TCRAP_Public/981112.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      

      Thursday, November 12, 1998, Vol. 1, No. 185

                    Headlines


* C H I N A   &   H O N G   K O N G *

ANGELITOS (CHINA) LIMITED: Winding-up petition
AWT HOLDINGS: Sunford to dispose of AWT shares
CULTURECOM HOLDINGS: Confirms third party discussions
ETERNAL GLORY INDUSTRIAL LIMITED: Winding-up order
FASHION THEME LIMITED: Winding-up petition

GENTLE SUCCESS COMPANY LIMITED: Winding-up order
GOLDEN EAGLE (INTERNATIONAL): Winding-up petition  
HOPEWELL HOLDINGS: Outside group may take over project
KUN FAT HONG LIMITED: Winding-up petition
LAVON JEWELLERY LIMITED: Winding-up petition

LINK SHINE LIMITED: Winding-up petition
NEWKINGS ENTERPRISES COMPANY LIMITED: Winding-up order
NOBEL INTERIOR LIMITED: Winding-up order
REGENT CHANCE LIMITED: Notice to creditors
SPEED INTERNATIONAL (HK) LIMITED: Winding-up order

SUCCESS PACIFIC TRAVEL LIMITED: Winding-up order
ULTRA TECHNOLOGY LIMITED: Notice to creditors
WELLESON MANAGEMENT LIMITED: Winding-up order
WILMINK EXPRESS LIMITED: Winding-up petition
WIN EXCEL LIMITED: Winding-up order


* J A P A N *

EAST JAPAN RAILWAY: Results announcement
LONG TERM CREDIT: Asks execs to return retirement pay             
NISSAN MOTOR: Braces for sixth loss in seven years
NISSAN MOTOR: To receive $820M loan                  
SEIKO: Results announcement

SHOCHIKU CO: Decline in visitors forces shutdown of park
SOFTBANK: Results announcement
TOYOTA MOTOR: Most units see midterm pretax profit decline


* K O R E A *

DAEWOO GROUP: Government allows banks to conduct workouts
HYUNDAI GROUP: Government allows banks to conduct workouts
KYUNGHYANG CONSTRUCTION: Completes creditor reconciliation
LG GROUP: Government allows banks to conduct workouts
SAMSUNG GROUP: Government allows banks to conduct workouts
SK GROUP: Government allows banks to conduct workouts


* M A L A Y S I A *

BERKAT HASIL SDN BHD: Winding-up petition
EURO-MIX INDUSTRIES SDN BHD: Winding-up petition
INDERALOKA KIARA SDN BHD: Winding-up petition
IRIICHI (BALING) SDN BHD: Voluntary winding-up
TENAGA NASIONAL BHD: Results announcement


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

DHARMALA PHILIPPINES: Officials resign
EVER-GOTESCO: Approves sale of Laguna mall
NATIONAL POWER: Employees not assured of job security
NATIONAL STEEL CORP: Creditors give debt moratorium
PAPER CITY: Seeks debt shelf extension

PHILIPPINE AIRLINES: Receiver accepts conditional proposal
SM PRIME: To benefit from debt reduction


* T H A I L A N D *

ASIAN SEAFOOD: Results announcement
CHRISTIANI & NIELSEN (THAI) PCL: Unable to pay dividend
CIRCUIT ELECTRONIC: SET reveals connected transaction
FINANCE ONE: Arrest warrants approved for former execs
M.K. REAL ESTATE: Announces expiration of warrants

PETROLEUM AUTHORTITY: Tries again to make BMTA pay
SEMICONDUCTOR VENTURES: Reports capital increase
TIPCO ASPHALT PCL: Announces expiration of warrants
TOTAL ACCESS COMM: Moody's announces ratings cut


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

ANGELITOS (CHINA) LIMITED: Winding-up petition
----------------------------------------------
Notice is hereby given that a petition for the winding-up
of Angelitos (China) Limited by the High Court of Hong Kong
was, on the 26th day of October, 1998, presented to the
said Court by Yu Tin Chi 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.  


