TCRAP_Public/040210.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

         Tuesday, February 10, 2004, Vol. 7, No. 27

                         Headlines

A U S T R A L I A

ACN 102: Appoints Hall & Brown as Joint Liquidators
AMP LIMITED: Back to Profit Down Track
ARISTOCRAT LEISURE: Receives Suit Regarding Patent Infringement
SANTOS LIMITED: Moomba Plant Resuming Normal Operations Early


C H I N A  & H O N G K O N G

BAKER GROUP: HKSE Delist Shares
GOLD-FACE HOLDINGS: Winding up Hearing Set February 25
HIGASHI GLASS: Bank of China Lodges Winding up Petition
NEW CLASSIC: Bank of China Initiates Winding up Proceedings
NICE ISLAND: Faces Winding up Petition in Hong Kong High Court

TRUE GOLD: HK High Court Sets Winding up Hearing February 25


I N D O N E S I A

BANK DANAMON: Needs US$300 Million to Buy Adira Dinamika
BANK MANDIRI: Govt to Sell Stakes Through Private Placement
ETERINDO WAHANATAMA: To Get US$58M Indemnity for Razed Plants


J A P A N

ASHIKAGA BANK: Releases Rehabilitation Scheme
JAPAN AIRLINES: Keeps Fiscal Year Group Net Loss Outlook At Y65B
NISSAN MOTOR: Launches Nissan Creative Services on April 1
NISSAN MOTOR: Threatens to Cut U.S. Jobs Over Fuel Standard
NISSHO IWAI: Agrees to Merge With Nichimen on April 1


K O R E A

LG CARD: Posts Changes to Schedule and Terms of Debt-Equity Swap
LG CARD: Creditors May Exclude Foreign Banks From Bailout
LG CARD: Creditors Fulfill Rescue Plan
SSANGYONG MOTORS: Bluestar Conducting More Due Diligence
SSANGYONG MOTOR: Union Calls Off Planned Partial Strikes


M A L A Y S I A

KELANAMAS INDUSTRIES: Seeks Restructuring Approval
KEMAYAN CORPORATION: SC OKs Investigative Audit Date Extension
LONG HUAT: Creditors OK Restructuring Scheme
UNITED CHEMICAL: Issues Default Payment Update
WOO HING: Aims to Revise Proposals


P H I L I P P I N E S

MANILA ELECTRIC: Seeks New Energy Suppliers
MAYNILAD WATER: Creditors Object to Rehabilitation Plan
NATIONAL POWER: May Form Group to Bid for Napocor Assets
PILIPINO TELEPHONE: Expects Profit This Year
VITARICH CORP.: Creditors OK Changes to Restructuring Deal


S I N G A P O R E

A.H. SECURITIES: Creditors Must Submit Claims by March 6
DIGILAND INTERNATIONAL: Issues Profit Warning
HEEREMA MARINE: Unveils January 27 EGM Resolutions
KIAN DA: Petition to Wind Up Pending
PKS CONTRACTS: Winding Up Set February 13


T H A I L A N D

BANGCHAK PETROLEUM: Bares Shareholders Structure after Shake-up   
HEMARAJ LAND: Only Six 1993 Convertible Bonds Remain Outstanding

* BOND PRICING: For the week of February 9 - February 13, 2004

     -  -  -  -  -  -  -  -  -

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


ACN 102: Appoints Hall & Brown as Joint Liquidators
---------------------------------------------------
The Supreme Court of New South Wales (NSW) announced the
appointment of liquidators and the winding up of ACN 102 556 098
Pty Ltd, formerly known as Budget Lifestyle Homes Pty Ltd,
following an application by the Australian Securities and
Investments Commission (ASIC).

Justice Barrett made orders for the appointment of Gregory
Winfield Hall and Martin Russell Brown of PriceWaterhouseCoopers
as provisional joint liquidators over Budget Lifestyle Homes and
adjourned the proceedings until 18 December 2003.

On 18 December 2003, there was no appearance by, or on behalf
of, the Company or Doukas Petrou, the sole director of Budget
Lifestyle Homes. Justice Barrett made further orders for the
continuation of the appointment of the provisional liquidators
and set the matter down for hearing today.

The liquidators provided a report to the Court dated 30 January
2003, which Justice Austin commented, provided evidence that the
company is 'irretrievably insolvent'. The liquidators reported
on a lack of cooperation from Petrou and grounds for believing
that there may have been insolvent trading and other
contraventions of the Corporations Act. The liquidators
estimated that there was approximately $326,000 owing to
creditors and they found that the only significant asset in
existence was an encumbered property that was limited in equity
and was valued at below the amount owed to creditors.

The joint liquidators, Messrs Hall and Brown of
PriceWaterhouseCoopers, can be contacted on (02) 8266 9167.


AMP LIMITED: Back to Profit Down Track
--------------------------------------
Shares in AMP Limited increased 11 cents to US$4.40 on Saturday
following Merrill's Matthew Booker announcement that in normal
equity markets AMP should be able to retire about $2 billion of
corporate debt over the next three years, according to Sydney
Morning Herald. Merrill, although still valuing AMP at just $4,
sees sizeable challenges ahead, including brand damage, run-off
of the higher-margin old book of business, an ageing force of
planners and more competition. AMP is expected this month to
post a full-year net loss of $5.8 billion, though it is hoped
AMP can return to profit this year by earning close to $500
million.

Merrill said AMP had deferred retiring $600 million of
subordinated debt in December, possibly because it is still to
resolve legal action over its $1.2 billion in income securities
(the case is scheduled to go back to court this month). It also
had available cash of $200 million and could retain $400 million
a year in profits, so it could generate $2 billion in cash by
2007 for a buyback or to repay debt.


