.B.
Chau & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing K.B. Chau &
Co., which holds office on the 16th Floor, Wing Lung Bank
Building, 45 Des Voeux Road, Central Hong Kong.


CENTURY COMPUTER: High Court to Hear Wind Up Petition April 16
--------------------------------------------------------------
A petition seeking the winding up of Century Computer Embroidery
Company Limited has been scheduled for hearing before High Court
of Hong Kong on April 16, 2003 at 9:30 in the morning.

Hui Lan Yun of Flat J, 1/F, Block 10, Beverly Garden, Tseung
Kwan O, Kowloon, Hong Kong filed the petition on March 3, 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.


DAVENHAM ENGINEERING: Winding up Hearing Slated April 23
--------------------------------------------------------
The High Court of Hong Kong has scheduled the hearing of the
winding up petition against Davenham Engineering Projects
Limited on April 23, 2003 at 9:30 in the morning.

Dah Sing Bank Limited whose registered office is located on the
35th Floor, Dah Sing Financial Centre, 108 Gloucester Road,
Wanchai, Hong Kong filed the petition on March 7, 2003.  K.B.
Chau & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing K.B. Chau &
Co., which holds office on the 16th Floor, Wing Lung Bank
Building, 45 Des Voeux Road, Central Hong Kong.


LAI SUN: Risks Being Liquidated Following Bond Dues Default
-----------------------------------------------------------
Hong Kong property developer, Lai Sun Development Co., disclosed
recently that it had defaulted on convertible and exchangeable
bonds that fell due Monday, adding that it might be liquidated
as a result.

According to Dow Jones Newswires, the US$265 million bonds were
the same bonds that fell due last December, but were extended by
holders for three months.  Lai Sun also has convertible bonds
amounting to US$150 million, which were due to mature on
December 31, 2002.  As of end December, Lai Sun also owes
interest payments on US$115 million in exchangeable guaranteed
bonds due in 2004.

Last week, the company admitted that failure to redeem the
convertible and exchangeable bonds would be considered a
"technical event of default under the group's principal banking
facilities."

"Under a worst-case scenario, if the bondholders were to take
action to enforce their security and other secured creditors
were to follow suit, this might result in the liquidation of Lai
Sun Development and/or the appointment of receivers to sell
charged assets on behalf of the secured creditors," Lai Sun said
in a statement.

The company, however, is confident that a liquidation is "highly
unlikely" and that a debt restructuring could be achieved in the
next quarter.


REGENT SKY: Winding Up Hearing Scheduled Next Week
--------------------------------------------------
The High Court of Hong Kong will hear on April 9, 2003 at 10:00
in the morning the petition seeking the winding up of Regent Sky
Investment Limited.

Lo Lai Ha of Room 1008, 10/F, Lai Lan House, Lai Kok Estate,
Cheung Sha Wan, Kowloon, Hong Kong filed the petition on
February 28, 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.


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


ASIA PULP: Sets April 30 as New Deadline for Debt Plan Approval
---------------------------------------------------------------
Asia Pulp and Paper hopes to finish fresh negotiations with
creditors in another two weeks and beat the end-of-April new
deadline for the approval of its turnaround plan.

The company missed the original March 31 deadline after foreign
creditors urged Indonesian President Megawati Sukarnoputri to
intervene, citing deficiencies in the original plan.  In their
letter to the president, the 11 export credit agencies alleged
that the debt pact did not contain adequate provisions for cash
control and preventive measures against a second default.

"Hopefully we can settle (the negotiation) in two weeks, then
another two weeks to complete the drafts.  God willing, it can
be signed by the end of April," Mohammad Syahrial, deputy
chairman of Indonesia's Bank Restructuring Agency, told Reuters.
IBRA is the largest shareholder of APP.

Covered by the restructuring plan is half of the company's total
debts, or US$6.6 billion.  Of this amount, US$1 billion are owed
to the foreign export credit agencies.  The plan needs to be
approved by a majority of creditors to become effective.

Considered Asia's largest pulp and paper group outside Japan,
APP called a debt moratorium early in 2001 after its aggressive
expansion in the 1990s created a gaping hole on its finances.


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


DAIEI INC.: Creditors Name Advisers
-----------------------------------
Creditors of Daiei Inc. has appointed lawyers Chiharu Saiguchi
and Mutsuo Tahara as new advisers for the retailer's
reconstruction plan, Kyodo News reports. The two lawyers
succeeded Shinjiro Takagi who was unofficially named by the
government to assume a post on the government's Industrial
Revival Committee.


FUJITSU LIMITED: Needs to Restructure Hardware Operations
---------------------------------------------------------
Fujitsu Limited still must restructure many of its unprofitable
hardware business operations after its decision to merge its
flash-memory operations with U.S. firm Micro Devices Inc, Asia
Pulse reports. The Company is also facing a large list of
reorganization topics.

