TCRAP_Public/980916.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      

      Wednesday, September 16, 1998, Vol. 1, No. 144

                    Headlines


* C H I N A   &   H O N G   K O N G *

BLANDOR INTERNATIONAL: Notice of meeting of creditors
CANASAL LIMITED: Notice of first meetings
CHUN MOU ESTATE: Notice of meetings of members
FARBELL ELECTRONICS LIMITED: Winding-up petition
FULL CHOICE LAND LIMITED: Winding-up order

GOLDENBOSS INVESTMENT LIMITED: Notice of first meetings
GOOD HAUL COMPANY LIMITED: Winding-up petition
HONG KONG TOY CENTER: Posts losses; signals trouble for UPI
IMAHAKA (HK) LIMITED: Notice of meeting of members
IN-ART INTERIORS LIMITED: Winding-up petition

KWAI FAT CONTAINER: Winding-up order
LUCKY ORIENT LIMITED: Winding-up order
OKURA & COMPANY: Notice of meeting of creditors
PERFECT WAY MANAGEMENT LIMITED: Winding-up order
RHINE HOLDINGS: Winding-up order

RHINE JEWELLERY LIMITED: Winding-up order
SARI LIMITED: In members' voluntary liquidation
SIU FUNG CERAMICS HOLDINGS: Kumagai quits Siu-Fung rescue
SSTAR ENGINEERING LIMITED: Winding-up order
TAI HING ENTERTAINMENT: Winding-up order


* I N D O N E S I A *

KARABHA DIGDAYA: Bankruptcy court swings into action
OMETRACO GROUP: Creditors target Ometraco in filing


* J A P A N *

ASAHI CHEMICAL: Expects 35% fall in FY98 pretax profit
KANKAKU SECURITIES: JRII lowers rating
LONG TERM CREDIT: Politicians to decide fate of LTCB
NEW JAPAN SECURITIES: JRII lowers rating
NISSAN MOTOR: May stop making 200SX in Tennessee

SEKISUI HOUSE: Moody's may cut debt rating
YAMATANE SECURITIES: JRII lowers rating


* K O R E A *

CHUHWA CO.: Starts Liquidation procedure
DONGSUNG CO.: Dongsung Starts Creditor Reconciliation
EASY TECHNOLOGY CO.: Starts Creditor Reconciliation
TAEDO PHARMACEUTICAL CO.: Decides To Liquidate
TONGKOOK GENERAL ELEC: Defaults on loans; goes bankrupt


* M A L A Y S I A *

ARENSI HOLDINGS (M) BHD: Results announcement
BANK BUMIPUTRA: Moody's lowers deposit ratings to junk
ETS AGENCY SDN BHD: Winding-up petition
HICOM HOLDINGS: Bondholders have right to redemption
ISLAND RESOURCES SDN BHD: Winding-up petition

MAJU KERTAS PRODUCTS SDN BHD: Winding-up petition
MALAYAN BANKING: Moody's lowers deposit ratings to junk
PASARAYA LOOWIN SDN BHD: Winding-up petition
PENGKALEN HOLDINGS: Obtains court protection under Sec. 176
PUBLIC BANK: Moody's lowers deposit ratings to junk

SENI BERKEMBAR SDN BHD: Voluntary Winding-up


* P H I L I P P I N E S *

METRO PACIFIC: Fort Bonifacio faces mounting arrears
PHILIPPINE REALTY: Fort Bonifacio faces mounting arrears
PHILIPPINE TELEGRAPH: Losses may worsen on labor dispute
PRIMETOWN: Fort Bonifacio faces mounting arrears


* S I N G A P O R E *

HOTEL ROYAL: Reports 77% drop in net
KAY HIAN HOLDINGS: Net earnings down almost 45%


* T H A I L A N D *

TPI POLENE PCL: JP Morgan resigns as financial advisor
THAI FARMERS BANK: Debt downgraded by Tris


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

BLANDOR INTERNATIONAL: Notice of meeting of creditors
-----------------------------------------------------
A meeting of members of Blandor International Limited will
be held at 28th Floor, Wing On Centre, 111 Connaught Road
Central, Hong Kong on September 22 at 4:00 pm.


CANASAL LIMITED: Notice of first meetings
-----------------------------------------
In the High Court of Hong Kong Special Administration
Region Court of First Instance, companies winding-up
proceeding (No.280 of 1996), a notice of first meetings is
hereby given that creditors and contributors of Canasal
Limited will meet on September 25, 1998 at the Official
Receiver's Office at 10/F, Queensway Government Offices,66
Queensway, Hong Kong.


