TCRAP_Public/980304.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      

      Wednesday, March 4, 1998, Vol. 1, No. 12

                    Headlines

C H I N A

AGRICULTURAL BANK OF CHINA: Capital Infusion
BANK OF CHINA: Capital Infusion
CHINA CONSTRUCTION BANK: Capital Infusion
INDUSTRIAL AND COMMERCIAL BANK: Capital Infusion


H O N G   K O N G  

DAIDO CONCRETE: Six Month Operating Results


I N D O N E S I A

UNITED TRACTORS: Denies Plan to Sell Shares to Komatsu


J A P A N  

YASUDA TRUST: Issues Shares to Write Off Bad Loans


K O R E A

DAELIM INDUSTRIAL CO.: Disposes of Stake in LG-Caltex
DAEWOO: Target of Foreign Investors
HALLA CONSTRUCTION: Bankruptcy Due to IMF Measures
KUKDONG CONSTRUCTION: Bankruptcy Due to IMF Measures
NASAN CONSTRUCTION: Bankruptcy Due to IMF Measures
SAMSUNG: Target of Foreign Investors


M A L A Y S I A

ABRAR FINANCE: Requires Capital Injections
BANK BUMIPUTRA BHD.: Requires Capital Injections
CEMPAKA FINANCE: Requires Capital Injections
PHILEOALLIED FINANCE: Absorbed by Affiliate Company
SIME BANK BHD.: Requires Capital Injections


P H I L I P P I N E S

NATIONAL POWER CORPORATION: Receives World Bank Loan
PHILIPPINE AIRLINES: Files Retrenchment Plan with DoLE


S I N G A P O R E



T H A I L A N D



=========
C H I N A
=========

INDUSTRIAL AND COMMERCIAL BANK: Capital Infusion
------------------------------------------------
The Industrial and Commercial Bank of China, one of China's four biggest
state
banks, will receive a fresh capital infusion of 270 billion yuan (32.5
billion
dollars) from the issuing of special treasury bonds aimed at shielding them
from financial risks, the official China Daily said Monday.

The Agricultural Bank of China, Bank of China and China Construction Bank
will
also receive the capital boost.

The treasury bond plan, proposed by the finance ministry, was approved
Saturday
by the standing committee of the National People's Congress NPC),
China's parliament.

The issuance of the treasury bonds was "necessary for improving the
credibility
of state commercial banks, strengthening their competitiveness in the
international financial market, enhancing people's confidence in state banks
and avoiding financial risks," the China Daily quoted the NPC as saying.

The plan would allow the capital adequacy ratio of the bank to reach the
international requirement of eight percent even though it is in danger of
insolvency due to the numerous bad and doubtful debts incurred from non-
performing state enterprises.

Analysts said the amount to be injected into the four banks was above most
expectations and showed that the government seems to have shifted its reform
priority from state enterprises to the banking sector.
(Agence France-Presse 2-Mar-1998)


AGRICULTURAL BANK OF CHINA: Capital Infusion
--------------------------------------------
The Agricultural Bank of China, one of China's four biggest state banks, will
receive a fresh capital infusion of 270 billion yuan (32.5 billion dollars)
from the issuing of special treasury bonds aimed at shielding them from
financial risks, the official China Daily said Monday.

The Industrial and Commercial Bank of China,  Bank of China and China
Construction Bank will also receive the capital boost.

The treasury bond plan, proposed by the finance ministry, was approved
Saturday
by the standing committee of the National People's Congress NPC),
China's parliament.

The issuance of the treasury bonds was "necessary for improving the
credibility
of state commercial banks, strengthening their competitiveness in the
international financial market, enhancing people's confidence in state banks
and avoiding financial risks," the China Daily quoted the NPC as saying.

The plan would allow the capital adequacy ratio of the bank to reach the
international requirement of eight percent even though it is in danger of
insolvency due to the numerous bad and doubtful debts incurred from non-
performing state enterprises.

Analysts said the amount to be injected into the four banks was above most
expectations and showed that the government seems to have shifted its reform
priority from state enterprises to the banking sector.
(Agence France-Presse 2-Mar-1998)


BANK OF CHINA: Capital Infusion
-------------------------------
Bank of China, one of China's four biggest state banks, will receive a fresh
capital infusion of 270 billion yuan (32.5 billion dollars) from the
issuing of
special treasury bonds aimed at shielding them from financial risks, the
official China Daily said Monday.

