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             A S I A   P A C I F I C      

      Monday, July 13, 1998, Vol. 1, No. 99

                    Headlines


C H I N A   &   H O N G   K O N G

ACTION ENTERPRISES COMPANY LIMITED: Winding-up notice
ARTOGRAM SYSTEMS LIMITED: Meetings of members and creditors
CAPITAL ASIA: Suffers $579m loss after brokerage collapses
DOUBLE CHAINS LIMITED: Winding-up notice
EASTWORLD NETWORKS: Meetings of members and creditors

FRICKE ENTERPRISES(HK) LIMITED: Winding-up notice
GRAND FAIR DEVELOPMENT LIMITED: Winding-up notice
HARBOUR JOINT LIMITED: Winding-up notice
KOLAM TERMINAL LIMITED: Winding-up notice
LAI SUN DEVELOPMENT: Cuts price in Carnarvon Plaza deal

STAR DIGITEL: Winding-up petition
THEME INTERNATIONAL: Emporium files for bankruptcy
WELOCK DEVELOPMENT LIMITED: Winding-up notice


J A P A N  

LONG TERM CREDIT: Rescue to involve public funds
SOEI TSUSHO: Begins bankruptcy proceedings        


K O R E A

NEW CORE COMPANY: New Core Affiliate in Receivership
NEW TOWN DEVELOPMENT: New Core Affiliate in Receivership
SIDAE CONSTRUCTION: New Core Affiliate in Receivership
U-SUNG FOOD COMPANY: Starts creditor reconciliation
YOUNGJIN TECH COMPANY: Company goes bankrupt


M A L A Y S I A

BEDFORD EXCEL VENTURE SDN BHD: Voluntary winding-up
DUNGUN MINING SDN BHD: Voluntary winding-up
ISMAIL DOL TRAVEL AGENCY SDN BHD: Winding-up petition
KERJASAMA KEKAL (M) SDN BHD: Winding-up petition
LAZMAR CREDIT & LEASING SDN BHD: Winding-up petition

LIAN HUAT ENGINEERING WORKS SDN BHD: Winding-up petition
MBF HOLDINGS: MBf Holdings seeks court protection
MAJU LAYAR SDN BHD: Winding-up petition
OMEGA SECURITIES: KLSE coordinating reimbursement scheme
SUNTRADE SDN BHD: Voluntary winding-up


P H I L I P P I N E S

VICTORIAS MILLING: Creditor banks OK restructuring plan


S I N G A P O R E

EMPORIUM HOLDINGS: Files for bankruptcy protection


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

ACTION ENTERPRISES COMPANY LIMITED: Winding-up notice
-----------------------------------------------------
A notice of a winding-up order on June 22, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 6 of 1998
shows Action Enterprises Limited presented a petition on
January 6, 1998.


ARTOGRAM SYSTEMS LIMITED: Meetings of members and creditors
-----------------------------------------------------------
Meetings of the members and creditors of Artogram Systems
Limited will be held on July 27 at Littlewoods, Solicitors,
15/F HK Bank Building in pursuant to section 228A (in
creditors voluntary winding up).


CAPITAL ASIA: Suffers $579m loss after brokerage collapses
----------------------------------------------------------
A news summary in the SCMP of July 10 says that Emperor
Group associate Capital Asia has plunged into a $579.78
million attributable loss in the year ended March 31 from a
$13.28 million net profit last year under the weight of a
$538.08 million one-off loss. The firm was hit by a rash of
write-offs and provisions mostly linked to a $249.29
million loss on liquidation of brokerage and financial arm
CA Pacific Group.

According to the Hong Kong Standard, the exceptional loss
of $538.09 million for the property investment firm was due
to the liquidation of associated companies.

Losses also included provision for doubtful debts,
provision for amounts due from the associated companies,
provision for diminutions in value of long-term
investments, and write-offs of fixed assets and provision
for diminution in the value of deposits.

Turnover stood at $668.8 million from $731.8 million in the
previous year, representing an 8.6 per cent drop.


DOUBLE CHAINS 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. 239 of 1998
shows Double Chains Limited presented a petition on April
15, 1998.


