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     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, June 5, 2000, Vol. 3, No. 108

                          Headlines


* A U S T R A L I A *

BHP: More strike action ahead
EISA: Stock plummets after purchase fails
EISA: Sell-out looms for cash-strapped ISP
HUGGINS CONSTRUCTION: Takes only six months to go broke
IMAX GROUP: Curtain closing on a gravely ill IMAX Group
MITSUBISHI AUSTRALIA: Thinking of downsizing Adelaide plant


* C H I N A  &  H O N G  K O N G *

CHIAOHEN TRADING CO.LTD: Facing winding up petition
GUANDONG INT'L: Subsidiary to repay creditors 3% of loans
LAI SUN DEVELOPMENT: Asset swap gets mixed welcome
NEW WORLD DEVELOPMENT: Davnet aborts deal, plunges stock


* I N D O N E S I A *

INDONESIA NAT.AIRCRAFT MFTR.: May be unable to repay debts
PT BAKRIE FINANCE CORP.: Declared bankrupt
PT DHARMALA SAKTI SEJAHTERA: Goes bust as rehab opposed
PT TRIAS SENTOSA: To split shares, restructure debts


* J A P A N *

AKAI ELECTRIC: Loss pushes into negative net worth
ALL NIPPON AIRWAYS: Posts $142.7M loss, asks for pay cuts
DAIHYAKU INSURANCE CO.: Gov't rescue ruled out
SEIYO CORP.: Seibu to securitize 3 more outlets for loss
TOSHIBA MACHINE CO.: Suffers 8.7B Yen group net loss
TOYO ENGINEERING CORP.:Posts group net loss 3rd year in row


* K O R E A *

CHO HUNG: Plans to rid bad loans
HANVIT BANK: Plans to rid bad loans
HYUNDAI ENGIN.& CONSTR.: Secures addit'l 100B won in loans
KOREA DEVELOPMENT BANK: Plans to rid bad loans
KOREA EXCHANGE BANK: Plans to rid bad loans
KOREA MERCHANT BANKING: Gets $75M in emergency loans
SAEHAN GROUP: Creditors accept debt workout plan
SAEHAN GROUP: Owner puts up 24.7B won to rescue firm
SEOUL BANK: New head rules out Deutsche Bank takeover


* M A L A Y S I A *

ANSON PERDANA BHD: To sell land to pay debts
ARAB MALAYSIAN DEVEL.BHD: Posts RM8.195M pre-tax loss
MCL CORPORATION BHD: Rehab continues with new name
TOBERMAN BUILDING: Developer surrenders deed, project dead?
UTAMA IMPIAN: Special administrators appointed


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

ASB GROUP: More banks oppose ASB disbursement of funds
ASB GROUP: Metrobank eyes foreclosure on ASB property
METRO RAIL TRANSIT CORP.: Gov't to pay debt w/bond proceeds
NATIONAL STEEL CORP.: Creditors oppose agreement
PHILIPPINE NAT.BANK: BSP asks it for rehab plan
VICTORIAS MILLING CO.: No white knight yet
VICTORIA MILLING CO.: No look at new plan unless BPI denial


* T H A I L A N D *

BANGKOK BANK OF COMMERCE: June 30 deadline for claims
JASMINE INT'L: To sign debt-restructuring deal on June 15
KRUNG THAI BANK: Seeks advice on transfer of ailing assets
ONE HOLDINGS PCL: Tells SET of rehab petition filing
PETROLEUM AUTH.OF THAILAND: Seeks settlement of gas pact


=================
A U S T R A L I A
=================

BHP: More strike action ahead
-----------------------------
The ACTU says it is planning a long-term industrial
campaign following an announcement by BHP workers to strike
at the company's iron ore operations in the Pilbara next
week.

ACTU assistant secretary Richard Marles says the union had
no option but to decide on industrial action, following a
breakdown in negotiations yesterday afternoon.  Last week
the ACTU approached BHP with a collective package, based on
earlier individual contracts offered by the company.
BHP says the union's offer was unacceptable.

Mr Marles says action will begin on Wednesday with a 24
hour stop-work action, followed by rolling stoppages.
He says it is difficult not to believe BHP wants to get rid
of the union.

"What it means is that we haven't been able to conclude an
agreement with BHP on the terms that were set out in the
mass meeting in Newman and Port Hedland last week," Mr
Marles said.  "We're obviously very disappointed about
that. The position that we put to BHP we thought was very
reasonable." (ABC News Online  03-Jun-2000)

EISA: Stock plummets after purchase fails
-----------------------------------------
The sharemarket is still awaiting a further announcement
from struggling Internet company, eisa, with its stock
suspended again before the opening of trade this morning.

Eisa's attempt to buy the Internet service provider,
Ozemail, in order to rival Telstra's Big Pond collapsed
yesterday when current owners, UU Net terminated the sale
agreement.  With its share price plunging from a high of
$3.18 in February to 24.5 cents yesterday, eisa had been
unable to complete funding arrangements for the deal.

The status of a $20 million deposit paid by eisa to Ozemail
remains at issue and eisa sought a trading halt this
morning pending a further announcement. Meanwhile, the
overall sharemarket has surged ahead today.  A 7 per cent
jump in the share price of News Corporation has underpinned
a 45 point rise in the All Ordinaries index, which is a
gain of 1.5 per cent. (ABC News Online  03-Jun-2000)

EISA: Sell-out looms for cash-strapped ISP
------------------------------------------
Internet service provider eisa is expected to reveal next
week it has run out of cash and may have to dispose of
remaining assets to salvage some shareholder funds.

The once high-flying Internet group's viability was damaged
this week when US phone giant Worldcom withdrew from the
deal to sell its OzEmail access business to eisa for $325
million.  The company is also believed to be planning legal
action against Worldcom's Australian subsidiary UUNET, in
an attempt to recover some of the $20 million non-
refundable deposit it paid in the deal.

The OzEmail acquisition was jeopardised on Tuesday when one
of eisa's funding partners, John Fairfax Holdings,
publisher of The Sydney Morning Herald, pulled out. Eisa
chief executive Damien Brady and his advisers, Hartley
Poynton, had managed to renegotiate the price for OzEmail
down from $325 million to $260 million before the
transaction was aborted.

Each of the local funding partners - Fairfax, ANZ bank and
Hastings Funds Management - was to increase its stake in
eisa, although Hastings was the only one to do so - from
$100 million to $160 million.  Hastings was planning to
emerge with more than 20 per cent of the capital, up from
the originally planned 12 per cent, with Fairfax to take
about 15 per cent, up from 5 per cent, and ANZ 10 per cent,
also up from 5 per cent.

Another strategic partner in the deal, US media giant
Disney was to have held 10 per cent in exchange for
licensing its content. Eisa's major shareholders, Mr
Johnson Wang's KTX European Holdings would have had his
stake watered down to between 10 and 15 per cent. The rest
of the shares would have been publicly traded.

Under the revised deal, eisa shares to be issued to the
incoming shareholders would have been issued at below 80c
each, well below the originally planned $2.  With
Hastings's $160 million, Fairfax's $40 million and ANZ's
$40 million, eisa appeared to have met the sale conditions,
but it was unable to pin down the deal before Fairfax
pulled out.

Hastings and ANZ withdrew late on Thursday, after Worldcom
called off the deal.  The company suspended its shares from
trading early yesterday pending an "announcement", which
did not eventuate before the close last night.  Eisa
management would not comment on the future of the business.

The company's major asset is its 80,000 internet
subscribers, which analysts believe carry some value.
However, in any sale, it is not expected to raise anywhere
near the $150 million at which the company was valued in
last August's float.  Eisa shares were being bid at 30c
after the suspension yesterday, valuing the company at $18
million.

Eisa reported it had $6.8 million in cash reserves at the
end of March, and was burning cash at a rate of $1.8
million per month, in theory leaving it enough money to
survive through to mid-July.  Analysts yesterday said the
company might still find a "White Knight" to bail it out,
avoiding a fire sale of assets.  (Sydney Morning Herald
03-Jun-2000)

HUGGINS CONSTRUCTION: Takes only six months to go broke
-------------------------------------------------------
Christchurch construction company Huggins Construction took
only six months to go broke, leaving debts to creditors and
staff of nearly $240,000.

The building firm, which employed about 10 people and
worked on some high-profile Christchurch projects, was run
by its director, Gary Huggins. The company was incorporated
in December last year and placed in liquidation last month.
Directors said the collapse was due to inaccurate costing,
termination of an important contract, and losing control of
the management of the company.

The liquidator of the company, Keiran Horne, of Crichton
Horne, said the company had run up a spectacular amount of
debt in a short time for a small business.  The failure
comes after the collapse of prominent Christchurch
building company Replica Homes in February with reported
indebtedness of between $500,000 and $1 million.

Huggins employees are furious over the collapse, which has
left some more than $1500 out of pocket. Greg Cumming, who
describes himself as a gofer for the company and is owed
about $2000, said workers had doubts about the liquidity of
the company for some time as there had been other occasions
on which their wages were delayed.  Workers were upset that
Mr Huggins had treated himself to a two-week holiday in
Australia while his company was "going down the drain", he
said.

Mr Huggins said yesterday that the holiday had been booked
months before and he had left the company in good hands.
He had realised the company was in difficulty but he had
honestly believed it would pull through. He was expecting a
progress payment on a major contract but it had not been
made.  A dispute over the contract was now in the hands of
his lawyers.  His workers would be paid even if the money
had to come from his own pocket, he said.