CHUN MOU ESTATE: Notice of meetings of members
----------------------------------------------
A meeting of members of Chun Mou Estate Agency Limited will
be held at 28th Floor, Wing On Centre, 111 Connaught Road
Central, Hong Kong on September 23 at 4:00 pm to be
followed at 4:30 pm. Proxies must be lodged at 12/F., Bel
Trade Commercial Building, 1-3 Burrows Street, Wanchai,
Hong Kong notg later than 4:00 pm on the day before the
meeting or adjourned meeting at which they are to be used.


FARBELL ELECTRONICS LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Farbell Electronics Limited by the High Court of Hong
Kong was, on the 25th day of August, 1998, presented to the
said Court by Lee Mon and the petition is heard on 30th of
September, 1998. Other creditors who support or oppose the
making of the order may appear at the time of the hearing.  


FULL CHOICE LAND LIMITED: Winding-up order
------------------------------------------
A winding-up order notice is hereby given that Full Choice
Land Limited is undergoing a companies winding-up
proceedings (No. 413 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998.  The date of
presentation of petition was June 16, 1998.    


GOLDENBOSS INVESTMENT LIMITED: Notice of first meetings
-------------------------------------------------------
In the High Court of Hong Kong Special Administration
Region Court of First Instance, companies winding-up
proceeding (No.411 of 1996), a notice of first meetings is
hereby given that creditors and contributors of Goldenboss
Investment Limited will meet on September 22, 1998 at the
Official Receiver's Office at 10/F, Queensway Government
Offices,66 Queensway, Hong Kong.


GOOD HAUL COMPANY LIMITED: Winding-up petition
----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Good Haul Company Limited T/A Cosmo Dragon Company by
the High Court of Hong Kong was, on the 26th day of August,
1998, presented to the said Court by Mason Manda
Advertising Limited and the petition is heard on 7th of
October, 1998. Other creditors who support or oppose the
making of the order may appear at the time of the hearing.  


HONG KONG TOY CENTER: Posts losses; signals trouble for UPI
-----------------------------------------------------------
Investment holding company United Pacific Industries (UPI)
has been dealt another setback after recently acquired toy-
making subsidiary Hong Kong Toy Center International lost
$39.37 million in the first half of this year.

Hong Kong Toy's poor performance followed a set of
disastrous results at another of UPI's acquisitions
-- stationery maker Climax International -- which reported
debts of $600 million earlier this year.

It also said there were some "irregularities" in its
previous accounts, such as exaggerated account receivables.

UPI bought the two manufacturing companies separately last
year and now holds 72.7 % of Hong Kong Toy and 29.3 % of
Climax. The group's managing director, Simon Hsu admitted
investment in Climax had proven to be a setback, but
strongly defended the Hong Kong Toy purchase. He said Hong
Kong Toy has strong cash flow even though the P&L doesn't
look fantastic. He added that Hong Kong Toy will be
profitable from April to October during which the peak
season starts.


IMAHAKA (HK) LIMITED: Notice of meeting of members
--------------------------------------------------
A meeting of members of Imanaka (H.K.) Limited will be held
at Rooms 1304-5, 13/F., Unicorn Trade Centre, 127-131 Des
Voeux Road Central, Hong Kong on Oct 12 at 10:30 am to
receive and consider a statement of affairs of the company
and to approve the appointment of Mr Takeshi Nagai as the
Liquidator for the purposes of the winding up of the
company.


IN-ART INTERIORS LIMITED: Winding-up petition
---------------------------------------------
Notice is hereby given that a petition for the winding-up
of In-Art Interiors Limited by the High Court of Hong Kong
was, on the 21th day of August, 1998, presented to the said
Court by ATAL Engineering Limited and the petition is heard
on 23rd of September, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


KWAI FAT CONTAINER: Winding-up order
------------------------------------
A winding-up order notice is hereby given that Kwai Fat
Container Services Limited is undergoing a companies
winding-up proceedings (No. 523 of 1988) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on September 2, 1998.  
The date of presentation of petition was July 31,1998.


LUCKY ORIENT LIMITED: Winding-up order
--------------------------------------
A notice for a winding-up order for Lucky Orient Limited
was given on September 2, 1998. The date of presentation of
the petition was July 29, 1998 and the official receiver &
provisional liquidator is A.R. Hearder.


