---

        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

           Friday, March 23, 2001, Vol. 50, No. 58



                           Headlines

A U S T R A L I A

MAXIS CORPORATION: Announces Creditors' Meeting Results
CABLE & WIRELESS: Vodafone Awaits Optus Bid


I N D O N E S I A

DAVOMAS ABADI: Bids For Debt Rescheduling


J A P A N

AOZORA BANK: S&P Assigns Double-'Bpi'
SEGA CORPORATION: Sato Is New President


K O R E A

HUNDAI ENGINEERING: To Write Off Revenues From Iraqi Ventures
HYUNDAI GROUP: Founder Chung Ju-yung Dies At 86
DAEWOO CORPORATION: To Be Listed Next Week

M A L A Y S I A

TENAGA AJAIB: Court Rules Default on Appearance in Suit
DIPERDANA HOLDINGS: Signs MoU With Konsortium And PHSB


P H I L I P P I N E S

NATIONAL STEEL: Ispat Leaves Talks
NATIONAL BANK: DOF To Talk With Tan On Joint Sale


S I N G A P O R E

ST ASSEMBLY: Expects Lower Sales In First Quarter


T H A I L A N D

TPI POLENE: Asks For Consideration in Classifying Security
TPI POLENE: Subject To Remedy Problems, SET Says
THAI PETROCHEMICAL: Reports Results of Share Sale
THAI PETROCHEMICAL: Clarifies News Report
DUSIT RESORT: Dusit Thani Clarifies News Report
SUN TECH: Planner Announces Update Of Reorg Plan


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


HIH INSURANCE: Westpac Bank Clarifies Exposure to HIH
-----------------------------------------------------
Westpac clarified its position with respect to its exposure to
the HIH group on March 22, 2001, in a statement posted in the
Australian Stock Exchange.

Westpac said it had less than $1 million in loans or debt due
from the HIH group. Westpac also has contingent exposure to the
HIH group in the form of letters of credit supporting HIH group
insurance underwriting activities in the UK and US. The
contingent exposure is secured.

In the UK, HIH group insurance activities are conducted through
several wholly or majority owned Lloyds of London insurance
underwriting syndicates. In the USA, the HIH group conducts its
activities through a number of third party insurance originators.
The letters of credit represent undertakings, which Westpac has
provided to these third party insurers and Lloyds of London.

The provision of such letters of credit is common in the
insurance industry. They are designed to cover the possibility
that retained premium income is insufficient to meet claims made.
Westpac has provided letters of credit with a value of
approximately A$245 million to Lloyds of London and to other UK
and USA insurance originators. These letters of credit currently
represent contingent exposure only and have not been drawn.

Westpac's letters of credit exposure is secured by mortgages over
government and semi-government bonds and other liquid securities
with a value in excess of the contingent exposure.

Chief Financial Officer, Mr Phil Chronican, stated: "Year to date
profit performance remains on plan and we are not seeing any
systemic credit quality concerns at this point of the economic
cycle".


MAXIS CORPORATION: Announces Creditors' Meeting Results
-------------------------------------------------------
The Board of Maxis Corporation Limited announced to the
Australian Stock Exchange on March 22, 2001, that the creditors
of each of its subsidiaries in administration, ABT Supplyline Pty
Ltd and ARBT Pty Ltd, met to consider the updated proposal for
settlement put forward by Maxis and on the recommendations of the
administrators. The creditors unanimously voted to adjourn the
meetings to April 6, 2001 so that the proposed Deed of Company
Arrangement can be completed and distributed before that date.

Mr. Tony Crawford, who chaired the meetings as the authorized
agent of the administrators, advised creditors that he had held
meetings with Maxis management and satisfactorily reconciled
Maxis figures on recoverable amounts and was confident that the
proposed DOCA would be to the benefit of creditors and he looked
forward to completing a report to creditors with a positive
recommendation before the next scheduled meeting.

