TCRAP_Public/981102.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      

      Monday, November 2, 1998, Vol. 1, No. 177

                    Headlines


* C H I N A   &   H O N G   K O N G *

BEIHAI CITY CREDIT: PBOC shuts down 12 credit firms
BOTHYET DEVELOPMENT LIMITED: Winding-up petition
BURLINGAME INTERNATIONAL: Negotiates to restructure debt
CENTURY CITY INTERNATIONAL: Reprieve for Paliburg parent
DAYE CITY CREDIT: PBOC shuts down 12 credit firms

EASYKNIT INTERNATIONAL: Library outlets closed
FUJIAN INTERNATIONAL: S&P downgrades Chinese ITICs
GOODMONEY COMPANY LIMITED: In voluntary liquidation
GUANGDONG INTERNATIONAL: Sell-off may help cover deals
HWA KAY THAI HOLDINGS: Accepts HK$29m loan from Yee Hing

LOYAL CONTINENTAL LIMITED: Winding-up petition
LUXIM ENTERPRISE LIMITED: Winding-up petition
NGAI HING HONG: Results announcement
SL&A GRAPHICS LIMITED: Winding-up petition
SHANGHAI INTERNATIONAL: S&P downgrades Chinese ITICs

SING TAO HOLDINGS: Sing Tao denies share sale
TAIPU COUNTY CREDIT: PBOC shuts down 12 credit firms
TIANJIN INTERNATIONAL: S&P downgrades Chinese ITICs
UNITRADE INVESTMENT LIMITED: Winding-up petition


* J A P A N *

EBARA CORP: Ebara's long-term debt rating cut
FUJITA CORP: To book Y100 bln special loss in FY98
JAL HOTELS: JAL hotel units to merge in April
MITSUBISHI ELECTRIC: To cut Y100 bln in fixed costs
MITSUI CONSTRUCTION: Expects Y40 bln loss in FY98

NOMURA SECURITIES: Plans to close some domestic offices
NOMURA SECURITIES: S&P lowers ratings
OKI ELECTRIC: Results announcement
SANYO SHINPAN FINANCE: S&P lowers ratings
SKYLARK COMPANY: To restructure money-losing affiliates

TOSHIBA CORP: Moody's cites negative outlook


* K O R E A *

ANAM GROUP: Anam Group's workout details
DONG-A TV:  Dong-A TV to go off the air
EDUVISION CO: Liquidation notice
KIA ECONOMICS RESEARCH  INSTITUTE: Liquidation notice


* M A L A Y S I A *

DEFTRA SDN BHD: Voluntary winding-up
GUNUNG TEMAU SDN BHD: Voluntary winding-up
SOWER & SEED SDN BHD: Voluntary Winding-up
WARIS GIGIH INDUSTRIES SDN BHD: Winding-up petition
'Y' & 'A' SDN BHD: Winding-up petition


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

MANILA ELECTRIC: Results announcement
PHILIPPINE AIRLINES: Two Boeing jets to be returned
PHILIPPINE AIRLINES: Resumes international flights


* S I N G A P O R E *

SINGAPORE AIRLINES: Results announcement


* T H A I L A N D *

MINOR CORP: Liquidates two subsidiary companies
THAI NAM PLASTIC PCL: Appoints advisor for restructuring


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

BEIHAI CITY CREDIT: PBOC shuts down 12 credit firms
---------------------------------------------------
According to the SCMP, the central People's Bank of China
(PBOC) has shut down 12 small credit cooperatives and will
close foreign exchange swap centres from the beginning of
next month. The moves appear to be part of an accelerating
campaign by Biejing to rid the financial system of loss-
making institutions. An PBOC official said yesterday the 12
banks had capital of a few tens of millions of yuan each.

The Shanghai Securities News identified three of the firms
as Daye City Credit Co-operative, Beihai City Credit Co-
operaive and Taipu County Credit Co-operative.

A PBOC spokesman said the institutions were shut down
because their debts were greater than their assets, and
there were activities that violated regulations.


BOTHYET DEVELOPMENT LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Bothyet Development Limited by the High Court of Hong
Kong was, on the 7th day of October, 1998, presented to the
said Court by Ng Kam Lun 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.  


