TCRAP_Public/991220.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, December 20, 1999, Vol. 2, No. 247


* C H I N A  &  H O N G  K O N G *

FAR EAST HOTELS: Narrows losses
GLOBAL FOOD CULTURE GROUP: Narrows 6-month loss
HONG KONG TOY CENTRE INT'L: In red a second year
INTERNATIONAL GOLF & YACHT CLUB: Shun Tak buys ailing club

* I N D O N E S I A *

BANK BALI: StanChart pull-out major rehab setback
TIRTAMAS GROUP: IBRA plans legalities against 2 affiliates

* J A P A N *

LONG-TERM CREDIT BANK: Sues 15 former executives

* K O R E A *

DAEWOO CORP.: Executives' heads roll in downsizing
DAEWOO GROUP: Foreign creditors seek more steering groups
DAEWOO GROUP: Debt deal predicted by Christmas
DAEWOO MOTOR CO.: GM demands priority in acquisition talks

* M A L A Y S I A *

CA FURNITURE INDUST.: Has administrator appointed
CA MANUFACTURING SDN: Has administrator appointed
CATON WOOD INDUSTRIES: Has administrator appointed
PILECON ENGINEERING: Borrowings cut,rights issue in rehab
SCK GROUP BHD: Signs debt-rehab pact with 10 banks

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

EYCO GROUP: Creditors press asset liquidation  
PILIPINAS HINO SALES: Creditors lawsuits on hold for talks
PRIME SAVINGS BANK: Manila Bank stockholders cold on buyout
TRIPLE V GROUP: Restructuring has debts being paid off
VALLE VERDE COUNTRY CLUB: SEC asked to appoint receiver

* S I N G A P O R E *

KIAN HO BEARINGS: In financial trouble, denies insolvency

* T H A I L A N D *

INT'L ENGINEERING: To appeal court repayment order
KARAT SANITARYWARE: 91% of creditors approve rehab
TPI POLENE: Creditors finally approve restructure

C H I N A  &  H O N G  K O N G

FAR EAST HOTELS: Narrows losses
Interim net loss of Far East Hotels and Entertainment fell
by 96% to $197,938 from $4.9M in the same period last year.  
Turnover also rose 20.8% to $22.76M.  Amid a sharp downturn
in the hotel sector, Far East Hotels sank into the red
during the last financial year, despite having terminated
its theatre and entertainment business during the past few

GLOBAL FOOD CULTURE GROUP: Narrows 6-month loss
Cantonese and Hollywood action star Jackie Chan, chairman
of sushi restaurant chain Global Food Culture Group, said
group turnover had taken a beating from a fall in the sale
of Genryoku Sushi and the streamlining of the company's
operation.  However, the group did better and narrowed
losses to $24.88M in the six months to the end of
September, against the $75.7M lost in the period last year.  
Thi8s was achieved despite turnover falling 37.95% to
$141.32M, compared with $227.75M a year earlier.

Guangdong Enterprises (Holdings) Ltd. announced terms of an
agreement Thursday with its main committee of creditors on
how it will repay the $4.5 billion it owes, ending a year
of uncertainty.

Although terms have not been confirmed, the agreement is
designed to share the loss between creditors and the
government of Guangdong Province, which controls Guangdong
Enterprises and affiliates, said Wang Qishan, executive
deputy governor of the province.

"What we have today is a better deal than at one point
seemed possible," said Mervyn Davies, executive director of
Standard Chartered PLC, one of the banks on the steering
committee representing creditors.

A successful agreement could pave the way for international
banks to increase lending to China.  In July, the Guangdong
government abruptly announced that it would stop making
interest payments on the debt of Guangdong Enterprises.
That came after the creditors rebuffed a complex proposal
to overhaul Guangdong Enterprises, in which the banks and
the government would have shared the losses of the company.
Saying the loans had been guaranteed by the provincial
government, the banks demanded that Guangdong repay them by
injecting an additional $1.8 billion of assets into the
financially stricken company.

The impasse over Guangdong soured foreign creditors on
China. This year, international banks loaned about $3
billion to Chinese companies, down 64 percent from $8.3
billion last year, according to Thomson Financial
Securities Data Co.

The deal announced Thursday involves the sale of new debt
totaling 14 billion Hong Kong dollars ($1.8 billion) from
Dongshen Water Supply Co. that has been transferred from
the government to Guangdong Investment Ltd., part of the
group, as well as other debt by group firms.  Creditors
will receive equity in Dongshen - which will be injected
into a new company, Water Co. Holdings - in exchange for
writing off some of their loans to the group.

About 600 million Guangdong Investment shares - valued at
about 936 million dollars - as well as equity in
subsidiaries created by Guangdong Enterprises and its
Guangnan (Holdings) Ltd. unit in the restructuring will be
transferred to creditors. (International Herald Tribune  

HONG KONG TOY CENTRE INT'L: In red a second year
Hong Kong Toy Centre International remained in the red
after losing major customers and failing to launch new toy
products this year.  The company said interim net loss
reached $37M, compared with a $29M loss incurred in the
same period a year earlier.  Turnover rose by a mere 4.4%
to $137M.

INTERNATIONAL GOLF & YACHT CLUB: Shun Tak buys ailing club
Shun Tak Holdings is taking over International Golf & Yacht
Club, hoping to ride on the growing popularity of golf and
yachting in Hong Kong.

The International Golf and Yacht Club, which is located in
HITEC, Kowloon Bay, has 2,000 members, and membership has
grown an annual rate of 500 to 600 members.  It faced
financial difficulty and was dissolved following the
closure of its Wan Chai branch.  Shun Tak said it acquired
on Tuesday 70 per cent of interest in the club. A source
said the club was purchased for at least $10 million, but
refused to give the exact figure.

"Shun Tak is definitely interested and plans to strenghten
its hospitality sector," executive director Pansy Ho Chiu-
king said.

Ms Ho expects Hong Kong tourism to be bolstered by the
presence of a Disney theme park on Lantau Island.  Apart
from taking control of management and operation, Shun Tak
has also assumed the company's outstanding debts.  Ms Ho
refused to disclose the amount of the debt assumed but said
the project is considered a long-term investment by the
company.  It is expected that the investment will break-
even in half a year, she said.

Shun Tak will try to enhance the club's operations and add
value to it by adopting an "intranet" concept that will
link it with other golf and yacht clubs currently managed
by Shun Tak and other groups in Southeast Asia, Ms Ho
added.  Shun Tak's hospitality business concentrates on
Macau, including Mandarin Oriental, Westin Resort and The
Macau Golf and Country Club.

