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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, July 17, 2000, Vol. 3, No. 137

                                   Headlines


* A U S T R A L I A *

ALLMYBILLS: Runs out of cash
BMCMEDIA.COM: Chinadotcom rescues with cash infusion
CINEMA PLUS: Share price drops to almost nil
ESMERALDA CORP.: Lawsuit filed in Hungary re pollution
LEND LEASE: Has to write off equity in studio investment


* C H I N A  &  H O N G  K O N G *

BEST DRAGON INDUSTRIES LTD: Facing winding up petition
HAINAN INT'L TRUST & INVEST.: Gov't reviewing default
JOYCE BOUTIQUE HOLDINGS: Wheelock pressured into bidding
PAM & FRANK INDUS.: Winding-up action report to HKSE
WAH NAM GROUP: Facing winding up petition
YORK CREATION LTD: Facing winding up petition


* I N D O N E S I A *

PT BANK BALI: Appears headed for liquidation
PT BIMANTARA CITRA: To sell shares in units
PT MAHAJAYA GEMILANG: IBRA files bankruptcy suit against it
PT PERUSAHAAN DAGANG DAN INDUSTRI OMETRACO: Bankruptcy suit


* J A P A N *

SOGO CO.: Taiwan partner seeks stake buyout in stores


* K O R E A *

DAEWOO MOTOR: Commercial vehicle ops auction by month-end
HYUNDAI ENGIN.& CONSTRUC.: To raise $10B to repay debt


* M A L A Y S I A *

IDRIS HYDRAULIC (MALAYSIA): Annuar Senawi set to take over
LAND & GENERAL: Still trying to unload properties
RENONG BHD: Still trying to unload properties
TIME dot COM: Sapura  to swap debt for cash, stake


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

ATLAS MINING: Ends deal with Minoro for failure to deliver
URBAN BANK: Bancommerce, PDIC to ink pact
URBAN BANK: Exec admits getting SMC boss' PhP5M


* T H A I L A N D *

THAI PETROCHEM.INDUS.: Investors check out TPI assets
THAI TELE.& TELE.: Posts losses; drafts debt-service plan
THAI WIRE PRODUCTS PLC: Gives SET more info on rehab plan


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

ALLMYBILLS: Runs out of cash
----------------------------
Cash-strapped online bill payment service Allmybills is
trying to hive off its software, hardware and call centre
assets after burning through more than $2.5 million in less
than six months.

Allmybills, which opened for business just three months
ago, was placed in voluntary administration on Tuesday
afternoon.  It is the second dotcom company in as many
weeks to fail after finding it impossible to raise the
capital needed to continue.

E-tailer TheSpot, which ran Web sites including ToySpot and
BeautySpot, was the first to go under. Late last month,
after strategic investors refused to continue backing the
company, it sold its fulfilment and infrastructure assets
to upmarket retailer David Jones.

Allmybills administrator Ferrier Hodgson is now talking to
parties interested in acquiring the company's two chief
assets - a call centre facility in Tasmania and its billing
software and hardware and intellectual property.  It is
understood there are a number of potential buyers,
including real-world retailer Coles Myer.

Other possible buyers could include consolidated bill
payment operator Bpay or Australia Post. Neither have
entered the market as yet, but both are planning to
introduce online bill payments by the end of the year.
However, Bpay national business manager Ms Linda Hemstrom
said yesterday there had been no discussions between the
two companies.  She also said Bpay planned to launch its
own electronic bill presentment capability later this year.

Allmybills has retrenched all of its 25 staff. It owes
creditors around $1.2 million and employees more than
$100,000.  Like TheSpot, Allmybills was conducting a second
round of capital raising when a shift in sentiment, brought
on by April's tech wreck, caused potential investors to
pull back.

It is understood Allmybills was seeking to raise around $5
million, but drastically scaled back that figure after the
market correction.  However, seed investors, who put in the
original $2.5 million, were still unwilling to commit
capital. (Sydney Morning Herald  14-July-2000)

BMCMEDIA.COM: Chinadotcom rescues with cash infusion
----------------------------------------------------
Asian internet giant Chinadotcom has injected $8.5 million
into cash-strapped online advertising company BMCMedia.com,
taking a 5.6 per cent stake with rights to double that.

After weeks of speculation and two official "please
explain" notices about its surging share price, BMCMedia
said Peter Yip's company had been issued 7.75 million
shares at $1.09 a pop, compared with Wednesday's close of
$1.70.  The deal prompted another query from the Australian
Stock Exchange last night.

"We want to know why they did not request a trading halt in
the light of the share price leaping as it did," an ASX
spokesman said yesterday.

BMCMedia will have to respond this morning, explaining why
it did not alert shareholders to any negotiations that
might have affected its share price. It is believed
Chinadotcom chief executive Mr Yip had expressed interest
in acquiring a stake in BMCMedia.com even before the
company's float last December.

However, it was decided at the time that an association
with Chinadotcom when BMCMedia.com was in the early stages
of building a presence in Asia might affect perceptions of
its independence.  In the past two months, it is believed,
the talks with Mr Yip were reopened.

Sources yesterday suggested that a handshake agreement for
Chinadotcom to buy the stake could have been made a month
ago in New York at a breakfast meeting between Mr Yip and
BMCMedia.com chief executive Anthony Bertini.

"Of course BMCMedia.com has spoken to Chinadotcom before
the conclusion of the deal," Mr Bertini said yesterday.

Mr Bertini said he did not see a need for a trading halt of
BMCMedia shares because he felt there was no correlation in
the rise in the company's share price and the negotiations
over the deal.  In its previous responses to the ASX,
BMCMedia.com attributed the share price rise to favourable
broker and media reports.

The ASX yesterday confirmed that BMCMedia had discussed the
timing of the reporting of the deal and had acted in line
with section 3.2 of the listing rules in regard to
continuous disclosure.  BMCMedia shares fell 6.4c to close
at $1.636c yesterday.  Chinadotcom bought the shares at
$1.09, which was based on a 33.3 per cent premium to
BMCMedia's average share price in the 30 trading days
before June 30.

The Chinese group also has a right to subscribe an
additional 7.75 million shares at a 12.5 per cent discount
to the market price at the time the option is exercised
within the next 12 months.

"It is just a straight placement. Chinadotcom will not have
any board or management representation," Mr Bertini said.
"There has been a lot of bad sentiment about cash and
internet companies. This deal clears up any misconception
about BMC's cash position."  (Australian IT  14-July-2000)

CINEMA PLUS: Share price drops to almost nil
--------------------------------------------
When Cinema Plus debuted on the ASX in October 1996 it was
the stockmarket star, finishing its opening day at a 24 per
cent premium to its $1 issue price.  Less than four years
later the Imax Cinema operator is in serious trouble, with
its administrators looking for a capital injection of at
least $5 million.  It was suspended from trade on May 19,
but not before its shares had fallen to 11›.

