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       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, June 22, 1998, Vol. 1, No. 85

                           Headlines


C H I N A   &   H O N G   K O N G

FIRST PACIFIC: First Pacific coy on taking noodle stake
HANDWALES CO.: Companies Winding-up
INDOFOOD: First Pacific eyes stake in Salim firm
JARDINE FLEMING: Notice to Creditors in Voluntary Winding-Up
LAI SUN: Sells Vietnam resort stake

OSCAR FURNITURE: Winding up notice
TAK WING: Discloses Extent of Financial Woes
THEME INTERNATIONAL: Theme shareholders back bailout plan

J A P A N  

LONG-TERM CREDIT: In Talks with Dai-Ichi About Merger Plan
LONG-TERM CREDIT: Vehemently Denies Merger Plan with Nippon

K O R E A

ELCANTO COMPANY: Court Receivership Procedure Announced
JINRO LTD.: Coors Makes Proposal to Jinro Creditors
KIA MOTORS: 17-Day Strike Over
KIA MOTORS: Ford and Mazda Team-Up to Acquire Kia
MONALISA COMPANY: Files for Court Receivership

SAMBO GLASS: Starts Creditor Reconciliation Proceedings
SAMKWANG GLASS: Starts Creditor Reconciliation Proceedings
SAMSUNG ELECTRONICS: To Sell Off Won1 Trillion of Assets
SUHKWANG CONSTRUCTION: Receivership Procedure Announced
YOUNGBO METAL: Starts Creditor Reconciliation Proceedings

YOUNGPUNG CAN: Starts Creditor Reconciliation Proceedings

M A L A Y S I A

B.W.W. (MALAYSIA): Voluntary Winding-up
ENG HUP: Voluntary Winding-up
EVERISE TOURS: Winding-up Petition
HAN PACIFIC: Winding-up Petition
KECK SENG: Out of Court Settlement

KRETAM HOLDINGS: Subsidiary & Associate Default on Interest
LANDMARKS BHD: May Divest Assets
LEVANT REALTORS: Voluntary Winding-up
PENINSULAR BEVERAGE: Voluntary Winding-up
SCK GROUP: Receivership Order Set Aside

SNA VIDEO: Winding-up Petition
THERMAL-AIRE INDUSTRIES: Voluntary Winding-up
WELLGAIN SDN: Winding-up Petition

P H I L I P P I N E S

PHILIPPINE AIRLINES: Seeks Protection from Creditors

T H A I L A N D

ROBINSON DEPARTMENT: Two Top Executives Resign
SRITHAI SUPERWARE: Creditors Approve Roll-Over Plan


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

FIRST PACIFIC: First Pacific coy on taking noodle stake
-------------------------------------------------------
According to a brief report appearing in the Hong Kong
Standard of June 20, First Pacific, which invests in
banking, services, marketing and distribution, has
downplayed reports that it may spend up to US$500 million to
buy a controlling stake in an Indonesian noodle maker,
Indofood Sukese Makmur, which needs US$500 million for
restructurng, from its controlling shareholders. Robert
Sherbin, group vice president, said that Indofood was only
one of a number of companies First Pacific was considering
buying into.


HANDWALES CO.: Companies Winding-up
-----------------------------------
A petition for the winding-up of the Company by the High
Court of HKSAR was on 2 May, 98, and is directed to be heard
before the Court on 8 July, 98.


INDOFOOD: First Pacific eyes stake in Salim firm
------------------------------------------------
According to the SCMP of June 19, analysts said Paribus Asia
Equity issued a research note yesterday saying First Pacific
was considering buying a stake in Indofood, the world's
biggest maker of instant noodles and a troubled Indosian
company by the Salim family, which required up to US$500
million in new equity to complete a restructuring.  This
raised concern that the locally listed company could be used
to help bail out the massive debts of its major shareholder.
Indofood, which now has a market capitalisation of about
$136 million, is estimated to have debts of about $1
billion. Companies associated with the Salim family, which
has a controlling stake in Indofood, have racked up massive
debts in the past few years and are now struggling to
come to terms with the loss of several lucrative government
contracts since the fall of the family patron, former
president Suharto.

