TCRAP_Public/991230.MBX          T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Thursday, December 30, 1999, Vol. 2, No. 254


* C H I N A   &   H O N G  K O N G *

HWA KAY: Shuttered Operations Shrink Turnover & Narrow Losses
MEI AH: Television Broadcaster's Performance Improves
THEME INTERNATIONAL: Half-Year Results Show Cost-Cutting Measures

* I N D O N E S I A *

LONDON SUMATRA: Collapse of Lazard Asia deal hurts firm
PT ANWAR: Projects Equity for Debt Swap to be Completed in June
PT ASTRA: IBRA Tells Company to Speed Up Due Diligence Process
PT PUTRA: Motorcycle Finance Concern Declared Bankrupt
PT SINAR: Receives Okay to Restructure US$46.7 Medium-Term Notes

* J A P A N *

MITSUBISHI MOTOR: Widens Efforts to Restructure Operations
NISSAN DIESEL: To join Hino-Isuzu Bus Joint Venture
YAKULT HONSHA: Company Charged with Filing False Earnings Reports

* K O R E A *

DAEWOO CORP.: FSC Continues Negotiations with Foreign Creditors
DAEWOO MOTOR: Creditors Name New Senior Officers
HYUNDAI GROUP: Reforms Rouse Financial Sector, AWSJ Says
KOREA HEAVY: End of HANJUNG Strikes Signals Start of Next Chapter
KOREA INVESTMENT: Government Injects Won 600 Billion of Capital
KOREA TOBACCO: Government Injects Won 300 Billion of Capital

* M A L A Y S I A *

UNIPHOENIX CORP.: Explains Qualification in Auditor's Report

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

BW RESOURCES: No Free Cash to Pay Account Holders
NATIONAL STEEL: Seeks Suspension on Debt Payments from SEC
PHILIPPINE ASSOCIATED: Minority Sharheolders Appeal to Sup. Ct.
SOLID BANK: Metrobank to buy Solidbank for PhP6.77B
VICTORIAS MILLING: Puts New 53.35% Equity Stake Up for Sale

* T H A I L A N D *

PRECIOUS SHIPPING: Agreement to Defer Principal Payments
PREMIER ENTERPRISE: Creditors Vote to Accept Restructuring Plan
PP: New Incineration Project to Fund Rehabilitation Plan
SAHAVIRIYA OA: Debt Restructuring Plan Approved by Creditors
SRITHAI SUPERWARE: Court to Consider Creditor-Approved Plan
TELECOM HOLDING: Sells-Off Claybridge Shares
THAI MODERN: Executives Charged with Fraud & False Statements
THAI OLEFIN: Maturity for $332 Million Extended from 2005 to 2007
THAI PETROCHEMICAL: Selling Stock to Raise Funds to Settle Debts

C H I N A   &   H O N G  K O N G

HWA KAY: Shuttered Operations Shrink Turnover & Narrow Losses
Restructured Hwa Kay Thai Holdings' turnover shrank 96.53% to
$7.7M for the six month to September 30 after closing shops and
restaurants.   Attributable losses narrowed by 92.88% from the
same period last year to $10.04M.  (South China Morning Post 29-

MEI AH: Television Broadcaster's Performance Improves
Mei Ah Entertainment Group's net loss narrowed from $29.87M to
$2.82M and turnover leapt 30.8% to $90.66M year on year in  the
six months to September 30.  The result of its subscription
television broadcaster's license application will be announced
soon.  (South China Morning Post 29-Dec-1999)

THEME INTERNATIONAL: Half-Year Results Show Cost-Cutting Measures
Cost cutting has narrowed Theme International Holdings' net loss
to $17.39M in the first half-year from $106.05M a year earlier.  
The debt-troubled fashion retailer's turnover was $121.22M for
the six months to September 30, 24.82% lower than in the same
period a year earlier.  The company has 122 retail outlets, down
from 130 on January 31.  It had more than 200 outlets in 1997.
Theme was weighed under $242.78M in debts and was hampered by
limited working capital.  Sources said the company needed about
$45M in fresh cash to stay afloat, part of which is expected to
be provided by High Fashion.  (South China Morning Post 29-Dec-


LONDON SUMATRA: Collapse of Lazard Asia deal hurts firm
London Sumatra's planned sale of a 50 per cent stake to Lazard
Asia Investments has fallen through, the South China Morning Post
reports, hurting its US$254 million debt restructuring.  The
transaction reportedly collapsed because the two parties were
unable to agree on a price for the stake.

"Our major shareholder decided to cancel the deal because they
don't agree with the pricing," Claudia Lauw, investor relations
official of Indonesia's second-largest publicly traded palm-oil
company said.  The price offered by Lazard was probably less than
the $100 million the two sides agreed to in June when they signed
a memorandum of understanding, Ms Lauw said.  That agreement,
which lapsed on Christmas Day, depended on the successful
restructuring of the company's debts, which has not happened.  Ms
Lauw said the company would focus on its debt renegotiations and
planned to hire a financial adviser to assist it.  In the
meantime, it is also open to other investors to link up with the
company.  "We need to speed up the [debt restructuring] process,"
she said. "We are basically open if there is another investor."

PT ANWAR: Projects Equity for Debt Swap to be Completed in June
Publicly-listed poultry farm company PT Anwar Sierad (JSX: ANSI)
said it hopes to complete restructuring its debt of $ US316
million before June 28, 2000, according to a report circulated by
Aisa Pulse.  Company president Budiardjo Tek said US$210 million
of the debt would be converted into equity and US$90 million
would be converted into bonds including US$40 million in US
dollar bonds, US$40 million in yen bonds and US$10 million in
rupiah bonds.  After the debt to equity swap, its creditors would
control 68% of the company shares and the old shareholders would
keep the remaining 32%.

PT ASTRA: IBRA Tells Company to Speed Up Due Diligence Process
January 17, 2000 is the deadline for management of PT Astra
International (JSX:ASII) to cooperate with Gilbert Global Equity
Partners and Newbridge Asia in their due diligence process.
Gilbert and Newbridge have expressed and interest in buying Astra
shares -- a 40% stake, according to yesterday's edition of The
Wall Street Journal -- held by the Indonesian Bank Restructuring
Agency (IBRA).  The company, however, is being charged with
dragging its feet as Gilbert and Newbridge undertake their due
diligence.  A government source told the Neraca Daily that if the
due diligence is not completed by January 17, the case would be
brought to the Financial Sector Action Committee.  

