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/raid1/www/Hosts/bankrupt/TCRAP_Public/990211.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 Thursday, February 11, 1999, Vol. 2, No. 29 Headlines * C H I N A & H O N G K O N G * ALBATRONICS: Debt worry wipes 77pc off Albatronics shares FUJIAN ENTERPRISES: Fujian Enterprises creditors to meet GERMAN KITCHEN: Liquidators seek $370m from trustees GUANGDONG ENTERPRISES: Concern on impact of Guangnan on GDE MATRIX HOLDINGS: Creditor claims push Matrix near collapse NEW CHINA HONG KONG GROUP: Creditors fail to show * I N D O N E S I A * DHARMALA AGRIFOOD: Appeal to bankrupt firm rejected * J A P A N * DAIWA BANK: Moody's cuts bond rating HOKURIKU BANK: Moody's cuts bond rating ITOCHU CORP: S&P downgrades five more companies LONG TERM CREDIT: Critic blasts LTCB nationalization MARUBENI CORP: S&P downgrades five more companies MADZA MOTOR: Debt rating of three car makers cut MITSUBISHI CHEMICAL: To axe 2,000 workers MITSUBISHI CORP: S&P downgrades five more companies MITSUBISHI MOTOR: Debt rating of three car makers cut MITSUI & COMPANY : S&P downgrades five more companies MITSUI TRUST & BANKING: Moody's cuts bond rating NISSAN MOTOR: Debt rating of three car makers cut NISSHO IWAI: S&P downgrades five more companies SANKO PAPER: Merges with Takasaki Paper TAKASAKI PAPER: Merges with Sanko Paper * K O R E A * HYUNDAI ELECTRONICS: To sell cogeneration plant KIA MOTORS: Kia workers stage walkout SEOUL SYSTEM CO: Completes creditor reconciliation * M A L A Y S I A * RENONG: Yet to strike deal on debt revamp * P H I L I P P I N E S * PHILIPPINE AIRLINES: Considering US and European alliances PHILIPPINE LONG DISTANCE: '98 net seen falling SERG'S PRODUCTS: SEC appoints receiver body * S I N G A P O R E * KEPPEL CORP: Records net loss of S$223 million for 1998 OCBC FINANCE: Net profit tumbles 75% to $4m * T H A I L A N D * GOLDEN LAND: Nets B2.79bn from sale ================================= C H I N A & H O N G K O N G ================================= ALBATRONICS: Debt worry wipes 77pc off Albatronics shares --------------------------------------------------------- According to the South China Morning Post and the Hong Kong Standard, shares in Albatronics (Far East) tumbled 77.7 per cent yesterday as uncertainties over the fate of the company escalated. Company Secretary said yesterday Albatronics had yet to finalise an agreement with bank creditors over restructuring its $794 million debt. The company might be liquidated if no agreement was reached by the end of this month. According to the South China Morning Post, Nam Tai Electronics is unwilling to support the group through a shareholder loan or subscription for new shares, unless successful measures are put in place for restructuring debts. Albatronics' auditor issued a disclaimer to the company's results for the nine months to December due to the continuing fundamental uncertainty in relation to the debt restructuring. According to the Hong Kong Standard, the company said it would make an announcement today in relation to the progress of the debt restructuring plan of the company. FUJIAN ENTERPRISES: Fujian Enterprises creditors to meet -------------------------------------------------------- According to the Hong Kong Standard, creditors of Fujian Enterprises plan to meet soon to co-ordinate strategy after the investment arm of the Fujian government told the creditors' banks last week that it would not hire a financial adviser as previously thought, bankers said. The company stopped repaying principal on all foreign debt last November, although it said it could service the interest. In the absence of a financial adviser, banks need to co- ordinate strategies in order to build up confidence that they are all being treated equally, one of the creditors said. GERMAN KITCHEN: Liquidators seek $370m from trustees ---------------------------------------------------- According to the South China Morning Post, liquidators of German Kitchen (China) have launched legal action to recoup $370.5 million from trustees, including former directors Eric Tang Yiu-tong and Eugene Tang Yiu-chuen. Injunctions are also being sought to stop the Tang brothers from moving their assets, up to the value of $137.4 million, out of or transferring them within Hong Kong. Further injunctions are being sought to force the pair to disclose details of their assets and of any dealings with funds originating from the company. It is claimed that the brothers hold the sum of $137.4 million as constructive trustees on behalf of German Kitchen. German Kitchen is also seeking a further $87.9 million from Square Enterprises, also a trustee. The money is allegedly being held on behalf of German Kitchen. Legal action is also