---

            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

                 Wednesday, April 4, 2001, Vol. 4, No. 66


                               Headlines

A U S T R A L I A

BUZZLE GROUP: Under Receivership
HARRIS SCARFE: Appoints Voluntary Administrator
SAXON WOODHEATERS: Can Rise Above Crisis, Admin' Says


C H I N A   &   H O N G  K O N G

CHANNEL ELECTRONIC: Faces Winding Up Petition
CYBERWORKS LIMITED: Cable & Wireless To Deal Shares
G&D CHEMICAL: Faces Winding Up Petition
HUGE TRADE: Petition To Wind Up
MOTION DESIGN: Faces Winding Up Petition


I N D O N E S I A

ASIA PULP: Ratings Down To `D', S&P Says


J A P A N

CHIYODA MUTUAL: Creditors OK Rehab Plan
CHIYODA MUTUAL: Court OKs Rehab Plan
KUMAGAI GUMI: S&P Raises `pi' Rating To CCpi  
TOKYO MUTUAL: Court OKs Rehab Bid


K O R E A

DAISHIN LIFE: Tenders Bid For Normalization
HYUNDAI ENGINEERING: Cut Workforce, Consultant Says
SAEHAN INDUSTRIES: Battery Unit Spun Off
SSANGYONG GROUP: Penalty Looms For Missed Deadline


M A L A Y S I A

ASIAN PAC: Reports Update On Proposals
LION LAND: Reports Status Of Group-wide Restructuring Scheme
PROJEK USAHASAMA: Defaults Interest Paym't of RM298.5M
S & P FOOD: Announces Revision Of Acquisition Plan  
TRANS CAPITAL: Reports Past Plan Approvals, New Proposals


P H I L I P P I N E S

NATIONAL BANK: Finance Sec Banks On Audit Report
NATIONAL STEEL: Bank Grants P450-M Loan To Rehab Plant


S I N G A P O R E

ASIA FOOD: Posts S$174M Loss For 2000
ASIA PULP: Pay Credit Lyonnais, Court Orders
GOLDTRON LIMITED: Announces Completion of Restructuring
PACIFIC CENTURY: PCCW OKs Deal With Cable & Wireless
THAKRAL CORPORATION: Bids For Debt Restructuring


T H A I L A N D

GRIMM ENGINEERING: Posts Variance Analysis On Op Results
RAIMON LAND: Creditors Vote For Rehab Plan

     -  -  -  -  -  -  -  -  -  -

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


BUZZLE GROUP: Under Receivership
--------------------------------
Buzzle Group, the biggest group of dealers of Apple Computer
Australia, has been placed by the latter under a receivership,
Newsbytes News Network reported on Monday. Scott Kershaw, a  
specialist with KPMG, is the appointed receiver. The group
controls nearly 40 percent of Apple retails sales, running 24 of
the 68 Apple retail outlets in Australia.

Buzzle owes around A$30 million in debts, about 67 percent of
which is owed to Apple Australia.

Operations in all Buzzle stores, Newsbytes added, will continue,
but under Kershaw's control. KPMG is thinking of selling off 24-
store group, it being a going concern.

The group was born last year out of the merger of six major
AppleCentre operators all over Australia. These are Choice
Connections, Design Wyse, GM Computers, Mac's Place, Manning
Computers and Status Graph.


HARRIS SCARFE: Appoints Voluntary Administrator
-----------------------------------------------
The directors of Adelaide-based department store chain, Harris
Scarfe Holdings Limited, have appointed Michael Dwyer and Lindsay
Maxsted of KPMG as Voluntary Administrators of the company. The
announcement came yesterday at the Australian Stock Exchange.

The Directors said they were surprised to discover critical
financial management accounting irregularities, which had given
the Board a deliberately false and misleading view of the
company's true financial position over a period of up to six
years.

The board immediately contacted the ASX and requested a share
trading halt on Friday, March 30, while it continued its
investigations.

The Executive Chairman Adam Trescowthick said: "The accounting
irregularities first came to the Board's attention last Thursday,  
March 29, after discovering discrepancies in our stock position.
We immediately called in our auditors, PricewaterhouseCoopers, to
conduct a special investigation to establish our true trading
position.

"The preliminary findings of those investigations clearly
demonstrated a significant deterioration in the net asset
position of the company, being a material overstatement of stock
and an understatement of liabilities. The board has been advised
that these irregularities have been occurring for a period of up
to six years.

"The board was totally unaware of these irregularities and had
acted in good faith on financial information provided to it by
senior management. The board also noted that the company's
accounts had been sanctioned by the company's auditors on at
least three occasions in the past 15 months.

"Once the board became aware of this very serious situation it
acted immediately to ensure all prudential requirements were
strictly adhered to.

