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                         A S I A   P A C I F I C

                  Tuesday, March 6, 2001, Vol. 4, No. 45

                                Headlines


* A U S T R A L I A *

LIBERTYONE: Creditors Vote to Wind Up Company

* C H I N A   &   H O N G  K O N G *

B+B CONSTRUCTION: Kin Ching Submits Petition to Wind Up
BELLCITY DEVELOPMENT: Nanyang Petitions Winding Up of Company
CHINA XINDA: Creditor Face May 28 Deadline to Submit Claims
EAST SENSE: Chan Submits Petition for Winding Up
HARMONIC HALL: Petitioners Want Company Wound Up
MEHOOL INTERNATIONAL: Nichimen America Petitions to Wind Up
VERY NICE: Sun Sang Submits Winding Up Petition to High Court

* I N D O N E S I A *

PT DHARMALA: IBRA Files Bankruptcy Suit

* J A P A N *

KUMAGAI GUMI: Will Issue 20 Billion Yen in Shares on March 30
MITSUBISHI MOTORS: Presents Major Points of Turnaround Plan
MITSUBISHI MOTORS: Raises net loss forecast to 250 billion yen
NAMIHAYA BANK: 5 Real Estate-Related Affiliates Go Belly Up
TOKAI BANK: To Wind Up German Unit

* K O R E A *

KOREA INDUSTRIAL: Hyundai Group Affiliate Defaults on Notes
KOREA REAL: KorAm Cuts Some Slack; Debt Workout Plan to Continue

* M A L A Y S I A *

RENONG BERHAD: PUTRA Defaults on RM2 Million Payment

* S I N G A P O R E *

MPH LIMITED: Sells Main Building in Singapore for S$25 Million

* T H A I L A N D *

EASTERN STAR: Signs Debt Restructuring Pact with Chanthaburi


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


LIBERTYONE: Creditors Vote to Wind Up Company
---------------------------------------------
Creditors of LibertyOne Limited resolved at a meeting on March
1, 2001 that the company be wound up.  Ernst & Young corporate
restructuring partner John Raymond Gibbons was appointed
liquidator.  Ernst & Young was appointed the company's
administrator on December 7, 2000.

A committee of inspection will be formed to assist Mr. Gibbons
in his duties in evaluating any proposed Deed of Company
Arrangement to acquire the listed shell of LibertyOne Limited.

Mr. Gibbons, in a letter to the Australian Stock Exchange dated
February 20, 2001, said he recommends LibertyOne be placed into
liquidation.  Mr. Gibbons relates five reasons for the Company's
failure:

      * The impact of the turnaround in the global market for
        technology companies in mid 2000, including a failure to
        list on the NASDAQ.

      * The company pursued a rapid growth strategy involving a
        number of acquisitions which turned out badly and
        overstretched the company's resources;

      * A number of joint venture transactions entered into by
        the company required substantial funding commitments but
        provided Liberty0ne with no operational control;

      * There were a number of operational inefficiencies;

      * Internal controls and reporting systems may have been
        inadequate;



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


B+B CONSTRUCTION: Kin Ching Submits Petition to Wind Up
-------------------------------------------------------
In a petition to the High Court of the Hong Kong dated February
2, 2001, Kin Ching China Limited submitted a request for the
winding up of B+B Construction Company Limited.  The petition is
scheduled to be heard before the Court on April 18, 2001 at 9:30
a.m.

Kin Ching China's registered office is at 2nd and 3rd Floors,
Franki Centre, 320 Junction Road, Kowloon Tong, Hong Kong.  The
company's solicitors are Baker & McKenzie, with offices at 14th
Floor, Hutchison House, Central, Hong Kong.


BELLCITY DEVELOPMENT: Nanyang Petitions Winding Up of Company
-------------------------------------------------------------
Nanyang Commercial Bank Limited on February 13, 2001 submitted a
petition to the High Court of Hong Kong to have Bellcity
Development Limited wound up.  Nanyand has offices at 151 Voeux
Road Central, Hong Kong.  The petition is scheduled to be heard
before the court on April 25, 2001 at 10:00 a.m.

