/raid1/www/Hosts/bankrupt/TCRAP_Public/980714.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 14, 1998, Vol. 1, No. 99

                    Headlines


C H I N A   &   H O N G   K O N G

ASIA NETWORK PUBLICATION: Winding-up notice
CA PACIFIC: Pair to represent aggrieved clients
CENTRALIX LIMITED: Writ of summons related to indebtedness
CHEVALIER DEVELOPMENT: Request to delay loan hits stock
COPYRIGHT LIMITED: Winding-up notice

CRUISE HOLIDAY & TRAVEL LIMITED: Winding-up notice
ORBOT INSTRUMENTS PACIFIC LIMITED: Notice to creditors
PEREGRINE INVESTMENTS: Government undecided on probe
SHARP BRAVE: Sharp Brave's claim of spoken deal thrown out
TA FU INTERNATIONAL: Ta Fu discusses loan repayments

THEME INTERNATIONAL: Theme seeks nod for Emporium on revamp
WEIHONG PETROLEUM: Notice of appointment of liquidators


I N D O N E S I A

GARUDA: Considers flight cuts


J A P A N  

JAPAN LEASING: Farm sector owed Y354.2bn by Japan Leasing         
MITSUKOSHI LIMITED: Restructuring follows losses
NIPPON TELEGRAPH: PHS business affects results


K O R E A

DAEWOO GROUP: Affiliates accused of illegal transactions
HYOSUNG GROUP: Appaloosa withdraws equity from Hyosung
HYUNDAI GROUP: Affiliates accused of illegal transactions
KIA GROUP: Trial starts for Kia Group's former head
LG GROUP: Affiliates accused of illegal transactions

MICOFANCY COMPANY: Starts creditor reconciliation
MICROCERAMIC COMPANY: Starts creditor reconciliation
MICROKOREA COMPANY: Starts creditor reconciliation
SAMSUNG GROUP: Affiliates accused of illegal transactions
SHINHO GROUP: Target of creditor workout

SK GROUP: Affiliates accused of illegal transactions


M A L A Y S I A

ARENSI HOLDINGS (M) BHD: Results announcement
ASIAN PAC HOLDINGS BHD: Results announcement
AUTO KEYS SDN BHD: Winding-up petition
CHONGAI CORPORATION BHD: Results announcement
CIS SOLUTION (M) SDN BHD: Voluntary winding-up

DATAPREP HOLDINGS BHD: Results announcement
FA PENINSULAR BHD: Results announcement
FORTUNE TRADING SDN BHD: Voluntary winding-up
G-TWO HOLDINGS BHD: Winding-up petition
GLAMOIR WORLD OF SPORTS (M) SDN BHD: Winding-up petition

MBF HOLDINGS: Offers details on restructuring plan
NEW SELANGOR PLANTATIONS SDN BHD: Capital reduction
PASARAYA SAGA (PANDAMARAN) SDN BHD: Winding-up petition
PERDANA INDUSTRI HOLDINGS BHD: Results announcement
PHIN ON DEVELOPMENT SDN BHD: Winding-up petition

SATERAS RESOURCES (M) BHD: Results announcement
SYAKIM FOOD INDUSTRIES SDN BHD: Winding-up petition
SYARIKAT AMANG LEE SOO SDN BHD: Winding-up petition
TENCO BHD: Results announcement
TIME TELECOM: Renong unit is set to seek court protection

UCM INDUSTRIES CORP BHD: Makes restructuring proposal


P H I L I P P I N E S

PHILIPPINES AIRLINES: Appeals to union to cease actions
PHILIPPINE REALTY: Builder in talks to restructure loans


S I N G A P O R E

EMPORIUM GROUP: Theme arm leaves long creditor list


T H A I L A N D

THAI OIL: Chevron to take stake in Thai Paraxylene


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

ASIA NETWORK PUBLICATION: Winding-up notice
-------------------------------------------
A notice on the Hong Kong Standard of July 11 says that a
petition for the winding-up of Asia Network Publication
(HK) Company Limited was presented to the High Court on
July 7 by David Paul Morris, and that the petition was
directed to be heard before the court at 9:30 am on
August 5.


