/raid1/www/Hosts/bankrupt/TCRAP_Public/010327.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

                 Tuesday, March 27, 2001, Vol. 4, No. 60


                               Headlines


A U S T R A L I A

HIH INSURANCE: NRMA To Shoulder Workers' Comp Portfolio
BOTTLESHOP.COM: Faces Creditors' Legal Actions
CABLE & WIRELESS: Vodafone Withdraws Optus Bid
CABLE & WIRELESS: Welcomes SingTel's Bid
STEEL TANK: Receiver Reins in Over $10M in Debt
WATER WHEEL: Elliott argues self-incrimination


C H I N A   &   H O N G  K O N G

SHENZHOU ZHONGHAO: Time To Shape Up, Regulators Say
SHANGHAI NARCISSUS: To Submit Plan Or Face Expulsion  


I N D O N E S I A

ASIA PULP: Debt Plan Drawn
PABRIK KERTAS: Trading Reopens, JSX Says
DHARMALA INTILAND: FSPC Approves Debt Plan


J A P A N

NISSAN MOTOR: President Ghosn Will Stay
MITSUI CONSTRUCTION: To Announce Deal With Creditors Today
CHIYODA MUTUAL: Ex-Execs To Pay Y7.1B Damages
CHUGAI MINING: Receives Debt Waiver Of Y3.3B


K O R E A

DAEWOO MOTOR: GM Decision To Be Known By End Of May
SEOULBANK: Regulators Approve Rescue Plan


M A L A Y S I A

SOUTHERN BANK: To Postpone Restructuring Bid Submission
OMEGA HOLDINGS: CIMB Announces Bid For Debt Restructuring
U-WOOD HOLDINGS: Factory, Machineries & Properties Sold
TENAGA NASIONAL: Issues New Debt Securities
AUSTRAL AMALGAMATED: Posts Losses,Announces Administrators
BRIDGECON HOLDINGS: Enters Into MoU With White Knight


S I N G A P O R E

MEDIARING.COM: Posts S$55.9M Net Loss For 2000
SPH ASIAONE: Posts S$8.7M Interim Loss


T H A I L A N D

AMARIN DEVELOPMENT: Acquires Assets of Sogo Group
PREECHA GROUP: Rehab Plan Chosen Option
SRIVARA GROUP: To Reduce Capital


   -  -  -  -  -  -  -  -  -  -  


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


HIH INSURANCE: NRMA To Shoulder Workers' Comp Portfolio
-------------------------------------------------------
NRMA Insurance Group (NRMA Insurance) will be taking on the HIH
workers' compensation portfolio, NRMA Insurance announced on
Friday at the Australian Stock Exchange that the company had also
agreed to take on the existing in-force policies of the HIH
workers' compensation portfolio, from March 15, 2001.

This means claims incurred on HIH workers' compensation policies
after 15 March in Western Australia, Northern Territory, the
Australian Capital Territory, and Tasmania will be covered by
NRMA Insurance.

NRMA Insurance Chief Executive and Managing Director, Mr Eric
Dodd, said, "NRMA Insurance has ensured that no HIH's workers'
compensation policy holder needs to arrange alternative cover
from 15 March onwards. The latest agreement we have reached with
HIH should provide peace of mind to workers' compensation policy
holders who had been concerned about the status of their
insurance cover for the period from when the Provisional
Liquidator was appointed."

In South Australia, New South Wales and Victoria, where workers'
compensation is underwritten by the State Government, the current
arrangements will continue. NRMA Insurance has already announced
its intention to take over the HIH-managed part of those schemes.

NRMA Insurance Limited has an Insurer Financial Strength, Rating
of AA+ from Standard & Poor's, reflecting the company's very
strong financial position.


BOTTLESHOP.COM: Faces Creditors' Legal Actions
----------------------------------------------
Bottleshop.com.au, is being besieged with legal actions filed in
the NSW Supreme Court by the struggling e-tailer's creditors, the
Sydney Morning Herald reported on Monday. Among the creditors are
Southcorp Wines and Redrock Beverages.

The company may also face charges before the NSW Licensing Court.
Allegedly, its operations have held no valid liquor license since
May, the Herald said.

Bottleshop has been plagued with legal battles since Surry
Partners, a law firm, took action on behalf of Mr Hamish Black,
co-owner of liquor store B and S Fine Wines, who demanded
repayment.

The Herald added that other creditors that might also take legal
actions demanding payment include LookSmart, Arrowfield Wines,
Hostworks, Porter's Liquor Cammeray and Optus, to whom
Bottleshop.com owes more than $300,000.


CABLE & WIRELESS: Vodafone Withdraws Optus Bid
----------------------------------------------
Vodafone Pacific on Monday announced at the Australian Stock
Exchange that it has withdrawn from the Optus sale process.
Vodafone Pacific has reached the conclusion that it would be
unable to conclude a transaction that would be in the best
interests of its shareholders.

Brian Clark, CEO of Vodafone Pacific said, "We are committed to
growing a profitable business in Australia. The proposed
transaction simply did not meet our return criteria."