Because of the slump in the flash-memory market, Fujitsu's
semiconductor division posted an operating loss of about 10
billion yen (US$84.8 million) in the year just ended. By merging
the development, Fujitsu expects to be able to cut costs and
conduct its flash memory business in a more dynamic fashion.


HANKYU CORPORATION: JCR Downgrades BBB+/BBB/J-2/ Ratings
--------------------------------------------------------
Japan Credit Rating Agency (JCR) has downgraded the ratings of
Hankyu Corp.'s preliminary A- and J-1 on the following shelf
registration, bonds, bonds without negative pledge clause and CP
program to preliminary BBB and J-2 ratings respectively,
removing them from Credit Monitor.

Shelf Registration Maximum: Y200 billion Valid: two years from
March 19, 2002

Issues Amount (bn) Issue Date Due Date Coupon

Bonds no.22 Y8 / May 19, 1999 / May 19, 2004 / 1.35%
Bonds no.23 Y5 / May 19, 1999 / May 19, 2004 / 1.35%
Bonds no.24 Y5 / May 19, 1999 / May 19, 2006 / 1.79%
Bonds no.25 Y10 / Aug. 30, 1999 / Aug. 28, 2009 / 2.23%
Bonds no.26 Y10 / Aug. 30, 1999 / Aug. 28, 2009 / 2.23%
FRN no.27 Y15 / Sep. 28, 2000 / Sep. 30, 2010 / floating
FRN no.28 Y10 / Jun. 28, 2001 / Jun. 28, 2011 / floating
Bonds no.29 Y10 / Nov. 19, 2001 / Nov. 19, 2007 / 0.96%
Bonds no.30 Y7 / Nov. 14, 2002 / Nov. 14, 2012 / 1.00%*
Issues (No Negative Pledge)
Bonds no.20 Y10 / Sep. 18, 1998 / Sep. 16, 2005 / 1.86%
Bonds no.18 Y20 / Jul. 24, 1998 / Jul. 24, 2008 / 2.23%
Bonds no.19 Y10 / Sep. 18, 1998 / Sep. 17, 2010 / 2.46%

CP Maximum: Y80 billion Backup Line: 0 percent
*step-up bonds: 1.00 percent for period after Nov. 14, 2002
through Nov. 14, 2005, 1.60 percent for period after Nov. 14,
2005 through Nov. 14, 2008 and 2.55 percent for period after
Nov. 14, 2008 through Nov. 14, 2012.

RATIONALE:

Hankyu Corporation publicly announced on February 21 that it
would record extraordinary loss of 105 billion yen for fiscal
2002 ending March 31, 2003, writing down the land used for
development on a parent- only basis. It would also write down
the land for the sales purpose held by the subsidiary. As a
result, it revised downward the earnings forecast from the
previously forecasted net loss of 13.3 billion yen to a net loss
of 89.2 billion yen. The write-downs would decrease the capital
ratio to 12 percent while increasing the interest-bearing debt
to 1,122.1 billion yen. Hankyu is expected to incur loss with
respect to financial support for the leisure business in fiscal
2003.

The extraordinary loss due to the write-downs is unexpectedly
large. There would be strong limit on improvement in the cash
flow generation capability, given the expected financial burden
to be borne in sell-offs of the idle properties in the future.
It will take time for the weakened financial structure to
recover. JCR downgraded the rating for the Company, taking into
account the above.


NAGANO FORGING: Steel Firm Enters Rehab Proceedings
---------------------------------------------------
Nagano Forging Co. Limited, which has total liabilities of
6 billion yen against a capital of 30 million yen, recently
applied for civil rehabilitation proceedings, according to Tokyo
Shoko Research. The steel maker is located in Nagano-shi,
Nagano, Japan.


NIPPON STEEL: Slashing 2,600 Jobs on Restructuring
--------------------------------------------------
Nippon Steel Corporation will slash 2,600 jobs as part of its
three-year restructuring plan, Kyodo News said on Tuesday. The
program calls for a reduction in its workforce to 44,600
employees from fiscal 2003 starting April.

The Company expects a consolidated net loss of 45 billion yen
for fiscal 2002 after absorbing losses of 142 billion yen, the
Troubled Company Reporter-Asia Pacific reported recently. The
steel maker posted a net loss of 28.4 billion yen in 2001.


NIPPON STEEL: Aims to Cut Debt to Y1.6 Trillion
-----------------------------------------------
Nippon Steel Corporation will cut its debt to 1.6 trillion yen
from its current level of 1.94 trillion yen by March 2006, as
part of its three-year restructuring scheme, the Financial Times
said on Tuesday. The Company will also accelerate cost-cutting
plans.

