TCRAP_Public/030428.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

         Monday, April 28, 2003, Vol. 6, No. 82



ANACONDA NICKEL: CEO Johnston Declares Firm Debt-free
PASMINCO LIMITED: CEO Says Re-listing in Near Future Remote
POLLOCK GROUP: Receivers Sue Pollock, Business Associates

C H I N A  &  H O N G K O N G

ELSA BEAUTY: Winding Up Petition Hearing Set for May 28
LAI SUN: HK$360 Million ATV Stake Sale Postponed Until May 15


ASTRA INTERNATIONAL: Debt Plan Approval to Benefit Toyota Astra
SEMEN GRESIK: Cemex Unlikely to Push Through With Stake Buy
TEXMACO GROUP: IBRA Defers Decision on Owner's Rp280 Mln Offer


HANKYU CORPORATION: R&I Downgrades Rating to BB+
KOBE STEEL: Sells Company-owned Property  
MARUGEN K.K.: Real Estate Firm Enters Bankruptcy
MATSUSHITA ELECTRIC: FTC Starts Trial Proceedings Against Firm
NEC CORPORATION: Electronics Company Trims Loss


HYNIX SEMICONDUCTOR: EU Commission Confirms 33% Tariff
HYNIX SEMICONDUCTOR: Vows To Fight EU Tariffs, Denies Charges
SK GLOBAL: Creditor Denies Plan to Shut Offshore Units
SK GLOBAL: Creditors May Seek Receivership For Units


L&M CORPORATION: Danaharta Approves Workout Proposal
LONG HUAT: Legal Advisers Obtain Interim Restraining Order
LONG HUAT: Reschedules Winding Up Hearing to July 23
PLANTATION & DEVELOPMENT: Creditors Extend Conditional Period
SENG HUP: Winding Up of Subsidiary

SRI HARTAMAS: Creditors Wind Up Unit
SOUTH MALAYSIA: Share Premium Reduction Scheme


MANILA ELECTRIC: Confident of Reconsideration From Supreme Court
MANILA ELECTRIC: Set Talks on P28-B Refund to Customers
PHILIPPINE LONG: Forms Partnership With Panay Telephone
VICTORIAS MILLING: Posts Higher Output, Revenues

* S&P Cuts Ratings of Several Philippine Corporations


ASIA PULSE: Indonesia's APP Creditor Talks Stall
CHARTERED SEMICONDUCTOR: Narrows 1Q03 Net Loss to $75.7M
CHARTERED SEMICON: Buehler-Garcia Joins PDF as Marketing VP
HUA KOK: Posts Notice of Shareholder's Interests


BANGCHAK PETROLEUM: Split to Retail, Refinery Key to Survival
NATIONAL FERTILIZER: New Financial Backer to be Named Today
THAI PETROCHEMICAL: FM Suchart Offers to Mediate in Debt Row
TT&T PLC: Restructuring Likely to be Delayed, Says Paper

     -  -  -  -  -  -  -  -


ANACONDA NICKEL: CEO Johnston Declares Firm Debt-free
Anaconda Nickel Limited CEO Peter Johnston released the
Company's 2003 March Quarter Report last week, describing the
results as "encouraging".

During the March quarter, Anaconda extinguished over AU$775
million in debt, closed-out all foreign currency hedging
positions, completed a major re-capitalization via a fully
underwritten renounceable rights issue, and satisfied all
remaining obligations under WA Supreme Court-approved Schemes of
Arrangement. A takeover offer was also received during this

"For Anaconda to have survived such a tumultuous period is a
major achievement, which should not be underestimated," said Mr.

"We have been in a perilous financial position throughout the
past twelve months but have emerged with a minimal debt
position, a clean balance sheet, cash in the bank and an
improving operational performance.  With the financial position
secure, we can now concentrate on ramping up nickel production
at Murrin Murrin and completing the capital program.

"Production of 7,006 tonnes of nickel and 521 tonnes of cobalt
was below budget for the quarter due to lower head grades,
batten strip failures and autoclave bogging resulting from poor
quality ore being fed into the plant.  In addition there was a
four-day shut to commence work on rectifying the power
generation circuit, which had been a major cause of unplanned
shutdowns in the past.  While nickel production continues to be
erratic, we are still in a ramp-up phase, and are yet to
establish a stable production profile," Mr. Johnston said.

Anaconda is now half way through a fully funded $100 million
capital expenditure program at Murrin Murrin to address long-
term plant reliability, capacity and integrity issues.  The
capital program is expected to be complete by December 2003, and
the plant is expected to be operating at its design capacity
rate of 40,000 tonnes of nickel per annum by March Quarter 2004.

"Given everything that has happened lately, I think we have
reached a watershed.  With the Company virtually debt-free and
in a secure financial position, we can concentrate our efforts
on improving the operational performance at Murrin Murrin and
creating value and growth for our shareholders," Mr. Johnston

For further information contact:

John Quayle (Company Secretary)
Phone: +61 8 9212 8400

Tony Dawe or Ward Holt (Corporate Communication)
Phone: +61 8 9221 8722

PASMINCO LIMITED: CEO Says Re-listing in Near Future Remote
Pasminco Limited CEO Greig Gailey says his company will not re-
float just yet even if zinc prices have been picking up lately.  
In an interview with The Age last week, he said the situation in
the Middle East, the SARS outbreak and the strengthening of the
Australian dollar are keeping the share market unstable.

"Regrettably the fates have not been kind to us," Mr. Gailey
told The Age. "The tech wreck, war, and now disease would seem
to be conspiring against us (and) Pasminco.  I do not know when
[the re-float] will be.  There have been too many twists and
turns in the last 18 months to risk my predicting specific
timing -- but it will happen."

He expects Pasminco to be worth more than AU$1 billion when it
hits the market again.  He also said the lowest zinc prices in
memory were now behind the industry.

"We must first see some recovery in demand for zinc prices to
properly recover and, although I would never predict commodity
prices, it's certainly at the bottom at the moment or near the
bottom," he said.

A crash in zinc prices in the late 1990s was one of the reasons
Pasminco fell into voluntary administration in 2001.  Pasminco's
hostile acquisition of an overpriced Savage Resources, poor
decisions on hedging, and increasing production when zinc prices
were at a record low had accelerated the company's descent to
disaster, The Age said, citing Mr. Gailey.