BURLINGAME INTERNATIONAL: Negotiates to restructure debt
--------------------------------------------------------
Burlingame International Company has announced that the
ongoing negotiation for a refinancing facilities in the
amount of US$64.5 million (equivalent to approximately
HK$500 million) is now subject to documentary proof that
the loan to security ratio at the time of the signing of
the loan agreement would not exceed 80%. The company is
currently preparing a financial proposal to be submitted
for discussion around the beginning of next month with its
banks in connection with the restructuring of the Company's
outstanding indebtedness.

Additionally, Daiwa Bank has filed a writ against the
Company on 23rd October 1998 for failure by the Company to
repay on demand a total amount of about HK$31 million
inclusive of interest.


CENTURY CITY INTERNATIONAL: Reprieve for Paliburg parent
--------------------------------------------------------
According to the SCMP, financially troubled Century City
International Holdings is likely to receive an extension on
its $574 million debt tomorrow, while it tries to dispose
of assets.

Property analysts said that the firm, which owns 68.1 per
cent of developer Paliburg Holdings, which in turn owns
74.8 per cent of Regal Hotels International, was under
obligation to at least 10 banks.

Paliburg shares dived 66.9 per cent yesterday, as all three
companies resumed trading after suspension on Oct 15.

Other analysts said that the creditor banks, which include
the Hongkong Bank and Hang Seng Bank, did not want to
liquidate Century City and cause a possible panic in the
market.

Paliburg, which has been trying to sell its stake in Regal,
said its debts included a US$60 million, floating rate note
due on Nov 5. One of the creditors involved described the
chance of recovering the principal and interest on the due
date as very slim.

If the money is not recouped on the due date, the first
thing creditors will do is arrange a group meeting with
Paliburg immediately. One of the creditors said that
Paliburg is known to be trying very hard to raise funds by
disposing of assets and stakes.

According to the Hong Kong Standard, frank admission by
Century City and Paliburg of their financial woes sent
their share prices down.

Paliburg's contigent liability of $262.25 million in
respect of a $524.5 million loan to 50 per cent held Rapid
Growth Holdings matured on Tuesday. Paliburg also has to
meet payment demands for a $70 million loan falling due on
Nov 5, as well as a US$60 million floating rate note that
matures on the same date. Paliburg directors have taken the
view that meeting the payments has created a liquidity
problem for the group.

The Century Group is also saddled with repayment demands
from different banks for an aggregate sum of $573.6 million
which have to be met by tomorrow. It has an aggregate
commitment of $1.13 billion under various guarantees that
it has given to banks, as well as a contingent liability
of $110 million under a guarantee to secure a bank facility
granted to a Paliburg subsidiary.

Some lenders are chasing after Century City and its
investment arm, Paliburg, but others have decided to wait.


DAYE CITY CREDIT: PBOC shuts down 12 credit firms
-------------------------------------------------
According to the SCMP, the central People's Bank of China
(PBOC) has shut down 12 small credit cooperatives and will
close foreign exchange swap centres from the beginning of
next month. The moves appear to be part of an accelerating
campaign by Biejing to rid the financial system of loss-
making institutions. An PBOC official said yesterday the 12
banks had capital of a few tens of millions of yuan each.

The Shanghai Securities News identified three of the firms
as Daye City Credit Co-operative, Beihai City Credit Co-
operaive and Taipu County Credit Co-operative.

A PBOC spokesman said the institutions were shut down
because their debts were greater than their assets, and
there were activities that violated regulations.


EASYKNIT INTERNATIONAL: Library outlets closed
----------------------------------------------
According to the SCMP, Easyknit International Holdings,
which owns fashion chain Library, will shut down seven
outlets to curb losses. The decision follows the closure of
five outlets in the past few months. The company will keep
seven outlets.


FUJIAN INTERNATIONAL: S&P downgrades Chinese ITICs
--------------------------------------------------
The Asian Wall Street Journal reports Standard & Poor's
Ratings Group has lowered its ratings on four international
trust and investment corporations (or ITICs). ITICs act as
the investment arm of the government (usually a province or
a city). This action came after the Guangdong International
Trust & Investment Corporation (GITIC), China's second
largest, missed a 8.75 million coupon payment. GITIC was
closed by the Chinese government on October 6, and is
currently in the middle of a 90-day moratorium on debt
repayment while a liquidation team investigates its assets.  

