TCRAP_Public/980707.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Tuesday, July 7, 1998, Vol. 1, No. 95

                    Headlines


C H I N A   &   H O N G   K O N G

AWT HOLDINGS: Three Subsidiaries in Default
AUTORICH INVESTMENT LIMITED: Notice to Creditors
CHIEF HERALD LIMITED: Winding-up Petition
GILBERT HOLDINGS: Gilbert in Talks With Bankers on Debt
GLOBAL INFO CENTRE HONG KONG LIMITED: Notice to Creditors

HWA KAY THAI: Ends Agreement With Hung Cheong Machinery
MAXTONE ELECTRONICS LIMITED: Winding-up Petition
READEN COMPANY LIMITED: Winding-up Petition
SHINE POINT DEVELOPMENT LIMITED: Winding-up Petition
SIU FUNG CERAMICS: Kumagai Leads Rescue for Siu-Fung

QINCHI: Rice Liquor Maker Sinks Deep Into Red


I N D O N E S I A

PT MEDCO ENERGI: Results Announcement


J A P A N  

DAITO KOGYO: Commission to File Complaint Against Exec
HITACHI LTD: Credit Rating Downgraded by S&P
LONG TERM CREDIT: LTCB Ineligible for Bridge-Bank System
TOYOTA MOTOR: Moody's Puts Toyota on Review for Downgrade


K O R E A

CHO HUNG BANK: US Bank May Cease Business with Cho Hung
DAE CHANG ENTERPRISE: Subject to Immediate Liquidation
DAEHAN TEXTILE CO: Subject to Immediate Liquidation
DAEWOO GROUP: FSC Starts Review of Top Five Chaebols
DONGBANG PEREGRINE: Liquidators Negotiate Sale of JV Stake

DONG-AH TELEVISION: Files for Bankruptcy
HANIL SYNTHETIC FIBER: Subject to Immediate Liquidation
HANSHIN PUBLIC MANAGEMENT: Creditor Reconciliation Allowed  
HYUNDAI GROUP: FSC Starts Review of Top Five Chaebols
IL HWA CO: Subject to Immediate Liquidation

INTERNATIONAL COMPREHENSIVE: Files for Liquidation
KLB SECURITIES: KLB Securities' Operation Suspended
KAWON COMPANY: Files for Bankruptcy
KIA MOTORS: Announces Public Tender for July 15
KUNYANG CONCRETE: Starts Creditor Reconciliation

KUNYOUNG DISTRIBUTION: Starts Creditor Reconciliation
LG GROUP: FSC Starts Review of Top Five Chaebols
NAMSUNG CONCRETE: Creditors' Meeting on Reconciliation Plan
SK GROUP: FSC Starts Review of Top Five Chaebols
SAMSUNG GROUP: FSC Starts Review of Top Five Chaebols

SHINHO CORP: Subject to Immediate Liquidation
SHINHO ELECTRONICS: Subject to Immediate Liquidation
SHINNAM DEVELOPMENT: Subject to Immediate Liquidation
YONHAP TELEVISION NEWS: Yonhap TV Behind On Payroll


M A L A Y S I A

AIMAN CONSTRUCTION MARINE SDN BHD: Winding-up Petition
ANIKA CARTEL SDN BHD: Voluntary Winding-up
BINTANG TERANG REALTY SDN BHD: Winding-up Petition
GOLDEN BEES INDUSTRIES SDN BHD: Winding-up Petition
HEADWIND INDUSTRIAL: Voluntary Winding-up

INTRA VISION SDN BHD: Winding-up Petition
KAMUNTING CORPORATION BHD: Results Announcement
MBf NORTHERN SECURITIES SDN BHD: Results Announcement
MALAYSIAN PLANTATION BHD: Results Announcement
MYCOM: Defaults Rock Real Estate Company

PLUS ZONE SDN BHD: Winding-up Petition
RENONG BHD: Credit Suisse First Boston to Aid in Plan
SILVER JOY INDUSTRIES SDN BHD: Winding-up Petition


P H I L I P P I N E S

PHILIPPINE AIRLINES: PAL Gets Creditor Restraining Order


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

AWT HOLDINGS: Three Subsidiaries in Default
-------------------------------------------
AWT Holdings Limited, a Hong Kong listed company, said
three members of the group had a default judgment rendered
against them and various members of the group have also
received summonses against them.

