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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Thursday, November 5, 1998, Vol. 1, No. 180
Headlines
* C H I N A & H O N G K O N G *
COPYRIGHT (DISCOVERY BAY) LIMITED: Winding-up order
COSMO DRAGON COMPANY: Winding-up petition
FAIRLINK ENGINEERING LIMITED: Winding-up order
GUANGDONG OVERSEAS: Will merge with Guangdong Finance
HAINAN HUITONG INTERNATIONAL: Joins list of defaulters
HONG KONG PARKVIEW GROUP: Debts force CTS-PV sale
HOPEWELL HOLDINGS: Assessing its claim against Thais
HWA KAY THAI HOLDINGS: Tanayong sale offsets debt
INTERSKIN (HONG KONG) LIMITED: Winding-up petition
LAND & SKY WORLDWIDE HOLDINGS: Winding-up order
LION INDUSTRIES LIMITED: Winding-up order
PALIBURG HOLDINGS: Still in talks over sale of Regal stake
SEVEN OCEAN TOURS LIMITED: Winding-up order
SOUNDWILL HOLDINGS: Creditors look to reschedule debt
* I N D O N E S I A *
PT SEMEN CIBIBONG: Begins making partial repayments
* J A P A N *
LONG TERM CREDIT: Investigates executives' roles in mess
OMRON CORP: To slash 700 workers by FY2001
* K O R E A *
HYUNDAI GROUP: Restructuring expected after Kia takeover
KIA STEEL: Liquidation plan sent to court
PUNGRIM INDUSTRY: Bankruptcy notice
SSANGYONG GROUP: Requests workout program for affiliates
* M A L A Y S I A *
ELITE LINE SDN BHD: Voluntary winding-up
UNIRAMA LETRIK SDN BHD: Winding-up petition
UNITED ENGINEERS: UEM to defer interest on loan payments
WEST-MALL CORPORATION SDN BHD: Winding-up petition
* P H I L I P P I N E S *
SERG'S PRODUCTS: Will suspend debt payments
* S I N G A P O R E *
HOTEL PROPERTIES: Sale to Accor falls through
PARKWAY HOLDINGS: Majority shareholders sell stock
QAF LIMITED: Announces asset sales
SINGATRONICS LIMITED: Announces asset sales
* T H A I L A N D *
BANGKOK BANK: Says government aid is last resort
FUTURE PARK: Negotiates with creditors
RADANASIN BANK: Options for dealing with problem loans
SAHA GROUP: Looks to pay off debts
=================================
C H I N A & H O N G K O N G
=================================
COPYRIGHT (DISCOVERY BAY) LIMITED: Winding-up order
---------------------------------------------------
A winding-up order notice is hereby given that Copyright
(Discovery Bay) Limited is undergoing a companies winding-
up proceedings (No 659 of 1998) in the High Court of the
Hong Kong Special Administrative Region court of first
instance. The date of order is on October 21, 1998. The
date of presentation of petition was September 15, 1998.
COSMO DRAGON COMPANY: Winding-up petition
-----------------------------------------
Notice is hereby given that a petition for the winding-up
of Cosmo Dragon Company by the High Court of Hong Kong was,
on the 26th day of August, 1998, presented to the said
Court by Mason Manda Advertising Limited and the petition
is heard on 18th of November, 1998. Other creditors who
support or oppose the making of the order may appear at the
time of the hearing.
FAIRLINK ENGINEERING LIMITED: Winding-up order
----------------------------------------------
A winding-up order notice is hereby given that Fairlink
Engineering Limited is undergoing a companies winding-up
proceedings (No 655 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 21, 1998. The date of
presentation of petition was September 11, 1998.
GUANGDONG OVERSEAS: Will merge with Guangdong Finance
-----------------------------------------------------
According to the SCMP, sources said that financially
troubled Goctic looks set to be merged with the Guangdong
Finance Trust and Investment Corp under a revamp of the
debt-ridden financing arms controlled by the Guangdong
provincial government. Goctic, which has recently reached
an agreement with Commerzbank to extend the payment of an
outstanding US$3 million loan, is still waiting for a fresh
capital injection from the provincial government to help
repay debt.