ARISTOCRAT LEISURE: Receives Suit Regarding Patent Infringement
---------------------------------------------------------------
Aristocrat Leisure Ltd.'s Australian and U.S. subsidiaries have
been served with a complaint in the United States' Nevada
District Court on behalf of a U.S.-based individual, a Company
statement said. The plaintiff alleges, amongst other things,
that Aristocrat's Hyperlink progressive jackpot gaming machines
infringe a U.S. patent. The plaintiff is seeking unspecified
compensation and damages against Aristocrat and third party
defendants.

Aristocrat will vigorously fight all of the allegations made by
the plaintiff.

Media Inquiries: Margot McKay on 0412 132 769

For a copy of the press release, go to
http://www.aristocrat.com.au/Code/Investor/Attachments/090204ASX
PatentProceedings.pdf


SANTOS LIMITED: Moomba Plant Resuming Normal Operations Early
-------------------------------------------------------------
Santos Limited announced that gas supplies from the Moomba plant
are expected to return to normal by this weekend - ahead of
schedule and in excess of previously forecast levels, a Company
statement said on Saturday. The Company announced that supplies
were expected to increase to about 550 terajoules per day (TJ/d)
by next weekend, well above the historic summer demand from
Moomba of around 400-450 TJ/d.

The higher volumes will represent the achievement of Stage 3 of
the planned return to production after fire damaged the Moomba
plant on New Year's Day. The 550 TJ/d compares with daily Moomba
output of 400-450 TJ/d previously forecast under Stage 3 of the
restoration of supply schedule.

It more than doubles the 200 TJ/d currently supplied from Moomba
in recent weeks under Stages 1 and 2 of the schedule to return
Moomba to full operations.

For more information, go to
http://www.santos.com/news/feed/Docs/020704%20Moomba%20supply%20
normal.pdf


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


BAKER GROUP: HKSE Delist Shares
-------------------------------
The Stock Exchange of Hong Kong Limited (the Exchange) announced
that Baker Group International Holdings Limited would be placed
in the third stage of the delisting procedures in accordance
with Practice Note 17 of the Exchange Listing Rules.

Dealing in the shares of the Company has been suspended since 26
August 2002. Since its suspension, the Company had submitted a
resumption proposal, which was subsequently voted down by the
Company's shareholders at an extraordinary general meeting held
on 24 November 2003. The Company announced on 2 January 2004
that the longstop date for the resumption proposal of 31
December 2003 had lapsed. As such, the Company as of today has
implemented no viable resumption proposal. A viable resumption
proposal means a proposal that, if it were implemented, would
enable an issuer to demonstrate that it complies with Paragraph
38 of the Listing Agreement. Paragraph 38 of the Listing
Agreement requires an issuer to carry out a sufficient level of
operations or have tangible assets of sufficient value and/or
intangible assets for which a sufficient potential value can be
demonstrated to the Exchange to warrant the continued listing of
the issuer's securities.

Pursuant to the delisting procedures of Practice Note 17 of the
Exchange Listing Rules, the Company will be given a final six
months for the submission of a viable resumption proposal. If
the Company does not submit a viable resumption proposal by 4
August 2004, being six months from the date of this
announcement, the Exchange intends to cancel the listing of the
Company.


GOLD-FACE HOLDINGS: Winding up Hearing Set February 25
------------------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at 10
A.M. the petition seeking the winding up of Gold-Face Holdings
Limited.

Wing Tung Yick Investment Company Limited of Shop 4-6, 1st
Floor, Eldo Court, Tuen Mun Heung Sze Wiu Road, Tuen Mun, New
Territories, Hong Kong filed the petition on December 17, 2003.  
Messrs. Ng & Shum represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Ng &
Shum, which holds office at Unit C1, 13th Floor United Centre,
95 Queensway Hong Kong.


HIGASHI GLASS: Bank of China Lodges Winding up Petition
-------------------------------------------------------
The High Court of Hong Kong will hear on March 10, 2004 at 10
A.M. the petition seeking the winding up of Higashi Glass
Company Limited.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong filed the petition on
January 8, 2004.  Arthur K.H. Chan & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Arthur K.H.
Chan & Co., which holds office at Unit C1, 15th Floor, United
Centre, 95 Queensway Hong Kong.


NEW CLASSIC: Bank of China Initiates Winding up Proceedings
-----------------------------------------------------------
The High Court of Hong Kong will hear on March 17, 2004 at 9:30
A.M. the petition seeking the winding up of New Classic
Investment Limited.

Bank of China (Hong Kong) Limited (the successor banking
corporation to Kincheng Banking Corporation pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)) of 14th
Floor, Bank of China Tower, No. 1 Garden Road Central, Hong Kong
filed the petition on January 6, 2004.  Ford, Kwan & Co.
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Co., which holds office at Room 1202-1206 Wheelock House, 20
Pedder Street, Central Hong Kong.


NICE ISLAND: Faces Winding up Petition in Hong Kong High Court
--------------------------------------------------------------
The High Court of Hong Kong will hear on March 24, 2004 at 9:30
A.M. the petition seeking the winding up of Nice Island
Development Limited.

China Weal Property Management Limited of Room 1901, 19th Floor,
Fortress Tower, 250 King's Road, North Point, Hong Kong filed
the petition on January 20, 2004.  Ford, Kwan & Co. represents
the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Ford, Kwan &
Co., which holds office at Room 1202-1206 Wheelock House, 20
Pedder Street, Central Hong Kong.


TRUE GOLD: HK High Court Sets Winding up Hearing February 25
------------------------------------------------------------
The High Court of Hong Kong will hear on February 25, 2004 at 10
A.M. the petition seeking the winding up of True Gold
Investments Limited.