These ratings reflect heightened regulatory risks as well
as increasing uncertainties over the availability,
strength, and timeliness of government support for trust
companies. This action reflects the sharply deteriorating
market sentiment towards ITICs and accordingly increasing
pressure on their funding.  

Fujian International Trust & Investment Corp.'s
counterparty rating and ratings on its $100 million bonds
due in 2007 were cut from BBB to BB.


GOODMONEY COMPANY LIMITED: In voluntary liquidation
---------------------------------------------------
The creditors of Goodmoney Company Limited, which is being
voluntarily wound up, are required on or before 4:00 pm on
Nov 30 to send in their names, addresses and particulars of
their debts or claims to the Liquidator of the said
company, Mr Lam Lap Wing of Room 1401-A, The Bank of East
Asia Building, 10 Des Voeux Road Central, Hong Kong 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 excluded
from the benefit of any distribution before such debts are
proved.


GUANGDONG INTERNATIONAL: Sell-off may help cover deals
------------------------------------------------------
A report on the SCMP says that according to Standard &
Poor's, Beijing has indicated for the first time it may use
proceeds from the liquidatioin of Gitic to repay some
unregistered debt.

The agency's banking analysts were in Beijing last week
meeting with officials of the People's Bank of China and
the agency yesterday said whether unregistered debt would
be paid depends on the sufficiency of Gitic's assets,
pending the outcome of the liquidation process. S&P said
there had been little information about the progress of
liquidation.

The agency cut the rating on Gitic's US$200 million yankee
bond issue due in 2016 to D from C, after its failure to
make a payment on Monday.

Another article on the paper says that Mr Zhu's abiding by
the principle of not repaying loans not made according to
the rules will do good not only for China but for the rest
of Asia.

Another article on the paper said that Standard Chartered
Bank chief exceutive Rana Talwar said he has met with
Premier Zhu Rongji and People's Bank of China officials
earlier this week and yesterday expressed confidence in
Beijing's handling of issues related to Gitic. He said a
strategy is being formulated to deal with it. Most of the
bank's loan exposure to Gitic had been registered.

The Hong Kong Standard also reported on Mr Talwar's meeting
with Premier Zhu and his confidence in Beijing's handling
of the issue.


HWA KAY THAI HOLDINGS: Accepts HK$29m loan from Yee Hing
--------------------------------------------------------
The board of directors of Hwa Kay Thai Holdings Limited
announces that Yee Hing Company Limited has agreed to grant
and the Company has agreed to accept, a loan of
HK$29,008,199.60 to the Company at the time of completion
of the Yee Hing Agreement. The Loan shall be unsecured,
interest-free and have no fixed term of repayment. Yee Hing
also agreed the repayment of the Loan shall be subject to
the same restructuring terms as those for other unsecured
bank creditors of the Company and PUMA.

The purpose of the Loan is to finance the payment of
HK$29,008,199.60 to Yee Hing as contemplated upon
completion of the Yee Hing Agreement as described in the
Circular such that the cash position of the Company will
not be adversely affected.

The Company has received investment proposals from several
potential investors regarding a restructuring plan for the
Company. The Directors are hopeful that a heads of
agreement will be entered into with one of such potential
investors shortly. The Company will make an announcement
regarding the Heads of Agreement as and when appropriate.

The Directors wish to advise shareholders that all of such
investment proposals are conditional on, among other
things, shareholders' approval of the Transaction (as
defined in the Circular). If the Transaction is not
approved and completed and no investment proposal is
entered  into, the Company may have negative net asset
value and may go into liquidation.


LOYAL CONTINENTAL LIMITED: Winding-up petition
----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Loyal Continental Limited by the High Court of Hong Kong
was, on the 16th day of October, 1998, presented to the
said Court by Tang Kam Hung and the petition is heard on
25th day of November, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


LUXIM ENTERPRISE LIMITED: Winding-up petition
---------------------------------------------
Notice is hereby given that a petition for the winding-up
of Luxim Enterprise Limited by the High Court of Hong Kong
was, on the 16th day of October, 1998, presented to the
said Court by Mak Kit Sai and the petition is heard on 25th
day of November, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


NGAI HING HONG: Results announcement
------------------------------------
Fierce competition and a decline in plastic-resin prices
led Ngai Hing Hong to post a $372,00 pretax operating loss
for the year to June 30. The result compares with a $4.12
million profit the previous year. A tax credit of $3.96
million helped the company post an attributable profit of
$2.16 million.  


