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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 12, 1998, Vol. 1, No. 120

                    Headlines


C H I N A   &   H O N G   K O N G

ANKON LAND LIMITED: Winding-up notice
CHINA GUOTAI SECURITIES: Guotai-J&A merger in doubt
GKC HOLDINGS: Tang flat at stake in action by bank
HANDWALES COMPANY LIMITED: Winding-up notice
INTERFORM CERAMICS: Interform unit hit with writ

J&A SECURITIES: Guotai-J&A merger in doubt
SING TAO HOLDINGS: Sing Tao suspended on sale talk
WELL GROUP CONTAINER: Winding-up notice


I N D O N E S I A

CHANDRA ASRI: Investors request hold on JV's debt


J A P A N  

DAIWA BANK: To shed Y100 billion in bad loans
MARUBENI CORP: Requests debt repayment moratorium
MITA INDUSTRIES: Forced to file for bankruptcy on $11b debt
NISSAN DIESEL: To lay off workers in August and September
SANSUI ELECTRIC: To mark Y600 million midterm loss

SUMITOMO METAL: To reorganize operations


K O R E A

HYUNDAI MOTOR: Talks reopen in Hyundai strike
YU-AH ELECTRONICS: Starts creditor reconciliation


M A L A Y S I A

GIN CHEONG TRADING SDN BHD: Winding-up petition
HUSWAH EXHIBITION SDN BHD: Winding-up petition
KELANAMAS INDUSTRIES BHD: Results announcement
MERRY MANUFACTURING & TRADING: Winding-up order
METRO JUARA SDN BHD: Members' voluntary liquidation

PROMET BHD: Results announcement
PUTTMANN (MALAYSIA) SDN BHD: Members' voluntary winding-up
SEGAR MEGAH (M) SDN BHD: Winding-up order
TTG HOLDINGS SDN BHD: Winding-up petition
TAIPING CONSOLIDATED BHD: Results announcement

TAI WAH GARMENTS MANUFACTURING BHD: Results announcement
TANJONG TOKONG GARDEN DEVELOPMENT: Winding-up petition


T H A I L A N D

KRUNGDHEP SOPHON PCL: Results announcement
PRUDENTIAL TS LIFE: Applies for voluntary delisting


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

ANKON LAND LIMITED: Winding-up notice
-------------------------------------
A notice of a July 29, 1998 winding-up order appeared in
the Hong Kong Standard for Ankon Land Limited. The petition
was presented on July 4, 1998 in the high court of the Hong
Kong Administrative Region Court of First Instance,
Companies Winding-up Proceedings N0. 454 of 1998.


CHINA GUOTAI SECURITIES: Guotai-J&A merger in doubt
---------------------------------------------------
The SCMP reports that the forced merger of two of the
mainland's biggest brokerages may not have been legal
because it did not receive shareholder approval.

The China Business Times gave what is so far the most
detailed account in a mainland newspaper of events leading
to the merger last month of the two companies. Experts said
that the merger or dissolution of limited firms needs the
approval of a full meeting of shareholders and not only
the board.

Official media has given scarce coverage to the story.


GKC HOLDINGS: Tang flat at stake in action by bank
--------------------------------------------------
According to the SCMP, former GKC Holdings director Eugene
Tang Yiu-chuen, who was arrested last weekend amid fraud
accusations, is facing eviction from his luxurious
Convention Plaza flat.

Tang, along with his brother, also arrested, and father, is
also facing legal action over an alleged $21.7 million debt
with Belgian Bank which is seeking vacant possession of
Tang's flat and payment of all monies and interest due.

Belgian Bank is also filing a second writ seeking $21.7
million from German Kitchen (HK), the three Tangs and
Cheung Hoi-chu. The alleged debt concerns a mortgage taken
out by German Kitchen and Tang for the Convention Plaza
flat. German Kitchen owes $1.5 million on overdraft and
a further $18.4 million in trust receipts. The writ states
that Eugene Tang owes the bank $3.1 million for a loan and
$115,490 in overdraft. The other defendants were named as
guarantors.

Belgian Bank is seeking interest at a daily rate of $10,638
until payment is being sought, along with costs.


HANDWALES COMPANY LIMITED: Winding-up notice
--------------------------------------------
A notice of a July 29, 1998 winding-up order appeared in
the Hong Kong Standard for Handwales Company Limited. The
petition was presented on May 2, 1998 in the high court of
the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 296 of 1998.