The Board wished to thank the administrators for their firm but
cooperative approach to discussions and their positive
contribution to ensuring that costs are minimized and that the
maximum amount possible is being returned to creditors.

The Board also advised that following the release of the half-
year results of Maxis and an unqualified review report by its
auditors, it would make further representations to the ASX to
lift the suspension on the trading of the company's securities at
the earliest possible time.


CABLE & WIRELESS: Vodafone Awaits Optus Bid
--------------------------------------------
Vodafone Pacific Pty Ltd announced on Thursday that it hoped that
a regulatory decision on its bid for Cable & Wireless Optus Ltd
would be released by Wednesday next week, AAP reported. In the
same announcement, Vodafone expressed its intention to present
its conditional bid for Optus with the company on or before
Wednesday. The bid would have to seek approval by the Australian
Competition and Consumer Commission (ACCC).  

However, ACCC had earlier said that its decision on the matter
would be out upon submission by the month's end, AAP reported.

"The ACCC has indicated it would give us an answer by the end of
the month," a Vodafone spokeswoman said. "We would hope we would
be on the agenda [at the ACCC's formal meeting] next Wednesday."

Vodafone had to go on a joint venture with Hutchison
Telecommunications Ltd to bid for the mobile division of Optus,
so as to dodge regulatory impediments.

Earlier, AAP continued, Nokia, the global mobile phone giant,
reiterated that it would remain neutral in the bidding process
for Optus.





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


DAVOMAS ABADI: Bids For Debt Rescheduling
-----------------------------------------
PT Davomas Abadi has tendered its bid for debt restructuring to
the Indonesian Banking Restructuring Agency (IBRA). The proposal
asks for a 15-debt rescheduling through a quarterly installment
payment scheme beginning in 2006, IndoExchange reported.
Davomas owes IBRA $57.5 million plus Rp443.01 billion, at 4.5
percent and 12 percent interest rates per annum, respectively.
Approximately 95 percent of the debts are in forms of promissory
notes.
Davomas predicts that the company would achieve this year net
sales of Rp400 - Rp500 billion, and an operating profit margin
pegged at 5 percent to 8 percent.


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


AOZORA BANK: S&P Assigns Double-'Bpi'
-------------------------------------
Standard and Poor's on March 19, 2001, assigned its double-'Bpi'
rating based on public information, or 'pi' rating, to Aozora
Bank Ltd.

The rating reflects the higher business risk of Aozora (formerly
Nippon Credit Bank Ltd.) compared with that of other major banks
in Japan, impairment of its franchise due to temporary
nationalization, an expected slow recovery in profitability, and
uncertainty surrounding the bank's funding. At the same time,
Aozora's asset quality has improved following its sale of non-
performing loans and arrangements to provide additional
protection against asset deterioration. The bank's capitalization
is adequate.

Aozora's franchise deteriorated when the bank was nationalized in
December 1998. The bank will find it difficult to recover its
client base given the severe competition in the corporate lending
market, from which it previously earned most of its revenue.
Furthermore, Aozora's new target clientele are small to midsize
enterprises, but with many banks focusing on this sector
competition will be intense.

Raising loan spreads or lending volume in the near term may prove
difficult for Aozora. Lending is likely to be stagnant, as a
result of the bank's deteriorated franchise and the low demand
for funds from the corporate sector. At the same time, the bank's
funding costs will remain high compared with those of other major
banks, mainly because of its dependence on expensive debentures
as the primary source of funds. This will put pressure on its
profitability.

Another concern for Aozora is its restricted liquidity. After the
repayment of ¥500 billion to the Deposit Insurance Corp., the
bank has been highly dependent on bank debenture issuance, which
represents about 40% of its total liabilities. Aozora's
debentures will be affected by increasing competition, as
ordinary banks are now able to issue straight bonds. In addition,
debenture investors are likely to be more sensitive to the
creditworthiness of banks after March 2002, when full protection
for creditors is terminated in Japan.

