/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/040531.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Monday, May 31, 2004, Vol. 7, No. 106 Headlines A U S T R A L I A BRAMBLES INDUSTRIES: Shares Back at $6 Mark HIH INSURANCE: Report on Collapse Could Help Public MAYNE GROUP: Clarifies Specialty Pharmaceutical Division Outlook NATIONAL AUSTRALIA: To Conduct Survey Assessing Scam Damage QANTAS AIRWAYS: CEO Raises Aircraft Depreciation Issue C H I N A & H O N G K O N G CENTRILINE ASIA: Appoints Joint Liquidators CHAN KWOK: Schedules Creditors Meeting CHAN YOK: Enters Bankruptcy Proceedings COMROAD LIMITED: Creditors Meeting Set for June 11 CWT TEXTILE: Creditors Meeting Slated for June 23 HOOVER CAPITAL: Winding up Hearing Slated for July 7 LUI LAI: Releases Bankruptcy Order Notice MAXSON RESOURCES: Luen Yau Initiates Winding up Petition PACIFIC KING: Enters Winding Up Petition SING WAI: Enters Winding up Petition SINO TRUTH: Creditors Must Submit Claims by June 21 TANG SHU: Issues Bankruptcy Order Notice TOWRY LAW: Shuts Down International Units TRUMP VANTAGE: Winding up Hearing Set June 30 VICTORIA INTERNATIONAL: Winding up Hearing Set July 7 V.R. HK ENTERPRISES: Schedules Winding up Hearing WING KONG: Schedules Winding Up Hearing WONG LAI: Releases Bankruptcy Order Notice I N D O N E S I A ANEKA TAMBANG: Seeks Partner For $220M Project BANK NEGARA: To Postpone Issuance Of Sub-debt Bonds PERTAMINA: Cash Flow Dries Up J A P A N KANEBO LIMITED: Shares Down 38.8% Thursday KANEBO LIMITED: Seeks JPY140B Financial Aid NIPPON CREDIT: Three Former Execs Goes to Jail SOFTBANK CORPORATION: S&P Assigns 'BB-' Rating K O R E A HANARO TELECOM: Enters Deal With TV Operator Joongang MSO HANBO IRON: Selects INI Steel-Hyundai Group as Preferred Bidder M A L A Y S I A BOUSTEAD HOLDINGS: Lists Additional 1,030,000 Ordinary Shares FOUNTAIN VIEW: Lists 2,656,640 Ordinary Shares GLOMAC BERHAD: Lists Additional 10,000 Ordinary Shares HONG LEONG: Releases First Quarterly Report LANKHORST BERHAD: Lists Additional 800,000 Ordinary Shares PILECON ENGINEERING: Releases Full Quarterly Report PRINSIPTEK CORPORATION: Lists Additional 57,000 Ordinary Shares SELOGA HOLDINGS: Replies To Bursa Malaysia's Query P H I L I P P I N E S MANILA ELECTRIC: PCCI To Oppose Refund Scheme METRO PACIFIC: Issues News Article Clarification NEGROS NAVIGATION: Issues News Article Clarification S I N G A P O R E CYCAD PTE: Issues Winding Up Order Notice L&M GROUP: Answers SGX Query MEDIASTREAM LIMITED: E&Y Audits 2003 Financial Statement SEATOWN CORPORATION: Court OK's Scheme of Arrangement T H A I L A N D THAI PETROCHEMICAL: To Discuss Restructuring With Minister - - - - - - - - ================= A U S T R A L I A ================= BRAMBLES INDUSTRIES: Shares Back at $6 Mark ------------------------------------------- For the first time in almost two years, the shares of Bramble Industries rose to $6 from 21c Thursday after the company announced Wednesday that its troubled CHEP pallet division was finally positioned to "deliver strong growth in profit", relates the Sydney Morning Herald. The last time Bramble shares have hit the $6 mark was in November 2002, the same month the company disclosed serious problems, which included a few million missing pallets, in its CHEP business across Europe. The jump in shares was the first positive news from Brambles since its disastrous dual-listing and merger with GKN three years ago when the shares were around $12. Since the update, the company's shares have soared 7.4 percent. From a low of $3.77 in February last year, Brambles shares have now recovered 58 percent. Continuing cost reductions and strong sales growth in US pallets are the most encouraging signs, according to Citigroup's Mr. Smith, who upgraded his 2003-04 profit forecasts by $6 million to $381.6 million. Goldman Sachs JBWere also upgraded its 2003- 04 net profit forecast by 1.9 per cent to $368 million. Citigroup Smith Barney, for its part, also maintained its "buy" rating on the stock, based on the profitability of US and European operations being bolstered by a weaker dollar, and the "market's apparent increasing desire to believe the 'rebound story'". HIH INSURANCE: Report on Collapse Could Help Public --------------------------------------------------- The Australian relates that if the federal government implements a system of financial guarantees outlined in a report by Melbourne University finance professor Kevin Davis on the $6.3 billion collapse of insurance firm HIH, the public would have some measure of protection from the collapse of financial institutions. According to Treasurer Peter Costello Wednesday, "The Davis report presents a well-argued case as to the possible benefits of a limited explicit guarantee scheme and notes that Australia's strong prudential framework suggests we would have the capacity to implement a well-designed scheme to suit Australia's circumstances." In the Davis report, it is suggested that the guarantee scheme would cover three groups of financial products, namely: deposit products, and the capital guaranteed savings products offered by deposit-taking institutions, including building societies, credit unions and life insurance offices; risk protection products, such as motor vehicle, house and term life insurance policies; and guaranteed income stream products, such as annuities and pensions offered by superannuation funds and life companies. However, only consumers of products supplied by institutions supervised by the Australian Prudential Regulatory Authority would be protected, and that the guarantee would only be open to retail consumers who were considered unable to make an assessment of the creditworthiness of the financial institutions or products being offered. The HIH collapse left the federal government the distinction of being the company's largest creditor, when it was forced to use public funds to rescue the company. MAYNE GROUP: Clarifies Specialty Pharmaceutical Division Outlook ---------------------------------------------------------------- Given recent comment, Mayne Group Limited (ASX: MAY) in a press release, wishes to clarify the near-term growth and earnings outlook and the long-term trend for its specialty pharmaceutical division. Mayne expects that the long-term annual growth rate in revenues for its injectable specialty pharmaceutical division will be approximately 15-20 percent per annum and that its earnings before