---

            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

                 Monday, April 9, 2001, Vol. 4, No. 69


                               Headlines

A U S T R A L I A

CENTAUR MINING: Receivers To Sell Assets
HARRIS SCARFE: Scheduled for Receivership
HARRIS SCARFE: DJS' Clears Issues Related To Retailer


C H I N A   &   H O N G  K O N G

CHUP SHING FURNITURE: Winding Up Petition Ahead
INTERFORM CERAMICS: Winding Up Petition Imminent
KIN DON HOLDINGS: Winding-Up Petition Adjourned
SAIC MULTIPLE: Warns Of Delisting
SHANGHAI COMMERCIAL: Delisting Nears
SHANGHAI NARCISSUS: Delisting On Horizon


I N D O N E S I A

ASTRA TOYOTA: Output Drops Due To Strike


J A P A N

MAZDA MOTOR: Pension Shortfall Prompts Special Group Loss


K O R E A

KOOKMIN BANK: May Fail To Meet Merger Deadline
REGENT MERCHANT: Tongyang To Take Over
MORNING GLORY: WizOffice.com Takes Over


M A L A Y S I A

BRIDGECON ENGINEERING: Court Strikes Winding-Up Petition
GLOBAL CARRIERS: Reports Status of Proposed Composite Scheme
LAND & GENERAL: Reviews Debt Restructuring Plan
MBF VEHICLES: Court Grants Winding-Up Order
SRI HARTAMAS: Sells Hotel In Penang


P H I L I P P I N E S

AMTRUST LEISURE: Requests A0 P1-B Debt Restructuring
BAYAN TELECOMMUNICATIONS: Defers Debt Deal


S I N G A P O R E

AROMATICS: Signs $180-M Financial Support With Shareholders
ASIA PULP: Finds More Debts Of $220M From Swap Contracts


T H A I L A N D

B GRIMM ENGINEERING: Moved To REHABCO
PRASIT PATANA: Under REHABCO Category
THAI ENGINE: Court, Creditors OK Rehab Plan


     -  -  -  -  -  -  -  -  -  -

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


CENTAUR MINING: Receivers To Sell Assets
----------------------------------------
PricewaterhouseCoopers, the appointed receivers of Centaur Mining
& Exploration Limited (ASX:CTR), is preparing to sell the assets
of the beleaguered miner, as its information memoranda for the
planned sale is nearing completion, Asia Pulse reported late last
week. Up for sale are Centaur's Cawse nickel laterite operation
and the Mt. Pleasant gold mine.

According to PWC receiver-manager David McEvoy, the information
memoranda would be disseminated this week to interested parties
wanting  to assume Centaur's two operations. Over 20 parties,
both domestic and foreign investors, have been identified.

Centaur stumbled into trouble with its debt service reserve
account which failed to be replenished early last month.
Consequently it appointed administrators from KPMG to negotiate
for an extension on interest payments of bonds worth US$225
million.


HARRIS SCARFE: Scheduled for Receivership
-----------------------------------------
Harris Scarfe will soon be placed in receivership. A motion has  
been raised by a major creditor, the ANZ Banking Group Limited,
to which the troubled Adelaide-based retailer owes $65 million,
AAP reported Friday last week. Citing an ANZ spokesman, the
financial institution has sent for Ferrier Hidgson, the
turnaround corporate recovery firm.


HARRIS SCARFE: DJS' Clears Issues Related To Retailer
-----------------------------------------------------
David Jones Limited in an announcement dated April 5, 2001 and
posted at the Australian Stock Exchange clarified issues
regarding troubled retailer Harris Scarfe. Thus, it said:

"In 1997 the David Jones' group of companies sold five department
store businesses to Harris Scarfe (at Cairns and Townsville in
Queensland, Kilkenny and Elizabeth City Centre in South
Australia, and Campbelltown in Sydney).

"The Cairns, Townsville and Kilkenny stores were subject to new
leases. Accordingly, David Jones Limited has no ongoing liability
for these three stores.