HAINAN HUITONG INTERNATIONAL: Joins list of defaulters
------------------------------------------------------
According to the SCMP, Hitic has become the fourth mainland
finance firm known in recent months to have missed a
foreign debt repayment. It missed a payment, due on Oct 19,
on a US$7 million loan that was priced 30 basis points over
the six-month London interbank offer rate.
Arranger Korea Exchange Bank said the loan was registered
with SAFE. The bank's head of China lending, Kenneth Yuen,
said that the progress in resolving this was very slow, and
it did not look likely for the loan to be repaid in the
near future.
Hitic is controlled by a number of owners including local
branches of the Industrial and Commercial Bank of China,
China Construction Bank and China Merchants Bank. It was
said to be burdened by exposure to unprofitable investments
in shopping malls across the country. It is the largest of
nine Itics facing financial difficulties due to poor cash
flow from investments. A Hainan Planning Commission
official said he expected a plan to restructure the nine
Itics in the province to be ready by next month but the
choice of which ones would be closed had not yet been
finalised.
Deputy general manager of the International department at
Hitic, Wang Shengqi expressed optimism for Hitic to survive
the overhaul of the Itic sector saying that the firm had a
small portion of foreign debt and its asset quality is good
as most of it is in major infrastructure projects. He said
the firm's foreign debt had fallen to about $270 million
from a high of about $500 million at the beginning of the
year.
Less than 10 per cent of the foreign debt was short-term
loans while the nearest maturity date for its medium and
long-term foreign debt would be in 2001. Hitic has total
assets of about seven billion yuan.
HONG KONG PARKVIEW GROUP: Debts force CTS-PV sale
-------------------------------------------------
Hong Kong Parkview Group plans to sell its interest in
ferry operator CTS-PV to Macau gambling magnate Stanley
Ho's Shun Tak Holdings for $30 million. The loss-making
developer said it was taking steps to restructure its
business in the wake of Hong Kong's economic downturn.
Hong Kong Parkview, which develops upmarket flats, is
struggling to reduce debts by offloading non-property
assets. This week it sold its licence to distribute Hyundai
vehicles to the Swire Group's car trading arm. Money raised
from the sale of its interest in CTS-PV would go largely to
repaying undisclosed existing bank debts. Last month, it
attempted to slash salaries of 70 managers, blaming the
move on a $49.79 million attributable loss in the year to
March. It made a $154.25 million attributable profit
previously.
HOPEWELL HOLDINGS: Assessing its claim against Thais
----------------------------------------------------
Hong Kong's Hopewell Holdings Ltd. said it is appointing an
independent expert to assess its claim against the Thai
government over the cancellation of Hopewell's Bangkok
Elevated Road and Train System. Hopewell Chairman Gorden Wu
said the Thai government disregarded a major international
contract by unilaterally terminating the project. He added
that the company's Thailand arm, Hopewell Ltd., will be
pursuing justice following the Thai government's action.
The government notified Hopewell in January that the
contract between Hopewell (Thailand) and the Transport
Ministry to build a multilayered road and rail system in
Bangkok was terminated because of long delays.
HWA KAY THAI HOLDINGS: Tanayong sale offsets debt
-------------------------------------------------
The scmp reports debt-ridden Hwa Kay Thai Holdings has
completed the sale of its interest in Thai-listed Tanayong
Public to its leading shareholder, Yee Hing Group, to
offset a $246 million debt due to the group.
INTERSKIN (HONG KONG) LIMITED: Winding-up petition
--------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Interskin (Hong Kong) Limited by the High Court of Hong
Kong was, on the 26th day of September, 1998, presented to
the said Court by Cheung Wai Fong and the petition is heard
on 9th day of December, 1998. Other creditors who support
or oppose the making of the order may appear at the time of
the hearing.
LAND & SKY WORLDWIDE HOLDINGS: Winding-up order
-----------------------------------------------
A winding-up order notice is hereby given that Land & Sky
Worldwide Holdings Limited is undergoing a companies
winding-up proceedings (No 629 of 1998) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is on October 21, 1998.
The date of presentation of petition was September 4, 1998.
LION INDUSTRIES LIMITED: Winding-up order
-----------------------------------------
A winding-up order notice is hereby given that Lion
Industries Limited is undergoing a companies winding-up
proceedings (No 652 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 21, 1998. The date of
presentation of petition was September 11, 1998.