interest, tax and amortisation margin (EBITA margin) will be in the range of 17-20 percent. This outlook is broadly consistent with the historical results generated from this business over the last three to five years. Regarding the current year, Mayne reiterates the guidance for fiscal 2004 given at its first half results presentation in February. For the second half of fiscal 2004 Mayne anticipates that earnings before interest and tax (EBIT) for the specialty pharmaceutical business will be consistent with the first half. Mayne also advises that based on second half results to date, revenues for this division are anticipated to be approximately $500 million for the full year and will generate EBITA margins consistent with the long-term trend of approximately 17-20 percent. Regarding the near-term outlook, with respect to fiscal 2005, as a result of the high level of acquisitions undertaken in fiscal 2004, Mayne expects that its specialty pharmaceutical revenues will grow above the long-term rate for that year and will be at least 30 percent higher than fiscal 2004. Mayne also advises that EBITA margins are expected to be consistent with the long- term guidance at 17-20 percent. Mayne Group Limited is listed on the Australian Stock Exchange and has businesses in pharmaceuticals (the manufacture of specialty pharmaceuticals for distribution to more than 50 countries, pharmacy services, and health-related consumer products) and diagnostic services (pathology, diagnostic imaging and medical centres). Media and investor enquiries Larry Hamson Telephone: 03 9868 0380 Mobile: 0407 335 907 NATIONAL AUSTRALIA: To Conduct Survey Assessing Scam Damage ----------------------------------------------------------- The Sydney Morning Herald reports that National Australia Bank has plans of conducting a survey among opinion makers, clients and investors that would reveal how their relationship with the bank was influenced by the recent boardroom turmoil and the US$360 million foreign exchange trading scandal. A so-called "stakeholder relationship index" which seeks to measure "the four distinct dimensions of relationships": trust, commitment, satisfaction and "mutuality of control", will be created out of the findings of the initial survey, which will be conducted by Marketing & Research Associates via 30-minute face- to-face interviews. The index also intends to benchmark the quality of the relationship of the bank on a continuing basis. The review will also complement the "Let's Talk" program of chief executive John Stewart, which encourages bank staff to attend seminars and express views on how to improve management and the bank's culture, an essential recommendation by the Australian Prudential Regulatory Authority and PricewaterhouseCoopers reports on the bank's foreign-exchange losses. In a letter sent to some 100 members of the media, government, opinion makers and the broader community, the bank said the research "will capture views on the health of our relationship, perceptions of our reputation and any issues of concern". "All responses will be combined to form a total picture of views and experiences." QANTAS AIRWAYS: CEO Raises Aircraft Depreciation Issue ------------------------------------------------------ The CEO of Australian carrier Qantas Airways said last week that if only the airline were allowed to depreciate planes at the same rate as Singapore Airlines (SIA), more than $1.25 billion will be saved on aircraft purchases, relates The Australian. Qantas CEO Geoff Dixon said that SIA extracted a major competitive benefit from the tax regime in which it operated. "Singapore tax law allows airlines to enjoy accelerated depreciation on their aircraft - three years in comparison to the 10-year depreciation schedule Qantas has under Australian taxation law," he said. "That's a major advantage. In fact, the present value benefit of the decreased tax liability to Qantas, if we were able to take advantage of a three year write-off period, would be $1.25 billion." In Mr. Dixon's estimate, some two-thirds of other airlines with Australia flights are either fully or partly owned by their respective governments, which meant cheaper and easier access to debt capital for them. He cited the case of Emirates, which does not pay corporate tax in Dubai, a marked contrast from the $1.3 billion corporate tax Qantas has paid since it was privatized. However, a spokesman for Transport Minister John Anderson said last Wednesday the government had no plans to change either depreciation rules or the Qantas Sales Act. ============================== C H I N A & H O N G K O N G ============================== CENTRILINE ASIA: Appoints Joint Liquidators ------------------------------------------- By the order of the High Court of Hong Kong on the 21 April 2004, Messrs. David John Kennedy and Stephen Briscoe, both of RSM Nelson Wheeler Corporate Advisory Services Limited, 7/F, Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong Kong, have been appointed Joint and Several Liquidators of Centriline Asia Limited (In Compulsory Liquidation) with a Committee of Inspection. David John Kennedy Stephen Briscoe Joint and Several Liquidators This Quamnet Gazette announcement is dated 28 May 2004. CHAN KWOK: Schedules Creditors Meeting -------------------------------------- Notice is hereby given that the General Meeting of the creditors of Chan Kwok Wai (In bankruptcy proceedings) will be held at the Official Receiver's Office, 10th Floor, Queensway Government Offices, 66 Queensway, Hong Kong on the 4 June 2004 at 10:30 in the morning. E. T. O'CONNELL Official Receiver The Standard announcement is dated 24 May 2004. CHAN YOK: Enters Bankruptcy Proceedings --------------------------------------- Notice is hereby given that the Bankruptcy Order against Chan Yok Wing (In Bankruptcy Proceedings) was made on 11 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. COMROAD LIMITED: Creditors Meeting Set for June 11 -------------------------------------------------- Notice is hereby given that the first meeting of the creditors of ComRoad (Far East) Limited (In Voluntary Liquidation) will be held at 805, Capitol Centre, 5-19 Jardine's Bazaar, Causeway Bay, Hong Kong on 11 June 2004 at 11 o'clock in the morning. Creditors may either vote in person or by proxy. Forms of proxy to be used at the meeting must be lodged at 805, Capitol Centre, 5-19 Jardine's Bazaar, Causeway Bay, Hong