TCRAP_Public/981223.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, December 23, 1998, Vol. 1, No. 213

                    Headlines


* C H I N A   &   H O N G   K O N G *

CULTURECOM: Losses grow with drop in advertising
DOUBLE ENTRY SECURITIES: Notice of meeting of creditors
HIBOU COMPANY LIMITED: In members' voluntary liquidation
LEADING EDGE PACKAGING: Notice of meeting of creditors
NAMON LIMITED: Notice of meeting of creditors

PEREGRINE CAPITAL: Notice of meeting of creditors
PEREGRINE FUTURES: Notice of meeting of creditors
TAK WING INVESTMENT (HOLDINGS): Tak Wing lenders seek funds
TUNG SHING PLASTIC: Notice to creditors to submit claims


* J A P A N *

EAST JAPAN RAILWAY: Government may sell stake
INDUSTRIAL BANK OF JAPAN: Considers restructuring
TOSHIBA CORP: S&P cuts debt rating to triple B-plus


* K O R E A *

HYUNDAI ELECTRONICS: Decision near for 'big deal'
KOOKMIN BANK: Signs $100 million loan
KOREA ASSET MANAGEMENT: Auctions loans to US fund
KOREA FIRST BANK: HSBC's route to buy Korean banks eased
LG SEMICON: Decision near for 'big deal'

SAMSUNG ELECTRONICS: Sells division to Fairchild
SEOULBANK: HSBC's route to buy Korean banks eased
SHINSEGI TELECOMM: SK Telecom interested in troubled firm


* M A L A Y S I A *

ALPINE DESIGN SDN BHD: Winding-up petition
ASIA CONCORDE GOLF SDN BHD: Voluntary winding-up
EKRAN BHD: Ekran dives, source cites forced selling
HAMAY GLASS SDN BHD: Winding-up petition
MB CABLE CONFECTION (MALAYSIA) SDN BHD: Winding-up petition

MALFIRE INDUSTRIES SDN BHD: Winding-up petition
P&C PLUMBING SDN BHD: Winding-up petition
PARAGON UNION BHD: Taken over
PERDANA PALM SDN BHD: Winding-up petition
RHB BANK: KL investment arm to take 30% stake in RHB Bank

RENONG: Guarantor pays bonds
SELEKTA TRAVEL & TOURS SDN BHD: Winding-up petition


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

PHILIPPINE AIRLINES: Angry creditors want answers


* S I N G A P O R E *

KIM ENG: Results announcement


* T H A I L A N D *

ALPHATEC: Creditor plan aims to ease worries by KTB
KRUNG THAI BANK: Bid for capital hike to cover loan losses
ONE HOLDING PCL: Proposed delisting and rehabilitation plan
PRANDA JEWELLERY: Plans to restructure debt next month
THAI PETROCHEMICAL: Debt deal hits new delay


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

CULTURECOM: Losses grow with drop in advertising
------------------------------------------------
According  to the South China Morning Post, ailing
publisher Culturecom Holdings, which publishes Chinese-
language newspaper Tin Tin Daily News, saw its losses
widen in the six months to a sharp drop in adverising
revenue and circulation. The company reported a net loss of
$31.12 million compared with $28.39 million in the
corresponding period last year.

Advertising revenue of Tin Tin Daily News slumped 59 per
cent and circulation 17 per cent due to fierce competition
in the media industry. Turnover declined almost 31 per cent
to $112.25 million.

Newly appointed chariman Cheung Wai-tung said Culturecom
would improve its editorial content by raising coverage of
sports and entertainment news.

The Hong Kong Standard covered similar points as above. It
said that a cost rationalisation scheme introduced early
this year helped to stem operating losses, which declined
by 10.5 per cent to $30.2 million for the six months to
September 30. For the core business, operating losses
fell 9.9 per cent to $28.5 million.


DOUBLE ENTRY SECURITIES: Notice of meeting of creditors
-------------------------------------------------------
A meeting of creditors of Double Entery Securities Limited
will be held on  Jan 14, 1999 at 3:30 pm at 27/F., Island
Place Tower, 510 King's Road, North Point, Hong Kong when
the following resolution will be proposed as an
extraordinary resolution: that the company do wind up and
dissolve on the ground that by reason of its potential
liabilities the Company will not be able to pay or provide
for the payment of or discharge all claims, debts,
liabilities, and obligations of the Company in full and Mr
David Richard Hague and Mr John Kwok Heem Li of
PricewaterhouseCoopers, 22nd Floor, Prince's Building, Hong
Kong be appointed as joint and several liquidators for the
purpose of winding up its affairs.  