Since the group announced that its realty agency business
was suffering a cash flow problem in June, various members
of the group have received summonses relating to claims
totaling about HK$19 million.

AWT said there also appears to have been a mistake over the
amount of the judgment awarded to Great Mark Investment.
Great Mark obtained a $21 million judgment against the
company's realty subsidiaries. The amount was bigger than
the $10.57 million claim stated in AWT's June announcement.


AUTORICH INVESTMENT LIMITED: Notice to Creditors
------------------------------------------------
A notice in the Hong Kong Standard of July 3 says that
creditors of Autorich Investment Limited, in creditors'
voluntary liquidation, are requested to send in their
claims on or before August 4.


CHIEF HERALD LIMITED: Winding-up Petition
-----------------------------------------
A notice in the Hong Kong Standard of July 6 says that a
petition for the winding up of Chief Herald Limited was
presented to the High Court on June 11 by Kwok Miu Yee. The
petition was directed to be heard before the court at 11:00
am on July 15.


GILBERT HOLDINGS: Gilbert in Talks With Bankers on Debt
-------------------------------------------------------
A news summary in the Hong Kong Standard says that Gilbert
Holdings is holding talks with its bankers about its
financial position. Chairman Clarence Wong Wing-wah said
the status of the discussions would be announced when
appropriate. He warned shareholders and investors to
exercise caution when dealing in the shares of the company.


GLOBAL INFO CENTRE HONG KONG LIMITED: Notice to Creditors
---------------------------------------------------------
A notice in the Hong Kong Standard of July 3 says that
creditors of Global Info Centre Hong Kong Limited, which is
being voluntarily wound up, are required to send in their
claims on or before 5 pm, August 7.


HWA KAY THAI: Ends Agreement With Hung Cheong Machinery
-------------------------------------------------------
Hwa Kay Thai Holdings Limited (HKT), a Hong Kong listed
company has recently announced the termination of its
agreement with Hung Cheong Machinery Company Limited
following Puma`s decision to cancel all licence agreements
between Puma and HKT and its subsidiaries.

The agreements were signed between HKT and Hung Cheong
regarding a proposed financial restructuring of Hwa Kay
Thai and its subsidiaries. HKT is in the process of finding
another potential investor for restructuring its business
and finance. The directors of HKT have warned that if no
investors are found, HKT may go into liquidation.

HKT has been served with a total of eight writs, which
amounted to approximately HK$95 million. The group
currently owes HK$152 million to its bankers.

In January 1998 the group suspended all payments of
principal and interest to its bankers, except for Malaysian
and Taiwanese bankers who continue to provide financing to
the Group.


MAXTONE ELECTRONICS LIMITED: Winding-up Petition
------------------------------------------------
A notice in the Hong Kong Standard of July 3 says that a
petition for the winding up of Maxtone Electronics Limited
was presented to the High Court on June 2 by The Kwangtung
Provincial Bank Building Shenzhen Branch, whose registered
place of business is in Shenzhen, PRC. The petition is
directed to be heard before the court at 9:30 am on July
15.


READEN COMPANY LIMITED: Winding-up Petition
-------------------------------------------
The Hong Kong Standard of July 3 shows a notice about the
appointment of provisional liquidators for Readen Company
Limited.


SHINE POINT DEVELOPMENT LIMITED: Winding-up Petition
----------------------------------------------------
A notice in the Hong Kong Standard of July 3 says that a
petition for the winding up of Shine Point Development
Limited was presented to the High Court on June 1 by Kwong
Chan Tong. The petition was directed to be heard before the
court at 9:30 am on July 15.


