---

T R O U B L E D   C O M P A N Y   R E P O R T E R     
  
             A S I A   P A C I F I C      

      Thursday, January 7, 1999, Vol. 2, No. 4

                    Headlines


* C H I N A   &   H O N G   K O N G *

ALBATRONICS: Results announcement
CAPITAL ASIA: Capital Asia petition in court
CENTURY CITY: Sells road stake
ETERNALINK INVESTMENTS LIMITED: Winding-up petition
GUANGDONG ENTERPRISES: Marks time on repayment of debts

GUANGDONG INTERNATIONAL: Creditors to hear decision on debt
LEVI STRAUSS (ASIA): In members' voluntary liquidation
VICTWELL TEXTILE: In members' voluntary liquidation


* I N D O N E S I A *

INDOFOOD SUKSES MAKMUR: Officials balk at foreign buy


* K O R E A *

HYUNDAI ELECTRONICS: LG relents in merger with Hyundai
LG SEMICON: Relents in merger with Hyundai
SEOULBANK: HSBC gets second chance in Korea


* M A L A Y S I A *

ARENSI HOLDINGS (M) BHD: Results - 30/9/98
MBF FINANCE: MBf Finance takeover kills merger ambition
PERDANA INDUSTRI HOLDINGS BHD: Results - 30/9/98
TANCO HOLDINGS: Submits debt rearrangement plan to BNM              
WARISAN KONRAKTOR (M) SDN BHD: Voluntary winding-up


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

CENTREPOINT HOTEL: Seeks debt relief
SUNDOWNER DEVELOPMENT: Seeks debt relief


* S I N G A P O R E *

DBS LAND: Sells part of Thomson Plaza
NEPTUNE ORIENT: Discloses impact of sale of HQ building


* T H A I L A N D *

NTS STEEL: Corporate debtors ask for mercy
PADAENG INDUSTRY: To use capital for cashflow, not debt
SHINAWATRA INTERNATIONAL: Exits to Caribbean
SRI THAI SUPERWARE: To discuss debt conversion
THAI PETROCHEMICAL: Corporate debtors ask for mercy


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

ALBATRONICS: Results announcement
---------------------------------
Albatronics (Far East) Company Limited announced half-year
results for the period ending September 30, 1998 as a net
loss of HK$312 million on turnover of HK$1.19 billion. This
compares to a profit of HK$13.6 million on turnover of
HK$1.46 billion for the corresponding 1997 period.


CAPITAL ASIA: Capital Asia petition in court
--------------------------------------------
According to the South China Morning Post, Capital Asia's
petition to reduce its authorised capital was heard
yesterday by the court. As judgement was reserved in order
to consider the case, the company had asked the stock
exchange to postpone all trading of new shares issued based
on the soon-to-be reduced authorised capital.


CENTURY CITY: Sells road stake
------------------------------
According to the South China Morning Post, troubled Century
City International Holdings has agreed to sell a 20.66 per
cent interest in Chengdu Mianyang Expressway in Sichuan to
Shenyin Wanguo (HK) for $405 million. The group will not
receive any cash proceeds. Instead, the consideration will
be used to settle part of the liabilities owed to Shenyin.


ETERNALINK INVESTMENTS LIMITED: Winding-up petition
---------------------------------------------------
A petition for the winding up of Eternalink Investments
Limited was presented to the High Court on  Dec 1, 1998  by  
Fong Kin Wai, Robert and Cheung Kit Ling both of  Flat C,
6th Floor, Tower 5, Parc Oasis, Tat Chee Avenue, Yau Yat
Chuen, Kowloon, and the said petition is directed to be
heard before the court at 9:30 a.m. on  Jan 13, 1999, and
any creditor or contributory of the said  company desirous
to support or oppose the making of an order on the said
petition may appear at the time of hearing by himself or
his counsel for that purpose, and a copy of the petition
will be furnished to any creditor or contributory of the
said company requiring the same by the Solicitors for the
Petitioner, Francis K.W. Ho & Co, 3rd Floor, The Chinese
General Chamber of Commerce Building, Nos. 24-25 Connaught
Road, Central, Hong Kong, on payment of the regulated
charges for the same.


