TCRAP_Public/981014.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, October 14, 1998, Vol. 1, No. 164

                    Headlines


* C H I N A   &   H O N G   K O N G *

BAMBOO VILLAGE CATERING LIMITED: Winding-up petition
COME WEALTH INDUSTRIES LIMITED: Winding-up petition
DHARMALA HOLDINGS: Third party negotiations progress
FUJIAN INTERNATIONAL: S&P places ratings on Creditwatch
GUANGDONG INTERNATIONAL: S&P lowers ratings

GUANGDONG INTERNATIONAL: $6.6b liabilities at subsidiaries
GUANGDONG INTERNATIONAL (HK): HK arm being wound up
GUOCO GROUP LIMITED: Net profit plunges 82%
HARVEST FIELD DEVELOPMENT: Appointment of liquidator
HAYES ASIA: Says business as usual

IDEAL PACIFIC HOLDINGS: Investigators reveal irregularities  
JETRICH DEVELOPMENT LIMITED: Winding-up petition
PORCH INTERNATIONAL COMPANY LIMITED: Winding-up petition
SHANGHAI INTERNATIONAL: S&P places ratings on Creditwatch
TIANJIN INTERNATIONAL: S&P places ratings on Creditwatch

YAT CHAU HOLDINGS LIMITED: Winding-up petition


* I N D O N E S I A *

PT CAHAYA KALBAR: Receives extension on syndicated facility


* J A P A N *

KINKI NIPPON RAILWAY: Moody's lowers debt ratings
LONG TERM CREDIT: To apply to go under government control
TOSHOKU LIMITED: Cargill of US eyes Japanese food trader


* K O R E A *

DAEWOO GROUP: Government renews threats on restructuring
HALLA CEMENT: Completes creditor reconciliation
HYUNDAI GROUP: Government renews threats on restructuring
KIA MOTORS: Ford makes return bid for Kia Motors
LG GROUP: Government renews threats on restructuring

SAMSUNG GROUP: Government renews threats on restructuring
SK GROUP: Government renews threats on restructuring


* M A L A Y S I A *

EKRAN BHD: Results - 30/6/98
EPE POWER CORPORATION BHD: Results - 30/6/98
INSAS BHD: Results - 30/6/98
IDRIS HYDRAULIC (M) BHD: Results - 30/6/98
ISUTA TECHNOLOGIES SDN BHD: Voluntary winding-up

MERCU CEKAL SDN BHD: Winding-up petition
MERIDIAN ADVERTISING CONSULTANT: Winding-up petition
NASJUARA DEVELOPMENT (M) SDN BHD: Winding-up petition
RENONG: Opposition parties decry public funds for bailout


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

PHILIPPINE AIRLINES: International flights delayed


* S I N G A P O R E *

NEPTUNE ORIENT: Seeks buyer for train network


* T H A I L A N D *

ASIA HOTEL PCL: Plans for restructuring loans
SIAM CEMENT: Gears up for restructuring


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

BAMBOO VILLAGE CATERING LIMITED: Winding-up petition
----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Bamboo Village Catering Limited by the High Court of
Hong Kong was, on the 21st day of September, 1998,
presented to the said Court by Fung Kwok Fai and the
petition is heard on 21st day of October, 1998. Other
creditors who support or oppose the making of the order may
appear at the time of the hearing.  


COME WEALTH INDUSTRIES LIMITED: Winding-up petition
---------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Come Wealth Industries Limited by the High Court of Hong
Kong was, on the 28th day of September, 1998, presented to
the said Court by Yeung Mei Mui and the petition is heard
on 4th day of November, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


DHARMALA HOLDINGS: Third party negotiations progress
----------------------------------------------------
Dharmala Holdings Limited has informed the SEHK that it is
negotiating with an independent third party regarding a
possible placement of new shares of the company. The
Company's controlling shareholder, Dharmala International
Limited failed to meet a payment demand from an agent
acting on behalf of a syndicate of six lenders to DIL.  