INTERFORM CERAMICS: Interform unit hit with writ
------------------------------------------------
Interform Ceramic Technologies says one of its subsidiaries
has received a writ from a creditor bank demanding
repayment of HK$2.48 million. The company said it was still
trying to negotiate an agreement with its lending banks to
reschedule all the group's debts. If this standstill
agreement cannot be achieved the cashflow position of the
group would be affected.


J&A SECURITIES: Guotai-J&A merger in doubt
------------------------------------------
The SCMP reports that the forced merger of two of the
mainland's biggest brokerages may not have been legal
because it did not receive shareholder approval.

The China Business Times gave what is so far the most
detailed account in a mainland newspaper of events leading
to the merger last month of the two companies. Experts said
that the merger or dissolution of limited firms needs the
approval of a full meeting of shareholders and not only
the board.

Official media has given scarce coverage to the story.


SING TAO HOLDINGS: Sing Tao suspended on sale talk
--------------------------------------------------
According to the SCMP, publisher Sing Tao Holdings
suspended trading in its shares yesterday upon reports that
controlling shareholder Sally Aw Sian was holding advanced
talks to sell part of her 50.04 per cent stake in the
company to a US-based investment bank at an offer of up to
$1.30 per share, valuing the company at as much as $540
million.

In the absence of any comments from Sing Tao, brokers said
speculation yesterday suggested Lazard --- part of British
conglomerate Pearson --- would launch a takeover bid for
Sing Tao on behalf of a US-based consortium.

A debate between the stock exchange and Sing Tao over
whether to disclose the identity of interested parties such
as Lazard had forced Sing Tao to cancel an announcement
that sources said would either confirm or deny the report
about the identity of interested parties such as Lazard.

The company did not want to reveal the interested parties
until a purchase agreement was signed, and said that an
announcement would be made as soon as possible.

Sources said Ms Aw was still searching for the best deal
from talks with five different parties and that she was
unlikely to conclude a deal in the coming week.


WELL GROUP CONTAINER: Winding-up notice
---------------------------------------
A notice of a July 29, 1998 winding-up order appeared in
the Hong Kong Standard for Well Group Container
Transportation Company Limited. The petition was presented
on June 29, 1998 in the high court of the Hong Kong
Administrative Region Court of First Instance, Companies
Winding-up Proceedings N0. 445 of 1998.


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

CHANDRA ASRI: Investors request hold on JV's debt
-------------------------------------------------
The Asian Wall Street Journal reported that the Marubeni
Corporation asked three Japanese banks for a three-year
moratorium on the repayment of a $830 million loan to
Indonesia's Chandra Asri Merak Petrochemical Center.

Marebeni holds a 21.2 percent share in a 23.8 percent stake
in the Chandra Asri project jointly held by two other
Japanese companies, Showa Denko K.K., and Toyo Engineering
Corporation.

The moratorium is reported to begin this month and will
suspend $300 to $400 million worth of payments.
The request is expected to be accepted by the banks,
according to the report.


=========
J A P A N  
=========

DAIWA BANK: To shed Y100 billion in bad loans
---------------------------------------------
Japan's Daiwa Bank plans to sell of 100 billion yen in bad
loans to foreign securities companies by the end of
September. The loans will be sold to foreign brokers at a
discount, but this will not result in any fresh losses for
the bank as it has already set aside loan-loss reserves.


MARUBENI CORP: Requests debt repayment moratorium
-------------------------------------------------
The Asian Wall Street Journal reported that the Marubeni
Corporation asked three Japanese banks for a three year
moratorium on the repayment of a $830 million loan to
Indonesia's Chandra Asri Merak Petrochemical Center.

Marebeni holds a 21.2 percent share in a 23.8 percent stake
in the Chandra Asri project jointly held by two other
Japanese companies, Showa Denko K.K., and Toyo Engineering
Corporation.

The moratorium is reported to begin this month and will
suspend $300 to $400 million worth of payments.
The request is expected to be accepted by the banks,
according to the report.


MITA INDUSTRIES: Forced to file for bankruptcy on $11b debt
-----------------------------------------------------------
The SCMP shows the news that Mita Industries, a medium-
sized Japanese maker, of copy machines sought court
protection yesterday from creditors to whom it owes more
than US$1 billion. The company had filed with the Osaka
District Court to restructure under the nation's corporate
rehabilitation law.

According to the Hong Kong Standard, the company is an
unlisted maker of photocopiers, fax machines and laser
printers and has around 200 billion yen in debt.

Its top creditors are Sakura Bank, which is owed 19.69
billion yen, Industrial Bank of Japan, owed 9.93 billion
yen, and Sanwa Bank, with 6.76 billion yen in outstanding
loans.