Anthony Chiang & Partners are the solicitors for Nanyang, and
have offices at 3903 Tower 2, Lippo Centre, 89 Queensway
Central, Hong Kong.


CHINA XINDA: Creditor Face May 28 Deadline to Submit Claims
-----------------------------------------------------------
China has wound up the China Xinda Trust and Investment
Corporation as part of a drive to clean up the troubled sector.
The Beijing-based trust, owned by the China Construction Bank,
will be "liquidated according to law", the Financial News quoted
a central bank statement as saying.

Creditors should register claims before May 28, the statement
said.  It did not say how much the trust was in debt, but a Xinda
official said none was owed abroad.


EAST SENSE: Chan Submits Petition for Winding Up
------------------------------------------------
Chan Fai, of Room 2101, Lung Yue House, Lower Wong Tai Sin
Estate, Kowloon, Hong Kong, submitted a petition on February 2,
2001 to the High Court of Kong Kong to have Easy Sense
International Limited Wound up.

The petition is scheduled to be heard before the court on April
18, 2001 at 9:30 a.m.  Jennie Hui acts as Director of Legal Aid
for Chan, and holds office at the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


HARMONIC HALL: Petitioners Want Company Wound Up
------------------------------------------------
Several petitioners want to see Harmonic Hall Optical Disc
Limited wound up.  The following petitioners submitted a
petition for the winding up of the company to the High Court of
Hong Kong on January 8, 2001:

      * Pau Chi Kau
        Flat A, 15th Floor
        Block 2, Saddle Ridge Garden
        Ma On Shan, New Territories

      * Lee Wah Mui
        Room 1020 Wu Fai House
        Wu King Estate
        Tuen Mun, New Territories

      * Ip Wai Nei
        Room 902, HingFuk House
        Kwai ing Estate
        Kwai Chung, New Territories

      * Chow Wai Ling
        Room G, 16th Floor
        Block B, Clauge Garden Estates
        Tsuen Wan, New Territories

      * Lam Yin
        Flat 4B, Fook Hei Court
        Holford Garden, Tai Wai
        Shatin, New Territories

      * Siu Yip Tung
        Room 2513 Kwai Chi House
        Kwai Fong Estate
        Kwai Chung, New Territories

The petition is scheduled to be heard on April 10, 2001 at 9:30
a.m.  The petitioners' solicitors are Ho, Tse, Wai & Partners,
with offices at Room 909, 9th Floor Takshing House, 20 Des Voeux
Road Central, Hong Kong.


MEHOOL INTERNATIONAL: Nichimen America Petitions to Wind Up
-----------------------------------------------------------
Nichimen America Inc, which has its registered office at 1345
Avenue of the Americas in New York, on December 29, 2000
submitted a petition to the High Court of Hong Kong for the
winding up of Mehool International Limited.  The petition is due
to be heard before the court on March 28, 2001 at 9:30 a.m.
Nichimen's solicitors are Woo, Kwan, Lee & Lo, with offices at
Room 2801 Sun Hung Kai Centre, 30 Harbour Road, Wanchai, Hong
Kong.


VERY NICE: Sun Sang Submits Winding Up Petition to High Court
-------------------------------------------------------------
Sun Sang Offset Printing Paper Co. submitted a petition on
January 6, 2001 to the court to wind up Very Nice Holdings
Limited.  The petition will be heard before the court on April
4, 2001 at 9:30 a.m.  Sun Sang is located at Unit A, 40th Floor,
No. 33 Fung Shing Street, Kowloon, Hong Kong.

Sun Sang's solicitors are named in the petition as Hampton,
Winter and Glynn, with offices at the 20th Floor, Printing House,
6 Duddell Street, Central, Hong Kong.


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


PT DHARMALA: IBRA Files Bankruptcy Suit
---------------------------------------
Lawyer Dwi Sardjono said Indonesian Bank Restructuring Agency
(IBRA) has filed a bankruptcy suit against PT Dharmala for
unpaid matured debts totalling 28 billion, AFX reports.
Dharmala owns a stake in bankrupt PT Dharmala Sakti Sejahtera.
Dharmala reportedly originally owed state-run Bank Bumi Daya and
Bank Rakyat Indonesia before the debts, which were released in
1988, were transferred to IBRA, Sardjono claimed.

