/raid1/www/Hosts/bankrupt/TCRAP_Public/040109.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, January 9, 2004, Vol. 7, No. 6

                            Headlines

A U S T R A L I A

BORAL LIMITED: S&P Keeps Firm on CreditWatch Negative
PARMALAT FINANZIARIA: Woes Worry Australian Arm Bankers
PARMALAT GROUP: U.S. SEC Sues Debtors; Seeks $1.5B in Fines
QANTAS AIRWAYS: Rents Three Planes from Singaporean Company
SANTOS LIMITED: Plans to Increase Moomba Gas Supplies


C H I N A  &  H O N G  K O N G

LIN CHUN: General Meeting of Creditors January 16
WONG WAI: Deadline for Proofs of Claim January 17
YIP MING: Proofs of Claim Should be in January 17


I N D O N E S I A

BANK LIPPO: IBRA Revives Stake Sale; Completion Mid-February


J A P A N

MATSUSHITA ELECTRIC: 40% of SE Units to go in Latest Realignment
TOSHIBA CORPORATION: To Ship Laptop Production Overseas


K O R E A

LG CARD: KDB Declines Call to Take Lead in Restructuring
LG CARD: Bailout Plan Faces Strong Opposition; Only 5 Say Yes
LG CARD: Kookmin May 'Conditionally' Approve Rescue Plan


M A L A Y S I A

BERJAYA SPORTS: Details Conversion of Unsecured Loan Stocks
LONG HUAT: Creditors Meeting, EGM Set January 13
METROPLEX BERHAD: Names New 'Joint Secretary'
NORTH BORNEO: SC Extends Restructuring Deadline
PAN MALAYSIA: PM Offers to Take over Metrojaya Berhad


P H I L I P P I N E S

MANILA ELECTRIC: Succeeds in Getting New Pact with First Gas
MAYNILAD WATER: Has Until February 6 to Answer Creditors


S I N G A P O R E

KEPPEL CORPORATION: Pays US$25M to Settle Smedvig Dispute


T H A I L A N D

BANGCHAK PETROLEUM: Raising THB3 Billion via Share Placement

* Large Companies with Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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BORAL LIMITED: S&P Keeps Firm on CreditWatch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said its 'BBB+' long-term
corporate credit and associated debt ratings on Boral Ltd.
(Boral) remain on CreditWatch with negative implications, where
they were placed on December 16, 2003.

The CreditWatch placement followed Boral's announcement that it
had acquired a 19.9% share in cement and lime producer Adelaide
Brighton Ltd. from U.K.-listed company RMC Group plc and that it
would submit an off-market tender offer for the remaining 80%
share of the company.

The CreditWatch update follows Boral's announcement yesterday
that it has increased its cash offer by 5c to AU$1.60 per share,
conditional upon at least 90% acceptance by Adelaide Brighton
shareholders. Adelaide Brighton directors have recommended that
shareholders accept the offer and have entered into a non-
solicitation agreement with Boral.

"The recommendation to accept the offer and the non-solicitation
agreement entered into by Adelaide Brighton directors reduce the
risk of a competitive auction process and the uncertainty
surrounding the total bid amount," said Standard & Poor's credit
analyst Lucie Kistler, ratings specialist, Corporate &
Infrastructure Finance Ratings.

"Should Boral receive 90% acceptance for its AU$1.60 per share
offer, and regulatory approval for the acquisition, the rating
is likely to be affirmed but the outlook could be negative. This
will reflect the leveraged nature of the transaction-which will
result in Boral's credit protection and gearing measures being
sub-par for the 'BBB+' rating category at least for the next
fiscal year-and the integration risks associated with an
acquisition of this size."

Total debt to capital is expected to peak at between 55% and 60%
at June 30, 2004. Should the acquisition be successful, it will
strengthen Boral's position in the Australian cement and lime
markets, and is consistent with Boral's strategy to grow its
business within its existing product and geographic areas.

The 5c per share increase in Boral's offer will cost an
additional A$21.6 million, taking the total bid to A$831
million, and remains subject to Australian Competition and
Consumer Commission approval.

The ratings reflect Boral Ltd.'s strong business position in the
Australian construction materials and building products markets,
and limited product and geographic diversification into niche
North American and Asian building products markets.

The cyclical, mature, and highly competitive Australian markets
represent about 78% of Boral's revenue and 74% of its asset
base. The company maintains a strong business position in the
U.S. tile, brick, and flyash markets and has a leading position
in the Asian plasterboard market through its joint venture with
Lafarge Corp.

For more information, contact:

Lucie Kistler (Melbourne)
Phone: (61) 3-9631-2072

Craig Parker (Melbourne)
Phone: (61) 3-9631-2073


PARMALAT FINANZIARIA: Woes Worry Australian Arm Bankers
-------------------------------------------------------
The fiasco at bankrupt Italian dairy group Parmalat threatens to
cut the net worth of its Australian arm, revelations suggest,
according to Dow Jones.