"Over the past four days while the investigation continued we
explored a wide range of options for the future of the company,
including refinancing and strengthening of the balance sheet,
sale of the on-going business and other forms of restructure.

"The company's discussions with the South Australian and
Tasmanian governments resulted in a significant show of support
from both Governments to the continued operations of the business
and employment of the Group's 2800 employees.

"While being aware of very difficult trading conditions it was
only with the departure of senior management that the
irregularities became apparent.

"In light of the serious nature of the irregularities the company
has notified all relevant authorities with a request to examine
the, actions of senior management and the role of the auditors,"  
Trescowthick said.

As of yesterday, the group's net assets per share on an ongoing
concern basis exceeded the last price traded prior to the trading
halt put in place by the company last Friday.

The board said that the company would continue to exert its best
efforts in working with the voluntary administrators to preserve
and enhance this shareholder value.

Harris Scarfe is the third largest department store operator in
Australia with 35 speciality discount department stores in South
Australia, Tasmania, Victoria, Western Australia, Queensland and
New South Wales with annual sales of $407 million in 1999/2000.

The company's e business also consists of "dstore", one of
Australia's leading on-line retailers, acquired in December 2000,
and an e-fulfillment provider that is a 50/50 joint venture
between Harris Scarfe and Shell Australia.


SAXON WOODHEATERS: Can Rise Above Crisis, Admin' Says
-----------------------------------------------------
Saxon Woodheaters' appointed administrator James Stewart of
Ferrier Hodgson, believes Saxon can rise above its debt problem,
citing that company's strength are its well-known products and
its established name, ABC News Online reported yesterday.  
Stewart added that the company need only manage its debt problem
well to avoid setbacks with creditors and that management and
staff are positive about the situation.

This Friday Saxon will hold an initial creditors meeting in
Lanceston.


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


CHANNEL ELECTRONIC: Faces Winding Up Petition
---------------------------------------------
A petition for the winding up of Channel Electronic Limited was
filed in the High Court of Hong Kong on February 20, 2001 by
Intel Semiconductor Limited whose registered office is situated
at 32nd Floor, Two Pacific Place, 88 Queensway, Hong Kong. The
said Petition is will be heard before the Court at 9:30 AM
May 2, 2001.


CYBERWORKS LIMITED: Cable & Wireless To Deal Shares
---------------------------------------------------
Pacific Century Cyberworks Limited (PCC)announced Monday at the
Stock Exchange of Hong Kong that the company has agreed,
effective April 2, 2001, that Cable & Wireless Plc (C&W) will not
be restricted from dealing with its entire holding (whether held
beneficially or otherwise). This pertains to C&W's shares in a
single dealing, or an issue of securities relating to its entire
holding, completed on or before April 12, 2001, or pursuant to
any bonafide arrangements arising out of or in connection with
such dealing or issue of securities. Indirectly, C&W holds  
3,259,384,610 shares in the company, representing approximately
14.7 percent of the total number of shares in issue as of March
30, 2001.

If no such dealing or issue takes place on or before April 12,
2001, the Irrevocable Undertaking shall remain in full force and
effect.

The directors of PCC note that C&W has advised them of its
intention to issue, on or before April 12, 2001, Exchangeable
Bonds that are convertible to shares of the company covering
C&W's entire holding of approximately 14.7 percent in the
company.

PCC also announced that Graham Wallace and Robert Lerwill, both
of whom are directors of C&W, have resigned from the Board of
Directors, effective  12:00 PM, April 1, 2001.

At the request of the company, trading in the securities of the
company on the Stock Exchange of Hong Kong Limited has been
suspended,  effective 10:00 AM, April 2, 2001, pending the issue
of this announcement. An application has been made by the company
to the Stock Exchange for resumption of trading in the securities
of the company, effective 10 AM, April 3, 2001.


G&D CHEMICAL: Faces Winding Up Petition
---------------------------------------
A Petition for the Winding up of G&D Chemical Limited was filed
in the High Court of Hong Kong on March 6, 2001, by Hua Chiao
Commercial Bank Limited. The bank's registered office is located
at 88-98 Des Voeux Road Central, Hong Kong. The petition will be
heard before the court on May 16, 2001 at 9:30 AM.


HUGE TRADE: Petition To Wind Up
-------------------------------
A petition for the winding up of Huge Trade International Limited
was filed in the High Court of Hong Kong on February 5, 2001 by
The Hongkong and Shanghai Banking Corporation Limited, situated
at 1 Queen's Road Central, Hong Kong. The petition will be heard
before the court on April 18, 2001 at 9:30 AM.


MOTION DESIGN: Faces Winding Up Petition
----------------------------------------
Motion Design Limited is facing a Winding Up Petition filed in
the High Court of Hong Kong on February 9, 2001 by Ho Ching Wah
Vivien of 11th Floor, Harmony Court, 22 Tai Hang Road, Hong Kong.
The petition will be heard before the Court at 9:30 AM on April
25, 2001.


