TCRAP_Public/981125.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      

      Wednesday, November 25, 1998, Vol. 1, No. 194

                    Headlines


* C H I N A   &   H O N G   K O N G *

ASIABEST BUILDING MATERIALS SUPPLIERS: Winding-up order
CHUNG HWA DEVELOPMENT: Writ filed by Sumitomo Bank
CONTINENTAL HOLDINGS: Results announcement
CRYSTALFIX LIMITED: Winding-up order
DOGOOD TRADING: Notice to creditors

GUANGDONG ENTERPRISES: Government seeks foreign aid  
HK GUANGDONG INVESTMENT: GDI seeks convertible issue
MARTIN TRANSPORTATION LIMITED: Winding-up order
OSPREY COMPANY LIMITED: Winding-up order
PORCH INTERNATIONAL LIMITED: Winding-up order

PROFIT EXPERT LIMITED: Winding-up order
RADEX INDUSTRIES LIMITED: Winding-up order
REGENT PACIFIC: Results announcement
SHARP BRAVE: Proposed compromise with creditors announced
SILK FACTORY LIMITED: Winding-up order

TSE SUI LUEN JEWELLERY: Results announcement
UDL HOLDINGS: Winding up of UDL adjourned to January
WAH YIK HOLDINGS: Refutes report on loan non-payment
WELBRIDGE LIMITED: Notice to creditors
WHIMSY ENTERTAINMENT: Stock suspended on stake-sale talk

YAT CHAU HOLDINGS LIMITED: Winding-up order


* J A P A N *

ASAHI BANK: Bank takes up Tokyo bailout offer
DAI-ICHI KANGYO BANK: Bank takes up Tokyo bailout offer
FUJI BANK: Bank takes up Tokyo bailout offer
NIKKO SECURITIES: Announces restructuring of operations
SAKURA BANK: Bank takes up Tokyo bailout offer

SANYO SECURITIES: Sanyo Securities ends struggle
SUMITOMO BANK: Bank takes up Tokyo bailout offer
TOKAI BANK: Bank takes up Tokyo bailout offer
YOSHIYA INTERNATIONAL: Results announcement


* M A L A Y S I A *

BEP HOLDINGS MALAYSIA SDN BHD: Voluntary winding-up
BERJAYA GROUP: Asks for trading halt
NIDEC (MALAYSIA) SDN BHD: Voluntary winding-up
RENONG BHD: In talks to sell Park May stake
SYARIKAT GEMBALASARI SDN BHD: Winding-up petition

TURBINE TECHNIQUE AEROSPACE: Winding-up petition


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

PHILIPPINE AIRLINES: Restarts talks with Northwest
PHILIPPINE LONG DISTANCE: First Pacific gets stake
PHILIPPINE TELEGRAPH: To submit debt structuring program


* S I N G A P O R E *

URACO HOLDINGS: Uraco chairman cuts stake


* T H A I L A N D *

BANK OF ASIA PCL: Results announcement
KCE ELECTRONICS PCL: Results announcement
MEC FAR EAST INTERNATIONAL PCL: Results announcement
MODERN HOME DEVELOPMENT PCL: Results announcement
NATURAL PARK PCL: Results announcement

NAVA FINANCE: Results announcement
SIAM CITY BANK PCL: Results announcement
SIAM SANWA INDUSTRIAL: Reports on debenture issuance


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

ASIABEST BUILDING MATERIALS SUPPLIERS: Winding-up order
-------------------------------------------------------
A winding-up order notice is hereby given that Asiabest
Building Materials Suppliers Limited is undergoing a
companies winding-up proceedings (No 620 of 1998) in the
High Court of the Hong Kong Special Administrative Region
court of first instance. The date of order is on November
11, 1998. The date of presentation of petition was
September 3, 1998.    


CHUNG HWA DEVELOPMENT: Writ filed by Sumitomo Bank
--------------------------------------------------
According to the SCMP, a writ against property developer
Chung Hwa Development Holdings was filed by Sumitomo Bank
which was seeking the sum of $20 million from Chung Hwa as
guarantor for an alleged unpaid loan, along with interest
amounting to $667,397.

The loan was extended to Favourite in December 1996, with
Chung Hwa as guarantor jointly with the New China HK Group
and Mega Pacific Holdings.

Favourite allegedly defaulted on interest payment of
$345,205 on Sept 30 this year. Sumitomo also claimed
default interest of $322,191, along with costs of the
action.


