TCRAP_Public/040227.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, February 27, 2004, Vol. 7, No. 41

                            Headlines

A U S T R A L I A

AMP LIMITED: Sells Interest in Novus Petroleum
MAYNE GROUP: Swings to AU$48.7 Million Net Profit
NATIONAL AUSTRALIA: Cooperates in U.S. SEC Probe
NATIONAL AUSTRALIA: ATO Disallows AU$307 Mln Interest Deductions
TRANSURBAN GROUP: Free Cash flow Balloons to AU$60.4 Million


C H I N A  &  H O N G  K O N G

CATCHY ENTERTAINMENT: Court Sets Winding up Hearing March 24
FORT ART: Faces Winding up Petition
KEEN SOURCE: Winding up Hearing Slated for March 31
LILY ROYCE: Bank of China Initiates Winding up Petition
VIRGINIA HOLDINGS: Faces Winding up Petition


I N D O N E S I A

BANK LIPPO: IBRA Completes Sale of Government's Majority Stake


J A P A N

KANEBO LIMITED: Creditors Urge IRCJ to Buy Loans at 'Fair Value'
KANEBO LIMITED: Govt Aid Depends on Viability of Turnaround Plan
K.K. JEI: Lending Firm Files for Bankruptcy
MITSUBISHI MOTORS: Global Production Slips 14% in January
SHINYO KANKYO: Real Estate Firm Enters Bankruptcy
SUZUNUI KANKO: Golf Course Succumbs to Bankruptcy


K O R E A

HYUNDAI CORPORATION: 2003 Net Loss Balloons as Sales Drop 48%
SK NETWORKS: Winding up U.S. Operations
SK CORPORATION: January Petroleum, Lubricant Sales Down
SSANGYONG MOTOR: Union Now Objects Sale to Chinese Investor


M A L A Y S I A

EPE POWER: Posts Latest Restructuring Developments
HOTLINE FURNITURE: Court Approves Scheme of Arrangement
I-BERHAD: Seeks Renewal of Authority to Buy back Shares
PWE INDUSTRIES: Deadline for Rehab Plan Approval Extended
SIN HENG: Securities Commission Affirms Valuation of Properties


P H I L I P P I N E S

FORTUNE CEMENT: Merges with Premier Cement
GLOBAL STEELWORKS: Seeks Tariff Shield from Government
PHILIPPINE AIRLINES: Warns of Swindling Syndicate
PHILIPPINE AIRLINES: Confident of Breaking even in First Half
PHILIPPINE REALTY: Court Endorses PCI Bank Debt Pact


S I N G A P O R E

DOUBLECLICK PTE: Creditors Must Submit Claims by March 22
HORIZON KNOWLEDGE: Winding up Petition Hearing Set March 5
ECOZONE PTE: Files for Liquidation
SEATOWN CORPORATION: Judicial Management Extended to April 30
SMF CONSULTANTS: Files for Voluntary Winding up
SOPHISTRONIC PTE: Creditors Have Until March 20 to File Claims


T H A I L A N D

EMC PUBLIC: Issues New Share Certificates
THAI PETROCHEMICAL: Ferrier Takes Exception to 'False Claims'
TPI POLENE: Pays US$180 Million Debt

* Large Companies with Insolvent Balance Sheets


                        - - - - - - - - -


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A U S T R A L I A
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AMP LIMITED: Sells Interest in Novus Petroleum
----------------------------------------------
Pursuant to Section 671B of the Australian Corporations Law, AMP
Limited hereby advises of a change in its relevant interest in
Novus Petroleum Limited.

Gavin Young
Manager, Corporate Actions
BNP Paribas Securities Services
Tel: 61 2 9222 0045

For more information, click
http://bankrupt.com/misc/amplimited022604.pdf


MAYNE GROUP: Swings to AU$48.7 Million Net Profit
-------------------------------------------------
Mayne Group Limited announced results for the half year to
December 31, 2003 and reported improvements in net profit after
tax, earnings before interest and tax (EBIT), operating cash
flow and earnings per share.

Mayne Group Managing Director and Chief Executive Officer Stuart
James said the company had been able to continue its reshaping
program while maintaining the performance of the underlying
businesses.  The company reported a net profit after tax of
$48.7 million, up from a $57.7 million loss in the first half
last year.  Overall EBIT was up 17% to $108.6 million compared
to the prior corresponding period, while EBIT from continuing
businesses rose from $67.1 million to $70.9 million.  The
company also announced an unfranked interim dividend of 4.5
cents, compared to an unfranked dividend of 4.0 cents for the
same period last year.

"Mayne has progressed steadily, enabling the business to meet
our expectations for the first six months of this financial year
while we are also continuing to reshape the company to focus on
our higher return businesses," Mr. James said.

"The international pharmaceutical business has been developed by
acquisitions and product development, and our position in the
diagnostic services field has been consolidated in both
Pathology and Imaging," he said.

"The acquisitions of the paclitaxel assets in North America were
finalized in December, and in February the company signed a
collaboration arrangement with Ivax Corporation that may result
in our entry to the European paclitaxel market earlier than we
had anticipated. The agreement with Ivax will leverage our
resources in active pharmaceutical ingredient processing,
product manufacturing and sales.

"In order to meet our long term manufacturing needs $60 million
is to be invested in the Mulgrave and Aguadilla facilities.
Together with our product development and product acquisition
programs this will allow us to access markets having a total
value of US$7.8 billion, compared to US$3.8 billion at the same
time in 2001.

"The Pharmaceuticals result was as expected due to the
previously advised weaker product pipeline this financial year
and the impact of the rising Australian dollar on our offshore
sales. If the average foreign exchange rates for the prior
corresponding period were used, the Pharmaceuticals EBIT would
have been $4 million higher.

"In Europe revenue was up 21% on the prior corresponding period
(it would have been 32% using the average foreign exchange rates
from the prior corresponding period). The Americas revenue
result was 17% lower than the same half last year (4% higher
than the prior corresponding period before foreign exchange
impact), however it saw significant price erosion in pamidronate
and other mature products. Asia Pacific's result was up 21% on
last year's first half revenue (23% higher than the prior
corresponding period before foreign exchange impact) and sales
in Asia have risen again with the SARS outbreak subsiding.

"In both diagnostic businesses we have settled in new
acquisitions and continued organic growth. Future growth will
come from operational improvements that will make us more
competitive and raise earnings margins.

"Pathology operations in each state once again increased market
share, growing above market rates, and the QML and Gippsland
Pathology Service acquisitions continue to perform well. NSW has
also finished with another pleasing result showing fundamental
operational improvement.

