/raid1/www/Hosts/bankrupt/TCRAP_Public/991108.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, November 8, 1999, Vol. 2, No. 217

                                  Headlines


* C H I N A  &  H O N G  K O N G *

ANAIS PROTEIN TRADING LTD: Facing winding up petition
HKT: Posts record six-month loss
SHUI FOONG LOONG GODOWN CO.: Facing winding up petition
STOVAL CHIP CARD LTD.: Facing winding up petition
W.HO CIVIL ENG.&CONSTR.CO.: Facing winding up petition


* I N D O N E S I A *

BANK BALI: Legislature to resume probe


* J A P A N *

MATSUZAKAYA: Moody's lowers debt rating
NISSAN MOTOR CO.: Freeze on hybrid cars instituted


* K O R E A *

DAEWOO GROUP: Some European banks to join in workout
DAEWOO MOTORS: GM working on acquisition study
SSANGYONG MOTORS: GM working on acquisition study


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

C&P HOMES: Cuts debt with pay-in-kind arrangement
PROTON PILIPINAS CORP.: New target of tax-scam probe


* S I N G A P O R E *

COREX TECHNOLOGY: Parents puts under judicial management
LIM KAH NGAM: Proposes restructure agreement


* T H A I L A N D *

EASTERN STAR REAL ESTATE: To double capital in restructure
ELECTRICITY GENERATING: Posts 3rd quarter loss
EMC PLC: Requests 4-month extension to file rehab plan
JASMINE INT'L OVERSEAS CO.: Completes restructure agreement
ONPA INT'L: BNT acquires 23% stake, to aid recapitalization
SIAM CEMENT: Sells debentures for short-term debt relief
SOUTH SATHORN PLANNER CO.: Bt100 million lawsuit threatens
TANAYONG PLC: Ambushed by creditors, future shaky
TELECOM HOLDING: To convert Bt3.7 billion debt to equity
THAI GYPSUM PRODUCTS: Gets creditor approval of rehab plan
WONGPAITOON FOOTWEAR: Losses force shut down of retail arm


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

ANAIS PROTEIN TRADING LTD: Facing winding up petition
-----------------------------------------------------
The High Court of Hong Kong SAR has scheduled a hearing for
December 1 on the petition of Banque Nationale de Paris for
the winding up of Anais Protein Traiding Limited. A notice
of legal appearance must be filed on or before November 30.

HKT: Posts record six-month loss
--------------------------------
Cable & Wireless HKT surprised the market yesterday by
posting the biggest ever exceptional loss for any locally-
listed company and its own first-ever loss in the interim
results.  The group wrote off $7.09 billion for outmoded
equipment for its interactive television and mobile
services and reported a $2.77 billion attributable loss to
shareholders after this exceptional item for the six months
ended 30 September.

The poor performance prompted immediate questions whether
HKT would lay off staff, but chief executive Linus Cheung
Wing-lam refused to be drawn on this.  He said the first
half results reflected the increasingly challenging market
environment in Hong Kong, which is now one of the most open
and competitive telecommunications markets in the world.
He blamed the sluggish financial performance on intense
price competition in both international telephone (IDD) and
mobile services.

Operating profit fell 31.44 per cent to $4.46 billion from
the previous $6.51 billion on a 17.29 per cent slide to
$14.18 billion. Net profits before the exceptional item
also fell by 29.1 per cent to $4.32 billion. Discounting
the write-off, the interim results were slightly worse than
analysts' expectations.  Mr Cheung said the write-down and
write-off of certain fixed and other assets were necessary.

"Our depreciation policies and provision and write-off
moves just reflected the real picture in the technology and
marketplace," said Cheung.

He added that many of the assets' depreciation periods had
been shortened to about 10 years from 33 years, also noting
that the telecommunications industry is undergoing a major
transformation with increased competition on a global scale
and rapid advancement in technology such as high-speed
broadband networks and Internet protocol-based service.
Over the last few years HKT has invested in leading-edge
technologies, including its broadband network which enables
delivery of voice, data and video signals over one, very
high capacity system in Hong Kong.

"In the light of these developments, the company has
reviewed the book value and future economic lives of
certain of its assets," Mr Cheung said. "We are writing
down the older generation circuit switched telephone
network and related equipment as we expect these to be
utilised less in the future. In addition, as we upgrade the
Interactive TV service and adopt international open
standards, much of the early development costs and
proprietary software and equipment has been made redundant
and is being written down."

Mr Cheung added that for the mobile business, HKT will
focus on the introduction of third generation wireless
technology in the coming years and, accordingly, the group
has written down mobile equipment that will not be utilised
for high-speed wireless data transmissions.  The total
value of these asset adjustments is $6.48 billion.

HKT has also taken a prudent approach to deferred mobile
customer acquisition costs, writing off $608 million this
year and reducing the amortisation period for such costs to
12 months from the previous 24 months.  Mr Cheung denied
claims that the write-off was meant to facilitate a
possible spin-off of the company's Internet and Interactive
media division, or to attract strategic investors.

"That's just pure imagination," he said, but then added an
announcement on a spin-off would probably be made within
two weeks.  Mr Cheung said he does not anticipate a repeat
of any write-offs during the second half.  Under the
difficult operating environment, the group had succeeded in
keeping operating costs down. For the six-month period,
operating costs were trimmed by 8.65 per cent to $9.72
billion and the number of employees dropped to 13,654 from
13,891.

Mr Cheung refused to comment on whether there would be any
layoffs in 2000.  "No chief executive will guarantee there
will be no lay-offs," he said, but gave an assurance that
HKT will take a "very responsible and sensible approach" in
staff level matters.

Commenting on the HKT salary cut last year, Mr Cheung said
without a cut there would have been a substantial lay-off
of more than 1,000.  (Hong Kong Standard  06-Nov-1999)

SHUI FOONG LOONG GODOWN CO.: Facing winding up petition
-------------------------------------------------------
The High Court of Hong Kong SAR has scheduled a hearing for
November 24 on the petition of Tino Level Limited for the
winding up of Shui Foong Loong Godown Co. Ltd. A notice of
legal appearance must be filed on or before November 23.

STOVAL CHIP CARD LTD.: Facing winding up petition
-------------------------------------------------
The High Court of Hong Kong SAR has scheduled a hearing for
December 15 on the petition of Stoval Chip Card Private
Limited for the winding up of Stoval Chip Card Private
Limited. A notice of legal appearance must be filed on or
before December 14.