CONTINENTAL HOLDINGS: Results announcement
------------------------------------------
A major jewellery company plunged into the red in its
latest results, showing the impact of the Asian crisis on
sales of luxury goods. For the year to June, Continental
Holdings recorded a loss of $41.1 million, compared with a
profit of $15 million in the previous year.


CRYSTALFIX LIMITED: Winding-up order
------------------------------------
A winding-up order notice is hereby given that Crystalfix
Limited is undergoing a companies winding-up proceedings
(No 694 of 1998) in the High Court of the Hong Kong Special
Administrative Region court of first instance. The date of
order is on November 11, 1998. The date of presentation of
petition was September 28, 1998.    


DOGOOD TRADING: Notice to creditors
-----------------------------------
Notice is hereby given that the creditors of Dogood Trading
Limited (in creditors' voluntary liquidation) are required
on or before 22th 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 15th Hutchison House 10
Harcourt Road, Central, Hong Kong.


GUANGDONG ENTERPRISES: Government seeks foreign aid  
---------------------------------------------------
The Asian Wall Street Journal reports that the Guangdong
provincial government has asked Goldman, Sachs & Company
for help in advising how to restructure the province's debt
ridden companies, especially Guangdong Enterprises
(Holdings) Ltd. Guangdong Enterprises is the Guangdong
provincial government's investment arm. The deal with asked
Goldman, Sachs & Co. also covers Guangdong Investment Ltd.,
a Hong Kong listed company.  

The report stated that, according to estimates from
Prudential Bache International, Guangdong Enterprises has a
280 percent debt to equity ratio, and Guangdong
Investments's debt to equity ratio is 95 percent.  

Another investment branch of the Guangdong provincial
government, Guangdong International Trust & Investment
Corporation (GITIC), was shut down on October 6 because of
its inability to pay maturing debt obligations. GITIC is
the second largest of China's trust and investment
companies, and had about $500 million in short term loans
coming due. It was estimated that GITIC was under a total
of more than $2 billion in debts.  


HK GUANGDONG INVESTMENT: GDI seeks convertible issue
----------------------------------------------------
According to the SCMP and the Hong Kong Standard, Guangdong
Invesment (GDI), whose cash-strapped mainland parent
Guangdong Enterprises (GDE) was last night due to make a
US$22 million payment on a US$550 million bond in New York,
plans to raise about US$26.7 million from a convertible
bond issue. The company said it would use the proceeds to
reduce debt and boost working capital. The bond will yield
a coupon rate of 5.5 per cent a year. According to the
SCMP, the rate for other convertible bond issues by red
chips earlier in the year was between 15 and 18 per cent.

The SCMP said that the GDI bond is placed by Merrill Lynch
(Asia Pacific) to US convertible bond investor Alexandra
Global Investment Fund I. It allows the bond holder to
convert into Guangdong Investment shares at a floor price
of HK$1.6125 or a ceiling of HK$2, the latter representing
a premium of 0.5 per cent to yesterday's close of HK$1.99.

All interest and principal repayments are paid in US
dollars but effectively denominated in Hong Kong dollars at
a fixed exchange rate of HK$7.743 to one US dollar. On
conversion, the company's gearing would be reduced.
Guangdong Investment managing director Herbert Hui Ho-ming
said this would decrease the company's currency exposure
and align the liability side of its balance sheet more
closely with its yuan and Hong Kong dollar denominated
assets.

GDE last month technically defaulted on a US$30 million
syndicated loan arranged by Bankers Trust.

According to the Hong Kong Standard, bankers said China may
also begin to sell as much as US$1 billion in international
bonds this week, its first bond sale in more than a year.


MARTIN TRANSPORTATION LIMITED: Winding-up order
-----------------------------------------------
A winding-up order notice is hereby given that Martin
Transportation Limited is undergoing a companies winding-up
proceedings (No 707 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was September 4, 1998.    


OSPREY COMPANY LIMITED: Winding-up order
----------------------------------------
A winding-up order notice is hereby given that Osprey
Company Limited is undergoing a companies winding-up
proceedings (No 710 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was October 7, 1998.    


PORCH INTERNATIONAL LIMITED: Winding-up order
---------------------------------------------
A winding-up order notice is hereby given that Porch
International Limited is undergoing a companies winding-up
proceedings (No 707 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.  
The date of order is on November 11, 1998. The date of
presentation of petition was October 7, 1998.    