"Contingent liabilities exist in respect to the Campbelltown
store, which was assigned by David Jones Limited and the
Elizabeth store which was assigned by John Martin Retailers
Limited. As part of the assignments, the David Jones Group
obtained guarantees from and charges over the assets of Harris
Scarfe Holdings Ltd and Harris Scarfe Ltd.

"David Jones' current exposure is limited, as the Lessee in both
cases (Harris Scarfe Limited) has not had an administrator
appointed and is currently meeting its obligations under the
Leases. If this situation changes, David Jones will work to
ensure any losses are minimized. Strategies to minimize losses
may include David Jones subletting the store, renegotiating the
lease or trading from the store for a time period agreed with the
Landlord.

"Recent reports have referred to the financial statements for
David Jones Limited and its controlled entities that outline a
contingent amount of $27m relating to the leases on Elizabeth and
Campbelltown. This contingent liability represents the
undiscounted figure for lease payments on both stores until the
end of those leases, which is April 2017 for Campbelltown and
September 2015 for Elizabeth."


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


CHUP SHING FURNITURE: Winding Up Petition Ahead
-----------------------------------------------
Chup Shing Furniture Manufactory Limited is facing a winding up
petition at the High Court of Hong Kong, filed on February 16,
2001, by Tsang Fut Shing of Flat 328A, Block 5, Lower Ngau Tau
Kok Estate, Kowloon. The Petition is scheduled to be heard before
the Court at 10:00 AM on April 25, 2001.


INTERFORM CERAMICS: Winding Up Petition Imminent
------------------------------------------------
Interform Ceramics Technologies Limited will face a winding up
petition filed at the High Court of Hong Kong February 2, 2001 by
Showa Leasing (Hong Kong) Limited whose registered office is
situated at Room 802A, Tower 1, Admiralty Centre, 18 Harcourt
Road, Hong Kong. The petition will be heard before the court on
April 18, 2001 at 9:30 AM.


KIN DON HOLDINGS: Winding-Up Petition Adjourned
-----------------------------------------------
Garment and leather products distributor Kin Don Holdings said
yesterday the winding-up petition against the company served by
Stone Church has been adjourned for two weeks, until April 17.  
Stone Church, Kin Don's convertible debentures holder, filed the
winding-up petition last December and the petition has been
adjourned several times since.


SAIC MULTIPLE: Warns Of Delisting
---------------------------------
Saic Multiple (SAIC), a food and beverage distributor, issued a
warning that it might be headed for delisting, if it fails to
finalize its restructuring on or before the deadline at the end
of the month, the South China Morning Post reported Friday last
week. The China Securities Regulatory Commission (CSRC), the
market's watchdog, set the deadline.

SAIC has been placed under the particular transfer (PT) category
for incurring losses for three consecutive years.

As covered by stock market regulations in mainland China, and
part of a campaign to firm up the market, the CSRC has the
responsibility of delisting companies posting losses for three
straight years. SAIC has been encountering problems in its
efforts toward debt restructuring.


SHANGHAI COMMERCIAL: Delisting Nears
------------------------------------
The China Securities Regulatory Commission (CSRC), the country's
markets watchdog, will delist loss-making Shanghai Commercial
Real Estate Development Industrial, should it fail to complete
its restructuring by the end-of-the-month deadline set by the
commission, South China Morning Post reported Friday last week.

According to stock market rules, the CSRC will delist firms that
have been making losses for three consecutive years. Shanghai
Commercial Real Estate has been placed under the particular
transfer (PT) category.

Shanghai Commercial Real Estate has been in negotiations with
creditors to resolve their legal squabbles. It is also meeting
with parties interested in the company.


SHANGHAI NARCISSUS: Delisting On Horizon
----------------------------------------
Shanghai Narcissus Electric Appliances will face delisting should
it fail to present a feasible restructuring plan by the April 30
deadline set by China Securities Regulatory Commission (CSRC), a
report by South China Morning Post disclosed late last week.

Shanghai Narcissus Electric is classified in the particular
transfer category (PT), as it has been incurring losses for at
least three consecutive years. Under stock exchange rules and
regulations, companies under this category will be delisted by
CSRC if they aren't be able to restructure.