GUANGDONG ENTERPRISES: Marks time on repayment of debts
-------------------------------------------------------
According to the Hong Kong Standard, Guangdong Enterprises,
a company owned by Guangdong provincial government, is
delaying until April 15 repayment of principal sums
amounting to several million dollars on existing loans
which came due on December 16.

It has more than US$1 billion in outstanding bonds apart
from other loans.

The company and its subsidiary, Guangnan (Holdings) will
discuss the situation with creditors on January 12.

According to a statement from Guangdong Enterprises,
Goldman Sachs and Co, which was asked in December to help
in restructuring, has written to the company's creditors to
postpone payment requests.

The letter also had proposals for funding and debt
arrangements with creditors. Goldman Sachs has also agreed
to take a US$20 million stake in the company.

Guangdong Enterprises' statement said that reshaping moves
would not affect the debt repayments of GIL, a Hong Kong-
based subsidiary, or three of its other Hong Kong-listed
companies -- Guangdong Brewery Holdings, Guangdong Building
Industries, and Guangdong Tannery.

Guangnan's trading partners, suppliers and customers were
assured that fresh foodstuffs distribution and other
operations would go on as usual during the restructuring of
Guangdong Enterprises.

The Guangdong provincial government has also requested
creditors not to claim the assets of group subsidiaries
that might have broken contracts, not to press for debt
repayment, and not to go to court.

Earlier newspaper reports stated last November that
according to estimates from Prudential Bache International,
Guangdong Enterprises has a 280 percent debt to equity
ratio. The suspension of principal payments would not apply
to Hong Kong listed companies controlled by Guangdong
Enterprises via the Hong Kong listed Guangdong Investments,
which is 41 percent owned by Guangdong Enterprises.

An Asian Wall Street Journal article also reported that as
of December 31, Guangdong Enterprises owed the Hong Kong
listed Guangdong Finance Company HK$202.8 million. However,
Guangdong Finance has decided to wait while Guangdong
Enterprises restructures and will not demand immediate
repayment. Guangdong Finance is part of the Hong Kong
listed Guangdong Investments Group.


GUANGDONG INTERNATIONAL: Creditors to hear decision on debt
-----------------------------------------------------------
According to the South China Morning Post, creditors of the
financial arm of Guangdong International Trust & Investment
Corp (Gitic) will meet with liquidators and government
officials on Sunday to find out how and when as much as
US$4 billion of debt will be repaid, an official mainland
spokesman said.

A spokesman for the Bank of China-led committee overseeing
the liquidation, Wu Xiaohua, said creditors would be
invited to Gitic's headquarters in Guangzhou on Sunday to
attend a meeting that might be attended by government
officials.

Gitic, like many borrowers, used short-term foreign credit
to finance long-term projects and investments, a system
which crumbled once foreign banks stopped lending because
of economic troubles in Asia.

The Hong Kong Standard showed a largely similar report,
except that it said that creditors of Gitic will find out
on Sunday how and when over US$2.5 billion in debts will be
repaid.

The report also said that among Gitic's creditors are a
number of Hong Kong-based banks including HongkongBank,
Hang Seng Bank and Bank of East Asia. Other lenders include
US-based Chase Manhattan Corp, Japan's Bank of Tokyo-
Mitsubishi and DaiIchi Kangyo Bank and Germany's
Commerzbank.

Creditors who went to Guangzhou to register loans to Hong
Kong-based subsidiaries, such as Gitic Hong Kong (Holdings)
and Guangxin Enterprises, reported that the trustee, Bank
of China, accepted the loans for registration. This meant
that such loans to Gitic would also be taken into
consideration.


LEVI STRAUSS (ASIA): In members' voluntary liquidation
------------------------------------------------------
The creditors of Levi Strauss (Asia) Limited, which is
being voluntarily wound up, 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 at 21st Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong, 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.