Nippon Steel is expected to be in the red in 2003 for the second
straight year, with an expected 45 billion yen net loss. The
collapse in Japanese asset prices has dented operating profits.
The Company expects to book 42 billion yen in stock valuation
losses, coupled with a one-time unrealized loss on real estate
owned by group companies.


TAISEI CORPORATION: Issues Y15 Billion 4-year, 1.5% Bonds
---------------------------------------------------------
Taisei Corporation is offering in Japan 15 billion yen of four-
year bonds with the following terms, said Dow Jones, citing an
official at lead manager Mizuho Securities Co:

Amount:                Y15 Billion
Maturity:              April 18, 2007

Coupon:                1.150 percent (swaps plus 90bps)
Issue Price:           100.00
Payment Date:          April 18
Fees:                  0.35 percent  (total)

                       0.10 percent  (mgmt & underwriting)
                       0.25 percent  (selling)
Debt Ratings:          BBB+   (R&I)
Denominations:         Y100 Million
Chief Commission Bank  Mizuho Corp. Bank

Interest is payable semiannually.

Even though Taisei has urgently been improving its financial
composition, the interest bearing debt burden remains heavy and
its balance against cash flow needs to be improved, TCRAP
reported.

In addition, it may be necessary to further dispose of
development real estate and other assets held throughout the
group.

Taisei Corporation is one of Japan's major general contractors,
with strengths in large-scale construction projects such as
urban redevelopment projects.


TOSHIBA CORP.: Shuts Down Brazilian Plant
-----------------------------------------
Toshiba Corporation will shut down its unit Toshiba do Brasil SA
in Brazil as energy demand in the country lessens, shedding
possibly 250 workers, Dow Jones reports.

"The Toshiba Corporation also decided to centralize the
manufacture of power generation equipment in China, Japan and
the United States," said administrative superintendent Jose
Antonio Talavera. "The closing of the Sao Bernardo do Campo
plant is in line with this centralizing strategy."

The Troubled Company Reporter-Asia Pacific reported that Toshiba
Corporation's net loss narrowed to 6.9 billion yen (US$58.5
million) for the third quarter, versus a loss of 84.9 billion
yen a year earlier. The loss decline is "partially explained by
a 65 billion yen restructuring charge posted in the third
quarter of 2002.


TRAVEL PLAN: Files For Bankruptcy
---------------------------------
Travel Plan International Inc. (TPI) has applied for voluntary
bankruptcy, as it can no longer cope with a difficult business
climate, exacerbated by the United States-led attack on Iraq,
Tokyo Shoko Research Ltd. said on Wednesday. The travel agency
has total liabilities of 260 million yen.


YOROZU CORPORATION: JCR Assigns BBB- Rating
-------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to
the following senior debts of Yorozu Corporation, affirming the
bonds outstanding.

Senior debts
Issue Amount (bn) Issue Date Due Date Coupon
Convertible bonds no.1 Y8/Aug. 9, 1996 / Sept. 30, 2003 / 0.45%

RATIONALE:

Alliance with the U.S. Tower Automotive will create synergies
over the intermediate term in joint procurement and R&D. The
alliance has not paid off yet as expected before. Tower
Automotive incurred loss for two years in a row, recording
restructuring charges. JCR will follow up the operating
performance of the U.S. partner of Yorozu.

Yorozu's earnings has been declining sharply since it peaked out
in fiscal 1996 ended March 31, 1997. The cost reductions allowed
the domestic operations to get out of the worst period. However,
the North America's operations are expected to incur a loss for
the current fiscal year ending March 31, 2003, following the
previous three years. YAT, core of the Company's operations in
North America, has been incurring loss with the production
inefficient, although the business size has been expanding since
its start-up in 1986. Yorozu has been pushing ahead with the
changes to correct the size of plants in North America. Issue
for the Company is turnaround of the operations in North
America.

It will take time for the earnings to recover, given the
uncertainty over the market in North America as well as Nissan's
cutback in its procurement costs, although Nissan's plan to
increase sales in North America and an increase in sales to
Honda are expected to underpin the operating results. Interest-
bearing debt has been increasing recently, reflecting
investments in North America. Yorozu plans to reduce the debt
over the intermediate term.


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


DAEWOO MOTOR: Sells Bus Unit for KRW148.3 Billion
-------------------------------------------------
Daewoo Motor Co. will sell a 60 percent stake in its bus-
manufacturing unit in China to a consortium formed by Youngan
Hat Co. for 148.3 billion won, Dow Jones said Tuesday. The
carmaker's bus operations were spun off from Daewoo Motor as
part of its restructuring plan, soon after it sold its major
passenger car-making operations to General Motors Corporation in
October. The purchase price is slightly higher than the 140
billion won initially agreed in August 2002.