IBRA, as previously reported in the TCR-AP, controls a large
stake in Astra taken as collateral for debts from a number of its
shareholders who helf non-performing debts to the government.
In a statement issued recently, Astra expressed its objection to
the two investors' demand for information to start the process of
the due diligence.  Gilbert Global Equity Partners and Newbridge
Asia then charged the management of the country's largest
automaker with attemping to obstruct a due diligence process,
Asia Pulse relates.
The Wall Street Journal recalls that, subject to their due
diligence, Gilbert and Newbridge offer 3,750 rupiah (53 cents)
per share.

To the Company's defense, the Jakarta Post reports that the
Indonesian Public Companies Association (AEI) gives moral support
to the Astra's management.  The association said on Tuesday that
Astra International showed legitimate reason in not providing
inside and proprietary information to a consortium of investors.

"AEI views Astra as having taken the right steps," AEI executive
secretary Hidayat Muchtar said at his office.  He told the Post
that the U.S. consortium could not demand such inside information
because it was only a potential investor, not a shareholder.
Providing the information could lead to Astra's management being
sued by its shareholders, especially strategic partners like
Toyota Motors Corp. of Japan.

Steven J. Gilbert, chairman of the Gilbert Global Equity Capital
said in a statement last week, "We are very concerned that such
actions may discourage them (foreign investors) from investing in
Indonesia, thereby impacting the economic recovery plan of the

Astra vice president Aminuddin said on Thursday that the investor
group's request "goes far beyond the typical information that
would be provided in a public company takeover-type situation,
even in a developed market.  "We sincerely believe the
Gilbert/Newbridge consortium is going about its job
unprofessionally, unnecessarily undermining the investors'
confidence in Indonesia, and has not shown its own true interest
of what it will do when it acquires the controlling stake in
Astra".  Aminuddin also accused the investor group of having no
intention to follow tender offer procedures under the Indonesian
Capital Market Law pertaining to acquiring a controlling stake in
a listed company.  "Astra is perturbed by this approach which
undermines the Indonesian government's credibility," he said.

Hidayat supported Aminuddin's argument and said that his
association believed the sale of the stake should proceed through
a tender process.  "Any shareholder -- be it the government,
private institutions, state- owned companies or individuals --
has to comply with all the existing capital market regulations,"
AEI said in the statement.  

PT PUTRA: Motorcycle Finance Concern Declared Bankrupt
In the Jakarta Commercial Court, Judge Sihol Sitompul found that
motorcycle finance company Putra Surya Multidana had failed to
repay a US$1 million bond debt to New York-based Phoenix Global
Investment Corp.  "We hereby declare PT Putra Surya Multidana
bankrupt as compliant to Law No. 4/1998 on Bankruptcy," presiding
judge Sihol Sitompul said reading the verdict, finding that Putra
is also liable for court costs.  

The bankruptcy petition filed by the plaintiff met all the
stipulations laid down in the bankruptcy law, Sihol said. He
added that although Phoenix was the only party filing the
petition, the firm had proof PSM had at least two creditors.

He said the plaintiff had proven PSM had at least one matured
debt and two creditors -- the prerequisites for any party to be
declared bankrupt under the existing bankruptcy law.

In addition to the plaintiff, PSM also owes debts to New York-
based Virgin Capital Corporation in the amount of US$1 million
and to a number of banks under the control of the Indonesian Bank
Restructuring Agency.

The ruling makes Putra Surya the third publicly traded company
declared bankrupt by the court, which was formed as part of
Indonesia's US$49 billion International Monetary Fund bailout.

Putra Surya lawyer Lucas Curator said the company would appeal
the bankruptcy ruling by Sunday.  This was reiterated by the
defendant's lawyer, Chairunnisa Jafizham, saying she would appeal
the bankruptcy verdict to the Supreme Court within eight days.
The 1998 Bankruptcy Law requires that an appeal be filed within
eight days after a verdict in a bankruptcy case is handed down.
"We will see what we can do for the appeal," she told reporters
after the court hearing.

Putra Surya shares have been suspended since September 30.  A
one-time high flyer of the Jakarta stock exchange after its
HK$230 million initial offering in April 1997, the stock nearly
doubled to 4,000 rupiah in August 1997, pushing its market
capitalisation to about HK$800 million, according to data
compiled by the South China Morning Post.  Putra Surya, the Post
recalls, said in October it had filed international police
reports alleging fraud by Alex Ng, its former president-director.
It said that HK$45 million was missing from the company's
coffers.  Putra Surya told the stock exchange it had filed police
reports in Singapore, Indonesia, Hong Kong and with Interpol,
alleging that funds were transferred to unauthorised accounts at
the Zurich branch of ABN Amro Bank and a Guernsey branch of the
Republic National Bank of New York.  Mr Ng joined the company
last year and is still at large, the report to the stock exchange

Earlier this month, the Indonesian Bank Restructuring Agency
pledged to take unspecified legal action against Putra Surya
Perkasa Group, the bankrupt company's parent, which owes the bank
rescue body 5.1 trillion rupiah.

Phoenix Global Investment filed a bankruptcy claim against PSM
earlier this month for the latter's failure to pay matured
interest payments on the $1 million in convertible bonds it
issued to the foreign bond holder.

Marthens Manafe, the plaintiff's lawyer, said the convertible
bonds were issued to Phoenix Global in December 1996 and would
mature in May 2001.  He added that interest payments on the bonds
were to be paid by the issuer each July.  

"Because they (PSM) failed to pay the matured interest payments
for July 1998 and July this year, the whole principal value of
the bond automatically became due," he said.

PSM, listed on the Jakarta Stock Exchange (JSX), is an affiliate
of the heavily indebted Putra Surya Perkasa (PSP) Group.  PSP,
among IBRA's largest debtors, has been categorized a
noncooperative debtor for its failure to comply with the agency's
debt restructuring program.  The business group operates eight
subsidiaries and owes a total debt of some Rp 5 trillion to banks
under the control of IBRA.  

