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                        A S I A   P A C I F I C

                 Friday, April 6, 2001, Vol. 4, No. 68


                               Headlines




A U S T R A L I A

AGRO HOLDINGS: Appoints Receiver, Managers
PASMINCO: Shrinks Further To $550M
PASMINCO LIMITED: Refutes Media Comments
PRINTING & INTERNET: Appoints Voluntary Administrator


C H I N A   &   H O N G  K O N G

CHUNG SHING: To Discuss Debt Deal With Creditors
CYBERWORKS LIMITED: Drops To A 20-Month Low
CYBERWORKS LIMITED: Acquires Yamaichi-held Shares
FOUNCHES INTERNATIONAL: Faces Winding Up Petition
KING YIP: Faces Winding Up Petition
KMK COMPANY: Creditors Back Up Bankruptcy Suit
STONE ART: Petition To Wind Up
TOPWIDE ENGINEERING: Faces Winding Up Petition
UNITEAM INTERNATIONAL: Faces Winding Up Petition


I N D O N E S I A

HOLDIKO PERKASA: Closes Mosquito Coil Group Transaction
INDOCEMENT TUNGGAL: Reports Shareholders Decision At EGM


J A P A N

HASEKO CORPORATION: Creditors Agree To Debt Waiver Bid
KYOEI LIFE: Court Oks Rehab Plan
LIFE COMPANY: Picks New President


K O R E A


DAEWOO MOTOR: GM Takeover Bid Imminent, Gov't Says
DAEWOO MOTOR: Union To Send Delegation to GM Head Office
HAITAI CONFECTIONARY: Creditor Rebuffs Bid To Roll Loan
HYUNDAI PETROCHEMICAL: KEB To Penalize Hana Bank


M A L A Y S I A

ACTACORP HOLDINGS: Reports Progress Of Bid For Regularization
CYGAL BERHAD: Reports Status of Restructuring Plan
IDRIS HYDRAULIC: Defaults Debt Interest Payments
L&M CORPORATION: Defaults Interest Payment
PRODEAL: Winding Up Petition Adjourned
UH DOVE HOLDINGS: Awaits Approval Of Proposals


P H I L I P P I N E S

BAYAN TELECOMMUNICATIONS: Completes $500M Debt Plan
MAYNILAD WATER: Defers Plan To Seek Loan
BAYAN TELECOMMUNICATIONS: S&P Downgrades Ratings to `SD'


S I N G A P O R E

ASIA PULP: Seeks Talks On Debt Default
ASIASTOCKWATCH.COM: Closes


T H A I L A N D

KRISADAMAHANAKORN: Reports Progress Of Debt Restructuring
LOXLEY PUBLIC: Announce Results Of Share Offering
SAMART CORPORATION: Bids For Debt Reduction
THAI MELON: Court Rebuffs To Suspend Case


     -  -   -  -  -  -   -  -  -     

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


AGRO HOLDINGS: Appoints Receiver, Managers
-------------------------------------------
Agro Holdings Limited (AHL) announced Monday at the Australian
Stock Exchange that, following a request by AHL, Challenge Bank
and Esanda Finance Corporation, its directors have appointed
receiver and managers to the affairs of Agro Holdings Limited.

While AHL's New South Wales operations have performed well and
remained profitable, the drought induced slump in the markets for
agricultural equipment in Western Australia has been so severe
and protracted that AHL's sales, profitability and cash flow have
suffered to the point that the Directors judged the Company to be
unable to meet its commitments to its major lenders in the short
and medium term and has advised those lenders accordingly.

It is hoped that an outcome can be arrived at which is fair to
all parties involved in the matter, the announcement, signed by
company secretary J L Selwood, said.

Agro Holdings had been placed in receivership since March 30,
2001, according to a report by Australasian Business Intelligence
Tuesday. While the company's total amount of debts has not been
clarified yet, its report for the interim ended December 31, 2000
revealed that its debts totaled A$38 million and its assets
pegged at A$17.7 million.

Challenge Bank and ESANDA Finance Corporation, Business
Intelligence added, moved on March 30, 2001 to place the company
under receivership, and consequently, appointed Geoff Totterdell
of PricewaterhouseCoopers as receiver-manager.


PASMINCO: Shrinks Further To $550M
----------------------------------
Pasminco Limited (ASX:PAS), the troubled lead and zinc mining
company, has been shriveled further to a $550-million enterprise
as its investors continue to pull out, the most recent of which
stood at $67 million, The Herald Sun reported Wednesday. The
Melbourne-based miner was formerly worth $3 billion.

It was also reported that Pasminco had earlier lost a quarter of
its total value this year, citing the plunge of zinc price to its
lowest since 1999 as a major setback in its operations.