On the group's property business, Ms Ho said Shun Tak is
not interested in phase three of the residential
development at MTRC Kowloon Station, of which the
submission of an expression of interest is due today.
The Hong Kong-based conglomerate is satisfied with its
presence in property development and has not drawn any plan
for the market in the following year, Ms Ho said.
She expects the property market to turn stable in the
middle of next year, and The Belcher's phase two is
scheduled to be released for sale by then.

About 80 per cent of The Belcher's phase one, which is
close to be completed, have been sold.  It has lately
acquired stake in Sea Palace and Jumbo Palace floating
restaurants from Melco International Development.
Meanwhile, Ms Ho said the sales drop in the shipping
business has narrowed since the middle of this year and has
shown improvement in summer. At the moment the company is
busy shipping guests to attend the Macau handover
celebrations. (Hong Kong Standard  17-Dec-1999)


BANK BALI: StanChart pull-out major rehab setback
British-based Standard Chartered Bank's decision to quit
its Bank Bali deal is a major setback to Indonesian bank
rescue plans and will send a cold chill through direct
investors, said analysts yesterday.

But some disagreed, arguing Bank Bali was a one-off
situation which should not shake those closely following
Indonesian developments. It's a view which seemed reflected
by the calm reaction of financial markets.  The Investment
Minister, Laksamana Sukardi, and several analysts said
that, although the move came as no surprise after months of
wrangling, it was still bad news as Indonesia struggles to
drag itself out of its worst economic crisis in three

"Foreign investors will now think twice befre investing
their money here and it is also quite a major setback to
the whole bank restructuring program," said Laksono Widodo,
head of research at ING Barings Securities.

But financial markets generally shrugged off the news. The
rupiah firmed slightly while stocks eased only slightly on
the decision.  Mr Laksamana said Standard Chartered's move
would discourage foreign investment, but added that he did
not expect more cases to emerge.

"Is it because there was social pressure that the contract,
which had already been signed, had to be changed? (If that
is the case) people would not want to invest here," he

An analyst involved in the bank deal expected any new
investor would seek a sharp discount on the price Standard
Chartered had been prepared to pay, which could delay the
bank's recapitalisation by at least three months.
Indonesia's multi-billion recapitalisation plan to revive
the banking sector _ wrecked by the economic meltdown and
crippling debts _ is vital to help kickstart the economy.

Standard Chartered on Wednesday said it was pulling out of
its management and investment agreements on the
recapitalisation of the stricken Indonesian bank to remove
any impediments to a rights issue next month.  The move
came after a series of protests by Bank Bali staff
culminated last month in the Standard Chartered management
team being driven from its offices under a hail of plastic

In April Standard Chartered agreed to pay US$56 million
(HK$436.8 million) for 20 per cent stake of Bank Bali.
But its due diligence then discovered Bank Bali had paid a
60 per cent commission to a firm run by officials of the
powerful Golkar party for the recovery of 904 billion
rupiah (HK$995.28 million) in loans from the government's
Indonesian Bank Restructuring Agency (Ibra).

The revelations sparked a political scandal that continues
to make headlines in Indonesia.  With the cost of
recapitalisation rising, Standard Chartered asked Ibra to
use its power to take over the bank. The agency complied
and gave Standard Chartered management control.  However,
employees attacked the takeover as improper.  Standard
Chartered, Ibra and the central bank have all denied any

"The problem was managerial, between the new Standard
Chartered management, the old management and the
employees," said Heriyanto Irawan, from Merrill Lynch
Securities.  (Hong Kong Standard  17-Dec-1999)

TIRTAMAS GROUP: IBRA plans legalities against 2 affiliates
The Indonesian Bank Restructuring Agency (IBRA) is
considering legal action against two indebted companies
from the Tirtamas Group which have failed to cooperate with
efforts to settle their debts with the agency, an IBRA
executive said.  Hendro Santoso identified the two
uncooperative companies as chemical firm PT Sumi Asih and
commodity trading firm PT Tirtamas Comexindo.

"Sumi Asih is now under the control of our litigation
unit," he said during a media conference, declining to say
when legal action would be taken.

He said Tirtamas Comexindo had recently been transferred to
the agency's legal division.  Sumi Asih owes IBRA Rp 29.30
billion plus US$3.50 million in foreign exchange loans,
while Tirtamas Comexindo owes the agency Rp 69.70 billion
plus $95.70 million.  The companies are two of nine
Tirtamas Group companies which owe a combined Rp 3.59
trillion in principal debts to IBRA, including $218.47
million in foreign exchange loans, making the group the
sixth largest indebted business group under IBRA's control.

The companies' debts were transferred to IBRA by state-
owned and private banks as part of the country's bank
restructuring program.  IBRA is attempting to recover some
Rp 235 trillion in non-performing loans owed by thousands
of Indonesian companies to help finance the bank
restructuring program.

Tirtamas Group is controlled by tycoon Hashim
Djojohadikusumo. Several of the group's companies are joint
ventures with former president Soeharto daughter Siti
Hediati Prabowo, who is also Hashim's sister-in-law.
The group originally had 10 companies which were indebted
to IBRA, but multifinance firm PT Harita Kencana Finance
repaid its Rp 3.17 billion debt to the agency.

The group's largest indebted company is holding investment
firm PT Tirtamas Majutama, which has investments in the
petrochemical, power generation, cement and cigarette
industries.  Hendro said the process of restructuring
Tirtamas Majutama's Rp 1.81 trillion plus $55.38 million in
debts was sluggish because the company was unable to
provide documents on the flow of its debts and its
ownership in Pacific Resources Investment Ltd.

He said Tirtamas Majutama received in July 1997 a one-year
Rp 1.63 trillion loan from state Bank Bumi Daya, state Bank
Negara Indonesia, privately owned Bank Lippo and the now
defunct Bank Papan Sejahtera, which was part of the
Tirtamas Group, to establish PT Trans Pacific Petrochemical
Indotama (TPPI).

Hendro said the company failed to repay the principal and
interest of the loans, with the exception of having made
payments to Bank Lippo for the first three months after it
received the loan.  However, in ensuing months the company
failed to service its debt to Lippo.  Hendro said that
based on information obtained by IBRA, the flow of the
Tirtamas loans to TPPI was through a 10 percent equity
participation in the latter, equivalent to Rp 90.2 billion,
and a Rp 500 billion loan to Pacific Resources Investment
Ltd., which controls a 60 percent stake in TPPI through PT
Trans Pacific Petrochemical Ltd.

