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            T R O U B L E D   C O M P A N Y   R E P O R T E R

                        A S I A   P A C I F I C

                 Tuesday, April 10, 2001, Vol. 4, No. 70


                               Headlines


A U S T R A L I A

4C TECHNOLOGY: Faces SAC In Court
BUZZLE GROUP: May Be Up For Sale, Receiver Says
COLROK AUSTRALIA: Creditors Approve Company Deed
HARRIS SCARFE: To Let Go Of Dstore
KESTRAL PROPERTIES: Collapse Hurts Land Council
NRMA INSURANCE: ASIC Urges Board To Stabilize Group


C H I N A   &   H O N G  K O N G

ERVIN INTERNATIONAL: Will Face Winding Up Petition
GIVE WIDE: Winding Up Petition Scheduled
ORIENTAL STAR: To Face Winding Up Petition
PRIMAJET INDUSTRIAL: Faces Winding Up Petition
SENWISE ENTERPRISES: Winding Up Petition Imminent
YUET WAH: Winding Up Petition Scheduled


I N D O N E S I A

CHANDRA ASRI: May Face Forced Closure
SEMEN GRESIK: Spin-off To Pose Risk For Gov't


J A P A N

CRAYFISH COMPANY: Auditors Resign, Shares Drop
UFJ HOLDINGS: Added Restructuring Programs To Be Disclosed


K O R E A

HYUNDAI ENGINEERING: KEB Head In Hot Seat
HYUNDAI MOTOR: Libel Suits Ahead For Media Outfits At PAC


M A L A Y S I A

REPCO HOLDINGS: Extension of Moratorium
SISTEM TELEVISYEN: Announces Restructuring Bid
TECHNO ASIA: Halts Operations Of Subsidiary


P H I L I P P I N E S

MANILA ELECTRIC: Debt Waiver From ADB Granted
UNITED COCONUT: Non-Performing Loans Cause Big Loss  


S I N G A P O R E

ARIS DESIGNTOOLS: Voluntary Winding Up
ASIA PULP: To Begin $12-B Debt Reorg
HOTEL PLAZA: Dissolves Joint Venture


T H A I L A N D

ONE HOLDING: Court Accepts Rehab Petition
THAI ENGINE: Presents Reorg Plan

     -  -  -  -  -  -  -  -  -  -   

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


4C TECHNOLOGY: Faces SAC In Court
---------------------------------
4C Technology met Sydney Airports Corporation (SAC) in court
Friday last week, Sydney Morning Herald reported.

4C, the software firm contracted by Sydney Airport to provide
software to link ticketing and baggage handling in its
international baggage system, has been under liquidation since
September of last year, with debts of around $4 million.

SAC took legal action on its debt claims against 4C. Before the
liquidation exercise began, 4C borrowed money from SAC to pay  
its employees' wages and superannuation entitlements. However,
according to the report, the money borrowed was used to pay
outstanding bills and reduce an overdraft account.

SAC demanded it should be considered an employee in the creditor
line-up, as the money borrowed was first intended to pay the
software company's workers' wages. 4C disagreed, requesting SAC
be dealt with as an unsecured creditor.


BUZZLE GROUP: May Be Up For Sale, Receiver Says
-----------------------------------------------
Scott Kershaw, the appointed receiver of the Buzzle Group, has
expressed his interest in the sale of the group and in the
acquisition of the Apple dealer's stores, Newsbytes News Network
reported Wednesday last week.

According to Kershaw, for-sale ads might be released within the
week.

Apple Computer placed Buzzle, tagged as the largest Apple dealer
in Australia, under receivership on March 30, with debts nearing
A$30 million, about 67 percent of which is owed to Apple, Kershaw
confirmed in the Newsbytes report.

While the group is in receivership, Kershaw said, all Buzzle
outlets continue operations under the same Buzzle management.


COLROK AUSTRALIA: Creditors Approve Company Deed
-------------------------------------------------
Creditors of Colrok Australia Pty Ltd agreed to support a deed of
company arrangement in a meeting between the creditors and Colrok
administrator David Leigh, the Newscastle Herald reported
Wednesday last week.

Among the creditors that support the winding up of the company
are engineering entities Hunter Valley, PJ Berriman and Company
and Macquarie Manufacturing.