Subsequently a mortgage over 323,057,500 issued ordinary
shares of nominal value HK$0.10 each in the share capital
of the Company had been given by DIL in respect of amounts
advanced by such lenders to DIL. Such number of shares
comprise approximately 27.64% of the existing issued share
capital of the Company. DIL also owns a further 325,800,000
shares of the Company representing an approximate interest
of 27.88% which may also be subject to a mortgage.

Since then, the directors have been negotiating with an
independent third party regarding a possible placement of
new shares of the company. The Agent has also been in
negotiation with the same party regarding the possible
acquisition of an interest in part or all of the Mortgaged
Shares.

Trading in the shares of the Company shall remain
suspended, pending a further announcement in relation to
the matters referred to above.


FUJIAN INTERNATIONAL: S&P places ratings on Creditwatch
-------------------------------------------------------
Standard & Poor's today placed the ratings of three Chinese
international trust and investment corporations (Itics) on
Creditwatch with negative implications. These are Fujian
International Corp's (Fujian Itic) triple B counterparty
credit rating, Shanghai International Trust & Investment
Corp's triple B-minus counterparty credit rating, and
Tianjin International Trust & International Corp's triple
B-minus counterparty credit rating. The People's Bank of
China announced on October 6 that it would close Guangdong
International Trust & Investment Corp (Gitic) and establish
a liquidation team to assume control of the company's
legitimate liabilities.


GUANGDONG INTERNATIONAL: S&P lowers ratings
-------------------------------------------
CreditWire reports S&P today lowered the ratings on
Guangdong International Trust & Investment Corp.'s (GITIC)
US$150 million 6.75% bonds due 2003 and its US$200 million
8.75% bonds due 2016 to double-'C' from triple-'B'-minus.
The rating on GITIC's US$100 million notes due 2002, issued
via the Labuan branch of UBS AG, is also lowered to double-
'C'. All ratings remain on CreditWatch, where they  were
placed on Oct. 8, 1998, though the rating implications are
now developing instead of negative, meaning the ratings may
be raised, lowered, or affirmed.


GUANGDONG INTERNATIONAL: $6.6b liabilities at subsidiaries
----------------------------------------------------------
A report on the SCMP says that two Hong Kong subsidiaries
of collapsed Guangdong International Trust and Investment
Corp (Gitic) have combined liabilities of about $6.6
billion, according to newly-appointed liquidators KPMG Peat
Marwick.

The companies - Guangdong International Trust and
Investment Corp Hong Kong (Holdings) (Gitic HK) and
Guangxin Enterprises - were put under voluntary liquidation
yesterday, after a directors meeting which found the
companies were unable to repay debts.

KPMG partner Gabriel Tam Chi-kok said Guangxin had
liabilities of about HK$3.8 billion and Gitic HK of $2.8
billion based on preliminary figures. Both excluded
contingent guarantees.

The first credit meeting will held within 28 days.

Gitic was shut down last Tuesday by the central People's
Bank of China, with reported outstanding liabilities of
approximately US$2.4 billion.

About 1.5 billion yuan in futures trading losses overseas
precipitated Gitic's collapse. An unnamed banking official
said the futures losses pushed Gitic's losses up to about
four billion yuan.

Dresdner Klwinwort Benson said Gitic's closure proves that
the reform of mainland financial institutions remained on
Premier Zhu Rongji's agenda. However, foreign banks which
had lent to Gitic and other international trust and
investment companies (Itics) would suffer losses and new
lending could slow down.

Losses in the real-estate market, along with foreign-debt
exposure, was cited by official media as the leading cause
of Gitic's closure.


GUANGDONG INTERNATIONAL (HK): HK arm being wound up
---------------------------------------------------
Guangdong International Trust & Investment Corp Hong Kong
(Holding) Ltd is broke and is being wound up , according to
its unit, Gitic Enterprises Ltd. Gitic Enterprises told the
Stock Exchange of Hong Kong Gitic Hong Kong is seriously
insolvent and unable to pay maturing loans.

