TCRAP_Public/990419.MBX 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 19, 1999, Vol. 2, No. 74

                    Headlines


* C H I N A   &   H O N G   K O N G *

ARTLAND IVORY FACTORY LIMITED: Notice to creditors to prove debts
CATHAY INTERNATIONAL: Cathay defaults on Yankee bond
CHUNG HWA DEVELOPMENT HOLDINGS: Wind-up hearing adjourned
CLIMAX INTERNATIONAL: Shareholder drops Climax deal
COLOUR BEST DYEING FACTORY LIMITED: Winding-up petition

COSMOMASTER LIMITED: Winding-up petition
GUANGDONG ENTERPRISES (GDE): new date for GDE reform
GUANGDONG INTERNATIONAL: Closure of Gitic showed resolve
GUANGZHOU FINANCE: Gzitic plays for time in finance arm's wind-up
MANSWAY TEXTILES & CLOTHING LIMITED: Winding-up petition

NHD SYSTEMS (HOLDINGS) LIMITED: Winding-up petition
PROTECT WATER-PROOF ENGINEERING: Winding-up petition
SIU-FUNG CERAMICS CONCEPT: Winding-up petition
SIU-FUNG CERAMICS HOLDINGS LIMITED: Winding-up petition


* I N D O N E S I A *

ASTRA INTERNATIONAL: Expects to finalise debt restructuring
PT DHARMALA AGRIFOOD: Supreme Court to review bankruptcy decision


* K O R E A *

HAN-IL MEDICINES: Applied for creditor reconciliation
KOREA FIRST BANK: Sale to Newbridge may be finalized next week
SAM-IK CONSTRUCTION: Receives creditor reconciliation
SUNGWON INDUSTRY: Applied for creditor reconciliation


* M A L A Y S I A *

MARUICHI MALAYSIA: Maruichi reports lower profit
PARK MAY: Park May seeks debt restructuring
RENONG: Renong plans asset sale in bid to cut debt


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

EVER-GOTESCO: Asks UrBank to restructure P200-M loan
PHILIPPINE AIRLINES: SEC rejects PAL rehab plan


* S I N G A P O R E *

PACIFIC CAN: Pac Can can't repay $20.6m loan stocks


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

ARTLAND IVORY FACTORY LIMITED: Notice to creditors to prove debts
-----------------------------------------------------------------
The creditors of Artland Ivory Factory Limited, which is being
voluntarily wound up, are required on or before April 30 to send
in their names, addresses and particulars of their debts or
claims to the Liquidators of the said company at 29th Floor, Wing
On Centre, 111 Connaught Road Central, Hong Kong, and if so
required by notice in writing from the liquidators, are
personally or by their solicitors to come in and prove their
debts or claims at such time and place specified in such notice,
or in default thereof, they will be excluded from the benefit of
any distribution before such debts are proved. Joint and Several
Liquidators: Kong Chi How, Johnson.


CATHAY INTERNATIONAL: Cathay defaults on Yankee bond
----------------------------------------------------
The Asian Wall Street Journal reports that the Hong Kong-based
Cathay International has defaulted on a $350 million Yankee bond.  
This default was anticipated due to Cathay's inability to
repatriate funds from China in order to make the $23 million
payment.  

Cathay International, which is partially owned by the Singapore
government and invests in bridges in China, has stakes in four
toll bridges and a tunnel in Guangzhou. The Guangzhou government
had promised Cathay a minimum return of about 17 percent
annually, which is reported to be adequate for Cathay to services
its debts. However, officials at the Chinese State Administration
of Foreign Exchange (SAFE), are allowing only partial conversion
of Cathay's yuan into dollars.  

Cathay has approximately $600 million invested toll roads,
bridges, and water treatment plants in southern China. However,
since last September, SAFE has implementing measures to stop the
practice of local governments guaranteeing returns for foreign
equity investors.  