CABLE & WIRELESS: Welcomes SingTel's Bid
----------------------------------------
Cable & Wireless Optus Limited announced on Monday at the
Australian Stock Exchange that it has accepted the takeover bid
from SingTel. The offer will be by way of an off-market takeover
offer for Optus shares and buyback of Optus shares. SingTel will
offer all Optus shareholders three alternatives for each Optus
share:

1. Share Alternative: 1.66 SingTel shares;

2. Share and Cash Alternative: 0.8 SingTel shares plus A$2.25 in
cash; or

3. Share, Cash and Bond Alternative: 0.54 SingTel shares plus
A$2.00 in cash plus A$0.45 in US Dollar-denominated SingTel
bonds. Shareholders who accept this alternative may receive
additional cash or bonds (as may become available as a
consequence of shareholders accepting the Share Alternative or
the Share and Cash Alternative) in return for receiving less than
0.54 SingTel shares.

To the extent additional cash or bonds are available, the
additional amount will be made available first in bonds, then
cash, at a rate of A$2.74 per SingTel share.

SingTel has made available a total cash and bond amount of A$9.25
billion of which the bond amount will not exceed A$2.00 billion
under the offer.

                     SingTel, A Background

SingTel is the premier provider of domestic, international and
mobile communications as well as postal services in Singapore.
SingTel aims to be the first truly pan-Asia Pacific total
communications carrier, with a reach unmatched by any other
operator.

SingTel has established operations in 22 cities and in 14
countries and territories including Hong Kong, India, Indonesia,
the Philippines, Taiwan and Thailand. SingTel has historically
delivered steady earnings and dividends to shareholders. Turnover
and net profit after tax (before extraordinary items) for the
year ending March 31, 2000 were S$4.87 billion (A$5.53 billion)
and S$1.85 billion (A$2.10 billion), respectively. As of March
31, 2000, SingTel had consolidated net assets of S$8.98 billion
(A$10.20 billion).

SingTel continues to invest heavily in local and international
infrastructure, spending between S$700 million and S$900 million
per year to upgrade infrastructure.

SingTel is Singapore's largest listed company with a current
market capitalization of approximately US$21 billion (A$43
billion). This market capitalization would place SingTel among
the five largest listed companies in Australia.


STEEL TANK: Receiver Reins in Over $10M in Debt
-----------------------------------------------
Properties of Steel Tank and Pipe (STP) group were being hammered
by auctioneers on Thursday, Newscastle Herald reported on Friday.
This resulting from the bid of receiver PricewaterhouseCoopers to
take control over STP's over $10 million debt with National
Australia Bank.

These properties, the Herald said, include the following:
Carrington property, a 3.89-hectare property marketed as `prime
industrial facility'; Moorebank property, which was sold for
$2.645 million; and the Centenary Ave property.

STP's Melbourne property will be auctioned on April 11, while
those for the plant and equipment are scheduled on April 3 in
Perth, April 4 and 5 in Newcastle, April 6 in Sydney, and April
10 and 11 in Melbourne. The Herald also reported that
Administrator Greg Hall said a total of 18 STP companies are
currently under administration.


WATER WHEEL: Elliott argues self-incrimination
----------------------------------------------
Australian businessman, John Elliot, claimed on March 23 the
criminal privilege of self-incrimination. Elliot is one of three
defendants in civil proceedings brought by the Australian
Securities & Investments Commission (ASIC). The case relates to
allegations that the rice milling company, Water Wheel Holdings,
traded while insolvent. The company's director, Bernard Plymin
and chairman, William Harrison, are the other defendants
involved. Lawyers for the three accused requested permission to
invoke the privilege of self-incrimination, as ASIC may still
initiate criminal proceedings. The judge ordered the defendants
to submit a statutory defense, until a ruling could be made on
the matter of a general defense. (The Australian Financial
Review)


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


SHENZHOU ZHONGHAO: Time To Shape Up, Regulators Say
----------------------------------------------------
China's securities regulators are giving the loss-making company,
Shenzhou Zhonghao (Group) until April 30 to submit restructuring
plans or face expulsion from the market, the official Xinhua News
Agency reported, citing the China Securities Regulatory
Commission.  The deadline underscores a new push to take action
against companies that are essentially bankrupt, though they
continue to trade.


SHANGHAI NARCISSUS: To Submit Plan Or Face Expulsion  
----------------------------------------------------
China's securities regulators are giving Shanghai Narcissus
Electric Appliances until April 30 to submit restructuring plans
or face expulsion from the market, the official Xinhua News
Agency reported, citing the China Securities Regulatory
Commission.  The deadline underscores a new push to take action
against companies that are essentially bankrupt, though they
continue to trade.


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


ASIA PULP: Debt Plan Drawn
--------------------------
The Sinar Mas conglomerate expects to draw up a debt-
restructuring proposal in one month for troubled unit Asia Pulp &
Paper (APP), in what could become the largest emerging market
corporate debt workout.  Jan Partawidjaja, a spokesman for Sinar
Mas, Indonesia's second-biggest business group, said the
government had given a one-month deadline.