Early last week, the company said that it has been working on a
restructuring plan designed to generate profit in the first half
of this year.


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


ASTRA TOYOTA: Output Drops Due To Strike
----------------------------------------
The two-week strike staged by a supplier's workers has resulted
in the plunge of production output by car assembler PT Astra
Toyota Motor (TAM). Only 5,000 vehicles were manufactured in
March, short of its usual monthly output of 6,500 to 7,000
vehicles, Jakarta Post reported Friday last week, citing a
confirmation by an executive of parent company PT Astra
International.

Astra corporate secretary, Aminuddin, denied news of assembly
suspension due to a workers' strike at PT Kadera-AR, one of
Astra's seat suppliers.

"We've experienced only a minor interruption. I don't think the
1,500 vehicles are a significant loss," he said in the Post.

TAM is a joint venture between Astra International and Japan's
Toyota Motor Corp. It is capable of producing 30,000 vehicles
annually, supplying over 50 percent of the domestic demand.


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


MAZDA MOTOR: Pension Shortfall Prompts Special Group Loss
---------------------------------------------------------
Carmaker Mazda Motor Corp (MMC)(TSE:7261) announced that it would
take its special group loss of Y158.4 billion yen for the year
ended March 31 to cover its pension shortfall. MMC, in which
American Ford Motor Company owns a 33 percent stake, adjusted its
forecast for the same period of group loss from Y49.5 billion to
Y156.50 billion, Reuters reported Friday last week.


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


KOOKMIN BANK: May Fail To Meet Merger Deadline
----------------------------------------------
Kookmin Bank and Housing and Commercial Bank (H&CB) could not
agree on significant merger terms and may fail to beat the
scheduled June 30 deadline to complete and finalize the merger
exercises, Korea Herald reported Thursday last week. According to
a merger task force official, a new, merged entity may not be
established by July 1 as originally planned, due to time
constraints regarding completed requirements set by the U.S.
Securities and Exchange Commission (SEC).

The two parties could not agree on the merger ratio, the
selection of a remaining corporation as a result of a merger, or
the name of the merged bank. The naming of the chief executive
officer of the merged entity was also a hotly contested issue.

Bothered by all these contentions, analysts expressed their
concerns that talks between the two banks might be dropped,
failing the government's campaign to restructure and consolidate
the banking industry.


REGENT MERCHANT: Tongyang To Take Over
--------------------------------------
Tongyang Investment Bank has decided to take over Regent Merchant
Bank, in response to the government's call for a consolidation of
the country's financial industry, Bloomberg reported last week.
After regulators ordered a shut down of operations for six
months, Regent has been focusing on self-rescue operations. The
suspension was due to the bank's failure to meet its debt
obligations, worth W12 billion.

An investigation into irregularities of a Regent affiliate also
triggered a bank run, hurting the institution's standing in the
finance sector. Analysts argued in the same Bloomberg report that
the takeover could lead to more problems. "For Regent, it's like
bringing the dead back to life. For Tongyang, it's like adopting
a problem child," said S.J. Lee, a banking analyst at Daewoo
Securities Co. in Seoul.

Officials warn that if a takeover won't take place, Regent will
be placed into a government-run holding company, or put up for
liquidation. Regulators were to decide the future of the troubled
bank yesterday.

According to Ryu Young Don, an official at the Financial
Supervisory Commission (FSC), the probability is high that
regulators will approve Tongyang's takeover bid.

Early last week, Tongyang completed its takeover proceeding of
Hyundai Ulsan Merchant Banking Corp. Afterwards, its assets
burgeoned to W2.7 trillion, and its operations expanded to six
branches.

Regent recorded a net income of W44 billion for the fiscal year
ending March 2000. According to the FSC, Regent's capital to
risk-weighted assets ratio stood at 12.31 percent at the end of
December while boasting assets of W455.3 billion.  Regent also
posted W395.8 billion in debt, and W32.3 billion in loss, based
on preliminary figures for the period ending February 28.