However, analysts put the blame on such factors as the weakening
of the Australian dollar, Herald Sun said. Among others, they
also cited its skirmish with Aquila Resources as they fought over
the termination fee of $3 million on the sale of the company's 49
percent stake in the Ernest Henry mine to MIM.

This falling out, Herald Sun said, with Aquila spawned ongoing
concerns about the company's financial capacity to meet its
obligations.

Herald Sun quoted an analyst saying that should the zinc price
and the Australian dollar bounce back, Pasminco would likely
normalize itself.  


PASMINCO LIMITED: Refutes Media Comments
----------------------------------------
Pasminco Limited released an announcement Wednesday to the
Australian Stock Exchange to refute media comments and
suggestions regarding Pasminco's financial health, which came out
on the same day.

Managing Director and CEO, David Stewart said: "Any suggestion
that we are facing a cash shortage is completely unfounded. We
are meeting all of our commitments as and when they fall due. It
addition, we have considerable flexibility with our lines of
credit, and we are not exposed to any margin calls on our
currency option program.

"In relation to the sale of Ernest Henry, we expect to receive
initial proceeds of $115 million from MIM on April 24. In the
meantime, we are waiting on confirmation from Aquila that payment
of the break fee of $3 million concludes the arrangements between
us, before remitting the funds.

"We fully appreciate the concerns of shareholders about the
current low share price, and do not believe it represents fair
value. We remain committed to lifting the Group's performance and
delivering the improvements outlined in the Business Improvement
Program."


PRINTING & INTERNET: Appoints Voluntary Administrator
-----------------------------------------------------
Printing and Internet Investments Pty Limited announced Monday at
the Australian Stock Exchange that the company had already
appointed a voluntary administrator.

Currently that shareholding is under escrow.

The company also said that it does not expect this to have an
impact on the future trading performance of Terraplanet Ltd with
the exception of the Digital Division, where at this point in
time the company is unable to assess the impact.


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


CHUNG SHING: To Discuss Debt Deal With Creditors
------------------------------------------------
Chung Shing Textile Company Limited, according to a report in
Economic Daily News, plans to start negotiations with creditor
banks to extend its loan repayment or ask for interest rates
reduction, AFX reported Monday. AFX mentioned that Daily News
cited no sources for the information.

Chung Sing officials reportedly said that profit revenues from
its Vietnam operations had not been enough to offset losses
incurred in its operations in the homefront.

AFX said that the Daily News report noted that Chung Sing is one
of a number of Taiwanese companies that have sought agreements
with local banks from which they borrowed money to invest in
China. These creditor banks, in response, plan to send
professionals to keep an eye on the companies' operations in the
Mainland, AFX added citing the Daily News.


CYBERWORKS LIMITED: Drops To A 20-Month Low
-------------------------------------------
Pacific Century Cyberworks Limited's (PCCW) share price continued
to drop, freefalling by over 11 percent Tuesday, the lowest in
the last 20 months, Asia Wall Street Journal reported Wednesday.
This happened following the withdrawal, by Cable & Wireless Plc,
of its remaining stake in PCCW via an issue of exchangeable bond
worth US$1.5 billion.

According to the Journal report, PCCW is the year's "worst-
performing" blue-chip issue, leading, on one hand, the short-
selling list, comprising 49 percent, valued at HK$234.5 million,
of the entire short-sell orders in the market.

A telecom analyst at one U.S. house said in the Journal report
that PCCW's enterprise value is far richer than the 7.7 to 8
times of US telecom providers such as AT&T Corporation and
Verizon Communications Inc. However, the analyst said, "The
problem is the product range," referring to the fixed line
operations of PCCW, its 40 percent ownership of a Hong Kong
mobile business, and a submarine cable joint venture with
Australian Telstra Corp, Journal said.


CYBERWORKS LIMITED: Acquires Yamaichi-held Shares
-------------------------------------------------
Pacific Century Cyberworks Limited (PCCW) [SEHK:0008; NYSE:PCW
(ADR)] has acquired, through its wholly owned subsidiary
Cyberworks International B V, all shares held by Yamaichi
Securities Company Limited in Pacific Century Cyberworks Japan
Company Limited (PCCW Japan) (JASDAQ:7954), Asia Pulse reported
Tuesday.

Shares bought totaled 1.8 million for Y882 million, the total
Yamaichi stake in PCCW Japan.

Yamaichi, at the time of the purchase, held convertible bonds
amounting to Y1.2 billion, which were then converted into 3.6
million PCCW Japan shares, the report said. Yamaichi has sold on
the open market trading 1.8 million shares.


FOUNCHES INTERNATIONAL: Faces Winding Up Petition
-------------------------------------------------
The Hongkong and Shanghai Banking Corporation Limited, whose
registered office is situated at 1 Queen's Road Central, Hong
Kong, filed a petition to wind up Founches International Limited
on February 15, 2001 at the High Court of Hong Kong. The petition
will be heard on April 25, 2001 at 10 am.


