/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/030905.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, September 5, 2003, Vol. 6, No. 176 Headlines A U S T R A L I A AMP LIMITED: Unit Names Macquarie Goodman Responsible Entity AUSTRIM NYLEX: Noteholders Want Share-purchase Plan Revised PASMINCO LIMITED: Sells U.S.-based Mines for Undisclosed Amount QANTAS AIRWAYS: Paying for Security of U.S. Spy Base, Says GM SOUTHCORP LIMITED: CEO Makes Return to Profitability Top Goal TRANZ RAIL: Toll Raps Institutional Investors for Blocking Bid C H I N A & H O N G K O N G CHINA GAS: Heng Fung Pursues Stake Sale; Update Expected Soon E2-CAPITAL HOLDINGS: First-half Loss Swells to HK$131 Million I N D O N E S I A GARUDA INDONESIA: President Sees 'No Urgency' for Restructuring J A P A N ANRITSU CORPORATION: R&I Assigns BBB Rating HOTERU HAMATU: Hotel Operator Enters Rehab Proceedings HUIS TEN: Nomura Granted Exclusive Right to Bail Out Firm MITSUBISHI MOTORS: August U.S. Vehicle Sales Off 9.1% RESONA BANK: Nomura Determines Share Price Offering SOBU DEVELOPMENT: Golf Course Enters Rehab Proceedings K O R E A HANARO TELECOM: Delays Repayment of Bonds HANARO TELECOM: Proposes Issuance of Convertible Bonds HANARO TELECOM: KDB Chief Backs Foreign Investment in Telecom HANARO TELECOM: Receives US$101.9M Aid From SK Telecom KIA MOTORS: August U.S. Vehicle Sales Up 9% SK GLOBAL: Foreign Creditors Given Two-week Buyout Deadline M A L A Y S I A ANSON PERDANA: Appoints KPMG's Gan Ah Tee Unit Receiver MALAYSIAN GENERAL: Delists From KLSE OCEAN CAPITAL: KLSE OKs Restructuring Plan Extension PENAS CORPORATION: Clarifies Winding Up Petition Report SASHIP HOLDINGS: Business Status Remains Unchanged SINMAH RESOURCES: Rabobank Nederland Grants 5-Year Loan Facility TAP RESOURCES: Terminates MOI With Duta Skyline TONGKAH HOLDINGS: Unveils Disposal of Securities P H I L I P P I N E S IONICS INC.: Widens 1H03 Net Loss to P894.5M MANILA ELECTRIC: Plans to Borrow U$200M This Year MANILA ELECTRIC: Meeting With Financial Advisors September 4 MULTINATIONAL TELECOM: Proposes Out of Court Settlement S I N G A P O R E MOULD BASE: Issues Notice of Winding Up Order OKI ELECTRIC: Proof of Claim Deadline September 29 PLASTIC OMNIUM: Wind Up Hearing Slated For September 5 SKILLTEK CONSULTANTS: Issues First And Final Dividend Notice SUPERSYMMETRY SERVICES: Petition to Wind Up Pending T H A I L A N D BANGKOK RANCH: Meets Interest Payments Set in Restructuring Plan BANGKOK RANCH: Wants to Buyout Supplier to Become Market Leader THAI MILITARY: Slices NPL by 13% in Deal with Bangkok Asset - - - - - - - - ================= A U S T R A L I A ================= AMP LIMITED: Unit Names Macquarie Goodman Responsible Entity ------------------------------------------------------------ Macquarie Goodman Funds Management Limited (MGF) filed this statement with the Australian Stock Exchange yesterday: We are pleased to advise that at a unitholders' meeting of AMP Industrial Trust (AIP) held at 10:00 a.m. [yesterday], the unitholders appointed MGF as responsible entity for AIP. AMP Henderson will lodge shortly with the ASIC the required notice asking ASIC to alter registration of AIP to name MGF as the new responsible entity for AIP. Yours faithfully, Carolyn Scobie Company Secretary AUSTRIM NYLEX: Noteholders Want Share-purchase Plan Revised ----------------------------------------------------------- Noteholders and their trustee are second-guessing the intention of Austrim Nylex's share-purchase plan to reconstruct its balance sheet, The Age said yesterday. Noteholder Joe Coromica, a licensed auditor and Certified Public Accountant, believes the conversion ratio on the notes should be changed to take into account the expanded capital base, which will more than double in size. "It just doesn't seem to be right, the way they have done it," Mr. Coromica told The Age in an interview. He said the plan, as it stands right now, would massively dilute their stake in the company when they switch their mandatory converting notes to ordinary shares. Austrim and its broker JBWere, according to the age, have arranged an issue of 320 million new shares at a price of 25 cents each. Under the plan, Austrim shareholders will be entitled to participate in a share-purchase plan under which they can apply for up to AU$5000 of new shares. This is expected to involve a further 80 million shares. The share-purchase plan should legally be regarded as a rights issue, according Mr. Coromica. This would give noteholders rights under law, possibly allowing a change of the conversion ratio on the notes. But Austrim Nylex company secretary and legal counsel, Neil Christensen, said the share-purchase plan is a rights issue under law. "The share-purchase plan has been made under the Australian Securities and Investments Commission class order, which gives companies relief from having to prepare a prospectus," he told The Age in a separate interview. "That means it is limited to shareholders who are registered at the time of the share- purchase plan." PASMINCO LIMITED: Sells U.S.