PALIBURG HOLDINGS: Still in talks over sale of Regal stake
----------------------------------------------------------
According to the SCMP, market sources said that Paliburg
Holdings was still negotiating last night with a potential
buyer of its 74.8 per cent stake in Regal Hotels
International. A source said the company was in talks with
bankers over a loan to cover a US$50 million floating-rate
note due to mature tomorrow.
SEVEN OCEAN TOURS LIMITED: Winding-up order
-------------------------------------------
A winding-up order notice is hereby given that Seven Ocean
Tours Limited is undergoing a companies winding-up
proceedings (No 649 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on October 21, 1998. The date of
presentation of petition was September 9, 1998.
SOUNDWILL HOLDINGS: Creditors look to reschedule debt
-----------------------------------------------------
According to the SCMP, sources said creditors of Soundwill
Holdings have set up a steering committee to help
restructure the company's $2.14 billion debt. The committee
represents 16 creditors among whom are Hongkong Bank, Bank
of China and Bank of East Asia.
A proposal would reschedule debt repayment to allow
Soundwill to sell two prime commercial properties in
Causeway Bay. The initial reaction from most banks to the
proposal was positive and a detailed proposal would be
presented to the committee soon.
Soundwill's assets were estimated to be worth $4 billion,
compared with liabilities of $2 billion. Sources said the
company's liquidity problem was due mainly to difficulty in
realising assets quickly. As of June 30, the group had net
bank borrowings of about $2.14 billion, shareholder loans
of about $41 million and $200 million in convertible bonds
held by chairman and controlling shareholder Grace Chu.
=================
I N D O N E S I A
=================
PT SEMEN CIBIBONG: Begins making partial repayments
---------------------------------------------------
The Asian Wall Street Journal reports cement maker PT Semen
Cibibong will resume partial monthly interest payments on
its debts as of November 30. The payments will amount to 25
percent of the original contractual amount.
The company plans to continue making partial payments and
will present a restructuring plan and timetable for
repayment to a creditors' committee in mid-December.
PT Semen Cibibong stopped making payments on its interest
and principle last March 27.
=========
J A P A N
=========
LONG TERM CREDIT: Investigates executives' roles in mess
--------------------------------------------------------
Kyodo News reports Long-Term Credit Bank of Japan will set
up an in-house committee to look into its former
management's responsibilities for the bank's failure, the
new president of the now-nationalized bank said Wednesday.
Takashi Anzai told a press conference that the panel will
promote its probe in line with the newly enacted financial
reconstruction law which allows the government to inject
public funds into failing banks and requires the new
management to clarify the responsibility of the previous
managers.
OMRON CORP: To slash 700 workers by FY2001
------------------------------------------
Nikkei News reports Omron Corp. will cut 700 employees from
its work force by fiscal 2001 to hasten a recovery in
revenue and profit, both of which are expected to decline
for the first time in six years in fiscal 1998. The
control-component maker currently employs about 7,100
workers, a number it will trim to 6,400 by the year ending
March 2002 through attrition and other means. The firm is
also considering an early-retirement program.
=========
K O R E A
=========
HYUNDAI GROUP: Restructuring expected after Kia takeover
--------------------------------------------------------
The Financial Times reports Hyundai Group, Korea's largest
chaebol, may be the first big group to streamline its
sprawling industrial empire after winning an auction for
Kia last month. Faced with the prospect of spending
Won7,600bn to absorb Kia, Hyundai has suddenly appeared
willing to dispose of troubled businesses. Hyundai last
week said it would close 27 of its 62 subsidiaries and
reduce its debt to two times equity by the end of 1999 as
it concentrates on profitable businesses.
Hyundai, with its heavy industrial profile, was the chaebol
most affected by the "big deal" programme, but refused to
participate in several of the proposed mergers. In the wake
of Kia, it agreed to proceed with the mergers, which
include its semiconductor, petrochemical, aerospace, power
generation, and rolling stock operations.
Financial pressure is accelerating restructuring since
Hyundai must raise Won1,200bn by March to pay for its 51
per cent stake in Kia. Hyundai must also pay Kia's
outstanding debt of Won6,400bn by the year 2008.
