TCRAP_Public/991014.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

            Thursday, October 14, 1999, Vol. 2, No. 200


* K O R E A *

DAEWOO GROUP: Foreign creditors' steering committee split
DAEWOO MOTORS: Gov't quashes rumor of takeover by Samsung
DAEWOO MOTORS: Gov't to nationalize, clean up, then sell
DAEWOO MOTORS: GM visiting, to meet with creditor banks
SAMSUNG GROUP: May remain in auto business

* M A L A Y S I A *

BELOGA SDN BHD: Special administrators appointed for it

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

EYCO GROUP: Approaching creditors individually for deals

* T H A I L A N D *

ALPHATEC ELECTRONICS: Rehab planner objects to payment
PACIFIC ASSETS: Bangkok Bank buys 9 million shares
POWER-P PLC: Expects rehab agreement by end of month
RENOWN LEATHERWEARS: Renegotiating debt rehab terms
SIAM YAMAHA CO.: Debt restructuring postponed
THAI OIL CO.: Debt plan vote may be delayed


DAEWOO GROUP: Foreign creditors' steering committee split
The nine member steering committee formed by Daewoo Group's
foreign creditor banks is now facing a serious challenge of

Some of the Daewoo's 240-plus foreign creditors, still
dissatisfied with the government and local bank-led
restructuring process of the group, are now calling for
disbanding of the panel.  They argue there is no reason to
have a representing body for foreign creditor banks as the
government's unilateral decision on the group's
restructuring program leaves no room for the committee's

"There is no point having the committee in operation unless
the Korean financial authorities allow it to participate in
the restructuring process of Daewoo," a U.S. banker told
The Korea Times yesterday on condition of anonymity.
"The workout process is still government and local bank
dominated. There still has not been any proper
communication between the two sides. It is now highly
likely that the steering committee will be dismantled
shortly," the U.S. banker added.

After forming a nine member steering body on Aug. 18 -
Chase Manhattan, Citibank, HSBC, ABN AMRO, UBS, Tokyo-
Mitsubishi, Dai-Ichi Kangyo, National Australia and Arab -
foreign banks have demanded that the government holds
discussions with them prior to issuing any debt
restructuring plans for Daewoo.

They also expressed a view through the committee that the
financial authorities provide a guarantee on their credits
in Daewoo should the group fail to repay their overseas
borrowings.  It is only then that they will agree to
refrain from legal action to recover an estimated $5.05
billion of credits in Daewoo.

However, the two sides have reached no accord on any of the
issues raised in the last two months.  The local
authorities conducted rehabilitation of Daewoo while
excluding the group's foreign creditors.  On the issue of a
government guarantee, Korean authorities flatly ruled out
the possibility, saying the international standard does not
allow the government to offer assurance on private sector

The foreign creditors have also failed to live up to their
word of refraining from legal action as some have filed law
suits overseas to secure their money.  Other foreign
bankers, not included in the steering panel, also called
for breakup of the organization but on different grounds.
They said the special panel needs to be approved by the 240
worldwide creditors of Daewoo so that it can be a
representative body, adding that so far it only has the
support of 71 creditor banks which attended the meeting
held by the group in August.

"We no longer want the committee to handle our own problem.
I am not sure the committee even has the right to represent
our interests in a collective manner," said another foreign
banker in Seoul.

Meanwhile, Oh Kap-soo, an assistant governor of the
Financial Supervisory Commission (FSC) said he is aware of
the move by foreign banks to liquidate the steering panel.
He added that the committee will stay in operation despite
the dismantling attempts of a few.

"The FSC is aware that a major U.S. creditor of Daewoo is
behaving in the manner of pursuing its own interests by
threatening the presence of the steering panel," Oh said.
"The FSC believes that it will be in every foreign bank's
interest that the collective body remain in operation.
Selfishness will not help resolve the situation. We are
still confident the committee will keep operating," the
FSC's assistant governor added.

A Daewoo official said the advisory companies for the group
and foreign creditors will meet today in the U.S. to
discuss further cooperation between the two sides.