The CEO said since his appointment as chief executive, he had
worked to strip out more than AU$150 million in costs and shut
down Pasminco's unprofitable mines.  He is confident he could
take another AU$50 million in costs out of Pasminco's operations
this year while pumping in enough capital to maintain the most
valuable assets, such as the Century Zinc mine.  

But any hope of quickly rehabilitating Pasminco and re-launching
it as a public company was remote, he said.  In addition, he
said investors holding old Pasminco scrip would not get a cent
from a float, and he couldn't even promise them priority access
to shares in the new company.

POLLOCK GROUP: Receivers Sue Pollock, Business Associates
The National Australia Bank, reportedly owed about AU$50 million
by companies linked to Kevin Pollack, has initiated two actions
against Mr. Pollack and his associates in the West Australian
Supreme Court.

The first action, according to The West Australian, wants the
court to question Mr. Pollack, business associates Joanne de
Hollander and Bruce Cameron, and several relatives, over the
affairs of failed Pollock-linked companies.  The second is aimed
at getting hold of heavy plant and equipment that Mr. Pollock
had allegedly assigned to other Pollock-linked companies in
anticipation of its corporate collapse.

In the second case, receivers want to get back trucks, trailers
and excavators subject to secured loans or hire purchase deals.  
Mr. Pollack, Ms. de Hollander and two allegedly Pollock-linked
companies, Soiland Pty Ltd and Soil and Contracting Pty Ltd, are
the named defendants in this case.  Neither Soiland nor Soil and
Contracting are in receivership and continue to trade on in the
soil, mulch and garden supplies business, the paper says.

The receivers claim in their Supreme Court writ that Mr. Pollock
caused various companies now in receivership to allow the two
surviving companies to take possession of the now-contested
equipment.  The writ claims Mr. Pollock did this between January
last year and this month in anticipation of their appointment.

Mr. Pollock and Ms de Hollander, who were either appointed or de
facto officers of the companies that received the equipment,
have refused to give the equipment back to the receivers, the
receivers claimed.

But Ms. de Hollander's and Soiland's lawyer Jeremy Birman told
The West Australian the writ was premature and his clients were
in talks with the receivers to resolve the issues and had given
back some of the equipment.  He said his clients hoped they
could strike a commercial arrangement to continue using the

It is not yet known how much losses creditors of Pollock-linked
companies will incur, but estimates pegs the exposure of
National Australia Bank at AU$50 million.  Pollock Group's debt
is estimated to be in excess of AU$100 million.

C H I N A  &  H O N G K O N G

ELSA BEAUTY: Winding Up Petition Hearing Set for May 28
The High Court of Hong Kong will hear on May 28, 2003 at 10:00
in the morning the petition seeking the winding up of Elsa
Beauty & Fitness Centre Limited.

Lo Yin Yi of Room 1702, Chak Yam House, On Yam Estate, Kwai
Chung, New Territories, Hong Kong filed the petition on April 7,
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.

LAI SUN: HK$360 Million ATV Stake Sale Postponed Until May 15
The sale of Lai Sun Development's stake in Hong Kong's No.2 TV
broadcaster, Asia Television, has been postponed, said the
company late last week without citing any reason.

In a statement, the debt-strapped property developer said
completion date of the transaction that will transfer its 32.75%
stake to ATV CEO Chan Wing Kee would now be May 15.  Originally
scheduled on April 30, the completion of the deal will also
transfer control of the broadcaster's Web site to Mr. Chan.

Lai Sun says all conditions precedent to the deal has been
fulfilled and the extension won't have any material financial
impact on the firm.  The deal, valued HK$360 million, was
reached in November yet.

In a separate development, Lai Sun said the effective date of
its proposed plan to take its media unit eSun Holdings Ltd
private would be extended to June 10 from May 20.  This because
the proposed privatization requires eSun's bondholders'
approval, which will be sought at a meeting, expected to be held
on or before May 30.  Lai Sun plans to take eSun private for
HK$79.99 million in a deal that would help reduce debt, Reuters


ASTRA INTERNATIONAL: Debt Plan Approval to Benefit Toyota Astra
The management of Toyota Astra Motor is hoping the proposed debt
restructuring of Astra International will be approved by
shareholders when they meet on May 22 to endorse the plan, Asia
Pulse said late last week.

The fate of Toyota Astra Motor's restructuring is tied to Astra
International's recovery plan, which accordingly mandates that
Astra divest 46 percent stake in the joint venture with Toyota
Motors Corporation.

Granting Astra's debt plan is endorsed, Toyota Astra will become
95 percent owned by Toyota Motors with Astra retaining only 5%
in the joint venture.  The management of Toyota Astra believes
this transformation could be completed within a year.

Following the restructuring Toyota Astra will operate only in
the manufacturing sector.  Its distribution division will become
an independent company to be owned by Astra International, Asia
Pulse said.

SEMEN GRESIK: Cemex Unlikely to Push Through With Stake Buy
Mexican cement manufacturer, Cemex, will likely shelve a plan to
acquire the 51 percent stake of the Indonesian government in PT
Semen Gresik due to strong opposition by local authorities.

South American Business Information adds Cemex's board had just
decided to abstain from using its cash flow for more
acquisitions.  The board reportedly wants to reduce company
debts by US$600 million this year.  The acquisition of Gresik is
estimated to cost US$520 million.

TEXMACO GROUP: IBRA Defers Decision on Owner's Rp280 Mln Offer
Indonesian Bank Restructuring Agency has not yet made any
decision on the suggestion that it takeover the money of Texmaco
owner, Marimutu Sinivasan, and use it to finance the
restructuring of Newco Texmaco.

According to Asia Pulse, the agency is still studying the
proposal-letter written by Mr. Sinivasan himself.  He allegedly
has Rp280 million in cash deposited at the BCA bank.  

IBRA Chairman Syafruddin Temenggung told the newswire his office
is deferring any decision on the matter, in part because the
Texmaco owner still had an obligation to pay back the state's
money of Rp1.317 trillion.  He refused to further discuss the
implication of accepting Mr. Sinivasan's offer.


