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T R O U B L E D   C O M P A N Y   R E P O R T E R    =20
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             A S I A   P A C I F I C     =20

      Wednesday, February 3, 1999, Vol. 2, No. 23

                    Headlines


* C H I N A   &   H O N G   K O N G *

CASIL TELECOM: Denies reports on early loan payments
CHINA AEROSPACE: Denies reports on early loan payments
FOURSEAS TRAVEL: Cash offer by Universal Yield
FUJIAN ENTERPRISES: Banks take hard line on Fujian arm
GUANGDONG INTERNATIONAL: Corruption net snares officials

GUANGNAN ENTERPRISES: Police look into Guangnan, GDE
LAI SUN DEVELOPMENT: Lai Sun issue undersubscribed
QPL INTERNATIONAL: Standstill agreement nearly finalised
SING TAO: Aw's sale of Sing Tao stake awaits court decision
YI F TRADING: Corruption net snares officials


* I N D O N E S I A *

GARUDA: Hires Lufthansa for restructuring


* J A P A N *

SHARP CORP: Moody's lowers long-term debt rating
YAOHAN INTERNATIONAL: Yaohan races to firm up revival


* K O R E A *

HALLA ENGINEERING: KOEXIM extends facility to Halla=20
HWA-MOK: Starts creditor reconciliation
KUKJE TRADING: Starts court receivership


* M A L A Y S I A *

PERSTIMA: Still in loan default


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

ALSONS CEMENT: Chief denies debt restructuring rumors
PHILIPPINE AIRLINES: No government loans will be allowed


* S I N G A P O R E *

ASIAMATRIX: Proposes capital reduction, rights issue
IPCO INTERNATIONAL: Top Ipco officials resign


* T H A I L A N D *

LAND & HOUSES: Singapore gov't potential investor
THAI PETROCHEMICAL: Roadshow to woo foreign creditors


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C H I N A   &   H O N G   K O N G
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CASIL TELECOM: Denies reports on early loan payments
----------------------------------------------------
Casil Telecommunications Limited denies press reports that=20
it has received notice from creditors requesting early=20
repayment of loans. The company is also not aware that its=20
parent company has received demand for early repayment of=20
loans and has not pledged any of its interest in the=20
company to secure debts of the company or to secure=20
guarantees or other support of obligations of the company.=20
The company is currently able to meet its debt obligations=20
as they fall due in the normal course. (Stock Exchange of=20
Hong Kong 02-Feb-1999)


CHINA AEROSPACE: Denies reports on early loan payments
------------------------------------------------------
China Aerospace International Holding Limited has noted=20
press articles about a proposed disposition of its interest=20
in APT Satellite Holdings Limited and the demand of early=20
payment of loans by banks. The company is not involved in=20
any negotiation in relation to the sale of our interest in=20
APT Satellite Holdings Limited to finance any repayment of=20
debts and we have not received any notice from creditors=20
requesting for early repayment of loans. The Company is=20
currently able to meet its debt obligations as they fall=20
due in the normal course. The company is also not aware=20
that its parent company has received any demand for early=20
repayment of loans and has not pledged any of its interest=20
in the company to secure debts of the company or to secure=20
guarantees or other support of obligations of the company.=20
(Stock Exchange of Hong Kong 02-Feb-1999)