"It is only a threat from a few foreign banks that the
committee faces disorganization. They are attempting to
take an advantageous position in negotiations by offering
radical statements," the Daewoo official said.  "We are
still in good faith with most members of the steering
panel. There is no chance that the panel will cease
operating," he added.  (Korea Times  13-Oct-1999)

DAEWOO MOTORS: Gov't quashes rumor of takeover by Samsung
Responding to rumors of what would amount to a 'reverse Big
Deal,' the government has ruled out any possibility that
the Samsung group could take over Daewoo Motor.

Financial Supervisory Commission (FSC) chair Lee Hun-jai
also told reporters Wednesday that the recent resumption of
operations at Samsung Motors is for the purpose of using up
its existing inventory of parts and that the ailing car
firms is headed towards full liquidation. Lee added that
Samsung had made the decision to resume operations for
three months on its own and that the government had not
taken a position on this move.  (Digital ChosunIlbo  13-

DAEWOO MOTORS: Gov't to nationalize, clean up, then sell
South Korea plans to nationalize Daewoo Motors and clean up
the auto maker before selling it off, reports said
yesterday, as the company's parent struggles with a debt

The report came as researchers estimated the crisis
engulfing Daewoo Group would leave South Korean financial
institutions with new non-performing loans (NPLs) of up to
US$60.6 billion.  YTN television and Maeil Business
Newspaper quoted government officials and bankers as saying
creditor banks will make Daewoo Motors a clean company
through debt-equity swaps, debt reductions and a capital
write-down.  They will then auction off the automaker,
South Korea's second biggest, the report said.

But a spokesman for the ministry of finance and economy
said: "Nothing has yet been decided on how to deal with
Daewoo Motors."

Creditor banks, led by the state-financed Korea Development
Bank, are engaged in the painstaking task of uncovering and
evaluating the murky debt situation of Daewoo Motors, a
process due to be wrapped up by November 6.  It will be
only after the final outcome of the survey becomes
available that financial authorities and creditor banks
will decide how to rescue Daewoo Motors and other Daewoo
units, the spokesman said.

The move would entail an early resignation of the founder
of the Daewoo Group, Kim Woo-Choong, who has repeatedly
told creditor banks that he was willing to leave Daewoo
management to help rescue the sinking group.  Kim's
statement came as talks with General Motor (GM) to sell the
auto unit faltered. GM wants to buy only Daewoo's best
assets including its auto plants in the southwestern port
of Kunsan and in Poland.

A group of GM officials are scheduled to visit here this
week to meet with Kim Woo-Choong, government officials and
Daewoo's creditor banks, industry sources said.  More than
half the 25 subsidiaries of the debt-ridden Daewoo Group
have been placed under an emergency debt rehabilitation
programme aimed at averting a spectacular bankruptcy.
Daewoo, which for decades expanded recklessly on borrowed
cash, has agreed to slim down and sell off 12 subsidiaries
in a bid to lessen the burden of its estimated $60 billion

Researchers said the Daewoo Group crisis will leave
financial institutions with additional NPLs of between 40
and 73 trillion won.  It would bring the total non-
performing loans burdening financial institutions to
between 104 and 137 trillion won by the end of this year.  
(Business Day  13-Oct-1999)

DAEWOO MOTORS: GM visiting, to meet with creditor banks
A high-powered delegation of General Motors (GM) of the
United States, a negotiating partner for strategic alliance
with Daewoo Motor, visited here yesterday, a day after
Daewoo's creditor banks decided to turn the main division
of the ailing conglomerate into a public corporation before

GM Korea, the U.S. automaker's branch here, confirmed that
a GM delegation including its senior vice president arrived
but there will be more visits by GM officials this week.
According to industry sources, the GM delegation will meet
representatives of creditor banks, government officials and
Daewoo officials during its stay in order to take stock of
the new environment in which it will have to seek and form
an alliance with Daewoo.

"I think that the visit by GM officials will likely see
first hand what changes the creditors of Daewoo's decision
will entail as to their attempt for a GM-Daewoo
partnership," one said. "At the same time, the likelihood
is that GM wants to set up a channel of communication with
those who will replace the Daewoo management."