The company said in a press release that Kyocera Corp., the
world's largest maker of integrated circuit ceramic
packages, has agreed to assist in its restructuring.

The company responded to the strong yen by shifting
production overseas, only to suffer with the devaluation of
the yen. It said it delayed instituting a restructuring
plan even after production had been moved offshore.


NISSAN DIESEL: To lay off workers in August and September
---------------------------------------------------------
Nikkei reports Nissan Diesel Motor Co., hit by slumping
truck sales, plans to lay off 4,900 workers at three
domestic plants for a total of six days in August and
September. Under the national unemployment insurance fund,
truck manufacturers are eligible for financial assistance
to retrain or relocate workers.

This will be the second temporary layoff at Nissan Diesel,
which also shut down production for nine days from December
1993 through March 1994.


SANSUI ELECTRIC: To mark Y600 million midterm loss
--------------------------------------------------
Nikkei reports Sansui Electric Co. appears to have posted
600 million yen in pretax loss for the half year ended
June, down from an earlier forecast of a 200 million yen
loss, company sources said Monday. The drop is attributable
to lower gross margin stemming from price declines for
audio-visual equipment in domestic and Asian markets. The
audio goods maker marked 450 million yen in pretax loss the
previous year.

Sansui Electric recorded about a 300 million yen
extraordinary loss, while net loss expanded to 900 million
yen from 500 million yen.


SUMITOMO METAL: To reorganize operations
----------------------------------------
Nikkei reports Sumitomo Metal Industries Ltd. will divide
its group operations into about 70 units and assess the
performance of each in a bid to improve overall management
efficiency, company officials said. Upon review,
inefficient units will be forced to become more efficient
or be shut down.

At the parent level, the major steelmaker now has a steel
division and a non-steel division, divided into six units
each. With subsidiaries in the areas of electronics and new
materials producing strong showings, however, the company
decided to re-divide its operations on a consolidated
basis.

The company aims to boost consolidated return on assets to
4.0% in fiscal 2000 from 1.7% in fiscal 1997 with the
reorganization.


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

HYUNDAI MOTOR: Talks reopen in Hyundai strike
---------------------------------------------
The AP reports management and union negotiators met today
for the first time in a week to try to settle a three-week
strike at Hyundai Motor Co., the nation's largest
automaker. But with both sides apparently holding fast to  
their positions and little progress expected, the
government was reported ready to use police to break up the
strike. Hyundai Motor's 26,000-member union wants the
company to take back 1,600 employees it fired July 31
because of sharply falling domestic sales.

State-run Yonhap news agency reports today that Hyundai
Motors unionists attacked General Manager Yoon Kuk-jin and
15 other company officials to halt production at the Ulsan
plant, located 190 miles southeast of the Seoul.

Due to the labor-management dispute, Standard & Poor's
lowered the long-term credit ratings of Hyundai Motors
saying tension between the two sides have spurred
"production losses and raises concerns over the company's
ability to restructure its operation and reduce cost
effectively."


YU-AH ELECTRONICS: Starts creditor reconciliation
-------------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that it has allowed Yu-ah Electronics company
to start a creditor reconciliation procedure and the
creditors have until September 10, 1998 to file their
claims. The company's address is 98-30 Yeoksam-dong,
Kangnam-gu, Seoul and the President is Mr. Park Hyun-seung.


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

GIN CHEONG TRADING SDN BHD: Winding-up petition
-----------------------------------------------
Shun Yi Sdn. Bhd. had on 10.7.1998 petitioned for the
winding up of Gin Cheong Trading Sdn. Bhd. The petition is
directed to be heard on 20.10.1998.


HUSWAH EXHIBITION SDN BHD: Winding-up petition
----------------------------------------------
Reliance Suci Environmental Sdn. Bhd. had on 20.5.1998
petitioned for the winding-up of Huswah Exhibition Sdn.
Bhd. The petition is directed to be heard on 25.9.1998.


KELANAMAS INDUSTRIES BHD: Results announcement
----------------------------------------------
Kelanamas Industries Bhd (listed in the KLSE) reported a
post-tax loss of RM275.192mil for the year ended 30/4/98,
compared to a post-tax loss of RM16.92mil previously.

Loss per share also rose 947.8% from RM0.23 to RM2.41

The share price dropped 95.6% to RM0.185 on 7/8/98 compared
to a year ago.


MERRY MANUFACTURING & TRADING: Winding-up order
-----------------------------------------------
A winding-up order has been made against Merry
Manufacturing & Trading Co. Sdn. Bhd. on the petition by
Titian Polyethylene (Malaysia) Sdn. Bhd. on 27.7.1998.