With Parmalat's bonds now valued at zero, Parmalat Pacific could
lose AU$145 million in assets, the report said.  The prospect
worries the local firm's bankers, whose exposure in the company
totals AUS$300 million.  These banks, whose loans to Parmalat
Pacific are guaranteed by the Italian parent, include National
Australia Bank, ANZ Bank and Commonwealth Bank.  

But according to the report, a spokesman assured the firm
Parmalat's Australian assets still exceed total liabilities even
if the Italian Parmalat's bonds are now worthless.

As recently announced, she said Parmalat Pacific continued to
generate solid earnings growth and growth in free cash
generation.


PARMALAT GROUP: U.S. SEC Sues Debtors; Seeks $1.5B in Fines
-----------------------------------------------------------
The Securities and Exchange Commission accuses Parmalat
Finanziaria S.p.A. and its subsidiaries of violating the anti-
fraud provisions of the Securities Act of 1933. The Commission
asks the U.S. District Court for the Southern District of New
York to enjoin Parmalat from committing further violations of
the federal securities laws and compel Parmalat to pay a
substantial civil monetary penalty.

Corriere della Sera, citing an unnamed SEC official, says the
Commission may seek up to $1,500,000,000 in fines.

Allison C. Rosenstock, Esq., counsel for the Securities and
Exchange Commission, explains that, from August through November
2003, Parmalat offered debt securities in the United States
while engaging in one of the largest and most brazen corporate
financial frauds in history. As Parmalat acknowledged in a press
release dated December 19, 2003, the assets in its 2002 audited
financial statements were overstated by at least
EUR3,950,000,000 -- $4,900,000,000 at current exchange rates.
During 2003, Parmalat also falsely stated to prospective U.S.
bond and note investors to have used its "excess cash balances"
-- which actually did not exist -- to repurchase corporate debt
securities worth EUR2,900,000,000 -- $3,600,000,000 -- when in
fact it had not repurchased those debt obligations and they
remained outstanding.

During the previous five years, Parmalat induced U.S. investors
to purchase bonds and notes totaling $1,500,000,000. In August
1996, Parmalat sponsored an offering of American Depositary
Receipts in the United States, with Citibank, N.A. as
depositary. Parmalat actively participated in the establishment
of the ADR program.

Ms. Rosenstock contends that Parmalat knew, or was reckless in
not knowing, that its consolidated accounts for the fiscal year
ending December 31, 2002, and for the periods commencing the
first quarter 2003 through the third quarter 2003, inclusive,
contained material misstatements and omissions. Unless
restrained and enjoined by the Court, Ms. Rosenstock says that
Parmalat will continue to engage in, transactions, acts,
practices, and courses of business that violate Section 17(a)
(Fraudulent Interstate Transactions) of the Securities Act [15
U.S.C. Section 77q(a)].

Under Section 17(a):

"It shall be unlawful for any person in the offer or sale of any
securities or any security-based swap agreement (as defined in
section 206B of the Gramm-Leach-Bliley Act [15 USCS Section 78c
note]) by the use of any means or instruments of transportation
or communication in interstate commerce or by use of the mails,
directly or indirectly --

1. to employ any device, scheme, or artifice to defraud; or

2. to obtain money or property by means of any untrue statement
of a material fact or any omission to state a material fact
necessary in order to make the statements made, in light of the
circumstances under which they were made, not misleading; or

3. to engage in any transaction, practice, or course of business
which operates or would operate as a fraud or deceit upon the
purchaser.

Admissions by Former Management

On December 9, 2003, Calisto Tanzi, then Parmalat's Chairman and
Chief Executive Officer, and his son Stefano Tanzi, a senior
Parmalat executive, met with representatives from a New York
City-based private equity and financial advisory firm regarding
a possible leveraged buyout of Parmalat. During that meeting, in
response to a comment by one of the Tanzis about liquidity
problems at Parmalat, one of the New York firm's representatives
noted that Parmalat's financial statements showed that the
company had a large amount of cash. In response, Stefano Tanzi
stated that the cash was not there, and that Parmalat really had
only EUR500,000,000 in cash.

Later, Luciano Del Soldato, then Parmalat's Chief Financial
Officer, joined the meeting. During a discussion of Parmalat's
outstanding debt, Mr. Del Soldato stated that Parmalat's debt
was actually EUR10,000,000,000, much higher than the balance
sheet showed. Mr. Del Soldato indicated that the balance sheet
was incorrect because Parmalat had not repurchased
EUR2,900,000,000 of Parmalat bonds. The balance sheet falsely
reflected that the bonds had been repurchased.