FOURSEAS TRAVEL: Cash offer by Universal Yield
----------------------------------------------
Four Seas Travel International Limited says an=20
unconditional cash offer will be made by a wholly owned=20
subsidiary of South China Strategic Investments Limited to=20
acquire securities in the Company. Universal Yield Limited,=20
a wholly owned subsidiary of South China Strategic=20
Investments Limited, acquired 103,136,000 Shares in the=20
market, representing approximately 57.5% of the issued=20
Shares; and an unconditional cash offer will be made by=20
South China Securities Limited on behalf of Universal Yield=20
to acquire securities in the Company other than those=20
already owned by Universal Yield and parties acting in=20
concert with it at the highest price paid during the six=20
month period preceding 25 January 1999.
    =20
The Company is unable to meet the payment under the Bank=20
Settlement Plan due on 1 February 1999 since the major=20
banks of the Company have refused to allow the Company to=20
draw on the excesses over the pre-agreed credit limits.
    =20
Business has been seriously and adversely affected by the=20
uncertainties arising from the change in the controlling=20
shareholders of the Company. All airlines have already=20
suspended credits previously offered to the Company for the=20
issuing of air tickets through on-line computer links. In=20
addition, the Company can no longer satisfy a drawdown=20
condition of a HK$30,000,000 loan previously arranged,=20
which requires Gaware to remain as a majority shareholder=20
of the Company. However, air tickets issued through the=20
Company and deposit paid by customers for the issue of air=20
tickets would not be affected.
    =20
Universal Yield has stated that it will consider providing=20
financial support to the Company and to ensure the existing=20
business of the Company will be maintained. Two banks have=20
verbally requested the Company for repayment of loan no=20
later than end of March 1999. In addition, one bank has=20
verbally requested the temporary excess credit of HK$6=20
million be repaid. Apart from these, the Company has not=20
received demands for early repayment of loans. (Stock=20
Exchange of Hong Kong 02-Feb-1999)


FUJIAN ENTERPRISES: Banks take hard line on Fujian arm
------------------------------------------------------
According to the South China Morning Post, creditor banks=20
in a meeting yesterday called on cash-strapped Fujian=20
Enterprises to have a restructuring plan ready by next=20
month. The meeting was attended by representatives from=20
about 20 banks involved in a syndicated loan to Fujian=20
Enterprises, the Hong Kong window company of the Fujian=20
provincial government. The banks bemoaned a lack of=20
progress and accused the company of stalling, despite weeks=20
of rumors that the firm would appoint one of its creditors,=20
CCIC Finance, as its financial adviser. Some banks=20
expressed reservations on the rumored appointment because=20
of concerns over a conflict of interest.

They requested the firm appoint an independent financial=20
adviser by the end of this month. A law firm and an=20
accounting firm will also be appointed. Creditor banks said=20
there was no way of knowing if the assets and liabilities=20
the firm had disclosed were accurate until there was an
independent financial adviser to examine its books.=20

Company officials told bankers the firm had about HK$4.1=20
billion in assets, exceeding its liabilities of about=20
HK$3.3 billion, including about HK$1.1 billion in short-
term debts. The asset figure of HK$4.1 billion is higher=20
than the HK$3.5 billion the firm revealed more than two=20
months ago.=20

Company officials offered little information about a=20
bailout plan promised by the provincial government in=20
November that involved about HK$2 billion worth of asset=20
injections.=20

Fujian Enterprises chairman Xu Meixing said liquidity=20
problems were affecting principal repayments but said=20
operations remained normal. He did not rule out the=20
possibility that cash would be included in the bailout=20
plan.=20

Company officials had said profits in 1997 were about HK$60=20
million, which had grown last year, but still believed to=20
be far below its HK$1.1 billion in short-term debt. A=20
company official said the firm had stopped repaying=20
principal on all loans since November to ensure equitable
treatment of all creditors. Its overdue principal=20
repayments to date stood at about US$18 million, including=20
US$10 million on the loan arranged by the Standard=20
Chartered Bank and the rest on an $80 million syndicated=20
loan arranged by CCIC Finance. The company said no
substantial debt repayment was due between now and next=20
month.

According to the company, the resumption date for principal=20
repayments could only become clear when the restructuring=20
plan was finalised, and the plan needs approval from=20
Beijing.

Creditor banks in the CCIC Finance-arranged syndicated loan=20
will meet on Friday to discuss the next course of action.

Fellow investment arm of the Fujian provincial government,=20
Fujian International Trust and Investment Corp, recently=20
succeeded in rescheduling the repayment of about US$20=20
million in short-term loans.