OKURA & COMPANY: Notice of meeting of creditors
-----------------------------------------------
A meeting of members of Okura & Co., (Hong Kong) Limited
will be held at Room 406, Level 4, Hong Kong Convention and
Exhibition Centre, 1 Harbour Road, Wanchai, Hong Kong on
Sept 18 at 10:30 am.


PERFECT WAY MANAGEMENT LIMITED: Winding-up order
------------------------------------------------
A winding-up order notice is hereby given that Perfect Way
Management Limited is undergoing a companies winding-up
proceedings (No. 525 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998.  The date of
presentation of petition was August 3, 1998.    


RHINE HOLDINGS: Winding-up order
--------------------------------
A winding-up order notice is hereby given that Rhine
Holdings Limited is undergoing a companies winding-up
proceedings (No 510 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998. The date of
presentation of petition was July 28,1998.    


RHINE JEWELLERY LIMITED: Winding-up order
-----------------------------------------
A winding-up order notice is hereby given that Rhine
Jewellery Limited is undergoing a companies winding-up
proceedings (No. 511 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998.  The date of
presentation of petition was July 28, 1998.    


SARI LIMITED: In members' voluntary liquidation
-----------------------------------------------
The creditors of Sari Limited, which is being voluntarily
wound up, are required on or before Oct 12 to send in their
names, addresses and particulars of their debts or claims
to the Liquidators of the said companies, and if so
required by notice in writing from the liquidators, are
personally or by their solicitors to come in and prove
their debts or claims at such time and place specified in
such notice, or in default thereof, they will be deemed to
waive all of such debts or claims and the liquidators will
be entitled seven days after the above date, to distribute
the funds available or any part thereof to the Members.
Joint Liquidators: Allan Hon Wing Yu, Pollyanna Shui Kin
Chan at 23rd Floor, Chekiang First Bank Building, 58-63
Glooucester Road, Wanchai, Hong Kong.


SIU FUNG CERAMICS HOLDINGS: Kumagai quits Siu-Fung rescue
---------------------------------------------------------
According to the scmp, construction firm Kumagai Gumi (Hong
Kong) has decided against proceeding with its part in the
$800 million bailout of troubled Siu-Fung Ceramics Holdings
and its controlling shareholder Siegfried Lee Siu-fung,
because of Siu-Fung's failure to execute a debt
restructuring agreement with its creditors before Sept 1.

Kumaigai said it was asked to relax this requirement in the
interests of achieving a successful completion to the deal.
However, Kumagai had become aware of unforeseen
circumstances which could adversely affect the financial
condition of the Siu-Fung group and make the subscription
less attractive. Kumagai had paid no consideration in
connection with the agreement.

China Everbright International associate Kumagai was to
have paid $470 million for 2.35 billion shares in Siu-Fung
at 20 cents per share. It was not known whether the other
parties in the bailout group - China State Bureau of Light
Industry and Beijing First Light Industry Group - would
also pull out of the deal.


SSTAR ENGINEERING LIMITED: Winding-up order
-------------------------------------------
A winding-up order notice is hereby given that SStar
Engineering Limited is undergoing a companies winding-up
proceedings (No. 526 of 1988) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on September 2, 1998.  The date of
presentation of petition was August 4, 1998.    


TAI HING ENTERTAINMENT: Winding-up order
----------------------------------------
A winding-up order notice is hereby given that Tai Hing
Entertainment and Restaurant Group Limited is undergoing a
companies winding-up proceedings (No. 522 of 1988) in the
High Court of the Hong Kong Special Administrative Region
court of first instance. The date of order is on September
2, 1998.  The date of presentation of petition was July 31,
1998.    


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

KARABHA DIGDAYA: Bankruptcy court swings into action
----------------------------------------------------
According to the SCMP, a three-judge panel at Jakarta's
commercial court, which was set up on August 20, yesterday
heard its first case of bankruptcy, filed on Sept 1,
against golf-course developer Karabha Digdays, which is
controlled by Judith Suryajaya, daughter of a founder
of car-maker Astra International William Suryajaya.

The charges, made by a Japanese-controlled company, Jaya
Obayashi, and a local firm, Nusaraya Cipta, said that
Karabha owed 15.3 billion rupiah comprised of unpaid fees
and interest in the construction of the Emerald One Golf
and Real Estate in nearby Cimanggis between 1993 and 1996.