"Until now there's no explanation on where the remaining Rp
1.04 trillion (from the four banks) went or on the
ownership of Pacific Resources, although IBRA has asked
several times," Hendro said.

Hendro also noted restructuring the debts of publicly
listed cement maker PT Semen Cibinong was slow because it
involved foreign creditors, including Chase Manhattan
Corp., U.S. Exim Bank, Deutsche Bank AG and ABN AMRO Bank.

"The debt restructuring talks were nearing their final
stage in July, but were stopped after a company statement
that some $250 million from its balance sheet was missing,"
Hendro said, adding that the money was meant to be used to
repay part of the company's debts.

He said a financial audit of Semen Cibinong was expected to
be completed at the end of this month.  The other indebted
firms from the Tirtamas Group are concrete producer PT
Trumix Beton, shipping operator PT Comexindo Maritime, palm
oil plantation PT Tidar Kerinci Agung, property developer
PT Panca Muspan and investment firm PT Maharani Paramitra.
(The Jakarta Post  17-Dec-1999)


LONG-TERM CREDIT BANK: Sues 15 former executives
The government-controlled Long-Term Credit Bank of Japan
Ltd. sued 15 of its former executives Thursday, seeking
damages of about 6.3 billion yen ($60.7 million)

The suit, in Tokyo District Court, accused two former
presidents, Tetsuya Horie and Katsunobu Onogi; the former
chairman, Takao Masuzawa, and 12 others of making improper
loans and paying illegal dividends, the bank said in a
statement.  The former executives were accused of losing an
estimated 290 billion yen, but the bank decided to sue them
for less, based on their ability to pay, the statement

"LTCB ended up with 3.6 trillion yen in liabilities," said
Takashi Anzai, the bank's president. "It's clear there was
a failure in management."

It was the second legal action related to the bank this
month. On Dec. 1, 34 former shareholders filed a
compensation suit for 896 billion yen against 10 former
executives and Showa Ota & Co., the bank's accounting firm.
LTCB, once one of Japan's biggest banks, was nationalized
in October 1998 after regulators determined that it would
never recover from a mountain of bad loans.

It was the first time the Japanese government had taken
over a bank since World War II.  An investment group
organized by Ripplewood Holdings LLC of the United States
said in September that it planned to acquire LTCB. The
parties are still holding talks, the bank said. Japan's
financial regulators say a deal could be reached by
Christmas. (International Herald Tribune  17-Dec-1999)


DAEWOO CORP.: Executives' heads roll in downsizing
Daewoo Corp., the flagship trading arm of the Daewoo Group,
announced a massive retrenchment of its executives, sacking
almost half of them and downsizing its head office and
foreign affiliates.

Daewoo Corp. issued the reshuffle Thursday in which 29 of
total 71 directors were fired while re-appointing only 42
of them. Of the 42 re-appointees, 17 had been signed in on
yearly contracts so they can exclusively handle the
restructuring of the firm's foreign affiliates and
negotiations for debt rescheduling with its foreign
creditors. Since 17 of the 42 re-appointed directors have
been re-employed also on yearly contract basis so the
company explained that 46, or 65%, out of 71 executives
have been affected by the reshuffle.

Daewoo also said it downsized the organizations of its head
office from the existing 3 business sectors, 17 divisions
and 77 teams to 1 business sector, seven divisions and 55
teams.  (Digital ChosunIlbo  17-Dec-1999)

DAEWOO GROUP: Foreign creditors seek more steering groups
Foreign creditors of Daewoo Group yesterday called for
setting up more steering committees to facilitate the
negotiation process of rescheduling $5 billion in debt.

As the loss ratios imposed on Daewoo's foreign debts differ
widely, ranging from 35 percent to 82 percent, a number of
overseas creditors are now demanding to form additional
steering panels to deal with companies with relatively
lower damages.  The highest loss ratio, or haircut, of 82
percent is assigned to Daewoo Corp. debts while only 35
percent is imposed on the liabilities of Daewoo Heavy
Industries.  The ratios for Daewoo Electronics and Daewoo
Motor are 66 percent and 67 percent, respectively.

"We are not blaming the Steering Committee members for a
deadlock in negotiations. They are doing all they can to
represent the interests of Daewoo's 200-plus overseas
lenders," a foreign banker in Seoul told The Korea Times
yesterday during a telephone interview.  "Still, some of us
believe it will help ease the situation when there is more
than a single steering committee. Foreign banks need to
consider setting up additional committees dealing with
companies like Daewoo Heavy Industries and Daewoo
Electronics that should have relatively low loss ratios,"
he said on condition of anonymity.

All eight members of the Foreign Bank Steering Committee,
set up on Aug. 18 this year, have large dealings in Daewoo
Corp.  On Dec. 10, Daewoo and its financial advisors blamed
the Steering Committee members for not reflecting the
broader interests of all the 200-plus foreign creditors and
instead trying to secure only their own interests.

Daewoo's financial advisors said that they will reject
dialogues with the Steering Committee and engage in
individual negotiation with each foreign bank if the
committee members continue to ignore the concerns of the
majority of creditors.  In response, the Steering Committee
said that it has no objections to the plan put forth by
other foreign banks.

"We have formed the committee voluntarily. If others want
to pursue separate plans, they should feel free to do so as
stated in the Dec. 12 letter that the committee sent to all
foreign lenders," said a member of the Steering Committee

The Dec. 12 letter said that the Committee has no objection
to any foreign creditor of the Daewoo companies expressing
directly to Daewoo, its' reaction to either the buyout
proposal or the workout process.  The Steering Committee
has been arguing that as Daewoo had acted as a group when
borrowing money from overseas lenders, the same loss ratio
should be imposed for all foreign debt.

Contrastingly, it seems that the 82 percent haircut for the
Daewoo Corp. debt is far higher than the ratios imposed on
others and this is unacceptable.  The nine-member Steering
Committee, represented by Chase Manhattan Bank, Citibank,
HSBC, ABN AMRO, United Bank of Switzerland, Bank of Tokyo-
Mitsubishi, Dai-Ichi Kangyo Bank, National Australia Bank
and Arab Bank, was formed on Aug. 18.