GUANGDONG INTERNATIONAL: Corruption net snares officials
--------------------------------------------------------
According to the South China Morning Post, the former=20
chairman of bankrupt Guangdong International Trust and=20
Investment Corp was being detained for investigation into=20
suspected irregularities, as confirmed by Guangdong=20
officials.  The developments underscore Beijing's resolve=20
in weeding out corruption in Hong Kong-based firms.


GUANGNAN ENTERPRISES: Police look into Guangnan, GDE
----------------------------------------------------
According to the Hong Kong Standard, police enquiries in=20
Hong Kong and in mainland China may now be underway into=20
potential wrongdoings in Guangnan (Holdings) and in parent=20
firm, Guangdong Enterprises (Holdings) or GDE, analysts=20
said yesterday.

Ample indications of this investigation are the disclosures=20
so far of the greater-than-expected discrepancy in the=20
level of debts and assets in both groups, as well as a=20
senior Guangnan executive's decision to jump ICAC bail over=20
alleged malpractices.=20

An analyst said it is unfortunate that investors of=20
Guangnan (Holdings) and the listed companies under the=20
Guangdong Enterprises were likely get hurt by whatever=20
"purges" that Chinese authorities would undertake.=20

Yesterday, Guangnan (Holdings) said it had instructed=20
internal auditors to review business operations formerly=20
supervised by assistant general manager Li Ruihua whose=20
whereabouts remain unknown.


LAI SUN DEVELOPMENT: Lai Sun issue undersubscribed
--------------------------------------------------
According to the South China Morning Post, Lai Sun=20
Development yesterday announced its $884 million rights=20
issue was just 94.9 per cent subscribed. The company said
its underwriters -- HSBC Investment Bank and ICEA Capital=20
-- would take up, or procure subscribers to take up the=20
remaining 98.94 million shares. The company said it had=20
received valid acceptances for 1.44 billion rights shares=20
and valid applications for 228.6 million excess rights=20
shares as at 4 pm on Thursday.=20

Lai Sun last month proposed a one-for-one rights issue at=20
50 cents per share, which represents a 90.1 per cent=20
discount to the adjusted net tangible asset value of $5.07=20
per share.


QPL INTERNATIONAL: Standstill agreement nearly finalised
--------------------------------------------------------
QPL International Limited refers to the announcement made=20
by the Company dated 16th December, 1998 relating to the=20
entering into by the Company of a formal standstill=20
agreement with Standard Chartered Bank and The Hongkong and=20
Shanghai Banking Corporation the Group's principal bankers,=20
pursuant to which the HK Bank Creditors and UK Creditors =20
agree not to pursue demands against facilities provided to=20
the Group for a period up to and including 30th June, 1999.=20

It was intended that all of the Group's bankers in Hong=20
Kong and the Group's principal banks and leasing companies=20
in the United Kingdom would also sign the Standstill=20
Agreement by no later than 30th January, 1999, or such=20
later date as a majority of the HK Bank Creditors and UK=20
Creditors may agree.
    =20
By 30th January, 1999, all of the HK Bank Creditors and a=20
majority of the UK Creditors, had signed the Standstill=20
Agreement. There are ongoing discussions with the remaining=20
HK Bank Creditor and it is hoped that it will sign the=20
Standstill Agreement shortly. The security granted to SCB=20
acting as trustee for the HK Bank Creditors and the UK=20
Creditors over all of the assets of the Group which are=20
unpledged cannot be enforced unless all of the HK Bank=20
Creditors sign the Standstill Agreement.

In the meantime the deadline for signature of the=20
Standstill Agreement has been extended to 26th February,=20
1999, by a majority of the HK Bank Creditors and the UK=20
Creditors. (Stock Exchange of Hong Kong 02-Feb-1999)


SING TAO: Aw's sale of Sing Tao stake awaits court decision
-----------------------------------------------------------
According to the South China Morning Post, a court order=20
expected related to a bankruptcy petition against Sally Aw=20
to be released today is a prime condition and the only one=20
yet to be met for the sale of Ms Aw's $115.8 million share
in Sing Tao Holdings to China Enterprise Development Fund=20
(CEDF).
=20
Due diligence review on a limited scope was found to be=20
satisfactory and the Securities and Futures Commission has=20
confirmed that CEDF is not required to launch a general=20
offer for the Sing Tao shares it has not owned.

