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/raid1/www/Hosts/bankrupt/TCRAP_Public/990108.MBXT 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 Friday, January 8, 1999, Vol. 2, No. 5 Headlines * C H I N A & H O N G K O N G * ALBATRONICS: VCD provisions pull Albatronics into the red GUANGDONG ENTERPRISES: S&P lowers debt ratings GUANGDONG INTERNATIONAL: Liquidators to meet with creditors HAINAN DADONGHAI TOURISM: Hotelier swaps debt for stake HARBOUR RICH (PROPERTY) LIMITED: Meeting of creditors SIU-FUNG CERAMICS: Seeks creditor reprieve TIME RICH (HK) LIMITED: Notice of meeting of creditors UDL HOLDINGS: Subsidiary in $66m suit WIN HOPE TRANSPORTATION: Winding-up petition * J A P A N * NISSAN MOTOR: Nissan sells textile business YOKOHAMA RUBBER: JRII cuts long term debt rating * K O R E A * CHUNGBUK BANK: Needs more capital to stay solvent HANGUK CABLE TV: Completes creditor reconciliation HYUNDAI ELECTRONICS: Sharp differences remain on price LG SEMICON: Sharp differences remain on price of deal MIJU COMPANIES: Four affiliates become workout targets SHINWON TELECOM: Completes creditor reconciliation * M A L A Y S I A * MBF CAPITAL: Given time to find funds for finance unit RENONG: Turns to toll road unit to sell RM8.5b bonds * P H I L I P P I N E S * ASKAR LTD: Boulevard unit to restructure $5.4-M loan PHILIPPINE AIRLINES: Japanese creditor rejects debt plan * S I N G A P O R E * PACIFIC CAN: SIC waives Pac Can share takeover SONICA: Fu Yu denies it has lost case against Sonica * T H A I L A N D * SIAM COMMERCIAL BANK: Breaks ground with $355m deal on debt TELECOMASIA: Bangkok Bank takes stake as debt repayment ================================= C H I N A & H O N G K O N G ================================= ALBATRONICS: VCD provisions pull Albatronics into the red --------------------------------------------------------- According to the South China Morning Post and the Hong Kong Standard, huge provisions for discontinuation of video compact disc products and doubtful receivables saw Albatronics (Far East) incur an attributable loss of $309.6 million for the six months to September. Turnover was $1.19 billion. The loss per share was $1.54. No interim dividend will be paid. According to the Hong Kong Standard, exceptional items of $163.53 million included a $131 million write-off for its VCD operations and a $9.78 million loss for development costs written off. Last November, the company said it had incurred an unaudited operating loss of $240 million for the five months to August 31, 1998, including the $131 million loss provision on its VCD operations. The interim results were delayed until yesterday because the auditors were still conducting a review, taking into account the unaudited five-month results ending August 31, 1998. Under the Listing Agreement, the company should have published an interim report by no later than the end of last year. GUANGDONG ENTERPRISES: S&P lowers debt ratings ---------------------------------------------- The Asian Wall Street Journal reports that Standard & Poor's Ratings Group has lowered the corporate credit rating and the senior unsecured debt of Guangdong Enterprises (Holdings) Ltd. from CCC+ to CCC-. This action was reportedly due to Guangdong Enterprises' plan to suspend some debt payments. On Tuesday, the financial adviser to the Guangdong provincial government proposed that Guangdong Enterprises (Holdings) Ltd. and some of its group companies suspend principal payments on debt until April 15 while it undergoes a restructuring. The article stated that S&P said that Guangdong Enterprises has a total debt of $2.8 billion as of last June, and due to its heavy borrowing, it is having difficulties negotiating with its creditors. Failure to conclude an agreement on its debts would result in defaults on unrated debts, that would then trigger cross defaults on rated issues. Guangdong Enterprises is the Guangdong provincial government's investment arm. 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. GUANGDONG INTERNATIONAL: Liquidators to meet with creditors ----------------------------------------------------------- The Asian Wall Street Journal reported the liquidators of the failed Guangdong International Trust & Investment Corporation (GITIC) are set to meet with its creditors on Sunday to decide how debts should be settled. The meeting will be in Guangzhow, the Guangdong provincial capital where GITIC is based. This gathering follows a 90- day period provided to creditors to register their claims. GITIC was the official the investment arm of the Guangdong government, and the second largest such institution in China. GITIC obtained loans and issued bonds overseas to finance local projects, but also used its funds