Gitic Enterprises and Gitic HK directors voted over the
weekend to wind up voluntarily and to appoint KPMG Peat
Marwick as provisional liquidators. The Chinese government
closed Gitic last week because it couldn't repay maturing
debts, including $500 million in short-term loans.  

Gitic HK, engaged in project financing, mortgage and trade
financing as well as property investment in Hong Kong,
indirectly holds a 57 per cent stake of Gitic Enterprises
which owns a shopping centre in Guangzhou and a marble
trading and manufacturing business.


GUOCO GROUP LIMITED: Net profit plunges 82%
-------------------------------------------
Exceptional losses of almost HK$1 billion devastated the
earnings of Guoco Group Ltd., which said Monday that net
profit for the year to June 30 plummeted 82% to HK$383.1
million, from HK2.15 billion a year earlier. Guoco said the
result includes HK$957.7 million in exceptional losses, in
contrast with HK$451.9 million in exceptional gains
previously. The exceptional losses comprise a HK$595.1
million provision for falls in the value of properties, a
HK$181.5 million charge for falls in the value of
investments, and foreign-exchange losses of HK$181 million.   


HARVEST FIELD DEVELOPMENT: Appointment of liquidator
----------------------------------------------------
By order of the High Court of the Hong Kong SAR, dated Sept
16, Messrs. John J. Toohey and David Ng, both of Arthur
Andersen, 21st Floor, Wing On Centre, 111 Connaught Road
Central, Hong Kong, have been appointed Joint & Several
Liquidators of Harvest Field Development Limited without a
committee of inspection.


HAYES ASIA: Says business as usual
----------------------------------
Newsbytes reports Hayes (Asia Pacific) says it is here to
stay, despite the announcement by its US parent that the
company filed for bankruptcy last Friday.

Hayes claims to hold a 20 percent to 30 percent share of
the Hong Kong modem  market. In mainland China the company
claims to hold the number one position, with 45 per cent
market share.

Hayes voluntarily filed for bankruptcy under Chapter 11 of
the US Bankruptcy  Code. Chapter 11 enables a company to
continue its business under Court protection from creditors
as reorganisation plans are negotiated. In December 1997,
Hayes merged with Access Beyond (ACCB) after filing
bankruptcy for the first time.


IDEAL PACIFIC HOLDINGS: Investigators reveal irregularities  
-----------------------------------------------------------
Ideal Pacific Holdings Limited has released its internal
investigation committee's evaluation of possible financial
irregularities in the Company's accounting records. The
report shows all significant irregularities have been
uncovered and disclosed by the Company in its annual report
dated 27th July 1998 and in its announcement on 30th July
1998. Ideal Pacific says the effect of such irregularities
have been fully reflected    in the Company's annual report
dated 27th July 1998. The Company promises new internal
controls and procedures put in place by the present
directors.

The committee's reports shows the problems were principally
caused by the lack of segregation of duties and the absence
of proper approval procedures in respect of the Company's
investments, capital expenditure, credit control, expense
control as well as cash management.

The whereabouts of former director Ip Man Man remains
unknown while Fu Wai Hung is required by the CCB to assist
their investigation and is currently on police bail. The
Company has taken legal advice and commenced legal actions
against Ip and Fu for their possible involvement.


JETRICH DEVELOPMENT LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Jetrich Development Limited by the High Court of Hong
Kong was, on the 22nd day of September, 1998, presented to
the said Court by Chan Yuet Sum and the petition is heard
on 29th day of October, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


PORCH INTERNATIONAL COMPANY LIMITED: Winding-up petition
--------------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Porch International Company Limited by the High Court of
Hong Kong was, on the 7th day of October, 1998, presented
to the said Court by Fan Yuen Hung and the petition is
heard on 11th day of November, 1998. Other creditors who
support or oppose the making of the order may appear at the
time of the hearing.  


