TCRAP_Public/981124.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Tuesday, November 24, 1998, Vol. 1, No. 193

                    Headlines


* C H I N A   &   H O N G   K O N G *

BEIJING OLYMPIC HOTEL: Court orders sale
BOSSINI INTERNATIONAL: Fights writs for unpaid rent
CA PACIFIC: Early payment for CA Pacific clients seen
CENTURY CITY: Century City denies fresh asset deal
CHINA DEVELOPMENT CORP: Results announcement

CONCORDIA PAPER: Closure triggers recycling fears
GUANGDONG ENTERPRISES: Guangdong decides on Goldman
GUANGDONG INTERNATIONAL: HKAB to bring up loan concerns
KPS VIDEO CHAIN: Former staff petition to wind up chain
KOSONIC INTERNATIONAL: Results announcement

QIANCUN DEPARTMENT STORE: Officials held after debt order
THEME INTERNATIONAL HOLDINGS: Results announcement


* J A P A N *

AOKI CORP: Aoki asks for debt write-off
KYOSAI SECURITIES: To file for voluntary closure
LTCBR CONSULTING: Asatsu to buy LTCB consulting affiliate
LONG TERM CREDIT: Norinchukin to offer credit line to LTCB
SANYO SECURITIES: To start bankruptcy procedures

TOYOTA MOTOR: Results announcement


* K O R E A *

DAEWOO GROUP: New credit rules may hurt Daewoo
HANBO COMPANY: Completes liquidation procedure
HANHWA MACHINERY: Firm's trade suspended
HANJU ELECTRONICS: Firm's trade suspended
JINDO TRADING: Firm's trade suspended

KIA MOTORS: Creditors to write off 13% of unreported debt
MUHAK WINERY: Withdraws creditor reconciliation application
NK TELECOM: Withdraws creditor reconciliation application
TONG-IL HEAVY INDUSTRY: Firm's trade suspended


* M A L A Y S I A *

AFFIN HOLDINGS BHD: Rating downgrade
AFFLUENT SHIPPING SDN BHD: Winding-up petition
ARUS MURNI CORP BHD: Rating downgrade
BENTENG DUNIA SDN BHD: Winding-up petition
BUMIPUTRA MERCHANT BANKERS BHD (BMBB): Rating downgrade

DATAPREP HOLDINGS BHD: Results - 30/9/98
ENERYIELD (M) SDN BHD: Winding-up petition
IRWAN PROPERTY SDN BHD: Voluntary winding-up
KONSORTIUM PERKAPALAN BHD: Reduction of share premium
LEPANG ENTERPRISE SDN BHD: Winding-up petition

ML INDUSTRIES SDN BHD: Winding-up petition
MALAYSIAN INDUSTRIAL DEVELOPMENT: Rating downgrade
PASARAYA MATAHARI (BATU PAHAT) SDN BHD: Winding-up petition
PEONY TRADING SDN BHD: Winding-up petition
POLAR CORPORATION SDN BHD: Voluntary winding-up

SAP HOLDINGS BHD: Results - 30/6/98


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

ORIENT BANK: Faces violation of bouncing check law
PHILIPPINE AIRLINES: PAL's red hurts talks with Cathay
UNITED PARAGON MINING: Will retrench 800 workers


* T H A I L A N D *

ALPHATEC ELECTRONICS: Creditor will decide firm's fate
BANGKOK LAND PCL: Results announcement
KR PRECISION: Results announcement
KRUNG THAI BANK PCL: Results announcement
NTS STEEL GROUP PCL: Results announcement

PADAENG INDUSTRY PCL: Results announcement
SHINAWATRA SATELLITE: Back in the black
SIAM COMMERCIAL BANK: Results announcement
SINO-THAI ENGINEERING: Reports loan restructuring
SRIVARA REAL ESTATE GROUP PCL: Results announcement

SUPALAI PCL: Results announcement
THAI AUTOMOTIVE: To be liquidated


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

BEIJING OLYMPIC HOTEL: Court orders sale
----------------------------------------
According to the SCMP, the court on Wednesday completed
transfer of the Beijing Olympic Hotel to a consortium of
five banks after it failed to pay a debt of 5.7 billion
yen. Li Kuangtsu, managing director of Hong Kong Jiaxing
China Investment and general manager until the seizure of
the hotel by the court, is contesting the court ruling.


BOSSINI INTERNATIONAL: Fights writs for unpaid rent
---------------------------------------------------
Bossini International Holdings yesterday said it would
carry out a legal defence against writs for unpaid rent
issued against one of its subsidiaries.

The writs total only $4.8 million as the landlord of the
Imperial Centre store has agreed to pay $7.15 million in
unpaid rent from the deposit, the firm said in a statement.
It said contingent liabilities total $20 million and the
company does not expect any significant effect on its
financial position.

The company said it has no cash flow or liquidity problems
at the moment. Bossini has reported a net loss of $45.5
million for the year to March, a sharp reversal from a
$64.35 million net profit in the previous year.