Wing Tung Yick Investment Company Limited of Shop 4-6, 1st
Floor, Eldo Court, Tuen Mun Heung Sze Wiu Road, Tuen Mun, New
Territories, Hong Kong filed the petition on December 17, 2003.  
Messrs. Ng & Shum represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Ng &
Shum, which holds office at Unit C1, 13th Floor United Centre,
95 Queensway Hong Kong.


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


BANK DANAMON: Needs US$300 Million to Buy Adira Dinamika
--------------------------------------------------------
Bank Danamon is considering issuing subordinated debt overseas
to fund its acquisition of a local automotive finance company,
Dow Jones reported Monday.

An unnamed bank official told the news wire, the acquisition
would require roughly US$300 million.  The source said the bank
prefers the foreign bond market, although it still has to find
out if it can raise the entire amount via overseas placement.  
Local rules limit the amount of money domestic companies can
borrow overseas to avoid excessive foreign lending.

"We need to raise IDR2.4 trillion, or the equivalent of US$300
million," the official told Dow Jones Newswires. "We think
overseas bond issuance is quicker than domestic offering."

The bank is eyeing the majority stake in PT Adira Dinamika
Multifinance, one of Indonesia's largest automotive finance
companies.  The proceeds from the bond issue would increase its
Tier 2 capital to meet the investment limit of 10% of capital
required by the central bank, Dow Jones said.


BANK MANDIRI: Govt to Sell Stakes Through Private Placement
-----------------------------------------------------------
The government will dispose of another 20% stake in PT Bank
Mandiri via a private placement, according to Dow Jones Monday.  
The disposal is part of the government's program to raise cash
to finance the budget via the divestment of stakes in business
ventures.

"We want to sell the bank's stake at market price and it will be
through a private placement," Dow Jones quoted Deputy State
Enterprise Minister Machmuddin Yasin as saying Monday.

Last week the government invited eight securities companies to
submit underwriting proposals.  The government plans to raise
IDR5 trillion this year.  Previously, it sold a 20% stake in
Bank Mandiri through an initial public offering last year.

At the midday break Monday, Bank Mandiri shares were down IDR25,
or 1.8%, at IDR1,400 on profit taking.


ETERINDO WAHANATAMA: To Get US$58M Indemnity for Razed Plants
-------------------------------------------------------------
Trading of Eterindo Wahanatama shares will resume shortly after
the company informed the Jakarta Stock Exchange that the
facilities burned down by fire last month were insured, Asia
Pulse said Monday.

The company said it would receive US$58 million in compensation,
which will be used to reconstruct the two production facilities
of PT Petrowidada.  The subsidiary is the country's only
producer of phthalic anhydride and maleic unhydride in East
Java.  The fire that gutted its facilities originated from a gas
explosion.

Eterindo Secretary, Stephanus Madyan, told the Jakarta Stock
Exchange that the insurance fund is enough to finance the
reconstruction of the two facilities.

The stock exchange suspended Eterindo's share on January 21.  
Eterindo's assets in Petrowidada account for around 42% of its
assets, which are valued at around IDR530 billion.



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


ASHIKAGA BANK: Releases Rehabilitation Scheme
---------------------------------------------
Ashikaga Bank has formalized a rehabilitation plan that includes
job and salary cuts within 2 years, according to Japan Times,
citing the Financial Services Agency. Ashikaga was placed under
state control in December, having fallen into negative net
worth. The planned workforce reduction is aimed at bringing
forward by one year the restructuring plan the bank draw up in
September. The bank will also aim to offer more housing loans
and investment funds to individual customers, the FSA said.

Ashikaga Bank became the second Japanese bank to be rescued in
2003 when the government in December seized all the bank's
shares from its holding company after the bank was deemed
insolvent.


JAPAN AIRLINES: Keeps Fiscal Year Group Net Loss Outlook At Y65B
----------------------------------------------------------------
Japan Airlines System Corporation (JAL) posted a group operating
loss of 43.02 billion yen for the April to December period, as
the spread of the severe acute respiratory syndrome (SARS) and
the conflict in Iraq drove its revenue from international
flights sharply lower, Dow Jones reports.

The airline left unchanged its earnings estimates for the full
fiscal year through March. It continues to expect a group net
loss of 65 billion yen and an operating loss of 48 billion yen.
It also kept its revenue outlook at 1.975 trillion yen.

Japan Airlines, which was formed through the operations merger
of Japan Airlines Co. and Japan Air System Co. in October 2002,
said its group net loss for the nine-month period came to 53.87
billion yen.


NISSAN MOTOR: Launches Nissan Creative Services on April 1
-----------------------------------------------------------
Nissan Motor Co., Ltd and its four major vehicle and parts
manufacturers, Nissan Shatai Co., Ltd., Aichi Machine Industry
Co., Ltd., Nissan Kohki Co., Ltd. and JATCO Ltd., will merge
their ten service support subsidiaries and establish a new
company called "Nissan Creative Services Co., Ltd." on April 1,
a Company statement said. The service subsidiaries are currently
held under a holding company structure by SSKK Holdings Co.,
Ltd. established on October 1, 2003.

By merging their subsidiaries into one company, Nissan and its
group companies hope to realize economies of scale and reduce
overlapping operations in the area of service support. At the
same time, the new company will also be encouraged to explore
business opportunities outside the Nissan group, further
strengthening the company's quality and cost competitiveness.  

OUTLINE:

Company Name: Nissan Creative Services Co., Ltd.

Head office: 2384 Kamiyabe-cho, Totsuka-ku, Yokohama-city,
Kanagawa

President: Masahiko Aoki (current President of Nissan Koe Co.,
Ltd.)