SL&A GRAPHICS LIMITED: Winding-up petition
------------------------------------------
Notice is hereby given that a petition for the winding-up
of SL&A Graphics Limited by the High Court of Hong Kong
was, on the 21st day of October, 1998, presented to the
said Court by Leung Chi Keung and the petition is heard on
2nd day of December, 1998. Other creditor who support or
oppose the making of the order may appear at the time of
the hearing.  


SHANGHAI INTERNATIONAL: S&P downgrades Chinese ITICs
----------------------------------------------------
The Asian Wall Street Journal reports Standard & Poor's
Ratings Group has lowered its ratings on four international
trust and investment corporations (or ITICs). ITICs act as
the investment arm of the government (usually a province or
a city). This action came after the Guangdong International
Trust & Investment Corporation (GITIC), China's second
largest, missed a 8.75 million coupon payment. GITIC was
closed by the Chinese government on October 6, and is
currently in the middle of a 90-day moratorium on debt
repayment while a liquidation team investigates its assets.  

These ratings reflect heightened regulatory risks as well
as increasing uncertainties over the availability,
strength, and timeliness of government support for trust
companies. This action reflects the sharply deteriorating
market sentiment towards ITICs and accordingly increasing
pressure on their funding.  

Shanghai International Trust & Investment Corp.'s
counterparty rating was reduced from BBB- to BB.


SING TAO HOLDINGS: Sing Tao denies share sale
---------------------------------------------
According to the SCMP, Sing Tao Holdings has denied a
report that share sale of her 50.04 per cent stake in Sing
Tao to British-based media firm Pearson by chairman and
controlling shareholder Sally Aw Sian was tabled at the
stock exchange for approval.

Sing Tao said that discussions with a number of parties
were continuing, but no agreement had been reached yet.

Interested parties were also rumored to have involved
United States-based investment bank Lazard Freres, which
the company dismissed in August.

The Hong Kong Standard also reports on the denial by Sing
Tao Holdings of the rumor that a sale of Ms Aw's stake was
imminent.


TAIPU COUNTY CREDIT: PBOC shuts down 12 credit firms
----------------------------------------------------
According to the SCMP, the central People's Bank of China
(PBOC) has shut down 12 small credit cooperatives and will
close foreign exchange swap centres from the beginning of
next month. The moves appear to be part of an accelerating
campaign by Biejing to rid the financial system of loss-
making institutions. An PBOC official said yesterday the 12
banks had capital of a few tens of millions of yuan each.

The Shanghai Securities News identified three of the firms
as Daye City Credit Co-operative, Beihai City Credit Co-
operaive and Taipu County Credit Co-operative.

A PBOC spokesman said the institutions were shut down
because their debts were greater than their assets, and
there were activities that violated regulations.


TIANJIN INTERNATIONAL: S&P downgrades Chinese ITICs
---------------------------------------------------
The Asian Wall Street Journal reports Standard & Poor's
Ratings Group has lowered its ratings on four international
trust and investment corporations (or ITICs). ITICs act as
the investment arm of the government (usually a province or
a city). This action came after the Guangdong International
Trust & Investment Corporation (GITIC), China's second
largest, missed a 8.75 million coupon payment. GITIC was
closed by the Chinese government on October 6, and is
currently in the middle of a 90-day moratorium on debt
repayment while a liquidation team investigates its assets.  

These ratings reflect heightened regulatory risks as well
as increasing uncertainties over the availability,
strength, and timeliness of government support for trust
companies. This action reflects the sharply deteriorating
market sentiment towards ITICs and accordingly increasing
pressure on their funding.  

Tianjin International Trust & Investment Corp.'s
counterparty rating was reduced from BBB- to BB-.


UNITRADE INVESTMENT LIMITED: Winding-up petition
------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Unitrade Investment Limited by the High Court of Hong
Kong was, on the 16th day of October, 1998, presented to
the said Court by Cheung Chi Wai and the petition is heard
on 25th day of November, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.  