The case demands that the court declare Karabha bankrupt
and sell its assets, including the golf course and real
estate, to pay creditors back.

Yan Apul, for the defence, admitted Karabha owed money to
the plaintiff, but said that the sum only involved an
estimated 11 billion rupiah and the plaintiffs are only two
of the 40 creditors to which Karabha owes money, adding
that the delay in payment was wholly due to the country's
current monetary crisis.

The commercial court will settle bankruptcy cases under the
new law which allows 30 days for settlement and 30 days for
appeal. Indonesia revised the law and set up the court as
part of a commitment to the IMF reform package tied in with
a US$50 billion rescue package for its economic recovery.


OMETRACO GROUP: Creditors target Ometraco in filing
---------------------------------------------------
A group of 13 Indonesian and foreign banks have joined
petitions filed at Indonesia's new bankruptcy court against
the listed holding company of Ometraco Group and a
financial subsidiary.

The petitioning creditors are: America Express Co 's
American Express Bank Ltd., Oversea-Chinese Banking Corp,
Royal Bank of Canada, PT Bank Ekspor-Impor Indonesia, Union
de Banques Arabes & Francaises, PT Bank Internasional
Indonesia, PT Fuji bank International, PT Bank Negara
Indonesia, PT Bank BII Commonwealth, PT Bank Pembangunan
Indonesia, Bumi Daya Finance International Ltd., Commercial
Bank of Korea Ltd. and Industrial & Commercial Bank Ltd.

The two petitions, one against PT Ometraco Corp and one
against PT Ometraco MultiArtha, were filed last week. The
group claims they are owed a total of more than $100
million.

Earlier this year, a group of creditors of Ometraco and the
holding company attempted to negotiate a debt
restructuring. But after the effort didn't succeed, the 13
banks agreed to file petitions with the bankruptcy court
Indonesia opened in August after passing a new bankruptcy
law to replace a 1904, little-used Dutch colonial-era law.

The petitions, which haven't been released publicly, have
been seen by The Asian Wall Street Journal. Two of the
petitioners that are listed on the Jakarta Stock Exchange
-- Bank Internasional Indonesia, and the Bank Negara
Indonesia -- reported to the exchange last week that they
had joined other creditors in petitions seeking to have PT
Ometraco Co. declared bankrupt.    


=========
J A P A N  
=========

ASAHI CHEMICAL: Expects 35% fall in FY98 pretax profit
------------------------------------------------------
Nikkei reports Asahi Chemical Industry Co. is likely to see
its pretax profit for the year ending March plunge to 28
billion yen, down 35% and 4 billion yen short of earlier
projections, company sources said Monday. The lower-than-
expected profit is attributed to a fall in its mainstay
housing sales as well as lower prices for chemical
products, resins and synthetic fibers.

The company expects operating profit to slip 11% to 31
billion yen. It plans to offset the decline in its mainline
business profit with 3 billion yen in profit from partial
liquidation of its stock and real estate holdings.


KANKAKU SECURITIES: JRII lowers rating
--------------------------------------
The Asian Wall Street Journal reported that Japan Rating &
Investment Information has lowered its ratings on three
medium-sized securities companies. The companies and the
ratings involved are:

Kankaku Securities Company's long-term debt ratings from
BB- to B+, New Japan Securities Company's commercial paper
rating from A-2 to A-3, Yamatane Securities Company from
BB+ to B+.


LONG TERM CREDIT: Politicians to decide fate of LTCB
----------------------------------------------------
According to the Hong Kong Standard, after two months of
probing the LTCB, suspicion is growing that the Financial
Supervisory Agency (FSA) has delayed a conclusion because
of political pressure and that a whitewash is in the works.

Akira Takai, a senior analyst at Daiwa Institute of
Research, said LTCB's future would depend on political
decisions.

FSA was launched on June 22 and took over the inspection
and supervision function of financial institutions from the
Ministry of Finance. It began a probe of LTCB on July 13
and eight other big banks on July 24 as part of inspections
of the nation's 19 biggest banks. It has already finished
inspecting the other eight banks but is still inspecting
LTCB.

It said that inspection of LTCB might take longer than
others because the agency hoped to inspect as much updated
data on it as possible.