in stock and property deals that went bad. It was closed by the Chinese government on October 6, after it was unable to meet foreign and domestic debt obligations. HAINAN DADONGHAI TOURISM: Hotelier swaps debt for stake ------------------------------------------------------- According to the South China Morning Post and the Hong Kong Standard, hotelier Hainan Dadonghai Tourism Centre (Holdings) said it had repaid some debt owed to the Agricultural Bank of China with a 29.18 per cent stake in the company. The listed company's corporate parent, Dadonghai Tourism Centre, had transferred 106.23 million state shares priced at 1.41 yuan each, to the bank's Sanya city branch, the Securities Times reported. The branch would place the shares in the care of subsidiary real estate firm Yinnong Industry Development, making it Dadonghai's largest shareholder. Yinnong had agreed not to sell the shares for one year. According to the Hong Kong Standard, in China banks are forbidden by law from directly owning publicly traded stocks. HARBOUR RICH (PROPERTY) LIMITED: Meeting of creditors ----------------------------------------------------- A meeting of creditors of Harbour Rich (Property) Limited will be held on Feb 10 at 11:00 am at Unit C, 17th Floor, Thomson Commercial Building, 8-10 Thomson Road, Wanchai, Hong Kong for the purposes mentioned in sections 241,242,243 and 244 of the Hong Kong Companies Ordinance (Chapter 32). SIU-FUNG CERAMICS: Seeks creditor reprieve ------------------------------------------ According to the South China Morning Post, troubled Siu- Fung Ceramics Holdings has applied to the stock exchange to resume trading of its shares today, but is still awaiting a response from its creditors on a renewed rescue proposal it submitted in mid-December. Trading in the company's shares has been suspended since October 1996. The company could still be forced into liquidation if negotiations with its creditors fail. Yesterday the firm said it owed $2.3 billion to a consortium of banks and note-holders as of December 31. No interest had been accrued since November 1996. Of this indebtedness, $193 million was secured by its own office premises and $317 million was guaranteed by chairman Siegfried Lee Siu-fung, who has a 54.11 per cent interest in the company. Contigent liabilities amounting to $1 billion were incurred by the end of last year. As of June 30 last year, the company's net asset value was $73.7 million, or 5.13 cents a share. Seventeen banks in Hong Kong and the mainland had served demand letters to the company for repayment of $2.1 billion. The firm submitted a renewed debt restructuring plan on December 15. The consortium of banks is still evaluating the proposal. TIME RICH (HK) LIMITED: Notice of meeting of creditors ------------------------------------------------------ A meeting of creditors of Time Rich (Hong Kong) Limited will be held on Jan 12, 1999 at 10:30 am at 2nd Floor, Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong to appoint a liquidator and to consider further matters relevant to creditors' voluntary winding-up. UDL HOLDINGS: Subsidiary in $66m suit ------------------------------------- According to the South China Morning Post, cash-strapped UDL Holdings was struck a further blow yesterday with a lawsuit filed against a subsidiary -- UDL Kenworth -- by the Bank of East Asia claiming HK$66 million resulting from an unpaid principal loan sum of US$6.5 million, interest of US$300,000 and a further sum of HK$13.3 million. UDL will attempt to convince a judge on Monday that it can pay off creditors seeking to wind it up. UDL Holdings and subsidiary Kenworth reported a joint HK$2.05 billion attributable loss in the year to March 31. Kenworth suffered a HK$560 million attributable loss compared with a HK$52 million profit the previous year. WIN HOPE TRANSPORTATION: Winding-up petition -------------------------------------------- A petition for the winding up of Win Hope Transportation Company Limited was presented to the High Court on Dec 15, 1998 by Chan Wai Sun formerly known as Chan Yue Kwan of Room 1402, Hing Shing House, Tai Hing Estate, Tuen Mun, New Territories, and the said petition is directed to be heard before the court at 9:30 a.m. on Jan 27, 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 Tam Lee Po Lin, Nina for Director of Legal Aid, 27th Floor, Queensway Government Offices, 66 Queensway, Hong Kong, on payment of the regulated charges for the same. ========= J A P A N ========= NISSAN MOTOR: Nissan sells textile business ------------------------------------------- Agence France-Presse and Business Day (Thailand) report Japan's carmaker Nissan Motor Co. Ltd. said yesterday it had agreed to sell the majority of its textile