CA PACIFIC: Pair to represent aggrieved clients
-----------------------------------------------
According to the SCMP of July 11, two representatives for
investors were chosen by the court after a clash between
investors and provisional liquidators Coopers & Lybrand.
One of them is to represent those with proprietary interest
in securities held by CA Pacific and the other to represent
those with a personal monetary claim against the company.

Coopers & Lybrand indicated last month that CA Pacific and
its margin financing company owed 11,000 clients $1.4
billion in shares when it failed in January. The brokerage
had $1 billion in shares on hand, which was scaled down to
$900 million to repay clients after deducting $100 million
in bank loans.

Following the company's collapse, the government boosted a
$480 million compensation package for clients of failed
brokerages to $1.08 billion. Cash and margin clients who
had not used their credit lines were expected to receive a
maximum of $150,000 each.

CA Pacific Group director and his wife are facing charges
of false accounting in relation to a $373 million loan.
Their case has been adjourned by the court until
September 7.


CENTRALIX LIMITED: Writ of summons related to indebtedness
----------------------------------------------------------
According to a notice in the Hong Kong Standard of July 13,
legal action has been taken by Banque Nationale de Paris
against Centralix Limited and its gurantors on April 3 for
indebtedness in the sum of HK$324,950.59 and US$646,053.31
with interest and costs under an agreement dated May 13,
1997.


CHEVALIER DEVELOPMENT: Request to delay loan hits stock
-------------------------------------------------------
Chevalier Development International shares eased slightly
yesterday on news that the firm needed to postpone a $1
billion loan repayment because of an unexpected shortfall
in cash returns from a government-subsidised housing
project.


COPYRIGHT LIMITED: Winding-up notice
------------------------------------
A notice on the Hong Kong Standard of July 13 says that a
petition for the winding up of Copyright Limited was
presented to the High Court on July 8 by Choi Yun Sang, and
that the petition was directed to be heard before the court
at 9:30 am on August 5.


CRUISE HOLIDAY & TRAVEL LIMITED: Winding-up notice
--------------------------------------------------
A notice on the Hong Kong Standard of July 13 says that a
petition for the winding-up of Cruise Holiday & Travel
Limited was presented to the High Court on July 8 by Tsang
Pui Wah, and that the petition was directed to be heard
before the court at 9:30 am on August 5.


ORBOT INSTRUMENTS PACIFIC LIMITED: Notice to creditors
------------------------------------------------------
A notice on the Hong Kong Standard of July 13 says that
creditors of Orbot Instruments Pacific Limited, in members'
voluntary liquidation, are required to send in their claims
on or before August 18.


PEREGRINE INVESTMENTS: Government undecided on probe
----------------------------------------------------
According to the SCMP of July 13,the government is yet to
decide whether it will launch a comprehensive investigation
into the reasons for Peregrine's downfall, pending legal
advice from the Justice Department.

An independent investigation is expected to take more than
a year and cost tens of millions of dollars.


SHARP BRAVE: Sharp Brave's claim of spoken deal thrown out
----------------------------------------------------------
According to the SCMP of July 11, the court had thrown out
claims that a "gentleman's agreement" means electronics-
maker Sharp Brave can stall payment of a $9 million loan,
saying there were written agreements throughout the time
span of the loan for repayment.

The wholly owned subsidiary of troubled Billion
International Holdings was ordered to be wound up by the
court on June 30 after it failed to repay the debt to the
petitioner for winding-up Leung Kee Holdings.


TA FU INTERNATIONAL: Ta Fu discusses loan repayments
----------------------------------------------------
According to the SCMP of July 11, cash-strapped plywood-
maker Ta Fu International is negotiating a standstill
agreement with its 13 banks as part of a financial
restructuring.

Managing director of the company Anthony Fan said they
proposed a standstill to the end of October to give them
time to talk to potential investors. He said profit margins
had declined due to fierce competition sparked by the Asian
economic crisis. He also said that the company had debts of
$40 million and was in talks with potential new investors.

A writ for repayment of $700,000 was issued against the
firm by one of its banks in May.

According to the Hong Kong Standard, the debt amounts to
$41 million and the banks that Ta Fu is holding
negotiations with include Standard Chartered Bank, Hong
Kong Bank, Tat Lee Bank, Bank of Nova Scotia and Banque
Nacionale De Paris.