The New York-listed APP, hobbled by debts of more than US$11B, is
a holding firm for extensive Asian pulp and paper operations.  
Most are in Indonesia and the rest in China and India.  After
months of uncertainty over the fate of Asia's biggest pulp and
paper firm outside Japan - and virtual silence from the entities
themselves - Partawidjaja's comments mark the first confirmation
APP's debts will be restructured.

Partawidjaja said APP would hold discussions soon on the
restructuring proposal with its financial advisers, Credit Suisse
First Boston. (Angela Cheung)


PABRIK KERTAS: Trading Reopens, JSX Says
----------------------------------------
Jakarta Stock Exchange announced it has decided to reopen trading
in common stock of Pabrik Kertas Tjiwi Kimia - ticker symbol TKIM
- and its warrant - ticker symbol TKIM-W - on March 22, 2002 in
Session II.

TKIM and TKIM-W was suspended on March 21, 2001 due to the
significant rise of its prices that surpass its parameter level.

The Exchange had requested Tjiwi Kimia to arrange public exposure
not later than April 5, 2001 to make a disclosure on Asia Pulp &
Paper Co Ltd (APP) affiliates PT Indah Kiat & Paper and PT Pabrik
Kertas Tjiwi Kimia group's recent decision to halt debt repayment
and its impact including trust of bank on company's operational;
impact of legal appeal against APP proposed by ABN AMRO to
Singapore Supreme Court; performances of its finances and
operations as well as the capability of operating cash flow and
some of material issues that could influence the company's going
concern.


DHARMALA INTILAND: FSPC Approves Debt Plan
------------------------------------------
The Financial Sector Policy Committee (FSPC) has approved the
proposed debt restructuring plan of PT Dharmala Intiland (DILD),
which involves the company's $55 million debt, IndoExchange
reported on Friday.

"The scheme came from loan syndication with Bank Sumitomo as lead
arranger," said Dharmala Intiland's corporate secretary Theresia
Rustandi in a report to the Jakarta Stock Exchange last week.
IndoExchange said other syndication members are Bank of China,
Overseas Union Bank, Far Eastern Bank, Royal Scotland Plc,
Sembawang Leasing, Sime Bank and E. Sun Commercial Bank.

The government became part of this syndication comes because of
the Indonesian Banking Restructuring Agency's takeover on the
former Bank Bira and Bank Rama, to whom Dharmal owed debts.  

Dharmala Intiland's debt, based on the compromise with creditors,
will be restructured until December 2005. IndoExchange reported
that repayment would be made in two tranches, at $7.5 million and
$47.5 million each, at 2.5 percent interest rate.


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


NISSAN MOTOR: President Ghosn Will Stay
---------------------------------------
Nissan Motor has confirmed reports in a company announcement that
President Carlos Ghosn would continue to steer Japan's third
largest automaker. This was made after Ghosn had completed the 3-
year plan to revive the company, in collaboration with French
partner Renault, Reuters reported over the weekend. The plan is
expected to wind up in 2003.
                  
"You can expect me to stay after March 2003. I'm not going to
leave before the Nissan Revival Plan, no way. And there will
probably be more to be done after the Nissan Revival Plan,"  
Ghosn said in AWSJ, according to Reuters. It was also reported in
the Journal that Ghosn had begun working on a follow-up plan
aimed at securing Nissan's business.

Ghosn, Reuters said, will have more hand in calling the shots to
restructure Nissan, following prior announcement regarding
organizational revamp, which will give him the authority to
administer operations and its revival plan.  


MITSUI CONSTRUCTION: To Announce Deal With Creditors Today
----------------------------------------------------------
Mitsui Construction Co. is expected to announce today its
agreement with its 12 creditors on its bid for a debt waiver
amounting to Y163 billion, Jiji Press English News Service
reported. The creditors include Sakura Bank and Chuo Mitsui Trust
and Banking Company.

This debt waiver agreement will comprise a total of Y142 billion,
and the issuance of new shares worth Y20.4 billion through debt-
for-equity swap deals, sources close to the negotiations told
Jiji.


CHIYODA MUTUAL: Ex-Execs To Pay Y7.1B Damages
---------------------------------------------
Four former executives of Chiyoda Mutual Life Insurance Company
have been ordered through a Tokyo District Court ruling to pay
Y7.13 billion in total damages to the company, Jiji Press
reported.

According to Jiji report, these former executives, included
former Chairman Yasutaro Kanzaki, and were identified as players
in three lending cases named in the suit.

The suit was filed by the company, which has Y3 trillion in
liabilities and is currently undergoing court-led reconstruction.
The three lending cases involved loans amounting to Y7.13
billion.


CHUGAI MINING: Receives Debt Waiver Of Y3.3B
--------------------------------------------
Chugai Mining Company announced on Friday that it had received a
debt waiver from its Tokyo creditor company valued at Y3.347
billion, Jiji Press reported. It also said that the company would
also be liable to a term-end dividend payment at 3 yen per share.

Project Inc. had also given the mining company a debt waiver of
about Y7 billion in January. Because of these developments,
Chugai Mining would be able to trim down its outstanding debts of
Y13 billion to just Y2.172 billion by end of March, Jiji
reported.

Chugai Mining, Jiji said, incurred these debts because of its
real estate investments at the height of the so-called "asset-
inflated bubble economic boom" in the early 90s.