Capital: 90 million yen

Sales: 50 billion yen

Number of employees (initially): ca. 3,800 (incl. temporary
workers)

Description of business: To provide service support to
companies, including Nissan Motor Co. group members, in areas
such as sales of insurances and goods, maintenance of
manufacturing facilities, security management, management of
facilities and equipment, management of vehicle operations, and
contracted office work management

Companies to be merged: Nissan Koe Co., Ltd., Nissan Security
Service Co. Ltd., Nissya Service Co. Ltd., Sunguard Co. Ltd., GS
Co. Ltd., Aichi Estate Service Co. Ltd., Aichi Engineering Co.
Ltd., PS Co. Ltd., JATCO Service Co. Ltd. and JATCO Food Co.
Ltd.


NISSAN MOTOR: Threatens to Cut U.S. Jobs Over Fuel Standard
-----------------------------------------------------------
Nissan Motor Co. may cut production in the United States unless
the federal government exempts the automaker from a fuel-economy
rule, Channel News Asia reported on Friday. Nissan may have to
pay millions of dollars in penalties without an exemption
because 2005 import models won't meet U.S. fuel-economy
standards.

The Japanese carmaker sold 9,278 Sentra cars in the U.S. in
January, a fifth more than the same month last year. Sales of
Altima increased nearly a third to 20,300 units in the same
period while Maxima's sales fell 18 percent to 4,267 units.
Nissan's U.S. operations are based in Gardena, California.


NISSHO IWAI: Agrees to Merge With Nichimen on April 1
-----------------------------------------------------
Troubled Japanese trading firms Nichimen Corporation and Nissho
Iwai Corporation have agreed to merge on April 1, according to
Reuters.

The two firms, which integrated operations under the holding
company Nissho Iwai-Nichimen Holdings Corp in April 2003, have
agreed to dispose of latent losses of more than 100 billion yen
($943.9 million) before merging. Nichimen will become the
surviving entity and Nichimen President Akio Dobashi will take
the helm of the Company.


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


LG CARD: Posts Changes to Schedule and Terms of Debt-Equity Swap
----------------------------------------------------------------
The Board of Directors of LG Card Co. approved on Wednesday the
changes to the time schedule and treatment of unsubscribe rights
of the pending 1 trillion won debt-to-equity swap.

1. Subscription date:

Before: February 5-6, 2004
After: February 13, 2004

2. Payment date:

Before: February 6, 2004
After: February 13, 2004

3. Listing date of new shares:

Before: February 12, 2004
After: February 19, 2004

4. Treatment of unsubscribed rights: any unsubscribed portions
of the offering will not be issued and will not be allocated to
another party.

5. Date of Board resolution: February 4, 2004

- Attendance of outside directors: 2 present, 1 absent
- Attendance of auditors: absent.

For a copy of the press release, go to
http://www.lgcard.com/introduce/download/20040204173113_040204_D
ESwapAmmend.pdf


LG CARD: Creditors May Exclude Foreign Banks From Bailout
---------------------------------------------------------  
Creditors of LG Card Co. are considering drafting a new rescue
package for the card issuer that would exclude two foreign-owned
lenders that were part of the initial agreement, reports the
Korea Herald.

Creditors met Thursday to discuss how to redistribute the 5
trillion won ($4.5 billion) bailout agreed in early January
after the board of Korea Exchange Bank, 51-percent owned by U.S.
equity fund Lone Star, pulled out from the deal on Wednesday,
reneging on its 117.1 billion won commitment. Some creditors
were insisting KEB and KorAm be excluded from the bailout, while
others, such as Hana Bank, Kookmin Bank and Shinhan Bank, were
expressing their opposition to the exclusion of the two foreign-
owned lenders.


LG CARD: Creditors Fulfill Rescue Plan
--------------------------------------
LG Card Co. creditors will implement its 5 trillion won rescue
package agreed last month, despite the decision by Korea
Exchange Bank not to participate, the Korea Herald reports. KEB
said its decision not to fulfill said that KEB's decision not to
fulfill its previous commitment, and the decision by KorAm Bank
to reduce its pledges, would not put LG Card's rescue in danger.

The remaining creditors did not want to increase their
commitments and agreed that the bailout for the nation's largest
credit card issuer would be sufficient even without the support
of the two foreign-controlled lenders


SSANGYONG MOTORS: Bluestar Conducting More Due Diligence
--------------------------------------------------------
China National Bluestar Group will begin an additional due
diligence of Ssangyong Motors to finalize the takeover of the
debt-ridden Company, as it faces harsh resistance from
Ssangyong's labor union, Asia Pulse reported on Monday. The
decision came two days after Bluestar conducted a one-day
inspection of Ssanyong facilities in Pyeongtaek, 70 kilometers
south of Seoul. However, it is uncertain whether Bluestar will
be able to make a further due diligence, because the Ssangyong
Motors union plans to block further inspection unless its
demands are accepted.


SSANGYONG MOTOR: Union Calls Off Planned Partial Strikes
--------------------------------------------------------
The proposed sale of Ssangyong Motor Co. to China National
Bluestar Group is set to enter into a new phase, with the
automaker's union agreeing to come to the negotiating table and
calling off planned partial strikes every Wednesday, Asia Pulse
reported on Monday. The Ssangyong union said it has decided to
accept an offer from the carmaker's creditors to open three-
party negotiation channels with the Chinese Company.

Creditors will now push to receive the final bid from Bluestar
by February 27 in order to sign the final contract as soon as
possible.


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


KELANAMAS INDUSTRIES: Seeks Restructuring Approval
--------------------------------------------------
AmMerchant Bank Berhad (AmMerchant Bank), on behalf of the Board
of Directors of Kelanamas Industries Berhad (KIB) announced that
the Securities Commission (SC) has vide a letter dated 5
February 2004 approved the following:

(i) A three (3)-month extension time period till 31 March 2004
to implement the Proposed Restructuring Scheme;

(ii) A two (2)-month extension time period till 29 February 2004
to complete the investigative audit on the previous losses
incurred by the KIB group of companies; and

(iii) A six (6)-month extension time period from the SC's letter
dated 5 February 2004 to comply with the approval conditions as
set out in Table 1.