UBS left the committee earlier, making it an eight-member
panel.  Despite the 4-month negotiation between Daewoo and
the Steering Committee, there has not been any major
breakthrough to rescheduling the group's $5 billion
overseas liabilities.  (Korea Times  17-Dec-1999)

DAEWOO GROUP: Debt deal predicted by Christmas
Talks between the disintegrating Daewoo Group and its
unhappy foreign creditors about a debt buy-out agreement
should conclude before Christmas, according to Seoul's
financial regulator.

"The negotiations will begin in earnest at the end of this
week or early next week and conclude before Christmas,"
said Lee Hun-jai, chairman of the Financial Supervisory
Commission. "There is no deadline but it's not good to drag
it out."

Mr Lee added that legal action might be inevitable if
Daewoo's foreign creditors refused to accept the buyout
offer.  Daewoo and its foreign creditors have exchanged a
series of acrimonious letters over the past week about how
much loss foreign banks will have to take on their Daewoo
loans and bonds.

The impasse poses a threat to South Korea's fragile banking
system and to debt workout plans crafted by Daewoo's
domestic creditors.  Domestic creditors placed 12 core
units of the country's second-largest conglomerate in debt
workouts in August after it barely averted default on its
86 trillion won (about HK$589.1 billion) debt.

The plans call for the banks to convert billions of dollars
of Daewoo debt into equity.  That would allow them to avoid
having to write off a huge amount of bad debt at year's end
when they have to meet stringent capital adequacy
standards, analysts said.   Daewoo Group advisers were set
to meet foreign bankers' representatives last night in New
York. Advisers from both sides will talk about Daewoo's
proposal to buy out foreign debt at recovery ratios as low
as 18 cents on the dollar.

Mr Lee said despite Daewoo Motor and Daewoo Electronics
shareholding ties to Daewoo Corp, which holds the bulk of
the group's foreign loans, there was little possibility the
two companies would seek court receivership.  He also said
General Motors (GM) had asked for exclusive negotiating
rights to take over Daewoo Motor, and said it would be
preferable to handle the request quickly.

"If dragged out, the corporate value may decline, so I
believe it's desirable to deal with it as soon as

Mr Lee said GM had proposed setting up a new company to
absorb the existing Daewoo Motor and retain its workforce.
In a speech to the institute earlier, Mr Lee said the
government would privatise nationalised financial firms as
soon as possible by selling its stakes in them, rather than
wait for share prices to go up to maximise profits. But he
said the government would take its time in selling its
stakes in Korea First Bank and Seoulbank, since the two
were looking for new management.

Mr Lee also said he planned to privatise two investment
trust companies, which are being nationalised after they
became insolvent due to their Daewoo Group exposure, by
listing them on the over-the-counter Kosdaq market as soon
as possible.  The government is taking over Korea
Investment Trust and Daehan Investment Trust with an
injection of public funds.

Mr Lee brushed aside talk the government would embark on a
second round of restructuring in the financial sector.
"I am hearing rumours a second-round of financial
restructuring would kick in and we would again see a wave
of mergers, but the government doesn't plan to directly
intervene," he said.

The government last year closed, merged or nationalised
many of the country's biggest commercial banks.  That was
in line with agreements made with the International
Monetary Fund to restructure the financial industry in
exchange for a US$60 billion rescue package after South
Korea was affected by the financial crisis two years ago.
(South China Morning Post  17-Dec-1999)

DAEWOO MOTOR CO.: GM demands priority in acquisition talks
US auto giant General Motors Corp. has said its exclusive
negotiator status should allow it to acquire South Korea's
embattled Daewoo Motor Co through a non-competitive bid, a
senior financial official said Thursday.

"General Motors (GM) is proposing that it should be given
priority in talks with domestic creditors," Financial
Supervisory Commission (FSC) chief Lee Jun-Jai told

He said that GM was interested in Daewoo Motor's production
lines for leisure-sports vehicles and passenger cars at
home and abroad.  The US company hopes to take over Daewoo
Motor's clean assets as part of a global strategy to use
South Korea as its production base in Asia, he said.

Lee said local creditors should hold some portion of the
equity in Daewoo Motor to help them recover losses through
the equity market, even if a General Motors takeover goes
ahead.  GM's proposal reflects lingering doubts over a
local due diligence examination of Daewoo Motor's assets
and debt, other FSC officials said.

On Thursday, the main creditor Korea Development Bank
revealed a new due diligence report projecting Daewoo
Motor's net value at 11 trillion won (9.7 billion dollars),
300 billion won less than estimated earlier.  The
difference was caused by the discovery of more insolvent
assets, it said. Daewoo's debt was estimated at 18.6
trillion won.

Daewoo Motor and 11 other units of the failing Daewoo
Group, once the country's second largest conglomerate, are
in the throes of a government-guided rescue program aimed
at averting bankruptcy.  Local creditors have pledged debt-
equity swaps and new capital for the group. But their
negotiations with foreign creditors on how to reschedule
debt have bogged down.

Lee said the government would try to resume negotiations
with foreign creditors next week. Financial officials worry
a delayed workout program will strengthen GM's position to
buy Daewoo Motor at a bargain basement price.  The Daewoo
Group is being dismantled after it collapsed in August
under the weight of about 77 billion dollars in debt, with
Seoul leading the effort by pushing for the sale of
rehabilitated core units. (China Daily  17-Dec-1999)


Amalgamated Industrial Steel Bhd (AISB) is negotiating with
a party to acquire a "revenue-generating asset" that will
enable the company to remain afloat, said chairman Tan Sri
Dr Abdul Hamid Pawanteh.

He said this was in line with the company's plan to
diversify from its core business which had been badly hurt
by the recession.  AISB, which produces steel pipes mainly
for the construction sector, posted an operating loss of
RM10.86mil for its financial year to June 30, 1999.

"The company must diversify in order to remain viable over
the medium and long term," Hamid said after the company's
AGM in Shah Alam yesterday.

He declined, however, to give further details on the asset,
saying: "It will involve acquiring a company which owns the
revenue-generating asset. Since we do not have the cash, we
will acquire the company via a share swap."

Hamid said the proposed acquisition was the company's third
after its other two plans also involving the acquisition of
"revenue-generating assets" were aborted.  "In the first
two plans we had two good assets to be injected into the
company but then they were either linked to our significant
shareholder or director, so we did not proceed with the
exercise," he said. "This time we hope we will be able to
complete the negotiations and submit the proposal to the
relevant authorities for approval."