Industry people expect that there might be a lull in the
negotiations on the formation of a Daewoo-GM partnership
for some time because of a possible change in Daewoo Motor
management. GM Korea officials were quoted in a wire report
that GM still has an interest in a strategic alliance with
Daewoo and denied speculation of the breakup of their
negotiations.  (Korea Times  13-Oct-1999)

SAMSUNG GROUP: May remain in auto business
Samsung Group may remain in the automobile business if it
is necessary to attract investment into ailing Samsung
Motors, Samsung and its creditors said yesterday.

The possibility of Samsung keeping its hands in the
automobile business comes amid continued rumors of its
takeover of Daewoo Motor, a company which previously was to
acquire Samsung Motors. Samsung recently expressed intent
to retain a sizable stake in Samsung Motors even after it
is sold off, according to a ranking executive at one of the
automaker's creditor banks.

"Samsung proposed holding about a 20-percent stake in
Samsung Motors even after its sell-off, in an apparent bid
to help accelerate its negotiations with aspiring foreign
buyers," said the executive, refusing to be named.

While both Samsung and its creditors are denying any such
possibility, negotiations between Daewoo Motor and General
Motors have run into a deadlock and Samsung is a viable
alternative.  "All we are saying is that we have received
confirmation from Samsung that it was willing to keep a
certain portion of Samsung Motors as a condition for
investment," said one official of a creditor bank.

He said this is not to say that there is an investor
setting such a precondition but that Samsung's commitment
to such a possibility would make negotiations easier.
The official went on to admit that it would be difficult to
sell Samsung Motors and its plant in Pusan as a single
piece with no help from Samsung to sell its SM5 series of
passenger cars.

"The reality is that Samsung has the means to help to sell
the cars and its partial ownership in Samsung Motors is a
very attractive option for potential investors," he said.

For the moment, the official said, it would be most
desirable for French auto maker Renault, which recently
acquired Nissan with which Samsung has a technical
agreement, to take over Samsung Motors.   On the part of
Samsung, it said it is willing to stand by its decision to
take its hands off the automobile business and that the
possibility of keeping a portion of Samsung Motors, perhaps
20 percent, is only designed to help creditors find a

However, if Samsung is to keep a hand in Samsung Motors and
help the company sell its cars, there is a strong
possibility that it will play some type of management role
in the auto making company.  

Some industry watchers do not rule out the possibility that
Samsung would team up with foreign firms to jointly acquire
Daewoo Motor before merging it with Samsung Motors. They
noted that Samsung's alleged proposal for joint management
of Samsung Motors with foreigners may help sweeten its
sell-off offer because of its extensive marketing networks
at home, but also suggested that the talks with potential
buyers are not going well.  (Korea Times  13-Oct-1999,
Korea Herald  14-Oct-1999)


BELOGA SDN BHD: Special administrators appointed for it
Pengurusan Danaharta Nasional Bhd has announced the
appointment of Heng Ji Keng and Kelvin Edward Flynn of
Ferrier Hodgson MH as special administrators for Beloga Sdn
Bhd effective yesterday.

Beloga is involved in manufacturing and recycling aluminium
and copper products and general trading.  Danaharta said in
a statement yesterday that with the appointment, the
special administrators would assume control of the assets
and affairs of the company.

"The powers of the management and board of Beloga are
effectively suspended and only the special administrators
can deal with the assets of the company," Danaharta said.

In order to preserve the assets of the company until the
special administrators are able to complete their task, a
12-month moratorium will take effect from the date of
appointment.  Danaharta said no creditor may take action
against the company during the period.

The special administrators will prepare a workout proposal
that will be reviewed by an independent adviser.  The
independent adviser's role is to review the reasonableness
of a workout proposal, taking into consideration the
interests of all creditors (whether secured or unsecured)
and shareholders.  (Star Online  13-Oct-1999)


EYCO GROUP: Approaching creditors individually for deals
After being rebuffed by the Securities and Exchange
Commission (SEC), the Eyco Group of Companies is now
approaching creditor banks individually to negotiate for
the group's rehabilitation, a source from one of the
creditor banks said.  The group's move, however, may be
"too late" to benefit the company

"The banks don't have confidence with the management. We'd
like to see some sincerity. We feel they have approached
the banks because their backs are now on the wall," the
banker said.