AWT HOLDINGS: Sunford to dispose of AWT shares
----------------------------------------------
Sunford Finance (HK) has entered into an agreement to
dispose of AWT Holdings shares pledged as security for
loans to companies beneficially owned by AWT chairman David
Leung Tze-hang. The companies have no business relationship
with AWT. The holding amounting to about 14% of AWT is
being sold to an independent third party that will become
AWT's single largest shareholder after the sale.


CULTURECOM HOLDINGS: Confirms third party discussions
-----------------------------------------------------
Sing Tao Holdings Limited has informed Culturecom Holdings
Limited that further to the announcement dated 22nd
September, 1998 it is having discussions with an additional
independent third party which may lead to the sale of part
or all of Sing Tao's 43% shareholding interest in the
Company.


ETERNAL GLORY INDUSTRIAL LIMITED: Winding-up order
--------------------------------------------------
A winding-up order notice is hereby given that Eternal
Glory Industrial Limited is undergoing a companies winding-
up proceedings (No 667 of 1998) in the High Court of the
Hong Kong Special Administrative Region court of first
instance. The date of order is October 29, 1998. The date
of presentation of petition was September 18, 1998.    


FASHION THEME LIMITED: Winding-up petition
------------------------------------------
Notice is hereby given that a petition for the winding-up
of Fashion Theme Limited by the High Court of Hong Kong
was, on the 3rd day of November, 1998, presented to the
said Court by Li Ma Court and the petition is heard on 2nd
day of December, 1998. Other creditors who support or
oppose the making of the order may appear at the time of
the hearing.  


GENTLE SUCCESS COMPANY LIMITED: Winding-up order
------------------------------------------------
A winding-up order notice is hereby given that Gentle
Success Company Limited is undergoing a companies winding-
up proceedings (No 675 of 1998) in the High Court of the
Hong Kong Special Administrative Region court of first
instance. The date of order is October 29, 1998. The date
of presentation of petition was September 22, 1998.    


GOLDEN EAGLE (INTERNATIONAL): Winding-up petition  
-------------------------------------------------
Notice is hereby given that a petition for the winding-up
of Golden Eagle (International) Trading Development Limited
by the High Court of Hong Kong was, on the 20th day of
October, 1998, presented to the said Court by Chan Yan Yan
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.  


HOPEWELL HOLDINGS: Outside group may take over project
------------------------------------------------------
The Thai government says a British-Thai group has proposed
to take over a stalled Bangkok mass transit rail and road
project originally being built by Hopewell Holdings. Thai
Deputy Communications and Transportation Minister Pradit
Pattraprasit told reporters Britain's Extra-K and its Thai
partner, Sirichai Bulkul, had asked for government support
to continue Hopewell's US$3.2 billion Bangkok Elevated Road
and Train System. Mr Pradit gave no details of the British-
Thai venture.

If Hopewell is taken out of the project, it would receive
none of the returns that the railway would generate, Mr
Wanglee (Goldman Sachs' Thailand strategist) said.

Bangkok's action will affect Hopewell negatively, he said.
Even if the firm finds enough funds for the project and
gets started again, it would take two to three years to
complete it. Mr Pradit said the government would formally
review the British-Thai venture's proposal if it could
provide project financing documents in three weeks.


KUN FAT HONG LIMITED: Winding-up petition
-----------------------------------------
Notice is hereby given that a petition for the winding-up
of Kun Fat Hong Limited by the High Court of Hong Kong was,
on the 30th day of October, 1998, presented to the said
Court by Lam Sik Yan 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.  


LAVON JEWELLERY LIMITED: Winding-up petition
--------------------------------------------
Notice is hereby given that a petition for the winding-up
of Lavon Jewellery Limited by the High Court of Hong Kong
was, on the 16th day of October, 1998, presented to the
said Court by Limbu Sharsoti 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.  


LINK SHINE LIMITED: Winding-up petition
---------------------------------------
Notice is hereby given that a petition for the winding-up
of Link Shine Limited by the High Court of Hong Kong was,
on the 26th day of October, 1998, presented to the said
Court by Yeung Kin Wah 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.  