SHANGHAI INTERNATIONAL: S&P places ratings on Creditwatch
---------------------------------------------------------
Standard & Poor's today placed the ratings of three Chinese
international trust and investment corporations (Itics) on
Creditwatch with negative implications. These are Fujian
International Corp's (Fujian Itic) triple B counterparty
credit rating, Shanghai International Trust & Investment
Corp's triple B-minus counterparty credit rating, and
Tianjin International Trust & International Corp's triple
B-minus counterparty credit rating. The People's Bank of
China announced on October 6 that it would close Guangdong
International Trust & Investment Corp (Gitic) and establish
a liquidation team to assume control of the company's
legitimate liabilities.


TIANJIN INTERNATIONAL: S&P places ratings on Creditwatch
--------------------------------------------------------
Standard & Poor's today placed the ratings of three Chinese
international trust and investment corporations (Itics) on
Creditwatch with negative implications. These are Fujian
International Corp's (Fujian Itic) triple B counterparty
credit rating, Shanghai International Trust & Investment
Corp's triple B-minus counterparty credit rating, and
Tianjin International Trust & International Corp's triple
B-minus counterparty credit rating. The People's Bank of
China announced on October 6 that it would close Guangdong
International Trust & Investment Corp (Gitic) and establish
a liquidation team to assume control of the company's
legitimate liabilities.


YAT CHAU HOLDINGS LIMITED: Winding-up petition
----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Yat Chau Holdings Limited by the High Court of Hong Kong
was, on the 8th day of October, 1998, presented to the said
Court by Tong,Winston Yiu Sun and the petition is heard on
11th day of November, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


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

PT CAHAYA KALBAR: Receives extension on syndicated facility
-----------------------------------------------------------
Singapore Business Times reports PT Cahaya Kalbar has
emerged as the first Indonesian listed company to have
successfully revamped its borrowings with a group of
international banks.

Originally provided with a US$30 million (S$49 million)
syndicated facility a year ago for two years with an annual
put option, it has now been granted an extension on the
outstanding portion for another two-and-a-half years, with
quarterly amortising repayments, said Rabobank's Singapore
branch yesterday.

The outstanding loan will be repaid from the group's
operating cashflows and upcoming rights issue, which is
expected to raise 178 billion rupiah (S$32 million). The
rights issue is fully underwritten by the company's
founding shareholders and Value Vest Management Co.

Besides debt repayment, the rights issue will also be used
for future capital expenditure.

PT Cahaya, which was listed on the Jakarta Stock Exchange
in 1996, is the only specialty fats producer in Indonesia
with a capacity of 23,000 tonnes per annum and is one of
the largest cocoa butter producers in Indonesia with a
capacity of 18,000 tpa.


=========
J A P A N  
=========

KINKI NIPPON RAILWAY: Moody's lowers debt ratings
-------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Inc. has lowered the senior unsecured
long-term debt ratings and the Japanese shelf registration
of Kinki Nippon Railway Company from A1 and (P)A1 to A2
and (P)A2, respectively.

These ratings changes reflect the belief that the company's
operation performance is expected to remain depressed
because of operational difficulties, both in its railway
and non-railway businesses. The report further states that
about 330 billion yen ($2.8 billion) of the company's long-
term debt and 100 billion yen of its Japanese shelf
registration are affected by this ratings action.  


LONG TERM CREDIT: To apply to go under government control
---------------------------------------------------------
The Nihon Keizai newspaper reports Long-Term Credit Bank of
Japan (LTCB) decided Monday it will apply by Oct. 23 to go
temporarily under government control, following Diet
passage of financial restructuring bills Monday, bank
sources said.

Based on that legislation, LTCB will apply to go under
government control on the grounds it may be forced to stop
repaying deposits. The government is expected to agree to
LTCB's request in consideration of the shock its bankruptcy
could give to international capital markets.

Upon receiving the application, the government will begin
estimating the purchase prices of LTCB shares and get
started on other related procedures. LTCB will continue to
offer the full range of banking services, including
extending fresh loans, after it goes under government
control, and will receive support from the Bank of Japan
for fund-raising activities.


