TCRAP_Public/981027.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      

      Tuesday, October 27, 1998, Vol. 1, No. 173

                    Headlines


C H I N A   &   H O N G   K O N G

ALLIED LUCK DEVELOPMENT LIMITED: In voluntary liquidation
BUILDMORE INTERNATIONAL: Results announcement
CATHAY INTERNATIONAL: S&P places ratings on CreditWatch
CHINESE LAW INTERNATIONAL: Winding-up petition
GUANGDONG ENTERPRISES: Moody's downgrades debt

GUANGDONG INTERNATIONAL: Report details Gitic's failure
GUANGDONG INTERNATIONAL: Liquidation of GITIC laid out
JBH ENTERPRISES LIMITED: Winding-up order
KWONG HING INTERNATIONAL: Seeks resumption of trading
L.K. HOLDINGS LIMITED: Winding-up order

NORTHERN INTERNATIONAL: Results go south on bad debts
PALIBURG HOLDINGS: To sell stake in Regal Hotels
PETE ENTERPRISES COMPANY LIMITED: Winding-up petition
SHENZHEN INTERNATIONAL:  Funding troubles descend on Szitic
SOUNDWILL HOLDINGS: Sell-off to help cut debt of $2.1b


I N D O N E S I A

PT ASTRA INTERNATIONAL: Will stop paying interest on loans


J A P A N  

BANK OF TOKYO-MITSUBISHI: Moody's may cut ratings
COSMO SECURITIES: Results announcement
DAIMARU INC: Moody's cuts long-term debt rating
DAIWA BANK: To close overseas branches
FUJITSU LTD: Results announcement

INDUSTRIAL BANK OF JAPAN: Moody's may cut ratings
ISUZU MOTORS: Isuzu Motors' debt rating cut
KYOEI LIFE: S&P assigns BB- rating
KYOKUICHI CORP: Results announcement
LONG TERM CREDIT: Fitch IBCA upgrade reflects optimism

LONG TERM CREDIT: New cash for LTCB in state's takeover
MARUDAI FOOD: Results announcement
MATSUZAKAYA CO: Moody's cuts long-term debt rating
NEC CORP: Chairman resigns as company reports huge loss
NICHIEI CO: Results announcement

NIPPON PAPER: Results announcement
NISSAN MOTOR: Results announcement
NOMURA SECURITIES: Moody's downgrades debt rating
ROHM CO: Results announcement
SANWA BANK: Moody's may cut ratings

SUMITOMO BANK: Moody's may cut ratings
TOKYO SECURITIES: Results announcement
WAKO SECURITIES: Results announcement
YAMATANE SECURITIES: Results announcement


K O R E A

ANAM CONSTRUCTION: Applies for court receivership
ANAM GROUP: Affiliates apply for workout program
CHO HUNG BANK: Cho Hung Bank faces October 31 deadline
JINDO GROUP: Decision on Jindo expected by November 13
KIA MOTORS: Hyundai seeks $18b safety net over Kia

SAMWON INDUSTRY: Completes creditor reconciliation
TAEDONG BANK: Court announces liquidation


M A L A Y S I A

CARNIVAL EXPRESS SDN BHD: Winding-up petition
CARPETS INTERNATIONAL MALAYSIA BHD: Results - 30/6/98
GETHIN SDN BHD: Voluntary winding-up
GLOBAL CARRIERS: Global wins court protection
JOFRICO SDN BHD: Winding-up petition

MUTIARA ANTARA (M) SDN BHD: Winding-up petition
MYCOM BHD: Results - 30/6/98
NAUTISERVO AGENCY (M) SDN BHD: Winding-up petition
OLYMPIA INDUSTRIES BHD: Results - 30/6/98
PHILEO ALLIED BHD: Results - 30/6/98

RAHMAN HYDRAULIC TIN BHD: Results - 30/6/98
RENONG: Cloud over Renong rescue
RIO DEL ORO PROPERTIES SDN BHD: Voluntary winding-up
RUMPUN HIJAU CAPITAL BHD: Results -30/6/98
SHARES SYNDICATE SDN BHD: Voluntary winding-up

TEO GUAN LEE CORPORATION BHD: Results - 30/6/98
TROPICAL REALTY SDN BHD: Winding-up petition
WELL PRODUCTION SERVICES (M) SDN BHD: Voluntary winding-up
WOO HING BROTHERS (M) BHD: Results - 30/6/98


S I N G A P O R E

ASIATIC ENTERPRISES: Top firm in provisional liquidation
DBS: Moody's warns of possible ratings cut
KEPPEL BANK: Moody's warns of possible ratings cut
OVERSEAS CHINESE BANKING: Moody's warns of possible cut
OVERSEAS UNION BANK: Moody's warns of possible cut

TAT LEE BANK: Moody's warns of possible ratings cut
UNITED OVERSEAS BANK: Moody's warns of possible cut


T H A I L A N D

AYUDHYA INVESTMENT AND TRUST PCL: Results announcement
BANGKOK BANK PUBLIC COMPANY LIMITED: Results announcement
BANGKOK FIRST INVESTMENT & TRUST PCL: Results announcement
NATIONAL FINANCE & SECURITIES: Results announcement
SIAM CITY BANK PCL: Results announcement

SIAM SANWA INDUSTRIAL CREDIT PCL: Results announcement


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

ALLIED LUCK DEVELOPMENT LIMITED: In voluntary liquidation
---------------------------------------------------------
Notice is hereby given that the creditors of Allied Luck
Development Limited (in creditors' voluntary liquidation)
are required on or before 13th November, 1998 to send in
their names and address, full particulars of their debts
and claims, and the name and addresses of their solicitors,
to the liquidators of the said company at 9th Floor, Tung
Ning Building, 249-253 Des Voeux Road Central, Hong Kong.


BUILDMORE INTERNATIONAL: Results announcement
---------------------------------------------
Buildmore International, a Macau property developer, said
it has posted a net loss of $509,053 for the first six
months to July. The pre-tax loss was $509,988 and loss per
share was 0.71 cents. The directors did not declare any
interim dividend.


CATHAY INTERNATIONAL: S&P places ratings on CreditWatch
-------------------------------------------------------
Standard & Poor Ratings Group said Friday it placed its
double-B-minus rating for Cathay International Ltd on
CreditWatch with negative implications, citing financial
problems at China's Guangzhou International Trust &
Investment Corp., or Gzitic.

