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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      

      Thursday, August 13, 1998, Vol. 1, No. 121

                    Headlines


C H I N A   &   H O N G   K O N G

EMPEROR (CHINA CONCEPT) INVESTMENT: Results announcement
GHIASPEED MOTORS CENTER LTD: Winding-up notice
GRANDEX INVESTMENT LIMITED: Winding-up notice
KWAI FAT CONTAINER SERVICES LIMITED: Winding-up petition
SING TAO HOLDINGS: Sing Tao sale talks under way

TAI HING ENTERTAINMENT AND RESTAURANT: Winding-up petition
TAK WING INVESTMENT: Top shareholder considers stake sale
TECHNOFASHION LIMITED: Winding-up notice
WELL GROUP CONTAINER TRANSPORTATION: Winding-up notice
YAOHAN INTERNATIONAL: Sale talk helps revive Yaohan

YUENFIELD LIMITED: Members' and creditors' meeting


I N D O N E S I A

PERTAMINA: Government likely to auction CPP oil field


J A P A N  

COSMO OIL CO: Moody's cuts long-term debt ratings
LONG TERM CREDIT: Moody's downgrades ratings
MITA INDUSTRIAL: Administrator says Mita padded profits
NIPPON OIL CO: Moody's cuts long-term debt ratings
PIONEER: Announces 83% slide in profits


K O R E A

A AND KATERADE CO: A and Katerade Company liquidates
KOSMARINE CO: Kosmarine Company liquidates
LG GROUP: Discusses metals unit with foreign investors


M A L A Y S I A

EURO MERIDIAN SDN BHD: Winding-up order
IDRIS ASSOCIATES SDN BHD: Winding-up petition
IKRAL BUDI SDN BHD: Members' voluntary liquidation
KEJURUTERAAN ELEKTRIK: Members' voluntary winding-up
NAZLIAH TRAVEL & TOURS SDN BHD: Winding-up petition

PSC INDUSTRIES: To restructure short-term debt
RECOR FOOTWEAR (M) SDN BHD: Winding-up petition
SILVER JOY DEVELOPMENT: Notice of winding-up order
TENAGA NASIONAL BHD: Renegotiates IPP deals


P H I L I P P I N E S

PHILIPPINE AIRLINES: PAL labor row near settlement
UNITED PULP AND PAPER: In talks with World Bank's IFC


T H A I L A N D

FURUKAWA METAL: Results announcement
SIAM CITY CEMENT: Swiss cement maker buys 25% of SCCC
THAI OIL: PTT seeks approval for new equity partners


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

EMPEROR (CHINA CONCEPT) INVESTMENT: Results announcement
--------------------------------------------------------
Emperor (China Concept) Investment Limited, a Hong Kong
listed company, announced its year-end result as of March
31, 1998, which posted a total operating loss of HK$126
million and a net loss of HK$4.9 million.


GHIASPEED MOTORS CENTER LTD: Winding-up notice
----------------------------------------------
A notice of a July 29, 1998 winding-up order appeared in
the Hong Kong Standard for Ghiaspeed Motors Center Limited.
The petition was presented on July 2, 1998 in the high
court of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 450 of 1998.


GRANDEX INVESTMENT LIMITED: Winding-up notice
---------------------------------------------
A notice of a July 29, 1998 winding-up order appeared in
the Hong Kong Standard for Grandex Investment Limited. The
petition was presented on June 30, 1998 in the high court
of the Hong Kong Administrative Region Court of First
Instance, Companies Winding-up Proceedings N0. 446 of 1998.


KWAI FAT CONTAINER SERVICES LIMITED: Winding-up petition
--------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Kwai Fat Container Services Limited by the High Court of
Hong Kong was, on the 31st day of July, 1998, presented to
the said Court by Helen Law. The petition is scheduled to
be heard on 2nd of September, 1998. Creditors who support
or oppose the making of the order may appear at the time of
the hearing.


