---

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      

      Wednesday, July 29, 1998, Vol. 1, No. 110

                    Headlines


C H I N A   &   H O N G   K O N G

BRIGHTMOND COMPANY LIMITED: Winding-up notice
CRYSTAL JADE INVESTMENT LIMITED: Winding-up notice
ESSENTIAL ENTERPRISES LTD: Results announcement
EURO ART INTERNATIONAL LIMITED: Winding-up notice
MAXTONE ELECTRONICS LIMITED: Winding-up notice

ORIENTAL TOPASIA INVESTMENTS LIMITED: Winding-up notice
PAM & FRANK INDUSTRIAL: Bag-firm unit in claim on cheque
SAN JIANG (INTERNATIONAL) ENTERPRISE: Winding-up notice
SHINEFAIR LIMITED: Winding-up notice
SIU LAM KUNG SEAFOOD RESTAURANT: Winding-up notice

SUN WAI DYEING & FINISHING FACTORY: Winding-up notice
UNIVERSE BUSINESS CENTER(HK) LTD: Winding-up notice


J A P A N  

LAKE CORPORATION: GE Capital to buy unit of Lake
NAIGAI SECURITIES: Takeover by Tokai Maruman
NIPPON SHINPAN: To liquidate three overseas subsidiaries


K O R E A

CHUNGBU METAL CO: Company liquidation
HAEKANG CO: Starts creditor reconciliation
HYUNDAI MOTOR: To restart plant amid protests
KIA MOTORS: Creditors will not write off any Kia debt
KOREA FIRST BANK: Chaebols eye Korea First Bank

SUNGSAN COMPREHENSIVE CHEMICAL: Creditor reconciliation


M A L A Y S I A

BANK BUMIPUTRA MALAYSIA BHD: Moody's cuts ratings
CHAI KO SHYON & SONS SDN BHD: Voluntary winding-up
MALAYAN BANKING: Moody's cuts ratings
MENARA SETIA SDN BHD: Winding-up petition
NATURAL LITHO SDN BHD: Winding-up petition

PRECISION AUDIO SDN BHD: Voluntary winding-up
PUBLIC BANK BHD: Moody's cuts ratings
TELEKOM MALAYSIA: Moody's cuts Telekom rating
ULTRAMIX SDN BHD: Winding-up petition


T H A I L A N D

BANGKOK BANK: Expects to spend 18 more months in the red
NAKORNTHON BANK: To announce strategic partner
SRITHAI SUPERWARE: Subscription agreement with Berli Jucker
SUKOSAL: Mazda Thai joint venture to shut assembly plant


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

BRIGHTMOND COMPANY LIMITED: Winding-up notice
---------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Brightmond Company Limited. The
petition was presented on June 1, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.377 of 1998.


CRYSTAL JADE INVESTMENT LIMITED: Winding-up notice
--------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Crystal Jade Investment Limited.
The petition was presented on June 11, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.402 of 1998.


ESSENTIAL ENTERPRISES LTD: Results announcement
-----------------------------------------------
Essential Enterprises Ltd announced its year-end results as
of March 31, 1998, which posted a total operating loss of
HK$54 million and a net loss after tax in the amount of
HK$55million.


EURO ART INTERNATIONAL LIMITED: Winding-up notice
-------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Euro Art International Limited.
The petition was presented on June 3, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 384 of 1998.


MAXTONE ELECTRONICS LIMITED: Winding-up notice
----------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Maxtone Electronics Limited. The
petition was presented on June 2, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.382 of 1998.


ORIENTAL TOPASIA INVESTMENTS LIMITED: Winding-up notice
-------------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Oriental Topasia Investments
Limited. The petition was presented on May 7, 1998 in the
high court of the Hong Kong Administrative Region Court of
First Instance, Companies Winding-up Proceedings N0.307 of
1998.


PAM & FRANK INDUSTRIAL: Bag-firm unit in claim on cheque
--------------------------------------------------------
A Hong Kong wholly owned subsidiary of bag manufacturer Pam
& Frank International Holdings is facing legal action over
an alleged bounced cheque of HK$157,000.