Kong not later than 4 p.m. on the day before the meeting. By Order of the Board, Mr. YUEN Sik Ming, Patrick, the representative of ML Consultants Limited Director This Quamnet Gazette announcement is dated 28 May 2004. CWT TEXTILE: Creditors Meeting Slated for June 23 ------------------------------------------------- Notice is hereby given that the annual meeting of the members and creditors of CWT Textile Supplies Company Limited (In Creditors' Voluntary Liquidation) will be held at the office of Grant Thornton, 13th Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong on 23 June 2004 at 11 a.m. and 11:30 a.m., respectively, for the purpose of having an account laid before the meetings by the liquidators of their acts and dealings and of the conduct of the winding-up during the year ended 25 March 2004. Forms of general proxy to be used at the meetings must be lodged at our office at 13th Floor, Gloucester Tower, The Landmark, 11 Pedder Street, Central, Hong Kong or sent by facsimile to 2218 3537 not later than 4 p.m. on the day before the meetings. Proxies need not be members or creditors of the Company. Alan Chung Wah Tang Alison Wong Lee Fung Ying Joint & Several Liquidators This Quamnet Gazette announcement is dated 28 May 2004. HOOVER CAPITAL: Winding up Hearing Slated for July 7 ---------------------------------------------------- Notice is hereby given that a petition for the winding up of Hoover Capital Limited by the High Court of Hong Kong was on the 12 May 2004 presented to the said Court by 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. The said petition will be heard before the Court at 9:30 a.m. on the 7 July 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. TONG & TSOI Solicitors for the Petitioner, Rom 3402, 34th Floor Bank of America Tower 12 Harcourt Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 6 July 2004. LUI LAI: Releases Bankruptcy Order Notice ----------------------------------------- Notice is hereby given that the Bankruptcy Order against Lui Lai San (In Bankruptcy Proceedings) was made on 11 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. MAXSON RESOURCES: Luen Yau Initiates Winding up Petition -------------------------------------------------------- Notice is hereby given that a petition for the winding up of Maxson Resources Limited by the High Court of Hong Kong was on the 7 April 2004 presented to the said Court by Luen Yau Company whose registered office is situated at Room 2208-9, Witty Commercial Building, Nos. 1A-1L Tung Choi Street, Mongkok, Kowloon, Hong Kong. The said petition will be heard before the Court at 9:30 a.m. on the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. EDMUND CHEUNG & CO. Solicitors for the Petitioner, 20th Floor, Asia Standard Tower 59-65 Queen's Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. PACIFIC KING: Enters Winding Up Petition ---------------------------------------- Notice is hereby given that a petition for the winding up of Pacific King (Hong Kong) Limited by the High Court of Hong Kong was on the 20 April 2004 presented to the said Court by 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. The said petition will be heard before the Court at 10 a.m. on the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. DEACONS Solicitors for the Petitioner, 5th Floor, Alexandra House 16-20 Chater Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. SING WAI: Enters Winding up Petition ------------------------------------ Notice is hereby given that a petition for the winding up of Sing Wai Technology Development Company Limited by the High Court of Hong Kong was on the 11 May 2004 presented to the said Court by 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. The said petition will be heard before the Court at 10 a.m. on the 30 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. MESSRS. WAT & CO. Solicitors for the Petitioner, 12th Floor, Chuang's Tower 30&32 Connaught Road Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 29 June 2004. SINO TRUTH: Creditors Must Submit Claims by June 21 --------------------------------------------------- Notice is hereby given that the creditors of Sino Truth Resources Limited (In Members' Voluntary Liquidation), which is in Members' Voluntary Liquidation, are required on or before the close of business on 21 June 2004, to send in their names, addresses and particulars of their debts or claims, and the name and address of their solicitors to the Liquidators of the company. In default thereof, they will be deemed to waive all of such debts or claims and the Liquidators will be entitled, seven days after the above date, to distribute any and all surplus assets or funds available or any part thereof to the members. Dated 21 May 2004 Suen Pui Yee Iain Feruson Bruce Liquidators 11th Floor, Prince's Building 10 Chater Road, Central Hong Kong TANG SHU: Issues Bankruptcy Order Notice ---------------------------------------- Notice is hereby given that the Bankruptcy Order against Tang Shu Lun (In Bankruptcy Proceedings) was made on 12 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. TOWRY LAW: Shuts Down International Units ----------------------------------------- Towy Law, the troubled international financial adviser, announced the closure of its Towry Law International (TLI) subsidiaries in the Middle East and Japan, the Standard reported on Friday. ``There have been difficult market conditions and the results were not up to requirement. In the Middle East, because of the current situation and war, our investments have been hit hard. Last year Hong Kong was hit with SARS. Besides, there has been the legacy of problems with some of the external funds we distributed,'' according to Towry Law Group Managing Director John Simmonds. The Securities and Futures Commission (SFC) has been investigating for more than a year whether Towry Law violated the Securities Ordinance and defrauded customers. An SFC refused to comment citing legal reasons. TRUMP VANTAGE: Winding up Hearing Set June 30 --------------------------------------------- Notice is hereby given that a petition for the winding up of Trump Vantage International Limited by the High Court of Hong Kong was on the 10 May 2004 presented to the said Court by Lam Fung Mei of Room B1707, King Lok House, Shan King Estate, Tuen Mun, New Territories, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 30 day of June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 