W.HO CIVIL ENG.&CONSTR.CO.: Facing winding up petition
------------------------------------------------------
The High Court of Hong Kong SAR has scheduled a hearing for
December 8 on the petition of Uni-Bright Engineering
Limited for the winding up of W. Ho. Civil Engineering &
Construction Co.Ltd. A notice of legal appearance must be
filed on or before December 7.


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

BANK BALI: Legislature to resume probe
--------------------------------------
The House of Representatives (DPR) will resume its
investigation of the Bank Bali scandal through a joint team
of two of its commissions and bring it to a legal
settlement, a House member said here Wednesday.

Sukowalujo Mintohardjo, chairman of House Commission IX
(state finance and budget affairs), said the team would
consist of his commission and House Commission II dealing
with home and legal affairs.  His commission had received a
copy of the complete report on the audit conducted on the
scam by Pricewaterhouse Coopers (PwC) in which a number of
names were mentioned, he said.

But the investigation team might not summon all the persons
listed in the PwC report, he said. "The important thing is
that the investigation by the joint team will lead
to a legal settlement. Therefore, we might ask some
representatives of the Attorney General's Office (AGO) to
attend the team's meetings," Mintohardjo said.

The investigation by the joint team would not interfere
with those scheduled by the AGO or the State Police, he
said, adding that the probes by the different agencies
could well take place simultaneously.  Another House
Commission IX member, Eki Syahruddin, said the joint team
should not repeat the work already done by a special
committee formed by the House of Representatives that
existed before the present House was formed.

The present House membership is based on the results of the
June 7, 1999 general election and started to function early
last month.  "The investigation by the joint team must lead
to a legal settlement of the case," Syahruddin said.

Sharing Syahruddin's view, another Commission IX member,
Zulfan B. Lindan, said the team should not summon the
persons mentioned in the PwC audit report.  "Let the AGO do
it. The parliamentary team should focus on its own
investigation and present its results to the Attorney
General," he added.

The House team should also focus on watching the process of
the Attorney General's Office's and State Police's
investigations, he said.  Thirty-eight House members would
sit in the joint team, namely 19 from each of the two
commissions.  (Asia Pulse  04-Nov-1999)


=========
J A P A N
=========

MATSUZAKAYA: Moody's lowers debt rating
---------------------------------------
Matsuzakaya had its senior unsecured debt rating lowered by
Moody's Investors Service, which cited concern that the
Japanese department store operator's cash flow may worsen
as it restructures.  Matsuzakaya's senior unsecured debt
rating was lowered one notch to B2 from B1, and its outlook
is "negative," the US rating company said.  The action
affects 16B yen in long term debt.

"The highly competitive market environment in Nagoya, where
its flagship store is located, will hamper Matsuzakaya's
efforts" to cut costs and return to profitability, Moody's
said, referring to the opening of a new store in the
western city by rival Takashimaya.  (Hong Kong Standard
05-Nov-1999)

NISSAN MOTOR CO.: Freeze on hybrid cars instituted
--------------------------------------------------
Nissan Motor Co Ltd has decided to freeze its plans to
develop hybrid cars in the wake of the launch of active
restructuring measures announced last month, the Nikkan
Kogyo newspaper reported.

The company made the decision because it does not have
sufficient strength to enter into the hybrid car sector,
which is not profitable at present, following the
implementation of the restructuring plan, the newspaper
reported.  Among the core restructuring measures was a cut
in cars output along with the closure of some domestic
plants and 21,000 staff cuts.

Nissan originally planned to launch the marketing of a new
model, a Sunny-based recreational vehicle equipped with
hybrid systems, early next year, the newspaper reported.
This hybrid car model was originally planned to be marketed
at 3 million yen.  Initially, Nissan planned to enter the
hybrid car sector by late 1998, following the launch of
Toyota's world first hybrid car Prius in 1997, the report
said.

However, the company postponed the plans, changing the
timing of the planned hybrid car launch to late 1998, and
again, to early next year, the newspaper said.  It is also
likely Nissan will postpone its plans to launch commercial
production of fuel cell-powered cars by 2003, the newspaper
report said.  (Star Online  05-Nov-1999)


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

DAEWOO GROUP: Some European banks to join in workout
----------------------------------------------------
Despite calls from Daewoo Group's foreign creditors in
general against the domestic bank-led forced restructuring
plan, the Financial Supervisory Commission yesterday said
that some European banks have already expressed their
intention to join with the workout process.

Naming Dresdner Bank AG, a German creditor of Daewoo, a
senior FSC official said a number of European banks have
decided to comply with the workout programs offered by the
government and domestic creditor banks.

"European banks including Dresdner of Germany said they
will take part in the workout process," the FSC official
said, requesting anonymity.

While acknowledging that each foreign creditor of Daewoo
has a different policy, he said some European creditors see
the debt-to-equity conversion as an appropriate choice for
minimizing losses for everyone.  The FSC official added
that some banks already withdrew legal proceedings which
they had filed earlier to secure their credits in Daewoo.

"The FSC is aware that those legal proceedings have been
called off. The situation over Daewoo's overseas
liabilities has been improved," the official said.

After being informed that Daewoo is unable to pay its
short-term overseas debts until the workout is complete, a
number of small European creditors filed lawsuits to secure
their loans in the group.  France's Netexis Banques
Populaires filed a legal action in July against an overseas
subsidiary of Daewoo in Hong Kong for the amount of $10
million.

Belgium's second largest bank, Bank Brussels Lambert, filed
a lawsuit in August against Daewoo to secure a $10 million
loan to the group's overseas motor sales firm.  Meanwhile,
the Seoul representative office of Dresdner Bank was not
aware of the move.

"We have not heard of such decisions from headquarters,"
said a chief official of Dresdner Seoul. "Though the Daewoo
case is dealt with by people at headquarters in Germany,
the Seoul office should have been informed if there was any
policy change. Until now there has been no such
communication."

The financial authorities and Daewoo's foreign creditors
have been in a dispute over the workout process for the
last three months.  Foreign creditors demanded that the
government discuss with them prior to issuing any debt
restructuring plans for Daewoo.  They also requested that
financial authorities offer a guarantee on their credits in
Daewoo should the group fail to repay their overseas
borrowings.  (Korea Times  05-Nov-1999)

DAEWOO MOTORS: GM working on acquisition study
SSANGYONG MOTORS: GM working on acquisition study
-------------------------------------------------
General Motors are to conclude a study on whether to
proceed with the acquisition of Daewoo Motor, GM President
Richard Wagoner was quoted as saying by a U.S. daily.