Ms Horne said it was too early to say how much money would
be available for creditors but it was unlikely there would
be sufficient funds to pay preferred creditors such as
staff, owed about $20,000, and the IRD, owed about $17,000.
Her firm would be investigating the management of the
company and reporting to the Companies Office.

About six of the company's workers had been kept on to
complete some existing labour-only projects, she said.
Most of the unsecured creditors, owed $217,000, were
suppliers and subcontractors, she said. No huge figures
were involved but it was a tough time for the building
industry and some subcontractors could have been relying
heavily on being paid for their work for Huggins.

Canterbury Master Builders' president Peter van Eekelen
said it was a tough time for all builders because they were
dealing in a market which expected people "to do it for
less."  Some builders did not understand their own cost
structures and were being supported through extension of
credit from suppliers until they failed. There appeared to
be a reasonable workload over the next six to 12 months but
some of that had been won at unrealistic prices, he said.
(The Press  01-Jun-2000)

IMAX GROUP: Curtain closing on a gravely ill IMAX Group
-------------------------------------------------------
The future prospects for IMAX theatre group Cinema Plus
Limited have diminished following the appointment of
administrators on 31 May 2000.

Administrator Steve Sherman of Ferrier Hodgson said Cinema
Plus had to be restructured before it could be determined
whether it was a viable business. One of the major concerns
was the high rental costs owed to its landlord, MTM
Entertainment Trust, which owns the Australian sites.

The Auckland site will be placed in liquidation, while
Cinema Plus' 50% interest in the Bangkok site will also be
put into the hands of an administrator.  A string of profit
disappointments, delays in new screen openings and the
cancellation of a new complex on the Gold Coast added
to the poor sentiment about the stock, which saw the shares
fall to $A0.11 before they were suspended two weeks ago.
(Sydney Morning Herald  01-Jun-2000)

MITSUBISHI AUSTRALIA: Thinking of downsizing Adelaide plant
-----------------------------------------------------------
The Japanese motor company Mitsubishi says it may cut the
size of its Australian car and engine production plants.

The firm has told analysts in Tokyo it believes the
capacity of its Adelaide plants may be "excessive."
Mitsubishi's worldwide President Katsuhiko Kawasoe says his
Adelaide operation has been "over-optimistic" about its
sales targets.

He says it is possible the operation is simply too big,
given the size of the Australian market.  He says a smaller
operation would find it easier to break even.  Describing
his Australian operation as "a headache" Mr Kawasoe says
there is no firm plan to build the next generation Magna in
Adelaide.  He says that will depend on the financial
performance of the plants over the rest of this year. (ABC
News Online  03-Jun-2000)


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

CHIAOHEN TRADING CO.LTD: Facing winding up petition
---------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for June 14 on the petition of
Leung Chi Wai for the winding up of Chialhen Trading
Company Limited. A notice of legal appearance must be filed
on or before June 13.

GUANDONG INT'L: Subsidiary to repay creditors 3% of loans
---------------------------------------------------------
Guangdong International Trust and Investment Corp
subsidiary Guangdong International Leasing Co Ltd has
collected 51.32 mln yuan from creditors, enabling the
company to make an initial repayment to its own creditors
amounting to 3 pct of total loans extended, the Guangzhou
Daily said.

At a creditors' meeting yesterday, GITIC's liquidation
group said confirmed debts to Guangdong International
Leasing amount to 1.68 bln yuan, of which 51.32 mln has
already been collected.  The group will seek to arrange a
second repayment to Guangdong International Leasing's
creditors, and will seek to protect the creditors'
interests, the report said. (AFX News  31-May-2000)

LAI SUN DEVELOPMENT: Asset swap gets mixed welcome
--------------------------------------------------
Lai Sun Development (LSD) and its subsidiary, Lai Sun
Hotels (International), received a mixed response from the
stock market after announcing a proposed HK$1.08 billion
asset swap.

LSD said on Thursday it was proposing to inject its 9.87
per cent stake in Sunday Communications and other high-
technology assets into Lai Sun Hotels.  LSD shares fell 3.7
per cent to 26 HK cents. Lai Sun Hotels rose 6.94 per cent
to 38.5 HK cents.  In return, Lai Sun Hotels will transfer
to LSD its hotel and real estate assets, worth HK$685.4
million. They include a 65 per cent stake in the Ritz-
Carlton Hong Kong in Central.

The balance of HK$400 million will be deducted from a
HK$1.9 billion outstanding loan LSD owes Lai Sun Hotels. It
must repay the remaining HK$1.5 billion by December 31,
2002.   Analysts said the reorganisation was not
unexpected, as LSD had announced its intention to transform
Lai Sun Hotels into a high-technology vehicle.

LSD director Keith Wu Shiu-kee said both companies would
benefit from the asset-swap agreement as the move would
streamline the group's operations. He said LSD shares had
fallen as the market had not digested the news, while the
surge in Lai Sun Hotels shares yesterday was helped by the
rebound in hi-tech stocks and was not caused by the
agreement.

Mr Wu said it was a fundamental restructuring and no future
major reorganisation between the two companies was
expected.  LSD's 9.87 per cent interest in Sunday is valued
at HK$513.3 million. Other assets to be sold to Lai Sun
Hotels include a 33 per cent interest in China Economic
Information Net (HK), which operates the chinagator.com and
cei.com.hk Web sites and a 25 per cent stake in HKATV.com
valued at HK$244.8 million. In March, LSD bought the
ATV.com stake from ATV for HK$150 million.

Mr Wu said the content of the portal had improved since
March, which had boosted the value of the Web site. LSD
will also inject an advertising business and a company
called eSun 168.com.  Assets to be transferred from Lai Sun
Hotels to LSD include hotel investments in Vietnam, a golf
club in Guangzhou and an investment in a London restaurant.

Mr Wu said LSD's financial position was expected to improve
after it sold a 65 per cent stake in the Furama to Pidemco
Land and AIA for HK$1.84 billion.  (South China Morning
Post  03-Jun-2000)

NEW WORLD DEVELOPMENT: Davnet aborts deal, plunges stock
--------------------------------------------------------
Shares of New World Development (NWD) (0017) plunged to a
nine-year low of $7.15 yesterday before finishing at $7.3
after Australian telecom firm Davnet announced it had ended
talks on buying its unprofitable New World Telephone (NWT).

The termination of the deal, which had involved exclusive
rights to negotiate the transfer of assets and licences of
New World's fixed telecommunications network services
business, is expected to hurt NWD's plan to cut debt by $3
billion to $5 billion during the first half of the year.

Davnet planned to buy a 74 per cent stake in NWD's fixed-
line network carrier, NWT. The price tag on the unit was
expected to be around $1.85 billion, although the exact
details of the deal were not revealed.  Davnet said it
could "no longer justify the asking price" for NWT as
increased competition in Hong Kong had eroded profit
margins.

Davnet said NWT's value had been reduced on a net present
value basis by the recent market slump, and the capital
expenditure required to expand the business had risen since
negotiations began in January.  In addition, the "rapid
depletion of quality employees and staff morale caused
concern for the implementation of the new business plan,"
Davnet said.

Managing director of NWD Henry Cheng said the group was
considering legal action against Davnet, claiming some of
its statements were untrue. He added that NWT still had a
quality management team.  NWD, which suffered from low
property sales income in the last fiscal year, had hoped to
sell assets, including NWT, to reverse its interim loss and
cut debt. Mr Cheng said the plan to trim debt would slow
down because of the sales' failure, but added that the
group was planning other ways to reduce debt. He noted that
NWD was poised to fetch billions of dollars during the
second half by disposing of residential projects and
Private Sector Participation Scheme units.

Analysts estimate that gross debt for NWD has reached $32
billion. An analyst with a European house said the scrapped
deal was a major blow. Another analyst said the problem
facing NWD was it could not sell the assets it wanted to.
The group's shares have fallen more than 30 per cent in the
past three months, despite the fact that NWD was in the
market almost every day in April and May buying back its
own shares.

According to an analyst with a US brokerage, NWD has
repurchased some 30.5 million shares for a total
consideration of $310 million since April. NWD has tapped
into the market 18 times in the past month alone at a
repurchase price ranging from $10.5 on May 2 to a low of
$7.75 on May 31. (iMail  02-Jun-2000)


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

INDONESIA NAT.AIRCRAFT MFTR.: May be unable to repay debts
----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) said on
Wednesday that the Indonesian National Aircraft
Manufacturer (IPTN) might not be able to repay its debts
without financial support from the government.

Group head of the agency's loan collection division
Mohammad Syahrial said that IPTN's debts were too high
compared to its future revenues.

"Low sales will make it difficult for the company to repay
all its debts - unless the government backs up the debt
restructuring," Mohammad said in a press conference.

He said the government as a shareholder could either inject
new funds or consider the privatization of IPTN.  The state
company has been placed under IBRA since March last year,
with outstanding debts amounting to Rp 2.1 trillion (US$2.4
billion).  IPTN has came under public pressure for pushing
its heavily capitalized projects such as the N-250
turboprop airplane.

However, these had been the pet projects of former
President Soeharto, who gave full financial support until
the International Monetary Funding (IMF) ordered in 1998 an
end to the subsidy.  The company recorded a net loss of Rp
1.7 trillion in 1999.  Mohammad said that IBRA was
currently evaluating the prospects of IPTN's business with
a financial due diligence process underway.