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


DAEWOO MOTOR: GM Decision To Be Known By End Of May
---------------------------------------------------
According to a Daewoo Motor official, General Motors' decision to
take over the ailing Korean carmaker will be made by the end of
May, Korea Herald said. Daewoo Chairman Lee Jong-dae also said
that GM has concurred that it will give Daewoo a month's advance
notice before any decision will be released. Lee said that this
would help prepare the company to work on its own plan.
  
On the split asset sale issue, Lee said in the Herald report that
the company "will strongly demand the inclusion of the main
Pupyong plant in sales talks with GM."


SEOULBANK: Regulators Approve Rescue Plan
-----------------------------------------
Korean regulators have given their nod to SeoulBank's revised
rescue plan, Bloomberg reported on Friday. According to the
report, Suh Jae Hong of the Financial Supervisory Commission
disclosed that this new rescue plan includes its proposed sale to
a foreign company by the end of June, a projected rise in the
return on assets and increased return on equity by over 15
percent.

SeoulBank took a dive in business at the height of the Asian
financial crisis from 1997 to 1998. As part of its drive to
cleanup the financial sector, the government appointed Deutsche
Bank AG to take over the management of the bank after its failed
attempts to sell the lender to foreign investors. A year and a
half ago, HSBC Holdings Plc backed out of negotiations for the
proposed take over.

This move to sell SeoulBank, Bloomberg said, is expected to
bolster investors' bullishness in the country where economic
growth has been forecast to plunge by half this year.

Bloomberg also reported that 18 companies this month have already
expressed interest in the bank.

SeoulBank was one of the major creditors of bankrupt Dong-Ah
Industrial Construction Co, whose protection from its creditors
has been withdrawn by the court since two weeks ago, Bloomberg
said.

SeoulBank has been getting funds from the Korea Deposit Insurance
Corporation. In December, it received W610.8 billion in public
funds. It has also been scheduled to get W221.6 billion in
September.

                         Background

SeoulBank was originally incepted as the Bank of Seoul in 1959,
located in the metropolitan area of Seoul. The bank became in its
present form as a nationwide commercial bank after a merger with
Korea Trust Bank in 1976.

The bank had gone through its share of growth and changes over
the years and as of year-end 1999, it has 4,707 employees in its
network of 291 domestic outlets and four overseas branches. For
year-end 1999, the Bank's assets and shareholder's equity
amounted to W24,285.4 billion (US$ 21,202.6 million) and W1,045.6
billion (US$ 912.8 million), respectively.

As the result of the Korean government's capital injection of
September 20, 1999, the Bank's paid-in capital increased to
W3,474.6 billion. As such, the Korean government holds 100
percent of the Bank's shares with Korea Deposit Insurance
Corporation holding 97.7 percent and the Ministry of Finance and
Economy holding the remaining 2.3 percent.


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


SOUTHERN BANK: To Postpone Restructuring Bid Submission
-------------------------------------------------------
Southern Bank Berhad (SBB) announced on March 23, 2001, to the
Kuala Lumpur Stock Exchange that its application to the
Securities Commission (SC), in regard with the proposals for a
restructuring and fund raising exercises, would not be submitted
as scheduled on March 25.

SBB said that it is currently re-evaluating the proposals in view
of the prevailing stock market condition as well as the immediate
outlook of the financial services sector.

The application to the SC for the proposals is expected to be
made within six months from March 24, 2001, being the date of the
advertisement on the delay.


OMEGA HOLDINGS: CIMB Announces Bid For Debt Restructuring
---------------------------------------------------------
On behalf of Omega Holdings Berhad, Commerce International
Merchant Bankers Berhad posted this announcement dated March 24,
2001, at the Kuala Lumpur Stock Exchange:

"We refer to the announcement made on behalf of Omega on March 7
2001 in relation to the proposals (inclusive of members' scheme
arrangement, rights and restricted issues, acquisition and debt
restructuring).

"In the aforesaid announcement, it was stated that the
conditional sale and purchase agreement ("SPA") between Omega
Holdings and Cheung Chi Yuen, Chai Boon Seong, Yong Yew Kong,
Yong Yuen Chan, Wong Wan Ying, Cheang Fook Choy, Tow Lye Good and
Chow Kam Wing (vendors) for the proposed acquisition by Newco of
the entire issued and paid-up share capital of Broadland Garment
Industries Sdn. Bhd. will expire on March 7, 2001 and that Omega
and the Vendors were negotiating on the extension of the SPA.

"On behalf of Omega, Commerce International Merchant Bankers
Berhad wishes to announce that on March 23, 2001, the Vendors and
Omega have agreed to extend the SPA for a further six (6) months
commencing  March 7, 2001 subject always that Vendors have the
right to terminate the SPA in the event of any of the following
conditions not being fulfilled:

(a) All the lenders/creditors of Omega must agree to and execute
the debt restructuring agreement on or before April 30, 2001; and

(b) A comprehensive restructuring proposal is to be submitted to
the Securities Commission for approval by June 30, 2001."