"Diagnostic Imaging grew its underlying revenue above market
rates after instituting a fee increase. There has been very
little growth in examinations across the market, which combined
with a variety of cost pressures, has seen margins remain
static.

"Consumer Products had its sales rebound better than expected
after the Pan recall, and Mayne has just regained the leading
market share across the combined retail sales channels. The EBIT
result also benefited from good cost management and productivity
improvements.

"There are still discussions occurring on the possible sale of
Pharmacy Services which we are expecting to resolve shortly.
This will remove the air of uncertainty in the pharmacy market
and should help to alleviate the pressure on margins. There are
a number of plans in place to further develop this business
after a good revenue performance in the period under review and
we will only contemplate a sale if it generates more value than
continuing to operate it.

"The turnaround of the Hospitals business continued, which
allowed Mayne to secure a sale price of $813 million."

Earnings from Mayne's former Hospitals business have been
treated as discontinued earnings.

In regard to outlook, Mr. James said Mayne's focus is to
continue building its pharmaceuticals and diagnostic businesses.
Other businesses are expected to continue a steady improvement
over the first half. Overall adverse foreign exchange impacts
are likely to offset the Pharmaceuticals volume increases,
resulting in a second half performance similar to the first
half.

Media enquiries:
Rob Tassie
Phone: 03 9868 0886
Mobile: 0411 126 455

Investor enquiries:
Larry Hamson
Phone: 03 9868 0380
Mobile: 0411 126 455


NATIONAL AUSTRALIA: Cooperates in U.S. SEC Probe
------------------------------------------------
The National Australia Bank (NAB) has received a voluntary
information request from the United States Securities and
Exchange Commission (SEC), as part of an investigation into
certain Australian registrants and public accounting firms.

The document request covers the National Group and subsidiaries
and includes issues relating to audit independence. In addition,
the National has been asked for information about the accounting
and internal controls of the National and its subsidiaries for
the last three financial years, including the foreign currency
options trading matter and HomeSide. The bank is fully co-
operating with the SEC request.

The SEC request in relation to audit independence issues follows
an internal review by the National that confirmed five seconded
employees of the company's auditor, KPMG, had provided certain
non-audit services to the bank in Australia at different times
between 2000 and 2003 thereby raising concerns about compliance
with U.S. regulations. These services were immediately
discontinued.

The National has been advised that the services by KPMG
employees were not in breach of independence regulations in
Australia, New Zealand or the United Kingdom.  The Institute of
Chartered Accountants in Australia (ICAA) has also advised KPMG
that the services it provided did not impair their independence
under Australian Professional Standards. U.S. SEC rules differ
to the requirements in Australia, New Zealand and the United
Kingdom.

Chief Financial Officer Richard McKinnon said this matter had
been brought to the attention of the Board Audit Committee, and
subsequently discussed with Australian and US regulators.

"KPMG brought this matter to the attention of the National," Mr.
McKinnon said.  "We acted quickly to review the matter and
provide the conclusions of our review to the SEC for
consideration.

"KPMG has confirmed their independence under Australian
requirements for the purposes of our Australian accounts and we
do not believe that the provision of these services will
disqualify KPMG from acting as the National's external auditor
for the purpose of its US filings."

Mr. McKinnon said the National's annual 20-F filing in the U.S.
was largely complete but that some matters remained to be
finalized.

"As soon as these matters are finalized, we will lodge our
annual 20-F filing with the SEC in the U.S.," Mr. McKinnon said.
"We will lodge by the statutory deadline of 31 March 2004."

For additional information, contact:

Brandon Phillips                           Callum Davidson
Manager                                    Manager
Corporate Relations                        Investor Relations
Phone: 03 8641 3857                        Phone: 03 8641 4964
Mobile: 0419 369 058                       Mobile: 0411 117 984
Web site: http://www.nabgroup.com


NATIONAL AUSTRALIA: ATO Disallows AU$307 Mln Interest Deductions
----------------------------------------------------------------
National Australia Bank (NAB) has received amended assessments
from the Australian Tax Office (ATO) that seek to disallow
interest deductions on the National's ExCaps securities for the
tax years 1997-2000.  In a disclosure to the Australian Stock
Exchange, the ATO assessments are for $157 million of primary
tax and interest and penalties of $150 million (after tax)-- a
total of $307 million (after tax).

The ATO is also considering its position in respect of interest
deductions claimed by the National on its ExCap securities for
2001-2003.  The amount of primary tax relating to these interest
deductions is approximately $135 million.  If the ATO issues
amended assessments in respect of these years it is possible
that penalties and interest would also apply.

The National's Chief Financial Officer Richard McKinnon said the
National would dispute the assessments, which were issued just
days before the six-year statutory time limit expires, and lodge
objections with the ATO.

"The National has, amongst other things, obtained a legal
opinion from two senior Queen's Counsel," he said.  "We will
challenge the amended assessments and any additional
assessments."

The ATO has also provided the National with a position paper in
which it proposes to challenge interest deductions claimed by
the National in respect of the National's trust units
exchangeable for preference shares (TrUEPrS) capital raising.

The National has provided a detailed response to the ATO on this
matter.  It has also obtained a legal opinion from its external
advisers, including senior Queen's Counsel.  The ATO is
considering the National's response.

The amount of primary tax, which relates to interest deductions
in respect of the TrUEPrS capital raising for 1999-2003 is
approximately $101 million.  Should the ATO issue amended
assessments in respect to the TrUEPrS capital raising, it is
possible that penalties and interest will apply.

Mr. McKinnon said the External Affairs/Customs Automated Permit
System (ExCaps) is similar to debt instruments issued by other
financial institutions in Australia and overseas and was issued
in 1997 as part of the National's capital management program.

"The National is confident that its position in relation to the
application of the taxation law is correct, and we intend to
review future developments, and given the position currently
adopted by the ATO, we will adopt a conservative approach with
respect to interest deductions for future years," Mr. McKinnon
said.

"From 2004, until the dispute is resolved, we will not claim a
deduction for the interest payments on the funds borrowed in
connection with the ExCaps but will lodge an objection against
the assessments based on our income tax return.  This will
protect our rights in relation to the deductibility of future
interest payments pending resolution of the dispute.  Based on
an A$/US$ exchange rate of 78 cents this will reduce after tax
profits by approximately $30 million per annum."

