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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, August 5, 1998, Vol. 1, No. 115

                    Headlines


C H I N A   &   H O N G   K O N G

CARNABY GARMENT MANUFACTURING CO LIMITED: Winding-up notice
CHAMPION PACIFIC HOLDINGS LIMITED: Winding-up notice
CHINA INVESTMENT BANK: China Investment Bank's ratings cut
DRAYON INVESTMENTS LIMITED: Petition for winding-up
FU CHEONG INDUSTRIAL LIMITED: Winding-up petition

GLOBAL CHEERS ENTERPRISE LIMITED: Winding-up petition
HING GAS WORK AND APPLIANCES LIMITED: Winding-up petition
HONG KONG TOURIST CENTER CO LTD: Winding-up petition
NEW GOLDEN PLAZA RESTAURANT LIMITED: Winding-up petition
KANSA INSURANCE: Notice of creditors' meeting

MALIPHANT INTERNATIONAL SALES LIMITED: Winding-up petition
MING PAO ENTERPRISE CORP: Ming Pao suffers large loss
NEWBOARD INVESTMENTS LIMITED: Winding-up notice
RHINE HOLDINGS: Renegotiates debts as share-sale plan falls
SHINY OFFSET PRINTING COMPANY LIMITED: Winding-up petition

TECH GLORY DEVELOPMENT LIMITED: Winding-up petition
THEME INTERNATIONAL: Fashion chain shuts shops


J A P A N  

LONG TERM CREDIT: LTCB stock falls after S&P junk rating
NISSHINBO INDUSTRIES: To restructure fiber business
SEGA ENTERPRISES: To reorganize North American operation
SHOWA SHELL: To close unprofitable stations
TOSHIBA MACHINE: Moody's considers cutting debt ratings


K O R E A

DONG AH CONSTRUCTION: Receives letter of intent from Libya
TONGYANG INVESTMENT TRUST: Company's trade suspended


M A L A Y S I A

AOKAM PERDANA BHD: Aokam Perdana ready to restructure debt
HYBRID CONSTRUCTION (CENTRAL) SDN BHD: Winding-up petition
JRC TENAGA SDN BHD: Winding-up petition
KILANG PAPAN SELATAN SDN BHD: Winding-up petition
RANGKAIAN TENAGA SDN BHD: Winding-up petition

TAIPING CONSOLIDATED: Selling property to reduce debt


P H I L I P P I N E S

PHILIPPINE AIRLINES: Results Announcement


T A I W A N

AN FENG STEEL GROUP: Dumping by foreigners hits steel firms


T H A I L A N D

THAI TELEPHONE: Firm seeks to extend repayments


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

CARNABY GARMENT MANUFACTURING CO LIMITED: Winding-up notice
-----------------------------------------------------------
A notice of a July 22, 1998 winding-up order appeared in
the Hong Kong Standard for Carnaby Garment Manufacturing Co
Limited. The petition was presented on June 26, 1998 in the
high court of the Hong Kong Administrative Region Court of
First Instance, Companies Winding-up Proceedings N0. 15 of
1998.


CHAMPION PACIFIC HOLDINGS LIMITED: Winding-up notice
----------------------------------------------------
A notice of a July 22, 1998 winding-up order appeared in
the Hong Kong Standard for Champion Pacific Holdings
Limited. The petition was presented in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 435 of 1998.


CHINA INVESTMENT BANK: China Investment Bank's ratings cut
----------------------------------------------------------
According to the Asian Wall Street Journal, the Japan
Rating and Investment Information Inc. (R&I) downgraded the
foreign-currency long-term loan debt rating of the China
Investment Bank from A- to BBB+. A decline in the bank's
asset quality and profitability were the reasons cited for
the downgrade.

The China Investment Bank was established in 1981 as a
state owned specialized bank engaged in the procurement of
medium- to long-term funds from the World Bank and other
international financing institutions.