According to Nov. 4 edition of The Detroit Free Press,
Wagoner said the major strategic goals for GM now include
improving business in Asia, a region that promises the
fastest growth. The paper interviewed the top GM executive
in an auto trade show in Las Vegas.

"We have to get bigger in those fast-growth regions,"
Wagoner was quoted as saying, when asked about the
company's major goal.

While pursuing the acquisition of Daewoo Motor, the U.S.
auto giant is also considering business dealings with
Subaru Motor Co. in Japan. GM has already forged ties with
Suzuki Motor Corp. in Japan and is talking about building
cars at Suzuki's Shizuoka plant near Tokyo within five
years.

GM officials visited Seoul last month with a view to
forming a strategic alliance with Daewoo Motor and the U.S.
company is reportedly close to completing a due diligence
audit on the ailing Korean automaker. GM is known to be
more interested in acquiring Daewoo's viable assets than
acquiring a stake in the company.

With the workout plan for Daewoo Motor soon to be
finalized, the company's creditors may decide to put their
controlling stake up for sale, a move which may not
interest GM.  Amid creditors' efforts to sell off ailing
Daewoo Motor to GM, Koreans appear evenly divided over the
proposed sale, a poll showed.

Supporters said that GM's acquisition will drastically
improve Daewoo's research and development and commercial
viability, whereas opponents warned that full-scale inroads
by the world's largest automaker are sure to devastate
Korea's car industry. In a cyberspace poll (www.toron.org)
on a possible GM-Daewoo alliance, launched by the Korea
Center for Free Enterprise (CFE) Oct. 23, a total of 1,600
people, including auto-company employees, visited the site
to voice their opinions by Thursday.

Of the 139 persons who answered the question, "Is it
desirable to sell off Daewoo Motor to GM for national
interests?" 70 said "yes," compared with 69 "no's."
A Korean-Canadian named Kim Ju-young objected to the sale,
warning that GM's control of Daewoo will dampen Korea's
long-standing dream of becoming a global auto player and
deal a devastating blow to the nation's auto exports.

"Hyundai Motor and Kia Motors may also be forced to sharply
cut down their production in the face of aggressive
marketing strategies by GM and Japanese car makers," said
Kim. "We should be reminded that GM is never our friend."

A Daewoo Motor worker named Kang Chul insisted that the
sale of Daewoo Motor to GM may bring some benefits in the
short term, but will eventually prove fruitless to the
Korean economy in two to three years. "Korea's self-
developed technologies and a lot of other valuable
industrial information will be handed over to the U.S. car
giant," Kang said.

But another poll participant, who described himself only as
a Daewoo Motor employee, said he agreed to the sell-off due
to enormous R&D and technological benefits.

"About half of Daewoo's employees may be forced to lose
their jobs in the wake of a possible GM takeover," said the
Daewoo worker. "Yet Daewoo will be able to stand alone by
sharply improving its R&D capabilities, as GM's U.S.- or
Germany-developed models may fail to gain widespread
popularity among Asian consumers," he noted.

The CFE, affiliated with the Federation of Korean
Industries, plans to open the survey site until the end of
next week.  Meanwhile, GM President and CEO Richard Wagner
said in Las Vegas Thursday that the final decision on the
takeover of Daewoo Motor will be reached by the end of this
year, according to foreign news reports.

GM faces an acute need to increase its strength in Asia,
one of the fastest growing markets, Wagner was quoted as
saying. Domestic industry sources forecast that GM may
attempt to selectively buy Daewoo's car plants in and
outside Korea, rather than take over the entire company.
They also said that the U.S. giant is also studying the
possibility of a simultaneous purchase of Daewoo-affiliated
Ssangyong Motor.  (Korea Herald  06-Nov-1999)


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

C&P HOMES: Cuts debt with pay-in-kind arrangement
-------------------------------------------------
Listed property firm C&P Homes has cut its debt by three
billion Philippine pesos (US$75 million at PhP40.127:US$1)
to PhP12 billion ($300 million) following a payment-in-kind
arrangement with local creditor banks.

But analysts surveyed by BusinessWorld said they would
still recommend that investors avoid the stock. C&P Homes
president Sulficio Tagud said a series of exchange of debt
for real estate assets has enabled the company to reduce
its debt by PhP3 billion. He expressed confidence the firm
will be able to conclude more exchanges soon in a bid to
cut domestic obligations. Mr. Tagud added foreign creditors
have agreed to temporarily postpone interest payments on
its $150-million floating rate notes.

BusinessWorld sources said C&P is having difficulty meeting
the trust deed conditions of its $150-million debt papers
due in 2003. Set conditions include improving its net worth
to more than PhP11 billion ($274 million) as compared to
PhP8.35 billion ($208 million) last year.  Likewise, the
firm has to improve the ratio of its real estate held for
sale and development against tangible net worth so as not
to exceed a 1.2:1 ratio.

C&P paid its loans through assets which include residual
lots of completed developments and "non-core" portions of
C&P's existing landbank.  Based on available documents, C&P
has a total land bank of 3,000 hectares. Of this, 49% is
located in Bulacan, 37% in the Cavite-Laguna-Batangas-
Rizal-Quezon (Calabarzon) industrial area, while 7% is in
Iloilo. Early on, the company identified 190 hectares of
land for sale equivalent to about 18,746 residential units
with a book value of PhP3.1 billion ($77 million).

C&P has existing credit lines with several local banks,
with Philippine Commercial International Bank (now
Equitable-PCIBank) having the largest exposure. The bulk of
the loans are set to expire in 2001.  The company has
intensified operations in the middle-class residential
class, given difficulties in government financing for low-
cost housing.

"It's not just the reduction of the debt that is important
although it is one of the reasons. C&P's situation exposed
its over aggressiveness and over expansion. If we took the
debt away, the balance sheet may improve, but if we look at
the income aspect... The question is will it be able to
generate sale. There are other issues more stable that the
property sector in general," PCCI Securities Corp. research
head Gonzalo Bongolan said in a phone interview.