SING TAO HOLDINGS: Sing Tao sale talks under way
------------------------------------------------
According to the SCMP, publisher Sing Tao Holdings said
press stories suggesting a sale was imminent on specific
terms including price to a specific party are speculative.
On Monday, reports said Ms Sally Aw Sian was close to
finalising a deal with the United States-based Lazard,
which is likely to be acting on behalf of another party or
parties, at up to $1.30 per share. The price reportedly
valued Sing Tao at as much as $540 million.

The company said Ms Aw continued to be at various stages of
discussions with a number of independent third parties for
the sale of all or part of shareholding interest in the
company and had held more advanced discussions with one of
the interested parties, but a sale was unlikely to be
concluded for at least several weeks.

The company has requested a resumption of trading in its
shares today.

The Hong Kong Standard also reports on the denial by Sing
Tao about the imminence of the deal saying that no
assurance can be given that an agreement will be reached
with any party or that a general offer will be forthcoming,
but more advanced talks are being made with one of the
parties than with the others.


TAI HING ENTERTAINMENT AND RESTAURANT: Winding-up petition
----------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Tai Hing Entertainment And Restaurant Group Limited by
the High Court of Hong Kong was, on the 31st day of July,
1998, presented to the said Court by Wong Tat Man. The
petition is scheduled to be heard on 2nd of September,
1998. Creditors who support or oppose the making of the
order may appear at the time of the hearing.


TAK WING INVESTMENT: Top shareholder considers stake sale
---------------------------------------------------------
According to the SCMP, troubled construction company Tak
Wing Investment (Holdings) says controlling shareholder
Chung Chun-keung has entered into a letter of intent
regarding the possible sale of his entire 47 per cent
interest in the company. The firm said it had also
appointed a financial adviser to help negotiate a
standstill agreement with creditor banks.


TECHNOFASHION LIMITED: Winding-up notice
----------------------------------------
Notice is hereby given that a petition for the winding-up
of Technofashion Limited by the High Court of Hong Kong
was, on the 21th day of July, 1988, presented to the said
Court by Hongkong & Shanghai Banking Corporation. 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.


WELL GROUP CONTAINER TRANSPORTATION: 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.


YAOHAN INTERNATIONAL: Sale talk helps revive Yaohan
---------------------------------------------------
According to the SCMP, former directors of Yaohan
International are the subject of a Commercial Crime Bureau
probe upon complaints by present directors. The former
directors may have been linked to suspicious loans of about
$700 million lent to finance an investment project in
Taiwan. The company suspended share trading yesterday ahead
of news of a future development plan.

Yaohan holds limited assets and operations at present since
its core business, a department store chain, went into
liquidation last November, and its one-time profit
generator and retailing arm, Yaohan Hong Kong Corp, was
wound up in February.

More uncertainty arose last month when its mainland based
shareholder China Venturetech Investment Corp, which holds
3.6 per cent of the firm, closed down. China Venturetech
representatives account for six out of Yaohan's eight
present directors. They remain on the board but Yaohan
has said it is uncertain about the impact the shut-down
might have on the company.

Yaohan is also 7.5 per cent held by Citic Beijing's
investment offshoot Citic Australia (HK).


YUENFIELD LIMITED: Members' and creditors' meeting
--------------------------------------------------
Notice is given for members' and creditors' meetings for
Yuenfield Ltd (in creditors' voluntary liquidation) on
August 21, 1998, at 22/F., Wing On Center, 111 Connaught
Road, Central, Hong Kong.


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

PERTAMINA: Government likely to auction CPP oil field
-----------------------------------------------------
According to Asia Pulse, he Indonesian government is likely
to auction the Coastal Plain Pekanbaru (CPP) oil field,
which was abandoned by PT Caltex Pacific Indonesia (CPI),
Mines and Energy Minister Kuntoro Mangkusubroto said.