HANKYU CORPORATION: R&I Downgrades Rating to BB+
Rating and Investment Information Inc. (R&I) has removed the
ratings assigned to Hankyu Corporation from the Rating Monitor
scheme and downgraded them as follows:

Senior Long-term Credit Rating; Long-term Bonds (11 Series)
Preliminary Rating for the Shelf Registration scheme

(Downgraded from BBB; Removed from the Rating Monitor scheme)
Long-term Bonds (7 series) (with no negative pledge)

(Downgraded from BBB-; Removed from the Rating Monitor scheme)
ISSUE: Domestic Commercial Paper Program

(Downgraded from a-2; Removed from the Rating Monitor scheme)


Senior Long-term Credit Rating: BB+
(Downgraded from BBB; Removed from the Rating Monitor scheme)

ISSUE: Preliminary Rating for the Shelf Registration Scheme
Issue Amount (mn): Yen 200,000 (Shelf Amount)
Issue Period: Two years from Mar 19, 2002


(Downgraded from BBB; Removed from the Rating Monitor scheme)
ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Yen-Denominated Str. Bonds due 2004 Sep 24, 1993 Jan 07, 2004
Yen-Denominated Conv. Bonds due 2006 Oct 22, 1996 Sep 30, 2006
Unsec. Str. Bonds No. 22 May 19, 1999 May 19, 2004 Yen 8,000
Unsec. Str. Bonds No. 23 May 19, 1999 May 19, 2004 Yen 5,000
Unsec. Str. Bonds No. 24 May 19, 1999 May 19, 2006 Yen 5,000
Unsec. Str. Bonds No. 25 Aug 30, 1999 Aug 28, 2009 Yen 10,000
Unsec. Str. Bonds No. 26 Aug 30, 1999 Aug 28, 2009 Yen 10,000
Unsec. Str. Bonds No. 27 Sep 28, 2000 Sep 30, 2010 Yen 15,000
Unsec. Str. Bonds No. 28 Jun 28, 2001 Jun 28, 2011 Yen 10,000
Unsec. Str. Bonds No. 29 Nov 19, 2001 Nov 19, 2007 Yen 10,000
Unsec. Str. Bonds No. 30 Nov 14, 2002 Nov 14, 2012 Yen 7,000

R&I RATING: BB+ (Downgraded from BBB; Removed from the Rating
Monitor scheme)

ISSUE: Bonds Rated Issue Date Redemption Issue Amount (mn)
Unsec. Str. Bonds No. 14 Aug 27, 1996 Aug 25, 2006 Yen 10,000
Unsec. Str. Bonds No. 15 Sep 17, 1996 Sep 17, 2003 Yen 10,000
Unsec. Str. Bonds No. 16 Feb 18, 1998 Feb 18, 2008 Yen 15,000
Unsec. Str. Bonds No. 17 Feb 18, 1998 Feb 18, 2005 Yen 15,000
Unsec. Str. Bonds No. 18 Jul 24, 1998 Jul 24, 2008 Yen 20,000
Unsec. Str. Bonds No. 19 Sep 18, 1998 Sep 17, 2010 Yen 10,000
Unsec. Str. Bonds No. 20 Sep 18, 1998 Sep 16, 2005 Yen 10,000

(With no negative pledge limited to the firm's other straight

R&I RATING: BB (Downgraded from BBB-; Removed from the Rating
Monitor scheme)

ISSUE: Domestic Commercial Paper Program
Issue Limit: 80,000 million yen


The downgrade this time is mainly due to the deterioration of
the Hankyu Corp.'s balance sheet and its increased vulnerability
to the effects of land price trends. R&I has also included in
the rating its strong concern regarding recovery on the
Company's investments in the East Umeda area and the future of
its railway business. Hankyu announced on February 21 that, in
preparation of its future asset impairment accounting, it would
post large special losses at the end of the March 2003 term. New
consolidated losses on development sites entered on the balance
sheet comprise the major part of these special losses. Not only
are the latent losses being written off this time as special
losses of massive proportions, they are equivalent to the latent
profits on all land which the Hankyu group has on its books.

Two years ago at the end of the March 2001 term, Hankyu
conducted a revaluation of its properties. The purpose of this
was to offset the latent losses on development sites, including
sites the Company continuously acquired in the East Umeda side
of Osaka after the bubble period, and the latent profits on
railway sites. As a result of the revaluation, latent profits on
the Company's books exceeded 100 billion yen. This latent profit
was divided in two and recorded as the "revalued difference" in
the capital account and as the "deferred tax liability relating
to revaluation" in the liability account. However the new latent
losses to be written off as special losses this time are on
approximately the same scale as the latent profits recorded on
this balance sheet. What this means, essentially, is that the
series of property investments made since the bubble period have
significantly weakened the financial base of Hankyu Corp.

Apart from their property listed as fixed assets, the Company
also holds real estate inventory for retail purposes. It is
believed that there are also latent profits in a portion of this
retail real estate. However, as far as trends in the real estate
market of Kansai area go, R&I believe that these latent profits
should not be overestimated. A look at a breakdown of the more
than 1.7 trillion yen of Hankyu's total consolidated assets
(based on the September 2002 midterm report)

Shows that approximately half of the assets are property
related. This applies to real estate for retail purposes,
revalued property, and construction in process accounts. If
property prices continue to fall, the proportion by which they
fall can also be seen as the proportion by which actual equity
capital is diminished.

Unlike the Company's proactive position regarding the real
estate business, its railway investment has remained at a modest
level. On the other hand, West Japan Railway Company, which is a
powerful rival, is focusing on facility replacement in segments
where it competes directly with Hankyu and this situation raises
further concern about the future prospects of Hankyu's
competitiveness as a railway. Yet another matter of concern is
the gradual shifting of the hub of the "Kita" area of Umeda,
Osaka in a northwest direction. Yodobashi Camera, one of the
mega electric store chain, has moved into the north side of JR
Osaka Station and there has been a change in the flow of people
passing through that area. The redevelopment of the former
national railway's freight yard on the west side has also
already taken place. Since the Hankyu group's commercial
buildings are clustered in the east side, careful monitoring of
future investment recovery is necessary.