Mr Fan said that Ta Fu has already paid US20 million of its
US$61 million debt during the first and second quarter this
year and that it is only experiencing a short-term
liquidity problem. He said the request made by five banks
in May for immediate repayment was triggered by the legal
action taken by Banque Nacionale de Paris which supplied a
US$700,000 loan to the company.

The company's vice chairman said that economic instability
in the region saw the company's turnover drop at least 30
per cent. However the company expects turnover and profit
margins to improve in the second half.

Ta Fu's products include medium density fibre boards,
furniture, melamine particle boards and plywood and are
expected to post a satisfactory profit margin. The company
posted a 7.4 per cent increase in turnover to US$180.8
million for last year.


THEME INTERNATIONAL: Theme seeks nod for Emporium on revamp
-----------------------------------------------------------
According to the Hong Kong Standard of July 13, Theme
International Holdings is seeking a court order that will
allow it to rebuild its loss-making Singapore-based
subsidiary Emporium (Holdings) Ltd.

The Emporium Group had been incurring operating losses for
some time before Theme International acquired its
controlling shareholding in September 1997.

According to the unaudited balance sheet of the Emporium
Group as at September 30, 1997, Emporium Group had total
liabilities of $1.13 billion, fixed assets of $1.41 billion
and total assets of $1.61 billion. Shareholders' funds and
minority interests are $476.6 million.

Upon the filing of petitions by Emporium Holdings
(Singapore) Ltd. and five of its subsidiaries on July 9 for
judicial management and appointment of interim judicial
managers, a moratorium will take effect for a period of
180 days, subject to extension, during which the judicial
manager will take up the functions and powers of the board
of directors, and will also make a statement of proposals
to the members and creditors under judicial management for
rehabilitating the company.


WEIHONG PETROLEUM: Notice of appointment of liquidators
-------------------------------------------------------
A notice on the Hong Kong Standard of July 13 tells about
the appointment of liquidators for Weihong Petroleum
Company Limited.


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

GARUDA: Considers flight cuts
-----------------------------
A news summary in the SCMP of July 11 says that cash-
troubled Indonesian flag carrier Garuda yesterday said it
was considering scrapping remaining flights to Europe or
giving some of its routes to KLM Royal Dutch Airlines as
part of a code-sharing pact.

According to and Agence France-Presse article in the Hong
Kong Standard, Garuda has said that it is now serving only
Paris, London, Frankfurt and Amsterdam, and has entered a
code-sharing arrangement with Swissair, KLM and Lauda Air
to serve passengers travelling from Jakarta to Europe.

Garuda, which reportedly must repay some US$100 million in
foreign loans this year, operated a pre-crisis fleet of 52
planes, 24 of them leased from foreign companies. But last
month, it returned six of the leased aircraft to cut costs.

Indonesia's Communications Minister Giri Suseno was quoted
as saying on Thursday that the government would try to ease
the plight of airlines through tax breaks on machinery
imports, a suspension of value-added taxes on leased
aircraft and allowing the airlines to pay for fuel on
credit. There was no indication of when the tax breaks
might come.


=========
J A P A N  
=========

JAPAN LEASING: Farm sector owed Y354.2bn by Japan Leasing         
---------------------------------------------------------
Kyodo News reports financial institutions in the
agricultural industry are owed huge loan debts by Japan
Leasing Corp., a major leasing company affiliated with the
financially ailing Long-Term Credit Bank of Japan (LTCB),  
sources close to agricultural cooperatives said Friday.

The treatment of such credits is expected to be a key issue
in ongoing merger negotiations between LTCB and Sumitomo
Trust and Banking Co.

As of March 31, loans extended to Japan Leasing by 73
agricultural financial institutions totaled some 354.2
billion yen, the sources said.


MITSUKOSHI LIMITED: Restructuring follows losses
------------------------------------------------
Bloomberg reports Mitsukoshi Limited, Japan's oldest
department store operator, will close some unprofitable
stores as part of a plan starting this year to return to
profitability. Mitsukoshi posted a 44.6 billion yen
loss in the first half of last year after writing off
losses from a failed golf-course development.