Most analysts believe that ruling Liberal Democratic Party
politicians have already decided to inject taxpayers' money
into LTCB to help facilitate a planned merger with Sumitomo
Trust & Banking. If LTCB is insolvent, current laws would
prevent the government from injecting public funds. An
analyst said that the government would say that LTCB is
not insolvent and inject public money. An analyst said the
government will inject 500 to 600 billion yen of public
fund into the bank, noting it would not be able to inject
more than the bank shareholders' equity of 787 billion yen,
because that would show LTCB is insolvent. However, such an
amount of public funds would not be enough to fulfil LTCB's
bad loan disposals and unrealised stock losses, analysts
said.

Bank of Japan Governor Masaru Hayami said that if action on
LTCB is delayed, credibility for Japan's economy might be
affected and it could cause trouble for other nations.


NEW JAPAN SECURITIES: JRII lowers rating
----------------------------------------
The Asian Wall Street Journal reported that Japan Rating &
Investment Information has lowered its ratings on three
medium-sized securities companies. The companies and the
ratings involved are:

Kankaku Securities Company's long-term debt ratings from
BB- to B+, New Japan Securities Company's commercial paper
rating from A-2 to A-3, Yamatane Securities Company from
BB+ to B+.


NISSAN MOTOR: May stop making 200SX in Tennessee
------------------------------------------------
Associated Press reports Nissan Motor Co., Japan's
struggling No. 2 automaker, may stop producing and
marketing 200SX subcompact coupes at its Tennessee plant in
1999, a company spokeswoman has said.

Tokyo-based Nissan is considering the move as part of
efforts to restructure its debt-ridden North American
operations, said Nissan spokeswoman Ritsuko Harimoto.

The two-door cars are the first models affected by Nissan's
group-wide restructuring program, announced in May, that
calls for a 30 percent reduction in the car maker's 50-
model lineup, Harimoto said.


SEKISUI HOUSE: Moody's may cut debt rating
------------------------------------------
Bloomberg reports shares of Sekisui House Ltd. fell 20 yen
to 994. The real estate developer may have its long-term
debt rating of Baa1 cut by Moody's Investors Service due to
the prolonged decline in housing starts and home sales in
recession-wracked Japan.


YAMATANE SECURITIES: JRII lowers rating
---------------------------------------
The Asian Wall Street Journal reported that Japan Rating &
Investment Information has lowered its ratings on three
medium-sized securities companies. The companies and the
ratings involved are:

Kankaku Securities Company's long-term debt ratings from
BB- to B+, New Japan Securities Company's commercial paper
rating from A-2 to A-3, Yamatane Securities Company from
BB+ to B+.


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

CHUHWA CO.: Starts Liquidation procedure
----------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that the Chuhwa Company has started a
liquidation procedure. The creditors have until October 13,
1998 to file their claims with the Seoul District Court,
and the president is Mr. Kim Chunghwan.


DONGSUNG CO.: Dongsung Starts Creditor Reconciliation
-----------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Dongsung Company has received permission
to start its creditor reconciliation procedure by the Seoul
District Court.


EASY TECHNOLOGY CO.: Starts Creditor Reconciliation
---------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Easy Technology Company has received
permission to start its creditor reconciliation procedure
by the Suwon District Court.


TAEDO PHARMACEUTICAL CO.: Decides To Liquidate
----------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Taedo Pharmaceutical Company has decided
to liquidate.


TONGKOOK GENERAL ELEC: Defaults on loans; goes bankrupt
-------------------------------------------------------
The Asian Wall Street Journal reported that the Tongkook
General Electronics Company went bankrupt when it failed to
honor maturing loans. Tongkook defaulted on its maturing
loan of 5.15 billion won ($3.8 million) at the Korea First
Bank. Shares of this electronic equipment and appliance
maker were suspended, and trading will resume later this
week under the supervision of the stock exchange.


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

ARENSI HOLDINGS (M) BHD: Results announcement
---------------------------------------------
Arensi Holdings (M) Bhd (listed on the KLSE) reported a
pre-tax loss of RM119.466mil for the year ended 31/3/98
compared to a pre-tax profit of RM7.937mil previously. No
reasons were quoted for the losses suffered. The shares
were suspended on the KLSE at RM0.41


BANK BUMIPUTRA: Moody's lowers deposit ratings to junk
------------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Incorporated has downgraded three banks
in Malaysia as a result of the increasing risks to
creditors of Malaysian entities following the recent
economic policy measures taken by the government. The three
banks are Bank Bumiputra Malaysia Bhd., Malayan Banking
Bhd. (or Maybank), and Public Bank Bhd.