The subsidiary, Pam & Frank Enterprises, dishonoured a
cheque to Eurisko Enterprises on June 30, 1998, according
to the Court of First Instance writ. Despite repeated
requests and demands from Eurisko, the sum had yet to be
paid.

The company competed a debt-restructuring plan on March 31.


SAN JIANG (INTERNATIONAL) ENTERPRISE: Winding-up notice
-------------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for San Jiang (International)
Enterprise Company Limited. The petition was presented on
June 1, 1998 in the high court of the Hong Kong
Administrative Region Court of First Instance, Companies
Winding-up Proceedings N0.378 of 1998.


SHINEFAIR LIMITED: Winding-up notice
------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Shinefair Limited. The petition
was presented on June 10, 1998 in the high court of the
Hong Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0.399 of 1998.


SIU LAM KUNG SEAFOOD RESTAURANT: Winding-up notice
--------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Siu Lam Kung Seafood Restaurant
Limited. The petition was presented on April 28, 1998 in
the high court of the Hong Kong Administrative Region Court
of First Instance, Companies Winding-up Proceedings N0. 279
of 1998.


SUN WAI DYEING & FINISHING FACTORY: Winding-up notice
-----------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Sun Wai Dyeing & Finishing
Factory Limited. The petition was presented on June 1, 1998
in the high court of the Hong Kong Administrative Region
Court of First Instance, Companies Winding-up Proceedings
N0.178 of 1998.


UNIVERSE BUSINESS CENTER(HK) LTD: Winding-up notice
---------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Universe Business Center (HK)
Limited. The petition was presented on June 4, 1998 in the
high court of the Hong Kong Administrative Region Court of
First Instance, Companies Winding-up Proceedings N0. 388 of
1998.


=========
J A P A N  
=========

LAKE CORPORATION: GE Capital to buy unit of Lake
------------------------------------------------
UPI reports July 24 that GE Capital has entered into a
definitive agreement with Chuo-ku, Osaka-based Lake Corp.
to acquire Lake's consumer finance business.

Under the terms of the deal, a newly-formed GE Capital
subsidiary will acquire the Lake name, trademark and
consumer finance business infrastructure, such as the
retail network branches and facilities. Financial terms
were not disclosed.


NAIGAI SECURITIES: Takeover by Tokai Maruman
--------------------------------------------
The Nihon Keizai reports July 28 that Tokai Maruman
Securities Co. and Naigai Securities Co. unveiled plans
Monday to merge by April 1, 1999. Under the merger
blueprint, Tokai Maruman Securities, an affiliate of Tokai
Bank (8321), will be the surviving entity, in effect
absorbing Naigai Securities, an affiliate of failed
Yamaichi Securities Co.

The new brokerage created from the merger will have roughly
1.28 trillion yen in assets under management, making it the
13th largest securities house in Japan. In terms of
shareholders' equity, the firm will be the ninth largest in
the industry with 56.8 billion yen in capital.


NIPPON SHINPAN: To liquidate three overseas subsidiaries
--------------------------------------------------------
The Nihon Keizai reports July 26 that Nippon Shinpan Co. is
preparing to liquidate three U.S. and U.K. wholly owned
subsidiaries as part of a drive to cut its interest-bearing
debt, currently 2.3 trillion yen, by up to 320 billion yen
by the year ending March 2001, company sources said
Saturday.

Japan's largest consumer credit service firm is expected to
complete the liquidation of Nippon Shinpan Finance (U.K.)
Plc by the end of this year. Another subsidiary, Nippon
Shinpan Finance (U.S.A.) Co., has stopped accepting new
business and is expected to be liquidated within three
years, the sources said.

The Tokyo-based firm will also soon liquidate Monarch Bay
Resort Inc., its resort development subsidiary incorporated
in the U.S. state of Delaware. The company has recently
sold off assets, including golf courses, to Capital Pacific
Holdings Inc., a U.S. housing development firm, for $120
million (about 16.8 billion yen ).

The fate of Nippon Shinpan's Hong Kong subsidiary is still
unknown.