PROFIT EXPERT LIMITED: Winding-up order
---------------------------------------
A winding-up order notice is hereby given that Profit
Expert Limited is undergoing a companies winding-up
proceedings (No 681 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was September 23, 1998.    


RADEX INDUSTRIES LIMITED: Winding-up order
------------------------------------------
A winding-up order notice is hereby given that Radex
Industries Limited is undergoing a companies winding-up
proceedings (No 707 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was October 5, 1998.    


REGENT PACIFIC: Results announcement
------------------------------------
The collapse of the Russian economy and other financial
markets has led to Regent Pacific Group posting a net loss
of US$57.17 million for the six months ended 30 September.
This is a sharp reversal from the US$42.38 million net
profit the group recorded a year ago. The results were
dragged down by an exceptional loss of US$61.56 million,
the company said. Turnover plunged 65.96 per cent to
US$24.81 million. The exceptional losses represent
provisions for unrealised losses on short-term investments,
made as a result of uncertainties in the financial markets
in Russia and certain former Soviet satellite republics,
the company said.

The provisions are considered of a "material and non-
recurring nature" and so have been identified as  
exceptional, it added.

"As these uncertainties are resolved, it is possible that
the directors may be able to reconsider the level of
provision required." The interim net loss was the result of
great market volatility in the emerging markets in which
the group invested, notably those of Asia and Russia.

In certain areas of the business, this volatility has hurt
the company, such as capital raising, particularly for new
Eastern European funds.

The balance of Regent's business is being revamped and the
group is looking for eventual equilibrium in the two. But
the focus remains firmly on fund management as the group's
key driver. At the end of March, operating profit from
Eastern Europe and Russia accounted for US$14.21 million
and US$68.61 million respectively of the group's US$100.29
million profit. During the same period, funds under
management, including the group's own investments, stood at
US$1.97 billion.


SHARP BRAVE: Proposed compromise with creditors announced
---------------------------------------------------------
On 10th July, 1998, the board of directors of Northern
International Holdings Limited announced that on 30th June,
1998, the High Court ordered the winding-up of Sharp Brave
Company Limited, a wholly owned subsidiary of the Company,
upon the petition of a creditor of SBCL and, as a result,
the Court has appointed the Official Receiver and
Provisional Liquidator to execute the winding-up of SBCL.

On 22nd October, 1998, the Directors further announced that
they had put forward a proposal to the Liquidator to settle
with the creditors of SBCL the debts of up to approximately
HK$133.2 million owed by SBCL. The Proposal involves a
combination of payment of cash and issue of new shares to,
and waiver of part of the debts by, independent creditors
of SBCL.

The Directors announce that the circular setting out
further details of the Proposal, together with a notice of
the special general meeting of the Company convened to be
held on 11th December, 1998 to consider and, if thought
fit, approve, among other things, the Proposal including
the issue of new shares pursuant to the Proposal will be
despatched to the shareholders of the Company on 23rd
November, 1998.


SILK FACTORY LIMITED: Winding-up order
--------------------------------------
A winding-up order notice is hereby given that The Silk
Factory Limited is undergoing a companies winding-up
proceedings (No 714 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was October 9, 1998.    


TSE SUI LUEN JEWELLERY: Results announcement
--------------------------------------------
A major jewellery company plunged into the red in its
latest results, showing the impact of the Asian crisis on
sales of luxury goods. The interim results for Tse Sui Luen
Jewellery (TSL) showed a staggering $63.2 million loss for
the six months to August after making a $56.1 million
profit in the same period last year.

TSL's loss translated into a loss per share of 18 cents,
after an earnings per share of 16 cents in the same period
last year. Turnover grew 15 per cent to $1.4 billion but
this was due to the disposal of properties to the tune of
221 million. The group said it continued to enjoy strong
growth in the mainland market, TSL chairman Sui-luen said.

The group, however remains confident. Mr Tze said the
directors are confident that the results of the group will
an improvement in near future. As part of its
rationalisation program, the company has closed several
branches in Hong Kong and in Malaysia. It has also been
reducing its gearing by disposing non-core assets and
cutting down on inventory.


UDL HOLDINGS: Winding up of UDL adjourned to January
----------------------------------------------------
According to the SCMP, a bid to wind up troubled UDL
Holdings will be heard on Jan 11 following a brief hearing
yesterday.