CEDF said it expected the deal to be completed by Lunar New=20
Year.

According to the Hong Kong Standard, Sing Tao Holdings and=20
Hong Kong Sunrise Holdings (HKSH) said in a joint statement=20
yesterday the fulfilment of the conditions of the December=20
11, 1998 agreement between Sing Tao major shareholder Sally=20
Aw Sian and HKSH has been extended until today. The=20
statement also said that fulfilment of the conditions
of the January 11, 1999 agreement between China Enterprise=20
Development Fund Limited and The Investment Company of=20
China has also been extended until today.=20

Sing Tao said it had been informed by HKSH of its=20
satisfaction with the results of the limited-scope due=20
diligence review on the affairs of Sing Tao share sale=20
agreement. The joint statement said subject to the
fulfilment of the remaining condition, the completion of=20
the share sale agreement is still expected to be on or=20
before February 15, 1999.


YI F TRADING: Corruption net snares officials
---------------------------------------------
According to the South China Morning Post, Jin Jianpei,=20
former general manager of the failed Yi F Trading, Hubei's=20
Hong Kong window company, has been prosecuted for=20
embezzling more than $100 million for gambling and=20
speculative trading in index futures.=20

The prosecution of Jin, reported by China News Service, has=20
given weight to Yi F creditors' speculation that he is the=20
key to how $1 billion in the firm's assets could not be=20
recovered.=20


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I N D O N E S I A
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GARUDA: Hires Lufthansa for restructuring
-----------------------------------------=20
Garuda Indonesia, Indonesia's national carrier, has=20
employed Lufthansa Consulting, a German company, to aid=20
in its restructuring process. Dow Jones reported Garuda has=20
undertaken to improve its commercial and operational=20
functions after the Asian economic crisis has seen the=20
rupiah, and the airline's debts, plunge into the red.=20

Garuda has also appointed Deutsche Bank for assistance with=20
its foreign debt, estimated at over US$380m, and PT=20
Danareksa Persero to help with local debts. A=20
representative for Lufthansa said he expects it to take two=20
to three years before the effects of the restructuring=20
process are shown. (M2 Airline 02-Feb-1999)


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SHARP CORP: Moody's lowers long-term debt rating
------------------------------------------------
The Asian Wall Street Journal reported that Moody's=20
Investor Services has downgraded its long-term debt rating=20
of the Sharp Corporation from A-1 to A-2. Sharp's shelf=20
registration was also lowered from prospective A-1 to
prospective A-2.

The rating of Sharp's subsidiary, Sharp International=20
Finance (U.K) PLC, was also dropped from A-1 to A-2. =20

This rating change reportedly affects 80 billion yen of=20
long-term debt, and $300 million medium-term notes, and 200=20
billion yen of Japanese shelf registration. =20

Moody's cited expectations of a difficult operating=20
environment and strong competition. Sharp reportedly relies=20
heavily on the market for liquid crystal displays (LCD) and=20
related products, which has deteriorated greatly in 1997=20
and 1998 because of a slowdown in the demand. =20


YAOHAN INTERNATIONAL: Yaohan races to firm up revival
-----------------------------------------------------
According to the South China Morning Post, liquidators of=20
Yaohan International Holdings are racing against the clock=20
to flesh out a proposal to resurrect and relist the debt-
ridden retailing company.