"We've appointed an independent accountant," he said.
IBRA's press statement said it had approved independent
accountant Ernst & Young and Deloitte Touche as IPTN's
financial advisor.

IBRA expected to complete IPTN's debt restructuring
proposal, business plan and its due dilligence by the end
of next month.  He said the agency would look on whether
IPTN's debts were sustainable in that they could be fully
recovered within 10 years.

According to him, it was possible that IPTN would face
liquidation if could not settle its debts in 10 years.
"But the question is whether the government is willing to
liquidize IPTN," he said.

He said if IPTN were a private company instead, IBRA could
searched for potential investors.
IBRA, Mohammad said, would have to coordinate with the
State Ministry's office of Investment and State Enterprise
Development as well as the Ministry of Finance.

The state company was now working on meeting orders of
eight airplanes of the CN-235 type, with a project value of
$143.4 million, IBRA said.  Aside from manufacturing air
planes, IBRA reported that IPTN also produce helicopters
and spare parts for the United States air plane
manufacturer Boeing.  (Jakarta Post  02-Jun-2000)

PT BAKRIE FINANCE CORP.: Declared bankrupt
------------------------------------------
The supreme court has declared bankrupt PT Bakrie Finance
Corp (JSX:MTFN) on demand by four creditors of the
publicly listed leasing firm.

The Surabaya Stock Exchange (SSX) said Wednesday the four
creditors AB Capital Markets Limited Leasing and Finance
Limited, Hanmi Leasing and Finance Limited, and KEB Leasing
and Finance Limited had made the demand as the company
failed to meet an agreement on its debt repayment.

The supreme court has ordered the Jakarta Commercial Court
to assign a judge to supervise the implementation of its
decision, the SSX said in a statement.  Bakrie Finance,
however, said it would ask for a review of the supreme
court's decision, adding that an appeal has been prepared
by its defence council.  (Asia Pulse  02-Jun-2000)

PT DHARMALA SAKTI SEJAHTERA: Goes bust as rehab opposed
-------------------------------------------------------
In an unprecedented event, creditors voted on Wednesday at
the Jakarta Commercial Court to bankrupt publicly listed PT
Dharmala Sakti Sejahtera after they turned down the
latter's debt restructuring proposal.

The vote, which was attended by eligible representatives of
almost all Dharmala Sakti's creditors, resulted in 74.97
percent of the creditors approving the move to declare
bankrupt Dharmala Sakti, while the rest either opposed the
move or abstained.

"The creditors have reached the majority vote to decide the
fate of Dharmala Sakti, thus the (Jakarta Commercial) Court
will hold a session on Friday or Monday to make an official
sentence," the judge supervising the voting process,
Syamsudin Manan Sinaga, said.

Joint venture creditor PT Hanil Bakrie Finance Corporation
filed a bankruptcy suit in mid-February against Dharmala
Sakti for the latter's failure in repaying a US$2.4 million
matured debt.  Dharmala Sakti then asked the court to hold
off issuing a verdict in the bankruptcy suit filed in order
to allow the holding company to negotiate its debt
restructuring with the creditors.

In the 1998 Bankruptcy Law such a request is possible as
stipulated in its suspension of payment section, which says
that a company facing a bankruptcy suit can temporarily
halt the action by filing a suspension of payment (locally
known as PKPU) request to the court. If the request is
approved, the company is given a maximum of 270 days to
negotiate a debt restructuring deal with all of its
creditors.

However, the grace period can be ended at any time by a
majority vote of the creditors if the borrower fails to
show it has the ability and good faith to settle its debts.
Among the biggest creditors of Dharmala Sakti who
participated in the voting process were the Indonesian Bank
Restructuring Agency, Hong Kong- based Peregrine Fixed
Income, currently in liquidation, the Singapore branch of
Canadian Imperial Bank of Commerce, joint venture PT AB
Sinar Mas Finance and the Jakarta office of Standard
Chartered Bank.

Dharmala Sakti is a holding company of Dharmala Group,
owned by the Gondokusumo family.  There are five companies
affiliated with Dharmala Group that have been declared
bankrupt: PT Dharmala Agrifood, PT Putra Surya Multidana,
PT Deemte Sakti Indo, PT Putra Sejahtera Persada and
foreign affiliate Detron Ltd. of Singapore.  (Jakarta Post
02-Jun-2000)

PT TRIAS SENTOSA: To split shares, restructure debts
----------------------------------------------------
Publicly listed packaging paper producer PT Trias Sentosa
won the approval of its shareholders on Wednesday to split
its stocks in a bid to improve the liquidity of the
company's shares on the stock market.

The shareholders also allowed the management to take all
actions needed to restructure its US$150 million debts.
Company secretary Wiriyanto said on Wednesday one Rp 500
per value share would be split into five shares each with a
nominal value of Rp 100 to boost stock liquidity.

"The split will raise the number of total shares to 1.4
billion from 288 million at present," he said following the
company's shareholders meeting.

The company had total debts of Rp 1.13 trillion (about
US$134 million at the current rate) as of December, last
year, 17.7 percent lower than the figure in the same period
of 1998.  Wiriyanto said the company was still negotiating
the debt restructuring with the creditors.

The shareholder meeting also agreed to pay a cash dividend
of Rp 59.55 per share for 1999.  Wiriyanto said the
company, which is listed on the Surabaya Stock Exchange,
expected sales to reach Rp 500 billion this year due to an
estimated sharp increase in production.  (Jakarta Post  02-
Jun-2000)


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

AKAI ELECTRIC: Loss pushes into negative net worth
--------------------------------------------------
Akai Electric Co's. (6802) liabilities exceeded its assets
by Y42.61 billion at the end of March, a company spokesman
said Thursday.

The ailing Japanese audio equipment maker reported
Wednesday evening its earning results for the fiscal year
ended March 31 without an official audit by an outside
corporation, as its contracted auditor declined to audit
the company, the spokesman said.

"We will make a new contract with another auditor in the
next week or so," the official said.

Akai Electric reported a parent net loss of Y102.65 billion
for the fiscal year, in contrast to the year earlier profit
of Y226 million, due mainly to a massive extraordinary
loss.  The company had a special loss of Y100.36 billion
for the year, including Y38.45 billion for an investment
loss reserve for its subsidiaries, Y36.04 billion for a
loan loss reserve, and Y17.44 billion for a debt guarantee
reserve.

The electric goods maker, which underwent restructuring,
posted a parent pretax loss of Y2.34 billion for last
fiscal year, compared with a profit of Y538 million a year
earlier. The company reported a parent operating loss of
Y3.03 billion, compared with a year earlier profit of Y122
million. Its parent sales plunged 59.8% on year to Y12.63
billion because of a sharp fall in exports to Europe and
Australia, it said.

For the current fiscal year ending March 2001, Akai
Electric expects to break even on a parent net and pretax
basis, with parent sales of Y6 billion, it said. (Nikkei
02-Jun-2000)

ALL NIPPON AIRWAYS: Posts $142.7M loss, asks for pay cuts
---------------------------------------------------------
All Nippon Airways said its group net loss widened to 15.2
billion yen ($142.7 million) for the year ended March 31
from 4.73 billion yen in the previous year.

ANA blamed special losses, including the payment of
retirement benefits. On a pretax basis, ANA profit rose
more than three fold to 1.49 billion yen from 487 million
yen, as revenue increased 13% go 1.21 trillion yen from
1.071 trillion yen.  ANA said that overall passenger
numbers increased to 49.4 million from 47.4 million in the
previous year.

For the parent company only, ANA had a net loss of 9.73
billion yen and a pretax loss of 2.42 billion yen. In the
previous year, the parent company had a net loss of 6.59
billion yen and pretax profit of 585 million yen. For the
current year, ANA forecast a group net profit of 16 billion
yen and revenue above 1.22 trillion yen.

On an unconsolidated basis, it forecast revenue of 915
billion yen and a net loss of 16.5 billion yen.  ANA said
that in the current fiscal year it will incur special
losses of 30 billion yen for the group related to the
restructuring of its domestic hotel operations.  In its
restructuring, ANA plans to set up a company tentatively
named ANA Hotel Co. that will focus on hotel management.
Another company - ANA Hotel REIT- will be set up for
consolidating hotel assets.

ANA also said it proposed wage cuts to its unions for the
period of July 2000 to March 2003. For non-management
employees the proposed cut is 3% of monthly salaries, and
for management employees it is a further 6% of monthly
salaries for directors and a further 5% of monthly salaries
of managers, senior managers and deputy directors. (The
Asian Wall Street Journal  01-Jun-2000)

DAIHYAKU INSURANCE CO.: Gov't rescue ruled out
----------------------------------------------
The government is unlikely to step forward to rescue failed
Japanese life insurer Daihyaku Mutual Life Insurance Co and
industry officials effectively ruled out on Thursday an
injection of public funds.

That means Daihyaku will become the third Japanese life
insurer to fail in three years -- and only the third since
the war as the industry undertakes painful restructuring
steps to boost profits in an economy where short-term
interest rates have been virtually at zero for 15 months.

The Life Insurance Association of Japan said it had been
appointed as administrator for insolvent Daihyaku Life by
the the Financial Supervisory Agency (FSA). Public fund
injections would be unlikely, beyond funds provided by an
industry-funded safety net, association officials said.