The loans were extended in 1988 and matured a year later but
were renewed a number of times, until final maturity in 1998
when the banks no longer renewed the loans.


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


KUMAGAI GUMI: Will Issue 20 Billion Yen in Shares on March 30
-------------------------------------------------------------
Kumagai Gumi Co., in a plan to raise 20 billion yen, will on
March 30 carry out a third-party new share allotment to raise 20
billion yen on March 30, company officials announced Thursday.
The share allotment is expected to boost Kumagai's capital to
about 37 billion yen, the Jiji Press said.  The shares will be
accepted by Sumitomo Bank and 12 other financial institutions.

A 450-billion-yen debt relief agreement, which will convert 20
billion yen of debt into equity, between Kumagai and 15 creditor
banks was reached in December.


MITSUBISHI MOTORS: Presents Major Points of Turnaround Plan
-----------------------------------------------------------
Mitsubishi Motors Corporation (MMC), through its president and
CEO Takashi Sonobe and chief operating officer Rolf Eckrodt
announced Monday last week at a press conference in Tokyo the
outline of the company's turnaround plan.

Commenting on the plan, Mr. Sonobe said, "With our new quality
and design standards we will become a highly respected global
automotive maker."

Mr. Eckrodt said that with the implementation of the plan the
company ultimately hopes to achieve a 4.5% operating profit
margin by 2003.

The plan includes the following major points:

      * Material cost savings of 15% by 2003 which will be
realized through a Common Supplier and MMC Operation System
(COSMOS), a program which is based on fair and result-oriented
cooperation with suppliers

      * Production capacity reduction by at least 20%; the
closing of one out of four car assembly plants is under
consideration

      * Reduction of headcount by 14% (approximately 9,500) which
        will be the result of capacity reductions, outsourcing
        and optimized business and administration processes;

      * Focus on core business - product offensive -reducing the
        number of platforms (discontinuation of the Proudia/
        Dignity models);

      * Excellent customer service through enhanced dealership
        relations;

      * Implementation of a new quality management system to
        achieve sustained quality procedures and products;

      * New organizational structure to be announced by
        April 1, 2001; and

      * The discontinuation of the advisory system.

Mr. Sonobe said more details will be released by the end of this
month.


MITSUBISHI MOTORS: Raises net loss forecast to 250 billion yen
--------------------------------------------------------------
Mitsubishi Motors Corp. officials announced Sunday that MMC
revised its consolidated net loss figures for the year through
March 31 from 140 billion yen to around 250 billion yen due to
slumping sales, recals and restructuring spending, the Japan
Times reports.

The officials, who the Times report did not identify, said the
company is raising its net loss projection because of outlays
such as 100 to 150 billion yen on add-on allowances and other
restructuring measures.  It also includes 17 billion yen on
recalls, as well as at least 10 billion on a free repairs
campaign.


NAMIHAYA BANK: 5 Real Estate-Related Affiliates Go Belly Up
-----------------------------------------------------------
Five real estate-related affiliates of Namihaya Bank have been
declared bankrupt and have left a total debt of 52.6 billion
yen, private credit research agency Tokyo Shoko Research Ltd.
said Thursday.  The report did not identify the 5 affiliates but
said the bankruptcy declaration was issued by Osaka District
Court.

Namihaya collapsed in August 1999 and was sold to Daiwa Bank
group.


TOKAI BANK: To Wind Up German Unit
----------------------------------
Tokai Bank Limited announced Friday it has decided to liquidate
German subsidiary Tokai Bank (Deutschland) GmbH on March 30, 2001
as part of efforts to streamline its overseas bases.  The German
subsidiary was originally established for the purpose of
underwriting Japanese corporate German mark bond issues.

The company's press release dated March 2 said that with the
launch of the euro, bond issuances by Japanese corporations have
become diverse, leading to the decision to liquidate the German
base.