HYNIX SEMICONDUCTOR: US Imposes 57.37% Tariff on Chip Imports
-------------------------------------------------------------
The U.S. Department of Commerce decided on Tuesday to impose a
57.37-percent countervailing tariff on memory-chip imports from
Hynix Semiconductor Inc., due to unfair government subsidies,
Digital Chosun and AFX Asia reports. The U.S. Department of
Commerce on Tuesday announced the preliminary decision, which is
pending confirmation expected in July.

The U.S. Commerce Department conducted an investigation of
Korean chip products to decide whether to levy countervailing
duties, as in mid-December last year when the U.S. International
Trade Commission determined that U.S. chipmakers were materially
injured by the import of Korean DRAM chips.

The chipmaker is likely to suffer a heavy impact if the Commerce
Department and the U.S. International Trade Commission uphold
the preliminary determination. Until then, Hynix will have to
post a bond requiring it to deposit an estimated W35 billion
($30 million) each month for its chip exports to the United
States, because the tariff would take effect retroactively to
Tuesday's decision.


HYUNDAI CORPORATION: Unveils Negative Net Worth
-----------------------------------------------
Hyundai Corporation plans to work out bailout measures after
completing an asset reevaluation on the firm by the end of June,
Digital Chosun reports. Creditors have selected the United
States-based Deloitte Touche Tohmatsu (DTT) agency for the asset
reevaluation. DTT is expected to complete the evaluation by the
middle of May.

The 2002 financial results of the firm revealed a negative net
worth of 50.7 billion won, incurring losses of 53.4 billion won
and newly discovered losses of 78.4 billion won in the firm's
overseas operations.


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


AUTOWAYS HOLDINGS: Proposals Still Lack Official Receiver's Nod
---------------------------------------------------------------
Pursuant to Practice Note No. 4/2001, Autoways Holdings Bhd (In
Liquidation) would like to inform the Kuala Lumpur Stock
Exchange that the Company's plan to regularize its financial
condition is still pending approval of Official Receiver.


EMICO HOLDINGS: Starts Implementing Rehabilitation Plan
-------------------------------------------------------
This refers to an earlier announcement dated 5 and 26 August
2002 pertaining to the Emico Holdings Bhd's compliance with
paragraph 5.1 of the Practice Note 4/2001.

Emico has now moved into implementation stage of the
Restructuring Scheme and there has been no change to the status
of Emico's plan to regularize its financial position as
announced earlier.


EPE POWER: Defaults Anew on Monthly Bank Loan Interest Payments
---------------------------------------------------------------
EPE Power Corporation Bhd wishes to inform the Kuala Lumpur
Stock Exchange that it has further defaulted in the payment of
monthly interest of RM739,853.61 due to several financial
institutions (FIs) under its revolving credit (RC) facilities.
The status of the default of principal amount remains the same
as previously announced.

The Company wishes to inform that KLSE has granted a further
extension of two (2) months from 1 March 2003 to 30 April 2003
to enable the Company to announce its Requisite Announcement to
regularize its financial condition.

With regards to the scheme proposed by Ranhill as announced on
28 December 2002, the Company wishes to inform that on 27 March
2003, an extension of one (1) month period from 26 March 2003 to
28 April 2003 was granted to Ranhill to complete the DRA signing
with the lenders.


KSU HOLDINGS: Confirms Winding up Petition v. Wholly Owned Unit
---------------------------------------------------------------
As requested, the information sought by Kuala Lumpur Stock
Exchange (KLSE) is given below in respect of the KLSE's queries:

(1) Queries 1, 2, 3 & 5

    1.1 The Company is not aware of the date on which the
        petition by Soo Yim Yoong was served on Kumpulan Sepang
        Utama Sdn Bhd (KSUSB), a wholly owned subsidiary of KSU
        Holdings Berhad.  The Company understands from the
        solicitors for the petitioner, Messrs Kington & Tan
        (Petitioner's Solicitors) that the petition was
        purportedly served on KSUSB at the Companies Commission
        of Malaysia.

    1.2 The Company is also not aware of the date of
        presentation of the petition.

    1.3 The Company understands from a member of the staff of
        KSUSB that KSUSB has written to the Petitioner's
        Solicitors for details of the petition including
        particulars of the Petitioner's claim.

    1.4 The Company will inform the KLSE immediately once the
        Company receives the details which it has sought of
        KSUSB.

(2) Query 4

In the group accounts as of December 31, 2001, the Company's
total cost of investment in KSUSB is RM42.162 million.

(3) Queries 6 & 7

    3.1 The filing of the petition triggers an event of default
        under KSUSB's agreements with Malaysia Building Society
        Berhad (MBSB) for a term loan and 2 bridging loans.  The
        impact of the petition on the group will depend on the
        action (if any) taken by MBSB as the land on which
        KSUSB's mixed development Taman Kenanga Project is
        situated has been charged by Lengkap Lengenda Sdn Bhd
        (LLSB), another of the Company's subsidiaries, to MBSB
        as security for KSUSB's loans.

