/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/980710.MBXT R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Friday, July 10, 1998, Vol. 1, No. 98 Headlines C H I N A & H O N G K O N G CONETOP LIMITED: Winding-up notice CROWN VISION: Winding-up petition ELMLAND INVESTMENTS & REAL ESTATES: Winding-up notice ENI INTERNATIONAL LIMITED: Winding-up notice EVERISE WATER QUALITY: Winding-up notice GEMING INDUSTRIAL LIMITED: Winding-up notice HENSEN INTERNATIONAL: Members' and Creditors' meetings LUEN CHEONG TAI INDUSTRIAL LIMITED: Winding-up notice MACRO-INVESTMENT (HK) COMPANY LIMITED: Winding-up notice OVERSEAS FINE INVESTMENT LIMITED: Winding-up notice PINGGUO ALUMINIUM: Results announcement UNIQUE BRILLIANT ENGINEERING: Winding-up petition VICTORY (HK) INDUSTRIAL: Winding-up petition WEST FOCUS ENTERPRISES LIMITED: Winding-up notice YAU LEE: Property woes drag down Yau Lee profit I N D O N E S I A BANK TIARA: HK investors show interest in acquisition SUCACO: Stock exchange to meet on firm's fate UNITED TRACTORS: Sells stake in mining company J A P A N AKEBONO BRAKE: Results announcement ALL NIPPON AIRWAYS: Moody's Downgrades ANA's Debt Rating JAPAN LEASING CORP: FSA to examine troubled firm's debt LONG TERM CREDIT: Public funds will ensure takeover of LTCB TOSHOKU FOOD SERVICE: Declares bankruptcy K O R E A BARUNSON COMPANY: Starts creditor reconciliation CHO HUNG BANK: Seeks to attract foreign capital COMMERCIAL BANK OF KOREA: Seeks to attract foreign capital DONG AH GROUP: Firm told to begin workout procedure HANIL BANK: Seeks to attract foreign capital HAITAI GROUP: Firm told to begin workout procedure HANIL GROUP: Firm told to begin workout procedure HANWHA GROUP: Firm told to begin workout procedure HYOSUNG GROUP: Firm told to begin workout procedure JINRO GROUP: Firm told to begin workout procedure KOHAP GROUP: Firm told to begin workout procedure KOREA EXCHANGE BANK: Seeks to attract foreign capital M A L A Y S I A ADVANTEC ELECTRONICS SDN BHD: Winding-up petition BESTAMAS SDN BHD: Winding-up petition BLUE RINGS CIVIL ENGINEERING SDN BHD: Winding-up petition CHUAN CHOON SDN BHD: Winding-up petition CLAIRINE'S TROPICA SDN BHD: Winding-up petition COMSAT SDN BHD: Winding-up petition DIGIBUILD (M) SDN BHD: Winding-up petition FARID NETWORK (M) SDN BHD: Winding-up petition FATT-HEE LEASING CORPORATION SDN BHD: Voluntary winding-up FOREPLUS (M) SDN BHD: Winding-up petition KOBENA TERAS SDN BHD: Winding-up petition MALAYAN BANKING: Debt restructure triggers slide in banks NISSEI SANGYO (MALAYSIA) SDN BHD: Voluntary winding-up POPULAR PROFILE SDN BHD: Winding-up petition Q.S. CERGAS SDN BHD: Winding-up petition SWASTA JAYA (MANAGEMENT)SDN BHD: Winding-up petition TRIUMPH LAND SDN BHD: Winding-up petition P H I L I P P I N E S FIL-ESTATE: Results announcement SAN MIGUEL: New chairman pledges to cut debt and costs T H A I L A N D TPI POLENE PCL: Results announcement and restructuring ================================= C H I N A & H O N G K O N G ================================= CONETOP LIMITED: Winding-up notice ---------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 348 of 1998 shows Conetop Limited presented a petition on May 21, 1998. CROWN VISION: Winding-up petition -------------------------------------- A petition for the winding-up of Crown Vision Limited by the High Court in Hong Kong was presented on June 25 by Wat Ka Fai, and is directed to be heard before the court at 11:00 am on July 22. ELMLAND INVESTMENTS & REAL ESTATES: Winding-up notice ----------------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 218 of 1998 shows ElmLand Investments & Real Estates Limited presented a petition on March 28, 1998. ENI INTERNATIONAL LIMITED: Winding-up notice -------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 277 of 1998 shows ENI International Limited presented a petition on April 28, 1998. EVERISE WATER QUALITY: Winding-up notice ---------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 339 of 1998 shows Everise Water Quality Consultant (Asia) Limited presented a petition on May 19, 1998. GEMING INDUSTRIAL LIMITED: Winding-up notice -------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 355 of 1998 shows Geming Industrial Limited presented a petition on May 22, 1998. HENSEN INTERNATIONAL: Members' and Creditors' meetings ------------------------------------------------------ A meeting of the members and creditors of Hensen International Limited will be held July 10, 1998 at Place10th Floor, Queensway Government Offices, 6 Queensway, Hong Kong. LUEN CHEONG TAI INDUSTRIAL LIMITED: Winding-up notice ----------------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0.336 of 1998 shows Luen Cheong Tai Industrial Limited presented a petition on May 15, 1998. MACRO-INVESTMENT (HK) COMPANY LIMITED: Winding-up notice -------------------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 