For more information contact:

Brandon Philips
Group Manager
Corporate Relations
Phone: 03 8641 3857
Mobile: 0419 369 058

Callum Davidson
Group Manager
Investor Relations
Phone: 03 8641 4964
Mobile: 0411 117 984
Web site: http://www.nabgroup.com


TRANSURBAN GROUP: Free Cash flow Balloons to AU$60.4 Million
------------------------------------------------------------
Transurban Group released a very positive interim result for the
fiscal year 2004 and announced a 20 percent increase in
distributions to 12 cents per stapled security. The
distributions are 100 percent tax deferred.

The distribution will be funded by the continued success of
Transurban's cornerstone asset, Melbourne's CityLink.
Transurban's operating activities generated free cash flow of
$60.4 million for the period, up from $48.2 million in the prior
corresponding period.

Transurban reported a net loss of $34.6 million, compared to a
loss of $44.6 million for the prior corresponding period. The
result is expected for companies like Transurban. Large
infrastructure projects record accounting losses in the early
years due to non-cash expenses such as depreciation.

Transurban Managing Director Kim Edwards said it is important to
look at the underlying cash flow position as a barometer of the
performance of companies like Transurban.

"Transurban's operating activities generated a 25 percent
increase in free cash flow above the prior corresponding
period," Mr. Edwards said, adding, "This is great news for
security holders because it means we can offer growing
distributions."

Transurban reported these key achievements:

-- Increased distribution of 12 cents per stapled security;

-- Tolling revenue up by 9.5 percent;

-- CityLink traffic up 5.4 percent;

-- $6.0 million received from further settlement with TOJV,
relating to residual construction defects;

-- $4.6 million received from the Westlink M7 GATe supply
contract; and

-- Agreement reached with the Development Allowance Authority to
extend the term of the Infrastructure Borrowing Facilities from
December 2004 to April 2007, generating additional interest cost
savings of approximately $116 million.


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C H I N A  &  H O N G  K O N G
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CATCHY ENTERTAINMENT: Court Sets Winding up Hearing March 24
------------------------------------------------------------
The petition to wind up Catchy Entertainment Limited is set for
hearing before the High Court of Hong Kong on March 24, 2004 at
9:30 in the morning. Famour Legend Limited, whose registered
office is situated at 18th Floor, Futura Plaza, 111-113 How Ming
Street, Kwun Tong, Hong Kong, filed the petition on January 27,
2004.

The Petitioners' solicitors are F. Zimmern & Co. of Suites 1501-
3, 15th Floor, Gloucester Tower, The Landmark, Central, Hong
Kong. Any person who intends to appear at the hearing of the
petition must serve or send by post to F. Zimmern & Co. a notice
in writing not later than twelve o'clock noon of the 23rd day of
March 2004 (the day before the petition hearing).


FORT ART: Faces Winding up Petition
-----------------------------------
The petition to wind up Fort Art International Investment
Limited is set for hearing before the High Court of Hong Kong on
March 24, 2004 at 9:30 in the morning. The Bank of China (Hong
Kong) Limited, whose registered office is situated at 14th
Floor, Bank of China Tower, No. 1 Garden Road, Central, Hong
Kong, filed the petition on January 26, 2004.

The Petitioners' solicitors are Tsang, Chan & Wong of 16th
Floor, Wing On House, 71 Des Voeux Road Central, Hong Kong. Any
person who intends to appear at the hearing of the petition must
serve or send by post to Solicitors Tsang, Chan & Wong a notice
in writing not later than twelve o'clock noon of the 23rd day of
March 2004 (the day before the petition hearing).


KEEN SOURCE: Winding up Hearing Slated for March 31
---------------------------------------------------
The petition to wind up Keen Source International Limited is set
for hearing before the High Court of Hong Kong on March 31, 2004
at 9:30 in the morning. The Bank of China (Hong Kong) Limited,
whose registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition
on January 28, 2004.

The Petitioners' solicitors are Messrs. Tsang, Chan & Wong of
16th Floor, Wing On House, 71 Des Voeux Road Central, Hong Kong.
Any person who intends to appear at the hearing of the petition
must serve or send by post to Messrs. Tsang, Chan & Wong a
notice in writing not later than twelve o'clock noon of the 30th
day of March 2004 (the day before the petition hearing).


LILY ROYCE: Bank of China Initiates Winding up Petition
-------------------------------------------------------
The petition to wind up Lily Royce Manufacturing Company Limited
is set for hearing before the High Court of Hong Kong on March
17, 2004 at 9:30 in the morning. The Bank of China (Hong Kong)
Limited, whose registered office is situated at 14th Floor, Bank
of China Tower, No. 1 Garden Road, Central, Hong Kong, filed the
petition on January 13, 2004.

The Petitioners' solicitors are Messrs. Tsang, Chan & Wong of
16th Floor, Wing On House, 71 Des Voeux Road Central, Hong Kong.
Any person who intends to appear at the hearing of the petition
must serve on or send by post to Messrs. Tsang, Chan & Wong a
notice in writing not later than twelve o'clock noon of the 16th
day of March 2004 (the day before the petition hearing).


VIRGINIA HOLDINGS: Faces Winding up Petition
--------------------------------------------
The petition to wind up Virginia Holdings Limited is set for
hearing before the High Court of Hong Kong on March 3, 2004 at
9:30 in the morning. The Bank of China (Hong Kong) Limited,
whose registered office is situated at 14th Floor, Bank of China
Tower, No. 1 Garden Road, Central, Hong Kong, filed the petition
on January 29, 2004.

The Petitioners' solicitors are Messrs. Ford, Kwan & Company of
Rooms 1202-6, 12th Floor, Wheelock House, 20 Pedder Street,
Central, Hong Kong. Any person who intends to appear at the
hearing of the petition must serve or send by post to Messrs.
Ford, Kwan & Company a notice in writing not later than twelve
o'clock noon of the 30th day of March 2004 (the day before the
petition hearing).


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I N D O N E S I A
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BANK LIPPO: IBRA Completes Sale of Government's Majority Stake
--------------------------------------------------------------
The Swissasia Global consortium has completed the acquisition of
a 52.05 percent stake in Bank Lippo from the Indonesian Bank
Restructuring Agency (IBRA), AFP Online said.

The consortium comprises of Swissfirst Bank AG, Swissfront (Lie)
Opportunities, VP Ventures Ltd., Matrix Capital Partners and
Ferrel Opportunities Capital.

"The board of Swissasia Global is pleased to announce that it
has officially completed the acquisition from the Indonesian
government of a controlling share in Bank Lippo valued at 143
million dollars," Swissasia Global said in a statement
Wednesday.