Aozora's asset quality has improved substantially with the sale
of its bad loans to the government's Resolution & Collection
Corp. (RCC). Any assets classified as inappropriate (fu-teki
shisan) have also been removed from the balance sheet, leaving a
reduced level of problem assets. Secondary loss arrangements with
the government put in place for three years after the sale
provide protection against future slippage in asset quality.

Aozora's capitalization improved following a recent capital
injection by the government, but its capital quality remains
weak. Tier 1 capital is expected to rise above 11 percent at the
end of March 2001, as a result of the capital injection, from 3.8
percent at September 2000. Unlike Japan's other major banks,
Aozora's has negligible deferred tax, which Standard & Poor's
regards as a weaker form of capital. However, preferred stock,
also considered to be weaker capital, makes up the majority of
its Tier 1 capital. As most of Aozora's stock holdings have been
sold to the government, the bank's capitalization will not be
adversely affected by stock price volatility, even after the
adoption of mark-to-market accounting.

Renamed Aozora on Jan. 4, 2001, the former Nippon Credit Bank was
temporarily nationalized between December 1998 and August 2000.
On Sept. 1, 2000, the bank was acquired by a consortium made up
of Softbank Corp. (48.88 percent), Orix Corp. (14.99 percent),
Tokio Marine & Fire Insurance Co. Ltd. (14.99 percent), and
various other financial institutions. Although a system is in
place to assure the bank's independent management, Aozora is not
immune to possible effects from the high business risk of
Softbank, its largest shareholder, Standard & Poor's said.


SEGA CORPORATION: Sato Is New President
---------------------------------------
Then Vice President Hideki Sato has taken over Sega Corporation's
presidential seat left behind by the late Isao Okawa, who died of
heart failure Friday, Japan Times reported. Sato's appointment
was announced by the company after it held a board meeting.

The company also announced the appointment of board member and
chair of CSK Corp Yoshiji Fukushima, as Sega's chairman. Along
with the presidency in the company, 50-year-old Sato will also
appointed as Sega's chief operating officer.

According to Times report, Sato, upon his appointment, said that
to revitalize the company, which is in deep financial trouble,
would be his rallying point. This could be achieved, he added, by
taking a shift of corporate scope from game consoles making to
software production.
Sega anticipates consolidated net losses of Y23.6 billion for
fiscal 2000 ending on March 31. However, according to Fukushima,
Sega does not have to milk its parent company CSK for financial
support, the Times reported.
By April Sega is expected to present its restructuring plan, Sato
said.


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


HUNDAI ENGINEERING: To Write Off Revenues From Iraqi Ventures
-------------------------------------------------------------
Hyundai Engineering and Construction (HEC) has announce that it
would write off about 50 percent of the revenues from its
ventures in Iraq, the Korea Times reported on Thursday.

Citing an HEC official, the Times said the company predicted that
operations losses in the Iraq projects for the current fiscal
year may reach W500 billion, and thus, had decided to write off
half of what would be uncollected funds. The Iraqi parties owe
the company a total of US$849.6 million. Last year, 20 percent of
that amount was written off.

The Times also reported that the expected amount to be written
off this current fiscal year might amount to W1 trillion, if to
include losses sustained from assets, securities sales and
financial expenses.

In 1999, Hyundai's revenues came to W5.7 trillion won. However,
its operations incurred W120.8 billion in debt that year
attributed to badly planned and poorly managed business ventures,
the Times said.


HYUNDAI GROUP: Founder Chung Ju-yung Dies At 86
-----------------------------------------------
Chung Ju-yung, founder of Korea's largest conglomerate, Hyundai
Group, died on Tuesday night at the age of 86, the Korea Herald
reported.

"Honorary Chairman Chung died a natural death at 10:10 p.m. at
the Asan Medical Center in eastern Seoul Wednesday," the Hyundai
Group said in a brief public statement. He is survived by his
wife, six sons and one daughter.

According to sources, the Herald said, Chung had gone through a
comatose state since he was hospitalized at the group-owned Asan
Medical center last week.

