/raid1/www/Hosts/bankrupt/TCRAP_Public/010222.MBX          T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

            Thursday, February 22, 2001, Vol. 4, No. 37

                               Headlines


A U S T R A L I A

CENTAUR MINING:  Assures Debt Payment
HP JDV:  Posts A$6.6M Loss
LIBERTYONE:  Deficiency Totaled A$20M


C H I N A  &  H O N G  K O N G

ARTA INTERNATIONAL Ltd.:  Facing Winding Up Petition
COLLINGS DEVELOPMENT (CHINA) Ltd.:  Facing Winding Up Petition
CONCORD RISE (HOLDINGS) Ltd.:  Facing Winding Up Petition
FORTUNEER Ltd.:  Facing Winding Up Petition
GRANDFIELD PACIFIC HOTEL Ltd.:  Facing Winding Up Petition

HKS PARKING Ltd.:  Facing Winding Up Petition
HOMWISE INTERNATIONAL Ltd.:  Facing Winding Up Petition
HONG KONG EAST FINANCE Co. Ltd.:  Facing Winding Up Petition
PATMI INVESTMENTS Ltd.:  Facing Winding Up Petition
PORTALLY INDUSTRIAL Co. Ltd.:  Facing Winding Up Petition

SILEIGH HOLDINGS Ltd.:  Facing Winding Up Petition
TRUTH LAUNDRY Ltd.:  Facing Winding Up Petition
YEE FUNG MOTOR TRADING Ltd.:  Facing Winding Up Petition
ZHENGZHOU BAIWEN:  Shares to be Delisted


I N D O N E S I A

ASIA PULP:  S & P Lowers Ratings


J A P A N

DAIEI:  Sells 6.8B Yen in Shares
DAIICHI MUTUAL:  Transfers Policies  


K O R E A

DONG AH:  To Prove Finances Falsified
KOREA REAL ESTATE:  Creditors Study Options


M A L A Y S I A

ARUS MURNI:  Government to Sell 55 Percent Stake
SOUTH MALAYSIAN INDUSTRIES:  Restructures RM150M Bonds


P H I L I P P I N E S

PILTEL:  SEC Accuses Misleading Reports
URBAN BANK:  Will Not Be Liquidated


S I N G A P O R E

HUTCHISON INTRAPAGE:  Notifies Subscribers of Closure


T H A I L A N D

BAN CHANG:  Objects to Creditor Vote


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

CENTAUR MINING:  Assures Debt Payment
------------------------------------
Centaur Mining & Exploration, Australian gold mining firm, can
still make its debt repayment after creditors gave a 60-day
extension, the Australian reported on Tuesday.

Based on its second-quarter report, Centaur has only A$22 million
cash on hand. Debt servicing will cost A$10 million after
bondholders agreed to a respite in the US$225 million debts.

The Australian Securities and Investments Commission questioned
the firm's ability to service its debts after its chief financial
officer, Ian Currie, resigned last week after recommending the
appointment of an administrator.

Peter Lee, Centaur general manager, believes that the firm can
pay its debts by the time it will fall due.

Despite the 10-or-1 share consolidation in August, its shares
prices continued to slide from a high of A$2.45 in March to a low
of 16 cents last week.


HP JDV:  Posts A$6.6M Loss
--------------------------
HP JDV, a Perth financial services group, posted an A$6.6 million
loss for the second half of last year reducing its interim
dividend, Fairfax I.T. reported on Tuesday.

Most of the losses were blamed on its technology division
investment.

Hartley Poynton, its stockbroking subsidiary, also incurred a
loss for six months because of the unpredictable market.

Total revenues dropped 5.1 percent to $37.4 million but gross
operating profit fell from a $2.3 million profit in December 1999
to a $9.2 million loss this half.


LIBERTYONE:  Deficiency Totaled A$20M
-------------------------------------
Administrators have reported that LibertyOne, an Internet media
group, made a "deficiency" of A$20 million and it must be placed
into liquidation, AAP reported on Tuesday.

John Gibbons, an Ernst & Young corporate finance restructuring
partner, said there is a big difference between the deficit
disclosed by the firm's director, Nicholas Whitlam, of A$3million
and the estimates coming from Hong Kong-based iReality of A$20
million.

"However, these claims are yet to be verified and this figure may
be ultimately reduced," said Gibbons. He said employees' benefits
would be paid in full after the cost of administration based on
the available information.

Last year, LibertyOne made an A$58 million net loss for the six-
month period ending May 31 as compared to $A7.1 million a year
earlier.