EASTWORLD NETWORKS: Meetings of members and creditors
-----------------------------------------------------
Meetings of the members and creditors of Eastworld Networks
Limited will be held on July 27 at Littlewoods, Solicitors,
15/F HK Bank Building in pursuant to section 228A (in
creditors voluntary winding up).


FRICKE ENTERPRISES(HK) 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. 257 of 1998
shows Fricke Enterprises (HK) Limited presented a petition
on April 21, 1998.


GRAND FAIR DEVELOPMENT 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. 117 of 1998
shows Grand Fair Development Limited presented a petition
on March 7, 1998.


HARBOUR JOINT 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. 253 of 1998
shows Harbour Joint Limited presented a petition on April
21, 1998.


KOLAM TERMINAL 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. 344 of 1998
shows Kolam Terminal Limited presented a petition on May
20, 1998.


LAI SUN DEVELOPMENT: Cuts price in Carnarvon Plaza deal
-------------------------------------------------------
According to the SCMP of July 10, cash-strapped Lai Sun
Development has been forced to off-load one of its
properties at a discount and sell an overseas asset as part
of a debt reduction program stemming from its HK$6.9
billion takeover of Furama Hotel Enterprises last year.

The company yesterday salvaged the sale of Carnarvon Plaza
in Tsimshatsui from collapse only after reducing the asking
price by HK$50 million to HK$750 million.

A company spokesman said part of the proceeds would be used
to repay HK$300 million bank mortgages for Carnarvon Plaza
with the balance reserved for debt reduction and as working
captital.

In the past few months, Lai Sun has off-loaded a series of
assets, including the Majestic Hotel in Yau Ma Tei, 150
carparking spaces at New Mandarin Plaza in Tsimshatsui East
and the International Theatre in Kowloon.

The group's hotel arm, Lai Sun Hotel International, also
announced yesterday it had disposed of its joint venture
property Four Seasons Milano in Milan, Italy, which is a
50-50 venture with Hotel Properties Ltd. of Singapore, to
Walton Milano Investors for US$61.46 million. The
company indicated earlier it was negotiating to sell Four
Seasons Hotel in New York and a deal was expected in the
near future.

Lai Sun Development yesterday said Hong Kong and Shanghai
Banking Corp. had granted a US$200 million five-and-a-half-
year term loan facility secured over the Furama Hotel in
Central in place of the existing US$350 million short-term
facility repayable at the end of September.

According to the Hong Kong Standard, analysts said the
disposal of assets was part of an effort to reduce the
company's estimated HK$9 billion debts.

Lai Sun will resume the sale of its residential
development, Panorama, in Tsuen Wan this week. The group
also said other yet-to-be-named residential project in Sham
Shui Po would be offered for sale in September. The group
will use some of its proceeds from asset sales to finance
interest payments estimated at HK$900 million annually.

A spokesman for the group yesterday said the profits from
the disposal of the Four Seasons Milano Hotel would be used
for acquiring other projects and for the management of
hotels in different parts of the world.


STAR DIGITEL: Winding-up petition
---------------------------------
A petition for winding-up of Star Digitel by the High Court
in Hong Kong was presented on June 30 and is directed to be
heard before the court at 9:30 am on July 29.


THEME INTERNATIONAL: Emporium files for bankruptcy
--------------------------------------------------
According to the SCMP of July 10, fashion retailer Theme
International Holdings, which has been struggling since
March to reach an agreement with 18 bank creditors to
freeze the repayment of $216 million in total debts, was
dealt another blow when its Singapore-based retailing arm,
Emporium Holdings, filed for bankruptcy protection as a
result of the retail slump.

Market watchers said the bankruptcy protection for
Emporium, whose business spans restaurants to supermarkets,
might spark write-offs for Theme.

According to the Hong Kong Standard, Theme said Emporium
Holdings (Singapore) and 5 of its subsidiaries continued to
suffer losses even after it was restructured following
Theme's takeover last July. The 5 subsidiaries include:
Emporium Department Store, Sports Stop Boutique, Oriental
Restaurant Katong Emporium & Supermarket and Emporium
Lifestyle.