U-WOOD HOLDINGS: Factory, Machineries & Properties Sold
-------------------------------------------------------
The board of directors of U-Wood Holdings Berhad (U-Wood)
announced last week that Top Origin Sdn Bhd accepted March 15 U-
Wood's proposal to acquire from U-Wood's two wholly-owned
subsidiaries, namely U-Wood Sdn Bhd (UWSB) and Prinsip Barisan
(M) Sdn Bhd (PBSB), both incorporated in Malaysia under the
Companies Act 1965. The properties sold are the following:

- a 300,000 square-foot plywood manufacturing factory consisting
of a plant and a double story office block and a separate
building of approximately 12,000 square feet consisting of a
canteen, guard house and a carpark all located at PT 1152, Batu
36, Jalan Kuala Pilah, Mukim Serting Ulu, 72200 Batu Kikir,
Negeri Sembilan and machineries owned by UWSB for cash
consideration of RM9,975,349.00; and

- 30 acres of 99 years leasehold factory land expiring 2094
located at PT 1152, Batu 36, Jalan Kuala Pilah, Mukim Serting
Ulu, 72200 Batu Kikir, Negeri Sembilan owned by Prinsip Barisan
(M) Sdn Bhd for cash consideration of R3,024,651.

Top Origin Sdn Bhd is a private limited company incorporated in
Malaysia under the Companies Act, 1965.

The salient terms and conditions of the Letter of Offer are:

a. Terms of Payment

The total purchase consideration of the Proposals amounting to
RM13.0 million which was arrived at on a willing-buyer willing-
seller basis shall be payable in cash in the following manner:

i. Payment of non-refundable earnest money. R100,000.00
(Within 21 days from the date of the Letter of Offer i.e. 28th
February 2001).

ii. Payment of 10 percent of the total purchase consideration,
net of earnest money paid. R1,200,000.00 (upon execution of the
conditional Sale & Purchase Agreement within 60 days from the
date of payment of the non-refundable earnest money).

iii. Payment of 90 percent balance of the total purchase
consideration. R11,700,000.00 (upon the completion date).

b. Completion Date

Six (6) months from the date of the conditional Sale & Purchase
Agreement to be executed and an extension of a further three (3)
months or further period to the Completion Date is allowable
subject to mutual consent by both parties.

U-Wood's manufacturing operations have been significantly scaled
down due to the prevailing soft conditions in the plywood market.
The disposals will also enable U-Wood to concentrate on its new
business activity of property development.

The total purchase consideration of RM13.0 million will be used
to repay all the outstanding hire purchase facilities of the
machineries belonging to UWSB to be disposed as well as to repay
U-Wood's RM6.86 million loan from BSN Commercial Bank (Malaysia)
Berhad which was secured by a charge on PBSB's land to be
disposed.

The balance will be used for working capital purposes.

The financial effect of the proposals:

i. Share capital - The disposals will not have any effect on the
issued and paid-up capital of U-Wood.

ii. Substantial shareholders - The disposals will not have any
effect on the Substantial Shareholders of U-Wood.

iii. Earnings - There will be a loss of RM5,549,334.00 on
disposal.

iv. Net tangible asset (NTA) - There will be a reduction of
R5,549,334.00 in the Group's NTA on disposal.

The Proposals is conditional upon the following approvals and are
also subject to the Sale & Purchase Agreement(s) to be executed:

i. Approval of the Foreign Investment Committee to be obtained by
the Purchaser.

ii. Approval of any other relevant government authorities (if
required).

None of the directors or substantial shareholders of U-Wood or
persons connected with the Directors or Substantial Shareholders
has any interest, direct or indirect, in the disposals.

After due consideration of all aspects on the disposals, the
Board of Directors of U-Wood is of the opinion that the disposals
is in the best interest of the company.


TENAGA NASIONAL: Issues New Debt Securities
-------------------------------------------
Tenaga Nasional Berhad announced on March 23 that it has priced a
new debt issue consisting of US$600 million of 7.625 percent
Notes due 2011 and executed a purchase and sale agreement
relating thereto on March 22, 2001.

The company expects that the closing for this offering of Notes
will occur on or about April 2, 2001. The company will use the
net proceeds from this offering principally to purchase a portion
of its outstanding 7.200 percent Notes due April 29, 2007 (which
are subject to repayment at the option of the holders thereof on
April 29, 2002) and a portion of its outstanding 7 7/8 percent
Notes due June 15, 2004 pursuant to a tender offer commenced on
March 5, 2001, and will use any remainder of such net proceeds
for general corporate purposes.

Concurrently with the pricing of the new debt issue, the prices
for the debt tender offer were determined at 12:00 noon, New York
City time. The Tender Offer Consideration (as defined in the
Offer to Purchase dated March 5, 2001) for the 2007 Notes and
2004 Notes is US$993.15 and US$1,043.08, respectively, per
US$1,000 aggregate principal amount. If holders tendered their
Notes prior to 5:00 p.m., New York City time, on March 16, 2001,
they will also be paid an additional US$30 per US$1,000 principal
amount. Noteholders will also receive accrued interest to the
payment date.