Abnormal losses totaled A$36.5 million on write-downs of
investments, licensed and intellectual property. It also lost its
A$12.8 million investment for a 25 percent share in Chinese Books
Cyberstore Ltd.


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

ARTA INTERNATIONAL Ltd.:  Facing Winding Up Petition
----------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 10 on the petition of Geodis
Overseas Ltd. for the winding up of Arta International Ltd. A
Notice of legal appearance must be filed on or before April 9.


COLLINGS DEVELOPMENT (CHINA) Ltd.:  Facing Winding Up Petition
--------------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on March 7 on the petition of Kincheng
Banking Corp. for the winding up of Collings Development (China)
Ltd. A Notice of legal appearance must be filed on or before
March 6.


CONCORD RISE (HOLDINGS) Ltd.:  Facing Winding Up Petition
--------------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on March 14 on the petition of Po Sang Bank
Ltd. for the winding up of Concord Rise (Holdings) Ltd. A Notice
of legal appearance must be filed on or before March 13.


FORTUNEER Ltd.:  Facing Winding Up Petition
--------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on March 21 on the petition of S.C.P.P.C.
Limited for the winding up of Fortuneer Ltd. A Notice of legal
appearance must be filed on or before March 20.


GRANDFIELD PACIFIC HOTEL Ltd.:  Facing Winding Up Petition
----------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 10 on the petition of Periwin
Development Ltd. for the winding up of Grandfield Pacific Hotel
Ltd. A Notice of legal appearance must be filed on or before
April 9.


HKS PARKING Ltd.:  Facing Winding Up Petition
------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 10 on the petition of E-Lite
(Choi's) Holdings Ltd. for the winding up of HKS Parking Ltd. A
Notice of legal appearance must be filed on or before April 9.


HOMWISE INTERNATIONAL Ltd.:  Facing Winding Up Petition
-------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 4 on the petition of Fung Hoi Yi  
for the winding up of Homwise International Ltd. A Notice of
legal appearance must be filed on or before April 3.


HONG KONG EAST FINANCE Co. Ltd.:  Facing Winding Up Petition
------------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 10 on the petition of Hong Kong Hani
Capitol Co. Ltd. for the winding up of Hong Kong East Finance Co.
Ltd. A Notice of legal appearance must be filed on or
before April 9.


PATMI INVESTMENTS Ltd.:  Facing Winding Up Petition
---------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 18 on the petition of Sweeney
Kincaid (Asia) Ltd. for the winding up of Patmi Investments Ltd.
A Notice of legal appearance must be filed on or before April 17.


PORTALLY INDUSTRIAL Co. Ltd.:  Facing Winding Up Petition
----------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on April 11 for the winding up of Portally
Industrial Co. Ltd. A Notice of legal appearance must be filed on
or before April 10.


SILEIGH HOLDINGS Ltd.:  Facing Winding Up Petition
--------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on March 7 on the petition of Fan, Chan & Co.
(a firm) for the winding up of Sileigh Holdings Ltd. A Notice of
legal appearance must be filed on or before March 6.


TRUTH LAUNDRY Ltd.:  Facing Winding Up Petition
------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on March 7 on the petition of Tsang Chi Wai  
for the winding up of Truth Laundry Ltd. A Notice of legal
appearance must be filed on or before March 6.


YEE FUNG MOTOR TRADING Ltd.:  Facing Winding Up Petition
--------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance has
scheduled a hearing on March 14 on the petition of Po Sang Bank
Ltd. for the winding up of Yee Fung Motor Ltd. A Notice of legal
appearance must be filed on or before March 13.


ZHENGZHOU BAIWEN:  Shares to be Delisted
----------------------------------------
Zhengzhou Baiwen Group Co., a debt-ridden retailer, has requested
a delisting from the Shanghai Stock Exchange starting February
20, as investors expressed doubt about the success of a planned
bailout by the Sanlian Group, according to the Monday issue of
the The Asian Wall Street Journal.

Sanlian's plan calls for the exchange of Baiwen's 2.5 billion
yuan debt for a 50 percent stake and a backdoor listing at the
Shanghai bourse.

It will also buy out Baiwen's 1.5 billion renminbi (US$181
million) debt from China's Cinda Asset Management Corp. at a
rediscounted price of 300 million renminbi.


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

ASIA PULP:  S & P Lowers Ratings
--------------------------------
Standard & Poor's has lowered the ratings of Asia Pulp & Paper
Co. Ltd.(APP) shares issued from triple `C' minus to `D' rating
worth US$375 million mainly because of non-payment of quarterly
dividends, according to the Monday issue of the Jakarta Post.