UDL opposed the petition filed by creditor Hongkong and
Shanghai Banking Corp to wind up the company. An action
against the company brought by the United Overseas Bank has
also been stayed until the conclusion of the petition
hearing.

The case was brought forward from an original December date
because two petitions have also been filed to wind up a
subsidiary of UDL. Ajax Pong Machinery filed a winding-up
petition in October against UDL Kenworth Engineering, a
wholly owned subsidiary of UDL Holdings.

UDL and Kenworth reported a joint $2.05 billion
attributable loss in the year to March 31.

Counsel for UDL Anthony Cheung said affirmations had been
filed by company directors and in the next two months the
company would contact creditors.


WAH YIK HOLDINGS: Refutes report on loan non-payment
----------------------------------------------------
Mainland bowling-alley operator Wah Yik Holdings has denied
that the company has failed to repay $30 million to the
Bank of China's Longyan Branch, which is in Fujian
province.

Wah Yik yesterday said the bank had granted it a $2.4
million loan as of Friday. The $2.4 million loan, which the
company had used, was scheduled to mature in January next
year. The company said the report that it missed the dead-
line to repay $30 million to Bank of China in Fujian was
inaccurate. But the company confirmed its bowling centre in
Fujian owed its landlord a $1.3 million rental payment. Wah
Yik was negotiating a rent cut with the landlord but had
yet to reach agreement.


WELBRIDGE LIMITED: Notice to creditors
--------------------------------------
Notice is hereby given that the creditors of Welbridge
Limited (in creditors' voluntary liquidation) are required
on or before 21st 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 2001, Central Plaza, 18
Harbour Road, Wanchai,Hong Kong.


WHIMSY ENTERTAINMENT: Stock suspended on stake-sale talk
--------------------------------------------------------
According to the SCMP and the Hong Kong Standard, trading
in indoor amusement centre Whimsy Entertainment shares was
frozen yesterday. Whimsy's net loss for the year to March
widened to $90.76 million from $33.22 million a year
earlier.

According to the Hong Kong Standard, a source said one of
Whimsy's shareholders had sold all his shares to another
party but the transaction had not yet been completed.

The SCMP said that Whimsy Entertainment's substantial
shareholder Kun Kiu-chung and his wife are in negotiations
to sell all or part of their stake in the company, with BNP
Prime Peregrine understood to be handling the deal.

The paper said Whimsy is also 24.47 per cent owned by
collapsed retailer Yaohan International Holdings and 16.67
per cent by director Au Chan through Ever Send
International Culture, with the remainder held by the
public. It is understood that Yaohan's interest in Whimsy
is in the hands of bank creditors.


YAT CHAU HOLDINGS LIMITED: Winding-up order
-------------------------------------------
A winding-up order notice is hereby given that Yat Chau
Holdings Limited is undergoing a companies winding-up
proceedings (No 713 of 1998) in the High Court of the Hong
Kong Special Administrative Region court of first instance.
The date of order is on November 11, 1998. The date of
presentation of petition was October 8, 1998.    


=========
J A P A N  
=========

ASAHI BANK: Bank takes up Tokyo bailout offer
---------------------------------------------
Six of Japan's biggest commercial banks plan to ask for up
to 4. 1 trillion yen of public money to help them survive
the nation's worst recession. The money is needed to write
off bad and doubtful debts, estimated by the government at
77 trillion yen, equivalent to Japan's annual budget. In
return, banks must cut costs, end years of poor credit
controls and increase lending to small and medium sized
companies, which  are collapsing at a near record pace.

DAI-ICHI KANGYO BANK: Bank takes up Tokyo bailout offer
-------------------------------------------------------
Six of Japan's biggest commercial banks plan to ask for up
to 4. 1 trillion yen of public money to help them survive
the nation's worst recession. The money is needed to write
off bad and doubtful debts, estimated by the government at
77 trillion yen, equivalent to Japan's annual budget. In
return, banks must cut costs, end years of poor credit
controls and increase lending to small and medium sized
companies, which  are collapsing at a near record pace.


FUJI BANK: Bank takes up Tokyo bailout offer
--------------------------------------------
Six of Japan's biggest commercial banks plan to ask for up
to 4. 1 trillion yen of public money to help them survive
the nation's worst recession. The money is needed to write
off bad and doubtful debts, estimated by the government at
77 trillion yen, equivalent to Japan's annual budget. In
return, banks must cut costs, end years of poor credit
controls and increase lending to small and medium sized
companies, which  are collapsing at a near record pace.