Colrok is a subsidiary of Thyssen, a German conglomerate. It had
accumulated debts amounting to $67 million, and thus, underwent
voluntary administration in January, which resulted in the laying
off of 160 workers in its Southland coal mine, which Colrok ran
for the mine's owner, Southland Coal, a subsidiary of Gympie
Gold, Herald said.   

Colrok has debt obligations totaling $19 million to its unsecured
creditors, most of which belong to Hunter Valley. Companies of
the Thyssen group claimed that Colrok owes them over $46 million,
while Colrok's mine workers claimed about $2.8 million in wages
and entitlements.


HARRIS SCARFE: To Let Go Of Dstore
----------------------------------
The beleaguered Harris Scarfe group may have to dispose of its
online retailer dstore and its e-fill fulfillment venture with
Shell, The Herald Sun reported late last week.

Citing industry observers, the report stated companies would be
lining up to acquire dstore, Australia's leading e-tailer. The
prospective buyers include rival cybermart Wishlist, Kerry
Packer's ninemsm, and Coles Myer.

Harris Scarfe acquired dstore in December. Its sellers included
former dstore chief executive David Gold, Kerry Packer, Rodney
Adler, the Gandel, Lieberman and Besen families, Peter Ivany of
Hoyts Cinema, Evan Thornley of LookSmart, among others.

According to the Sun report, citing investment bankers Hindal
Corporate, who facilitated the deal, these sellers, classified in
the $3-million scrip deal as shareholders, have not received
payments for their stakes.

Gold told the Sun that there was already a claim by Harris Scarfe
group that adjustments involving an amount of $3 million had been
made on dstore books, which summarily eliminated the same amount
allocated for the first tranche payment.

"But it's a farce. We now know they were trying to get out of
paying because of the financial problems the group was in," Gold
told Sun.


KESTRAL PROPERTIES: Collapse Hurts Land Council
-----------------------------------------------
The collapse of Kestral Properties may hurt the NSW Aboriginal
Land Council, expected to lose up to $7 million in addition to
interest, from its deal with Kestral, Illawarra Mercury reported
Thursday last week.

The deal originally involved $8.5 million in loans to be extended
by the land council to Kestral. However, about $7.1 have been
advanced to Bruce Maples, sources told Mercury.

The National Australia Bank (NAB) placed Maples' company in
receivership in March. Also last month, NAB appointed
PricewaterhouseCoopers as receiver of St George Building and
Mechanical, another Maples company.

Kestral owes its workers over $1 million in outstanding wages,
and has asked for the workers' union's support in getting the
remaining $1.4 million from the land council.

A land council spokeswoman told Mercury: "The land council is a
self-sufficient organization and depends on its own investments
to function; to maintain the state's network of regional and
local land councils; and to improve the situation of Aboriginal
people in NSW. This is done through a variety of programs
designed to assist the economic and social development of
communities. As a non-Government statutory organization one of
the council's many functions is to make, lend or invest money on
behalf of the Aboriginal people of NSW. Council funds are
invested in accordance with the Trustee Act."

The spokeswoman also added that the council was first mortgagee
of the Market St development undertaken by Kestral Properties,
and is "considering a range of options" on how to deal with its
investment. On April 19 and 20, council members are scheduled to
meet and discuss this matter.


NRMA INSURANCE: ASIC Urges Board To Stabilize Group
---------------------------------------------------
David Knott, head of the Australian Securities and Investments
Commission, has urged the board of NRMA Insurance Group to revive
and revitalize the troubled group, the Sydney Morning Herald
reported Friday last week.

Meanwhile, Eric Dodd, the group's CEO, might be leaving his post
since the board expressed its loss of confidence in his ability
to run the group. However, Dodd has not formally tendered his
resignation. Dodd's lawyers are arranging for him an exit package
of over $1 million.  

If his exit is finalized, this will end Dodd's five-year
engagement with NRMA Ltd and its insurance subsidiary. Ian Brown,
the former head of NIGL subsidiary SGIO, has already taken over
as appointed interim CEO.


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


ERVIN INTERNATIONAL: Will Face Winding Up Petition
------------------------------------------------
Ervin International Investment Limited will face a winding up
petition before the High Court of Hong Kong on May 23, 2001. The
petition was filed on March 16, 2001 by Bank of China, whose
principal place of business of its Hong Kong Branch is at 1
Garden Road, Hong Kong.