"At this point we are not yet sure about the precise amount
of Daihyaku's negative net worth, but if it is 45 billion
yen, as has been said, an injection of public funds is
unlikely," the association's chairman, Tomijiro Morita,
told a news conference.

Japnese regulators said late on Wednesday they had ordered
Daihyaku to halt most of its operations, adding it had a
negative net worth of 45.3 billion yen ($424.7 million) as
of March 31 and could no longer remain in business. Asked
about the fate of Daihyaku's existing policies, Morita said
Canada's Manulife Financial Corp was one of several
candidate but no decisions had yet been made.

Daihyaku and Manulife launched a life insurance joint
venture last year. That venture involved taking over all of
Daihyaku's operations except the management of existing
policy contracts.  Daihyaku has said the business
relationship with Manulife would continue.

Morita said the collapse of Daihyaku did not reflect an
overall industry trend despite poor investment returns
cited by analysts.  "Conditions for life insurers hit
bottom at the end of last year," he said.

Although there are signs of a recovery in demand for
policies at some major insurers, the fundamental problem of
a "negative spread" between rates of return guaranteed to
policy holders and much lower rates of return on invested
assets will continue to sap their strength, analysts said.
The failure of Daihyaku followed the collapse of Nissan
Mutual Life in April 1997 and Toho Mutual Life Insurance Co
in June of last year.

All of Daihyaku's policy payouts will be guaranteed in full
until March of next year, the FSA said. Any further
payments will be limited to 90 percent of the reserves set
aside by Daihyaku for future payment of insurance money.
Daihyaku's solvency margin stood at minus 190.2 percent as
of the end of March up from 175.3 percent a year before,
well under the key threshold of 200 percent, the FSA said.

Solvency margins, similar to capital adequacy ratios
required of banks, indicate an insurer's ability to deal
with unexpected risks. A ratio below 200 percent is taken
as a warning.  In February, the FSA warned Daihyaku that an
inspection found it had included inappropriate subordinated
loans in calculations of its solvency margin ratio.

The authorities instructed the company at that time to
disclose an accurate solvency margin figure as soon as
possible and called on it to reinforce its surveillance
systems and to craft measures to prevent a recurrence of
such errors.  Daihyaku was one of four Japanese life
insurers with a solvency margin ratio below 400 percent at
the end of last March.

Daihyaku said at that time it was likely to achieve a
solvency margin ratio of more than 200 percent if the value
of its shareholdings did not fall below late-1999 levels.
($=107 yen).  (Nikkei Wires  01-Jun-2000)

SEIYO CORP.: Seibu to securitize 3 more outlets for loss
--------------------------------------------------------
Seibu Department Stores Ltd. plans to securitize the
property of three outlets in the year through February 2001
to cover a loss from liquidating a real estate affiliate
Seiyo Corp., it was learned Friday.

The stores, which are considered more profitable than other
Seibu outlets, are two specialty stores in Tokyo's Shibuya
district, one in Funabashi, Chiba Prefecture and one in
Sapporo.  Seiyo and its creditor banks have agreed to
liquidate the real estate firm by July at a loss estimated
at 50 billion yen.

Seibu Department Stores has already been planning to
securitize the property of its Ikebukuro flagship outlet.
It now hopes to secure an additional 20-30 billion yen from
the securitization of the three stores, which it will lease
after selling them to special purpose companies.

The Sapporo outlet, which has floor space of 19,000 sq.
meters, reported annual sales of 25.8 billion yen for
fiscal 1999. The two specialty outlets in Shibuya are Loft
and Movida, which feature sundries and clothing,
respectively.  Seibu Department Stores is the largest
shareholder in Seiyo which suffers from over 500 billion
yen in debts. Seibu Department Stores is also pressed to
reduce its own interest-bearing debt of some 430 billion
yen.  (Nikkei  02-Jun-2000)

TOSHIBA MACHINE CO.: Suffers 8.7B Yen group net loss
----------------------------------------------------
Toshiba Machine Co. (6104) said Friday its consolidated net
loss worsened to 8.7 billion yen in the year ended March,
compared with a 1.3 billion yen loss the previous year.
Group sales declined 13% at the machine tool manufacturer.

The net loss expanded as the result of an operating loss
stemming from a slump in machine tool orders and an
extraordinary loss of some 8.5 billion yen, including 6.4
billion yen in special retirement bonuses following
restructuring.

Extraordinary profit of some 3.4 billion yen from the sale
of fixed assets failed to shore up the net balance. The
company posted a consolidated operating loss of 1.9 billion
yen, compared with 900 million yen in profit the previous
year. Although its mainstay molding machines division
recorded an operating profit of 2 billion yen, the machine
tool division suffered a 3.8 billion yen loss as sales
dropped more than 30%.

For the current fiscal year, Toshiba Machine expects group
sales to rise 16% to 127 billion yen as the company expects
a significant recovery of demand for injection molding
machinery and semiconductor equipment. The group is
forecast to return to the black with a net profit of 1.2
billion yen.  (Nikkei  03-Jun-2000)

TOYO ENGINEERING CORP.:Posts group net loss 3rd year in row
-----------------------------------------------------------
Toyo Engineering Corp. (6330) on Friday reported a 627
million yen consolidated net loss for the year ended March,
marking its third consecutive loss.

Consolidated sales for fiscal 1999 declined 34%, while
parent-only sales dropped 40%.  The major plant engineering
firm moved into the black on a consolidated operating basis
in fiscal 1999 thanks to a cut in fixed costs, posting a
profit of 279 million yen.

It recorded a group pretax profit of 1.7 billion yen,
compared with a loss of 11 billion yen the previous year,
having reaped a 2.9 billion yen gain on sales of
securities.  Special severance payments totaling 2.9
billion yen, following personnel cuts, prevented the firm
returning a profit on a group net basis.

A 1.2 billion yen group net profit is forecast for the
current fiscal year through March 2001, when the company
expects its information systems and real estate
subsidiaries to each mark 500 million yen in operating
profit. Extraordinary profits from sales of land and
securities are also likely.  Sales for fiscal 2000 are seen
declining 17% to 130 billion yen. (Nikkei  02-Jun-2000)


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

CHO HUNG BANK: Plans to rid bad loans
HANVIT BANK: Plans to rid bad loans
KOREA DEVELOPMENT BANK: Plans to rid bad loans
KOREA EXCHANGE BANK: Plans to rid bad loans
----------------------------------------------
With a second-round overhaul of the banking sector
imminent, domestic banks are striving to eliminate their
huge bad loans from their balance sheets.

Three commercial banks - Korea Exchange, Cho Hung and
Hanvit - and Korea Development Bank (KDB) plan to get rid
of 13 trillion won in nonperforming loans this year and in
2001, bank officials said yesterday.  Korea Exchange Bank
(KEB) intends to cut its bad loans to 1.3 trillion won by
the end of this year from 3.4 trillion won at the end of
March, a bank official said.

KEB thus wants to lower its ratio of nonperforming loans to
total lending to around 4 percent at yearend from the
current level of 10 percent.  For that purpose, the bank
will sell bad loans worth $200 million to foreign buyers
within the first half of this year, while putting 800
billion won in additional problem loans on the auction
block this month or in July, the official said.

"KEB plans to sell bad loans of around 1 trillion won and
write off an additional 1 trillion won within this year,"
he said. "Despite the disposal of bad loans, KEB will be
able to post a net income this year since it has set aside
a large amount of loan-loss reserves."

In addition, KEB aims to reduce its nonperforming loans to
around 700 billion won by the end of 2001 and thus lower
the bad-loan ratio to an international norm of around 2
percent, he added.  Cho Hung plans to get rid of about 5.6
trillion won in bad loans this year and in 2001, lowering
the ratio of bad loans to total loans to around 2 percent.

To that end, the bank has recently signed a memorandum of
understanding with Cerberus, a U.S. investment firm, on the
establishment of a joint corporate restructuring company,
to which it will sell bad loans of 1.5 trillion won.
Cho Hung plans to sell off more bad loans to the company
and write off an additional 500 billion won, a bank
official said.

Hanvit Bank also intends to eliminate bad loans of 3.8
trillion won this year, reducing its nonperforming loan
ratio to below 7 percent at yearend from 10.5 percent at
the end of March.  For that purpose, the nation's largest
commercial bank will sell 210.9 billion won worth of bad
assets this month to Lone Star of the United States and
issue asset-backed securities worth 730 billion won in the
second half, a Hanvit official said.

In addition, Hanvit will get rid of 2 trillion won in
nonperforming loans through a corporate restructuring
vehicle, he added.  In addition, the state-run Korea
Development Bank plans to join hands with Lone Star to set
up an asset management company to dispose of 2 trillion won
in bad loans this year. KDB will also write off an
additional 1 trillion won of bad loans, lowering its ratio
of nonperforming loans to total lending to around 2 percent
at the end of this year, a bank official said.  (The Korea
Herald  03-Jun-2000)

HYUNDAI ENGIN.& CONSTR.: Secures addit'l 100B won in loans
----------------------------------------------------------
Hyundai Engineering and Construction Co Ltd said it has
obtained an additional 100 bln won in funds by securing
loans from Korea Housing & Commercial Bank and Hanvit Bank.

The company said Korea Housing & Commercial Bank has
decided to provide 50 bln won by buying its corporate bonds
while Hanvit Bank approved its application for an extension
of its credit line by 50 bln won.