The SEC declared the company "insolvent" on September 14
and ordered its liquidation and dissolution.  The Eyco
Group's debts to 28 creditor banks and financial
institutions have ballooned to 5.2 billion Philippine pesos
(US$130 million at PhP40.117:US$1) from PhP2.08 billion
(US$52 million) when it filed for debt relief in 1997.
Of the 28 creditors, only a handful are holding collateral.
Among the secured creditors are Philippine National Bank
(PNB), Far East Bank and Trust Co. (FEBTC), Allied Banking
Corp., Traders Royal Bank (TRB) and Westmont Bank.

"The senior management of Eyco are now talking to the three
big lenders -- Allied Bank, PNB, FEBTC. However, the banks
were reportedly cool on the proposal," the bank executive

Though some members of the steering committee are leaning
towards a discussion with the management for an improved
rehabilitation scheme, some banks would rather liquidate,
the banker added.  "The table is now turned. Eyco is now
offering what we suggested two years ago," he added.

Eyco is reportedly amenable to a debt-for-asset arrangement
to reduce loans. The banks' original proposal was for Eyco
to partially pay some debts with properties not needed for
the group's scaled down operations. They were also
suggesting for the operation of Eyco's appliance business

Banks were also amenable to the Strategies and Alliance
Corp.'s (SAC) rehabilitation proposal. "But the proposal
alone will not fly, as we were saying. There should be a
dacion en pago arrangement," the banker stressed.

The SAC-formulated rehabilitation plan proposes to settle
EYCO's debts through certificates to be issued by a
national housing cooperative pool. The repayment of
principal and interest of these obligations is guaranteed
to be paid in cash by the government through the Home
Insurance Guaranty Corp. (HIGC).

Under the SAC plan, a 28.57-hectare property will be
developed into a residential condominium complex and, upon
completion, participation certificates will be issued to
the creditors.  The banker said Eyco has likewise added
"sweeteners" to its proposal. The company is now willing to
pay an interest rate equivalent to the 91-day Treasury bill
rate plus 2% on its loans.

The group has likewise offered a conversion rate of PhP40
to the dollar for its dollar loans, an improvement from the
earlier proposed conversion rate of PhP35 to the dollar.
Eyco's last rehabilitation proposal involved a repayment
term of over 10 years on the principal with a four-year
grace period. Interest accruals will not be paid.
The group also proposed that mortgaged properties needed
for the resumption of operations will be rented back at an
agreed "preferential lease rate."

"There might be a general creditors meeting. We'd like to
gather sentiment, whether we still have the appetite to
rehabilitate. We had already made preparations for the
scenarios, which is a rehabilitation or a liquidation," the
banker said.

Meanwhile, the bank executive said the Court of Appeals has
given creditor banks 10 days to comment on Eyco's petition
to overturn the SEC's order.

"In all possibility, the Court of Appeals may just deny the
appeal altogether for lack of merit. Eyco may elevate the
case to the Supreme Court if that happens," the banker
said.  "If the courts rule in our favor, we will go through
an orderly liquidation of the company's assets," the banker

The Eyco Group is comprised of Nikon Industrial Corp.,
Nikolite Industrial Corp., 2000 Industrial Corp., Trade
Hope Industrial Corp., Thames Philippines, Inc., EYCO
Properties, Inc., Nikon Land Corp., Clarion Printing House,
Inc., Integral Steel Corp. and First Unibrands Food Corp.  
(Business World  13-Oct-1999)


ALPHATEC ELECTRONICS: Rehab planner objects to payment
PricewaterhouseCoopers F.A.S. Co, the planner of Alphatec
Electronics Plc's business rehabilitation plan, has
objected to the company's plan to pay 10 million baht as a
severance allowance to a former executive of the company
whose employment contract was terminated.

The planner has objected on the grounds that the former
executive, Pornthep Lohitachart, who was a vice-president
for finance of Alphatec, was one of the defendants in the
criminal case filed by the company's creditors on charges
that the former management of the company had falsified the
company's books.  The Debtor Business Rehabilitation Office
had earlier resolved that the company pay Mr Pornthep 3.7
million baht.  The Central Bankruptcy Court has scheduled a
hearing on the objection for today..