KING YIP: Faces Winding Up Petition
-----------------------------------
Tsai Kim Fung of Flat J, 18th floor, Southern Building, 261
King's Road, North Point, Hong Kong, filed a winding up petition
against King Yip Planner Company Limited at the High Court of
Hong Kong on February 28, 2001. The petition is set to be heard
on May 9, 2001 at 9:30 am.


KMK COMPANY: Creditors Back Up Bankruptcy Suit
----------------------------------------------
Creditors of KMK Company sanction and support a bankruptcy
petition filed against the company, as they agreed to present
evidence the company is incapacitated and incapable to repay its
debts, ASWJ reported Wednesday.

The creditors pointed out to the court that the debts of the
company, a manufacturer of welding machinery, have already
exceeded its assets, the report said.

"We have enough reason to believe KMK will be unable to pay back
its huge debts," the creditors said in ASWJ report. They also
cited that the company's productions in its major plants have
been shut down.


STONE ART: Petition To Wind Up
------------------------------
GE Toshiba Silicons Company Limited, whose registered office is
situated at Room 1008, Tower I, The Gateway, 25 Canton Road,
Tsimshatsui, Kowloon, Hong Kong, filed a petition to wind up
Stone Art Group Limited at the High Court of Hong Kong on January
29, 2001. The petition will be heard on April 18, 2001 at 9:30
am.


TOPWIDE ENGINEERING: Faces Winding Up Petition
----------------------------------------------
IBA Credit Limited, whose registered office is situated at
International Bank of Asia Building, No. 38 Des Voeux Road
Central, Hong Kong, filed a winding up petition against Topwide
Engineering Limited on February 22, 2001 at the High Court of
Hong Kong. Hearing of the petition will be heard on May 2, 2001
at 9:30 am.


UNITEAM INTERNATIONAL: Faces Winding Up Petition
------------------------------------------------
Sin Hua Bank Limited, whose principal place of business is
situated at 2A Des Voeux Road Central, Hong Kong, filed a winding
up petition against Uniteam International Limited at the High
Court of Hong Kong on February 12, 2001. Hearing of the petition
is set for April 25, 2001 at 10 am.


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


HOLDIKO PERKASA: Closes Mosquito Coil Group Transaction
-------------------------------------------------------
PT Holdiko Perkasa (Holdiko), a holding company established
pursuant to the Shareholding Settlement Agreement between the
Indonesian Bank Restructuring Agency (IBRA) and the Salim Group,
announced Wednesday the closing of the sale and transfer of
management of its mosquito-repellant group of five companies, the
Mosquito Coil Group (MCG), to Reckitt Benckiser Plc.

As announced by IBRA/Holdiko on November 24, 2000, Reckitt
Benckiser Plc. submitted the highest bid and will pay Holdiko a
total of IDR 610 billion including the collection of debt of the
MCG due to Holdiko of approximately IDR 40 billion. "With the
fulfillment of conditions as stated in the Sales and Purchase
Agreement by both Holdiko and Reckit Benckiser Plc., this
transaction is now officially closed," stated Dasa Sutantio,
IBRA's Director of AMI.

"With the closing of the Mosquito Coil Group transaction, the
entire cash proceeds raised by Holdiko in year 2001 to date is
equivalent to a total IDR5.0 trillion from all of our completed
asset sales," said Scott Coffey, Director of Holdiko. "This is
the cash proceeds we received from the completion of payments for
the sale of First Pacific, Indocoal, palm plantations and MCG,"
Coffey continued.

First Pacific Co. Ltd. (USD)  R79 billion
Indocoal (USD)                R449 billion
Salim Plantations (USD)*      R3,922 billion
Mosquito Coil Group*          R610 billion


(* including repayment of loans to Holdiko)
(IDR amount for USD proceeds are according to exchange rate on
the receiving date)

            Year 2001 Planned Asset Sales

For year 2001, Holdiko is scheduled to complete 23 to 28 asset
sales transactions, as announced by IBRA on 13 March 2001. Total
proceeds expected to be raised by Holdiko from asset sales for
contribution to IBRA's budget for year 2001 amounts to
approximately IDR 7.2 trillion.

"We launched the process of our 2001 asset sales by sending over
170 invitations to financial institutions inviting them to act as
financial advisor for Holdiko for various asset sales targeted
for year 2001," said Scott Coffey, Director of Holdiko.

The appointment of Holdiko's financial advisors will be done
through a selection process. IBRA, Holdiko and the company for
sale will subsequently assess proposals based on method of
disposal recommended, to achieve optimum proceeds.