machine operations to the largest shareholder of its rival Toyota Motor Corp. "The parties signed a basic agreement today and will conclude the agreement for the transfer in early February," Nissan said. "The actual transfer will take place in April." Nissan is selling the water jet textile machinery business to Toyoda Automatic Loom Works Ltd., which holds five percent of Toyota Motor. The deal, for which no price was given, is a rare agreement between the two rivals and signals attempts by the troubled Nissan to cut back by offloading minor businesses. It has already sold off its publishing and advertising operations. "Nissan will step up its ongoing initiative of running business operations by focusing resources on selected areas." YOKOHAMA RUBBER: JRII cuts long term debt rating ------------------------------------------------ The Asian Wall Street Journal reported that the Yokohama Rubber Company's long-term debt rating was cut by Japan Rating & Investment Information Inc. (R&I). The company's commercial paper ratings were also reduced from A-1 to A-2. This rating change affects around 30 billion yen of the company's unsecured straight bonds and 30 billion yen of the company's commercial paper. R&I referred to the slump in the domestic demand plus intensified competition within the tire industry as contributing to this rating's change. ========= K O R E A ========= CHUNGBUK BANK: Needs more capital to stay solvent ------------------------------------------------- The Korea Herald reported that the Financial Supervisory Commission (FSC) has stated that Chungbuk Bank must develop a feasible plan for recapitalizing 200 billion won by January 15 in order for it to stay solvent. Tough measures were threatened by the FSC in the event that it did not come up with a realistic plan. The article also mentioned that Chungbuk has fallen short on its earlier commitments to improve its capital adequacy ratio and income. Last June, the FSC, Korea's financial watchdog institution, established an evaluating committee to diagnose 12 commercial banks which failed to meet the minimum 8 percent capital adequacy requirements set by the Bank for International Settlements (BIS). It issued closure orders for five banks in late June, and has asked 7 other banks (including Chungbuk Bank) to provide drastic self rehabilitation plans. These plans included steps such as payroll cuts, management layoffs, capital increases or decreases, and mergers with stronger banks. The FSC reportedly plans to keep alive only those banks that are able to meet the 8 percent BIS capital adequacy ratio by June 2000 via these new rehabilitation plans. Statistics on non-performing and bad loans for Chungbuk bank were released by the Banking Supervisory Authority (BSA) last September, and revealed that 19.5 percent of the bank's loans were categorized as either bad or non- performing. Bad loans include doubtful loans and estimated losses. Non-performing loans also encompasses substandard loans, or collateral-backed loans whose interest payments are overdue for more than six months. HANGUK CABLE TV: Completes creditor reconciliation -------------------------------------------------- The Taechon District Court advertised in the Korean language Maeil Kyungje that Hanguk Cable TV Taechon Broadcasting completed its creditor reconciliation procedure. The company's address is 24-9 Yongchon-dong, Dong-gu, Taechonshi and the president is Mr. Ahn Hong-gun. HYUNDAI ELECTRONICS: Sharp differences remain on price ------------------------------------------------------ The Korea Herald reports officials at LG Semicon Co. and Hyundai Electronics Ind. Co. laid bare sharp differences in their evaluation of invisible assets of the LG Semicon. LG demanded that at least 5 trillion ($4.34 billion) to 6 trillion won, including its 59.9-percent stake in LG Semicon worth 1.3 trillion won, and values of invisible assets, be paid in cash. It insisted that premiums associated with LG Semicon's technologies and marketing rights, as well as synergic effects from the merger, should be fully calculated. Hyundai executives hit back, charging that LG excessively overestimated the value of LG Semicon's invisible assets and merger synergies. Adding further uncertainty to the viability of the merged chip company with liabilities in excess of 16 trillion won, a top financial-market regulator yesterday ruled out the possibility of any debt write-offs. "Instead of outright forgiveness, creditor banks will swap the bulk of the unified firm's debts into equities after close asset evaluation," Lee Hun-jai, chairman of the Financial Supervisory Commission, told reporters. Lee then stressed that drastic restructuring of entire Hyundai affiliates will be inevitable