29 June 2004. VICTORIA INTERNATIONAL: Winding up Hearing Set July 7 ----------------------------------------------------- Notice is hereby given that a petition for the winding up of Victoria International Trading Company Limited by the High Court of Hong Kong was on the 12 May 2004 presented to the said Court by 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. The said petition will be heard before the Court at 9:30 a.m. on the 7 July 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. TONG & TSOI Solicitors for the Petitioner, Rom 3402, 34th Floor Bank of America Tower 12 Harcourt Road, Central Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 6 July 2004. V.R. HK ENTERPRISES: Schedules Winding up Hearing ------------------------------------------------- Notice is hereby given that a petition for the winding up of V.R. Hong Kong Enterprises Limited by the High Court of Hong Kong was on the 14 April 2004 presented to the said Court by Chiu May Yuk of Room 1403, Kai Lok House, Kai Yip Estate, Kowloon, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. WING KONG: Schedules Winding Up Hearing --------------------------------------- Notice is hereby given that a petition for the winding up of Wing Kong Restaurant Limited by the High Court of Hong Kong was on the 19 April 2004 presented to the said Court by Cho Man Chu of Room 319, Choi Man House, Ho Man Tin Estate, Kowloon, Hong Kong. The said petition will be heard before the Court at 10 a.m. on the 16 June 2004. Any creditor or contributory of the said company desirous to support or oppose the making of an order on the said petition may appear at the time of hearing by himself or his counsel for that purpose. A copy of the petition will be furnished to any creditor or contributory of the said company requiring the same by the undersigned on payment of the regulated charge for the same. Ms. ADA CHAU MING WAI For Director of Legal Aid 34th Floor, Hopewell Centre 183 Queen's Road East, Wanchai Hong Kong Note: Any person who intends to appear at the hearing of the said petition must serve on or send by post to the above named, notice in writing of his intention so to do. The Notice must state the name and address of the person, or if a firm or his or their Solicitor (if any) and must be served or if posted, must be sent by post in sufficient time to reach the above named not later than six o'clock in the afternoon of the 15 June 2004. WONG LAI: Releases Bankruptcy Order Notice ------------------------------------------ Notice is hereby given that the Bankruptcy Order against Wong Lai Sze (In Bankruptcy Proceedings) was made on 11 May 2004. All debts due to the estate should be paid to its Official Receiver E.T. O'Connell. The Standard announcement is dated 24 May 2004. ================= I N D O N E S I A ================= ANEKA TAMBANG: Seeks Partner For $220M Project ---------------------------------------------- PT Aneka Tambang (Antam) plans to sell non-productive asset to finance its bauxite-mining project in Tayan, West Kalimantan, which has the potential to rake in US$10 million, The Jakarta Post reports, citing Antam president director, Dedi Aditya Soemanegara. Mr. Dedi said after the company's shareholder's meeting on Thursday that Antam had appointed investment bank Citigroup as its advisor to scout and review for alternatives to raise funds for the $220 million project. Other companies in Malaysia are also considered to become a possible partner for the project. The company said that they are looking for long term contracts to buy the products from the project to assure revenues. "There are three companies including us and the share pattern is 40 percent for us, but we're open to new partners. The agreement is scheduled to be completed by the end of this year, but remember that such an agreement is complex because it requires approval from all shareholders," Mr. Dedi said. In the same meeting, Antam's shareholders have agreed to allocate 32 percent of the company's 2003 net profit of Rp38.6 per share in dividends this year. Antam is 65 percent owned by the government and the remainder by the investing public. BANK NEGARA: To Postpone Issuance Of Sub-debt Bonds ---------------------------------------------------- State-controlled Bank Negara Indonesia's plan to issue around US$300 million in sub-debt bonds would likely be postponed on the third quarter of the year because the bank fears that its investors would demand overly high yields, thus raising the borrowing cost, according to The Jakarta Post, citing the bank's president Sigit Pramono. "We may not get the maximum benefit if we issue the bonds based as scheduled in June. The market is just not favorable. We fear that we will have to pay higher rates and costs for the issue," Mr. Sigit said after a meeting with legislators on Thursday. PERTAMINA: Cash Flow Dries Up ----------------------------- PT Pertamina director of finance Alfred Rohimone said that the state energy's cash flow is in critical condition, the company's expenditure is surpassing its income due to its obligation to meet domestic demand with fuel oil bought at higher prices on the international market, according to Asia Pulse. "With a liquidity position below Rp2 trillion (US$215 million), the company is already bleeding," Mr. Rohimone added. According to the report, Pertamina was recently forced to spend Rp 40 billion to buy crude oil at US$35 per barrel. ========= J A P A N ========= KANEBO LIMITED: Shares Down 38.8% Thursday ------------------------------------------ Shares in Kanebo Limited dropped 38.8 percent on Thursday after the Nihon Keizai Shimbun newspaper reported that 99 percent of the Company's equity would be wiped out in return for new finance from the Industrial Revitalization Corporation of Japan (IRCJ) and from some of its 100 creditor banks. Kanebo issued a statement saying a revival plan was still being hammered out, and denying that anything had been decided. Bankers say Kanebo will be forced to sell off some of its businesses, many of which are small. Its pharmaceutical division, for example, has already drawn interest from potential buyers. KANEBO LIMITED: Seeks JPY140B Financial Aid ------------------------------------------- Ailing textile and drug maker Kanebo Limited will ask for a financial support totaling 140 billion yen, Dow Jones reported on Thursday, citing the Yomiuri Shimbun newspaper. The move is the