MORNING GLORY: WizOffice.com Takes Over
---------------------------------------
WizOffice.com Ltd (WizOffice)has signed a memorandum of
understanding with bankrupt South Korean-based Morning Glory
Corporation to take a majority stake in Morning Glory.

Morning Glory is one of the largest manufacturers and
distributors of stationery products in Korea. It has an
established distribution infrastructure consisting of 16 agencies
and 180 domestic chain stores. Founded in 1981, Morning Glory has
an annual sales of W50 billion and an operating profit of W1
billion. Survey results in Korea have shown that stationery
products of the Morning Glory brand commands a high 60 percent
popularity rate in the domestic market.

Like many Korean companies, the 1997 recession hit Morning Glory
hard, resulting in its January 1998 bankruptcy with an
accumulated debt of W49 billion in loans. The company has since
restructured itself and is posting healthy operating margins.
Beleaguered by their debt, the company is looking at a partner to
clear the debt so that it can turn profitable.

WizOffice will consider the proposal and if viable, will pursue
the issuance and allotment of WizOffice listed shares and cash to
the creditors of Morning Glory in exchange for the company.
WizOffice can also invite other partners in the acquisition
whereby WizOffice and its partners will cumulatively hold a
majority stake in Morning Glory.

The acquisition of Morning Glory will provide WizOffice
International with a firm base to build its product offerings
and, at the same time, expand into Korean and other markets.
About 20 percent of Morning Glory's revenue is a result of  
exports to the USA, Japan, Middle East and Europe. WizOffice will
strive to increase the export component of its incumbent channels
in Singapore, Hong Kong and Japan.

The Management asserts that there was originally no intention to
penetrate Korea this year but given such an opportunity in
finding a strategic partner like Morning Glory, the Board will  
seriously consider it. The acquisition of Morning Glory, if
successful, will make WizOffice the leading office supplies
company in Korea and complement its existing click and mortar
business.

WizOffice will proceed with the due diligence process. The
acquisition will be subject to the Board of Directors of
WizOffice and approval from the SGX-ST.

None of the Directors and substantial shareholders or their
associates have any interest in the transaction. The Directors
will make further disclosure of any significant developments of
the transaction.

           WizOffice: Background

WizOffice, a public company listed on the Singapore Exchange,
provides solutions that help businesses increase efficiency in
their operations and reduce back-office costs through the use of
Internet technologies. The Group currently offers its services
online in Japan, Hong Kong, and Singapore and has a presence in
Malaysia and Indonesia. With more than 35,000 companies in its
subscription base, its services in over five countries, WizOffice
is one of the leading Internet players in Asia. It was named the
"Best E-Commerce Company" at the Internet World Asia Industry
Awards 2000.

        WizOffice International Ltd: Background

WizOffice International Limited is a British-Virgin Island
company incorporated  November 24, 2000. It will be the
headquarters for the distribution and retail business of
WizOffice in three core areas: Office Supplies, corporate gifts
and computer equipment. The company will hold the distribution
and retail business of WizOffice in Singapore, Hong Kong and
Japan. The company will seek alliances with manufacturers and
distributors to reduce its inventory and to improve its operating
margins.

        Morning Glory Corporation: Background

Morning Glory Corporation, founded in 1981, is one of the largest
manufacturer and distributor of stationery products in Korea. It
has an established distribution and infrastructure consisting of
16 agencies and 180 domestic chain stores. The company has an
annual sales of W50 billion and an operating profit of W1
billion.


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


BRIDGECON ENGINEERING: Court Strikes Winding-Up Petition
--------------------------------------------------------
Bridgecon Holdings Berhad announced that the Kuala Lumpur High
Court ruled in its favor Thursday last week regarding the Winding
Up Petition No D9-28-34-2001, previously filed by Ann Joo Trading
Sdn Bhd against Bridgecon Engineering Sdn Bhd (BESB). BESB is a
wholly owned subsidiary of Bridgecon Holdings. There was no order
as to costs of the petitioner's counsel.

The court also threw out the application by BESB to strike the
petition and to stay further proceedings on the petition with no
order as to costs on the application by BESB's counsel. The court
order was filed by BESB's attorneys on April 3, 2001 and was
ubsequently extracted from Court on April 5, 2001.