The company blamed the loss on high interest rates as well
as a sharp decline in tourist arrivals and spending which
took a heavy toll on its performance. It said the company
has taken a series of drastic measures to try and reduce


CA PACIFIC: Early payment for CA Pacific clients seen
-----------------------------------------------------
According to the Hong Kong Standard, the court-appointed
liquidators of the collapsed CA Pacific, Price Waterhouse
Coopers, said they hoped the court would be able to hand
down its decision next month on compensation of clients.

The liquidators also noted that some clients' claims would
be determined by the Stock Exchange as early as the end of
this month. After that it is for the Securities and Futures
Commission to vet each determined claim and carry out
essential procedures.


CENTURY CITY: Century City denies fresh asset deal
--------------------------------------------------
According to the SCMP, Century City International Holdings
and Paliburg Holdings, whose share prices surged yesterday,
denied last night that a deal was imminent for the disposal
of any assets.

Both companies have been offloading assets in recent weeks
as they struggle to meet loan repayments. Century City
deferred payment on a $574 million loan last month after
bankers allowed it more time to sell assets.


CHINA DEVELOPMENT CORP: Results announcement
--------------------------------------------
An exceptional loss of $228.25 million drove China Develop-
ment Corp.'s net losses to $277.03 million for the year to
June 30. Most of the exceptional loss came from a $120.8
million provision for the diminution in value of a long-
term investment reclassified as a short-term investment.
Other provisions included $42.46 million for a doubtful
loan and a $30.09 million unrealised exchange loss on a
long-term receivable. Loss per share was 40.3 cents against
3.4 cents a year ago.


CONCORDIA PAPER: Closure triggers recycling fears
-------------------------------------------------
According to the SCMP, Concordia Paper, based in Yuen Long
Industrial Estate, closed on Thursday with debts of $468
million. It is estimated wages owed exceed $10 million. The
company collected about 14,000 tonnes of waste paper a
month.

Ernst & Young have been appointed receivers.

An Environmental Protection Department spokesman admitted
that failure of the firm, which consumed a quarter of all
collected waste paper, may have some impact. He said the
department is contacting paper recycling plants and
collection companies to seek collaboration with them so as
not to affect the government's paper recovery program.

He said the government would consider other financial
incentives to promote recycling activities. The department
leased sites to recyclers at low rents.

Concordia general manager Gary Cheng said that the company
had contacted around 10 potential buyers.


GUANGDONG ENTERPRISES: Guangdong decides on Goldman
---------------------------------------------------
According to the SCMP, the Guangdong provincial government
has hired the US investment bank Goldman Sachs to advise on
the restructuring of its premier Hong Kong-based investment
arm Guangdong Enterprises (GDE) and listed flagship
Guangdong Investment (GDI) in a bid to restore confidence
in the financial system.

Sources said Goldman was pushed to bring in several
international strategic investors, and to look at the
possibility of taking a stake in GDI.

Vice-governor Wang Qishan worked closely with Goldman
officials when he was the chairman of China International
Capital Corp (CICC). CICC and Goldman were sponsors for the
flotation of China Telecom last year.

Sources said Guangdong had already hired KPMG Peat Marwick
to audit GDE and GDI. They said a team including officials
from Guangdong, the People's Bank of China, and other
central government departments, were already in Hong Kong
to assist the restructuring. They said the GDI was also in
negotiations to sell some of its assets, including
cement-manufacturing facilities and Hong Kong properties,
to reduce its high debt ratio.

Late last month the provincial government promised to
inject capital and quality assets to bail out the two
firms, but it did not put a price on the bailout package,
nor did it say when it would begin.

The firm has twice in the past few weeks asked for an
extension of repayment on a $30 million syndicated loan,
arranged by Bankers Trust. It will have to prepare for
another $11 million interest payment next month on a $250
million bond due in 2003. Market watchers and bankers
are focusing their attention on whether GDE will be able to
meet an interest payment of about US$22 million due today
on a $500 million bond due in 2007.


GUANGDONG INTERNATIONAL: HKAB to bring up loan concerns
-------------------------------------------------------
According to the Hong Kong Standard, the Hong Kong
Association of Banks (HKAB) will bring concerns of its
member banks on the collapsed Gitic to the attention of the
People's Bank of China (PBOC) and the mainland's State
Administration for Foreign Exchange (Safe) late next week.

A survey has been carried out to determine the extent of
the Gitic collapse had on the members. The principal
concern of HKAB members is whether loans granted to Gitic
but not registered with Safe will be repaid.

The member banks had many questions and a meeting between
the HKAB, PBOC and Safe would be arranged to clarify the
issues concerning Gitic.


KPS VIDEO CHAIN: Former staff petition to wind up chain
-------------------------------------------------------
According to the Hong Kong Standard, the Legal Aid
Department has petitioned the High Court to wind up the KPS
video chain on behalf of its former employees. The court
will hear the petition on Dec 23. Having issued the
petition on Thursday, former employees can now claim
ex-gratia payments from the Labour Department under the
Protection of Wages on Insolvency Fund. KPS receivers Ernst
& Young said it would clarify its position next week.