Hyundai Engineering said most of its creditors have rolled
over its maturing debts.  At 2:45 pm, Hyundai Construction
was up 160 won at 3,300 on volume of 15 mln shares. (AFX
News 02-Jun-2000)

KOREA MERCHANT BANKING: Gets $75M in emergency loans
----------------------------------------------------
Korea Merchant Banking said it received 85 billion won ($75
million) in emergency loans from its largest shareholder
Hana Bank to help pay debt, the latest sign that Korean
finance companies' cash problems are mounting.

Like other merchant banks that specialized in short-term
financing, Korea Merchant is suffering cash shortages in
the wake of insolvencies at conglomerates such as Daewoo
and Saehan. Korea Merchant, however, tried to play down its
problems.

"There was a temporary cash shortage because demand from
companies unexpectedly increased toward the end of the
month," said Hwang Ho Sung, an official at the bank.

Still, Korea Merchant could be headed on the same path as
Yeungnam Merchant Banking, which was suspended last month,
and smaller rival Nara Investment Banking Corp., which was
shut down in the fallout from Daewoo's inability to repay
at least $80 billion of debt.

Even as the economy recovers from a 1997 financial crisis
that forced Korea to seek a $57 billion international
bailout, some industrial groups are still reeling under
surging debt.  Saehan Group, a mid-sized textile and
chemical manufacturing conglomerate, is seeking approval
from creditors on its plan to repay at least 2.5 trillion
won in bad debt.

The government has said it plans to spend an additional 30
trillion won of public funds to shore up cash-strapped
banks and corporations. It has spent 64 trillion won on the
finance industry since 1997.  Korea Merchant shares fell
about 13 percent to 2,040 won, while Hana rose about 2
percent to 5,600 won in early trading.  (Bloomberg  02-Jun-
2000)

SAEHAN GROUP: Creditors accept debt workout plan
------------------------------------------------
Creditors of the Saehan Group decided Friday to accept a
debt workout plan for the trouble conglomerate.

In a meeting at the headquarters of Hanvit Bank, 32 of the
total 37 creditors approved the workout plan.  In a
desperate effort to gain creditors' approval, Saehan
Chairman Lee Jae-gwan has pledged 24.7 billion won (US$21.8
million) of his own money to help the group.  Saehan has
total debts of 2.1 trillion won. (Asia Pulse   02-Jun-2000)

SAEHAN GROUP: Owner puts up 24.7B won to rescue firm
----------------------------------------------------
The Saehan Group said yesterday that its owner-vice
chairman Lee Jae-kwan has decided to contribute his whole
personal wealth valued at 24.7 billion won to rescue the
insolvent group.

Lee has tendered to Saehan's creditor institutions written
pledges that he would relinquish managerial rights and his
stakes in Saehan Industries Inc., a group unit which the
creditors have refused to place under a workout
arrangement.  The assets Lee promised to contribute
included his residence valued at 3.5 billion won, real
estate holdings worth 14 billion won, real estate
inheritances from his father valued at 3.8 billion won and
bonds with warrant (BWs) worth 3.4 billion won.

The company also said it will dispose of company assets
worth 647.5 billion won, including securities and real
estate holdings. Hanvit Bank and other creditor banks of
Saehan Industries Inc. are to meet today to discuss whether
they will accept the company's application for debt-
workout.

Turning down the company's application in their first
meeting last Saturday, the creditors demanded that the
group and Lee make sincere self-help measures before
seeking a bailout. However, the creditors accepted the
workout application of Saehan Media at the time.
The Saehan Group has a debt of 2.1 trillion won which
breaks down to 1.9 trillion won to banks and 216.3 billion
won to non-guaranteed bonds and commercial paper. (The
Korea Herald  02-Jun-2000)

SEOUL BANK: New head rules out Deutsche Bank takeover
-----------------------------------------------------
New Seoul Bank President Kang Jong-won said yesterday
Deutsche Bank will never take over Seoul Bank because the
German giant does not do retail banking.

Kang was previously Deutsche Bank's representative in
Korea. Kang took office as the commercial bank's new chief.
He called for an additional injection of public funds once
a due diligence report on the insolvent bank is completed.
He said his bank will be normalized by November, emerging
with entirely new credit and fund management systems
without any dangerous developments.

The requested infusion of additional capital is to back up
issuance of global depositary receipts (GDR) to increase
the bank's capital. The bank will, thereafter, issue bonds
to supplement funding needs.  He will look into every phase
of banking operations, including retail, corporate and
international banking in addition to the trust business,
previously one of the bank's strongest areas.  He ruled out
a merger for Seoul Bank by saying being big doesn't always
mean good business. (The Korea Times  01-Jun-2000)


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

ANSON PERDANA BHD: To sell land to pay debts
--------------------------------------------
Anson Perdana Bhd yesterday passed a resolution to sell
four parcels of plantation land in Perak to Felcra Bhd for
RM98.013mil to repay its bank borrowings and fund ongoing
property development projects.

The resolution, unanimously passed at an EGM in Ipoh, was
for the proposed sale of palm oil estates totalling
2,833.50ha which are owned by Anson Perdana subsidiaries
Changkat Jong Plantations Sdn Bhd, Ladang Sawit Permai Sdn
Bhd and Syarikat Tanaman dan Perusahaan Perak Sdn Bhd.

A company spokesman said the proposed disposal of the
estates were subject to approval from the Foreign
Investment Committee any other relevant authorities.
He said the company was still negotiating with its banker
on the quantum from the proceeds of the sale that would be
used to repay bank borrowings. He said the company's debts
totalled more than RM300mil according to its 1999 annual
report.  (The Star  03-June-2000)

ARAB MALAYSIAN DEVEL.BHD: Posts RM8.195M pre-tax loss
-----------------------------------------------------
Arab-Malaysian Development Bhd (AMDB) has posted a pre-tax
loss of RM8.195mil for its financial year to March 31,
despite registering a pre-tax profit of RM6.602mil in the
last quarter.

However, the losses were very much lower than the
RM137.908mil incurred in the previous year.  AMDB's
turnover for the year declined to RM225.228mil from
RM348.408mil previously.  The group incurred a heavy pre-
tax loss of RM31.447mil in its travel and leisure division,
while the infrastructure division posted the biggest pre-
tax profit for the group at RM16.16mil. (The Star  02-Jun-
2000)

MCL CORPORATION BHD: Rehab continues with new name
--------------------------------------------------
MCL Corporation Bhd will be "born again" today as Jerasia
Capital Bhd, a new listed entity which intends to become a
major player in the local and international garment
retailing and manufacturing industries.

Previously, the company manufactured garments and sold them
in the local market under brandnames like Milani, Charlie
and Lady Like.  The transformation will not involve a
radical change in its business slant, but will include an
expansion into contract garment manufacturing for the
export market, which is Jerasia's main business activity.

"The incorporation of Jerasia into MCL is synergistic as
both companies are in the garment business, an area with
tremendous growth potential," said Jerasia executive
director Tho Tuck Woh.

He added that Jerasia had initially planned for its own
listing exercise, but then it "stumbled across MCL" which
had similar businesses and the potential for a
consolidation exercise of sorts then evolved. As part of
its retructuring exercise MCL will be delisted from the
Kuala Lumpur Stock Exchange main board today and Jerasia
will be listed in its place to reflect the substantial
shareholding change brought on by the rescue of MCL.

In August, 1998 MCL was suspended from trade on the KLSE
pending the completion of its restructuring exercise, which
involved a capital reduction scheme of 40 shares to one.
The takeover exercise will introduce a new major
shareholder, Yap Fung Kong, MCL's executive chairman, who
was formerly the head of the textile division at the
Ministry of International Trade and Industry.

Yap owns 36 per cent of Jerasia and is one of its founders
as well as a former executive director of public-listed Tai
Wah Garments Bhd.  The restructuring exercise will also
involve the liquidation of 16 of the total 18 companies in
the MCL stable of companies with the surviving companies
are those in the garment business.  One of the non-core
businesses it intends to dispose of is its 55 percent stake
financial futures arm, HA Option and Futures Sdn Bhd.

"We are negotiating for its sale and are speaking to three
interested parties, which are mainly stockbrokers without a
futures licence," said Jerasia executive director Mohd
Haniff Abdul Aziz.

Jerasia's strong belief in the growth of the domestic
retail industry is evidenced by the recent opening of
Spanish upmarket brand MNG franchised flagship store at the
Mid Valley shopping mall in Kuala Lumpur, which cost
RM6 million.

"We have plans to open more MNG outlets in the Klang Valley
and we are also exploring the possibility of opening an MNG
store in Melbourne, Australia, as MNG is still not
represented there," Tho added.

Its partnership with MNG may be extanded to also include
the manufacturing of garments for MNG's international
markets, although there is no confirmation of this contract
thus far.  At present, MNG manufactures its garments in
Spain as well as China.

"There is tremendous potential for Jerasia if it
manufactures for MNG as it is an acclaimed international
brand with a yearly turnover of US$700 million (RM2.66
billion) through its 500 stores worldwide," Tho said.

At present, a total of RM140 million in turnover is
generated from Jerasia's manufacturing arm, which
manufactures for international brands like Eddie Bauer,
Jantzen, Kathie Lee Collection and MHM.  On the local
front, turnover from its domestic retailing arm stands at
RM18 million, although it expects the introduction of the
MNG brand to help boost sales.