"Yes, we have closed the transaction. We have received 1.205
trillion rupiah ($143 million) from it," IBRA Deputy Chairman I
Nyoman confirmed when asked by reporters.

The deal had been delayed by a week, as Swissasia Global was
unable to secure approval from the central bank.


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J A P A N
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KANEBO LIMITED: Creditors Urge IRCJ to Buy Loans at 'Fair Value'
----------------------------------------------------------------
Shigemitsu Miki, Chairman of the Japanese Bankers Association,
on Tuesday urged the government-backed Industrial Revitalization
Corporation of Japan (IRCJ) to buy creditors' loans to ailing
cosmetics maker Kanebo Limited at a fairly assessed value
instead of their book value, according to Japan Kyodo News.  Mr.
Miki wants the IRCJ to assess the Company's assets and implement
transactions based on a fair value.


KANEBO LIMITED: Govt Aid Depends on Viability of Turnaround Plan
----------------------------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) is
positive about providing support to revive cosmetics maker,
Kanebo Limited, Japan Times reported on Thursday, citing IRCJ
President Atsushi Saito.  But Mr. Saito said the IRCJ couldn't
decide whether to support Kanebo until it analyzes the company's
revival plan and assets.

Mr. Saito did not say when the IRCJ would decide.  The entity
has taken between one and three months in previous cases.
Kanebo's revival plan calls for spinning off its cosmetics
operations into a new company.


K.K. JEI: Lending Firm Files for Bankruptcy
-------------------------------------------
K.K. Jei Bee Pee Finance Service has been declared bankrupt,
according to Teikoku Databank America. The lending firm, which
is located at Minato-ku, Tokyo, Japan, has total liabilities of
US$506.68 million.


MITSUBISHI MOTORS: Global Production Slips 14% in January
---------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Tuesday announced its
production, domestic sales, and export results for January 2004.
The company said its global production for the month decreased
14.1 percent year-on-year to 114,536 units.  Production in Japan
slipped 4 percent to 60,060 units while production of commercial
vehicles, in particular the Minicab Van, continued to grow 16.4
percent year-on-year.

Offshore production slipped 23 percent to 54,476 units on the
back of slower production in the U.S. and Europe. In contrast,
production in China surged 67 percent on year. By region, Asia
posted a 16.4 percent drop to 36,244; North America declined
27.7 percent to 12,422 units; and Europe dropped 54.8 percent
year-on-year to 3,152 units, mainly attributable to the company
ending production of the Carisma in December ahead of starting
production of the new European Colt at its NedCar plant in the
Netherlands.

Sales in Japan for the month were down for the first time in
three months at 19,601 units or -17.2 percent on year. MMC's
share of the domestic market was 4.8 percent, down from 6.2
percent last January.  Total exports from Japan slipped 18.6
percent to 27,208 units. By region, exports to Asia rose 19.3
percent to 4,915 units; North America declined 77.6 percent to
2,915 units; and European exports jumped 99.6 percent to 9,631
units.


SHINYO KANKYO: Real Estate Firm Enters Bankruptcy
-------------------------------------------------
Shinyo Kankyo Kaihatsu K.K. has filed for bankruptcy
proceedings, according to Teikoku Databank America. The real
estate firm, which is located at Shinjuku-ku, Tokyo, Japan, has
total liabilities of US$651.67 million.


SUZUNUI KANKO: Golf Course Succumbs to Bankruptcy
-------------------------------------------------
Teikoku Databank America announced Tuesday that Suzunui Kanko
K.K. has filed for bankruptcy proceedings. The golf course
management firm, which is located at Kuji-gun, Ibaraki, Japan,
has total liabilities of US$147.50 million.


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K O R E A
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HYUNDAI CORPORATION: 2003 Net Loss Balloons as Sales Drop 48%
-------------------------------------------------------------
Hyundai Corporation said its annual sales last year plummeted
48.2 percent from the previous year to 1.31 trillion won
(US$1.12 billion).  The Company's ordinary loss grew 273.4
percent to 224.1 billion won, while its net loss snowballed
131.6 percent to 208.1 billion won.


SK NETWORKS: Winding up U.S. Operations
---------------------------------------
The SK Global America Debtor's Vista Grain trading unit was
established in 1993 and operates from an office located in
Houston, Texas. Most of Vista Grain's inventory is sold directly
to the United States Government through the United States
Department of Agriculture. SK Global America, formerly named SK
Global Co., is a unit of South Korea's troubled SK Networks Co.

Vista Grain relies heavily on the availability of working
capital to support its purchase of inventory and to cover
positional hedges. But the Debtor determined that it is no
longer in a position to meet the enormous working capital
requirements of the Vista Grain unit and has concluded that it
is in its best interest to wind down the Vista Grain unit
operations.

Accordingly, the Debtor has decided not to purchase additional
grain or other commercial products for the Vista Grain unit
after December 31, 2003, and will begin the process of winding
down its operations.

The Essential Vista Employees

The Vista Grain unit employs four employees, the Essential Vista
Employees, all of whom have many years of experience in trading
and marketing grain:

(1) Guy Brady, Jr.,
(2) Wayne See,
(3) Howard Stone, and
(4) Rhonda Oden

Each of the Essential Vista Employees is party to a prepetition
employment agreement with the Debtor. All of the Prepetition
Agreements are scheduled to terminate by their terms on December
31, 2003, unless otherwise renewed by the parties.

In furtherance of the Debtor's decision to wind down the Vista
Grain unit, the Essential Vista Employees will seek to dispose
the Vista Grain assets and trade out of its existing
inventories, hedges, sales and purchase obligations, with the
intent of maximizing and preserving asset value for the Debtor's
estate.  Vista Grain's inventory is valued at $8,000,000.

Due to their extensive knowledge, experience and expertise with
Vista Grain's operations, the Essential Vista Employees are
vital to the wind-down and disposition of Vista Grain's assets
for maximum value. The Essential Vista Employees will provide
efficiencies and essential logistics that are required to
dispose and transport Vista Grain's inventory at the lowest
cost. Moreover, the payment process on many of the U.S.
Government programs are very complicated and the Essential Vista
Employees are very familiar with the programs and will be able
to avoid nonpayment or discounts that may arise because of
execution errors.

In addition to the disposition of inventory, the continued
services of the Essential Vista Employees are required for the
collection of outstanding accounts receivable. The Debtor's
books reflect Vista Grain accounts receivable of $30,000,000.