KOSONIC INTERNATIONAL: Results announcement
-------------------------------------------
Audio goods maker Kosonic International Holdings has nar-
rowed its loss to $121.52 million for the year ended
September compared with $250.84 million a year earlier. The
company, whose shares have been suspended since October 23,
1996, said it was in financial difficulties and actively
involved in bringing in new investors for capital
injection. Turnover dived 90.62 per cent to $18.67 million.
Loss per share was 25.5 cents, an improvement from 52.7
cents a year earlier.


QIANCUN DEPARTMENT STORE: Officials held after debt order
---------------------------------------------------------
According to the SCMP, the Beijing Youth Daily reported
yesterday that police detained the general manager and
three associates of the Qiancun Department Store on
Wednesday, in response to an order from Chaoyang District
Court acting on behalf of 102 creditors owed money by the
store. They can be held for 15 days. In addition, the court
froze two company bank accounts and on Wednesday sealed a
floor in the department store used by management.

The court took up the case in December last year and has
received applications by the creditors for the repayment of
10 million yuan. In March, the court ordered four million
yuan in assets to be set aside as collateral. However, the
officials ignored the order and sold air conditioners and
washing machines worth 800,000 yuan to pay wages even
though these were included in the collateral.

Separately, Everbright Bank is taking legal action against
the group to recover two loans equalling 35 million yuan
extended in Oct and Nov 1996.

The group, owned by 6 shareholders, is based in Zhengzhou,
capital of Henan. It expanded into department stores in
1996. Its Tianjin store has closed and the Beijing and
Guangzhou stores are in financial difficulties. On Oct 31,
the group was ordered by a court to sell part of a building
next to its Beijing store, auctioning it for 42.18 million
yuan.


THEME INTERNATIONAL HOLDINGS: Results announcement
--------------------------------------------------
According to the SCMP and the Hong Kong Standard, Theme
International Holdings plunged to an $806.62 million net
loss for the year to March from a net profit of $90.76
million last year, far worse than the consensus of $42.3
million by six analysts in the latest edition of the
Estimate Directory. Operating loss collapsed to a $528,94
million from an $81.12 million previously. Turnover grew
almost 20 per cent to $1.05 billion.

The Hong Kong market brought a $168 million operating loss.
The company was also hit by investments in Singapore
retailing off-shoot Emporium Holdings (Singapore) and
women's hosiery maker Fitlady Investments Holdings. It
booked a $338,91 million exceptional loss for the year,
including a $245.4 million provision against interest in
and goodwill written off on buying Emporium and its
subsidiaries. According to the SCMP, Theme International
bought an indirect 55.72 per cent controlling interest in
the loss-making firm last year in a share-for-asset
exchange with China Everbright-IHD Pacific. Theme also made
a $49.53 million provision against its 40 per cent
investment in Fitlady, which yielded a $27 million profit
contribution during the period.

Both papers reported that the company made a $43.98 million
provision for the closure of stores subsequent to March 31.
It is undergoing a $304 million debt restructuring with 12
creditor banks with the help of substantial shareholder
China Everbright-IHD.

The SCMP said that it slashed overheads and the floor area
of its headquarters in Kwai Chung. The directors will also
consider disposing of certain non-core investments as the
group restructures and repositions its core fashion
retailing business. It has shut down two regional offices
in Shanghai and Beijing to strengthen risk control.

A provision for the closure of its Hong Kong outlets is
expected to be made in the current financial year.

The company has eight outlets in Hong Kong and Macau, and
80 outlets in the mainland, half of which are operating on
a franchise basis.

The loss per share was $1.4 compared with earnings per
share of 18.98 cents previously.

The Hong Kong Standard mentioned that Theme was forced to
forge a standstill agreement with its 11 creditors, which
it announced last month.


=========
J A P A N  
=========

AOKI CORP: Aoki asks for debt write-off
---------------------------------------
According to the SCMP and the Hong Kong Standard, Aoki
Corp., one of Japan's leading construction companies, will
ask creditors to forgive about 200 billion yen in loans.

According to the SCMP, Aoki said its two largest creditors
were Asahi Bank, and Industrial Bank of Japan (IBJ). The
company asked Asahi to forgive 78 billion yen and IBJ to
forgive 77 billion yen, according to Nikkei English News.
An IBJ spokesman confirmed the bank would forgive part of
the debt.

Aoki also widened its group net loss forecast for the full
year to the end of March to 54 billion yen from two billion
yen, a fifth straight loss. It said it would take measures
to cut costs, including the reduction of employee salaries
by 15 per cent.

On a parent basis excluding subsidiaries, Aoki reported a
pretax loss of 761 billion yen for the half year to Sept
30, reversing a profit of one trillion yen for the same
period last year. Sales dropped 36 per cent to 93 trillion
yen.

According to the Hong Kong Standard, Asahi Bank and IBJ,
Aoki's main creditors, which extended about 80 per cent of
the 200 billion yen credit, have basically accepted the
request.