Under the banner "Hankyu New Century Group Vision", Hankyu
initiated a reorganization of the group's businesses,
emphasizing a strong awareness of what it describes as "the
characteristics that define Hankyu" and shifting the focus of
its business activities to the re-development of commercial
facilities. Since selling off its professional baseball team,
the Hankyu Braves, at the end of 1988, the Company has
concentrated on acquiring sites for re-development. The
Chayamachi and Komatsubara sections of the East Umeda area are
typical examples of that re-development. Other businesses of the
group include the Takarazuka Theater Revue, long renowned and
highly regarded throughout Japan and active in bases in both its
hometown of Takarazuka and Tokyo. As new sources of income, the
group is also developing its travel business with online and
mail order travel products led by its "Trapics" brand and book
retailing through its "Book 1st" stores located mainly in
metropolitan areas.

KOBE STEEL: Sells Company-owned Property  
Kobe Steel, Ltd. announced that it had sold Company-owned
dormitories and apartments, which provide housing for employees,
to K&L Investment, a Company statement said. The transfer price
was 3.85 billion yen. Kobe Steel has been making strong efforts
to improve its financial position by reducing its interest-
bearing liabilities (debt). In the fiscal year ended March 2003,
Kobe Steel's consolidated debt is expected to be 970 billion
yen, down 25 percent from the year ended March 2000.

To help further reduce its debt, Kobe Steel decided to sell a
portion of its fixed assets. Following the asset transfer, Kobe
Steel will lease back the housing. The transaction is
anticipated to incur an extraordinary loss of 1.68 billion yen.
While using the housing units will result in leasing expenses,
Kobe Steel would be able to avoid the potential risk of lower
land values and would benefit from lower debt.

About Kobe Steel, Ltd.

Kobe Steel, Ltd. is one of Japan's leading steel makers and
producers of aluminum and copper products. Other businesses
include welding consumables, infrastructure and plant
engineering, machinery, and real estate. For further
information, please visit the Kobe Steel, Ltd. home page at:

Media Contact:
Gary Tsuchida
Communication Center
Kobe Steel, Ltd.
9-12 Kita-Shinagawa 5-chome
Shinagawa-ku, Tokyo 141-8688
Tel +81-3-5739-6010
Fax +81-3-5739-5971

Investor Relations:
Corporate Planning Dept.
Tel +81-3-5739-6043

MARUGEN K.K.: Real Estate Firm Enters Bankruptcy
Marugen K.K. has been declared bankrupt, according to
Tokyo Shoko Research Limited. The frozen seafood products
manufacturer, located at Kitami-shi, Hokkaido, Japan has 20
million yen in capital against total liabilities of 5.3 billion

MATSUSHITA ELECTRIC: FTC Starts Trial Proceedings Against Firm
The Fair Trade Commission (FTC) will start trial proceedings
against Matsushita Electric Industrial Co. on the suspicion it
rigged bids for traffic signal installation and repairs in
tenders offered by the Metropolitan Police Department (MPD),
Kyodo News said on Thursday.

In February, the government's anti-cartel watchdog warned
Matsushita and 16 other manufacturers against rigging bids
through clandestine consultations designed to determine which
Company among the 17 should submit the lowest offer in an
upcoming tender.

NEC CORPORATION: Electronics Company Trims Loss
Battered by a global economic slump and a diving Tokyo stock
market, NEC Corporation narrowed its losses to 24.5 billion yen
($204 million) for the year ending in March 31, but failed to
return to profit this year, reports the Associated Press. The
electronics firm posted a loss of 312 billion yen ($204 million)
a year ago.

The Company has been hurt by the shaky world economy that got
worse over worries about the war in Iraq in the latter half of
fiscal 2002. A recent dive in Tokyo share prices to 20-year lows
also eroded NEC's earnings. NEC expected to return to
profitability this year but stayed in the red for the second
straight year.


HYNIX SEMICONDUCTOR: EU Commission Confirms 33% Tariff
The European Commission confirmed Thursday that it had imposed a
33 percent import duty on Hynix Semiconductor's shipments to the
European Union, the Financial Times reports. The move will price
the Company's dynamic random access memory chips (D-Rams) out of
the European market for four months, after which EU member
states are expected to impose a permanent tariff.

Meanwhile, Dow Jones reported that Hynix Semiconductor shares'
tumble 12.2 percent on Friday. Hynix shares are down after a
ruling by the European Union to levy 33 percent duty on Hynix's
memory chips on charges the company benefited from government-
backed subsidies.

HYNIX SEMICONDUCTOR: Vows To Fight EU Tariffs, Denies Charges
Hynix Semiconductor Inc. vowed to fight a decision by European
Union (EU) regulators to impose 33 percent tax duties on memory
chips, Dow Jones reports, citing Hynix Vice President Oh-Chul
Kwon. The chipmaker denies charges that it unfairly benefited
from a South Korean government-backed financial restructuring
package that enabled it to sell chips at prices below the cost
of production, severely damaging European rivals.

"In trying to establish the causal link between alleged
subsidies and damage to the E.U. industry, the Commission's
reasoning is especially weak," says Jean-Francois Bellis,
Hynix's legal council in Brussels.

SK GLOBAL: Creditor Denies Plan to Shut Offshore Units
Hana Bank, main creditor of SK Global Co., denied a Chosun Ilbo
newspaper report on Thursday that a plan was being considered to
liquidate eight overseas units of the troubled firm saddled with
huge debt, according to Reuters on Thursday, citing Hanan Bank
spokesman Kwon In-ki.

SK Global, the trading arm of SK Group, shocked South Korea
after a $1.2 billion accounting scandal last month. Local
creditors agreed to freeze payments on 6.7 trillion won of SK
Global's domestic debt from March until June 18 to prevent the
firm from defaulting, and are now seeking a similar move by
overseas lenders. Creditors will decide whether to help keep SK
Global afloat or put it under court receivership after a full
study of its finances is completed by mid-May.

SK GLOBAL: Creditors May Seek Receivership For Units
Creditors of SK Global Co. may seek court receivership for its
eight overseas units to protect them from liquidation filings
from foreign creditors, reported the Yonhap News Agency and Dow
Jones on Thursday.

"It is too early to decide whether to liquidate the overseas
units. It is important now to maintain their assets and
operations by placing them under court protection," Yonhap cited
a high-ranking creditor official as saying. The official said
that lawsuit filings from foreign creditors are increasing,
Yonhap said.