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


ASIA PULP: Ratings Down To `D', S&P Says
-----------------------------------------------
The long-term local and foreign currency corporate credit ratings
of Asia Pulp & Paper Company Limited and its subsidiaries have
been downgraded by Standard & Poor's to `D' from double-`C',
reported Jakarta Post yesterday.

Standard & Poor's dropped the ratings of all of Pindo Deli's
senior unsecured debt and the senior secured notes issued by APP
International Finance Co B V and guaranteed by APP and Lontar
Papyrus. It was downgraded to `D' from double-`C'.

These S&P rating actions, Post noted, resulted from the failure
of both companies to meet due interest payments on note issues,
not to mention the failure of APP's Indonesian subsidiaries to
fulfill obligations to unrated debts.

The interest payments are not expected to be made within their
respective grace periods as a result of the cessation of all
group payments of interest and principal on outstanding debt.

The downgrade also comes in the wake of the failure of APP's
Indonesian operating subsidiaries to make interest and principal
payments on various unrated debt.

These subsidiaries are PT Pindo Deli Pulp & Paper Mills (Pindo
Deli), PT Indah Kiat Pulp & Paper Corp. Tbk. (Indah Kiat), PT
Pabrik Kertas Tjiwi Kimia Tbk. (Tjiwi Kimia), and PT Lontar
Papyrus Pulp & Paper Industry (Lontar Papyrus).


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


CHIYODA MUTUAL: Creditors OK Rehab Plan
---------------------------------------
Friday Last week Creditors of Chiyoda Mutual Life Insurance
Company approved the insurer's proposed rehabilitation plan, Jiji
Press reported late last week. The plan was submitted to the
Tokyo District Court in February, following the debt-burdened
insurer's collapse last year.

The plan covers the company's status shift from a mutual company
owned by policyholders to a shareholder-owned company. Along with
the status shift comes a change of name to AIG Star Life
Insurance Company. Also integral in the plan is a request for
support from the American International Group Incorporated.

In October last year, the company applied for court protection
from creditors under the corporate rehabilitation law.
  

CHIYODA MUTUAL: Court OKs Rehab Plan
------------------------------------
The Tokyo District Court has given failed insurer Chiyoda Mutual
Life Insurance Company the go to proceed with its proposed
rehabilitation program, Japan Times Online reported Monday. With
this formal approval from the court, the company is set to re-
start its operations sometime mid-April, but under a different
name, as stipulated in the plan.

Chiyoda Mutual will conduct its business operations as AIG Star
Life Insurance Company, since it will be sponsored by American
International Group Inc (AIG), Jiji said. It also disclosed that
under the plan, Chiyoda will cover its negative net worth of
Y311.9 billion, with its policy reserves and capital contribution
from AIG.


KUMAGAI GUMI: S&P Raises `pi' Rating To CCpi  
--------------------------------------------
Construction firm Kumagai Gumi Company (TSE:1861) received from
Standard & Poor's Corporation Friday last week a CCpi for its
public information, or `pi', rating, an upgrade from SDpi, Jiji
Press reported over the weekend.

The rating agency explained: "The rating action follows the
announcement that Kumagai has raised 20 billion yen in equity
from its major creditor bank. This was a critical part of the
company's debt restructuring plan after its major creditors
agreed to forgive loans amounting to 430 billion yen in December
2000."

The SDpi rating refers to "selective default", and possibilities
of default (on obligation) for the CCpi rating.


TOKYO MUTUAL: Court OKs Rehab Bid
---------------------------------
Tokyo Mutual Life Insurance Company announced over the weekend
that the Tokyo District Court will allow the insurer to proceed
with rehabilitation procedures, Japan Times Online reported
Sunday.

Masaharu Ohashi, the appointed administrator for the collapsed
midsize insurer, disclosed in a press conference that the list of
probable buyers of Tokyo Mutual has been narrowed to three
candidates. These financial institutions are American
International Group Inc, GE Edison Life and the tie-up of Taiyo
Mutual Life Insurance Co and Daido Mutual Life Insurance Co.

Ohashi added that decision on the sell-off bid is expected to be
released in June while the rehab plan would be submitted to the
court on August 10.

Tokyo Mutual filed for court protection from creditors on March
23, as it was pressed by its liabilities totaling Y980.2 billion.
It is the third financial entity in Japan to have taken such
legal actions. The two other failed insurers are Chiyoda Mutual
Life Insurance Company and Kyoei Life Insurance Company.


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


DAISHIN LIFE: Tenders Bid For Normalization
-------------------------------------------
Daishin Life Insurance has presented to the Financial Supervisory
Service (FSS) its bid for normalization, which will call for a
raise in its liquidity ratio above the required level, Asia Pulse
reported Monday.