VICTWELL TEXTILE: In members' voluntary liquidation
---------------------------------------------------
The creditors of Victwell Textile Industrial Company
Limited, which is being voluntarily wound up, 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 at 21st Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong, 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.


=================
I N D O N E S I A
=================

INDOFOOD SUKSES MAKMUR: Officials balk at foreign buy
-----------------------------------------------------
According to the South China Morning Post, factions in the
Indonesian government are reportedly opposing the sale of
Indofood Sukses Makmur, the world's largest maker of
instant noodles, by the Salim Group. They want the
government to take over the company as repayment for a May
bailout of Salim banking arm Bank Central Asia, which
leaves the Liem Sioe Liong-controlled group's debt of
US$500 million to the government.

A joint venture between the Salim Group's Hong Kong-listed
First Pacific and Japan's Nissan food Products last month
agreed to buy Salim's 60 per cent Indofood stake for $570
million. The government holds a 10.18 per cent Indofood
stake.

A state enterprises ministry official told Bisnis Indonesia
yesterday that there was some oppostion to the deal within
the ministry. Indofood is seen as one of the national
assets as the company had been grown with government
assistance.

According to State Enterprises Minister Tanri Abeng the
government, a minority shareholder, had not yet decided
whether to agree to the deal, but would ask the management
to explain in detail at Indofood's next shareholder meeting
on January 25.

First Pacific spokesman Robert Sherbin said no Indonesian
government or Indofood minority shareholder approval would
be needed for the deal to be concluded as scheduled on
February 1, provided First Pacific minority shareholders
first agreed to the creation of new shares.

However, government approval was still needed to change
Indofood's status from a local to a foreign-owned
enterprise, but Mr Sherbin said this is not a threat to the
deal proposition.

The Indonesian central bank took control of Bank Central
Asia -- once Indonesia's largest private lender -- in May
last year when depositors caused a run on the bank,
injecting fresh capital of more than 35 trillion rupiah.

In a settlement to regain control of the bank, the Salim
Group agreed in September to transfer about 48 trillion
rupiah of assets to an independent entity to begin
repayment. Such transfer of assets included a 5 per cent
stake in First Pacific. The assets are not expected to be
transferred until the middle of this year.


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

HYUNDAI ELECTRONICS: LG relents in merger with Hyundai
------------------------------------------------------
The Digital ChosunIlbo reports LG Business Group Chairman
Koo Bon-moo announced Wednesday that he would agree to let
Hyundai hold managerial rights in the semiconductor merger
of LG Semicon with Hyundai Electronics. Koo met with
President Kim Dae-jung at Chongwadae to deliver the news.

A spokesman from the president's office said that the LG
chairman went through a period of soul-searching before
finally making his decision to finally cooperate with the
Big Deal measure, so that LG could make a contribution to
helping Korea to strengthen its sovereign rating overseas.
Koo also promised the president that LG would do its best
to nurture its core businesses. President Kim commended
Koo's decision and asked that LG group spearhead the
nation's economic recovery through its on-going business
restructuring.

Koo is known to have fine-tuned the move with Hyundai
Chairman Chung Mong-hun before his visit to Chongwadae. One
high-ranking official at LG said that the group's entire
stake in LG Semicon would be sold off to Hyundai. Sources
close to LG said that details of amount of the sale and the
reason for LG's change of heart would be revealed later.


LG SEMICON: Relents in merger with Hyundai
------------------------------------------
The Digital ChosunIlbo reports LG Business Group Chairman
Koo Bon-moo announced Wednesday that he would agree to let
Hyundai hold managerial rights in the semiconductor merger
of LG Semicon with Hyundai Electronics. Koo met with
President Kim Dae-jung at Chongwadae to deliver the news.

A spokesman from the president's office said that the LG
chairman went through a period of soul-searching before
finally making his decision to finally cooperate with the
Big Deal measure, so that LG could make a contribution to
helping Korea to strengthen its sovereign rating overseas.
Koo also promised the president that LG would do its best
to nurture its core businesses. President Kim commended
Koo's decision and asked that LG group spearhead the
nation's economic recovery through its on-going business
restructuring.