GLOBAL CARRIERS: Reports Status of Proposed Composite Scheme
------------------------------------------------------------
The Board of Global Carriers Berhad (GCB) announced Wednesday
last week at the Kuala Lumpur Stock Exchange that there has been
no further development on the status of the company's proposed
composite scheme, the proposed BSNCL settlement scheme, and the
proposed non-financial creditors settlement scheme.

                Background

The Group principally carries out shipping operations, which can
be broadly classified into three categories: liquid bulk, dry
bulk and container operations.

Presently, the Global Carriers Group operates six liquid bulk
product tankers, with a total carrying capacity of 41,454 DWT.
The tankers are engaged in the liquid bulk carriage of petroleum
products for various oil majors namely, Shell Malaysia, Petronas,
Esso Malaysia and Pertamina of Indonesia.

The Group has expanded its activities to cover container
operations with the acquisition of five units of 1,100 TEU
containerships in 1996/1997. These vessels are fully chartered
out to international liner operators, for periods between six
months to four years.

The Group's trade routes, which have expanded significantly over
the past few years, now cover Asia, the Far East, Africa and the
European and Mediterranean countries.

Due to its substantial capital investment exceeding RM320 million
in acquiring vessels in 1996/1997, Global Carriers commenced
undertaking a RM400 million rights issue exercise. The SC and
shareholders approved this exercise in September and October 1997
respectively. However, given the economic crisis then, it was
neither possible to finance nor to arrange for the underwriting
of the rights issue.

In response to this, Global Carriers undertook a corporate
restructuring exercise in October 1998 in place of the rights
issue. The corporate restructuring exercise essentially converts
the debt owing to financial institutions to equity and
convertible loan stocks. To facilitate the exercise, Global
Carriers and its subsidiaries applied for and were granted a
restraining order up to September 1, 2000. By November 1, 1999,
the various schemes of arrangement proposed were approved by the
respective creditors. These are presently subject to the
approvals of shareholders and certain regulatory authorities.


LAND & GENERAL: Reviews Debt Restructuring Plan
-----------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of Land & General Berhad (L&G), announced that in light of the
present stock market sentiment and economic conditions, the
company is re-evaluating its debt restructuring plan involving
the proposals and the restructuring and rescheduling of its loans
facilities with financial institutions.  

The proposals are: settlement of financial obligations of Bandar
Sungai Buaya Sdn Bhd, a wholly owned subsidiary of L&G; and  
restructuring involving the U.S. dollars 4.5 percent convertible
bonds due March 2004 by L&G.


MBF VEHICLES: Court Grants Winding-Up Order
-------------------------------------------  
MBf Holdings Berhad announced Wednesday last week that the High
Court of Malaya at Kuala Lumpur has granted the Winding-Up Order
against MBf Commercial Vehicles Sdn Bhd (MBfCV) on March 29, 2001
and that Mr Tan Kim Leong was appointed as the Liquidator.

MBfCV is a 70 percent subsidiary of MBf Equities Sdn Bhd, which
is wholly owned by MBf Holdings Berhad.

MBf Automobile Sdn Bhd and MBf Daewoo Sdn Bhd are wholly-owned
subsidiaries of MBfCV.


SRI HARTAMAS: Sells Hotel In Penang
-----------------------------------
Sri Hartamas Berhad's (SHB) appointed special administrators, Sri
Hartamas Hotels Sdn Bhd (SHH) have entered into a sale and
purchase agreement (S&P) with Sin Yik Development Sdn Bhd (SYD)
for the sale of Paradise Tanjung Bungah Hotel (PTBH) for a cash
consideration of RM19.10 million.

