TCRAP_Public/980730.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      

      Thursday, July 30, 1998, Vol. 1, No. 111

                    Headlines


C H I N A   &   H O N G   K O N G

ASIA INC LIMITED: Winding-up notice
BREWERY TAP III LIMITED: Winding-up notice
CHAPEL HILL LIMITED: Winding-up notice
FILLPARK LIMITED: Winding-up notice
FOOK WING INVESTMENT LIMITED: Winding-up notice

GKC HOLDINGS: Faces writ of $904,851
GOLDENBOSS INVESTMENT LIMITED: Winding-up notice
HOP HING TSUI KING LOU RESTAURANT: Winding-up notice
HWA KAY THAI: Chief faces $27m suit over Sumitomo Bank loan
IDEAL PACIFIC: Director sought in $300m fraud

IDEAL PACIFIC: Results announcement
KNJ ENTERPRISES LTD: Winding-up notice
MULTI-STARS INDUSTRIAL LIMITED: Winding-up notice
PING ON SECURITIES: Regulator to fine Ping On Securities
RUN BRIGHT LIMITED: Winding-up notice

SHINE POINT DEVELOPMENT LIMITED: Winding-up notice


J A P A N  

TOSHIBA: S&P cuts Toshiba's ratings
TOYOBO CO: Toyobo's debt rating lowered


K O R E A

CROWN BAKERY: Completes second creditor procedure
KIA MOTORS: Creditors will write off half of Kia's debt


M A L A Y S I A

ARAB-MALAYSIAN MERCHANT BANK: Downgrading of bonds
PROMET BHD: Expected to announce restructuring
SIMESECURITIES: Takeover by PhileiAllied Bank
TIONG NAM TRADING & TRANSPORT: Winding-up petition
TOP-TOUCH (M) SDN BHD: Winding-up petition


P H I L I P P I N E S

PHILIPPINE AIRLINES: Agreement to reduce workforce by 1,800

S I N G A P O R E

IPC CORP: Hires Price Waterhouse to propose plan


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

ASIA INC LIMITED: Winding-up notice
-----------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Asia Inc Limited. The petition
was presented on June 5, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0.391 of 1998.


BREWERY TAP III LIMITED: Winding-up notice
------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Brewery Tap III Limited. The
petition was presented on May 28, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.374 of 1998.


CHAPEL HILL LIMITED: Winding-up notice
--------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Chapel Hill 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 N0.387 of 1998.


FILLPARK LIMITED: Winding-up notice
-----------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Fillpark Limited. The petition
was presented on April 21, 1998 in the high court of the
Hong Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0.254 of 1998.


FOOK WING INVESTMENT LIMITED: Winding-up notice
-----------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Fok Wing Investment Limited. The
petition was presented on June 15, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.410 of 1998.


GKC HOLDINGS: Faces writ of $904,851
------------------------------------
A subsidiary of GKC Holdings that faced allegations by the
Commercial Crime Bureau (CCB) has been accused of
withholding payment for goods sold and delivered worth
$904,851.

According to a writ filed at the Court of First Instance,
German Kitchen (China) owes the sum to Yook Tong Electric.
The writ said the sum constituted outstanding payments for
goods sold and delivered between November 27 last year and
July 24 this year.


GOLDENBOSS INVESTMENT LIMITED: Winding-up notice
------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Goldenboss Investment Limited.
The petition was presented on June 15, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 411 of 1998.


HOP HING TSUI KING LOU RESTAURANT: Winding-up notice
----------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Hop Hing Tsui King Lou
Restaurant Limited. The petition was presented on May 28,
1998 in the high court of the Hong Kong Administrative
Region Court of First Instance, Companies Winding-up
Proceedings N0.373 of 1998.


HWA KAY THAI: Chief faces $27m suit over Sumitomo Bank loan
-----------------------------------------------------------
According to the SCMP, Hwa Kay Thai executive chairman,
Wong Chong-shan, also known as Keeree Kanjanapas, has been
sued over a HK$27.2 million debt, inclusive of interest and
costs, to Sumitomo Bank for failure to make any payments
despite a demand on June 11.

A loan agreement was signed by the two parties on May 11,
1991, which gave a facility of HK$26 million.

Wong was sued by Tai Fook Finance for HK$9 million in
February. The previous month, a writ was filed by Bangkok
Bank seeking US$40 million from Mr Wong and Siam Tiger.


IDEAL PACIFIC: Director sought in $300m fraud
---------------------------------------------
According to the SCMP, a director of locally listed freight
forwarder Ideal Pacific Holdings is being sought by police
in connection with an alleged fraud involving $3000 million
which threatens to force the company into liquidation.