to raise cash to buy LG Semicon, urging Hyundai Electronics to immediately spin off all non- semiconductor operations. Worse yet, the analysts warned that in the wake of Hyundai- LG chip merger, Korea may be embroiled in major international trade and monopoly disputes with the United States and Japan. "Washington and Tokyo are closely studying the monopolistic effects and damages from the Hyundai-LG merger, which will create the world's second largest memory-chip maker with a global share of nearly 17 percent," said an industry source. "Further, advocates of the WTO rules tend to view debt-to-equity swaps as illegal subsidies," he said. Meanwhile, chief restructuring officers of the two conglomerates got together yesterday in a bid to discuss the merger and other follow-up measures. The top Hyundai and LG executives agreed to finalize details of the merger negotiations by the end of this month, but failed to narrow differences over the sales price. "As Hyundai Electronics itself put the synergic value from the merger at $6.2 billion, at least half of the amount should be paid to LG in cash," said the LG executive, drawing strong objection from his Hyundai counterpart. Analysts say that the wrangling over takeover prices shifted attention to the financial capabilities of Hyundai, which is also currently involved in other mega-mergers and takeovers, plus Mt. Kumgang tourist project. Heavily pressed by a looming liquidity squeeze, Hyundai may opt to suggest handing over a couple of affiliates to LG, in exchange for cash payments. But LG officials stressed that the group is not interested in purchasing any Hyundai assets or companies. LG SEMICON: Sharp differences remain on price of deal ----------------------------------------------------- The Korea Herald reports officials at LG Semicon Co. and Hyundai Electronics Ind. Co. laid bare sharp differences in their evaluation of invisible assets of the LG Semicon. LG demanded that at least 5 trillion ($4.34 billion) to 6 trillion won, including its 59.9-percent stake in LG Semicon worth 1.3 trillion won, and values of invisible assets, be paid in cash. It insisted that premiums associated with LG Semicon's technologies and marketing rights, as well as synergic effects from the merger, should be fully calculated. Hyundai executives hit back, charging that LG excessively overestimated the value of LG Semicon's invisible assets and merger synergies. Adding further uncertainty to the viability of the merged chip company with liabilities in excess of 16 trillion won, a top financial-market regulator yesterday ruled out the possibility of any debt write-offs. "Instead of outright forgiveness, creditor banks will swap the bulk of the unified firm's debts into equities after close asset evaluation," Lee Hun-jai, chairman of the Financial Supervisory Commission, told reporters. Lee then stressed that drastic restructuring of entire Hyundai affiliates will be inevitable to raise cash to buy LG Semicon, urging Hyundai Electronics to immediately spin off all non- semiconductor operations. Worse yet, the analysts warned that in the wake of Hyundai- LG chip merger, Korea may be embroiled in major international trade and monopoly disputes with the United States and Japan. "Washington and Tokyo are closely studying the monopolistic effects and damages from the Hyundai-LG merger, which will create the world's second largest memory-chip maker with a global share of nearly 17 percent," said an industry source. "Further, advocates of the WTO rules tend to view debt-to-equity swaps as illegal subsidies," he said. Meanwhile, chief restructuring officers of the two conglomerates got together yesterday in a bid to discuss the merger and other follow-up measures. The top Hyundai and LG executives agreed to finalize details of the merger negotiations by the end of this month, but failed to narrow differences over the sales price. "As Hyundai Electronics itself put the synergic value from the merger at $6.2 billion, at least half of the amount should be paid to LG in cash," said the LG executive, drawing strong objection from his Hyundai counterpart. Analysts say that the wrangling over takeover prices shifted attention to the financial capabilities of Hyundai, which is also currently involved in other mega-mergers and takeovers, plus Mt. Kumgang tourist project. Heavily pressed by a looming liquidity squeeze, Hyundai may opt to suggest handing over a couple of affiliates to LG, in exchange for cash payments. But LG officials stressed that the group is not interested in purchasing any Hyundai assets or companies. MIJU COMPANIES: Four affiliates become workout targets ------------------------------------------------------ The Korean language Maeil Kyungje