Theme said that if successful the application for judicial
management orders would provide a moratorium of 180 days,
and the action will prevent the closure of Emporium's
business operations whilst enabling various options to be
explored, which included rehabilitation of the Emporium,
injection of fresh investor capital and better realisation
of Emporium's assets.

Theme also said that the placement of Emporium under
judicial management would not affect Theme's other
businesses.

Emporium Group is 99.5 per cent owned by Wescorp which in
turn is 56 per cent held by Theme International and 44 per
cent owned by China Everbright.

Theme obtained a controlling shareholding in Emporium last
July after locally listed China Everbright subscribed to
19.9 per cent of Theme shares by injecting its 54.5 per
cent interest in Emporium into the firm.

Theme shares were suspended in early January due to the
sudden loss of a credit facility. It announced a debt
restructuring in early April with the shares resuming
trading in the same month.


WELOCK DEVELOPMENT 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. 260 of 1998
shows Welock Development Limited presented a petition on
April 21, 1998.


=========
J A P A N  
=========

LONG TERM CREDIT: Rescue to involve public funds
------------------------------------------------
According to the Hong Kong Standard of July 10, Japan will
use public funds to ensure the smooth takeover of the
ailing Long Term Credit Bank of Japan.

As reported by Nihon Keizai Shimbun yesterday, the funds
will come from 13 trillion yen made available in a package
announced in February aimed at boosting banks' capital and
will be used to write off bad loans to affiliates.

Japan's new financial supervisory agency will start
inspecting the bank to determine the size of its bad loan
mess later this month.

Sumitomo insisted it would only take on LTCB's healthy
loans, meaning the remaining 1,378.5 billion yen in bad
loans would have to be written off or bought up by Tokyo
using public funds.

The Deposit Insurance Corp said that since the merger is
not final yet and negotiations are still going on, they
cannot say what will be done about public funds at this
stage.


SOEI TSUSHO: Begins bankruptcy proceedings        
------------------------------------------
Comline Electronics reports Soei Tsusho, a wholesaler
dealing in semiconductor materials, applied to the Osaka
District Court on July 8 to initiate bankruptcy
proceedings, according to Teikoku Data Bank, a private
credit investigation institution. At the end of last year,
the firm's liabilities totaled 21.3
billion yen.

Soei Tsusho has faced a number of difficulties in recent
years that have weighed heavily on its financial health,
including high borrowings for facility investments, the
slump in the domestic economy, and a decline in exports to
South Korea, its chief export destination.

The firm, which was founded in 1960, supplied semiconductor
materials and semiconductor manufacturing equipment to
firms in Japan, Korea and Taiwan.


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

NEW CORE COMPANY: New Core Affiliate in Receivership
----------------------------------------------------
According to the Korean language Maeil Kyungje, New Core
Group affiliate New Core Company, along with affiliates New
Town Development and Sidae Construction Company, applied
for court receivership on July 9, 1998.

The New Core Group went into insolvency in November of last
year and its creditor reconciliation plan was rejected by
the court. The group has been preparing to apply for court
receivership by paying back its 135 trillion won debt.

Previously, among the 18 New Core group's affiliates,
Sidae Distribution (a.k.a. Shi Dai Circulation Co.),
Sidae Livestock (a.k.a. Si Dai Chuksan Co.), and New Town
Planning (a.k.a. Newtown Project Co.) were included among
the 55 companies cited last month by creditor banks as
nonviable companies (the "Hit List"). These firms are
subject to liquidation as creditor banks are to stop
providing them with new loans.

New Core Group plans to merge and abolish 12 affiliates.


NEW TOWN DEVELOPMENT: New Core Affiliate in Receivership
--------------------------------------------------------
According to the Korean language Maeil Kyungje, New Core
Group affiliate New Town Development, as well as affiliate
New Core Company and Sidae Construction Company, applied
for court receivership on July 9, 1998.

The New Core Group went into insolvency in November of last
year and its creditor reconciliation plan was rejected by
the court. The group has been preparing to apply for court
receivership by paying back its 135 trillion won debt.

Previously, among the 18 New Core group's affiliates,
Sidae Distribution (a.k.a. Shi Dai Circulation Co.),
Sidae Livestock (a.k.a. Si Dai Chuksan Co.), and New Town
Planning (a.k.a. Newtown Project Co.) were included among
the 55 companies cited last month by creditor banks as
nonviable companies (the "Hit List"). These firms are
subject to liquidation as creditor banks are to stop
providing them with new loans.