The unsecured, cumulative, redeemable shares were issued by APP
Finance (II) Mauritius Ltd. (APPIIM).

Standard & Poor's ratings on APP, its operating subsidiaries --
PT Indah Kiat Pulp & Paper Corp. Tbk., PT Pindo Deli Pulp & Paper
Mills, PT Lontar Papyrus Pulp & Paper Industry, and APP China
Group Ltd. -- and their guaranteed subsidiaries remain at `CCC'-
minus and the rating on APP's other operating subsidiary, PT
Pabrik Kertas Tjiwi Kimia Tbk. (Tjiwi Kimia) remains at `SD'.

The postponement in the payment of dividend meant a default on
the part of the bondholders even though APP has guarantees on
full payment on all unpaid dividends.

Under the Singapore Companies Act dividend payments must not
exceed its distributable profits.  APP and its subsidiaries
cannot make guarantee payments because it was also suffering some
financial difficulties.

APP's cash problems have forced it to missed debt payments to
maintain liquidity and fund working capital requirements.

S&P will consider the case of APP as a default and creditors will
have to reduce its financial exposure in the firm.

Even though APP is based in Singapore, its subsidiaries are
scattered all over Indonesia and China and creditors will find it
hard to protect it rights.


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

DAIEI:  Sells 6.8B Yen in Shares
--------------------------------
Japanese retailer Daiei Inc. will sell 35.69 million shares worth
6.8 billion yen to trading house Marubeni Corp., to improve its
balance sheets and enable Marubeni to strengthen its distribution
and wholesale business.

Daiei is expected to post a seven billion yen loss by the end of
February. The stock sale is part of its streamlining efforts,
Reuters reported on Monday.

The failed Japanese supermarket will also sell its real estate
investment in Hachioji City, western Tokyo, despite losing two
billion yen from depreciation.

The firm has projected a 40 billion yen net profit for the year
to February 28 down from previous estimates of 90 billion yen.

It also launched its "Phoenix" restructuring plan which will cut
labor force and close unprofitable stores.


DAIICHI MUTUAL:  Transfers Policies  
-----------------------------------
Daiichi Mutual Fire and Marine Insurance Co. will transfer its
accident and casualty insurance policies to the industry's safety
net on April 1, Jiji Press English News Service reported on
Thursday.

The Non-Life Insurance Policyholders Protection Corp. assumed the
contracts after the administrators failed to find interested
investors to takeover to company. The terms of the transfer are
unknown because of a secrecy agreement that governs the policies.

Daiichi declared insolvency in May 2000 after it incurred a 48.8
billion yen deficit at the end of March when it was unable to pay
insurance policies.


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

DONG AH:  To Prove Finances Falsified
-------------------------------------
Dong Ah Construction says former employees falsified its
accounting books to escape liquidation, according to the Monday
issue of the Korea Herald.

A Dong Ah executive hopes employees will come out in the open and
testify because the altering was an act of desperation to avoid
liquidation. The prosecution needs a written confession to get an
indictment. Some employees had already presented written
confessions when the firm disclosed the wrongdoings before the
court on February 9.

The Seoul District Court was about to make a decision on Dong Ah
when its accounting firm and the company's assessment deferred.
The court gave management more time to prove that their books
were falsified.

Foreign sales were apparently inflated by using higher exchange
rates, according to the recovered receipts from 1988 to 1997.


KOREA REAL ESTATE:  Creditors Study Options
-------------------------------------------
Creditors of Korea Real Estate Trust Co. (KORET), a property
consulting and development firm, will most likely discuss the
options for a debt-for-equity swap and debt transfer to determine
its fate, according to the Monday issue of the Korea Herald.

Some 10 billion won in debt might be swapped into equity. A new
firm is supposed to takeover 16 profitable development operations
from KORET, of a total 64 development projects in the country.


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

ARUS MURNI:  Government to Sell 55 Percent Stake
------------------------------------------------
Pengurusan Danaharta Nasional Bhd., a Malaysian asset management
agency, will dispose of its 55 percent stake in Arus Murni Corp.,
a failed real estate company, The Business Times reported on
Monday.

Pengurusan will sell 92.6 million shares of Arus Murni and 23
million worth of warrants worth S$15.5 million according to the
last trading prices in the Kuala Lumpur Stock Exchange.

Arus Murni has been losing money since 1997 and its finance
subsidiary, Kewangan Bersatu Bhd., was transferred to the central
bank in January 1999.