NIPPON TELEGRAPH: PHS business affects results
----------------------------------------------
Nippon Telegraph & Telephone Corp, said it would suffer a
41 billion yen parent special loss this fiscal year as it
restructured its struggling personal handyphone, or PHS,
business.

The subscriber numbers and profit margins of PHS have been
dwindling in recent months because of stiff competition
from cellular phones.

NTT`s PHS units are expected to have accumulated debts
exceeding assets of 255 billion yen by December, NTT said.
As a result, NTT will liquidate the PHS units and transfer
their operations to NTT Mobile Communications Network,
NTT's mobile phone subsidiary.


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

DAEWOO GROUP: Affiliates accused of illegal transactions
--------------------------------------------------------
The Fair Trade Commission (FTC), the Korean government's
anti-trust watchdog agency, claims it has found evidence of
illegal inter-subsidiary financial transactions among 80
affiliates of the country's largest family-owned
conglomerates (or chaebols). This probe by the FTC was
intended to identify and potentially close financially weak
affiliates of chaebols that cannot stand on their own
without the support of their parent companies.  

According to the Korea Herald, the breakdown of the 80
firms allegedly involved in the illegal transactions among
the top five chaebols are Daewoo Group (6 affiliates),
Hyundai Group (35 affiliates), LG Group (20 affiliates),
Samsung Group (7 affiliates) and SK Group (12 affiliates).

Previously cited examples of questionable methods used by
chaebols included having a healthy subsidiary underwrite
convertible bonds issued by a sister company suffering from
cumulative losses, or purchasing commercial paper from a
sister company at higher-than-market cost. Low interest
loans have also been offered to marginal companies in a
group to keep them afloat regardless of their
profitability. Sometimes sound subsidiaries even sell goods
on credit and do not attempt to recoup the expense from
their weak sister companies.


HYOSUNG GROUP: Appaloosa withdraws equity from Hyosung
------------------------------------------------------
The Korean Herald reports that U.S. investment fund
Appaloosa Management decided to withdraw equity from the
Hyosung Group last week. Industry analysts said that the
Appaloosa's sudden disposal of its 17.9-percent in Hyosung
flagship unit, Hyosung T&C, reflected foreign shareholders'
preparedness to retrieve investment when a firm's
restructuring plan seems unlikely to serve their interests.

It is expected that foreign shareholders' opposition, as in
Hyosung Group's case, will thwart domestic conglomerates'
restructuring moves that include M&As. Appaloosa's
departure may affect other foreign investors' decisions to
scale down exposures in Korea as well as other parts of
Asia.


HYUNDAI GROUP: Affiliates accused of illegal transactions
---------------------------------------------------------
The Fair Trade Commission (FTC), the Korean government's
anti-trust watchdog agency, claims it has found evidence of
illegal inter-subsidiary financial transactions among 80
affiliates of the country's largest family-owned
conglomerates (or chaebols). This probe by the FTC was
intended to identify and potentially close financially weak
affiliates of chaebols that cannot stand on their own
without the support of their parent companies.  

According to the Korea Herald, the breakdown of the 80
firms allegedly involved in the illegal transactions among
the top five chaebols are Daewoo Group (6 affiliates),
Hyundai Group (35 affiliates), LG Group (20 affiliates),
Samsung Group (7 affiliates) and SK Group (12 affiliates).

Previously cited examples of questionable methods used by
chaebols included having a healthy subsidiary underwrite
convertible bonds issued by a sister company suffering from
cumulative losses, or purchasing commercial paper from a
sister company at higher-than-market cost. Low interest
loans have also been offered to marginal companies in a
group to keep them afloat regardless of their
profitability. Sometimes sound subsidiaries even sell goods
on credit and do not attempt to recoup the expense from
their weak sister companies.


KIA GROUP: Trial starts for Kia Group's former head
---------------------------------------------------
Reuters reports three top executives of South Korea's
ailing Kia Group, including its former chairman, went on
trial Monday at Seoul District Court over misuse of funds
and other charges.

Prosecutors arrested former Kia Group chairman Kim Sun-hong
last May for mismanagement at the conglomerate, whose
business is mostly in the automotive sector.

The other two Kia executives standing trial were Lee Ki-ho,
president of the group's planning and coordinating office,
and Lee Jae-kwon, a former executive of Kisan Co Ltd, the
group's construction company.