The approval above is subject to the following conditions:-

(i) MP Technology Resources Berhad ("MPTR"), the company to
assume listing status of KIB, to:

(a) Provide an undertaking that it will endeavour to obtain
approvals from the relevant authorities for the transfer of the
registered ownership and rectifying the illegal extension of the
relevant properties within six (6) months from the SC's letter
dated 5 February 2004;
(b) Notify the SC on the status of said applications on a
monthly basis; and

(ii) AmMerchant Bank / KIB is required to make appropriate
announcements in relation to the afore-mentioned extension of
time to the Malaysia Securities Exchange Berhad.


KEMAYAN CORPORATION: SC OKs Investigative Audit Date Extension
--------------------------------------------------------------
Kemayan Corporation Bhd (KCB) announced that the Securities
Commission (SC) has approved the Company's application for the
extension of time until September 14, 2004 for its auditor
Monteiro & Heng to complete the investigative audit on the
Company.


LONG HUAT: Creditors OK Restructuring Scheme
--------------------------------------------
Further to Long Huat Group Berhad's announcement dated January
7, 2004, the Company announced that:

1. The resolutions tabled at the Extraordinary General Meeting
(EGM) and the Court Convened Meetings of the Shareholders and
the Scheme Creditors of Long Huat Group Berhad (LHUAT) held at
Dewan Mesyuarat, Level 1, Block K, Pusat Bandar Damansara, 50490
Kuala Lumpur on 13 January 2004 in relation to the Proposed
Restructuring Scheme were adopted and approved by the scheme
shareholders and creditors, as announced to the Exchange on 13
January 2004.

2. The Company, through its solicitor, had on 30 January 2004,
submitted an application to the Court for an extension of time
for further 90 days in relation to the Restraining Order under
Section 176(10) of the Companies Act 1965.

This announcement is dated 6 February 2004.

c.c Securities Commission
(Attn: Mr. Wong Wing Siong)


UNITED CHEMICAL: Issues Default Payment Update
----------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that there are no new significant developments
in relation to the various default in payment further to the
announcement on 9 January 2004.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

This announcement is dated 6 February 2004.

For a coy of Company's list of outstanding loans in default, go
to http://bankrupt.com/misc/tcrapUCI_020904.xls


WOO HING: Aims to Revise Proposals
----------------------------------
Commerce International Merchant Bankers Berhad, on behalf of the
Special Administrators of Woo Hing Brothers (Malaya) Berhad
(WHB), had on January 16,2004 made an application to the SC for
a further extension of time of up to six (6) months to 6 August
2004 to complete the implementation of the revised Kamdar
Proposals. At the date of this announcement, the approval of the
SC is still pending.

Collectively Referred To As The "Kamdar Proposals"

(I) Proposed Acquisitions;
(Ii) Proposed Share Swap;
(Iii) Proposed Restricted Offer For Sale;
(Iv) Proposed Cash And Securities Transfers;
(V) Proposed Placement;
(Vi) Proposed Put Option;
(Vii) Proposed Transfer Of Listing Status; And
(Viii) Proposed Transfer To Main Board


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


MANILA ELECTRIC: Seeks New Energy Suppliers
-------------------------------------------
Manila Electric Co. (Meralco) is investigating scouting for new
energy providers in order to comply with the Department of
Energy (DOE) rules, the Philippine Star reports. Meralco
President Jesus Francisco also admitted that it is still too
early to specify the concrete strategy to comply with the DOE
circular.

"(It's) too early (to tell details). We have to start
quantifying or what our requirement will be by 2008, 2009, 2010.
We will of course carefully study the PDP (Philippine
Development Plan) presented. The PDP contains the required
capacity and that will be an input to the work being done by our
team," he said.

Francisco said after the study they would be ready to contract
new capacities. "It will go through bidding. We will call for
interested parties. We might not want to be the one to qualify
the details," he said. In a circular issued last month, the DOE
has enjoined all distribution utilities (DUs), including
Meralco, to supply adequate, affordable and quality and reliable
electricity.


MAYNILAD WATER: Creditors Object to Rehabilitation Plan
-------------------------------------------------------
At least 14 creditors of Maynilad Water Services Inc. have
objected to the firm's rehabilitation plan intended to address
some 18 billion pesos in debts, AFX Asia reports. The report
said Maynilad's proposed recovery plan did not take into
consideration the Company's standby letter of credit, which
guaranteed the payment of its concession fees to state-run
Metropolitan Waterworks and Sewerage System (MWSS).

Creditors objecting to Maynilad's rehabilitation plan are Credit
Lyonnais, Credit Instriel, ET Commercial, Fortis Bank, KBC Bank
NV, ICBC, Bangkok Bank Public Company Ltd, CDC Finance-CDD Ixis,
Chang Hwa Commercial Bank Ltd Singapore, Cathay United Bank, JP
Morgan, Citibank NA, Chinatrust Commercial Bank and Rizal
Commercial Banking Corporation.


NATIONAL POWER: May Form Group to Bid for Napocor Assets
--------------------------------------------------------
State-owned Philippine National Oil Co. (PNOC) is exploring the
possibility of forming a consortium with foreign and local power
firms to bid for the generating assets of the National Power
Corporation (Napocor), the Philippine Star reported on Monday.