The Special Administrators of SHH had participated in a Hotel &
Leisure Property Tender exercise coordinated by Danaharta from  
October 11, 2000 till November 15, 2000. Pursuant to the said
tender exercise, SHH acting through Special Administrators had on  
March 7, 2001, entered into a Sale and Purchase Agreement (S&P)
with Sin Yik Development Sdn Bhd, for the sale of Paradise
Tanjung Bungah Hotel together with the six parcels of freehold
land on which PTBH is sited including the furniture, fixture,
fittings and equipment for a cash consideration of RM19.10
million

The property is being disposed of free from all lien, charges and
other encumbrances and the property will be transferred in its
present state and condition on an "as is where is" basis (subject
to fair wear and tear).

The purchase consideration will be paid in the following manner:

a. Prior to the execution of the S&P, SYD had paid to the special
administrators the earnest money amounting to RM250,000.

b. Upon the execution of the S&P, SYD had paid the balance
deposit amounting to RM1.66 million to SHH's solicitors as
stakeholders.

c. The balance of the purchase price amounting to RM17.19 million
shall be paid by SYD to SYD's solicitors as stakeholders within
14 business days upon the last conditions precedent of the S&P
being fulfilled.

Based on the terms of the S&P, the sale of the said property
shall be subject to the following conditions precedent:

a. Danaharta and the secured creditors of SHH approving the
workout proposal at the meeting of the secured creditors to be
held pursuant to Clause 46(2) of the Danaharta Act.

b. The secured creditors issuing a letter of undertaking to
discharge the charge on the said lands.

c. SYD obtaining the approval of the Foreign Investment Committee
for the purchase of the Property.

d. SHH or SHH's solicitors or the chargee confirming that the
Documents of Title are in its possession.

If the conditions precedent are not fulfilled within three months
from the date of the S&P, the period will be extended for another
one month. Any further extension shall be mutually agreed and is
subject to Danaharta's consent.

The disposal price of the property of RM19.1 million was arrived
at on an open tender exercise coordinated by Danaharta between  
October 11, 2000 to November 15, 2000 to secure the highest
disposal price. The latest valuation by M/S Jones Lang Wootton
dated September 12, 2000 values the property at RM25.0 million
based on open market value. The disposal price of RM19.10 million
represents approximately 76.4 percent of the open market value.

PTBH is a  seven story, 206-room,  3-star hotel located in
Tanjung Bungah in the North-East District of Penang. The land on
which PTBH is sited is held under six land titles namely Lot nos.
282, 283, 284, 306 625 and 1287 under Geran 46887, 28205, 28206,
46888, 28209 and 27386 respectively. The parcels of land have a
combined land area of 81,635 sq. ft. The tenure of the land is
freehold. The said lands are currently charged to EON Finance
Berhad (for account of City Finance Berhad) (the chargee) for the
syndicated credit facilities.

The hotel is equipped with a function room, ballroom, five food
and beverage outlets, one bar and one lounge and a swimming pool,
which encompasses a jacuzzi pool, and a wading pool.

The property was acquired by SHH in August 1995 for RM44.0
million and the audited net book value of the property as of  
June 30, 2000 amounted to RM28.15 million.

Upon completion of the sale, the property will be transferred in
its present state and condition on an "as is where is" basis
(subject to fair wear and tear).

The average occupancy rate for the month of July 2000 till
December 2000 is 47.4 percent.

SHH was incorporated in Malaysia under the Companies Act, 1965 on  
June 28, 1973.

SHH's present authorized share capital is RM3 million divided
into 3 million shares of RM1.00 each of which 2 ordinary shares
of RM1.00 each have been issued and fully-paid.

The principal activity of SHH is owner of hotels and holiday
resorts.

Special administrators were appointed to SHH on August 21, 2000
by Pengurusan Danaharta Nasional Berhad pursuant to Section 24 of
the Pengurusan Danaharta Nasional Berhad Act, 1998.

SYD was incorporated in Malaysia under the Companies Act, 1965 on  
May 12, 1978.

SYD's present authorized share capital is RM25 million divided
into 25 million shares of RM1.00 each of which 18,930,000
ordinary shares of RM1.00 each have been issued and fully-paid.

The principal activity of SYD is property development.

The net sales proceed of the disposal will be utilized to settle
the syndicate credit facilities granted by EON Finance Berhad.

The financial effects of the disposal are as follows:

The proposed disposal will not have any effect on the issued
paid-up share capital of SHB.