CHUNG HWA DEVELOPMENT HOLDINGS: Wind-up hearing adjourned
---------------------------------------------------------
According to the South China Morning Post, Chung Hwa Development
Holdings said an adjournment until May 5 had been issued in
relation to a winding-up petition against the company. The
statement was made following the recent rise in the company's
shares.


CLIMAX INTERNATIONAL: Shareholder drops Climax deal
---------------------------------------------------
According to the South China Morning Post, Climax International
says one of its major shareholders, Untied Pacific Industries,
has decided to drop further participation in any debt-
restructuring attempts of the company. It also said United
Pacific was negotiating the status of its $50 million deposit
with a bank which has provided a similar loan to Climax. The
negotiation may lead to changes in the loan facility.


COLOUR BEST DYEING FACTORY LIMITED: Winding-up petition
-------------------------------------------------------
A petition for the winding up of Colour Best Dyeing Factory
Limited was presented to the High Court on Mar 15 by Banque
Nationale De Paris whose registered office is situated at 4th-
13th Floors, Central Tower, 28 Queen's Road Central, Hong Kong,
and the said petition is directed to be heard before the court at  
11:00 am on May 5, 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 Solicitors for the Petitioner, Johnson
Stokes & Master at 18th Floor, Prince's Building, 10 Chater Road,
Hong Kong on payment of the regulated charges for the same.


COSMOMASTER LIMITED: Winding-up petition
----------------------------------------
A petition for the winding up of Cosmomaster Limited was
presented to the High Court on  Mar 18 by Law Ho Ying, Patrick of
Room 1405, Po Ling House, Po Lam Estate, Junk Bay, Kowloon, and
the said petition is directed to be heard before the court at  
9:30 am on May 12, 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.


GUANGDONG ENTERPRISES (GDE): new date for GDE reform
----------------------------------------------------
According to the South China Morning Post, insolvent GDE is
expected to have a preliminary liability restructuring proposal
ready next month. The steering committees of creditor banks for
the group and Nam Yue (Group) were in support of the extension of
the informal standstill arrangement until the restructuring was
completed.


GUANGDONG INTERNATIONAL: Closure of Gitic showed resolve
--------------------------------------------------------
The South China Morning Post and the Hong Kong Standard reported
that according to a US banker, Premier Zhu Rongji said last
year's decision to shut Gitic was to show foreign borrowers the
government would make tough choices in overhauling the
financial industry. Mr Zhu was asked about Gitic and other
provincial investment trusts during a lunch on his US tour.

According to the Hong Kong Standard, David Ogilvie, executive
vice president of the American Bankers Association told reporters
after the meeting that Mr Zhu made the comment and also said that
he would work with local governments to ensure other investment
firms do not run up such crippling debt.

Many of China's state-owned companies carry debt-to-equity ratios
among the highest in the world. To avoid a domestic banking
crisis, China will have to recapitalise and restructure its
domestic banking system and end the long-standing practice of
making lending decisions on a political rather than economic
basis.


GUANGZHOU FINANCE: Gzitic plays for time in finance arm's wind-up
-----------------------------------------------------------------
According to the South China Morning Post, a source said creditor
banks that filed a winding-up petition against Guangzhou Finance
are believed to have taken a hard line after trying
unsuccessfully to extract more tangible proof they will be able
to recoup their money. Sources said a hearing before a judge was
now scheduled for Monday and it was likely Gzitic would be able
to reach an agreement with the banks on Monday to adjourn the
hearing on the winding-up petition, originally scheduled for
yesterday, until the restructuring plan and financial review on
Gzitic was ready before June 8.

If an agreement is not reached, Gzitic and some creditor banks
are expected to oppose the winding-up on the grounds that it
would better serve creditors' interests if they had a clearer
picture of the firm's prospects with the help of the documents.

Sources said financial creditors could afford to wait as
Guangzhou Finance's assets were being held by provisional
liquidators.


MANSWAY TEXTILES & CLOTHING LIMITED: Winding-up petition
--------------------------------------------------------
A petition for the winding up of Mansway Textiles & Clothing
Limited was presented to the High Court on Mar 11 by So Pui Ning
of Room 2611, Kwai Chi House, Kwai Fong Estate, New Territories,
and the said petition is directed to be heard before the court at  
9:30 am on May 5, 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.