The Agricultural Bank of China, The Industrial and Commercial Bank of China
and
China Construction Bank will also receive the capital boost.

The treasury bond plan, proposed by the finance ministry, was approved
Saturday
by the standing committee of the National People's Congress NPC),
China's parliament.

The issuance of the treasury bonds was "necessary for improving the
credibility
of state commercial banks, strengthening their competitiveness in the
international financial market, enhancing people's confidence in state banks
and avoiding financial risks," the China Daily quoted the NPC as saying.

The plan would allow the capital adequacy ratio of the bank to reach the
international requirement of eight percent even though it is in danger of
insolvency due to the numerous bad and doubtful debts incurred from non-
performing state enterprises.

Analysts said the amount to be injected into the four banks was above most
expectations and showed that the government seems to have shifted its reform
priority from state enterprises to the banking sector.
(Agence France-Presse 2-Mar-1998)


CHINA CONSTRUCTION BANK: Capital Infusion
-----------------------------------------
China Construction Bank, one of China's four biggest state banks, will
receive
a fresh capital infusion of 270 billion yuan (32.5 billion dollars) from the
issuing of special treasury bonds aimed at shielding them from financial
risks,
the official China Daily said Monday.

The Agricultural Bank of China, Bank of China and The Industrial and
Commercial
Bank of China will also receive the capital boost.

The treasury bond plan, proposed by the finance ministry, was approved
Saturday
by the standing committee of the National People's Congress NPC),
China's parliament.

The issuance of the treasury bonds was "necessary for improving the
credibility
of state commercial banks, strengthening their competitiveness in the
international financial market, enhancing people's confidence in state banks
and avoiding financial risks," the China Daily quoted the NPC as saying.

The plan would allow the capital adequacy ratio of the bank to reach the
international requirement of eight percent even though it is in danger of
insolvency due to the numerous bad and doubtful debts incurred from non-
performing state enterprises.

Analysts said the amount to be injected into the four banks was above most
expectations and showed that the government seems to have shifted its reform
priority from state enterprises to the banking sector.
(Agence France-Presse 2-Mar-1998)


=================
H O N G   K O N G  
=================

BILLION INTERNATIONAL: Financial Overview
-----------------------------------------
The Group is engaged principally in the manufacturing and trading of
electronic products in the People's Republic of China (including Hong
Kong). Set out below is a summary of the audited consolidated profit and
loss account of the Group for the year ended 31st Mar, 1997 and the
unaudited management accounts of the Group for the six months ended 30th
September, 1997 and the ten months ended 31st January, 1998:

                   Year ended       Six months ended        Ten months ended
                   31st Mar,1997  30th September, 1997    31st January, 1998
                   HK$'000          HK$'000                 HK$'000
                   (audited)        (unaudited)             (unaudited)

    Turnover        162,405         71,384                  110,602

    Profit/(Loss)   1,117           1,681                   (10,724 )
    before taxation
    Taxation        -               -                       10

    Profit/(Loss)   1,117           1,681                   (10,734 )
    before minority interests
    Minority interests(178  )       (160    )               (160    )


    Profit/(Loss)   1,295           1,841                   (10,574 )
    attributable to shareholders

    Note:   Figures for the ten months ended 31st January, 1998 does not
    include the share of results of associated companies which in the year
    ended 31st Mar, 1997 and the period ended 30th September, 1997, amounted
    to a loss of approximately HK$2.2 million and a profit of approximately
    HK$230,000 respectively. (SEHK 2-Mar-1998)


BILLION INTERNATIONAL: Announces Heavy Losses
---------------------------------------------
Billion International Holdings Limited announced Friday -- in connection
with a
request by the Company that the SEHK lift the halt requested earlier this
month
on trading in the Company's stock -- that based on the unaudited management
accounts of the Company, a loss attributable to shareholders amounted to
approximately HK$10.6 million for the ten months ended 31st January, 1998,
and
the Company had unaudited consolidated net assets of approximately HK$109.4
million as at 31st January, 1998, representing a net asset value of HK$0.08
per
share:

    Based on the current financial resources of the Company, taking into
    account the net proceeds of the Subscription and the Financial Facilities
    (as defined below), the Directors are of the opinion that the Company will
    have sufficient working capital for its present requirements. Shareholders
    and investors dealing in the shares of the Company should exercise extreme
    caution and should beware that the financial position of the Company may
    deteriorate if the proceeds of the Financial Facilities are not obtained
    or completion of the Subscription do not take place, in which case the
    Company will not have sufficient working capital for its present
    requirements.