Citing other sources, Pulse said that Daishin Life intends to
meet its obligations through an infusion of foreign investments.
However, an FSS official refused to disclose further details of
the plan, Pulse added.

According to industry sources, if FSS disapproves of Daishin
Life's plan, liquidation or a cease and desist order will loom
imminent.

Another FSS official was quoted by Pulse saying, thus: "Daishin
Life concluded it cannot conduct capital increases, so it has
turned to overseas investors, even considering relinquishing
managerial rights if necessary. There is no clear optimistic or
pessimistic view of the company's future."

Daishin Life's financial quagmire started last year, when it fell
short of its required 100 percent solvency ratio, Pulse said.


HYUNDAI ENGINEERING: Cut Workforce, Consultant Says
---------------------------------------------------
Arthur D. Little International (ADL), a foreign consultancy firm
advised troubled Hyundai Engineering and Construction Company
(HEC) to cut down its workforce of 5,750 by 20 percent as part of
measures to counter its financial crunch, Korea Herald reported
yesterday.

"HEC needs to trim 1,160 employees by the end of this year in
order to tide over its liquidity crisis and cope actively with
the fast-changing business environment," said Chung Tai-soo of
Arthur D. Little International, citing its interim report on
rescue moves for Korea's largest contractor.

"For that purpose, HEC needs to cut costs by about 262 billion
won ($195 million) a year, including 205.5 billion won in project
costs and 36 billion won through layoffs," he added.

ADL is also pushing for a consolidation of the company's overseas
and domestic project headquarters, apart from the need to
streamline its units and operations, since the company could not
just bank on its debt-for-equity swap deal to alleviate its
plight.

Korea Exchange Bank and other HEC creditors last week agreed to
the proposed debt-for-equity conversion. The deal involved W1.4
trillion of the company's existing debts, and would boost its
capital investment by W1.5 trillion by way of a rights offering
and sale of convertible bonds, Herald said.


SAEHAN INDUSTRIES: Battery Unit Spun Off
----------------------------------------
The battery division of Saehan Industries (KSE:08000) has been
spun off to Saehan Energy Tech, as Power Valley Holdings took
over the unit through its acquisition of an 83-percent stake, the
Korea Herald reported yesterday. The acquisition by Power Valley
infused added capital amounting to W6.3 billion into Saehan and
the offshoot company.

The offshoot unit will produce battery packs for mobile phones
and notebook computers and lithium-ion polymer cells, and
generate W2.1 billion in operating profits from projected sales
of W34 billion this year.

"Saehan can secure 8 billion won ($5.96 million) in liquidity,
including 1.7 billion won ($1.26 million) in receivables, through
this spin-off," a company employee told Herald. "The company can
reach the 900 billion won ($670 million) targeted for self-rescue
measures by next year, which includes 80 billion won worth ($59.6
million) of assets sold last year."


SSANGYONG GROUP: Penalty Looms For Missed Deadline
--------------------------------------------------
Ssangyong Group may be penalized for the group's inability to
settle its outstanding debt guarantee on deadline, the Korea
Herald reported Friday, as revealed by Lee Nam-kee, Fair Trade
Commission (FTC) Chairman. A fine of up to 10 percent of the debt
guarantee level may be imposed on the group.

Debt guarantees have been banned since 1998 as the government's
measure to stop bailouts for non-viable affiliates by chaebol
groups.

Chaebol groups, which are large conglomerates that are economic
role players in Korea, held approximately W35 trillion worth of
debt guarantees in 1997. By March 2000 the remainder stood at
W389.4 billion as confirmed by the FTC.


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


ASIAN PAC: Reports Update On Proposals
--------------------------------------
Asian Pac Holdings Berhad (APHB), through Alliance Merchant Bank
Berhad, announced Monday at the Kuala Lumpur Stock Exchange the
status of its proposed debt restructuring of obligations owed by
APHB Group amounting to RM416.783 million, and the proposed
renounceable rights issue of 116,666,667 naked warrants to
shareholders of APHB, as follows:

"Further to the announcements made by Alliance Merchant Bank
Berhad on behalf of the Board of Directors of APHB on December 6,
1999, March 7, 2000, June 21, 2000, August 30, 2000 and December
1, 2000 in respect of the proposals, the Alliance, on behalf of
the Board, wishes to announce that the exercise price of the
warrants to be issued pursuant to the proposed debt restructuring
and the proposed rights issue will be fixed at RM1.25 per share.

"The conversion price of RM1.25 per share is arrived at after
taking into consideration the guidelines of the Securities
Commission and the terms of the debt restructuring agreement
entered into between APHB and its creditors on March 6, 2000
pursuant to the proposed debt restructuring."