An analyst from a local brokerage firm said C&P's
receivables still remain much of a problem given its slow-
paced collection process. This situation is compounded even
more with the recent political turmoil in the housing
sector with the resignation of former Housing and Urban
Development Coordinating Council chairman Karina David.
(Business World  05-Nov-1999)

PROTON PILIPINAS CORP.: New target of tax-scam probe
----------------------------------------------------
After linking two of the country's major oil companies in a
60-billion Philippine peso (US$1.5 billion at
PhP40.127=US$1) tax credit scam, the Office of the
Ombudsman is now pointing a finger at car assembler Proton
Pilipinas Corp. in what is turning out to be the biggest
anomaly to rock the Finance department.

In a press conference yesterday, Ombudsman Aniano A.
Desierto said he has ordered the inclusion of Proton
Pilipinas Corp. in an ongoing probe on the alleged illegal
purchase of tax credit certificates (TCCs) by big firms
from obscure garment firms.  He said initial findings of
Ombudsman investigators indicated Proton bought four
certificates worth PhP7.2 million ($179,430) from Devmark
Textile Industries in 1998. The TCCs, in turn, were used to
allow the car assembler to pay lower taxes for its imported
parts.

"Proton was not only unqualified to buy TCCs from Devmark
but there was neither declaration receipts from the Bureau
of Internal Revenue nor the Bureau of Customs for payment
of tax duties -- both of which are required. Bank credit
memos were falsified and there were no export declaration
documents needed to process the TCCs," claimed Mr.
Desierto.

Officials of Proton Pilipinas were unavailable for comment
as of press time last night.  Named respondents in the case
are former Finance Undersecretary Antonio P. Belicena,
former deputy executive director Uldarico R. Andutan, Jr.
and DoF evaluators Purita S. Napenas, Annabelle J. Dino,
Emelita T. Tizon and reviewer Asuncion M. Magdaet. They all
allegedly conspired to allow Proton to buy TCCs at a
discounted price and apply these against the car firm's tax
liabilities.

Proton and Devmark officials will also be investigated for
their involvement in the illegal purchase.  Before Proton,
Mr. Desierto directed his probers to closely scrutinize the
possible criminal and civil liabilities of Petron Corp. and
Pilipinas Shell Petroleum Corp. for allegedly purchasing
PhP1 billion ($24.9 million) worth of TCCs from close to 40
textile companies.

The DoF, meanwhile, yesterday ordered the Bureau of
Internal Revenue and the Bureau of Customs to collect some
PhP3.2 billion ($79.7 million) in unpaid taxes, including
interest and surcharges, from the two oil firms.  At the
same time, the two agencies were ordered to recall tax
debit memos, or documents indicating tax payments, made
through TCCs.

Petron and Pilipinas Shell allegedly avoided paying the
correct amount of taxes from 1995 to 1998 by using TCCs
allegedly both illegally.  Some PhP3 billion ($74.76
million) TCCs were allegedly sold by the DoF's One Stop
Shop and Duty Drawback Center to garments companies. These
certificates were then sold to the two oil companies and
were used to pay their taxes.

Finance Secretary Edgardo B. Espiritu said the two oil
firms used up a total of 354 fraudulent tax credit
certificates valued at PhP1.553 billion ($38.7 million)
during the three-year period.  Mr. Espiritu said the
transactions were documented by the Tax Credit and Duty
Drawback Center which approved the transactions based on
fraudulent agreements between the textile firms and the two
oil companies.

The agreements allegedly state that the oil firm receive
TCCs upon delivery of petroleum products to the textile
firms.  The DoF gave Petron and Pilipinas Shell two months
to submit proof of deliveries and sales invoices, but both
failed to prove that oil products have been delivered.
In a statement, Petron said it "will fully cooperate" in
the investigation of its alleged involvement in the tax
credit scam.

"Petron believes that all the transactions in question are
legitimate. It accepted and used the TCCs in good faith on
the basis of two separate government approvals, namely the
DoF and the BIR," it said in a statement.

Pilipinas Shell officials were unavailable for comment.
The Ombudsman said "this is only the tip of the iceberg,"
saying his office continues to uncover more TCCs the two
oil firms bought to escape import taxes.  Mr. Desierto said
he has assigned his chief legal counsel, Andrew F.
Ammuyutan, to request the Bureau of Immigration to issue
hold-departure orders against Messrs. Belicena and Andutan.
The two former DoF officials face a number of graft cases
both at the Ombudsman and the Sandiganbayan in connection
with the scam.

But as in the other cases, the Ombudsman gave them enough
time to answer the new charges hurled against them.
Proton is the local subsidiary of Malaysian-based Proton
Otomobil Nasional Berhad. The mother firm has 30% stake in
the local Proton. Fifty percent of the company is owned by
Automotive Corporation Philippines and the remaining 20% by
local firm ASEA One Corp. It assembles the Proton Wira
passenger car model.

As of June 1999, Proton Pilipinas has an outstanding
PhP482-million ($12.01 million) obligation with its
creditor banks.  To help it get out of the slump,
Malaca¤ang approved in March tariff adjustments on certain
car parts it brings in from Malaysia. From the 3% tariff,
the import tax was lowered to only 1.5%.  (Business World
05-Nov-1999)


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

COREX TECHNOLOGY: Parents puts under judicial management
--------------------------------------------------------
Debt-ridden IPC Corp has placed its wholly owned
subsidiary, Corex Technology, under judicial management and
may do the same for its other "non-core" units, or even
close them.

Sources yesterday said IPC and the managers of its debt
restructuring scheme, Arthur Andersen, had been going
through its list of 20-odd subsidiaries and associates with
a fine-tooth comb to determine whether to shut them down,
put them under judicial management or liquidate them.

"The group is undergoing major restructuring and one of the
objectives is to get rid of useless companies. Many of
these companies are actually related to the group's former
personal computer business, which has now shut down," said
a source.

Another source said the companies had to be "reviewed with
regard to their assets and liabilities.  The worst-case
scenario is, of course, liquidation. We have to look at
each of these companies individually and decide -- but the
decision has to be made soon."

Sources said IPC would likely do away with many dormant
units within the next two months as it wiped the slate
clean and tackled its new core businesses head-on.  The
group, which is undergoing a debt restructuring exercise,
has earmarked the ultra-thin client computing and wireless
telecommunications sectors as its new core businesses.

According to IPC's 1998 annual report, dormant companies
include IPC Peripherals in the United States, Zenith Data
Systems and IPC Peripherals in Singapore.  In a statement,
IPC said it obtained a court order yesterday placing Corex
under judicial management.