PNOC President Thelmo Cunanan said PNOC is eyeing to participate
in the bidding of the 620-megawatt (MW) Limay, 850-MW Sucat and
225-MW Bataan Thermal power plants. These three oil-fired
facilities will be converted into gas-run power plants. The PNOC
official said they would probably take minority stake of about
30 to 35 percent in the proposed consortium.


PILIPINO TELEPHONE: Expects Profit This Year
--------------------------------------------
Pilipino Telephone Corporation (Piltel) expects to book a net
income of 402.4 million pesos this year, after a projected net
loss of 3.33 billion in 2003, reports the Philippine Daily
Inquirer. Piltel suffered a net loss of 21.8 billion pesos in
2002. Partly owned by PLDT, Piltel sees its wireless GSM
subscriber base growing to 3.68 million at the end of this year
from 2.78 million at end of last year.


VITARICH CORP.: Creditors OK Changes to Restructuring Deal
----------------------------------------------------------
Vitarich Corporation said a majority of its creditor banks has
approved the revision of the terms of a restructuring agreement
signed in 2001, according to the Philippine Daily Inquirer.
Earlier, the Company asked creditor-banks to reduce interest
rates and lengthen repayment terms for some 2.5 billion pesos
worth of debts.

In a disclosure to the Philippine Stock Exchange last year,
Vitarich said the company is essentially seeking a reduction in
interest rates and a longer repayment term to give it time to
make a successful business transition. If approved, Vitarich
will have a lighter debt burden, which will allow it to grow its
feeds business.


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


A.H. SECURITIES: Creditors Must Submit Claims by March 6
--------------------------------------------------------
The creditors of A.H. Securities Private Limited (In Members'
Voluntary Liquidation), which is being wound up by Special
Resolutions of members on 31st January 2004, are required on or
before 6th March 2004 to send in their names and addresses and
the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the undersigned, the
Liquidators of the said Company, and, if so required by notice
in writing from the said Liquidators, are by their solicitors,
or personally, to come in and prove their said 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.

Dated this 6th day of February 2004.

CHIA SOO HIEN
NG GEOK MUI
Liquidators.
c/o BDO International
5 Shenton Way
#07-00 UIC Building
Singapore 068808.


DIGILAND INTERNATIONAL: Issues Profit Warning
---------------------------------------------
The Board of Directors of Digiland International Limited (Group)
refer to the Group's full year results ended 30 June 2003 made
on 29 August 2003 wherein the Directors had stated that "it is
difficult to make an accurate forecast on future performance."

In anticipation of the announcement of the Group's results for
the half-year ended 31 December 2003, the Directors deem it
appropriate to issue a profit warning to the shareholders.

The results for the first half-year ended 31 December 2003 will
be worse than that of the previous corresponding period. This is
due mainly to the provisions for doubtful debts and the write
down of some of the inventories as a result of the
discontinuation of some of the product lines.

The Group expects to release its half-year results ended 31
December 2003 by end February 2004.


HEEREMA MARINE: Unveils January 27 EGM Resolutions
--------------------------------------------------
At an Extraordinary General Meeting (EGM) of Heerema Marine
Contractors Far East Pte Ltd (Members' Voluntary Winding Up) was
deemed to be held on January 27, 2004 at 10 A.M., the following
resolutions were duly passed:

SPECIAL RESOLUTION

(a) RESOLVED that the Company be wound up voluntarily pursuant
to section 290 (1) (b) of The Companies Act, Chapter 50.

ORDINARY RESOLUTIONS RESOLVED:

(b) That Mr Kon Yin Tong, Mr Wong Kian Kok and Mr William Caven
Hutchison be and are hereby appointed liquidators, jointly and
severally, for the purpose of the winding up.

(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.

SPECIAL RESOLUTION

(d) RESOLVED that the liquidators be empowered to exercise any
of the powers given by sub-sections (1) and (2) of section 272
of the Companies Act, Chapter 50 and to distribute to members in
specie any part of the assets of the Company.

STEPHEN JOHN PRESTON
Director.


KIAN DA: Petition to Wind Up Pending
------------------------------------
The petition to wind up Kian Da Construction Pte Ltd. is set for
hearing before the High Court of the Republic of Singapore on
February 13, 2004 at 10 o'clock in the morning. Eastern Pretech
Pte Ltd., a creditor, whose address is situated at 15, Sungei
Kadut Street 2, Singapore 729234, filed the petition with the
court on January 20, 2004.

The Petitioners' solicitors are Messrs Gurbani & Co. of No. 9,
Temasek Boulevard, #17-01 Suntec Tower 2, Singapore 038989. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Gurbani & Co. a notice in
writing not later than twelve o'clock noon of the 11th day of
February 2004 (the day before the day appointed for the hearing
of the petition).


PKS CONTRACTS: Winding Up Set February 13
-----------------------------------------
The petition to wind up P K S Contracts Services Pte Ltd. is set
for hearing before the High Court of the Republic of Singapore
on February 13, 2004 at 10 o'clock in the morning. Koh Hwee Meng
and Tan Sok Khin, who are contributories of the Company, whose
address is situated at 20 Bukit Batok Crescent, #03-25
Enterprise Centre, Singapore 658080, filed the petition with the
court on January 19, 2004.

The Petitioner's solicitors are Messrs Hee Theng Fong & Co. of 7
Temasek Boulevard, #13-02 Suntec Tower 1, Singapore 038987. Any
person who intends to appear on the hearing of the petition must
serve on or send by post to Messrs Hee Theng Fong & Co. a notice
in writing not later than twelve o'clock noon of the 12th day of
February 2004 (the day before the day appointed for the hearing
of the petition).