HIBOU COMPANY LIMITED: In members' voluntary liquidation
--------------------------------------------------------
The creditors of Hibou Company Limited, which is being
voluntarily wound up, are required on or before  4:00 pm on
Feb 1, 1999 to send in their names, addresses and
particulars of their debts or claims to the Liquidator(s)
of the said company, Mr Wan Kim-shing, Albert at Unit G,
30/F., Block 7, Sceneway Garden, Lam Tin, Kowloon, and if
so required by notice in writing from the liquidator(s),
are personally or by their solicitors to come in and prove
their debts or claims at such time and place specified in
such notice, or in default thereof, they will be excluded
from the benefit of any distribution before such debts are
proved.


LEADING EDGE PACKAGING: Notice of meeting of creditors
------------------------------------------------------
A meeting of creditors of Leading Edge Packaging Limited
will be held on  Jan 7, 1999 at  11:30 am at Room 103, Duke
of Windsor Social Service Building, 15 Hennessy Road,
Wanchai, Hong Kong to appoint a liquidator and to consider
further matters relevant to the creditors' voluntary
winding up of the company. Proxies must be lodged at 7/F.,
Allied Kajima Building, 138 Gloucester Road, Wanchai, Hong
Kong not later than 24 hours before the time appointed for
the holding of the meeting.


NAMON LIMITED: Notice of meeting of creditors
---------------------------------------------
A meeting of creditors of Namon Limited will be held on  
Jan 12, 1999 at  10:30 am at 15th Floor, Hutchison House,
10 Harcourt Road, Central, Hong Kong to confirm the
appointment of liquidators, to consider the Statement of
Affairs and to consider any other matters relevant to the
voluntary winding-up of the company.


PEREGRINE CAPITAL: Notice of meeting of creditors
-------------------------------------------------
A meeting of creditors of Peregrine Capital International
Limited will be held on Jan 12, 1999 at 3:30 pm at 27/F.,
Island Place Tower, 510 King's Road, North Point, Hong Kong
when the following resolution will be proposed as an
extraordinary resolution: that the company do wind up and
dissolve on the ground that by reason of its potential
liabilities the Company will not be able to pay or provide
for the payment of or discharge all claims, debts,
liabilities, and obligations of the Company in full and Mr
David Richard Hague and Mr John Kwok Heem Li of
PricewaterhouseCoopers, 22nd Floor, Prince's Building, Hong
Kong be appointed as joint and several liquidators for the
purpose of winding up its affairs.  


PEREGRINE FUTURES: Notice of meeting of creditors
-------------------------------------------------
A meeting of creditors of Peregrine Futures International
Limited will be held on  Dec 21 at 11:00 am at 27/F.,
Island Place Tower, 510 King's Road, North Point, Hong Kong
when the following resolution will be proposed as an
extraordinary resolution: that the company do wind up and
dissolve on the ground that by reason of its potential
liabilities the Company will not be able to pay or provide
for the payment of or discharge all claims, debts,
liabilities, and obligations of the Company in full and Mr
David Richard Hague and Mr John Kwok Heem Li of
PricewaterhouseCoopers, 22nd Floor, Prince's Building, Hong
Kong be appointed as joint and several liquidators for the
purpose of winding up its affairs.  


TAK WING INVESTMENT (HOLDINGS): Tak Wing lenders seek funds
-----------------------------------------------------------
According to the South China Morning Post, Tak Wing
Investment (Holdings) says it has received a writ and a
demand letter seeking repayment of bank debts from
Banque Nationale de Paris asking for repayment of $12.7
million, while another banker has demanded repayment of
loans totalling $82 million.


TUNG SHING PLASTIC: Notice to creditors to submit claims
--------------------------------------------------------
Kenneth Graeme Morrison and Leung Man Kay, both of 7/F.,
Manulife Tower, 169 Electric Road, North Point, Hong Kong
have been appointed Joint Receivers of Tung Shing Plastics
Factory by an order of the High Court of Hong Kong on Dec 2
by which the company should have been dissolved and the
Joint Receivers are responsible for winding up the affairs
of the partnership.

The creditors are required on or before Jan 20, 1999 to
send in their names, addresses and particulars of their
debts or claims to the Liquidator(s) of the said company,
and if so required by notice in writing from the
liquidator(s), are personally or by their solicitors to
come in and prove their debts or claims at such time and
place specified in such notice, or in default thereof, they
will be excluded from the benefit of any distribution
before such debts are proved.