As of March 22, 2001, approximately US$176 million of the 2007
Notes and approximately US$303 million of the 2004 Notes had been
tendered. The Expiration Date for the tender offer is March 30,
2001. The Payment Date is expected to occur on April 2, 2001.


AUSTRAL AMALGAMATED: Posts Losses,Announces Administrators
----------------------------------------------------------
Austral Amalgamated Berhad announced on March 23 that Pengurusan
Danaharta Nasional Berhad appointed special administrators on
September 9, 1999, to manage the operations and assets of the
company and to prepare a workout proposal to restructure the
company. The special administrators' proposed restructuring
scheme for the company is currently pending the approval from the
relevant authorities, namely the Securities Commission and
Foreign Investment Committee and consequently, the financial
impact and outcome of the scheme cannot be ascertained at the
moment.

                       Accumulated Loss

The turnover of the group declined by 48.3 percent to RM49.2
million in the financial year concerned, resulting in a loss
before tax of RM97.7 million. Apart from the deteriorating
turnover, the loss before tax is also attributable to the group's
continued exposure to loan interest amounting to RM67.5 million.

As of June 30, 2000, the group and the company incurred a net
loss of RM99.9 million and RM59.6 million, respectively, while
shareholders' deficit stood at RM422.7 million and RM236.5
million, respectively.

The group and the company had accumulated loss of RM1,040.8
million and RM828.1 million, respectively, and net current
liabilities of RM839.4 million and RM317.9 million, respectively.

                      External Borrowings

The group and the company have external borrowings amounting to
RM623.5 million and RM285.7 million respectively of which RM613.5
million and RM285.7 million respectively relate to borrowings due
within twelve months.

In view of the significance of the above matters, there is
substantial doubt to the ability of the Group and the Company to
continue as going concerns. Consequently, the Auditors are unable
to assess the appropriateness of the going concern basis used in
the preparation of the financial statements.


BRIDGECON HOLDINGS: Enters Into MoU With White Knight
-----------------------------------------------------
Arab-Malatsian Merchant Bank Berhad, on behalf of the board of
Bridgecon Holdings Berhad (BHB), announced at the Kuala Lumpur
Stock Exchange that BHB has entered into a memorandum of
agreement on March 22 with the shareholders of Project 33
Construction Sdn Bhd ("P33"), namely Chee Soo Ming, Wong Cheiw
Ping, Chong Kok Wei and Chung Pak Teng. BHB agreed to invite P33
to participate in a proposal to regularize BHB's financial
position.

The salient terms in the MOU are as follows :

(a) the abovementioned shareholders will inject P33 and assets to
be identified and agreed upon by both parties into a Newco to be
formed ; and

(b) the MOU will automatically expire within six(6) months from
the date of the MOU unless mutually extended by the parties.

P33 is a company incorporated in Malaysia with authorized and
paid-up share capital of RM5 million and RM1.5 billion,
respectively. P33 is principally engaged in the construction and
engineering activities and is registered with the Construction
Industries Development Board of Malaysia. P33 has a class A Pusat
Khidmat Kontraktor ("PKK") license.

The details of the proposal will be announced upon its
finalization.


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


MEDIARING.COM: Posts S$55.9M Net Loss For 2000
----------------------------------------------
Mediaring.com Ltd, the Internet telephony services firm, posted a
net loss of S$55.9 million for the fiscal year 2000,
Singapore.CNET.com reported. The figure is more than double of
the recorded net loss in the previous year.

A S$12 million loss was incurred from the write-off of
investments, which included eWorld of Sports and i2U due to
"diminution value", CNET reported as told by Mediaring CEO Ng Ede
Phang. The termination of such product lines for voice messaging
services like TalkZone, TalkWave and VoizCard also ensued write-
offs amounting to S$2.9 million.

Group revenue, CNET said, increased eightfold to S$19.8 million,
coming from all three business units--telephony services,
integrated solutions and consumer services.

The company boasts of registered user base of ten million by end
of 2000.


SPH ASIAONE: Posts S$8.7M Interim Loss
--------------------------------------
SPH AsiaOne, the Internet unit of Singapore Press Holdings,
reported a net loss of S$8.7 million for the half year ended
February 28. Goodwill amortization, depreciation and business
promotion expenses, staff costs and a share of associates' losses
contributed to the figure, which was 284 percent worse than for
the corresponding period a year earlier.

The company managed to halve its burn rate to S$1.1 million a
month, and raised revenues by 60 percent to S$4.4 million.
Compared with the corresponding period, revenues rose 148
percent, from increased Web publishing and advertising sales, The
Straits Times reported. However, the company warned that
advertising might be hit in the future, with the economic
slowdown. (Singapore.CNET.com)


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


AMARIN DEVELOPMENT: Acquires Assets of Sogo Group
-------------------------------------------------
The board of directors of Amarin Development Co Ltd, the
subsidiary of Amarin Plaza Public Company Limited, resolved March
22, 2001 to approve the company to enter into the asset purchased
agreement with Sogo (Thailand) Co Ltd and Erawan Sogo Co Ltd on  
March 22, 2001. Here are the details:

The transaction will occur on April 30, 2001. The purchaser is
Amarin Development Co Ltd, which holds 99 percent of shares in
Amarin Development Co Ltd. and seller Sogo (Thailand) Co Ltd and
Erawan Sogo Co Ltd, each of which operate a department store.
Both have registered capital of Bt50 million each and each with
Bt25 million of paid-up capital.