Aoki said the request was made to help carry out its plan
to take a total 290 billion yen loss in 1998-99 for
restructuring of group operations and development projects
it has guaranteed. It would also use 90 billion yen of its
capital to cover the loss. Under a new five-year
restructuring plan through 2003/04, Aoki said it aimed to
restructure or withdraw from business areas such as
overseas construction, development and hotel operations,
while consolidating loss-making group firms.


KYOSAI SECURITIES: To file for voluntary closure
------------------------------------------------
Nikkei News reports Kyosai Securities K.K., an Aichi
Prefecture-based brokerage, decided Thursday to shut
voluntarily and will shortly file for closure with the
Financial Supervisory Agency, The Nihon Keizai Shimbun
learned Thursday. Long-Term Credit Bank of Japan, currently
under state control, has a major stake in the brokerage.
Investor assets will be protected by an investor protection
fund similar in function to the Deposit Insurance Corp.

Kyosai Securities has five branches in Aichi Prefecture
with a combined staff of 60. It is capitalized at 400
million yen and has total assets of 11.46 billion yen.
The securities house booked 169 million yen in pretax loss
in fiscal 1997.


LTCBR CONSULTING: Asatsu to buy LTCB consulting affiliate
---------------------------------------------------------
Nikkei News reports Asatsu Inc., Japan's third largest
advertising agency, has agreed to buy 60% of LTCBR
Consulting Inc. from the business group of Long-Term Credit
Bank of Japan within this year. The purchase price is
estimated at about 260 million yen. Asatsu will acquire the
majority interest in the Tokyo consulting firm from LTCB
Consulting and Research Institute Inc., which itself is to
be acquired by temporary staff agency Pasona Inc.

LTCBR Consulting has a staff of about 80, and chalked up
receipts of 1.9 billion yen in the year ended March.


LONG TERM CREDIT: Norinchukin to offer credit line to LTCB
----------------------------------------------------------
Nikkei News reports Norinchukin Bank will decide by the end
of this month to open up to 300 billion yen of credit line
for Long-Term Credit Bank of Japan, The Nihon Keizai
Shimbun learned Wednesday. This will enable LTCB, currently
under temporary state control, to raise funds within a
specified limit on the unsecured overnight call market.
Other leading commercial institutions, including Bank of
Tokyo-Mitsubishi and Industrial Bank of Japan, will also
provide lending to LTCB, viewing the temporary
nationalization as having improved the chance of recovering
such loans. This will make it much easier for LTCB to
secure working capital. LTCB's repayment of 130 billion yen
in debt left by its failed subsidiary Japan Leasing Corp.
was also a factor in the decision.


SANYO SECURITIES: To start bankruptcy procedures
------------------------------------------------
Kyodo News reports Sanyo Securities Co., a debt-ridden
midsize brokerage whose efforts to reconstruct itself under
court protection have broken down, plans to file for
bankruptcy with the Tokyo District Court next month, Sanyo
sources said Monday.

Sanyo, which has sought to revive itself under the court-
sanctioned protection from claims on its assets by
creditors, will give up its rehabilitation efforts and hand
over all the remaining customer assets to NCS Securities
Co., an Osaka-based small brokerage, the sources said.

A group of Sanyo's court-appointed asset administrators
will start negotiations, perhaps this week, with the court
to prepare for the planned filing of the bankruptcy
proceedings, they said.

Sanyo collapsed last November, weighed down by 373.6
billion yen in debts and 80 billion yen in bad loans which
it was forced to take over in 1994 from 14 companies,
including Sanyo General Capital, an affiliated finance
company.

Sanyo, which was listed on the First Section of the Tokyo
Stock Exchange (TSE), filed for court protection Nov. 3
last year, becoming the first-ever listed brokerage to file
for the invoking of the Corporate Rehabilitation Law.

Sanyo's efforts to reconstruct itself by finding a
corporate acquirer for the company over the past year
failed earlier forcing it to close all of its branches in a
series of operations since June and to seek liquidation of
its assets to repay liabilities.

Sanyo has faced difficulties in having customers cancel
their accounts and pull out their assets from the
brokerage. These difficulties have hampered the liquidation
proceedings. As of the end of October, there were still
40,000 customer accounts which had a total of 20 billion
yen worth of cash and securities. Sanyo Securities will
completely hand over these assets to NCS except for those
assets which are disputed.


TOYOTA MOTOR: Results announcement
----------------------------------
Toyota Motor Corp.'s consolidated net profit for the fiscal
half ended September declined 20% year on year to 192.6
billion yen, despite an 11% rise in sales to 6.18 trillion
yen, the company announced Friday. The company began
announcing its consolidated interim earnings results for
the first time this year. Overseas car sales were brisk,
providing 110 billion yen in foreign exchange gains. But
domestic sales were slow and earnings were also dented by
about 30 billion yen in appraisal losses on securities
holdings.

Net profit is seen falling 23% to 351 billion yen. The
company assumes an exchange rate of 120 yen to the dollar
for the second half. Depreciation costs are expected to
rise 100 billion yen from the previous year.