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


AMTRUST LEISURE: Requests A0 P1-B Debt Restructuring
----------------------------------------------------
Amtrust Leisure Corporation, owner and operator of Enchanted
Kingdom in Sta. Rosa, Laguna, is negotiating with its 13 major
creditor banks to restructure its debts totaling P1 billion, The
Philippine Star reported Friday last week.

According to Amtrust chairman and president Mario Mamon, the
company is proposing an extension of 5 to 7 years for its debt
repayments, while it is scouting for prospective investors to
fund future projects.

Mamon affirmed that Enchanted Kingdom is looking at good business
prospects, although it has yet to recuperate from the economic
crisis, which would affect its position at the negotiating table
once talks with potential investors start.

Over half of Amtrust's loans, Mamon said, are owed to 13 major
banks, including the Development Bank of the Philippines, Land
Bank of the Philippines, United Coconut Planters Bank, Equitable
PCI Bank, International Exchange Bank, Development Bank of
Singapore, United Overseas Bank and Bank of the Philippine
Islands.

Enchanted Kingdom is the largest theme park in the country,
situated in Sta. Rosa, Laguna. It boasts an annual visitors
volume estimated at 800,000 to 1.1 million people every year
since it opened in 1996.


BAYAN TELECOMMUNICATIONS: Defers Debt Deal
------------------------------------------
Bayan Telecommunications Inc's (Bayantel) failure to present a
debt restructuring proposal last month, resulted in postponement
of negotiations between the telecom firm and its creditor banks,
Business World reported late last week. According to Bayantel
vice-chairman Eugenio Lopez III, the company intended to tender
its debt repayment plan after Easter.

Bayantel's bank debts total $240 million and issued bonds valued
at $200 million. BayanTel has made arrangements with its 34
creditor banks to conduct an "orderly" restructuring exercise,
which includes a stipulation that neither of the parties would
seek legal actions to reach a settlement.

Although Bayantel had already pronounced a debt repayment
moratorium for its short-term loans in December, the company did
not intend to shy away from servicing its obligations.

Lopez told World that the company is already undertaking
negotiations, using Bank of America as appointed financial
advisor, with potential investors for the firm's units he
controls.


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


AROMATICS: Signs $180-M Financial Support With Shareholders
-----------------------------------------------------------
AROMATICS (Thailand) (ATC) has just inked a financial support
totaling $US180 million with its shareholders, headed by the
Petroleum Authority of Thailand (PTT), which will shell out
nearly half of the amount, The Nation reported last week, citing
a source from ATC. The other half will come from other
shareholders, including PTT, Banpu, Siam Cement and Crown
Property Bureau.

This capital infusion is part of ATC's $453-million debt
restructuring program, approved last year. So far, it has
generated a total of $120 million of the entire planned capital
infusion of $210 million. The fund will be used to help ATC guard
its condition in the critical overall economic conditions in the
aromatics industry.

A source close to ATC said, "During the unclear economic picture
which has resulted in an uncertain demand and supply forecast,
ATC might need further financial support from shareholders."

For the current business year, ATC projected it can carry its
financial weight of around $50 million, 60 percent of which is
allotted to interest payments. Over $10 million will be needed to
pay for debt principal.

ATC had earlier received financial aid amounting to Bt800 million
intended for its operations capital to beef up its debt-
restructuring exercise, as it incurred a net loss of Bt4.76
billion.


ASIA PULP: Finds More Debts Of $220M From Swap Contracts
--------------------------------------------------------
Asia Pulp & Paper Company recently discovered it incurred added
debts amounting to $220 million in two swap contracts entered
into in 1997, and these were not reflected in the financial
statements from 1997 to 2000, Bloomberg reported late last week.
The company defaulted on debt payments worth $12 billion in
March.

The contracts involved swapping the Indonesian rupiah and the
Japanese Yen for U.S. dollars.

"The company plans to appoint an independent accountant to
conduct a review of the facts and circumstances surrounding the
failure to reflect these obligations in our financial statements
and to make an independent report to the company's directors,"
said Hendrik Tee, CFO of Asia Pulp and Paper.