The purchase would be a big drain on cashed-up First
Pacific's $900 million cash booty, still remaining from the
sale of the conglomerate's stakes in Dutch trading company
Hagemeyer and telecom firm Pacific Link.  First Pacific
spokesman said there was no precedent for First Pacific to
buy assets from the Salim family and Indofood was only one
of the alternatives First Pacific had examined for a
possible acquisition.  Analysts have been told that there
are pros and cons of buying a stake in Indofood and there is
still a long way from final determination.

Positives in the purchase included the size of its
distribution network, the size of its target market and a
strategic fit with First Pacific's other interests.

The negative aspects included a perception the company was
being forced to buy sub-standard assets from its parent.
Analysts have expressed concerns about the need for First
Pacific to be able to find a worthy replacement for cash-cow
Hagemeyer, which was sold in March.  Paribus downgraded
First Pacific, in part because of its concerns about the
possible Indofood purchase from a buy to "no-action".

Besides, a lot of First Pacific's cash is earmarked and
buying into Indofood would go a long way to depleting
everything. The company has considered companies in the
Philippines, Thailand, Indonesia and Greater China. It is
understood to be most interested in buying marketing and
distribution assets.   

Because the purchase was a related-party transaction, it
would require the approval of minority shareholders.


JARDINE FLEMING: Notice to Creditors in Voluntary Winding-Up
------------------------------------------------------------
The Hong Kong Standard of June 20 shows a notice asking
creditors of JARDINE FLEMING (ISLE OF MAN) LIMITED to send
in their claims on or before July 15 to the Liquidator, J S
Christian of Derby House, Athol Street, Douglas, Isle of
Man.


LAI SUN: Sells Vietnam resort stake
------------------------------------
Lai Sun Development says it will sell its stake in a resort
in Vietnam to subsidiary Lai Sun Hotels International for
$105 million. Lai Sun Development, which owns 52.2 per cent
of Lai Sun Hotels, said it planned to raise $503.5 million
through the sale of new shares to cut its debt. On Tuesday,
the firm said it would sell a further $1 billion more of its
non-core assets this year to cut its debt-to-equity ratio to
40 per cent from 50 per cent.


OSCAR FURNITURE: Winding up notice
----------------------------------
The SCMP of June 19 shows a notice which says that a
petition was presented to the High Court on June 3 by Ysu
Fook Hong Company Limited, and that the said petition was
directed to be heard before the court at 9:30 am on July 15.


TAK WING: Discloses Extent of Financial Woes
--------------------------------------------
Tak Wing Investment(Holdings) Ltd made an announcement to
shareholders as follows:

    1) As at June17,98, the outstanding loan to six banks
       approximate to HK$324 million

    2) Four banks with outstanding loan of HK$151 million
       have suspended their facilities and demand for
       payment of loan. but no writ has been issued by the
       Group's Bank so far.

    3) The operating cash flow is negative as rental &
       recurrent income is expected to be insufficient to
       pay interest charges at current rates

    4) The board identify appropriate method include sale of
       property to address the expected operating cash flow.

    5) Controlling shareholder of the company DR C K Cheng
       has number of occasions approached by potential    
       purchasers.


THEME INTERNATIONAL: Theme shareholders back bailout plan
---------------------------------------------------------
Theme International shareholders have approved a bailout
plan which could boost China Everbright's stake in the
troubled retailer to almost a third. Theme spokeswoman Jenny
Lee would not comment on the plan - which includes an $80
million loan to the firm - until Theme finishes negotiating
a debt repayment freeze for $400 million it owes. Under the
plan, China Everbright would have the option to buy 197
million new shares at 75 cents per share. Everbright's stake
in Theme would rise to 31.6 per cent.


=========
J A P A N  
=========


LONG-TERM CREDIT: In Talks with Dai-Ichi About Merger Plan
----------------------------------------------------------
Dai-Ichi Kangyo Bank Ltd., a major Tokyo-based commercial  
lender, has begun talks about a possible merger with
troubled Long-Term Credit Bank of Japan Ltd., in the latest
sign of restructuring in the Japanese financial industry, a
local Tokyo newspaper reported.