Kim is charged with using corporate funds to buy shares in
Kia affiliates as a way to maintain management of the group
and for authorising cross payment guarantees among
affiliates for two years between 1995 to 1997.


LG GROUP: Affiliates accused of illegal transactions
----------------------------------------------------
The Fair Trade Commission (FTC), the Korean government's
anti-trust watchdog agency, claims it has found evidence of
illegal inter-subsidiary financial transactions among 80
affiliates of the country's largest family-owned
conglomerates (or chaebols). This probe by the FTC was
intended to identify and potentially close financially weak
affiliates of chaebols that cannot stand on their own
without the support of their parent companies.  

According to the Korea Herald, the breakdown of the 80
firms allegedly involved in the illegal transactions among
the top five chaebols are Daewoo Group (6 affiliates),
Hyundai Group (35 affiliates), LG Group (20 affiliates),
Samsung Group (7 affiliates) and SK Group (12 affiliates).

Previously cited examples of questionable methods used by
chaebols included having a healthy subsidiary underwrite
convertible bonds issued by a sister company suffering from
cumulative losses, or purchasing commercial paper from a
sister company at higher-than-market cost. Low interest
loans have also been offered to marginal companies in a
group to keep them afloat regardless of their
profitability. Sometimes sound subsidiaries even sell goods
on credit and do not attempt to recoup the expense from
their weak sister companies.


MICOFANCY COMPANY: Starts creditor reconciliation
-------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Micofancy Company has started a creditor
reconciliation procedure. The company's address is 554-2
Kasan-dong, Keumchun-gu, Seoul and the president is Mr. Cho
Sun-gil. The creditors have until August 1, 1998 to file
their claims.


MICROCERAMIC COMPANY: Starts creditor reconciliation
----------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Microceramic Company has started a
creditor reconciliation procedure. The company's address is
481-7 Kasan-dong, Keumchun-gu, Seoul and the presidents are
Mr. Cho Chung-gil and Mr. Cho Sun-gil. The creditors have
until August 1, 1998 to file their claims.


MICROKOREA COMPANY: Starts creditor reconciliation
--------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that MicroKorea Company has started a
creditor reconciliation procedure. The company's address is
1001-2 Toksan-dong, Keumchun-gu, Seoul and the presidents
are Mr. Cho Chung-gil and Mr. Cho Sun-gil. The creditors
have until August 1, 1998 to file their claims.


SAMSUNG GROUP: Affiliates accused of illegal transactions
---------------------------------------------------------
The Fair Trade Commission (FTC), the Korean government's
anti-trust watchdog agency, claims it has found evidence of
illegal inter-subsidiary financial transactions among 80
affiliates of the country's largest family-owned
conglomerates (or chaebols). This probe by the FTC was
intended to identify and potentially close financially weak
affiliates of chaebols that cannot stand on their own
without the support of their parent companies.  

According to the Korea Herald, the breakdown of the 80
firms allegedly involved in the illegal transactions among
the top five chaebols are Daewoo Group (6 affiliates),
Hyundai Group (35 affiliates), LG Group (20 affiliates),
Samsung Group (7 affiliates) and SK Group (12 affiliates).

Previously cited examples of questionable methods used by
chaebols included having a healthy subsidiary underwrite
convertible bonds issued by a sister company suffering from
cumulative losses, or purchasing commercial paper from a
sister company at higher-than-market cost. Low interest
loans have also been offered to marginal companies in a
group to keep them afloat regardless of their
profitability. Sometimes sound subsidiaries even sell goods
on credit and do not attempt to recoup the expense from
their weak sister companies.


SHINHO GROUP: Target of creditor workout
----------------------------------------
Paper giant Shinho Group has been selected as one of the
targets of a new corporate workout method by Korea First
Bank, its main creditor bank. The Korea Herald reported
that all of the banks' creditors will seek to restructure
Shinho's financial health over the next month via debt
relief and other programs. Shinho Group management will
also be forced to implement drastic self-rehabilitation
measures, including selling off subsidiaries and shaking up
its top management.  