With the construction sector showing signs of growth, the
worst may be over for the firm. But for the short term it
is unlikely that demand for steel pipes would reach pre-
crisis levels.  Hamid expects the company to show slight
improvement in its performance in the second quarter after
registering a pre-tax profit of RM50,000 in the first
quarter to Sept 30, 1999.  (Star Online  17-Dec-1999)

CA FURNITURE INDUST.: Has administrator appointed
CA MANUFACTURING SDN: Has administrator appointed
CATON WOOD INDUSTRIES: Has administrator appointed
Pengurusan Danaharta Nasional Bhd announced the
appointments of special administrators to three companies
CA Furniture Industries Sdn Bhd, CA Manufacturing Sdn Bhd
and Caton Wood Industries Sdn Bhd effective yesterday.
(Star Online  17-Dec-1999)

PILECON ENGINEERING: Borrowings cut,rights issue in rehab
Construction group Pilecon Engineering Bhd, which is
significantly geared, intends to reduce its borrowings with
RM195.8mil proceeds raised from a rights issue of 199.78
million shares.

Pilecon's shareholders yesterday granted approval for the
proposed rights issue at an EGM called to raise funds to
facilitate the company's proposed debt restructuring
exercise.  Its managing director Datuk Dr Gan Khuah Poh
said the proposed rights issue would help reduce Pilecon's
gearing position, which currently stood at 1.11 times.
Of the total proceeds, 40% or RM78.32mil will be utilised
to pay off part of the company's debts which amounted to
RM331.26mil. The remaining sum will be used as additional
working capital for ongoing construction and property
development projects.

The new shares will be issued at 98 sen each on the basis
of one new share with one new warrant for every existing
ordinary share held based on the current paid-up capital of
RM99.89mil comprising 199.79 ordinary shares of 50 sen
each.  The restructuring exercise also involves converting
existing debts into five-year redeemable secured floating
rate notes (RSFN) issued by the group.

The group will issue up to RM181.9mil nominal value of RSFN
to creditors on the basis of RM1 nominal value for every
RM1 nominal value of existing debts.  The notes will be
subscribed by lenders on a proportionate basis based on the
balance of outstanding debts owing to them after the part
cash repayment.

Gan said upon the completion of the rights and RSFN issues,
Pilecon would save a minimum of RM4.7mil a year on interest
payments and its gearing ratio would be reduced to 0.51
times.  The restructuring exercise was expected to be
completed in March next year, he disclosed at the press
conference after Pilecon's EGM.

Dr Gan said he foresaw no problem on the subscription of
Pilecon's right issue. He said the earlier incident in
which shareholders voted against extension of the
expiration period of the warrants, should not affect
investors' interest in the rights issue which would come
together with warrants.

He said the new warrants would be exercised subject to a
"step-up" pricing mechanism. According to the scheme, the
exercise price for the warrants is RM1 for the first year
after the issue date, and the price will be 10 sen higher
in each subsequent year. This means the exercise price will
rise to RM1.30 in the final year.

"This will encourage warrant holders to convert their
warrants earlier," Dr Gan said.

Dr Gan said the exercise period of the warrants would not
be extended further.  Pilecon was earlier reprimanded and
fined RM100,000 by the KLSE for breaching its listing
requirements in relation to a decision to reject an
extension of the company's warrants.  On the group
performance, Gan said Pilecon would incur a loss owing to
the slow recovery in the construction sector during its
current financial year ending Dec 31.

He said group earnings were dragged down by the large
amount of provisions made for bad debts.  However, he
expected the company to return to the black in the next
financial year as the in-house construction projects were
expected to generate revenues to sustain its earning
growth.  Pilecon expects to secure RM200mil to RM300mil
worth of projects in 2000. The group has RM500mil worth of
projects in hand.  (Star Online  17-Dec-1999)

SCK GROUP BHD: Signs debt-rehab pact with 10 banks
SCK Group Bhd has signed a RM75mil debt restructuring
agreement with 10 banks led by Pengurusan Danaharta
Nasional Bhd.

Director Low Chin Kiat said the signing of the agreement
would place SCK in a position to re-establish its standing
as a market leader in the local interior decoration,
furniture and renovation industry.

"Our restructuring exercise has finally been approved and
endorsed by all our leading banks. That will strengthen our
corporate reputation and put our past problems behind us,"
he told reporters after the signing of the agreement in
Subang Jaya yesterday.

Low said that with more than RM50mil contracts in-hand and
a further RM100mil under negotiation, the debt
restructuring agreement was strategic for the company's
future growth and development.

"We are confident of making a strong comeback. . .Our
interior renovation and decoration projects include the
Perwira Affin Bank headquarters and the Crown Prince
Hotel," he said.

The other signatories to the agreement included Perwira
Affin Bank, HSBC Bank, Maybank, Arab-Malaysian Bank, Phileo
Allied Bank, Pacific Bank, RHB Bank, Multi-Purpose Bank,
Oriental Bank and Public Bank.

SCK's financial debt restructuring scheme involves a
proposed capital reduction, rights issue with warrants, and
restructuring of bank borrowings with a waiver on interests
for 1998.  Low said that with the interest rate waiver the
company's total debts of RM75mil would be cut to RM66mil.
From the proposed rights issue with warrants, about RM6mil
of the proceeds will be paid to all the lenders.

Of the remaining debt, about RM30mil would be converted
into SCK shares and the rest into a five-year term loan.

"The proposed capital reduction will reduce SCK's current
paid-up capital of 19.875 million to 9.9375 million shares
of RM1 each while the proposed rights issue with warrants
will be on a one-for-one basis," Low said.

A proposed employees share option scheme (ESOS) is also
part of the restructuring exercise.  Low said that SCK
would soon be submitting its proposal to the Securities
Commission (SC) and the relevant authorities for approval.
In line with this development, the company will also be
applying to be requoted on the KLSE. The counter was
suspended on April 14, 1998, at RM1.90.

Under a new management team that took over in September
last year, SCK turned around to post RM1.02mil in net
profit for the half-year compared with a loss of RM11.8mil
in the previous corresponding period.  (Star Online  17-


EYCO GROUP: Creditors press asset liquidation  
The consortium of creditor banks of the bankrupt Eyco Group
of Companies is asking the Securities and Exchange
Commission (SEC) to enforce its order approving the
liquidation of the company's assets and rejecting its plea
for debt relief.