The cinema operator's fall from grace has dragged support
player MTM Entertainment Trust into the limelight because,
as cinema owner, it lists Cinema Plus as its primary tenant
and relies on it directly for about 40 per cent of its
revenue.  The overall reliance is probably higher though,
because the other tenants at the cinemas - the restaurants
and retail outlets - rely on the success of the cinema to
attract customers in the first place.

MTM Entertainment is managed by MTM Funds Management, which
is part-owned by Mr Kerry Packer's Consolidated Press
Holdings.  The MTM Entertainment Trust was formed when
Cinema Plus spun out its real estate interests into the
trust in May 1998.  MTM Funds Management's chief executive,
Mr Andrew Bennett, is searching for another operator to run
the cinemas, but no announcement has been made.

The administrators of Cinema Plus are also seeking to
renegotiate the rents at the cinemas to enable Cinema Plus
to continue as operator.  The second creditors' meeting for
Cinema Plus was adjourned on July 10 to allow
administrators Ferrier Hodgson time to advance discussions
with a potential third party investor.  Whatever happens,
analysts agree the MTM Entertainment Trust is looking at a
big fall in rental income.

Administrator Mr Steven Sherman of Ferrier Hodgson said MTM
Entertainment was negotiating with other potential cinema
operators and also had the option of managing the
properties itself, but it was unlikely to find anyone
willing to pay the rents Cinema Plus had been paying.
That leaves MTM with a difficult choice. Either continue
with Cinema Plus, but on a reduced rate, manage the cinemas
itself, or find another operator - almost certainly on a
reduced rent.

Analysts suggest Cinema Plus may yet be saved, with MTM
opting for the continuity the option of sticking with
Cinema Plus provides. But an agreement is also being sought
with Imax, the US group which provides the films and
projection equipment.

As one analyst said: "The cards are all held by MTM
Entertainment and Imax. One provides the property and one
provides the films. The liquidators can do whatever they
want and talk about renegotiating the rent and film price,
but unless they agree Cinema Plus is out.  Whatever way you
come at it, the price is going to have to come down."

In the meantime, Ferrier Hodgson is negotiating with MTM
and Imax, as well as the potential third party
investor/operator who could inject the capital to save
Cinema Plus.  It hopes the final decision on the way
forward will be made in time for the next meeting of
creditors on July 31.  (Australian Financial Review  14-
July-2000)

ESMERALDA CORP.: Lawsuit filed in Hungary re pollution
------------------------------------------------------
Lawyers filed a suit Friday against an Australian-Romanian
mining company for damages sustained by private businesses
as a result of a cyanide spill that killed tons of fish and
other marine life in a major European river.

"We are filing on behalf of two small-business owners, who
are in the tourist trade, in order to get a precedent,"
said Erika Mayer, president of a lawyers' association in
Budapest. "What we want to achieve is have the court
declare that those polluting the river are liable for
damages to businesses affected by the pollution."

Earlier in the week, the Hungarian government announced its
claim for more than a hundred million dollars in damages
from the Australian owners of the company believed
responsible for the cyanide spill that destroyed much of
the life in the Tisza River in January.  Tons of deadly
cyanide spilled from a Romanian mining operation on Jan.
30. Hungary seeks 29.37 billion forints (dlrs 108 million)
in damages from Esmeralda, the Australian company that is
part owner of Aurul, the Australian-Romanian mining company
where the spill occurred.

Esmeralda is currently undergoing liquidation proceedings.
Although the private suit asks only for 200,000 forints
(dlrs 720) in damages, Mayer said she expects that total
damages claimed may exceed one billion forints (dlrs 3.6
million), as more and more businesses come forward
with claims.

Horrified by news coverage of the tons of dead fish
floating on the river, many people canceled previous
reservations at motels on the river bank and Hungarian
media report tourists steering clear of the river resorts.
(AP Worldstream  13-July-2000)

LEND LEASE: Has to write off equity in studio investment
--------------------------------------------------------
Sydney's Fox Studios is proving to be a massive box-office
flop for Mr Rupert Murdoch's News Corporation and property
giant Lend Lease Corp.  Poor attendances at the high-
profile movie and entertainment complex have caused
Lend Lease to write off more than half of its equity
investment in the project and admit it could take a year to
solve its problems.

Lend Lease said yesterday it had made a provision of $80
million after tax to cover its share of Fox Studios'
current-year losses and an unspecified writedown of the
$132 million carrying value of its investment.  While News
Corp refused to comment, analysts expect the company to
make a similar provision given its United States
subsidiary, Fox Entertainment Group, jointly owns the
venture with Lend Lease.

The move would indicate both companies have lost more than
50 per cent of their investment in the complex, which cost
about $420 million to build with a mix of direct equity and
borrowings.  The studios won $107 million in concessions
from the NSW Government but the complex has suffered a
series of setbacks since opening in November last year.

Poor attendances for its Backlot theme park forced Lend
Lease in March to announce it and News Corp would spend up
to $40 million on improvements and expansions in an effort
to revitalise waning attendances.  It was revealed one of
the Backlot's main drawcards, its Titanic simulation, would
lose $1 million in its first year.

Further losses from the Backlot are likely this financial
year. The group executive of Lend Lease, Mr Dick Morath,
yesterday said the development's problems would take six to
12 months to sort out.  The company said its Backlot
experience would prevent it meeting its target of a 10 per
cent increase in earnings per share for the year to June
30.

Analysts now expect the company's core 1999-2000 result to
be only marginally better than the $420 million achieved in
the previous financial year, although Lend Lease said its
bottom-line number would be very substantially higher after
booking the abnormal gain resulting from its $4.6 billion
sale of financial services subsidiary MLC to National
Australia Bank.

"There are not any easy or immediate answers," Mr Morath
said. "We believe it will take at least 12 months to sort
out what we need to do and implement that. It is not
something that is going to be fixed in three or six
months."

Yesterday's announcement knocked 71.7› from Lend Lease's
share price, leaving the property group at $20.833 and
ending its recent strong market run. Ordinary News Corp
shares fell 27› to $22.43.  Lend Lease said Fox Studios'
Bent Street entertainment, dining and retail component and
its Professional Studio and Creative Campus components had
performed well.

The Professional Studio - which is being used to film two
Star Wars instalments for director George Lucas - has
strong bookings for the next three years and has generated
more than $550 million in export income for the NSW
economy.  Lend Lease said more than 60 commercial tenants
occupied Creative Campus, while Bent Street averaged more
than 100,000 visitors a week. However, it said the Backlot
continued to trade well below budget.