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' non-performing loans by improving borrowers' debt
payment capabilities. However, the workout can also result
in shareholders being asked to reduce capital and dispose
unprofitable assets and subsidiaries. Furthermore, there is
a compulsory shake-up of the top management of the workout
conglomerates.

The Financial Supervisory Commission (FSC) has instructed
eight creditor banks to select 16 mid-sized potential
viable conglomerates (two per bank) as workout candidates
by July 15.

The FSC, Korea's newly formed financial watchdog agency, is
charged with supervising banks and overhauling the
financial sector. However, as it has ordered banks to
determine the operational viability of their corporate
loan-clients, FSC jurisdiction carries over into the
controversial area of corporate restructuring.


SK GROUP: Affiliates accused of illegal transactions
----------------------------------------------------
The Fair Trade Commission (FTC), the Korean government's
anti-trust watchdog agency, claims it has found evidence of
illegal inter-subsidiary financial transactions among 80
affiliates of the country's largest family-owned
conglomerates (or chaebols). This probe by the FTC was
intended to identify and potentially close financially weak
affiliates of chaebols that cannot stand on their own
without the support of their parent companies.  

According to the Korea Herald, the breakdown of the 80
firms allegedly involved in the illegal transactions among
the top five chaebols are Daewoo Group (6 affiliates),
Hyundai Group (35 affiliates), LG Group (20 affiliates),
Samsung Group (7 affiliates) and SK Group (12 affiliates).

Previously cited examples of questionable methods used by
chaebols included having a healthy subsidiary underwrite
convertible bonds issued by a sister company suffering from
cumulative losses, or purchasing commercial paper from a
sister company at higher-than-market cost. Low interest
loans have also been offered to marginal companies in a
group to keep them afloat regardless of their
profitability. Sometimes sound subsidiaries even sell goods
on credit and do not attempt to recoup the expense from
their weak sister companies.


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

ARENSI HOLDINGS (M) BHD: Results announcement
---------------------------------------------
Arensi Holdings (M) Bhd, listed in the KLSE, reported an
after-tax loss of RM85.35mil for the year 31/3/98, a drop
of 1,531.6% from the previous year.

EPS dropped 1,772.7% from RM0.11 previously to a loss per
share of RM1.84 for this year end.

The share price dropped about 95.9% from RM14.50 on 10/7/97
to RM0.60 on 10/7/98.


ASIAN PAC HOLDINGS BHD: Results announcement
--------------------------------------------
Asian Pac Holdings Bhd, listed in the KLSE, reported a drop
of 723.1% in its after-tax profits from RM11.76mil in
31/3/97, to an after-tax loss of RM73.24mil for the year
31/3/98.

EPS fell by 748.5%, from RM0.033 previously to a loss per
share of RM0.214 for the year 31/3/98.


AUTO KEYS SDN BHD: Winding-up petition
--------------------------------------
OCBC Bank (Malaysia) Bhd on 3/6/98 petitioned for the
winding-up of Auto Keys Sdn Bhd. The petition is directed
to be heard on 22/9/98.


CHONGAI CORPORATION BHD: Results announcement
---------------------------------------------
Chongai Corporation Bhd, listed in the KLSE, reported a
loss of RM18.72mil for the year ended 31/3/98, compared to
an after-tax loss of RM13.34mil in the previous year.

Loss per share rose 41.8% from RM0.67 for the previous year
to RM0.95 for the year ended 31/3/98.


CIS SOLUTION (M) SDN BHD: Voluntary winding-up
----------------------------------------------
The members of CIS Solution (M) Sdn Bhd on 7/7/98 resolved
to wind-up the company voluntarily. Creditors of the
company are required to submit their claims before 11/8/98.


DATAPREP HOLDINGS BHD: Results announcement
-------------------------------------------
Dataprep Holdings Bhd, listed in the KLSE, reported a
decrease of 54.5% in the after-tax losses from RM19.13mil
in 31/3/97 to RM8.70mil for 31/3/98.

Losses per share moved from RM0.60 previously to RM0.27 for
the year ended 31/3/98.


FA PENINSULAR BHD: Results announcement
---------------------------------------
FA Peninsular Bhd, listed in the KLSE, reported a 496.9%
increase in after-tax losses, from RM2.63mil for 31/3/97 to
RM15.67mil for 31/3/98.