PricewaterhouseCoopers F.A.S. Co said the charge filed by
Alphatec's creditors against Mr Pornthep and other co-
defendants including Charn Uswachoke, the former chairman
and chief executive of the company, had grounds as Mr Charn
had agreed to pay US$100 million to the creditors to
compensate for their damage, it claimed in a statement to
the court.

Alphatec was the first case under the amended Bankruptcy
Act, and its business rehabilitation plan was approved by
the court in February this year. Under the plan, a joint
venture firm, established by a new investor group, has been
set up to acquire assets and operations of Alphatec while
creditors convert part of their debts owed by Alphatec into
equity of the new company.

The company owed its creditors $375 million while its
assets totalled only $78 million.  An audit by
PricewaterhouseCoopers in July, 1997, discovered that the
company had two sets of books, each of which indicated
financial positions. PricewaterhouseCoopers' audit also
discovered that the company was in fact losing money but
the accounts revealed to the public showed registered

Following this discovery, Mr Charn resigned from the
company while Mr Pornthep and nine other employees in the
financial department were suspended from their duties and
Mr Pornthep's employment contract was later terminated.
(Bangkok Post  13-Oct-1999)

PACIFIC ASSETS: Bangkok Bank buys 9 million shares
Pacific Assets Plc (PA) has reported to the Stock Exchange
of Thailand that Bangkok Bank has acquired nine million
shares in the company for Bt10 per share as part of its
debt-restructuring plan. The shares are the latest of 29.26
million it issued to raise the company's registered capital
by Bt292.6 million to Bt3.5 billion.  Bangkok Bank is a
creditor of Phantip Park Co, a subsidiary of PA.  (The
Nation  13-Oct-1999)

POWER-P PLC: Expects rehab agreement by end of month
Power-P Plc expects to sign debt-restructuring agreements
worth Bt1.09 billion with all its creditors by the end of
this month, according to the company's managing director,
Veerachai Euavilaichit.

"By the end of this month, we should be able to sign
agreements with all creditors. We have already signed
agreements with several major creditors who control over 80
per cent of the total debts," he said.

Power-P has agreements with Bangkok Bank, Standard
Chartered Nakornthon Bank, Book Club Finance Plc and AIG
Finance (Thailand) Plc. It hopes to sign agreements by the
end of the month with SG Asia Credit Plc (Bt20 million),
BankThai (Bt30 million) and the Financial Sector
Restructuring Authority (FRA) (Bt75 million).

The plans mainly involve rescheduling repayments over 20
years with a grace period for principal payments in the
first five years and an interest rate of 4.25 to 5 per
cent.  The annual interest will increase to the minimum
lending rate (MLR) for the remaining period.

He said the company's financial liquidity would improve as
its interest payments would fall from Bt95 million to Bt46
million per annum after completing the debt-restructuring

"The company will after that speed up negotiations to get
work, because we have hardly operated in the past one year
pending debt-restructuring. The company will be able to run fully
early next year," he said.

Eighty per cent of Power-P's revenue used to be generated
from construction pof high-rise buildings, power plants and
pipelines. The remainder came from the sale of pilings.
Weerachai said the company was in talks to construct the
foundation of the maintenance centre of the Metropolitan
Rapid Transit Authority's subway train project.

The company has also joined Ch Karnchang and Kumakai Kumi
to bid on construction of the foundations for the new
airport project in Nong Ngu Hao.

"I have set a goal of getting construction projects worth
over Bt1 billion in 2000, up from around Bt300 million in
hand at this time," Weerachai said.

He said the goal would likely be reached, because the
combined value of pre-crisis construction projects had been
Bt1.6 billion.  Power-P financial director Somchai
Thasaneeyasilp said his firm would ask the Stock Exchange
of Thailand to grant a two-year rehabilitation period,
saying it would be difficult to return the firm to health
within the specified period given the current economic

Power-P faced possible delisting early this year after its
shareholders' equity plunged into negative territory.
Finansa Co Ltd acts as the company's financial adviser for
the rehabilitation process.  The company saw net losses of
Bt124.97 million in the first six months of 1999, compared
to net losses of Bt481.63 million in the same period last
year.  (The Nation  13-Oct-1999)

RENOWN LEATHERWEARS: Renegotiating debt rehab terms
Renown Leatherwears Plc's board has cancelled the
extraordinary shareholders meeting that was to be held on
Friday Oct 22, saying it is now renegotiating with lenders
to change the term conditions of the previous restructuring
plan.  It also scrapped the share registration to determine
rights to attend the meeting on Oct 4.  (The Nation  13-

SIAM YAMAHA CO.: Debt restructuring postponed
An agreement on debt and corporate restructuring for
motorcycle distributor Siam Yamaha Co has been postponed
for a few months.