LION LAND: Reports Status Of Group-wide Restructuring Scheme
------------------------------------------------------------
Lion Land Berhad announced Friday last week at the Kuala Lumpur
Stock Exchange, in regard to its proposed group-wide
restructuring scheme (GWRS):

a) Approval of the Foreign Investment Committee was obtained via
its letters dated January 19, 2001 and February 23, 2001; and

b) The companies and certain of their subsidiaries (hereinafter
referred to as the `Scheme Companies') had filed a joint
application pursuant to Section 176 subsection (1) of the
Companies Act, 1965 with the High Court of Malaya on March 16,
2001. The aforesaid application was made to seek a Court order to
convene meetings for each of the Scheme Companies for the purpose
of approving the scheme of compromise and arrangement proposed to
be made between each of such Scheme Companies and their
respective creditors/members to facilitate the implementation of
the Proposed GWRS. The Scheme Companies did not apply to the
Court for an order to restrain legal proceedings against the
Scheme Companies under Section 176 subsection (10) of the Act.

Following from the above, the Proposed GWRS, including any
proposed modifications or revisions, is pending the approvals of
the following authorities:

a) Securities Commission;
b) Ministry of International Trade and Industry (MITI) (save for
Angkasa Marketing Berhad which has received MITI's approval as
announced on February 26, 2001);
c) Kuala Lumpur Stock Exchange;
d) Scheme Creditors;
e) Shareholders of all participating companies concerned; and
f) any other relevant authorities.

The companies also informed the Exchange that it would announce
whatever further developments in respect to the Proposed GWRS.


PROJEK USAHASAMA: Defaults Interest Paym't of RM298.5M
------------------------------------------------------
Renong Berhad announced Friday last week at the Kuala Lumpur
Stock Exchange that its wholly owned subsidiary Projek Usahasama
Transit Ringan Automatik Sdn Bhd (PUTRA) has defaulted on its
interest servicing obligation of RM298.5 million as of March 29,
2001 in respect to its RM2.0 billion Commercial Financing
Facilities.

Negotiation is still ongoing between PUTRA and the financiers
under the Loan for indulgence to extend the moratorium period on
the interest-profit payments up to April 30, 2001 and to waive
the penalty margin of 1 percent p.a. 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 December 30, 2000.

PUTRA is still 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 & P FOOD: Announces Revision Of Acquisition Plan  
--------------------------------------------------
Commerce International Merchant Bankers Berhad, on behalf of S &
P FOOD Industries (Malaysia) Berhad (SPF), posted Monday at the
Kuala Lumpur Stock Exchange, its monthly announcement on the
status of SPF's plan to regularize its financial condition under
practice note 4/2001, as follows:

"On March 8, 2001, SPF submitted a revised proposal to the
Securities Commission (SC), incorporating revisions to the
purchase consideration of the companies and estates to be
acquired pursuant to the proposed acquisition of new businesses
and proposed acquisition of Oil Palm Estates (target assets) to
take into consideration the valuation of the Target Assets
approved by the SC vide its letter dated February 23, 2001.
Details of the revision were announced on March 5, 2001.

"To date, the proposals had received approval from the FIC and
MITI and are currently pending approval from the Securities
Commission and other relevant parties."


TRANS CAPITAL: Reports Past Plan Approvals, New Proposals
---------------------------------------------------------
Trans Capital Holding Berhad posted on Monday at the Kuala Lumpur
Stock Exchange the following:

"Reference is made to the announcement of Trans Capital Holding
Berhad (TCHB) to the Kuala Lumpur Stock Exchange (KLSE) dated
February 23, 2001 and March 1, 2001 wherein the company had
pursuant to paragraph 8.14 of the Listing Requirements of the
KLSE and Practice Note 4/2001 dated February 15, 2001 issued by
the KLSE announced, inter-alia, the following:

"TCHB is an affected listed issuer under the Practice Note;

"TCHB had on August 30, 1999, May 23, 2000, June 26, 2000 and  
October 3, 2000 announced to the KLSE a proposed debt
restructuring and proposed rights issue as its plan to regularize
the financial condition of the company and its subsidiaries; and

"The company has to-date received the approvals of the Securities
Commission (SC), Foreign Investment Committee, Ministry of
International Trade and Industry, and Bank Negara Malaysia in
relation to the Proposals.

"Pursuant to a requirement of the Practice Note for TCHB to make
monthly announcements to the KLSE on the status of the Proposals,
the Board of Directors of TCHB hereby wishes to inform the KLSE
that as of today, TCHB has yet to seek the approvals from the
following:

"(a) the shareholders of TCHB at an extraordinary general meeting
("EGM") to be convened;

"(b) the SC, for registration of the Abridged Prospectus and the
related forms;

"(c) the KLSE, for the listing of and quotation for new TCHB
shares to be issued pursuant to the Proposals; and

"(d) the Registrar of Companies, for registration of the Abridged
Prospectus and the related forms.