    3.2 In the event that KSUSB is put into liquidation or
        receivership, the total loss to the group will be the
        cost of the investment in KSUSB and KAB. LLSB is a
        subsidiary of KAB. Potentially, EEDB is exposed to a
        guarantee to MBSB of RM26,000,000 for KSUSB's bridging
        loan.

    3.3 In addition to those described in paragraph 3.2 above,
        legal costs for KSUSB's defense, if appropriate, of the
        winding-up petition can be expected.

(4) Query 8

The Company has informed the directors of KSUSB of the winding-
up petition.

(5) Query 9

The Company understands from the Petitioner's Solicitors that
the next hearing date for the winding-up petition is April 23,
2003.


SOUTHERN PLASTIC: Continues to Default on Unspecified Bank Loans
----------------------------------------------------------------
As of April 2, 2003, Southern Plastic Holdings Bhd is still in
default of payments towards its bank borrowings (both principal
and interest) from certain financial institutions.

This was a results of the respective banks' actions in freezing
the bank borrowing facilities of the Company in view of the its
proposal of an informal restructuring scheme.  The bank
borrowings of the Company comprise overdrafts, trade lines, and
term loans.

The Company has obtained principal agreements from several
financial institutions and has obtained relevant conditional
sale and purchase agreements with its target acquisitions.

The Company submitted to the Securities Commission a
restructuring proposal on January 30, 2003.


WEMBLEY INDUSTRIES: Approval of Turnaround Plan Remains Pending
---------------------------------------------------------------
1. This is in pursuance to Practice Note No. 4/2001

   1.1 On 23 February 2001, Wembley Industries Holdings Bhd
       announced to the Kuala Lumpur Stock Exchange that the
       Company is an affected listed issuer pursuant to Practice
       Note No. 4/2001 as the Auditors of the Company had
       expressed a disclaimer opinion of the going concern of
       the Company and its subsidiaries.  As an affected listed
       issuer, the Company has its obligations under PN4.

   1.2 The Requisite Announcement as required under PN4 was made
       to the Exchange on 31 July 2002.

   1.3 The applications for its regularization plan were
       submitted to the Securities Commission and Foreign
       Investment Committee (FIC) on 29 October 2002.

       On 7 January 2003, the FIC approved the Company's
       regularization plan subject to the condition that the FIC
       would review the equity structure of the Company's shares
       three (3) years after the completion of the Proposals.

       On 27 January 2003, the SC approved the regularization
       plan subject to the conditions as set out in the SC's
       approval letter dated the same. The details of the SC's
       conditions are set out in the Company's announcement
       dated 5 February 2003.

       On 26 March 2003, the Company announced that it had on 22
       March 2003 appointed Messrs Horwath, Kuala Lumpur Office
       as the independent audit firm to carry out an
       investigative audit on the previous losses incurred by
       the Company. The said appointment is in compliance with
       one of the conditions imposed by the SC in approving the
       Company's regularization plan.

       The regularization plan is now pending the approvals of
       the shareholders of the Company and any other relevant
       authorities.

   1.4 The Company has received a notice dated 2 January 2003
       from the Exchange noting that the Company has failed to
       obtain all regulatory approvals necessary for the
       implementation of its regularization plan by 31 December
       2002 pursuant to paragraph 5.0 of PN4.

       Given the above, the Exchange has suspended the trading
       of the securities of the Company pursuant to paragraphs
       8.14 and 16.02 of the Listing Requirements with effect
       from 9.00 a.m., Friday, 10 January 2003 until further
       notice.


2. With respect to Practice Note No. 10/2001

   2.1 On 7 September 2001, the Company announced to the
       Exchange that the Company is deemed an affected listed
       issuers pursuant to paragraph 2.1(c) of PN10. Under
       paragraph 2.1(c) of PN10, a listed issuer, who has
       insignificant business or operations, is deemed to have
       inadequate level of operations. Insignificant business or
       operations means business or operations, which generates
       revenue on a consolidated basis that represents 5 % or
       less of the issued and paid up share capital of the
       listed issuer.

   2.2 As an affected listed issuer under PN10, the Company must
       comply with the obligations set out in paragraph 6 of
       PN10. The Exchange has informed the Company that since
       the Company is also an affected listed issuer under PN4,
       the requirements and obligations of PN4 would prevail
       over those of PN10. It is expected that the Company's
       regularization plan would address both its financial
       condition (PN4) and the level of operations (PN10) to
       warrant a continuing listing on the Official List.


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


BENPRES HOLDINGS: Elects Vicente Jayme as Director
--------------------------------------------------
The Board of Directors of Benpres Holdings Corporation has
elected Mr. Vicente Jayme as Director to fill the vacancy left
by the resignation of Mr. Christian S. Monsod, a Company
statement said.