No final decision has been made yet, but a merger between
Dai-Ichi Kangyo and the Long-Term Credit Bank of Japan Ltd.
would create Japan's second-largest bank after the Bank of
Tokyo-Mitsubishi Ltd., the Asahi newspaper said.

Dai-Ichi Kangyo is the Long-Term Credit Bank's largest
single shareholder, owning about 3.6 percent of its stock,
according to a report by the Associated Press.  Hobbled by
billions in bad loans resulting from the collapse of a  
speculative real estate bubble earlier this decade, Japan's
banking industry has only begun to be shaken out of
complacency, the AP added.  

Separately, the Mainichi newspaper reported that Japanese
financial authorities are considering a plan to transform
the private Long-Term Credit  Bank into a state-funded
repository designed to absorb bad loans from across the
banking sector.

Moody's Investors Service helped fuel fears about Japan's
ailing financial system as it downgraded LTCB's subordinated
debt ratings to B1 from Ba1.  Moody's said the action
reflects an increasing level of concern about the bank's
deteriorating financial fundamentals, especially asset
quality and economic capitalization and its very limited
financial resources to absorb prospective credit expenses.

In midday trading Friday, according to Dow Jones, LTCB's
shares fell Yen28, or 22%, to Yen98.  The shares tumbled to
Yen95 earlier, the first time the stock had ever fallen
below Yen100.  Companies with share prices trading below
Yen100 are widely regarded as facing serious financial
difficulties, Dow Jones noted. Shares of LTCB (8303 JP) last
traded at Yen112 Friday before being suspended from trading,
according to Bloomberg, L.P.


LONG-TERM CREDIT: Vehemently Denies Merger Plan with Nippon
-----------------------------------------------------------
Tokyo's troubled Long Term Credit Bank of Japan Ltd.
strongly denied a report on Kyodo News that the government
was pushing the bank into a merger with Nippon Credit Bank
Ltd., saying that report was "completely false."  

"We categorically deny the report by Kyodo News agency," it
added.  Trading in both LTCB and Nippon Credit shares
were suspended on the report.

Nippon Credit also dismissed the report as "totally
groundless," according to AFP News.  "We requested an
investigation by the Securities and Exchange Surveillance
Commission," into the report, Nippon added.


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


ELCANTO COMPANY: Court Receivership Procedure Announced
-------------------------------------------------------
According to the Korean language Maeil Kyungje, Seoul
District announced the court receivership procedure for
Elcanto Company after the creditors' meeting held on June
17, 1998.  The company's address is 404-1 Dukpung-dong,
Hanam-si, Kyunggi-do and the presidents are Mr. Kim Yong-un
and Mr. Kang Ju-hun.


JINRO LTD.: Coors Makes Proposal to Jinro Creditors
---------------------------------------------------
Coors Brewing Co., offering to invest $100 million in Jinro
Ltd., is asking Korean banks to write off more than half of
the venture's US$481 million in debt and turn the balance
into equity, according to press reports from the Asian
nation.

Jinro's creditor banks reportedly will respond to Coors
Brewing's offer by the end of the month. If the deal is
completed as proposed by Coors, the Colorado-based Coors
would emerge from the transaction in control of the Korean
brewing company.

In 1992, Coors Brewing invested $22 million for a 33% stake
in a venture called Jinro-Coors Brewing Co.  It became
Korea's third-largest brewer, but over the past year or so,
Coors'  majority partner, Jinro Ltd., encountered severe
financial difficulties amid  the general economic crisis in
that country.  Late last year, Coors exercised an option of
its contract with Jinro that allowed the Colorado company to
withdraw from the brewing partnership and required Jinro to
reimburse Coors the entire $22 million investment.  Yet, the
Denver Post explains, because of the brewing venture's
insolvent condition, Coors has not been paid any money
following dissolution of the partnership, company officials
say.  Last year, Coors Brewing wrote off the full value of
the Korean brewing
investment.