result of rigorous assessment of the company's assets as it cobbled up a recovery plan under the support of the Industrial Revitalization Corporation (IRCJ). The assessment revealed that the Company's debts exceeded its assets by 140 billion yen even after incurring 350 billion yen in profits from the sale of its cosmetic business. Of the 140 billion yen aid, Kanebo will ask for a 100 billion yen debt waiver from the Sumitomo Mitsui Banking Corporation, and for a 40 billion yen debt-equity swap from the bank and IRC. The IRCJ will also buy 10 billion yen of new Kanebo shares, thus gaining control of its management. NIPPON CREDIT: Three Former Execs Goes to Jail ---------------------------------------------- The Tokyo District Court Friday handed suspended prison sentences to three former bank executives of Nippon Credit Bank who covered up losses that caused the bank's collapse, Dow Jones reported on Friday. The Japanese court gave Hiroshi Kubota, Chairman of Nippon Credit Bank, a 16-month prison sentence that was suspended for three years, court spokesman Yukio Higeta said. Kubota violated securities exchange laws by hiding more than 150 billion yen in losses, precipitating the bank's collapse. Two other Nippon Credit executives - Shigeoki Togo, a former President, and Tadao Iwaki, a former Vice President - were each given one-year prison sentences that were also suspended for three years. The defendants won't actually have to spend time in prison unless they commit a crime during the suspension period. Japan declared the lender bankrupt in 1998. The government sold the bank in February 2000 to a consortium led by Japanese Internet investor Softbank, which renamed it Aozora Bank. SOFTBANK CORPORATION: S&P Assigns 'BB-' Rating ---------------------------------------------- Standard & Poor's Ratings Services (S&P) has placed its 'BB-' long-term corporate and senior unsecured bond ratings on Softbank Corporation on CreditWatch with negative implications, following the announcement that the company will purchase Japan Telecom Company. Softbank plans to purchase all common stock of Japan Telecom, which is currently owned by Ripplewood Holdings LLC and other investment funds, on November 16, 2004. The acquisition cost of 340 billion yen includes 164 billion yen in debt that Softbank will assume, and payment of 143.3 billion yen in cash and 32.5 billion yen in Softbank shares. "Softbank's already weak cash flow, which was negative in fiscal 2003, could deteriorate further, given the expected cash outflow from acquisition costs as well as the possible additional financial burden of establishing a framework to produce synergy effects with Japan Telecom," said Standard & Poor's credit analyst Chizuko Satsukawa. Softbank's ratio of total debt to capital could also significantly deteriorate from its level of about 30 percent at March 31, 2004, as a result of the consolidation of assumed debt and the decrease in cash at hand. Although Japan Telecom's equity stood at 418 billion yen at September 30, 2003, subsequent events, including 209 billion yen in bank borrowings and 232 billion yen in dividend payouts, are likely to have weakened Japan Telecom's capital structure. Softbank's total shareholders' equity was 238 billion yen at March 31, 2004. The rating agency will resolve the CreditWatch status after examining in more detail the financial standing of the unlisted Japan Telecom and the effects of the purchase on Softbank's business and financial profiles. The ratings on Softbank could be lowered if the acquisition significantly increases the company's investment burden and leads to a deterioration in its financial profile. ========= K O R E A ========= HANARO TELECOM: Enters Deal With TV Operator Joongang MSO --------------------------------------------------------- Hanaro Telecom Co. will start selling a new service that ties its high-speed Internet and Web-based telephony to cable television services, Yonhap News reported on Thursday. Starting in July, Hanaro will begin offering the "bundle" of services under an alliance with nationwide cable TV operator Joongang MSO, the company said in a statement. Hanaro Telecom Inc. plans to issue up to US$600 million in bonds to strengthen its financial position, according to a report from the TCR-AP, Vol. 7 No. 98. The U.S.-dollar-denominated bonds would probably carry a maturity of five, seven or 10 years. HANBO IRON: Selects INI Steel-Hyundai Group as Preferred Bidder --------------------------------------------------------------- A consortium of INI Steel and Hyundai Hysco was selected Thursday as the preferred bidder to acquire Hanbo Iron & Steel, according to Yonhap News. The consortium was among the seven finalists that included a consortium of POSCO and Dongkuk Steel Mill and an alliance between Japan's Yamato Steel Co. and U.S. investment fund Newcore. The POSCO-Dongkuk Steel Mill consortium was named the reserve bidder. Meanwhile, the JoongAng Daily reported that the takeover price of Hanbo is likely to be set higher than 452 billion won ($384 million). =============== M A L A Y S I A =============== BOUSTEAD HOLDINGS: Lists Additional 1,030,000 Ordinary Shares ------------------------------------------------------------- Boustead Holdings Berhad in a notice submitted to the Bursa Malaysia Securities Berhad on March 27, 2004, announced that the company's additional 1,030,000 new ordinary shares of RM0.50 each will be granted listing and quotation effective 9:00 a.m., Monday, May 31, 2004. FOUNTAIN VIEW: Lists 2,656,640 Ordinary Shares ---------------------------------------------- Fountain View Development Berhad in a notice submitted to the Bursa Malaysia Securities Berhad, announced that the company's additional 2,656,640 new ordinary shares of RM1.00 each will be granted listing and quotation effective 9:00 a.m., Monday, 31 May 2004. These new shares were issued pursuant to Fountain View conversion of RM2,656,640 irredeemable convertible unsecured loan stocks. GLOMAC BERHAD: Lists Additional 10,000 Ordinary Shares ------------------------------------------------------ Glomac Berhad in a notice submitted to Bursia Malaysia Securities Berhad announced that its additional 10,000 new ordinary shares of RM1.00 each will be granted listing and quotation effective 9:00 a.m., Monday, May 31, 2004. HONG LEONG: Releases First Quarterly Report ------------------------------------------- Hong Leong Properties