=========
J A P A N  
=========

EAST JAPAN RAILWAY: Government may sell stake
---------------------------------------------
Bloomberg reports the Japanese government may sell by March
31 its 1 trillion yen ($8.6 billion) stake in East Japan
Railway Co., the world's largest rail company by revenue,
to help pay retired workers' pensions, company and
government officials said.


INDUSTRIAL BANK OF JAPAN: Considers restructuring
-------------------------------------------------
The Financial Times says the Industrial Bank of Japan, one
of the country's largest, is considering a thorough
restructuring to bolster its business position ahead of a
planned government injection of up to Y25,000bn of public
funds into the banking sector's capital base.

The review, which is being conducted by Masao Nishimura,
IBJ president, is likely to lead to a holding company
structure, company officials indicated.

IBJ insists it is one of the country's strongest banks,
since it has a very strong corporate base. It is also on of
the few Japanese banks that is expanding its operations
overseas.

However, the bank's share have fallen in recent weeks. This
partly reflected investor concern that IBJ might share some
of the problems that have emerged at Nippon Credit Bank and
Long Term Credit Bank, the two banks being nationalised.

IBJ, like NCB and LTCB, was originally a "long term credit
bank," a category of bank which specialised in lending to
companies, financed through the issue of five-year
debentures.


TOSHIBA CORP: S&P cuts debt rating to triple B-plus
---------------------------------------------------
Kyodo News reports Standard and Poor's said Tuesday it has
lowered its long-term rating of Toshiba Corp. to triple B-
plus from A-minus on concerns that adverse business
conditions in Japan and abroad will hurt the electronics
maker's efforts to improve its financial performance.

Toshiba's short-term debt rating was affirmed at A-2, the
U.S. credit rating agency said, adding the outlook for both
ratings is stable.

Meanwhile, the long-term ratings of four affiliates --
Toshiba America Inc., Toshiba America Capital Corp.,
Toshiba International Finance (Netherlands) B.V. and
Toshiba Capital (Asia) Ltd. -- were also cut to triple B-
plus from A-minus.

S&P also expressed worry over Toshiba's problems in
reducing debt as the electronics giant's profitability and
cash flow have declined in the current business year to
next March.

"As a result of high debt usage, funds from operations are
only equivalent to about 20% of gross debt. Still,
management has expressed its solid intention to reduce the
company's reliance on external financing, and total debt
has actually started to recede," S&P said.

S&P commented on the company's recent restructuring
actions, including formation of strategic alliances with
major rivals and the sell-off of some unprofitable units,
calling them "a significant departure from traditional
Japanese-style management" that would lead to better
performance in the next several years.

In November, the Tokyo-based manufacturer announced a group
net loss of 23.64 billion yen in the April-September first
half of fiscal 1998, its first such loss in a half-year
period in 23 years.


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

HYUNDAI ELECTRONICS: Decision near for 'big deal'
-------------------------------------------------
The semiconductor "big deal" is nearing a watershed, as a
U.S. consulting agency will pass the final verdict on the
semiconductor management-control dispute between Hyundai
and LG groups today. Arthur D. Little will select a winner
of the controlling 70-percent stake in their joint chip-
making entity, and put an end to the five-month-long
confrontation. ADL will send the results of its managerial
evaluations on Hyundai Electronics and LG Semicon to the
Financial Supervisory Commission today before making a
public announcement tomorrow, sources said.

The merger of Hyundai and LG semiconductor operations has
been touted as the jewel of the government-pushed chaebol
restructuring drive. But the majority of industry watchers
are skeptical about a conclusion for the semiconductor big
deal, since ADL's evaluation works were conducted without
LG's consent. LG, charging that regulators and ADL favor
Hyundai, refused to present managerial data until the last
moment. "In case Hyundai is named the winner, LG will
certainly not accept the results," said an official at the
Federation of Korean Industries. "LG will then put itself
on a collision course with the government, which has
threatened to cut credit lines to the party responsible for
killing the deal."


KOOKMIN BANK: Signs $100 million loan
-------------------------------------
The Digital ChosunIlbo reports Kookmin Bank announced
Tuesday that it signed a US$100 million loan agreement in
Hong Kong that day. The interest rate of the loan was set
at LIBOR plus 2.5% at a semi-annual base, with maturity set
at three years, the bank said. Nine international banks
from the United States and Europe, including Standard
Chartered Bank, Deutsche Bank AG, and the Bank of America,
participated in the syndicated loan. Kookmin added that it
had originally planned to borrow US$50 million but that the
amount had doubled, thanks in part to the willingness of
the foreign banks to increase the amount of the loan.