"The company is still in the midst of clearing the draft EGM
circular relating to the Proposals with the KLSE and SC,
subsequent to which, the said EGM circular would be dispatched to
the shareholders of TCHB in due course."


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


NATIONAL BANK: Finance Sec Banks On Audit Report
------------------------------------------------
Finance Secretary Alberto Romulo said over the weekend he expects
favorable results of the ongoing audit being conducted by
PricewaterhouseCooper (PWC) on the financial condition of ailing
Philippine National Bank, ABS-CBN News reported Sunday.

The audit report will be used as basis for the feasibility of a
sell-off of shares to be conducted jointly by the government and
Lucio Tan. Both hold a combined 80 percent of shares, with Tan
holding the majority stake.

Secretary Romulo also reacted to reports that PNB's book value
had dropped to P40 per share from its approved par value of P60
per share. He dismissed the reports as "speculative."

The PWC due diligence audit report is expected to be out sometime
in May or June. The report will also contain the recommended
options to rehabilitate the nation's sixth largest bank in terms
of deposits.

As of the fourth quarter of last year, PNB's total deposits stood
at P121.8 billion. It has an existing capital of P15.45 billion.
Its non-performing loans are listed at 39 percent or P39.64
billion of its total loan portfolio.


NATIONAL STEEL: Bank Grants P450-M Loan To Rehab Plant
------------------------------------------------------
International Exchange Bank (iBank) has released P450-million
loan granted to Allengoal Steel Trading and Fabrication to
rehabilitate National Steel Corporation's (NSC) steel plant in
Iligan, Philippine Daily Inquirer reported yesterday.

According to Securities and Exchange Commission (SEC) Chair Lilia
Bautista, the approval and release of the loan was facilitated by
Mr Ben Tiu, an iBank shareholder. Tiu, it must be remembered, was
part of a group that pushed for Allengoal's bid to rehabilitate
NSC and lease its Iligan steel plant for P17.8 million per month.

Should a long-term investor come in and take over NSC, Allengoal
offered to pre-terminate its lease contract on condition that it
gets a reimbursement for the costs it would incur in the
rehabilitation, restoration and maintenance of the steel plant.

NSC has been saddled by debts amounting to P19 billion. Last year
the SEC ordered liquidation of the company as a result of the
failure of its majority stockholder Hottick Investments Limited
to draw up and present a rehabilitation plan.


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


ASIA FOOD: Posts S$174M Loss For 2000
-------------------------------------
Investment holding firm Asia Food & Properties announced that for
year 2000 the company incurred losses amounting to S$174 million
as opposed to its net profit of S$102.6 million posted in the
preceding year, Asia Wall Street Journal reported Monday. The
Widjaja family-controlled company generated S$1.41 billion in
sales.

According to a statement made by Franky Widjaja, the company has
stumbled into a "number of challenges," adding that company
management will be realigning and firming up its business
strategy "to steer the group forward."

Meanwhile, Indonesia's palm oil producer Golden Agri-Resources,
in which Asia Food & Properties holds the majority 55-percent
stake, has reported a drop in net profit for year 2000 by 83
percent from US$51.1 million, as it raked in revenues totaling
US$388.4 million, 27 percent short of the preceding year's
US$530.5 million.


ASIA PULP: Pay Credit Lyonnais, Court Orders
--------------------------------------------
Singapore's High Court has ordered Asia Pulp & Paper Company
(APP) to pay the French bank Credit Lyonnais SA the amount of
US$1.91 million plus interest, Asian Wall Street Journal reported
yesterday.

APP can still appeal to the Supreme Court of Singapore, but did
not make it clear if it would do so.

Professionals, who have been following APP's case, doubt if the
court's judgment could be enforced and implemented since most of
APP's assets are not in Singapore, the Journal said.

The French bank filed the case against APP on January 18 and
demanded in its writ US$2.21 million in claims incurred in a swap
deal and a foreign exchange agreement entered into in April 1997
with APP unit APP BVI, Journal said, citing minutes of the court
hearings.

APP is run and controlled by Indonesia's Widjaja family, which
also holds control over the giant Sinar Mas Group in Indonesia,
and the Singapore-listed Asia Food & Properties Limited and
Golden Agri-Resources Limited.


GOLDTRON LIMITED: Announces Completion of Restructuring
-------------------------------------------------------
The Board of Directors of Goldtron Limited announced Monday at
the Singapore Stock Exchange (SGX) that, following various
announcements regarding the progress of the Supplemental Scheme
of Arrangement, the debt restructuring plan under the
supplemental scheme, as approved previously by the shareholders
and creditors of the company, has been substantially completed.