NHD SYSTEMS (HOLDINGS) LIMITED: Winding-up petition
---------------------------------------------------
A petition for the winding up of Nhd Systems (Holdings) Limited
was presented to the High Court on Mar 26 by The Hongkong and
Shanghai Banking Corporation Limited whose registered office is
situated at 1 Queen's Road Central, Hong Kong, and the said
petition is directed to be heard before the court at 9:30 am on
May 19, 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 Solicitors for the Petitioner, Johnson
Stokes & Master at 18th Floor, Prince's Building, 10 Chater Road,
Hong Kong on payment of the regulated charges for the same.


PROTECT WATER-PROOF ENGINEERING: Winding-up petition
----------------------------------------------------
A petition for the winding up of Protect Water-Proof
Engineering Company Limited was presented to the High Court on  
Mar 4 by Tsang Chai Hee of Flat D, 34th Floor, Tower 8, Tai Hing
Garden, Phase 2, Tuen Mun, New Territories, and the said petition
is directed to be heard before the court at 9:30 am on April 28,
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 Solicitors for the Petitioner,  Paul C.W. Tse CO., at Rooms
2106-2110, 21st Floor, Lane Crawford House, 70 Queen's Road
Central, Hong Kong on payment of the regulated charges for the
same.


SIU-FUNG CERAMICS CONCEPT: Winding-up petition
----------------------------------------------
A petition for the winding up of Siu-Fung Ceramics Concept
Company Limited was presented to the High Court on Mar 26 by The
Hongkong and Shanghai Banking Corporation Limited whose
registered office is situated at 1 Queen's Road Central, Hong
Kong, and the said petition is directed to be heard before the
court at 9:30 am on May 19, 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 Solicitors for the Petitioner,     
Johnson Stokes & Master at 18th Floor, Prince's Building, 10
Chater Road, Hong Kong on payment of the regulated charges for
the same.


SIU-FUNG CERAMICS HOLDINGS LIMITED: Winding-up petition
-------------------------------------------------------
A petition for the winding up of Siu-Fung Ceramics Holdings
Limited was presented to the High Court on Mar 26 by The Hongkong
and Shanghai Banking Corporation whose registered office is
situated at 1 Queen's Road Central, Hong Kong, and the said
petition is directed to be heard before the court at  9:30 am on
May 19, 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 Solicitors for the Petitioner, Johnson
Stokes & Master at 18th Floor, Prince's Building, 10 Chater Road,
Hong Kong on payment of the regulated charges for the same.


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

ASTRA INTERNATIONAL: Expects to finalise debt restructuring
-----------------------------------------------------------
Astra International, the Indonesian carmaker, yesterday said it
expected to finalise a $1.18bn debt restructuring by the end of
June, despite a last-minute delay in a vote by creditors.

Rini Soewandi, chief executive, said the bank creditors would
meet on April 28, and the bond holders on the 29th, to vote on a
proposal for restructuring. Final approval would be due by May
13, she said.

The creditors had earlier been due to meet on April 21, the day
after Bakrie & Brothers, another indebted conglomerate, is due to
ask its creditors to swap $1.15bn in debt for equity.

Astra and Bakrie could be the first large corporate debtors to
obtain debt relief, while most other big debtors and creditors
are still far apart.

Astra proposed to split debt in three tranches with various
repayment periods, from three to seven-and-a-half years. The
latest repayments would include detachable warrants for 10 per
cent of Astra's shares.

Astra's Japanese lenders had earlier balked at the suspension of
interest payments and the company's attempt to buy out small bond
holders separately.