349 of 1998 shows Macro-Investment (HK) Company Limited presented a petition on May 21, 1998. OVERSEAS FINE INVESTMENT LIMITED: Winding-up notice --------------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 204 of 1998 shows Overseas Fine Investment Limited presented a petition March 21, 1998. PINGGUO ALUMINIUM: Results announcement --------------------------------------- Pingguo Aluminium, the mainland's biggest aluminum producer, has an outstanding debt of 5.26 yuan at the end of last year, in which the company has lost 300 million yuan last year after paying 500 million yuan bank interest. An official said the company was expecting government support to inject fresh money into the company. The company also strengthened internal management, banning non-core business activities such as real estate and futures trading. UNIQUE BRILLIANT ENGINEERING: Winding-up petition ------------------------------------------------------ A petition for the winding-up of Unique Brilliant Engineering Limited by the High Court of Hong Kong was presented on June 25 by Chung Kin, and is directed to be heard before the court at 11:00 am on July 22. VICTORY (HK) INDUSTRIAL: Winding-up petition ------------------------------------------------- A petition for the winding-up of Victory (HK) Industrial Limited by the High Court in Hong Kong was presented on June 16 by Chu Yuk Yip, and is directed to be heard before the court at 9:30 am on August 5. WEST FOCUS ENTERPRISES LIMITED: Winding-up notice ------------------------------------------------- A notice of a winding-up order on June 24, 1998 in the high court of the Hong Kong Administrative Region Court of First Instance, Companies Winding-up Proceedings N0. 247 of 1998 shows West Focus Enterprises Limited presented a petition on April 16, 1998. YAU LEE: Property woes drag down Yau Lee profit ----------------------------------------------- Fluctuations in the volatile Hong Kong housing market have led to a 49.9% drop in profits attributable to shareholders of Yau Lee Holdings for the year ending March 31. The group's earnings came in at $15.22 million, down from $30.39 million in the previous year. ================= I N D O N E S I A ================= BANK TIARA: HK investors show interest in acquisition ----------------------------------------------------- Asia Pulse reports several investors from Hong Kong have expressed interest in acquiring shares of private Bank Tiara. The bank's president said investors are interested in acquiring Bank Tiara shares because it is considered to have better prospects than the other five troubled banks taken over by the Indonesian Bank Restructuring Agency (IBRA) in January. According to the president, Bank Tiara needs an additional investment of about Rp2.88 trillion (US$194.6 million) to meet the 4 percent capital adequacy ratio (CAR) requirement set by the government. SUCACO: Stock exchange to meet on firm's fate --------------------------------------------- Jakarta Stock Exchange management today will summon the directors of Sucaco to hold a hearing about the condition of the ailing cable maker. SCCO suffered a net loss of Rp302bn last year due to huge foreign exchange losses. Its debts stood at US$130 million in the same year. UNITED TRACTORS: Sells stake in mining company ---------------------------------------------- United Tractors is to sell a 30% stake in Pamapersada Nusantara, a subsidiary in the mining sector, expecting to collect US$70 million from the sale. Beside the divestment plant, the heavy equipment maker is negotiating foreign debts payment with its creditors. ========= J A P A N ========= AKEBONO BRAKE: Results announcement ----------------------------------- Bloomberg reports Akebono Brake Industry Co. fell 27 yen to 328, a 52-week low. The brake maker reversed its previous forecast to a pretax loss of 800 million yen ($5.8 million) for the half-year ending in September. That's 366.7 percent less than the most recent forecast by Toyo Keizai Inc., a financial information company. ALL NIPPON AIRWAYS: Moody's Downgrades ANA's Debt Rating -------------------------------------------------------- The Asian Wall Street Journal reported that Moody's Investors Service Inc. has downgraded All Nippon Airways' (ANA) long term debt rating from A3 to Baa3. Moody's also downgraded ANA's shelf registration rating to (P)Baa3 for (P)A3. The downgrades are based on a forecast that the operating environment in both the domestic and international market will become worse. ANA's cost structure is reportedly very high compared with foreign rivals, and the U.S.