A sum of approximately S$39.7 million has been injected into the
company by the investor group and a sum of S$5.4 million has been
injected by the employees pursuant to the employee subscription,
in exchange for issuance of a total of approximately 902.6
million ordinary shares in the company. While the sum raised by
the investor group to date is less than the S$65 million which
the investor is obliged to inject pursuant to the supplemental
scheme, such sum is sufficient to enable the company to make the
necessary cash payments to the participating creditors under the
supplemental scheme. In the circumstance, the company decided to
proceed with the implementation of the supplemental scheme.

Under the terms of the supplemental scheme, the company has
allotted and issued 968.9 million conversion ordinary shares to
the participating creditors (apart from the creditors whose
claims are disputed) and made such cash repayments today to these
participating creditors as are required to fully discharge
approximately S$330.3 million of the company's indebtedness. The
supplemental scheme manager is currently finalizing the
adjudication of the proofs of debt lodged by certain creditors
whose claims may be disputed by the company and, depending on the
outcome of such adjudication, further conversion ordinary shares
may be issued in due course to such creditors to the extent that
their claims are admitted.

The company will procure the investor group to inject the balance
of approximately S$25 million into the company. In this
connection, the committee of participating creditors has approved
an extension of time to June 25, 2001 for the balance of
approximately S$25 million to be injected.

The board expressed its confidence that the company would
continue as a going concern given the support that it has
received from its creditors in respect of the supplemental
scheme. With S$330.3 million of the company's indebtedness owing
to the participating creditors being fully discharged to date,
the supplemental scheme is substantially completed (save for the
resolution of creditors' claims which may be disputed and the
injection of the balance S$25 million) and the company is now in
a stronger financial position to focus its efforts and resources
on its core businesses.

The company also added that it would make prompt and timely
announcements of further developments concerning its
restructuring progress in due course.


PACIFIC CENTURY: PCCW OKs Deal With Cable & Wireless
----------------------------------------------------
The directors of Pacific Century Regional Developments Limited
announced Monday at the Singapore Stock Exchange that the
directors of Pacific Century CyberWorks Limited (PCCW), its
subsidiary listed on The Stock Exchange of Hong Kong Limited,
have granted consent to Cable and Wireless plc to deal in its
entire holding of approximately 14.7 percent of PCCW's shares up
to April 12, 2001. It was also noted that Cable & Wireless has
advised its intention to issue, on or before April 12, 2001,
exchangeable bonds that are exchangeable into PCCW's shares
covering Cable & Wireless' entire holding in PCCW.


THAKRAL CORPORATION: Bids For Debt Restructuring
------------------------------------------------
Thakral Corporation Limited posted this announcement dated March
30, 2001 at the Singapore Stock Exchange. It said, thus:

"The company is pleased to announce that at a meeting with its
bank creditors on 29 March 2001, Arthur Andersen Associates (S)
Pte Ltd, the company's independent financial advisor (IFA),
represented by Mr Nicky Tan, presented to the bank creditors on
behalf of the company, a proposed debt restructuring plan as a
way for the company to comprehensively restructure its
indebtedness to its bank creditors.

"The proposed implementation of the debt restructuring plan will
be by way of a scheme of arrangement (under Section 210 of the
Singapore Companies Act (Chapter 50). The debt-restructuring plan
will incorporate the following features:

Sustainable Long Term Debt

A long term debt level of S$87 million (in addition to local RMB
working capital facilities in China), which has been verified to
be sustainable by an independent financial consultant appointed
by the IFA, will be retained by the Thakral Group after the
restructuring.

Debt Buy-Back

A total sum of S$35 million, comprised of a cash injection of
S$15 million by the Thakral Family into the company by way of a
convertible subordinated loan and a sum of S$20 million from the
funds of the company, will be set aside for the purpose of a
debt-buy back exercise. As noted in our earlier announcement on
31 January 2001, the debt buy-back exercise involves the company
calling for a tender, open to all its bank creditors, wherein
each bank creditor may choose to submit an offer to the company
to retire the whole or part of its debt.

Cash Distribution

A cash distribution of up to S$35 million from the company's
escrow accounts will be made to the remaining bank creditors
after the debt buy-back has been conducted.

A further cash distribution of up to S$5 million will be made to
the remaining bank creditors from the proceeds of realization of
the remaining non-core assets and any monies, which may be
unutilized in the debt buy-back.

Conversion of Bank Debts to Equity

The remaining bank debts, estimated to be valued at up to S$292
million (subject to the outcome of the debt buy-back exercise),
will be converted to equity at a price of S$0.25 per share.

Conversion of Thakral Family's Subordinated Loan to Equity

The subordinated loan of S$15 million given by the Thakral Family
to partially fund the debt buy-back will be converted to shares
in the company at the Conversion price and at the same time as
the conversion of the bank debts into converted shares.