The rating agency said as a result of recent apparent
financial difficulties at Gzitic, S&P believes holders of
Cathay's rated US$350 million bonds are vulnerable to the
possibility of a technical default on the Guangzhou Bridges
and Tunnel Project's syndicated bank loan, which was
extended to a Cathay International subsidiary. The double-
B-minus rating on Cathay's US$350 million senior notes due
2008 are also placed on CreditWatch with negative
implications.

Gzitic, a fund-raising arm of the municipal government of
Guangzhou, has provided a guarantee on the Bridges and
Tunnel Project. It is also a defined project party under
the US$115 million syndicated bank loan made to Cathay's
operating subsidiary in 1996. Cathay International is a
Hong Kong based company with joint-venture interests in
China infrastructure projects.   


CHINESE LAW INTERNATIONAL: Winding-up petition
----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Chinese Law International Consultancy Center Limited by
the High Court of Hong Kong was, on the 5th day of October,
1998, presented to the said Court by Mak Shiu Tong and the
petition is heard on 4th of November, 1998. Other creditors
who support or oppose the making of the order may appear at
the time of the hearing.  


GUANGDONG ENTERPRISES: Moody's downgrades debt
----------------------------------------------
The Asian Wall Street Journal reports Moody's Investors
Service Inc. has lowered the long-term foreign debt rating
on Guangdong Enterprises (Holdings) Ltd. from Ba2 to B2.  
This ratings move reflects the concern about the pressure
on this company to face its near term maturing obligations.  
About $900 million of debt securities are affected by this
rating.  

Moody's is reportedly watching closely arrangements made by
Guangdong Enterprises and its owner, the Guangdong
provincial government to meet its obligations. This move
also follows a move by Standard and Poor's Rating Service
last week to reduce the long-term debt rating and the
senior unsecured debt rating on Guangdong Enterprises
(Holdings) Ltd. from BB to CCC+.

Guangdong Enterprises is engaged in trading, manufacturing,
property development and investment, hotels, finances, and
infrastructure.


GUANGDONG INTERNATIONAL: Report details Gitic's failure
-------------------------------------------------------
An SCMP article says a Hong Kong-China News Agency report
confirmed that Gitic has US$1 billion worth of corporate
bonds that would mature between 2000 and 2016. Beijing has
set a March 31 deadline to complete a comprehensive
restructuring of its debt-ridden international trust and
investment corporations (Itics).

The report said Gitic lacked internal supervision and made
wrong investments that caused its debts to balloon.
However, it did not say how Beijing would deal with those
debts and other unregistered debts of Gitic.

On Saturday, Guangdong authorities broke their silence for
the first time in recent weeks by pledging to inject
capital into the Guangdong Enterprises group. The fact that
this came a day after Premier Zhu Rongji arrived in
Guangdong indicates that Guangdong has probably received Mr
Zhu's blessing in capital infusion.

Another article gives an account of the background and
collapse of the company.

By August, the cumulative burden of non-performing
investment and short-term debt had created severe
difficulties at Guangdong International Trust & Investment
Corp. Heated conversations between Gitic officials and
Eastman Kodak, which had purchased Gitic-invested Shantou
Era Photographic Materials in March, tried to hasten a
second closing payment of US$146 million for the film-
maker. The money was understood to be used to pay off
outstanding offshore lending.

In early September, Gitic made the unusual public statement
that it had repaid $177 million in loans and announced a
management reshuffle at the same time. Bond markets however
remained unconvinced with secondary market prices for Gitic
international bond issues shot up to 1,500 basis points
above US treasury notes.

Outstanding borrowing at Gitic and related subsidiaries
amounted to an estimated $1.95 billion, exclusive of
bilateral borrowing or open derivative trading positions,
each of which has been characterised as "substantial".

Bankers said the lack of transparency and ordinary due
diligence were overlooked with the understanding Gitic was
operating with the complete and unqualified support of the
provincial government. Guangdong's liquidity problems
emerged in July when window firm Guangdong Overseas Chinese
Trust and Investment Corp (Goctic) defaulted on a payment
of $70 million syndicated loan. To quell fears about the
debt-servicing ability of its fund-raising arms, Guangdong
emissary Wu Jiesi travelled to Hong Kong to inform Goctic
backers the province was setting aside 12 billion yuan to
allow them to meet near-term obligations.


GUANGDONG INTERNATIONAL: Liquidation of GITIC laid out
------------------------------------------------------
The Asia Wall Street Journal reported that a senior
official with the Chinese State Administration of Foreign
Exchange (SAFE) has laid down a preliminary framework for
handling creditors claims against Guangong International
Trust & Investment Corporation (GITIC), the official
investment arm of the Guangdong provincial government.  

According to the plan, all settlement costs incurred in the
liquidation process will be paid first with the proceeds of
GITIC's assets sales. However, it is not clear if taxes
will be charged on funds raised from these sales, something
that will dramatically affect the amount of raised capital.  
Following liquidation costs, the salaries, taxes, and
insurance of GITIC will be covered, followed by the foreign
creditors who have "officially registered their debts."  
Such officially registered obligations will be "compensated
in entirety," according to cited official. Whether foreign
creditors that are not registered will be repaid seems to
be an open question.  

The article mentions foreign bankers claim that due to  
Chinese regulatory framework, they had no ability to submit
debt registrations directly to SAFE. It was rather the
obligation of the institution borrowing their funds (namely
Gitic) to register their debts with SAFE.  

SAFE officials said that further negotiations are needed
with foreign creditors that fit this category, but that
SAFE has no obligation to repay these obligations.  
However, an official at SAFE was quoted as saying that
it is not their intention to overlook these debts, but
rather that they may not repay 100 percent of the claimed
amounts.  

So far, although more than 30 foreign countries have made
inquiries about filing claims against GITIC, only four
completed foreign debt claims have been received by the
liquidation team at the Bank of China.


JBH ENTERPRISES LIMITED: Winding-up order
-----------------------------------------
A winding-up order notice is hereby given that JBH
Enterprises Limited is undergoing a companies winding-up
proceedings (No 634 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 14, 1998. The date of
presentation of petition was September 7, 1998.    