NEWKINGS ENTERPRISES COMPANY LIMITED: Winding-up order
------------------------------------------------------
A winding-up order notice is hereby given that Newkings
Enterprises Company Limited is undergoing a companies
winding-up proceedings (No 695 of 1998) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is October 29, 1998. The
date of presentation of petition was September 28, 1998.    


NOBEL INTERIOR LIMITED: Winding-up order
----------------------------------------
A winding-up order notice is hereby given that Nobel
Interior Limited is undergoing a companies winding-up
proceedings (No 688 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is October 29, 1998. The date of
presentation of petition was September 25, 1998.    


REGENT CHANCE LIMITED: Notice to creditors
------------------------------------------
Notice is hereby given that the creditors of Regent Chance
Limited (in creditors' voluntary liquidation) are required
on or before 7th December, 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 23/F., Sunshine Plaza,
353 Lockard Road, Wanchai, Hong Kong.


SPEED INTERNATIONAL (HK) LIMITED: Winding-up order
--------------------------------------------------
A winding-up order notice is hereby given that Speed
International (HK) Limited is undergoing a companies
winding-up proceedings (No 696 of 1998) in the High Court
of the Hong Kong Special Administrative Region court of
first instance. The date of order is October 29, 1998. The
date of presentation of petition was September 28, 1998.    


SUCCESS PACIFIC TRAVEL LIMITED: Winding-up order
------------------------------------------------
A winding-up order notice is hereby given that Success
Pacific Travel Limited is undergoing a companies winding-up
proceedings (No 677 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is October 29, 1998. The date of
presentation of petition was September 22, 1998.    


ULTRA TECHNOLOGY LIMITED: Notice to creditors
---------------------------------------------
Notice is hereby given that the creditors of Ultra
Technology Limited (in creditors' voluntary liquidation)
are required on or before 7th December, 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 Room 2329, Lei
Chak House, Ap Lei Chau Estate, Hong Kong.


WELLESON MANAGEMENT LIMITED: Winding-up order
---------------------------------------------
A winding-up order notice is hereby given that Welleson
Management Limited is undergoing a companies winding-up
proceedings (No 668 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is October 29, 1998. The date of
presentation of petition was September 18, 1998.    


WILMINK EXPRESS LIMITED: Winding-up petition
--------------------------------------------
Notice is hereby given that a petition for the winding-up
of Wilmink Express Limited by the High Court of Hong Kong
was, on the 12th day of October, 1998, presented to the
said Court by Cargo Flow Transportation Limited and the
petition is heard on 25th of November, 1998. Other
creditors who support or oppose the making of the order may
appear at the time of the hearing.  


WIN EXCEL LIMITED: Winding-up order
-----------------------------------
A winding-up order notice is hereby given that Win Excel
Limited is undergoing a companies winding-up proceedings
(No 689 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is October 29, 1998. The date of presentation of
petition was September 25, 1998.    


=========
J A P A N  
=========

EAST JAPAN RAILWAY: Results announcement
----------------------------------------
East Japan Railway Co. (JR East) said Wednesday its
unconsolidated pretax profit in the April-September first
half of fiscal 1998 dropped 4.0% from a year earlier to
59.03 billion yen. The company blamed the profit decline on
the worsening economy and on increased operating expenses
brought on by a change in the depreciation-calculating  
system of the company's bullet train facilities.


LONG TERM CREDIT: Asks execs to return retirement pay             
-----------------------------------------------------
Kyodo News reports Long-Term Credit Bank of Japan (LTCB)
will ask 23 of its former executives to pay back a total of
3 billion yen in retirement allowances, LTCB officials said
Wednesday. LTCB will make the request by the end of this
month as all the executives have yet to return their
retirement allowances despite being urged to do so under a
restructuring program adopted in late August, they said.

The executives include Binsuke Sugiura, a former president,
who received 930 million yen in retirement allowances in
fiscal 1992 and has expressed his intention to return the
money, they said. Some of the 23 have said they would
return their retirement allowances only if they were sure
all the executives were doing so, the officials said.