The Debtor asks the Court's approval to pay a success fee,
severance, and an annual profit-sharing bonus to the Essential
Vista Employees.

The Debtor intends to pay the Success Fee, Severance, and the
Profit-Sharing Bonus to the Essential Vista Employees because
these employees have been, and remain, critical to the Debtor's
ability to achieve maximum value for the Vista Grain inventory,
receivables and other assets. Each of the Essential Vista
Employees has agreed to enter into:

(1) an Employment Retention and Release Agreement;
(2) a Success Fee Agreement; and
(3) a Severance Agreement.

The Debtor said that aggregate payments to the Essential Vista
Employees will be $2,500,000, which includes the Success Fee
amounting to $1,900,000, Severance equal to $475,000, and
Profit-Sharing Bonuses of $110,000.

As consideration for the payment of the Success Fee, the
Severance, and the Profit-Sharing Bonuses, each of Essential
Vista Employee will work for the Debtor through April 30, 2004,
and will release the Debtor and waive any claim they may have
against the Debtor and its estate, including any claim the
Essential Vista Employee may have under his or her Prepetition
Agreement.

                              * * *

Judge Blackshear authorizes the Debtor to pay the Success Fee,
Severance and the Profit-Sharing Bonus to the Essential Vista
Employees, in accordance with the Agreements, as revised.
However, to receive payment of the Success Fee, Severance and
the Profit Sharing Bonus, the Court orders that the Essential
Vista Employees affirm in writing -- in form and substance
acceptable to the Debtor -- that they waive and release any and
all claims they possesses against the Debtor and the Debtor's
estate.

Beginning February 4, 2004, the Debtor will maintain all cash
receipts from the Vista Grain operations in a segregated debtor-
in-possession account at Wachovia Bank. (SK Global Bankruptcy
News, Issue No. 12; Bankruptcy Creditors' Service, Inc.,
215/945- 7000)


SK CORPORATION: January Petroleum, Lubricant Sales Down
-------------------------------------------------------
SK Corporation announced that its production sales for January
2004 are as follows:

(1) Petroleum: Sales volume decreased slightly due to decreased
sales volume of diesel, however, unit price rose by 8.4% because
of strong crude oil price and product prices.

(2) Petrochemical: Sales volume and amount increased by 6% and
7% respectively from increased sales volume of aromatic
products, strong raw material cost and tightened supply-demand
situation.

(3) Lubricant: Sales volume and amount decreased by 4% and 7%
due to decreased sales volume in the domestic market.

                              * * *

Sovereign Asset Management Fund, the second largest shareholder
of SK Corporation, demanded Tuesday the resignation of SK Corp.
Chairman Chey Tae-won to help improve the Company's governance
structure, TCR-Asia Pacific said. Sovereign holds a 14.99
percent stake in SK Corporation, the nation's top refiner and
the virtual holding company of SK Group.

For inquiries, contact the Investor Relations team by Phone:
822-2121-5451-6


SSANGYONG MOTOR: Union Now Objects Sale to Chinese Investor
-----------------------------------------------------------
Labor union members at Ssangyong Motor Co. are now opposed to
the proposed sale of the automaker to petrochemical company,
China National Bluestar Group Corporation, according Asia Pulse.
The union cited bad faith on the part of creditors for its
abrupt reversal.


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


EPE POWER: Posts Latest Restructuring Developments
--------------------------------------------------
On behalf of EPE Power Corporation Berhad, Commerce
International Merchant Bankers Berhad announces the completion
of these restructuring steps:

     (i) EPE's capital reduction and consolidation, involving
         the cancellation of RM0.50 of the par value of each
         ordinary share of RM1.00 in EPE (EPE Share) and the
         subsequent consolidation of every two (2) ordinary
         shares of RM0.50 each in EPE into one (1) EPE Share;

    (ii) Acquisition by EPE of 4,000,000 ordinary shares of
         RM1.00 each in Powertron Resources Sdn Bhd (PRSB) and
         RM 11,600,000 nominal value convertible unsecured loan
         stocks (CULS) in PRSB representing 40% equity interest
         and 40% of the outstanding nominal value CULS
         respectively in PRSB from Ranhill Berhad (Ranhill) for
         a total consideration of RM 51,000,000 satisfied by the
         issuance of 51,000,000 new EPE Shares to Ranhill; and

   (iii) Acquisition by EPE of 2,940,000 ordinary shares of
         RM1.00 each in Penjanaan EPE-TIME Sdn Bhd (PET)
         representing 60% equity interest in PET from Ranhill
         for a consideration of RM3,350,000 satisfied by the
         issuance of 3,350,000 new EPE Shares to Ranhill.

The Proposed EPE Restructuring Scheme is still pending the
completion of the:

(1) Proposed Debt Restructuring; and

(2) Proposed Rights Issue.

(Collectively known as "the Proposed EPE Restructuring Scheme)

- Proposed Capital Reduction
- Proposed Acquisitions
- Proposed Debt Restructuring
- Proposed Rights Issue
- Proposed Increase In Authorized Share Capital

This Kuala Lumpur Stock Exchange (KLSE) announcement is dated
February 25, 2004.


HOTLINE FURNITURE: Court Approves Scheme of Arrangement
-------------------------------------------------------
Further to the announcement dated February 9, 2004, Public
Merchant Bank Berhad, on behalf of Hotline Furniture Berhad
(HFB), announces that HFB had on February 24, 2004 obtained an
order from the High Court of Malaya (Court Order) sanctioning
the Proposed Scheme of Arrangement in respect of the Proposed
Share Exchange.

Upon extraction of the Court Order, an office copy of the Court
Order will be lodged with the Companies Commission of Malaysia
and upon so lodged, the Court Order shall take effect.


I-BERHAD: Seeks Renewal of Authority to Buy back Shares
-------------------------------------------------------
The Board of Directors of I-Berhad proposes to seek the approval
of its shareholders for the proposed renewal of authority for
the Company to purchase its own shares.

The authority granted by shareholders to the Company to purchase
its own shares at the Thirty-Sixth Annual General Meeting held
on May 27, 2003 shall, subject to renewal, expire at the
conclusion of the forthcoming Annual General Meeting.

A Circular to shareholders containing the details of the above
proposal will be dispatched to shareholders together with the
Company's 2003 Annual Report in due course.


PWE INDUSTRIES: Deadline for Rehab Plan Approval Extended
---------------------------------------------------------
PM Securities Sdn Bhd refers to the requisite announcement dated
July 16, 2003 and the subsequent announcements dated October 10,
2003, January 20, 2004 and February 16, 2004 in relation to the
Proposed Corporate Restructuring of PWE Industries Berhad (PWE).