In a statement issued last week, Coors executive George
Mansfield said,  "Despite the difficult conditions in the
Korean brewing industry, Coors is ready and committed to
make an immediate investment to secure the future of  
(Jinro-Coors) for creditors, employees and Korean customers.  
Coors is already very experienced in this market," Mansfield
added, and the U.S. brewer wants "to use our international
brewing and brand marketing experience to take the Cass
brand forward in the future." Jinro-Coors markets beer under
the Cass name.

Mansfield said Coors' proposal to take over the Korean
brewing venture includes a mixture of cash, debt and equity
that "will give both secured and unsecured creditors a long-
term return on their investments far in excess of the  
liquidation value" of Jinro-Coors.  "Coors is ready to make
the commitment now, but none of us can afford to delay,
because the current economic crisis in Korea is putting
great stress on  the day-to-day performance of (Jinro-Coors)
and the beer industry as a whole,"  Mansfield said.  


KIA MOTORS: 17-Day Strike Over
------------------------------
The Hong Kong Standard of June 19 reports that according to
company officials and a union spokesman, workers at South
Korea's Kia Motors Corp yesterday ended a 17 day strike that
cost the ailing car maker US$140 million, when Kia agreed to
pay 50 per cent of owed wages, or four months' salary,
during marathon talks involving the management, the
union and the government.  The report also says that,
according to officials, union members were seen clearing
barricades from the entrance to one Kia Motors plant and
checking assembly lines to resume work.


KIA MOTORS: Ford and Mazda Team-Up to Acquire Kia
-------------------------------------------------
Ford Motor Co. and its Mazda Motor Corp. affiliate want to
form a consortium with other firms to acquire Kia Motors
Corp., the chairman of the insolvent South Korean auto
manufacturer said last week according to press reports.   
The two companies own about 9.0 percent and 7.0 percent
respectively of Kia, which has 12 trillion won of debt ($8.5
billion) it can't repay.

"Ford is the only company that has made us an aggressive and
confident proposal," said Kia Chairman Yoo Chong Ryul at a
press conference.  Yoo took over Kia's management last month
on behalf of creditors.  


MONALISA COMPANY: Files for Court Receivership
----------------------------------------------
According to the Korean language Maeil Kyungje, Seoul
District Court has just announced that Monalisa Company, a
major toilet paper producer of Korea, has filed for court
receivership on June 13, 1998.  


SAMBO GLASS: Starts Creditor Reconciliation Proceedings
-------------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Sambo Glass Company has started its
creditor reconciliation proceedings. The company's address
is 253 Kiro-ri, Ipjang-myun, Chonan-si, and the president is
Mr. Kim Jong-hun.  Creditors have until July 9 to report
their claims.


SAMKWANG GLASS: Starts Creditor Reconciliation Proceedings
----------------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Samkwang Glass Company has started its
creditor reconciliation proceedings.  The company's address
is 1445-3 Secho-dong, Secho-gu, Seoul and the presidents are
Mr. Um Su-myung and Mr. Kim Jong-hun.  Creditors have until
July 9, 1998 to report their claims.


SAMSUNG ELECTRONICS: To Sell Off Won1 Trillion of Assets
------------------------------------------------------------
Samsung Electronics Co. said that it will sell off 1
trillion won worth of assets, including real properties, to
help improve its financial structure.  The world's largest
memory chip maker will also concentrate investment in
semiconductor and information-telecom sectors to emerge as
one of the world's top five electronics makers by 2005, said
Yun Jong-young, president and CEO of Samsung Electronics.

"Our company now has about 1 trillion won worth of assets,
including real estate, which are not directly related to
business operations," Yun told an in-house strategic forum
Wednesday.  "We will sell off properties valued at between
400 billion won and 500 billion won this year."

The property sell-off is one of the company's eight programs
to overcome its financial and managerial difficulties, Yun
said.  With its total assets now valued at 23 trillion won
against debts of 12 trillion won, SEC has reduced its
liability by about 300 billion won so far this year.

Yun said he expects Samsung Electronics to record sales of
20 trillion won ($14 billion) this year. But the company's
net profit will remain at 100 billion to 200 billion won, he
added.

The top manager also said that SEC, which recorded 18.5
trillion won in sales last year, will not hesitate to stop
lines whenever inventory levels become excessive, adding
that it has suffered from swelling inventories at
major overseas offshoots last year.