NISSAN MOTOR: Braces for sixth loss in seven years
--------------------------------------------------
Reuters reports Nissan Motor Co., Japan's No.2 auto maker,
said Tuesday it expected to record its sixth consolidated
net loss in seven years this fiscal year, abandoning an
earlier forecast that it would break even.

"The situation has become more severe, so if it appears
that our reform plans will not be sufficient, we'll have to
consider additional steps," Managing Director Kanemitsu
Anraku told a news briefing at the Tokyo Stock Exchange.

The automaker had earlier announced a 32.5 billion yen
($264.2 million) parent net loss for the six months ended
Sept. 30 and said it expected a consolidated net loss of 30
billion yen ($243.9 million) for the full fiscal year
ending March 31. The news followed an announcement in May
that Nissan lost 14 billion yen ($113.8 million) in the
last fiscal year, having just returned to the black the  
year before for the first time in five years. The May
announcement also included a three-year restructuring plan
to cut debt, trim costs and weed out unprofitable models
from Nissan's rambling product line-up.


NISSAN MOTOR: To receive $820M loan                  
-----------------------------------
The Associated Press reports a Japanese government-run
financial institution will extend $820 million in a special
loan to Nissan Motor Co., the largest ever given to a
single company, a news report said Wednesday. The loan by
the Japan Development Bank will apparently be used to
pay back funds Nissan borrowed from commercial banks, Kyodo
News Service said. Tatsuya Onishi, a spokesman at Tokyo-
based Japan Development Bank, said the bank does business
with Nissan, but added he could not comment on individual
loan cases. Nissan spokesman Keiichi Tsuboi said the auto
maker, Japan's second-largest, was working to confirm the
report.


SEIKO: Results announcement
---------------------------
Japan's Seiko said yesterday it went into the red for the
six months to September, dragged down by the recession in
Japan and Asia's economic woes. Seiko said it took a parent
net loss of 7.6 billion yen in the half, against a 2.3
billion yen profit last year. Seiko, the trading house
which deals in clocks and watches, said parent pre-tax
profits slid 30.1% to 1.8 billion yen, with sales down
23.1% at 64.9 billion yen.  


SHOCHIKU CO: Decline in visitors forces shutdown of park
--------------------------------------------------------
Shochiku Co., a Japanese movie company, said it will close
an amusement part in the suburbs of Tokyo on Dec. 15 and
focus on its main business. Due to a continued decline in
the number of visitors in recent years amid the economic
slump, "Kamakura Cinema World" isn't in a position to
generate profits, said Shochiku.

The closure will likely cut the company's sales by 330
million yen, but help trim pretax and net losses by 310
million yen for the year ending in February, it said. The
company has decided to concentrate its management resources
on its movie and theater business, it said. Shochiku now
expects a full year net loss of 3.71 billion yen on sales
of 50.87 billion yen.   


SOFTBANK: Results announcement
------------------------------
Japan's Softbank said yesterday it sank into red in the six
months to September as the recession at home dragged down
the computer industry. Softbank, Japan's top wholesaler of
personal computer software, said it took a group pre-tax
loss of 2.4 billion yen in the half, against 6.3 billion
yen profit last year. It was the first lost the firm has
taken since it went public in 1994. But group net profit
was up 39.1% at 3.3 billion yen, with sales up 9.5% at
246.2 billion yen.

The Financial Times says the poor performance was due to
subsidiaries such as Ziff-Davis, the US technology
publishing company, and Kingston Technology Company, the PC
memory board maker. The Times reports these results were
also set against a Y4.8bn extraordinary loss, partly
associated with the winding up of some unprofitable
businesses such as Softbank Services Group, and internet
advertising service providers, Ji-tong and Zulu Teck.


TOYOTA MOTOR: Most units see midterm pretax profit decline
----------------------------------------------------------
Nikkei News reports of the 10 major Toyota Motor Corp.
group firms to announce on Tuesday earnings results for the
half year ended September, eight saw a drop in pretax
profit, reflecting a decline in the major automaker's
domestic production. Cost-cutting efforts, including
redesigns of some parts, failed to offset declining sales
and losses on securities revaluations.