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

DAEWOO GROUP: New credit rules may hurt Daewoo
----------------------------------------------
The Asian Wall Street Journal reports that new credit
regulations may limit the Daewoo's group access to new
funds. The new rules, which went into effect in Korea in
October, limit the amount bonds from a single industrial
group that financial institutions may hold. Under the new
regulations, a bank or insurance company can now only hold
10 percent of its bond portfolio in bonds issued by a
single conglomerate. For investment trust companies, the
limit is 15 percent.  

According to the report, this has raised concerns about the
Daewoo Group, which is reportedly more dependent on the
Korean bond market than most conglomerates. Daewoo already
has 18.9 trillion won in bonds outstanding in Korea, and
analysts cited state that many Korean banks and insurers
have already reached the limit of ownership on Daewoo
bonds. This could make it very difficult for Daewoo to
raise new funds.  

The Asian Wall Street Journal reports that Daewoo is highly
leveraged and has 4.25 as much debt as it has equity as of
the end of 1997. An analyst in Seoul was also quoted as
saying that Daewoo has a very week balance sheet.  

Daewoo officials state that the company is not under a
financial strain, and that companies in the group are still
capable of issuing another 2.2 trillion won in bonds,
despite the government restrictions. It also noted that
money raised from the bonds was used to retire high
interest bank debt.  

According to a similar story in the Korea Times, Japan's
Nomura Securities Company issued a report with respect to
Daewoo's liquidity problems entitled " Alarm Bells Ringing
for the Daewoo Group." The report was quoted as saying that
Daewoo is like to face huge difficulties in arranging
equity financing and it appears that its only survival  
option is through the sale of assets. However, the report
question if the group's companies or assets were attractive
enough to entice investors into the merger and acquisition
market. The report further speculated that if overseas
creditors were to rush to redeem loans, the Daewoo Group
would be forced to enter into a workout procedure.

According to the SCMP and the Hong Kong Standard, Daewoo
Group denied reports it was facing a cash crunch which
could threaten its viability, saying it expected a net
profit of US$519 million this year. An official stressed
that all units except Ssangyong Motor, which the group took
over early this year, were operating at a profit.

According to the Hong Kong Standard, the group incurred
losses of about 90 billion won in the first half due mainly
to Ssangyong Motor's losses of 370 billion won for the
period.

The Hong Kong Standard reports president Chang Byung Uu
said a drop in interest rates would lower Ssangyong
interest costs and this with the profits that the other
sectors are making, should more than offset the losses in
Ssangyong Motor. He said the group would be able to honor
commercial paper due at the year's end and totalling 2
trillion won.  He said Daewoo had put a freeze on all plans
for new investments since last November and did not see a
need to raise fresh funds.


HANBO COMPANY: Completes liquidation procedure
----------------------------------------------
The Seoul District Court advertised in the Korean language
Maeil Kyungje that the Hanbo Company completed its
liquidation procedure. The company's representative is Mr.
Park Tae-in.


HANHWA MACHINERY: Firm's trade suspended
----------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Korea Stock Exchange has suspended the
trade of the Hanhwa Machinery Company as of November 20th,
1998. This suspension is to be in effect until the
company's operation normalization procedures are settled.  


HANJU ELECTRONICS: Firm's trade suspended
-----------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Korea Stock Exchange has suspended the
trade of the Hanju Electronics Company as of November 20th,
1998. This suspension is to be in effect until the
company's operation normalization procedures are settled.  


JINDO TRADING: Firm's trade suspended
-------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Korea Stock Exchange has suspended the
trade of the Jindo Trading Company as of November 20th,
1998. This suspension is to be in effect until the
company's operation normalization procedures are settled.  


KIA MOTORS: Creditors to write off 13% of unreported debt
---------------------------------------------------------
The Korea Herald reports the creditors of bankrupt Kia
Motors Company and Asia Motors Company will write off 200
billion additional won in debt in return for Hyundai
purchasing the two auto makers. However, this amount is
equivalent to only 13 percent of the value of hidden debts
uncovered at these companies by Hyundai.

Hyundai Motors Company, Korea's largest automobile
manufacturer (and the winner of an international auction of
the bankrupt Kia Motors Company and the Asia Motors
Company), has reported that its own audit of the assets
and debts reveals that it has discovered an addition 1
trillion won of hidden debt at Kia, as well as 500 billion
won of unreported debt at Asia Motors.

The report indicated that the auction office for Kia and
Asia Motors have reviewed Hyundai's requests and have made
it clear that it could not accept the demand by Hyundai to
write off all of the discovered debt.

Meanwhile, Hyundai Motor's chairman was reportedly calling
for an independent auditor's review, while the auction
office had flatly dismissed the need for such a review.

Hyundai agreed to purchase Kia under the condition that
Kia's creditors write off 7.19 trillion won in debt. Under
to formula used in the bidding agreements, if Hyundai can
prove that either extra debt or asset shortage exist which
totals to 510 billion won (representing 10 percent of
stated net assets in the auction last month) creditors will
write-off additional debts. Following its being named a
winner, Hyundai dispatched a 160-member survey team to
examine the Kia and Asia factories, production facilities,
technology, and other sectors to evaluate the debts and
assets of these auto makers.