Koo is known to have fine-tuned the move with Hyundai
Chairman Chung Mong-hun before his visit to Chongwadae. One
high-ranking official at LG said that the group's entire
stake in LG Semicon would be sold off to Hyundai. Sources
close to LG said that details of amount of the sale and the
reason for LG's change of heart would be revealed later.


SEOULBANK: HSBC gets second chance in Korea
-------------------------------------------
According to the South China Morning Post, Korea's
Financial Supervisory Commission said it would resume talks
with potential buyers of SeoulBank but declined to confirm
reports that HSBC and two US parties were among them.
Korean reports suggest that HSBC Holdings, as well as a
top-10 US bank-led group and another US bank yesterday were
talking to the government about SeoulBank.

The Korean government has until the end of this month to
sell SeoulBank, one of the country's top 10 commercial
banks, under an agreement with the International Monetary
Fund which led a US$60 billion bailout package in late
1997.

Kookmin Bank Research Institute senior analyst Kim Jang-hee
said foreign banks could sharply increase their market
share in Koreak, aided by a government policy to phase out
curbs on foreign companies and to favor western-style
banking techniques.

Analysts said the terms for selling SeoulBank could be a
little softer than those for Korea First Bank because the
latter had better balance sheets and a bigger operation.
Both banks have about $1 billion in capital but SeoulBank's
assets are about 30 trillion won, against Korea First
Bank's 40 trillion won. SeoulBank has 10 per cent fewer
branches than Korea First Bank and is believed to be more
attractive to UK-based institutions such as HSBC because it
appears to have less loan exposure to Korea's over-
diversified and highly leveraged chaebol conglomerates.


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

ARENSI HOLDINGS (M) BHD: Results - 30/9/98
------------------------------------------
Arensi Holdings (M) Bhd reported a post-tax loss of
RM32.877mil for the 6months ended 30/9/98, compared to a
post-tax profit of RM6.049mil previously. EPS fell 638%
from 13.48sen to a loss per share of 72.55sen during the
same period.


MBF FINANCE: MBf Finance takeover kills merger ambition
-------------------------------------------------------
According to the South China Morning Post, MBf Finance's
merger talks with Bank of Commerce, Malaysia's sixth-
largest bank, and a Taiwan-based financial services group,
Fubon Group, have been scrapped following the takeover of
MBf by the Malaysian central bank.

Shares of MBf Capital and MBf Holdings, which own MBf
Finance, were suspended.

As Bank of Commerce scrapped a plan to swap 20 per cent of
its shares with 37.5 per cent of MBf, shares of Commerce
Asset-Holding were boosted.

Talks by Fubon Group of Taiwan to buy a minority stake in
MBf began in November.

The takeover by Malaysia's central bank marks the end of
the bank-owning ambitions of MBf Finance, and comes as the
company struggles with mounting bad loans. At the end of
1997, 21 per cent of MBf's loans had turned bad. The
company set aside as much as M$756.2 million for doubtful
debts.

Upon its takeover of MBf on Monday, the central bank
replaced the company's chief executive Loy Teik Ngan, the
founder's son, with former Public Bank executive Low Ngiap
Jin.

The central bank said on Monday it would take over
management control of MBf in a bid to prevent the finance
company from collapsing. It was the central bank's second
takeover of a Malaysian bank, following the takeover of
Rakyat Merchant Bankers in 1993. The central bank also took
over Kewangan Bersatu, a smaller finance company owned by
Arus Murni Corp.


PERDANA INDUSTRI HOLDINGS BHD: Results - 30/9/98
------------------------------------------------
Perdana Industri Holdings Bhd reported a post-tax loss of
RM27.265mil for the 6months ended 30/9/98, compared to a
post-tax loss of RM12.257mil previously. Loss per share
rose 122% from 34.17sen to 76sen during the same period.