SIU FUNG CERAMICS: Kumagai Leads Rescue for Siu-Fung
----------------------------------------------------
According to the SCMP of July 6, Kumagai Gumi (Hong Kong)
has emerged as the latest white knight for debt-laden Siu-
Fung Ceramics Holdings, replacing China Everbright Holdings
(CEH) in leading a consortium making a rescue bid for the
company.

Kumagai is 35 per cent held by China Everbright
International, CEH's locally listed arm. Kumagai and its
subsidiaries are principally engaged in construction,
property development and investment.

In April, CEH and China State Bureau of Light Industry made
a non-legally binding agreement to take a joint 51 per cent
stake in Siu-Fung at 32 cents a share.

Yesterday Kumagai Gumi said it would team up with China
State Bureau of Light Industry and Beijing First Light
Industry Group to take a 56.26 per cent stake in the
company for a combined $800 million, or 20 cents a share.

Beijing First Light Industry is a new partner in the deal.

Under the conditional agreement, Kumagai will subscribe for
2.35 billion new shares in Siu-Fung at $470.6 million, or
33.09 per cent of the company. The light industry bureau
will subscribe for 865 million new shares at $173 million,
representing 12.16 per cent of Siu-Fung, while Beijing
First Light Industry will pay $156.4 million for 782
million new shares, or 11 per cent of the company.

The acquisition is conditional upon Siu-Fung's independent
shareholders' approval of a waiver to the three parties
from making a mandatory general offer. Another condition is
the execution of a debt restructuring agreement, which Siu-
Fung is negotiating with its bank creditors and equity
investors. It owes $3.3 billion in debts.

Siu-Fung would become a debt-free company with an improved
balance sheet.

The Hong Kong Standard reports Kumagai said subject to the
above mentioned subscriptions and capital reconstruction,
it would, in any case, hold not less than 30 per cent, and
Shui Hua and Jingqing together not less than 21 per cent of
the expanded issued capital of Siu Fung.

The SCMP reports Siu-Fung lost $1.44 billion in the two
years to December last year, blaming the disappointing
result on the huge costs involved in restructuring its
German subsidiaries.


QINCHI: Rice Liquor Maker Sinks Deep Into Red
---------------------------------------------
According to the SCMP of July 6, a small liquor factory in
Shandong that became a household name after paying a king's
ransom to become the most advertised brand on television
for two years is deep in debt and running at only 20 per
cent of capacity.

Qinchi was a small manufacturer of rice liquor in Linqu
county, a poor area in the hills of central Shandong. It
had an annual output of 10,000 tonnes until 1995, when it
posted taxes and profits of 35.88 million yuan. Management
then decided to invest heavily in advertising as the only
way to distinguish their product from that of thousands of
other liquor manufacturers in a crowded and competitive
market.

However, sales started to fall from the start of last year.
Now only four of its 20 production lines are operating and
more than 100 containers of unsold products are in its
warehouse according to the China Business Times.

The firm did not diversify and did not upgrade its
equipment or improve distribution. The government limits
production of rice liquor and encourages a switch to wine,
which consumes less grain.

Weighed down by bank interest payments and low production,
the firm has fallen into the red.


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

PT MEDCO ENERGI: Results Announcement
-------------------------------------
PT Medco Energi Corp., an Indonesian oil and gas company,
recorded a net loss of 31.6 million rupiah (US$.2 million)
for the first quarter, compared with a net profit of 12.6
billion rupiah the year before. Foreign-exchange losses
reached 173.4 billion rupiah for the first quarter and
interest loss came to 34.2 billion rupiah, making the
company's miscellaneous losses 201.6 billion rupiah.


=========
J A P A N  
=========

DAITO KOGYO: Commission to File Complaint Against Exec
------------------------------------------------------
According to Kyodo News, the Securities and Exchange
Surveillance Commission plans to file a criminal complaint
with public prosecutors as early as Monday against a former
executive of a subsidiary of bankrupt Daito Kogyo Co. on
suspicion of insider trading, commission sources said
Sunday.

The former executive is suspected of violating the
Securities and Exchange Law by allegedly making profits of
some 10 million yen by short-selling about 100,000 Daito
Kogyo shares just before the Tokyo-based construction
contractor applied at the Tokyo District Court for
corporate rehabilitation proceedings on August 19 of last
year, the sources said.