With Chung's death, prospects for the financially-troubled
Hyundai Group dims, the Herald reported. Last year, the group
suffered from a severe liquidity crisis resulting from a sibling
dispute over chairmanship.

"The making of Chung Ju-yung's business empire is synonymous with
the story of the rise of modern Korea," the Herald said. "Few
Koreans dispute the role of the elder Chung and his Hyundai Group
in transforming Korea from the ashes of the 1950-53 Korean War
into the mighty industrial juggernaut of today."


DAEWOO CORPORATION: To Be Listed Next Week
------------------------------------------
Daewoo Corporation, together with the other Daewoo units, Daewoo
International and Daewoo Engineering & Construction, will be
listed on the stock market early next week, either on Monday or
Tuesday, the Korea Stock Exchange announced on Wednesday.


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


TENAGA AJAIB: Court Rules Default on Appearance in Suit
-------------------------------------------------------
In a notice posted on the Kuala Lumpur Stock Exchange dated March
21, 2001, RNC Corporation Berhad's special administrators
announced that they have been recently made aware that a judgment
in default of appearance has been issued by the High Court of
Sabah and Sarawak at Sandakan, to Tenaga Ajaib Sdn Bhd (TASB), a
subsidiary of RNC.

The judgment was issued in respect of Suit No. S-22-32 of 2000,
between Syarikat Sumikod Development Sdn Bhd and TASB and was
delivered by the plaintiff's solicitor, K.S Chin & Associates on
February 20, 2001.

The claim is in respect of the following:

(a) the sum of R1,197,985.85 being the balance of a contract sum
in respect of timber logs extraction which was disputed by TASB;

(b) pre-judgement interest pursuant to Civil Law Act, 1956 at the
rate of 8 percent per annum on the sum of R1,197,985.85 from
January 1, 1998 until January 18, 2001, the date of judgment of
RM292,242.88;

(c) interest at the rate of 8 percent per annum on the sum of  
R1,197,985.85 from the date of judgment to satisfaction of
judgment; and

(d) costs.

The above transaction has been disclosed as a contingency of
which no provision was made for the claim in the last Annual
Report for the financial year ended March 31, 2000. The board of
directors of TASB has appointed Messrs Ho, Chong, Yong &
Vanugopal to defend the said claim.


DIPERDANA HOLDINGS: Signs MoU With Konsortium And PHSB
------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Diperdana
Holdings Berhad, announced to the Kuala Lumpur Stock Exchange on
March 21 that Diperdana has entered into a memorandum of
understanding with Konsortium Logistik Berhad and Pelican Holding
Sdn Bhd, in view of finalizing a negotiation and the terms of the
proposed disposal and proposed acquisition respectively.

                       Proposed Disposal

The proposed disposal involves the disposal of Diperdana's entire
existing business comprising all of its assets and liabilities,
to Konsortium. Diperdana's existing business encompasses
container haulage by road and rail, forwarding, management of
container depots and warehousing.

Konsortium's principal activities are container haulage, bulk
liquid distribution, inland container depot services, freight
forwarding, distribution and warehousing services, shipping and
chartering services, general insurance and engineering services.

The proposed disposal will therefore result in a merger of
Diperdana's existing business with that of Konsortium.

                       Proposed Acquisition

The proposed acquisition involves the acquisition by Diperdana of
a controlling stake in Pelikan from PHSB. Pelikan is a German
corporation with an issued and paid-up capital of Swiss Francs
100,100,000 comprising 539,000 Registered Shares of nominal value
Swiss Francs 65.00 each and 1,001,000 Bearer Shares of nominal
value Swiss Francs 65.00 each. Pelikan is listed on several
European stock exchanges, with its primary listing being on the
Zurich Stock Exchange.