He said it would be difficult for Pertamina to provide the
US$1.3 billion needed to manage the oil field. Kuntoro said
Pertamina's debt burdens had been rising and there was very
little chance that it would be able to manage the oil  
field in Riau at an estimated cost of $US1.3 billion for a
period of 20 years. The oil field is estimated to have a
deposit of 250 million barrels.


=========
J A P A N  
=========

COSMO OIL CO: Moody's cuts long-term debt ratings
-------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Inc. has downgraded the senior unsecured
long-term debt of Cosmo Oil Co. from Ba1 to Ba2.

The action reportedly reflects the belief that the Japanese
oil industry's movement toward deregulation and more
competition will continue to put pressure on this company's
earnings and cash flow. The ratings agency also expects
there will be outright mergers among major oil players in
Japan.


LONG TERM CREDIT: Moody's downgrades ratings
--------------------------------------------
According to Kyodo News, Moody's Investors Service said
Wednesday it has downgraded its ratings on long-term
deposits, senior debt and subordinated debt of Long-Term
Credit Bank of Japan.

The downgrading brings the long-term deposit rating to Baa3
from Baa2, the senior debt rating to Ba1 from Baa3, and the
subordinated debt rating to B3  from B1.

While confirming the bank's short-term ratings, Moody's
said it kept its rating outlook negative, citing
uncertainties over LTCB's merger talks with Sumitomo Trust
& Banking Co. Ltd.

Moody's said it feels the formal conclusion of the planned
merger with Sumitomo Trust and possible recapitalization
may not be sufficient to strongly revive LTCB's core
business in the near future.

Sumitomo Trust also moved quickly to eliminate doubts over
their merger. "Our stance has not been altered regarding
our merger talks after the downgrade," a bank spokesman
said.


MITA INDUSTRIAL: Administrator says Mita padded profits
-------------------------------------------------------
According to Kyodo News, Mita Industrial Co., a photocopier
maker that filed for court protection from creditors under
a bankruptcy law Monday, has window-dressed its earnings
reports since around 1986, the court-appointed provisional  
administrator for the company said Wednesday.

The company padded profits by some 37 billion yen,
administrator Makoto Miyazaki told a news conference at
Mita Industrial's head office in Osaka.  

Miyazaki indicated he would ask company president Yoshihiro
Mita, who also owns a major stake in the firm, to take
responsibility, including a possible filing of a breach-of-
trust charge.

Nikkei reports sources say this news may affect the
overtures of financial support made by Kyocera Corp.


NIPPON OIL CO: Moody's cuts long-term debt ratings
--------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Inc. has downgraded the senior unsecured
long-term debt of Nippon Oil Co. and its subsidiaries
Nippon Oil Finance B.V. (Netherlands), and Nippon Oil
Ltd. (U.S.A.). The ratings dropped from single A2 to single
A3.

The action reportedly reflects the belief that the Japanese
oil industry's movement toward deregulation and more
competition will continue to put pressure on this company's
earnings and cash flow. The ratings agency also expects
there will be outright mergers among major oil players in
Japan.


PIONEER: Announces 83% slide in profits
---------------------------------------
According to the Financial Times, electronics manufacturer
Pioneer reported a decline of 83% in first quarter profits.
The company says weak sales in Asia and South America,
increased price competition and costs of deferred income
tax payment are blame for the decrease.


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

A AND KATERADE CO: A and Katerade Company liquidates
----------------------------------------------------
The A and Katerade Company advertised in the Korean
language Maeil Kyungje that it will be liquidated per the
decision made at a creditors' meeting on July 31, 1998.  
The creditors are to file their claims within two
months from today. The company's address is 236-4,5
Nonhyun-dong, Kangnam-gu, Seoul and the president is Mr.
Kim Yong-ki.


KOSMARINE CO: Kosmarine Company liquidates
------------------------------------------
The Kosmarine Company advertised in the Korean language
Maeil Kyungje that it will be liquidated per the decision
made at a creditors' meeting on July 31, 1998. The
creditors are to file their claims within two months
from today. The company's address is 80-6 Susong-dong,
Chongno-gu, Seoul and the president is Mr. Kim Jong-woo.