TANCO HOLDINGS: Submits debt rearrangement plan to BNM              
------------------------------------------------------
Business Times reports Tanco Holdings Bhd has submitted a
proposal for a debt rearrangement of the group and its
subsidiaries to Bank Negara Malaysia's Corporate Debt
Restructuring Committee.

Commerce International Merchant Bankers Bhd (CIMB) in a
statement issued on behalf of Tanco said that restructuring
of the RM238 million bank borowings comprise RM221 million
in secured loans and RM17 million in clean loans will be
converted into long term loans.

The proposed restructuring will relieve the group of its
current cashflow burden resulting in a substantial drop in
the group's future gearing, the company said.

Under the proposed debt rearragement, Tanco will undertake
a conversion of RM80 million nominal value of 6 per cent
irredeemable convertible unsecured loan stocks (Iculs)
1997/2002 of the company into new ordinary shares of RM1
each at a premium not exceeding 5 per cent over the five
days weighted average price of the company at a date to be
fixed later or at par value of the company.

The Iculs holders will be required to waive unconditionally
the outstanding interest payment of RM4.80 million due on
December 31 1998 with any accrued interests and all
branches of the company under the trust deeds and surrender
all their rights and entitlements.

The statement added that to minimise the dilution of the
existing shareholders of the company from the Icul
conversion into ordinary shares, the grantors proposed to
issue up to 20.98 million options for every four existing
shares held with an exercise period of up to one and half
years.

Tanco is also proposing 90.32 million worth of warrants
from shareholders based on one warrant for every two shares
held after the Iculs conversion to raise funds for the
company. One new share of the company will be issued for
each warrant with the exercise period commencing after
seven years.

The company also proposed to issue up to 10.06 million new
shares of RM1 each in the company, representing 10 per cent
of the existing issued and paid-up capital of the company.
The proceeds from the placement will be used to repay the
bank borrowings and creditors of the Tanco group.

Tanco also proposed a grant of up to 20.98 million options
to purchase shares at RM1 each at a price to be determined
by the grantors, Datuk Tan Jing Nam and Aznan Abdul Aziz to
the existing shareholders on the basis of one option for
every four existing shares in the company.


WARISAN KONRAKTOR (M) SDN BHD: Voluntary winding-up
---------------------------------------------------
The members of Warisan Kontraktor Sdn Bhd on 29/12/98
resolved to wind-up the company voluntarily. Creditors are
requested to submit their claims before 5/2/99.


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

CENTREPOINT HOTEL: Seeks debt relief
------------------------------------
Reeling from the effects created by the currency crisis,
troubled hotel and restaurant operator Sundowner
Development Corp. and affiliate Centrepoint Hotel, Inc.
have jointly asked the Securities and Exchange Commission
(SEC) for a temporary relief on debt payments.

BusinessWorld reports the two companies operate the
Centrepoint chain of hotels. At present, there are two
Centrepoint hotels in Manila and one in Cebu. Sundowner
operates the Manila-based hotels, while Centrepoint
operates the hotel in Cebu City.

Disclosing liabilities totalling 90.1 million Philippine
pesos (PhP), the two firms said they are unable to meet
maturing obligations due to thin profits resulting from a
number of factors. They blamed most of their financial woes
on the current regional crisis. The two firms cited the
"disastrous decrease in tourist arrivals," which they said
was "exacerbated" by the temporary closure of Philippine
Airlines, Inc. (PAL) September last year. Sundowner and
Centrepoint said they cumulatively hold assets valued at
PhP127.9 million.


SUNDOWNER DEVELOPMENT: Seeks debt relief
----------------------------------------
Reeling from the effects created by the currency crisis,
troubled hotel and restaurant operator Sundowner
Development Corp. and affiliate Centrepoint Hotel, Inc.
have jointly asked the Securities and Exchange Commission
(SEC) for a temporary relief on debt payments.

BusinessWorld reports the two companies operate the
Centrepoint chain of hotels. At present, there are two
Centrepoint hotels in Manila and one in Cebu. Sundowner
operates the Manila-based hotels, while Centrepoint
operates the hotel in Cebu City.