The chief executive of Fox Studios Australia, Mr Kim
Williams, would not comment on visitation numbers to the
theme park, simply saying they were significantly lower
than expected in Fox Studios' business plan. Mr Williams
defended the admission prices of $39.95 for adults, $24.95
for children and $29.95 for seniors and concession holders,
declaring them cheaper than any comparable attraction.

"Entertainment delivery is complicated and very demanding
and it takes time to get your marketing right and to get
the targeting at the key audiences in alignment," he said.

Mr Williams said the key target audiences for the Backlot
were families, couples and international tourists, but Fox
Studios had not established marketing networks with the
main inbound tourism groups or travel agents. In March,
Lend Lease warned it would make a provision to cover losses
from Fox Studios.

News Corp has remained silent on the performance of the
complex, which was launched in a glittering premiere
attended by Mr Murdoch and a number of Hollywood stars.
Since the sale of MLC, Lend Lease has made a strategic
decision not to take big investment stakes in one-off
projects and is expected in the future to seek third-party
financing on certain developments.  However, it will still
consider the outright property acquisitions to secure land
for future developments.  (Australian Financial Review  14-
July-2000)


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C H I N A  &  H O N G  K O N G
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BEST DRAGON INDUSTRIES LTD: Facing winding up petition
------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing on August 16 on the petition of
Caltex China Limited for the winding up of Best Dragon
Industries Limited. A notice of legal appearance must be
filed on or before August 15.

HAINAN INT'L TRUST & INVEST.: Gov't reviewing default
-----------------------------------------------------
China has set up an institution to clear the accounts of a
provincial trust which missed a payment on a Samurai bond.

Hainan province set up the clearing institution to aid the
restructuring of Hainan International Trust and Investment
(Hitic), which missed an interest payment due Monday on a
14.5 billion yen (HK$1.05 billion) Samurai bond due.

"The province has set up a clearing institution," an Hitic
official said yesterday. "The government is managing
everything."

But officials could not say when, or if, the trust could
meet its obligations.  Payment agents for Hitic's Samurai
issues - Shinsei Bank and Sumitomo Bank - yesterday said
the trust had delayed payment, clearing the way for the
bond to be declared in default.

The clearing body for Hitic was part of China's efforts to
overhaul the sector since the 1998 collapse of Guangdong
International Trust and Investment (Gitic).  But investors
have been disappointed with the pace of that overhaul.
Gitic formally filed for bankruptcy in January 1999 with
US$4.7 billion (HK$36.6 billion) of debt, but creditors
have yet to be paid as liquidators pick over the remains of
the company.

Police have arrested three former Gitic officials,
including former general manager Huang Yantian, and are
investigating two others for their roles in the debacle,
state media said this week.  Central bank chief Dai
Xianglong in June said China would shut a small number of
insolvent financial institutions which were beyond saving
to protect the interests of creditors.

China's central city of Wuhan dissolved two small trusts
and a leasing firm this week, placing their assets under a
city-run management company.  But industry officials said
prolonged restructuring was more likely as the government
worried angry depositors would protest if more trusts were
closed down.

"It's difficult for us to say when the clean-up of the
trust sector will be finished," said a Tianjin
International Trust and Investment official.

A People's Bank of China official said work on Hitic was
part of the restructuring of the whole industry.  The
central People's Bank of China and the powerful State
Council were reportedly working with Hainan to solve the
payment problems.  The clearing institution would go over
Hitic's accounts and try to recover debts owed to the
trust.

"We are in the restructuring stage and recovering debt,"
said a provincial official. (Hong Kong iMail  14-July-2000)

JOYCE BOUTIQUE HOLDINGS: Wheelock pressured into bidding
--------------------------------------------------------
Wheelock & Co is being forced to make a general offer for
Joyce Boutique because of the retailer's weakening share
price, according to market watchers.

The company said on Wednesday it would not apply for a
waiver to the general offer, contradicting an announcement
last month.  A general offer would cost the company about
HK$100 million more to complete its takeover of the
retailer. Wheelock did not explain why it was not seeking a
waiver, but the company may not have any choice.

If the share price of the offer is higher than the share
price in the market, there is no chance of the Securities
and Futures Commission granting a waiver, a banker said.
This practice was viewed as being in the interests of
minority shareholders.

After Wheelock announced its takeover plan last month,
Joyce's share price was 26 HK cents. Joyce's last trading
price before Tuesday morning's suspension was 23.1 HK
cents, below Wheelock's 25-cent offer price to subscribe to
820 million new shares of the retailer.

Trading was suspended until yesterday pending Wheelock's
waiver announcement. On the news of Wheelock's decision,
Joyce resumed trading yesterday and rose to 24.3 HK cents.

According to the Takeover Code, a party which acquires 35
per cent or more in a company must make a general offer to
shareholders unless a waiver is granted. The offer will
take the cost of a Joyce takeover for Wheelock to HK$307
million.  (South China Morning Post  14-July-2000)

PAM & FRANK INDUS.: Winding-up action report to HKSE
----------------------------------------------------
The Board of Directors of Pam & Frank International
Holdings Limited (PFIH) advises that on 10th July 2000, the
Court ordered that the further hearing of the winding up
petition against Pam & Frank Industrial Limited, which is a
major subsidiary of PFIH, be adjourned to 29th September
2000.

Also at that hearing, the Court ordered that PFIL file and
serve a report by 27th September 2000 as to the progress of
preparation for a proposed scheme of arrangement of PFIL.
PFIL expects to include draft documentation for the
Proposal as part of the Report in order to seek the Court's
approval.

The Proposal is currently at a preliminary stage, however
it is proposed that an offer will be made to all the
unsecured creditors of PFIL (excluding Smart Interlink
Holdings SA being a secured creditor, another secured
creditor and the other members of the Group) by way of a
scheme of arrangement to invite them to convert each dollar
of their debts for one share in the Company.

The aggregate outstanding liabilities of PFIL due to such
unsecured creditors is about HK$132 million. A total number
of about 132 million new shares in the Company will be
issued upon implementation of the Proposal, representing
about 12.6 per cent of the issued share capital of the
Company. The implementation of the Proposal will not cause
any dilution of the interest of the Group in PFIL.

The Proposal (in a preliminary stage) has received non-
binding approval in principle from a majority of creditors
who responded to a circular sent on behalf of PFIL on 12th
June 2000 and an addendum sent on 26th June 2000. There are
approximately 360 creditors of PFIL in total who claim a
total amount of approximately HK$828 million.

At the adjourned hearing on 29th September 2000, the Court
may authorise PFIL to send scheme documentation relating to
the Proposal to creditors and to convene a meeting of
creditors of PFIL to consider and vote on the Proposal.
However the Court may instead direct that the draft
documentation for the Proposal be amended before it
authorises PFIL to send any documents to creditors or to
convene a meeting of creditors.