At present, turnover from this flagship store alone is
RM500,000 a month.  Jerasia also expects the introduction
of a new line of women garments later this month to help
boost sales and perception of the company as a whole.
The new line, L2 or Lady Like2, will be an extension of its
original line of garments.

"When (our counter) was suspended, our image went down. So,
we are trying to restore our image through this new label,
which is specifically tailored for the local market," Tho
said.

Tho and Haniff declined to speculate on Jerasia's potential
share upside upon listing, but both believed its share
price would reflect the strong fundamentals of the company
and its potential.  Jerasia will start trading today at a
nominal share price of RM1 per ordinary share.  MCL's last
traded price prior to its suspension was 63 sen.  (New
Straits Times  02-Jun-2000)

TOBERMAN BUILDING: Developer surrenders deed, project dead?
-----------------------------------------------------------
A developer's plans to build the world's tallest skyscraper
here appear to be unraveling, the Chicago Tribune reported
Friday. Businessman Scott Toberman was forced to surrender
the deed to the site of the proposed 112-story tower to his
lender in May to prevent a foreclosure, the daily said.

Work on the 472.4-meters (1,550-foot) tower, which would
have topped Malaysia's Petronas Towers by 20.4 meters, was
due to begin in April.  But the president of Chicago-based
European American Realty failed to put together a deal to
build the 500 million dollar office and residential
building, the Tribune said, citing property documents.

The company said Toberman could not be reached for comment
Friday, but according to the daily, Banque Worms Capital
Corp, a New York subsidiary of a Paris bank, took title to
the property after a default on a 22 million dollar
mortgage.  However, the move may give New York mogul Donald
Trump, who offered to join the project in October but was
turned down by Toberman, a chance for a second bite of the
cherry, according to the daily. (Agence France-Presse  02-
Jun-2000)

UTAMA IMPIAN: Special administrators appointed
----------------------------------------------
Pegurusan Danaharta Nasional Bhd has appointed Razalee Amin
and Tam Kok Meng of Razalee & Co as special administrators
of property developer Utama Impian Sdn Bhd.

Following this appointment, which took effect yesterday,
the special administrators assume control of the assets and
affairs of Utama Impian.  Accordingly, the powers of the
management and board of Utama Impian are effectively
suspended and only the special administrators can deal
with the assets of the company.

As such, all enquiries about the business and assets of
Utama Impian are to be directed to the special
administrators.  In order to preserve the assets of Utama
Impian until the special administrators are able to
complete their task, a 12-month moratorium will take effect
from the date of appointment. During this period, no
creditor may take action against the company.

The special administrators will prepare a workout proposal
that will be examined by an Independent Adviser. If
Danaharta approves the proposal, the special administrators
will call for a meeting of secured creditors to consider
and vote on the proposal.

Utama Impian is involved in property development and
management. It manages Plaza Utama, a commercial complex
comprising nine-storey retail and car park podium and a 14-
storey office and hotel tower block in Bukit Mertajam, in
northern Pulau Pinang state.

"The powers of management and the Board of Utama Impian are
effectively suspended and only the Special Administrators
can deal with the assets of the company," the asset
management agency, said. "During that period, no creditor
may take action against the company."

The Special Administrators would prepare a workout proposal
which must be examined by an independent advisor whose task
is to review the reasonableness of the proposal, taking
into consideration the interest of all creditors (whether
secured or unsecured) and shareholders.  If Danaharta
approves the proposal prepared by the Special
Administrators, the latter will call for a meeting of
secured creditors to consider and vote on the proposal.

"A majority in value of secured creditors present and
voting at the meeting must approve the proposal before it
can be implemented," it said and adding relevant regulatory
approvals must also be obtained. (Asia Pulse  01-Jun-2000,
Business Times  02-Jun-2000)


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

ASB GROUP: More banks oppose ASB disbursement of funds
------------------------------------------------------
Two more banks opposed the petition of the ASB Group of
Companies for the disbursement of over P71 million to
service obligations to over 700 individual creditors.

In separate motions filed with the Securities and Exchange
Commission (SEC), Rizal Commercial Banking Corp. (RCBC) and
Prudential Bank asked the SEC to deny ASB's request for
authority to disburse over P71 million to settle debts owed
to individual creditors.

"The motion to disburse funds should be denied for being
outright illegal and unwarranted under existing laws and
rules and for being a patent violation of the SEC order
(declaring ASB in a state of suspension of payment)," RCBC
said.

Earlier, Metropolitan Bank (Metrobank), United Coconut
Planters Bank (UCPB) and Union Bank also expressed their
apprehensions over the said disbursement of funds by the
troubled realty developer.

"It is crystal clear that the plan - of ASB falls well
within the explicit prohibition against making payment of
liabilities that have accrued or outstanding as at the date
of filing the petition for suspension," Prudential Bank
said.

Earlier, ASB said it has always "acted in good faith and
with due concern for the interest of (its) creditors,"
hence the motion despite an SEC order suspending all claims
against the group.  In their opposition, the banks said
ASB's motion "clearly violates the suspension order" issued
by the SEC, enjoining ASB from making any payments of
liabilities. The only payment allowed is the payment of
administrative expenses.

Considering the disbursement of funds sought is for the
payment of debts owed to ASB Holdings creditors alone,
Union Bank said it should be considered void and in
violation of the suspension order.  The banks also stressed
the suspension order prevents any preference that may be
given to any one of the creditors, to the detriment of
other creditors.

RCBC said the disbursement of P71 million for the payment
of debts of ASB Holdings to its creditors "give(s) these
creditors preference over the rest of ASB's creditors."
The financial institutions also agreed the disbursement
would be an implementation of some of the provisions of an
interim rehabilitation plan that is "not yet approved by
the (SEC), not yet submitted for comments to all the
creditors and not yet final."

The ASB Group of Companies sought a suspension of payment
on May 3 for failure to meet liabilities amounting to over
P12.7 billion. It attributed the failure to service
obligations to the "massive withdrawal by creditors of
their loans, coupled by the... glut in the real estate
market, the severe drop in the sale of real properties and
decreased investor confidence."

At present, ASB said both secured and unsecured creditors
are pressing for payments of due and maturing obligations,
threatening to initiate actions that will adversely affect
its operations and "shatter its hope in rehabilitating
itself."

"There is a clear, present and imminent danger that the
creditors of (ASB) will institute extrajudicial and
judicial foreclosure unless restrained by the commission,"
ASB said.

Moreover, ASB said at least 712 creditors, 317 contractors
and suppliers and over 492 condominium unit buyers will be
"prejudiced by the disruption of (its) operations."

The ASB Group has between P8 billion and P10 billion in
"direct borrowings" to individuals and creditor banks. Of
the amount, about P3 billion to P4 billion are owed to
three to four mostly Chinese-Filipino investors, sources
said. Most of the loans are secured by the group's
real estate assets.

The group is composed of ASB Holdings, Inc.; ASB Realty
Corp.; ASB Development Corp.; ASB Land; ASB Finance and its
allied companies - Makati Hope Christian School; Bel-Air
Holdings Corp.; Winchester Trading, Inc.; VYL Development
Corp.; Gerick Holdings Corp.; and Neighborhood Holdings,
Inc. (Business World  31-May-2000)

ASB GROUP: Metrobank eyes foreclosure on ASB property
-----------------------------------------------------
Metropolitan Bank and Trust Co. is trying to recover P350
million of its P1.4-billion exposure to property developer
Luke Roxas' cash-strapped ASB Group of Companies by
foreclosing on the 4,000-square meter property of Roxas'
Makati Hope Christian School.

Metrobank executive vice president Samuel Yap said some
parents of the school's students and some investors have
proposed to buy the property from Metrobank if the bank
successfully forecloses on the property.  Metrobank holds
the sole mortgage on the land, which is located along
Pasong Tamo Extension in Makati and has an appraised value
of P350 million, Yap said.

The SEC granted the ASB Group's petition for a 60-day debt
reprieve and appointed Fortunato Cruz of Joaquin Cunanan &
Co. as interim receiver replacing former SEC commissioner
Monico Jacob, who had reservations about his appointment.
The ASB Group owes a total P3.9 billion to more than 700
individual creditors and P5 billion to various creditor
banks, among them Allied Bank, Metrobank, UCPB, Equitable-
PCIBank and RCBC.

Meantime, some 150 individuals, including housewives and
retired professionals, have appealed to Justice Secretary
Artemio Tuquero to immediately issue hold-departure orders
to keep property developer Luke Roxas in the country. In a
written plea, the individuals, composed mostly of Chinese-
Filipinos, also urged the justice department to
investigate, on its own or in coordination with the SEC,
Roxas and the ASB Group of Companies.

The group claimed that the borrowing scheme engaged by ASB
Holdings and Roxas violated the Revised Securities Act and
General Banking Act. The justice department has recently
formed a task force to investigate Roxas and the ASB Group
but has not yet issued any hold order. (Philippine Daily
Inquirer  02-Jun-2000)

METRO RAIL TRANSIT CORP.: Gov't to pay debt w/bond proceeds
-----------------------------------------------------------
With coffers now awash with cash, the National Government
will be able to pay Metro Rail Transit Corp.'s (MRTC)
$36.8-million debt due in July, Finance Secretary Jose T.
Pardo said.

He said payment for the "guaranteed" loan will come from
proceeds of the $800-million global bonds issued last
March.  "We have a hefty cash position now," he told
reporters the other night. He added the government is
committed to the guarantee it extended to MRTC.