-based Mines for Undisclosed Amount --------------------------------------------------------------- Pasminco announced yesterday that it had agreed to sell its Gordonsville and Clinch Valley mines and facilities in Tennessee, U.S. to Tennessee Valley Resources (TVR). The sale is expected to complete within two weeks. At completion TVR will take ownership of the Gordonsville mine, which was placed on care and maintenance in May 2003. Ownership of the Clinch Valley mine will pass to TVR when the mine is closed, which on current plans will be in June 2004. Under the terms of sale, the rehabilitation costs at both sites will be met by TVR. * * * According to Reuters, both U.S. mines are low-grade operations that had not provided satisfactory returns. The sale adds to the number of non-core operations sold by the company after entering into voluntary administration -- a form of bankruptcy - - in 2001 with some AU$3 billion in debts. For further information contact: Trevor Shard General Manager - Investor and Community Relations +61 (3) 9288 9186 or 0419 584 515 QANTAS AIRWAYS: Paying for Security of U.S. Spy Base, Says GM ------------------------------------------------------------- Qantas Airways accuses the federal government of indirectly making it pay for the security detail ostensibly to protect the U.S. military spy base at Pine Gap in Central Australia, Asia Pulse reported yesterday. In its submission to a parliamentary inquiry, Qantas said the government had failed to explain why it is paying more for added presence of Australian Protective Service (APS) guards in Alice Springs and Uluru, the two commercial airports nearest Pine Gap. "It is assumed that the actual purpose of these officers was protection of a facility of political and strategic sensitivity in the vicinity," Qantas told the parliamentary body looking into aviation security. Qantas General Manager Geoffrey Askew told Asia Pulse the airline suspected the Pine Gap Joint Military Defense Facility on the outskirts of Alice Springs as the cause of the security increase. "We're surmising that it is because of Pine Gap," Mr. Askew told Asia Pulse. "There's not a hell of a lot else around Ayers Rock and Alice Springs." But a spokesman for Justice Minister Chris Ellison denied an APS presence had been established at the Uluru airport. He also said the government had taken over the cost of APS officers at Alice Springs airport since July last year. "Those officers at Alice Springs are there as they are at other regional airports - for the purpose of aviation security," he told Asia Pulse. SOUTHCORP LIMITED: CEO Makes Return to Profitability Top Goal ------------------------------------------------------------- After reporting a full-year net loss of AU$922.9 million earlier this week, Southcorp Ltd. CEO John Ballard vowed the company would post only profits from here on. He said restoring profits at the loss-making U.K. operations is his top priority and a new strategy is to be finalized shortly, according to Dow Jones. He believes new U.K. head, Adam Burck, who started Monday, will help bring this recovery about. Mr. Burck was previously with the world's biggest wine producer, E&J Gallo. Meanwhile, Mr. Ballard defended the slash in capital expenditure for fiscal 2004, telling fund managers there had been adequate investment in recent years not to disadvantage the company. TRANZ RAIL: Toll Raps Institutional Investors for Blocking Bid -------------------------------------------------------------- Paul Little, managing director of Toll Holdings Ltd., which is bidding for Tranz Rail Holdings Ltd., said his company is willing to extend its takeover offer for the New Zealand firm beyond September 26, according to Dow Jones. He said Toll is now working on getting the support of the board to help convince institutional investors to accept its NZ$.95-a- share offer. "The institutions have been less than helpful in the process to date, we believe quite unrealistic with their expectations about what they should receive from this," Mr. Little told a media briefing. "[But] we still believe that we will succeed in that process," he said. He, however, said Toll is "willing to walk away" from the Tranz Rail offer if it can't fulfill the bid condition of securing at least 90% of Tranz Rail shares. He noted, though, no one else is currently bidding for the freight operator. He adds the Toll cash offer and the conditions surrounding the bid "are very fair." Meanwhile, Mr. Little admits what partly attracts Toll to Tranz Rail is its 27.5% interest in Tasmanian freight operator, TasRail. "That is very strategically important for us, obviously on the back of the acquisition of the Brambles ships and our extensive involvement in the Tasmanian market," he told the briefing. ============================ C H I N A & H O N G K O N G ============================ CHINA GAS: Heng Fung Pursues Stake Sale; Update Expected Soon ------------------------------------------------------------- Shares of China Gas Holdings were suspended yesterday pending an announcement on the sale of Heng Fung Holdings Ltd.'s share in the company, according to Reuters. Shares of Heng Fung were similarly suspended from trading. In June, China Gas thwarted Heng Fung's plan to sell its entire 26.4% stake in the company -- equivalent to 320 million shares - - to Ipco International by rejecting the latter's request to slash the sale price. Heng Fung had agreed to sell the stake for HK$304 million (US$38.98 million), equivalent to HK$0.95 per share. China Gas currently trades a HK$0.89. Last month, the company reported a sharply higher net loss of HK$69.6 million for the year ending March 31, 2003; this compared to the previous year's HK$7.1 million loss. E2-CAPITAL HOLDINGS: First-half Loss Swells to HK$131 Million ------------------------------------------------------------- Investors pulled down the shares of e2-Capital Holdings Thursday after the company reported a net loss of HK$131.28 million for the first six months, a huge jump from last years HK$422,000 loss. AFX-Asia said e2-Capital dropped 11.59% to HK$0.305 as investors let go of 1.25 million shares. The report did not say what