"The appointment of the judicial manager was made with a
view to preserve Corex as a going concern. During the
judicial management, the judicial manager will assist Corex
to effect an orderly recovery of its debts," it said.
No details were available on Corex' outstanding debts but
as of October last year, IPC said it had collected just
$4.8 million, or 15 per cent, of $31.41 million owed to
Corex as at Dec 31, 1997.  According to the Registry of
Companies and Businesses, Corex has a paid-up capital of
$100,000.  It is listed as a maker of disk drives and a
seller of computer hardware and peripheral equipment.

IPC said preserving Corex as a going concern was in the
interest of the company and in line with the overall
objective to restructure comprehensively its debts with
creditors.  "It is one of the key features of the scheme
that the company will effect an orderly debt recovery and
assets realisation programme."

IPC, which reported a half-time loss of $19.6 million, has
been clawing its way slowly out of the pit.  Recently, it
collected a cash advance of US$5 million (S$8.5 million)
from white knight Infomatec as part of a $130 million
rescue.  It has also been moving aggressively into e-
commerce, signing pacts with Nasdaq-bound ASP-One and China
Eastern Airline.  Its shares yesterday closed unchanged at
28 cents.  (Straits Times  06-Nov-1999)

LIM KAH NGAM: Proposes restructure agreement
--------------------------------------------
Construction company Lim Kah Ngam has proposed a
restructuring agreement with its major creditors to convert
relevant loans to redeemable convertible bonds.

These bonds will have a tenure of five years, starting from
the agreement date, the company announced in a statement
yesterday.  As the restructuring agreement would have to be
reviewed by the creditors, a fuller summary of the final
terms and conditions will be provided at a later stage.
(Straits Times  06-Nov-1999)


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

EASTERN STAR REAL ESTATE: To double capital in restructure
----------------------------------------------------------
Eastern Star Real Estate Plc will double its registered
capital from Bt2.05 billion to Bt4.05 billion through the
issuance of 200 million new shares to raise fund for its
debt restructuring plan and for future operations.

Part of the fund raised will be used to settle some of its
debt through asset and equity swaps, the company said.
William Cheng, managing director of the company, said in a
statement that the new shares with a Bt10 par value will be
sold through private placements at different prices. The
first 50 million shares will be put on sale at Bt5 per
share, another 50 million shares will be offered to
specific investors at Bt7 apiece and the remainder will be
allotted at Bt9 apiece, he said.

Eastern Star share price jumped Bt1 to Bt5.10 at the close
of yesterday's trading at the Stock Exchange of Thailand.
The objectives of the issue are to settle some debts
through equity swap according to the debt restructuring
plan, finance company operations and be reserved as working
capital.  Further details concerning the share offering
will later be decided by the company's board of directors.

The capital increase is subject to shareholders' approval,
and the extraordinary shareholders' meeting scheduled for
Dec 17.  Cheng earlier said a Singaporean Investment Fund,
which wants to increase its presence in Thailand, expressed
interest to acquire new shares of Eastern Star after its
debt restructuring is completed.

At present, Sunrise Properties, a joint venture between
Prudential Asian and an investment fund owned by the
Government Investment Corporation (GIC), holds 35 per cent
stake in Eastern Star. GIC is an investment arm of the
Singaporean government.  As regards the debt restructuring
plan, the company is negotiation with a number of creditors
for its collateral-backed debts to be restructured through
asset swaps and for loans without collateral to be
restructured via equity swaps.

Through the same method, it has already completed debt
restructuring with some creditors including Thai Farmers
Bank and Book Club.  The company, however, did not revealed
the size of its total debts.  Cheng expected that the debt
restructuring would be completed by the second quarter of
next year.

Eastern Star's board has also granted the 27.20 million
ordinary shares left over from the previous sale to
Sherriff Research Ltd and Natawee Laolertpong at the price
of Bt4 per share. The former got 27 million and the latter
208,719 shares.  (The Nation  05-Nov-1999)

ELECTRICITY GENERATING: Posts 3rd quarter loss
----------------------------------------------
Electricity Generalting Plc reported in its preliminary
third quarter financial results that it posted a net loss
of Bt230.08 million, a sharp decline from Bt1.412 billion
net profits over the same period last year.  The massive
quarterly loss brought down the first nine months' net
profits. In the first nine months this year it showed
Bt1.51 billion net profits, compared with Bt4.88 billion
net profits in the same period last year. (The Nation  06-
Nov-1999)

EMC PLC: Requests 4-month extension to file rehab plan
------------------------------------------------------
EMC Plc said it has requested from the Stock Exchange of
Thailand a four-month extension on the deadline for
submitting its rehabilitation plan, saying it has nearly
completed negotiations with creditors on its debt
restructuring plan. Normally, details in rehabilitation
plan must be in line with debt restructuring's framework.
EMC's rehabilitation plan also needs approval from its
shareholders. EMC is in danger of being delisted from the
stock exchange because of poor performance.  (The Nation
06-Nov-1999)

JASMINE INT'L OVERSEAS CO.: Completes restructure agreement
-----------------------------------------------------------
Jasmine International Overseas Co Ltd (JIOC), an investment
unit of Jasmine International Plc overseas, has completed a
US$80 million debt restructuring agreement with 12
syndicated banks.

In a filing to the Stock Exchange of Thailand (SET), it
said the debt restructuring features the rescheduling of
the repayment period to Dec 31, 2003.  Under the agreement,
JIOC have to pay US$13 million as an initial payment and
the interest rate on the remaining debts will be charged at
the London Interbank Offering Rate (Libor) plus 1 per cent.
As a result of the new agreement, the company's liquidity
will be improved and it will significantly improve its
parent firm's financial situation because JIOC's debts are
the group's largest.

Telecom carrier Jasmine International Plc presently holds
87.32 per cent in JIOC.  A high-ranking source at Jasmine
International Plc said that after JIOC's debts
restructuring was complete, the company would gear up to
restructure its own debts.

"If we are still waiting to conclude a debt deal for
Jasmine International Overseas, we can not move to
restructure our debts because Jasmine International Plc is
the guarantor of the subsidiary's loans," said the source.

The restructuring of Jasmine's debts should reach a
conclusion by the end of the month, said the source but
declined to put a figure on the outstanding debts.  The
debts proceeds are under the supervision of the Corporation
Debts Restructuring Advisory Committee (CDRAC).  JIOC fell
victim of the economic crisis because it made a significant
amount of investments abroad, including in India, Indonesia
and the Philippines before regional markets collapsed two
years ago.