The Finance chief said "extra funds" generated from its
Global bond float last March will enable the government to
pay MRTC's debts. "(It will come) from (proceeds) of the
global bond offering," he said.

Mr. Pardo added the government's "strong cash position"
will enable it to absorb the loans without adversely
affecting the government's expenditure targets for the
year. The Metrorail project is a 25-year build-lease-
transfer (BLT) project funded by $660 million in loans from
foreign creditors.  The consortium's majority partner, Fil-
Estate, is assured of at least a 15% return on investment
of $190 million, based on a ridership estimate of 440,000
daily.

Since it's operation however, the rail system has averaged
only 40,000 passengers per day, resulting in operating
losses for the consortium.  MRTC loans due on July 31 this
year include: $8.2 million from foreign currency deposit
units lenders; $7.7 million from the Export Credit Agency
of the Czech Republic; and P20.88 million from the former
Japan Export-Import (JEXIM) Bank and the Japanese Ministry
of International Trade and Industry.

Early this year, the government was at a loss as to where
it will get funds to pay MRTC debts since this was not
included in the state's budget for the year. It was
considering the option of restructuring all of the firm's
liabilities in favor of longer-term debt. The firm's
short-term debt with maturities of between eight and 10
years may be refinanced with 30-to 40-year debt.

But certain provisions of Japan's Miyazawa and Obuchi
programs -soft loan sources tapped to finance the project -
prohibited making funding available to pay for projects
originally paid for by JEXIM Bank. The government's dilemma
prompted the International Monetary Fund (IMF) to air
concerns on the possible impact of the "unprogrammed
expense" on the P62.5-billion budget deficit ceiling for
the year.

Unprogrammed expenditures last year led to the ballooning
of the budget gap, which reached P111 billion, higher than
the twice-adjusted P101-billion target.  Bridging the
budget deficit ceiling will likely affect the government's
$360-billion drawdown facility extended by the multilateral
lending agency. (Business World  01-Jun-2000)

NATIONAL STEEL CORP.: Creditors oppose agreement
------------------------------------------------
The Malaysian shareholders of cash-strapped National Steel
Corp. have signed an agreement with a little-known foreign
group called Allengoal to temporarily operate the company
but creditor-banks are opposing such an arrangement.

Well-placed banking sources said top officials of the asset
management company tapped by NSC shareholder Hottick
Investment Ltd. arrived recently in the country to forge
the deal with Allengoal to allow the use of the steel
firm's facilities.

Allengoal was among the foreign groups which had submitted
a rehabilitation proposal for NSC, but this group was not
keen on infusing fresh capital nor buying out Hottick's
stake in the company. Instead, Allengoal wanted a deal
where it could use the facilities and operate the steel
firm.

The deal was supposed to keep the NSC facilities in good
shape until such time that a buyer has been found to flesh
out the rehabilitation plan mapped out by its interim
receivership committee under the Securities and Exchange
Commission. The arrangement was intended to generate some
revenue for the company and at the same time eliminate
maintenance expenditures.

"For a long time the Malaysians were nowhere in sight. Then
they reappeared and signed the deal. They agreed to the
proposal. In this case, the creditor-committee is
submitting an opposition to the SEC," a banker involved in
the committee said.

Even if only on a temporary basis, the banker said the deal
with Allengoal might sour the prospects of getting a good
strategic partner with expertise in the steel business.
"The question is how do you get these guys out when a new
investor comes in? This is the reason why the creditor-
banks are contesting this," the banker said. "NSC is now
under receivership so the shareholders cannot simply enter
into any deal without our approval."

The banker said the creditor-committee led by Philippine
National Bank would file a formal appeal to the SEC to
block the consummation of the deal very soon.  Other
bankers said they did know Allengoal's background and were
not convinced that it could add value to NSC.

Based on the rehab plan for NSC, interested parties were
given until the end of this month to submit a proposal for
the steel firm.  Under the rehab plan drawn up by the
receivership committee, P9 billion of the steel firm's
P16.5 billion in debts should be restructured and the
balance converted into equity. The plan also called for the
entry of a strategic investor that would infuse additional
capital of $600 million to $1 billion into NSC as well as
the write-down of selected assets and the funding of
capital expenditures through long-term debts.

The NSC is the country's leading manufacturer of steel
products but it suffered liquidity problems due to a
significant amount of foreign-denominated debt that
ballooned during the Asian financial crisis and trade
liberalization that allowed a flood of cheap imported steel
products.

Late last year, the SEC granted the steel firm's petition
for a suspension of debt payments, after which the
regulatory agency assigned a three-member interim receiver
committee led by former SEC Commissioner Monico Jacob.

Hottick is believed to be the investment vehicle of the
Renong group of Malaysia. The Hong Kong-based investment
firm was widely expected to sell the stake after taking
over NSC from Wing Tiek. Renong, however, has been unable
to complete its purchase because of cash problems back in
Malaysia.

The Hottick group was thus stuck with an 82.5-percent
controlling stake in the firm and yet unable to pump in new
money to make it viable. It then had to tap an asset
management company, Danaharta Nasional, and pledged the NSC
stake to borrow money.  (Philippine Star  03-June-2000)

PHILIPPINE NAT.BANK: BSP asks it for rehab plan
-----------------------------------------------
The group of Lucio Tan, who controls 46 percent of
Philippine National Bank (PNB), is confident they can
reverse the bank's financial condition in the next few
months even as the Bangko Sentral ng Pilipinas (BSP) has
asked the losing bank to submit a rehabilitation plan
before the scheduled June 9 bidding.

"They have to submit a rehabilitation plan because it will
be looked at by the new investors," BSP Gov. Rafael
Buenaventura said yesterday, adding that "we are giving
them time but we hope they can submit it before the
bidding."

The rehabilitation plan, he said will include the measures
that the bank will undertake to reverse its losses, how
much capital is needed to clean-up its balance sheet,
detailed reorganization and streamlining of the firm, and
how it plans to cut its rising non-performing loans (NPLs).
BSP Deputy Gov. Alberto Reyes said the submission of the
plan is part of the monitoring system that the BSP has
imposed on banks which have been losing money from its
operations and a deteriorating asset quality. Last year,
PNB incurred a net loss of P9 billion and about P933
million in the first quarter.

"We want to know what is their action plan," Reyes said.

Both Buenaventura and Reyes said the rehabilitation plan
will be useful especially if the bidding fails, thus,
management of the bank will remain with the group of Lucio
Tan, who controls 46 percent of the bank.  Tan will be
selling his stake in the bank along with the government's
30 percent and PNB Pension Fund's four percent, or a
combined 80 percent by June 9. Three groups have been pre-
qualified to join the bidding.

Reyes admitted that the present management of the bank
under Tan is having difficulties drafting the plan since
they are not sure if they will stay in the bank after its
bidding.  "They (Tan's group) might not do it. They are
still in limbo," he said.

PNB President Feliciano Miranda said that is why it is
important that the ownership issue of the bank is settled
sooner through the bidding.  "We want the ownership issue
settled as soon as possible. So that if the bidding fails
and we retain ownership, then we can submit a long-term
rehabilitation plan," Miranda said.

While the bank has consistently incurred losses for the
past 15 months, he said it can be turned profitable in the
next few months. He said once its books have been cleaned
and its loan portfolio have been improved, then it can plow
back to its capital the P21 billion in loan loss provision
it has set aside for NPLs, now at 31 percent of its total
loans.

He said if the economy continues to improve, the bank can
also start liquidating its over P30 billion of repossessed
assets, bulk of which or 80 percent were in real estate. In
fact, he said the bank was able to sell around P5 billion
of these assets last year.

The bank, Miranda said remains the most attractive in the
country with P32 billion deposits from the national
government alone or more than one-third of its total P116
billion deposits. He said it has 324 branches all over the
Philippines, six branches abroad, and 74 remittance offices
around the world. The remittance business alone, he said
accounts for 50 percent of the remittance market.
(Philippine Star  01-Jun-2000)

VICTORIAS MILLING CO.: No white knight yet
------------------------------------------
Except for some creditors which have expressed willingness
to convert a portion of their loans into equity, Victorias
Milling Co. (VMC) has yet to find a white knight.

"There is still no new investor. There are indications but
a structure needs to be in place... As of now, the only
prospective investor is the group of the clean creditors,"
management committee (mancom) vice-chairman and East West
Banking Corp. executive vice-president Gerardo Anonas said.

Mr. Anonas said mancom has opposed the alternative
proposals submitted by VMC president Manuel Manalac's group
and Bank of the Philippine Islands (BPI).  He said the
clean creditors' proposal - which calls for the conversion
of P1.1 billion of the loan into 70% equity - remains the
most viable as it will also give stockholders a chance to
get value for their shares. He added one of the clean
creditors' goals is for VMC shares to resume trading in the
Philippine Stock Exchange.

Mr. Anonas said mancom has filed oppposition to Mr.
Manalac's proposal, which calls for the conversion of 100%
of the clean creditors' exposure to VMC, amounting to about
P4 billion.  The conversion would have given the creditors
only 70% equity, since Mr. Manalac wanted existing
shareholders to retain 30%.

"That means we will have to assign P2 billion to the 30%
interest. The shares have a negative net worth as of
March," Mr. Anonas said.

BPI's proposal of a liquidation, on the other hand, was not
approved by the majority and does not solve the problems of
the sugar miller, he said.  "It is not a fair alternative
plan. It only solves the problem of the secured creditors,"
he said.