KWONG HING INTERNATIONAL: Seeks resumption of trading
-----------------------------------------------------
According to the SCMP, Kwong Hing International Holdings
(Bermuda) says it has requested resumption of trading of
its shares on the stock exchange today. The shares have
been suspended since April 16. The company said it had been
informed by leading shareholder Raytenm, a company
controlled by Li Man-ching, Li Mei-lin, Li Man-shun and Li
Man-tak, that it had not used its 58.9 per cent holding in
the company as collateral.


L.K. HOLDINGS LIMITED: Winding-up order
---------------------------------------
A winding-up order notice is hereby given that L.K.
Holdings Limited is undergoing a companies winding-up
proceedings (No 641 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.  
The date of order is on October 14, 1998. The date of
presentation of petition was September 8, 1998.    


NORTHERN INTERNATIONAL: Results go south on bad debts
-----------------------------------------------------
According to the Hong Kong Standard, Northern International
Holdings posted a $132.42 million loss for the year to
March, as a result of bad debts and slow moving goods.
During the year, the group recorded a $40.08 million
operating loss on a $108.6 million turnover. Exceptional
loss of $90.46 million arose from slow-moving stocks and
provision for bad and doubtful debts. A $4.98 million
provision was also made as the result of a court order to
wind up subsidiary Sharp Brave Company.

Northern International chairman Chong Sing-yuen said the
group had secured the support from the majority of
creditors to present a Scheme of Arrangements to the
Official Receiver with an application to stay the
winding up.

With net current liabilities of some $105.11 million as at
March 31, the rights issue on June 2 and the court order to
wind up the group's principal subsidiary, the directors are
negotiating with banks to secure additional credit
facilities.

Mr Chong suggested that after the sizeable provision, the
group would continue to streamline its manufacturing
operations and implement various cost control measures to
strengthen its profit margin.


PALIBURG HOLDINGS: To sell stake in Regal Hotels
------------------------------------------------
Paliburg Holdings is in talks with at least two independent
third parties to sell all or part of its 74.8% stake in
Regal Hotels International. The group said it has been
exploring possible strategic asset disposals. The asset
disposals involve the sale of the whole or a substantial
part of its 74.8 % in Regal Hotels and is intended to
reduce debt.

The group said the recession in Hong Kong and South East
Asia has caused financial institutions to reduce credit
lines to borrowers. The huge drop in property prices and
visitor revenue has increased this pressure on companies
like Century and Paliburg to reduce their debt. The group
said there is a possibility that Regal may dispose of some
or all of its hotels and other interests in North America
and discussions with potential purchasers and investors
have started.

The Boston Herald reports Regal Hotels International is
reportedly close to a deal to sell its U.S assets, which
include the Bostonian hotel. Accor SA of France may buy
Hong Kong-based Regal's U.S. hotels for about $500 million.
Officials of the hotel and the companies that own and
operate it could not be reached or declined comment
yesterday. Industry sources said they've heard talk of a
potential sale of the Bostonian for about two months.


PETE ENTERPRISES COMPANY LIMITED: Winding-up petition
-----------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Pete Enterprises Company Limited by the High Court of
Hong Kong was, on the 16th day of October, 1998, presented
to the said Court by The Daiwa Bank Limited and the
petition is heard on 18th of November, 1998. Other
creditors who support or oppose the making of the order may
appear at the time of the hearing.  


SHENZHEN INTERNATIONAL:  Funding troubles descend on Szitic
-----------------------------------------------------------
According to the SCMP, Shenzhen International Trust and
Investment Corp. (Szitic) has been facing difficulty
raising funds after the closure of Guangdong International
Trust and Investment Corp (Gitic).

The Securities Times at the weekend quoted Szitic general
manager Li Nanfeng as saying that the company is facing its
greatest challenge since it was established. However, Mr Li
also said that Szitic was one of the mainland's most stable
and risk-averse trust firms.

The Securities Times quoted a recent report by the Shenzhen
municipal government, which owns Szitic, as saying the
company had cut bad assets to 2.5 per cent of total assets
by the end of last year, down from 31 per cent in 1987.

According to the report, Szitic has total assets of 5.67
billion yuan and capital of 1.3 billion yuan, with an 18
per cent return on capital last year. The report also said
Szitic made profits of 105 million yuan in the first five
months of this year, completing 56 per cent of the year's
earnings target.

Mr Li said that following the Asian financial crisis, the
company has expanded cooperation with Europe and North
America while reducing funds raised from Japanese banks,
and has cut back it credit, leasing and investment
operations to maintain liquidity.

Moody's gave Szitic a long-term foreign currency deposit
rating of Ba3 and a long-term foreign debt rating of Ba2.
The agency placed Szitic on review for a possible downgrade
earlier this year as a result of Gitic's closure which is
seen to signify a marked change in China's regulatory
authorities' stance towards fundamentally weak  
institutions.


SOUNDWILL HOLDINGS: Sell-off to help cut debt of $2.1b
------------------------------------------------------
According to the SCMP, Soundwill Holdings, which proposed
to its bank creditors on Thursday a $2.1 billion debt
restructuring, is in negotiations with several parties to
sell two commercial properties in Causeway Bay and more
than 10,000 square feet of retail space in Tsuen Wan, which
might reduce $1 billion or more than half of the company's
debt. Director Keith Yip Kwai-cheung said the company was
expecting a reply from bankers next week.

Soundwill had previously announced it had insufficient
funds to service interest and principal repayments.

As at June 30, the group had net bank borrowings of about
$2.14 billion, shareholders' loans of about $41 million and
$200 million in convertible bonds held by chairman and
controlling shareholder, Grace Chu.

Soundwill's meeting with its bankers on a debt
restructuring has received strong support from key
shareholders - Cosco International Holdings and parent
Cosco (Hong Kong) Group.

Cosco International acquired 10.01 per cent of the company
at $3.60 a share from Soundwill's chairman last October.
The value of that investment has plunged more than 94 per
cent based on Soundwill's close yesterday.


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

PT ASTRA INTERNATIONAL: Will stop paying interest on loans
----------------------------------------------------------
The Asian Wall Street Journal reported in a front page
article that PT Astra International, Indonesia's largest
assembler of automobiles has announced that business has
fallen so much that it will immediately stop paying
interest on about $1.4 billion in loans. The announcement,
made at a meeting of bankers called by Astra, stated that
this is in accordance with the current terms of its
facilities.  