The Company will make a further announcement as to the
progress of preparation of the documentation for the
Proposal, the further orders of the Court, and the
timetable of future events in relation to the Proposal,
following the hearing on 29th September 2000.

The Proposal can only proceed if it is approved by a
majority in number and 75% in value of creditors of PFIL
and if no winding-up order is made against the Company.
In view of the large number and value of creditors involved
in the Proposal, the Board expects that no new substantial
shareholder of the Company will arise as a result of the
implementation of the Proposal.

The Company will comply with the relevant requirements of
the Listing Rules, including the obtaining of approval from
the shareholders of the Company, should the Proposal
proceed.  Should the Proposal fail to proceed and no other
alternative debt-restructuring proposal is approved by the
creditors of PFIL and the Court, PFIL will become
liquidated and the Company might be unable to comply with
paragraph 38 of the Listing Agreement. Should such
circumstance arise, trading in the securities of the
Company may be suspended.

A winding-up order may be made against PFIL as a result of
which PFIL will become liquidated. Shareholders and
investors of the Company are advised to exercise caution
when dealing in the securities in the Company. (Hong Kong
Stock Exchange  11-July-2000)

WAH NAM GROUP: Facing winding up petition
-----------------------------------------
At the request of Wah Nam Group Limited, trading in its
shares will be suspended on July 14, 2000 pending the
result of a hearing regarding the company's winding-up
petition scheduled to be heard that day.

YORK CREATION LTD: Facing winding up petition
---------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance,
has scheduled a hearing for August 16 on the petition of
The Hongkong and Shanghai Banking Corporation Limited for
the winding up of York Creation Limited. A notice of legal
appearance must be filed on or before August 15.


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

PT BANK BALI: Appears headed for liquidation
--------------------------------------------
PT Bank Bali appears headed for liquidation by the end of
the year unless its major shareholder, Deutsche Bourse
Clearing AG, steps in to recapitalise the bank, banking
analysts said.

It is not clear exactly who the shareholders are behind
Deutsche Bourse Clearing (DBC) and so far the company has
made no announcement about its intentions.  Perhaps the
fact that DBC opted to increase its stake in Bank Bali from
20 pct to slightly over 50 pct at a time when it is facing
severe problems could indicate that the shareholders are
serious about the bank and have special plans for it, they
said.

Analysts are calling a sell on Bank Bali, saying that it is
too risky to hold on to a stock when the bank looks to be
headed for liquidation.  In any event, a rights issue is
likely to be priced at 60-75 rupiah, which is a steep
discount to its current share price, they said. Indosuez WI
Carr banking analyst Mirza Adityawarsa said Bank Bali has
given up the government option of recapitalisation, placing
itself on the road to liquidation.

"At the end of the day, the government actually wanted to
save the bank by recapitalising it but Rudi (Ramli) didn't
want it," he said, referring to the former owner and chief
executive of the bank.

If Ramli had taken the government's initial offer to recap
the bank, he would have to come up with only 2.7 trln
rupiah. The price tag has now increased to 4.5 trln rupiah
and is still increasing.

"He didn't have the money then, how is he going to come up
with more money now?" Adityawarsa asked.

At the same time, he ruled out foreign bank interest in
Bank Bali after Standard Chartered withdrew from bailing
out the bank.

"Bank Bali has become fairly complicated due to the Golkar
money scandal," he said, referring to the case where an
intermediary took as commission part of the funds provided
by the authorities to settle the bank's interbank claims.

The market is still uncertain as to the identity of those
behind DBC.  Initially, there were rumours that Rudi Ramli
was behind DBC as part of an effort to bring the bank back
under his control but this was ruled out after his strong
statements in the media against DBC.  Another rumour was
that a group aligned to former President BJ Habibie
was the force behind DBC so to monitor any investigations
into the Golkar party's role in the bank but this has also
been dismissed by most analysts.

A third rumour is that a group of German individuals,
including some Indonesians are behind DBC, analysts said.
Adityawarsa said one option available is for a rights issue
but the bank first has to obtain the approval of its
shareholders, which includes DBC.

"If they don't know who DBC is, how are they going to get
the approval?" he asked.

Another analyst with a foreign brokerage, who declined to
be identified, said Bank Bali's situation is a little
difficult as IBRA has literally "washed its hands of the
bank and transferred it back to Bank Indonesia. It is not
easy. Bank Bali has to either recap or face liquidation,"
she said.

The bank needs about 4.9 trln rupiah now or 5.2 trln by
September for recapitalisation.  Should Bank Bali be
liquidated, the government will have to pay out about 7.9
trln rupiah to depositors under the government guarantee
for all deposits.

"It is very difficult to recap the bank when the ownership
of the bank is not clear. Should the government recap the
bank, it would want some ownership so that it can sell it
off to a strategic buyer to recoup its recapitalisation
costs," she said.

The analyst said investors should "get out of the stock"
and those who are still holding positions must be
optimistic of a bail-out.  Some investors believe that
whoever is behind DBC, they obviously have money to
subscribe to a possible rights issue to raise funds to
capitalise the bank.  She said there are so many rumours
circulating on the identity of the DBC investors.

"It is impossible for either Bank Indonesia or IBRA to
recap Bank Bali unless the legal issues (as to the identity
of DBC) are cleared," she said.

The analyst said the political elements in the whole issue
must figure prominently.  "I believe that what you and I
know about this is just a tip of the iceberg. It makes it a
difficult case to call. Shareholders will have to either
come up with a huge amount of money to recapitalise the
bank or lose everything," she said.

Should Bank Bali fail to recapitalise, the central bank
cannot justify allowing the bank to continue its
operations, she said.

"What I know is that Bank Bali is financially insolvent and
it cannot operate as a bank any longer," she said.

Another analyst with a local brokerage, who also declined
to be identified, said it was now up to Bank Indonesia to
push for the recapitalisation of the bank to the required
4.0 pct capital adequacy ratio.  Recapitalising the bank
may be difficult as the bank will need to raise about
4.0-5.0 trln rupiah to meet the mininum CAR of 4 pct, he
said.

At a current market capitalisation of about 11.8 bln
rupiah, the bank will need to increase its market cap by
more than 40 times to meet the CAR requirement, he said.
"If I were Bank Indonesia, I would just tell Bank Bali that
they have to increase their CAR immediately. If not, face
liquidation," he said, agreeing that a rights issue is the
best option available.

Earlier, Bank Indonesia deputy governor Anwar Nasution, who
is also acting as BI governor, said the central bank has
yet to make a decision on whether to continue the
recapitalisation of Bank Bali or consider liquidating it.
The analyst said "the operations of Bank Bali are now right
back in the hands of its shareholders. They should now
decide what to do if they want to continue operations," he
said.