KOREA ASSET MANAGEMENT: Auctions loans to US fund
-------------------------------------------------
The Korea Herald reports Korea Asset Management Corp.
(KAMCO) said yesterday it has successfully auctioned off
real estate-related security nonperforming loans to a
foreign investor for the first time. KAMCO has agreed with
the winning bidder, Texas-based real estate firm Lone Star
Fund, to sell the debts for 201.2 billion won ($168.6
million), or 36 percent of the outstanding principal
balance of 564.6 billion won ($473 million), it said.
Almost all of the nonperforming assets are made up of
mortgage loans acquired from Korean financial institutions.
The asset portfolio comprises loans secured on about 1,500
individual residential, commercial and other properties
located throughout Korea. The winning bidder agreed to pay
KAMCO about 141 billion won for its 70-percent interest in
an offshore special purpose vehicle (SPV) that will own the
assets.

Merrill Lynch served as a leading advisor for Lone Star
Fund in this transaction.

Lone Star, a $1 billion private equity real estate
investment fund consisting of international institutional
investors, has been active in the United States, Europe,
Canada and Asia and has been the most active buyer of real
estate portfolios in Japan. "This is the first investment
in Korea and this would lead to further investments," said
John P. Grayken, chairman of Lone Star Fund, at the signing
ceremony.

Morgan Stanley has been advising KAMCO on the asset sales
through an Asia-based advisory team specializing in
securitization, mergers & acquisitions and real estate.

KAMCO is currently the only organization in Korea to
purchase, manage and dispose of the nonperforming assets
from domestic financial institutions. The company went
through a reorganization and significant expansion in late
1997, increasing its staff from 370 to about 1,300.

Since in November 1997, KAMCO has bought about 39 trillion
won worth of distressed assets from domestic financial
institutions. In a deal with Goldman Sachs, KAMCO sold
about 208 billion won worth of unsecured nonperforming
loans in its first international auction on Oct. 1.


KOREA FIRST BANK: HSBC's route to buy Korean banks eased
--------------------------------------------------------
According to the South China Morning Post, Seoul said
yesterday it would buy out the minority shareholders in
Seoulbank and Korea First Bank, a step that clears the way
for HSBC to bid for one of the two banks.

HSBC is understood to have completed an evaluation of the
debts and assets at the two debt-ridden state banks and was
reported to be on the verge of signing an agreement to
purchase one of the banks.

Korea's government remains coy about which of the two banks
is likely to be sold. Both groups -- ranked among the
country's top six banks -- were taken over by the
government to prevent them collapsing last year.

Korea First Bank, which presently has a market
capitalisation of about US$1 billion, had 243 local
branches and seven foreign branches at the end of last
year. Seoulbank, which also has a market capitalisation of
about US$1 billion, had 306 local branches and 12 foreign
branches at the end of last year.

Analysts said given the right price, the banks are a good
match, with HSBC offering money and experience and a base
for the Korean government to continue reforms within the
banking system, and Seoulbank or Korea First Bank offering
full service with a strong bank network and a foothold for
HSBC in the country for a fraction of what it would have
cost a year ago.

An analyst commented that the price will depend on what the
government injects into the banks and only the people who
participated in the due diligence know what level of
capital is required.

Analysts said the purchase might mirror HSBC's acquisition
of Banco Bamerindus do Brasil in March last year, where the
government offered a guarantee to buy back bad debt six
months after HSBC bought the bank.

According to the Hong Kong Standard, Korea First Bank and
Seoulbank were due to be sold to foreign investors by the
end of January. Another source said South Korea and the
foreign bank might sign a memorandum of understanding by
the end of the year. Industry sources were also quoted
as saying HSBC may sign a memorandum of understanding (MoU)
to take over one of the institutions tomorrow.

The ChosunIlbo said yesterday HSBC had asked the South
Korean government to retain a 20-30 per cent stake in an
acquired bank and to cancel out the remaining stakes held
by private investors including institutional investors.
South Korea now holds a nearly 94 per cent stake in them
after recapitalising them in early January. Sources said
the government was considering buying the remaining stakes
and then cancelling it out to meet the demand.

Reports said Seoul was planning to inject more capital into
Korea First Bank and Seoulbank to make their net worth
positive before they are sold to a foreign buyer.

HSBC was seeking a 70-80 per cent stake in either Seoulbank
of Korea First Bank, instead of the 50 per cent-plus-one
share initially offered by the government.