DRAYON INVESTMENTS LIMITED: Petition for winding-up
---------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Drayon Investments Limited by the High Court of Hong
Kong was, on the 22nd day of July, 1988, presented to the
said Court by China National Nonferrous Metals Import and
Export Limited. The petition is scheduled to be heard on
19th of August, 1998. Creditors who support or oppose the
making of the order may appear at the time of the hearing.


FU CHEONG INDUSTRIAL LIMITED: Winding-up petition
-------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Fu Cheong Industrial Limited by the High Court of Hong
Kong was, on the 14th day of July, 1988, presented to the
said Court by NYP Trinity Limited. The petition is
scheduled to be heard on 19th of August, 1998. Creditors
who support or oppose the making of the order may appear at
the time of the hearing.


GLOBAL CHEERS ENTERPRISE LIMITED: Winding-up petition
-----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Global Cheers Enterprise Limited by the High Court of
Hong Kong was, on the 28th day of July, 1988, presented to
the said Court by Yau Lik Sang. The petition is scheduled
to be heard on 26th of August, 1998. Creditors who support
or oppose the making of the order may appear at the time of
the hearing.


HING GAS WORK AND APPLIANCES LIMITED: Winding-up petition
---------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Hing Gas Work and Appliances Limited by the High Court
of Hong Kong was, on the 20th day of July, 1988, presented
to the said Court by Sam Cheong Stove Parts Company. The
petition is scheduled to be heard on 12th of August, 1998.
Creditors who support or oppose the making of the order may
appear at the time of the hearing.


HONG KONG TOURIST CENTER CO LTD: Winding-up petition
----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Hong Kong Tourist Shopping Center Co Limited by the High
Court of Hong Kong was, on the 28th day of July, 1988,
presented to the said Court by Lee Kim Sang. The petition
is scheduled to be heard on 26th of August, 1998. Creditors
who support or oppose the making of the order may appear at
the time of the hearing.


NEW GOLDEN PLAZA RESTAURANT LIMITED: Winding-up petition
--------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of New Golden Plaza Restaurant Limited by the High Court of
Hong Kong was, on the 22nd day of July, 1988, presented to
the said Court by Cheung Kin. The petition is scheduled to
be heard on 26th of August, 1998. Creditors who support or
oppose the making of the order may appear at the time of
the hearing.


KANSA INSURANCE: Notice of creditors' meeting
---------------------------------------------
The legal advisors to the liquidators of the Kansa General
International Insurance Company, Ltd. have advertised in
the Asian Wall Street Journal a meeting of creditors to be
held on August 31, 1998.


MALIPHANT INTERNATIONAL SALES LIMITED: Winding-up petition
----------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Maliphant International Sales Limited by the High Court
of Hong Kong was, on the 26th day of July, 1988, presented
to the said Court by Chan On Ling. The petition is
scheduled to be heard on 19th of August, 1998. Creditors
who support or oppose the making of the order may appear at
the time of the hearing.


MING PAO ENTERPRISE CORP: Ming Pao suffers large loss
-----------------------------------------------------
Ming Pao Enterprise Corporation Ltd., a newspaper publisher
posted an after tax loss of HK$166.9 million (US$21.5
million) in the fiscal year ending March 31. Last year the
company reported a HK$2.8 million year profit.  

According to a report in the Asian Wall Street Journal, the
major damage to earnings came from a HK$185.8 million
provision that Ming Pao made for an unsecured short-term
loan to a company in China. The loan was indemnified by CIM
Co., a former shareholder of the company. However,
discussions between CIM Co. and Ming Pao have failed to
reach an agreement on a settlement of the loan, and Ming
Pao is commenced legal proceedings against CIM last
January.


NEWBOARD INVESTMENTS LIMITED: Winding-up notice
-----------------------------------------------
A notice of a July 22, 1998 winding-up order appeared in
the Hong Kong Standard for Newboard Investments Limited.
The petition was presented on April 18, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 250 of 1998.


RHINE HOLDINGS: Renegotiates debts as share-sale plan falls
-----------------------------------------------------------
According to the SCMP, Rhine Holdings, which is bracing for
a wind-up petition by bank creditors, said an investor last
year agreed to subscribe for 11 million shares, terminated
the subscription in the wake of its recent developments.