Earlier, JIOC has alleviated its burden by divesting
telecom projects in several countries including the
Philippines, while keeping its mobile phone business in
India.  (The Nation  06-Nov-1999)

ONPA INT'L: BNT acquires 23% stake, to aid recapitalization
-----------------------------------------------------------
Broadcasting Network Thailand Ltd (BNT), a programme
producer for Channel V Thailand, has come up with an
aggressive plan to provide a range of entertainment by
acquiring 23 per cent in the financially-troubled Onpa
International Plc (Onpa).

A high-ranking source at Onpa said the acquisition will be
made through a share swap. Onpa will offer 75 million of
the 248 million new shares to BNT in return for a 7.5 per
cent stake in Thai television broadcaster ITV Plc, and a
4.83 per cent stake in Siam Sat Network Co.  In the
process, BNT will become the holding company and programme
producer, while Thailand's leading audio and video tape
maker, Onpa, will be its investment arm, holding stakes in
ITV and Siam Sat.

Apart from the 75 million shares, BNT has an option to
purchase 158 million shares in case Onpa fails to sell the
shares to foreign investors as arranged by BNT. The offer
price is fixed at Bt5 apiece, well below yesterday's
closing price of Bt8.30.  In case BNT buys the 158 million
shares, its stake will rise to 72.14 per cent in Onpa's
registered capital of Bt3.23 billion.

The source said that Onpa's recapitalisation process has to
be completed by the year-end because it is in dire need of
new funds to help settle its debt of Bt311.34 million. The
debts are due for payment later this year as part of its
restructured debts of Bt1.6 billion.  Additionally, the
proceeds from the share allocation will be reserved for
debt repayment of Bt119 million next year and finance
Onpa's business operations.

After the tie-up with Onpa, BNT will send nine
representatives to Onpa's board of directors, thus leading
to a shake-up in the management, the source said.
Regarding the remaining 15 million shares, Onpa will allot
it to the directors nominated by BNT through a special
scheme.  The recapitalisation is subject to shareholders'
approval for which it has convened a shareholders' meeting
on Dec 13.

According to Seamico Securities Plc, Onpa's financial
adviser for debt restructuring, the company's overall
operational performance will improve significantly with BNT
and its investors becoming its new shareholders.  Earlier,
Onpa had reached a conclusion with its creditors to
restructure debt of Bt1.6 billion, of which 70 per cent is
unsecured.  As per the agreement, unsecured debt was pruned
by 35 per cent and the remaining debts (unsecured and
secured) was restructured by extending the repayment period
by seven years at the minimum lending rate (MLR) for the
entire period.

Onpa's 1999 first half financial result shows a net loss of
Bt384.25 million, a much higher loss compared to Bt88.38
million incurred in the same period last year.  (The
Nation, Bangkok Post  06-Nov-1999)

SIAM CEMENT: Sells debentures for short-term debt relief
--------------------------------------------------------
Siam Cement has sold its last lot of shares worth 12
billion baht within the subscribing period, the company
said, the issue being part of the company's plan to convert
its short-term loans into a long-term one.

The newly acquired capital means that the 50 billion baht
mark has been achieved as approved by share holders.
According to the company's Corporate Treasurer Padungdej
Indralak, the full subscription of the debentures reflects
the investors' confidence in the company's stability.
The debenture issue was part of the company's plan to
convert its short term loans into a long term one, reducing
foreign loan debts by converting them into a local debts
which would subsequently reduce risks from exchange rate
fluctuations, and adjusting the repayment of principals in
according with the company's cash flow situation.

Padungdej said that early this year, the company's foreign
currency debts had amounted to 70 percent of its total
loans.  It has now been reduced to less then half of that
figure.  "Siam Cement's debentures this year is the largest
in the country," Padungdej said.  (Business Day  05-Nov-
1999)

SOUTH SATHORN PLANNER CO.: Bt100 million lawsuit threatens
----------------------------------------------------------
Thai Identity Sugar group is preparing to file a lawsuit to
seek Bt100 million in compensation from South Sathorn
Planner Co whose debt-restructuring plan for the sugar
group was terminated by the court last week.

Praphan Siriviriyakul, Thai Identity's president, said the
company's board of directors had resolved to take the civil
action against the planner which allegedly did not have
proper knowledge about the sugar industry, thus causing
damage to the group.  South Sathorn Planner was appointed
to prepare a restructuring plan for the sugar group which
is mired in debts worth Bt14 billion.

However, the court terminated the scheme on the grounds
that the group could continue its business while
restructuring the debt out of court.  Praphan said because
the planner lacked proper knowledge of the industry, it
under-estimated the revenue-generating ability of the group
and gave a low rating to the group's financial status, thus
damaging its image.

The claim for compensation will be filed this week.  In
addition to the civil action, Thai Identity is resisting
paying South Sathorn Planner a fee of Bt90 million for the
restructuring plan. The firm said the amount is too high.
As a result of the court's termination of the plan last
Friday, Thai Identity will return to normal business and
negotiate with its creditors.

According to Praphan, so far there have been no problems
with creditors, none of which have resorted to further
court action.  The creditors have a good understanding and
negotiations are under way. There should be no problem
about the upcoming milling season, he said.

Major bank creditors, such as Thai Farmers Bank and Bangkok
Bank, are considering extending new credit to the group for
the production season.  A Bangkok Bank official, who asked
not to be named, said the decision on new credit will
depend on other creditors' moves. A credit official of Thai
Farmers, meanwhile, said the matter has yet to be
considered by senior officials.

Thai Identity, with two other related firms, is a major
sugar producer in northern Thailand, with the main plant in
Nakhon Sawan.  The group's earlier debt-restructuring plan
was rejected by the majority of creditors, including sugar
cane planters and trade creditors. Under the previous
bankruptcy law, which applied when the plan was filed, a
minimum of 51 per cent of the total number of creditors,
who hold a minimum of 75 per cent of total debt, must give
its approval.

Meanwhile, a group of 40 sugar cane planters yesterday
rallied at the office of Cane and Sugar Board to seek
payment of Bt180 million owed by the Thai Identity group,
which had promised to settle the debt by Oct 29.  (The
Nation  05-Nov-1999)

TANAYONG PLC: Ambushed by creditors, future shaky
-------------------------------------------------
Tanayong Plc head Keeree Kanjanapas has been ambushed by
his creditors and is facing an uncertain future as a result
of the attack.