=========
J A P A N  
=========

EBARA CORP: Ebara's long-term debt rating cut
---------------------------------------------
The Asian Wall Street Journal reported that the Japan
Rating & Investment Information Inc. has lowered the long-
term debt rating of Ebara Corporation from A+ to A. Ebara
is known as a maker of pumps and air blowers, but it has
entered the business of semiconductor-related precision
equipment. It is reported that orders have declined in its
semiconductor-related equipment business in the wake of
Japan's sluggish economy. As Ebara has front loaded
expenses associated with its new business area, this debt
burden weighs heavily on its corporate earnings.  

The downgrade affects 70 billion yen of the company's
outstanding debt as well as Swiss franc-denominated debt
valued at $223 million.


FUJITA CORP: To book Y100 bln special loss in FY98
--------------------------------------------------
Nikkei News reports Fujita Corp. decided Thursday to book
extraordinary loss totaling more than 100 billion yen in
the year ending March 1999. The loss stems from its
disposal of paper losses on real estate holdings and
consolidation/liquidation of troubled affiliates, company
sources said. As a result, the midsize general contractor
will likely post a 100 billion yen net loss during the term
-- the first net loss since it went public in 1961. It
appears to have posted 18 billion yen in net loss during
the first half ended September, the sources said.

The company's outstanding landholdings - acquired during
the bubble economy for sale to developers - totaled 355.7
billion yen at the end of March 1998. The company sold part
of the holdings at an estimated loss of 14 billion yen by
the end of September. It also incurred a 6 billion yen
paper loss on stockholdings in the first half, the sources
said.


JAL HOTELS: JAL hotel units to merge in April
---------------------------------------------
Nikkei News reports JAL Hotels Co. and Japan Airlines Hotel
Co. will merge on an equal basis next April in a drive to
enhance their efficiency and financial standing. The Japan
Airlines Co. subsidiaries aim to go public in fiscal 2003
as a result of the union, officials of both firms said
Thursday. JAL Hotels, which will be the surviving entity,
currently operates 25 domestic and 26 overseas hotels,
while Japan Airlines Hotel manages hotels in Tokyo's Ginza
district and Kawasaki, Kanagawa Prefecture. The merger is
expected to be approved at extraordinary shareholders
meetings of the companies on Nov. 30, the officials said.

JAL Hotels posted a net loss of 34.5 billion yen in the
year through March 1998 due mainly to its poor performance
in the U.S. The firm has already erased the loss through a
third-party share allotment to the parent company and other
means.


MITSUBISHI ELECTRIC: To cut Y100 bln in fixed costs
---------------------------------------------------
Nikkei News reports Mitsubishi Electric Corp. plans to cut
its fixed costs by 100 billion yen by the fiscal year
through March 2001. The cuts include a planned 50 billion
yen reduction in material procurement costs, President
Ichiro Taniguchi said Thursday. The company plans to reduce
the size of its board of directors and review its advisor
system from next year, with board reshuffles to be
introduced on April 1, instead of in late June, Taniguchi
said.

The company will liquidate Mitsubishi Electric America
Inc., its umbrella company in the U.S., and merge it into
Mitsubishi Electronics America Inc., its local marketing
firm, by next March. The 131 employees at the former U.S.
unit will be transferred to the marketing affiliate, the
president said.


MITSUI CONSTRUCTION: Expects Y40 bln loss in FY98
-------------------------------------------------
According to Nikkei News, Mitsui Construction Co. said
Thursday that it expects to post a net loss of 40 billion
yen for the current fiscal year through March 1999, marking
the first time the firm has fallen into the red since its
listing in 1962. The second-tier general contractor blamed
the loss mainly on the dissolution of its subsidiary,
Sanken Fudosan Co., whose liabilities exceeded assets.

Mitsui Construction also said that it will not pay its
annual dividend, which was earlier projected at 3 yen.

The company is expected to report an extraordinary loss of
about 45 billion yen, including an estimated 35 billion yen
charge related to the liquidation of Sanken Fudosan.