The creditor banks, in a motion filed with the SEC, have
asked the regulatory body to issue a writ of execution
which will authorize the banks to collect the debts
accumulated by Eyco.  They said this is possible even if
the Court of Appeals (CA) has yet to decide on the petition
of EYCO for a temporary restraining order (TRO) that would
enable it to keep its creditors from seizing its assets as
payments for its loans to the banks.

The banks cited Sections 1 and 12, Rule 43 of the New Rules
of Civil Procedure which states "that the final order or
resolution authorized by an quasi-judicial agency in the
exercise of its quasi-judicial functions applies to . . .
The Securities and Exchange Commission."

Section 4 on the other hand, specifies that "judgments in
actions for injunction, receivership, accounting and
support, and such other judgments as are now or may
hereafter be declared to be immediately executory, shall be
enforceable after their rendition and shall not be stayed
by an appeal taken therefrom, unless ordered by the trial

The Eyco Group earlier appealed to the CA for a temporary
restraining order and subsequently, a writ of injunction.
Eyco said the SEC decision was erroneous and was a grave
abuse of discretion since it lacked jurisdiction in
rendering the decision. Eyco said that SEC gave the order
to liquidate the assets without any valid authority from
its creditors.

Moreover, the Eyco group said the SEC erred in dismissing
the petition for suspension of debt payments and ordering
the liquidation and dissolution of Eyco, saying "the order
of liquidation and dissolution is baseless and unfounded
because Eyco and its companies are in fact solvent."

The company added that the evidence to support the order is
inadmissible because the evidence is hearsay and the
evidence was not presented before the hearing panel.
As a result, Eyco said it was denied due process as they
were not given the opportunity to be heard. It added that
its proposed rehabilitation plan prepared by Strategies and
Alliance Corp. (SAC) which proposed to settle all of its
obligations is feasible.  Eyco earlier warned the SEC order
only benefit five of its bank creditors while about 52
other creditors will be left holding an empty bag. (The
Philippine Star  17-Dec-1999)

PILIPINAS HINO SALES: Creditors lawsuits on hold for talks  
Creditor banks have agreed to hold all legal actions
against vehicle dealer Pilipinas Hino Sales Corp. and
return to the negotiating table to discuss terms for the
company's restructuring plan for its 300-million-peso
(US$7.4 million) loan.

In an interview with BusinessWorld, Pilhino vice-president
and comptroller Teodoro Carandang said a memorandum of
agreement (MoA) is being circulated for the banks to sign
for this purpose. So far, five out of seven creditors have
already signed, although all have reportedly given their
nod on the planned restructuring.

"The banks have agreed that we should sit down and discuss
the terms on how we will pay our obligations," he said.

Both parties have also agreed that the company should
continue operations. By next week, we hope that all the
banks have already signed so that we can start with the
negotiations.  Under the MoA, Pilhino and its seven
creditor banks will determine the terms of the
restructuring plan during a 90-day negotiation period.  
Creditor banks include Far East Bank and Trust Co., Land
Bank of the Philippines, Metropolitan Bank and Trust Co.
and Philippine National Bank. Their PhP300-million exposure
with Pilhino is secured by trust receipts.

Mr. Carandang said the parties have initially agreed to pay
a huge portion of the car dealer's loans through its
receivables. Moreover, Pilhino has also proposed to extend
the payment date of its obligations for another ten years.
"But if the business climate is good, we will not wait for
10 years to pay. We can do it in five years depending on
the banks," he said.

The car dealer is also considering a debt-for-asset swap.
The company has over PhP50-million ($1.2 million) worth of
real-estate properties secured from customers who were not
able to pay Pilhino. The management will also negotiate for
an interest-free payment of its debts.  Mr. Carandang said
the company initially targetted to start negotiations with
the banks before the end of the year. But given the
upcoming holiday season, the management has rescheduled it
to January next year.

Menawhile, the management plans to continue with operations
while discussions with the banks are ongoing. Pilhino
serves as one of the dealers of Japanese supplier Pilipinas
Hino, Inc.'s which assembles and manufactures Hino trucks.

The truck dealer encountered financial difficulty when
vehicle sales dropped due to the economic crisis. One
option which the management of Pilhino considered earlier
was to set up a separate company to ensure survival.  
Industry sources said the proposal would allow the
viability of Pilhino since a portion of the new company's
revenues will be used to pay the vehicle dealer's debts.  
(Business World  17-Dec-1999)     

PRIME SAVINGS BANK: Manila Bank stockholders cold on buyout
Manila Banking Corp.'s takeover of cash-strapped Prime
Savings Bank, supposed to be the key to the thrift bank's
rehabilitation, was being delayed by insufficient support
from some uninsured depositors, Bangko Sentral ng Pilipinas
Deputy Governor Alberto Reyes said.

Prime Bank has been on a bank holiday for six months now
due to a negative capital base. The BASP, for its part,
approved last September a rehab plan for the thrift bank
involving Manila Bank's takeover.  Manila Bank has agreed
to become the thrift bank's white knight on condition that
the depositors would restructure their fund placements with
the bank.

Manila Bank has agreed to become the thrift bank's white
knight on condition that the depositors would restructure
their fund placements with the bank.  The depositors were
supposed to sign an agreement that they would not be
able to withdraw their money for four to five years at an
interest rate of 2 percent.

"We need more signatories. Only 67 percent, I think, has
signed. It's unfair to those who already signed because
it's delaying the entire rehabilitation plan," Reyes said.

Although more than majority has already signed, Reyes said
the level was still not enough because the remaining 33
percent would still amount to huge amounts of money vis-a-
vis the bank's total deposit liabilities.  The bank has
some P3.9 billion in deposit liabilities, of which only P1
billion is covered by insurance.  Based on these figures,
the remaining amount of deposits not yet subjected
to the agreement would amount to around P1.3 billion.

But Reyes said the BSP was still hoping that all of Prime
Bank's depositors would sign the agreement as soon as
possible so as to fast-track the rehabilitation, or
otherwise push the bank toward permanent closure.

"We will know by the first week of January," Reyes said.

Under the rehab plan, Prime Bank was supposed to be merged
with Omni Savings Bank, another thrift bank earlier
acquired by Manila Bank. Six months after the merger, the
new entity would then be absorbed by Manila Bank.  Manila
Bank has pledged to infuse a fresh capital of at least P500
million to rehabilitate Prime Bank and meet the P250-
million minimum capital requirement for Metro-Manila based
thrift banks.