The press release is located at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0992_BPC.pdf'


BENPRES HOLDINGS: Clarifies FCC Order Report
--------------------------------------------
Benpres Holdings Corporation refers to the Philippine Stock
Exchange letter dated April 2, 2003 seeking clarification or
confirmation on the news article entitled "US telcos told to
resume paying Digitel, Bayantel" which appeared in the April 2,
2003 issue of the Business World (Internet Edition), reporting
that the U.S. Federal Communications Commission (FCC) directed
U.S. carriers to resume payments for international call services
to Digitel and Bayantel.

Bayantel informed the Company that the news item is correct in
that the U.S. carriers have been ordered to resume payments to
Bayantel since Bayantel did not block its circuits with AT&T.

The press release can be accessed at
http://www.pse.org.ph/html/disclosure/pdf/dc2003_1000_BPC.pdf


NATIONAL BANK: Posts PHP45 Million Profit in Jan-Feb Period
-----------------------------------------------------------
Philippine National Bank (PNB) incurred a net profit of 45
million pesos for the first two months of this year, reversing
losses posted in the same period last year, AFX Asia reports.

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, the Troubled Company Reporter-Asia
Pacific reported recently.


PHILIPPINE LONG: Clarifies "FirstPac Selling Stake" Report
----------------------------------------------------------
Philippine Long Distance and Telephone Co. (PLDT) refers to
Philippine Stock Exchange fax letter dated April 2, 2003
requesting for clarification/confirmation of the news article
entitled "First Pacific no longer considering sale of PLDT
stake" published in the April 3 issue of the Business World
(Internet Edition).

The report refers to First Pacific's plans and strategies for
its companies, including PLDT. The report further indicates that
the plans have not been completed and are still subject to
approval by the First Pacific Board.

As soon as the plans have been approved the PLDT management is
formally advised by First Pacific, the Company shall make the
proper disclosure.

For a copy of the press release, go to
http://www.pse.org.ph/html/disclosure/pdf/dc2003_0979_TEL.pdf

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: IBRA Close to Deal on Subsidiaries
---------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) has reached a
preliminary agreement with other creditors over a $6.7 billion
debt-restructuring package for Asia Pulp & Paper (APP)'s four
Indonesian units, the Financial Times reports. A deal would
bring to an end a two-year saga that in recent months has become
a source of diplomatic tension between Jakarta and major trading
partners.

APP, which is controlled by Indonesia's Widjaja family, is based
in Singapore and has operations in both China and Indonesia. It
stopped payments on $13.9bn in debt in March 2001 in the largest
default in emerging markets history.


BERGER INTERNATIONAL: Narrows FY02 Net Loss to $1.069 Million
-------------------------------------------------------------
Berger International Limited posted a net loss of S$1.069
million in 2002, versus a net loss of 11.065 million a year
earlier, on the back of a decline in the cost of sales, AFX Asia
reports. Sales for the period rose slightly to S$117.529 million
from 115.034 million previously.


HUA KOK: Voluntarily Winds Up Subsidiary
----------------------------------------
The Board of Directors of Hua Kok International Ltd announced
that its subsidiary, Hua Kok Precast (Pte) Ltd HKP, will
commence a creditors' voluntary winding up on 1 April 2003.

Information on HKP

HKP was incorporated on 10 November 1978 and has an authorized
capital of S$4 million. Its issued and paid up capital is
S$3,448,267 divided into 3,448,267 ordinary shares of S$1 each,
of which, 2,000,000 ordinary shares are held by the Company
(representing 58.0 percent shareholding in HKP). The principal
activities of HKP are the manufacture and sale of precast
concrete components and the business of general building
contractors.

Rationale for the proposed winding up

HKP's operations have been seriously affected by the lower
demand for precast products in the past few years. In addition,
HKP encountered collection problems with some of its main
contractors. These issues resulted in HKP incurring losses. As
was highlighted in the announcement of the Company's full year
results for the year ended 30 June 2002, the precast division
recorded a loss before tax of S$11.5 million. This loss was
attributable to projects that were secured at competitive
pricing whilst manufacturing costs rose in Indonesia.

HKP made several efforts to improve its financial position. The
first step taken was to make better use of resources by
reactivating the precast manufacturing operations at Sungei
Kadut, Singapore and scaling down the Bintan operations.
Subsequently, in its further effort to improve the performance
and cash flow of the precast division, the Company closed HKP's
Indonesian subsidiary, PT Sindo Bintan Precast, at the end of
October 2002. In spite of these efforts, the precast division
recorded a loss of S$11.0 million before tax in the first half
of FY2003. As at 31 December 2002, HKP had a negative net asset
value of S$13.9 million.