GIVE WIDE: Winding Up Petition Scheduled
----------------------------------------
Give Wide Development Limited will face a winding up petition
before the High Court of Hong Kong on May 16, 2001. The petition
was filed on March 6, 2001 by Sandvik Tamrock (Far East) Limited
(Petitioner), whose registered office is situated at 17A Somerset
House, Taikoo Place, 979 King's Road, Quarry Bay, Hong Kong.


ORIENTAL STAR: To Face Winding Up Petition
------------------------------------------
Oriental Star Manufacture Development Company Limited will face a
winding up petition before the High Court of Hong Kong on April
25, 2001. The petition was filed February 15, 2001 by Fung Wing
Han of Flat C, 4th Floor, 15-19 Square Street, Sheung Wan, Hong
Kong.


PRIMAJET INDUSTRIAL: Faces Winding Up Petition
----------------------------------------------
Primajet Industrial Limited will face a winding up petition
before the High Court of Hong Kong on May 2, 2001. The petition
was filed on February 16, 2001 by Kincheng Banking Corporation of
55 Des Voeux Road Central, Hong Kong.


SENWISE ENTERPRISES: Winding Up Petition Imminent
-------------------------------------------------
A petition for the winding up of the Senwise Enterprises Limited
was filed in the High Court of Hong Kong on February 5, 2001 by
Kincheng Banking Corporation of 55 Des Voeux Road Central, Hong
Kong. Hearing of the said petition has scheduled at 9:30 am April
18, 2001.


YUET WAH: Winding Up Petition Scheduled
---------------------------------------
Yuet Wah Club Limited will face a winding up petition before the
High Court of Hong Kong on May 16, 2001. The petition was filed
March 7, 2001 by Chan Lit Chuen of Room 2305, Yiu Wah House, Yiu
Tung Estate, Shaukeiwan, Hong Kong.


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


CHANDRA ASRI: May Face Forced Closure
-------------------------------------
PT Chandra Asri Petrochemical Centre's (CAPC) liquidity crisis
may lead the company into a forced closure of operations by the
end of the month, Asia Pulse reported late last week, citing a
report.

A source quoted in Bisnis Indonesia, said that the company's
Japanese creditors have already withdrawn from the company a
total of US$70 million and that CAPC's factory would be heading
for closure if no new working capital would come in.

The government and a Japanese consortium, led by Marubeni
Corporation, have not firmed up an agreement on a proposal for
debt restructuring involving about US$600 million. In the
negotiations, Marubeni approved a debt rollover of 15 years at 2
percentage points above LIBOR. The government asked for an annual
interest rate lower than LIBOR, the Post reported.


SEMEN GRESIK: Spin-off To Pose Risk For Gov't
---------------------------------------------
According to PT Cemex Indonesia, the Indonesian government's plan
to spin off two PT Semen Gresik's subsidiaries might place its
prospective income of US$520 million at risk as a result of  
divesting its shares in PT Semen Gresik, the Jakarta Post
reported last Friday.

Cemex, claimed president of its Indonesian unit Francisco
Noriega, holds the right, under its put-option deal with the
Indonesian government, to acquire the government's 51 percent
stake in Semen Gresik worth $520 million. He told the Post: "If
the government says they want to sell, we (Cemex) end up paying
four times what the company (Semen Gresik)'s value is today."
Cemex owns 25.53 percent stake in Gresik.

Under the put-option agreement, Semen Gresik shares are valued at
$1.65 apiece, as opposed to the present market value of Rp4,500.

Noriega added that Cemex did not intend to acquire Gresik's
shares at the agreed price if the sell-off would not include
Gresik's units, PT Semem Padang and PT Semen Tonasa.


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


CRAYFISH COMPANY: Auditors Resign, Shares Drop
----------------------------------------------
Following the resignations of all five corporate auditors of
Crayfish Company Limited, the troubled Japanese email provider's
shares plunged by 13 percent, Reuters reported Thursday last
week.

Three more auditors might also follow their colleagues, but
subject to the appointment of successors, Reuters said.

The company auditors resigned after the company's board rebuffed
a motion to ax Crayfish president Isao Matsushima, Matsushima
told Reuters.

Matsushima said: "The move was partially because I was not able
to fully explain to them about ventures and information
technology.