However, the report stated that this disagreement will
probably not delay the signing by Hyundai of a Kia takeover
and stock purchase agreement scheduled for December 1.


MUHAK WINERY: Withdraws creditor reconciliation application
-----------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Muhak Winery Company withdrew their
application for a creditor reconciliation procedure.


NK TELECOM: Withdraws creditor reconciliation application
---------------------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the NK Telecom Company has withdrawn their
application for creditor reconciliation.


TONG-IL HEAVY INDUSTRY: Firm's trade suspended
----------------------------------------------
According to the Korean language Maeil Kyungje's Business
Brief section, the Korea Stock Exchange has suspended the
trade of the Tong-il Heavy Industry Company as of November
20th, 1998. This suspension is to be in effect until the
company's operation normalization procedures are settled.  


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

AFFIN HOLDINGS BHD: Rating downgrade
------------------------------------
Affin Holdings Bhd's (listed on the KLSE) RM255mil
guaranteed redeemable bonds has been downgraded to AA2
following the downgrade of the guarantor bank, Public Bank
Bhd (listed on the KLSE) to AA2.


AFFLUENT SHIPPING SDN BHD: Winding-up petition
----------------------------------------------
Century Logistics Sdn Bhd on 15/10/98 petitioned for the
winding-up of Affluent Shipping Sdn Bhd. The petition is
directed to be heard on 26/2/99.


ARUS MURNI CORP BHD: Rating downgrade
-------------------------------------
Arus Murni Corp Bhd's RM120mil guaranteed redeemable bonds
have been downgraded to A1 following the downgrade of
Mayban Finance Bhd, the guarantor bank.


BENTENG DUNIA SDN BHD: Winding-up petition
------------------------------------------
Yedini Machinery on 23/10/98 petitioned for the winding-up
of Benteng Dunia Sdn Bhd. The petition is directed to be
heard on 13/1/99.


BUMIPUTRA MERCHANT BANKERS BHD (BMBB): Rating downgrade
-------------------------------------------------------
BMBB's long term rating has been downgraded to BBB2 by
Rating Agency Malaysia, to reflect the tougher operating
environment resulting from the economic downturn.

With the long term downgrade of BMBB, the debt issues
guaranteed proportionately by BMBB, to Gula Perak Bhd's
RM150mil redeemable bonds; Ireka Construction Bhd's RM60mil
unsecured bank guaranteed bonds; PJ Development Holdings
Bhd's RM150mil unsecured bank guaranteed bonds; and TSH
Resources Bhd's RM55mil redeemable bank guaranteed bonds
(all these companies are listed on the KLSE) had been
downgraded accordingly to BBB2.


DATAPREP HOLDINGS BHD: Results - 30/9/98
----------------------------------------
Dataprep Holdings Bhd (listed on the KLSE) reported a post-
tax loss of RM0.539mil for the 6months ended 30/9/98,
compared to a post-tax loss of RM7.143mil previously.
Loss per share fell 95.3% from RM0.22 to RM0.01.


ENERYIELD (M) SDN BHD: Winding-up petition
------------------------------------------
Oriental Finance Bhd on 27/8/98 petitioned for the winding-
up of Eneryield (M) Sdn Bhd. The petition is directed to be
heard on 18/12/98.


IRWAN PROPERTY SDN BHD: Voluntary winding-up
--------------------------------------------
The members of Irwan Property Sdn Bhd on 19/11/98 resolved
to wind-up the company voluntarily. Creditors are requested
to submit their claims before 23/12/98.


KONSORTIUM PERKAPALAN BHD: Reduction of share premium
-----------------------------------------------------
Konsortium Perkapalan Bhd (a shipping company, listed on
the KLSE) resolved to reduce its share premium account from
RM474,137,000 to RM64,137,000. The petition has been
submitted to the High Court on 19/11/98 and to be heard on
15/12/98.


LEPANG ENTERPRISE SDN BHD: Winding-up petition
----------------------------------------------
Perniagaan Medan Klasik on 21/10/98 petitioned for the
winding-up of Lepang Enterprise Sdn Bhd. The petition is
directed to be heard on 9/2/99.


ML INDUSTRIES SDN BHD: Winding-up petition
------------------------------------------
The members of ML Industries Sdn Bhd on 17/11/98 resolved
to wind-up the company voluntarily. Creditors are requested
to submit their claims before 21/12/98.


MALAYSIAN INDUSTRIAL DEVELOPMENT: Rating downgrade
--------------------------------------------------
MIDF's long term rating has been downgraded by Rating
Agency Malaysia to A2. Debt issues to Kim Hin Industry
Bhd's (listed on the KLSE) RM50mil guaranteed redeemable
bonds and KL Airport Services Sdn Bhd's RM60mil zero coupon
guaranteed redeemable bonds have been downgraded to A2
accordingly.