These measures have reportedly resulted in the effective
closure of Malaysia's capital account, and bringing all
ringgit trading onshore and pegging the ringgit at 3.80 to
the dollar.  Bank Bumiputra Malaysia Bhd. had its long-term
deposit ratings lowered from Baa3 to Ba1 and its short-term
deposit ratings from Prime-3 to "not prime".

The article also stated that Moody's assignment of the Ba1
rating effectively relegates the banks' deposit status to
junk.


ETS AGENCY SDN BHD: Winding-up petition
---------------------------------------
Konsortium Perkapalan Bhd (listed on the KLSE) on 1/9/98
petitioned for the winding-up of ETS Agency Sdn Bhd.


HICOM HOLDINGS: Bondholders have right to redemption
----------------------------------------------------
Singapore BusinessTimes cites a Bloomberg report stating
Hicom Holdings Bhd, which controls Malaysia's largest
carmaker Proton, said the plunge in shares it pledged as
security for 915 million Malaysian ringgit (S$417 million)
in bonds has given bondholders the right to demand their
redemption immediately.

The market value of shares in associated companies that
Hicom used as security for the bonds has plunged 69 per
cent to RM1.57 billion from RM5 billion, according to its
latest annual report.

The share plunge has breached the terms of the agreement
with bondholders and triggers a clause that gives
bondholders the option to force the company to redeem the
bonds immediately, the report said.

The move will likely cause more strain in the company's
finances as it struggles with Malaysia's first recession in
13 years.

Hicom, which is the 28th largest company on the benchmark
Kuala Lumpur Composite Index in terms of market
capitalisation, didn't say in the report whether it has set
aside money for such an event and executives weren't
immediately available for comment.

In 1996, Hicom sold RM950 million in bonds that mature in
2001.

The company, which has long-term liabilities of RM961
million, has interests in real estate, cement making, heavy
vehicle assembly and oil palm plantations.

In June, Hicom said fiscal 1998 profit fell 5.3 per cent to
RM631.9 million and warned of a gloomy outlook this year.

Hicom owns the single biggest stake of about 26 per cent in
Malaysia's largest carmaker, Perusahaan Otomobil Nasional
Bhd, or Proton.


ISLAND RESOURCES SDN BHD: Winding-up petition
---------------------------------------------
CCM Chemicals Sdn Bhd on 27/5/98 petitioned for the
winding-up of Island Resources Sdn Bhd. The petition is
directed to be heard on 25/9/98.

MAJU KERTAS PRODUCTS SDN BHD: Winding-up petition
-------------------------------------------------
OCBC Finance Bhd on 17/8/98 petitioned for the winding-up
of OCBC Finance Bhd. The petition is directed to be heard
on 13/11/98.


MALAYAN BANKING: Moody's lowers deposit ratings to junk
-------------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Incorporated has downgraded three banks
in Malaysia as a result of the increasing risks to
creditors of Malaysian entities following the recent
economic policy measures taken by the government. The three
banks are Bank Bumiputra Malaysia Bhd., Malayan Banking
Bhd. (or Maybank), and Public Bank Bhd.

These measures have reportedly resulted in the effective
closure of Malaysia's capital account, and bringing all
ringgit trading onshore and pegging the ringgit at 3.80 to
the dollar. Malayan Banking Bhd. (or Maybank) had its
senior deposit ratings lowered from Baa3 to Ba1 and its
short-term deposit ratings from Prime-3 to "not prime".

The article also stated that Moody's assignment of the Ba1
rating effectively relegates the banks' deposit status to
junk.


PASARAYA LOOWIN SDN BHD: Winding-up petition
--------------------------------------------
Ladymade Fashion (M) Sdn Bhd on 24/8/98 petitioned for the
winding-up of Pasaraya Loowin Sdn Bhd. The petition is
directed to be heard on 10/2/99.


PENGKALEN HOLDINGS: Obtains court protection under Sec. 176
-----------------------------------------------------------
According to Singapore BusinessTimes, Pengkalen Holdings
Bhd, a unit of prominent businessman Khoo Kay Peng's
flagship Malayan United Industries Bhd, has obtained court
protection under Section 176 of the Companies Act so as to
restructure its operations. Overseas operations will not be
affected by the restructuring.