being taken to restrain the trustee from moving its assets in any way and, similarly, an injunction is being sought to force Square Enterprises to disclose details of dealings of funds originating from German Kitchen. German Kitchen is also taking legal action to recover $137.4 million from Danny Leung Yiu-shing, who allegedly holds the sum as a trustee. Injunctions are being sought to stop the movement of assets from and within Hong Kong and to disclose particulars of dealings with company funds. A further $7.8 million was allegedly received by Hilley, which the company claims is a constructive trustee. Injunctions are also being sought to deter asset dispersion. German Kitchen is also seeking interest on the sums due and costs in the action. GUANGDONG ENTERPRISES: Concern on impact of Guangnan on GDE ----------------------------------------------------------- According to the South China Morning Post, the stock exchange is concerned and closely monitoring developments at Guangnan (Holdings) after the company said it had uncovered improper and irregular practices. A spokesman for the exchange said it had no power to investigate the alleged fraud but could only ask the company to disclose the information to the public. A spokesman for Securities and Futures Commission said the commission will work closely with the stock exchange to ensure proper and timely disclosure under listing rules obligations and will take appropriate actions whenever there are suspected offences. The announcement by the company on Monday of the stepping down of three key personnel renewed rumors that Herbert Hui Ho-ming, managing director for sister firm Guangdong Investment, would resign but the suggestion was dismissed by sources close to Mr Hui. According to the South China Morning Post and the Hong Kong Standard, GDE's creditor banks yesterday strongly objected to a report suggesting the Hong Kong fund-raising arm of the Guangdong provincial government would seek a 50 per cent discount on loan principal repayments. Some foreign banks vowed to bring the firm to liquidation if the report was true. The report on the Hong Kong Standard said that in order to lift the confidence of creditors, Guangdong Enterprises would have to release concrete financial information about its position and future cash flows. Bankers will have to wait until later this month for a financial report on Guangdong Enterprises which accounting firm KPMG is due to release by Feb 28. Analysts said it was difficult to know what to expect. An analyst said it is expected to be pretty bad. MATRIX HOLDINGS: Creditor claims push Matrix near collapse ---------------------------------------------------------- According to the South China Morning Post, Matrix Holdings, one of Hong Kong's largest giftware makers, is on the verge of collapse because of claims for $5.46 million by creditors through High Court writs. The company yesterday said banks had frozen credit lines to its major subsidiary, Matrix Industries. It was surviving on working capital from another unnamed bank but there was no guarantee of consistent supply because it was bound by no credit agreements. The company assured that controlling shareholder and chairman James Wong Chak-hung had not pledged any of his 74.91 per cent interest in the company to any financial institutions. Matrix slipped to $24.22 million net loss in the six months to June last year from a $2.43 million net profit in the same period in 1997. NEW CHINA HONG KONG GROUP: Creditors fail to show ------------------------------------------------- According to the South China Morning Post, meetings to approve the liquidation of companies in Tsui Tsin-tong's New China Hong Kong Group were postponed yesterday after creditors failed to show up. Meetings for shareholders and creditors of eight principal subsidiaries were adjourned until after March 1. Dates had yet to be fixed. A meeting to wind up the parent company chaired by Mr Tsui is scheduled to be held on Mar 1. There are 94 subsidiaries under the group's eight principal subsidiaries. Liquidation experts said the liquidations would be automatically approved if creditors failed to show up to the rescheduled meetings. Adviser to the provisional liquidators said the delay made sense as 50 shareholders were based in the mainland. He said Mr Tsui held less than 1 per cent of the group via joint-venture companies and was not involved in daily operations. He also said Mr Tsui had never guaranteed any loans for the group or its subsidiaries. According to the adviser, the group had a deficit asset value and owed money to 12 creditors. Amounts claimed by creditors who have filed court writs have already passed more than $100 million. Creditors include International Bank of