TOSHOKU LIMITED: Cargill of US eyes Japanese food trader
--------------------------------------------------------
AP Online reports Cargill Inc., the world's largest grain
dealer, plans to expand its operations in Japan by taking
over a failed food trader. Cargill will submit a plan to a
Japanese court by March to buy the remaining operations of
Toshoku Ltd. The deal would be the first in which a foreign  
company has come to the aid of a Japanese firm undergoing
bankruptcy  procedures.

Toshoku filed for bankruptcy in December after investments
at its financial units went bad. Since March, managers
appointed by the Tokyo District Court have been trying to
work out a way for the company to pay off its debts.

Minnesota-based Cargill aims to make Toshoku a full
subsidiary but first needs permission from the court,
Hideyo Suzuki, president of Cargill Japan, told a news
conference.

Cargill plans to expand its business in Japan through the
acquisition, Suzuki said. Toshoku specialized in trading
grain, feed and meat. A funding plan for Toshuku is
expected to be decided upon by the spring of 2000, Suzuki
said.


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

DAEWOO GROUP: Government renews threats on restructuring
--------------------------------------------------------
The Korea Herald reported that the Minister of Finance and
Economy, Lee Kyu-sung, disappointed over the lack of
progress of Korea's major family owned conglomerates (or
chaebols) to rectify problems of over-capacity and bloated
investments, has warned them to restructure or face
liquidation.

The article cites the Minister as saying that chaebol units
involved in the semiconductor and power generation sectors
must agree on the management of the proposed restructured
joint companies by the end of November, or they will face
sanctions, including the forced "workout" procedures.  
Sanctions may also include credit suspension, loan
collection, and restrictions on loan guarantees and
issuance.

A similar front page story appeared in the Korea Times.  
These comments came after the top five chaebols failed to
reach an agreement on voluntary industrial realignment by
an already extended October 7 deadline. The chaebols have
also reportedly scrapped plans to call in third party
judges to settle outstanding issues.

The five major Korean chaebols referred to in these reports
are Daewoo, Hyundai, LG, Samsung, and SK.

Specific units mentioned in the Korea Herald and Korea
Times stories identified in deals which are in question
include Hyundai Heavy Industries, Hyundai Electronics
Industries, and LG Semiconductor.


HALLA CEMENT: Completes creditor reconciliation
-----------------------------------------------
The Korean language Maeil Kyungje reports that the Halla
Cement Company has completed its creditor reconciliation
procedure at the creditors meeting held at the Chunchon
District Court on October 12,1998. The Halla Cement Co. has
received a bridge loan from the Rothschild Inc., a leading
American fund manager, for 387.2 billion won and has
prepared additional funds of 64.5 billion won in order to
pay back its debts of 451.7 billion won.


HYUNDAI GROUP: Government renews threats on restructuring
---------------------------------------------------------
The Korea Herald reported that the Minister of Finance and
Economy, Lee Kyu-sung, disappointed over the lack of
progress of Korea's major family owned conglomerates (or
chaebols) to rectify problems of over-capacity and bloated
investments, has warned them to restructure or face
liquidation.

The article cites the Minister as saying that chaebol units
involved in the semiconductor and power generation sectors
must agree on the management of the proposed restructured
joint companies by the end of November, or they will face
sanctions, including the forced "workout" procedures.  
Sanctions may also include credit suspension, loan
collection, and restrictions on loan guarantees and
issuance.

A similar front page story appeared in the Korea Times.  
These comments came after the top five chaebols failed to
reach an agreement on voluntary industrial realignment by
an already extended October 7 deadline. The chaebols have
also reportedly scrapped plans to call in third party
judges to settle outstanding issues.

The five major Korean chaebols referred to in these reports
are Daewoo, Hyundai, LG, Samsung, and SK.

Specific units mentioned in the Korea Herald and Korea
Times stories identified in deals which are in question
include Hyundai Heavy Industries, Hyundai Electronics
Industries, and LG Semiconductor.


KIA MOTORS: Ford makes return bid for Kia Motors
------------------------------------------------
According to the SCMP, Ford Motors is back on the auction
for Kia Motors and Asia Motors. Hyundai Motor, Daewoo Motor
and Samsung Motors also submitted bids. Kia spokesman said
details are unknown.