Based on these revelations, the New York firm's representatives
offered to send members of the firm's restructuring group to
meet with the Tanzis. The following day, representatives of the
firm's restructuring group met with the Tanzis, and informed
them that Parmalat needed to publicly disclose the facts
disclosed to the New York firm if that firm were to continue to
have any involvement. When it became clear that the Tanzis were
unwilling to do so, the New York firm's representatives
terminated their discussions with Parmalat.

The 2003 Note Offering and Previous Sales of Notes

From 1998 through 2002, Parmalat and certain of its top managers
and directors, including Calisto Tanzi and its then Chief
Financial Officer Fausto Tonna, actively marketed and sold
nearly $1,500,000,000 in notes and bonds to U.S. investors. To
offer and sell these debt securities, Parmalat participated in
numerous road shows in the United States, and on numerous
occasions held due diligence meetings for U.S. buyers of the
bonds at its headquarters near Parma, Italy.

In August 2003 and continuing through November 2003, Parmalat
fraudulently offered $100,000,000 of unsecured Senior Guaranteed
Notes to U.S. investors by materially overstating its assets and
materially understating its liabilities. The attempted
$100,000,000 note offering failed after Parmalat's auditors
raised questions about certain Parmalat accounts.

Equity Securities Sold in the U.S.

An ADR is a receipt issued by a depositary bank and represents a
specified amount of a foreign security that has been deposited
with a foreign branch or agent of the depositary, known as the
custodian. The holder of an ADR is not the title owner of the
underlying shares. The title owner of the underlying shares is
either the depositary, the custodian, or their agent. The
depositary provides stock transfer services such as issuing and
canceling ADRs, maintaining a register of holders, and
distributing dividends in U.S. dollars. It is the receipts of
deposit, rather than the actual securities of the issuer, that
are traded in the U.S. markets. ADRs are tradable in the same
manner as any other registered American security, may be listed
on any of the major exchanges in the United States or traded
over the counter, and are subject to the U.S. federal securities
laws.

Parmalat sponsors its ADR program, meaning that Parmalat
actively participated in the establishment of the ADR program
and agreed to various terms concerning the ADRs, and to the
rights and obligations of the parties involved -- Parmalat,
Citibank, and the owners of the ADRs. Citibank, the depositary
for Parmalat's ADRs, provides transfer services.

Parmalat's ADRs were originally privately placed in the U.S. on
August 9, 1996. The ADRs are traded on the over-the-counter
market in a 20:1 ratio -- 20 Parmalat shares per ADR -- and
quoted in the "Pink Sheets." On December 19, 2003, the price of
Parmalat's ADRs closed at 40 cents, down 85 cents -- or 68% --
from the previous close, on volume of 16,070 ADRs traded. Their
price had fluctuated between $3.4 and $1.10 over the past year.
Before December 19, 2003, the price of Parmalat ADRs had been
artificially inflated by materially false and misleading
statements.

As of the end of 2002, Parmalat purportedly held
EUR3,950,000,000 worth of cash and marketable securities in an
account at Bank of America in New York City held by its
subsidiary Bonlat Financing Corporation. Bonlat is wholly owned
by Parmalat and incorporated in the Cayman Islands. Bonlat's
2002 financial statements were certified by Bonlat's auditors
based upon a false confirmation that Bonlat held these assets at
Bank of America. The accounts and assets did not exist and the
purported confirmation had been forged. These non-existent
assets are reflected on Bonlat's 2002 books and records and, in
turn, in Parmalat's 2002 consolidated financial statements, as
well as in its consolidated financial statements as at June 30,
2003, which were provided to U.S. investors to whom Parmalat
offered notes in August through November 2003.

In addition to grossly overstating the amount of the liquid
assets in its 2002 and June 30, 2003 financial statements
provided to U.S. investors, Parmalat provided those investors in
August 2003 with a private placement memorandum that contained
numerous material misstatements about the company's financial
condition. The memorandum falsely states: "Liquidity is high
with significant cash and marketable securities balances. . ."

Commissione Nazionale per la Societa e la Borsa -- Consob -- the
public authority responsible for regulating the Italian
securities market, is assisting the SEC in its continuing
investigation. (Parmalat Bankruptcy News, Issue No. 2;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


QANTAS AIRWAYS: Rents Three Planes from Singaporean Company
-----------------------------------------------------------
Qantas Airways expects the delivery of three new Airbus A320s in
June and July, according to Dow Jones.  The carrier leased the
planes from Singapore Aircraft Leasing Enterprises (SALE) for
its newly formed low-cost unit, Jetstar.

SALE currently leases 51 aircraft to 28 airlines worldwide.  It
counts among its shareholders Singapore Airlines (S55.SG), U.S.-
based Boullioun Aviation Services, Temasek Capital and
Singapore's Government Investment Corp.


SANTOS LIMITED: Plans to Increase Moomba Gas Supplies
-----------------------------------------------------
Santos Limited on Thursday announced plans for a significant
increase in gas supplies from the Moomba Plant following last
week's fire.  The Company said it is targeting to increase daily
gas production to 450 terajoules within six to eight weeks under
Stage 3 of the strategy to return gas supply at the Moomba
Plant.  