caused the huge loss. ================= I N D O N E S I A ================= GARUDA INDONESIA: President Sees 'No Urgency' for Restructuring --------------------------------------------------------------- Just a week after confirming to Dow Jones that the company will decide shortly whether to undertake a second restructuring in as many years, company President Indra Setiawan told Asia Times there is no urgency to do so. In a report yesterday, Asia Times quoted Ms. Setiawan saying the company is optimistic it can pay its US$60 million debt by the end of the year. "We do not see the urgency of a second debt-rescheduling as part of the company's restructurization (sic) this year while we are optimistic we can meet our remaining obligation of US$60 million," Ms. Setiawan told Asia Times. Dow Jones last week said the company would decide on September 15 whether or not to seek a restructuring of its US$900 million- debt. It added the company is willing to offer 20% - 25% stake in its maintenance business to a strategic investor to gain approval for any restructuring. Accordingly, Singapore Airlines and Lufthansa have expressed interest. ========= J A P A N ========= ANRITSU CORPORATION: R&I Assigns BBB Rating ------------------------------------------- Rating and Investment Information Inc. (R&I) has assigned a BBB long-term debt rating on Anritsu Corporation. Issue: Bonds Rated Issue Date Redemption Issue Amount (Million) Zero Coupon Conv. Bonds due 2010 Sep 19, 2003 Sep 21, 2010 Yen 15,000 RATIONALE: Anritsu Corporation is a major telecommunications equipment and measuring instruments manufacturer. The measuring instruments business, its main business, fell into the red the year ending March 2003 as a result of a sharp decline in demand due to the bursting of the telecommunications bubble in North America. On the other hand, there was a surge in demand for telecommunications measuring instruments used in the production of third generation cellular phones in Japan and PHS (short for Personal Handyphone System, a simple mobile telephone system) phones in China. As a result, Anritsu has secured profits in line with its business plan for the first quarter of fiscal year 2003 and expects to bring the business back into the black by the year ending March 2004. However, a true recovery in profit levels following a restructure that has included scaled back operations and personnel cuts will require securing a certain level of sales and maintaining it. Trends in recovery in demand for measuring instruments in regions such as the United States and Europe where the slump has been conspicuous will affect the level of profits in the future. Net interest bearing debt has been rising due to a decrease in the level of cash flow resulting from deterioration in profits. The Company posted a net loss for the year ending March 2003 and equity capital also decreased. R&I believe that the Company's liquidity on hand and equity capital is at appropriate levels and that the Company has maintained a consistent financial base. However, Anritsu Corp's financial resiliency has weakened. As the business environment becomes increasingly austere, R&I will focus its attention on how Anritsu Corp can increase its profitability and improve its financial composition as it maintains its edge in R&D, which is also the source of its competitiveness. HOTERU HAMATU: Hotel Operator Enters Rehab Proceedings ------------------------------------------------------ Hoteru Hamatu Co., Ltd., which has total liabilities of 24 billion yen against a capital of 2.2 billion yen, has applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The hotel operator is located in Kooriyama-shi, Fukushima, Japan. HUIS TEN: Nomura Granted Exclusive Right to Bail Out Firm --------------------------------------------------------- Nomura Principal Finance Co., Ltd. (NPF) announced Wednesday that it has been granted the first refusal right to newly issued shares of Huis Ten Bosch Co., Ltd. (Sasebo City, Nagasaki). Huis Ten Bosch, which has been operating the theme park under the same name since 1992, filed for protection under the Corporate Reorganization Law in February 2003. Based on its assessment of Huis Ten Bosch's facilities, NPF has made proposals for its revitalization. The specifics of the revival plan of Huis Ten Bosch, which is one of Japan's more prominent resort facilities, are to be decided in collaboration with the administrator. NPF intends to work closely with the local community toward the successful revitalization of Huis Ten Bosch. Outline of Huis Ten Bosch Co., Ltd. (as of 31 March 2003) Foundation: March 1988 Administrator: Shigeaki Momoo Business Operation of hotels, theme park, marina, restaurants, shops; shipping services; event planning Number of employees: 1,039 (excluding 875 part-time workers) Lot area: Approximately 1,520,000 square meters Outline of Nomura Principal Finance Co., Ltd. (as of 31 August 2003) Foundation: July 2000 Shareholder: Nomura Holdings, Inc. (100 percent) Representative: Yoshifumi Kawabata, President Business Principal: finance business Number of employees: 40 Investment record: Eight projects MITSUBISHI MOTORS: August U.S. Vehicle Sales Off 9.1% ----------------------------------------------------- Following are Mitsubishi Motors Corp. U.S. sales of cars and light trucks in August 2003 versus the same year-earlier month and for the year to date. Aug 2003 Aug 2002 % Change All Vehicles 27,380 31,228 -9.1% Domestic Car 11,610 15,326 -21.4% Domestic Truck 3,912 0 100.0% Import Car 5,665 9,402 -37.5% Import Truck 6,193 6,500 -1.2% Dom+Imp Cars 17,275 24,728 -27.6% Dom+Imp