NOMURA SECURITIES: Plans to close some domestic offices
-------------------------------------------------------
Nomura Securities is to close some of its 137 domestic
sales offices as the company moves to cut costs following a
207.25 billion yen loss. The consolidated net loss for the
half year through September forced the company last week to
announce a cut of 2000 jobs in Japan, or 15% of its 13000
strong workforce, by April 2001. The broker decided to
close about 20%, or 27 offices, of its domestic sales
network, the Nihon Keizai and Mainchi newspapers reported,
without citing sources. The closures will reduce
operational expenses by 15%.


NOMURA SECURITIES: S&P lowers ratings
-------------------------------------
Standard & Poor's Ratings Group lowered Nomura Securities
Co.'s long and short term counterparty ratings to single A
minus and A-2 from single-A-plus and A-1, respectfully. The
S&P downgrade reflects Nomura's weak operating performance,
its higher risk profile because of the adverse market
environment, the financial and structural problems facing
its overseas operations and greater competition in its home
market.

Nomura had net losses in the fiscal years 1994 and 1996.
For the half year ended Sept 30, Nomura reported a net loss
of 205 billion yen and is likely to record a net loss for
the full fiscal year, S& P said. The downgrade of Nomura
Trust & Banking Co's long and short term ratings to triple-
B and A-2 from single-A and A-1 respectively, reflects the
downgrade of Nomura Securities.   


OKI ELECTRIC: Results announcement
----------------------------------
Oki Electric Industry said it tumbled into red in the six
months to September, with business struggling in the face
of recession. The leading communications equipment maker
said it took a parent net loss of 22.2 billion yen in the
half, against a profit of 1.7 billion yen last year. Heavy
falls in microchips hit earnings and the collapse in
consumer demand in Japan pushed prices down. Before tax,
the firm took a 24.8 billion yen loss, reversing the
previous year's 4.1 billion yen profit. Sales were down
18.5 % at 214.2 billion yen in the half.  


SANYO SHINPAN FINANCE: S&P lowers ratings
-----------------------------------------
Standard & Poor's Ratings Group said it assigned a single-
A-minus long-term rating and a single-A-2 short term rating
to Sanyo Shinpan Finance Co.'s euro medium-term note
program. It said Sanyo Shinpan's long-term counterparty
rating is single-A-minus, with a negative outlook. The
ratings affect around 30 billion yen of debt in the euro
medium-term note program. The ratings reflect the company's
strong capitalization and profitability, despite a
difficult operating environment, S&P said. However, S&P
said its outlook for the company as of Oct 9 anticipates a
worsening operating environment for Japan's consumer-
finance industry. Consumer-finance companies will be facing
deteriorating asset quality because of the weak economy,
intensified competition, and tightened liquidity due to
problems in the banking sector, S&P said. In accordance
with the downward trend, the net-loss of consumer-finance
companies has been gradually increasing, S&P said.


SKYLARK COMPANY: To restructure money-losing affiliates
-------------------------------------------------------
According to Nikkei News, Skylark Co. has decided to
liquidate or sell eight money-losing affiliates, including
an overseas resort developer, by the end of the year,
company sources said Thursday. The restaurant-chain
operator will also take a loss provision on investments in
affiliates with accumulated losses, and take combined
charges of 17 billion yen in the fiscal year ending
December 31.

The moves are aimed at putting the firm on solid financial
footing in the long run. Skylark is expected to report a
consolidated net loss of 14 billion yen this fiscal year -
its first loss since listing in 1982. Skylark will
liquidate a Hong Kong fish-farming company, a luxury
Japanese restaurant and two other firms. It has already
dissolved a catering business.

The firm is trying to sell three of its affiliates,
including Swan-E-Set Holding Corp., a Canadian golf-course
developer and operator, and Hawaii hotel operator Kona
Village Associates. In addition, Skylark plans to rebuild
U.S. restaurant chain Red Robin International and six other
group firms deemed viable to return to profitability by
carrying out a one-time disposal of accumulated losses.


TOSHIBA CORP: Moody's cites negative outlook
--------------------------------------------
Moody's Investors Service Inc. said it has signed its
single-A2 long term rating to Toshiba Corp.'s total 170
billion yen of domestic bonds. Moody's said the rating
outlook is negative. The rating reflects Toshiba's leading
edge technologies, established market position in its
business. On the other hand, Moody's said it expects the
continuing severe business climate and unfavorable
structural changes in Toshiba's operations will continue to
squeeze the company's earning and cash flow. Meanwhile,
Standard & Poor's Ratings said it assigned its single-A-
minus rating to Toshiba's bonds. The rating reflects S&P's
pessimistic views on a near-term recovery of Toshiba's
earnings.  