LG GROUP: Discusses metals unit with foreign investors
------------------------------------------------------
According to the Financial Times, LG Group is holding
discussions with three foreign investors about a possible
stake in LG Metals, its copper smelting unit. The deal is
part of a plan to raise $6.5 billion in overseas investment
capital. LG hopes to gain $1 billion of this through the
asset sale.

Glencore, a Swiss commodity trading company, is reported to
be one of the potential buyers.


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

EURO MERIDIAN SDN BHD: Winding-up order
---------------------------------------
The court had on 4.8.1998 ordered that Euro Meridian Sdn.
Bhd. be wound up on the petition of Chee Mak Thai and
notice of such winding up order had been duly advertised.


IDRIS ASSOCIATES SDN BHD: Winding-up petition
---------------------------------------------
Mepro Marketing Sdn. Bhd. had on 13.7.1998 presented a
winding up petition against Idris Associates Sdn. Bhd. The
petition is directed to be heard on 30.10.1998.


IKRAL BUDI SDN BHD: Members' voluntary liquidation
--------------------------------------------------
A special resolution passed at an EGM held on 6.8.1998 had
resolved that the company be wound up voluntarily.  
Creditors of the company are to submit their claims/debts
before 5.9.1998.


KEJURUTERAAN ELEKTRIK: Members' voluntary winding-up
----------------------------------------------------
A special resolution passed at an EGM held on 11.8.1998 had
resolved that the company be wound up voluntarily.
Creditors of the company are to submit their claims/debts
before 15.9.1998.


NAZLIAH TRAVEL & TOURS SDN BHD: Winding-up petition
---------------------------------------------------
Mepro Marketing Sdn. Bhd. had on 13.7.1998 presented a
winding up petition against Nazliah Travel & Tours Sdn.
Bhd. The petition is directed to be heard on 30.10.1998.


PSC INDUSTRIES: To restructure short-term debt
----------------------------------------------
Singapore BusinessTimes reports PSC Industries, an
investment holding company controlled by businessman Amin
Shah, plans to restructure its debts because its current
cashflow is not expected to be able to cover short-term
debts totalling some 248 million Malaysian ringgit (S$102.3
million).

In a circular to shareholders, the company said it "has the
financial resources to maintain the current level of
operations until its short-term borrowings became payable
within the next financial year (December 1998)".

The company said it was working out arrangements to reduce
its short-term borrowings, which included raising long-term
funds and restructuring part of its short-term debts to
long-term obligations. It also said it was in the final
stages of negotiations with relevant parties to secure new
projects.

According to the circular, PSC Industries has to pay a
total of RM248.3 million and roughly RM30 million in
interest, assuming a 12 per cent interest rate.


RECOR FOOTWEAR (M) SDN BHD: Winding-up petition
-----------------------------------------------
Nylex (Malaysia) Berhad had on 18.6.1998 presented a
winding-up petition against Recor Footwear (M) Sdn. Bhd.  
The petition is directed to be heard on 6.10.1998.


SILVER JOY DEVELOPMENT: Notice of winding-up order
--------------------------------------------------
A winding-up order has been made on 2.8.1998 against Silver
Joy Development Sdn. Bhd. on the petition of Pembinaan
Heesa Sdn. Bhd. Notice of such winding up order had been
duly advertised.


TENAGA NASIONAL BHD: Renegotiates IPP deals
-------------------------------------------
As reported on the SCMP and the Hong Kong Standard, the
chairman of power giant Tenaga Nasional, Ahmad Tajuddin Ali
said the company is facing difficulty in meeting payments
to independent power producers, and is seeking deferment
and discount approach to meet the obligations, and in the
worst scenario to default on their independent power
producer commitments.

He warned the independent power producers that if Tenaga
sank, they would sink too.

The state-owned power utility pays M$3.5 billion every year
to six independent power producers for their supply. This
accounts for about half of Tenaga's operating budget for
the supply of one-third of its power. Most of the contracts
stipulated that Tenaga make fortnightly payments and that
interest would be charged for any delays.