Trucks 10,105 6,500 61.2% Domestic Vehicles 15,522 15,326 5.0% Imported Vehicles 11,858 15,902 -22.7% Yr-to-Date Prev Year % Change All Vehicles 189,118 238,211 -20.2% Domestic Car 82,781 122,123 -31.9% Domestic Truck 14,809 0 100.0% Import Car 44,221 66,176 -32.9% Import Truck 47,307 49,912 -4.8% Dom+Imp Cars 127,002 188,299 -32.2% Dom+Imp Trucks 62,116 49,912 25.1% Domestic Vehicles 97,590 122,123 -19.7% Imported Vehicles 91,528 116,088 -20.8% Percent changes are based on the daily sales rate, and reflect 27 selling days this month vs. 28 in the month last year, and 205 this year to date vs. 206 last year to date. Shares of Mitsubishi Motors Corporation slumped 12 percent after the Company forecast a first-half loss to cover car-loan defaults and slumping sales in North America, TCR-AP reported recently. Mitsubishi's 3.3 percent bonds due in 2009 fell 0.335 points to 92.262 per 100-yen face amount, giving a yield of 5.015 percent. RESONA BANK: Nomura Determines Share Price Offering --------------------------------------------------- Nomura Holdings, Inc. has determined the offer price of the secondary offering of its shares currently held by Resona Bank, Ltd., the disposal price of treasury shares, and other terms, which were undetermined in connection with the secondary offering of the Company's shares resolved at a meeting of the Company's Executive Management Board held on August 22, 2003. Offer Price and Disposal Price Determined I . Secondary offering 1. Secondary offering of our shares (1) Number of shares to be offered and sold: 31,061,000 shares of common stock of the Company (the Shares) (2) Offer price: Japanese yen 1,792- (3) Aggregate offer price: Japanese yen 55,661,312,000- (4) Subscription period: From 3 September 2003 to 5 September 2003 (5) Delivery date: 11 September 2003 2. Secondary offering conducted by exercise of over-allotment option (1) Number of shares to be offered and sold: 4,650,000 shares of common stock of the Company (2) Offer price: Japanese yen 1,792- (3) Aggregate offer price: Japanese yen 8,332,800,000- (4) Subscription period: From 3 September 2003 to 5 September 2003 (5) Delivery date: 11 September 2003 II. Disposal of treasury shares (1) Disposal price: Japanese yen 1,713.28 (2) Aggregate disposal price: Japanese yen 7,966,752,000- Supplemental Information 1. Calculation of offer price: Calculation date and closing price: 2 September 2003 Yen 1,838- Applied discount rate: 2.50 percent SOBU DEVELOPMENT: Golf Course Enters Rehab Proceedings ------------------------------------------------------ Sobu Development Co. Ltd., which has total liabilities of 7 billion yen against a capital of 25 million yen, has applied for civil rehabilitation proceedings, according to Tokyo Shoko Research. The golf course is located in Chuo-ku, Tokyo, Japan. ========= K O R E A ========= HANARO TELECOM: Delays Repayment of Bonds ----------------------------------------- Hanaro Telecom, Inc. announced the Company's failure to meet its repayment obligations in the aggregate amount of US$112,236,900 arising from the exercise of a put option by the holders of the US$100 million bonds with warrants due 2007, filed with the Korea Securities Dealers Association Automated Quotation Market (KOSDAQ) and the Financial Supervisory Commission on August 26, 2003. 1. Details of the 18th Non-Bearer, Non-guaranteed bonds with warrants (BW) due 2007. -- Face value: USD100,000,000 -- Exercise Price of Warrants: KRW5,000/share -- Maturity date: February 26, 2007 -- Put option: Holders of BW (the "Holders") have a right to exercise their put option on August 26, 2003 and receive 112.2369% of the principal amount. 2. Details of exercise of put option -- Total amount of put option exercised: USD100,000,000 -- Total amount of repayment due: USD112,236,900 -- Payment due date: August 26, 2003 -- Hanaro Telecom, Inc. (Hanaro) failed to meet the repayment requested by the Holders upon their exercise of the put option, and is currently in negotiation with the Holders. 3. Action Plan -- Hanaro was notified by the Holders on July 28, 2003, of their intention to exercise their put option with respect to the BW. To meet its repayment obligation, the Company plans to issue commercial papers (CP) to its major shareholders. -- Specific details of the proposed CP issuance such as subscription companies and their respective subscription amount have not yet been confirmed. THe Company will make a timely disclosure once the details of the proposed issuance are confirmed. 4. Date of relevant local filing: February 23, 2002. For a copy of the press release, go to http://data.hanaro.com/inv_sec_eng/download.asp?file=BW_Delay_08 2603.pdf HANARO TELECOM: Proposes Issuance of Convertible Bonds ------------------------------------------------------ Hanaro Telecom Inc. announced a resolution to issue convertible bonds with a total face value of 200 billion won to its major shareholders and affiliates, filed with the KOSDAQ and the Financial Supervisory Commission on August 20, 2003. Non-guaranteed 1. Type of Bonds Series No. 26 Type convertible bonds 2. Total Face Value (KRW) 200,000,000,000 3. Use of Proceeds Operating Capital (KRW) 200,000,000,000 3. Interest Rate on Bond Nominal Interest Rate (%) 5.00 Yield to Maturity (%) 11.00 4. Method of Interest Payment Annual payment in arrears on every August 22 from 2004 to 2008. Interest will accrue from the date of issue to the date of maturity. 5. Method of Principal Payment For any bonds not converted into shares by the maturity date (August 22, 2008), the redemption amount will be determined based on the difference between the nominal rate (less than 5%) and the yield to maturity (less than 11%) calculated on a compounded basis. 