Seven of the firms are expected to see pretax profit
decline for the full year through March 1999. Sales at
Toyota Auto Body Co., which produces minivans on
commission, fell more than 20%. Sales also declined more
than 20% at Aichi Steel Works Ltd., due in part to the
disappointing performance of a special steel it makes for
use in cars and construction machinery. Electrical
equipment produced by Denso Corp. sold poorly, as did
engine parts produced by Aisin Seiki Co.
=========
K O R E A
=========

DAEWOO GROUP: Government allows banks to conduct workouts
---------------------------------------------------------
The Korea Times reported that the government has decided to
let banks place one or two core companies of each of the
country's five largest conglomerates (or chaebols) under a
debt workout program before the end of this month. Up until
now, workouts were not applied to the larger chaebols as
efforts continued to restructure the nation's industries
via business swaps aimed at enhancing specialization and
debt reduction were underway.  


HYUNDAI GROUP: Government allows banks to conduct workouts
----------------------------------------------------------
The Korea Times reported that the government has decided to
let banks place one or two core companies of each of the
country's five largest conglomerates (or chaebols) under a
debt workout program before the end of this month. Up until
now, workouts were not applied to the larger chaebols as
efforts continued to restructure the nation's industries
via business swaps aimed at enhancing specialization and
debt reduction were underway.  


KYUNGHYANG CONSTRUCTION: Completes creditor reconciliation
----------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Kyunghyang Construction Company has
completed its creditor reconciliation procedure.


LG GROUP: Government allows banks to conduct workouts
-----------------------------------------------------
The Korea Times reported that the government has decided to
let banks place one or two core companies of each of the
country's five largest conglomerates (or chaebols) under a
debt workout program before the end of this month. Up until
now, workouts were not applied to the larger chaebols as
efforts continued to restructure the nation's industries
via business swaps aimed at enhancing specialization and
debt reduction were underway.  


SAMSUNG GROUP: Government allows banks to conduct workouts
----------------------------------------------------------
The Korea Times reported that the government has decided to
let banks place one or two core companies of each of the
country's five largest conglomerates (or chaebols) under a
debt workout program before the end of this month. Up until
now, workouts were not applied to the larger chaebols as
efforts continued to restructure the nation's industries
via business swaps aimed at enhancing specialization and
debt reduction were underway.  


SK GROUP: Government allows banks to conduct workouts
-----------------------------------------------------
The Korea Times reported that the government has decided to
let banks place one or two core companies of each of the
country's five largest conglomerates (or chaebols) under a
debt workout program before the end of this month. Up until
now, workouts were not applied to the larger chaebols as
efforts continued to restructure the nation's industries
via business swaps aimed at enhancing specialization and
debt reduction were underway.  


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

BERKAT HASIL SDN BHD: Winding-up petition
-----------------------------------------
Lau Soo Ha on 15/10/98 petitioned for the winding-up of
Berkat Hasil Sdn Bhd. The petition is directed to be heard
on 15/12/98.


EURO-MIX INDUSTRIES SDN BHD: Winding-up petition
------------------------------------------------
Platicorp (M) Sdn Bhd on 25/9/98 petitioned for the
winding-up of Euro-Mix Industries Sdn Bhd. The petition is
directed to be heard on 13/1/99.


INDERALOKA KIARA SDN BHD: Winding-up petition
---------------------------------------------
Perniagaan Berjaya on 15/10/98 petitioned for the winding-
up of Inderaloka Kiara Sdn Bhd. The petition is directed to
be heard on 15/12/98.


IRIICHI (BALING) SDN BHD: Voluntary winding-up
----------------------------------------------
The members of Iriichi (Baling) Sdn Bhd on 10/11/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 31/12/98.


TENAGA NASIONAL BHD: Results announcement
-----------------------------------------
Tenaga Nasional Bhd widened its loss to 3.09 billion
ringgit in the year ended August 31 from 140.6 million
ringgit a year earlier. On a pretax basis, the Malaysian
utility widened its loss to 2.79 billion ringgit from 144.7
million ringgit. The loss per share widened to 99.8 sen
from 4.6 sen.