One potential barrier to further reforms is that founder
Chung Ju-yung has divided up the Hyundai empire among
several of his sons and nephews, who are unwilling to
sacrifice their inherited corporate fiefdoms in the name of
restructuring. The article suggests they could even block
the state-proposed merger between Hyundai Electronics'
semiconductor unit and LG Semicon.
KIA STEEL: Liquidation plan sent to court
-----------------------------------------
The Korea Herald reports Kia Steel Company's liquidation
plan was sent to court last week. The report stated that
the company will be split into two parts (automotive and
steel components) that will be marketed separately abroad.
In addition, a similar report in the Korea Times stated
that other company assets, such as a distribution center in
the Siwa Industrial Complex and an apartment lot in Kunsan
are also going to be sold. The disposal plan is reportedly
asking for the write-off of 40 percent of the company's 1.7
trillion won in debts.
Kia Steel is a producer of steel products for vehicles and
a subsidiary of the Kia Group. It was put under court
receivership on June 2, 1998. The Seoul District Court
appointed the Korea Development Bank as court manager
of the Kia Steel Company.
PUNGRIM INDUSTRY: Bankruptcy notice
-----------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Pungrim Industry Company is insolvent.
SSANGYONG GROUP: Requests workout program for affiliates
--------------------------------------------------------
The SCMP and the Hong Kong Standard say that struggling
South Korean conglomerate Ssangyong Group has called on
creditors to bail out its two construction divisions to
avert bankruptcy. In exchange the group will sell Ssangyong
Oil Refining, one of its most profitable businesses, and
cement-making facilities of Ssangyong Cement Industrial, as
well as other assets by the first half of next year to
raise 2.88 trillion won, according to Ssangyong Group
spokesman Chang Chang-joon.
The two construction companies - Ssangyong Engineering &
Construction and Namkwang Engineering & Construction - have
a combined 1.65 trillion won of debt, according to one of
Ssangyong's creditors, Cho Hung Bank.
Ssangyong Group has sold stakes in its debt-ridden car,
securities and paper businesses. Once Korea's sixth-largest
industrial group, it is now one of many companies trying to
stay afloat amid the nation's recession.
According to the Hong Kong Standard, Cho Hung Bank
spokesman Park Young Shik said the bank will discuss with
other creditor banks to decide whether to place the two
companies under the workout program where lenders usually
reschedule debt repayments and provide new loans, and the
disbursement of new financial aid is very likely.
Ssangyong now has 20 affiliates under its umbrella. It said
that the overhaul will leave it with seven core businesses
including trading, construction, telecommunications and
finance. The group aims to halve its present debt-to-equity
ratio of 399 per cent by the end of next year. Its total
debt now stands at 11.9 trillion won.
Saudi Arabian Oil, the world's largest oil company, is a
possible buyer for a controlling stake in Ssangyong Oil
Refinery.
===============
M A L A Y S I A
===============
ELITE LINE SDN BHD: Voluntary winding-up
----------------------------------------
The members of Elite Line Sdn Bhd on 1/10/98 resolved to
wind-up the company voluntarily. Creditors of the company
are requested to submit their claims before 30/11/98.
UNIRAMA LETRIK SDN BHD: Winding-up petition
-------------------------------------------
Relex Electrical Supplies Sdn. Bhd. had on 7.9.98 presented
a winding-up petition against Unirama Letrik Sdn. Bhd. and
the petition is directed to be heard on 8.1.99.
UNITED ENGINEERS: UEM to defer interest on loan payments
--------------------------------------------------------
The Financial Times reports United Engineers Malaysia, the
Malaysian toll road operator forced last year to bail out
its troubled parent, Renong, the well-connected
infrastructure conglomerate, yesterday said it would defer
interest payments on loans totaling M$2.92bn. UEM notified
its lenders of the deferral while it restructures its debt
over the next six months.
The move followed an announcement on October 9 that the
combined Renong-UEM group would be the beneficiary of a
M$10.5bn government-sponsored debt restructuring.
UEM said the interest obligation of the company and its
relevant subsidiaries amounted to M$6.16m on October 30.
The default on that obligation will results in a default in
principal outstanding of M$602m and US$27m. The default
will result in a cross default of the principal of other
borrowings of the company and relevant subsidiaries.