PT DHARMALA AGRIFOOD: Supreme Court to review bankruptcy decision
-----------------------------------------------------------------
The Asian Wall Street Journal reports that the Indonesian Supreme
Court is set to overrule its earlier decision and declare PT
Dharmala Agrifood Company bankrupt. The article stated that the
court is prepared to publish a ruling saying there is clear
grounds to bankrupt the company, despite two earlier rulings to
the contrary. This ruling is related to a attempts by the
International Finance Corporation (IFC) and other creditors to
declare PT Dharmala Agrifood Company bankrupt. An appeal to the
high court was originally filed after the Jakarta commercial
court last December threw out a bankruptcy petition by the IFC,
as well as similar motions by PT ING Indonesia Bank and PT
Bank Niaga.  

The IFC petition was filed after Dharmala, a producer of animal
feed, failed to repay loans valued at 16.04 billion rupiah and
$51.7 million. However, the court rejected the petition saying
that the IFC and ING loans had not yet fallen due, a prerequisite
for a bankruptcy claim. A similar petition by the Bank Niaga was
rejected since the court ruled that this loan was actually a
derivative contract to cover foreign-currency risks, and
therefore not a true loan agreement.

The reports stated that the creditors involved all insist that
the loans had been due earlier in 1998.

The International Finance Corporation is the private financing
arm of the World Bank.


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

HAN-IL MEDICINES: Applied for creditor reconciliation
-----------------------------------------------------
The Korean language Maeil Kyungje mentioned in their Business
Brief section that Han-il Medicines Company applied for a
creditor reconciliation procedure to the Seoul District Court.


KOREA FIRST BANK: Sale to Newbridge may be finalized next week
--------------------------------------------------------------
The controversial sale of ailing Korea First Bank (KFB) to a
consortium led by Newbridge Capital Ltd. may be finalized early
next week. Lee Hun-jai, chairman of the Financial Supervisory
Commission (FSC), met with Richard Blum and David Bonderman, co-
chairmen of Newbridge, at his office in Seoul yesterday to
discuss the thorny issues involved, a FSC spokesman said
yesterday. At present, negotiations between the FSC and Newbridge
on the landmark sale of KFB to the consortium have been delayed
due to wide differences over the valuation of KFB assets. Last     
December, the U.S. investment firm signed a memorandum of
understanding to acquire 51 percent of KFB, which was
nationalized in January 1998.

Lee and Newbridge's top managers will continue to hold
negotiations over the weekend to reach a final agreement, he
said. Meanwhile, Lee is also scheduled to meet with the president     
of Morgan Stanley, which played a key role in selecting Newbridge
as KFB's most prospective buyer, April 21. If the FSC and
Newbridge fail to reach a final agreement, Morgan Stanley may
intervene, he said.

The main sticking point of the delay is valuation of the KFB
assets. Newbridge has insisted that loans should be held on the
balance sheet at their current market value. In doing so,
Newbridge would in some cases decrease the value of loans based
on the borrowers' ability to repay the loans in full. The
government has maintained its original position based on the     
memorandum of understanding, saying that nonperforming loans
incurred in the first business year will be transferred to a bad
bank and the same will be done for a certain portion in the     
second year. (Korea Herald 16-Apr-1999)


SAM-IK CONSTRUCTION: Receives creditor reconciliation
-----------------------------------------------------
The Korean language Maeil Kyungje mentioned in their Business
Brief section that the Seoul District Court had granted a request
for creditor reconciliation to the Sam-ik Construction Company.


SUNGWON INDUSTRY: Applied for creditor reconciliation
-----------------------------------------------------
According to the Korean language Maeil Kyungje's Business Brief
section, Sungwon Industry Development, currently going through
bankruptcy proceedings, applied to the Chunju District Court for
a creditor reconciliation procedure.


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

MARUICHI MALAYSIA: Maruichi reports lower profit
------------------------------------------------
Maruichi Malaysia Steel Tube Bhd's group operating pre-tax profit
fell to RM7.026mil for the year ended Jan 31, 1999 from
RM55.36mil previously. Pre-tax profit at the company level also
dropped to RM2.73mil from RM40mil previously, said the company in
its audited results. It said the lower profit was due to the
soaring cost of coil feed materials because of the weakened
ringgit while selling prices were severely depressed due to stiff
competition in a much reduced market. Maruichi said group
turnover declined to RM300.9mil for the period under review from
RM461.45mil while at company level, it decreased to RM186.11mil
from RM314.44mil.