Analysts said Ford was best positioned to win this time
because of Korea's need for foreign capital and the United
States firm's long-time business ties with Kia. Analysts
said Ford's ambition to expand its Asian business could
coincide with South Korea's wish to attract foreign
capital and technology. A Ford executive said yesterday
Asia is where the company saw the most growth in car
demand, but predicted excess capacity would be whittled
down through industry consolidations, possibly in Japan and
Korea.

Earlier this month Kia's key creditor, Korea Development
Bank, said it would allow bidders to propose debt write-off
conditions in the third auction, which, together with the
amount, was set by creditors in the past two failed
auctions.

Kia said the winner would be announced on Oct 19. That
company would be allowed to assess the asset and debt
status of Kia and Asia Motors until Nov 17 and the final
contract for buying new shares issued by the two would be
signed on Dec 1.

The media have said the write-off of debt principal could
be about 5.1 trillion won, equal to the two companies' net
debts.


LG GROUP: Government renews threats on restructuring
----------------------------------------------------
The Korea Herald reported that the Minister of Finance and
Economy, Lee Kyu-sung, disappointed over the lack of
progress of Korea's major family owned conglomerates (or
chaebols) to rectify problems of over-capacity and bloated
investments, has warned them to restructure or face
liquidation.

The article cites the Minister as saying that chaebol units
involved in the semiconductor and power generation sectors
must agree on the management of the proposed restructured
joint companies by the end of November, or they will face
sanctions, including the forced "workout" procedures.  
Sanctions may also include credit suspension, loan
collection, and restrictions on loan guarantees and
issuance.

A similar front page story appeared in the Korea Times.  
These comments came after the top five chaebols failed to
reach an agreement on voluntary industrial realignment by
an already extended October 7 deadline. The chaebols have
also reportedly scrapped plans to call in third party
judges to settle outstanding issues.

The five major Korean chaebols referred to in these reports
are Daewoo, Hyundai, LG, Samsung, and SK.

Specific units mentioned in the Korea Herald and Korea
Times stories identified in deals which are in question
include Hyundai Heavy Industries, Hyundai Electronics
Industries, and LG Semiconductor.


SAMSUNG GROUP: Government renews threats on restructuring
---------------------------------------------------------
The Korea Herald reported that the Minister of Finance and
Economy, Lee Kyu-sung, disappointed over the lack of
progress of Korea's major family owned conglomerates (or
chaebols) to rectify problems of over-capacity and bloated
investments, has warned them to restructure or face
liquidation.

The article cites the Minister as saying that chaebol units
involved in the semiconductor and power generation sectors
must agree on the management of the proposed restructured
joint companies by the end of November, or they will face
sanctions, including the forced "workout" procedures.  
Sanctions may also include credit suspension, loan
collection, and restrictions on loan guarantees and
issuance.

A similar front page story appeared in the Korea Times.  
These comments came after the top five chaebols failed to
reach an agreement on voluntary industrial realignment by
an already extended October 7 deadline. The chaebols have
also reportedly scrapped plans to call in third party
judges to settle outstanding issues.

The five major Korean chaebols referred to in these reports
are Daewoo, Hyundai, LG, Samsung, and SK.

Specific units mentioned in the Korea Herald and Korea
Times stories identified in deals which are in question
include Hyundai Heavy Industries, Hyundai Electronics
Industries, and LG Semiconductor.


SK GROUP: Government renews threats on restructuring
----------------------------------------------------
The Korea Herald reported that the Minister of Finance and
Economy, Lee Kyu-sung, disappointed over the lack of
progress of Korea's major family owned conglomerates (or
chaebols) to rectify problems of over-capacity and bloated
investments, has warned them to restructure or face
liquidation.

The article cites the Minister as saying that chaebol units
involved in the semiconductor and power generation sectors
must agree on the management of the proposed restructured
joint companies by the end of November, or they will face
sanctions, including the forced "workout" procedures.  
Sanctions may also include credit suspension, loan
collection, and restrictions on loan guarantees and
issuance.