Prior to the suspension of its operations, Prime Bank stood
with a negative capital of around P200 million. Its
bleeding financial condition, based on government findings,
was caused by "big exposure to some bad investments"
as well as "questionably high salaries of bank executives."

The bank was said to have gone too aggreessive with its
"Kumpare loan" offering, a consumer lending strategy which
offered salary loans to retail borrowers such that almost
half of its total loan portfolio went sour.

"The bailout would not come without a cost on the part of
the government, which would absorb the bank's P1.4 billion
worth of non-performing loans through a facility with the
Philippine Deposit Insurance Corp.," Reyes admitted.

The liabilities on top of these bad loans, such as the P250
million worth of inter-office floating debts, will be
shouldered by Manila Bank.  Prime Bank, one of the biggest
thrift banks in the country, has a network of 62 branches
and an asset base of P5 billion.  (Philippine Daily
Inquirer, The Asian Wall Street Journal  17-Dec-1999)

TRIPLE V GROUP: Restructuring has debts being paid off
It looks like cash-strapped Triple V Group, owned and
managed by businessman Victor Villavicencio, will welcome
the new millennium debt-free.  Company sources said the
restaurant group has already paid 75% of its estimated one-
billion-peso (US$24.6 million at PhP40.643:US$1) total debt
to 17 creditor banks.

"We've already paid three-fourths of our debts and we
continue paying. The banks have accepted the terms of the
restructuring. We're now getting ready for the millennium
and we're looking forward to next year when we plan to
launch various projects," a company source, who requested
anonymity, told BusinessWorld in a telephone interview.

According to industry sources, Mr. Villavicencio was able
to encourage a number of banks to swap shares in Subic Bay
Yacht Club (SBYC) to pay for debts.  The businessman serves
as chairman to Subic Bay Waterfront Development Corp. which
presently develops and manages SBYC.  The company also
handles the sale of the yacht club's unsold shares.

BusinessWorld, however, learned Mr. Villavicencio
approached the banks individually and offered them
differing discounts for the club shares.  Philippine
National Bank (PNB) and Land Bank of the Philippines, two
of the restaurant chain's largest creditors, were the last
to negotiate for a huge discount.

The two banks reportedly got a 20% discount for the club
shares while other creditors such as AsianBank Corp. were
granted only 5% discount.  Moreover, there were also
creditors who did not get any discount at all but agreed on
the terms to settle their claims.  These banks allegedly
agreed to SBYC's per-share price quotation of PhP1.7
million (US$41,800 at PhP40.643:US$1) for individual shares
and PhP2.4 million ($59,000) for corporate shares.

Triple V owes PNB PhP93 million ($2.3 million) while Land
Bank has a PhP100-million ($2.5 million) exposure.
AsianBank has a PhP74.4-million ($1.8 million) exposure.

"It was Mr. Villavicencio who talked to the banks and he's
the only one familiar with the terms. We cannot comment if
he indeed offered the banks different discounts," the
source said.

A source from the banking industry said it is "unfair" to
creditors who received a lower discount when all the banks
should get a uniform rate.

"We're not sure if AsianBank has no knowledge that some of
the banks got a higher discount enabling them to get more
club shares. But one thing that the banks should learn is
to be more cautious next time in negotiating for debt
payment," a source said.  Another source, however, said Mr.
Villavicencio has the prerogative to offer the banks
differing discounts since there are no existing rules
stipulating that the terms should be uniform for all banks.

"That's Mr. Villavicencio's right. But in terms of ethics,
that's questionable," the source said.

Aside from the club shares, Mr. Villavicencio has also
offered to offset Triple V restaurants' credit card
billings to some of the creditors. These include AsianBank,
PDCP Bank, Banco De Oro, Universal Bank and Security Bank.
(Business World  17-Dec-1999)

VALLE VERDE COUNTRY CLUB: SEC asked to appoint receiver
A member of the Valle Verde Country Club Inc. has asked the
Securities and Exchange Commission to immediately appoint a
management committee to take over the operations of the
leisure firm to prevent the alleged dissipation of its

A certain Vicente Velasquez has filed a petition with the
SEC accusing the board of directors of Valle Verde of
perpetuating themselves in office by deliberately failing
to call new election of officers for several years now and
of refusing access to its books and records.

Velasquez claimed that the refusal of the club's management
to open up all books and records had given rise to
suspicion that there were matters being hidden from the
members which, if not stopped, "could result in the
dissipation or loss of assets or other properties."
He said Valle Verde had been incurring huge losses owing to
"useless" capital expenditures, despite increases made on
membership fees.

Despite Valle Verde's huge losses, Velasquez said, the
officers of the leisure club appropriated themselves with
unreasonable increases in their salaries.  

"Petitioner would show the commission that research and/or
investigation made by some concerned members of Valle Verde
would lead one to reasonably believe that funds or assets
of Valle Verde may have been misappropriated, assets may
have been misused, receivables remain uncollected and acts
or omissions have been committed that are not to the best
interests of Valle Verde and its members," Velasquez said.

Velasquez said the Valle Verde board had failed to show the
concerned members the rules and procedures on convening the
annual membership meeting. He added that it also refused to
give information to members regarding the names and contact
address and telephone numbers of current members.  
Velasquez underscored the need to immediately appoint a
management committee to safeguard the firm's assets and
properties.  (Manila Times  17-Dec-1999)


KIAN HO BEARINGS: In financial trouble, denies insolvency  
Kian Ho Bearings warned yesterday that multi-million-dollar
advances and debts it was owed might have a financial
impact, but stressed it is solvent and able to meet
obligations. The company added it has instructed its
lawyers to take legal action against former managing
director Kwek Chee Tong and Kian Ho's controlling
shareholder KHB Holding to recover an outstanding amount of
$2.425 million.

Trading in Kian Ho's shares was suspended on Monday after
Kwek was charged last Saturday with criminal breach of
trust (CBT). No plea was recorded from Kwek, who was
charged with 10 counts of CBT and one count of cheating
involving $6.06 million. Kian Ho requested yesterday that
the suspension be lifted immediately.  In a statement
issued after considering a report by its auditors Ernst &
Young, Kian Ho's directors said it is continuing to conduct
its business on normal terms.