PT Holdiko Perkasa was established in relation to the settlement
between the Salim Group and IBRA with regard to loans extended by
PT Bank Central Asia (BCA) to companies affiliated to the Salim
Group. As part of the settlement agreement with IBRA, the Salim
Group transferred shares and assets in more than 100 operating
companies to PT Holdiko Perkasa.

As direct and indirect shareholder of these companies, it is
Holdiko's responsibility to supervise each individual company
with the aim of disposing of a sufficient amount of these
shareholdings. Holdiko will subsequently direct the disposal
proceeds to IBRA as part of the settlement agreement.

The Indonesian Bank Restructuring Agency (IBRA) is an agency of
the government of Indonesia established at the beginning of 1998
as the primary agency to oversee the rehabilitation of the
financial sector. IBRA is authorized to take over and control
troubled banks and dispose of their assets and collateral.


INDOCEMENT TUNGGAL: Reports Shareholders Decision At EGM
--------------------------------------------------------
PT Indocement Tunggal Prakarsa Tbk announced Wednesday at the
Jakarta Stock Exchange that it had arranged an extraordinary
general meeting of shareholders (EGMS) on March 29, 2001. The
company said that the meeting has determined to approve some of
Indocement's business plans including the acquisition in 49
percent of PT Dian Abadi Perkasa owned by PT Roda Maju Utama. The
company and its subsidiaries are likely to acquire Dian Abadi
Perkasa, directly or indirectly. The meeting also resulted in
agreement on a scheme of exclusive export distribution contract
with HC Trading International Inc (a subsidiary of Heidelberger),
once Heidelberger becomes a strategic investor of the company.

Indocement also announced that its shareholders had agreed on
corporate plan to take firstly in right issue of 1,895,752,069
with par value of R500 per unit. The meeting had also determined
to let Heidelberger to exercise its rights by swapping over its
debt to equity.


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


HASEKO CORPORATION: Creditors Agree To Debt Waiver Bid
------------------------------------------------------
Thirty-one creditor banks of Haseko Corporation, the company
disclosed Monday, have already approved its proposed debt waiver
involving Y163.6 billion in debts, Asia Pulse reported Tuesday.
The debt-waiver bid was under the troubled builder's
restructuring plan, which was carried out upon agreement between
the company and its creditor banks in May 1999.

Creditors, in hindsight, have forgiven Haseko's debts worth Y44.1
billion in the first half of fiscal year 1999, and another Y146.9
billion in debts in the term ended March 2000, Pulse said. Total
amount of debt waived has reached Y354.6 billion as covered by
the agreed restructuring plan.


KYOEI LIFE: Court Oks Rehab Plan
--------------------------------
Kyoei Life Insurance Company received Tuesday the approval from a
Tokyo court of its proposed rehabilitation plan, AFX reported. As
a result, the bankrupt life insurer can proceed with reopening
its business but under the supervision of US-based Prudential
Insurance Company, according to a court spokesman.

The rehabilitation plan includes the capital infusion of Y148
billion. Kyoei will reopen, AFX said, as Gibraltar Life Insurance
Company, as an affiliate of Prudential.

Kyoei's failure, which was dubbed the biggest corporate failure
since World War II, was attributed to its liabilities that
reached Y4.6 trillion as of October last year, AFX said.


LIFE COMPANY: Picks New President
------------------------------------
Life Company (TSE:8587) announced Tuesday that it had appointed
an adviser of consumer financing firm Aiful Corporation as its
new president, Jiji Press reported Tuesday. Kunio Morikiyo, 58,
will take over the failed consumer credit company's presidential
post starting Monday, as the incumbent president, Yoshitaka
Fukuka, who also serves as chairman, intends to concentrate on
his chairmanship.

Saddled with liabilities reaching Y966.3 billion, Life Co went
bankrupt in May 2000. It was able to complete Thursday last week
its rehabilitation exercises, which was sponsored by Aiful and
approved by the Tokyo District Court.

Morikiyo has worked with the Ministry of International Trade and
Industry since 1965, and has been with Aiful as its president
since March of this year, Jiji concluded.


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


DAEWOO MOTOR: GM Takeover Bid Imminent, Gov't Says
--------------------------------------------------
According to sources at the Ministry of Commerce, Industry and
Energy (MOCIE), General Motors Corporation (GM) is close to
announcing its bid to take over Daewoo Motor, and its decision
will be released by the month's end, or at the latest, early May,
Korea Herald reported yesterday.

The sources learned this development during a joint policy
coordination meeting MOCIE had with the ruling Millennium
Democratic Party Wednesday morning. MOCIE Minister Chang Jae-
shik, in that same meeting, said that GM "remains extremely
interested in Daewoo" citing a letter from a GM Asia-Pacific
executive.  