On behalf of the Board of Directors of PWE, PM Securities Sdn
Bhd announced that the Malaysia Securities Exchange Berhad
(MSEB) had, vide its letter dated February 24, 2004, approved
the Company's application for an extension of time of two (2)
months from February 14, 2004 to April 14, 2004 to obtain the
approvals of the relevant regulatory authorities, namely the
Securities Commission and Foreign Investment Committee for the
Proposed Corporate Restructuring of PWE, pursuant to the
requirements of MSEB under Paragraph 6.1(c) of Practice Note No.
10/2001 of the Listing Requirements of MSEB.

This KLSE announcement is dated February 25, 2004.

Copy to: Securities Commission
Attn: Mr. Wong Wing Seong


SIN HENG: Securities Commission Affirms Valuation of Properties
---------------------------------------------------------------
On behalf of the Special Administrators (SA) of Sin Heng Chan
(Malaya) Berhad (SHCM), Southern Investment Bank Berhad (SIBB)
announced that the Securities Commission (SC) had vide its
letter dated February 19, 2004, which was received by SIBB on
February 24, 2004, and approved:

   (i) The valuation for the properties bearing Lot No. PT 21476
       and PT 21475 (Jalan Kuching Properties), prepared by
       Messrs Raine & Horne International Zaki + Partners Sdn
       Bhd as submitted in the valuation report dated 9
       September 2003; and

  (ii) The Company's application for the non-compliance with the
       SC's Guidelines on Asset Valuations in relation to the
       valuation report on the Jalan Kuching Properties.

This KLSE announcement is dated 25 February 2004.


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


FORTUNE CEMENT: Merges with Premier Cement
------------------------------------------
The Philippine Stock Exchange (PSE) advised of the following
events that transpired at the Special Meeting of the
Stockholders of the Fortune Cement Corporation held on February
26, 2004:

Subject to the approval of the appropriate regulatory agencies,
stockholders owning or representing at least two-thirds (2/3) of
the outstanding capital stock of Fortune Cement Corporation
approved the merger of the Company with its wholly owned
subsidiary, Premier Cement Corporation, for a bona fide business
purpose where the Company will be the surviving corporation.

The merger will simplify the legal structure and promote
significant cost efficiency improvements, such as use of
substantial spare equipment and machinery by the Company, single
statutory audit and reportorial requirements.  The merger will
not involve the issuance of shares of the Company.

Bi Yong S. Chungunco
Corporate Secretary


GLOBAL STEELWORKS: Seeks Tariff Shield from Government
------------------------------------------------------
Global Steelworks International Inc. (GSII), formerly known as
National Steel Corporation and now a unit of Ispat Limited of
India, is asking the government for a higher tariff shield as
well as relief from high power costs, reports the Philippine
Daily Inquirer in its Tuesday edition.

GSII President Sushant C. Das said the steel firm is asking for
a 15-percent tariff protection for all products it will produce
to be able to compete with imports. A three-percent tariff is
imposed on imports of hot-rolled and cold-rolled steel coils,
and the duty on tin plates is zero. The plant is expected to
reach full capacity of 30,000 tons a month in the next three
months, he said.


PHILIPPINE AIRLINES: Warns of Swindling Syndicate
-------------------------------------------------
Philippine Airlines (PAL) recently warned the public and its
suppliers in particular to be wary of a group of swindlers
posing as PAL officers in an attempt to purchase high-value
items from commercial establishments.

Recently, the group tried to dupe two electronics suppliers, one
located at the SM Megamall in Mandaluyong City and the other in
Malate, Manila, into delivering high-end digital cameras and
laptop computers allegedly "ordered" by PAL.  Both attempts were
foiled by PAL's security unit, in coordination with the
Philippine National Police and the mall's security services.

The gang's modus operandi involves an initial telephone call to
the supplier by a man with an elderly, Chinese-accented voice.
He identifies himself as either George King, alleged to be PAL's
vice president for purchasing, or Joeffrey Foronda, the supposed
purchasing manager.

Both Misters King and Foronda are indeed PAL officers, but
neither holds the position titles the caller attributes to them.
Once the items have been ordered, the group then issues spurious
PAL documents such as purchase orders, check vouchers and checks
to cover the purchase.  The drivers then pick up the items from
rental-car firms, whose services have been contracted legally
and are unaware of their client's sinister motives.  According
to the drivers, the person they always dealt with is a woman
between 35 to 40 years old, standing about 5 feet 2 inches, with
shoulder-length hair and brown complexion.  Instead of
collecting the items herself, the suspect always instructs the
driver to do it and then meet her at a designated place to turn
over the goods.

All transactions conducted by the fake Mr. King or Mr. Foronda
are done via telephone number 818-5112, which when reached
always emits a fax tone, or cellular phone number 0926-2687133,
which is a prepaid line.  PAL is warning commercial
establishments against entertaining calls fitting this pattern
and asks them to immediately report such incidents to PAL
Security at telephone numbers 852-6058 and 852-5891.


PHILIPPINE AIRLINES: Confident of Breaking even in First Half
-------------------------------------------------------------
Philippine Airlines, Inc. (PAL) expects to break even in fiscal
year 2003 ending in March as people put off traveling because of
the Iraq war and the deadly flu-like severe acute respiratory
syndrome (SARS) virus, according to Business World on Thursday.
However, President and Chief Operating Officer Avelino L.
Zapanta said he remains bullish for fiscal 2004 minus any
unforeseen event.

PAL losses reached PhP1.6 billion during the March-November
period last year but it recovered PhP1 billion in December and
January when Filipinos started heading home for the Christmas
holidays.


PHILIPPINE REALTY: Court Endorses PCI Bank Debt Pact
----------------------------------------------------
The Quezon City Regional Trial Court (QCRTC) Branch 93 has
approved the Philippine Realty & Holdings Corporation
(Philrealty)'s debt settlement agreement with Equitable PCI Bank
Inc. through a property-for-debt swap arrangement involving 50.6
million pesos worth of condominium units, reports the Manila
Times on Thursday.

"The court has approved the Company's debt settlement deal with
Equitable PCI Bank which calls for dacion en pago (payment in
kind) of condominium units worth PHP50.6 million," it said in a
disclosure to the Philippine Stock Exchange.