Trading in the Shares was suspended with effect from 10:00 a.m. on 10th
    February, 1998. The Company has applied to the Stock Exchange for
    resumption of trading in the Shares with effect from 10:00 a.m. on Friday,
    27th February, 1998.

    Shareholders and investors dealing in the shares of the Company should
    exercise extreme caution and should beware that the financial position of
    the Company may deteriorate if the proceeds of the Financial Facilities
    are not obtained or completion of the Subscription do not take place, in
    which case the Company will not have sufficient working capital for its
    present requirements. The Company will provide regular updates on
    significant developments on the Financial Facilities and the financial
    position of the Group.

    By Order of the Board

    Li Chi Hung, Francis
    Vice-Chairman

    Hong Kong, 26th February, 1998 (SEHK 2-Mar-1998)


DAIDO CONCRETE: Six Month Operating Results
-------------------------------------------
Daido Concrete (H.K.) Limited Six Month Operating Results announced on
27/2/98:

                                                                Last
                                               Current          Corresponding
                                               Period           Period
                                               from 1/5/97      from 1/5/96
                                               to 31/10/97      to 31/10/96
                                               (HK$'000)        (HK$'000)
    Turnover/Interest Income                 : 93,070           956,352
    Profit-Continuing Operations
        - Operating Profit/(Loss)            : (44,640)         (28,644)
        - Exceptional Items                  : (4,838)          -
        - Discontinued Operations            : -                -
    Total Operating Profit/(Loss)            : (49,478)         (28,644)
    Share of Profit/(Loss) of
      Associated Companies                   : -                (1,278)
    Profit/(Loss) after Tax & MI             : (46,641)         (28,288)
    % Change over Last Period                : N/A
    EPS/(LPS)-Basic                          : (31.64 cents)    (19.19 cents)
             -Fully diluted                  : NIL              NIL
    Extraordinary (ETD) Gain/(Loss)          : NIL              NIL
    Profit/(Loss) after ETD Items            : (46,641)         (28,288)
    Interim Dividend per Share               : NIL              NIL
    (Specify if with other options)          : NIL              NIL
    B/C Dates for Interim Dividend           : N/A
    Payable Date                             : N/A
    B/C Dates for (-) General Meeting        : N/A
    Other Distribution for Current Period    : N/A
    B/C Dates for Other Distribution         : N/A

    Remark:

    Exceptional Items
                                               1997
                                               HK$'000
    Re-structuring costs                       (4,838)


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

UNITED TRACTORS: Denies Plan to Sell Shares to Komatsu
------------------------------------------------------
JAKARTA, Mar 3 Asia Pulse - The United Tractors (UT)management has declared
that the company still does not have any plan yet to sell 30 per cent of its
shares to Komatsu Forklift Ltd. of Japan, as published by mass media recently.
The Neraca daily had reported that Komatsu Forklift would buy United Tractors
shares worth US$75 million.

"So far, the UT management has not held any discussion or negotiation with
Komatsu Forklift on selling the company shares," said the UT corporate
secretary, Nancy Ginting Senduk. She also denied that UT would release all
its
shares in PT Parnapersana Nusantara to obtain fresh fund.

"UT has just planned to sell 30 of its 99.99 per cent shares to an
affiliate of
an investor," Mrs. Senduk explained. She admitted that there had been a
decline
of 9 per cent in the Komatsu equipment market from 2,120 units in 1996 to
1,823
units in 1997.