However, Lee Jae-kun, an official of MOCIE refuted Chang's claims
of a letter, saying that if there had been a GM letter it should
have been addressed to the Korean automaker's creditors. "The
circumstances surrounding GM-Daewoo talks have not changed much
lately," Lee added.

From GM's end, an executive was quoted by Herald as saying the
American automaker's takeover bid decision would be based on the
Daewoo workers' "attitude towards restructuring." He also
admitted that GM is not keen to meet the April 30 deadline
imposed by former MOCIE Minister Shin Kook-hwan.

The Korean government stands pat on its belief that the GM
takeover remains the best option for Daewoo Motor.


DAEWOO MOTOR: Union To Send Delegation to GM Head Office
--------------------------------------------------------
Steel and Metal Workers Union (SMWU) announced on Wednesday that
a delegation of five would be sent to General Motors headquarters
to urge GM officials to forego the company's takeover bid in
Daewoo Motor, The Digital Chosun reported yesterday. Said Jo
Geon-joon, a union official, the delegation would also be tasked
to ask GM officials to end all their search for union members in
the ailing Korean carmaker.   

This move by labor unionists drew concerns from the Ministry of
Labor and the Korea Development Bank, believing this would hurt
the nation's credibility, the government's interests, and affect
every Daewoo worker.


HAITAI CONFECTIONARY: Creditor Rebuffs Bid To Roll Loan
-------------------------------------------------------
Creditors of Haitai Confectionary have rejected a proposal raised
last week by certain creditors of a rollover of loan principal
until the completion of Haitai's sell-off bid, The Digital Chosun
reported yesterday. With the junked proposal, Haitai might be
compelled to rewrite its debt repayment schedule.

According to a Cho Hung Bank company announcement, Chosun said,
the decision was reached through a poll conducted among all Cho
Hung creditors.    

This former subsidiary of the Haitai group has been in the
process of out-of-court mediation for the last two years, Chosun
said.


HYUNDAI PETROCHEMICAL: KEB To Penalize Hana Bank
------------------------------------------------
Korea Exchange Bank (KEB) plans to crack the whip of penalty
charges on Hana Bank for its failure to comply with the funding
agreement passed on March 10 by presidents of creditor banks of
ailing Hyundai Petrochemical Company, Korea Herald reported
Wednesday.

A KEB official said in the Herald report that the penalty charges
to imposed on Hana could reach 50 percent of the required
financial aid to be extended to Hyundai Petrochemical. The
official added that the imposition of penalty on the bank was
covered by the rules governing the steering committee of the
creditors.

Contrary to the agreement it took part in, Herald continued, Hana
said it could not extend fresh loans to the company unless the
overdue interest of its existing loans would be paid. A Hana
official was quoted by Herald as saying, the bank could only
provide a fraction of the W11.9-billion funding support but on
the aforementioned condition.
  
At the March meeting, the creditor banks, represented by their
respective presidents, approved of the maturity extension for
Hyundai Petrochemical's debts and the provision of fresh loans
totaling W115 billion in the next half-year citing factories and
other real properties as collateral, Herald said.


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


ACTACORP HOLDINGS: Reports Progress Of Bid For Regularization
-------------------------------------------------------------
Actacorp Holdings Berhad, which had applied through the Corporate
Debt Restructuring Committee towards the formulation of a plan to
regularize the financial condition, announced Wednesday at the
Kuala Lumpur Stock Exchange that the company is currently
evaluating several proposals in consultation with Messrs Arthur
Andersen, the financial consultant appointed for the
restructuring plan under the direction of CDRC.

The finalized restructuring plan, the announcement said, will
thereafter be tabled to the Group's Bank and Financial creditors
for their consideration.


CYGAL BERHAD: Reports Status of Restructuring Plan
--------------------------------------------------
Cygal Berhad posted the following notice at the Kuala Lumpur
Stock Exchange:

"We refer to the company's announcements dated February 23, 2001
and February 26, 2001. Pursuant to paragraph 4.1(b) of Practice
Notes 4/2001, the company hereby announce the following
development and update pertaining to its proposed debt
restructuring scheme:

"The Securities Commission (SC) has recently issued guidelines
pertaining to restructuring proposals, among others, requiring
the Net Tangible Asset per share of the applicant after the
restructuring to be at least 50 percent of the par value of the
company share.

"As a result of the above guideline, the ongoing discussion by
the company with its bank creditors has to be varied to comply
with the same. The company, having clarified certain issues
pertaining to the said guideline, has on March 8, 2001 informed
the bank creditors of the same. The discussion and negotiation
under the purview of the Corporate Debt Restructuring Committee
is currently pending feedback and comments from the bank
creditors.

"The proposed restructuring pursuant to section 176 of the
Companies Act 1965 with the trade creditors of the company, as
approved by the High Court of Malaya in December 1999, is
currently pending finalization of the scheme with bank creditors
(which the company anticipate to materialize in 3 months' time)
so that a composite submission may be made to the SC."