Directors of the stricken company said that since July 11,
they have not been able to contact Ip Man-man, who might
have conspired with three other former directors who
resigned from the company on July 13 while Ip remained a
director.

The company said subsequent to the resignation, evidence
has been found of a possible fabrication of sales
transactions and falsification of accounting records,
possibly extending over several years.

The Commercial Crime Bureau will investigate further and
the company will conduct internal inquiry to ascertain
whether the full extent of the losses has been revealed.

The company reassured shareholders that it would stay in
business, but warned its continued operation was subject to
future funding being available and continuous financial
support from the largest shareholder.

Ideal Pacific is controlled by Central China Enterprises
Ltd (CCEL), formerly known as Indesen Industries, which is
20 per cent owned by Henan Hong Kong, the Henan provincial
government's window company in the SAR.

CCEL yesterday pledged to stand by Ideal Pacific in the
short term, but support was subject to continuous review of
the financial position.

CCEL, prior to its name change, acquired in January this
year 45.7 per cent of Ideal Pacific for $98 million from
the now disappeared Mr Ip, who was chairman of the company
at that time.

The latest allegations followed intense rumors Mr. Ip might
have financial difficulties following the sharp correction
in property and stock prices as a result of the economic
crisis.

According to the Hong Kong Standard, Ideal Pacific reported
a loss of $384.53 million for the year ended March 31,
compared with a $67.15 million profit for the previous
year.

Auditors reported irregularities in Ideal Pacific's
accounting records and expressed concern over the company's
reliance on future funding, to be made available by its
largest shareholder who had undertaken to provide financial
support.

The Hong Kong Standard says that CCEL holds a 44.7 per cent
stake in Ideal Pacific and confirmed that it would provide
sufficient financial support to the company by way of
equity or debt to meet Ideal Pacific's liabilities and
obligations up to the period ending March 31, 1999.


IDEAL PACIFIC: Results announcement
-----------------------------------
Ideal Pacific announced its year end result as of March 31,
1998, posting a total operating loss of HK$380 million and
loss after tax of HK$384 million.


KNJ ENTERPRISES LTD: Winding-up notice
--------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for KNJ Enterprises Limited. The
petition was presented on May 29, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0.376 of 1998.


MULTI-STARS INDUSTRIAL LIMITED: Winding-up notice
-------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Multi-stars Industrial 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. 278 of 1998.


PING ON SECURITIES: Regulator to fine Ping On Securities
--------------------------------------------------------
The Hong Kong Securities & Futures Commission has taken
action against Ping On Securities Ltd. and its trading
directors for illegal short-selling and trading misconduct.

The SFC and the exchange said it found Ping On trader
representative Leung Chiu Bun to be engaged in short-
selling activities through his nominee account at Ping On.
Mr Leung also diverted orders from his clients to his Ping
On account.

Meanwhile the company's trading director, Mr Chu Poy Ying,
and other five employees of the brokerage firm conducted
trading activities without proper registration.


RUN BRIGHT LIMITED: Winding-up notice
-------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Run Bright Limited. The petition
was presented on May 29, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 375 of 1998.


SHINE POINT DEVELOPMENT LIMITED: Winding-up notice
--------------------------------------------------
A notice of a July 15, 1998 winding-up order appeared in
the Hong Kong Standard for Shine Point Development 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 N0.379 of 1998.


=========
J A P A N  
=========

TOSHIBA: S&P cuts Toshiba's ratings
-----------------------------------
Standard and Poor's (S&P) reduced Toshiba Corporation's
long-term credit from A to A-minus with a negative outlook,
and cut Toshiba's short-term rating from A-1 to A-2.  S&P
indicated that this downgrade reflects Toshiba's weakening
position in its major business lines, resulting in higher
earnings volatility and worsening prospects for near term
recovery.

Approximately 60 percent of the firm's sales are in Japan,
and the volatile personal computer market has been hitting
Toshiba's core information system's business, which
accounts for about 40 percent of the firm's sales.  

S&P also reported that ratings could be again lowered if
Toshiba cannot successfully restructure the ailing business
segments of it if the company experiences further
deterioration in its financial profile.


TOYOBO CO: Toyobo's debt rating lowered
---------------------------------------
The Asian Wall Street Journal reports that Japan Rating and
Investment Information Inc. has lowered its rating of
Toyobo Co. debt rating to triple B plus from single A
minus. The rating affects domestic bonds valued at 25
billion yen ($175 million) and 20 billion yen of unsecured
convertible bonds.

Toyobo manufactures a variety of textile products ranging
from natural fibers to synthetic fibers and has recently
focused on developing its film and medical business.