Schroders auctioned off a 23 per cent stake (265 million
shares) in Bangkok Transit System Co (BTSC), a stake
originally held by Tanayong, to CS First Boston (HK). A
hostile takeover is appearing to take shape and another
planned auction of a 248-million block of shares (18 per
cent) already held by CSFB is likely to take place soon.

How is Keeree preparing to combat the latest developments?
Here is his side of the story, Sasithorn Ongdee reports.

Question (Q): Why didn't you pay back the $80-million debt?

Answer (A): I intended to have Tanayong Plc pay back the
debt before December, but the fare issue could not be
settled earlier as planned. All of a sudden, Schroder
announced that it was auctioning the shares in November,
too fast for us to react. I raised the money ($80 million
from bondholders) to finance investment in BTSC shares so
that the shares would become collateral. That's why we got
the money.  The creditors thought the project was good and
would have added value to the loan. They could have waited
for another month but chose to force-sell the shares.

(Q): Did Tanayong send an official letter to inform
Schroder of the plan to pay back the debt in December?

(A): We formally told the bank that we would discuss the
debt repayment, but they said that it was unacceptable. I
talked to the highest-ranking official responsible for this
matter by phone.

(Q): What is your plan for the next auction by CS First
Boston?

(A): That will not happen, definitely. I think there will
be no auction because Tanayong will settle the debt (of Bt4
billion) before the proposed auction date (Dec 7). The
auction will then be cancelled.

(Q): If CS First Boston (HK) won't not negotiate (on debt
settlement) and insist on holding the auction, what would
you do?

(A): By law, no negotiations are needed. If the debtor can
pay back the debt, there can be no auction of the
collateral.

(Q): Where would you get the money from to repay the debts?

(A): I will get the money for Tanayong, which will also get
funds from several sources to settle the debts.

(Q): Is it worthwhile for small shareholders of Tanayong to
shoulder additional interest on the loan (so that it can
keep the BTSC stake), as opposed to letting the debt get
settled via an auction?

(A): In business, interest on loans are normal. Tanayong
currently has no cash, but it can sell shares. If Tanayong
continues holding BTSC shares, it can wait to sell at Bt25-
30 per share later, which will be much better than
yesterday's auction price of Bt14.2 per share.

(Q): If there was going to be an auction for BTSC shares,
would you bid for them under your own name or under
Tanayong's name?

(A): I never think about taking advantage of Tanayong.

(Q): If there is a bid by CS First Boston to take over
BTSC, will its management be changed?

(A): Although 265 million shares have already been
auctioned off to CS First Boston, Tanayong and its allies
still retain a 55 per cent stake of BTSC without taking
into account the 248 million shares CS First Boston said it
would auction on Dec 7. Tanayong allies include Manping, 17
per cent, Chase Manhattan, 2.95 per cent, B Grimm 2.08 per
cent, and IFC, 1.3 per cent.  I will still be around,
that's for sure.

(Q): Do you really know who's behind these recent
developments?
(A): No, I don't.

(Q): Do you think that it could be the MTR Corporation of
Hong Kong or one of its key shareholders, Li Ka-shing?

(A): No, I don't think so.

(Q): Then who do you think it might be?

(A): I think it might be a Thai party.
(The Nation  06-Nov-1999)

TELECOM HOLDING: To convert Bt3.7 billion debt to equity
--------------------------------------------------------
Telecom Holding, subsidiary of Telecomasia Corporation Plc,
will convert the Bt3.7-billion debt owned by the operator
of its Personal Communication Telephone (PCT) service, Asia
Wireless Communication, to equity in a debt-restructuring
deal.

A filing with the Stock Exchange of Thailand yesterday said
TelecomAsia's board of directors approved Telecom Holding's
plan to take 370 million shares, worth of Bt3.7 billion, of
Asia Wireless Communication. Telecom Holdings owns 99.99
per cent of shares.  The share acquisition will increase
Asia Wireless Communication's capital to Bt3.9 billion from
the current Bt200 million.

Asia Wireless Communication was set up to operate the PCT
service, which is to be commercially launched in mid-
November after TelecomAsia secures a 15-year debt-roll over
period of its Bt80 billion debt from major equipment
suppliers.  TelecomAsia owes Bt60 billion to NEC/Mitsui and
another Bt20 billion to Panasonic/ Matsushita.

Meanwhile, a TelecomAsia executive said the move of Telecom
Holding is part of an attempt to bring down the current
debt of Bt5 billion, excluding the amount owned by Asia
Wireless Communication. This is to follow TelecomAsia's
obtaining a debt payment extension period.  The executive
added that Telecom Holding will convert the debt of Asia
Wireless Communication to equity through the transfer of
its existing PCT network assets to Asia Wireless
Communication.

Earlier Asia Wireless Communication planned to seek a
partner to strengthen its PCT business and also wanted NEC
to convert the debt of TelecomAsia to Asia Wireless
Communication's equity. But when the new debt term was
granted to TelecomAsia, Asia Wireless Communication gave up
the idea feeling sure it can run the PCT service by itself.
Meanwhile the metropolitan fixed-line carrier also
announced that from now on it will focus on its existing
core businesses: the fixed-line phone service and its
Internet service.

Asia Wireless Communication will allowed customers to
reserve PCT phonec on Nov 15. TelecomAsia employees will be
allowed to buy the PCT phone two days as a way test
consumer demand.  Asia Wireless Communication is selling
PCT handsets at Bt4,700 for a Sharp model, Bt6,400 for
Panasonic and Bt5,600 for NEC.

After PCT is launched in the market, Asia Wireless
Communication will pay 18 per cent of revenues to the
Telephone Organisation of Thailand. The new phone service
is expected to break even when it reaches 400,000
subscribers. Now it has 110,000.  (The Nation  06-Nov-1999)

THAI GYPSUM PRODUCTS: Gets creditor approval of rehab plan
----------------------------------------------------------
Thai Gypsum Products Plc (TGP) yesterday won approval for a
Bt6.7-billion debt-restructuring plan from creditors which
involved an estimated 60 per cent debt forgiveness and a
takeover by British Plaster Board (BPB), a major building
materials company.

Following more than two years of in-court debt-
restructuring negotiations, Krisada Kampamatsanyakorn,
managing director of TGP, announced after a creditors'
meeting yesterday that the firm has received approval from
the creditors to go ahead with the debt-restructuring
programme.