The Securities and Exchange Surveillance Commission filed
the accusations with prosecutors against Osamu Okochi, 57,
a former vice president of a Daito Kogyo subsidiary,
Katsuragaoka Kaihatsu, which ran a golf course in Ibaraki  
Prefecture, northeast of Tokyo.


HITACHI LTD: Credit Rating Downgraded by S&P
--------------------------------------------
The Asian Wall Street Journal reports that Standard and
Poor's has lowered the long-term rating of Hitachi from AAA
to AA. The outlook on the long-term rating is negative. S&P
also placed Hitachi Credit Corporation's long-term AA and
short-term A-1 ratings on CreditWatch with negative
implications. Hitachi Credit Corp. is 52.4 percent owned by
Hitachi Ltd.

The Asian Wall Street Journal reports that S&P said that
Hitachi's downgrade reflects the diminishing earnings
stability of the company's core information systems and
electronic segment, power and industrial systems segment,
and Japan's economic downturn. The ratings could be lowered
if restructuring efforts are unsuccessful and if the
company experiences a further deterioration in its
financial profile, Standard & Poor's  said.


LONG TERM CREDIT: LTCB Ineligible for Bridge-Bank System
--------------------------------------------------------
The Nihon Keizai reports Japan's proposed bridge-bank
system for dealing with failed financial institutions will
not apply to Long-Term Credit Bank of Japan because a
merger has already been worked out with Sumitomo Trust &
Banking Co., government sources said Thursday.

The decision means that if LTCB is unable to liquidate all
its bad loans, including those in category 2, ahead of the
merger, Sumitomo Trust will have to take over the entire
portfolio once the deal goes through. Loans in category 2
are those still being serviced by the borrower but
considered in need of strict monitoring.


TOYOTA MOTOR: Moody's Puts Toyota on Review for Downgrade
---------------------------------------------------------
The Asian Wall Street Journal reports that Moody's Investor
Services has placed the long-term debt rating of Toyota
Motor Corporation on review for a possible downgrade.  
Moody's said its action was based on increased competition
and on the weakening demand in Japan and Southeast Asia.


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

CHO HUNG BANK: US Bank May Cease Business with Cho Hung
-------------------------------------------------------
An article in the Korea Herald reports officials at Cho
Hung Bank have said that Citibank of the United States
recently notified them that it is reconsidering its earlier
decision to roll over $15 million in loans. These loans
come due on July 20. Cho Hung, one of the largest banks in
Korea, had information made public recently on its capital-
to-asset ratio, as well as its bad loans by the Financial
Supervisor Commission (FSC).  

The FSC also included Cho Hung on a list of banks that can
remain open under the condition that that their management
improvement plans be submitted and approved by the end of
July 1998. Furthermore, they must increase their capital
adequacy ratio calculated using the standards set by the
Bank for International Settlements (BIS) to over 8 percent
within the next two years.


DAE CHANG ENTERPRISE: Subject to Immediate Liquidation
------------------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Dae Chang Enterprise
Company is subject to immediate liquidation, and creditor
banks are to stop providing the company with new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


DAEHAN TEXTILE CO: Subject to Immediate Liquidation
---------------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Daehan Textile Company is
subject to immediate liquidation, and creditor banks are to
stop providing the company with new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


DAEWOO GROUP: FSC Starts Review of Top Five Chaebols
----------------------------------------------------
The Financial Supervisory Commission (FSC), the Korean
government's newly formed financial watchdog agency, has
started a screening process of the subsidiaries of the
country's largest family owned conglomerates (chaebols).
Among these is Daewoo Group. Four banks leading on-going
industrial restructuring efforts have recently formed a
task force that is solely in charge of the reform of the
five major business groups. The team will also conduct a
review of possible cross-payment guarantees between
subsidiaries of each chaebol.  

An FSC official is cited in the Korea Times as saying that
if some chaebol subsidiaries are found to be unprofitable
and lack the ability to survive, the task force (in
consultation with the creditor banks) will present a final
decision regarding liquidation next month.  