Local creditors unfamilar with debt restructuring wanted to
consider the plan in more detail, said company president
Praphan Phornthanavasit, adding that he hoped talks would
lead to something concrete next month.  Yamaha Motor Co was
unhappy at the delay because it could not inject three
billion baht to revive its Thai unit until the debt
restructuring plan was confirmed.

The Japanese parent company intends to raise its stake in
Siam Yamaha to 51% from 28% when KPN Group, the current
major shareholder of Siam Yamaha, agrees with creditors on
the debt-solving plan. KPN-which is owned by the Narongdej
family-and creditors will see their combined stake reduced
to 49%.  KPN currently has a 72% stake.

"The creditors differ on taking shares," Mr Praphan said.
"Some want to swap debt for shares and some don't. This has
also delayed the plan."  (Bangkok Post  13-Oct-1999)

THAI OIL CO.: Debt plan vote may be delayed
Creditor banks of Thai Oil Co said they are uncertain
whether they can be ready to vote for the US$2.17 billion
debt-restructuring plan this Friday as the company expects.

Meanwhile, Industry Minister Suwat Liptapanlop seems
certain the talks can be concluded.  The bankers said that
scheduling the next meeting for negotiations between
Thaioil, its parent firm Petroleum Authority of Thailand
(PTT) and the creditors' steering committee for Oct 14 had
left only one day before they were expected to vote.
Even if the negotiating parties were to reach a conclusion
on the debt revamp plan on Oct 14, the steering committee
had to pass the final draft of the plan to all 124
creditors for their consideration.

Therefore, it would be difficult for the banks to be ready
to vote the following day, they said.  As well, parties
were still talking and it was too early to say when they
could finalise negotiations.  "Still, PTT and Thaioil may
ask for the vote on Oct 15," said one banker.

Thaioil is using the Bank of Thailand's Corporate Debt
Restructuring Advisory Committee which stipulates a
definite time-frame for debt reform talks.  Thaioil's debt
restructuring plan will be closely watched because of the
size of its debts, the number of creditors and the state's
involvement in the plan. Success or failure will have wide

The Cabinet recently approved Thaioil's debt restructuring
proposal which included a US$350 million new capital
injection by the state-owned PTT. The PTT has 49 per cent
in Thaioil.   Industry Minister Suwat, who submitted
Thaioil's debt restructuring proposal to the Cabinet on
behalf of the PTT, reaffirmed his confidence in the
successful conclusion of the deal. He said yesterday he
plans to fly to Japan on Oct 16 to sign the debt
restructuring deal with Japanese banks Oct 17 to Oct 22.

"PTT and Thaioil executives will brief me on the progress
of the plan on Thursday, and then I will be able to set a
timetable for which days to sign the agreement with which
banks," Suwat said.

Last week, Suwat said PTT and Thaioil executives told him
the final details of Thaioil's debt restructuring plan
would be better than the original proposal that won Cabinet
approval.  Matsatsugu Nagato, general manager of the
Industrial Bank of Japan's Bangkok branch, said he was
positive Thaioil and PTT could finalise debt talks with
creditors.  He declined to comment on details of the
negotiations but said the parties continue to talk.

In Thaioil's debt talks, IBJ is part of the creditors
steering committee, which comprises 11 banks, including the
Bank of Tokyo Mitsubishi and Chase Manhattan Bank. Chase
Manhattan Bank is also the adviser to Thaioil and Thai
Petrochemical Industry Plc.  Thaioil, Thailand's largest
oil refinery, fell victim to the economic crisis, ceasing
to service its debts since November 1998. PTT has financed
crude oil purchases for the refinery to allow it to
continue operations while promising to inject new capital
and aid recapitalisation as part of the debt restructuring
proposal.  (The Nation  13-Oct-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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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.

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