New Core Group plans to merge and abolish 12 affiliates.


SIDAE CONSTRUCTION: New Core Affiliate in Receivership
------------------------------------------------------
According to the Korean language Maeil Kyungje, New Core
Group affiliate Sidae Construction Company, as well as New
Core Company and New Town Development, applied for court
receivership on July 9, 1998.

The New Core Group went into insolvency in November of last
year and its creditor reconciliation plan was rejected by
the court. The group has been preparing to apply for court
receivership by paying back its 135 trillion won debt.

Previously, among the 18 New Core group's affiliates,
Sidae Distribution (a.k.a. Shi Dai Circulation Co.),
Sidae Livestock (a.k.a. Si Dai Chuksan Co.), and New Town
Planning (a.k.a. Newtown Project Co.) were included among
the 55 companies cited last month by creditor banks as
nonviable companies (the "Hit List"). These firms are
subject to liquidation as creditor banks are to stop
providing them with new loans.

New Core Group plans to merge and abolish 12 affiliates.


U-SUNG FOOD COMPANY: Starts creditor reconciliation
---------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Briefs Section, Pusan District Court has allowed U-Sung
Food Company to start its creditor procedure.


YOUNGJIN TECH COMPANY: Company goes bankrupt
--------------------------------------------
The Asian Wall Street Journal reports that the Youngjin
Company, the textile unit of the Shinho Group went bankrupt
after failing to pay its maturing loans valued at $4.8
billion won ($3.6 million) at the Peace Bank of Korea.  

Youngjin was also included among the 55 companies cited
last month by creditor banks as nonviable companies (the
"Hit List"). These firms are subject to liquidation as
creditor banks are to stop providing them with new loans.  

Shares of Youngjin were suspended, but will resume trading
after a day under the supervision of the Korean Stock
Exchange.


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

BEDFORD EXCEL VENTURE SDN BHD: Voluntary winding-up
---------------------------------------------------
The members of Bedford Excel Venture Sdn Bhd on 1/7/98
resolved to wind-up the company voluntarily. Creditors are
required to submit their claims before 9/8/98.


DUNGUN MINING SDN BHD: Voluntary winding-up
-------------------------------------------
The members of Dungun Mining Sdn Bhd on 7/7/98 resolved to
wind-up the company voluntarily. Creditors are required to
submit their claims before 10/8/98.


ISMAIL DOL TRAVEL AGENCY SDN BHD: Winding-up petition
-----------------------------------------------------
Simefinance Bhd on 14/5/98 petitioned for the winding-up of
Ismail Dol Travel Agency Sdn Bhd. The petition is directed
to be heard on 8/10/98.


KERJASAMA KEKAL (M) SDN BHD: Winding-up petition
------------------------------------------------
Mobil Oil Malaysia Sdn Bhd on 7/7/98 petitioned for the
winding-up of Kerjasama Kekal (M) Sdn Bhd.


LAZMAR CREDIT & LEASING SDN BHD: Winding-up petition
----------------------------------------------------
Perwira Affin Bank Bhd on 1/6/98 petitioned for the
winding-up of Lazmar Credit & Leasing Sdn Bhd. The petition
is directed to be heard on 28/8/98.


LIAN HUAT ENGINEERING WORKS SDN BHD: Winding-up petition
--------------------------------------------------------
Malayan Banking Bhd on 9/6/98 petitioned for the winding-up
of Lian Huat Engineering Works Sdn Bhd. The petition is
directed to be heard on 2/9/98.


MBF HOLDINGS: MBf Holdings seeks court protection
-------------------------------------------------
A story in the Asian Wall Street Journal says that MBf
Holdings Bhd., one of Malaysia's largest finance companies
with interest in property, motor-vehicle distribution and
education, has sought court protection from its creditors.

MBf holdings reportedly has loans totaling more than 1.5
billion ringgit ($358.4 million). A company senior
spokesman said that on a cash flow basis, MBf Holdings is
illiquid and is having problems servicing its loans.  