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


BANGCHAK PETROLEUM: Bares Shareholders Structure after Shake-up   
---------------------------------------------------------------
Subject:   Structure of Shareholders of BCP after the Financial
           Restructuring

Attention: President of The Stock Exchange of Thailand

Regarding the Bangchak Petroleum Public Company Limited (BCP)
shareholders' right to swap existing shares of BCP to the
depository receipts of benefits in ordinary shares of BCP (DR)
at the swap ratios of 10 common shares to 5 - 9 DRs within the
Securities Swap Period January 20-22, 2004, as well as, the
capital increase by issuing and offering 231,000,000 common
shares at par value 1 Baht per share to Siam DR Co., Ltd.

The Company would like to inform that the shareholder structure
of BCP after such financial restructuring will be:

                                        Numbers of share      %
Siam DR Co., Ltd.       
       
     - Shares as underlying securities
       in DR issuance                      520,056,055     69.06
     - Remaining shares from securities
       swap                                189,617,759     25.18
       (The capital reduction for this portion will be executed
later)
     
Public                                      43,367,126      5.76
           
Total                                      753,040,940    100.00

Please be informed accordingly.

Sincerely yours,

Watcharapong Saisuk
Assistant Vice President Corporate Planning Office
Corporate Planning Office
Phone: 0-2335-4583


HEMARAJ LAND: Only Six 1993 Convertible Bonds Remain Outstanding
----------------------------------------------------------------
Subject :  Report on the purchase for cancellation of 3.5
           Percent Convertible Bonds due September 9, 2003  
           (US$60,000,000 3.5 percent Convertible Bonds due
           2003) (the Bonds)

Attention: Managing Director, The Stock Exchange of Thailand

Hemaraj Land And Development Public Company Limited refers to
the issuance of the Bonds in the amount of 60,000 units at the
face value of US$1,000 per unit, totaling US$60,000,000 at the
interest rate of 3.5 percent issued on 9th September, 1993 to
offshore investors, having a maturity date on 9th September
2003.

The Company and its subsidiaries had made an offer to purchase
the Bonds from existing bondholders. As a result of such offer,
the Company and its subsidiaries have purchased 20 units of the
Bonds and these purchased Bonds have already been cancelled.

As of the date of this letter, there are 6 units of the bonds
outstanding.

Please be informed accordingly.

Yours faithfully,
David R. Nardone
President & CEO
Hemaraj Land And Development Public Company Limited



* BOND PRICING: For the week of February 9 - February 13, 2004
--------------------------------------------------------------

Issuer                                Coupon   Maturity  Price
-----                                ------   --------  -----


AUSTRALIA
---------

Advantage Group                       10.000%    4/15/06      1
Amcom Telecommunications Ltd          10.000%    10/28/07     2
APN News & Media Ltd                   7.250%    10/31/08     4
Australia Commonwealth Gov't Loans     3.000%     7/29/49    63
Australian Food & Fibre Ltd            4.000%    12/5/08     10
Bendigo Bank Ltd                       8.000%     5/29/49     9
BIL Finance Ltd                        8.000%    10/15/07     9
BIL Finance Ltd                        8.250%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/04     9
BIL Finance Ltd                        8.750%    10/15/05     9
BIL Finance Ltd                        9.000%    10/15/04     9
BIL Finance Ltd                        9.250%    10/15/06     9
BIL Finance Ltd                        10.000%   10/15/04     9
Capital Properties NZ Ltd              8.500%     4/15/05     7
Capital Properties NZ Ltd              8.500%     4/15/07     9
Capital Properties NZ Ltd              8.500%     4/15/09     9
Consolidated Minerals Ltd             11.250%     3/31/05     1
Djerriwarrh Investments Ltd            7.500%     9/30/04     4
Evans & Tate Ltd                       8.250%    10/29/07     1
Fletcher Building Ltd                  7.800%    3/15/09      8
Fletcher Building Ltd                  7.900%    10/31/06     8
Fletcher Building Ltd                  8.500%     4/15/04     7
Fletcher Building Ltd                  8.600%     3/15/08     8
Fletcher Building Ltd                  8.750%     3/15/06     8
Fletcher Building Ltd                  8.850%     3/15/10     8
Fletcher Building Ltd                 10.500%     4/30/05     7
Feltex Carpets Ltd                    10.250%     9/15/08     1
Fernz Corp Ltd                         8.560%    10/15/06     8
Futuris Corporation Ltd                7.000%    12/31/07     2
Garratts Ltd                           12.000%    12/31/03    1
Gympie Gold Ltd                        8.500%     9/30/07     1
Hy-Fi Securities Ltd                   7.000%     8/15/08    10
Hy-Fi Securities Ltd                   8.750%     8/15/08    11
Hutchison Telecoms Australia           5.500%     7/12/07     1
Infrastructure and Utility     8.500%     9/15/13     9
JB Were Capital Markets Ltd            8.750%    12/31/03    29
Macquarie Bank Ltd                     1.800%     8/15/15    66
New South Wales Treasury Corporation   0.500%     2/16/10    73
NPT Capital Ltd                        9.500%    11/30/04     9
Nuplex Industries Ltd                  9.300%     9/15/07     8
Pacific Retail Finance                 9.250%     9/15/07    10
Port Douglas Reef Resorts Limited      9.000%      4/1/04     1
Powerco Ltd                            8.150%      9/1/07     7
Powerco Ltd                            8.400%     5/22/07     7
Queensland Treasury Corporation        0.500%     5/19/1     72
Richmond Ltd                          10.750%    12/15/04     9
Salomon Smith Barney Australia         4.250%      2/1/09     8
Sky Network Television Ltd             9.300%    10/29/49     8
Straits Resources Ltd                 10.000%    12/31/03     1
Strathfield Group Ltd                 11.000%    12/31/05     1
Tower Finance Ltd                      8.750%    10/15/07     9
TrustPower Ltd                         8.300%     9/15/07     8
TrustPower Ltd                         8.500%     9/15/12     8
Vision Systems Ltd                     9.000%    12/15/08     2