Oil Volumes are also expected to return to near normal levels
this weekend.  The higher targeted gas volumes are expected to
enable the Moomba Plant to meet its typical expected gas demand.  
This will be a substantial increase over Stage 2, which has now
taken daily Moomba production to about 170 terajoules per day
(TJ/d) (over 40% of typical demand.)

The Stage 3 plan to return gas volumes to up to 450 TJ/d
involves the repair of a damaged section of the plant, including
a significant amount of cable and instrumentation replacement.  
Santos Managing Director John Ellice-Flint said the move to
Stage 3 was based on utilizing the Dew Point Control operating
mode (DPC), which has been previously used at Moomba for gas
production.

"The DPC mode increases the plant's cooling capacity, enabling
us to remove liquids from the gas stream to produce sales
quality gas," Mr. Ellice-Flint said. "It is positive step
forward in our efforts to get back to normal gas supplies after
the unforeseen January 1 incident."

"While the DPC plan is being progressed, we are also
reconfiguring the plant, involving the installation of
additional pipe work and the increased use of silica gel in
processing sales gas to underpin production," he added. "While
Stage 3 is being implemented, we will also continue to do
whatever we can to further increase volumes under Stage 2."

Field development work in Cooper Basin is continuing and the
Company is also accelerating plans for possible additional
development wells.  Exploration activity in the Cooper Basin
continues as normal.

Expanded workforce

Mr. Ellice-Flint said a fall in ambient temperatures in the past
24-hours from the high 40 degrees Celsius to the high 30's, and
a cooler outlook over coming days, had improved on-site
conditions for personnel and would enhance the Company's ability
to deliver gas.

Current operations on site include:

(a) Air freighting a 35-tonne consignment of silica gel from the
U.S.;

(b) Increasing on-site personnel by about 100 to 550 to ensure
maximum resources for the incident investigation, repair,
reconfiguration, in-field delivery and gas retrieval from
storage operations;

(c) Mobilizing international technical experts;

(d) Commissioning extra camp facilities to house the expanded
workforce; and

(e) The arrival on site of 3 kilometers of cabling to accelerate
repair work.

Stage 4

"There will also be a further Stage 4 beyond the current plan,
but this is yet to be fully scoped," Mr. Ellice-Flint said.
"Stage 4 will see the reinstatement of damaged plant and the
return of natural gas liquids production.  While all stages in
the restoration of gas supplies are being performed as quickly
as possible, no action will be undertaken which compromises the
safety of personnel on site."

Oil production returning to normal

Mr. Ellice-Flint also said Santos' oil production from the
Cooper Basin was expected to return to around 90% of normal
production this weekend.  Planned gross Cooper Basin oil
production for January was around 14,500 barrels per day prior
to last week's fire but had dropped to around 70% of average
daily production for this time of the year.

Stakeholder support

"The dedication of Santos employees to restore supplies has been
exceptional," Mr. Ellice-Flint said. "We also appreciate the
ongoing cooperation shown by stakeholders, including customers,
joint venture partners, government agencies pipeline operators,
unions and contractor companies, with whom we continue to work
closely."

For further information, contact:

Media inquiries:
Graeme Bethune
Phone: 0419 828 617

Investor inquiries
Mark Kozned
Phone: 0407 747 908


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C H I N A  &  H O N G  K O N G
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LIN CHUN: General Meeting of Creditors January 16
-------------------------------------------------
Creditors of Lin Chun Sui will meet on January 16, 2003 at 10:00
a.m., according to official receiver, E.T. O'Connell.  The
meeting will be held at his office, 10th Floor, Queensway,
Government Offices, 66 Queensway, Hong Kong.


WONG WAI: Deadline for Proofs of Claim January 17
-------------------------------------------------
Creditors of Wong Wai Hing have until January 17, 2004 to
present their proofs of claim; otherwise they will be
disqualified from receiving the dividend the company intends to
declare, according to E.T. O'Connell, official receiver and
trustee of the company.


YIP MING: Proofs of Claim Should be in January 17
-------------------------------------------------
Yip Ming Chun, trading as Fitzroy Engineering & Construction
Co., intends to pay fully all claims filed on or before January
17 2004, official receiver and trustee, E.T. O'Connell, said in
a legal notice.


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

BANK LIPPO: IBRA Revives Stake Sale; Completion Mid-February
------------------------------------------------------------
The sale process of the 52.05% government stake in Bank Lippo is
on again, with three bidders recently submitting offers,
according to the Indonesian Bank Restructuring Agency.

IBRA Chief Syafruddin A. Temenggung did not identify the
bidders, but placed the completion of the sale by mid-February,
well before the agency is disbanded.

"The three investors are old investors who submitted another bid
for the Lippo shares. However, IBRA is giving a chance to other
investors to take part in the tender," IndoExchange.com quoted
him as saying.