Sogo (Thailand) major shareholders are Rajprasong Retail Co Ltd
with 20.00 percent, Sogo Co Ltd holding 18.00 percent and Chiba
Sogo Co Ltd with 18.00 percent.

Erawan Sogo Co Ltd's major shareholders are Rajprasong Retail Co
Ltd, Hiroshima Sogo Co Ltd, Sogo Co Ltd, and Thai sei (Thailand)
Co Ltd, with 29.99 percent, 15 percent, 15, percent and 12
percent, respectively.

The Category and volume of the transaction are as follows:

Purchase amount of the total asset from Sogo (Thailand) Co.,Ltd.
- Bt4,320,500.00; purchase amount of the total asset from Erawan
Sogo Co.,Ltd. - Bt 46,193,037.95; purchase amount of the ordinary
shares of Tourianse Overseas (Thailand) Ltd. from Sogo (Thailand)
Co Ltd - Bt679,500.00; purchase amount of the ordinary shares of
Restaurant Sogo Co Ltd from Erawan Sogo Co Ltd Bt3,806,962.05.

Termination of the long term lease agreement and pay for the
compensation for the remaining of the leasehold right period to
Sogo (Thailand) Co Ltd - Bt5,000,000; transfer of right to long
term lease and pay for the remuneration to Erawan Sogo Co Ltd -
Bt96,500,000.

Total value of asset purchased amounting to Bt156,500,000.

The volume of the transaction

i) The value of assets acquired, compared with the value of       
assets of the listed company and its subsidiaries collectively        
is equal to 5.06 percent;
   
ii) The net after tax profit from the normal course of business        
operations derived from the asset acquired, compared with the        
net profit of the listed company and its subsidiaries       
collectively is equal to 8.31 percent;

iii) The total value of consideration paid, compared with the
value of assets of the listed company and its subsidiaries
collectively is equal to 1.47 percent.

The abovementioned value of the transaction after calculation is
less than 15 percent, therefore, it shall not apply in accordance
with the Rules, Procedures and Disclosure of Information
Concerning the Acquisition and Disposition of Assets of Listed
Companies.

The Details of assets purchased, as follows:
   
               Sogo (Thailand) Co Ltd

1) The net assets used in the operation of the department store        
business according to the book value as at the end of the 30th        
day of April 2001 comprising of the following items:

Assets:  debtors, inventories, deposit payment, golf membership
and fixed assets.

(less by) Debt:  trade creditors, other creditors, account
         
payable, income advance, deposit received payment and merchandise
coupon.

2) The 25,000 ordinary shares of Tourianse Overseas (Thailand)
Ltd.  is equal to 25 percent of the total ordinary shares sold.

Type of Business:  Restaurant with registered capital of Bt10
million divided into 100,000 ordinary shares at the par value of
Bt100; and paid-up capital of Bt5 million (50 Baht paid-up per
share only).

Its major shareholders are Tourianse Overseas (Thailand) Co Ltd,
Sogo (Thailand) Co Ltd, and Marubeni Group of Companies, with 30
percent, 25 percent, and 15 percent, respectively.

3) Termination of the long-term lease agreement between Amarin
Development Co., Ltd. "Lessor" and Sogo (Thailand) Co., Ltd.
"Lessee" dated 9 February 1983, the agreement to lease areas in
Amirin Plaza Building from floor 1 to floor 4 with total areas of
11,336.50 square meters due to expire on the 30th day of November
2004.  

According to the Assets Purchase Agreement, Amarin Development
Co.,Ltd. obliges to accept transfer of all employees from Sogo
(Thailand) Co., Ltd. with a condition that the salaries and
benefits of all employees desirous of continuation of the
employment with the company as at the end of the 30th day of
April 2001 will remain the same.

               Erawan Sogo Co Ltd

1) The net assets used in the operation of the department store
business according to the book value as at the end of the 30th
day of April 2001 comprising of the following items:

Assets :  debtors, inventories, deposit payment and fixed assets.

(less by) Debt: trade creditors, other creditors, account
payable, income advance, deposit received payment and merchandise
coupon.

2) The 79,995 ordinary shares of Restaurant Sogo Co Ltd is equal
to 79.99 percent of the total ordinary shares sold.

Type of Business: Restaurant with registered capital of Bt10
million divided into 100,000 ordinary shares at the par value of
Bt100; and paid-up capital of Bt7.5 million (Bt75 paid-up per
share only)

Its major shareholders are Erawan Sogo Co Ltd, Mrs. Chatchree
Ichi, with 79.99 percent and 20 percent, respectively.

3) Transfer of right to long-term lease of Erawan Sogo Building's
area between Erawan Sogo Co., Ltd. and Amarin Development Co.,
Ltd. under the Lease Agreement between Erawan Sogo Co., Ltd. and
Erawan Hotel Public Company Limited dated December 13, 1988, the
lease of 5 floors areas from underground to floor 4 with total
areas of 13,013.43 square meters to expire on the 30th day of
November 2020.  

According to the Assets Purchase Agreement, Amarin Development
Co.,Ltd. obliges to accept transfer of all employees from Erawan
Sogo  Co., Ltd. with a condition that the salaries and benefits
of all employees desirous of continuation of the employment with
the company as at the end of the 30th day of April 2001 will
remain the same.  

5. Total value of consideration:

The purchase price of the net assets including the compensation
for prematurely termination and transfer of leasehold is
Bt156,500,000 in total, all to be paid all in cash at the date of
the transaction occurring.

6. The value of the assets purchased:
   
                Sogo (Thailand) Co., Ltd.

1) Net asset used in the operation of the department store
business valued at Bt4,320,500, which was the value after the
reserve for stock-still goods, goods depreciation and fixed
assets which might be depreciated (the book value as at the 31st
day of January 2001 was approximately Bt50 million).

2) Ordinary shares of Tourianse Overseas (Thailand) Ltd valued at
679,500 Baht calculated by the book value as at the 31st day of
October 2000 which was equal to Bt27.18 per share.

3) Compensation for prematurely termination of the Lease
Agreement to Sogo (Thailand) Co., Ltd. valued at Bt5 million,
which was the value from negotiation of the agreement (the book
value as at the 31st day of January 2001 was approximately Bt.7
mllion).

The total value of the assets purchased from Sogo (Thailand) Co.,
Ltd. is 10 Million Baht.

               Erawan Sogo Co., Ltd.

1) Net asset used in the operation of the department store
business valued at Bt46,193,037.95, which was the value after the
reserve for stock-still goods, goods depreciation and fixed
assets which might be depreciated (the book value as at the 31st
day of January 2001 was approximately Bt139 million).

2) Ordinary shares of Restaurant Sogo Co., Ltd. valued at
Bt3,806,962.05 calculated by the book value as at the 31st day of
October 2000 which was equal to Bt47.59 per share.

3) Compensation for the right to the long term lease paid to
Erawan Sogo Co., Ltd. valued at Bt96,500,000, which was the value
from negotiation of the agreement (the book value as at the 31st
day of January 2001 was approximately Bt188.77 million).

The total value of the assets purchased from Erawan Sogo Co.,
Ltd. is Bt146.50 million.

The total value of assets purchased from those two companies
total Bt156.50 million.

The abovementioned transactions shall not apply in accordance
with the Notification of the SET, Re: Rules, Procedures and
Disclosure of Connected Transactions of Listed Companies because
there are no the management executives of Amarin Plaza Group
being the management and shareholders in Sogo (Thailand) Co.,Ltd.
and Erawan Sogo Co.,Ltd. and shall not apply in accordance with
the Notification of the SET, Re: Rules, Procedures and Disclosure
of Information Concerning the Acquisition and Disposition of
Assets of Listed Companies.


PREECHA GROUP: Rehab Plan Chosen Option
---------------------------------------
The Stock Exchange of Thailand in its letter dated March 9, 2001,
announced that Preecha Group Public Co., Ltd. (PCG) has been
required to prepare a rehabilitation plan.

The requirement was caused by PCG's audited financial statements
of December 31, 2000 showing negative value of shareholders'
equity, which has fallen under th SET's delisting criteria for
listed companies' securities.  SET policies regarding the
delisting of a listed company allow PCG to choose among preparing
a rehabilitation plan for the shareholders to consider, voluntary
delisting, and other choices that benefit to the company.

The company's board of directors has decided to prepare a
rehabilitation plan to propose to the company's shareholders. The
company also said it will inform the SET about the rehabilitation
plan continually.

                       Background

The Preecha Group (PRECHA) is engaged in real estate development
business, i.e. housing estates, townhouses and office buildings
for sales and rent. It also holds stocks in its nine affiliates,
all of which are engaged in real estate development for sales and
rent, specifically regarding development.

For the year ending December 31, 2000, the company incurred net
loss of Bt516.74 million.


SRIVARA GROUP: To Reduce Capital
--------------------------------
Srivara Real Estate Group Public Company Limited announced at the
Stock Exchange of Thailand on March 23 that according to the
company's business reorganization plan, its registered and paid-
up capital shall be reduced by the narrowing the number of issued
shares from 100 to 1 share.

After the reduction, the registered and paid up capital shall be
equal to Bt10 million, 1 million ordinary shares at Bt10 each.

On March 21, 2001, the company's receiver had an announcement,
Re: Amendment of the Articles of Association and the Memorandum
of Association of Srivara Real Estate Group Public Company
Limited that, the Central Bankruptcy Court issued an order on
March 14,2001 approving Asset Recovery Company Limited, plan
administrator, to amend Clause 4 of the Memorandum of Association
of Srivara Real Estate Group Public Company Limited to be as
follows:
        
Registered capital         Bt10 million       
Divided into               1 million shares    
Par value per share        Bt10 divided into                                
Ordinary shares            1 million Shares  
Preferred shares              -   Shares
    

Asset Recovery Company Limited, the plan administrator, shall
process to amend the Memorandum of Association and other related
matters, the announcement said.


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

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