"It is not true there was a 40 per cent decline," Nancy said when Neraca
asked
her about it. The equipment distributor can currently only rely on mining
business. UT is also attempting to increase its exports which grew rapidly in
1995 to reach US$48.1 million, an increase of 146 per cent compared with the
previous year. (Asia Pulse 3-Mar-1998)


=========
J A P A N  
=========

YASUDA TRUST: Issues Shares to Write Off Bad Loans
--------------------------------------------------
Yasuda Trust and Banking Co. Ltd., struggling under massive non-performing
loans, said last month it would issue 100 billion yen (806 million dollars)
of
new shares, with Fuji Bank taking half to become its top shareholder. Yasuda
said it would use some of the money to write off its bad loans and appointed
Fuji Bank vice president Kazuhiko Kasai as chairman.

Both banks are members of the Fuyo business group, to which the failed
Yamaichi
Securities Co. Ltd. belonged.
(Agence France-Presse 2-Mar-1998)                        


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

DAELIM INDUSTRIAL CO.: Disposes of Stake in LG-Caltex
-----------------------------------------------------
South Korea's Daelim Industrial Co. said Tuesday it made a decision to
dispose
its stake in LG-Caltex Oil Corp. as part of efforts to restructure itself.
Dalim, which holds a 20-percent stake in the joint venture oil firm, plans to
put up a notice for the deal to the Korea Stock Exchange. According to a
Daelim
offficial, the company is discussing corporations and institutions interested
in bidding on the Korean oil refinery. Details on the quantum of its stock
offering and bidders were not immediately available. (Asia Pulse 3-Mar-1998)


DAEWOO: Target of Foreign Investors
-----------------------------------
Daewoo business group looms as a main buying target of foreigners playing the
Korean stock market, especially since the stock ownership ceiling for
foreigners expanded to 50 percent last December 11, according to the Korea
Stock Exchange. The number of Daewoo shares bought by foreign investors
rose to
110.59 million as of Feb. 28 from 72.1 million on Dec. 11.
(Asia Pulse 2-Mar-1998)


HALLA CONSTRUCTION: Bankruptcy Due to IMF Measures
--------------------------------------------------
The number of construction firms going under since the IMF austerity measures
have been imposed is up four times. Since the IMF austerity measures were
imposed, eight construction firms among the 100 largest builders in the
country have gone out of business, including Kukdong Construction, Nasan
Construction and Halla Construction.

The Construction and Transportation Ministry said Monday a total of 933
construction firms around the country went belly up during the three month
period from December, in contrast to only 233 between December, 1996, and
February last year. A detailed account shows that 193 general builders have
gone bankrupt, while 740 specialized construction firms declared insolvency,
compared to 185 general builders and 48 specialized firms during the same
period last year.

Industry sources have attributed the situation to financial troubles that
most
of these firms have experienced brought on by the slump in construction,
adding
that by nature construction firms have weak financials because they had been
dependent on merchant banks for short-term funds. Their debt ratio stands at
480 percent, compared to 320 percent for manufacturers, and had been
relying on
merchant banks for some 63 percent of their funds against 52 percent
for manufacturers.

The construction industry's woes are likely to persist for some time to come
due to reductions in social overhead capital projects, private investment,
and
the general downswing in the economy.

The ministry estimated that investment in construction is likely to shrink
by 7
percent, with housing construction down to 500,000 homes around the
country, a
reduction of about 100,000 from last year. (Asia Pulse 3-Mar-1998)


KUKDONG CONSTRUCTION: Bankruptcy Due to IMF Measures
----------------------------------------------------
The number of construction firms going under since the IMF austerity measures
have been imposed is up four times. Since the IMF austerity measures were
imposed, eight construction firms among the 100 largest builders in the
country have gone out of business, including Kukdong Construction, Nasan
Construction and Halla Construction.

The Construction and Transportation Ministry said Monday a total of 933
construction firms around the country went belly up during the three month
period from December, in contrast to only 233 between December, 1996, and
February last year. A detailed account shows that 193 general builders have
gone bankrupt, while 740 specialized construction firms declared insolvency,
compared to 185 general builders and 48 specialized firms during the same
period last year.

Industry sources have attributed the situation to financial troubles that
most
of these firms have experienced brought on by the slump in construction,
adding
that by nature construction firms have weak financials because they had been
dependent on merchant banks for short-term funds. Their debt ratio stands at
480 percent, compared to 320 percent for manufacturers, and had been
relying on
merchant banks for some 63 percent of their funds against 52 percent
for manufacturers.