WEST-MALL CORPORATION SDN BHD: Winding-up petition
--------------------------------------------------
Aseam Credit Sdn Bhd on 26/8/98 petitioned for the winding-
up of West-Mall Corporation Sdn Bhd. The petition is
directed to be heard on 4/12/98.
=====================
P H I L I P P I N E S
=====================
SERG'S PRODUCTS: Will suspend debt payments
-------------------------------------------
The Asian Wall Street Journal reports Serg's Products Inc.
has been given permission by the Philippine Securities &
Exchange Commission to suspend payment on 1.9 billion pesos
on debts owed mainly to commercial banks. This move was
made to allow the company to work out a plan to
rehabilitate itself. Hearings on the company's
rehabilitation plan are scheduled for November 26.
Serg's, Philippines' premier chocolate company, is
experiencing cash flow problems and financing facilities
and supplier's credit previously arranged has been halted
or suspended. It was reported that the company has close to
1.5 billion pesos in short term debt.
The major creditors of Serg's Products Inc. listed in the
article included the Rizal Commercial Banking Corporation,
the PDCP Development Bank Inc., the Equitable Banking
Corporation, the Philippine Commercial International Bank,
and the Metropolitan Bank & Trust Company.
=================
S I N G A P O R E
=================
HOTEL PROPERTIES: Sale to Accor falls through
---------------------------------------------
Singapore Business Times reports the attempt by Hotel
Properties Ltd to sell Le Meridien Singapour Hotel to
French hotel group Accor has fallen through.
BT first reported in September that HPL was negotiating to
sell the Meridien to Accor for $102 million. If struck,
that would have been the first transaction of a prime
commercial property in the last 12 months or so. The
failure of HPL to sell Meridien to Accor adds to its string
of attempts over the past few years to carry out a sale.
Business Times also reports with the Hotel Properties stock
closing two cents softer at 95 cents, it is unlikely that
anybody converted HPL warrants, which expired yesterday,
into the group's shares. This leaves the hotel, leisure and
property group controlled by chairman Peter Fu and his
flamboyant son-in-law Ong Beng Seng the problem of raising
some $140 million to redeem its 3.5 per cent loan stock
which matured yesterday.
However, Mr Ong and the Fu family have been selling assets
in the past year or so, including their private jet, and in
an interview with BT in June this year, Mr Ong said they
had raised net cash proceeds of $150 million and had some
$300 million in working capital.
PARKWAY HOLDINGS: Majority shareholders sell stock
--------------------------------------------------
Singapore Business Times reports Parkway Holdings Ltd's
majority shareholders Tony Tan and Ang Guan Seng have sold
15.87 million shares or about 4.4 per cent of Parkway
stock, the company informed the Stock Exchange of
Singapore.
Mr Tan sold 12.87 million shares, reducing his stake in
Singapore's largest operator of private hospitals to 20 per
cent from 23.5 per cent, said Tan Kai Seng, Parkway's
financial director. Mr Ang sold 3 million shares, reducing
his stake to 14 per cent from 14.8 per cent.
Parkway said last month it would raise $180 million by
selling non-health care assets abroad in order to reduce
its $1 billion in debt. The moves come as Parkway's first-
half profit more than halved to $11.2 million amid South-
east Asia's economic slowdown. The share sale will leave
Parkway more vulnerable to a takeover by DBS Land Ltd,
which already owns about 17 per cent of Parkway's stock and
which has expressed interest in expanding its health care
investments.
QAF LIMITED: Announces asset sales
----------------------------------
Two mainboard-listed companies, Singatronics Ltd and QAF
Ltd, yesterday announced that they have each raised several
million dollars in cash after hiving off overseas assets.
QAF said it has disposed of its 10.4 per cent stake in
Luoyang Chundu Industry Co Ltd held through its subsidiary,
Precious Fortune Ltd. Luoyang Chundu Industry Co is a
joint-venture company established in China in the food
processing business. The group added that it expects to
reap about S$12.9 million after hiving off its stake in the
joint venture, and would record an extraordinary gain of
S$1.1 million.
SINGATRONICS LIMITED: Announces asset sales
-------------------------------------------
Two mainboard-listed companies, Singatronics Ltd and QAF
Ltd, yesterday announced that they have each raised several
million dollars in cash after hiving off overseas assets.