Prior to the cancellation of the sale process last year, IBRA
had tabled three bids from Eurocapital Asia Limited, Platinum
Securities Company Limited and Swissasia Global.  Unfortunately,
their offers were below those set by the agency, prompting the
latter to abandon the bidding.

Meanwhile, Mr. Syafruddin also disclosed the agency is now
making preparations for the divestment of the government's 71-
percent stake in Permata Bank.


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


MATSUSHITA ELECTRIC: 40% of SE Units to go in Latest Realignment
----------------------------------------------------------------
Matsushita Electric Industrial Co. aims to trim down its
Southeast Asian units by 40% by year 2006, according to Reuters.  

At present, the Japanese electronics giant -- which owns the
Panasonic brand, among others -- has 73 sales and production
subsidiaries scattered in the region, in particular, Malaysia,
Philippines and Indonesia.  

The plan, according to Reuters, signals the broadening of the
ongoing restructuring at the company.  Until this announcement,
the focus of this reorganization has been trained on domestic
operations.  

"[The company aims] to specialize in high-end products for the
North American, European and Japanese markets, while bolstering
output of less expensive products in China," Reuters said.


TOSHIBA CORPORATION: To Ship Laptop Production Overseas
-------------------------------------------------------
Toshiba Corporation will begin the gradual shift of its laptop
production to plants overseas in April, Dow Jones Wednesday.  
Plants in China and the Philippines will replace the Oume plant
in Tokyo as the main production sites for the computers.   

According to the company, the move is part of a shake-up of its
personal-computer operations. The Japanese plant will focus on
development and prototype production, following the
transformation of the main production activities overseas.  
Toshiba produces an average of 50,000 laptop computers a month
at its Oume plant in Tokyo.  

"Toshiba has been reorganizing its global PC production and
sales operations since last year as competition with U.S. rivals
has hurt its profitability this year, leading it to post losses
in the fiscal first half ended September 30," Dow Jones said.


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K O R E A
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LG CARD: KDB Declines Call to Take Lead in Restructuring
--------------------------------------------------------
Korea Development Bank (KDB) rejected early this week
suggestions that it take a greater role in LG Card Co.'s bail
out.  Kookmin Bank, one of the company's creditors, had earlier
urged the state-owned bank to take responsibility of all
additional losses as part of its restructuring.

"KDB has never agreed to a KDB-led management plan," Dow Jones
quoted an unnamed KDB official. "We basically believe that it
should be joint management method as creditors should be
responsible for their portion of debt."

Last Wednesday, Kookmin Bank set several conditions to its
approval of the latest bailout plan for LG Card.  These
conditions include changing the proposed joint management
structure into a single bank-led management.  Kookmin said it
does not want to take part in the management of the company or
provide it with additional financial support.

"Kookmin Bank also wants the bank that will manage LG Card to
take responsibility for LG Card's management and liquidity
problems.  It also asked LG Group to take responsibility for
resolving LG Card's additional liquidity problems," Dow Jones
said.

As it stands right now, the new bailout proposal wants "creditor
banks to provide KRW1.65 trillion in new loans to LG Card, and
creditors will also raise their stakes in LG Card through a
planned KRW3.65 trillion debt-to-equity swap," according to the
newswire.  "Of the total new loans, KDB will provide KRW500
billion of new loans and will own a 22.5% stake in LG Card after
the proposed debt-to-equity swap."

Kookmin and other creditors have proposed that KDB increase its
stake in LG Card to 25% and take on that much of responsibility
if LG Card faces another liquidity problem in the future.  The
bailout plan needs the support of all 16 main creditors to
proceed.


LG CARD: Bailout Plan Faces Strong Opposition; Only 5 Say Yes
-------------------------------------------------------------
Up until Wednesday, only five of the 16 main creditors of LG
Card Co. have voted in favor of the bailout plan for the credit
card firm currently teetering on the brink of bankruptcy.

According to Dow Jones, the five are Woori, Korea Development
Bank, Industrial Bank of Korea, Samsung Life Insurance and LG
Insurance.  The proposal needs the full backing of all creditors
or else they will have to put the troubled card company into
court receivership, analysts interviewed by the newswire said.

Revised a couple of times already, the bailout package urges
creditor banks to provide KRW1.65 trillion in new loans to LG
Card and raise their stakes via a KRW3.65 trillion debt-to-
equity swap.  

"Of the total new loans, KDB will provide KRW500 billion of new
loans and will own a 22.5% stake in LG Card after the swap.  
NACF, on the other hand, will provide KRW261.1 billion new loans
and will end up owning a 16.7% stake; Kookmin Bank will provide
KRW221.9 billion new loans and will hold a 14.2% stake; and
Woori Bank will provide KRW184.6 billion and own a 10.2% stake,"
Dow Jones said.