DONGBANG PEREGRINE: Liquidators Negotiate Sale of JV Stake
----------------------------------------------------------
According to the SCMP of July 3, Dongbang Peregrine
Securities, the failed Peregrine Group's joint venture
brokerage in South Korea, yesterday said Shing Dong Bang
Group was buying back 32 per cent of its shares from Daehan
Investment Banking Corp for 56.2 billion won.

A spokesman for the brokerage said Peregrine's liquidators
were negotiating with Korean companies to sell its 44 per
cent stake, adding both Shing Dong Bang and Daehan
Investment Banking were among them.

Shing Dong Bang, an edible oil maker, will again become
Korea's largest shareholder of the firm and Daehan
Investment will become the second largest shareholder with
a 20 per cent stake.

Shing Dong Bang, which established Korea's first joint
venture brokerage in 1992 with Peregrine, sold its 39.5 per
cent stake to Daehan Investment for 52.2 billion won last
September, but the Hong Kong company has refused to
recognise the agreement, saying it had not been notified
of the deal beforehand.

A Seoul court recognised the proprietary rights of Daehan
Investment, but not its voting rights, after Peregrine
filed a suit for the nullification of the deal. The
spokesman said Daehan sold the shares back to Shing Dong
Bang because of that.

Before its Hong Kong partner went bankrupt last year,
Dongbang Peregrine was one of the most profitable brokers
in Korea. After five years of profits, it posted a net loss
of 40 billion won for the year to March.


DONG-AH TELEVISION: Files for Bankruptcy
----------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief, Dong-Ah Television Company, an affiliate of Taehan
Transport Company, has filed for bankruptcy.


HANIL SYNTHETIC FIBER: Subject to Immediate Liquidation
-------------------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Hanil Synthetic Fiber
Company is subject to immediate liquidation, and creditor
banks are to stop providing the company with new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


HANSHIN PUBLIC MANAGEMENT: Creditor Reconciliation Allowed  
----------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief, the Seoul District Court has allowed Hanshin Public
Management company's creditor reconciliation procedure.


HYUNDAI GROUP: FSC Starts Review of Top Five Chaebols
-----------------------------------------------------
The Financial Supervisory Commission (FSC), the Korean
government's newly formed financial watchdog agency, has
started a screening process of the subsidiaries of the
country's largest family owned conglomerates (chaebols).
Among these is Hyundai Group. Four banks leading on-going
industrial restructuring efforts have recently formed a
task force that is solely in charge of the reform of the
five major business groups. The team will also conduct a
review of possible cross-payment guarantees between
subsidiaries of each chaebol.  

An FSC official is cited in the Korea Times as saying that
if some chaebol subsidiaries are found to be unprofitable
and lack the ability to survive, the task force (in
consultation with the creditor banks) will present a final
decision regarding liquidation next month.


IL HWA CO: Subject to Immediate Liquidation
-------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Il Hwa Company is subject
to immediate liquidation, and creditor banks are to stop
providing the company with new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


INTERNATIONAL COMPREHENSIVE: Files for Liquidation
--------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief, International Comprehensive Construction Company, an
affiliate of Keukdong Construction Company, withdrew its
creditor reconciliation procedure that it had submitted to
the Pusan District Court. Instead the company has filed
for a liquidation procedure.


KLB SECURITIES: KLB Securities' Operation Suspended
---------------------------------------------------
KLB Securities Company, the brokerage arm of the Korea
Long-Term Credit Bank, received a one-month suspension
order from the Financial Supervisory Commission (FSC),
Korea's newly formed financial watchdog agency. This move,
according to a report in the Korea Herald, is seen as a
step toward its eventual shutdown.

The securities company's low ratio of operating funds (or
net operational capital ratio), which is the solvency
standard for Korean brokerage firms, was reported to be
16.9 percent by the Korea Times. The FSC is authorized to
close securities companies with net operational ratios that
are less than 100 percent.  