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


DOUBLECLICK PTE: Creditors Must Submit Claims by March 22
---------------------------------------------------------
The creditors of Doubleclick Advertising (S) Pte Ltd (In
Members' Voluntary Liquidation), which is being wound up by
Special Resolutions of members on February 19, 2004, are
required on or before March 22, 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), the
Liquidators of the said Company.

The creditors are advised to 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.

The Singapore Government Gazette announcement is dated February
20, 2004.

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


HORIZON KNOWLEDGE: Winding up Petition Hearing Set March 5
----------------------------------------------------------
The petition to wind up Horizon Knowledge Solution Pte Ltd. is
set for hearing before the High Court of the Republic of
Singapore on March 5, 2004 at 10 o'clock in the morning.
Fabulous Printers Pte Ltd., a creditor, whose address is located
at Block 16, Kallang Place #01-35, Singapore 339156, filed the
petition with the court on February 11, 2004.

The Petitioner's solicitors' are Messrs Chan Jer Hiang & Co of
48-A Temple Street, Singapore 058593. Any person who intends to
appear on the hearing of the petition must serve on or send by
post to Messrs Chan Jer Hiang & Co. a notice in writing not
later than twelve o'clock noon of the 4th day of March 2004 (the
day before the day appointed for the hearing of the petition).

The Singapore Government Gazette announcement is dated February
20, 2004.


ECOZONE PTE: Files for Liquidation
----------------------------------
Ecozone Pte Ltd issued a notice of winding up order made on the
20th day of February 2004.

Name and Address of Liquidator: The Official Receiver
The Insolvency Service
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

The Singapore Government Gazette announcement is dated February
25, 2004.

YEO WEE KIONG LAW CORPORATION
Solicitors for the Petitioner.


SEATOWN CORPORATION: Judicial Management Extended to April 30
-------------------------------------------------------------
Further to the announcement issued by the Board of Directors of
Seatown Corporation Ltd. on February 10, 2003, the High Court of
Singapore had made the following orders:

(i) The Judicial Management of Seatown Construction Pte Ltd and
appointment of Goh Ngiap Suan of M/s Goh Ngiap Suan & Co as the
Judicial Manager be extended to 30 April 2004.

(ii) The Judicial Manager of Seatown Construction Pte Ltd be at
liberty to convene a meeting/meetings of its creditors no later
than 15 March 2004, at a location to be named and a time to be
determined to consider and to seek the approval of the creditors
to the proposed scheme of arrangement herein with or without
modifications pursuant to Section 227X and Section 210 of the
Companies Act.


SMF CONSULTANTS: Files for Voluntary Winding up
-----------------------------------------------
SMF Consultants Pte Ltd. issued a notice of winding up order
made on the 13th day of February 2004.

Name and Address of Liquidator: The Official Receiver
The Insolvency Service
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

The Singapore Government Gazette announcement is dated February
20, 2004.

Messrs GUAN TECK & LIM
Solicitors for the Petitioners.


SOPHISTRONIC PTE: Creditors Have Until March 20 to File Claims
--------------------------------------------------------------
The creditors of Sophistronic (Singapore) Pte Ltd (In Members'
Voluntary Liquidation) which is being wound up voluntarily, are
required on or before March 20, 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 under
mentioned liquidator at c/o 30 Robinson Road, #04-01 Robinson
Towers, Singapore 048546 and if so required are to come in and
prove their debts or claims as shall be specified or in default
will be excluded from the benefit of any distribution made
before such proof.

This notice was taken from the Singapore Government Gazette.
Dated this 20th day of February 2004.

WONG JOO WAN
Liquidator


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


EMC PUBLIC: Issues New Share Certificates
-----------------------------------------
The EMC Public Company Limited have already registered the
capital decreased from 592,789,770.00 Baht to 59,278,977.00 Baht
by reducing the Par value from 10.00 Baht to Par value 1.00 Baht
with the Ministry of Commerce on January 5, 2004. The Thailand
Securities Depository Co., Ltd. (TSD), as the registrar of EMC
Public Company Limited has already issued new share certificate
dated January 5, 2004.

Therefore, the share certificate dated before January 5, 2004
will be cancelled beginning from February 23, 2004 onwards.
Shareholders can request to renew the share certificates by
either one of the following procedures:

(1) Directly contacting TSD;

(2) Requesting TSD to submit the new share certificates by mail,
    or

(3) Appointing a power of attorney to contact TSD for receiving
    the new share certificates beginning February 16, 2004
    onwards to the following address:

    Renewal of share certificates
    62 The Stock Exchange of Thailand Building,
    (Beside Queen Sirikit National convention Centre)
    4th Floor Rajadapisek Road,
    Klongtoey, Bangkok 10110 Thailand

Any additional enquiries, please contact
TSD Call Center 0-2229-2888
E-mail: contact.tsd@set.or.th
Web site: http://www.tsd.co.th


THAI PETROCHEMICAL: Ferrier Takes Exception to 'False Claims'
-------------------------------------------------------------
Ferrier Hodgson/Effective Planners Limited (EPL) cried foul
Thursday over the allegations made by Thai Petrochemical
Industry PCL on its Web site.

EPL, which acted as TPI's plan administrator until April 2003,
rebutted TPI's accusation that it had acted irresponsibly during
its tenure.  Peter Gothard, the EPL partner who personally
oversaw TPI's rehabilitation plan, called the company statement
"misleading" and "defamatory."  He added the statement posted on
the Web site no longer reflects the company's official view,
citing a memo [see http://bankrupt.com/misc/tpi_memo.jpg]from
the new plan administrator, which purportedly orders its removal
from the site.

In a strongly worded statement, TPI criticized the write-downs
made by EPL during its watch as plan administrator.

"The EPL wrote-down shareholders equity by writing down value of
assets, swapping accrued interest (from 1998 to 2000) to equity
(5,849 million shares or 75% stake) at hefty discount, charging
sky-high restructuring fees and making net operating losses
(caused by their inexperience in running fully integrated
petrochemical complex)," the statement partly reads.

The company also slammed the THB2,192 million restructuring fees
collected by the planner while the company posted operating
losses of THB23,576 million.  Also criticized were the equities
issued to creditors at a discount of THB71,819 million.

Mr. Gothard denied EPL had acted irresponsibly.  In a letter to
TCR-Asia Pacific, he said: "At all times Effective Planners
acted in a professional and responsible manner and the
allegations... are false and misleading and unfair."