"The company runs a viable business and all necessary steps
will be taken to protect its financial and commercial

They added that its ability to remain solvent will depend
on the continued support of its principal bankers.  Kian Ho
said its management has been in talks with the bankers to
secure their continued support, and none of them has
terminated or indicated they plan to terminate their
support.  The company's audit committee had commissioned
Ernst & Young to conduct a special review of advances it
made to some customers and suppliers, and certain long
outstanding debts. This followed an investigation by the
Commercial Affairs Department into the affairs of Kwek.

Kian Ho said yesterday that Ernst & Young was still
verifying the validity of the transactions relating to the
advances to and debts owed by various parties.  If these
advances and debts cannot be recovered, the net assets of
the group will drop to $28.7 million from $39.45 million.

The fall by $10.75 million comprises $2.14 million owing by
customers, $6.59 million being advances to suppliers and
$2.425 million owing by Kwek and/or KHB Holding, and after
taking into account a provision of $401,000 for these
debts.  Based on the financial position of the group as at
June 30 this year, its net tangible assets per share could
be cut to 18.4 cents from 25.15 cents. It will also incur
an operating loss of $9.7 million and loss per share of
6.23 cents for the six months ended June 30 this year,
instead of net profit after extraordinary items of $1.03
million and earnings per share of 0.66 cent.

Kian Ho's audit committee has advised the board to engage
the auditors to independently verify the validity of the
relevant purchase orders and physical existence of stocks
and to engage the firm's lawyers to advise on the action to
take to recover the outstanding sums owing to the company.
(Straits Times  17-Dec-1999)


INT'L ENGINEERING: To appeal court repayment order
International Engineering Plc (IEC) says it will appeal a
ruling from the Central Intellectual Property and
International Trade Court that has ordered the company to
repay more than US$9 million in syndicated loans, including
principal and interest of 7.81 per cent, to three foreign

The syndicated loan was extended in 1995.  The applicable
exchange rate will be the average selling rate of
commercial banks on the payment date. The exchange rate on
the last day prior to the payment day would be applicable
if there is no exchange rate on the payment date.

However, if the Bank of Thailand announces an average rate
for commercial banks, that rate will be applicable.
The financially-ailing firm also is responsible for
Bt150,000 as legal expenses incurred by creditors.  (The
Nation  17-Dec-1999)

KARAT SANITARYWARE: 91% of creditors approve rehab
Sanitaryware Plc, one of Thailand's largest sanitary ware
manufactures announced yesterday that 91.4 per cent of its
creditors had approved the company's Bt2.1 billion debt-
restructuring programme.

The debt revamp plan simply involves the rescheduling of
the repayment terms, which has been extended for another
seven years.  Also, the lenders, which include the Bank of
Ayudhaya, the Industrial Finance Corp of Thailand, Siam
Commercial Bank, Citibank and others, have agreed to
provide a three-year grace period for repaying the loan
principal.  Interest rates would be at preferential rates
in the first three years, the company said.

Since Karat's problem stems essentially from the
concentration in the maturity of its debts and its over-
investment, a company source said the debt rescheduling
would be sufficient, provided the domestic demand recovered
within the next three years.  Karat has been operating its
five factories at nearly full capacity. But the firm has
fallen victim of the sudden shrinkage in domestic demand
coupled with its fresh borrowings for the construction of
its new factories in Thailand and abroad.

Due to the disappearance of demand, Karat has been forced
to suspend construction or the opening of new plants
although loans have already been borrowed and in some
projects, machinery has already been shipped to the sites.
Projects either on hold or cancelled completely include new
sanitary ware plants in Prachinburi and Lampang, the sixth
sanitary ware plant in Saraburi, a sanitary ware project in
Vietnam, and a water tank project in Khon Kaen.

Formerly part of the Siam City Cement Group, one of Karat's
largest creditors is the Bank of Ayudhaya. In June, SCCC
sold its 43 per cent stake in Karat to a group led by
former SCCC managing director Somkiat Limsong.  Karat would
consider opening its sixth sanitary ware plant in Saraburi
next year if it received larger export orders, said the

"Exports remain good but the domestic market remains
stagnant," said a Karat executive.

Karat earns 80 to 90 per cent of its revenues from exports.
While four of the firm's five factories have been subjected
to a Board of Investment's condition stipulating that they
export at least 80 per cent of output.  SCCC which is now
jointly controlled by Swiss cement firm Holderbank and the
Bank of Ayudhaya's Ratanarak family, sold Karat as part of
its new corporate policy to focus on its core cement and
concrete businesses.  (The Nation  18-Dec-1999)

TPI POLENE: Creditors finally approve restructure
Creditors of TPI Polene Plc yesterday gave final approval
to the cement company's plan to restructure its 51-billion-
baht debt owed to 44 creditors.  A total of 32 creditors,
representing 95.6% of the total debt held, backed the plan,
while six creditors holding 4.4% voted against it.

Orapin Leophairatna, senior executive vice-president of the
company, part of the Thai Petrochemical Industry Group,
said that in the next step, the company would seek the
protection of the Central Bankruptcy Court.  She said that
as not all creditors had approved the plan, the company
therefore had to seek protection from the court, in order
to prevent the creditors who disagreed with the plan from
suing the company later.

Under the plan, the company would settle repayment of its
debts in five years, but the schedule could be extended by
one year each for a maximum of three times, she said. The
company will have to increase capital by US$270 million, of
which $180 million will be used to repay loans.  The
creditors who wanted to get their loans repaid immediately
could offer to sell their loans at a discount of 60% to the
company, meaning they would get back only 40% of their

The remaining $90 million would be used for building a new
cement line, which would be the fourth one for the company.
The company would begin to service regular loan interest on
Jan 5, while the payment of the loan principal would begin
in 2002, with $50 million to be paid every six months until
the end of 2004, and $72 million paid every six months from
2005 through 2007.

The restructuring plan calls for the company to maintain
reserve cash of 1.6 billion baht as working capital.
Dividends can be paid after at least 85% of total debt is
repaid to creditors.  The plan also offers options to
creditors to convert their loans in the form of overdue
interest payment into equity in the company. Total overdue
interest amounts to seven billion baht.  The limit for the
debt-to-equity conversion ratio will depend on the amount
of discounted debts.  (Bangkok Post  17-Dec-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., Trenton, NJ USA, and Beard Group, Inc., Washington,
DC USA. Darryl Henning, Managing Editor, Felix Ordona and
Cristina Pernites, Editors.

Copyright 1999.  All rights reserved.  ISSN: 1520-9482.

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