Loss per share rose 85.3% from RM0.0414 to RM0.0767 this
year.


FORTUNE TRADING SDN BHD: Voluntary winding-up
---------------------------------------------
The members of Fortune Trading Sdn Bhd on 7/7/98 resolved
to wind-up the company voluntarily. Creditors of the
company are required to submit their claims before
14/8/98.


G-TWO HOLDINGS BHD: Winding-up petition
---------------------------------------
Primason Sdn Bhd on 2/6/98 petitioned for the winding-up of
G-Two Holdings Sdn Bhd. The petition is directed to be
heard on 7/10/98.


GLAMOIR WORLD OF SPORTS (M) SDN BHD: Winding-up petition
--------------------------------------------------------
Hilton of Malaysia Ltd on 4/5/98 petitioned for the
winding-up of Glamoir World of Sports (M) Sdn Bhd. The
petition is directed to be heard on 23/9/98.


MBF HOLDINGS: Offers details on restructuring plan
--------------------------------------------------    
The New Straits Times reports MBf Holdings' corporate
restructuring scheme involves only bankers and four major
creditors. It excludes trade creditors.

This restructuring scheme does not include financial
services arm, MBf Capital Bhd and its subsidiaries,
including MBf Finance Bhd. MBf Holdings was last known to
have a 31.52 per cent stake in MBf Capital.

MBf Holdings has appointed Arthur Andersen and Bumiputra
Merchant Bankers Bhd to implement the scheme. The proposed
scheme will be presented to a steering committee headed by
Aseambankers Malaysia Berhad.

In another statement, MBf Holdings said that one of the
assets being sold was its entire stake in Hitechniaga Sdn
Bhd to Winning Role Sdn Bhd for RM4.5 million cash.


NEW SELANGOR PLANTATIONS SDN BHD: Capital reduction
---------------------------------------------------
A petition dated 9/6/98 was issued for the reduction of
fully-paid up capital of New Selangor Plantations Sdn Bhd,
from RM594,273,329 to RM91,426,666.


PASARAYA SAGA (PANDAMARAN) SDN BHD: Winding-up petition
-------------------------------------------------------
Sinmah Food Industries Sdn Bhd on 31/3/98 petitioned for
the winding-up of Pasaraya Saga (Pandamaran) Sdn Bhd. The
petition is directed to be heard on 21/10/98.


PERDANA INDUSTRI HOLDINGS BHD: Results announcement
---------------------------------------------------
Perdana Industri Holdings Bhd, listed in the KLSE, reported
a rise of 711.6% in its after-tax losses from RM16.23mil
previously to RM131.73mil for the year ended 31/3/98.

Loss per share rose from RM0.453 previously to RM3.672 for
the year ended 31/3/98.


PHIN ON DEVELOPMENT SDN BHD: Winding-up petition
------------------------------------------------
Public Bank Bhd on 6/2/98 petitioned for the winding-up of
Phin On Development Sdn Bhd. The petition is directed to be
heard on 23/9/98.


SATERAS RESOURCES (M) BHD: Results announcement
-----------------------------------------------
Sateras Resources (M) Bhd, listed in the KLSE, reported a
3,947.7% rise in after-tax losses from RM1.9mil previously
to RM76.95mil for the year ended 31/3/98.

Loss per share moved from RM0.09 to RM0.38 during the same
year.


SYAKIM FOOD INDUSTRIES SDN BHD: Winding-up petition
---------------------------------------------------
Kuantan Flour Mills Bhd on 23/6/98 petitioned for the
winding-up of Syakim Food Industries Sdn Bhd. The petition
is directed to be heard on 28/8/98.


SYARIKAT AMANG LEE SOO SDN BHD: Winding-up petition
---------------------------------------------------
Public Bank Bhd on 6/2/98 petitioned for the winding-up of
Syarikat Amang Lee Soo Sdn Bhd. The petition is directed to
be heard on 23/9/98.


TENCO BHD: Results announcement
-------------------------------
Tenco Bhd, listed in the KLSE, reported an after-tax loss
of RM41.04mil for the year ended 31/3/98, compared to an
after-tax profit of RM5.16mil in the previous year.

EPS dropped from RM0.287 previously to a loss per share of
RM2.28 in the year ended 31/3/98.