PT SINAR: Receives Okay to Restructure US$46.7 Medium-Term Notes
Indonesian finance company PT Sinar Mas Multiartha has reportedly
obtained approval from the Asian Banking Corporation of South
Korea to restructure US$46.7 million of debt in Medium-Term Notes
(MTNs).  An agreement on the debt restructuring signed recently
involved a 5-year rescheduling of the notes' maturity without a
debt reprieve nor an additional grace period, according to a
report circulated by Asia Pulse.  The interest payments would
continue to be made semi-annually, but the rate was revised from
the previous 11% per annum to 3 percentage points above
the London Interbank Offered Rate (LIBOR).

Sinar Mas Multifinance told reporters that the new agreement
required the firm to repay 10% of total debts, or US$4.67
million, annually between this December to 2003.  Repayment of
the remaining US$23 million would be settled in Nov 2004 at the
end of the notes' maturity.


MITSUBISHI MOTOR: Widens Efforts to Restructure Operations
Mitsubishi Motors Corp. unveiled further moves in Tokyo this past
week to restructure its ailing operations, including an
additional 10% reduction in manufacturing capacity in Japan and a
termination of new investment in Europe to focus on North

Katsuhiko Kawasoe, president of Mitsubishi, said the yen's
strength and a worse-than-expected slump in Japan's car market
have "used up" the effectiveness of the restructuring measures
the Japanese auto maker has implemented so far, and that more
streamlining is needed to ensure an early turnaround.

The steps, announced Friday and related via The Asian Wall Street
Journal, are the latest in a series of moves by the ailing auto
maker to make itself more attractive to potential suitors. Mr.
Kawasoe, the Journal reports, said Mitsubishi will continue to
seek alliances, including those that may turn into equity
relationships, with other car makers by promoting its gasoline-
direct-injection engine technology. "We continue to seek
collaborative ties with companies world-wide that will prove
mutually rewarding," he said.

Mitsubishi's latest restructuring plan covers the period between
April 2000 and March 2004.  Mr. Kawasoe said Mitsubishi will
invest "several hundred million dollars" in the U.S. where its
cars have sold at a record pace this year that the company
otherwise would have spent in Europe during the period. The funds
will go primarily to developing cars and light trucks with "a
more distinct American taste," Mr. Kawasoe said.

Through cost cutting and by improving revenue and profit, Mr.
Kawasoe said Mitsubishi plans to slash group interest-bearing
debt to about one trillion yen (US$9.78 billion) by March 2004,
from 1.75 trillion yen last March. Under the previous plan,
Mitsubishi sought to cut debt to 1.3 trillion yen by March 2001.

The new restructuring measures are expected to help Mitsubishi
Post parent pretax profit of 100 billion yen and group pretax
profit of 150 billion yen in the year ending March 2004, up from
20 billion yen on both parent and group bases for the year ending
March 2001, Mr. Kawasoe said.

NISSAN DIESEL: To join Hino-Isuzu Bus Joint Venture
Troubled truck maker Nissan Diesel Motor plans to join a bus-
making joint venture to be set up by Japanese rivals Isuzu Motors
and Hino Motors, a report appearing in Business Day this week
relates.  Nissan Diesel, which makes some 800 buses a year, will
transfer the development and production division of its bus
business to the joint venture, Kyodo News agency said quoting
industry sources.  Nissan Diesel could not be reached for comment
by Business Day.  

Nissan Diesel, a unit of Nissan Motor, said in October its losses
nearly tripled in the six months to September and that it was
expecting another huge loss ahead.

Kyodo news reports that Subaru car maker Fuji Heavy Industries
also intended to join the Hino-Isuzu joint venture, and that
Nissan Diesel and Fuji would announce the move early in January.
But a Fuji spokesman denied that the company, which earlier this
month was bought into by US giant General Motors, was taking
part.  "We've never heard of it and there is no such a thing at
all," he said.

Hino could not be reached for comment, but an Isuzu spokesman
also denied the report.  "There is no such deal at all," he said.
Earlier this month Hino and Isuzu said they would set up a joint
venture within a year to consolidate their bus-making operations.
Hino is affiliated with Toyota Motor Corp. while Isuzu is
controlled by General Motors.

YAKULT HONSHA: Company Charged with Filing False Earnings Reports
From Tokyo, The Asian Wall Street Journal reports that the
Securities and Exchange Surveillance Commission filed allegations
that Yakult Honsha Co. falsified of earnings results for the six
months ended September 1997.  The commission alleges two
executives at the company plotted to conceal Yakult's losses on
Princeton Economics International notes that were sold by the
Tokyo branch of Cresvale International Ltd., according to people
close to the commissions.  Officials at Yakult Honsha weren't
available to comment, the Journal said.


DAEWOO CORP.: FSC Continues Negotiations with Foreign Creditors
The South Korean government will delay placing Daewoo Corp. under
court receivership but continue negotiations with the foreign
creditors of the troubled Daewoo Group until late January.
Lee Hun-jai, chairman of the Financial Supervisory Commission,
held a meeting Monday with presidents of Daewoo's creditor banks
to review the progress of workout programs for Daewoo affiliates.
Sources told Yonhap, Asia Pulse and other news services that
participants agreed not to place Daewoo Corp. under court
receivership within this year but to postpone the decision for
three to four weeks in a bid to give foreign creditors
negotiating leeway.

Last week, foreign creditors turned down an average loan recovery
rate of 34 percent proposed by domestic creditors and asked for
59 percent.  The government and domestic creditors will not back
off from their original position regarding the loan recovery
rate, and will press for court receivership of Daewoo Corp. next
month if foreign creditors hold on to their demand for a 59-
percent recovery rate.

DAEWOO MOTOR: Creditors Name New Senior Officers
Creditors of South Korea's Daewoo Group named:

    * Kim Shin-jung, 54, Daewoo Motor's vice president resident in
      India, as the automaker's new president for overseas

    * Jung Ju-ho, 53, chief restructuring planner of Daewoo Group,
      was named as Daewoo Motor's president of the company's
      domestic operations; and

    * Park Sung-hak, 56, president of Daewoo Group's Indian
      headquarters, was named president of Daewoo Motor Sales

this week, and reports say that creditors will name a new
chairman within this week.

HYUNDAI GROUP: Reforms Rouse Financial Sector, AWSJ Says
Hyundai Group has gotten serious about reform, but some in South
Korea's financial sector are craving still more.

The turnaround at Hyundai, South Korea's largest conglomerate,
has been dramatic.  Its debt has dropped about from more than
four times the amount of its equity a year ago to less than two
times its equity, not counting its asset revaluation. Its total
liabilities have fallen from 64.9 trillion won (US$57.4 billion)
six months ago to an estimated 46.5 trillion won now.