Berhad submits to Bursa Malaysia Securities Berhad its First Quarterly report for the financial period ended March 31, 2004. INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD - 31/03/2004 RM'000 - 31/03/2003 RM'000 - 31/03/2004 RM'000 - 31/03/2003 RM'000 (1) Revenue 91,847 17,976 162,286 71,906 (2) Profit/(loss) before tax 34,620 1,434 39,082 7,418 (3) Profit/(loss) after tax and minority interest 31,248 87 32,164 1,150 (4) Net profit/(loss) for the period 31,248 87 32,164 1,150 (5) Basic earnings/(loss) per shares (sen) 4.46 0.01 4.59 0.16 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END (7) Net tangible assets per share (RM) 1.0600 1.0200 For more information, click http://bankrupt.com/misc/HONGLEONG052704.xls http://bankrupt.com/misc/HONGLEONG52704_2.doc LANKHORST BERHAD: Lists Additional 800,000 Ordinary Shares ---------------------------------------------------------- Lankhorst Berhad in a notice submitted to Bursa Malaysia Securities Berhad announced that its additional 800,000 new ordinary shares of RM1.00 each will be granted listing and quotation with effect from 9:00 a.m., Monday, May 31, 2004. PILECON ENGINEERING: Releases Full Quarterly Report --------------------------------------------------- Pilecon Engineering Berhad submits to Bursa Malaysia Securities Berhad, its full quarterly report for the period ended March 31, 2004. INDIVIDUAL PERIOD CUMULATIVE PERIOD CURRENT YEAR QUARTER PRECEDING YEAR CORRESPONDING QUARTER CURRENT YEAR TO DATE PRECEDING YEAR CORRESPONDING PERIOD - 31/03/2004 RM'000 - 31/03/2003 RM'000 - 31/03/2004 RM'000 - 31/03/2003 RM'000 (1) Revenue 12,017 12,625 12,017 12,625 (2) Profit/(loss) before tax -1,149 1,482 -1,149 1,482 (3) Profit/(loss) after tax and minority interest -1,743 875 -1,743 875 (4) Net profit/(loss) for the period -1,743 875 -1,743 875 (5) Basic earnings/(loss) per shares (sen) -0.44 0.22 -0.44 0.22 (6) Dividend per share (sen) 0.00 0.00 0.00 0.00 AS AT END OF CURRENT QUARTER AS AT PRECEDING FINANCIAL YEAR END (7) Net tangible assets per share (RM) 0.2200 0.2300 For more information, click http://bankrupt.com/misc/PILECONENGINEERING052705.pdf PRINSIPTEK CORPORATION: Lists Additional 57,000 Ordinary Shares --------------------------------------------------------------- Prinsiptek Corporation Berhad in a notice submitted to Bursa Malaysia Securities Berhad announced that its additional 57,000 new ordinary shares of RM0.50 each would be granted listing and quotation with effect from 9:00 a.m., Monday, May 31, 2004. These new shares were issued pursuant to Prinsiptek conversion of RM57,000 nominal value of irredeemable convertible unsecured loan stocks 2003/2006. SELOGA HOLDINGS: Replies To Bursa Malaysia's Query -------------------------------------------------- With reference to Bursa Malaysia Securities Berhad's query letter dated May 27, 2004 on article entitled "Seloga gets Turkish jobs" appearing in The Edge, Financial Daily, page 2 on Thursday, May 27, 2004, the Directors of Seloga wish to clarify that the Company has not secured any project in Turkey. However, after making due and diligent enquiries with all directors and major shareholders, the Company was informed by Timecall Sdn Bhd, a substantial shareholder of the Company that the Turkey project was secured by Tan Sri Halim Saad through his privately held company. The parties are in the initial stage of negotiation to involve Seloga in the Turkey project. As of date, nothing has been confirmed. Timecall further confirmed that the projects in Turkey include the construction of a bridge and housing estate development. Query Letter content: The Exchange refers to the above article appearing in The Edge, Financial Daily, page 2 on Thursday, May 27, 2004, a copy of which is enclosed for your reference. In particular, we would like to draw your attention to the underlined sentences, which are reproduced as: "SELOGA Holdings Bhd....is believed to have secured infrastructure projects worth between RM4 billion and RM5 billion in Turkey." "A source says the projects include the construction of a bridge and housing estate development in Turkey." In accordance with the Exchange's Corporate Disclosure Policy, you are requested to furnish the Exchange with an announcement for public release confirming or denying the above reported article and in particular the underlined sentences after due and diligent enquiry with all the directors, major shareholders and all such other persons reasonably familiar with the matters about which the disclosure is to be made in this respect. In the event you deny the above sentences or any other part of the above article, you are required to set forth facts sufficient to clarify any misleading aspects of the same. In the event you confirm the above sentences or any other part of the above article, you are required to set forth facts sufficient to support the same. Please furnish the Exchange with your reply within one (1) market day from the date hereof. Yours faithfully INDERJIT SINGH Sector Head Issues & Listing Group Regulations CKM ===================== P H I L I P P I N E S ===================== MANILA ELECTRIC: PCCI To Oppose Refund Scheme --------------------------------------------- Business group Philippine Chamber of Commerce and Industry (PCCI) plans to file a petition after Manila Electric Co. (Meralco) submits its refund proposal to the Energy Regulatory Commission, BusinessWorld reports. The power utility firm plans to refund its big industrial customers through the issuance of 63-month zero-coupon notes, which PCCI opposed because they believe that it would only drain Meralco's finances, PCCI executive vice president Donald G. Dee said. "What we want is for Meralco to emerge out of this as a stronger power distribution utility," Mr. Dee told reporters. Meralco has spent a total of PhP1.7 billion for Phase 1 of the refund, covering consumers of up to 100 kilowatt-hours of electricity a month. Phase 2 of the refund was completed last December costing PhP4.6 billion, covering consumers of up to 300 kwh. This year it expects to complete Phase 3 of the refund covering 301 kwh to 1,600 kwh segment. METRO PACIFIC: Issues News Article Clarification ------------------------------------------------ Metro Pacific Corp. disclosed to the Philippine Stock Exchange with reference to the news article entitled "Metro Pacific may undergo major corporate restructuring" published in the May 27, 2004 issue of