Group earnings per share also fell to 0.10 sen from 0.57 sen
while its net tangible asset per share stood at 4.93 sen from
4.91 sen. The company announced a first and final dividend of 12%
less 28% tax for the period. (Bernama and The Star Online
16-Apr-1999)


PARK MAY: Park May seeks debt restructuring
-------------------------------------------
According to the Hong Kong Standard, Malaysia's biggest public
bus operator, Park May, is seeking help from the government to
restructure its debt, looking to avert bankruptcy.

The company defaults on a 135.5 million ringgit short-term loan.

Owned by Renong, it also appointed Commerce International
Merchant Bankers as an adviser.


RENONG: Renong plans asset sale in bid to cut debt
--------------------------------------------------
According to the South China Morning Post and the Hong Kong
Standard, Renong, saddled with $20 billion in debts, plans to
raise at least M$3.3 billion from the sale of its property,
monorail and other businesses to pare down debt.

Its toll unit Projek Lebuhraya Utara Selatan (Plus) last month
said it will sell a record $8.4 billion in bonds to bail out the
parent company. As part of the pact, Renong has to raise $8.75
billion to repay Plus by 2006, when the bonds mature.

According to documents presented to creditors, Renong will sell
shares, debt and assets, including its stake in monorail operator
Projek Usahasama Transit Ringan Automatik, to raise the funds.

Other assets Renong is likely to sell include its stake in
property company Prolink Development and its 18 per cent stake in
banking company Commerce Asset Holding, the documents said.

Prolink, which is 64 per cent owned by Renong, is building a
10,800-hectare city known as Nusajaya near the causeway that
links Malaysia with Singapore. The market value of Renong's stake
in Prolink is estimated at $2.6 billion, the document said.

Renong is likely to sell its stake in Commerce Asset only after
its plan to acquire ailing Bank Bumiputra Malaysia for $1.58
billion in stock, the document stated. The completion of the plan
will see Renong's stake in Commerce diluted to about 12 per cent.

According to the South China Morning Post, Renong's stake in
Commerce Asset is worth $727 million, based on its recent $5.10
share price.

Renong's construction unit, United Engineers Malaysia (UEM),
which needs to raise $5.86 billion to pay back Plus, is hoping
Halim Saad, Renong's chairman, will exercise his put option to
buy back from UEM a 32.4 per cent stake in Renong for $3.24 a
share, or $2.34 billion.

On November 17, 1997, UEM spent $2.3 billion from borrowings for
32.6 per cent of Renong, at a premium of 45 cents to Renong's
share price at the time. To appease UEM's investors, Mr Halim was
given an option to buy back those shares at any time between
February 14, 2000 and February 14, 2001. If Halim fails to
exercise the option, UEM will likely sell new stock or debt and
sell non-core assets, the document said.

On March 8, Renong said its Plus unit planned to sell $8.4
billion of seven-year, zero-coupon bonds yielding 10 per cent per
annum, which will be used to pay off Renong and UEM creditors.
The bond sale gives Renong seven years to pay back Plus, and an
economic recovery may help it sell its assets at a much higher
price, the document said.


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

EVER-GOTESCO: Asks UrBank to restructure P200-M loan
----------------------------------------------------
Troubled real estate and mall developer Ever-Gotesco Group of
Companies has asked Urban Bank to restructure its P200 million
debts owed to the bank. Urban Bank first vice president and
comptroller Rebecca B. De La Cruz, said the Ever-Gotesco             
account is one of the non-performing loans that the bank is
restructuring.

"It's in the process of restructuring," De La Cruz said. "It's
fully secured. That is why we don't have any problems
restructuring the account."

The Ever-Gotesco loan which originally stood at P220 million,
according to her, is fully secured by shares in the Evercrest
Golf and Country Club and some pieces of real estate.