Mr Tajuddin said the company had informed the government of
its dilemma and was trying to renegotiate contracts to
allow the deferment of some payments and to obtain a
discount on some of the independent power producer's rates.

Generation capacity is in excess, electricity usage has
been falling since May from 8,400 megawatts a day to 7,780
MW. The company is also facing foreign-exchange losses as
about 40 per cent, or US$2.2 billion, of its loans were in
US dollars. A loss will be seen in the company's final
results.


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

PHILIPPINE AIRLINES: PAL labor row near settlement
--------------------------------------------------
According to BusinessWorld, the management and flight
attendants of Philippine Airlines, Inc. (PAL) are in the
process of finalizing the settlement to their two-month old
labor dispute.


UNITED PULP AND PAPER: In talks with World Bank's IFC
-----------------------------------------------------
United Pulp and Paper Co., Inc. (UPPCI), an affiliate of
the Phinma Group, is in talks with the World Bank's
International Finance Corp. (IFC) for a possible investment
that will help the paper company finance its debts
amounting to 3.5 billion Philippine pesos (PhP).

BusinessWorld tried to reach IFC to confirm the said
investment. However, investment officer Erwin Catoto
refused to give comments. IFC is the private sector
investment arm of the World Bank.


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

FURUKAWA METAL: Results announcement
------------------------------------
Furukawa Metal (Thailand) Public Company Limited reports
second-quarter results as a net loss of baht 61 million for
the period ending June 30. This compares with a net profit
of baht 42 million for the corresponding 1997 period.


SIAM CITY CEMENT: Swiss cement maker buys 25% of SCCC
-----------------------------------------------------
According to The Nation, Holderbank Financiere Glaris Ltd
(Holderbank) of Switzerland has acquired a 25 per cent
interest in Thailand's second largest cement producer, Siam
City Cement Plc, from the Ratanarak family and its related
companies for Bt6.3 billion.

Analysts said the deal, which came only a few days before
the Bank of Thailand's expected major banking sector reform
announcement, showed an attempt by the Ratanarak family to
seek funding for its banking business, Bank of Ayudhya,
which is struggling to recapitalise to meet new capital
requirements.

Holderbank confirmed in a statement that it acquired
approximately 37.5 million shares or 24.99 per cent of SCCC
for around Bt6.3 billion (US$153 million).

Since Holderbank is one of the world's leading cement and
building materials companies, the acquisition will benefit
SCCC, which is facing a deep downturn of the local property
sector amid Thailand's worst economic crisis in three
decades, analysts said.

On March 9, SCCC announced that it had told all creditors
that the company would halt principal repayments from Feb
16 to allow time for its financial advisory group to
consider the next steps for the firm, such as debt
restructuring.


THAI OIL: PTT seeks approval for new equity partners
----------------------------------------------------
The Nation reports the Petroleum Authority of Thailand will
send a list of potential equity partners for its oil
refining subsidiary Thai Oil Co Ltd to its board of
directors for approval on Aug 19, PTT's deputy governor
Pichai Chunhavachira said Tuesday.

According to a PTT source, the board will choose one of two
US companies, Conoco Inc or Coastal Corp, as the new
shareholder.

Pichai said they should negotiate Thai Oil's debt-
restructuring, including plans to reschedule debt repayment
periods and the amount of debts to be retired, with the new
shareholder first.

Thai Oil's new equity partner will have to help restructure
the company's businesses, improve the refining margin
through the reduction of fuel oil production and raise the
firm's paid-up capital.

PTT plans to divest its holdings in other refineries apart
from Thai Oil because the firm has an efficient refinery
and a good location. In addition, Thai Oil's power
generating subsidiaries have a bright future.

Thai Oil has debts totalling $1.8 billion compared to RRC's
$1.5 billion and Star's $1 billion.


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.  ISSN: 1520-9482.  

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