Pelikan's principal activities are the manufacture and
distribution of high-end writing instruments; art, painting and
hobby products, as well as school and office stationery products.
The company's headquarters are in Switzerland. Its principal
manufacturing facilities are located in Hannover, Germany and
Mexico. Its associate companies in Latin America and Australia
also manufacture certain items of the company's product range.
Its main market is Europe. Pelikan distributes its products
through subsidiaries, associate companies and agents in 53
countries worldwide.

                   Salient Terms Of The MOU

The salient terms of the MOU are as follows:-

(a) Each of the parties will in good faith use its best endeavors
to conclude negotiations leading to the finalization and
execution of the agreements in respect of the proposed disposal
and proposed Acquisition, within three (3) months from the date
of the MOU ("Lockout Period");

(b) During the Lockout Period, Diperdana and Konsortium will
negotiate exclusively with each other only in respect of the
Proposed Disposal, and Diperdana and PHSB will negotiate
exclusively with each other only in respect of the Proposed
Acquisition. Each of the parties agrees that it shall not during
the Lockout Period negotiate with any other party; and

(c) The MOU represents the good faith, understanding and
statement of intention of the parties to proceed further with
their negotiations and as such, is not intended to have any
legally binding effect save with respect to the agreement as to
exclusive negotiation during the Lockout Period.

           Directors' And Substantial Shareholders' Interests

At the present, to the best of the knowledge and belief of the
Board of Directors of Diperdana, none of the directors or
substantial shareholders of Diperdana or persons connected with
them has any interest, direct or indirect, in the Proposals.

                     Appointment Of Adviser

Diperdana has appointed Arab-Malaysian as its Adviser for the
Proposals.

          Full Announcement Upon Execution Of Agreements

A full announcement will be made upon the execution of the
agreements in respect of the Proposals.


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


NATIONAL STEEL: Ispat Leaves Talks
----------------------------------
Dutch firm Ispat International NV has backed out of negotiations
to takeover the beleaguered National Steel Corporation, Business
World reported.

Trade and Industry Secretary Manuel A. Roxas II said, in the
World report, that Ispat will drop its takeover plans for the
steel maker, citing its incapability to raise funds to acquire
82.5 percent of the steel firm, which is currently being held by
the Malaysian government-run Hottick Investments Ltd.

According to World report, talks had it that Ispat offered $100
million to rehabilitate NSC.

Aside from Ispat, there are other companies interested in NSC.
These are, among others, Novolipetsk Iron and Steel Corp. of
Russia, Duferco S.A., Grupo Jacinto, and Allengoal.


NATIONAL BANK: DOF To Talk With Tan On Joint Sale
-------------------------------------------------
Finance Secretary Alberto Romulo said that his department will
start talking with Lucio Tan, the majority shareholder of
Philippine National Bank, on its proposed joint sale of shares
planned to happen in April, Business World reported. However, Mr.
Romulo added that the government side would be bracing for the
tycoon's conditions on the deal, as these are expected to come up
on the negotiating table.

"Let's face it, we will be talking to a businessman here. You
have to expect something," Mr. Romulo said in World report.

This joint sale would be the two parties' second attempt to sell
their shares. The first combined the State's 30 percent holding
and that of Tan's 46 percent, at P85 per share.

The Department of Finance has already commissioned auditing firm
PricewaterhouseCoopers for a second due diligence audit of PNB,
after which financial advisers will be hired for the joint sale.

The nation's sixth largest bank posted total assets amounting to
P196.36 billion ($4.04 billion) as of the fourth quarter last
year. Its capital stands at PhP24.86 billion ($512 million). For
the same period, the bank's non-performing loans (NPLs) amounted
to P39.6 billion ($815.15 million) or 39 percent of its P84.88
billion ($1.75 billion) loan portfolio, which is the second
largest in the industry.


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


ST ASSEMBLY: Expects Lower Sales In First Quarter
-------------------------------------------------
ST Assembly Test Services Limited forecasts lower first-quarter
revenue as its sales figures continue to decline to half of the
previous quarter, the Bloomberg reported on Tuesday.