He said most investors "don't really care who owns the bank
as long as it is properly run."

DBC is currently the main shareholder, holding slightly
above 50 pct in Bank Bali while Sarijaya Wirasentosa owns
another 20 pct and the remaining stake is in the hands of
the public and Sanwa Bank of Japan, he said.

"It (DBC) is a nominee company and although everything with
this company has been done in the right and proper way, no
one knows who controls Deutsche Bourse Clearing," he said.
"What is quite surprising is that Deuts he Bourse continued
to increase its stake in the bank from 20 pct to over 50
pct when its CAR was a big negative.  This gives me an
inkling perhaps they want to do something with the bank and
perhaps have the money to recapitalise the bank," he said.

The analyst said he would not be surprised if Deutsche
takes up the rights issue should Bank Bali undertake one.
"At the moment, however, I would stay away from this stock.
It is too risky," he said.  (AFX News Limited  14-July-
2000)

PT BIMANTARA CITRA: To sell shares in units
-------------------------------------------
PT Bimantara Citra said it plans to sell part or all of its
shares in one unit and two affiliates to raise cash for
debt repayment, a senior official said.

The diversified holding company plans to sell part or all
of its 27.55% stake in hotelier PT Plaza Indonesia Realty
and its 15.5% stake in baby-food producer PT Nestle
Indonesia as well as shares of its unit PT Bimantara Cakra
Nusa, investor relations manager Alex Mangan said.

The measures are in line with Bimantara's plan to return to
its core businesses such as media broadcasting,
telecommunications, and logistics and transportation, he
said, adding that Bimantara may sell shares in units that
aren't in line with core businesses. (The Asian Wall Street
Journal  13-July-2000)

PT MAHAJAYA GEMILANG: IBRA files bankruptcy suit against it
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) said it has
filed a bankruptcy suit against a subsidiary of Mahajaya
Group, PT Mahajaya Gemilang, for failure to settle its 19.3
bln rupiah debt to the agency.

IBRA lawyer Luthfie Hakim, of the Luthfie & Partners law
firm, said the company's debts were originally owed to
closed banks PT Bank Dagang Nasional Indonesia (BDNI), Bank
Pelita, Bank Sewu International, Bank Dharmala and
Bank Arya Panduartha.

The company also owes a further 50 bln rupiah to other
banks and multifinance firms, IBRA said. The bankruptcy
suit was filed with the Commercial Court.  (AFX News Limite
13-July-2000)

PT PERUSAHAAN DAGANG DAN INDUSTRI OMETRACO: Bankruptcy suit
-----------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) said it has
filed a bankruptcy suit against PT Perusahaan Dagang Dan
Industri Ometraco, holding company of the Ometraco Group,
with the Commercial Court for failure to repay matured
debts worth 22.7 bln rupiah, its lawyer Widodo Mudjiono
said.

Mudjiono, of the law firm Widodo Mudjiono & Partners, said
the above matured debts were owed to the closed Bank Dagang
Nasional Indonesia (BDNI). He said the loans were extended
in 1997 and matured in 1998.  He added the company has also
matured debts due to Bank International Indonesia and
American Express Bank (Amex). However, he gave no further
details.

Mudjiono also said IBRA has requested the commercial court
to appoint one "ad-hoc" judge to sit on the judge panel to
handle the case.  (AFX News Limited  14-July-2000)


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

SOGO CO.: Taiwan partner seeks stake buyout in stores
-----------------------------------------------------
Taipei (Kyodo) Pacific Construction Co., local partner of
the failed Sogo Co., has admitted that it is interested in
taking over Sogo's 49 percent stake in the Sogo Co. four
jointly operated Sogo department stores in Taiwan.

Taiwan Stock Exchange-listed Pacific Construction is the
joint venture partner of the Japanese department store
chain and holds 51 percent of Pacific Sogo Department
Stores Co. That company was established in 1987 with
capital of 2.304 billion Taiwan dollars (about $74
million).

Pacific Construction acting spokesman Chen Ching-hui said
that under the joint venture contract, Pacific Construction
has a priority purchasing right for Sogo's 49 percent
stake, although Sogo has not voiced its intention to sell
as yet.

Only Wednesday, Sogo Co. filed for protection from
creditors after the Japanese government pulled the plug on
a controversial bailout plan to waive some of the company's
debts using taxpayers' money.  Another Pacific Sogo
Department Store spokesman Lee Kuang-jung said at the time
that such filing did not affect the Taiwan-based stores,
which are modeled on those in Japan.


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

DAEWOO MOTOR: Commercial vehicle ops auction by month-end
---------------------------------------------------------
Daewoo Group's restructuring committee said it will
complete plans to sell Daewoo Motor Co's commercial vehicle
operations to foreign car makers by the end of July,
following which auction procedures will start.

A Daewoo restructuring committee spokesman quoted its head
Oh Hogen as saying: "The committee will conclude the sales
strategy by the end of July", before auctioning the truck
and bus making operations to foreign car makers.  The
method of sales will not be much different from Daewoo
Motor's," Oh was quoted as saying, but he did not
elaborate.

Operations to be auctioned are the Kunsan plant with annual
capacity of 20,000 trucks, the Pusan plant producing 6,000
buses a year, and facilities in China and the Czech
Republic, the committee spokesman said.  Separately, Yonhap
News Agency reported that the committee will invite four
foreign automakers to participate in the auction, including
Volvo and Renault.  However, the committee official said:
"Nothing has been decided yet."  (AFX News Limited  14-
July-2000)

HYUNDAI ENGIN.& CONSTRUC.: To raise $10B to repay debt
------------------------------------------------------
Hyundai Engineering & Construction, Korea's largest
contractor, said it will hire Chase Manhattan Bank to
advise it on the sale of property and shares this year to
raise as much as US$1.3 billion (HK$10.14 billion) to repay
debt.

Hyundai Engineering said about half the money will come
from sales of buildings and land, and about a quarter from
unspecified stakes in other companies.  A US$40 million
cement plant in Bangladesh is also on the list, which fell
about 70 billion won (HK$490 million) short of the
company's target.

The company didn't provide many details of the sales,
suggesting it may have a tough time persuading investors
that the announcement is more than just an image-polishing
exercise in the wake of parent Hyundai Group's failure to
revamp the way it runs many of its companies.

"I won't buy Hyundai Engineering shares because it's hard
to know whether they will actually achieve their plans,"
said Keum Dae Ki, a fund manager at Dongwon Securities, who
manages about 50 billion won of Korean stocks.

