/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/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 Headlines A U S T R A L I A 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 I N D O N E S I A 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 J A P A N 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 K O R E A 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 M A L A Y S I A 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 P H I L I P P I N E S 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 S I N G A P O R E 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 T H A I L A N D 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 - - - - - - - - ================= A U S T R A L I A ================= 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 period. "For Anaconda to have survived such a tumultuous period is a major achievement, which should not be underestimated," said Mr. Johnston. "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 said. 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 equipment. 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 says. ================= I N D O N E S I A ================= 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. ========= J A P A N ========= 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 R&I RATING: BB+ (Downgraded from BBB; Removed from the Rating Monitor scheme) Long-term Bonds (7 series) (with no negative pledge) R&I RATING: BB (Downgraded from BBB-; Removed from the Rating Monitor scheme) ISSUE: Domestic Commercial Paper Program R&I CP RATING: a-3 (Downgraded from a-2; Removed from the Rating Monitor scheme) R&I RATINGS: ISSUER: HANKYU CORP. (TSE Code: 9042) 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 R&I RATING: BB+ (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 Y10,000 Yen-Denominated Conv. Bonds due 2006 Oct 22, 1996 Sep 30, 2006 Y10,000 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 bonds) R&I RATING: BB (Downgraded from BBB-; Removed from the Rating Monitor scheme) ISSUE: Domestic Commercial Paper Program Issue Limit: 80,000 million yen RATIONALE: 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: www.kobelco.co.jp/index_e_wi.htm Contact: Media Contact: Gary Tsuchida Communication Center Kobe Steel, Ltd. 9-12 Kita-Shinagawa 5-chome Shinagawa-ku, Tokyo 141-8688 Japan Tel +81-3-5739-6010 Fax +81-3-5739-5971 E-mail: www-admin@kobelco.co.jp 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 yen. 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. ========= K O R E A ========= 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. =============== M A L A Y S I A =============== 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: L & M CORPORATION (M) BHD (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: SPECIAL RESOLUTION 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. ORDINARY RESOLUTION 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 Inspection. 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. ===================== P H I L I P P I N E S ===================== 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 http://www.debttraders.com/price.cfm?dt_sec_ticker=TELP12PHS1 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 directors. * 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. ================= S I N G A P O R E ================= 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 www.pdf.com. 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) mana.uchino@pdf.com Rochelle Krause, 408/938-6437 (Investor Relations) rochelle.krause@pdf.com 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 purchase 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 interest 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 =============== T H A I L A N D =============== 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 position. 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 2004. 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 says. 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 condition." 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 said. 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 publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. *** End of Transmission ***