Astra also reported that it was working on a restructuring
plan that would be presented to the company's creditors on
November 6. Astra also announced that it has appointed
three financial advisors for its restructuring. This plan
will reportedly ask that the repayment of some loans be
stretched out over five years.  

An Astra spokesperson said that the group will halt
repayment on about 70 percent of its foreign loans, which
total to about $2 billion. However, those units which can
continue to service their loans will continue to do so.

The list of the Astra units reported that can no longer
service their debts are PT Astra International (the parent
company of the Astra Group), PT Astra Graphia (a
photocopier business), PT United Tractors (heavy
equipment), PT Lintas Adhikrida, PT Non-Ferindo Utama
Aluminum Alloy, PT Fuji Technica Indonesia, PT Berau Coal,
PT Pandu Dayatama Patria, and PT United Tractors Pandu
Engineering.


=========
J A P A N  
=========

BANK OF TOKYO-MITSUBISHI: Moody's may cut ratings
-------------------------------------------------
Moody's Investors Service warned yesterday it may cut its
ratings for four top Japanese banks including the giant
Bank of Tokyo-Mitsubishi because they were pressured by the
recession in Japan and deterioration in distressed East
Asian economies. Moody's placed under review for possible
downgrade the ratings for Industrial Bank of Japan, now at
A3, Sanwa Bank now at A1, Sumitomo Bank , now at A2, and
Tokyo-Mitsubishi, now at A1.


COSMO SECURITIES: Results announcement
--------------------------------------
Bloomberg reports shares of Cosmo Securities Co. fell as
much as 1 yen to 56. The medium-sized comprehensive
securities firm reported that its parent net loss widened
to 3.7 billion yen from 2.5 billion yen for the half-year
ended Sept. 30. That's worse than Toyo Keizai's forecast of
a 400 million yen loss.


DAIMARU INC: Moody's cuts long-term debt rating
-----------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investor Service Inc. has lowered the long-term debt rating
of Daimaru Inc., a Japanese department store. Daimaru's
long-term senior unsecured debt rating was reduced from Ba2
to Ba3, and its Japanese shelf registration was lowered
from provisional Ba2 to provisional Ba3. This downgrade
affects 30 billion yen of long-term debt and 30 bilion yen
of bonds under Japanese shelf registration.

This ratings move reflects pressures on Japanese department
stores overall profitability and financial flexiblity.  
Stagnant consumer spending, high leverage, and high
operating costs generally plague these stores.


DAIWA BANK: To close overseas branches
--------------------------------------
Kyodo News reports Daiwa Bank plans to end lending
operations at its overseas branches by March 2001 to bypass
a rule that requires a bank operating internationally to
have capital equal to at least 8% of its outstanding loans,  
sources close to Daiwa said Saturday. Daiwa, one of Japan's
nine major "city" commercial banks, with nationwide branch
networks, has a total of 35 overseas branches and other
business bases.

Of the total, Daiwa will close or downgrade the London
branch and five Asian branches to the status of
representative offices, the sources said.

The London branch is Daiwa's sole European business base.
Asian branches include offices in Seoul and Shanghai. Daiwa
is also considering selling some of its overseas
subsidiaries, they said.

If Daiwa implements its plan to end its overseas banking
operations, it would become the second major Japanese bank
to do so. Hokkaido Takushoku Bank, which also halted
overseas lending operations, collapsed Nov. 17. It will
merge with North Pacific Bank later this year.

Daiwa wants to avert the massive stock-selling which
eventually forced the Long-Term Credit Bank of Japan (LTCB)
to ask the government to nationalize it. The attack itself
spotlighted LTCB's bad-loan woes, they said.


FUJITSU LTD: Results announcement
---------------------------------
Bloomberg reports shares of Fujitsu Ltd. fell as much as 21
yen to 1,257. The computer maker said first-half group
earnings tumbled 45.5 percent to 8.367 billion yen as
prices of computer memory chips tumbled, personal computer
shipments slowed and telecommunications companies spent
less on new equipment.


INDUSTRIAL BANK OF JAPAN: Moody's may cut ratings
--------------------------------------------
Moody's Investors Service warned yesterday it may cut its
ratings for four top Japanese banks including the giant
Bank of Tokyo-Mitsubishi because they were pressured by the
recession in Japan and deterioration in distressed East
Asian economies. Moody's placed under review for possible
downgrade the ratings for Industrial Bank of Japan, now at
A3, Sanwa Bank now at A1, Sumitomo Bank , now at A2, and
Tokyo-Mitsubishi, now at A1.


ISUZU MOTORS: Isuzu Motors' debt rating cut
-------------------------------------------
The Asian Wall Street Journal reported that Japan Rating
and Investment Information Inc. (R&I) has downgraded the
long-term debt rating fo Isuzu Motors Ltd. from A- to BBB-.  
R&I also reduced Isuzu's comercial paper rating from A-1 to
A-2. These downgrades affect about 80 billion yen of
secured convertible bonds, 40 billion yen of unsecured
straight bonds, and up to 50 billion yen of commercial
paper.  

This downgrade reportedly takes into account the poor
Japanese domestic demand for Isuzu's main product, trucks.  
Uncertainty over future earnings is also increased due to
the fact that Isuzu relies heavily on exports.  


KYOEI LIFE: S&P assigns BB- rating
----------------------------------
Standard & Poor's Ratings Group assigned a double-B-minus
financial-strength rating to Kyoei Life Insurance Co. It
also gave the same rating to the firm's counterparty
credit, with a negative outlook. The ratings reflect the
company's marginal financial structure and weak earnings
performance, partially offset by a satisfactory and
resilient business operation in its niche markets.  


KYOKUICHI CORP: Results announcement
------------------------------------
Bloomberg reports shares of Kyokuichi Corp. rose as much as
6 yen to 92. The pig iron producer reversed its parent net
forecast to a loss of 3.5 billion yen from a 95 million yen
profit for the half-year ended in September. That's worse
than Toyo Keizai's forecast of a 90 million yen profit.


LONG TERM CREDIT: Fitch IBCA upgrade reflects optimism
------------------------------------------------------
According to the SCMP, Long Term Credit Bank's short-term
credit rating was raised to F1 from F2 by banking credit
agency Fitch IBCA immediately following the Japanese
Government's bailout of it.