SK Global's financial troubles began when prosecutors discovered
accounting irregularities worth KRW1.55 trillion at the Company
in early March.


L&M CORPORATION: Danaharta Approves Workout Proposal
The Special Administrators of L&M Corporation (M) Bhd (L&M)
announced that Pengurusan Danaharta Nasional Berhad (Danaharta)
in accordance with Section 45(2) of the Danaharta Act approved
the workout proposal of L&M, on 23 April 2003.

The Workout Proposal comprises the following proposals:

a) The Proposed Corporate and Debt Restructuring Scheme;
b) The Proposed Debt Settlement to the Creditors of L&M; and
c) The Proposed Liquidation of L&M.

The Proposed Corporate and Debt Restructuring Scheme, inter
alia, includes the following:

a) Proposed Capital Reduction and Consolidation;
b) Proposed Acquisitions;
c) Proposed Share Exchange;
d) Proposed Cancellation and Re-issuance of L&M Shares;
e) Proposed Transfer of Listing Status;
f) Proposed Issuance of RM36,000,000 Irredeemable Convertible
Unsecured Loan Stocks (ICULS) to Creditors of L&M;
g) Proposed Private Placement;
h) Proposed Distribution of Shares; and
i) Proposed Distribution of ICULS.

The implementation of the above proposals is subject to the
fulfillment of the following approvals:

a) The Securities Commission;

b) The Kuala Lumpur Stock Exchange (KLSE) for Itsucom Berhad
admission onto the Second Board of the KLSE and for the listing
of and quotation for the Itsucom Berhad's shares and ICULS to be
issued pursuant to the Proposed Corporate and Debt Restructuring
Scheme and the Proposed Transfer of Listing Status and the
listing of and quotation for the new ITSB Shares arising from
the conversion of ICULS; and

c) And other regulatory bodies as may be required by law.

Under the Danaharta Act, the Workout Proposal is binding on all
creditors and shareholders of L&M. In accordance with the
provisions of the Danaharta Act, any creditor of L&M may,
subject to proper identification, examine details of the Workout
Proposal from 9.00 a.m. to 5.00 p.m. from Monday to Friday,
excluding public holiday, at the following address:

(Special Administrators Appointed)
c/o KPMG Corporate Services Sdn Bhd
8th Floor, Wisma KPMG, Jalan Dungun
Damansara Heights
50490 Kuala Lumpur

LONG HUAT: Legal Advisers Obtain Interim Restraining Order
The Board of Directors of Long Huat Group Berhad (LHGB)
announced that Messrs Kadir, Andri Aidham & Partners, the legal
advisers of the Proposed Restructuring Scheme, has obtained an
Interim Restraining Order on 18 April 2003 pursuant to an Ex
Parte Originating Summons filed on behalf of the Company on 16
April 2003. The Interim Restraining Order was granted pursuant
to Section 176 (10) of the Companies Act 1965 until the Ex Parte
Originating Summons has been heard and disposed of conclusively
by the High Court of Malaya.

The said legal advisers have informed the Company that the
sealed Interim Restraining Order has not been extracted from the
High Court.

LONG HUAT: Reschedules Winding Up Hearing to July 23
Long Huat Group Berhad refers to the winding-up petition, which
was fixed for hearing on 23 April 2003. The Company's solicitor,
Messrs Kadir, Andri Aidham & Partners, legal advisers of the
Proposed Restructuring Scheme, had informed the Company that the
hearing date has been adjourned to 23 July 2003.

PLANTATION & DEVELOPMENT: Creditors Extend Conditional Period
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of Plantation & Development
(Malaysia) Berhad (P&D), announced to the Kuala Lumpur Stock
Exchange that the Company, together with the parties to the
conditional Restructuring Scheme Agreement entered into on 7
August 2002, namely Fountain View Development Berhad (formerly
known as Fountain View Development Sdn Bhd), the shareholders of
Everange Sdn Bhd (Everange) and certain creditors of the
Everange Group, had via a letter dated 23 April 2003, mutually
agreed to extend the conditional period whereby all relevant
approvals for the Proposed Restructuring Scheme of P&D should be
obtained, for another six (6) months, from 7 May 2003 to 6
November 2003.

There are no other material developments in the Proposed
Restructuring Scheme of P&D subsequent to the announcements
dated 1 April 2003 and 14 April 2003.

SENG HUP: Winding Up of Subsidiary
The Special Administrators of Seng Hup Corporation Berhad
(Special Administrators Appointed) announced that Seng Hup
Property Sdn. Bhd. (SHP), a wholly owned subsidiary Company has
been placed under members' voluntary winding up pursuant to
Section 254(1)(b) of the Companies Act, 1965 on 24 April 2003
and that Mr Chew Chong Eu has been appointed as SHP's
liquidator. The Extraordinary General Meeting for SHP was
convened on 24 April 2003.

SRI HARTAMAS: Creditors Wind Up Unit
The Special Administrators of Sri Hartamas Berhad (SHB), being
the holding Company of Puncak Permata Sdn Bhd (In Liquidation)
(PPSB), informed the Kuala Lumpur Stock Exchange that PPSB has
been wound-up by way of creditors' voluntary winding-up on 17
April 2003 in accordance with PPSB 's workout proposal dated 26
December 2001.

As announced to the Exchange on 21 March 2003, the directors of
PPSB had on 21 March 2003 resolved:

That PPSB cannot by reason of its liabilities continue its
business and that it be wound up voluntarily;

That pursuant to Section 255 of the Companies Act, 1965, Gan Ah
Tee and Ooi Woon Chee c/o KPMG Corporate Services Sdn Bhd, 8th
Floor, Wisma KPMG, Jalan Dungun, Damansara Heights, 50490 Kuala
Lumpur, be and are hereby appointed jointly and/or severally as
Provisional Liquidators for the purpose of the winding up; and

That separate meeting of members and creditors of PPSB be
convened on 17 April 2003 pursuant to Section 255(1)(b) of the
Companies Act, 1965.

At an Extraordinary General Meeting ("EGM") of the members of
PPSB convened on 17 April 2003, the following resolutions were
duly passed:


That it has been proven to the satisfaction of the EGM that PPSB
cannot by reason of its liabilities continue its business, and
that it is advisable to wind-up the same and that accordingly
PPSB be wound-up voluntarily.