To sharpen competitiveness, CEO Yun vowed to speed up the
restructuring of the firm's semiconductor and hard disc
drive sectors.


SUHKWANG CONSTRUCTION: Receivership Procedure Announced
-------------------------------------------------------
The Korean language Maeil Kyungje reports that Seoul
District Court announced the court receivership procedure
for the insolvent Suhkwang Construction Company (president,
Mr. Park Sang-keun) after the company's creditors meeting
held on June 18, 1998.


YOUNGBO METAL: Starts Creditor Reconciliation Proceedings
---------------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Youngbo Metal Company has started its
creditor reconciliation proceedings.  The company's address
is 254-11 Kiro-ri, Ipjang-myun, Chonan-si and the president
is Mr. Um Su-myung.  Creditors have until July 9, 1998 to
report their claims.


YOUNGPUNG CAN: Starts Creditor Reconciliation Proceedings
---------------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Youngpung Can Manufacturing Company has
started its creditor reconciliation proceedings.  The
company's address is 29-42 Bonri-dong, Nonking-myun,
Talsung-gun, Taegu and the president is Mr. Kim Jong-hun.
Creditors have until July 9, 1998 to report their claims.


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


B.W.W. (MALAYSIA): Voluntary Winding-up
---------------------------------------
The members of B.W.W. (Malaysia) Sdn Bhd on 15/6/98 resolved
to wind-up the company voluntarily.  Creditors are required
to submit their claims before 20/7/98.


ENG HUP: Voluntary Winding-up
-----------------------------
The members of Eng Huo Huat Rubber Estate Sdn Bhd on 15/6/98
resolved to wind-up the company voluntarily.  Creditors are
requested to submit their claims before 20/7/98.


EVERISE TOURS: Winding-up Petition
----------------------------------
Bayview Hotel Sdn Bhd (petitioner) on 25/5/98 had petitioned
for the winding-up of Everise Tours & Travel Sdn Bhd
(respondent).  The Petition is directed to be heard on
25/8/98.


HAN PACIFIC: Winding-up Petition
--------------------------------
Howley Airconditioning Sdn Bhd (petitioner) on 4/4/98
petitioned for the winding-up of Han Pacific Sdn Bhd
(respondent).  The Petition is directed to be heard on
16/7/98.


KECK SENG: Out of Court Settlement
----------------------------------
Keck Seng (Malaysia) Bhd has agreed on an out of court
settlement of RM50.4 million to Spectrum Synergy Sdn Bhd.  
No other details were given on the settlement.


KRETAM HOLDINGS: Subsidiary & Associate Default on Interest
-----------------------------------------------------------
Innosabah Securities Sdn Bhd, a subsidiary of Kretam
Holdings Bhd, which is listed in the KLSE, had defaulted on
3 interest payments and principal payments of some overdraft
and revolving credit facility amounting to RM186.5mil., of
which, RM170.7mil is guaranteed by Kretam.

An agreement has been signed to sell subsidiary Geodopa
Holdings (Sabah) Sdn Bhd for RM112mil. The proceeds would be
used to regularise its payments for the facility.

Kretam's associate, Jeffa Construction Sdn Bhd, had
defaulted on interest payment of bridging loan facility.
Kretam guaranteed the RM15mil facility to Jeffa.

Large doubtful debts provisions in Innosabah caused Kretam
to register a loss before tax of RM67.9mil for 1997.
Increasing interest rates and tight cashflow suffered by its
non-plantation businesses contributed to the loss.

Debt recovery problems and weak market conditions have
stricken Innosabah's cashflow nad it was considering
negotiating a restucturing scheme with the banks.

Jeffa is experiencing a bearish property market and is now
negotiating to restructure the bridging loan.


LANDMARKS BHD: May Divest Assets
--------------------------------
Landmarks Bhd, a group listed in the KLSE that involves in
hotels, property and healthcare, is seeking to reduce its
gearing and borrowing costs through divestment of its assets
in hotel.  Currently, 50% of the group's bottomline is
contributed from the hotel division, 40% from the property
and 10% from healthcare.  Total borrowings of the group
stood at RM750million as of 31/12/97.  RM600million of the
debt were domestic.