This is attributed to a weaker demand, and put-off of orders,
which resulted in the sale of testing equipment and ended leases
on others.
47 percent of the revenue in the first quarter comes from test
services, while chip assembly services contribute 53 percent.

The company also expected to incur loss of from US$0.23 to
US$0.25 per American depositary receipt or block of 10 shares.

"Business conditions have turned out to be worse than expected,"
ST Assembly CEO Tan Bock Seng said on a conference call. "Our
customers have aggressively delayed and canceled orders--the
weakness is broad based and affecting all industry segments and
geography."
  
ST Assembly Test Services Ltd is Asia's No. 2 chip-testing
company, and a unit of government-owned Singapore technologies
Pte Ltd.


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


TPI POLENE: Asks For Consideration in Classifying Security
----------------------------------------------------------      
As the Stock Exchange of Thailand is in the consideration process
to transfer TPI Polene Plc. ("TPIPL")'s listed security from the
Building & Furnish sector to REHABC  sector, TPIPL would like to
clarify that TPIPL's listed security is still qualified enough to
be classified in the Building & Furnish sector, said Mrs. Orapin
Leophairatana, Senior Executive Vice President and Acting Chief
Financial Officer of TPI Polene, in an announcement posted in the
Stock Exchange of Thailand.

The same request cited the following as supporting reasons:

1. TPIPL has successfully reached the Debt Restructuring Plan,
major events and developments of which can be summarized as
follows:

(a) TPIPL participated in the Debt Restructuring Program of the
Bank of Thailand on June 1, 1999.

(b) TPIPL and Creditors Committee came out with a mutual solution
for the proposed Debt Restructuring Plan of the Company and the
Indicative Term Sheet has been signed on December 2, 1999 and
consequently were supported by CDRAC's Creditors on December 16,
1999.

(c) TPIPL and majority of its Creditors including its major
Creditors have jointly signed in the Process Agreement, which
included the Master Restructuring Agreement, on July 20, 2000.  

(d) The Central Bankruptcy Court has appointed TPIPL and TPI       
Concrete Co., ltd. as its own Plan Preparer, respectively, for       
Business Rehabilitation on August 21, 2000, and announced on       
Government Gazette on September 14, 2000.

(e) TPIPL conducted a voluntary the Debt Repurchase Process for
an equivalent of USD 180 million through the auction mechanism at
a discount rate. A deposit of 10% of the settlement value is paid
to participated Creditors on November 27, 2000. The remaining 90
percent or an equivalent of USD162 million will be settled to
such Creditors by June 29, 2001.

(f) On February 1, 2001, Creditors of TPIPL officially voted in
favor of the Business Rehabilitation Plan, as a proportion of
total debt exposure to Creditors attending the meeting, 98.35% of
TPIPL's debt exposure of Creditors attending.

(g) On February 9, 2001, the Central Bankruptcy Court issued
orders approving the Business Rehabilitation Plan of TPIPL and
TPI Concrete Co., Ltd. and appointed each company respectively as
its own Plan Administrator during the Debt Restructuring period
on February 9, 2001.

During the past three years, TPIPL has used its best effort to
negotiate with more than 100 creditors, who have varieties of
needs and limitation. At present, TPIPL can successfully
negotiate with Creditors and come up with a mutual solution
through the Debt Restructuring Plan. In addition, TPIPL has
carried out and fulfilled all of its liabilities and obligations
in compliance with the terms and conditions as stipulated in the
Master Restructuring Agreement. TPIPL has made the interest
payment to all creditors from December 1999 to present.     

Pursuant to the Debt Restructuring Plan, TPIPL has to increase
the registered and paid-up capital of at least US$180 million by
offering newly issued shares to the investors. The proceeds from
the capital increase of US$180 million cash investment will be
used to repay the remaining 90% of the debt under the Debt
Repurchase Process. TPIPL is currently in preparation of the
above shares issuance to be subscribed by investors and TPIPL
anticipates that the capital increase will be carried out by June
2001.