"Other directors said I was capable of leading our efforts to
establish a new business model. And we are considering the way to
gain synergy effects from the investments we have made in
information technology firms, although there seems to be some
risk of not recovering part of the investment."

The company posted a group net loss of Y4.12 billion for the
October-December period owing to a diminishing subscriber base
and an extraordinary loss incurred from terminating the
operational tie-up with Hikari Tsushin, an Internet investor who
acted as Crayfish sales agent.


UFJ HOLDINGS: Added Restructuring Programs To Be Disclosed
----------------------------------------------------------
UFJ Holdings Incorporated is set to disclose new restructuring
programs later this month, Japan Times Online reported yesterday.
These new programs are in addition to those announced in March.

UFJ is the new bank holding company, resulting from the
integration of operations of Sanwa Bank, Tokai Bank, and Toyo
Trust & Banking Company. These three banks announced their
restructuring program last month which would call for the
slashing of the workforce by 8,000 within the period ending in
March 2005, and the abolition of over 100 domestic bank outlets
either by closure or merger.

In March, the three banks decided to write off bad loans of about
Y1.13 trillion, approximately twice as much as previously
planned.


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


HYUNDAI ENGINEERING: KEB Head In Hot Seat
-----------------------------------------
Korea Exchange Bank (KEB) President Kim Kyung-lim is in the hot
seat in the wake of the bank's downed share prices, attributed to
the bank's stake in the financially troubled Hyundai Engineering
& Construction (HDEC), The Digital Chosun reported yesterday. KEB
is the principal creditor of HDEC.

Kim has been criticized for his loose and soft dealings with
HDEC. Kim's critics cited that the KEB president underestimated
the trouble that HDEC has been in.

For the last two years KEB has been in a fix, as its mounting
non-performing loans (NPL) compelled the company to undergo a
capital reduction plan, leaving shareholders with a 50% reduction
in their shares. Because of this measure, KEB was delisted until
January 15 of this year. However, since its re-listing on the
market, KEB shares have further dropped due to HDEC's
announcements of losses of W1.9 trillion for its year 2000
operations.

Chosun also reported that KEB has been blamed for securing loss
provisions of 20 percent for the loans extended to HDEC.


HYUNDAI MOTOR: Libel Suits Ahead For Media Outfits At PAC
---------------------------------------------------------
Hyundai Motor announced Sunday denying press reports that its
Chairman Chung Mong-koo would fly to North Korea to take over
Hyundai Group's North Korean ventures, adding that the company
would file libel suits at the Press Arbitration Commission
against the media outlets that ran the story, The Digital Chosun
reported yesterday.

"I have never considered the possibility of visiting the North,
and Hyundai Motor has no plans to get involved in Hyundai Group's
major investment projects in North Korea as they show no signs of
generating profits," said Chung Mong-koo, also chairman of Kia
Motors. He also added that the company would rather concentrate
on its automaking operations, as opposed to the request of the
North Korean government for Hyundai's NK takeover.

Hyundai Motor's refusal, according to the report, affirmed the
company's decision to shield its market rating and stock-trading
price. Observers opined that Hyundai Motor stands by its decision  
to avoid entanglement in the group's North Korean ventures for
fears of sacrificing its position in the auto industry.

The observers also cited that Hyundai's foreign stakeholders
would disapprove should the company management agree to the North
Korean government's appeal, Chosun said. Foreign investors hold
ownership of more than half of the company's equity. Daimler-
Chrysler Mitsubishi owns a 12 percent stake.


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


REPCO HOLDINGS: Extension of Moratorium
---------------------------------------
Repco Holdings Berhad announced that the moratorium, under
section 41 of the Pengurusan Danaharta Nasional Berhad Act 1998,
had been further extended to April 7, 2002. The moratorium took
effect from the date of the appointment of administrators Kenneth
The Ah Kiam and Gong Wee Ning, from the PricewaterhouseCoopers.
The extension is pursuant to section 41(3) of the Act.

During the period of the moratorium, no creditor may take action
against the Companies except in accordance with section 41 of the
Act. All dealings and enquiries may be directed to the Special
Administrators.

Special Administrators (SA) were appointed over the company and
seven of its subsidiaries on April 8, 1999 by Pengurusan
Danaharta Nasional Bhd, by virtue of the acquisition by Danaharta
Managers Sdn Bhd of the outstanding balances of loans obtained by
the company and the subsidiaries from a financial institution.