IDRIS HYDRAULIC: Defaults Debt Interest Payments
------------------------------------------------
Idris Hydraulic (Malaysia) Berhad (IHMB) announced Wednesday at
the Kuala Lumpur Stock Exchange that the company has on April 2,
2001 received a letter from Arab Malaysian Merchant Bank Berhad
(AMMB) and Arab Malaysian Bank Berhad (AMBB), informing IHMB that
due to its failure to settle the outstanding sum, inclusive of
principal amount and accrued interest, of RM60.269 million and
RM304.528 million respectively within the stipulated time frame
stated in the letter of demand issued to IHMB on March 9, 2001
and March 15, 2001 respectively, AMMB and AMBB have declared an
event of default and terminated the banking facilities granted
and demanded for the whole outstanding amount.

The default in the above banking facilities has triggered a cross
default in other bank borrowings within the Group totaling
approximately RM376.828 million as of December 31, 2000. The
default in the interest payments and principal repayments of the
Group's bank borrowings is due to the distressed financial
position of the Group.

As announced on August 17, 2000 and January 11, 2001, the Group
is currently undergoing a restructuring exercise to restructure
all its borrowings and revive the financial position of IHMB. As
part of the restructuring exercise, a debt reconstruction
exercise has been proposed to repay and reduce the exposure of
all existing lenders of IHMB Group. In conjunction with the
proposed restructuring exercise, a standstill agreement was
executed with various lenders of IHMB and certain of its
subsidiaries pursuant to the Debt Restructuring Agreement (DRA)
entered into between IHMB, Idaman Unggul Sdn. Bhd. (Newco) on
August 17, 2000. However, the standstill agreement had lapsed on
February 16, 2001 with the expiration of the DRA on the even
date.

Prior to the said expiry date, IHMB, Newco and Dato' Che Mohd.
Annuar bin Che Mohd. Senawi (Investor) has been in negotiation
with the Lenders to sign a supplemental debt restructuring
agreement (SDRA) and to extend the standstill agreement. On
February 21, 2001, CIMB on behalf of IHMB had announced that AMMB
and AMBB have rejected the SDRA.

Nonetheless, without prejudice to IHMB's right to put up a
defense to the claims and without admission to liabilities, IHMB
together with Newco and the Investor intend to re-negotiate with
AMMB, AMBB and the other Lenders to reach an agreement on the
SDRA under the auspices of the Corporate Debt Restructuring
Committee, Bank Negara Malaysia.


L&M CORPORATION: Defaults Interest Payment
------------------------------------------
L&M Corporation (Malaysia) Berhad reported Wednesday to the Kuala
Lumpur Stock Exchange the status of default in payments by the
L&M Group. As of March 31, 2001 the total default payments to
financial institutions in respect of various credit facilities by
L&M Group is RM187,903,831.77.


On May 29, 2000, the High Court granted the company a restraining
and stay order pursuant to section 176 of the Companies Act, 1965
which had been extended. On November 22, 2000, the company filed
an application for another extension for a further period of 90
days from December 1, 2000 to February 28, 2001.

Meanwhile, L&M proposes to undertake a restructuring scheme which
involves the following:

- Transfer of its listing status to Eastern Atlas Bhd (EAB), a
newly incorporated company;

- Disposal of the entire equity interests in L&M Geotechnic Sdn
Bhd (LMG) and L&M Instrumentation Sdn Bhd (LMI) to EAB, rights
issue, composite scheme of arrangement with financial
institutions and trade and other creditors of L&M and/or LMG
and/or the subsidiaries of L&M with corporate guarantees from L&M
encompassing five separate schemes of arrangement;

- Acquisition by EAB of the entire equity interests in Satujaya
Sdn Bhd, Kayman Integrated Sdn Bhd and Vistashine Sdn Bhd,
liquidation of the remaining subsidiaries of L&M, excluding LMG
and LMI, and listing of EAB on KLSE.

L&M and its companies had mainly provided specialized engineering
and construction services. Currently, other than the Pelabuhan
Tanjung Pelepas Project undertaken by L&M Geotechnic Sdn Bhd,
there are neither any on-going projects nor new projects secured
by other subsidiary companies.

Subsidiaries L&M Piling Sdn Bhd and L&M Prestressing Specialist
Sdn Bhd were wound up by creditors on June 1, 2000 and July 5,
2000, respectively.


PRODEAL: Winding Up Petition Adjourned
--------------------------------------
Anson Perdana Berhad announced Wednesday at the Kuala Lumpur
Stock Exchange that the hearing of the petition to wind up its
60-percent owned subsidiary, Prodeal Sdn Bhd, Friday last week
has been adjourned until April 20, 2001. The petition was filed
by NCK Wire Products Sdn Bhd.