Elimination of Accumulated Losses

Subject to the necessary regulatory approvals and approval of its
shareholders, the company will effect a capital reduction to
reduce the par value of each of its existing ordinary shares in
its share capital. The company will then utilize the share
premiums arising from the capital reduction and the debt-equity
conversion to offset against its accumulated losses.

The debt-restructuring plan, upon completion, will have a
positive impact on the company's shareholder funds and its net
tangible assets of up to S$307 million.

Grant of Put Option by Thakral Family to Bank Creditors

A put option would be granted by the Thakral Family (via one or
more of the Thakral Family's investment holding companies) to the
bank creditors to put a total of up to S$22 million in value of
the converted shares over a period of two years at the conversion
price for S$7 million and at the conversion price (plus interest)
for S$15 million.

Grant of Call Option by Bank Creditors to Thakral Family

The converted shares less the put option shares stated in
paragraph 7 above shall be held in an escrow account. The bank
creditors shall grant the Thakral Family a call option to acquire
a significant portion of the balance converted shares at the
conversion price plus holding cost, exercisable over a 4 year
period. The remaining converted shares will be released to the
bank creditors over 36 equal installments.

The terms of the scheme are currently being finalized in
consultation with the informal working group, which comprise of
former members of the working group appointed pursuant to the
standstill agreement dated 15 June 2000, which has since expired.

The company will in due course make an application to the High
Court of Singapore to convene a meeting of the creditors of the
Company for the purpose of approving the scheme between the
company and its creditors pursuant to section 210 of the
Companies Act (Chapter 50). Once the requisite approval is
obtained from the High Court of Singapore to convene the court
meeting, a notice calling for the court meeting will be
advertised in the Straits Times and the Lianhe Zaobao.

It is emphasized that the features outlined above should be
regarded as indicative terms only and may be subject to further
revisions and amendments by the company, its bank creditors and
the High Court of Singapore.

Mr Nicky Tan commented after the meeting: "The meeting among all
the creditor banks of Thakral went very well and there was a
general consensus that there should be a speedy implementation of
the restructuring proposal. The focus is now on moving ahead with
the restructuring exercise so that the Group can substantially
reduce its indebtedness to its bank creditors to a sustainable
level and concentrate its efforts on growing the businesses. The
restructuring when completed will have a very positive impact on
the company's shareholder funds and its net tangible assets of up
to S$307 million.

"The Thakral Family has shown their continuing commitment to the
Company by undertaking to inject additional funds of S$37
million. The Family will continue to maintain a significant stake
in the Company which will be further increased through a call
option to buy back shares from the banks over a period of four
years."


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


GRIMM ENGINEERING: Posts Variance Analysis On Op Results
--------------------------------------------------------
B. Grimm Engineering Systems announced late last week at the
Stock Exchange of Thailand that for the year ending December 31,
2000 the company incurred net loss amounting to Bt266.5 million
as opposed to Bt 33.4 million net loss of the same period for the
preceding year. The major variances of Bt233.1 million come from
the following:

A. Variance from Normal Operation

1) Ordinary sales for this period of Bt714.3 million slipped down
to Bt294.1 million as compared to the same period of the
preceding year.

2) Gross project margin was recorded as negative at 5.58 percent
of sales                 compared to that of the same period of
last year as positive at 8.63 percent of sales. Some projects
incurred loss during this period due to more spending                 
including more contingency cost for completing the projects.

B. Variance from others

1) Additional reserved for bad debt was recorded at Bt73.9
million, as                compared to the preceding year's due
to aged of account receivables of various old projects.

2) Impairment of investment stood at Bt4.44 million as compared
to that of the preceding year's.

3) Loss from disposal fixed assets amount of Bt26.09 million.


RAIMON LAND: Creditors Vote For Rehab Plan
------------------------------------------
Majority of Raimon Land's creditors, to which the company owes a
total of Bt3.2 billion in debts, voted Monday for the company's
business rehabilitation plan, Bangkok Post reported yesterday.
This plan, which proposes an 85.7-percent debt write-off, will
have to seek approval from Central Bankruptcy Court.

In the plan, Raimon Land proposes to write off its Bt6.6 billion
of the total Bt7.7 billion. Furthermore, the Bt1-billion
remainder is owed to secured creditors, which will receive first
payment through assets transfer valued at Bt75 million. The rest
is owed to unsecured creditors, to be paid using fresh funds
brought in by new investors.

The plan also proposes to other unsecured creditors a debt-equity
swap involving a total of Bt20 million converted to 4.1 million
shares, or a 16.3 percent stake, at a conversion price of Bt5
apiece.

Raimon Land intends to pursue its housing development projects  
as a company under a new partnership. A new partner, as proposed,
will bring in additional Bt100-million fresh capital to the
company, and own an 80 percent majority stake.


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

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

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