"[T]he adjustments made to TPI's financial statements by
Effective Planners as its court appointed Plan Administrator
were necessary to bring the accounts into line with accepted
accounting standards and to ensure that the accounts presented a
true and fair view of the TPI Group's financial position," he
said, adding, "all adjustments were made to the satisfaction of
the Group's independent auditors."

As for the write-down of the shareholders equity, he said: "[All
these] were made in accordance with the Rehabilitation Plan
approved by the Thai Bankruptcy Court.  The suggestion... that
such adjustments were somehow improper [is] therefore entirely
false.  On the contrary, these transactions were of direct
benefit to TPI's financial position."

"The allegations regarding TPI's trading performance are also
false.  During the Plan Administration period, TPI's losses were
contained and significant progress was made in turning around
the Group's operations under difficult market conditions," he
added.

For more information, contact Peter Gothard by Phone: +813 5532
7272 or John Stokes & Master, lawyer of TPI's new plan
administrator, by Phone: +662 638 0880.

A copy of TPI's statement is available here
http://bankrupt.com/misc/thaipetrochemical022304.pdf


TPI POLENE: Pays US$180 Million Debt
------------------------------------
Indebted Thai cement maker, TPI Polene PCL, deposited $180
million with the Bankruptcy Court as debt repayment, according
to Dow Jones on Thursday, citing TPI CEO Prachai Leophairatana.

The company owes creditors a principal of $950 million and $150
million in accrued interest. Under the debt plan, the company is
required to make a debt payment of $180 million, originally due
in 2001, to repay part of its $950 million in principal debt at
a discount.

The payment follows TPI Polene's recent capital increase of
11.10 billion baht via a share offering. Mr. Prachai said that
the Company is still in talks with state-owned Krung Thai Bank
PCL to issue baht-denominated debt worth more than $500 million
to refinance the remaining debt.

TPI Polene, as well as many other Thai companies, was severely
hurt by the financial crisis in 1997-1998.


* 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
Guangdong Sunrise Holdings-B
Co., Ltd.                      200030    (-184.24)     23.04
Guangdong Sunrise Holdings-A
Co., Ltd.                          30    (-184.24)     23.04
Jinan Qingoi Motorcycle
Co., Ltd.                      600698     (193.08)    113.96
Jinan Qingoi Motorcycle-A
Co., Ltd.                      600698    (-193.08)    113.96
Jinan Qingoi Motorcycle-B
Co., Ltd.                      900946    (-193.08)    113.96
Shenzhen China Bicycles
Co., Ltd.                      000017     (239.91)     60.39
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-239.91)     60.39
Shenzhen China Bicycles-A
Co., Ltd.                          17    (-239.91)     60.39
Shenzhen Great Ocean
Shipping Co., Ltd.             200057     (-10.87)     11.27
Shenzhen Petrochemical
Industry Group Co., Ltd.       000013     (243.36)     89.48
Shenzhen Petrochemical
Industry Group Co., Ltd.-B     200013    (-243.36)     89.48
Shenzhen Petrochemical
Industry Group Co., Ltd.-A         13    (-243.36)     89.48


INDONESIA
---------

PT Lippo Securities  Tbk        LPPS       (-3.62)       14.26
Smart Tbk                       SMAR      (-37.38)      398.89


JAPAN
---------

Cats Incorporated               9786       (26.33)      175.35
Kanebo Limited                  3102       (40.44)     5820.67
Prime Systems                   4830     (-100.79)      130.2

MALAYSIA
--------

CSM Corporation Bhd             CSMB        (8.40)      41.55
CSM Corporation Bhd             CSM        (-8.40)      41.55
Faber Group Bhd                 FBMS        (7.16)     504.98
Faber Group Bhd                 FAB        (-7.16)     504.98
Fountain View de
Development Bhd                 FVD       (-57.42)      27.74
Kemayan Corp Bhd                KOPS      (289.67)     114.38
Kemayan Corp Bhd                KOP      (-289.67)     114.38
Panglobal Bhd                   PGL0      (-41.07)     187.79
Platation and
Development Bhd                 PD        (-57.2)       27.74
Promet Bhd                      PMPT      (174.45)      50.49
Promet Bhd                      PROM     (-174.45)      50.49
Sri Hartamas Bhd                SRIH     (-118.91)      99.76
Sri Hartamas Bhd                SHB      (-118.91)      99.76
Uniphoenix Corporation Bhd      UNI      (-145.25)      33.34
Uniphoenix Corporation Bhd      UCB      (-145.25)      33.34


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

C & P Homes, Inc.               CMP       (324.94)       2.45
Pilipino Telephone Co           PNOTF     (356.17)      122.97
Pilipino Telephone Co           PLTL     (-356.17)      122.97


  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                PCEN      (-931.65)     7369.85
Pacific Century Regional
Developments Ltd                 PAC     (-931.65)     7369.85


  THAILAND
  --------

Christiani & Nielsen            CNT        (-24.03)       35.80
(Thai) PCL
Christiani & Nielsen            CNT/F      (-24.03)       35.80
(Thai) PCL-F
Datamat PCL                     DTM         (-9.53)       13.66
Datamat PCL-F                   DTM/F       (-9.53)       13.66
Jutha Maritime PCL              JUTHA       (-3.70)       31.60
Jutha Maritime-F PCL            JUTHA/F     (-3.70)       31.60
National Fertilizer PCL         NFC        (-30.82)      297.40
National Fertilizer PCL-F       NFC/F      (-30.82)      297.40
Nakornthai Strip Mill PCL       NSM       (654.33)      608.46
Nakornthai Strip Mill PCL-F    NSM/F     (-654.33)      608.46
Siam Agro-Industry Pineapple
And Others PCL                  SAIC      (-13.88)       14.02
Siam Agro-Industry Pineapple
And Others PCL-F                SAICO/F   (-13.88)       14.02
Siam Gen Factoring              TB         (35.92)        2.45
Siam Gen Factoring              SGF         (1.56)       35.92
Siam Gen Factoring-F            SGF/F      (1.56)       35.92
Thai Nam Plastic PCL            TNPC       (-2.00)       24.33
Thai Nam Plastic-F              TNPC/F     (-2.00)       24.33
Thai Wah Public
Company Limited                 TWC       (-61.48)      155.47
Thai Wah Public
Company Limited-F               TWC/F     (-61.48)      155.47
Tuntex (Thailand) PCL           TUNTEX    (-26.82)      381.43
Tuntex (Thailand) PCL-F         TUNTEX/F  (-26.82)      381.43


                            *********


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. Larri Nil
Veloso, 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
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contained herein is obtained from sources believed to be
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The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
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information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***