As of May 31, KLB Securities Co. was able to report a net
operational capital ratio of 160 percent after issuing
subordinated bonds worth 90 billion won. However, it was
later learned that the firm had employed irregular methods
to issue about 50 billion won worth of these bonds, using
client deposits as collateral. Afterward, the net
operational capital ratio shrank by 90 percent.

Furthermore, the FSC has put a travel ban on the firm's
CEO, Mr. Lee Dae-rim, to prevent him from leaving the
country. Mr. Lee is reported to have arbitrarily paid 20.7
billion won to employees as severance pay before the FSC
could scrutinize the firm's management. This may constitute
breach of trust.

The shut down was urged at the request of the firm's major
shareholder, the Korea Long-Term Credit Bank (which
controls a 35.41 stake). This is a move that has been
interpreted as an effort to prevent the ailing subsidiary
from dragging down its parent, one of Korea's soundest
banks.


KAWON COMPANY: Files for Bankruptcy
-----------------------------------
The Korean language Maeil Kyungje's Business Briefs
reported that Kawon Company, an affiliate of Kyungnam
Energy Company, has filed for bankruptcy.


KIA MOTORS: Announces Public Tender for July 15
-----------------------------------------------
According to a report by Agence France-Presse, South
Korea's ailing Kia Motors Corp. and its sister firm, Asia
Motors Corp., will be put up for public tender on July 15,
creditors said Monday.

Kia's main creditor, Korea Development Bank (KDB), said
successful bidders would be named at the end of August.

KDB officials said letters of "offer memorandum" would be
sent to South Korean and foreign buyers, including US auto
giant Ford Motor Co., which holds a 16.9-percent stake in
Kia with Japanese affiliate Mazda Motor Corp.

KDB officials said Kia would be sold off through public
bids and liquidation procedures simultaneously.


KUNYANG CONCRETE: Starts Creditor Reconciliation
------------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungjc that Kunyang Concrete Company has started its
creditor reconciliation procedure. The company's address is
246-104 Kueu-dong, Kwangjin-gu, Seoul and the president is
Mr. Song Jin-su. Creditors have until August 3, 1998 to
file their claims.


KUNYOUNG DISTRIBUTION: Starts Creditor Reconciliation
-----------------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that Kunyoung Distribution/Construction
Industry Company has started its creditor reconciliation
procedure. Creditors have until August 5, 1998 to file
their claims. The company's address is 46-3 Chamwon-dong,
Seocho-gu, Seoul and the president is Mr. Shin Ho-chul.


LG GROUP: FSC Starts Review of Top Five Chaebols
------------------------------------------------
The Financial Supervisory Commission (FSC), the Korean
government's newly formed financial watchdog agency, has
started a screening process of the subsidiaries of the
country's largest family owned conglomerates (chaebols).
Among these is LG Group. Four banks leading on-going
industrial restructuring efforts have recently formed a
task force that is solely in charge of the reform of the
five major business groups. The team will also conduct a
review of possible cross-payment guarantees between
subsidiaries of each chaebol.  

An FSC official is cited in the Korea Times as saying that
if some chaebol subsidiaries are found to be unprofitable
and lack the ability to survive, the task force (in
consultation with the creditor banks) will present a final
decision regarding liquidation next month.  


NAMSUNG CONCRETE: Creditors' Meeting on Reconciliation Plan
-----------------------------------------------------------
The Taechun District Court advertised in the Korean
language Maeil Kyungje that the Namsung Concrete Company
plans to have a meeting in order to gather opinions of
creditors and other interested parties. The meeting is
scheduled on July 14, 1998. The address of the company is
180-1 Munbang-ri, Inju-myun, Asan-si and the manager to
contact is Mr. Kwon Jae-ik.


SK GROUP: FSC Starts Review of Top Five Chaebols
------------------------------------------------
The Financial Supervisory Commission (FSC), the Korean
government's newly formed financial watchdog agency, has
started a screening process of the subsidiaries of the
country's largest family owned conglomerates (chaebols).
Among these is SK Group. Four banks leading on-going
industrial restructuring efforts have recently formed a
task force that is solely in charge of the reform of the
five major business groups. The team will also conduct a
review of possible cross-payment guarantees between
subsidiaries of each chaebol.  