The Philippine Star (Internet Edition). The article reported, "a major corporate restructuring to enhance the value of Metro Pacific Corp. (MPC) is being considered. Such restructuring which may include spinning off and listing money-making subsidiary Landco Pacific Corp. entirely different entity parallel to MPC to raise funds for several Landco real estate development projects, and spinning off beleaguered unit Negros Navigation Co. (Nenaco). MPC President and CEO Jose Ma. Lim said that in order to finance ongoing projects of high-end property development unit Landco including the 350 hectare Costa Madera project in Batangas, MPC management is considering either spinning off Landco and undertaking an initial public offering (IPO) in order to raise funds or to create an entirely separate entity that will be parallel and not under MPC to undertake the fund-raising activity. MPC director Manuel V. Pangilinan said the plan also includes bringing down MPC's debt levels from the present PhP4 billion down to PhP500 million by year-end. 'Metro Pacific is not in a dead state. The challenge for us is to prove that we can turn around the company,' Mr. Pangilinan managing director and chief executive officer of HongKong based First Pacific Co. Ltd. which has an 80.6 percent interest in MPC said. The corporate restructuring of MPC, Mr. Pangilinan explained, will take advantage of the company's property assets in order to develop cash flows. 'We are confident that MPC will be in a better position next year,' he stressed. Mr. Lim said the reduction of the debt level to PhP500 million by yearend will be accomplished via a dacion en pago (payment in kind) to MPC creditors using shares in Bonifacio Land Corp. According to pay off the former's debts. Another mode to reduce debts is by offering units in MPC-owned Pacific Plaza Towers to creditors holding promissory notes." Metro Pacific Corp. in its letter to the Exchange dated May 28, 2004 stated that: The company confirms the content of the article. Metro Pacific is indeed engaged in a substantive and serious discussion regarding possible avenues to accelerate its potential to create and enhance value. However, these discussions are still at an early stage and have not advanced to a point requiring approval by the Board of Directors. Metro Pacific will make appropriate disclosures as material events in this regard may warrant." NEGROS NAVIGATION: Issues Clarification To News Article ------------------------------------------------------- Negros Navigation Co. Inc. (Nenaco) disclosed to the Philippine Stock Exchange clarification to the news article entitled, "Nenaco gets two creditors in rehab plan" published in the May 27, 2004 issue of the Manila Times. The article reported, "Two creditor banks have agreed to Negros Navigation Co.'s 10-year rehabilitation plan, a positive indication that the rehabilitation receiver's decision on August 7 would be favorable to the company. At the shipping firm's annual stockholders meeting in Makati on Wednesday, Nenaco's receiver Sulficio O. Tagud Jr. said the Development Bank of the Philippines and the Export and Industry Bank have indicated support on the rehabilitation plan when he met with bank representatives earlier this month." Nenaco in its letter to the exchange dated May 28, 2004 clarified that: The company is not in the position to confirm the above- mentioned newspaper report because the same quotes our Rehabilitation Receiver, Mr. Sulficio Tagud Jr. as regards his meetings with the representatives of the Development Bank of the Philippines and Export and Industry Bank which the company did not attend. Further, in other publications, particularly the May 27, 2004 issues of The Philippine Daily Inquirer and BusinessWorld, Mr. Tagud was quoted in saying that the said banks were merely 'indicated support for the company's rehabilitation proposal' and that 'no agreements have been signed yet on the rehabilitation." ================= S I N G A P O R E ================= CYCAD PTE: Issues Winding Up Order Notice ----------------------------------------- Cycad (Singapore) Pte Ltd. issued a notice of winding up order made on the 7 May 2004. Name and Address of Liquidator: Mr. Long Tun c/o JM Partners 10 Anson Road #11-01 International Plaza Singapore 079903. Messrs A.ANG, SEAH & HOE Solicitors for the Petitioner. L&M GROUP: Answers SGX Query --------------------------- Further to the announcement made by L & M Group Investments Ltd on 21 May 2004, the Singapore Exchange Limited has made several queries for which the Board wishes to reply as follows: (a) Question Paragraphs 1(a), 1(c) and 6 of Appendix 7.2 require the Company to disclose a comparative statement for the corresponding period of the immediately preceding financial year. We note that the corresponding comparative period presented for the income Statement, the cash flow statement and EPS table was for 6 months ended 30 June 2003 instead of the corresponding comparative period of 6 months from 1 October to 31 March 2003, the comparative period for the current reporting period. To disclose the information for the comparative corresponding periods as required. Answer On the disclosure of comparative statement for the corresponding period of the immediately preceding financial year, the Board wishes to refer to the announcement made on 4th September 2003 on the change in financial year-end from 31st day of December to the 30th day of September of each year with effect from 30th September 2003. As a result of this change the Company has applied the most appropriate 6 months comparative period, which had been previously announced i.e. the 6 months period ended 30th June 2003. (b) Question The SGX noted that trade receivables rose $5.1 million to $38.1 million from $33.0 million as at 30 June 2003 despite a fall in revenue of $12.7 million. Please disclose the reasons for this and advise whether the Company is aware of any factors which may affect the collectibility of these debts. To advise whether sufficient provision for doubtful debts has been made in the Company's 1H04 Results. Answer On the increase of $5.1 million of trade receivables to $38 million, the breakdown is as follows: 31 March 2004 30 June 2003 Increase S$ S$ S$ Current receivables 25,367,000 21,964,000 3,403,000 Contract retention 12,755,000 11,052,000 1,703,000 Total Trade receivables 38,122,000 33,016,000 5,106,000 Geotechnic Division had secured more