METRO JUARA SDN BHD: Members' voluntary liquidation
---------------------------------------------------
Members passed a special resolution passed at an EGM on
3.8.1998 and resolved that the company be wound up
voluntarily. Creditors of the company are to submit their
claims/debts before 2.9.1998.


PROMET BHD: Results announcement
--------------------------------
Promet Bhd (listed in the KLSE) reported a post-tax loss of
RM319.827mil for the year ended 30/4/98 compared
RM170.588mil previously.

Loss per share also rose from RM0.30 to RM0.45 during the
same period.

The share price fell 85% from RM1.95 a year ago, to RM0.29
on 7/8/98.


PUTTMANN (MALAYSIA) SDN BHD: Members' voluntary winding-up
----------------------------------------------------------
A special resolution passed at an EGM held on 9.8.1998 had
resolved that Puttmann (Malaysia) Sdn. Bhd. be wound up
voluntarily.


SEGAR MEGAH (M) SDN BHD: Winding-up order
-----------------------------------------
A winding-up order has been made against Segar Megah (M)
Sdn. Bhd. On the petition of RHB Finance Berhad on
5.8.1998.


TTG HOLDINGS SDN BHD: Winding-up petition
-----------------------------------------
Mars Tower Sdn. Bhd. had on 14.7.1998 presented a winding-
up petition against TTG Holdings Sdn. Bhd. The petition is
directed to be heard on 15.10.1998.


TAIPING CONSOLIDATED BHD: Results announcement
----------------------------------------------
Taiping Consolidated Bhd (listed in the KLSE) reported a
post-tax loss of RM48.45mil compared to a post-tax profit
of RM26.06mil previously.

Earnings per share dropped from RM0.113 to a loss per share
of RM0.166

The share price dipped from RM2.20 a year ago to RM0.20 on
7/8/98.


TAI WAH GARMENTS MANUFACTURING BHD: Results announcement
--------------------------------------------------------
Tai Wah Garments Manufacturing Bhd. (listed on Kuala Lumpur
Stock Exchange) reported a further post-tax loss of
RM155.736m for the year ended 30/4/98 compared to last year
loss of RM35.099m.

Loss per share rose further from RM0.426 last year  to
RM1.469 presently.

The price dipped further to RM0.17 (7.8.1998) compared to
last year RM2.20.


TANJONG TOKONG GARDEN DEVELOPMENT: Winding-up petition
------------------------------------------------------
Mars Tower Sdn. Bhd. had on 14.7.1998 presented a winding-
up petition against Tanjong Tokong Garden Development Sdn.
Bhd. The petition is directed to be heard on 14.10.1998.


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

KRUNGDHEP SOPHON PCL: Results announcement
------------------------------------------
Krungdhep Sophon PCL reports a net loss of baht 12 million
for the quarter ending June 30. This compares with a loss
of baht 369,000 for the corresponding period in 1997.


PRUDENTIAL TS LIFE: Applies for voluntary delisting
---------------------------------------------------
Prudential TS Life Assurance Public Company Limited has
filed a request with the SET to delist the company's stock.
There are 91,155,708 ordinary shares, with a par value of  
10.00 baht per share, total value of  911.56  million baht.

At an EGM held on July 23, 1998 shareholders resolved to
delist the Company's stock as listed securities because the
company presently faces challenges in the form of short
term profitability and requirements for capital which
shareholders must immediately address.

The Stock Exchange of Thailand ("SET") sent a letter dated
4th March 1998 to Prudential TS Life, stating that, based
on the audited financial statements ended 31st December
1997, there was a net loss of 665 million Baht, bringing
the net tangible assets of the Company down to 373 million
Baht or equivalent to 40.89% of the paid-up capital of
911.56 million Baht.

The possible delisting became an issue when the company re-
valued and wrote down its investment portfolio at the end
of 1997 which resulted in losses from investments in listed
securities of 172 million Baht and losses from investments
in unlisted securities of 231 million Baht for the whole of
1997.

Since the SET's notice to the company of possible
delisting, management has sought consultation from the SET
and its advisors to examine ways to respond to this matter.  

The Company initially considered rehabilitation, but it
became clear that rehabilitation would compromise the
company's competitive position due to the disclosure of the
company's confidential business and marketing plans as
required under the SET's rehabilitation process; and be
even more demanding in respect of new capital requirements
than the option to voluntarily delist because of the need
to cover losses budgeted over the next 2-3 years.


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,
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DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1998.  All rights reserved.  ISSN: 1520-9482.  

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