After reviewing in depth the financial position of HKP in the
prevailing difficult economic conditions and uncertain future
market outlook, the directors of HKP have decided to take steps
to commence the closure of HKP's operations. The precast
operations employed a total of 63 full-time staff and workers.

Financial effects of the proposed winding up

The impact of the winding up of HKP on the consolidated earnings
and net tangible assets per share of the Group will be as
follows:

Assuming the winding up of HKP had been effected at the
beginning of FY2002 (i.e. at 1 July 2001), the earnings per
share of the Group would have been a loss of 7.62 cents instead
of a loss of 4.97 cents for the said FY2002.

Assuming the winding up of HKP had been effected at the end of
FY2002 (i.e. at 30 June 2002), the net tangible assets per share
of the Group would have been 3.83 cents instead of 7.19 cents at
30 June 2002.

This event may result in the occurrence of a default under
facilities extended by certain financial institutions to the
Group. The Company is currently in discussions with these
financial institutions to resolve the matter.

Provisional liquidators

The Board of Directors of HKP has proposed the appointment of
Messrs Tam Chee Chong and Wee Aik Guan of Deloitte & Touche as
provisional liquidators for the creditors' voluntary winding up
of HKP with effect from 1 April 2003.


OVERSEA-CHINESE: Winds Up Units
-------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank)
announced the voluntary winding-up of the following
subsidiaries:

(1) Members' Voluntary Liquidation of Keppel Securities Nominees
Pte Ltd

At an Extraordinary General Meeting of Keppel Securities
Nominees Pte Ltd KSN held on 2 April 2003, the shareholder of
KSN passed a special resolution for the members' voluntary
winding-up of KSN. OCBC Bank is the ultimate holding Company of
KSN.

The Statutory Declaration of Solvency (Form 66) of KSN executed
by the Board of Directors, in compliance with the Companies Act,
Cap. 50 were lodged with the Registrar of Companies and Business
on 27 March 2003. KSN has ceased business operations and is
currently a dormant Company.

The issued and paid capital of the Company is S$25,000/-.

(2) Members' Voluntary Liquidation of KS Pte Ltd
At an Extraordinary General Meeting of KS Pte Ltd (KS) held on 2
April 2003, the shareholder of KS passed a special resolution
for the members' voluntary winding-up of KS. OCBC Bank is the
ultimate holding Company of KS.

The Statutory Declaration of Solvency (Form 66) of KS executed
by the Board of Directors, in compliance with the Companies Act,
Cap. 50 were lodged with the Registrar of Companies and Business
on 27 March 2003. KS has ceased business operations and is
currently a dormant Company.

The issued and paid capital of the Company is S$3,000,000.

(3) Members' Voluntary Liquidation of KBF Pte Ltd
At an Extraordinary General Meeting of KBF Pte Ltd KBF held on 2
April 2003, the shareholder of KBF passed a special resolution
for the members' voluntary winding-up of KBF. OCBC Bank is the
ultimate holding Company of KBF.

The Statutory Declaration of Solvency (Form 66) of KBF executed
by the Board of Directors, in compliance with the Companies Act,
Cap. 50 were lodged with the Registrar of Companies and Business
on 27 March 2003. KBF has ceased business operations and is
currently a dormant Company.

The issued and paid capital of the Company is S$1,000,000/-.


SINGAPORE TELECOMMUNICATIONS: Unit Enters Liquidation
-----------------------------------------------------
Singapore Telecommunications Limited (SingTel) announced that
ICO Investment (Singapore) Pte Ltd ICO, a wholly-owned
subsidiary of SingTel, and ST Mobile Investments Pte Ltd ST
Mobile Investments, an indirect wholly-owned subsidiary of
SingTel, are in voluntary liquidation and have each appointed Ms
Yvonne Choo and Mr Tan Cher Liang of Lim Associates (Pte) Ltd as
their liquidators.

The principal activity of both ICO and ST Mobile Investments is
that of an investment holding Company.


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


POWER-P PUBLIC: Explains Auditor's Disclaimer in Latest Report
--------------------------------------------------------------
Subject: Auditor's Disclaimer in Latest Financial Report
To     : The Manager and Director of the Stock Exchange of
         Thailand

We, Power-P (Public) Company Limited, wish to explain the
disclaimer of our Auditor in the company's Financial Statement
for B.E. 2002:

(1) With reference to Auditor's Report paragraph 3, regarding
    the entries of interests incurred on loan from Banks and
    Financial institutions were found inconsistent with figures
    stated in the application for restructuring with the Central
    Court of Solvency, we wish to explain that this is due to
    the fact that the creditor banks and financial institutions
    were applying different rates of interest and some of the
    overdue interests having been turned into capital sums when
    their restructuring plans were hammered out with us.  This
    has formed different base on interest calculation for which
    no adjustment has yet been made.