Meetings are to be held this week with Yaohan's main=20
creditor banks and proposed investors in the company.=20
Meetings were held last week to discuss a restructuring=20
proposal.=20

The Court of First Instance yesterday set a three-week=20
deadline for the company and its provincial liquidators to=20
pull off the deal, putting a winding-up petition brought by=20
creditor Hidomi Holdings on hold.=20

One of the liquidators said talks had been held over the=20
past six months with parties interested in restructuring=20
and re-listing Yaohan and there is a proposal on the table=20
but it is still preliminary. He said the company's debt=20
arose partly from loans of about $700 million extended to
finance a project in Taiwan.

There are at least a dozen large bank creditors -- both=20
Hong Kong and Japanese -- whose approval for the deal would=20
have to be sought.


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K O R E A=20
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HALLA ENGINEERING: KOEXIM extends facility to Halla=20
---------------------------------------------------
Halla Engineering and Heavy Industries said Tuesday that=20
the Export and Import Bank of Korea (KOEXIM) issued an=20
advance payment (A/P) guarantee in the amount of US$30=20
million towards Halla's ship-building contract for two=20
VLCCs. Halla had announced bankruptcy early last year and=20
has been under court protection. KOEXIM is the first bank=20
to extend such a financing facility for the bankrupt firm.=20
Halla won the shipbuilding order from a Cyprus firm last=20
October for two ships with a tonnage of 302,000 tons each.=20
The contract is valued at US$140 million. (Digital=20
ChosunIlbo 02-Feb-1999)


HWA-MOK: Starts creditor reconciliation
---------------------------------------
The Pusan District Court advertised in the Korean language=20
Maeil Kyungje that the Hwa-mok Company started its creditor=20
reconciliation procedure. The creditors have until March=20
20,1999 to file their claims. The company's address is 89-
13 Kwangan-dong, Suyoung-gu, Pusan and the president is Mr.=20
Kim Byong-gyun.


KUKJE TRADING: Starts court receivership
----------------------------------------
The Korean language Maeil Kyungje reports that the Kukje=20
Trading Company was granted court receivership by the=20
Changwon District Court on January 30, 1999. Since the=20
company was declared insolvent in September of last year,=20
the company has gone through a rigorous restructuring by=20
liquidating its electronics, golf, and distribution=20
operations. The company declared that it will now focus on=20
its shoe making operation. =20


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M A L A Y S I A
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PERSTIMA: Still in loan default
-------------------------------
Perusahaan Sadur Timah Malaysia (Perstima) Bhd said the=20
position of the company in respect to its default in=20
payments for January remains unchanged as at the end of=20
last year. Its creditor banks are Sabah Development Bank=20
Bhd and Perwira Affin Bank Bhd. The facilities provided by=20
Perwira are two term loans totalling RM90 million granted=20
to a subsidiary company Perstima Industries Sdn Bhd in=20
which Perstima had provided a corporate guarantee and an=20
undertaking to repay the instalments which are payable by=20
it (Perstima). The loans are utilised for the purchase of=20
30 per cent shareholding in the privatised Naval Dockyard=20
Sdn Bhd. (New Straits Times 02-Feb-1999)


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P H I L I P P I N E S=20
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ALSONS CEMENT: Chief denies debt restructuring rumors
-----------------------------------------------------
Cement firm Alsons Cement Corp. (Alcem) may have been hit=20
by the currency crisis, but the firm said it continues to=20
meet its loan obligations. In a press statement, Alcem=20
president Tomas I. Alcantara said the company "has =20
remained current in all its loan obligations" although like=20
most firms it "has not been spared from the effects of the=20
prevailing economic downturn."

Still, he said: "We do not foresee the need to restructure=20
the company's short-term debts at this time." But as part=20
of the firm's "pro-active strategy," he said Alcem is=20
meeting with its long-term creditors on February 4 "to=20
address concerns" related to the firm's thinning sales and=20
margins.

In particular, he said the meeting was organized "to=20
discuss ways to effectively manage the company's future=20
debt service obligations."

The meeting, Mr. Alcantara added, should be viewed "as a=20
prudent and conservative move on Alcem's part to address=20
early enough any further deterioration in market conditions=20
that is expected to impact further on the cash flows and=20
the overall financial performance of players in the cement =20
industry, including that of Alcem."