LEVANT REALTORS: Voluntary Winding-up
-------------------------------------
The members of Levant Realtors Sdn Bhd resolved to wind-up
the company on 12/6/98.  Creditors of the company is given
upto 22/7/98 to submit their claims.


PENINSULAR BEVERAGE: Voluntary Winding-up
-----------------------------------------
The members of Peninsular Beverage Service Sdn Bhd on June
10, 1998, resolved to wind-up the company voluntarily.


SCK GROUP: Receivership Order Set Aside
---------------------------------------
The High Court has set aside a receivership order on SCK
Group Bhd (listed in KLSE) filed against them on April 11,
1998. The judge ruled that the directors were still eligible
to hold office till the next AGM.  


SNA VIDEO: Winding-up Petition
------------------------------
Formis Media Teknologi Sdn Bhd (petitioner) on 19/5/98
petitioned for the winding-up of SNA Video Production Sdn
Bhd (respondent).  The petition is directed to be heard on
14/8/98.


THERMAL-AIRE INDUSTRIES: Voluntary Winding-up
---------------------------------------------
The members of Thermal-Aire Industries Sdn Bhd resolved to
wind-up the company voluntarily on 12/6/98.  Creditors are
given up to 22/7/98 to submit their claims.


WELLGAIN SDN: Winding-up Petition
---------------------------------
Dimerco Express (Malaysia) Sdn Bhd (petitioner) on June 9,
1998, petitioned for the winding-up of Wellgain Sdn Bhd
(respondent).



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


PHILIPPINE AIRLINES: Seeks Protection from Creditors
----------------------------------------------------
Philippine Airlines sought protection from creditors on
Friday and proposed a rehabilitation plan involving fleet  
reduction and asset sales to enable it to repay debt of
US$2.1 billion.

PAL "foresees the impossibility of paying its obligations
and liabilities as they fall due" on account of the Asian
financial crisis, "low passenger traffic and labor
disputes," the company said in a filing with the Securities
and Exchange Commission.  PAL "anticipates, however, that it
will be able to pay its obligations if it is rehabilitated,"
the airline added as it sought the appointment of a  
temporary receiver to oversee its plan to return to
profitability.

Company officials did not disclose the details of the
proposed program, but the airline said it and its bank
creditors had earlier "reached a consensus" that "PAL's
obligations need to be rescheduled."  PAL senior vice-
president Avelino Zapanta said that the airline was
proposing a 100-day operating plan after which the
management will decide whether to expand or shrink
operations, or even to close down entirely.

The airline and its bank creditors agreed on the "reduction
in fleet size, rationalization of manpower requirements,
disposal of excess assets and inventories, sale of some
business units, and restructuring of route network,"  a
joint statement said.

PAL said it had debts of Peso85.1 billion (US$2.1 billion)
which are offset with assets worth Peso90.6 billion.  The
SEC filing showed US$275.4 million in short-term debt wwed
to at least nine banks and other companies in the United
States, Japan, Spain and France.  Facing the largest
exposure was Chase Manhattan Bank with loans of US$233.8
million -- US$182.4 million of which is unsecured.  Other
big banks named include Credit Lyonnais, Hongkong and  
Shanghai Banking Corp., and Banque Nationale de Paris.  A
foreign banker involved in the rescheduling talks confirmed
that "a major portion" of PAL's debt was linked to PAL's
four-billion-dollar refleeting program begun in 1996,
according to AFP.


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


ROBINSON DEPARTMENT: Two Top Executives Resign
----------------------------------------------
According to the SCMP of June 19, two top executives
resigned yesterday after the company suspended foreign debt
repayments.  They are president and board vice chairman
Phisudhi Pihakendr and board vice chairman Preecha
Vejsupaporn.  The company is one of Thailand's leading
retail chains.


SRITHAI SUPERWARE: Creditors Approve Roll-Over Plan
---------------------------------------------------
Srithai Superware, a major producer of plastic and melamine
products, on Thursday successfully negotiated a roll-over of
US$100 million in foreign debts by another four to seven
years, managing director Sanan Angubolkul said.


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., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

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