Disclosing liabilities totalling 90.1 million Philippine
pesos (PhP), the two firms said they are unable to meet
maturing obligations due to thin profits resulting from a
number of factors. They blamed most of their financial woes
on the current regional crisis. The two firms cited the
"disastrous decrease in tourist arrivals," which they said
was "exacerbated" by the temporary closure of Philippine
Airlines, Inc. (PAL) September last year. Sundowner and
Centrepoint said they cumulatively hold assets valued at
PhP127.9 million.


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

DBS LAND: Sells part of Thomson Plaza
-------------------------------------
Singapore Business Times reports as part of efforts to
divest its non-core assets, DBS Land has sold part of
Thomson Plaza to NTUC FairPrice, making an extraordinary
gain of $34.3 million. Two agreements were sealed -- 53,000
sq ft of space on the first floor was sold to NTUC
FairPrice, while another 68,000 sq ft on the second level
was sold to an equal joint venture between DBS Land and the
supermarket operator. The total consideration was $55.6
million. Of this, NTUC FairPrice paid about $42 million or
$483 per sq ft for its share.

After accounting for its half share in the second floor,
DBS Land will make an extraordinary profit of $34.3
million. The transactions are expected to boost its
earnings per share after extraordinaries by 3.4 cents for
the current year ending December 1999. No material impact
on net tangible assets per share is expected, however.


NEPTUNE ORIENT: Discloses impact of sale of HQ building
-------------------------------------------------------
Singapore Business Times and Bloomberg report Neptune
Orient Lines (NOL), the world's fifth-largest shipping
company, said the recently announced sale of its
headquarters would have lowered its first-half loss last
year by 14.33 cents a share if it had taken place then. It
did not say how the asset sale would affect full-year
earnings.

Assuming the $185 million sale of the building, which
carries the company's name, had taken place in the January-
June 1998 half-year, NOL would have lost 19 cents a share
instead of 33.33 cents, it said. Its net tangible assets
per share would also rise to 47 cents from 34 cents, NOL
told the Stock Exchange of Singapore.

NOL's $240.8 million first-half loss was the biggest of any
listed Singapore company. The sale is part of an ongoing
process to reduce the company's $5 billion debt, incurred
mainly by its 1997 acquisition of US-based APL Ltd, a
shipping company. NOL sold $151 million in assets earlier
in 1998.


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

NTS STEEL: Corporate debtors ask for mercy
------------------------------------------
The Nation reports Senator Prachai Leopairatana of the Thai
Petrochemical Industry Group and Senator Sawad Horrungrueng
of the NTS Steel Group are the owners of a dozen or so big
companies and debtors who later this week will hit the
international trail looking for sympathy for their plight.

They will join other pro-business members of the Thai
Senate on a trip to Washington DC to meet US Treasury
Secretary Robert Rubin and IMF chief Michel Camdessus on
Jan 25. Their trip is the latest development in the fight
between debtors and creditors as the Senate vets 11
economic-reform bills.

Proponents of the bills, especially the bankruptcy and
foreclosure bill, said they were a prerequisite to put the
economy back on the path to a strong recovery. On the other
side of the table, businessmen-cum-senators -- Prachai and
Sawad included -- have pulled up their sleeves and demand
changes to the bills.

In particular, they have publicly opposed the bankruptcy
and foreclosure bills, a move that could delay passing them
into law, and thus, delay the country's recovery process.
Both Prachai and Sawad have their own reasons for opposing
the bills. Prachai, a major shareholder of TPI and TPI
Polene, has a combined corporate debt of US$4.5 billion,
while Sawad has a corporate debt of $2.2 billion.

When Prachai and Sawad were joined by Pairote Piempongsan
of the real estate firm Ban Chang Group, who is also a
senator, at a recent meeting with Finance Minister Tarrin
Nimmanahaeminda to air their grievances, the trio
effectively represented the combined Bt500 billion debt
owed by the Thai private sector.