NIKKO SECURITIES: Announces restructuring of operations
-------------------------------------------------------
Nikko Securities Co. announced an extensive restructuring
of its domestic and overseas operations that it expects
will result in a special parent loss of about 131 billion
yen ($1.10 billion) this fiscal year.

Nikko plans to reduce domestic-fixed assets such as real
estate by 100 billion yen, while overseas assets will be
cut by 2.5 trillion yen, mostly through a reduction in
trading positions. Group employees will be reduced by about
2,000 through hiring cutbacks, attrition and the
consolidation of foreign operations. Overseas staff will
drop to 300 people from 1,160, the company said.

Through its restructuring process, Nikko aims to cut group
costs for sales and administration by 30% for the year
through March 1999. As the impact of cost-cutting will
likely be fully felt next fiscal year, Nikko Securities is
aiming to post profit on a parent basis for that year, said
Takashi Yamamoto, a senior managing director of Nikko.

Nikko will also revamp its overseas operations in line with
its alliance with Citigroup Inc. Travelers Group Inc.,
which merged with Citicorp to create Citigroup, bought a
25% stake in Nikko Securities earlier this year. The two
companies agreed to set up a joint venture, Nikko Salomon
Smith Barney Securities, in January. Mr. Yamamoto said
Nikko will totally withdraw from the securities-brokerage
business overseas. Nikko also said it will close 19
overseas units and branches. Scaled-down units in New York,
London and Singapore will remain, while units in Zurich and
Hong Kong will be downgraded to representative offices,
Nikko said. The company will also dismiss most locally
hired employees, while workers that the parent company sent
abroad will return to Japan.

As for restructuring in Japan, Nikko will merge a computer-
systems subsidiary with another unit that conducts clerical
operations. The merger will be completed in March, Nikko
said. The Japanese brokerage house will set aside 18
billion yen in reserves this fiscal year to cover loans it
has made to the computer systems unit. Nikko will also set
aside 40 billion yen in reserves to cover subordinated
loans to a unit that manages office buildings.


SAKURA BANK: Bank takes up Tokyo bailout offer
----------------------------------------------
Six of Japan's biggest commercial banks plan to ask for up
to 4. 1 trillion yen of public money to help them survive
the nation's worst recession. The money is needed to write
off bad and doubtful debts, estimated by the government at
77 trillion yen, equivalent to Japan's annual budget. In
return, banks must cut costs, end years of poor credit
controls and increase lending to small and medium sized
companies, which  are collapsing at a near record pace.


SANYO SECURITIES: Sanyo Securities ends struggle
------------------------------------------------
As shown on the SCMP, Japanese brokerage Sanyo Securities
will file for bankruptcy, having failed to restructure its
operations under court protection from creditors filed on
November 3 last year.

The company will hand over its remaining customers to
Osaka-based brokerage NCS Securities, as reported by Kyodo
News, which also said that the court-appointed group that
administered Sanyo Securities' assets would start
discussions in the Tokyo District Court, perhaps this
week, for bankruptcy proceedings. As part of the deal,
Sanyo Securities was considering turning over its
membership on the First Section of the Tokyo Stock Exchange
to NCS Securities.

Sanyo Securities has been searching for firms to help
reconstruct its business under court guidance, but a
prolonged slump in Japan's economy, a fall in brokerage
commissions, sliding values of its securities and real
estate holdings and hefty debt taken over from non-bank
affiliates forced the brokerage to go under. On July 24, it
said it was to set to liquidate and the court-appointed
administrator of its assets had announced that the
brokerage would prepare for liquidation by closing all its
remaining branches and dismissing workers by the end of
August.


SUMITOMO BANK: Bank takes up Tokyo bailout offer
------------------------------------------------
Six of Japan's biggest commercial banks plan to ask for up
to 4. 1 trillion yen of public money to help them survive
the nation's worst recession. The money is needed to write
off bad and doubtful debts, estimated by the government at
77 trillion yen, equivalent to Japan's annual budget. In
return, banks must cut costs, end years of poor credit
controls and increase lending to small and medium sized
companies, which  are collapsing at a near record pace.


TOKAI BANK: Bank takes up Tokyo bailout offer
---------------------------------------------
Six of Japan's biggest commercial banks plan to ask for up
to 4. 1 trillion yen of public money to help them survive
the nation's worst recession. The money is needed to write
off bad and doubtful debts, estimated by the government at
77 trillion yen, equivalent to Japan's annual budget. In
return, banks must cut costs, end years of poor credit
controls and increase lending to small and medium sized
companies, which  are collapsing at a near record pace.