BPB will spend Bt1.21 billion to acquire TGP which will
issue 705 million capital-increase shares to sell to the
British firm at Bt1.717 each. Pending the rehabilitation,
the company has suspended trading on the Stock Exchange of
Thailand, with the last trading price at Bt0.90 on April 2,
1998.

The debt-restructuring plan, prepared by the current
majority shareholder Krisada, was delayed partly because of
the high ratio of debt forgiveness or ''haircut'' proposed,
but TGP later agreed to compromise by lowering the haircut
to about 60 per cent.  But creditors could hope to recover
their losses in the future through the debt-to-equity
conversion plan under which the company would issue another
250 million new shares to the creditors at Bt1.717 per
share.

The company promises to ''try its best'' to maintain its
listed company status for at least five years. Also, the
creditors will receive an immediate cash payment of Bt2
billion from BPB to repay debts.  Following the programme,
the company would be owned 70.5 per cent by new investor
BPB, 25 per cent by the financial institutions which would
participate in the debt-to-equity conversion plan, while
the existing shareholders which include Krisada would
retain only 4.5 per cent of the firm.

Since debts would be repaid through cash payments and the
Bt3.7-billion debt-to-equity conversion plan, TGP would
become a virtually debt-free company. The UK company would
provide a euro-currency loan equivalent to Bt200 million,
at market rates, as working capital for TGP.  The company's
registered capital would be raised to Bt10 billion from
Bt450 million. Its current outstanding debts plus accrued
interest amount to Bt6.74 billion. The creditors have asked
the company to complete its plan within 45 days.

There were 135 creditors at the meeting yesterday. Its
major creditors are Thai Farmers Bank, Citibank, Krung Thai
Bank, BankThai, Export-Import Bank of Thailand, Bank of
Ayudhya, Industrial Finance Corporation of Thailand, Phatra
Thanakit, National Finance Plc, Sakura Bank, Tokyo Bank and
the Financial Sector Restructuring Authority. Thai Farmers
Bank (TFB) is owed 16 percent of the total outstanding
principal, Citibank 10 percent.

A company source said Krisada, who founded TGP which has
become the sole competitor of the Siam Cement group in the
local gypsum industry, would keep his managing director's
post despite the loss of his majority ownership.  BPB,
however, would send some executives to take charge of
finance and other senior management positions.  Further
lay-offs are possible, but are expected to be limited since
the company has already shed several hundred staff during
the past few years.

Paul Withers, managing director of British Gypsum, said the
BPB Group is interested in investing in TGP because
Thailand has the best-developed gypsum industry in the
region. "We see Thailand as a springboard to export
products to many countries in Southeast Asia," he said.
"TGP has good manufacturing facilities and strong
relationships with customers even though it has been
suffering from the economic crisis."

Besides, TGP is a company with a good management and low
production costs. TGP will be used as the base for BPB to
expand its market in this region, he said.  BPB's core
product is gypsum, with annual sales of US$2.5 billion. The
group has 90 manufacturing plants in 45 countries.

Krisada said the Thai company was keen to move into the
global market. He said the gypsum industry is at the
beginning of its growth stage and the potential for market
expansion was very high.  Earlier, TGP sold its majority
stake in a Chinese gypsum board plant to BPB. Its
competitor Siam Cement group also plans to find a strategic
foreign investor for its gypsum business, but decided
recently to suspend its talks with the potential Australian
partner, Boral.

The gypsum board industry is facing a severe overcapacity
problem, with supply outstripping demand five times in
Thailand, 13 times in China and 20 times in Indonesia.
(The Nation, Bangkok Post  05-Nov-1999)

WONGPAITOON FOOTWEAR: Losses force shut down of retail arm
----------------------------------------------------------
Wongpaitoon Footwear Plc (WFC), has decided to withdraw
from the retail business by shutting down Siam Athletic
Ltd, as the footwear store chain faces accumulated losses
of Bt62 million.

WFC yesterday reported to the Stock Exchange of Thailand
that the board of directors approved the sale of its 90 per
cent stake in the retail chain.  Although the company has
received a mere Bt27,000 from the sale of shares, such a
move should help reduce its burden because the subsidiary's
losses will no longer figure in its financial statement.
The sale of the entire stake, however, will not have a
negative impact on its distribution business.

The company has been appointed by Reebok International as
its sole distributor for footwear and apparel in Thailand.
Siam Athletic was formed by the Wongpaitoon Group a few
years ago after the group was awarded the local licence
from the US-based Athlete's Foot for selling their products
here.  Siam Athletic, with a registered capital of Bt30
million, had its shares sold a Bt10 a piece. WFC owned 2.7
million shares in Siam Athletic.

The company is one of the largest local shoe manufacturers
and it also has a licence to produce the Reebok brand both
for the local market as well as for exports.  WFC, in the
meantime, has said that it has successfully completed debt
restructuring worth Bt885 million with three bank creditors
-- Standard Chartered Nakornthon Bank (SCNTB), Bangkok Bank
and Bangkok Bank of Commerce Plc (BBC).

The debt restructuring agreement features extension of new
loans to refinance the company's debts owed to the banks.
SCNTB has agreed to extend a new loan of Bt332.98 million
to restructure debts incurred from overdrawn balance,
letters of credit, trust receipts, packing credit and term
loan.  The loan will have to be repaid in seven years, with
the first year carrying an interest rate of 6 per cent per
annum, 10 per cent or the MLR per annum for the second
year, and the MLR for years three to seven.

The principal repayment for SCNTB will have to settled in
60 instalments. Each instalment is of Bt5.55 million and
must be paid on the 25th of every month.  Bangkok Bank has
agreed to approve new loans worth Bt398.713 million, again
to restructure debts incurred from overdrawn balance,
packing credit, letters of credit, trust receipts and term
loans.

The principal has to be repaid in 60 monthly instalments,
each of Bt6.64 million.  Bangkok Bank has also agreed to
extend another loan of Bt40.217 million to repay the
company's debts incurred from foreign exchange loss for a
period of two years at 7.5 per cent per annum.  With regard
to accrued interest of Bt54.52 million, the bank has
allowed WFC to repay the same without interest in 24
instalments, each of Bt2.27 million.

BBC has agreed to provide a new loan of Bt153.647 million
for three years to restructure debts incurred from
overdrawn balance, packing credit and promissory notes at 6
per cent per annum.  The principal repayment must take
place before the 15th of every month.  (The Nation  05-Nov-
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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Copyright 1999.  All rights reserved.  ISSN: 1520-9482.

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