(2) With reference to Auditor's Report paragraph 4, regarding
    the Auditor's inability to arrive at a satisfactory
    confirmation on the stock value being carried forward on
    January 1, 2002, this is because the Auditor was assigned
    late in 2002 and thus they did not have the chance to
    conduct a physical verification on the stocks whose value
    were being carried forward.

(3) With reference to Auditor's Report paragraph 4, regarding
    the inconsistency between the debts incurred from long-term
    leasing contracts and those indicated in the restructuring
    application to the Central Court of Solvency and in the
    accounting entries, we wish to explain that this was caused
    by our failure to enter the interests incurred for default
    payments.

(4) With reference to Auditor's Report paragraph 6 and 7,
    regarding the cashflow problems and the accumulated loss of
    the Company during its 5-year operation, which has resulted
    in the Company's application to the Central Court of
    Solvency for a Restructuring Plan and which is still in the
    Court proceeding up to this date, we would explain that this
    is the reason why we are yet unable to re-adjust our
    Financial Statement as remarked in the Auditor's Report
    paragraph 1 and 3.

Kindly be advised and make it public to the investors at large
accordingly.

Yours Faithfully,

Mr. Veerachai Urvilaijit (Managing Director)
Power-P Planners Co., Ltd. (Restructuring Plan Administrator)


TANAYONG PUBLIC: Creditors Postpone Vote on Restructuring Plan
--------------------------------------------------------------
To     : Director and Manager of the Stock Exchange of Thailand
SUBJECT: Postponement of the meeting

Pursuant to a petition filed for the Business Reorganization of
Tanayong Public Company Limited on January 22, 2002 with the
Central Bankruptcy Court, and subsequently the Court gave an
order on February 18, 2002 for the Business Reorganization and
appointed Tanayong Planner Company Limited as the Planner of
Tanayong Public Company Limited.  Accordingly, the Plan has been
prepared by the Planner and sent to the Official Receiver as
well as all the creditors having voting rights.

The Official Receiver then called for a meeting of creditors
with voting rights on September 27, 2002 at 9:30 a.m. at YWCA
Building, No.13 South Sathorn Road, Bangkok, in order to discuss
whether to accept the Plan or how to revise it.  Since there
were some material amendments to the Plan, the Planner and some
creditors requested that the meeting be postponed and the
Official Receiver gave an order to postpone the meeting again to
be on November 25, 2002, January 9, 2003, February 14, 2003,
March 7, 2003 and April 2, 2003 respectively.

At this latest meeting, two creditors with debt valued more than
10 percent of the total indebtedness had requested postponement
of the plan voting.  After due consideration, the majority
agreed to postpone the voting of the plan.

Therefore, the Official Receiver orders that the next meeting
will be held on April 22, 2003 at 9:30 a.m. at room number 1105,
11th floor of the Bangkok Insurance Building, 25 South Sathon
Road, Bangkok.

Please be informed accordingly.

Yours sincerely,
Mr. Sudha Liptawat / Mr. Rangsin Kritalug
Tanayong Planner Company Limited
On behalf of Tanayong Public Company Limited

For more information, contact Tanayong Planner Company Limited
by Mail: 100-100/1 Moo 4, K.M.14, Bangna-Trad Highway,
Bangchalong, Bangplee, Samutprakarn 1054


THANAYONG: To Seek Approval of Restructuring Plan in Three Weeks
----------------------------------------------------------------
The rehabilitation plan of property development firm, Thanayong,
will undergo further revisions and it may take another three
weeks before the Thai Bankruptcy Court will approve the plan,
Business Day reported yesterday.

According to the paper, creditors are still examining the plan
thoroughly to ensure its efficiency, but the company hopes
everything will be ready by April 20.  The report did not bare
any details of the rehab plan.  Total debts of the company
amount to THB39.5 billion of which THB11.5 billion are overdue
interest payments.

Vice President Ekasit Thanasaranart told Business Day the
company expects new investors after the approval of the plan.
To prepare their entry, the firm plans to write down its capital
to THB59.31 million from THB3.68 billion to clear losses.
Afterwards, it will increase capital to THB1.48 billion through
the issuance of 142.35 million new shares, 127.53 million of
which will be sold to new investors, while the rest will be
allocated to creditors on a debt-for-equity conversion scheme.

Thanayong is a major shareholder in Bangkok's elevated train
system.


TPI POLENE: Denies Firing Broker, Cites Contract Expiry as Cause
----------------------------------------------------------------
Restructuring cement maker, TPI Polene, clarified recently the
reports that it terminated the services of Seamico Securities
for failure to raise new capital for the troubled firm.

In an interview with Business Day, company Vice President
Silipin Buranasilapin said the termination was actually due to
the expiration of the contract with Seamico.  In fact, he said,
the company is not discounting the possibility of re-hiring the
securities firm.


                           *********


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

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co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
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Copyright 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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