The SAs have assumed control of the company and a 12-month
moratorium (which has since been extended for a further 12
months) is in place from the date of appointment of the SAs. The
SAs are presently finalizing a workout proposal.

Repco had been operating in the automotive products, timber and
gaming sectors. The Group's timber division ceased operation
effective December 31, 2000, as it had not been granted an
extension for its timber rights concession, which expired.


SISTEM TELEVISYEN: Announces Restructuring Bid
----------------------------------------------
On behalf of Sistem Televisyen Malaysia Berhad - TV3, Arab-
Malaysian Merchant Bank Berhad announced the preliminary details
of the proposed restructuring scheme proposed by the company. It
is to be noted that the proposals set out in this announcement
may be subject to further revisions, if necessary. Currently,
Corporate Debt Restructuring Committee is currently assisting the
company in discussions with the financial institutions.

In brief, the proposed restructuring scheme to be undertaken by
TV3 entails the following:

(i) Proposed Capital Reduction of TV3 shares from an issued and
paid-up share capital of RM170.3 million comprising 170.3 million
ordinary shares of RM1.00 each to RM85.15 million comprising
85.15 million ordinary shares of RM1.00 each;

(ii) Proposed Share Premium Account Reduction amounting RM2.26
million against the accumulated losses of TV3;

(iii) Proposed Scheme of Arrangement between Scheme Creditors and
TV3 which also involves the novation of amounts due to lenders at
TV3's subsidiaries which are secured by Corporate Guarantees from
TV3;

(iv) Proposed Restricted Issue of 75 million new ordinary shares
of RM1.00 each to Simpletech Sdn Bhd and/or its nominees at a
proposed issue price of RM1.00 per share;

(v) Proposed Bonds with Warrants Issue of RM125 million nominal
amount and offer for sale of 120.12 million Warrants detached
therefrom; and

(vi) Proposed Restricted Offer for Sale of 63.87 million and
42.58 million of ordinary shares and Irredeemable Convertible
Preference Shares ("ICPS") respectively by the Scheme Creditors
to the Shareholders of TV3 after the Proposed Capital
Reconstruction at an offer price of RM1.00 per ordinary share and
ICPS.

Today, the company has already filed an application to the High
Court of Malaya pursuant to Section 176(1) of the Companies Act,
1965 to implement the proposed restructuring scheme. Details of
the proposed restructuring scheme are as follows:

          Proposed Capital Reduction

As of August 31, 2000, the audited issued and paid-up share
capital is RM170,318,012 comprising 170,318,012 ordinary shares
of RM1.00 each. Pursuant to Section 64 of the Companies Act,
1965, TV3 is proposing a capital reduction of its issued and
paid-up share capital from RM170,318,012 comprising 170,318,012
ordinary shares of RM1.00 each to 170,318,012 ordinary shares of
50 sen each representing a capital reduction of 50 sen for every
existing ordinary share of RM1.00 each. The Proposed Capital
Reduction will give rise to a credit of RM85,159,006.00, which
will reduce the accumulated losses from RM511,500,781 to
RM426,341,775.

Following the Proposed Capital Reduction, the issued and paid-up
share capital of TV3 comprising 170,318,012 ordinary shares of
RM0.50 each will be consolidated on the basis of two ordinary
shares of RM0.50 each into one ordinary share of RM1.00 each.
Upon completion of the Proposed Capital Reduction and Proposed
Capital Consolidation, the issued and paid-up share capital of
TV3 will be RM85,159,006 comprising ordinary shares of RM1.00
each.

       Proposed Share Premium Account Reduction

As of August 31, 2000, the Share Premium account of TV3 amounted
to RM2,263,840. The Share Premium Account of the Company will be
reduced in full and that the credit of RM2,263,840 arising from
which would be set-off against the accumulated losses of the
company as at 31 August 2000.

      Broad Framework of Creditors' Scheme

The Proposed Scheme of Arrangement will involve TV3 and six of
its subsidiaries to be implemented under one scheme and a
compromise in respect of amounts owing to the scheme creditors as
of August 31, 2000, which will cover an aggregate debt of
RM714,621,803.