To complete the restructuring, creditors will sell LG Investment
& Securities Co. to raise KRW350 billion, while other LG Group
affiliates contribute KRW800 billion to the LG Card bailout
package.  Kookmin Bank, however, opposes that part of the
proposal that pushes for joint management of the company.  


LG CARD: Kookmin May 'Conditionally' Approve Rescue Plan
--------------------------------------------------------
Woori Bank remained hopeful until yesterday that Kookmin Bank,
the most vocal critic of LG Card's bailout plan, would approve
the proposal even if conditionally, Dow Jones said.

Negotiation between the two banks lasted yesterday morning, but
no one could tell if a breakthrough had been achieved.  The
proposal needs the unanimous backing of the 16 main creditors to
pass.  Without the bailout package, analysts said the company
could enter court receivership.

Dow Jones said negotiations were also held with Shinhan Bank and
Chohung Bank, the other skeptics who have remained undecided
through Wednesday.  Creditors had until 1500 GMT Wednesday to
decide whether to agree to the LG Card bailout proposal.

As of yesterday morning, only five creditors had approved the
plan: Woori, Korea Development Bank, Industrial Bank of Korea,
Samsung Life Insurance and LG Insurance.


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M A L A Y S I A
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BERJAYA SPORTS: Details Conversion of Unsecured Loan Stocks
-----------------------------------------------------------
Berjaya Sports issued this unsecured loan information:

References:

(1) CONVERSION OF RM653,100 NOMINAL AMOUNT OF 8% IRREDEEMABLE
CONVERTIBLE UNSECURED LOAN STOCKS 2002/2012 INTO 653,100 NEW
ORDINARY SHARES ("CONVERSION")

(2) STAFF SHARE OPTION SCHEME ("SCHEME")

Kindly be advised that the abovementioned Company's additional:

     (i) 653,100 new ordinary shares of RM1.00 each arising from
         the aforesaid Conversion; and

    (ii) 49,880 new ordinary shares of RM1.00 each issued
         pursuant to the aforesaid Scheme

will be granted listing and quotation with effect from 9.00
a.m., Friday, 9 January 2004.

As the said new ordinary shares shall not be entitled to the
first interim dividend of 8% less 28% income tax declared in
respect of the financial year ending 30 April 2004, there will
be two (2) separate quotations from that date as follows:

     (i) Existing ordinary shares of the Company will be quoted
         as "BJTOTO".

    (ii) The 702,980 new ordinary shares will be quoted as
         "BJTOTO-OA".

The Stock Number and ISIN Code of the "BJTOTO-OA" shares are
"1562OA" and "MYL1562OA006".

However, as your Company has announced the entitlement date for
the first interim dividend of 8% less 28% income tax declared in
respect of the financial year ending 30 April 2004, the "BJTOTO-
OA" shares which are not entitled to the abovementioned first
interim dividend will cease to be quoted with effect from 9.00
a.m., Friday, 30 January 2004 and will merge with the existing
"BJTOTO" shares as from that date.


LONG HUAT: Creditors Meeting, EGM Set January 13
------------------------------------------------
Further to our previous announcement dated 2 December 2003, Long
Huat announced:

(1) Pursuant to the sealed High Court Order dated 31 October
2003, the Court Convened Meeting of the Shareholders and the
Court Convened Meeting of the Scheme Creditors of LHuat, in the
matter of the Scheme of Arrangement between the Company and its
creditors and shareholders will be held on 13 January 2004 at
Dewan Mesyuarat, Level 1 Block K, Pusat Bandar Damansara, 50490
Kuala Lumpur, as announced to the Exchange on 22 December 2003;
and

(2) The Extraordinary General Meeting of the Company in relation
to the Proposed Restructuring Scheme will also be held on 13
January 2004 at the abovementioned place, as announced to the
Exchange on 22 December 2003.

This announcement is dated 7 January 2004


METROPLEX BERHAD: Names New 'Joint Secretary'
---------------------------------------------
Metroplex Berhad appointed Christine Ann Goon as its new "joint
secretary" effective May 1, 2004.  Prior to joining the Company,
she was the Group Company Secretary and Administration Manager
of Yeo Hiap Seng (Malaysia) Berhad Group of Companies.


NORTH BORNEO: SC Extends Restructuring Deadline
-----------------------------------------------
We refer to the announcement dated 30 December 2003 in relation
to the Original Scheme.

On behalf of North Borneo Corporation Bhd, Southern Investment
Bank Berhad (SIBB) is pleased to announce that the Securities
Commission (SC) had via its letter dated 6 January 2004, which
was received on 7 January 2004, approved the extension of time
up to 30 June 2004 for NBC to complete the implementation of the
Original Scheme.

The SC had also in its letter approved a further extension of
time for NBC to appoint an independent auditor to undertake an
investigative audit into the past losses of NBC.  NBC is
required to appoint the said independent auditor at the latest
one (1) month after the receipt of the SC's decision on the
proposed revisions to the Original Scheme to be submitted to the
SC.