LG SEMICON: Decision near for 'big deal'
----------------------------------------
The semiconductor "big deal" is nearing a watershed, as a
U.S. consulting agency will pass the final verdict on the
semiconductor management-control dispute between Hyundai
and LG groups today. Arthur D. Little will select a winner
of the controlling 70-percent stake in their joint chip-
making entity, and put an end to the five-month-long
confrontation. ADL will send the results of its managerial
evaluations on Hyundai Electronics and LG Semicon to the
Financial Supervisory Commission today before making a
public announcement tomorrow, sources said.

The merger of Hyundai and LG semiconductor operations has
been touted as the jewel of the government-pushed chaebol
restructuring drive. But the majority of industry watchers
are skeptical about a conclusion for the semiconductor big
deal, since ADL's evaluation works were conducted without
LG's consent. LG, charging that regulators and ADL favor
Hyundai, refused to present managerial data until the last
moment. "In case Hyundai is named the winner, LG will
certainly not accept the results," said an official at the
Federation of Korean Industries. "LG will then put itself
on a collision course with the government, which has
threatened to cut credit lines to the party responsible for
killing the deal."


SAMSUNG ELECTRONICS: Sells division to Fairchild
------------------------------------------------
The Korea Herald reports Samsung Electronics Co. has agreed
to sell its power-device business to U.S.-based non-memory
chipmaker Fairchild Technologies Semiconductor for $455
million. A Samsung spokesman said yesterday it will hand
over its power-device division, comprising of wafer
fabrications, assembly lines and test operations, in
Puchon, Kyonggi Province, to the U.S. firm on Jan. 1 next
year. The two firms, however, will maintain a sales
partnership, the spokesman said. The power-device business
includes power-switch devices, high-voltage bipolar
products, small signal transistors and motor-control
integrated circuits (ICs).

Samsung Electronics said Fairchild will also take over
about 1,500 employees, including design and development
personnel in Puchon and its worldwide sales and marketing
personnel. The Puchon plant registered a net profit of 19.6
billion won ($16.3 million) on turnover of 420 billion won
($335 million) in 1997. Samsung, the world's largest memory
chipmaker, said it will use the funds to focus on advanced
semiconductor areas at its Kiheung plant, such as system
large-scale integration (LSI) circuits, alpha chips and
next-generation digital TVs.


SEOULBANK: HSBC's route to buy Korean banks eased
-------------------------------------------------
According to the South China Morning Post, Seoul said
yesterday it would buy out the minority shareholders in
Seoulbank and Korea First Bank, a step that clears the way
for HSBC to bid for one of the two banks.

HSBC is understood to have completed an evaluation of the
debts and assets at the two debt-ridden state banks and was
reported to be on the verge of signing an agreement to
purchase one of the banks.

Korea's government remains coy about which of the two banks
is likely to be sold. Both groups -- ranked among the
country's top six banks -- were taken over by the
government to prevent them collapsing last year.

Korea First Bank, which presently has a market
capitalisation of about US$1 billion, had 243 local
branches and seven foreign branches at the end of last
year. Seoulbank, which also has a market capitalisation of
about US$1 billion, had 306 local branches and 12 foreign
branches at the end of last year.

Analysts said given the right price, the banks are a good
match, with HSBC offering money and experience and a base
for the Korean government to continue reforms within the
banking system, and Seoulbank or Korea First Bank offering
full service with a strong bank network and a foothold for
HSBC in the country for a fraction of what it would have
cost a year ago.

An analyst commented that the price will depend on what the
government injects into the banks and only the people who
participated in the due diligence know what level of
capital is required.

Analysts said the purchase might mirror HSBC's acquisition
of Banco Bamerindus do Brasil in March last year, where the
government offered a guarantee to buy back bad debt six
months after HSBC bought the bank.

According to the Hong Kong Standard, Korea First Bank and
Seoulbank were due to be sold to foreign investors by the
end of January. Another source said South Korea and the
foreign bank might sign a memorandum of understanding by
the end of the year. Industry sources were also quoted
as saying HSBC may sign a memorandum of understanding (MoU)
to take over one of the institutions tomorrow.

The Chosun Ilbo said yesterday HSBC had asked the South
Korean government to retain a 20-30 per cent stake in an
acquired bank and to cancel out the remaining stakes held
by private investors including institutional investors.
South Korea now holds a nearly 94 per cent stake in them
after recapitalising them in early January. Sources said
the government was considering buying the remaining stakes
and then cancelling it out to meet the demand.

Reports said Seoul was planning to inject more capital into
Korea First Bank and Seoulbank to make their net worth
positive before they are sold to a foreign buyer.