jobs as sub-contractors rather than as the main contractor. As sub-contractors, payments typically take a longer time to be received because the main contractor will have to finalize the job with the employer before making payments to the sub-contractor. In addition these sub-contracts are of longer contract duration. The management of the respective subsidiaries has reviewed the trade receivables and is not aware of any factors, which may affect the collectibility of these debts and are of the opinion that as at 31st March 2004 adequate provisions were made. (c) Question The Company reported an increased operating loss of S$7.9 million to $13.1 million. In addition, we note that the Company continued to report net liabilities (even after adjusting for the completion debt restructuring announced on 15 April 2004) and negative shareholders' funds. Please advise the Directors' views on the Company's ability to operate as a going concern and provide the basis for their views. Answer The Company will address its going concern in a separate announcement upon completion of negotiations with the bank. (d) Question The Company stated in its prospects statement in paragraph 10 of its 3Q03 Results, that, inter alia, "The Group's order book as at 30th September 2003 was S$196 million of which S$101 million from Geotechnic Division and S$95 million from the Structural Systems Division. The projects that will contribute to FY2004 revenue will be MRT Circle Line C823, Fusionpolis, Visioncrest, Law Enforcement Institute and Sewer Rehab Phase 1 Contract 7 from Geotechnic Division and Bartley Road, Kim Chuan Depot and HDB Term Contract Batch 4 from Structural Systems Division". As the Company had previously made statements on its prospects, to disclose the reason why the Company stated "not applicable" in paragraph 9 of its 1H04 Results, which requires the Company to disclose whether there were any variance between its prospects statement and actual results. Accordingly, please disclose whether there is any variance. Answer With reference to paragraph 10 of the announcement for the financial period ended 30th September 2003 and paragraph 9 for the half-year ended 31st March 2004 the Board wishes to say that there was no forecast made by the Company on its prospects in the announcement made in respect of financial period ended 30th September 2003. There is therefore no applicable variance to be announced in paragraph 9 for the half-year ended 31st March 2004. The Company wishes to announce as additional information the Group's Order book as follows: Order Book Geotechnic Structural Total Division Systems S$ S$ Division S$ Balance as at 30 September 2003 101 mln 95 mln 196 mln Recognised in the 1st half (contribution to FY2004 revenue) (47 mln) (22 mln) (69 mln) New Contracts Secured 27 mln 4 mln 31 mln Disposal of Subsidiary L&M Pipeline Services Pte Ltd (18 mln) - (18 mln) Balance as at 31 March 2004 63 mln 77 mln 140 mln By Order of the Board Attlee Hue Company Secretary Submitted by Attlee Hue, Company Secretary on 27/05/2004 to the SGX MEDIASTREAM LIMITED: E&Y Audits 2003 Financial Statement -------------------------------------------------------- The Board of Directors of MediaStream Limited wishes to announce that the Auditors of the Company has stated an audit qualification in the Auditors Report in the accounts of the Company and the Group for the year ended 31 December 2003. For a copy of the full text of the Auditors' report, go to http://bankrupt.com/misc/tcrap_mediastream0531.pdf By Order of the Board George Thia Peng Heok Executive Chairman MediaStream Limited Submitted by George Thia Peng Heok, Executive Chairman on 27/05/2004 to the SGX. SEATOWN CORPORATION: Court OK's Scheme of Arrangement ----------------------------------------------------- Further to the announcement issued by the Board of Directors of Seatown Corporation Ltd on 17 March 2004, the Board of Directors of Seatown Corporation wish to further announce that the Scheme of Arrangement between Seatown Construction Pte Ltd and its creditors was sanctioned by the High Court of Singapore on 14 May 2004. For a copy of the scheme of arrangement dated 27 February 2004, go to http://bankrupt.com/misc/tcrap_seatownscheme0531.pdf. =============== T H A I L A N D =============== THAI PETROCHEMICAL: To Discuss Restructuring With Minister ---------------------------------------------------------- Prachai Leophairatana, Thai Petrochemical Industry PCL's (TPI) Chief Executive Officer will soon present the details of his debt restructuring plan to Minister of Finance, Somkid Jatusripitak, Businessday reports. "I will soon hold discussions with Mr. Somkid as he is regarded as the real administrator of TPI's plan. Personally, I don't agree with the revised debt-restructuring plan presented to Mr. Somkid recently by a debt restructuring team. So debtors will also present their own plan to Somkid for consideration," said Mr. Prachai. Mr. Prachai claims that the proposal of the debtors in the debt-restructuring plan will benefit all parties and most likely gain the approval of Mr. Somkid. "As debtors, we oppose the debt-restructuring plan as proposed by TPI's creditor committee. But we want to purchase the shares back from creditors. "Should the creditor committee agree to the plan, then it amounts to a win-win resolution for all parties concerned," Mr. Prachai added. Mr. Prachai's debt restructuring includes a proposal to decrease TPI's debt to US$500 million from $2.64 billion, and the total amount would then be converted into 5.85 billion shares, the report says. The plan further includes a proposal to pay an interest rate of 3.50 percent a year for baht-based debts, while interest rates for foreign debts would be based on London Interbank Offered Rate (LIBOR+) of one percent. According to the report the plan also allows International Finance Corp to exercise their rights by converting debts into convertible debentures with an interest rate of 6 percent annually during the specified debt repayment period of four years. Otherwise, IFC could opt to convert debts at 50 baht apiece, said Mr. Prachai. Thai Petrochemical is restructuring $2.6 billion of debts with the Ministry of Finance as acting plan administrator ********* 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, Faith Marie Bacatan, 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. 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