That Gan Ah Tee and Ooi Woon Chee c/o KPMG Corporate Services
Sdn Bhd, 8th Floor, Wisma KPMG, Jalan Dungun, Damansara Heights,
50490 Kuala Lumpur, be and are hereby jointly and/or severally
appointed as Liquidators for the purpose of such winding-up.

In a creditors' meeting held on 17 April 2003 immediately
following the EGM, the creditors have confirmed the appointment
of Gan Ah Tee and Ooi Woon Chee as Liquidators of PPSB. To
assist the Liquidators in discharging their duties in the
winding up process, the creditors had appointed a Committee of

As at 30 June 2002 the deficit in shareholders' fund of PPSB was
RM7,230,378 and PPSB  suffered a loss of RM1,212,444 for the
year then ended. The aforesaid liquidation will not have any
material operational impact on Sri Hartamas Group of Companies.

Yours faithfully
For and on behalf of
Sri Hartamas Berhad - Special Administrators Appointed

Ooi Woon Chee
Special Administrator

SOUTH MALAYSIA: Share Premium Reduction Scheme
Further to the announcement on 16 February 2001 made by Alliance
Merchant Bank Berhad (Alliance) on behalf of South Malaysia
Industries Berhad (SMI) on, inter alia, the reduction of
RM90,000,000 of the Company's share premium to be set off
against the accumulated losses. Alliance, on behalf of SMI, is
pleased to announce that the High Court at Kuala Lumpur had on
23 of April 2003 granted an order pursuant to Sections 60 and 64
of the Companies Act 1965 confirming the reduction of the share
premium account of SMI amounting to RM90,000,000.

The above share premium reduction will not have any impact on
the net tangible assets of the SMI group, which was RM0.94 per
share based on the un-audited consolidated financial statements
of the group for the financial year ended 31 December 2002, as
per quarterly announcement dated 28 February 2003.


MANILA ELECTRIC: Confident of Reconsideration From Supreme Court
The Manila Electric Co. (Meralco) is confident that its second
motion for reconsideration, which seeks a reversal of the
Supreme Court's refund order will be heard and granted, ABS-CBN
News reports. Meralco President Jesus Francisco said he was
"encouraged" by the comment of Solicitor General Alfredo
Benipayo, who said Meralco still has a chance of being heard by
the Supreme Court in banc.

Benipayo maintains his position that Meralco should not include
income tax as an operating expense for rate-making should the
justices decide to hear the second motion for reconsideration.
The April 9 resolution of the Third Division upheld the
Solicitor General's view. Meralco, Francisco added, expects the
Court's Third Division to decide in favor of its motion.

The Third Division ordered Meralco this month to refund to its
more than three million consumers about 28.15 billion pesos in
overcharged rates from 1994. Khan, assistant court
administrator, earlier said that court rules and principle
discourage Meralco's second motion for reconsideration, saying
this is a prohibited pleading under Rule 52 of the 1997 Rules of
Civil Procedure.

MANILA ELECTRIC: Set Talks on P28-B Refund to Customers
The Energy Regulatory Commission (ERC) will start discussions
with the Manila Electric Co. (Meralco) on the 28.15-billion
pesos refund to 3.5 million small customers and some 150,000
bulk electricity users of the public utility anytime this week,
the Philippine Star said Friday, citing ERC chairman Manuel
Sanchez. Sanchez said once Meralco submitted its proposal, this
will be subjected to a series of public hearings.

Because of the absence of rate adjustment for the past three
years, Meralco has been in technical default of its loan from
various creditors, particularly the World Bank (WB) and the
Asian Development Bank (ADB). The utility firm's outstanding
loans from the two banks amounted to $200 million.

The government remains to be the single biggest shareholder of
Meralco with 25.8-percent stake. First Philippine Union Fenosa,
Inc. holds 22.86 percent, Meralco pension fund with 8.80
percent, First Philippine Holdings Corp. with 5.63 percent stake
while the public is holding the remaining shares.

PHILIPPINE LONG: Forms Partnership With Panay Telephone
Philippine Long Distance Telephone Co. (PLDT) has entered an
alliance with provincial firm Panay Telephone Corporation for
the provision of Internet and other data services to businesses
establishments on the resort island of Boracay, south of Manila,
the Inquirer News Service reported Friday. Under the agreement,
PLDT will provide data solutions to resorts in Boracay while
Panay Telephone will provide the last-mile connectivity within
the island.

DebtTraders reports that Philippine Long Distance Telephone's
11.375 percent bond due in 2012 (TELP12PHS1) trades between
100.5 and 102.5. For real-time bond pricing, go to

VICTORIAS MILLING: Posts Higher Output, Revenues
Although it missed its profit target, sugar-processing firm
Victorias Milling Corp. (VMC) posted higher production and
revenue figures in the first half of its crop year, reports the
Philippine Star, citing VMC President Arthur Aguilar. Gross
revenues increased three percent to 1.5 billion pesos and with
operating expenses almost unchanged from last year.

Cane tonnage milled, which reached a record 2.63 million tons
(MT) the past crop year, went up 5.3 percent to 1.84 MT during
the first half alone. Raw sugar production, which also posted an
all-time high of 5.083 million 50-kilogram bags last year,
gained another 7.1 percent this year to 3.52 million bags. Gains
in molasses and refined sugar production were more defined
during the period, increasing by 23 percent and 26 percent,
respectively, Aguilar added.

As part of its quasi-reorganization, VMC's creditor banks
converted 1.1 billion pesos in loans into about 70 percent of
VMC's equity, while another 2.4 billion pesos in debts will be
restructured into a 15-year term loan. In addition, VMC has
secured a fresh 300-million pesos funding from Lucio Tan's
Tanduay Holdings Inc. last month. Tanduay's is offering to
inject 300 million pesos in fresh capital to VMC in the form of
a loan at 1.5 percent interest rate per annum. This will then be
convertible to equity at par from the third year onwards, which
will be equivalent to a seat in the Company's 11-man board of

* S&P Cuts Ratings of Several Philippine Corporations
Standard & Poor's Ratings Services has lowered its local
currency rating on National Power Corporation (Napocor) to 'BBB-
' and its foreign currency rating on the Company to 'BB'
following a recent change in the ratings on the Republic of the
Philippines (local currency rating, BBB/Stable/A-3; foreign
currency rating, BB/Stable/B).