In an announcement to the Kuala Lumpur Stock Exchange,
Perwira Affin Merchant Bank said Pengkalen would undertake
a major corporate restructuring and rationalisation of its
entire Malaysian operations.

Its exercise will see marginal or not profitable businesses
divested or closed down while Pengkalen plans to streamline
its other operations so as to result in greater operational
efficiency and productivity.

The group is highly exposed to the stockbroking industry
through its 52.3 per cent listed unit Pengkalen Capital
Bhd, which owns two broking firms -- Pengkalen Securities
and Kimara Equities.

According to Perwira Affin, the court protection secured
from the High Court between Sept 10 and Dec 8 this year
would cover the holding company and 27 of its subsidiaries
including publicly-quoted Pengkalen Capital.

Bank borrowings at the group level totalled 1.67 billion
Malaysian ringgit (S$761 million) as at Dec 31, 1997.
Pengkalen Capital's debt stood at RM1.14 billion.

Pengkalen is 80.7 per cent-owned by MUI. The statement said
MUI would take up its full entitlement of the proposed
Pengkalen rights issue of 595.84 million shares at RM1
apiece, and would make arrangements to repatriate RM500
million cash back to Malaysia from the sale of some of its
overseas assets.

Pengkalen will also take up its full entitlement of the
proposed Pengkalen Capital rights issue of 421.81 million
shares, which is aimed at recapitalising its two
stockbroking units.


PUBLIC BANK: Moody's lowers deposit ratings to junk
---------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Incorporated has downgraded three banks
in Malaysia as a result of the increasing risks to
creditors of Malaysian entities following the recent
economic policy measures taken by the government. The three
banks are Bank Bumiputra Malaysia Bhd., Malayan Banking
Bhd. (or Maybank), and Public Bank Bhd.

These measures have reportedly resulted in the effective
closure of Malaysia's capital account, and bringing all
ringgit trading onshore and pegging the ringgit at 3.80 to
the dollar.  Public Bank Bhd. had its deposit ratings
lowered from Baa3 to Ba1 and its short-term deposit ratings
from Prime-3 to "not prime".

The article also stated that Moody's assignment of the Ba1
rating effectively relegates the banks' deposit status to
junk.


SENI BERKEMBAR SDN BHD: Voluntary Winding-up
--------------------------------------------
The members of Seni Berkembar Sdn Bhd on 10/9/98 resolved
to wind-up the company voluntarily. Creditors of the
company are requested to submit their claims before
1/10/98.


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

METRO PACIFIC: Fort Bonifacio faces mounting arrears
----------------------------------------------------
According to the SCMP, problems at the ambitious Fort
Bonifacio redevelopment project in Manila seem to be
intensifying, as some firms which had bought land at the
site in 1996 are now in arrears on payments. First Pacific,
whose Philippine subsidiary Metro Pacific Corp has a
controlling stake in the project, said the project's
development budget was being radically redrawn because
questions had arisen over cash flow.

First Pacific group corporate communications vice-president
Robert Sherbin said Fort Bonifacio Development Corp
expected to receive less than half the 1.5 billionn pesos
owed to it in the second half of this year from 1996 land
sales at the Manila project. He said however that
approximately one billion pesos had been received in the
first half of this year. He said the company was working
out a revised schedule of capital expenditures for the
development, so in future money spent would equal cash
received.

Philippine-base investment analysts pointed to two
companies, Philippine Realty and Primetown, as the two
biggest question marks amongst the developers owing money.

A Manila analyst said Primetown is virtually bankrupt while
Philippine Realty is in financial distress, and the
question is whether this is a short-term phenomenon or
whether something will have to be done to cover for these
companies' problems for the long term. The analyst
estimated net outflow of funds from Fort Bonifacio was
to have been 2.8 billion pesos - development costs, taxes
and interest costs included - this year and should have
been 2.5 billion pesos next year.

Analysts said the project's cash flow was crucial as all
development expenses were expected to be funded by revenue
received from the land sale. Mr Sherbin denied the
project's timetable would be affected. He said he did not
expect any of the companies to walk away as many have paid
50 percent or more of the purchase price. He also denied
rumors that the company planned to sell more land.


PHILIPPINE REALTY: Fort Bonifacio faces mounting arrears
--------------------------------------------------------
According to the SCMP, problems at the ambitious Fort
Bonifacio redevelopment project in Manila seem to be
intensifying, as some firms which had bought land at the
site in 1996 are now in arrears on payments.