Tokyo announced on Friday that financial authorities had
temporarily nationalised the bank after pouring in three
trillion yen in loans.  

Fitch said LTCB's long-term rating of BBB-plus, which
reflects the possibility of a ratings alert, remained in
place until the government's intentions were further
clarified. LTCB's individual rating of E and its support
rating of two remained unchanged.

Moody's also announced that it had put LTCB on review for
possible upgrade, pending the release of further details of
the government's plans for nationalisation and the
satisfaction of creditors' claims. The agency said it will
also seek further clarification of the status of the
bank's subordinated debt-holders.


LONG TERM CREDIT: New cash for LTCB in state's takeover
-------------------------------------------------------
According to the SCMP and the Hong Kong Standard, the
Japanese government injected three trillion yen in loans
into LTCB yesterday before nationalising it. The huge new
loan was provided by the Bank of Japan through the Deposit
Insurance Corp, a body set up to protect depositors. A
central bank official said the loan was to ensure funds
were available to sustain near-term operations.

Prime Minister Keizo Obuchi agreed the state would take
over the bank, and clean up its 4.62 trillion yen in bad
and risky loans.

According to the SCMP, Japan's Financial Supervisory Agency
announced that LTCB's overall unrealised losses stood at
500 billion yen at the end of last month, much bigger than
the bank's net worth of 160 billion yen.

LTCB president Tsuneo Suzuki said the bank tried to explain
to the authorities that the bank was not insolvent but the
argument was not accepted. He said he believed the
nationalisation was temporary and the bank did not
officially collapse.

LTCB shares were suspended from the start of yesterday's
session and the exchange said it would delist LTCB shares
today.

Under state control, LTCB will be able to continue ordinary
banking operations and to dispose of bad loans under new
management chosen by authorities. After a maximum of three
years under state control, the plan is for LTCB's healthy
assets to be sold to a sound bank.


MARUDAI FOOD: Results announcement
----------------------------------
Bloomberg reports shares of Marudai Food Co. fell as much
as 11 yen to 230. Marudai, one of Japan's largest ham and
sausage processing companies, reversed its parent net
forecast to a loss of 2.5 billion yen from an 800 million
yen profit. That's worse than Toyo Keizai's forecast of an
800 million yen profit.


MATSUZAKAYA CO: Moody's cuts long-term debt rating
--------------------------------------------------
The Asian Wall Street Journal reports Moody's Investor
Services Inc. has lowered the long-term debt rating of
Matsuzakaya Company, a Japanese department store.  

Matsuzakaya's long-term senior unsecured debt rating
was reduced from Ba3 to B1, and its Japanese shelf
registration was lowered from provisional Ba3 to
provisional B1. This downgrade affects 21 billion yen of
long-term debt and 20 billion yen of bonds under Japanese
shelf registration.

This ratings move reflects pressures on Japanese department
stores overall profitablity and financial flexablity.  
Stagnant consumer spending, high leverage, and high
operating costs generally plague these stores.


NEC CORP: Chairman resigns as company reports huge loss
-------------------------------------------------------
NEC Corp. reported a huge pretax loss for its fiscal first
half, the same day that Chairman Tadahiro Seckimoto
resigned amid a defense-procurement scandal. The scandal
initially involved suspicions that a partly owned NEC unit,
Tokyo Communication Equipment Co., overbilled the Japan
Defense Agency for defense contracts and subsequently gave
high-paying jobs to former agency officials in exchange for
favors. The scandal has since spread to NEC and another
affiliate Nico Electronics Co.

NEC posted a group pretax loss of 24.52 billion yen in the
six months ended September 30 compared with a 65.22 billion
yen pretax profit a year earlier. Sales also fell, to 2,113
trillion yen from 2,372 trillion yen.

NEC blamed a long slump in semiconductor sales as well as a
shrinking PC market in Japan, as a result of the country's
deep recession. For the full year ended next March, NEC
expected a pretax loss of 35 billion yen, and said it would
cut overall capital spending by 13% to 270 billion yen.  


NICHIEI CO: Results announcement
--------------------------------
Bloomberg reports shares of Nichiei Co. fell as much as 7
yen to 106. The lumber dealer widened its parent net loss
forecast to 3.2 billion yen from 625 million yen for the
half-year ended in September. That's worse than Toyo
Keizai's forecast of a 630 million yen loss.


NIPPON PAPER: Results announcement
----------------------------------
Bloomberg reports shares of Nippon Paper Industries Co.  
fell as much as 23 yen to 442. Japan's second-largest paper
maker said its net income fell 53.4 percent in the six
months through September as demand for paper remained weak
and the cost of imported pulp rose on the stronger dollar.

The company, which makes newsprint, coated paper and other
products, said its net earnings were 4 billion yen, or 4.23
yen a share, down from 8.6 billion yen, or 9.07 yen, for
the corresponding period last year. Sales were 286 billion
yen, down from 347 billion yen. The results were in line
with projections by Toyo Keizai.


NISSAN MOTOR: Results announcement
----------------------------------
Bloomberg reports shares of Nissan Motor Co. fell as much
as 15 yen to 357. The automaker aims to make about 40
billion yen by selling nearly half the shares it owns in 70
suppliers, the Nihon Keizai newspaper reported, without
citing sources. Nissan will sell shares in non-affiliated
companies such as Kayaba Industry Co., Nippon Piston Ring
Co., NOK Corp., Mitsuboshi Belting Ltd., Bridgestone Corp.,
Toyo Tire & Rubber Co., Central Glass Co. and Asahi Glass
Co., the paper said.


NOMURA SECURITIES: Moody's downgrades debt rating
-------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service Inc. has cut Nomura Securities Company's
senior long-term rating from A3 to Baa. Nomura is Japan's
largest securities company that recently posted a pre-tax
loss of 237 billion yen for the first half of the year
ending on September 30. This loss included a $600 million
loss from Russian bonds and another $600 million loss from
it US mortgage backed securities operation. Moody's stated
that it will consider additional downgrades in the event
that Nomura announces more losses.  