PASARAYA MATAHARI (BATU PAHAT) SDN BHD: Winding-up petition
-----------------------------------------------------------
Securicor (M) Sdn Bhd on 1/10/98 petitioned for the
winding-up of Pasaraya Matahari (Batu Pahat) Sdn Bhd. The
petition is directed to be heard on 26/1/99.


PEONY TRADING SDN BHD: Winding-up petition
------------------------------------------
Century Logistics Sdn Bhd petitioned for the winding-up of
Peony Trading Sdn Bhd. The petition is directed to be heard
on 26/2/99.


POLAR CORPORATION SDN BHD: Voluntary winding-up
-----------------------------------------------
The members of Polar Corporation Sdn Bhd on 16/11/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 16/12/98.


SAP HOLDINGS BHD: Results - 30/6/98
-----------------------------------
SAP Holdings Bhd (listed on the KLSE) incurred a group pre-
tax loss of RM1.468mil for the 6months ended 30/6/98,
compared to a pre-tax loss of RM12.187mil previously.


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

ORIENT BANK: Faces violation of bouncing check law
--------------------------------------------------
PNA reports bankrupt Orient Bank has one more trouble
coming. After a private foundation here approved a
resolution directing its legal counsels to file a case for
violation of Batas Pambansa Bilang 22 or the Bouncing Check
Law against the bank. The suit could embolden other
depositors of Orient Bank to also take similar legal action
for them to be able to withdraw all of their deposits from
the bankrupt bank.

Lawyer Alejandro Decano, chief legal counsel of the
foundation, said that on February 12 this year, the Orient
Bank branch issued a manager's check worth 373,572 pesos in
favor of the foundation, representing the latter's partial
withdrawn deposit. But the foundation was not able to
encash the check because the bank observed holidays the
next banking days.


PHILIPPINE AIRLINES: PAL's red hurts talks with Cathay
------------------------------------------------------
According to the SCMP and the Hong Kong Standard, officials
said that mounting losses posted by PAL may undermine its
position in talks to sell a stake to Cathay Pacific
Airways.

PAL reported on Friday its net loss in the six months to
Sept 30 swelled to 6.09 billion pesos from a net loss of
2.12 billion pesos a year earlier.

According to the SCMP, its revenues dropped to 11.74
billion pesos in the six months, from 17.58 billion in the
same period last year.

Cathay chairman Peter Sutch said the airline was thinking
of becoming a shareholder in a group of foreign investors
allowed under the law to hold a maximum 40 per cent stake
in a Philippine company.

Manila approved on Wednesday an extension of the deadline
for submission of a rehabilitation plan. The new deadline
coincides with Cathay's 25-day final due diligence. Fearing
possible retrenchments, PAL employees called a rally to
protest against the deal, but few turned up.

PAL executive vice president Mr Aquino said there was good
reason for Cathay to seek labor cuts to make PAL more
efficient.


UNITED PARAGON MINING: Will retrench 800 workers
------------------------------------------------
BusinessWorld reports reduced capacity has prompted listed
mining firm United Paragon Mining Corp. (UPM) to cut down
costs by laying off some 700 to 800  workers. UPM corporate
secretary Augusto B. Sunico informed the stock exchange
that the company suffered from "extremely heavy fractured
ground and strong ingress of water in the underground"
during the first nine months of the year which affected
operations.


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

ALPHATEC ELECTRONICS: Creditor will decide firm's fate
------------------------------------------------------
According to the Bangkok Post, creditors of Alphatec
Electronics Plc will vote on a business reorganisation plan
on December 1. The plan, filed with the court on November
5, requires approval by creditors owed altogether at least
three-quarters of the debt. They will be called to a
meeting for a vote in person or by proxy.

If approved by creditors, the plan prepared by
PricewaterhouseCoopers will require court approval.

The Alphatec plan is the first filed under the new
amendments to the Thai Bankruptcy Act, and is aimed at
allowing the firm to continue and expand its semi-conductor
packaging business.

New equity and working capital will be injected into the
firm while some debt will be converted to shares. As of
June 4, creditors were owed $375 million, against asset
bokk value of $78 million.

Under the plan, a new investor would provide up to $40
million for future capital spending by the new,
restructured company. Of the current debt, $10 million
would be converted into a 20% shareholding in the
restructured firm. Outstanding debt of $35 million would be
divided into secured and unsecured portions, serviced by
the new firm in the future. Another $55 million would be
restructured as a performance-linked, non-interest bearing
obligation to be issued by the company.


BANGKOK LAND PCL: Results announcement
--------------------------------------
Bangkok Land PCL reports reviewed quarterly financial
statements as a net loss of Bt478 million for the period
ending September 30, 1998. This compares with a loss of
Bt7.8 billion for the corresponding 1997 period.


KR PRECISION: Results announcement
----------------------------------   
According to the Bangkok Post, electronics manufacturer KR
Precision Plc posted a net profit of 23.6 million baht for
the third quarter of the year, compared with a net loss of
65 million baht in the preceding quarter and a net profit
of 32.1 million baht in the third quarter of 1997.