reports that the Miju Group's four affiliates will be under a workout program. At a creditor meeting held on January 6, Miju Group's major creditor, SeoulBank, has decided that the four affiliates, Miju Co., Miju Steel, Miju Steel Mill, and Miju Metal Company would all go through a workout program. SHINWON TELECOM: Completes creditor reconciliation -------------------------------------------------- The Taechon District Court advertised in the Korean language Maeil Kyungje that the Shinwon Telecom completed its creditor reconciliation procedure. The company's address is 24-9 Yongchon-dong, Dong-gu, Taechonshi and the president is Mr. Ahn Hong-gun. =============== M A L A Y S I A =============== MBF CAPITAL: Given time to find funds for finance unit ------------------------------------------------------ Singapore Business Times reports MBf Capital Bhd has been given breathing space to find funds to recapitalise its troubled finance company, banking sources said yesterday. The sources close to the government told Reuters that the central Bank Negara, which took control over MBf Finance Bhd on Monday, had to give existing shareholders another chance under the Banking and Financial Institutions Act (Bafia). The sources did not specify how much time was being given to MBf Capital, which needs an estimated nearly one billion ringgit (S$441 million) in fresh capital for its wholly- owned MBf Finance due to mounting losses and rising non- performing loans. RENONG: Turns to toll road unit to sell RM8.5b bonds ---------------------------------------------------- Renong Bhd, Malaysia's biggest industrial group, may have its cash-rich toll road unit sell a record 8.5 billion Malaysian ringgit (S$3.7 billion) in bonds to help keep the parent company in business, two bankers familiar with the plan said. The Singapore Business Times reports the proposal would supplant a controversial plan to replace RM10.5 billion of debt at Renong and other developers with government bonds. That plan was shelved after Malaysia failed to endorse it, faced with the accusation it was bailing out Renong chairman Halim Saad. If the new plan goes through, the bond sale will be the biggest ever by a Malaysian company. It will avert the collapse of Malaysia's largest construction group and one of the nation's most politically well-connected business empires, which has RM20 billion in debt, or more than 5 per cent of Malaysian banks' total loans. The new debt plan was outlined by the Malaysian central bank's debt arbitration committee at a meeting with Renong's creditors last month, the bankers said. The committee will submit a formal proposal to creditors and Renong as early as this week, or at the latest by end of the month. The plan would hurt the toll-road company, Projek Lebuhraya Utara-Selatan Bhd, or Plus, which is among the few viable businesses in Renong's stable of companies. It will be a "very heavy burden for Plus", said Phuah Lee Kerk, head of research at Jupiter Securities Sdn. "It also doesn't make business sense to issue bonds to pay for other people's debt." ===================== P H I L I P P I N E S ===================== ASKAR LTD: Boulevard unit to restructure $5.4-M loan ---------------------------------------------------- Askar Ltd., a wholly owned subsidiary of publicly listed Boulevard Holdings, Inc. (BHI), will be restructuring its $5.4-million loan with PDCP Development Bank. In a disclosure to the stock exchange, BHI president Nonnatus P. Chua said PDCP has given its go signal on the restructuring of Askar's loans, which is expected to boost the parent firms liquidity position. Under the restructuring, the $5.4-million loan will be paid at fixed monthly amortization of $130,000 for a period of 54 months, or four and a half years, until January 6, 2003. The said amortization fee is inclusive of interest and principal, the official disclosed. Mr. Chua added that with the funds BHI will save because of the restructuring, the company will be able to venture into other investment activities. As of the end of 1998, BHI reported that its cash and cash equivalents amounted to 247 million Philippine pesos (PhP) while net earnings as of August last year stood at PhP12.87 million. PHILIPPINE AIRLINES: Japanese creditor rejects debt plan -------------------------------------------------------- According to the South China Morning Post, Dai-Ichi Kangyo Bank, Japan's third-largest lender, rejected the rehabilitation plan of debt-strapped Philippine Airlines (PAL), joining a growing list of creditors to do so. The Japanese said in a letter to the Securities and Exchange Commission that the plan submitted by PAL in December was unfair to creditors and did not provide sufficient data to determine