-Japan aviation accord announced this year is expected to increase competition. JAPAN LEASING CORP: FSA to examine troubled firm's debt ------------------------------------------------------- AFP reports the Tokyo Shimbun national daily said the financial supervisory agency would look into LTCB's loans to its troubled affiliates, including Japan Leasing Corp., the country's oldest and second largest comprehensive leasing firm. At the end of last March, Japan Leasing's outstanding borrowing stood at 1.9 trillion yen of which 256 billion yen were loans given by the LTCB, the paper said. LONG TERM CREDIT: Public funds will ensure takeover of LTCB ----------------------------------------------------------- Agence France-Presse reports that Japan will use public funds to ensure the smooth takeover of the ailing Long-Term Credit Bank of Japan Ltd. by Sumitomo Trust and Banking Co. Ltd., a report said Thursday. The funds will come from 13 trillion yen (94 billion dollars) made available in a financial rescue package announced in February and aimed at boosting banks' capital, the Nihon Keizai Shimbun reported. The Nihon Keizai reports that the Financial Supervisory Agency began an emergency inspection Wednesday of LTCB. The newly created watchdog body plans to dispatch inspectors to LTCB headquarters and other offices within seven to 10 days and to look over the bank's internal assessment of its fiscal 1997 loan portfolio. The inspection is expected to last about one month. LTCB hopes to achieve its merger with Sumitomo by disposing of its bad loans on its own. But if the Financial Supervisory Agency finds that the bank's nonperforming loans exceed the figures reported in the internal assessment, it could declare LTCB to be in a "state of bankruptcy," the sources said. TOSHOKU FOOD SERVICE: Declares bankruptcy ----------------------------------------- According to information gathered by both Teikoku Data Bank and Tokyo Shoko Research, Toshoku Food Service, a chain restaurant related to the bankrupt Toshoku food company, filed for bankruptcy in Tokyo on June 30. The total amount of debt is 4.292 billion yen. This is the 12th food industry company related to Toshoku to declare bankruptcy since last December. Toshoku Food Service was founded in 1988 during the middle of Japan's growing economic bubble, and it had several restaurants in the Tokyo metropolitan area. ========= K O R E A ========= BARUNSON COMPANY: Starts creditor reconciliation ------------------------------------------------ The Seoul District Court advertised in the Korean language Maeil Kyungje that Baruson Company, Korea's best-known greeting card maker, starts its creditor reconciliation procedure. The company's address is 764-19 Bangbaebon-dong, Seocho-gu, Seoul and the president is Mr. Hahm Seung-jong. The creditors have until August 13, 1998 to file their claims. CHO HUNG BANK: Seeks to attract foreign capital ----------------------------------------------- The Korea Herald reports four banks that escaped closure orders from the Financial Supervisory Commission (FSC) last month are included in a group of 7 that have been ordered by the FSC to submit drastic restructuring and recapitalization plans before the end of July. Among the banks, Cho Hung Bank is reported trying to attract $200 million from a millionaire Korean-American business man. However, it now appears that this investor has come up with conditions for the completion of this investment deal. COMMERCIAL BANK OF KOREA: Seeks to attract foreign capital ---------------------------------------------------------- The Korea Herald reports four banks that escaped closure orders from the Financial Supervisory Commission (FSC) last month are included in a group of 7 that have been ordered by the FSC to submit drastic restructuring and recapitalization plans before the end of July. Commercial Bank of Korea (CBK), in addition to its efforts to draw in $200 from overseas, is also pushing for a capital increase of 100 billion won from its rank and file employees. DONG AH GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Dong Ah Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. HANIL BANK: Seeks to attract foreign capital -------------------------------------------- The Korea Herald reports four banks that escaped closure orders from the Financial Supervisory Commission (FSC) last month are included in a group of 7 that have been ordered by the FSC to submit drastic restructuring and recapitalization plans before the end of July. Hanil Bank reportedly hopes to increase paid-in capital with contributions from employees. Some of the banks are also attempting to sell off real estate at a time when domestic property prices are in a slump due to the economic crisis. HAITAI GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Haitai Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. HANIL GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Hanil Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. HANWHA GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Hanwha Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. HYOSUNG GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Hyosung Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. JINRO GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Jinro Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. KOHAP GROUP: Firm told to begin workout procedure --------------------------------------------------- The Korea Herald reports that creditor banks are busy compiling a second "Hit-List" of non-viable firms which will be denied further credit, and hence subject to liquidation. The Kohap Group is part of this new list. However, this time around, many of the companies will be given a chance to improve their finances with the help of their creditors through a workout formula. The workout procedure is aimed at helping firms hit by temporary liquidity shortages to regain financial health and competitiveness through debt relief and creditor offered restructuring programs. It is also hoped to reduce banks' nonperforming loans by improving borrowers' debt payment capabilities. However, the workout can also result in the shareholders being asked to reduce capital and the disposal of unprofitable assets and subsidiariaries. Furthermore, there is a compulsory shake-up of the top management of the "workout conglomerates". The Financial Supervisory Commission (FSC) has instructed 8 creditor banks to select 16 mid-sized potential viable conglomerates (or two per bank) as workout candidates by July 15. KOREA EXCHANGE BANK: Seeks to attract foreign capital ----------------------------------------------------- The Korea Herald reports four banks that escaped closure orders from the Financial Supervisory Commission (FSC) last month are included in a group of 7 that have been ordered by the FSC to submit drastic restructuring and recapitalization plans before the end of July. Korea Exchange Bank (KEB) has succeeded in inducing $250 million in equity capital from the Commerzbank AG of Germany. =============== M A L A Y S I A =============== ADVANTEC ELECTRONICS SDN BHD: Winding-up petition ------------------------------------------------- Bank Bumiputra Malaysia Bhd on 20/4/98 petitioned for the winding-up of Advantec Electronics Sdn Bhd. The petition is directed to be heard on 12/8/98. BESTAMAS SDN BHD: Winding-up petition ------------------------------------- Seawood Enterprise Sdn Bhd on 12/6/98 petitioned for the winding-up of Bestamas Sdn Bhd. The petition is directed to be heard on 25/9/98. BLUE RINGS CIVIL ENGINEERING SDN BHD: Winding-up petition --------------------------------------------------------- Pioneer Concrete (M) Sdn Bhd on 9/6/98 petitioned for the winding-up of Blue Rings Civil Engineering Sdn Bhd. The petition is directed to be heard on 1/9/98. CHUAN CHOON SDN BHD: Winding-up petition ---------------------------------------- Bank Bumiputra Malaysia Bhd on 15/1/98 petitioned for the winding-up of Chuan Choon Sdn Bhd. The petition is directed to be heard on 28/8/98. CLAIRINE'S TROPICA SDN BHD: Winding-up petition ----------------------------------------------- Dimerco Express (Malaysia) Sdn Bhd on 23/6/98 petitioned for the winding-up of Clairine's Tropica Sdn Bhd. COMSAT SDN BHD: Winding-up petition ----------------------------------- Sime Bank Bhd on 6/5/98 petitioned for the winding-up of Comsat Sdn Bhd. The petition is directed to be heard on 11/8/98. DIGIBUILD (M) SDN BHD: Winding-up petition ------------------------------------------ Yoke Seng Sdn Bhd on 19/6/98 petitioned for the winding-up of Digibuild (M) Sdn Bhd. The petition is directed to be heard on 25/9/98. FARID NETWORK (M) SDN BHD: Winding-up petition ---------------------------------------------- Chin Len Chong on 28/6/98 filed a winding-up petition against Farid Network (M) Sdn Bhd. FATT-HEE LEASING CORPORATION SDN BHD: Voluntary winding-up ---------------------------------------------------------- The members of Fatt-Hee Leasing Corporation Sdn Bhd on 1/7/98 resolved to wind-up the company voluntarily. FOREPLUS (M) SDN BHD: Winding-up petition ----------------------------------------- Golden Account Sdn Bhd on 5/5/98 petitioned for the winding-up of Foreplus (M) Sdn Bhd. The petition is directed to be heard on 31/7/98. KOBENA TERAS SDN BHD: Winding-up petition ----------------------------------------- Progressive Insurance Sdn Bhd on 4/6/98 petitioned for the winding-up of Kobena Teras Sdn Bhd. The petition is directed to be heard on 20/8/98. MALAYAN BANKING: Debt restructure triggers slide in banks --------------------------------------------------------- According to the SCMP of July 9, Malaysian stocks fell for a third day, led by Malayan Banking, amid mounting concerns after MBf said it would restructure its debt. The owner of the country's largest finance company said it had appointed Arthur Andersen corporate advisor to restructure its debt, making MBf the biggest publicly traded company to signal serious financial strain from a surge