Rhine allegedely owes $6.29 million on an unsecured loan.
Legal advice was being sought as to the right action to be
taken against the investor -- Fu Tat International -- which
now holds about five million shares in the company,
representing 2.6 per cent of issued capital. Rhine
originally intended to use the subscription monies as
working capital.

The firm said it was working with Swiss franc/US dollar
dual currency convertible noteholders to resolve its
financial difficulties and restructure its debts.


SHINY OFFSET PRINTING COMPANY LIMITED: Winding-up petition
----------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Shiny Offset Printing Company Limited by the High Court
of Hong Kong was, on the 21st day of July, 1988, presented
to the said Court by Chung Wai Kei. The petition is
scheduled to be heard on 19th of August, 1998. Creditors
who support or oppose the making of the order may appear at
the time of the hearing.


TECH GLORY DEVELOPMENT LIMITED: Winding-up petition
---------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Tech Glory Development Limited by the High Court of Hong
Kong was, on the 15th day of July, 1988, presented to the
said Court by Yiu Chin Ho. The petition is scheduled to be
heard on 26th of August, 1998. Creditors who support or
oppose the making of the order may appear at the time of
the hearing.


THEME INTERNATIONAL: Fashion chain shuts shops
----------------------------------------------
According to the SCMP, the Shop Clothing Ltd., a wholly-
owned subsidiary of the financially crippled Theme
International, said yesterday it had closed 23 of its 32
outlets and laid off 86 sales staff. Shops in Macau, the
mainland and Taiwan remain open.

Company chairman said the move had been sparked by the
collapse of negotiations to cut rents, which accounted for
about half of operating costs. He said the move would
hopefully enable the group to return to make profits, and
negotiations with landlords would continue. He also said
that the streamlining might extend to the mainland and
Taiwan.

Last week fashion chain G2000 cut wages for 600 staff.

According to the Hong Kong Standard, a company statement
yesterday blamed the decline in the retail market and
failure in rent negotiations after it suspended trading on
the Stock Exchange.

Redundancy payments totalled nearly $3 million. The company
declined to specify the amount which would be saved from
the downsizing.

Theme International was founded in Hong Kong by Mr Kenneth
Lai Hin-fung in 1986 and was listed on the Stock Exchange
in 1994.


=========
J A P A N  
=========

LONG TERM CREDIT: LTCB stock falls after S&P junk rating
--------------------------------------------------------
According to the SCMP, LTCB shares fell to its par value
yesterday after the ailing bank was downgraded by credit-
rating agency Standard & Poor's to junk bond status. Bank
issues were heavily sold as investors have yet to fathom
the depth of bad loans held by Japanese financial
institutions.

S&P's on Friday lowered LTCB's long-term senior debt,
certificate of deposit and counterparty credit ratings to
BB+ from BBB-. Short-term ratings fell to B from A-3. The
ratings indicate LTCB's debt securities are speculative.

A dealer at Nomura Securities said that there is a growing
concern on the American side that real amount of bad loans
is much bigger than the banks have disclosed.

S&P's expressed concern about LTCB's unimproved funding
position over the last month and warned there was a chance
the planned merger with Sumitomo Trust & Banking would
founder. It warned that with LTCB's limited financial
resources, high problem loans and large unrealised
securities losses, its viability as an independent
institution remains vulnerable.

S&P's on Thursday downgraded Sumitomo Trust & Banking's
long-term rating to BBB from A- and short-term rating to A-
3 from A-2.

The bank said it's regrettable that S&P announced the
downgrading in spite of smooth progress in merger
negotiations.


NISSHINBO INDUSTRIES: To restructure fiber business
---------------------------------------------------
The Nihon Keizai reports in an aggressive restructuring of
its textile operations, Nisshinbo Industries Inc. will
concentrate resources on more profitable businesses while
cutting unprofitable sectors, company sources said. The
company will boost by 30,000 to 100,000 the number of
spinning machines to produce custom yarn, and increase by
30% equipment to produce synthetic fiber for pantyhose by
the end of 1999.