Hyundai raised an estimated 13.3 trillion won in stock offerings
this year, and the group expects to have 26 affiliates at the end
of the year, reduced from a 1999 high of 79 through sales, spin-
offs and mergers.

In coming year, says Park Se Yong, the executive chairman of
Hyundai's corporate restructuring committee, Hyundai plans to
split itself into five independent subgroups, each centered on
one major business automobiles, electronics, heavy industries,
construction and finance.

"The government and the people would like to see big groups like
Hyundai be more compact-sized," Mr. Park says.

But some bankers and analysts still believe that Hyundai must do
more to ensure the competitiveness of its companies in the long
term because the group is facing immense potential challenges.
General Motors Corp. and Ford Motor Co. are both pursuing the
acquisition of Daewoo Motor Co. One of them succeeding would give
a foreign car maker a major presence in South Korea for the first
time and put pressure on Hyundai Motor Co.

Kim Young Hwan, chief executive of memory-chip maker Hundai
Electronics Industries Co., says the company can rely on its
internal resources to make investments and service its debt,
which will total approximately nine trillion won at year end,
but, if it does so, it will face difficulties maintaining its
market share.

Bankers and analysts would like Hyundai to continue to make
financial improvements and form tie-ups with foreign companies,
especially in capital-intense industries such as automobiles and

"They need foreign strategic alliances, to get cash, pay debt,
and clean up the balance sheets," says Koh Wonjong, head of
research at ABN Amro Asia in Seoul.

An official at Hyundai Motor says the car maker wants to remain
independent, but is interested in alliances with foreign firms
for specific projects. Hyundai Electronics' Mr. Kim says his
company is in talks with Japanese chip makers about possible
areas of cooperation, and is also pursuing a foreign partner for
its flat-screen business. "Our doors are wide open to talk," he

Hyundai's reforms have eased concerns about the group's financial
health. During most of South Korea's financial crisis, which
started in late 1997, Hyundai was adding heft while other
conglomerates were slimming down. Huyndai companies, led by
Huyndai Motor, acquired car maker Kia Motors Corp. in an auction
last year, giving Hyundai control of more than 70% of the local
car market. This year, Hyundai Electronics acquired competitor LG
Semicon Co. Now Hyundai has 25% of the world's capacity for
dynamic random access memory chips, or DRAMs more than any other

Mr. Park sees the acquisition as the right moves for Hyundai. "We
shall continue to specialize and concentrate our efforts," he
says. "This is not expansion, but concentration."

But financial markets got jittery this year, especially after the
Daewoo Group nearly defaulted on its debt in July. Now Daewoo is
being dismantled by its creditors after amassing liabilities in
excess of 87 trillion won. Mr. Park says international banks
temporarily tried to reduce their exposure to Hyundai in the wake
of Daewoo's problems.

Hyundai continues to send mixed signals as to whether the group
has truly changed its expansionist ways. In October, Hyundai
agreed to sell half of its oil-refinery business to International
Petroleum Investment Co. of Abu Dhabi for $510 million. But it
also signed a memorandum of understanding with financial-sector
regulators to acquire Josun Life Insurance Co. This month,
Hyundai Motor expressed its interest in taking over the Poland
car-manufacturing operations of Daewoo Motor.

Hyundai is also at the forefront of business in North Korea. Last
year, Hyundai promised North Korea US$942 million in fees over
six years to run a tour service to a North Korean mountain.
Hyundai also plans a US$10 billion industrial complex in North

"In a few years, the size and quality of the business (in North
Korea) will be greatly improved," says Kim Ko Joong, senior
executive vice president at Hyundai Asan Corp., the affiliate
conducting the North Korea businesses.  (The Asian Wall Street
Journal 28-Dec-1999)

KOREA HEAVY: End of HANJUNG Strikes Signals Start of Next Chapter
Privatization efforts are expected to get underway once again at
state-run Korea Heavy Industries and Construction Co., or
HANJUNG, following the end of a 48-day-long strike.

Although the agreement reached between workers and management
still contains vague promises, such as "privatization that
ensures maximum benefits for both workers and the company," the
end to the crippling strikes has removed external obstacles.

Also, a major instigator of the strikes - a business swap between
Samsung, Hyundai and HANJUNG - was concluded earlier this year.

Samsung Heavy Industries Co., Hyundai Heavy Industries Co. and
HANJUNG signed a formal contract in early November to swap their
power generation equipment and ship engine operations.

Under the contract, Samsung Heavy will transfer all of its power
plant operations to HANJUNG, while Samsung's ship engine
operations will be transferred to a new company. HANJUNG will
hold a 60 percent stake in the new ship engine company, while
Samsung Heavy will hold the remaining 40 percent. HANJUNG will
also take over Hyundai Heavy's power plant operations.

The planned ship engine company will lease the ship engine
facilities of Samsung and HANJUNG for five years and purchase
them at a later date.

The deal aims to resolve bloated investment and over-capacity at
the nation's top five business groups and has been touted as the
removal of one of many obstacles in efforts to privatize HANJUNG.

The business swaps are part of the reforms the government has
been pushing the nation's top business groups to implement in
seven industries, including semiconductors, cars and

However, the signs indicate a rough road ahead.

The Korean government, which originally planned an open sale of
HANJUNG's operations, has recently been avoiding direct comments
regarding such a sell-off. Also, rumors have been circulating
that the government is pushing for an exclusive sales contract
with the General Electric Company of the United States, causing
other interested parties to accuse Seoul of favoritism.

As ambiguous as certain clauses may seem, the agreement between
labor and management shows that the government has accepted most
of the demands of the union.

Company officials agreed to give workers "a maximum amount of
stock options within the limits of existing laws," by offering
them loans through financial institutions. Another clause
reportedly contained provisions for a joint labor-management
committee to discuss future privatization decisions.

Sources close to the talks said HANJUNG's management agreed with
union officials to give them a 15 percent stake in the state-run
company, while pursuing the handout of additional shares
progressively through listing on the local bourse.

Hinting at that possibility, a HANJUNG spokesman said, "We are
discussing a wide range of possibilities."

Meanwhile, industry watchers have cautiously pointed out the
underlying desire by the government to obtain equity
participation by GE, owing mostly to Seoul's intent to lower the
number of chaebol-controlled industries.