A similar front page story appeared in the Korea Times.  
These comments came after the top five chaebols failed to
reach an agreement on voluntary industrial realignment by
an already extended October 7 deadline. The chaebols have
also reportedly scrapped plans to call in third party
judges to settle outstanding issues.

The five major Korean chaebols referred to in these reports
are Daewoo, Hyundai, LG, Samsung, and SK.

Specific units mentioned in the Korea Herald and Korea
Times stories identified in deals which are in question
include Hyundai Heavy Industries, Hyundai Electronics
Industries, and LG Semiconductor.


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

EKRAN BHD: Results - 30/6/98
----------------------------
Ekran Bhd (listed on the KLSE) posted a post-tax loss of
RM60.505mil for the year ended 30/6/98 compared to a post-
tax loss of RM405.290mil previously. Loss per share dropped
from RM1.52 previously to RM0.12 during the same period.


EPE POWER CORPORATION BHD: Results - 30/6/98
--------------------------------------------
EPE Power Corporation Bhd (listed on the KLSE) posted a
post-tax loss of RM4.61mil for the half year ended 30/6/98,
compared to a post-tax profit of RM1.43mil previously. EPS
fell from RM0.12 to a loss per share of RM0.38 during the
same period.


INSAS BHD: Results - 30/6/98
----------------------------
Insas Bhd (listed on the KLSE) reported a post-tax loss of
RM178.286mil for the year ended 30/6/98, compared to a
post-tax profit of RM90.126mil previously. EPS fell from
RM0.16 to a loss per share of RM0.31 during the year.


IDRIS HYDRAULIC (M) BHD: Results - 30/6/98
------------------------------------------
Idris Hydraulic (M) Bhd (listed on the KLSE) posted a post-
tax loss of RM49.572mil for the half year ended 30/6/98,
compared to a post-tax profit of RM6.303mil previously.
EPS fell from 1.1sen to 8.5sen during the same period.


ISUTA TECHNOLOGIES SDN BHD: Voluntary winding-up
------------------------------------------------
The members of Isuta Technologies Sdn Bhd on 10/10/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 13/11/98.


MERCU CEKAL SDN BHD: Winding-up petition
----------------------------------------
MBF Finance Bhd on 24/9/98 petitioned for the winding-up of
Mercu Cekal Sdn Bhd.


MERIDIAN ADVERTISING CONSULTANT: Winding-up petition
----------------------------------------------------
Asia-Pacific Videolab Sdn Bhd on 17/8/98 petitioned for the
winding-up of Meridian Advertising Consultant Sdn Bhd. The
petition is directed to be heard on 13/11/98.


NASJUARA DEVELOPMENT (M) SDN BHD: Winding-up petition
-----------------------------------------------------
MBF Finance Bhd on 23/9/98 petitioned for the winding-up of
Nasjuara Development (M) Sdn Bhd.


RENONG BHD: Opposition parties decry public funds for bailout
-------------------------------------------------------------
According to the SCMP, Malaysian opposition parties have
denounced the use of public funds in a M$10.5 billion
bailout of Renong, saying it smells of cronyism, corruption
and nepotism, and the company should stop operations.

Once a key investment arm of the dominant ruling party, the
United Malays National Organization, Renong is now 23 per
cent owned by Mr Halim, who is Renong group chairman and is
noted to be a close friend of Prime Minister Mathathir
Mohamad.

Credit Suisse First Boston announced on Friday that the
Malaysian Government would issue $10.5 billion in bonds to
restructure Renong. The bonds are to be issued by a newly
established government agency.

Analysts said the exercise was essentially a government
guarantee. But while the government is issuing the bonds,
there will be no cash outflow from state coffers as the
bonds would be redeemed by Renong's toll operator unit,
Plus. Debts at the publicly listed group are estimated at
$20 billion, about 8 per cent of all loans in Malaysia's
entire banking system.

Meanwhile, trade in shares of Renong Bhd, suspended last
Friday ahead of the announcement of a debt restructuring
deal, will remain suspended "for a few more days", an
official of the Kuala Lumpur Stock Exchange (KLSE) said.