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

ANAM GROUP: Anam Group's workout details
----------------------------------------
The Korean Herald published more details on the
restructuring program underway at the Anam Group, the 21st
largest Korean corporation and the world's largest
semiconductor packaging company. Anam, with 25 percent of
the global market share in chip packaging, has reportedly
been profitable until last year.

Three of the group's affiliates applied for a workout
program on October 24th, 1998. The three companies are
Anam Semiconductor Company, Anam Electronics Company, and
Anam Environment Company. Another arm of Anam, Anam
Construction Company, applied for court receivership.

Anam is seeking $2.5 billion either from new loans or via
the sale of assets. It has already agreed to sell $600
million in assets (specifically four chip packing plants)
to the investors through Solomon Smith Barney and Boston
Bank. This $600 million is earmarked to reduce cross debt
guarantees amoung Anam's subsidiaries and to repay some
debts.


DONG-A TV:  Dong-A TV to go off the air
---------------------------------------
The Korea Times reported that Dong-A TV (also know as Dong
Ah TV) will suspend broadcasting on October 31. Dong-A TV
(cable TV channel 34) targeted women viewers, and recent
plans to change the channel into a home shopping channel
have not succeeded.  

According to a June 30 report in the Korean language Maeil
Kyungje, the Dong Ah Group decided to liquidate its
affiliate Dong-A TV and its program provider, Dabicon.  
Last year, Dong-A TV had a 600 million won deficit
making the company's total losses reach 34.3 billion won,
exceeding the company's assets of 25 billion won.  

According to the Korea Times report, since the launching of
cable channels in Korea in 1995, this will be the first
station that will actually stop its operations. The signal
will be terminated at 7:00 a.m., October 31.


EDUVISION CO: Liquidation notice
--------------------------------
The Eduvision Company advertised in the Korean language
Maeil Kyungje that the company has decided to liquidate and
the creditors have until December 29th, 1998 to file their
claims. The company's address is 52-1 Sunsang-dong Mapo-gu,
Seoul and the representative is Mr. Yi Ki-yeol.


KIA ECONOMICS RESEARCH  INSTITUTE: Liquidation notice
-----------------------------------------------------
The Kia Economics Research Institute Company advertised in
the Korean language Maeil Kyungje that the company has
decided to liquidate and the creditors have until December
30th, 1998 to file their claims. The company's address is
33 Yeoeuido-dong, Youngdeungpo-gu, Seoul and the
representative is Mr. Yi Chong-dae.


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

DEFTRA SDN BHD: Voluntary winding-up
------------------------------------
The members of Deftra Sdn Bhd on 26/10/98 resolved to wind-
up the company voluntarily. Creditors are requested to
submit their claims before 30/11/98.


GUNUNG TEMAU SDN BHD: Voluntary winding-up
------------------------------------------
The members of Gunung Temau Sdn Bhd on 26/10/98 resolved to
wind-up the company voluntarily. Creditors are requested to
submit their claims before 30/11/98.


SOWER & SEED SDN BHD: Voluntary Winding-up
------------------------------------------
The members of Sower & Seed Sdn Bhd on 27/10/98 resolved to
wind-up the company voluntarily. Creditors are requested to
submit their claims before 26/11/98.


WARIS GIGIH INDUSTRIES SDN BHD: Winding-up petition
---------------------------------------------------
Harapan Bersatu Builders Sdn Bhd on 5/10/98 petitioned for
the winding-up of Waris Gigih Industries Sdn Bhd. The
petition is directed to be heard on 15/12/98.


'Y' & 'A' SDN BHD: Winding-up petition
--------------------------------------
Public Bank Bhd on 25/7/98 petitioned for the winding-up of
'Y' & 'A' Sdn Bhd. The petition is directed to be heard on
20/11/98.