An FSC official is cited in the Korea Times as saying that
if some chaebol subsidiaries are found to be unprofitable
and lack the ability to survive, the task force (in
consultation with the creditor banks) will present a final
decision regarding liquidation next month.  


SAMSUNG GROUP: FSC Starts Review of Top Five Chaebols
-----------------------------------------------------
The Financial Supervisory Commission (FSC), the Korean
government's newly formed financial watchdog agency, has
started a screening process of the subsidiaries of the
country's largest family owned conglomerates (chaebols).
Among these is Samsung Group. Four banks leading on-going
industrial restructuring efforts have recently formed a
task force that is solely in charge of the reform of the
five major business groups. The team will also conduct a
review of possible cross-payment guarantees between
subsidiaries of each chaebol.  

An FSC official is cited in the Korea Times as saying that
if some chaebol subsidiaries are found to be unprofitable
and lack the ability to survive, the task force (in
consultation with the creditor banks) will present a final
decision regarding liquidation next month.  


SHINHO CORP: Subject to Immediate Liquidation
---------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Shinho Corporation is
subject to immediate liquidation, and creditor banks are to
stop providing the company with new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


SHINHO ELECTRONICS: Subject to Immediate Liquidation
----------------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Shinho Electronics and
Communications Company is subject to immediate liquidation,
and creditor banks are to stop providing the company with
new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


SHINNAM DEVELOPMENT: Subject to Immediate Liquidation
-----------------------------------------------------
The Korean language Maeil Kyungje reports Korea's Financial
Supervisory Commission, the newly created financial
watchdog agency, announced that Shinnam Development Company     
is subject to immediate liquidation, and creditor banks are
to stop providing the company with new loans.

On June 18 the FSC issued a list of 55 nonviable firms
subject to immediate liquidation. The "hit list" was
generated at the request of the FSC by the nation's 26
commercial banks, which classified their business loan-
clients into three groups - normal, viable, and nonviable.


YONHAP TELEVISION NEWS: Yonhap TV Behind On Payroll
---------------------------------------------------
According to a report in the Asian Wall Street Journal, the
Yonhap Television News, a 24-hour nationwide cable news
station had not paid its staff of 450 in the last five
months. In March of this year, the employees agreed to a 30
percent pay cut, plus one month of leave without pay.  
However even reduced paychecks have not been issued.

The company has been unsuccessfully trying to attract
investors since last February, but there have been no
buyers. Mr. Yoo Jong-shin, a managing director of the
station's planning department was quoted as saying, "we
don't have any money."


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

AIMAN CONSTRUCTION MARINE SDN BHD: Winding-up Petition
------------------------------------------------------
Copper Slag (Malaysia) Sdn Bhd (petitioner) on 13/4/98
petitioned for the winding-up of Aiman Construction Marine
Sdn Bhd (respondent). The petition is directed to be heard
on 27/11/98.


ANIKA CARTEL SDN BHD: Voluntary Winding-up
------------------------------------------
The members of Anika Cartel Sdn Bhd on 2/7/98 resolved to
wind-up Anika Cartel Sdn Bhd voluntarily. Creditors of the
company are required to submit their claims before 4/8/98.


BINTANG TERANG REALTY SDN BHD: Winding-up Petition
--------------------------------------------------
Sime Bank Bhd on 1/4/98 petitioned for the winding-up of
Bintang Terang Realty Sdn Bhd. The petition is directed to
be heard on 12/8/98.


GOLDEN BEES INDUSTRIES SDN BHD: Winding-up Petition
---------------------------------------------------
Hongkong Bank Malaysia Bhd (petitioner)on 19/5/98
petitioned for the winding-up of Golden Bees Industries Sdn
Bhd (respondent). The petition is directed to be heard on
25/9/98.


HEADWIND INDUSTRIAL: Voluntary Winding-up
-----------------------------------------
The members of Headwind Industrial (Malaysia) Sdn Bhd have
resolved to wind-up the company on 30/6/98. Creditors of
the company are required to submit their claims before
30/7/98.