Asia, Dao Heng Bank and Irison Development. New China was founded in 1993 with $400 million of seed money by a consortium of leading Hong Kong, mainland and Singapore investors as a showcase for mainland economic development. Founders include Appleton Co, a company linked to Li Ka-shing, China Resources (Holdings), Century City and Shougang Holdings (HK). The group sold its loss-making broking arm New China Hong Kong Financial Services to Century City International Holdings last September, but was hit by other ill-fated investments which turned into bad loans in the wake of the Asian financial turmoil. ================= I N D O N E S I A ================= DHARMALA AGRIFOOD: Appeal to bankrupt firm rejected --------------------------------------------------- According to the South China Morning Post, Indonesia's Supreme Court has rejected an appeal filed by International Finance (IFC), ING Indonesia Bank and Bank Niaga to declare Dharmala Agrifood bankrupt after the company failed to repay loans of about US$54 million. Lawyers for Dharmala, a maker of animal feed, said the case was rejected on the grounds that some of the loans extended to Dharmala had not yet come due. The ruling will be seen as another setback to Indonesia's new laws. It had attracted special interest because IFC's lawyers included Jerry Hoff, a Dutch lawyer, the International Monetary Fund special adviser on the new Indonesian bankruptcy law. ========= J A P A N ========= DAIWA BANK: Moody's cuts bond rating ------------------------------------ The Asian Wall Street Journal reported that Moody's Investor Services downgrade the subordinated bond ratings for three Japanese banks. Daiwa Bank Ltd.'s subordinated debt rating was downgraded from Ba2 to Ba3, and junior subordinated debt rating downgraded from Ba3 to B1. HOKURIKU BANK: Moody's cuts bond rating --------------------------------------- The Asian Wall Street Journal reported that Moody's Investor Services downgrade the subordinated bond ratings for three Japanese banks. Hokuriku Bank's subordinated debt rating was downgraded from Ba2 to Ba3, and the junior subordinated debt rating was downgraded from Ba3 to B1. ITOCHU CORP: S&P downgrades five more companies ----------------------------------------------- The Asian Wall Street Journal reported that Standard & Poor's Ratings Group (S&P) downgrade the ratings five Japanese companies. This rating downgrade reflects concern over the companies' highly leveraged balance sheets limiting their abilities to respond to adversities. Itochu Corporation's short-term debt was downgraded from A- 3 to B. LONG TERM CREDIT: Critic blasts LTCB nationalization ---------------------------------------------------- Makoto Sataka, an economic critic known for his outspoken style, on Wednesday blasted the government for putting the Long-Term Credit Bank of Japan and Nippon Credit Bank under state control instead of letting them go under. "The people believe the government could not let them go bankrupt because influential politicians make use of unregistered debentures (issued by these banks) to cheat taxes," Sataka told a House of Representatives Budget Committee public hearing. (Kyodo News 10-Feb-1999) MARUBENI CORP: S&P downgrades five more companies ------------------------------------------------- The Asian Wall Street Journal reported that Standard & Poor's Ratings Group (S&P) downgrade the ratings five Japanese companies. This rating downgrade reflects concern over the companies' highly leveraged balance sheets limiting their abilities to respond to adversities. Marubeni Corporation's short-term debt was downgraded from A-3 to A-2. MADZA MOTOR: Debt rating of three car makers cut ------------------------------------------------ The Asian Wall Street Journal reported that the Japan Rating & Investment Information Inc., has cut the rating on three Japanese automotive makers. This action was made after a re-evaluation of Japan's car industry's efforts toward reorganization amid fluctuations in the worldwide supply and demand. Madza Motor Corporation had its long-term debt rating downgraded from A- to BBB. MITSUBISHI CHEMICAL: To axe 2,000 workers ----------------------------------------- Mitsubishi Chemical Corp, Japan's largest chemical company, will cut 2,000 employees, or 18 per cent of its workforce, over the next three years, the Nihon Keizai newspaper said, without citing sources. The company declined to comment on the report. "They will cut some costs by shipping people out to their subsidiaries, but it's not what I would call restructuring," said Philip Hall, an analyst at Schroders Securities Japan. The company cut its group profit forecast for the year ending March 31 to zero from six billion yen (S$88.5 million) on Oct 30 