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

CHUNGBU METAL CO: Company liquidation
-------------------------------------
The Chungbu Metal Company advertized in the Korean language
Maeil Kyungje that it has decided to liquidate the company
and the creditors are to file their claims two months from
today. The company's address is 170 Oebalsan-dong, Kangseo-
gu, Seoul and the president is Mr. Hong Sin-pyo.


HAEKANG CO: Starts creditor reconciliation
------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, Haekang Company, an affiliation of Haekang
Cast Iron Co., was allowed to start a creditor
reconciliation procedure by the Pusan District Court.


HYUNDAI MOTOR: To restart plant amid protests
---------------------------------------------
According to the SCMP, Hyundai said yesterday it would
reopen its factories after a week-long shut down and
appealed to the public for support in the face of a union
strike protesting against lay-offs.

It put out a one-page advertisement in leading Seoul
newspapers saying it "will take the lead in helping [the
country] overcome the economic crisis after overcoming
today's pain."

According to the Hong Kong Standard, striking Hyundai Motor
workers expanded their week-long protest against layoffs
yesterday by picketing the company's head office in Seoul.
Hundreds of riot police guarded the headquarters as 300
workers tried to barge into the building. The company said
it would resume operations today but workers vowed to
continue their protest.


KIA MOTORS: Creditors will not write off any Kia debt
-----------------------------------------------------
The Korea Times reported that the latest debt rescheduling
plan for Kia Motors Corporation and its sister firm, Asia
Motors Company, does not include any write off of debts.  

This debt rescheduling plan was presented at a meeting of
possible bidders for these bankrupt car manufacturers. The
creditor banks have put both of these companies up for sale
through an international tender.

The Korea Times had reported last week that the Korea
Development Bank and some 30 other creditor banks of Kia
Motors and Asia Motors decided to write off loans totaling
4.4 trillion won.  

Creditors claim, however, that the rescheduling of debt
payments will reduce interest payments by 3.03 trillion won
for Kia and 1.47 trillion won for Asia Motors. Total
interest savings hence amounts to 4.5 trillion won.

The debt repayment scheme now has Kia repaying secured
loans in installments over three years after a two year
grace period at an annual interest rate of 10.5 percent.  
Unsecured loans will be repaid in installments over five
years at 6 percent interest following the same two year
grace period.  

Asia Motors debt servicing conditions also involve
repayment in installments over three years after a two year
grace period, but at a 9 percent annual interest rate for
secured loans and 6.5 percent of unsecured loans.  

The Korea Times reports that the total debt for the two
firms is 8.75 trillion won for Kia and 3.72 trillion won
for Asia Motors.


KOREA FIRST BANK: Chaebols eye Korea First Bank
-----------------------------------------------
According to the SCMP and the Hong Kong Standard, South
Korea's top family-owned conglomerates are considering a
joint takeover of ailing Korea First Bank.

The Joong Ang Ilbo newspaper yesterday quoted a ruling
party official as saying that chaebols, led by the
Federation of Korean Industries, are considering jointly
taking over the Korea First Bank. He also said that a
merger plan between Commercial Bank of Korea and Hanil Bank
was progressing fast.


SUNGSAN COMPREHENSIVE CHEMICAL: Creditor reconciliation
-------------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Sungsan Comprehensive Chemical Co. has
completed its creditor reconciliation procedure. The
company's address is 138-5 Songpa-dong, Songpa-gu, Seoul
and the president is Mr. Kim Tae-hak.


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

BANK BUMIPUTRA MALAYSIA BHD: Moody's cuts ratings
-------------------------------------------------
Moodys Investments Service Inc said it cut the deposit
ratings of Bank Bumiputra Malaysia Bhd.'s long-term deposit
rating from Baa1 and Baa2 to Baa3 and short-term ratings
from Prime-2 to Prime-3. The agency also cut the bank's
financial strength rating from E+ to E. Moody's cited the
uncertainty over government policies to restructure ailing
institutions and growing pressure on the Malaysian banking
system.  


CHAI KO SHYON & SONS SDN BHD: Voluntary winding-up
--------------------------------------------------
The members of Chai Ko Shyon & Sons Sdn Bhd on 22/7/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 28/8/98.