HSBC was seeking a 70-80 per cent stake in either Seoulbank
of Korea First Bank, instead of the 50 per cent-plus-one
share initially offered by the government.


SHINSEGI TELECOMM: SK Telecom interested in troubled firm
---------------------------------------------------------
Amid the recent buzz about mergers in the mobile service
sector, SK Telecom president Cho Jung-nam yesterday
expressed the company's willingness to acquire ailing
Shinsegi Telecomm.

"We are not enthusiastic about pairing up with Shinsegi.
But if restructuring of the mobile sector is inevitable, SK
Telecom will play a role as the market leader," Cho said.
Shinsegi in its present shape, he added, is not a good buy
because it is heavily indebted. "If we bite it now, it will
make our teeth ache. So I think some kind of debt
restructuring is necessary."

For SK Telecom, Shinsegi is a more attractive merger target
than a PCS operator because it uses the same frequency band
of 800 megahertz, while a PCS carrier operates on the 1.8
gigahertz band. "If we merge with a PCS operator, it means
we have to operate two separate firms. But with Shinsegi,
there are no such problems because we use the same
equipment," Cho said.


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

ALPINE DESIGN SDN BHD: Winding-up petition
------------------------------------------
Shell Malaysia Trading Sdn Bhd on 28/10/98 petitioned for
the winding-up of Alpine Design Sdn Bhd. The petition is
directed to be heard on 19/3/99.


ASIA CONCORDE GOLF SDN BHD: Voluntary winding-up
------------------------------------------------
The members of Asia Concorde Golf Sdn Bhd on 18/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 17/1/99.


EKRAN BHD: Ekran dives, source cites forced selling
---------------------------------------------------
Singapore Business Times reports shares of Malaysia's Ekran
Bhd fell sharply yesterday due to forced selling of the
stock by a Singapore-based bank, an industry executive
said.

The Ekran shares were held by the bank in conjunction with
a loan taken out by Ekran group chairman Ting Pek Phiing,
said the executive, who asked not to be identified. The
executive said Malaysian stockbrokers sold the Ekran stock
on behalf of the Singapore party.

The sharp fall of Ekran and companies linked to Mr Ting
pulled down the broader market by the mid-session break,
baffling many market participants.


HAMAY GLASS SDN BHD: Winding-up petition
----------------------------------------
Shell Malaysia Trading Sdn Bhd on 28/10/98 petitioned for
the winding-up of Hamay Glass Sdn Bhd. The petition is
directed to be heard on 5/2/99.


MB CABLE CONFECTION (MALAYSIA) SDN BHD: Winding-up petition
-----------------------------------------------------------
The members of MB Cable Confection (Malaysia) Sdn Bhd on
15/12/98 resolved to wind-up the company voluntarily.
Creditors are requested to submit their claims before
12/1/99.


MALFIRE INDUSTRIES SDN BHD: Winding-up petition
-----------------------------------------------
Wholechoice Air-conditioning and Engineering Sdn Bhd on
9/9/98 petitioned for the winding-up of Malfire Industries
Sdn Bhd. The petition is directed to be heard on 8/1/99.


P&C PLUMBING SDN BHD: Winding-up petition
-----------------------------------------
OCBC Bank (Malaysia) Sdn Bhd on 4/8/98 petitioned for the
winding-up of P&C Plumbing Sdn Bhd. The petition is
directed to be heard on 13/1/99.


PARAGON UNION BHD: Taken over
-----------------------------
Paragon Union Bhd (listed on the KLSE) was served with a
notice of take over by Asia Avenue Sdn Bhd. An
unconditional mandatory offer to acquire the remaining
8.499mil shares in Paragon Union that it did not already
hold, at RM1.50 per share shall be made.


PERDANA PALM SDN BHD: Winding-up petition
-----------------------------------------
Shell Malaysia Trading Sdn Bhd on 28/10/98 petitioned for
the winding-up of Perdana Palm Sdn Bhd. The petition is
directed to be heard on 5/2/99.


RHB BANK: KL investment arm to take 30% stake in RHB Bank
---------------------------------------------------------
Singapore Business Times reports Malaysia's investment arm
Khazanah Nasional Bhd has announced its intention to take a
30 per cent stake in RHB Bank, which is currently
controlled by tycoon Rashid Hussain.

In a one-sentence statement yesterday, Khazanah said it was
"interested to acquire a 30 per cent equity stake in RHB
Bank from RHB Capital and that Bank Negara has given its
approval for the parties to begin negotiations".