and expects sales to decline 8 per cent to 1.6 trillion yen. (Bloomberg and Singapore Business Times 10-Feb-1999) MITSUBISHI CORP: S&P downgrades five more companies --------------------------------------------------- The Asian Wall Street Journal reported that Standard & Poor's Ratings Group (S&P) downgrade the ratings five Japanese companies. This rating downgrade reflects concern over the companies' highly leveraged balance sheets limiting their abilities to respond to adversities. Mitsubishi Corporation's long-term debt was downgraded from A+ to A-, short-term debt from A-1 to A-2. MITSUBISHI MOTOR: Debt rating of three car makers cut ----------------------------------------------------- The Asian Wall Street Journal reported that the Japan Rating & Investment Information Inc., has cut the rating on three Japanese automotive makers. This action was made after a re-evaluation of Japan's car industry's efforts toward reorganization amid fluctuations in the worldwide supply and demand. Mitsubishi Motor Corporation had its long-term debt rating downgraded from BBB+ to BBB-. MITSUI & COMPANY : S&P downgrades five more companies ----------------------------------------------------- The Asian Wall Street Journal reported that Standard & Poor's Ratings Group (S&P) downgrade the ratings five Japanese companies. This rating downgrade reflects concern over the companies' highly leveraged balance sheets limiting their abilities to respond to adversities. Mitsui & Company's short-term debt was downgraded from A-3 to A-2. MITSUI TRUST & BANKING: Moody's cuts bond rating ------------------------------------------------ The Asian Wall Street Journal reported that Moody's Investor Services downgrade the subordinated bond ratings for three Japanese banks. Mitsui Trust & Banking Company's subordinated debt rating was downgraded from Ba1 to Ba2. NISSAN MOTOR: Debt rating of three car makers cut ------------------------------------------------- The Asian Wall Street Journal reported that the Japan Rating & Investment Information Inc., has cut the rating on three Japanese automotive makers. This action was made after a re-evaluation of Japan's car industry's efforts toward reorganization amid fluctuations in the worldwide supply and demand. Nissan Motor Company had its long-term debt rating downgraded from A- to BBB. NISSHO IWAI: S&P downgrades five more companies ----------------------------------------------- The Asian Wall Street Journal reported that Standard & Poor's Ratings Group (S&P) downgrade the ratings five Japanese companies. This rating downgrade reflects concern over the companies' highly leveraged balance sheets limiting their abilities to respond to adversities. Mitsui & Company's short-term debt was downgraded from A-3 to A-2. SANKO PAPER: Merges with Takasaki Paper --------------------------------------- Takasaki Paper Mfg. Co. and Sanko Paper Mfg. Co. said Wednesday they will merge Oct. 1. to help them deal with the difficult business climate. Under the agreement, one Takasaki share will be exchanged for 1.25 Sanko shares. Takasaki will be the surviving entity for legal procedures. (Kyodo News 10-Feb-1999) TAKASAKI PAPER: Merges with Sanko Paper --------------------------------------- Takasaki Paper Mfg. Co. and Sanko Paper Mfg. Co. said Wednesday they will merge Oct. 1. to help them deal with the difficult business climate. Under the agreement, one Takasaki share will be exchanged for 1.25 Sanko shares. Takasaki will be the surviving entity for legal procedures. (Kyodo News 10-Feb-1999) ========= K O R E A ========= HYUNDAI ELECTRONICS: To sell cogeneration plant ----------------------------------------------- Hyundai Electronics Industry Co. is discussing selling a cogeneration plant in Ichon, Kyonggi-do, south of Seoul, with two U.S. energy firms, according to industry sources yesterday. The deal may have something to do with the need to acquire funds in order to purchase shares of LG Semicon, they said. The subsidiary of the business conglomerate runs a 250,000- kilowatt cogeneration plant used to supply power and steam to its semicon plant and employee housing. The second generator in the plant, into which Hyundai poured some 100 billion won (about $85.17 million) is equipped with a high-tech de-sulfurization system. Hyundai officials admit that they are engaging in negotiations with U.S. companies but both sides are split over the price of the plant. They also added that the company plans to make a deal to purchase power from the party which will take over the plant, a measure to obtain a stable power supply to support its chipmaking. (Korea Times 10-Feb-1999) KIA MOTORS: Kia workers stage walkout ------------------------------------- Approximately 10,000 employees of Kia Motors