ROHM CO: Results announcement
-----------------------------
Bloomberg reports shares of Rohm Co. rose as much as 180
yen to 11,650. The semiconductor maker is cutting capital
spending by 10 percent to 49 billion yen for the year
ending March 31, to make up for sluggish growth in demand
for its mainstay large-scale integrated circuits, the Nihon
Keizai newspaper reported, citing company sources. The
company forecasts a fall of 3 percent in its group net
profit to 59 billion yen for the year.


SANWA BANK: Moody's may cut ratings
-----------------------------------
Moody's Investors Service warned yesterday it may cut its
ratings for four top Japanese banks including the giant
Bank of Tokyo-Mitsubishi because they were pressured by the
recession in Japan and deterioration in distressed East
Asian economies. Moody's placed under review for possible
downgrade the ratings for Industrial Bank of Japan, now at
A3, Sanwa Bank now at A1, Sumitomo Bank , now at A2, and
Tokyo-Mitsubishi, now at A1.


SUMITOMO BANK: Moody's may cut ratings
--------------------------------------
Moody's Investors Service warned yesterday it may cut its
ratings for four top Japanese banks including the giant
Bank of Tokyo-Mitsubishi because they were pressured by the
recession in Japan and deterioration in distressed East
Asian economies. Moody's placed under review for possible
downgrade the ratings for Industrial Bank of Japan, now at
A3, Sanwa Bank now at A1, Sumitomo Bank , now at A2, and
Tokyo-Mitsubishi, now at A1.


TOKYO SECURITIES: Results announcement
--------------------------------------
Bloomberg reports shares of Tokyo Securities Co. fell as
much as 2 yen to 118. The medium-sized comprehensive
securities firm reported that its parent net loss widened
to 3.4 billion yen from 2.5 billion yen for the half-year
ended Sept. 30. That's worse than Toyo Keizai's forecast of
a 600 million yen loss.


WAKO SECURITIES: Results announcement
-------------------------------------
Bloomberg reports shares of Wako Securities Co. rose as
much as 5 yen to 157. The securities firm reported that its
parent net loss widened to 7.0 billion yen from 6.3 billion
yen for the half-year ended Sept. 30. That's worse than
Toyo Keizai's forecast of a 2.9 billion yen loss.


YAMATANE SECURITIES: Results announcement
-----------------------------------------
Bloomberg reports shares of Yamatane Securities Co. fell as
much as 3 yen to 90. The medium-scale securities firm
reported a parent net loss of 1.8 billion yen for the half-
year ended Sept. 30. That's worse than Toyo Keizai's
forecast of a 670 million yen loss.


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

ANAM CONSTRUCTION: Applies for court receivership
-------------------------------------------------
The Korean language Maeil Kyungje reports Anam Construction
Company applied for court receivership on October 24, 1998.


ANAM GROUP: Affiliates apply for workout program
------------------------------------------------
The Korean language Maeil Kyungje reports the three
affiliates of the Anam Group, the 21st largest Korean
corporation, applied for the workout program on October
24th, 1998. The three companies are Anam  Semiconductor,
Anam Electronics, and Anam Environment Co.   

Cho-Hung Bank, the group's major creditor, has notified the
group's creditors of this decision. Per the terms of a
workout program in Korea, these companies will not be
declared insolvent even if they could not pay their notes
coming due.


CHO HUNG BANK: Cho Hung Bank faces October 31 deadline
------------------------------------------------------
The Korea Herald reported that the Cho Hung Bank is racing
to meet an extended October 31 deadline with the Financial
Supervisory Commission (FSC) to finish its self-rescue
plans. The same article speculated that this bank could be
at risk for government closure, although this is considered
highly unlikely due to the troubles caused last summer when
the government closed down five banks. More probable is a
forced merger, capital cuts, or other management
improvement orders.  

The article also reported a rumor that a desperate Cho Hung
bank recently sought a merger with a major competitor which
rejected the offer. Additionally, Cho Hung's much
publicized plans to draw in foreign capital have so far
yielded no results.

A foreign analyst that was quoted in the Korea Times in
August stated that the bank has no chance of surviving
independently, and that even if it succeeds in attracting
foreign capital, a one time capital injection cannot
normalize Cho Hung.

The FSC, Korea's financial watchdog institution,
established an evaluating committee in June to diagnose 12
commercial banks (including Cho Hung), which failed to meet
the minimum 8 percent capital adequacy requirements set by
the Bank for International Settlements (BIS). It issues
closure order for five banks in late June, and has asked 7
other banks (including Cho Hung) to provide drastic self
rehabilitation plans. These plans were to include payroll
cuts, management layoffs, capital increases or decreases,
and mergers with stronger banks. The FSC reportedly plans
to keep alive only those banks that are able to meet the 8
percent BIS capital adequacy ratio by June, 2000 via these
new rehabilitation plans.

According to statistics published earlier, Cho Hung's BIS
ratio was listed at 1.49 percent and its ratio of non
performing loans was at 10.5 percent. Non-performing loans
combines bad loans, plus substandard loans (or collateral-
backed loans whose interest payments are overdue for more
that six months). Bad loans includes both doubtful loans
and estimated losses.


JINDO GROUP: Decision on Jindo expected by November 13
------------------------------------------------------
The Asian Wall Street Journal has a front page article on
the troubled Jindo Group, one of the world's largest fur
makers. The article says Jindo's recovery is far from
assured, and that the group has laid off about 370 of its
1,350 employees, and must cut more. Since July, Jindo has
been under a "workout plan" with its creditor banks. This
plan, which froze their debt obligations, has been extended
for an additional month that ends on November 13.  


KIA MOTORS: Hyundai seeks $18b safety net over Kia
--------------------------------------------------
According to the SCMP and the Hong Kong Standard, Hyundai
has asked for 3.1 trillion won in preferential loans as a
condition for taking over bankrupt Kia Motors and Asia
Motors. A Hyundai spokesman said this is an issue for
further negotiations, not obligation.

The loans, if extended, could trigger trade conflicts with
the US as the Korean Government has agreed to end subsidies
to domestic vehicle makers or direct banks to lend to them.

Hyundai asked Kia creditors to write off all debt still to
be uncovered and deferred loans to car buyers, and to
exempt Hyundai from legal responsibility for an Asia Motors
project in Brazil. Korea Development Bank director Lee
Yeon-sung said "these demands seem unacceptable for now."