in interest rates and slowing business. A fund manager said that the general sentiment is that bad loans haven't peaked yet. The weaker companies tend to fall first, and the concern is how they're pulling down others. MBf's announcement fueled economic concerns that were stoked on Tuesday when Finance Minister Anwar Ibrahim said the government would lower its 2-3 per cent growth forecast for the economy this year, giving hints that there will be a recession. NISSEI SANGYO (MALAYSIA) SDN BHD: Voluntary winding-up ------------------------------------------------------ The members of Nissei Sangyo (Malaysia) Sdn Bhd on 1/7/98 resolved to wind-up the company voluntarily. Creditors of the company are required to submit their claims before 6/8/98. POPULAR PROFILE SDN BHD: Winding-up petition -------------------------------------------- Uni-Stat Technology Sdn Bhd on 17/6/98 petitioned for the winding-up of Popular Profile Sdn Bhd. The petition is directed to be heard on 20/8/98. Q.S. CERGAS SDN BHD: Winding-up petition ---------------------------------------- Pioneer Concrete (M) Sdn Bhd on 8/6/98 petitioned for the winding-up of Q.S. Cergas Sdn Bhd. The petition is directed to be heard on 25/11/98. SWASTA JAYA (MANAGEMENT)SDN BHD: Winding-up petition ---------------------------------------------------- Simeban Harta Sdn Bhd on 27/3/98 petitioned for the winding-up of Swasta Jaya (Management) Sdn Bhd. TRIUMPH LAND SDN BHD: Winding-up petition ----------------------------------------- Messrs. Aris & Co. on 30/4/98 petitioned for the winding-up of Triumph Land Sdn Bhd. The petition is directed to be heard on 31/7/98. ===================== P H I L I P P I N E S ===================== FIL-ESTATE: Results announcement -------------------------------- BusinessWorld reports property developer Fil-Estate Land, Inc. (FELI) reported a 78.8% decline in net earnings amounting to 255 million Philippne pesos (PhP) for the first half of the year compared with PhP1.2 billion income in the same period last year. SAN MIGUEL: New chairman pledges to cut debt and costs ------------------------------------------------------ RP Business Digest cites an AFP report about San Miguel Corp. chairman and chief executive officer Eduardo Cojuangco's pledge Wednesday to cut the Philippine brewer's debt and costs. Cojuangco said the new management would "dispose of non- performing assets." He added that "part" of its international operations could be considered as non- performing assets. San Miguel, the Philippines' largest private manufacturer, went into an ambitious international expansion over the past 12 years under the leadership of Andres Soriano, a grandson of the company founder who resigned last week. San Miguel's net profit fell 51 percent from a year earlier to three billion pesos in calendar 1997, partly due to 2.4 billion pesos in losses from its overseas operations. =============== T H A I L A N D =============== TPI POLENE PCL: Results announcement and restructuring ------------------------------------------------------ TPI Polene Public Company Limited has experienced liquidity problems, and is in technical violation of its debt agreements with respect to financial ratios and certain debt covenants, with most of its agreements containing cross-default provisions. Because of these conditions, on August 26, 1997 the company suspended principal repayment of its debt and suspended interest payments on January 27, 1998. These violations and suspension of payments constitute events of default, the occurrence of which enables lenders to declare their debt due and payable, and demand immediate payment. As at March 31, 1998, none of the long-term lenders have yet exercised rights to accelerate repayment. The company and its advisor are currently negotiating the detailed terms of a debt restructuring plan with representatives of the Company's financial creditors. The Company and its advisor are also preparing detailed business plans and financial projections as part of this process. An informal standstill has been adhered to by the Company's creditors while these negotiations proceed. Certain subsidiaries and associated companies are also experiencing liquidity and operating problems, and are also attempting to restructure debt. Investments and loans to such companies aggregate Baht 3.34 billion in the consolidated interim financial statements, and Baht 2.48 billion in the equity method interim financial statements. Realization of these investments and loans is depends upon these companies' continuation as going concerns. As at March 31, 1998, the Company's long-term loans of Baht 3,330.22 million and subsidiaries' long-term loans of Baht 69.52 million have not been made principal and interest repayments and the Company and subsidiaries are in default with substantially all debt. 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 * * *