The German subsidiary's 8 staff members will be transferred to
the bank's branch in Dusseldorf.  It securities operations will
be taken over by London's Tokai Bank Europe PLC.


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


KOREA INDUSTRIAL: Hyundai Group Affiliate Defaults on Notes
-----------------------------------------------------------
Creditor bank Korea Exchange Bank said Hyundai Group affiliate
Korea Industrial Development Co. was declared bankrupt Saturday
after it failed to honor promissory notes worth 7.9 billion won,
Agence France-Presse reported on March 3.

Korea Industrial reportedly owes a total of 600 billion won to
other banks and financial institutions.  Its cash flow problems
were aggravated last year when it took over 3 ailing Hyundai
Group affiliates, including Hyundai Aluminum Co., Hyundai Livart
and Shin Daehan.  It sank deeper into the mire with the financial
crisis which hit Hyundai flagship Hyundai Engineering and
Construction.

Hyundai Heavy Industries holds a 29.57% stake in Korea
Industrial.


KOREA REAL: KorAm Cuts Some Slack; Debt Workout Plan to Continue
----------------------------------------------------------------
Creditors of state-owned real estate consulting and development
company Korea Real Estate Trust Co., which went bankrupt due to
failing to clear up an 84 billion promisory note, decided on
February 28 to continue its debt workout program, a KorAm Bank
official told the Korea Herald.  The official said the creditors
agreed to roll over KORET's commercial paper worth 480 billion
won until the end of 2004.

Creditors will also establish a new company which will take over
profitable development projects from KORET.  It will assume
184.7 billion won worth of debts.  The official, who was not
identified in the Herald's report, told the paper that the new
entity will give a debt-for-equity swap of about 10 billion won
for KORET.  Korea Asset Management Corp. will also provide fresh
loans of 120 billion won, he said.


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


RENONG BERHAD: PUTRA Defaults on RM2 Million Payment
----------------------------------------------------
A company announcement by Renong Berhad to the Kuala Lumpur
Stock Exchange dated March 1, 2001 said that its rail unit
Projek Usahasama Transit Ringan Automatik Bhd (PUTRA) defaulted
on its interest servicing obligation of RM284.2 million on
February 27.  The payment was for its RM2.0 billion Commercial
Financing Facilities loan.

Renong said negotiations are ongoing between PUTRA and the
financiers to extend the moratorium period on the
interest/profit payments to April 30, 2001.  PUTRA is also
seeking to waive the penalty margin of 1% per annum for the
period from September 30, 1999 to April 30, 2001 on all
interest/profit payments outstanding. Unanimous approval has
been received for the moratorium period up to 30 December 2000.

PUTRA is also working closely with the Corporate Debt
Restructuring Committee on the debt restructuring plan which is
being carried out as part of the Urban Transport Restructuring
Scheme.


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


MPH LIMITED: Sells Main Building in Singapore for S$25 Million
--------------------------------------------------------------
Bookseller MPH Ltd, which is controlled by developer Simon
Cheong, said it will sell its colonial-era building in downtown
Singapore for S$25 million to Vanguard Interiors Pte to help
repay debt, Bloomberg reports.

MPH will lease the building back for 2 years with an option to
renew the lease for another 2 years.  Vanguard, which gave a down
payment last week, will pay for the building by the end of May.


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


EASTERN STAR: Signs Debt Restructuring Pact with Chanthaburi
------------------------------------------------------------
In a letter to the Stock Exchange of Thailand yesterday, Eastern
Star Real Estate Public Company Limited managing director
William Cheng said the company signed a debt restructuring
agreement with Chanthaburi Asset Management Co., Ltd. on March
2, 2001.  The agreement restructures the principal plus interest
of about 150 million baht with transferring the right of 100
corporate golf memberships of Eastern Star Country Club and
Resort.

Eastern Star said it still has an outstanding principal of 125
million baht and accrued interest which will be settled by
selling the pledged land in the future.  It will have no cash
outlay on interest expense for 15 months.



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
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