Of the 51 percent stake in HANJUNG slated for sale, the
government has decided to hand out 15 percent to union members.
If an equal number of shares are handed out to GE and ABB-CE,
then domestic conglomerates will have less than a 10 percent
stake to divide among themselves.

Industry watchers point out that the government's decision to
hand out shares to labor officials was Seoul's attempt to quell
negative developments in a rush, with only months remaining
before general elections next year.

Meanwhile, the Ministry of Commerce, Industry and Energy
yesterday denied a local press report that it plans to keep
chaebol groups from taking part in HANJUNG's privatization.

The report said that the ministry plans to sell a 20 to 25
percent stake in the company to foreign companies in a strategic

"The report is simply inaccurate," said a ministry official. He
said the government hasn't finalized plans on how it will
privatize the company.  (The Korea Herald 29-Dec-1999)

KOREA INVESTMENT: Government Injects Won 600 Billion of Capital
The South Korean government will inject 600 billion won (US$531
million) in shares of Industrial Bank of Korea into ailing Korea
Investment Trust Co., the Ministry of Finance and Economy said,
according to a report appearing in The Asian Wall Street Journal.
The capital injections, completed Tuesday, are part of a
government plan to inject a total of two trillion won into KITC
and Korea Tobacco & Ginseng Corp., both of which the Financial
Supervisory Commission declared nonviable earlier this month when
an audit revealed their liabilities far surpassed their assets.

KOREA TOBACCO: Government Injects Won 300 Billion of Capital
The South Korean government will inject 300 billion won in shares
of Korea Tobacco & Ginseng Corp. into Daehan Investment Trust
Co., the Ministry of Finance and Economy said, according to a
report appearing in The Asian Wall Street Journal.  The capital
injections, completed Tuesday, are part of a government plan to
inject a total of two trillion won into KT&GC and Korea
Investment Trust Co., both of which the Financial Supervisory
Commission declared nonviable earlier this month when an audit
revealed their liabilities far surpassed their assets.


UNIPHOENIX CORP.: Explains Qualification in Auditor's Report
Uniphoenix Corp Bhd has explained its qualification in the
auditors report in its 1999 annual report, according to a news
item appearing in Tuesday's edition of The Star.  In a reply to
the KLSE, UCB said as at June 30, the group and company had net
current liabilities of RM392.581mil and RM427.117mil
respectively.  They had net shareholders' deficit of RM330.402mil
and RM329.320mil respectively.

In July of this year, The Star recalls, the company announced its
revised proposed restructuring scheme and the ability of the
group to continue as a going concern is dependent on the
successful implementation of the said restructuring scheme.

"The matters highlighted above is significant and the
implementation of the said scheme is uncertain as it is pending
the approval of various parties," the statement said.

In February this year, Pengurusan Danaharta Nasional Bhd
appointed Special Administrators to assume control of the assets
and liabilities affairs of a subsidiary, Halim Securities Sdn
Bhd, with the objective of restructuring Halim Securities.

"The implementation of the schemes will result in adjustments
being made to certain amounts and the classification of assets
and liabilities in the amounts of the group and the company where
a quantification of the possible effects on the accounts could
not be determined.

"At the date of the report, the auditors have highlighted this
matter of fact in their report," the statement said, according to
The Star.


BW RESOURCES: No Free Cash to Pay Account Holders
Some brokers continue to show scars from the unusual surge in
prices of gaming firm BW Resources Corp.

Connell Securities, Inc. -- a former member of the Philippine
Stock Exchange (PSE) -- is faced with a dilemma on how to settle
its accounts with clients as the PSE and corporate watchdog
Securities and Exchange Commission (SEC) have dribbled around the
role of being "receiver" (or distributor of funds) for the
proceeds of Connell's sale of its Exchange seat.

"The owners are willing to pay," Rebecca Licuanan, former
internal auditor for Connell, told BusinessWorld.

"But the funds are not with us. We cannot step in. Neither PSE
nor SEC has given us instructions. They have not released the
funds (from the sale of the exchange seat)," Ms. Licuanan said.

It would be recalled that last September, approval of the sale of
the seat was sought from PSE's board of governors. The seat,
which was sold for PhP27 million (US$669,759 at PhP40.313=US$1),
was taken by another local broker Coherco Securities, Inc.

Ranking sources at the PSE estimated Connell's liabilities to
reach between PhP42 million to PhP52 million ($1.04 million to
$1.28 million), varying as it is depending on the market prices
of the shares held by clients.

Connell contested the amount saying that as of September, the
PhP27 million net proceeds could cover 80% of the company's

How did the Connell problem happen? Sources recounted there was a
"mysterious" shortage of shares of BW in the firm's inventory.

"There were some shares not available in our inventory. BW was
one of them. A client for instance wanted to buy BW through us.
We found out some shares were not available in the inventory so
we had to buy (these) back and how much was BW? From PhP1
(originally), it rose to... (in October as high as within the
day) PhP107," a source said. "It could have been stolen but who
would want it for PhP1? It could have been sold," the source

For its part, the PSE is mulling to tap the Securities and
Investors Protection Fund (SIPF) -- the lifesaver for insolvent
brokerage firms -- as an alternative should customers of Connell
demand that they be paid their dues.

"Or we can deposit the proceeds to court," a ranking source said.
The SEC has remained mum on being the "liquidator" of Connell's
assets saying PSE still has "residual authority" over Connell
even if it is no longer a member of the Exchange.

A liquidator takes charge of collating the company's assets and
converting these to cash as well as distributing these to the

A source in SIPF, Inc., the non-stock profit corporation which
manages the fund said the reserve has amounted to more than
PhP100 million ($2.4 million).

The source said this reservoir could be tapped by brokers and
clients who apply to the corporation should the broker fail to
settle its accounts to customers.
Applicants however could be satisfied up to PhP100,000 ($2,480),
which is the fund's liability limit.

The PSE, however, has been faced with growing dissatisfaction
over its handling of the Connell case as one governor, who heads
the membership committee was reportedly upset over the sale of
the seat.

PSE Roberto Coyiuto reportedly wrote a letter asking that PSE
management led by president and chief executive Jose Luis U. Yulo
be sanctioned for approving the sale without informing him since
the sale should proceed only if SEC should guarantee that PSE be
absolved from Connell's liabilities.