UH DOVE HOLDINGS: Awaits Approval Of Proposals
----------------------------------------------
UH Dove Holdings Berhad, through its Board of Directors,
announced Wednesday at the Kuala Lumpur Stock Exchange that
approvals from the relevant authorities in respect of the
proposed rescue-cum-debt restructuring scheme are still pending.
Pursuant to Paragraph 5.1(c) of the Practice Note 4/2001, the
company shall endeavor to obtain all approvals necessary for the
implementation of the plan within four months from the date of
submission, i.e. by June 27, 2001.


WEMBLEY INDUSTRIES: Reports Status of Debt Restructuring
--------------------------------------------------------
Wembley Industries Holdings Berhad announced Tuesday at the Kuala
Lumpur Stock Exchange that there has been no change to the status
of the company's proposed debt restructuring exercise to
regularize its financial condition as announced on December 14,
1999 and as indicated in our announcement on February 23, 2001.

                  Background

The Wembley Group's present focus is the implementation of the
Plaza Rakyat project. Following the liquidation and disposal of
several of its principal subsidiaries in 1999 and 2000, the
Group's financial viability hinges on the successful outcome of
its proposed debt restructuring and rights issue, which was
announced in December 1999.
Helmed by subsidiary Clifford Investments Ltd, construction
works for the development of the Plaza Rakyat project are
currently progressing at a slower pace. The Group is
concentrating on the development of the inter-state bus and
taxi terminal, the retail podium and the budget hotel while
other components such as the office tower, service
apartment and a 4-star hotel have been rescheduled and to
be undertaken in the near future.
Interim funding from its corporate proposals would enable the
Group to expedite the completion of the terminal, podium and
hotel and subsequently to generate development profit. As of
November 2000, approvals from the SC and Wembley's shareholders
are still pending.


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


BAYAN TELECOMMUNICATIONS: Completes $500M Debt Plan
---------------------------------------------------
Bayan Telecommunications Inc (Bayantel) announced Wednesday that
its proposal for its $500-million debt restructuring plan had
just been completed, The Philippine Star reported yesterday.

As quoted by The Star, Bayantel Vice-Chairman Eugenio Lopez told
reporters that the proposal would be presented to its bank
creditors after Easter Sunday. These bank creditors are Land Bank
of the Philippines, Equitable PCI Bank, United Coconut Planters
Bank, Standard and Chartered Bank, Bank of the Philippine
Islands, Deutsche Bank and the Export Development Corporation of
Canada.

Appointed as adviser for the said plan was Bank of America, The
Star said.

According to Rene Encarnacion, the telecommunications company's
senior VP for finance, the company has been conducting
negotiations with prospective investors regarding current and
future partnerships with this unit of conglomerate Benpres
Holdings Corporation.


MAYNILAD WATER: Defers Plan To Seek Loan
----------------------------------------
Maynilad Water Services Inc decided to defer indefinitely its
plan to solicit loans totaling $350 million from foreign
commercial banks to fund its modernization program in its Metro
Manila concession area and further expenses in the next three
years, Manila Times reported yesterday.  

Maynilad's modernization program is estimated to cost the company
a total of P15 billion. This will cover infrastructures
development for water and sewerage systems in Metro Manila's west
zone, which includes the cities of Pasay, Muntinlupa, Para¤aque,
part of Manila, Quezon and Valenzuela; its concession outside
Metro Manila, including Cavite City and the towns of Bacoor,
Imus, Kawit, Noveleta and Rosario in Cavite, Times said.

The Lopez-controlled holding company, Benpres, holds 59 percent
of Maynilad, while French water and sewerage service provider Sue
Lyonnaise des Eaux holds the remaining 41 percent, Times said.


BAYAN TELECOMMUNICATIONS: S&P Downgrades Ratings to `SD'
--------------------------------------------------------
Standard & Poor's (S&P) downgrade Bayan Telecommunications Inc's
(Bayantel) long-term local and foreign currency corporate credit
ratings to "selective default" (`SD') from single-"B"-minus (`B-
') attributed to the debt-laden company's default of interest
payments, The Philippine Star reported yesterday.

According to the rating agency, Bayantel would necessitate, apart
from support of creditors, new capital infusion in its the event
of its debt restructuring exercise, the report said.

Bayantel on January 15 this year defaulted its coupon payment
worth $13.5 million for bondholders due in 2006. It issued the
$200-million, seven-year bond with a coupon rate of 13.5 percent
in July 1999 through lead manager Bear Stearns & Co Inc, The Star
said.


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


ASIA PULP: Seeks Talks On Debt Default
--------------------------------------
Asia Pulp & Paper, which defaulted on US$12B in debt last month,
plans to begin talks with creditors next Monday to set new terms
on its bonds, according to an invitation sent to creditors.