Corp started a four-hour walkout, demanding the payment of overdue bonuses and guarantees of job security. The workers are demanding the payment of a 600-per cent bonus for the year 1997, a 9- per cent pay raise for 1998 and job security after Hyundai Motor acquired the bankrupt carmaker late last year. Hyundai sources said the Kia workers' demands are "inconceivable for a bankrupt company". The walkout is feared to dampen Kia's efforts to sell 300,000 units on the home market and ship about 500,000 units overseas this year, sources said. Kia workers said job security is precarious in light of the fact that Hyundai reduced about 30 per cent of mid-level Kia officials through early retirement. (BBC Asia Pacific Economic 10-Feb-1999) SEOUL SYSTEM CO: Completes creditor reconciliation -------------------------------------------------- The Korean language Maeil Kyungje reports that the Seoul System Company's creditor reconciliation procedure was completed and approved by the Seoul District Court on February 9th, 1999. The Seoul System Company, a news paper production firm, went insolvent in October last year but the company successfully got the creditors to write off some of the company's debt and also disposed of some non- profitable operations. =============== M A L A Y S I A =============== RENONG: Yet to strike deal on debt revamp ----------------------------------------- Malaysian conglomerate Renong Bhd was unable to reach an agreement on restructuring its debts at a meeting with creditors yesterday, one of the company's bankers said. Asked if Renong had reached an agreement with its creditors, a foreign bank creditor leaving a meeting at Renong's headquarters told reporters: "There was no proposal tabled because there is nothing yet. We haven't got to that stage." "We are still waiting to meet the euro convertible bond holders," the creditor said. The banker said it was not clear when a meeting with those bond holders would take place. Renong and its associate United Engineers said last month a planned debt restructuring scheme was still with the government arbitrator, the Corporate Debt Restructuring Committee. Government officials told Reuters last month that toll road operator Projek Lebuhraya Utara-Selatan (PLUS) would anchor a revised plan to restructure Renong and UEM, which owns PLUS. The new plan, yet to be finalised, would scrap a proposed government guarantee for long-dated debt to replace existing loans and bonds of the Renong group. Instead, PLUS would issue bonds worth 8.5 billion Malaysian ringgit (S$3.8 billion) to pay off Renong and UEM's borrowings. (Reuters and Singapore Business Times 10-Feb-1999) ===================== P H I L I P P I N E S ===================== PHILIPPINE AIRLINES: Considering US and European alliances ---------------------------------------------------------- Financially strapped PAL said Tuesday it was exploring joint-service alliances with US and European carriers and a franchise arrangement with domestic players. Chief company adviser Peter Foster said the plans were "part of the ongoing process of reform within PAL under a revised rehabilitation plan due for submission by mid-March." Acceptability of the new plan to the creditors, to whom PAL owes more than two billion dollars, is crucial for the continued operations of Asia's oldest airline. PAL is negotiating with unidentified US carriers for possible joint-service tie-ups on crucial trans-Pacific routes, Foster said in a statement. He said PAL was the only airline operating non-stop services between Manila and the major US cities of Los Angeles and San Francisco on the West Coast. The ailing airline has also begun discussions with a number of European carriers for a similar arrangement, said Foster, a former senior executive of Hong Kong's Cathay Pacific Airways Ltd. (Agence France-Presse and RP Business News 10-Feb-1999) PHILIPPINE LONG DISTANCE: '98 net seen falling ---------------------------------------------- Net profits at blue chip Philippine Long Distance Telephone Co (PLDT) are expected to shrink in 1998 after bad debt provisions, but 1999 should be better, analysts said yesterday. The provisions blur what would have been another year of sustained double-digit annual profit growth. Before write-offs, analysts forecast a 31.55 per cent jump in 1998 net income. A Reuters poll of five brokerage and investment houses showed that PLDT's net income for 1998 before the write- offs would reach 8.288 billion pesos, from 1997's 6.3 billion pesos. The net income figures exclude non-recurring gains and expenses and after dividends paid to preferred shareholders. PLDT said yesterday that its 1998 net income was likely to be lower against the previous year, but gave no other details. Losses from its cellular phone unit Pilipino Telephone Corp (Piltel) were also expected to hurt profits. As for the first nine months of the year, Piltel recorded a net loss of 38 million pesos against a profit of 230.2 million pesos in the year ago period. (Reuters and Singapore Business Times 10-Feb-1999) SERG'S PRODUCTS: SEC appoints receiver body ------------------------------------------- The Securities and Exchange Commission (SEC) has appointed an interim rehabilitation receiver to preserve the assets of Serg's Products, Inc. This, as the SEC issued an omnibus order addressing individual motions filed by the creditor- banks. The three-member hearing panel in-charge of Serg's debt relief petition named Arturo Tiu as the firm's receiver. Mr. Tiu is one of the accredited receivers working with the SEC. In the order, the SEC also denied the motion of a group of creditor-banks to lift an earlier order nullifying the sale of some Serg's assets. Proceeds from the auction would have settled some of Serg's debts including that of: Philippine Commercial International Bank (PCIBank), PCI Leasing and Finance, Inc., PDCP Bank, First Metro Investment Corp., Development Bank of the Philippines, Solidbank Corp., and Metropolitan Bank & Trust Co. In the order, the SEC also gave Serg's up to February 21 to furnish its creditors with a proposed rehabilitation plan to give them the opportunity for their comment. The SEC also extended until March 31 the suspension order granting the firm with temporary reprieve from its debt payments. Serg's filed its debt relief petition with the SEC October last year for debts totalling 1.898 billion Philippine pesos (PhP). (RP Business News 10-Feb-1999) ================= S I N G A P O R E ================= KEPPEL CORP: Records net loss of S$223 million for 1998 ------------------------------------------------------- Giant Singapore conglomerate Keppel Corporation reported a whopping loss of $144.6 million for the 1998 financial year after making huge provisions at subsidiaries Keppel Land and Keppel TatLee Bank. An extraordinary item amounting to some $105.07 million offset by minority interests of $26.06 million took the bottomline loss for last year to $223.61 million compared with a profit of $171.11 million the year before. The loss, the first since 1985, came as no surprise as the group had in November already decided to bite the bullet and wipe its slates clean by making the huge provisions for Keppel Land and Keppel TatLee. (Singapore Business Times 10-Feb-1999) OCBC FINANCE: Net profit tumbles 75% to $4m ------------------------------------------- OCBC Finance's net profit has dived 75.1 per cent to $4.1 million for the year ended Dec 31, 1998, following a $15.9 million provision for loan losses. Rising interest cost and keen competition put pressure on interest margins for the newly-merged OCBC Bank subsidiary. Gross operating income, or gross interest earned, rose 9 per cent to $91.4 million. A provision of $15.9 million (FY1997: $9.7 million) was set aside for possible loan losses to reflect depressed loan asset values. The company's Y2K costs of $346,410 was also charged to the 1998 profit and loss account. Earnings per share based on existing share capital fell to eight cents, from 32 cents in FY1997. Net tangible asset backing per share rose marginally to $3.06, from $3.02 the previous year. (Singapore Business Times 10-Feb-1999) =============== T H A I L A N D =============== GOLDEN LAND: Nets B2.79bn from sale ----------------------------------- Golden Land Property Development yesterday announced the sale of 259.05 million shares for 2.835 billion baht. Net proceeds after taxes were 2.794 billion baht. Under the private placement, shares were sold at 10 baht to Thai investors and 12 baht to foreigners including Hong Kong- based New World Development, the Soros Quantum Fund and Morgan Stanley. Of the total, Thai institutions bought 47.38%, individual local investors 5.38% and foreigners 47.24%. The issue increased the company's paid-up capital to 3.34 billion baht. On January 26, directors agreed to raise registered capital to 7.35 billion baht from 750 million baht by issuing 660 million new shares, of which 410 million would be privately placed, 200 million would be reserved for holders of convertible debentures and 50 million for exercise by warrant holders. In the first nine months of last year, Golden Land posted a net loss of 266.93 million baht, compared with a loss of 746.45 million baht for the same period of 1997. Creditors of the company recently agreed to debt restructuring after recapitalisation was completed. (Bangkok Post 10-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 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 * * *