Mr. Coyiuto could not be reached for comment as he was "out of

Mr. Almadro said Mr. Coyiuto was present during the meeting and
did not comment to changes in the board decision involving

In the a PSE memorandum dated December 16, the board of governors
in its meeting held last October 13 amended its decision and
approved the sale of Connell's seat sans the condition that PSE
be free from liabilities.

The SEC, for its part, said "the Commission does not interporse
any objection to the sale" but did not officially comment on
whether PSE was free from the liabilities.

Connell officially stopped operations since May 15 due to
internal problems. It sold its seat to Coherco Securities of
businessman Wilfred Tan Co, owner of the Robinson's Handyman,
Inc. chain of stores. Connell is the third broker to cease
operations after Malaysia-based Amsteel Securities and Hong Kong-
based Kerry Securities pulled out of the PSE early this year.  
(Business World 29-Dec-1999)

NATIONAL STEEL: Seeks Suspension on Debt Payments from SEC
Forced to seek debt relief to avert foreclosure on its assets,
National Steel Corp. asks Manila's Securities and Exchange
Commission for a suspension on payments of 15.4 billion pesos
(US$383.2 million) of debts and loans.  National Steel's petition
came a day after a local court denied a petition to extend an
order that temporarily stopped a syndicate of local banks,
including Philippine National Bank, Allied Banking Corp.,
Westmont Bank, and Land Bank of the Philippines, from selling
National Steel's assets on December 22.

Immediately, National Steel asks the SEC to install a management
committee to prevent the dissipation of its assets.  NSC suggests
that the "creation of a management committee or rehabilitation
receiver will help facilitate the resumption of the company's
business operations as well as its long-term rehabilitation,"
according to a report appearing in BusinessWorld.

The PNB Syndicate loaned National Steel close to 10 billion
pesos.  National Steel says a suspension will give it time to
draft a rehabilitation plan and find a new financial backer to
help it pay all its debts.  National Steel says its assets are
worth 20 billion pesos, more than enough to cover all its
liabilities.  For believers in publicly-filed financial reports,
SEC submissions indicate that the company has assets of PhP29.27
billion (US$726 million) and liabilities of PhP16.12 billion
(US$399 million).

National Steel's petition is getting no priority.  An SEC
official told BusinessWorld that the provisional suspension order
has not yet been issued as NSC's petition is "not with extreme
urgency," despite the temporary restraining order (TRO) issued by
the regional trial court of Lanao del Norte against foreclosure
proceedings on the steel firm's assets.

"It will be practically impossible for petitioner to resume its
operations and rehabilitate itself unless the SEC intervenes and
declares NSC in a state of suspension of payments," NSC said in
its petition.  NSC asserts that a foreclosure sale "will cause
irreparable injury not only to the company but also to the
national economy."

National Steel, according to the Philippine Daily Inquirer,
blames its dire financial straits on the entry of imported and
cheap selected steel products since the government reduced the
tariffs on these products to three percent from 20 percent,
unstable foreign exchange rates and high interest rates,
especially at the height of the Asian financial crisis.

PHILIPPINE ASSOCIATED: Minority Sharheolders Appeal to Sup. Ct.
BusinessWorld says that it appears oppositors to the sale of the
debt-saddled Philippine Associated Smelting and Refining Co.
(PASAR) to private consortium, Pasar Holdings Inc. have not yet
given up.

PASAR minority stockholders and seven congressmen -- in separate
appeals filed before the Supreme Court yesterday -- begged the
High Tribunal to overturn a December 14 ruling upholding the
turnover of the firm to the former Copper Smelting Investment.
Ltd (CSIL) for PhP3.2 billion (US$79.37 million).  They claimed
the decision laid down a bad precedent.

CSIL is Pasar Holdings Inc.'s predecessor.

They cautioned the court's failure to nullify the sale will later
embolden the Asset Privatization Trust (APT) and the Committee on
Privatization (CoP) "to continue their scandalous management of
the government's privatization program."

"Strike down all attempts to give away the country's strategic
industrial resources at bargain-basement prices...The green light
(you gave by upholding the PASAR sale will allow) speculators to
descend upon the carcass of our prostate economy," asked the

Both motions for reconsideration warned of the effects of the
"unfavorable" decision on next year's scheduled sale of the
Philippine Phosphate Fertilizer Corp., the National Food
Authority and the National Power Corp., among others.

"These corporations are being pictured as debt-laden, thus
preparing the public for accepting a PASAR-like bidding process
that would attract avaricious international adventurers and their
local counterparts and dummies who are now salivating at the
prospect of acquiring strategic Philippine industrial concerns
for a pittance," they said.

Two weeks ago, the Supreme Court junked for lack of merit the
petitions for review of PASAR minority stockholders Teodoro
Bernardino and Teodulo Gabor, Jr. and congressmen Ricardo
Silverio, Raul Gonzalez, Prospero Pichay, Sergio Apostol,
Federico Sandoval, Rodolfo Bacani and Roy Padilla, Jr.

The Tribunal's first division said the petitioners failed to
prove the government abused its power in "accepting the bid of

It added the oppositors did not back up their claim the sale was
"disadvantageous to the government and the Filipino people."

They insisted the cash-strapped government should not use its
dire financial situation to legitimize the sale of PASAR.

"The country is admittedly facing a host of financial problems
but this is no excuse to sacrifice even its dignity by
practically begging for crumbs in exchange for substantial
assets, " they said.

The privatization proceeded as planned in June after the Supreme
Court refused to issue a restraining order to stop its
finalization.  The CSIL consortium, backed by Switzerland-based
global commodities trader Glencore International AG, paid PhP3.2
billion for 292 million or common A PASAR shares the National
Development Co. (NDC) on behalf of the government. This is
equivalent to 37.7% stake in PASAR.

In their appeals, the oppositors claimed government erred in
surrendering to Pasar Holdings the old PASAR's PhP25.6-billion
($635 million) future receivables even as it allowed to shoulder
PhP32 billion ($793 million) in liabilities.

"These facts are matters of record," they said, in convincing the
Court to take a second look at the case.

SOLID BANK: Metrobank to buy Solidbank for PhP6.77B
The Metrobank Group is pushing through with its purchase of a 51%
stake in listed Solidbank Corp., Philippine newspapers report,  
despite a pending petition for a delay in the sale by Solidbank's
foreign partner Bank of Nova Scotia (Scotiabank).