Sources said with Khazanah's entry, Danamodal Nasional --
set up to help recapitalise Malaysian banks -- is expected
to abandon its earlier plan to acquire the 30 per cent
block in RHB Bank from parent RHB Capital. They said the
Danamodal deal fell through as Special Functions Minister
Daim Zainuddin was not happy with the agency's direct
equity participation in the bank.

RHB Bank is currently a wholly-owned unit of listed RHB
Capital, which in turn is 60.6 per cent owned by listed
Rashid Hussain Bhd (RHB). The entire group has been badly
hit by the recession. For the 18 months ended June 30, RHB
Capital posted a net loss of RM651.7 million after it set
aside more than RM1 billion for bad loans. It recorded a
profit of RM758.4 million last year. Parent RHB recorded a
net loss of RM936 million for the year ended June 30.


RENONG: Guarantor pays bonds
----------------------------
According to the Financial Times, Renong said yesterday the
guarantor bank on its five-year zero-coupon bank-guaranteed
bonds worth M$450m had paid the trustee for the bonds, due
in 2002, in full on November 30 after investors had sought
premature redemption.

The bank guarantee was invoked after Renong defaulted on
other loan facilities. The guarantor bank has not served
any notice of demand on Renong. The debt-laden Renong is
restructuring, with the help of the government's Corporate
Debt Restructuring committee, set up to assist companies in
trouble.


SELEKTA TRAVEL & TOURS SDN BHD: Winding-up petition
---------------------------------------------------
Majlis Amanah Rakyat on 23/10/98 petitioned for the
winding-up of Selekta Travel & Tours Sdn Bhd. The petition
is directed to be heard on 13/1/99.


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

PHILIPPINE AIRLINES: Angry creditors want answers
-------------------------------------------------
The Wall Street Journal reports angry creditors of the
relaunched Philippine Airlines want some answers -- and
fast. European export-credit agencies, which along with the
French bank Credit Agricole Indosuez represent a group of
the airline's European creditors, are demanding to know why
the flag carrier's talks with possible strategic partners
broke down. Moreover, given the recent setbacks --
including the failure to win over Hong Kong's Cathay
Pacific Airways, which wanted a strong hand in the
airline's management -- Credit Agricole is raising doubts
as to whether Asia's oldest carrier will ever be able to
find a partner. Philippine Air will have to scurry to try
and placate the creditors, to which it owes the bulk of its
more than $2 billion in debt, particularly since the
criticisms were accompanied by a rejection of its much
touted restructuring plan.


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

KIM ENG: Results announcement
-----------------------------
Singapore Business Times reports listed stockbroker Kim Eng
Holdings yesterday posted half-time results that served as
a grim reminder of the Asian economic crisis -- a net loss
of $7.46 million for the six months ended Sept 30 compared
to a $15.6 million profit in 1997.

Turnover plunged 76 per cent to $23.64 million and the
company wrote off $10.6 million in short-term investments
and trade receivables. The fall in turnover was partly
because Kim Eng Holdings (Hongkong) is now treated as an
associate instead of a subsidiary.

Interest on borrowings fell 66 per cent to $2.76 million
but other income including interest was halved to $10.67
million.

Like last year, there was no interim dividend.


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

ALPHATEC: Creditor plan aims to ease worries by KTB
---------------------------------------------------  
The Bangkok Post reports PricewaterhouseCoopers will
present Alphatec creditors with a revised restructuring
plan today, including changes aimed at addressing concerns
voiced by Krung Thai Bank. Sources said the plan would
involve changes in the investment structure of new Alphatec
investors.

AIG, a US financial services firm, and Investment AB,
parent company of Swedish telecom firm Ericsson, plan to
invest $40 million for an 80% share of a new offshore
holding firm. The remaining 20% will be held by Alphatec
creditors through a debt-for-equity swap. The holding firm
will establish a local subsidiary to manage Alphatec
assets.

The revised plan calls for the new Thai company to swap
subordinated debt for the assets, effectively making
Alphatec a creditor of the new firm.

The change is aimed at placating Krung Thai Bank,
Alphatec's largest creditor. Krung Thai had voted down a
previous restructuring plan because of concerns that
creditors would lack legal protection if the two new
investors chose to liquidate assets.

Details of the plan, including the maturity and size of the
subordinated debt issues and the valuation of Alphatec
assets remain to be discussed.

One executive said Alphatec assets as of June had a book
value of $78 million, but had now likely fallen to just $30
million because of the recession.

The amended plan to be presented to the creditor steering
committee will not change the overall level of debt written
down through the restructuring, from $373 million to $104
million.