risks. ================= S I N G A P O R E ================= PACIFIC CAN: SIC waives Pac Can share takeover ---------------------------------------------- According to Singapore Business Times, Pacific Can Investment Holdings said yesterday that the Securities Industry Council has waived a requirement by its major shareholder, KZ Investments and its concert parties, to make a mandatory takeover offer for the remaining shares in the issued and paid-up share capital of the company after a proposed capital reduction exercise and renounceable rights issue. This is because undertakings by KZ Investments and Pac Can director Low Hua Kin in connection with the rights issue could increase their shareholdings to 25 per cent or more of the company's enlarged issued share capital. The waiver is subject to approval by a majority of the company's independent shareholders. KZ Investments and its concert parties must abstain from voting on this resolution and Pac Can must appoint an independent financial adviser to advise its shareholders on the waiver. SONICA: Fu Yu denies it has lost case against Sonica ---------------------------------------------------- Mainboard listed Fu Yu Manufacturing yesterday denied that it has lost its case against computer monitor maker Sonica Industries, adding that it is "dissatisfied" with a recent High Court order requiring it to provide Sonica with an $8.2 million bankers' guarantee. The plastic injection mould maker was responding to a recent BT article which said the High Court's order, which was made on Dec 28 last year, meant that Fu Yu has lost the case. This order was granted after Sonica sued Fu Yu for damages last November, claiming that because Fu Yu failed to deliver certain goods, Sonica suffered an $8 million loss of profit. "The Assistant Registrar of the High Court has granted Fu Yu leave to defend the action conditional upon providing a banker's guarantee in the sum of $8.2 million by Jan 15, 1999. Fu Yu is dissatisfied with the Order and has filed an appeal to a High Court Judge. "The board of directors believes that Fu Yu has a strong defence to the claim and a substantial counterclaim against Sonica," said Fu Yu in its statement to the Stock Exchange of Singapore. =============== T H A I L A N D =============== SIAM COMMERCIAL BANK: Breaks ground with $355m deal on debt ----------------------------------------------------------- According to the South China Morning Post and the Hong Kong Standard, Siam Commercial Bank (SCB) yesterday became the first debt-laden bank to secure aid from a Thai Government bailout scheme, issuing 1.66 billion baht in subordinated debentures to the finance ministry. The debt was exchanged for cash from a finance ministry bond issue also worth 1.66 billion baht, designed to replenish the bank's so-called Tier-2 capital under the government bailout program introduced on August 14. SCB's 10-year debentures carry an interest rate of 6 per cent, the bank said. Government bonds issued to support the recapitalisation scheme bear a yield of 5 per cent, guaranteeing the finance ministry a 1 per cent profit on the 300 billion baht scheme. SCB said the debentures were issued following cabinet approval of the measure on Tuesday. SCB said it would request government support for Tier-1 capital of 22 billion baht, which is being considered by the government, Finance Minister Tarrin Nimmanahaeminda said on Tuesday. The bank says non-performing loans equal 35 per cent of all loans and are expected to peak at about 40 per cent this year. TELECOMASIA: Bangkok Bank takes stake as debt repayment ------------------------------------------------------- The Nation reports Bangkok Bank has agreed to take a 5.17 per cent stake in TelecomAsia Corp Plc (TA) as a debt repayment from a foreign-registered entity under the Charoen Pokphand Group. The stake will be transferred following debt restructuring negotiations between the bank and its debtor. Bangkok Bank will then take over the 5.17 per cent stake, or 115.02 million shares, in the telecom company. On Dec 24, BBL reported to the Stock Exchange of Thailand that it had bought 115.02 million shares of TA for Bt11.50 per share at a total cost of Bt1.32 billion. The conversion boosted the bank's share price by Bt2.75 to Bt21.50. Chartsiri said the debt-to-equity conversion had nothing to do with the existing amount of debt TA owes to BBL. Chatri Sophonpanich, executive chairman of BBL, said TA still owes the same amount to the bank and his bank has no intention of taking over the company. The bank's executives refused to disclose the actual amount of debt which TA owes to the bank. 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. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *