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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     
  
             A S I A   P A C I F I C      

      Monday, April 5, 1999, Vol. 2, No. 66

                    Headlines


* C H I N A   &   H O N G   K O N G *

FOUR SEAS TRAVEL: Four Seas gets its licence back
GUANGDONG ENTERPRISES: Loss at $19.5b as hefty provisions strike
GUANGDONG INTERNATIONAL: Creditors wary of Gitic plan
NAM YUE: GDE full-year loss at $19.5b as hefty provisions strike
PRESTIGE PROPERTIES: Prestige Properties struggles

SING TAO HOLDINGS: Dublin firm still after Sing Tao
WAH NAM GROUP: Wah Nam faces writ
WHIMSY CO: Workers' pay closer after Whimsy wind-up move


* K O R E A *

BORNEO FURNITURE: Changes details of its liquidation plan
EUISUNG COMMERCE: Starts creditor reconciliation  
LG ELECTRONICS: Zenith reaches bondholder agreement
SAMYANG OIL FEEDSTOCK: Company completes liquidation
SHINDONGBANG: Fate riding on today's creditors' meeting


* M A L A Y S I A *

ORIENTAL BANK: Danamodal injects RM550mil into Oriental Bank


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

PHILIPPINE AIRLINES: SEC to meet with local creditors next week


* S I N G A P O R E *

OSSIA INTERNATIONAL: Ossia suffers $2m loss, turnover falls 13%
VAN DER HORST: Court questions Kotjo's credibility


* T H A I L A N D *

BIG C: Latest hypermarket to allow foreign majority shareholding
KASET THAI: Warrant out for second sugar mill exec's arrest
NAKORNTHON BANK: Nakornthon to choose partner by May
SIAM COMMERCIAL BANK: Crown Property Bureau puts SCB stake first


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

FOUR SEAS TRAVEL: Four Seas gets its licence back
-------------------------------------------------
According to the South China Morning Post, travel agency Four
Seas Travel international's licence to operate as a travel agent
was reinstated by the government. The company said it hoped to
resume business as usual soon. The company is now controlled by
South China Holdings.


GUANGDONG ENTERPRISES: Loss at $19.5b as hefty provisions strike
----------------------------------------------------------------
According to the South China Morning Post, insolvent Guangdong
Enterprises (Holdings) (GDE) saw its attributable loss widen by
about $800 million in the three months to December, bringing its
full-year loss to $19.5 billion. This was attributable to
provisions for bad and doubtful debts and write-offs on long-term
investments, sources said.

Shareholders' deficit would be brought to about $13.9 billion as
of December, compared with about $13.1 billion as of September.

On Wednesday, Guangdong Investment reported a full-year net loss
of $2.01 billion and Guangnan (Holdings) a loss of $3.46 billion.

The provincial government's financial arm in Macau, Nam Yue,
suffered a loss of $81 million for the three months to December,
sources said yesterday, partly due to exceptional items including
provisions for receivables. Its loss for the year was about $2.4
billion. Shareholders' deficit stood at about $920 million as of
December, against $839 million as of September.

The updated financial data for GDE and Nam Yue and progress on
the restructuring was delivered to the financial creditors'
steering committees for GDE and Nam Yue yesterday.

GDE and financial adviser Goldman Sachs had planned to provide to
creditor banks by the middle of the month the preliminary
liability restructuring proposal and financial information on
assets and cash flows. It is expected that the restructuring plan
would see the integration of the businesses of GDE, Guangdong
Investment, Guangnan and Nam Yue.

Asset management companies would be created under GDE according
to different business lines for underperforming businesses.


GUANGDONG INTERNATIONAL: Creditors wary of Gitic plan
-----------------------------------------------------
According to the South China Morning Post, a senior executive of
one of Gitic's almost 100 foreign creditor banks yesterday said a
plan reportedly being drawn up by KPMG, the court-appointed
liquidator of Gitic, to revive the group through a restructuring
scheme would not necessarily be beneficial to creditors.

He said all will depend on the terms and conditions of any
restructuring and so far creditor banks were in the dark about
what would happen.

On Monday, a KPMG partner said a number of companies, which he
did not specify, had shown interest in buying a small portion of
Gitic's assets.

The Hong Kong edition of the China Daily reported him as saying
that KPMG was working on a plan that would revive and restructure
Gitic and this would eventually be presented to creditors.


NAM YUE: GDE full-year loss at $19.5b as hefty provisions strike
----------------------------------------------------------------
According to the South China Morning Post, insolvent Guangdong
Enterprises (Holdings) (GDE) saw its attributable loss widen by
about $800 million in the three months to December, bringing its
full-year loss to $19.5 billion. This was attributable to
provisions for bad and doubtful debts and write-offs on long-term
investments, sources said.

Shareholders' deficit would be brought to about $13.9 billion as
of December, compared with about $13.1 billion as of September.

On Wednesday, Guangdong Investment reported a full-year net loss
of $2.01 billion and Guangnan (Holdings) a loss of $3.46 billion.

The provincial government's financial arm in Macau, Nam Yue,
suffered a loss of $81 million for the three months to December,
sources said yesterday, partly due to exceptional items including
provisions for receivables. Its loss for the year was about $2.4
billion. Shareholders' deficit stood at about $920 million as of
December, against $839 million as of September.

The updated financial data for GDE and Nam Yue and progress on
the restructuring was delivered to the financial creditors'
steering committees for GDE and Nam Yue yesterday.

GDE and financial adviser Goldman Sachs had planned to provide to
creditor banks by the middle of the month the preliminary
liability restructuring proposal and financial information on
assets and cash flows. It is expected that the restructuring plan
would see the integration of the businesses of GDE, Guangdong
Investment, Guangnan and Nam Yue.

Asset management companies would be created under GDE according
to different business lines for underperforming businesses.


PRESTIGE PROPERTIES: Prestige Properties struggles
--------------------------------------------------
According to the South China Morning Post, property investment
and development group Prestige Properties has reported a HK$1.02
billion loss for the year to December 31 compared with a profit
of HK$300.84 million the previous year. The company took an
exceptional loss of HK$977.79 million.


SING TAO HOLDINGS: Dublin firm still after Sing Tao
---------------------------------------------------
According to the South China Morning Post, Dublin-listed fund
Investment Co of China (ICC) has raised its stake in Sing Tao by
buying 8.49 million shares in the open market on March 24.


WAH NAM GROUP: Wah Nam faces writ
---------------------------------
According to the South China Morning Post, a writ was filed
against consumer electronics firm Wah Nam Group by an Australian
company, Investment Australia, claiming repayment of the full
price of an A$49 million share deal, together with interest.

Wah Nam agreed to buy 27.5 million shares in Wah Nam
Infrastructure Investment from Investment Australia and two
shares in IAL HK for $49 million in April last year, according to
the writ. It is alleged that $41.65 million had to be paid on
completion, with the remaining $7.35 million to follow within 15
months.

The writ said that the deal was completed on September 15, but
the full initial purchase price was not paid, leaving $1.08
million outstanding.

It is also alleged that Wah Nam failed to advance a loan of
$133,403 to IAL HK as stipulated in the agreement.


WHIMSY CO: Workers' pay closer after Whimsy wind-up move
--------------------------------------------------------
According to the South China Morning Post, a petition to wind-up
game centre operator Whimsy Co was filed yesterday by Lo Lai-sum,
represented by the Department of Legal Aid as the Whimsy
Entertainment subsidiary is in the process of voluntary
liquidation.

It is understood the development is based on a legal technicality
that in order to qualify for the Protection of Wages on
Insolvency Fund, a petition had to be filed with the court.

The closure of the entertainment chain in February has left more
than 500 full and part-time workers unemployed.

It is alleged that monies worth about $5 million were owed,
including salaries and payment in lieu of notices.


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

BORNEO FURNITURE: Changes details of its liquidation plan
---------------------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief
section, the Borneo Furniture Company changed some unspecified
details of their liquidation plan.


EUISUNG COMMERCE: Starts creditor reconciliation  
------------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief
section, the Euisung Commerce Company was allowed to start their
creditor reconciliation procedure by the Seoul District Court.


LG ELECTRONICS: Zenith reaches bondholder agreement
---------------------------------------------------
Zenith Electronics Corporation today announced that it has
reached an agreement in principle for a financial restructuring
of the company with an ad hoc committee of bondholders, who have
informed Zenith that they own or control over 50 percent of
Zenith's outstanding 6-1/4 percent Convertible Subordinated
Debentures due 2011.

In addition, Zenith said financing commitments and Korean
government approvals related to the restructuring plan are now in
place. The company also today announced year-end financial
results, reflecting a $275.5 million loss for 1998.

The terms of the bondholder agreement will be included in an
amendment to the company's registration statement, which is
currently being reviewed by the Securities and Exchange
Commission (SEC). Upon completion of the SEC's review of the
registration statement, Zenith will begin to solicit bondholder
votes for approval of a prepackaged plan of reorganization under
Chapter 11.

As previously announced, the claims of all other creditors either
will not be impaired by the plan or will be consensually
restructured. Pursuant to an agreement with Zenith, LG
Electronics Inc. has agreed to exchange $200 million of its
claims for 100 percent of the equity of the reorganized Zenith
and to exchange the remainder of its claims for assets or new
restructured notes, interest on which is payable in kind for two
years under certain circumstances. Under the plan, all
outstanding common stock will be canceled, and stockholders will
receive no distribution and retain no property.

Zenith's largest stockholder and creditor, LG Electronics, has
advised the company that it has received necessary Korean
regulatory approvals to provide Zenith with additional financing
and to convert debt to equity as part of Zenith's planned
reorganization. (PR Newswire 01-Apr-1999)


SAMYANG OIL FEEDSTOCK: Company completes liquidation
----------------------------------------------------
The Seoul District Court advertised in the Korean language Maeil
Kyungje that the Samyang Oil Feedstock Company completed its
liquidation plan. The company's address is 51-1 Susong-dong,
Chongno-gu, Seoul and the president is Mr. Chung Bu-woong.


SHINDONGBANG: Fate riding on today's creditors' meeting
-------------------------------------------------------
The Korea Times reported that Shindongbang and three
subsidiaries, including Haepyo Food Service and Haepyo, a leading
producer of cooking oil, will have their fate decided today at a
creditors meeting that will review the company's application for
a corporate workout program. Part of the workout program would
include new loans and is supported by Shindongbang's leading
creditor, Hanvit Bank, the paper reported.

The article, however, also reported that some creditors feel that
Shindongbang tried to deceive investors by applying for the
workout program one day after having received 28.5 billion won
for a new rights offering. Earlier reports stated that the firm
is under investigation by the Financial Supervisory Service (FSS)
for intentionally violating the capital increase process and
conducting illegal inter-subsidiary trading.

Nevertheless, Shindongbang defended itself by claiming that the
workout program is a necessary part of surviving its financial
difficulties and should be considered separately from the rights
offering.

However, company officials said they were currently working to
return all of the 9.08 billion won from 18,478 investors who
bought the new shares, the paper reported.

The article further stated that the chairman of Shindongbang, a
relative by marriage of the former Korean President Roh Tae-woo,
said that the company is in the current financial predicament
because of creditors' refusal to issue 35 billion won in new
loans.


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

ORIENTAL BANK: Danamodal injects RM550mil into Oriental Bank
------------------------------------------------------------
Danamodal Nasional Bhd has injected RM550mil into Oriental Bank
Bhd (OBB), a 75.17%-owned subsidiary of Malaysian Industrial
Development Finance Bhd (MIDF).

The injection, in the form of an exchangeable subordinated
capital loan (ECSL), was in addition to the RM150mil ECSL
injected into OBB in October 1998, MIDF said in a statement
yesterday.

The proposed recapitalisation would be undertaken through the
conversion by MIDF of an existing RM130mil subordinated term loan
to OBB into 130 million new RM1 ordinary shares.

In addition, Danamodal would subscribe for 250 million new RM1
ordinary shares each and RM300mil irredeemable non-cumulative
convertible exchangeable preference shares of RM1 each (Inceps)
in OBB.

Danamodal would also grant OBB a seven-year, 10% unsecured
subordinated term loan of RM150mil. (Bernama and The Star Online
02-Apr-1999)


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

PHILIPPINE AIRLINES: SEC to meet with local creditors next week
---------------------------------------------------------------
The Securities and Exchange Commission will meet with the local
creditor-banks of Philippine Airlines next week to discuss the
cash-strapped airline's revised rehabilitation plan. SEC chairman
Perfecto Yasay Jr. said the SEC will set a meeting with PAL's
domestic creditors next week to know their concerns with respect
to the new rehabilitation plan filed by the flag carrier.

The SEC has earlier given itself until April 15 this year to come
up with its decision whether or not to approve PAL's revised
rehabilitation plan. It is just awaiting for the comments of all
PAL creditors before they can act on the plan.

Local creditor banks of PAL include Allied Banking Corp., Banco
de Oro, China Banking Corp., Equitable Banking Corp.,
International Exchange Bank, Philippine National Bank, Rizal
Commercial Banking Corp., Security Bank Corp., Union Bank of the
Philippines and Westmont Bank. They earlier opposed key
provisions of the plan, including the extension of loans, waiver
or condonation of interest on loans, which are still present in
the new rehabilitation plan. They objected to the proposed five-
year grace period on principal payments because it violates
Section 79 of the General Banking Act. Any grace period on
principal payments should not exceed three years, the local banks
said.

In another development, PNB yesterday filed with the SEC its
comments to PAL's amended rehabilitation plan. It objected to a
plan which requires partially secured creditors to waive all
interest incurred after the filing of PAL's petition for
suspension of payments with the SEC, as well as default interest.
"Any waiver as suggested in the plan would substantially impair
and prejudice the rights of partially secured creditors."

It likewise opposed a plan to reduce the value of its shares from
P5 to P0.01 per share. "The suggested reduction in value of
existing common shares contemplated in the plan is too low and
more importantly failed to mention specifics and justifications
as to how reduced value was arrived at," the bank said. PNB said
the proposed reduction of the par value of PAL's common shares
coupled with the proposed infusion of $150 million will radically
distort as well as dilute the equity participation of the
existing share holders of PAL.

Foreign creditors of PAL, however, have thrown their support
behind PAL's revised rehabilitation plan after the debt-strapped
company made a partial payment of $37.9 million to the European
Credit Agencies (ECAs) and the Export-Import Bank, the groups who
own the aircraft PAL uses.

Even if PAL can convince local creditors to support the plan, the
airline must still be able to raise the proposed $200 million
fresh equity by June 4.

The ECAs, which hold the biggest loan exposure in PAL, have
threatened to withdraw their support of the plan and seize leased
aircraft if the promised cash infusion does not come on time.
(Manila Times 02-Apr-1999)


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

OSSIA INTERNATIONAL: Ossia suffers $2m loss, turnover falls 13%
---------------------------------------------------------------
Ossia International yesterday reported a $2 million group net        
loss for the year ended Dec 31, 1998, as its borrowing        
costs almost cancelled out operating profits.

The sporting goods retailer also sold its stake in several
subsidiaries, and provided for a drop in value of an investment
property. These led to extraordinary losses of $3.1 million,
which left the company with a bottomline loss of $5.1 million.

Ossia's poor performance was on the back of a 13 per cent slide
in turnover to $98 million, which led operating profits to halve
to $7 million. This was further eroded by interest on borrowings
of $6.6 million, and depreciation and amortisation costs of $2.1
million.

The result was a net loss of $2 million, compared to profits of
$6 million a year ago. Loss per share came to one cent, compared
to earnings per share of 3.1 cents a year ago. (Singapore
Business Times 02-Apr-1999)


VAN DER HORST: Court questions Kotjo's credibility
--------------------------------------------------
An unamused High Court judge yesterday questioned Indonesian
businessman Johannes Kotjo's credibility and asked him if he
thought about what he was saying under oath. Justice Judith
Prakash, who is reputed for her no-nonsense handling of courtroom
conduct, queried the Van der Horst (VDH) chairman: "Don't you
think about what you are saying?"

The judge's latest intervention came during a heavy round of
questioning by Mr K Shanmugam who seems determined to make it
clear to the court that he believes Mr Kotjo was making things up
as he went along. Mr Kotjo, chairman of VDH and his companies,
Bright Ideas Ltd (BIL) and Zasidon Holdings Pte Ltd (ZHL), are
being sued by Edwin Soeryadjaya for more than $8 million. They,
in turn, counter-sued for losses incurred as a result of having
their L&M shares sold at depressed market prices. (Singapore
Business Times 02-Apr-1999)


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

BIG C: Latest hypermarket to allow foreign majority shareholding
----------------------------------------------------------------
Big C Supercenter (BIG C) is to offer about two-thirds of its
shares to three of its existing partners -- France's Casino
Guichard-Perrachon, Geant International BV of the Netherlands,
and Thailand's Saowanee Holding. After the deal is completed, all
of Thailand's hypermarkets will be dominated by foreign
shareholders. Britain's Tesco holds 49 percent in Lotus
Supercenter, France's Carrefour owns 100 percent of Carrefour
Hypermarket, while Makro is majority owned by SHV Holding.

According to the company's statement filed to the Stock Exchange
of Thailand (SET), the 530 million new shares will be sold at
11.50 baht apiece, totalling 6.09 billion baht. Its registered
capital will be increased to over 8 billion baht from the present
2.7 billion baht.

The Chirathivat Family, the company's founder, will see its
interest reduced to 11.01 percent from 32.63 percent, Robinson
Department Store's interest drops from 14.55 percent to 4.9
percent, Land & Houses' from 10.8 percent to 3.64, and American
International Assurance's (AIA) from 4.7 percent to 1.58 percent.

Casino will financially support BIG C, which is presently
suffering from a liquidity crunch, the statement said. Casino
said its investment in BIG C was part of its strategy to expand
its presence in Asia, the statement said. "The investment will
allow BIG C to pursue and accelerate its development while at the
same time consolidating its financial situation," the statement
continued.

The deal will be subject to a vote at a BIG C general assembly on
April 30. If approved, the sale should go through in May.

Casino posted net earnings in 1998 of US$230.8 million out of
total sales of $15.146 billion, while BIG C posted a loss of 97
million baht out of a sale revenue of 20.1 billion baht up to
September 30 last year. An analyst, meanwhile, said Casino's move
would help BIG C in terms of technology know-how, increase the
liquidity of the company, alleviate its hefty debt burden, and
increase its competitiveness. BIG C has combined debts of 8
billion baht. (Business Day [Thailand] 02-Apr-1999)


KASET THAI: Warrant out for second sugar mill exec's arrest
-----------------------------------------------------------
An arrest warrant was yesterday issued for a second Namtal Kaset
Thai executive after a work colleague, Boonphan Sutthiwiriwan,
the first executive arrested in the case, implicated him in the
murder of Australian auditor Michael Wansley. Police raided six
houses belonging to Pradit Siriwiriyakul, general manager of the
sugar firm, in Nakhon Sawan shortly after the warrants were
officially approved at 9 am, but were unable to find him.

During his meeting on Wednesday with police chief Pracha Promnok,
Boonphan hinted that Pradit and two other Namtal Kaset Thai
executives were the masterminds behind Wansley's murder. The two
other executives were not publicly named, but a senior police
officer in charge of the investigation and iTV identified them as
Praphan Siriwiriyakul, Pradit's elder brother, and Darat
Wipasakad.

A police source said Praphan and Darat, who had both maintained
low profiles since the Australian auditor's murder on March 10,
fled their homes on Tuesday night after learning that Boonphan
had implicated them. Deputy police chief Prasarn Wongyai said all
immigration checkpoints nationwide have been instructed to keep a
close watch for Pradit. The suspect should surrender to the
authorities, Prasarn said. Failing that, he should not resist
arrest when police finally track him down. The senior officer
said he was unable to say whether, or how, Praphan and Darat were
involved in the murder plot. (The Nation 02-Apr-1999)

Meanwhile, the Wall Street Journal profiled the Wansley murder in
light of his role in restructuring failing businesses in
Thailand. Mr. Wansley's first assignment in Thailand had been to
help the government assess the assets of 22 of 56 finance
companies that were shut down after the financial crisis erupted
in July 1997. In early 1998, he told the Australian Embassy here
[Thailand] he was concerned that he might be venturing into
dangerous territory in his restructuring of the finance
companies. The embassy relayed those concerns to the Thai police.
Yet foreigners are almost never targets. And Mr. Wansley's
employer, Deloitte Touche Tohmatsu, had received no warnings
related to his work at the sugar mill, according to Robert A.
Campbell, chief executive for the Asia-Pacific region. So Mr.
Wansley decided to stay.