Hyundai Engineering, which suffered short-term cash
problems in late May, denied newspaper reports that the
asset sales are aimed at easing its cash bind. The company
said it wants to lower its 5.1 trillion won debt by a fifth
and reduce interest costs totalling 500 billion won.

"We hope to heighten profitability by reducing financial
costs gradually over the next few years," said a spokesman
Lim Jong Ik, head of the company's finance department.

Chase isn't on board yet. Michael Collins managing director
and head of Chase's financial advisory unit in Hong Kong,
said the bank is still in discussions with Hyundai
Engineering.  (The Korea Herald  14-July-2000)


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

IDRIS HYDRAULIC (MALAYSIA): Annuar Senawi set to take over
----------------------------------------------------------
Datuk Annuar Senawi, who was recently appointed a director
of Idris Hydraulic (Malaysia) Bhd, has proposed to
subscribe for 150 million new shares in Idaman Unggul Sdn
Bhd, which will also take over the listing status of Idris
under a comprehensive restructuring exercise.

In an announcement to the Kuala Lumpur Stock Exchange
today, Idris said Annuar Senawi would become the single
largest shareholder in Idaman Unggul, in which he is also a
substantial shareholder and director upon the completion of
its comprehensive restructuring exercise. The proposed
subscription of Idaman Unggul shares is at par value of RM1
each.

This confirms TheEdge.Com's report on June 21 that 52-year-
old Annuar Senawi or his business associates were expected
to assume control of Idris as they emerged as major
shareholders of the debt-laden company under a debt-
restructuring exercise. Idris has RM400 million in debts.

According to the statement, Idris said it had entered into
a conditional agreement for subscription of shares with
Annuar Senawi and Idaman Unggul today. The proposed
subscription of Idaman Unggul shares is part of Idris'
proposed restructuring exercise to address its various
financial obligations to creditors and to reconstitute its
assets under Idaman Unggul.

The exercise includes a proposed capital reconstruction of
Idris, mainly for the exchange of Idris shares for new
Idaman Unggul shares and the cancellation of part of Idris'
issue share capital in conjunction with the existing
arrangements.

Idris will undergo a proposed corporate restructuring,
which involves the transfer of Idris' listing status to
Idaman Unggul, a rights issue of shares by Idaman Unggul,
the transfer of Wisma Idris back to KFC Holdings (M) Bhd,
the proposed subscription of 150 million shares and a sale
of transfer of Talasco Insurance Berhad by Idris to Idaman
Unggul.

Idris also proposed a debt reconstruction of Idris and its
subsidiaries to be effected vide a formal scheme of
arrangement pursuant to the Companies Act. This involves
the novation of the subsidiaries' debts to Idris, a set-off
cash in various fixed deposit accounts, a partial waiver of
debt by Idris's creditors and the full settlement of Idris'
indebtedness following such novation, set-off and partial
waiver by way of cash and issuance of Idaman Unggul
securities.

The terms of the reconstructing exercise are being
finalised under the Corporate Debt Restructuring Committee.
An announcement will be duly made once the terms of the
exercise have been agreed upon.

Annuar is the former executive chairman of Malaysia
National Insurance Sdn Bhd (MNI) and was appointed to
Idris' board last week. He also sits on the board of
Austral Enterprise Bhd, Island and Peninsular Bhd,
Landmarks Bhd, Seni Jaya Corporation Bhd, Sanda Industries
Bhd and Shangri-La Hotels (Malaysia) Bhd. (The Edge  14-
July-2000)

LAND & GENERAL: Still trying to unload properties
RENONG BHD: Still trying to unload properties
-------------------------------------------------
Two major Malaysian companies with substantial property
landbanks -- Renong Bhd and Land & General -- have hit
snags despite the nascent recovery in the property market.

Renong yesterday said its property arm Prolink Development
and Bandar Raya Developments have called off the deal for
the sale of a huge tract of land at Nusajaya near the
Second Link in Johor.  Last May, Prolink inked the deal to
sell the 742.6 ha plot of land to Bandar Raya for RM436
million (S$199.7 million) in exchange for five-year
irredeemable loan stocks convertible into Bandar Raya
shares. The sale of the land -- almost 8 per cent of the
entire 9,700 ha estate -- was part of Renong's plan to
slash its debts.

The aborted sale will also make it more difficult for Halim
Saad's Renong to float the 64 per cent subsidiary next
year.  No reason was given for the aborted deal, but
analysts said Bandar Raya, which is part of Multi-Purpose
Holdings Bhd, may have found it a daunting task to develop
and sell the project later on.

Despite the recent pick-up in residential property
transactions in certain parts of Malaysia, there is still
an overhang of RM14 billion worth of unsold commercial and
residential properties in the broader market.  The glut has
also affected mass housing developers like L&G, which said
last night that it will default on an outstanding portion
of its US$100 million (S$174 million) convertible bond
issue.

The developer -- headed by Wan Azmi Wan Hamzah -- said it
will not be able to pay US$2.6 million in interest due on
July 26 for the remaining bonds of US$58.7 million.
"Such a default may lead to L&G and/or some of its
subsidiaries or associated companies also being in default
under the cross-default clauses of their respective
facility agreements," it said.

However, the company and its advisers are in the midst of
drafting a restructuring plan to placate bondholders. "L&G
believes that there is a good chance of successfully
negotiating the restructuring of the bonds with the
bondholders," it said.

L&G had issued the bonds during the property boom in 1994.
The bonds are convertible into new ordinary L&G shares at
RM6.46 apiece -- way above its price of RM1.14 yesterday.
(Business Times  14-July-2000)

TIME dot COM: Sapura  to swap debt for cash, stake
--------------------------------------------------
Local telco group Sapura yesterday said it has signed a
deal with Khazanah Nasional to exchange debt owed to it by
Time Engineering for cash and a stake in Time dotCom.

The agreement was signed on the same day that Sapura gave
its assent to Time's RM4.8 billion (S$2.19 billion) debt
restructuring exercise on Wednesday, and just days after
Khazanah, the national investment agency, agreed to buy up
to 30 per cent of Time dotCom for RM2.2 billion.
Sapura could have derailed Time's restructuring scheme had
it voted against it, as it is Time's second largest
creditor after the national Employees Provident Fund.

Stock Exchange announcements by Sapura's listed units
Sapura Telecommunications and Uniphone Telecommunications
Bhd yesterday said that Sapura would be exchanging RM469.9
million owed to it by Time for 45.2 million Time dotCom
shares, secured bonds issued by Time which are exchangeable
for 30.6 million Time dotCom shares and RM250 million in
cash.

Both counters were suspended for the announcement
yesterday. Sapura Telecom was last traded at RM8.30, and
Uniphone at RM4.32. The deal will lift Sapura's stake in
Time dotCom, when the latter is eventually listed, to 5 per
cent, from the 2.4 per cent it would have held through the
allotment of shares via the restructuring scheme.
Sapura's agreement with Khazanah also gives it one seat on
Time dotCom's board.