Philippine-base investment analysts pointed to two
companies, Philippine Realty and Primetown, as the two
biggest question marks amongst the developers owing money.

A Manila analyst said Primetown is virtually bankrupt while
Philippine Realty is in financial distress, and the
question is whether this is a short-term phenomenon or
whether something will have to be done to cover for these
companies' problems for the long term.


PHILIPPINE TELEGRAPH: Losses may worsen on labor dispute
--------------------------------------------------------
According to BusinessWorld, Philippine Telegraph and
Telephone Corp. (PT&T) stands to lose five million
Philippine pesos (PhP) per day should its workers decide to
go on strike.

This was disclosed by PT&T senior vice-president Susan
Grace Rivera-Manalo who told BusinessWorld the labor
dispute has put the company "at risk" as its finances were
already in the red.

As it is, Ms. Manalo said the Santiago-owned
telecommunications firm has recorded a net loss of about
PhP160 million in 1997 alone. In the last two to three
years, Ms. Manalo added the company has already racked up a
cumulative loss amounting to PhP293.4 million. She
explained the company's financial difficulties stemmed from
the shrinking demand for their kind of services.


PRIMETOWN: Fort Bonifacio faces mounting arrears
------------------------------------------------
According to the SCMP, problems at the ambitious Fort
Bonifacio redevelopment project in Manila seem to be
intensifying, as some firms which had bought land at the
site in 1996 are now in arrears on payments.

Philippine-base investment analysts pointed to two
companies, Philippine Realty and Primetown, as the two
biggest question marks amongst the developers owing money.

A Manila analyst said Primetown is virtually bankrupt while
Philippine Realty is in financial distress, and the
question is whether this is a short-term phenomenon or
whether something will have to be done to cover for these
companies' problems for the long term.


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

HOTEL ROYAL: Reports 77% drop in net
------------------------------------
Singapore BusinessTimes reports Hotel Royal announced a 77
per cent drop in net earnings to $726,000 on losses from
the disposal of investments and hotel operations. Turnover
fell 23 per cent to $7.6 million for the six months to June
1998. Earnings per share fell to 1.45 cents from 6.24 cents
based on existing share capital, while net tangible assets
per share dipped to $2.18 from $2.29. Directors expect a
more difficult second half as tourist arrivals are expected
to continue declining. No interim dividend was declared.


KAY HIAN HOLDINGS: Net earnings down almost 45%
-----------------------------------------------
Poor market conditions and higher provisions for doubtful
debts by a Malaysian associate saw stockbroker Kay Hian
Holdings' interim net earnings slashed by almost 45 per
cent to $12.7 million, according to Singapore
BusinessTimes.

The sharp drop in business in the six months to June 30 is
reflected by the 53 per cent drop in turnover to $36.7
million.

Profits would have been lower if not for a write-back of
doubtful debt provision by the Singapore unit and a $1.2
million foreign exchange gain due to the group's long
position in US dollars.

The results pulled earnings per share down to 2.9 cents,
from 5.3 cents during the comparable period last year.

Net tangible asset backing per share stood at 62 cents, up
from 61.5 cents.

Kay Hian declared a dividend of 7.5 per cent less tax,
which is the same as in the previous corresponding period.
The dividend will be paid on Oct 9.

The company is pessimistic about the outlook for the second
half, noting that there had been a substantial drop in
business during the last few months.


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

TPI POLENE PCL: JP Morgan resigns as financial advisor
------------------------------------------------------
TPI Polene Public Company Limited has informed the SET that
JP Morgan Securities Asia Ltd. is no longer the financial
advisor to the company effective on 15th September 1998.
The company gave no reason for the resignation.


THAI FARMERS BANK: Debt downgraded by Tris
------------------------------------------
The Nation reports Thai Rating and Information Services
(Tris) announced it has lowered the rating of Thai Farmers
Bank from A- to BBB. TFB's Bt7.5 billion subordinated-debts
rating was also lowered from BBB+ to BBB-.

The rating agency said the ratings of TFB's senior and
subordinated debts were removed from Credit Alert where
they were placed on June 24 following TFB's announced plan
to increase its shareholding in Phatra Thanakit Plc from 49
per cent to 100 per cent.


S U B S C R I P T I O N   I N F O R M A T I O N

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