Urban Bank is amenable to stretch the repayment period for Ever-
Gotesco's loan but the bank wants the account transferred first
to the profitable subsidiaries of the Gotesco group.

"We are looking at an extension of repayment but we want a change
in the borrower," De La Cruz said. "(We want) the earning
subsidiaries of Ever-Gotesco to be substituted as a new
borrower."

The Ever-Gotesco group is one of the country's property
developers that encountered severe liquidity problems as result
of the surge in interest rates that came with regionwide currency
crisis. The Ever Gotesco group owes over P10 billion to 29
creditors.

The Ever-Gotesco loan is a sizable part of Urban Bank's total
non-performing loans (NPL) which De La Cruz said amounted to P700
million or 8.6 percent of its loan portfolio as of end-March.
(Manila Times 16-Apr-1999)


PHILIPPINE AIRLINES: SEC rejects PAL rehab plan
-----------------------------------------------
The Securities and Exchange Commission (SEC) yesterday rejected
the revised rehabilitation plan submitted by Philippine Airlines
(PAL), saying it is "unacceptable" due to several deficiencies.
The SEC, at the same time, gave the debt-ridden airline until May
4 to provide more details of its plan, including the identify of
the investors willing to raise the required $200 million fresh
capital to bring Asia's oldest airline back to profitability. SEC
chair Perfecto Yasay Jr. said the rehab plan is too unclear and
SEC is uncertain whether it will work.

Yasay said the revenues/earnings projections in the revised plan
do not have a firm and clear basis. He said PAL's amended rehab-
ilitation plan substantially lacks the required specific details
which are vital to the recovery of the airline.

In a statement yesterday, PAL promised to provide more details on
its rehab plan before the May 4 deadline.

According to Yasay, should PAL fail to identify the prospective
investors, the SEC would be forced to look for companies
interested in PAL.

"However, if we still can't find a group willing to invest in PAL
then we will have no choice but to order PAL's liquidation," he
said. The SEC chief said PAL should reveal the names of the
investors who will inject $200 million into the crippled carrier,
the extent of their participation in the operation of PAL, and
how these investments will be treated in the company's books or
in the plan itself.

Yasay said PAL likewise failed to identify the parties interested
in buying their catering, maintenance and engineering
subsidiaries and to explain how the sale will go about, and the
effects of the sale on the airlines' employees.

Yasay also asked the PAL interim rehabilitation receiver to talk
to the airlines' foreign creditors who earlier imposed certain
conditions before giving their approval to PAL's recovery plan.

"The foreign creditors can not impose conditions which are not
even part of PAL's rehabilitation plan. We do not want to be made
hostage," he said. PAL owes over $2 billion to local and foreign
creditors.

"We want these creditors to know that our approval of the plan
depends on the ability of PAL to raise the $200 million fresh
capital," Yasay said. The investor who will infuse $200 million
into PAL will 90 percent of the airline. The capital infusion is
a key component of PAL's rehabilitation plan which has won
approval from more than two-thirds of its creditors. (Manila
Times 16-Apr-1999)


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

PACIFIC CAN: Pac Can can't repay $20.6m loan stocks
---------------------------------------------------
Debt-laden Pacific Can Investment Holdings yesterday said it will
not be able to repay $20.6 million in loan stocks due on April
30. It said a meeting of holders of the loan stocks will be held
to consider passing a resolution which grants Pac Can a six-month
moratorium from the interest payment and redemption dates. This,
it added, would allow the company to develop and implement a
restructuring plan.

Last week, Pac Can reported that First Commercial Bank cancelled
a conditional loan facility, taking away the company's latest
lifeline.

The $20 million facility, announced on March 25, was to have been
used by Pac Can to repay the loan stocks. This would have given
it time for a planned capital reduction exercise and rights issue
to work.

In a separate statement yesterday, Pac Can also announced the
appointment of Lee Choon Peng as executive director in charge of
new investments and businesses with effect from March 31.
(Singapore Business Times 16-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
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 * * *