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

CROWN BAKERY: Completes second creditor procedure
-------------------------------------------------
The Seoul District Court announced in the Korean language
Maeil Kyungje that Crown Bakery Company has completed its
second creditor reconciliation procedure.  The company's
address is 241-20 Muk-dong, Chungnyang-gu, Seoul and the
president is Mr. Yoon Myung-dal.


KIA MOTORS: Creditors will write off half of Kia's debt
-------------------------------------------------------
The Korea Times reported that creditors of Kia Motors
Corporation and its sister firm, Asia Motors Company, have
now agreed to write off 6.56 trillion won of the combined
debt of the two automakers. At least 247 billion won of
debt is to be converted into equity.

The new debt structure announced by officials from the
Korea Development Bank, the major creditor of the two
automakers, reduces Kia's debt to 4.02 trillion won and
Asia Motor's debt to 1.27 trillion won. The creditor banks
have put both of these companies up for sale through an
international tender.  

This latest report from the Korea Times stated that the
total debt before any write offs for the two firms is 9.13
trillion won for Kia and 2.73 trillion won for Asia Motors.


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

ARAB-MALAYSIAN MERCHANT BANK: Downgrading of bonds
--------------------------------------------------
Rating Agency Malaysia Bhd (RAM) downgraded AMMB's (listed
in the KLSE) RM435.06mil redeemable unsecured bonds from A2
to BBB2.

The downgrade reflects the higher risk profile of the AMMB
Holdings group as a result of the sharp and sudden reversal
in the Malaysian economic scenario.

The rating has also been placed on Rating Watch with a
developing outlook in view of the group's planned
restructuring.

AMMB Holdings' ability to meet its debt obligation could
come under pressure due to weakened financial position of
its subsidiaries.


PROMET BHD: Expected to announce restructuring
----------------------------------------------
Singapore BusinessTimes reports July 29 that Promet Berhad
is expected to undergo a restructuring. A source close to
the company said Promet is expected to announce its scheme
of arrangement later this week.

The counter was suspended from trading yesterday pending an
announcement. The stock was last quoted at 29 sen, down
sharply from its peak of RM1.05 this year.

While refusing to give details of the restructuring, the
source said protection from creditors under Section 176 of
the Malaysian Companies Act was one of the options being
considered. Under Section 176, companies can seek court
protection to restrain creditors while they work out a
scheme to compensate the creditors.

According to its 1997 annual report, Promet has bank
borrowings of almost 260 million Malaysian ringgit (S$107.8
million).

The company suffered a net loss of RM175 million or a loss
per share of 31.6 sen for the year ended April 1997. Promet
also had a shortfall of RM105.3 million in working capital
during the same period.


SIMESECURITIES: Takeover by PhileiAllied Bank
---------------------------------------------
Singapore BusinessTimes cites an Agence France-Presse
report that Malaysia's PhileoAllied Bank Bhd said it will
acquire troubled SimeSecurities Sdn Bhd from its parent
Sime Bank Bhd.


TIONG NAM TRADING & TRANSPORT: Winding-up petition
--------------------------------------------------
Astec (M) Sdn Bhd on 18/6/98 petitioned for the winding-up
of Tiong Nam Trading & Transport (M) Sdn Bhd. The petition
is directed to be heard on 26/9/98.


TOP-TOUCH (M) SDN BHD: Winding-up petition
------------------------------------------
Credit Corporation (Malaysia) Bhd on 30/6/98 petitioned for
the winding-up of Top-Touch (M) Sdn Bhd. The petition is
directed to be heard on 25/9/98.


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

PHILIPPINE AIRLINES: Agreement to reduce workforce by 1,800
-----------------------------------------------------------
Asia Pulse reports July 29 that Philippine Airlines and the
PAL Employees Association (PALEA) have reached an agreement
that they will reduce the airline's workforce by 1,800
employees.

The strikers decided to end their strike after President
Joseph Estrada convinced the PALEA leaders and Lucio Tan to
agree on a compromise plan that would reintegrate the
retrenched employees.


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

IPC CORP: Hires Price Waterhouse to propose plan
------------------------------------------------
According to Singapore BusinessTimes of July 29 PC maker
IPC Corp yesterday said KPMG Peat Marwick has completed an
independent report on its operations and the report has
been provided to its creditor banks.

It also told the Stock Exchange of Singapore that it has
engaged Price Waterhouse to propose a restructuring plan
for the group's loans and banking facilities and to advise
on its implementation.

Last month, the group asked its 15 bankers to reschedule a
syndicated loan of US$70 million (S$120.3 million) after
reports that they missed a second interest instalment of
US$8 million on the principal amount in March. The entire
loan is due for repayment in the next year or so.


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
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