In a disclosure to the Philippine Stock Exchange (PSE) yesterday,
the Metropolitan Bank and Trust and Co. (Metrobank) said its
board of directors has approved the purchase of "at least 51%" of
Solidbank's outstanding capital stock for PhP6.766 billion
(US$167 million).  The transaction would involve 11.798 million
common shares, priced at PhP573.50 ($14.22) apiece. This would be
equivalent to roughly 2.52 times Solidbank's book value, pegged
at PhP227.16 ($5.63) as of end-1998.

The Solidbank purchase, BusinessWorld relates, would be the
Metrobank Group's third acquisition in less than a year. Last
July, it agreed to buy 67% of the Philippine Banking Corp.
(PhilBank) at 1.425 times the adjusted book value, or PhP2.928
billion ($72.63 million). The transaction was crossed at the PSE
last August.  It also acquired 100% of AsianBank Corp.'s capital
stock at a "negotiated price" of PhP2.25 billion ($55.81
million), or 0.592 times the bank's PhP3.8-billion ($94.26
million) book value.  

A source from the Metrobank Group told BusinessWorld that the
country's biggest bank (about to be overtaken by the Bank of the
Philippine Islands-Far East Bank and Trust Co. merger) is
"prepared to push through with the transaction." The bank has two
working days or until Jan. 3 next year to close the deal.  

Scotiabank's deadline to exercise its "right of first refusal"
over the Madrigals' 38% stake lapsed yesterday, which technically
paved the way for Metrobank to gobble up the family's shares.  
"We need a formal notice before we can act We are waiting for the
formal notice from the Madrigals (that would inform us) that the
30-day period (for Scotiabank to exercise its right of first
refusal) has lapsed," an unnamed source told BusinessWorld.

Bangko Sentral Governor Rafael Buenaventura said yesterday that
he hoped to see the shareholders of Solidbank settling their
dispute soon, noting that whichever group would succeed in taking
over the bank would be acceptable to the BSP.  "It is immaterial
whether it is Metrobank or Bank of Nova Scotia or if it reverts
to the Madrigals.  They should resolve it very soon,"
Buenaventura urged.

VICTORIAS MILLING: Puts New 53.35% Equity Stake Up for Sale
Hoping to raise no less than P567.08 million, the Philippines'
largest sugar miller, Victorias Milling Corp, said Monday that a
53.35 percent stake in new common shares will be sold.  The sale
of Victorias' majority stake is part of the firm's survival plan
approved by the Securities and Exchange Commission in August if
shareholders failed to raise fresh funds.  In its bid invitation
published in the Manila Bulletin and other local newspapers,
Victorias said pre-qualified bidders may conduct a due diligence
on the company from February 4 to March 3 after paying a fee of
P50,000 each.  The company did not say when it planned to hold
the bidding. It said interested buyers must register no later
than January 12. VMC was brought to its knees in early 1997 after
a prolonged sugar glut from the country's over-importation
strained its finances.  Its diversification projects, which
included real estate developments, also failed to produce the
expected results after the property market slowed. This forced
the company to seek a debt moratorium from 32 banks, which have a
combined exposure of P3.4 billion.

In other news, Bankers Trust Co., the Philippine Daily Inquirer
reports, has resigned as Victoria's financial adviser to "avoid
any perceptions of conflict of interest."  Bankers Trust was
acquired recently by Deutsche Bank AG, one of the major unsecured
creditors of Victorias.  "While Bankers Trust is of the opinion
that no conflict of interest exists, we would like to request the
Victorias management committee to accept our resignation to avoid
any perceptions of conflict of interest," it said in a letter to


PRECIOUS SHIPPING: Agreement to Defer Principal Payments
Precious Shipping Public Company Limited advises that it executed
a Principal Deferral Agreement with Den Norske Bank ASA, London
Branch; Credit Agricole Indosuez, BIBF; Credit Suisse First
Boston, Singapore Branch; Banque Nationale de Paris, BIBF; Export
Import Bank of Thailand; The Siam Commercial Bank Public Company
Limited; and The Hongkong and Shanghai Banking Corporation
Limited.  According to the Agreement, all matured repayments of
the principals falling due between 15th July, 1999 and 31st
December, 1999 under any loans to above financial institution
creditors being parties have been deferred to 31 December 1999 or
such later date as may be agreed between financial institution
creditors being parties and the Company so that the Company can
proceed with the debt restructuring during such deferral period.

PREMIER ENTERPRISE: Creditors Vote to Accept Restructuring Plan
Premier Enterprise announced that that in the creditors meeting
which convened last 30 November 1999 to vote on the company's
debt restructuring plan, the resolution to approve the Company's
restructuring plan exceeding the requirement stipulated by the
Corporate Debt Restructuring Advisory Committee.  The next step
is that the company and the creditors will be signing the
restructuring contract at later date.

PP: New Incineration Project to Fund Rehabilitation Plan
On July 2, 1999, PP announced its intention to propose a
rehabilitation plan.  This week, Mr. Veerachai Eurvilaichit,
Managing Director for PP, discloses that FINANSA LIMITED as the
Companys Financial Advisor for the plan since June 15, 1999, and
we have already completed the Debt Restructuring Contracts with
all the Companys financial institutional creditors since December
16, 1999.

Additionally, the Company is now studying the feasibility of the
implementation of an incineration project which will greatly
improve the rehabilitation plan in terms of revenue.  
Accordingly, PP will postpone submission of the plan.  Together
with FINANSA, the Company is jointly preparing details of the
plan in March 2000.

SAHAVIRIYA OA: Debt Restructuring Plan Approved by Creditors
The Asian Wall Street Journal reports that Sahaviriya OA PCL of
Thailand said its creditors have approved a debt-restructuring
plan for total debt of 7.78 billion baht ($207.9 million).

The company told the Stock Exchange of Thailand that creditors
representing about 76% of total debt value have voted in favor of
the plan. The plan includes debt forgiveness, asset transfer,
capital reduction followed by capital increase, and a debt-to-
equity conversion, the company's financial adviser Seamico
Securities said.

The Nation reported creditors have accepted a reduction in debt
of 70%, or 5.4 billion baht.