Alphatec creditors are expected to vote on the new
restructuring plan in mid-January.
  

KRUNG THAI BANK: Bid for capital hike to cover loan losses
----------------------------------------------------------
The Bangkok Post reports state-owned Krung Thai Bank will
tomorrow ask the Bank of Thailand to approve a capital
increase higher than the originally anticipated 185 billion
baht. If approved, the new capital from the Financial
Institutions Development Fund, the major shareholder, would
be enough to cover the KTB's loan-loss provisions until
mid-1999, central bank deputy governor Kitti Patpong-phibul
said. The fund was likely to approve the step so the KTB
could resume lending, he said, adding the bank hoped to
increase lending by between 4% and 6% next year. KTB's non-
performing assets are expected to total 40% of its loans
next year.


ONE HOLDING PCL: Proposed delisting and rehabilitation plan
-----------------------------------------------------------
One Holding Public Company Limited has informed the Stock
Exchange of Thailand that it will seek shareholder approval
to resolve all the reasons for the proposed delisting
within this coming December 22, 1998.

As the debt which the company owed Dhana Nakorn Finance &
Securities Plc. had been pledged was Filatexs Land, Plant
and Machine Equipment. According to the company's
rehabilitation plan, the company will concentrate only on
the operating of Latex Thread business. However, at
present, the Financial Sector Restructuring Authority (FRA)
is responsible for this case as well as FRA had arranged
the auction on December 15, 1998. Therefore, as soon as the
company know the new lenders, the company will urgently
negotiate with them.

Since the debt which the company had with 56 Financial
Institutions that were suspended to closed down comprise of
secured debt in the amount of 928 million baht, debenture
in the amount of 357.04 million baht, and convertible
debenture in the amount of 332 million baht (excluded
accrued interest). At present, the Financial Sector  
Restructuring Authority (FRA) is also responsible for these
debts and FRA will arrange the auction later. As soon as
the company knows the new lenders, the company will
urgently negotiate with them.

The company had offered early redemption to all debenture
holders, convertible debenture holders, and Bills of
Exchange holders in the approximate price at 5 - 10% of
face value. As at November 30, 1998 the company had
redeemed such debenture in the amount of 141.51 million
baht, convertible debenture in the amount of 60 million
baht, and bills of exchange in the amount of JPY. 2,000
million and USD. 11 million consecutively. However, the
total debt which the company can repurchase has less value
compare to all the company's debt. If the company is able
to repurchase more debt, this will generate higher
possibility for the company to be successful along the
purpose of company's rehabilitation plan.

In addition to the company is now facing with aforesaid
problems, the company therefore would like to postpone the
shareholders Meeting to receive shareholder approval in the
plan of resolving all the reasons for the proposed
delisting as well as the delay to submit the company's
rehabilitation plan in the next 6 months which will be June
22, 1999.


PRANDA JEWELLERY: Plans to restructure debt next month
------------------------------------------------------
The Bangkok Post reports Pranda Jewellery Plc hopes to
restructure its debts next month before expanding its
business, possibly with foreign partners. The partners
would be accommodated through an increase in registered
capital, currently 200 million baht.

Many companies in Europe and the United States had shown
interest, he said. They believed Pranda would weather the
recession and be able to compete worldwide.

Finance department manager Wiboon Srisurin said the company
had appointed Asset Plus Securities Co to oversee debt
restructuring and structural changes to Pranda and its
affiliates.

The company expected debt restructuring to be concluded
next month.

Of Pranda's total debt of 1.8 billion baht, about 370
million baht - at current rates - is in US dollars, and the
rest in baht. Pranda would soon have to repay 280 million
baht, Mr Wiboon said, adding it had paid more than 200
million baht in the past two years.


THAI PETROCHEMICAL: Debt deal hits new delay
--------------------------------------------
According to the South China Morning Post, the second-
largest corporation in Thailand, Thai Petrochemical
Industry (TPI), has postponed for the third time an equity
swap for part of its US$3 billion debt. TPI said a
substantial portion of creditors have indicated that they
are not yet in a position to confirm their formal support
or otherwise for the restructuring package, but it said a
significant majority of creditors had indicated support in
principle for the restructuring package subject to the
release of appropriate documentation. It said internal
review procedures of various creditor institutions had been
more protracted than anticipated, and the company is
therefore proposing to give creditors an extension of time
to obtain necessary internal approvals. These are
anticipated to be obtained in early 1999.

TPI said last month the swap would allow creditors to
convert $330 million into a 30 per cent stake in the
company.


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

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

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