YOSHIYA INTERNATIONAL: Results announcement
-------------------------------------------
Property group Yoshiya International posted a net loss of
$60.42 million for the year ending July 31 against a loss
of $64.36 million for the year earlier. The company
reported exceptional items of S61.51 million, including
provisions for falling property values, and blamed them for
the continued poor performance.


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

BEP HOLDINGS MALAYSIA SDN BHD: Voluntary winding-up
---------------------------------------------------
The members of BEP Holdings Malaysia Sdn Bhd on 20/11/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 14/12/98.


BERJAYA GROUP: Asks for trading halt
------------------------------------
Singapore Business Times cites a Bloomberg report that
Berjaya Group asked for its shares to be halted from
trading pending an announcement. Berjaya shares last                      
traded at 65 sen.


NIDEC (MALAYSIA) SDN BHD: Voluntary winding-up
----------------------------------------------
The members of Nidec (Malaysia) Sdn Bhd on 23/11/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 31/12/98.


RENONG BHD: In talks to sell Park May stake
-------------------------------------------
Singapore Business Times cites a Reuters report that Renong
Bhd said yesterday that it is in talks to sell a stake in
its bus operating associate, Park May Bhd. "In reply to the
Kuala Lumpur Stock Exchange's query, the company informs
that parties have approached Renong Bhd with a view of
taking up some stake in Park May Bhd," Renong said in a                      
statement. "It is too early now to draw any conclusion from
these approaches."


SYARIKAT GEMBALASARI SDN BHD: Winding-up petition
-------------------------------------------------
Gladwin Sdn Bhd on 5/11/98 petitioned for the winding-up of
Syarikat Gembalasari Sdn Bhd. The petition is directed to
be heard on 2/3/99.


TURBINE TECHNIQUE AEROSPACE: Winding-up petition
------------------------------------------------
Talasco Insurance Sdn Bhd on 13/11/98 petitioned for the
winding-up of Turbine Technique Aerospace (M) Sdn Bhd.


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

PHILIPPINE AIRLINES: Restarts talks with Northwest
--------------------------------------------------
Agence France-Presse reports Philippine Airlines (PAL) is
reopening talks with US-based Northwest Airlines for a
posssible alliance after a disagreement with HongKong-based
Cathay Pacific Airways over layoffs, officials said
Tuesday.

Ronaldo Zamora, chief aide of Philippine President Joseph
Estrada, said PAL chairman Lucio Tan "is in America now and
he is restarting the discussion with Northwest" to acquire
a part of PAL.

Zamora confirmed there had been disagreements with Cathay
Pacific including over plans by Cathay to lay off many PAL
employees if it buys a stake in the Philippine carrier.

PAL, which is saddled with 2.1 billion dollars in debt, had
been in advanced talks to sell a substantial stake to
Cathay Pacific Airways, which could result in the Hong Kong
air carrier taking over its management.

However there have been reports that Cathay was not willing
to invest the large amounts needed by PAL and that it was
concerned over PAL's losses.

PAL recently admitted that its net loss nearly tripled to
6.099 billion pesos (152.5 million dollars) in the first
six months of its fiscal year.

Estrada has been encouraging a foreign airline to invest in
PAL and Cathay was perceived to have a headstart over
potential rivals since it provided local flights for this
country when PAL temporarily closed for 13 days starting
September 23.

However Zamora said Northwest appeared a more compatible
partner since it was larger than Cathay, would not compete
with PAL in servicing Asian routes and was less likely to
lay off workers immediately.


PHILIPPINE LONG DISTANCE: First Pacific gets stake
--------------------------------------------------
Xinhua English Newswire reports Philippine Long Distance
Telephone Company (PLDT), a major player in the
Philippines' communication industry, Tuesday announced that
the Hong Kong-based First Pacific Ltd. has acquired a 17.2-
percent stake in it, representing 27.4 percent of the
company's voting interest.

It was considered a major step in the company's ongoing
restructuring program as well as the buying-in bid,
analysts here said.

Manuel V. Pangilinan, newly-appointed president and chief
executive officer of PLDT, said the purchase of the PLDT
stake was largely covered by First Pacific's assets
disposal program as well as by bank credit lines.