Singatronics said its Malaysian subsidiary, Singatronics
(Malaysia) Sdn Bhd (SMSB), had agreed to sell a commercial
property in Melbourne, Australia, to the Australia Catholic
University and the Roman Catholic Trusts Corporation for
A$18.5 million (S$18.7 million).
Singatronics, an electronics and property player, said the
sale will result in an overall net capital gain of about
1.8 million Malaysian ringgit (S$769,140) for SMSB, based
on current exchange rates. The transaction will also result
in the group increasing its cash resources by about RM28
million after repaying the bank loan for the acquisition of
the property.
===============
T H A I L A N D
===============
BANGKOK BANK: Says government aid is last resort
------------------------------------------------
The Nation reports despite revealing that it might need
government help for tier-1 recapitalisation, Bangkok Bank
(BBL) will use the resource as a last option if other
alternatives prove unsuccessful, executive chairman Chatri
Sophonpanich said.
The Nation reported last week that BBL may decide to seek
government aid, even as Bank of Thailand officials revealed
that no bank had filed an official request for help. So
far, only Siam Commercial Bank had filed a request for
tier-2 recapitalisation aid.
FUTURE PARK: Negotiates with creditors
--------------------------------------
The Nation reports shopping complex Future Park Rangsit,
owned by the Wanglee family, is negotiating with its five
major creditors for a debt restructuring plan, Suvannee
Chinchiewchan, managing director of the operator Rangsit
Plaza Co Ltd, says.
Future Park Rangsit is US$40 million in debt, which was
converted into baht in May 1998 at Bt48 to the US dollar.
The creditors are Nakhonthon Bank, Bank of Ayudhya, Finance
One, Dhana Siam Finance and Union Bank of Bangkok.
Suvannee said the company has asked the creditors to lower
the interest burden and convert some debts to equity as a
solution for survival amid the slump in retail business.
However, the company is unable to hasten its debt
restructuring plan until completion of the merger deal
between Union Bank of Bangkok, Dhana Siam and Krungthai
Thanakit, while the closed Finance One has to notify the
Financial Sector Restructuring Authority on Future Park
Rangsit's restructuring plan.
Rangsit Plaza has registered capital of Bt467 million, of
which the Wanglee family holds the majority stake of 50 per
cent, followed by Univest Plc and Finance One with 20 per
cent each, Prime Finance 5 per cent and Robinson Department
Store 5 per cent.
RADANASIN BANK: Options for dealing with problem loans
------------------------------------------------------
The Bangkok Post reports potential investors in Radanasin
Bank will be offered two options for dealing with non-
performing loans, according to Kitti Patpong-pibul, deputy
governor of the Bank of Thailand. Radanasin Bank recently
absorbed Laem Thong Bank, which had bad loans that turned
out to be much higher than officials had expected.
Union Bank of Switzerland, the government's consultant, has
proposed two options for dealing with the non-performing
loans: to keep them at Radanasin Bank, or to transfer them
to a new asset-management company that would be a joint
venture between the new shareholders and the government.
State assistance would be necessary as Radanasin Bank's
non-performing loans soared to 60% of its total portfolio
after the merger with Laem Thong, Mr Kitti said.
SAHA GROUP: Looks to pay off debts
----------------------------------
The Bangkok Post reports consumer goods conglomerate Saha
Group rules out new investment and borrowing until the
economy improves and will focus on repaying debt and
increasing exports, group chairman Boonsithi Chokwatana
said yesterday. The group expected to clear all foreign
debt within five years, he said. It would resume investment
when the economy returned to normal and the lending rate
stabilised around 9%.
Exports would be increased to account for more than 65% of
its annual revenue, currently totalling 80 billion baht,
from 30% now, to make up for a decline in domestic demand.
Export lines had been expanded from textiles and footwear
to cosmetics and toiletries, household goods, food and
beverage, electronics and electronic products, as well as
sports goods and accessories.
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,
resale or publication in any form (including e-mail
forwarding, electronic re-mailing and photocopying) is
strictly prohibited without prior written permission of
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The TCR -- Asia Pacific subscription rate is $875 per
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* * * End of Transmission * * *