According to the Hong Kong Standard, Hyundai has agreed to
pay 1.2 trillion won by March to buy 51 per cent of Kia and
Asia Motors. The loan request and other demands could
hinder Hyundai's acquisition of Kia, as the transaction has
to be approved by Kia creditors.

According to a story in the Korea Herald, the minor
creditors of Kia (such as merchant banks which lent to Kia
without collateral) are opposed to the terms offered by
Hyundai. Their concern that such huge write-offs may force
them to go bankrupt. To respond to these concerns, the
government is working to revise accounting regulations
for creditor banks in order for them to spread their losses
from debt write-offs over three to five years.

Current corporate accounting rules require companies to
record all losses in the year they occur. The Korea Herald
stated that if the losses are spread over the coming years,
banks and merchant banks are expected by the government to
post moderate profits this year.


SAMWON INDUSTRY: Completes creditor reconciliation
--------------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that the Samwon Industry Company has
completed its creditor reconciliation procedure. The
company's address is 234 Pongam-ri Paju-eup Paju-shi and
the president is Mr. Yi Sung-hun.


TAEDONG BANK: Court announces liquidation
-----------------------------------------
According to the Korean Language Maeil Kyungje, the Taegu
District Court has announced Taedong Bank's liquidation on
October 23, 1998. The Court noted that the Taedong bank's
debt of 1.5108 trillion won is not likely to be paid by the
Bank's estimated assets of 1.12 trillion won.


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

CARNIVAL EXPRESS SDN BHD: Winding-up petition
---------------------------------------------
Multi-Purpose Bank Bhd on 3/9/98 petitioned for the
winding-up of Carnival Express Sdn Bhd. The petition is
directed to be heard on 13/11/98.


CARPETS INTERNATIONAL MALAYSIA BHD: Results - 30/6/98
-----------------------------------------------------
Carpets International Malaysia Bhd (listed on the KLSE)
reported a post-tax loss of RM3.151mil for the 6months
ended 30/6/98, compared to a post-tax loss of RM0.792mil
previously. Loss per share rose 298% from 3.98sen to
15.83sen during the same period.


GETHIN SDN BHD: Voluntary winding-up
------------------------------------
The members of Gethin Sdn Bhd on 14/10/98 resolved to wind-
up the company voluntarily. Creditors of the company are
requested to submit their claims before 25/11/98.


GLOBAL CARRIERS: Global wins court protection
---------------------------------------------
According to the SCMP, Global Carriers, Malaysia's largest
rice carrier for the Malaysian government's rice agency
Padiberas Nasional, has won court protection from creditors
to give the unprofitable shipping company time to
reschedule debt and implement a restructuring which
involves a capital reduction and a rights issue.

The company posted a loss of M$49.4 million in the first
half of this year, and scrapped its planned rights issue in
August to raise $400 million, which it said was largely due
to the withdrawal of financing and underwriting commitments
amid the stock slump.


JOFRICO SDN BHD: Winding-up petition
------------------------------------
Uda Holdings Sdn Bhd on 21/9/98 petitioned for the winding-
up of Jofrico Sdn Bhd. The petition is directed to be heard
on 18/12/98.


MUTIARA ANTARA (M) SDN BHD: Winding-up petition
-----------------------------------------------
United Traders Securities Sdn Bhd on 10/6/98 petitioned for
the winding-up of Mutiara Antara (M) Sdn Bhd. The petition
is directed to be heard on 7/12/98.


MYCOM BHD: Results - 30/6/98
----------------------------
Mycom Bhd (listed on the KLSE) reported a post-tax loss of
RM394.864mil for the year ended 30/6/98, compared to a
post-tax profit of RM43.009mil previously. EPS fell 3,850%
from 2sen to a loss per share of 75sen during the same
period.


NAUTISERVO AGENCY (M) SDN BHD: Winding-up petition
--------------------------------------------------
City Finance Bhd on 14/9/98 petitioned for the winding-up
of Nautiservo Agency (M) Sdn Bhd. The petition is directed
to be heard on 8/12/98.


OLYMPIA INDUSTRIES BHD: Results - 30/6/98
-----------------------------------------
Olympia Industries Bhd (listed on the KLSE) reported a
post-tax loss of RM191.288mil for the year ended 30/6/98,
compared to a post-tax profit of RM44.638mil previously.
EPS fell 633% from 6sen to a loss per share of 32sen during
the same period.


PHILEO ALLIED BHD: Results - 30/6/98
------------------------------------
Phileo Allied Bhd (listed on the KLSE) reported a post-tax
loss of RM93.319mil for the 6months ended 30/6/98, compared
to a post-tax profit of RM40.856mil previously. EPS fell
331% from 11.8sen to a loss per share of 27.3sen during the
same period.


RAHMAN HYDRAULIC TIN BHD: Results - 30/6/98
-------------------------------------------
Rahman Hydraulic Tin Bhd (listed on the KLSE) reported a
post-tax loss of RM20.471mil for the 6months ended 30/6/98,
compared to a post-tax loss of RM1.322mil previously. Loss
per share rose 1,407% from 1.4sen to 21.1sen during the
same period.


RENONG: Cloud over Renong rescue
--------------------------------
According to the SCMP, political quagmire puts a question
over whether anyone in Malaysia's government approved
Credit Suisse First Boston's plan to use tax-payers' money
to rescue Renong. Malaysian Prime Minister Mahathir Mohamad
said his predecessor Anwar Ibrahim in August approved a
plan to replace up to M$10.5 billion in debt owed by Renong
and other infrastructure firms with government bonds, but
Anwar said there is absolutely no truth in this.

The Credit Suisse plan for using public funds to rescue
Renong is controversial because it leave Renong's
management unscathed, but may be approved because Malaysia
could not afford the collapse of its biggest industrial
group, as analysts said.


RIO DEL ORO PROPERTIES SDN BHD: Voluntary winding-up
----------------------------------------------------
The members of Rio Del Oro Properties Sdn Bhd on 16/10/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 26/11/98.


RUMPUN HIJAU CAPITAL BHD: Results -30/6/98
------------------------------------------
Rumpun Hijau Capital Bhd (listed on the KLSE) reported a
post-tax loss of RM14.787mil for the 6months ended 30/6/98,
compared to a post-tax profit of RM4.497mil previously. EPS
fell 500% from 5sen to 20sen during the same period.