The construction industry's woes are likely to persist for some time to come
due to reductions in social overhead capital projects, private investment,
and
the general downswing in the economy.

The ministry estimated that investment in construction is likely to shrink
by 7
percent, with housing construction down to 500,000 homes around the
country, a
reduction of about 100,000 from last year. (Asia Pulse 3-Mar-1998)


NASAN CONSTRUCTION: Bankruptcy Due to IMF Measures
--------------------------------------------------
The number of construction firms going under since the IMF austerity measures
have been imposed is up four times. Since the IMF austerity measures were
imposed, eight construction firms among the 100 largest builders in the
country have gone out of business, including Kukdong Construction, Nasan
Construction and Halla Construction.

The Construction and Transportation Ministry said Monday a total of 933
construction firms around the country went belly up during the three month
period from December, in contrast to only 233 between December, 1996, and
February last year. A detailed account shows that 193 general builders have
gone bankrupt, while 740 specialized construction firms declared insolvency,
compared to 185 general builders and 48 specialized firms during the same
period last year.

Industry sources have attributed the situation to financial troubles that
most
of these firms have experienced brought on by the slump in construction,
adding
that by nature construction firms have weak financials because they had been
dependent on merchant banks for short-term funds. Their debt ratio stands at
480 percent, compared to 320 percent for manufacturers, and had been
relying on
merchant banks for some 63 percent of their funds against 52 percent
for manufacturers.

The construction industry's woes are likely to persist for some time to come
due to reductions in social overhead capital projects, private investment,
and
the general downswing in the economy.

The ministry estimated that investment in construction is likely to shrink
by 7
percent, with housing construction down to 500,000 homes around the
country, a
reduction of about 100,000 from last year. (Asia Pulse 3-Mar-1998)


SAMSUNG: Target of Foreign Investors
-----------------------------------
Samsung business group looms as a main buying target of foreigners playing
the
Korean stock market, especially since the stock ownership ceiling for
foreigners expanded to 50 percent last December 11, according to the Korea
Stock Exchange. Samsung shares rose to 81.29 million from 49.85 million.
(Asia Pulse 2-Mar-1998)


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

ABRAR FINANCE: Requires Capital Injections
------------------------------------------
Malaysia's Bank Bumiputra Bhd. and Sime Bank Bhd., along with two financial
institutions, are in financial difficulties and need capital injections, the
central bank said Tuesday.

The finance companies -- Abrar Finance and Cempaka Finance, were also having
problems and may need a capital injection of seven million and 26 million
ringgit respectively, he added. (Agence France-Presse 3-Mar-1998)


BANK BUMIPUTRA BHD.: Requires Capital Injections
------------------------------------------------
Malaysia's Bank Bumiputra Bhd. and Sime Bank Bhd., along with two financial
institutions, are in financial difficulties and need capital injections, the
central bank said Tuesday.

Bank Bumiputra -- the country's second largest bank -- was also facing
financial troubles and may need a recapitalisation of 750 million ringgit
which
the government would provide. (Agence France-Presse 3-Mar-1998)


CEMPAKA FINANCE: Requires Capital Injections
--------------------------------------------
Malaysia's Bank Bumiputra Bhd. and Sime Bank Bhd., along with two financial
institutions, are in financial difficulties and need capital injections, the
central bank said Tuesday.

The finance companies -- Abrar Finance and Cempaka Finance, were also having
problems and may need a capital injection of seven million and 26 million
ringgit respectively, he added. (Agence France-Presse 3-Mar-1998)


PHILEOALLIED FINANCE: Absorbed by Affiliate Company
---------------------------------------------------
PhileoAllied Bank (Malaysia) Bhd has announced it will acquire the assets and
liabilities of its sister company, PhileoAllied Finance, and integrate them
into its books and operations. Under the terms of acquisition, all the assets
and liabilities, including the finance business of PhileoAllied Finance, will
be transformed and taken over by PhileoAllied Bank pursuant to a Vesting
Order
under Section 50(1) of the Banking and Financial Institutions Act 1989
(Bafia),
it said in a statement. (The Star Online 2-Mar-1998)


SIME BANK BHD.: Requires Capital Injections
-------------------------------------------
Malaysia's Bank Bumiputra Bhd. and Sime Bank Bhd., along with two financial
institutions, are in financial difficulties and need capital injections, the
central bank said Tuesday. Sime Bank, a unit of the country's top
conglomerate
Sime Darby Bhd., suffered a pre-tax loss of 1.57 billion ringgit (436 million
ringgit) for the half-year to December, Bank Negara Malaysia governor Ahmad
Mohd Don said.