Sapura group chairman and CEO Shahril Shamsuddin was quoted
in The Star yesterday as saying: "Now that everything has
been resolved, we, the Sapura group, look forward to
working closely with the Time group so as to enhance the
value of all companies involved."

Mr Shahril also said there was a separate arrangement to
buy more Time dotCom shares from Khazanah. "But we must
give first preference to the strategic partner -- the
foreign partner comes first but if they do not want it, we
will take up the stake," he said.

Mr Shahril identified Sapura Telecom as the most likely
company to hold the 5 per cent stake in Time dotCom. He
also said he believes Time Engineering was fully aware of
Sapura's involvement to acquire the Time dotCom stake,
although Time dotCom managing director Halim Saad said
otherwise at a press conference last week.

Sapura failed in its bid for Time dotCom in May, with a
deal structured to give Sapura 40 per cent, Time's other
creditors 39 per cent, leaving Time with 21 per cent in
Time dotCom. The offer was made just before Time was due to
sign a pact with SingTel, whose offer of RM3.30 per share
was also rejected. (Business Times  14-July-2000)


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

ATLAS MINING: Ends deal with Minoro for failure to deliver
----------------------------------------------------------
Cash-strapped Atlas Consolidated Mining & Development Corp.
has terminated its agreement with Australian- and British-
led Minoro Mining and Exploration Corp. for failing to
undertake the rehabilitation of the local mining firm over
the last four years.

BusinessWorld learned yesterday the management will now
entertain a proposal from another Australian group willing
to infuse more than $100 million in Atlas.

"The decision to terminate was reached after giving Minoro
ample time and leeway to comply with its obligations under
the agreement. In spite of these concessions, Minoro failed
to abide by its commitments... the termination, however, is
without prejudice to Minoro's right over the shares issued
to it in consideration for all cash advances that Minoro
extended to the company,"

Atlas president and chief operating officer Fernando S.
Verde said. Mr. Verde said Minoro failed to pay for the
monthly maintenance of the mines, submit the title of
property that will cover for obligations to labor, as well
as settle debts to creditors and suppliers of the company.
He added that Minoro's negligence resulted in various
lawsuits filed by creditors who agreed to the settlement
plan earlier offered by the foreign group.

Atlas signed an agreement with Minoro in November 1996
involving the rehabilitation of the company's Toledo mine.
The foreign firm -- which now holds a 58% controlling stake
in Atlas -- has also committed to scout for funds for the
mining firm.  (Business World  14-July-2000)

URBAN BANK: Bancommerce, PDIC to ink pact
------------------------------------------
The Philippine Deposit Insurance Corp. (PDIC) and
Cojuangco-run Bank of Commerce (Bancommerce) are scheduled
to sign on Monday an agreement for Bancommerce's formal
takeover of closed Urban Bank.

PDIC president Norberto C. Nazareno yesterday said one of
the conditions for the takeover is the equity conversion of
PhP750 million of deposits in Urban Bank, which would
complete the PhP1.65 billion in new capital needed for the
bank's rehabilitation. Bancommerce said it will infuse
PhP300 million while state pension fund Social Security
System (SSS) has agreed in principle to fund the needed
PhP600 million.

SSS has an existing 171-million-peso investment in Urban
Bank. Bancommerce is still negotiating with Urban Bank's
big depositors -- Petron Corp., San Miguel Corp. (SMC) and
Manila Electric Co. (Meralco) -- for the conversion of
their combined 750-million-peso deposits into bank equity.
Bancommerce president Raul B. de Mesa said the tentative
signing scheduled for yesterday did not push through as
discussions are still ongoing.

PDIC's Mr. Nazareno said the equity conversion should "not
necessarily" come from the three big companies, "as long as
PhP750 million worth of deposits are converted into
equity."  (Business World  14-July-2000)

URBAN BANK: Exec admits getting SMC boss' PhP5M
-----------------------------------------------
Urban Bank president Teodoro C. Borlongan yesterday
admitted withdrawing the five-million-peso (US$112,000 at
PhP44.567:US$1) time deposit of San Miguel Corp. (SMC)
president and chief operations officer Francisco C.
Eizmendi, Jr. a day before the bank declared a holiday last
April.

In his sworn statement, Mr. Borlongan told the Justice
department that he took the "drastic step to protect" the
interest of Mr. Eizmendi and co-depositor and wife Aurora.
Using this defense, Mr. Borlongan has asked the Department
of Justice (DoJ) to drop the estafa charge against him and
his fellow Urban Bank executives, saying the money is still
intact and could be returned any time, without need of
demand.

In fact, he said he twice offered to return the money to
Mr. Eizmendi, who refused to receive it following the
advice of lawyers. Mr. Borlongan said the money was
initially kept in his home and then later deposited in a
savings account in his name, in trust for the Eizmendis.
As for the falsification charges, the Urban Bank head said
the Philippine Deposit Insurance Corp. (PDIC) failed to
specify the type of falsification he allegedly committed.
The criminal code provides for eight modes.

"Extraordinary situations demand extraordinary action The
frenzy of cash withdrawals on April 25 had hit almost
PhP1.3 billion. Urban Bank was like a house on fire. I had
to protect the interest of people who had personally placed
upon my shoulders the difficult responsibility of taking
care of their money," Mr. Borlongan said.

"I hereby declare that I am willing to surrender the
aforesaid money to any authority who can lawfully take
custody thereof," he added, "who can absolve me and the
other respondents of further liability therefor."

The Urban Bank chief even chided the SMC top honcho for
filing the "shoddy complaint" to recover his measly PhP5
million, even if Mr. Eizmendi has allegedly received other
checks for the pre-termination of PhP12.3 million and
$108,326 in deposits.

Although Mr. Borlongan did not indicate in his affidavit
whether he assisted Mr. Eizmendi in withdrawing the two
other placements on April 25, he said he was puzzled why
the complainant did not sue the Urban Bank executives
responsible for the pre-termination.

"They disclosed these deposits were pre-terminated by
certain Urban Bank officials and although these were
supposedly unauthorized, they accepted the checks and
thereby confirmed the propriety of such action (This
negated) the existence of any damage to them," said Mr.
Borlongan.

For this, Mr. Borlongan concluded the ongoing DoJ
investigation is merely a "malicious prosecution," acceded
to by an "incompetent" PDIC.  In his lengthy position
paper, Mr. Borlongan insisted he neither has any malevolent
intention or ill motive in withdrawing the money.