The loss was attributed largely to a foreign-exchange loss
of 3.51 billion ringgit, reflecting the impact of dollar
debt coupled with a weakened ringgit. The foreign-exchange
loss is somewhat exaggerated, however, as it reflects the
level of the ringgit before Malaysia imposed capital
controls, when the currency was trading around 4.2 ringgit
to the US dollar.

Tenaga President Tajuddin Ali said net profit for the
current year will total between 1.5 billion ringgit and two
billion ringgit. He said maintaining the exchange rate at
3.8 ringgit will produce a foreign-exchange gain in 1999 of
40 sen for every dollar of debt. He added that dollar-
denominated debt currently amounts to 30% of Tenaga's total
debt, while yen-denominated debt totals 28% and ringgit
debt 38%, he said. He described cash flow as healthy and
sufficient to service Tenaga's loans and pay its bills to
the independent power producers from which it buys
electricity.   


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

DHARMALA PHILIPPINES: Officials resign
--------------------------------------
BusinessWorld reports a local firm is said to be buying
into listed company Dharmala Philippines, Inc. (DPI) as it  
has been recently faced with a spate of top management        
resignations. The local firm, which is allegedly attached
to The Professional Group, is said to be eyeing the company
and taking majority ownership of the company's securities
firm.


EVER-GOTESCO: Approves sale of Laguna mall
------------------------------------------
BusinessWorld reports Ever-Gotesco Resources Holdings, Inc.
will sell its 11.2-hectare shopping mall in Calamba,
Laguna, a province south of Manila, in order raise funds to
settle the company's obligations amounting to some 500
million Philippine pesos (PhP). Ever-Gotesco associate
vice-president for finance Arturo Garcia told BusinessWorld
yesterday that the company is expecting to finalize the
sale before the end of the year. Meanwhile, Ever-Gotesco
subsidiary Gotesco Land, Inc. (GLI) is also considering
selling several development projects in Batangas to
property-related firms and local and international hotel
operators. These properties include its Evercrest Whitecove
project in Nasugbu, Batangas and residential projects in
Batulao.


NATIONAL POWER: Employees not assured of job security
-----------------------------------------------------
BusinessWorld reports half of National Power Corp.'s
(Napocor) 13,000 regular employees are not guaranteed
employment security once private investors have taken
over the state-run power firm. Napocor will be up for sale
in a year's time. Under the plan, at least seven generating
companies will be spun off once Napocor is privatized while
a national transmission company, which is fully government-
owned, will be created.


NATIONAL STEEL CORP: Creditors give debt moratorium
---------------------------------------------------
The Asian Wall Street Journal reported that the creditors
of the National Steel Company have given it an indefinite
debt moratorium. An indefinite debt moratorium was provided
to the Philippines largest steel maker as all of the
company's loans are covered by assets. The moratorium
covers principal payments only.  

The report stated that National Steel Company has been
having trouble meeting maturing obligations due to the
weaker peso and higher interest rates. Earlier this year,
14 creditor banks provided National Steel with a 60-day
debt moratorium during a study of the company's assets and
financial viability.


PAPER CITY: Seeks debt shelf extension
--------------------------------------
BusinessWorld reports cash-strapped Paper City Corp. of the
Philippines (PCCP) has asked the Securities and Exchange
Commission (SEC) for another extension of debt payment. In
the same motion, the firm asked the SEC to turn down the
motion of Union Bank  of the Philippines, one of the firm's
major creditors, to dismiss Paper City's petition for the
temporary debt shelf.

Smarting from high interest rates and the devalued
Philippine peso (PhP), Paper City filed a petition with the
SEC for the suspension of its debt payments early this
year. Its total obligations amount to PhP292.357 million
plus $13.694 million in dollar loans as of January 12. Its
assets, on the other hand, are estimated at PhP1.575
billion.


PHILIPPINE AIRLINES: Receiver accepts conditional proposal
----------------------------------------------------------
Cathay Pacific yesterday moved closer to acquire control of
Philippine Airlines after the latter's receiver accepted a
conditional proposal for a possible investment by Cathay.