SHARES SYNDICATE SDN BHD: Voluntary winding-up
----------------------------------------------
The members of Shares Syndicate Sdn Bhd on 17/10/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 22/11/98.


TEO GUAN LEE CORPORATION BHD: Results - 30/6/98
-----------------------------------------------
Teo Guan Lee Corporation Bhd (listed on the KLSE) reported
a post-tax loss of RM8.491mil for the year ended 30/6/98,
compared to a post-tax loss of RM7.783mil previously. Loss
per share rose 6.7% from RM0.40 to RM0.42 during the same
period.


TROPICAL REALTY SDN BHD: Winding-up petition
--------------------------------------------
Oriental Star Enterprise Sdn Bhd on 8/9/98 petitioned for
the winding-up of Tropical Realty Sdn Bhd. The petition is
directed to be heard on 12/11/98.


WELL PRODUCTION SERVICES (M) SDN BHD: Voluntary winding-up
----------------------------------------------------------
The members of Well Production Services (M) Sdn Bhd on
20/10/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
25/11/98.


WOO HING BROTHERS (M) BHD: Results - 30/6/98
--------------------------------------------
Woo Hing Brothers (M) Bhd (listed on the KLSE) reported a
post-tax loss of RM8.716mil for the 6months ended 30/6/98,
compared to a post-tax loss of RM7.348mil previously. Loss
per share rose 14.5% from RM0.47 to RM0.54 during the same
period.


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

ASIATIC ENTERPRISES: Top firm in provisional liquidation
--------------------------------------------------------
According to Singapore Business Times, Asiatic Enterprises,
ranked among the 50 most enterprising privately-held local
companies for three years running, has been put under
provisional liquidation. Singapore-based Asiatic, owned by
Indonesia's Widjaja family, is the first "Enterprise 50"
company to succumb to the regional financial crisis. It is
not known exactly how or why Asiatic ran into trouble. All
that's known is that Asiatic had wanted to apply for
judicial management but that was opposed by 17 creditor
banks which are owed an estimated US$32.5 million (S$52.8
million).

The action was led by Hongkong and Shanghai Bank, which has
the largest single claim of US$5.4 million. United Overseas
Bank was the biggest lender among the four local creditor
banks, with some US$3.4 million owing to it. Tat Lee Bank
is owed US$1.5 million, OCBC Bank US$1.2 million and DBS
Bank US$1.1 million. The list of foreign creditor banks
includes ANZ Bank, Commerzbank and Bank Brussels Lambert.
These claims are preliminary indications based on the
company's records.

A High Court hearing on Oct 30 will decide if the company
is to be wound up and the liquidation process set in
motion, or if it be allowed to continue operating. In the
latter case, the management can seek judicial management.
The High Court appointed Michael Ng, Tham Sai Choy and
Peter Chay of KPMG Peat Marwick as provisional liquidators
earlier this month.


DBS: Moody's warns of possible ratings cut
------------------------------------------
Six Singapore banks, including DBS, are under review for a
possible cut in ratings because of their exposure to
neighbouring Malaysia, Moody's Investors Services said.


KEPPEL BANK: Moody's warns of possible ratings cut
--------------------------------------------------
Six Singapore banks, including Keppel Bank, are under
review for a possible cut in ratings because of their
exposure to neighbouring Malaysia, Moody's Investors
Services said.


OVERSEAS CHINESE BANKING: Moody's warns of possible cut
------------------------------------------------------
Six Singapore banks, including Overseas Chinese Banking,
are under review for a possible cut in ratings because of
their exposure to neighbouring Malaysia, Moody's Investors
Services said.


OVERSEAS UNION BANK: Moody's warns of possible cut
--------------------------------------------------
Six Singapore banks, including Overseas Union Bank, are
under review for a possible cut in ratings because of their
exposure to neighbouring Malaysia, Moody's Investors
Services said.


TAT LEE BANK: Moody's warns of possible ratings cut
---------------------------------------------------
Six Singapore banks, including Tat Lee Bank, are under
review for a possible cut in ratings because of their
exposure to neighbouring Malaysia, Moody's Investors
Services said.


UNITED OVERSEAS BANK: Moody's warns of possible cut
---------------------------------------------------
Six Singapore banks, including United Overseas Bank, are
under review for a possible cut in ratings because of their
exposure to neighbouring Malaysia, Moody's Investors
Services said.


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

AYUDHYA INVESTMENT AND TRUST PCL: Results announcement
------------------------------------------------------
Ayudhya Investment and Trust PCL reports unreviewed
quarterly financial statements as a net loss of Bt20.9
million for the period ending September 30, 1998. This
compares to a net profit of Bt21.2 million for the
corresponding 1997 period.


BANGKOK BANK PUBLIC COMPANY LIMITED: Results announcement
---------------------------------------------------------
Bangkok Bank PCL reports unreviewed quarterly financial
statements as a net loss of Bt9.9 billion for the period
ending September 30, 1998. This compares to a net profit of
Bt2.9 billion for the corresponding 1997 period.


BANGKOK FIRST INVESTMENT & TRUST PCL: Results announcement
----------------------------------------------------------
Bangkok First Investment & Trust PCL reports unreviewed
quarterly financial statements as a net loss of Bt297
million for the period ending September 30, 1998. This
compares to a loss of Bt57 million for the corresponding
1997 period.


NATIONAL FINANCE & SECURITIES: Results announcement
-----------------------------------------------------
National Finance & Securities PCL reports unreviewed
quarterly financial statements as a net loss of Bt1.3
billion for the period ending September 30, 1998. This
compare to a net profit of Bt36 million for the
corresponding 1997 period.


SIAM CITY BANK PCL: Results announcement
----------------------------------------
Siam City Bank reports unreviewed quarterly financial
statements as a net loss of Bt1.27 billion for the period
ending September 30, 1998. This compares to a net profit of
Bt2.02 billion for the corresponding 1997 period.


SIAM SANWA INDUSTRIAL CREDIT PCL: Results announcement
------------------------------------------------------
Siam Sanwa Industrial Credit PCL reports unreviewed
quarterly financial statements as a net loss of Bt240
million for the period ending September 30, 1998. This
compares to a net loss of Bt19 million for the
corresponding 1997 period.


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.  

This material is copyrighted and any commercial use,
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forwarding, electronic re-mailing and photocopying) is
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