At the same time, Standard & Poor's lowered its foreign currency
ratings on two independent power producers, Bauang Private Power
Corp. (Bauang) and CE Casecnan Water and Energy Co. Inc.
(Casecnan) to 'BB' from 'BB+'. The outlooks on the ratings on
Napocor, Bauang, and Casecnan have all been revised to stable
from negative, in line with that on the sovereign.

In addition, Standard & Poor's has revised its outlook on the
foreign currency rating on Globe Telecom Inc., one of two
leading providers of wireless communications services in the
Philippines, to stable from positive, in line with that on the
foreign currency rating on the sovereign. The 'BB' corporate
credit rating on Globe Telecom and the positive outlook on its
local currency rating, however, remain unchanged.

The rating change on the sovereign reflects the government's
growing debt burden and fiscal rigidity. The stable outlook on
the rating reflects Standard & Poor's expectation that the
Philippine government will slowly stabilize the erosion of
public finances witnessed over the past few years.


ASIA PULSE: Indonesia's APP Creditor Talks Stall
Talks to resolve debts between Asia Pulp and Paper (APP) and its
creditors, grouped in the Export Credit Agency, will remain
stuck in a deadlock, Asia Pulse reports, citing the Indonesian
Bank Restructuring Agency (IBRA) Chief Syafruddin Temenggung.
"The creditors and the APP so far have not yet agreed over a
default mechanism, while the negotiations have already been
going on for almost a month," said Temenggung.

Syafruddin said APP had asked for a 75 percent voting right,
while the creditors would only agree to a 25 percent voting
right. It is not impossible that APP's debt restructuring -
totaling US$6.5 billion - will be defaulted, he said. It was
agreed that the scheme for the settlement of APP Indonesia's
debts would be carried out through the establishment of an
oversight committee and issuance of instant convertible bonds.

CHARTERED SEMICONDUCTOR: Narrows 1Q03 Net Loss to $75.7M
Chartered Semiconductor Manufacturing incurred a net loss of
$75.7 million in the first quarter of this year, versus a net
loss of $128.4 million a year earlier, Finance Asia reported
Friday. The chipmaker warned that its results could worsen in
the current quarter amid a slow recovery in global chip demand.

CHARTERED SEMICON: Buehler-Garcia Joins PDF as Marketing VP
PDF Solutions, Inc. announced the expansion of its senior
management team in support of its position as the leading
provider of Process-Design Integration technologies and services
to semiconductor companies. Michael Buehler-Garcia has joined
PDF Solutions as Vice President of Marketing. With this
addition, former Executive Vice President of Sales, Marketing
and Business Development, Dave Joseph, has been appointed Chief
Strategy Officer, and former Vice President of Sales, Cees
Hartgring, has been named Vice President, Worldwide Strategic
Business Development and Sales.

"We are pleased that Michael Buehler-Garcia has joined PDF
Solutions as Vice President of Marketing," said John Kibarian,
President and Chief Executive Officer of PDF Solutions. "With
significant experience in the semiconductor and electronics
industries, and strong leadership qualities, Michael brings
valuable perspectives relating to both the design and
manufacturing of integrated circuits."

"As Chief Strategy Officer, Dave Joseph will develop corporate
strategy, expand strategic partnerships and ensure alignment
throughout the Company," continued Kibarian. "In his previous
role as Executive Vice President of Sales, Marketing and
Business Development, Dave guided the development of our current
solutions. This new appointment will further leverage his
abilities and allow him to focus on strategic issues affecting
PDF's position in an evolving semiconductor landscape. In a
related change, Cees Hartgring, as Vice President, Worldwide
Strategic Business Development and Sales, will further expand
our business globally," explained Kibarian.

"IBS, Inc., a leading semiconductor consultancy firm, has been
tracking the successful growth of PDF Solutions, including its
achievement of profitability in the midst of the worst downturn
in the history of semiconductor industry," said Dr. Handel
Jones, President and Chief Executive Officer of IBS. "Today's
executive management announcements will further bolster PDF's
ability to serve the semiconductor industry, specifically in
identifying and resolving design and manufacturability issues."

Michael Buehler-Garcia came to PDF Solutions from Chartered
Semiconductor Manufacturing, one of the top three foundries in
the world, where he was Vice President of worldwide marketing
and business development. At Chartered, Buehler-Garcia led
global business development, marketing, EDA and IP development,
and product management. Buehler-Garcia also held executive
positions at Cadence Design Systems, an electronic design
automation software Company. Prior to that Buehler-Garcia spent
14 years at Motorola, where he held various positions in the
semiconductor sector and space and technology group. Buehler-
Garcia holds a Bachelor of Science degree in mechanical
engineering and energy systems from Arizona State University.

About PDF Solutions

PDF Solutions, Inc. is the leading provider of process-design
integration technologies for manufacturing integrated circuits
(ICs). PDF's software, methodologies and services enable
semiconductor companies to create more manufacturable IC designs
and more capable manufacturing processes. By simulating deep
sub-micron product and process interactions, the PDF solution
offers clients reduced time to market, increased IC yield and
performance, and enhanced product reliability and profitability.
Headquartered in San Jose, California, PDF operates worldwide
with additional offices in Europe and Japan. For more
information, visit

Note to Editors: PDF Solutions(R) is a registered trademark of
PDF Solutions, Inc.

CONTACT: PDF Solutions, Inc.
Mana Uchino, 408/938-6483 (Corporate Communications)
Rochelle Krause, 408/938-6437 (Investor Relations)

HUA KOK: Posts Notice of Shareholder's Interests
Hua Kok International Ltd. posted a notice of changes in
substantial shareholder Tan Holdings Pte Ltd.'s interests:
Date of notice to Company: 24 Apr 2003
Date of change of shareholding: 23 Apr 2003
Name of registered holder: Tan Holdings Pte Ltd
Circumstance(s) giving rise to the interest: Open market

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: 30,000
%of issued share capital: 0.01
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received: $0.04
No. of shares held before the transaction: 67,422,620
%of issued share capital: 22.958
No. of shares held after the transaction: 67,452,620
%of issued share capital: 22.968

Holdings of Substantial Shareholder including direct and deemed
                                           Deemed Direct
No. of shares held before the transaction: 0      168,662,620
%of issued share capital:                 0      57.432
No. of shares held after the transaction:  0      168,692,620
%of issued share capital:                 0      57.442
Total shares:                              0      168,692,620

67,452,620 shares are hold in the name of Tan Holdings Pte Ltd
101,240,000 shares are hold in the name of Nominees


BANGCHAK PETROLEUM: Split to Retail, Refinery Key to Survival
The best way for Bangchak Petroleum to restructure its business
is to split up into retail distribution and refinery, the
Finance Ministry said last week.