SEGA ENTERPRISES: To reorganize North American operation
--------------------------------------------------------
The Nihon Keizai reports Sega Enterprises Ltd. plans to
reorganize its North American commercial video game
marketing operations. Sega Enterprises' U.S. unit will buy
the commercial video game machines marketing division of
Sega GameWorks Ltd., established jointly with DreamWorks
SKG and MCA Inc.

The purchase will infuse cash into Sega GameWorks, which
has floundered since its establishment in April 1996. The
joint venture, which was aimed to open 100 mini theme parks
in its first five years of operation, has only managed to
establish five such parks.


SHOWA SHELL: To close unprofitable stations
-------------------------------------------
The Financial Times reports Showa Shell, a troubled oil
group, is closing unprofitable petrol stations. The group
is a joint venture between Shell and Showa, the Japanese
oil group.

Showa Shell plans to close 600 stations by the end of the
year. The group hopes to bring in Y14.7 billion in savings
through the closings this year.


TOSHIBA MACHINE: Moody's considers cutting debt ratings
-------------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investor Service has placed the Ba1 long-term senior secure
debt rating of Toshiba Machine Company on review for
possible downgrade. The action affects about 15 billion yen
($103.7 million) of Toshiba Machine Co.'s debt. The action
reflects the company's slower-than-expected recovery of
earnings over the past few years, and concerns about the
outlook of the company's competitiveness and earnings
performance.


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

DONG AH CONSTRUCTION: Receives letter of intent from Libya
----------------------------------------------------------
According to the Hong Kong Standard, Dong Ah Construction,
a key arm of the dismantled Dong Ah Group and which was
teetering on the brink of bankruptcy at the end of May this
year, has won a US$5.1 billion construction order in Libya,
along with a pledge to advance due payments of US$200
million.

Its chairman Koh Byong Woo had also received a pledge from
the Libyan government for the early payment of US$100
million in unpaid construction fees for the second phase of
the project, which is due to be completed by the end of
this year.

Mr Koh said Libya also pledged to advance payment for
another US$100 million, and to purchase materials needed
for the third stage construction to take the load off Dong
Ah's cost burden.

Creditor banks have extended special loans worth 960
million won to Dong Ah in return for a sweeping
restructuring program which led to the conglomerate
spinning off units.


TONGYANG INVESTMENT TRUST: Company's trade suspended
----------------------------------------------------
The Tongyang Investment Trust Securities Company advertised
in the Korean language Maeil Kyungje that the trade of its
stock is going to be suspended from August 20, 1998 until
its creditor meeting ends on an unspecified date. The
company's address is 190-5 Pumo-dong, Soosung-gu,
Taegu-shi and the president is Mr. Yi Ho-su.


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

AOKAM PERDANA BHD: Aokam Perdana ready to restructure debt
----------------------------------------------------------
The Asian Wall Street Journal Reported that Aokam Perdana
Bhd., a Malaysian timber company under court protection,
has signed a deal to restructure payment on $125 million
Eurobonds.

The bonds will reportedly be converted into equity, and
other debts and obligations are also to be restructured.  

Banks holding secure claims against Aokam Perdana's
subsidiaries (which include Aokam Industries Sdn. Bhd. and
Pembangunan Papan Lapis (Sabah) Sdn. Bhd.) will receive 10
percent of outstanding principal and capitalized interest
in cash, and a full pay out over seven years. Additionally,
shareholders will receive one share of the restructured
company for every 30 shares currently held.


HYBRID CONSTRUCTION (CENTRAL) SDN BHD: Winding-up petition
----------------------------------------------------------
Eastern Pretech (Malaysia) Sdn Bhd on 10/6/98 petitioned
for the winding-up of Hybrid Construction (Central) Sdn
Bhd. The petition is directed to be heard on 24/9/98.


JRC TENAGA SDN BHD: Winding-up petition
---------------------------------------
Polymate Industries (M) Sdn Bhd on 2/7/98 petitioned for
the winding-up of JRC Tenaga Sdn Bhd. The petition is
directed to be heard on 13/10/98.