He said yesterday the exchange was seeking more details on
the planned restructuring by the conglomerate and its
affiliate United Engineers (Malaysia) Bhd (UEM). He said
trade in the shares of both Renong and UEM will remain
suspended until the exchange obtains the details.


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

PHILIPPINE AIRLINES: International flights delayed
--------------------------------------------------
According to the SCMP, Philippine Airlines (PAL),
resurrected last week after management closed it down,
yesterday said it would delay its return to international
flights at the request of potential investors studying its
financial situation. PAL had been due to resume flights to
Hong Kong, Tokyo, Los Angeles and San Francisco beginning
on Thursday, a spokesman said. It had also planned
gradually to expand its international network to seven
other destinations in Asia and the Middle East over the
next month to take advantage of the holiday rush.


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

NEPTUNE ORIENT: Seeks buyer for train network
---------------------------------------------
Singapore Business Times cites a Reuters report that
Neptune Orient Lines is looking for a buyer for the North
American train network that is part of its APL unit, the
Wall Street Journal reported yesterday, citing sources
close to the matter. The Singapore shipping giant last week
said it would sell non-core assets to help pay off debt,
but it did not mention the train network.

The sources said the sale of the network could bring a
price of between US$300 million (S$490 million) and US$600
million, the report said. Neptune might decide to buy
another shipping line with part of the proceeds, sources
told the Journal.

Oakland-based APL operates one of the largest container
shipping networks in North America, the report noted.


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

ASIA HOTEL PCL: Plans for restructuring loans
---------------------------------------------
Asia Hotel Public Company Limited has not yet announced
provisions for loans to A.B.K. Enterprise Co., Ltd. due to
the high market value of collateral and the ability to
repay. A.B.K. Enterprise Co., Ltd. itself is on process of
financial restructuring and building strength by bringing
in strategic alliance.

However, this transaction is a loan with guaranteed
securities for the arrangement of Baht1,000 million
approved by the resolution of the extraordinary
shareholders' meeting no. 1/2538 held on 7 November 1995.  
The said information will be disclosed in the third
quarterly financial statements ended 30 September 1998.

As at 30 June 1998, the loans including the accrued
interest payable were Baht3,079.25 million and Baht1,990.21
million for the consolidation and the Company financial
statements respectively which the Company and its
subsidiaries could not carry out as indicated in the loan
agreements.

The company is in process of negotiating and restructuring
outstanding loans with 12 intervened finances. At present,
interest expenses have been partially paid.

The ownership of assets which ASIA had bought from A.B.K.
Enterprise Co., Ltd. and fully paid in 1993 has not yet
been transferred within 31 March 1993 as indicated in the
agreement due to the fact that the said assets have
generated income for Asia Hotel and have been put up as
collateral for ASIA's loans. Nevertheless, the transfer of
such ownership is planned to be completed within 30 June
1999.


SIAM CEMENT: Gears up for restructuring
---------------------------------------
Industrial conglomerate Siam Cement Group has appointed
Deutsche Bank of Germany and US-based Chase Manhattan Bank
to recommend a restructuring plan for the group after seven
years of conservative management.

One group senior executive, who asked not to be named, said
the group's planned restructure would address the expected
fierce competition in the future.

He said law firm Baker & Mckenzie was currently conducting
a study of differing scenarios for the restructure. The
findings will then be screened by Deutsche Bank and Chase
Manhattan Bank to ensure the final plan is appropriate for
the group.

"Deutsche Bank and Chase Manhattan Bank will be in charge
of considering which businesses of the group will be
retained under the group's control and which businesses
need strategic partners to hold majority stakes," he said.
Deutsche Bank and Chase Manhattan Bank will help ensure the
process wins the approval of not only general investors,
but also world financial institutions.

The source said any plan would not involve the
restructuring of the group's US$42 billion debt. The plan
will focus on creating greater flexibility and
decentralisation whereby the management of each business
will be empowered to make its own decisions.


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

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