This announcement is dated 7 January 2004.


PAN MALAYSIA: PM Offers to Take over Metrojaya Berhad
-----------------------------------------------------
Subject: Pan Malaysian Industries Berhad ("PMI" or the  
         "Company") takeover offer by PM Securities Sdn Bhd ("PM
         Securities") on behalf of PMI to acquire all the
         remaining ordinary shares of RM1.00 each in Metrojaya
         Berhad ("MJB")

In accordance with Rule 32 of the Malaysian Code on Takeovers
and Mergers, 1998, PM Securities, on behalf of PMI, hereby
informs the Kuala Lumpur Stock Exchange ("KLSE") of the
transactions carried out by Excelton Sdn. Bhd., a wholly owned
subsidiary of PMI, the details of which are as follows:

                                                  Transacted
Date of       Securities           Nature of      Price per
Transaction   Dealt in    Units    Transaction    Share RM
-----------   ----------  -----    -----------    -----------
7 January     MJB Shares  4,500    Purchase          1.34
2004          

7 January     MJB Shares  118,100  Purchase          1.35
2004  

This announcement is dated 7 January 2004.


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


MANILA ELECTRIC: Succeeds in Getting New Pact with First Gas
------------------------------------------------------------
The 17-month labor of Manila Electric Co. proved fruitful,
according to the company in a statement Wednesday.  That amount
of time spent on renegotiating with First Gas has resulted in a
new deal that includes a package of concessions worth Php30
billion and a savings of up to Php10.6 billion for consumers.

"First Gas grants many major concessions that directly benefits
consumers in this renegotiated agreement, which offer added
savings (for Meralco) under every scenario," Dow Jones quoted
Gary Teves, head of the committee that reviewed and renegotiated
the power supply contract between Meralco and First Gas.

The two companies are both controlled by the Lopez family.  
First Gas operates two natural gas power plants -- the 500-
megawatt San Lorenzo and the 1,000-megawatt Sta. Rita. Both
power stations are located in Batangas, a province just south of
Manila, according to Dow Jones.

The new deal is a significant milestone for the debt-strapped
Meralco, according to the report.  The deal includes among
others a waiver of penalties against Meralco for energy
delivered in excess of the contracted amount until 2011.


MAYNILAD WATER: Has Until February 6 to Answer Creditors
--------------------------------------------------------
Maynilad Water Services got a reprieve Wednesday from the Quezon
City Regional Court, which gave it until February 6 to file its
consolidated reply to various comments and pleadings of its
creditors.

According to the Manila Times, Judge Reynaldo Daway of Branch 90
handed the order extending the deadline of Maynilad's answer to
the opposition filed by creditors against its petition for
corporate rehabilitation.

"Apart from opposing the petition for corporate rehabilitation,
creditors of the Lopez-owned water concessionaire such as the
First Philippines Inc., BNP Paribas, Barclays Bank PLC, Citibank
N.A. and Fortis Bank N.V. also want to be covered by the 45-day
period suspension of all pending incidents sought for by
Maynilad Water and the Metropolitan Waterworks and Sewerage
System (MWSS)," the Manila Times said.

Maynilad and the MWSS had earlier asked the court to give them
45 days to explore alternative solutions to a disputed $120-
million performance bond.  The MWSS had wanted Maynilad to pay
them under the performance bond.

"But Judge Daway issued an order dated November 27 directing the
MWSS to withdraw its notice to draw on the performance bond for
being violative of a stay order," the paper said. "This prompted
the MWSS to elevate the issue to the Supreme Court to seek
clarification as to whether letters of credit issued by
commercial banks can be subjected to rehabilitation
proceedings."

Pending the decision of the High Tribunal both parties entered
into an agreement to suspend all the pending incidents while
exploring for alternative solutions.  Lawyer Paulino Yusi,
counsel for creditor Equitable-PCI Bank, on the other hand,
opposed the joint manifestation of Maynilad and the MWSS, saying
the court should not allow the two to settle the issue about the
performance bond by themselves, the paper said. Maynilad
creditors accordingly fear the water concessionaire and the MWSS
might enter into an out-of-court settlement using the bond.  
Creditors find the arrangement appalling for they were the ones
who provided the water firm the money.

Judge Daway set the preliminary hearing of the case on March 2
at 2 p.m.

"The petition for corporate rehabilitation was filed by Maynilad
to stop the MWSS and the company's creditors from collecting its
debts following a ruling of the International Court Arbitration.
The court issued a stay order on November 17, directing the MWSS
and the creditors of Maynilad to stop asking payment from the
water concessionaire," the paper said. Maynilad owes MWSS some
Php6.77 billion in concession fees.