TPIPL's image and the classification of the listed security of
TPIPL, that are generally traded on the Stock Exchange of
Thailand, will mainly support attainment of the above mentioned
equity funds.

If the Stock Exchange of Thailand resolves the listed security of
TPIPL be transferred to the REHABCO sector, this will have a
direct impact on the offering price of newly issued shares to be
offered to investors and the capability of TPIPL to raise the
capital increase. The decision will have a material effect on the
success of the Debt Restructuring Plan of TPIPL and the ability
to repay its loans and interest payments to its creditors along
with the extensive liabilities of TPIPL to its creditors.

The REHABCO classification will have a substantial impact on the
related parties and a great number of its shareholders of TPIPL
as well.

2. As the statutory auditor hasn't express the opinion on the
financial statements of TPIPL for the consecutive three years,
TPIPL would like to clarify that TPIPL has regularly consulted
with the statutory auditor, KPMG Audit (Thailand) Ltd.

The main reasons that the statutory auditor didn't express a
disclaimer opinion on TPIPL's financial statements was solely due
to uncertainty on the capability of TPIPL to continue as an
ongoing concern, and not resulting from the limited scope in
auditing process, and that the auditor didn't express the opinion
on the financial statements of TPIPL is conducted in accordance
with the generally accepted auditing standards in Thailand and
KPMG Audit Ltd. (Thailand) affirms that it will not absolutely
express  its opinion on financial statements of any companies
which are under the Debt Restructuring Process.
  
TPIPL requested the SET to consider the effects as mentioned
above that would be incurred from the transferal of the listed
security of TPIPL to the REHABCO sector, which would directly
affect the accomplishment of the Debt Restructuring Plan which
has been successfully carried out thus far.

Therefore, TPIPL again would like to request the Stock Exchange
of Thailand to consider the listed security of TPIPL to be
classify in the Building and Furnish sector, as it is now listed,
in order to accomplish of the capital increase and the Debt
Restructuring Plan of TPIPL. This would benefit the banking
system in general and the overall economic of the country.


TPI POLENE: Subject To Remedy Problems, SET Says
------------------------------------------------
The Stock Exchange of Thailand announced that it has extended the
time period before announcing that TPI Polene Public Company
Limited (TPIPL) would be subject to remedy problems in its
qualifying status as a SET listed company.         
         
TPIPL had submitted its audited annual financial statements  
ending December 31, 2000 to the SET, and the auditor had issued
disclaimer opinions on its financial statements for three
consecutive years from 1998 to 2000. However, TPIPL requested the
SET to extend the time period before announcing that it must
transfer its securities to REHABCO to June 30, 2001. TPIPL had
also provided additional information about the auditor's opinion,
namely that the auditor would be able to issue his opinion on the
company's financial statements if TPIPL could raise its capital
by June 29, 2001 according to the company's rehabilitation plan
as approved by the company's creditors and the bankruptcy court.             

Therefore, the SET will grant this request to extend the
announcement regarding the extension to June 30, 2001 as the
company had asked. The SET also requests that all shareholders
and general investors study the complete set of the financial
statements of TPIPL published in the R-SIMS system.   


THAI PETROCHEMICAL: Reports Results of Share Sale
-------------------------------------------------
Thai Petrochemical Industry Public Company Limited (TPI)  
reported to the Stock Exchange of Thailand the results of the
sale of the company's shares on March 16,2001.

Shares offered by TPI were classified as ordinary shares,
totaling 6.150 billion. These shares, priced at B5.52, were
offered to certain creditors of TPI according to debt the company
owed them. Subscription and payment period of the sales was
scheduled on March 9, 2001 being the closing date of the
company's business reorganization plan.

After the counting the totally sold out and partly sold out
shares, a total of 251,088,789 remained in the company. The
company would deal with the remaining shares as follows:

The remaining shares would be reserved for the adjustment of debt
by the official receiver. The capital increase is intended to
allow the issue of shares to creditors that are converting debt
into equity in pursuance of the Company's business reorganization
plan.