Under the court protection scheme, MBf Holdings will get a
reprieve from repaying its loans for the next six months,
during which time it must come up with a restructuring
scheme acceptable to at least 75 percent of the creditors.  

MBf Holdings has appointed Author Anderson to prepare a
restructuring plan.


MAJU LAYAR SDN BHD: Winding-up petition
---------------------------------------
Hap Seng (Oil Transport) Sdn Bhd on 25/5/98 petitioned for
the winding-up of Maju Layar Sdn Bhd. The petition is
directed to be heard on 25/9/98.


OMEGA SECURITIES: KLSE coordinating reimbursement scheme
--------------------------------------------------------
Singapore BusinessTimes cites a Reuters report that the
Kuala Lumpur Stock Exchange said yesterday that it was
coordinating a reinbursement scheme for clients of Omega
Securites Sdn Bhd.

Omega Securities, a wholly-owned unit of publicly-traded
Omega Holdings Bhd, was placed under receivership on June
9.

The exchange said eligible Omega Securities clients will be
able to collect their cheques between July 13 and 17. It
said the eligible clients are margin clients with no
outstanding balances in their margin accounts but with
shares and/or other forms of security still held by Omega;
margin clients with the net credit (after netting-off
shares and/or other forms of security in their margin
account against amount owing by them to Omega), and non-
margin clients with net credit.

The deadline for claims submissions was on June 30.

Hwang-DBS agreed to compensate Omega's clients as part of a
new government scheme to mitigate investor losses resulting
from brokerages whose licences had been revoked.

Penang-based Hwang-DBS in turn will be allowed to open a
branch in Shah Alam.


SUNTRADE SDN BHD: Voluntary winding-up
--------------------------------------
The members of Suntrade Sdn Bhd on 5/7/98 resolved to wind-
up the company voluntarily. Creditors are required to
submit their claims before 31/7/98.


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

VICTORIAS MILLING: Creditor banks OK restructuring plan
-------------------------------------------------------
The Asian Wall Street Journal reports that the 32 creditor
banks for the Philippine sugar concern Victorias Milling
Co. have accepted a proposed rehabilitation plan. This plan
still needs to be approved by the Securities and Exchange
Commission.  

Victorias Milling filed for debt-payment suspensions in
February of 1997 when its debts reached 5.5 billion pesos
($132.6 million) and the company could no longer service
debts due to falling sugar prices.

The plan reportedly calls for putting 51 percent of the
company up for bid (to selected bidders) with the 567
million peso level being suggested as the starting bid.  
Creditor banks will then convert 1.5 billion pesos of
the total debt into equity.


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

EMPORIUM HOLDINGS: Files for bankruptcy protection
--------------------------------------------------
Retailer Emporium Holdings (Singapore) has filed for
bankruptcy protection as a result of the retail slump.

According to the Hong Kong Standard, parent company Theme
International Holdings said Emporium Holdings and five of
its subsidiaries continued to suffer losses even after it
was restructured following Theme's takeover last July. The
five subsidiaries include: Emporium Department Store,
Sports Stop Boutique, Oriental Restaurant Katong Emporium &
Supermarket and Emporium Lifestyle.

Theme said that if successful the application for judicial
management orders would provide a moratorium of 180 days,
and the action will prevent the closure of Emporium's
business operations while enabling various options to be
explored, including rehabilitation of Emporium, injection
of fresh investor capital and better realisation of
Emporium's assets.

Theme also said that the placement of Emporium under
judicial management would not affect Theme's other
businesses.

Coopers and Lybrand partners Chew Kia-ngee, Chan Ket-teck
and Watt Wai-mei will act as managers for the proceedings.

Emporium Group is 99.5 per cent owned by Wescorp which in
turn is 56 per cent held by Theme International and 44 per
cent owned by China Everbright.

Theme obtained a controlling shareholding in Emporium last
July after locally listed China Everbright subscribed to
19.9 per cent of Theme shares by injecting its 54.5 per
cent interest in Emporium into the firm.

Theme shares were suspended in early January due to the
sudden loss of a credit facility. It announced a debt
restructuring in early April with the shares resuming
trading in the same month.


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-
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