First Pacific has agreed to pay 749 million U.S. dollars
for the PLDT stake.


PHILIPPINE TELEGRAPH: To submit debt structuring program
--------------------------------------------------------
Balita News reports Philippine Telegraph and Telephone
Corp. (PT&T) will soon submit its debt restructuring plan
involving P1.18 billion debts to creditors by middle of
this month.

PT&T recently told the Securities and Exchange Commission
(SEC) that its two financial advisors, Buenaventura Filamor
Echauz (BFE) and Bear Steans Asia, Ltd. are currently
finalizing the said plan to enable the company to pay off
outstanding debts amounting to P1.18 billion as of June
this year.

"PT&T had contracted the services of two financial advisors
who shall prepare the restructuring plan for presentation
to the creditors for their approval this month," PT&T said.

Earlier, the Santiago-owned company entered into a
memorandum of agreement (MOA) with its creditor banks
involving the settlement of its financial obligations.
Under the MOA, the company`s  creditors are not allowed to
accept nor demand payment from PT&T while it is undergoing
debt restructuring. PT&T incurred debts due to its deferred
capital raising program, which resulted from an ongoing
stockholders' dispute at parent company, Republic
Telecommunications Holdings, Inc. (Retelcom).


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

URACO HOLDINGS: Uraco chairman cuts stake
-----------------------------------------
Singapore Business Times cites a Reuters report that Uraco
Holdings Ltd chairman Ng Kok Heng has reduced his stake in
the company to 14.84 per cent from 19.38 per cent,
according to changes in shareholding declarations made to
the Stock Exchange of Singapore.

Mr Ng sold about 14.5 million Uraco shares between Nov 6
and Nov 19 at various prices ranging from 23 to 29 cents.
He also sold 1.3 million warrants.


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

BANK OF ASIA PCL: Results announcement
--------------------------------------
Bank of Asia PCL reports reviewed quarterly financial
statements as a net loss of Bt844 million for the period
ending September 30, 1998. This compares with a profit of
Bt368 million for the corresponding 1997 period.


KCE ELECTRONICS PCL: Results announcement
-----------------------------------------
KCE Electronics PCL reports reviewed quarterly financial
statements as a net loss of Bt971 million for the period
ending September 30, 1998. This compares with a loss of
Bt52 million for the corresponding 1997 period.


MEC FAR EAST INTERNATIONAL PCL: Results announcement
----------------------------------------------------
MEC Far East International PCL reports quarterly financial
statements as a loss of Bt235 million for the period ending
September 30, 1998. This compares with a loss of Bt409
million for the corresponding 1997 period.


MODERN HOME DEVELOPMENT PCL: Results announcement
-------------------------------------------------
Modern Home Development reports reviewed quarterly
financial statements as a net loss of Bt518 million for the
period ending September 30, 1998. This compares with a loss
of Bt397 million for the corresponding 1997 period.


NATURAL PARK PCL: Results announcement
--------------------------------------
Natural Park PCL reports reviewed quarterly financial
statements as a net loss of Bt609 million for the period
ending September 30, 1998. This compares with a loss of
Bt668 million for the corresponding 1997 period.


NAVA FINANCE: Results announcement
----------------------------------
Nava Finance & Securities PCL reports reviewed quarterly
financial statements as a net loss of Bt1.16 billion for
the period ending September 30, 1998. This compares with a
loss of Bt360 million for the corresponding 1997 period.


SIAM CITY BANK PCL: Results announcement
----------------------------------------
Siam City Bank PCL reports reviewed quarterly financial
statements as a net loss of Bt3.59 billion for the period
ending September 30, 1998. This compares with a profit of
Bt589 million for the corresponding 1997 period.


SIAM SANWA INDUSTRIAL: Reports on debenture issuance
----------------------------------------------------
Siam Sanwa Industrial Credit PCL will issue convertible
subordinated debentures for not more than Baht 400 million.  
The company will seek a shareholders' resolution for an
amendment of allotment of 2nd portion of capital increase
shares in order to have shares available for exercising the
convertible subordinated debenture. Additionally, the
company will also seek a shareholders' resolution for
offering the convertible subordinated debentures to Siam
Commercial Bank PCL, which is a connected party. The
Shareholders Meeting to approve such resolution will be
held on Monday November 30, 1998 at 10.00 hrs. at Karaket
Room, Hilton International Bangkok Hotel, details as
mentioned.


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

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