PADAENG INDUSTRY: To use capital for cashflow, not debt
-------------------------------------------------------
The Nation reports Padaeng Industry Plc has told the Stock
Exchange of Thailand that it will use its Bt82.79 million
of new capital in cashflow instead of paying back its debt.
The company had said the money would be used to pay back
its debt, which has been put off because repayment is not
due until July 31, 1999.


SHINAWATRA INTERNATIONAL: Exits to Caribbean
--------------------------------------------
Implementing its re-organisation plan, Shinawatra Computer
and Communication Plc (SHIN) has relocated its loss-making
Shinawatra International Plc (INT) to a new subsidiary in
the Caribbean, according to the Nation.

SHIN's investor relations officers said the new structure
will make it more flexible to carry out new business plans
for INT.

The parent of Shinawatra Group yesterday announced it had
sold 98 per cent of INT to its wholly-owned subsidiary
Shenington Investment Co Ltd, based in the British Virgin
Islands.


SRI THAI SUPERWARE: To discuss debt conversion
----------------------------------------------
The Nation reports Sri Thai Superware Plc will negotiate
with its creditors next week to convert some of its debts
into equity, president Sanan Angubolkul said.

The major creditors include the Bank of America and bond-
holders of a US$60 million debt owed by Sri Thai. Sri Thai
now shoulders total debts of $150 million (Bt5.4 billion).
The swap of debt for equity has been planned after
investment conglomerate Berli Jucker Plc recently ended
their acquisition project to take majority control in Sri
Thai.

Negotiations between Berli Jucker Plc and Sri Thai's
creditors, which have taken place since April last year,
failed after creditors refused to accept a loss of 35 per
cent of outstanding debts as proposed by Berli Jucker. The
creditors accepted a loss of only 10 to 15 per cent.
Berli Jucker itself sought to take a majority stake of more
than 60 per cent in Sri Thai Superware Plc, but neither
shareholders nor creditors were willing to part with so
much.

In previous negotiations with Sri Thai Superware, Berli
Jucker agreed to inject Bt1.2 billion into the packaging
firm pending a further debt-restructuring agreement with
Sri Thai creditors.

Sanan said the discussion for converting the debts into
equity as well as the ratio of debts to be swapped for
equity will be concluded by the end of this month.
He added that the withdrawal of Berli Jucker from the
acquisition agreement will not affect the company's
business performance. Sri Thai's sales in the first nine
months of 1998 recorded at Bt2.1 billion with profit after
tax at Bt976.75 million.


THAI PETROCHEMICAL: Corporate debtors ask for mercy
---------------------------------------------------
The Nation reports Senator Prachai Leopairatana of the Thai
Petrochemical Industry Group and Senator Sawad Horrungrueng
of the NTS Steel Group are the owners of a dozen or so big
companies and debtors who later this week will hit the
international trail looking for sympathy for their plight.

They will join other pro-business members of the Thai
Senate on a trip to Washington DC to meet US Treasury
Secretary Robert Rubin and IMF chief Michel Camdessus on
Jan 25. Their trip is the latest development in the fight
between debtors and creditors as the Senate vets 11
economic-reform bills.

Proponents of the bills, especially the bankruptcy and
foreclosure bill, said they were a prerequisite to put the
economy back on the path to a strong recovery. On the other
side of the table, businessmen-cum-senators -- Prachai and
Sawad included -- have pulled up their sleeves and demand
changes to the bills.

In particular, they have publicly opposed the bankruptcy
and foreclosure bills, a move that could delay passing them
into law, and thus, delay the country's recovery process.
Both Prachai and Sawad have their own reasons for opposing
the bills. Prachai, a major shareholder of TPI and TPI
Polene, has a combined corporate debt of US$4.5 billion,
while Sawad has a corporate debt of $2.2 billion.

When Prachai and Sawad were joined by Pairote Piempongsan
of the real estate firm Ban Chang Group, who is also a
senator, at a recent meeting with Finance Minister Tarrin
Nimmanahaeminda to air their grievances, the trio
effectively represented the combined Bt500 billion debt
owed by the Thai private sector.


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 1999.  All rights reserved.  ISSN: 1520-9482.  

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