Because of the financial crisis, Mr. Alcantara said Alcem=20
has been faced with "thin sales volume and margins=20
resulting from industry overcapacity with the recent=20
expansion of several cement plants." Alcem's long-term=20
debts are estimated to reach 5.8 billion Philippine pesos.=20
(BusinessWorld 02-Feb-1999)


PHILIPPINE AIRLINES: No government loans will be allowed
--------------------------------------------------------
Malaca=A5ang ruled out today Philippine Airlines getting=20
loans from government financial institutions (GFIs) to
meet the demand of the airline's foreign creditors for a=20
$100-million "goodwill payment" in exchange for their=20
support of PAL's rehabilitation program.

In a press briefing in Malacanang this afternoon,=20
Presidential Spokesperson Jerry Barican made clear that=20
GFI's would not enter into any loan agreement with PAL=20
"except on a strictly commercial nature and with the entry=20
of a strategic partner."

But Barican said the creditors of the financially-strapped=20
national flag-carrier "do have the option of calling on=20
their loans to the airline."

He said the rehabilitation plan of PAL seeks to address=20
these and other concerns to restore the airline back to=20
viability. Barican said the Securities and Exchange=20
Commission is expected to come up with an approved=20
rehabilitation plan soon. (PNA and RP Business Digest=20
02-Feb-1999)=20


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S I N G A P O R E
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ASIAMATRIX: Proposes capital reduction, rights issue
----------------------------------------------------
Asiamatrix, which is involved in plastic mouldings and the       =20
healthcare business, has decided to clean its books through       =20
a capital reduction exercise and then recapitalise through=20
a 9-for-1 rights issue. The Sesdaq-listed company said=20
yesterday it will wipe out accumulated losses of some=20
$16.21 million by reducing its issued and paid-up capital=20
of $14.5 million to $1.45 million, and also its share=20
premium account from $5.28 million to $2.13 million.=20

The company, which is now controlled by a group of doctors=20
who have steered it into healthcare, will thus reduce the=20
par value of the 29 million-odd shares from 50 cents apiece=20
to five cents. To ensure that it will have adequate working=20
capital and money for expansion, it is planning a rights=20
issue of 9-for-1 five-cent shares at par. The $13.05=20
million gross proceeds will have the effect of bringing its=20
paid-up capital back to $14.5 million.=20

The rights issue is managed by Overseas Union Bank and =20
underwritten by stockbrokers Kay Hian Pte Ltd.=20

Meanwhile, Asiamatrix yesterday announced a group net loss=20
of $1.98 million for the year ended Dec 31, 1998, down from=20
a loss of $2.19 million in 1997. Group turnover rose 12 per=20
cent to $7.95 million. (Singapore Business Times
02-Feb-1999)


IPCO INTERNATIONAL: Top Ipco officials resign
---------------------------------------------
Ipco International said Gwee Yow Pin has resigned as=20
chairman, executive director and chief executive officer =20
of the company and its subsidiaries. Yin Kum Choy has=20
resigned as executive director of the company and its=20
subsidiaries while Wong Wai Kin and Chan Ngai Wai also=20
resigned as directors. The infrastructure group said=20
substantial shareholder Purwadi has been appointed=20
executive chairman in place of Mr Gwee and Wiryo Prambono=20
Ong has been appointed executive director. (Singapore=20
Business Times 02-Feb-1999)


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T H A I L A N D=20
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LAND & HOUSES: Singapore gov't potential investor
-------------------------------------------------
The Government of Singapore Investment Corporation (GIC) as=20
well as a few other potential investors are negotiating to=20
buy 350 million new shares in one of Thailand's largest=20
property developers, Land and Houses, which is trying to=20
boost its capital.=20

Analysts said Land and Houses needs about seven billion=20
baht (S$322.5 million) in new equity, and there were=20
concerns about its short-term loans worth 17 billion baht. =20
Land and Houses made a net loss of 6.5 billion baht in 1997=20
because of huge foreign exchange losses. The company has=20
foreign debt of about 50 per cent of its total loans. It is=20
currently restructuring its debt, property analysts said.=20