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


B GRIMM ENGINEERING: Moved To REHABCO
-------------------------------------
B Grimm Engineering Systems Public Company Limited (BGES),
has been transferred to the category of Companies Under
Rehabilitation (REHABCO), as the company's financial statements
for the year ending December 31, 2000 revealed a negative
shareholders' equity.

The Stock Exchange of Thailand (SET), will proceed under the
requirements of the Rules Governing Delisting of Securities 1999
by transferring the securities of this listed company to the
REHABCO category today.

B Grimm will then be subject to rehabilitation plan preparation.

The SET will temporarily post an SP (suspension) sign today to
suspend further trading for 30 days from the date of announcement
to May 9,  2001. This is to give the company's management time to
make prudent decisions that benefit all parties concerned.

These companies must inform the SET by May 9, 2001 whether they
have decided to prepare a rehabilitation plan to propose to the
companies' shareholders; or whether they would like to ask for
voluntary delisting; or whether they would like to try other
options which will benefit all company stakeholders involved. The
company must also provide the SET with a time schedule to
implement their decisions.

In case the company decides to prepare a rehabilitation plan to
propose to the shareholders, the company shall proceed as
follows:

1. Appoint an independent financial advisor to management in the
preparation of the rehabilitation plan.

2. Cooperate fully with the independent financial advisor in
organizing a meeting to present the rehabilitation plan to
analysts and shareholders, and then also propose it to the
shareholders for approval.

3. Cooperate with the independent financial advisor in reporting
every three months to the SET on its actual implementation
progress, as compared to the rehabilitation plan until the causes
of being delisted are eliminated. In case the company submits a
petition under the Bankruptcy Act, the company is able to
implement the rehabilitation plan approved by the creditors and
the court in place of the plan approved by the company's
shareholders. However, the company still has the duty to report
the SET about the implementation progress.

The SET will allow trading the securities of two listed
companies, BGES under the REHABCO category from 10 May 2001 to 8
June 2001 after receipt of all required information. This is to
give all shareholders a chance to trade the securities, before
further suspension during the company has implemented the
rehabilitation plan.

The SET will post an SP (suspension) sign to the trading of BGES
on June 11, 2001 onward. However, the company may request the SET
to allow continued trading under the REHABCO category, if they
have completed their debt restructuring more than 50 percent of
their total debts, and the rehabilitation plan has either been
approved by the shareholders or the Bankruptcy Court in
accordance with the conditions specified by the SET.


PRASIT PATANA: Under REHABCO Category
-------------------------------------
Prasit Patana Public Company Limited (PYT), has just been
transferred by The Stock Exchange of Thailand (SET) to the
category named Companies Under Rehabilitation (REHABCO).
According to the SET, the company's financial statements for the
year ending December 31, 2000 have a negative shareholders'
equity.

The SET will proceed under the requirements of the rules
governing delisting of securities, 1999 by transferring the
securities of the company to REHABCO category today.

PYT will be subject to rehabilitation plan preparation.


THAI ENGINE: Court, Creditors OK Rehab Plan
------------------------------------------------
Creditors and the Bankruptcy court have approved the
rehabilitation plans of Thai Engine Manufacturing Public Company
Limited (TEM), which has been classified under the REHABCO
category.

TEM has waited for the result of a final order from the receiver
on the remaining claims that determines the schedule of debt
restructuring plan and the precise structure of TEM.

The SET posted the SP sign to suspend further trading TEM
securities until the company has disseminated the result of the
final order from the official receiver on the remaining claims
and the major elements of the precise rehabilitation plan via the
SET information system (R-SIMS).

The SET will allow trading TEM securities under REHABCO category
because its rehabilitation plans has been approved by the
creditors and the Bankruptcy Court.  

TEM still has to report to the SET every three months on its
actual implementation progress, as compared to its rehabilitation
plan.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lyndsey Resnick,
Ronald Villavelez, Maria Vyrna Ni¤eza, Editors.

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

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

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


                      *** End of Transmission ***