INTRA VISION SDN BHD: Winding-up Petition
-----------------------------------------
Forms Media Teknologi Sdn Bhd (petitioner) on 1/6/98
petitioned for the winding-up of Intra Vision Sdn Bhd
(respondent). The petition is directed to be heard on
25/9/98.


KAMUNTING CORPORATION BHD: Results Announcement
-----------------------------------------------
Kamunting Corporation Bhd (listed in the KLSE) announced a
group post-tax loss of RM212.138mil for the year ended
31/3/98, compared to a post-tax profit of RM104.002mil
previously. The losses were mainly due to provisions made
for diminution in value of investments.


MBf NORTHERN SECURITIES SDN BHD: Results Announcement
-----------------------------------------------------
MBf Capital Bhd (listed in the KLSE), a unit MBf Northern
Securities Sdn Bhd, has an excess of liabilities over
assets of RM31.288mil and a shareholders' funds deficit of
RM22.05mil.

The broking unit's auditors had qualified MBf Northern's
accounts subject to its ability to continue as a going
concern due to the successful outcome of talks to
restructure its financial obligations.


MALAYSIAN PLANTATION BHD: Results Announcement
----------------------------------------------
Malaysian Plantation Bhd (listed in the KLSE) announced a
post-tax loss of RM101.49mil for the year ended 31/3/98
compared to a post-tax profit of RM82.74mil previously.
EPS turned from RM0.258 previously to a loss per share of
RM0.316.


MYCOM: Defaults Rock Real Estate Company
----------------------------------------
According to a news summary in the SCMP of July 3, Mycom, a
Malaysian real-estate and brokerage company, said that some
of its subsidiaries have defaulted on their loans due to a
slump in business as Malaysia's economy has slowed. Mycom,
with overall short-term borrowings of M$992.5 million, is
in talks with its creditors to restructure its debt.


PLUS ZONE SDN BHD: Winding-up Petition
--------------------------------------
EAC Holdings (M) Sdn Bhd on 24/6/98 petitioned for the
winding-up of Plus Zone Sdn Bhd.


RENONG BHD: Credit Suisse First Boston to Aid in Plan
-----------------------------------------------------
Futures World reports Renong Bhd has confirmed that Credit
Suisse First Boston will help draw up a restructuring plan
for the company.

In a statement to the Kuala Lumpur Stock Exchange, the
infrastructure giant said the restructuring plan has not
been finalized. Renong was responding to a query over an
article in a regional business daily which said the company
would shed sizable stakes in some of its assets.


SILVER JOY INDUSTRIES SDN BHD: Winding-up Petition
--------------------------------------------------
City Finance Bhd (petitioner) on 25/5/98 petitioned for the
winding-up of Silver Joy Industries Sdn Bhd (respondent).
The petition is directed to be heard on 24/8/98.


TOPLACE SDN BHD: Winding-up Petition
------------------------------------
Bank Industri Malaysia Bhd (petitioner) on 26/5/98
petitioned for the winding-up of Toplace Sdn Bhd
(respondent). The petition is directed to be heard on
30/7/98.


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

PHILIPPINE AIRLINES: PAL Gets Creditor Restraining Order
--------------------------------------------------------
The Asian Wall Street Journal reports that the U.S.
Bankruptcy Court of Northern California has extended an
earlier order restraining American creditors and suppliers
from taking action against Philippine Airlines (PAL). The
earlier injunction issued June 22 was extended from July 2
to July 30.  

The extension reportedly gives PAL ample time to finish its
rehabilitation plan. Last month the airline asked the
Philippine Securities and Exchange Commission to appoint a
rehabilitation committee due to its financial difficulties.  
This five-man interim rehabilitation committee has until
July 24 to finish PAL's rehabilitation plan.


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.

Copyright 1998.  All rights reserved.  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 $875 per month
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For
subscription information, contact Christopher Beard at
301/951-6400.

      * * * End of Transmission * * *