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

China Government Bond                  2.900%      5/24/32   74
Teco Electric & Machinery Co Ltd       2.750%      4/15/04   75


KOREA
-----

Korea Electric Power Corporation       7.950       4/1/96    67
Kolon Industries Inc                   0.250%     12/31/04   52


MALAYSIA
--------

Asian Pac Holdings Bhd                 4.000%     12/22/05    1
Artwright Holdings Bhd                 5.500%      3/05/07    1
Arus Murni Corporation Bhd             0.500%      8/24/06    1
Berjaya Group Bhd                      5.000%     10/17/09    1
Berjaya Land Bhd                       5.000%     12/30/09    1
Berjaya Sports Toto Bhd                8.000%      8/04/12    4
Camerlin Group Bhd                     5.500%      7/15/07    1
Crescendo Corporation Bhd              3.000%      8/25/07    1
Crest Builder Holdings Bhd             1.000%      2/25/08    1
Crest Builder Holdings Bhd             3.000%      2/25/06    1
Dataprep Holdings Bhd                  4.000%       8/5/05    1
Dataprep Holdings Bhd                  4.000%       8/6/07    1
Eden Enterprises (M) Bhd               2.500%      12/2/07    1
Eox Group Bhd                          4.000%      1/10/06    1
Equine Capital Bhd                     3.000%      8/26/08    1
Fountain View Development Sdn Bhd      3.500%      11/3/06    6
Furqan Business Organsation            2.000%      12/19/05   1
Gadang Holdings Bhd                    3.000%      10/21/07   3
Gadang Holdings Bhd                    2.000%      12/24/08   2
Grand Central Enterprises Bhd          5.000%       2/17/05   1
Greatpac Holdings Bhd                  2.000%      12/11/08   2
Gula Perak Bhd                         6.000%       4/23/08   1
Hong Leong Industries Bhd              4.000%      6/28/07    1
Halim Mazmin Bhd                       8.000%      6/30/04    3
I-Bhd                                  5.000%      4/30/07    1
Insas Bhd                              8.000%      4/19/09    1
Integrax Bhd                           3.000%     12/24/05    1
Kretam Holdings Bhd                    1.000%      8/10/10    1
Kumpulan Emas Bhd                      7.000%     11/15/04    1
Kumpulan Jetson                        5.000%     11/28/12    1
LBS Bina Group Bhd                     4.000%     12/31/06    1
LBS Bina Group Bhd                     4.000%     12/31/07    1
LBS Bina Group Bhd                     4.000%     12/31/08    1
Lingkaran Trans Kota Holdings          7.150%     10/23/10   10
Media Prima Bhd                        2.000%      7/18/08    1
Mutiara Goodyear Development Bhd       2.500%      1/15/07    1
MWE Holdings                           5.500%      10/7/04    1
NAM Fatt Corporation Bhd               2.000%      6/24/11    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
OSK Holdings Bhd                       3.500%       3/1/05    1
OSK Holdings Bhd                       6.000%       3/1/05    1
Pahlawan Power                         5.150%       1/31/05  10
Pantai Holdings                        5.000%       3/28/07   1
Patimas Computer Bhd                   6.000%       2/19/06   1
Prinsiptek Corporation Bhd             2.000%      11/20/06   1
Puncak Niaga Holdings Bhd              2.500%      11/20/16   1
POS Malaysia & Services Holdings Bhd   8.000%     11/26/04    1
Orlando Holdings Bhd                   3.000%      3/16/05    1
Rashid Hussain Bhd                     0.500%     12/23/12    1
Rashid Hussain Bhd                     3.000%     12/23/12    1
Rhythm Consolidated Bhd                5.000%     12/17/08    1
Southern Steel Bhd                     5.500%      7/31/08    2
Tanah Emas Corporation Bhd             2.000%      12/9/06    1
Talam Corporation Bhd                  7.000%      7/19/05    1
Talam Corporation Bhd                  7.000%      4/19/06    1
Tap Resources Bhd                      2.000%      6/29/06    1
Time Engineering Bhd                   2.000%      12/25/05   1
VTI Vintage Bhd                        4.000%       8/22/06   2
Wah Seong Corporation Bhd              3.000%       5/21/12   4
Yu Neh Huat Bhd                        3.000%        9/2/08   1


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

Bacnotan Consolidated Industries, Inc.  5.500%    6/21/04    46
Benpres Holdings Corp.       7.785     12/19/02   55


SINGAPORE
---------

CSC Holdings Ltd                       6.500%     4/27/05     1
Rabobank Singapore                     1.000%     1/15/13  71
Tampines Assets Ltd                    5.625%     12/7/06   1
Tampines Assets Ltd           6.000%     12/7/06     1
Tincel Ltd                             5.000%     6/13/11   1
Tincel Ltd                             7.400%     6/13/11   1


THAILAND
--------
Bank of Asia PCL                         3.750%     2/9/04   64
Bangkok Bank                              4.589%    3/3/04   64
Bangkok Land               3.125%    3/31/01  18
Bangkok Land                              4.500%    10/13/03 17
Siam Commercial Bank PCL                  3.250%    1/24/04  64




Tuesday's edition of the TCR-Asia Pacific delivers a list of
indicative prices for bond issues that reportedly trade well
below par.  Prices are obtained by TCR-AP editors from a Variety
of outside sources during the prior week we think are reliable.  
Those sources may not, however, be complete or accurate.  The
Tuesday Bond Pricing table is compiled on the Saturday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer Or
solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR editor holds some
position in the issuers' public debt and equity securities about
which we report.






                  *********


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., Frederick, Maryland 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
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 ***