KILANG PAPAN SELATAN SDN BHD: Winding-up petition
-------------------------------------------------
Primason Sdn Bhd on 17/6/98 petitioned for the winding-up
of Kilang Papan Selatan Sdn Bhd. The petition is directed
to be heard on 28/8/98.


RANGKAIAN TENAGA SDN BHD: Winding-up petition
---------------------------------------------
Southern Finance Company Bhd on 2/7/98 petitioned for the
winding-up of Rangkaian Tenaga Sdn Bhd. The petition is
directed to be heard on 13/10/98.


TAIPING CONSOLIDATED: Selling property to reduce debt
-----------------------------------------------------
Reuters reports shares of Malaysian property firm Taiping
Consolidated Bhd slumped sharply yesterday after it
announced it will sell two popular shopping centres and a
top hotel to reduce debt.

Taiping said at the weekend that it would turn its back on
the real estate sector and put premier shopping centres Lot
10 and Star Hill in central Kuala Lumpur along with JW
Marriott Hotel on the auction block.

It said in a statement to the Kuala Lumpur Stock Exchange
(KLSE) that instead it will buy an overseas manufacturing
and engineering facility which it did not identify.

Taiping's latest annual report showed bank borrowings of
285.8 million Malaysian ringgit (S$118.6 million) and a
bond issue of RM138.2 million expiring this year.


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

PHILIPPINE AIRLINES: Results Announcement
-----------------------------------------
Philippines Airlines' (PAL) net loss surged nearly 10
times from a year earlier to 4.9 billion pesos (116.7
million dollars) in the three months to June, a Manila
newspaper said Monday, quoting airline officials.

The flag carrier lost 1.9 billion pesos in June alone
following a pilots' strike, Business World reported. No
revenue figures were released.

PAL posted a 502.85-million-peso loss in the first three
months of its fiscal year to March 1998, on the way to a
record loss of 8.08 billion pesos for the whole year.


===========
T A I W A N
===========

AN FENG STEEL GROUP: Dumping by foreigners hits steel firms
-----------------------------------------------------------
According to the Hong Kong Standard, a cash flow problem at
An Feng Steel Group, Taiwan's second largest, was caused by
a swift expansion that failed to respond to Asian regional
financial turmoil and sluggish demand for steel products.

A check for NT$79 million written by the company to
Taiwan's Pan Asia Bank bounced on Tuesday. An Feng and the
bank later said the check had bounced due to a bank error.

Taiwan's top venture capital and investment firm China
Development Corp on Friday offered help. Company chairman
Liu Tai-ying proposed buying a two-third majority stake in
a unit of An Feng group -- Jen An Steel Com. -- to inject
some NT$2 billion into An Feng.

China Development has already joined a NT$5.1 billion
syndicated loan to An Feng group, cutting the group's
current debt level to NT$15 billion.

An Feng executives denied the group was in crisis but said
it was bearing the brunt of Asia's financial turmoil.


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

THAI TELEPHONE: Firm seeks to extend repayments
-----------------------------------------------
According to the Hong Kong Standard, Thai Telephone &
Telecommunications told its banks it wants to delay payment
of loan principal to preserve working capital, limited by
lower-than-expected sales, but interest can still be
honored in full.

The company has recently asked the government's licensing
agency to reduce the company's royalty in exchange for
equity. Thai Telephone now pays the Telephone Organisation
of Thailand a fee of 43.1 per cent of revenue. It has
proposed a new rate of 20 per cent for an as-yet-
undetermined stake.

Along with another fixed TelecomAsia, it has asked the
agency to suspend the royalty for up to 3 years.

Analysts said it is unlikely that all the requests will be
accepted or even decided upon any time soon as reform of
the telecommunication industry is a politically sensitive
issue. And the longer this situation drags on, the greater
the possibility that the company will become illiquid.

Thai Telecom has a concession to operate 1.5 million phone
lines nationwide except for Bangkok.


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
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