MALAYAN BANKING: Moody's cuts ratings
-------------------------------------
Moodys Investments Service Inc said it cut the deposit
ratings of Malayan Banking Bhd.'s long-term deposit rating
from Baa1 and Baa2 to Baa3 and short-term ratings from
Prime-2 to Prime-3. Moody's cited the uncertainty over
government policies to restructure ailing institutions and
growing pressure on the Malaysian banking system.  


MENARA SETIA SDN BHD: Winding-up petition
-----------------------------------------
The solicitors of the petitioner, Wong, Law & Ti, filed a
petition dated 26/1/98 for the winding-up of Menara Setia
Sdn Bhd.


NATURAL LITHO SDN BHD: Winding-up petition
------------------------------------------
Oak Trading (M) Sdn Bhd on 7/7/98 petitioned for the
winding-up of Natural Litho Sdn Bhd. The petition is
directed to heard on 20/10/98.


PRECISION AUDIO SDN BHD: Voluntary winding-up
---------------------------------------------
The members of Precision Audio Sdn Bhd on 23/7/98 resolved
to wind-up the company voluntarily. Creditors of the
company are requested to submit their claims before
28/8/98.


PUBLIC BANK BHD: Moody's cuts ratings
-------------------------------------
Moodys Investments Service said it cut the deposit ratings
of Public Bank Bhd.'s long-term deposit rating from Baa1
and Baa2 to Baa3 and short-term ratings from Prime-2 to
Prime-3. Moody's cited the uncertainty over government
policies to restructure ailing institutions and growing
pressure on the Malaysian banking system.  


TELEKOM MALAYSIA: Moody's cuts Telekom rating
---------------------------------------------
Moody`s Investors Service has downgraded the long-term
foreign currency rating of Telekom Malaysai to Baa2 from
A2. About US$850 million is covered by the downgrade, the
agency said.  


ULTRAMIX SDN BHD: Winding-up petition
-------------------------------------
Syarikat Yeung Fatt Marketing Sdn Bhd on 8/7/98 petitioned
for the winding-up of Ultramix Sdn Bhd. The petition is
directed to be heard on 24/9/98.


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

BANGKOK BANK: Expects to spend 18 more months in the red
--------------------------------------------------------
According to the Bangkok Post of July 27, Bangkok Bank said
it would continue to record losses for at least the next 18
months next because of the need to set aside loan-loss
provisions. The bank announced last Wednesday losses of 16
billion baht in the first quarter this year.


NAKORNTHON BANK: To announce strategic partner
----------------------------------------------
Nakornthon Bank is currently in discussions with more than
one party regarding its recapitalisation process. These
discussions are approaching their final stages. Nakornthon
Bank will be selecting one strategic partner amongst the
proposals it has received and expects to announce the
strategic partner in the near future. Though the issue of
pricing has yet to be finalised, it can be confirmed that
the strategic partner will inject more than sufficient
capital to adequately recapitalise Nakornthon Bank in
return for a large equity stake in Nakornthon Bank.


SRITHAI SUPERWARE: Subscription agreement with Berli Jucker
-----------------------------------------------------------
Srithai Superware Public Company has announced a
subscription agreement with Berli Jucker Public Company
Limited providing for the subscription of shares in Srithai
Superware. The agreement is subject to Srithai Superware
entering into a successful debt restructuring agreement
with its creditors and completion of a due diligence
exercise into Srithai Superware.

The proposed subscription and injection of Baht 1.2 billion
into Srithai Superware will result in Berli Jucker holding
a very substantial interest in Srithai Superware but the
final shareholding can not be determined until the debt  
restructuring agreement has been concluded.


SUKOSAL: Mazda Thai joint venture to shut assembly plant
--------------------------------------------------------
The Nihon Keizai of July 25 cites a Dow Jones report that
Thailand's Sukosal & Mazda Motor Industry Co. said on
Friday it is closing its Mazda-vehicle assembly plant and
terminating 550 employees. The closure is the result of the
sharp downturn in Thailand's automotive industry, due to
the recession that has gripped the country since the July
1997 float of the baht, the company said in a statement.


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 * * *