All of Thailand's sugar mills are struggling financially, but
only Kaset Thai was forced to accept a court-appointed planner,
on the insistence of a foreign bank among their creditors. That
raised the humiliating prospect of having to bring in a foreign
partner. But Thai police say the danger to Mr. Wansley arose from
the threat he posed to what police describe as a "culture" of
fraud. The police, citing evidence they haven't released, allege
that factory bosses were siphoning off hundreds of million of
baht, and putting the money into shell companies registered in
Bangkok, and from them into private bank accounts in Thailand and
possibly abroad. Police wouldn't say what, if any, information
Mr. Wansley or his team may have uncovered.


NAKORNTHON BANK: Nakornthon to choose partner by May
----------------------------------------------------
Nakornthon Bank will choose between Standard Chartered Bank and
United Overseas Bank for its new partner with recapitalisation
expected to be completed by May, sources said yesterday. Both
banks had proposed different options and conditions for a
partnership deal, one Nakornthon executive said. But one common
condition was that both prospective partners wanted Nakornthon
Bank to first writedown its existing equity to help wipe out
outstanding bad loans.

Voravee Wanglee, bank president, said the bank would select the
partner offering the best terms for existing shareholders. The
Finance Ministry would hold more than a 50% stake in Nakornthon
Bank once recapitalisation was completed, he said. The bank would
enter into the government's tier-one recapitalisation programme,
under which new preferred shares are sold to the new partner and
the Finance Ministry.

Mr Voravee said after recapitalisation, the Finance Ministry
would control more than half of the bank's shares, foreign
shareholders would hold more than 30% and the remainder split
among existing shareholders. (Bangkok Post 02-Apr-1999)


SIAM COMMERCIAL BANK: Crown Property Bureau puts SCB stake first
----------------------------------------------------------------
The Crown Property Bureau, the investment arm of the Royal
family, said it would sell all its non-core business interests if
it was necessary to maintain its majority stake in Siam
Commercial Bank.

"The bank is the inherited asset of His Majesty the King Rama V.
The Crown Property Bureau will do everything it can to maintain
it," said Chirayu Issarangkura Na Ayutthaya, director general of
the Crown Property Bureau and chairman of Siam Commercial Bank.

He also categorically ruled out allowing a foreign partner take a
majority share in the bank.

"Although eventually all other banks would be taken over by
foreigners, Siam Commercial Bank would remain the only Thai bank
in this country even if it costs us everything," Dr Chirayu
declared.

The bank is increasing its registered capital by 64 billion baht
to 70 billion baht by issuing 220 million new common shares and
six billion new preferred shares.

It has appointed Salomon Brothers, Credit Suisse First Boston and
Morgan Stanley as its co-advisers for the share sale.

Dr Chirayu confirmed the shares would be sold on the
international market, but foreigners would be limited to holding
a combined 30% of registered capital.

The bank has also applied for tier-one capital from the Finance
Ministry. Once the recapitalisation is completed, it is expected
the Finance Ministry will hold a 40% stake, while foreigners
would have up to 30% and the rest held by the Crown Property
Bureau and several small shareholders.

However, Dr Chirayu said the bureau had already agreed with the
Finance Ministry and the Bank of Thailand to buy back the forty
percent held by the Finance Ministry within the space of three
years.

"At that time, if there are foreign investors interested in
acquiring the stake and make a better offer to the Finance
Ministry, the maximum limit of shares foreigners would be allowed
to hold is a combined 49%. This has been agreed by both the
central bank and the Finance Ministry," he said. (Bangkok Post
02-Apr-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
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