TIME TELECOM: Renong unit is set to seek court protection
---------------------------------------------------------
The Asian Wall Street Journal reported that Renong Bhd.
Unit Time Telecommunications Sdn. Bhd. is set to seek court
protection from creditors this week. Time
Telecommunications and its parent company, Time Engineering
Bhd., have debt of about five billion ringgit ($1.2
billion), or about 1% of total loans in Malaysia's banking
sector.

The Renong group is the country's largest infrastructure
developer as well as one of Malaysia's biggest borrowers.
According to an estimate, the total debt of the Renong
group and its affiliates -- including that owed by Time
Engineering and Time Telecommunications -- is about 12 to
14 billion ringgit.


UCM INDUSTRIES CORP BHD: Makes restructuring proposal
-----------------------------------------------------
UCM Industries Corp Bhd, listed in the KLSE, proposed a
restructuring programme involving the transfer of the
entire stake in two of its subsidiaries to Kuala Lumpur
City Corp Bhd (KLCCB) for RM48,421,055.

UCM also proposed to list KLCCB on the KLSE Second Board
and delist UCM.

Existing shareholders of UCM shall have their shares
swapped for KLCCB on a one-for-one basis.


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

PHILIPPINES AIRLINES: Appeals to union to cease actions
-------------------------------------------------------
Asia Pulse reports Philippine Airlines management has asked
the PAL Employees Association (PALEA) to cease courses of
action that will aggravate the airline's precarious
financial situation.

"We earnestly appeal to the leaders of PALEA to reconsider  
any planned protest action while in the midst of
formulating a rehabilitation plan that will shape the
future of PAL," the airline's management said.

At the core of this plan are the imperatives for downsizing  
in order to sustain operations and keep the airline afloat.

"The rehabilitation plan, our last hope for survival, will
need the approval not only of SEC but also our creditors
who are now most wary of recalcitrant labor unions who
could just run our company to the ground".


PHILIPPINE REALTY: Builder in talks to restructure loans
--------------------------------------------------------
According to the Hong Kong Standard of July 11, Philippine
Realty and Holdings Corporation, a condominium builder,
said it is in talks with bankers to restructure its more
than three billion pesos of loans, joining the growing
ranks of developers seeking debt relief.

The company said a foreign real estate company offered to
buy its 5.5 per cent stake, plus those of ML and H Corp and
RFM Corp, in Fort Bonifacio, a project to turn a Manila
army camp into a business hub, but the offer was rejected
because it was too low.

Philrealty had more than 3 billion pesos of debt at the end
of 1997, including 100 million pesos of 5-year loans owed
to Equitable Banking Corp and Phlippine National Bank.

Other developers that are restructuring or have stopped
servicing debts include Uniwide Holdings, a shopping mall
operator, Primetown Property Group, and Ever-Gotesco
Resources and Holdings.


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

EMPORIUM GROUP: Theme arm leaves long creditor list
---------------------------------------------------
According to the SCMP of July 11, an initial investigation
has revealed that Theme International Holdings' Singapore-
based retailing arm Emporium Group, which filed for
bankruptcy protection on Thursday, has at least 90
creditors, mainly suppliers of the company's 12 retail
outlets.

Emporium planned to generate cash from the sale of stock
and was unlikely to dispose of any of its 11 commercial
properties, worth $1 billion, in Singapore.


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

THAI OIL: Chevron to take stake in Thai Paraxylene
--------------------------------------------------
The Nation reports Chevron Chemicals Inc will sign a
memorandum of understanding to take a 30-per-cent stake in
Thai Oil Co's Thai Paraxylene Co this month, said a source
from the Petroleum Authority of Thailand.

Following the Chevron acquisition, Thaioil, a PTT
subsidiary, will see its stake in Thai Paraxylene cut to 40
per cent from the current 62 per cent. Japan's Mitsubishi
Chemical will sell another 8 per cent in Thai Paraxylene to
the US firm, thus reducing its holding in the Thai joint
venture to 30 per cent.

Thai Paraxylene's planned shareholder change is part of
PTT's ongoing attempt to revive Thaioil, which has been hit
severely by huge debts and the dismal margin in the oil-
refining industry.


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

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