Deputy Finance Minister Varathep Rattanakorn told reporters
recently government agencies, including his department, are
willing to guarantee any loans by local financial institutions
to refinance the company's debts estimated to be THB20 billion.

According to Mr. Varathep the split up was the best option
suggested by the committee formed by the government to evaluate
Bangchak's situation and recommend solutions.  Respected Thai
academic Chaianand Samutvanich chaired this group.

"The only big problem is that the oil firm has huge accumulated
losses," he told reporters.  He denied reports that Bangchak is
allegedly planning to merge with Thai Oil, the country's leading
oil refiner.

Bangchak Petroleum President Narong Boonyasanguan, in a separate
interview with Business Day, said the firm is suffering because
of its improper financial structure.  He revealed that Bangchak
currently has a payable interest burden of THB1.3 billion a year
from its outstanding debt of about THB20 billion.  He said
interest rate on these debts range from 6.3 percent to 6.5
percent a year.

The Thai government holds 47.87 percent of Bangchak, through the
Finance Ministry; PTT owns 24.3 percent, and Krung Thai Bank
about 7.91 percent.

NATIONAL FERTILIZER: New Financial Backer to be Named Today
Thai Asset Management Corp. (TAMC), which bought 75 percent of
National Fertilizer Plc's THB8.3 billion debts, will announce
today the winning bidder who will assume the liabilities for the
state-run bad-debt agency.

National Fertilizer hinted to Reuters that the bidder could
either be a Thai property firm or a Thai-Chinese joint venture
that are allegedly planning to convert part or all of the debt
into equity.

Since late 2001, the company has been trying to restructure its
debt, which in addition to TAMC is being held by Siam Commercial
Bank.  A company official told Reuters the debt buyer might
decide to become a major shareholder through a debt-to-equity
swap to help strengthen and restructure the company's financial

Thailand's largest oil and gas firm, PTT Plc owns about 20
percent of National Fertilizer, state-run Industrial Finance
Corp of Thailand holds 16.7 percent and Siam Commercial Bank 9.3
percent. Other shareholders include the Government Savings Bank
and the Thai Finance Ministry.

NPC shares were suspended from trading in mid-March because the
firm did not report its 2002 financial results. The stock last
traded at 0.50 baht on March 10, Reuters says.

THAI PETROCHEMICAL: FM Suchart Offers to Mediate in Debt Row
Following the reinstatement of Thai Petrochemical Industry
Public Company Limited founder, Prachai Leophairattana, as plan
administrator and the subsequent threat by creditors to boycott
the company's restructuring, Finance Minister Suchart Jaovisidha
is offering to mediate between the parties.

"I will be pleased to help both sides resolve the debt issue and
arrive at an amicable settlement," Mr. Suchart was quoted by
Business Day as saying.

Last Monday, the Central Bankruptcy Court allowed Mr. Prachai to
reassume the role of debt plan administrator, hitherto managed
by Effective Planners, Business Day said.  The decision
surprised creditors who subsequently vowed not to provide the
US$80 million financing needed by the company.  They also
threatened to garnish company cash deposited in banks.

Asked to comment on whether or not he would recommend that TPI's
restructuring be brought under the state-run Thai Asset
Management Corporation (TAMC), Mr. Suchart said it was too early
to consider this option, adding much depends on the outcome of
negotiations between the two sides.  He stressed it would be for
the best interests of all parties concerned if the matter was
resolved as soon as possible.

He declined to disclose other details on how he would address
TPI's debt problems, underscoring the need to be impartial to
avoid prejudging whatever agreement TPI's management and its
creditors will arrive at.  It may take sometime to settle the
conflict, he said.

Business Day pegs the value of TPI's debt restructuring plan at
US$3.7 billion.

TT&T PLC: Restructuring Likely to be Delayed, Says Paper
There are still no-takers for TT&T Plc's warrants crucial to
jumpstart the company's debt restructuring, Business Day said
late last week.

In an interview with Business Day, TT&T President Pisit Leeahtam
admitted not a single potential partner has so far responded to
the company's share-purchasing proposal, a development that
could delay further its debt-restructuring deadline of March

Buried under THB30 billion of debt, the company pays about
THB1.5 billion a year in interest to a group of creditors led by
Kasikornbank.  To arrest this, the company plans to pay back
about THB6 billion of the debt by offering warrants to creditors
in September to cover about a quarter of the debt and another
lot of warrants in March 2004.  The shares are to be valued at
10 baht, but trading price is now about 2.40 baht, Business Day

Mr. Pisit insists, however, that the company is still above
water: "We need about 5 billion baht of fresh capital, but it's
very difficult to find any partner at this time...  But [this
is] not our major concern as we can still manage a good cashflow

Last year, the fixed-lined operator formerly called Thai
Telephone and Telecommunication posted turnover of about THB7
billion.  About 70 percent of its revenue came from home-phone
fees, while the rest was derived from related services such as
non-voice services.  A year earlier, revenue from home-phone
fees accounted for about 90 percent of the total, Business Day

The company made a profit of THB568.57 million last year after
losing TBH466.42 million in 2001.  Most of the profit came from
a currency gain of about THB444 million and an operating profit
of about THB126 million, the paper said.

TT&T plans to invest about THB2 billion in improving its network
and launching new services, such as high-speed Internet access.
The company targets revenue growth of about 4 percent to 4.5
percent this year, the report added.

"More services will be added because non-core service -- such as
incoming call identification and short-message services --
because this segment will take a big jump from now on," Mr.
Pisit told Business Day.

TT&T has about 1.2 million phone lines outside Bangkok.  It will
add about 300,000 more this year, mainly for corporate
customers, Mr. Pisit added.

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

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

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

This material is copyrighted and any commercial use, resale or
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