Cathay said it had offered about 3 million pesos to become
the airline's biggest shareholder. David Turnbull, chief
executive of Cathay, said the airline had made a
provisional offer of between 3 billion pesos and 4 billion
pesos to take a stake in the flag carrier.

PAL said the proposal remains subject to a number of
conditions including due diligence, agreement with
creditors on rescheduling PAL's liabilities, agreement on
technical assistance and governance arrangements, apart
from the finalisation of the necessary shareholders
agreement and subscription details.


SM PRIME: To benefit from debt reduction
----------------------------------------
BusinessWorld reports the reduction in SM Prime Holdings,
Inc.'s (SMPH) $150-million worth of foreign debt
obligations during the first nine months of the year is
expected to impact positively on the company's net income
for the fourth quarter, analysts said.

In its quarterly financial report to the stock exchange,
the mall developer said it was able to reduce foreign debts
by $15.69 million by end-September. The company's
international notes amounting to $150 million prior to the  
reduction were issued on August 22, 1996 and payable in one
lump sum on February 22, 2002. Interest was fixed at US
Treasury rate plus certain spread determined at the time of
the issuance of the notes.

Analysts interviewed by BusinessWorld said the move to
reduce a portion of its international notes will be
positive for the company since this would also translate to
better income for the next quarter.


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

ASIAN SEAFOOD: Results announcement
-----------------------------------
Asian Seafood ColdStorage PCL reports reviewed quarterly
financial statements as a net loss of Bt21.9 million for
the period ending September 30. This compares to a net
profit of Bt10.4 for the corresponding 1997 period.


CHRISTIANI & NIELSEN (THAI) PCL: Unable to pay dividend
-------------------------------------------------------
Christiani & Nielsen (Thai) PCL has informed the SET that
may not be able to pay interest and make any redemption for
bonds that were due on 4 November 1998 because of ongoing
financial restructuring. The company is currently
negotiating with bondholders to redeem the bonds at a price
lower than par value. The company will inform bondholders
concerning this matter accordingly.


CIRCUIT ELECTRONIC: SET reveals connected transaction
-----------------------------------------------------
The SET has informed shareholders of Circuit Electronic
Industries Public Company Limited (CIRKIT)'s annual
financial statement for the period ending 31 December 1997,
reported a loan by the company to several related
businesses worth Bt471.56 million. This was considered a
connected transaction under the SET's regulations. The
total amount of the loan was split between five companies
controlled by the Ngantaevee family; one of the major
shareholders in CIRKIT.

At the same time, CIRKIT had Bt150 million deposited with
several finance companies that had been closed down by the
authorities. Therefore, the company was unable to use or
withdraw this amount for five years. The company's
independent financial advisor, United Securities Public
Company Limited (UNITED) considered only the benefits of an
early pay-back of the Bt150 million from the closed
financial institutions without realizing the impact of the
approved credit line of Bt471 million. Therefore, the debt
to equity ratio of CIRKIT was higher than ever.

UNITED calculated a cash flow based on net present value
using the same discount rate for both the investment in the
closed-financial institution's promissory notes, which
would be changed to an Negotiable Certificate of Deposit
(NCD) from Krung Thai Bank Public Company Limited, and the
lending to related companies. This shows that UNITED did
not consider credit risk appropriately because any lending
to related companies which have no operational history must
have a higher risk than a NCD investment.

In analyzing the debt repayment capability of Thai-Laos
Lignite Company Limited, which took 92 per cent of the
total loan amount, UNITED only referred to the opinions of
CIRKIT's executives without giving its opinion as an
independent financial advisor. UNITED should have consider
independently whether Thai-Laos Lignite could really repay
the debt. In addition, UNITED did not make a statement
regarding the possible risk involved and did not
investigate the possibility of debt repayment from other
sources. Moreover, UNITED did not give any information on
the use of the loan or comment on its benefit to the
business of CIRKIT.   