6. Conversion Conversion ration 100.0 Conversion price WON 5,000.00 Type of shares to issue Non-bearer common shares Initial dividend/method of interest payment Dividend payment is based on the previous fiscal year. Conversion period August 22, 2004 - July 22, 2008 7. Subscription date August 22, 2003 8. Closing date August 22, 2003 9. Maturity Date August 22, 2008 10. Subscription to be made by - Relation with Issuing Company others For more information, go to http://data.hanaro.com/inv_sec_eng/download.asp?file=CB%20issue_ 082203.pdf HANARO TELECOM: KDB Chief Backs Foreign Investment in Telecom ------------------------------------------------------------- Korea Development Bank (KDB), the main creditor of troubled Internet operator Hanaro Telecom, turned the screw on LG Group to approve a US$500 million foreign investment plan Wednesday, according to Asia Pulse, citing KDB President Yoo Ji-chang. On Friday, Hanaro's board approved a US$500 million investment plan tabled by the consortium of American International Group (AIG) and Newbridge Capital. In return for the investment, the consortium would become the largest shareholder with a 39.6 percent stake. However, the plan hit the skids after LG Group, which holds a 15.88 percent stake in Hanaro through its telecom affiliate LG Telecom, and Dacom opposed the injection of foreign capital in a bid to retain managerial rights in South Korea's second-largest broadband operator. HANARO TELECOM: Receives US$101.9M Aid From SK Telecom ------------------------------------------------------ SK Telecom, a key shareholder of Hanaro Telecom, has provided 120 billion won (US$101.9 million) to help the broadband service provider repay maturing debt, averting a possible debt default, Reuters reported on Wednesday. Hanaro repaid US$100 million in overseas bonds with warrants by the extended deadline of Tuesday, after SK Telecom purchased 120 billion won of its commercial paper. Hanaro's debt stands at 2.2 trillion won, more than twice its market capitalization. KIA MOTORS: August U.S. Vehicle Sales Up 9% ------------------------------------------- Following are Kia Motors Corp U.S. sales of cars and light trucks in August 2003 versus the same year-earlier month and for the year to date, according to Reuters. Aug 2003 Aug 2002 % Change All Vehicles 24,758 23,564 9.0% Domestic Car 0 0 N.A. Domestic Truck 0 0 N.A. Import Car 15,289 14,412 10.0% Import Truck 9,469 9,152 7.3% Dom+Imp Cars 15,289 14,412 10.0% Dom+Imp Trucks 9,469 9,152 7.3% Domestic Vehicles 0 0 N.A. Imported Vehicles 24,758 23,564 9.0% Yr-to-Date Prev Year % Change All Vehicles 168,273 167,840 0.7% Domestic Car 0 0 N.A. Domestic Truck 0 0 N.A. Import Car 98,268 111,523 -11.5% Import Truck 70,005 56,317 24.9% Dom+Imp Cars 98,268 111,523 -11.5% Dom+Imp Trucks 70,005 56,317 24.9% Domestic Vehicles 0 0 N.A. Imported Vehicles 168,273 167,840 0.7% Percent changes are based on the daily sales rate, and reflect 27 selling days this month versus 28 in the month last year, and 205 this year to date versus 206 last year to date. DebtTraders reports that Kia Motor Corp's 9.375 percent bond due in 2006 (KIAM06KRS1), trades between 115.110 and 115.675. For real-time bond pricing, go to http://www.debttraders.com/price.cfm?dt_sec_ticker=KIAM06KRS1 SK GLOBAL: Foreign Creditors Given Two-week Buyout Deadline ----------------------------------------------------------- Domestic creditors of SK Global will give their foreign creditors two more weeks to present a written agreement on a debt buyout plan for the ailing trading Company, Asia Pulse said on Thursday. As part of efforts to keep the Company afloat, foreign creditors agreed late last month to accept a cash buyout of 43 cents per dollar owed, but they have postponed submitting a written agreement. SK Global, the trading arm of SK Group, is in deep financial trouble due to debts of 9.97 trillion won (US$8.48 billion), including 830 billion won owed to foreign creditors. The Company's financial woes began in early March when the Company was found to have committed a massive accounting fraud. =============== M A L A Y S I A =============== ANSON PERDANA: Appoints KPMG's Gan Ah Tee Unit Receiver ------------------------------------------------------- Anson Perdana Berhad (Anson) announced that Mr. Gan Ah Tee of KPMG Corporate Services Sdn Bhd has been appointed the Receiver and Manager of one of its wholly owned subsidiary Company, TD Management Sdn Bhd (TD Management) by Affin Bank Berhad on 2 September 2003. TD Management has an issued and paid-up share capital of RM2,500,000/- comprising 2,500,000 ordinary shares of RM1/- each. The principal activity of TD Management is property development. The net book value of the assets of TD Management based on the latest audited financial statements for the year ended 31 August 2002 is approximately RM52,286,481/-. The appointment of the Receiver and Manager is via the Debenture dated 15 January 1998 in respect of a RM50 million loan from Affin Bank Berhad, giving the holder thereof fixed and floating charges over the whole of the undertaking and assets of TD Management. TD Management has not been able to make timely repayments on the loan. No significant financial and operational impact on the Group is foreseen. No loss is anticipated from this appointment. The management of Anson does not propose to take any action apart from complying with the Receiver and Manager's requirements. MALAYSIAN GENERAL: Delists From KLSE ------------------------------------ Following the completion of the Restructuring Scheme of Malaysian General Investment Corporation Berhad (MGIC), the Company will be de-listed from the Official List of the Kuala Lumpur Stock Exchange (KLSE) and Sumatec Resources Berhad will be admitted in place of MGIC with effect from 9:00 a.m., Monday, 8 September 2003. OCEAN CAPITAL: KLSE OKs Restructuring Plan Extension ---------------------------------------------------- Further to the announcements made on 22 April 2003, 29 April 2003, 9 June 2003, 8 July 2003 and 12 August 2003, Hwang-DBS Securities Berhad (Hwang-DBS), on behalf of the Board of Directors of Ocean Capital Berhad (OCEAN), is pleased to announce that the Kuala Lumpur Stock Exchange (KLSE) had on 2 September 2003 approved the application for extension of time for a further period of two (2) months to 21 October 2003 to enable OCEAN to make a submission of its regularization plan to the authorities for approval. PENAS CORPORATION: Clarifies Winding Up Petition Report ------------------------------------------------------- Further to our announcement on 29th August 2003, the Board of Directors of Penas Corporation (PENCORP) announced the following additional details in relation to the winding-up petition (which has been advertised by the petitioner, Jaya Sarana Engineering Sdn. Bhd. in the Star on Thursday, 28 August 2003) against Penas Management Sdn. Bhd. (PMSB), a wholly owned subsidiary Company of PENCORP as follows: 1) Proposal for settlement by monthly installment was not accepted, which led to the filing of the winding-up petition by the Petitioner. 2) The financial and operational impact for the aforesaid petition on the Group is immaterial as the Group audited accumulated losses as at 31 December 2002 is RM273.9 million. 3) Our legal adviser is filing the relevant documents to defend/set aside the Petition. SASHIP HOLDINGS: Business Status Remains Unchanged -------------------------------------------------- The Special Administrators announced that there is no further development since the last announcement on 4 August 2003 and the Special Administrators are currently in the process of carrying out an assessment on, inter alia the viability of the operations and businesses of Saship and will thereafter prepare a workout proposal as soon as reasonably practical to be reviewed by the Independent Advisor in relation to the reasonableness of the proposal taking into consideration the interest of all stakeholders. SINMAH RESOURCES: Rabobank Nederland Grants 5-Year Loan Facility ---------------------------------------------------------------- Further to the announcement dated 6 June 2003, on behalf of the Board of Directors of Sinmah Resources Berhad, the Kuala Lumpur Stock Exchange (KLSE) announced that Sinmah had on 3 September 2003 drawn down a 5-year Term Loan of US$9,736,842.00 (the facility) from Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A. (Rabobank Nederland), Singapore Branch. Sinmah had obtained approval for the facility from Bank Negara Malaysia on 20 August 2003. The proceeds from this facility will be used to repay the Revolving Credit facility granted by United Overseas Bank (Malaysia) Berhad (UOBM) of RM37.0 million. TAP RESOURCES: Terminates MOI With Duta Skyline ----------------------------------------------- Further to the announcement made on 2 June 2003 and 3 March 2003 in relation to the Memorandum of Intent (MOI) entered into between the Tap Resources Bhd (TAP) and Duta Skyline Sdn Bhd (Vendor) for the acquisition of all that piece of land held under title number: Geran 23940 Lot No. 613, Mukim Ulu Semenyih, District of Ulu Langat, State of Selangor Darul Ehsan with land area of approximately 500 acres from the Vendor for a total purchase consideration of RM150,000,000 only (Proposed Acquisition) subject to the terms and conditions of the MOI, the Board of Directors of TAP announced that TAP and the Vendor have on 3 September 2003 agreed to mutually terminate the MOI in view that both parties are unable to comply with the terms and conditions of the MOI. TONGKAH HOLDINGS: Unveils Disposal of Securities ------------------------------------------------ Tongkah Holdings Berhad announced that the Company has on 2 September 2003 been notified by PB Trustee Services Berhad (the trustee in respect of the Company's RM186,558,296 Nominal Value of 5 year 1 percent-2 percent Redeemable Secured Convertible Bonds A 1999/2004 and RM275,980,363 Nominal Value of 5 year 1 percent-2 percent Redeemable Secured Convertible Bonds B 1999/2004 (collectively Bonds)) that they have on 26 August 2003, disposed of some of the Company's securities held in public listed companies, which are pledged with them in relation to the Bonds. The proceeds of sale are retained in the sinking fund accounts maintained pursuant to the respective trust deeds relating to the Bonds. The securities disposed are as follows: Date of Disposal Unit Disposed Price per unit (RM) Total amount received (RM) 26/8/2003 850,000 0.6025 509,666.50 Counter: Pantai Date of Disposal Unit Disposed Price per unit (RM) Total amount received (RM) 26/8/2003 84,000 0.707 58,878.52 Bonds B Counter: Pantai Date of Disposal Unit Disposed Price per unit (RM) Total amount received (RM) 26/8/2003 70,000 0.7064 49,022.08 26/8/2003 58,000 0.7057 40,576.71 ===================== P H I L I P P I N E S ===================== IONICS INC.: Widens 1H03 Net Loss to P894.5M -------------------------------------------- In a report to the Securities and Exchange Commission, Ionics Inc.'s net loss for the period ending June 30 ballooned to 894.5 million pesos from only 29 million pesos