But sales were down by 23.88% over the same period last
year, due mainly to a 32.6% decline in shipments to 18.6
million units from 27.6 million in the third quarter of
1997, at lower average unit selling prices.

Net income was also adversely affected by the additional
interest expense on dollar-denominated loans. Interest
expenses increased from 18.5 million baht in the third
quarter of 1997 to 29.5 million baht in the third quarter
of this year as a result of the lower baht exchange rate.

According to the statement, the company is still in
discussions with its creditors over the restructuring of
its US dollar denominated debt. The previous target for a
restructured loan agreement has been extended from the end
of October to the end of December.


KRUNG THAI BANK PCL: Results announcement
-----------------------------------------
Krung Thai Bank PCL reports reviewed quarterly financial
statements as a net loss of Bt8.47 billion for the period
ending September 30, 1998. This compares with a profit of
Bt349 million for the corresponding 1997 period.


NTS STEEL GROUP PCL: Results announcement
-----------------------------------------
NTS Steel reports reviewed quarterly financial statements
as a net loss of Bt2.3 billion for the period ending
September 30, 1998. This compares with a loss of Bt1.24
billion for the corresponding 1997 period.


PADAENG INDUSTRY PCL: Results announcement
------------------------------------------
Padaeng Industry PCL reports reviewed quarterly financial
statements as a net loss of Bt472 million for the period
ending September 30, 1998. This compares with a loss of
Bt1.083 billion for the corresponding 1997 period.


SHINAWATRA SATELLITE: Back in the black
---------------------------------------   
The Bangkok Post reports Shinawatra Satellite Plc, operator
of the Thaicom satellite, reported a 500-million-baht
profit in the third quarter because most of its revenue is
in US dollars.

President Dumrong Kasemset said the result compared with a
two-billion-baht loss in the same period last year, due
mainly to baht depreciation. Revenue from satellite
operations rose by 66% as the foreign customer base had
increased.

As well, the company's foreign debt had declined from
US$290 million to $200 million. "We sold [a stake in] the
ICO global satellite telephone project [formerly known as
Inmarsat] worth $60 million in order to repay the debt," he
noted.


SIAM COMMERCIAL BANK: Results announcement
------------------------------------------
Siam Commercial Bank PCL reports reviewed quarterly
financial statements as a net loss of Bt 1.56 billion for
the period ending September 30, 1998.


SINO-THAI ENGINEERING: Reports loan restructuring
-------------------------------------------------
Sino-Thai Engineering and Construction PCL has informed the
SET that lenders for the syndication loan US$ 80 million
and the bilateral loan US$ 5.0 million informed the company
on August 20, 1998 and September 4, 1998 respectively that
they will exercise put option according to the loan
agreement. The company is in the process for loan
restructuring with the lenders for these loans.


SRIVARA REAL ESTATE GROUP PCL: Results announcement
---------------------------------------------------
Srivara Real Estate Group PCL reports reviewed quarterly
financial statements as a net loss of Bt184 million for the
period ending September 30, 1998. This compares with a loss
of Bt268 million for the corresponding 1997 period.


SUPALAI PCL: Results announcement
---------------------------------
Supalai PCL reports reviewed quarterly financial statements
as a net loss of Bt141 million for the period ending
September 30, 1998. This compares with a loss of Bt438
million for the corresponding 1997 period.


THAI AUTOMOTIVE: To be liquidated
---------------------------------
According to the Asian Wall Street Journal, the creditors
of Thai Automotive Ltd. (formerly Thai Chrysler Automotive
Ltd.) have voted to liquidate the company in an effort to
recover loans valued at $40 million. The Detroit, USA
Chrysler Corporation (now part of Daimler-Chrysler AG)
maintains that it didn't guarantee the loans to Thai
Chrysler, but it does have a 30 percent stake in Thai
Automotive Ltd.  

Chrysler is now involved in a battle with these creditors
over an obligation to take responsibility for these debts,
as they claim that the loans were made only because
Chrysler's Thai affiliate had the U.S. company's name
behind. Furthermore, trusting Chrysler's reputation, they
lent money to Thai Chrysler Automotive Ltd. without
demanding collateral.  

Thai Chrysler defaulted in December 1997 on payments on a
$40 million syndicated revolving credit facility from 10
creditors. These loans that came due last year in the
middle of Thailand's financial crisis as well as during a
period when there was trouble between Chrysler and Swedish
Motors Corporation, which owns 70 percent of Thai Chrysler.
Chrysler had sought to buy the Thai affiliate's inventory
and showrooms, and signed an agreement with the banks to
undertake to repay the loans to Thai Chrysler under easier
terms provided Chrysler gained control of the company.

However, Chrysler and Swedish Motors could not agree on the
terms of the buyout, and the negotiations collapsed.  
Chrysler terminated Swedish Motors' right to sell and
service its products in Thailand, and has now established
its own service and distribution network in Thailand, under
the name Chrysler Sales & Services (Thailand) Ltd.


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

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

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

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