UNITED did not fulfill its obligations as an independent
financial advisor with care and prudence in terms of
information dissemination. This, in turn, directly affected
the ability of CIRKIT's shareholders to decide on the
appropriateness of the loan to the related companies.

As a result of these findings, CIRKIT's shareholders are
advised by the SET to take care in making any decisions at
the EGM on Friday, 13 November 1998. The SET President, Mr
Singh Tangtatswas said "CIRKIT's shareholders must get the
additional information ordered by the Exchange from UNITED
before making any decisions. In addition, the SEC is
considering the possible suspension of UNITED's financial
advisor license.


FINANCE ONE: Arrest warrants approved for former execs
------------------------------------------------------
The Bangkok Post reports police have decided to take
further legal action against three former top executives of
Finance One Plc, after a one-month investigation found
strong evidence to back allegations first made by the Bank
of Thailand.

The central bank alleged in September that the three
executives approved loans worth more than two billion baht
to two subsidiaries of Finance One without collateral. It
said the loans were made even though the three, while they
were running Finance One, knew that the subsidiaries were
not in a position to borrow as they had a negative net
worth.


M.K. REAL ESTATE: Announces expiration of warrants
--------------------------------------------------
The warrants of M.K. Real Estate Development Public Company
Limited (MK-W) will expire on 30 December 1998. The company
will close the registration book starting from 18 November
1998 at noon to 30 December 1998 to give warrant holders an
opportunity to exercise their exercising right to buy the
company's common shares for the last time, which the last
exercising period will be on 15 December 1998 to 30
December 1998 during 10.00 a.m. - 3.00 p.m. In order to
comply with the SET's rules, the company has asked the
Exchange to suspend trading in MK-W from 13 November 1998
to 30 December 1998.


PETROLEUM AUTHORTITY: Tries again to make BMTA pay
--------------------------------------------------
The Bangkok Post reports Industry Minister Suwat
Liptapallop yesterday vowed to speed up the settlement of
2.7 billion baht in unpaid oil bills the Bangkok Mass
Transit Authority owes the Petroleum Authority of Thailand
(PTT).

PTT governor Pala Sookawesh told Mr Suwat that the
outstanding debts had aggravated cashflow problems faced by
the national oil company. Mr Suwat said BMTA would need to
obtain assistance from the Finance Ministry to find the
money to settle the debts promptly.


SEMICONDUCTOR VENTURES: Reports capital increase
------------------------------------------------
Semiconductor Ventures International Public Company Limited
reports the Board of Directors passed a resolution
approving the increase of a registered capital of the
Company from 158,563,620 Baht to 872,099,910 Baht by means
of the issuance of 71,353,629 ordinary/preferred shares
with a par value of 10.00 Baht each, totaling 713,536,290
Baht. The board of directors also approved the allotment of
71,353,629 ordinary/preferred shares with par value of
10.00 Baht each, totaling 713,536,290 Baht.

The company will use the capital increase/share allotment
to facilitate the cash flow and improve the financial
situation of the company. There is an agreement between the
major creditors and major shareholders not to declare any
dividend until the long term liabilities have been repaid.


TIPCO ASPHALT PCL: Announces expiration of warrants
---------------------------------------------------
The warrants of Tipco Asphalt Public Company Limited
(TASCO-W) will expire on 4 January 1999. The company will
close the registration book starting from 1 December 1998
at noon to 4 January 1999 to give warrant holders an
opportunity to exercise their exercising right to buy the
company's common shares for the last time. In order to
comply with the SET's rules, the company has asked the
Exchange to suspend trading in TASCO-W from 26 November
1998 to 4 January 1999.


TOTAL ACCESS COMM: Moody's announces ratings cut
------------------------------------------------
The Asian Wall Street Journal reported that Moody's
Investors Service reduced its senior debt rating for Total
Access Communication PLC from B1 to B2. Moody's was cited
as saying that the gloomy outlook for Thailand's economy
meant that Total Access wouldn't be able to service its
foreign debt obligations with increased operating profits.  
It was also stated that the company needs fresh capital to
service increased foreign debt obligations, particularly a
substantial number of bonds due in 2001.  


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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