This is the first meeting since Asia Pulp & Paper stopped paying
its debt last month.  Asia Pulp & Paper will brief creditors on
the amount of debt outstanding and schedule further talks with
bondholders, banks, export credit agencies and suppliers, the
company said in an email to creditors.  A meeting "is good but it
is still very preliminary", said Jason Carley, Merrill Lynch's
head of Asian credit research. "It's hard to see much better than
three to four years given multiple legal systems, hugely
divergent creditor interests and minority shareholders."

ASIASTOCKWATCH.COM: Closes
--------------------------
Panpac Media.com Limited announced Monday at the Singapore Stock
Exchange that, further to its announcement on March 19, 2001,
negotiations with its prospective investor have not been
successful. Thus, the company decided to shut down operations of
its AsiaStockWatch.com portal in Singapore and Malaysia on the
same day at 6.00 pm.

In its announcement last month, Panpac Media.com explained that
this was made owing to a weak stock market, not to mention the
Internet industry, among others. It also cited "high operating
cost and slow revenue growth" that an infusion of fresh and
additional investment would be necessary for survival.


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


KRISADAMAHANAKORN: Reports Progress Of Debt Restructuring
---------------------------------------------------------
Krisadamahanakorn Plc (KMC) announced Tuesday at the Stock
Exchange of Thailand that after the company completed its debt
restructuring for 63.27 percent of total debt outstanding as
informed in the previous report, KMC has further progress on its
debt restructuring, as follows:

On April 3, 2001, KMC has signed the debt restructuring agreement
with Asia Credit Plc, a convertible bond holder, for the amount
of Bt90 million or accounted for 0.45 percent of total debt
outstanding.  Presently, two-thirds of convertible bond holders
agree on the debt restructuring agreements with KMC. The meeting
of convertible bondholders will be held on April 20, 2001 to
approve the debt restructuring plan.

In addition, Asia Recovery Fund has approved the terms and
conditions of debt restructuring with KMC for the amount of Bt
231.36 million or accounted for 1.15 percent of total debt
outstanding.  The debt restructuring agreement with the Asia
Recovery Fund should be signed within April 2001.

After the debt restructurings with Asia Credit Plc and Asia
Recovery Fund are completed, total completion of KMC's debt
restructuring will be Bt13.50485 billion or accounted for 67.07
percent of total debt outstanding.


LOXLEY PUBLIC: Announce Results Of Share Offering
-------------------------------------------------
Loxley Public Company Limited announced Tuesday at the Stock
Exchange of Thailand that 192,103 shares have been retained from
the 85 million offered to euro convertible debenture (ECD)
holders who converted their bonds into ordinary shares.

The company said it would deal with the remaining shares and
report to the shareholders to find out the resolution.

The share offering was part of the company's debt restructuring
exercise, so no the company did not generate cash from the
proceedings. However, the company incurred a total of Bt0.35
million for the said offering, including the cost of shares
conversion.


SAMART CORPORATION: Bids For Debt Reduction
-------------------------------------------
Samart Corporation has started talks with creditors over its
proposed debt reduction scheme, AFX reported Monday, citing a
Bangkok Post report. The bid covers the company's current debts
totaling Bt8.7 billion to be lowered to Bt3.6 billion. It was
also reported, AFX added, that the company will include in the
negotiations its bid for write-downs of its unpaid interests.

According to the Post source, the success of this exercise would
have positive impact on Samart's financial position and alleviate
it to a level that it wouldn't have to go into new partnerships
to rescue its subsidiaries, AFX said.

Samart President Thavatchai Vilailuck was quoted by the Post, AFX
reported, saying the group will redirect and focus its efforts on
the company's communications ventures wherein the market is not
too saturated. Consequently, Samart will then be broken down into
four units, namely, electronic living, the Internet, the overseas
and government sector, and networking.

Last year, Digital Phone Co, Samart' mobile phone business, was
sold to Shin Corps, whose revenues was needed to augment the
funding for network expansion, AFX said.


THAI MELON: Court Rebuffs To Suspend Case
-----------------------------------------
Hearing of the bankruptcy suit against Thai Melon Polyester,
filed by Siam Commercial Bank, will push through this coming
Monday as scheduled, following the refusal made by the Central
Bankruptcy Court to suspend the proceedings, Bangkok Post
reported yesterday.
  
Thai Melon raised its petition for suspension Monday saying that
it intended to enter anew into a corporate rehabilitation
exercise, after the failure of its first one, Post said.

Thai Melon has total assets amounting o Bt6.6 billion, as opposed
to its liabilities pegged at Bt14.1 billion, as of the end of
2000, Post said, citing information taken from court flings.


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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