As of July 19, the company had total assets valued at 2.03
billion baht, a company representative said. Upon completion of
the debt-restructuring plan, the company's registered capital
will be increased to 500 million baht, from the current 200
million baht. Creditors will end up with a 90% stake in the
company after a debt-for-equity swap valued at 900 million baht,
the representative said.

SRITHAI SUPERWARE: Court to Consider Creditor-Approved Plan
Pursuant to the Court Order on May 28, 1999, Srithai Superware
Public Company Limited was allowed to enter a Rehabilitation
Process and SGV-Na Thalang & Co., Ltd. was appointed as the
Planner. Furthermore, the vote at the Meeting of Creditors on
December 20, 1999 was approved the Business Reorganization Plan
of Srithai Superware Public Company Limited.  

Pursuant to Part 8 of the Bankruptcy Act B.E. 2483 (A.D. 1940) as
amended by Bankruptcy Act (No. 5) B.E. 2542 (A.D. 1999), the
Court considers on the resolution of the Meeting of Creditors
in respect of the approval of the Business Reorganization Plan.

At the hearing on December 24, 1999, the Court postponed the
consideration of the Business Reorganization Plan and
appointed the hearing date to be at 1.00 pm on December 30, 1999.

TELECOM HOLDING: Sells-Off Claybridge Shares
In line with its debt-restructuring plan, Telecom Holding (TH), a
subsidiary of Telecom Asia Corporation Plc, has sold its US$3.3
million stake in Claybridge Enterprise.

TH sold its entire 93.67 per cent stake, or 3,699,000 shares, in
the US-based company to an unnamed third party. Claybridge is the
sole investor in Kendin Comunication, which produces electronic

Dr Vallobp Vimolvanich, TH's president, said the company
continues to sell its overseas investments in order to focus on
its core business in accordance with its debt-restructuring plan.
TH has about eight billion baht in debt. It expects to complete
its debt clearing process in the first quarter of next year.
Among its flagship businesses are Asia Multimedia, the fibre
optic network operator, Internet service provider Asia Infonet
and Personal Communication Telephone (PCT).

To meet creditors' demands, the company recently sold several
overseas projects, including its 15 per cent of Kopin Corporation
Co for US$39 million. US-based Kopin is a manufacturer and
distributor of telecom equipment.

TH also sold its 20 per cent of optical fibre operator ComLink Co
for Bt567 million. The shares were offered to ComLink
shareholders, including the Lamsam family, the Bhirombhakdi
family and Pridiyathorn Devakula, president of the Export-Import
Bank of Thailand.

Last year, TH sold its stake in Hong Kong-based APT Satellite for
Bt3 billion.

TH has yet to pull out of one project: Fibre Optics around the
Globe. However, TH plans to divest its entire share after listing
the company operating the project in an overseas stock market. TH
expects to get a higher return that way.

Meanwhile, the company announced that it would enter the
television commerce business in 2000. The company expects to
secure a foothold in t-commerce through existing business
networks.  T-commerce involves business transactions via
interactive television.  (The Nation 28-Dec-1999)

THAI MODERN: Executives Charged with Fraud & False Statements
Writing for the Bangkok Post, Nuntawan Polkwamdee reports that
the Securities and Exchange Commission yesterday announced
criminal charges against directors and executives of Thai Modern
Plastic.  A total of six directors and employees of Thai Modern
Plastic were charged with securities violations and embezzlement
occurring between March 1993 and December 1997.  The SEC filed
the charges on Monday with the Economic Crime Investigation

Chit-aram Panyamanichote, Aram Panyamanichote, Panit
Panyamanichote, Chitra Panyamanichote and Prasit Pornpaitoonsakul
were accused of fraud and embezzlement of company assets for
personal gain.  Mr Chit-aram, Mr Aram, Ms Chitra and Mr Prasit
were accused of making false statements, improper accounting and
submission of incomplete financial statements to mislead and
damage benefits of the company and shareholders.
Mr Aram and Ms Chitra were accused of falsifying documents used
for accounting purposes, submitting false written statements and
misleading accounting records.  Valaiporn Yongkunavoot was named
as an accomplice of the other suspects and accused of assisting
in the falsification of records.

Penalties for each alleged offence range up to 10 years' jail and
fines of up to one million baht.

Shares of Thai Modern Plastic have been suspended from the Stock
Exchange of Thailand since mid-1998, and the company is
implementing a rehabilitation plan.  The company posted losses of
125 million baht for the first nine months of this year, compared
with losses of 462.86 million last year.

THAI OLEFIN: Maturity for $332 Million Extended from 2005 to 2007
The board of directors of the Petroleum Authority of Thailand, or
PTT, approved a debt-settlement extension for its heavily
indebted unit, Thai Olefins Co., officials from Thai Olefins

Thai Olefins Chairman General Yuthasak Sasiprapa said PTT struck
a deal with Thai Olefins creditors in which its $332 million debt
principal settlement was extended to 2007 from 2005.

Mr. Yuthasak said the new settlement plan will allow the company
more operating flexibility because of increased liquidity in the
near term., as the repayment of some $122 million in debt
principal is effectively on hold for four years.

Under the new plan, Thai Olefins will pay creditors $8 million in
principal and $30 million in interest beginning next year. The
repayment amounts will rise incrementally each year after that.

Under the previous contract, Thai Olefins was obligated to pay
annually $52 million toward principal and $30 million in interest

Mr. Yuthasak said Thai Olefins estimates annual profit this year
at 130 million baht ($3.5 million), after operating costs and
debt repayments, bolstered by the favorable prices of olefin s in
the third and fourht quarters of 1999.

The company's creditors include foreign and domestic
institutions, including Industrial Bank of Japan, Bangkok Bank,
Sumitomo Bank, U.S. Exim Banka, Korea Exim Bank, japan Exim bank
and Sakura Finance Asia.  (The Asian Wall Street Journal 28-Dec-

THAI PETROCHEMICAL: Selling Stock to Raise Funds to Settle Debts
Thai Petrochemical Industry Plc, reporting additional details on
its wholly owned subsidiary Rayong Tank Terminal Co Ltd's
recapitalisation plan, said the latter is increasing its
registered capital from Bt600 million to Bt1 billion to raise
funds for a debt settlement with its parent firm.  Earlier, TPI's
board of directors allowed the firm to subscribe to four million
capital-increase shares issued by Rayong Tank Terminal Co Ltd for
Bt400 million.  (The Nation 28-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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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