Land and Houses president Anant Asavabhokhin said that the=20
strengthening of the baht had substantially helped reduce=20
the company's debt burden, most of which is US dollar-
denominated. (Singapore Business Times 02-Feb-1999)


THAI PETROCHEMICAL: Roadshow to woo foreign creditors
-----------------------------------------------------
Thai Petrochemical Industry (TPI) will conduct an overseas=20
roadshow this month to woo foreign creditors who have not=20
made any decision on whether to approve its US$3.2 billion=20
debt restructuring plan, causing a month-long delay from=20
its scheduled D-day last Sunday.=20

The delay is also occur to the restructuring of $1.3=20
billion liability of its cement production arm, TPI Polene=20
(TPIPL), officials at the TPI Group said yesterday. TPIPL's=20
deadline of approval by creditors was also set for January=20
31.=20

TPI Chief Finance Officer Watchirapunthu Promprasert said=20
the aim of the roadshow is to motivate as much as possible=20
the largest number of creditors to agree on its proposed=20
plan, which includes the easing of lending conditions and a=20
swap of debt into about 30 percent of equity in the=20
company.=20

"To date, about 60 percent of the creditors are willing to=20
endorse the plan," he said. "The roadshow would also reduce=20
pressure on our attempt to get a majority agreement of up=20
to 75 percent."

Pishnu Sunthranund, Chief Financial Officer of TPIPL, said=20
the delayed voting was caused by the request of creditors,=20
who said they needed more time to consider the plan. Some=20
creditors said they need prior approval from their parent=20
companies.=20

To date, less than one third of TPIPL's total 60 creditors=20
have already made the decision. Many of them asked for a=20
revision of some conditions of the debt restructuring plan,=20
he added. The German development bank Kreditanstalt fur=20
Wiederaufbau (KFW) and Thailand's largest Bangkok Bank=20
(BBL) are TPIPL's major creditors.=20

TPIPL yesterday announced an appointment of Blanckaert,=20
Missorten, Spaenhoven & Co as its new financial creditor,=20
following the resignation of its former advisor, JP Morgan=20
Securities Asia, in September last year. Blanckaert, part=20
of Belgium-based accounting and management consulting firm,=20
will cooperate with TPIPL to deal with creditors for its=20
debt restructuring plan, while Merrill Lynch (Asia Pacific)=20
advises the company on the search of strategic partner. =20
According to TPIPL debt restructuring plan, the principle=20
debt repayment period would be extended by another 10 year=20
s from the due date in 2000. Creditors would be able to=20
convert the unpaid interest into about 20 percent of the=20
company's equity.=20

TPIPL and its parent company stopped paying its debts in=20
August, 1997. Together, their interest payment is worth 16=20
billion baht a year.=20

TPIPL is discussing with Cement of Mexico (CEMEX), the=20
world's third largest cement producer, to be its new=20
partner. Representatives of CEMEX will fly to Bangkok next=20
week to discuss the deal. (Business Day [Thailand]=20
02-Feb-1999)


S U B S C R I P T I O N   I N F O R M A T I O N=20

Troubled Company Reporter -- Asia Pacific is a daily=20
newsletter co-published by Bankruptcy Creditors' Service,=20
Inc., Princeton, NJ USA, and Beard Group, Inc., Washington,=20
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1999.  All rights reserved.  ISSN: 1520-9482. =20

This material is copyrighted and any commercial use,=20
resale or publication in any form (including e-mail=20
forwarding, electronic re-mailing and photocopying) is=20
strictly prohibited without prior written permission of=20
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from sources believed to be reliable, but is not=20
guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6=20
months delivered via e-mail. Additional e-mail=20
subscriptions for members of the same firm for the term of=20
the initial subscription or balance thereof are $25 each.=20
For subscription information, contact Christopher Beard at=20
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