He said he did not participate in the alleged falsification
of the signature of former Ortigas branch manager Ma.
Cristina Lagdameo-Sy, who signed the manager's check.
Much as he wants to return the money now to the Eizmendi
couple, he said he is constrained to turn it over instead
to the PDIC, Urban Bank's receiver.

"The complaint against (me and fellow Urban Bank
executives) deserves to be dismissed. No evidence exists to
sustain fraud, bad faith or even damage upon the
Eizmendis," said Mr. Borlongan.

Meanwhile, the Manila trial court judge facing an
administrative charge at the Supreme Court yesterday said
there was "nothing illegal" with his decision permitting
Orient Commercial Banking Corp. president Jose Go to travel
despite a hold-departure order against him.

Regional Trial Court Judge Guillermo L. Loja, Sr. told
reporters his issuance was valid, considering the Justice
department is "still reviewing" the criminal case it filed
against Mr. Go.  He said without a clear case, the HDO
issued by Judge Rebecca Salvador has been mooted. He noted
Mr. Go's lawyer told the court his client has already
returned to the Philippines on July 8, after spending six
days in China.

Mr. Loja, however, did not offer any reason for the
extension of the travel request by more than three weeks.
Aside from defending his order favoring the Orient Bank
president, Judge Loja questioned the DoJ prosecutors'
recommendation for an "unreasonably low bail" of PhP20,000
for a PhP2.8-billion estafa suit. The law sets a PhP50,000-
bail ceiling. (Business World  14-July-2000)


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

THAI PETROCHEM.INDUS.: Investors check out TPI assets
-----------------------------------------------------
About twenty groups are looking at investing in or buying
various assets of Thai Petrochemical Industry Plc (TPI).

Effective Planners Ltd (EPl), which is overseeing TPI's
US$3.5-billion debt restructuring plan, confirmed the
inquiries, saying that about half the potential investors
were interested in holding shares in TPI, while the rest
focused on specific businesses.

EPL, a wholly owned subsidiary of Ferrier Hodgson, said
work on TPI's rehabilitation was proceeding on schedule
with full co-operation from all parties.

Recently completed cashflow forecasts were in line with the
previous five-year plan. In that plan, agreed to in
February 1999, internal and external cashflows of about
US$750 million each, for a total of $1.5 billion, were
earmarked for debt reduction.

A draft of TPI's rehabilitation plan was submitted to the
working group of TPI's creditors last week, said Anthony
Norman, managing director of EPL.  The final version would
be submitted to the Official Receiver at the end of this
month, for circulation to all creditors.

EPL was looking at which parts of TPI's business could be
divested, in whole or part, without disturbing the
operations of TPI.  Sippanondha Ketudat, a former industry
minister and current chairman of the EPL board, said there
was a need to reduce debt to standard industry norms
without undue haste and in a realistic timeframe.

"TPI must spend million of dollars annually to maintain and
modernise its facilities and ensure that quality fire,
safety, maintenance and pollution control equipment is
installed and working efficiently," said Sippanondha.
"Embracing the rights of financial and trade creditors to
receive principal and interest loan payments is essential,
but not to the extent that it is done in a way that cuts
off essential capital expenditures. Modest, prudently
managed debt levels are an industry norm."

EPL's operational, engineering, and petrochemical experts
are working with TPI staff on improvements to TPI's
production planning, feedstock acquisition and marketing
distribution systems.

To assist these efforts, TPI has been recommended to adopt
the Plant Integration Modelling System (Pims), a widely
used plant optimisation tool for petrochemical producers,
at not just one TPI plant, but at the entire complex.
EPL says that production of about 125,000 barrels per day
would produce the highest return.  (Bangkok Post  14-July-
2000)

THAI TELE.& TELE.: Posts losses; drafts debt-service plan
---------------------------------------------------------
Thai Telephone & Telecommunications (TT&T) expects losses
for this year, as towering interest payments are eroding
revenue, and already created losses in the first quarter.

In a statement submitted to the Stock Exchange of Thailand
(SET), the telecom company reported first quarter losses of
760 million baht against 850 million baht for the same
period last year.

But the company hopes its financial performance will
rebound after debt restructuring plans are finalized in
October. TT&T's preliminary debt repayment plan includes
the rescheduling of loans, a debt-to-equity conversion and
new investments.

"After the debt reform scheme is finalized, which includes
substantial compromises, we hope to return to profit; but
we don't expect to see profit this year," said TT&T
managing director Thongchat Hongladarom.

Most of TT&T's creditors in May endorsed the company's 4.44
billion baht debt restructuring plan and set out to sign
the agreement by the end of October.

Under the tentative agreement, TT&T is required to seek a
strategic partner, which the company expects to arrange
next year. Thongchat told reporters that TT&T is looking
for a partner that offers maximum benefits to the company,
and could be either Thai or a foreign investor.

"We don't deny that we have talked with TelecomAsia and
Shin about the possibility of forming a partnership, but we
have also talked to other investors as well," said Vitit
Sujapong, the company deputy managing director.

As for new investment, TT&T said it has put aside 500
million baht to install 15,000 new public phones, has
poured 300 million baht into the data communications
network and invested a further 150 million baht in Internet
services.

"New investment has to wait until after the conclusion of
the debt restructuring scheme; however, some, particularly
the Internet services, must begin soon to keep pace with
our competitors," Thongchat said.

TT&T's major revenue is derived from fixed-line
subscribers. It was granted concessions to operate 1.5
million units outside Bangkok and has serviced 1.18 million
accounts thus far. Recently, the company canceled plans to
operate personal cordless telephones (PCT) after being
approved by the Telephone Organization of Thailand, citing
the low demand in provincial areas.  Its major shareholders
comprise Loxley, Jasmine International, Italian-Thai and
Thai Farmers Bank. (Business Day  14-July-2000)

THAI WIRE PRODUCTS PLC: Gives SET more info on rehab plan
---------------------------------------------------------
Thai Wire Products Public Company Limited, through Mr.
Sukit Nganthavee, Managing Director, reports to the Stock
Exchange of Thailand that its debt restructuring plan was
approved by the extraordinary shareholders meeting #1/2000
on July 11,2000.

The details of the plan are:

Loans and accrued interest as of December 31,1999 comprise:
Loans = Baht 2,353.89 million
Accrued interest Baht 315.73 million
Total Baht 2,669.62 million

The creditors under CDRAC, 11 creditors from total 15
creditors or 75.89% of total debt value, approved the debt
restructuring plan on May 4, 2000 and signed term sheet on
may 10, 2000.  The debt restructuring agreement will be
signed within 60 day after term sheet date or extended by
the approval of creditors and debtor.

Then, the company will call for the extraordinary
shareholders meeting to increase the registered capital for
230 million baht by issuing 23 million ordinary shares to
cover the right of the creditors.  (Stock Exchange of
Thailand  14-July-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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Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

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