No proceeds were generated from the offering, because the shares
were being paid for by a set-off of debt according to the
company's business reorganization plan.


THAI PETROCHEMICAL: Clarifies News Report
-----------------------------------------
Thai Petrochemical Industry PCL ("TPI") issued a clarificatory
statement in the Stock Exchange of Thailand regarding news
reports that appeared in the Manager Daily newspaper dated March
19, 2001.

TPI stated:

"We refer to the news reports published by the Manager Daily
Newspaper on 19 March alleging that Effective Planners Limited or
its parent company Ferrier Hodgson Limited is linked to an
alleged gem theft case in the Laos PDR."

"Effective Planners Limited and Ferrier Hodgson Limited would
like to clarify that:

1. Both Effective Planners Limited and Ferrier Hodgson Limited
vigorously deny all allegations concerning the involvement
in the criminal activities in the Laos PDR as stated in the
Manager Daily Newspaper, 19 March 2001 edition
2. The act of making such allegations is a defamation offense
against Effective Planners Limited and Ferrier Hodgson
Limited and has caused severe damage to the image and
reputation of both companies.

"At the moment, Effective Planners Limited and Ferrier   Hodgson
Limited are considering taking an appropriate legal action
against the Manager Daily Newspaper."


DUSIT RESORT: Dusit Thani Clarifies News Report
-----------------------------------------------
Dusit Thani Pcl explained, through an announcement posted in the
Stock Exchange of Thailand, that the company is the owner and
possesor of Dusit Resort Pattaya Hotel Bldg. including component
parts and equipments. This was to clarify the news that appeared
in Prachachart Thurakij reporting that the Revenue Department is
prepared to foreclose Dusit Resort Pattaya Hotel Building, adding
that the Revenue Department understood that this was owned by
World Intertrade Corporation Co Ltd, which is the debtor by
judgment of the Bankruptcy Court.

The hotel bldg. is constructed on the land with a title deed No.
4339 Tumpol Naklau Amphur Banglamung Chonburi, owned by
Siripattaya Co Ltd. The lease agreement had been registered and
was extra reciprocal, the company explained.

The World Intertrade Corporation Co Ltd, the lessee, had to
transfer the ownership in the property of hotel building to
Siripattaya Co Ltd when the agreement would expire in 2005.
Therefore, World Intertrade Corporation Co Ltd terminated and
transferred the possession of the building and leasehold to
Landmark Hotel Co Ltd, subsidiary company of Dusit Thani PCL.

The said agreement intends to let Landmark Hotel Co Ltd have the
possession right and make benefits from hotel business with
remuneration.

Then, Landmark Hotel Co Ltd transferred the right to Dusit Thani
Public Pcl by having remuneration and directly registered the
lease agreement with Siripattaya Co Ltd and this agreement would
expire on 2017. Dusit Thani Pcl had issued the letter to explain
the fact to the Revenue Department as to the ownership of the
hotel building.

At this point, Dusit Thani Pcl is waiting for their consideration
and would be pleased to provide any documents to prove its legal
right, Dusit Thani explained.


SUN TECH: Planner Announces Update Of Reorg Plan
------------------------------------------------
Srisongkram Planner Company Limited, as planner of Sun Tech Group
Public Company Limited, reported on March 20, 2001, to the Stock
Exchange of Thailand, updates on the business reorganization plan
of the Sun Tech Group.

The following is the progress report, subsequent to the approval
by the Central Bankruptcy Court on the request for extension for
submission of the reorganization plan:

"The Official Receiver has ordered the postponement of the voting
of the plan from March 20, 2001 to April 9,2001 upon request of
the creditors and the Planner, due to the major amendment in the
context of the plan."


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. Lyndsey Resnick,
Ronald Villavelez, Maria Vyrna Nineza, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.  Information contained
herein is obtained from sources believed to be reliable, but is
not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are $25 each.  For subscription information,
contact Christopher Beard at 301/951-6400.

                      *** End of Transmission ***