in the same period last year. The slow demand for its semiconductor products also pushed the firm to close down its printed circuit board-manufacturing unit, Sybertronix, Inc. on August 15. The group's consolidated sales of PhP3 billion during the first half of 2003 fell by 41 percent from its performance of PhP5 billion in the same period last year. The decrease in sales of the group was due to soft orders from customers resulting from a weak industry and the under-utilized capacity of the firm's facilities resulting from low loading. MANILA ELECTRIC: Plans to Borrow U$200M This Year ------------------------------------------------- Manila Electric Co. (Meralco) plans to borrow US$200 million by issuing "high-yielding capital market instruments" before the year-end to cover a projected cash flow shortfall arising from its refund of excess charges to customers, the Philippine Daily Inquirer reports, citing Company President Jesus Francisco. In a motion filed with state agency Energy Regulatory Commission, Meralco said: "It is crucial that this instrument is issued in the soonest time possible, on or before October 2003, to mitigate Meralco's risk of defaulting on its debt service." Meralco has around 11 billion pesos in debt that will mature this year. MANILA ELECTRIC: Meeting With Financial Advisors September 4 ------------------------------------------------------------ The Manila Electric Co. (Meralco) will meet with its financial advisors Citibank N.A. and Bank of the Philippine Islands (BPI) on Thursday to flesh out a restructuring scheme for the utility firm's maturing long-term obligations, according to the Philippine Star. The long-term loan providers of Meralco include Citibank, World Bank (WB) and Philippine Export-Import Bank. Meralco is still in talks with BPI and Citibank to more or less clarify the Company's credit liability management program. It was learned that some 2.5 billion pesos worth of long-term debts from commercial banks led by Citibank are set to mature in end-October this year while some are due this month. The utility firm has about US$100-million worth of long-term loans from Asian Development Bank (ADB) and WB. MULTINATIONAL TELECOM: Proposes Out of Court Settlement ------------------------------------------------------- Owners of pseudo-investment firm Multinational Telecommunications Investment, Inc. (Multitel), led by Rosario Baladjay, requested the Securities and Exchange Commission (SEC) to allow the firm to undertake an out of court settlement with disgruntled investors, the Business World reported on Wednesday. Baladjay submitted a proposal for the firm to payback its investors using its assets. Multitel owners were earlier charged with estafa and violations of the Securities Regulation Code for using the "Ponzi" scheme in soliciting investments from the public without prior registration. Multitel investors claimed that the pseudo- investment firm and its conduits might have collected between 20 billion pesos to 25 billion pesos from thousands of investors. ================= S I N G A P O R E ================= MOULD BASE: Issues Notice of Winding Up Order --------------------------------------------- Mould Base Manufacturer Singapore Pte Ltd. issued a winding up order notice made on the 22nd day of August 2003. Name of Liquidator: Mr Tan Joon Hoe. Address of Liquidator: 371 Beach Road #16-08 Keypoint Singapore 199597. RAYMOND TAN & CO Solicitors for the Petitioner. OKI ELECTRIC: Proof of Claim Deadline September 29 -------------------------------------------------- The creditors of Oki Electric Cable (Asia) Pte Ltd (In Members' Voluntary Liquidation), which is being wound up voluntarily are required on or before the 29th day of September 2003 to send in their names and addresses and particulars of their debts or claims, and the names and addresses of their solicitors (if any) to the undersigned, the Liquidators of the Company and, if so required by notice in writing by the Liquidators are, by their solicitors or personally, to come in and prove their debts or claims at such time and place as shall be specified in such notice, or in default thereof they will be excluded from the benefit of any distribution made before such debts are proved. CHEE YOH CHUANG LEOW QUEK SHIONG Liquidators. 18 Cross Street #08-01 Marsh & McLennan Centre Singapore 048423. PLASTIC OMNIUM: Wind Up Hearing Slated For September 5 ------------------------------------------------------ The petition to wind up Plastic Omnium Pte Ltd. is set for hearing before the High Court of the Republic of Singapore on September 5, 2003 at 10 o'clock in the morning. Toh Kheng Guan, a creditor, whose address is situated at 10B Braddell Hill #09- 06, Singapore 579721, filed the petition with the court on July 30, 2003. The petitioners' solicitors are Messrs Koh & Partners of 7500A Beach Road, #06-318/319 The Plaza, Singapore 199591. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs GUOFU a notice in writing not later than twelve o'clock noon of the 4th day of September 2003 (the day before the day appointed for the hearing of the Petition). SKILLTEK CONSULTANTS: Issues First And Final Dividend Notice ------------------------------------------------------------ Skilltek Consultants issued a notice of first and final preferential dividend as follows: Name of Company: Skilltek Consultants Pte Ltd Address of Registered Office: Formerly of 545 Orchard Road #15- 02 Far East Shpg Ctr Singapore 0923. Court: Supreme Court, Singapore. Number of Matter: Companies Winding Up No. 211 of 1995. Amount Per Centum: 66.49 percent. First and Final or otherwise: First & Final Preferential Dividend. When Payable: 21st August 2003. Where Payable: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118. KAREN LOH PEI HSIEN Assistant Official Receiver. SUPERSYMMETRY SERVICES: Petition to Wind Up Pending --------------------------------------------------- The petition to wind up Supersymmetry Services Ltd. is set for hearing before the High Court of the Republic of Singapore on September 12, 2003 at 10 o'clock in the morning. Electric Eye Pte Ltd, a creditor, whose address is situated at 20 Kramat Lane, #02-04 United House, Singapore 228773, filed the petition with the court on August 18, 2003. The petitioners' solicitors are Mssrs GUOFU of 20 Maxwell Road, #11-18 Maxwell House, Singapore 069113. Any person who intends to appear on the hearing of the petition must serve on or send by post to Messrs GUOFU a notice in writing not later than twelve o'clock noon of the 11th day of September 2003 (the day before the day appointed for the hearing of the Petition). =============== T H A I L A N D =============== BANGKOK RANCH: Meets Interest Payments Set in Restructuring Plan ---------------------------------------------------------------- Bangkok Ranch PCL filed this disclosure with the Stock Exchange of Thailand recently: Re: Progress Report #11 on Business Reorganization Plan of Bangkok Ranch Public Company Limited Pursuant to the Bankruptcy Court's approval of the Business Reorganization Plan ("the Plan") of Bangkok Ranch Public Company Limited ("the Company") on August 17, 2000, we, Bangkok Ranch Planner Co., Ltd. as the Plan Administrator would like to report on the progress of Plan implementation since the previous report sent to SET on May 21, 2003: ELEVENTH INTEREST PAYMENT PURSUANT TO RESTRUCTURED FACILITIES AGREEMENT TO RESCHEDULING CREDITORS The Company processed the eleventh interest payment according to the conditions stipulated in the Restructured Facilities Agreement to all Rescheduling Creditors on June 30, 2003 FOURTH PRINCIPAL REPAYMENT OF SECURED DEBT The Company processed the fourth principal repayment to Secured Creditor according to the conditions stipulated in the Restructured Facilities Agreement to all Rescheduling Creditors on June 30, 2003 APPOINTMENT REPLACEMENT DIRECTOR As one of director passed away on April 24, 2003, the Plan Administrator appointed Mr. Jankin Louis to replace this position on June 12, 2003. Sincerely yours, Mr. Joseph Suchaovanich Mr. Richard E. Foyston Bangkok Ranch Planner Limited As Plan Administrator of Bangkok Ranch Public Company Limited BANGKOK RANCH: Wants to Buyout Supplier to Become Market Leader --------------------------------------------------------------- Bangkok Ranch PCL filed this disclosure with the Stock Exchange of Thailand recently: Re: Acquisition International Duck Company In our capacity as Plan Administrator for Bangkok Ranch Public Company Limited ("Bangkok Ranch"), we would like to inform the SET of recent events at the Company. The controlling shareholder of Bangkok Ranch, the Navis Group, has reached a conditional agreement with the owners of Cherry Valley Limited ("Cherry Valley") to acquire all of the shares of Cherry Valley. Cherry Valley is a leading commercial duckling and meat producer, a leading global supplier of genetic stock, and a longstanding supplier to Bangkok Ranch. The combined company will be the biggest integrated duck producer outside China. The Navis Group has informed Bangkok Ranch that it intends that the two companies will operate in substantially their current form and with separate management and that it may propose a corporate transaction to bring the two companies under common ownership. This acquisition is subject to the several conditions including approval by the regulatory authorities in Thailand and by the creditors of the Company, and further discussion with the Cherry Valley. We will inform the SET of any progress on this acquisition. Sincerely yours, Mr. Joseph Suchaovanich Mr. Richard E. Foyston Bangkok Ranch Planner Limited As Plan Administrator of Bangkok Ranch Public Company Limited THAI MILITARY: Slices NPL by 13% in Deal with Bangkok Asset ----------------------------------------------------------- Thai Military Bank Plc aims to reduce non-performing loans (NPLs) and non-performing assets (NPAs) to about 10% this year and to less than 5% next year, according to Vice-president Supak Sivarak. The bank recently signed an agreement with Bangkok Asset (BAM) over the sale of the bank's THB41.5 billion in NPL and NPA in addition to legal claims for THB26 billion in total accrued interests, Business Day said. Mr. Supak said this transaction with BAM cuts the bank's NPL by 13%. He said the bank hopes to bring down the amount of NPL to THB32 billion or 10% by year's end. To achieve this, the bank will auction around 30 percent of total assets confiscated; try to complete restructuring of the remaining NPL within the specified period; and allow potential debtors to redeem the assets confiscated by it. In the initial stage, most retail debtors of the bank are expected to be able to redeem the seized assets worth a combined THB2 billion, Mr. Supak said. He adds the current low lending rates are likely to enable debtors to redeem the confiscated assets that would be sold out at a discount of up to 15-16 percent on the face values. Meanwhile, Business Day said the bank will boost its current capital by THB22 billion this year. Already, the bank has set aside THB16 billion for this, Mr. Supak said. ********* 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. 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