Speaking at a hastily-arranged news conference, Ahmad said Sime Bank's losses
arose from the need to make provisions totalling 1.8 billion ringgit to cater
for bad and doubtful assets by its regional operations and stockbroking
activities.

The losses reduced the bank's net shareholders' funds to 368 million ringgit
and capital base to 698 million ringgit as at the end of 1997 while its risk
weighted capital adequacy ratio fell to 2.9 percent against the minimum
requirement of eight percent, he said. But Ahmad stressed that Sime Bank was
"not insolvent, it only needs to be recapitalised."

"Sime Bank will need an additional minimum capital injection of 1.2 billion
ringgit," he said. "Bank Negara will facilitate merger negotiations with
institutions with the necessary financial capacity." In the interim period,
the
existing board of directors and management would be responsible for the
bank's
operations.

Ahmad said Sime Bank has a positive net worth of 368 million ringgit or net
tangible assets of 74 sen a share but this has not taken into account
potential
gains from the divestment of its investment in subsidiaries. He said all
deposits and interests placed in Sime Bank were fully guaranteed by the
Malaysian government, including inter-bank deposits.

Earlier, Finance Minister Anwar Ibrahim reportedly said Sime Bank was
engaged in merger negotiations with top brokerage Rashid Hussain Bhd. "They
are
finalising it and we will be hearing about this from Bank Negara today," he
was
cited as saying by Bernama news agency. (Agence France-Presse 3-Mar-1998)



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

NATIONAL POWER CORPORATION: Receives World Bank Loan
----------------------------------------------------
The World Bank will likely approve a US$50-million loan to the National Power
Corp. (Napocor) to help finance the power firm's proposed three-billion
Philippine peso (PhP) credit package for electric utilities planning to take
over the state firm's subtransmission assets. An aide memoire from a World
Bank
(WB) mission said the institution has "agreed to investigate the
appropriateness of using various bank lending instruments" to support
Napocor's
iniatitive.

The WB mission, which was in Manila for a 10-day review visit last February,
also requested Napocor to provide a more detailed financial and technical
evaluation of the scheme. Napocor president Guido Alfredo Delgaod explained
that the proposed PhP3-billion credit package will give utilities and
electric
cooperatives the "financial leverage" to buy Napocor's subtransmission
assets.
Napocor has been eager to dispose of its sub-transmission functions to
initially pave the way for the firm's privatization. The proposed
restructuring
of the country's power industry and Napocor's privatization program require
the
firm to spin off its transmission and generation operations into two separate
firms. (BusinessWorld 2-Mar-1998)


PHILIPPINE AIRLINES: Files Retrenchment Plan with DoLE
------------------------------------------------------
The Philippines' official flag carrier filed a notice last Friday with the
Department of Labor and Employment (DoLE) that it was implementing a
retrenchment program affecting all regular and contractual employees in both
its international and domestic operations.

In its notice, PAL said it was laying-off more than 100 administrative and
managerial staff, effective April 1. This brings to at least 500 the number
of
employees retrenched by the company since the third quarter of 1997. More
than
150 personnel with ranks of vice-presidents and managers were laid-off last
year.

In a letter to the DoLE, PAL senior assistant vice-president and officer-in-
charge of human resources Marie Anne del Rosario said the company was
forced to
retrench a significant number of its employees due to "heavy losses it has
continuously suffered over the years," further aggravated by the Philippine
peso (PhP) depreciation and the current slump in air travel.

Ms. del Rosario reported that the airline incurred a net loss of PhP4.7
billion
for the first nine months ending December 1997. She also pointed out the
airline had been consistently losing in recent years. It had already posted a
net loss of PhP2.5 billion for the fiscal year 1996 to 1997 and hP2.18
billion
for the fiscal year 1995 to 1996. Its fiscal year starts in April.
(BusinessWorld 2-Mar-1998)


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



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



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
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