The Asian crisis that hit the country in 1997 to 1998 forced Arus
Murni to turn over to Pengurusan Danaharta RM37 billion in bad
loans coming from 54 creditors.


SOUTH MALAYSIAN INDUSTRIES:  Restructures RM150M Bonds
------------------------------------------------------
South Malaysia Industries Bhd. will restructure not only its
RM150 million bonds but other debts as well, the Star Online
reported on Monday.

Part of the restructuring will be the RM13 million secured loan
through the issuance of a RM13mil nominal value of redeemable
convertible secured loan stocks (RCSLS) at 100 percent of its
respective nominal value. Inconvertible secured loan stocks
(ICULS) at 100 percent nominal value of RM2.93 million and
650,000 other warrants will also be considered.

The RM16.6 million liquidated ascertained damages (LAD) will also
be restructured through the issuance of RM20.34 million nominal
value of ICULS at 100 percent based on the ratio of RM1.225 ICULS
for every RM1 LAD.

The full and final settlement of secured and unsecured loans will
involve the issuance of RM62 million nominal value of RCSLS and
RM54.45 million nominal value of ICULS at 100 percent of their
respective nominal values. Also included will be 3.92 million
warrants, as full and final settlement of its secured and
unsecured loans.

The revisions will further reduce its losses of RM90 million
while its paid-up capital will be increased to RM538.32 million
from RM155.58 million.

SMI's earnings will be affected but future earnings will be
increased because of favorable interest savings.


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

PILTEL:  SEC Accuses Misleading Reports
---------------------------------------
The Securities and Exchange Commission (SEC) has accused Pilipino
Telephone Corp. (Piltel) of falsifying its financial statements
for the past three years, according to the Tuesday's Philippine
Star.

The agency's Corporation Finance Department (CFD) has recommended
to the commission that a three-man team composed of a lawyer and
two certified public accountants be formed to lead a formal
probe.

CFD's main target is Piltel's failure to pay off its huge debts
and then asking for debt repayment suspension in 1999. The
committee will also audit Piltel's financial statements as of
December 31, 1998, and the prior years.

The SEC was surprised by the announcement on January 9 this year
that Piltel's debts had ballooned to P30 billion.

"These liabilities were previously disclosed in its periodic
reports, however, the magnitude of effects in its operation or
its liquidity to meet these obligations were not fully discussed
in said reports," the CFD report stated.


URBAN BANK:  Will Not Be Liquidated
-----------------------------------
Urban Bank will not be liquidated even if Bank of Commerce
(Bancommerce) fails to reach a decision February 21 on whether to
proceed with a merger, according to the Tuesday issue of the
Business World.

Gov. Rafael B. Buenaventura of the Bangko Sentral (Central Bank)
said the bank's priority for the moment is to depositors.

Buenaventura said there are many banks that are interested in
Urban Bank. The Philippine Deposit Insurance Corp. (PDIC), the
bank's appointed receiver, however, will not divulge their names.


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

HUTCHISON INTRAPAGE:  Notifies Subscribers of Closure
-----------------------------------------------------
Hutchison Intrapage, a Singapore paging operator, has given its
30,000 subscribers until March 15 to transfer to other operators
before its impending closure, CNET.com reported on Friday.

Michael Lee, Hutchison Intrapage chief operating officer, said
they are giving a one-month free subscription until March 15 and
would also refund deposits and unused subscriptions. He said high
infrastructure costs have made the paging business unviable.

The firm was started in 1997 as a joint venture between Hutchison
Telecommunications of Hong Kong, Intraco and Teledata. At its
peak, Hutchison had 90,000 subscribers in 1998.


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

BAN CHANG:  Objects to Creditor Vote
------------------------------------
Ban Chang Group has objected to the January 11 vote by creditors
on the company's rehabilitation plan because it did not meet the
50 percent minimum required.

In a petition filed before the Central Bankruptcy Court, Ban
Chang Group said creditors present represented only 49.49 percent
of the company's debts and BankThai's voting rights were
overstated, according to the Tuesday edition of the Bangkok Post.

BankThai claimed repayment of only Bt250 million but its voting
rights were good for Bt500 million.

The case will be heard before the Central Bankruptcy Court on
March 21.



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

Troubled Company Reporter -- Asia Pacific is a daily
newsletter co-published by Bankruptcy Creditors' Service,
Inc., Trenton, NJ USA, and Beard Group, Inc., Washington,
DC USA. Lexy Mueller, Managing Editor, James Philip P.
Jover and Maria Vyrna Nineza, Editors.

Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale
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The TCR -- Asia Pacific subscription rate is $575 for 6
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