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

MANILA ELECTRIC: Results announcement
-------------------------------------
Agence France-Presse reports Philippine utility Manila
Electric Co. (Meralco) said Thursday net profit fell 22.3
percent on the previous year to 1.44 billion pesos (35.3
million dollars) in the three months to September on higher
interest payments. Revenues rose 24.6 percent to 21.76
billion pesos from 17.46 billion pesos as sales climbed 5.6
percent to 5.37 billion kilowatt-hours, the company said in
a statement. However, operating expenses grew by 28.5
percent to 20.3 billion pesos from 15.80 billion pesos "due
to increases in purchased power cost, operations and
maintenance expenses, (peso) depreciation and franchise
tax," it said.


PHILIPPINE AIRLINES: Two Boeing jets to be returned
---------------------------------------------------
According to Agence France-Presse, Philippine Airlines said
Thursday two B747-400 aircraft earlier seized by the US
Export-Import Bank (US Eximbank) were to be returned to
Manila within the next 10 days. The two jets will be
returned upon the orders of a San Francisco federal court
on October 23, PAL said in a statement.

The US Eximbank repossessed the jets when the flag carrier
temporarily shut down last month amid mounting debts and
its union's refusal to suspend bargaining rights for 10
years as part of a revival plan.


PHILIPPINE AIRLINES: Resumes international flights
--------------------------------------------------
Philippine Airlines resumes international flights after
more than a month with a party for passengers leaving on
its first overseas flight, bound for Los Angeles. Colourful
buntings, and native cuisine and music in the departure
area awaited more than 200 passengers flying on PAL flight
PR 102, company officials said.


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

SINGAPORE AIRLINES: Results announcement
----------------------------------------
Xinhua news agency reports Singapore Airlines (SIA)
announced Friday evening that it has registered a 44.2
percent drop over a year ago in its half-year profits.     
SIA said in a press release that the company's operating
profit for the six months ending on Sept 30, 1998, fell 195
million Singapore dollars (120 million US dollars) to 246
million Singapore dollars (150 million US dollars) compared
with the same period in 1997.

SIA said its revenue declined by 87 million Singapore
dollars (53 million US dollar) to 3,432 million Singapore
dollars (2,118 million US dollars) while expenditure rose
by 108 million Singapore dollars (67 million US dollars) to
3,186 million Singapore dollars (1,966 million US dollars),
registering a 2.5 percent drop and a 3.5 percent hike
respectively over a year ago.


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

MINOR CORP: Liquidates two subsidiary companies
-----------------------------------------------
Minor Corporation PCL has informed the SET that it has
liquidated two subsidiaries: Curtis Management Thailand
Limited, a wholly owned subsidiary of Minor, and Bene
Fashion (Thai) Limited, a 60% owned subsidiary.

CMT has ceased its operations as a distributor of cosmetics
and perfumes since 1992 and disposed of all of its assets.
At present, CMT has no any activities and is  being
liquidated. There is no impact on the financial status of
Minor.

Bene Fashion (Thai) Limited ceased its operations as a
distributor fashion apparel (Benetton) since 1996 and  
disposed of all of its assets. At present, BFT has no any
activities and is being liquidated. There is no impact on
the financial status of Minor.


THAI NAM PLASTIC PCL: Appoints advisor for restructuring
--------------------------------------------------------
Thai Nam Plastic Public Company Limited has appointed Siam
City M.B. Co.,Ltd. (SCMB) as a Financial Advisor for the
company and its subsidiary (T.N.P.Industry Co.,Ltd.) in
preparing the financial and debt restructuring and
negotiating with its creditors as well as conducting a
rehabilitation plan to resolve the causes that may lead to
be delisted from the Stock Exchange of Thailand.

The company's first creditors' meeting is scheduled for  
August 3, 1998 to August 10, 1998; the remaining creditors
are scheduled for August 14, 1998. The second creditors'
meeting is scheduled for September 4, 1998.

Currently, the company and SCMB are waiting for comments
and verification of financial assumptions which depends on
each creditor's procedure. We expect that the restructuring
plan will be concluded and approved from all creditors by
the end of 1998. Then, the company and SCMB will be
preparing the rehabilitation plan and submitting to the
company's shareholders and the Stock Exchange of Thailand
to get an approval. Therefore, the company would like to
request that it needed to further adjourn filing its
rehabilitation plan for another 4 months.


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

Troubled Company Reporter -- Asia Pacific is a daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

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

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