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


KEPPEL CORPORATION: Pays US$25M to Settle Smedvig Dispute
---------------------------------------------------------
Keppel Corporation Limited (KCL or the Company) refers to its
announcement made on 31 July 2003 in relation to the Norwegian
judgment on claims between Esso Exploration and Production
Norway a.s. and Smedvig Production Contracting KS (Smedvig)
arising from the sale and delivery of the Floating Production,
Storage and Offloading vessel (FPSO) and the contract for the
operation and maintenance of the FPSO.

The Company is pleased to announce that Smedvig and Keppel FELS
Limited (KFELS) have reached a full and final settlement,
without any admission of liability, in relation to all claims
(save and except for claims relating to warranty works) arising
out of or in connection with the construction of the FPSO (the
Settlement).

Under the Settlement, Smedvig will receive US$25 million in cash
and will only seek indemnity from the underwriters of the
warranty insurance in respect of their claims relating to
warranty works.

The Settlement is an amicable and constructive one, which
enables both parties to continue with the good business
relationship previously enjoyed. In this regard, KFELS has
granted Smedvig an option to bareboat charter (with an option to
purchase) one plus one self erecting semi-submersible tender
rigs (Vessels) on substantially similar arrangement as the "West
Alliance" tender rig which Keppel Shipyard built and sold to
Smedvig in November 2001. The option in respect of the first
Vessel is exercisable on or before 15 April 2004, and the option
in respect of the second Vessel (which has an agreed formula for
price adjustment) is exercisable on or before one month after
the delivery of the first Vessel.

The Settlement will have no material impact on the Group's
financial position.


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


BANGCHAK PETROLEUM: Raising THB3 Billion via Share Placement
------------------------------------------------------------
As part of an ongoing financial restructuring, state-owned oil
refiner, Bangchak Petroleum PCL, will issue new depositary-
receipt shares between January 26 and 28, Dow Jones said
yesterday.

The company was set to embark on a roadshow yesterday that will
run until January 19, the report added.  The price of the shares
will be fixed before January 16, at which time the size of the
offer will also be determined.  Trading of the new depositary-
receipts will be in early February.

The new depositary-receipt shares will be offered at between
THB12 and THB14 apiece, a source close to the deal told Dow
Jones.  The company expects to raise THB3 billion from the
transaction.  

In addition to this, the company plans to raise capital from
institutional investors via an offering of THB4 billion in
convertible debentures.  It also plans to borrow THB12 billion
from financial institutions led by state-owned Krung Thai Bank
PCL (KTB.TH), to refinance debt and to bring down interest
costs.

The debentures, according to Dow Jones, will be guaranteed by
the government and will have a maturity of 10 years. The coupon
rate will be 2.5%-3%, the newswire quoted a Bangchak official.  
The company hopes to conclude negotiations with banks before
early February.

On Wednesday, shares of Bangchak ended 2.1% higher at THB19.30,
the newswire said.


* Large Companies with Insolvent Balance Sheets
-----------------------------------------------
                                        Total          
                                        Shareholders   Total  
                                        Equity         Assets   
Company                       Ticker    ($MM)          ($MM)    
-------                       ------    ------------   -------  

CHINA & HONG KONG
-----------------

Guangdong Sunrise Holdings
Co., Ltd.                      000030     (184.24)     23.04
Jinan Qingoi Motorcycle
Co., Ltd.                      600698     (193.08)    113.96


INDONESIA
---------

Smart Tbk                       SMAR      (37.38)      398.89


MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)      41.55
Faber Group Bhd                 FBMS        (7.16)     504.98
Promet Bhd                      PMPT      (174.45)      50.49


PHILIPPINES
-----------

Pilipino Telephone Co          PNOTF     (356.17)      122.97


SINGAPORE
---------

Pacific Century Regional
Developments Ltd                PCEN      (931.65)     7369.85


THAILAND
--------

Christiani & Nielsen            CNT        (24.03)       35.80
(Thai) PCL  
Datamat PCL                     DTM         (9.53)       13.66
National Fertilizer PCL         NFC        (30.82)      297.40
Siam Agro-Industry Pineapple
And Others PCL                  SAIC       (13.88)       14.02
Thai Nam Plastic PCL            TNPC        (2.00)       24.33
Tuntex (Thailand) PCL           TUN        (26.82)      381.43


Each Friday edition of the Troubled Company Reporter - Asia
Pacific contains a list of companies with insolvent balance
sheets based on the latest publicly available balance sheet
available to our editors at the time of publication.  At first
glance, this list may look like the definitive compilation of
stocks that are ideal to sell short.  Don't be fooled.  Assets,
for example, reported at historical cost net of depreciation may
understate the true value of a firm's assets.  A company may
establish reserves on its balance sheet for liabilities that may
never materialize.  The prices at which equity securities trade
in public market are determined by more than a balance sheet
solvency test.


                            *********


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,
Ma. Cristina Pernites-Lao, Editors.

Copyright 2004.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***