VMC's debts have ballooned to P6.55 billion from the P5.2
billion level several years ago, when it ran to the
Securities and Exchange Commission for debt relief. Of the
P5.2 billion, P3.9 billion is unsecured while P1.3 billion
is secured by collateral.  (Business World  31-May-2000)

VICTORIA MILLING CO.: No look at new plan unless BPI denial
-----------------------------------------------------------
After three years of working toward financial
rehabilitation, debt-saddled Victorias Milling Co. (VMC)
may soon find its efforts futile as the Securities and
Exchange Commission (SEC) appears to be seriously
considering a recent bid for the sugar miller's
liquidation.

Associate commissioner Danilo Concepcion told reporters
yesterday that the commission will consider the VMC
alternative rehabilitation plan only if it decides against
the petition for the milling company's dissolution and
liquidation recently filed by creditor, Bank of the
Philippine Islands (BPI).

BPI sought the termination of VMC's rehabilitation
proceedings, including the dissolution of the SEC-appointed
management committee (mancom) after the bidding of 53% of
the company's capital stock was declared a failure. The
bank said the failed bidding of 53% of the company's
capital is a deterrent to its complete rehabilitation.

Under the approved rehab plan, the bidding of the firm's
capital stock is necessary for the generation of the
required fresh capital infusion of at least 567 million
Philippine pesos(PhP)(US$13.30 million at PhP42.633:US$1).
On March 21, however, the mancom declared a failure of the
bidding, considering that no bids were submitted within the
given period.

"Since the infusion of the fresh capital was one of the
foundations of the rehabilitation plan, the desired goals
as set forth therein could no longer be achieved," BPI
said.

Citing provisions in the corporate recovery rules, BPI said
"in case of the failure of the rehabilitation of the debtor
because of failure to achieve the desired targets as set
forth in the rehabilitation plan, the Commission shall
terminate the proceedings."

Also under the rules, the termination of rehabilitation
proceedings would mean the liquidation and dissolution of
the firm's assets and operations.  Mr. Concepcion said the
Commission would first have to gather the reactions or
comments of other creditors before it can act on the
liquidation petition. He added, however that BPI's
allegation are already "very serious and should really be
considered."

Although VMC management blames the failed bidding to
"circumstances beyond their control" Mr. Concepcion said
the "SEC will ultimately have to decide whether the
rehabilitation (plan) in itself is a failure."

VMC's mancom and management, the latter led by president
Manuel Ma¤alac, filed separate alternative rehabilitation
plans before the SEC.  Under the mancom's alternative plan,
the firm's authorized capital stock will be increased to
4.61 billion shares instead of the originally approved 2.56
billion shares. From the new authorized stock, 495.96
million will be issued to existing VMC shareholders or 2.91
shares for every one existing share held.

Meanwhile, unsecured creditors of debt-laden VMC, with a
combined exposure of PhP4.2 billion ($98.51 million), have
also proposed to convert unpaid interest into direct equity
to trim down the debt level of VMC, which has reached
PhP6.5 billion ($152.46 million).

"Clean creditors will become majority shareholders. Of the
32 creditor banks, 23 are unsecured," a Businessworld
source earlier said.

Moreover, to make the mancom-prepared rehabilitation plan
more viable, the revised plan calls for an acceptable joint
venture partner who will manage VMC and provide the
additional cash of over PhP300 million ($7.0 million).
Meanwhile, the plan prepared by Mr. Ma¤alac's group focused
on the restructuring of debts as well as initiating quasi-
reorganization and restructuring of the capitalization of
the company.

To achieve a balance of operating results and cash flows
against the firm's debt servicing efforts, VMC management
proposed a rational sharing of the loss or diminution of
interest of certain stakeholders of VMC, particularly the
shareholders, bank creditors and trade creditors of the
company.

"Definitely, the diminution of the stake in the company
falls heavily on the shareholders as well as the bank
creditors. We believe that shareholders should not take all
the brunt of the firm's financial debacle.  We strongly
feel that the bank creditors should equally share the loss
considering the magnitude of credits extended by these
financial institutions to VMC," the firm's management said.

The said plan also calls for the conversion of unsecured
loan principal amounting to PhP3.9 billion ($91.47 million)
to equity equivalent to 1.16 billion shares, representing
70% of total equity, at one peso par value, priced at
PhP3.38 per share, among others.

"Whether or not we'll entertain (any of) the alternative
plans, is still an issue...it would have to depend on
whether or not we rule in favor of liquidation," Mr.
Concepcion said.  (Business World  02-Jun-2000)


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

BANGKOK BANK OF COMMERCE: June 30 deadline for claims
-----------------------------------------------------
Depositors and creditors of the defunct Bangkok Bank of
Commerce have until the end of this month to file claims,
the Financial Institutions Development Fund said yesterday.

Applications can be made at the BBC head office and 25
branches. After June 30, the fund can cancel any
obligations owed to depositors or creditors. Depositors and
creditors would then have to lodge claims against proceeds
from the liquidation of assets of the bank.  For details,
call Bangkok Asset Management at 267-1900, ext 1333-6.
(Bangkok Post  02-Jun-2000)

JASMINE INT'L: To sign debt-restructuring deal on June 15
---------------------------------------------------------
Jasmine International Plc said it expects to sign a debt
restructuring agreement with creditors on June 15, or
before the end of the month at the latest.

In a statement to the Stock Exchange of Thailand, the
company said Jasmine International and unit Jasmine
International Overseas Co Ltd completed a settlement deal
with creditors at a meeting yesterday.

"At present, our legal advisor is in the process of
preparing for an agreement following the deal with the
creditors of both companies," the company said. (AFX News
Limited  02-Jun-2000)

KRUNG THAI BANK: Seeks advice on transfer of ailing assets
----------------------------------------------------------
Krung Thai Asset Management Corporation is seeking the help
of financial advisers and consultants to assist it in Krung
Thai Bank's  transfer of problem loans and related
documents, according to Salinee Wangtal, director of the
central bank's Financial Institutions Rehabilitation
Office.

About 8,800 debtors owing a total of 537 billion baht are
expected to be transferred to the AMC.  In the first phase,
the advisers would be commissioned for six months with the
possibility of monthly extensions if the work had still to
be completed.  Qualified applicants must be Thai-registered
companies with experience in establishing and managing
asset management companies.

The Financial Institutions Development Fund will decide on
the number of asset managers for the AMC after receiving
recommendations from the advisers. The asset managers will
be treated as employees of the AMC.  In restructuring the
transferred debts, decisions on reductions of interest
rates or principal, as well as sale of collateral, will
have to be approved by the AMC's board.

The company is also looking for a managing director from
the private sector.  The board of directors of Krung Thai
AMC, chaired by Techapit Sangsingkeo, assistant governor of
the central bank, consists of nine members so far including
Chakthip Nitibhon, the central bank's deputy governor;
Singh Tangtatswas, Krung Thai Bank president; Rongphol
Charoenphandhu, deputy secretary-general of the Office of
the Council of State. Additional directors will be
appointed. (Bangkok Post  02-Jun-2000)

ONE HOLDINGS PCL: Tells SET of rehab petition filing
----------------------------------------------------
One Holding Public Company Limited ("Company"), through
Sutha Euariyakul, Director & Assistant Managing Director,
has informed the Stock Exchange of Thailand ("SET") that on
25 May 2000 the "Company", as the debtor, submitted a
petition for rehabilitation plan to the Central Bankruptcy
Court with 154 financial and business creditors totaling
Baht 9,215,027,493.

The Central Bankruptcy Court received the petition for re-
organization of the "Company" and will question the
rehabilitation plan on 19 June 2000 at 0900 hours.  (Stock
Exchange of Thailand  01-Jun-2000)

PETROLEUM AUTH.OF THAILAND: Seeks settlement of gas pact
--------------------------------------------------------
A dispute between the Petroleum Authority of Thailand (PTT)
and Electricity Generating Authority of Thailand (Egat)
over the financial burden incurred from a failure to take
natural gas from Burma is likely to be settled next week.

The PTT would ask the cabinet to appoint an agency to take
responsibility for the burden, otherwise the PTT would face
liquidity problems, said PTT governor Viset Choopibal.
A delay in the construction of Egat's power plant in
Ratchaburi, built to use gas from the Yadana field, meant
the PTT was unable to accept gas supplies on schedule.

The PTT was obliged to pay for the gas and shoulder related
costs under the contract. The 1999 payment for gas was
US$283 million. Payments totalling $260 million are due
this year and next March. The PTT's interest burden arising
from the failure to take delivery of the gas, along with
subsequent liquidity problems, triggered a dispute between
the PTT and Egat.

Mr Viset said the cashflow problem might interrupt the
PTT's petroleum-related investment plans totalling 30
billion baht for this year and next.  The PTT is scheduled
to issue bonds totalling 15.8 billion baht on the domestic
market next month, of which 10 billion baht will be used to
pay for the gas and the rest will be used to refinance
loans.

Egat earlier said it would not take responsibility for the
interest burden, although the delay in construction of the
Ratchaburi plant was due to technical problems caused by
Egat's contractors.  Industry Minister Suwat Liptapallop
said he was talking to Egat about sharing the burden.
(Bangkok Post  02-Jun-2000)


S U B S C R I P T I O N  I N F O R M A T I O N

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