The total amount of debts of TV3 Group excluded from the proposed
scheme of arrangement is approximately RM126.4 million as of  
August 31, 2000 comprising secured lenders, preferential
creditors, hire purchase creditors and creditors of TV3
subsidiaries. Save for the lenders that are secured by corporate
guarantee arising from the six subsidiaries stated above, the
other subsidiaries of TV3 are excluded from the proposed scheme
of arrangement.

The debts owing to lenders of the above six subsidiaries of TV3
who have been granted corporate guarantees from TV3 will be
novated to TV3. The total amount to be novated is RM139.49
million and will be treated in the same manner as the Unsecured
Lenders and Unsecured Creditors of TV3.

As announced on March 16, 2001, TV3 is currently in the middle of
disposing its 74,516,998 unit holdings in First Malaysia Property
Trust pursuant to a voluntary offer by Commerce Asset-Holding
Berhad for a total cash consideration of approximately RM46.57
million. The unit holdings have been pledged to Commerce
International Merchant Bankers Berhad as a security agent
pursuant to a bridging loan facility granted to TV3 by a
syndication of lenders under a loan agreement dated 27 November
1996. Accordingly, RM32.3 million out of the total cash
consideration of RM46.57 million will be utilized to repay the
loan facility and the balance RM14.27 million will be utilized
for working capital of TV3.

The company proposes a debt waiver of 30 percent on the total
debts outstanding to all scheme creditors amounting to RM214.39
million. After the debt waiver, the first RM50,000 debt to each
scheme creditor will be fully settled in cash, collectively
amounting to RM10.87 million. Thereafter, the remaining debt of
RM489.36 million is proposed to be settled as follows:

(i) 25percent or RM122.34 million via cash settlement;

(ii) 35 percent or RM171.28 million via issuance of 171.28
million TV3 ICPS of RM1.00 each; and

(iii) 40 percent or RM195.74 million via issuance of 195.74
million TV3 new ordinary shares of RM1.00 each.

            Proposed ICPS Issue

Pursuant to Proposed ICPS Issue, 171.28 million ICPS of RM1.00
each will be issued to the Scheme Creditors at an issue price of
RM1.00 each. The ICPS will be listed on the Kuala Lumpur Stock
Exchange (KLSE) and will have a fixed tenure of five years from
the date of issue. Each ICPS holder shall have the right to
convert every RM1.00 nominal value of ICPS into one new ordinary
share of RM1.00 each of TV3 at any time commencing one year from
the date of issue until the expiry of its tenure. Any outstanding
ICPS at that juncture shall be automatically converted into
ordinary shares. The ICPS also carry a cumulative 3 percent
dividend per annum.

           Status of the ICPS

All ICPS issued pursuant to the Proposed ICPS Issue will, upon
allotment and issue, rank after all secured and unsecured
obligations of TV3 but the new shares issued on conversion rank
pari passu in all respects with the then issued and paid-up
ordinary shares of TV3. Prior to conversion of the ICPS to
ordinary shares, the holders of ICPS will be entitled pari passu
with the holders of ordinary shares to any distribution of
surplus in the event of a winding-up except for any dividend
declared made or paid to the ordinary shareholders whereby the
ICPS would rank ahead of ordinary shares. Further, the ICPS will
be subject to the provisions of the Articles of Association of
TV3 relating to transfer, transmission and otherwise.

           Status of the New Ordinary Share

The new ordinary shares of TV3 arising from the Proposed Debt-
Equity Swap shall upon allotment and issue, rank pari passu in
all respects with the existing shares of the Company after the
Proposed Capital Reconstruction except that they will not be
entitled to any dividends or other form of distribution that may
be declared, made or paid in respect of the financial period
prior to the financial period in which the new shares are issued
or for any interim dividends or other distributions that may be
declared prior to the date of allotment and issue of the new
shares or participate in the Proposed Offer for Sale of Warrants.

           Proposed Restricted Issue

Upon completion of the proposed capital reconstruction, it is
proposed that TV3 undertake a restricted issue of 75,000,000 new
ordinary shares of RM1.00 each at an issue price of RM1.00 per
share to Simpletech Sdn Bhd and/or its nominees. Simpletech Sdn
Bhd is a company controlled by Encik Mohd Ibrahim bin Mohd Nor,
who is also the Executive Vice Chairman of TV3. The 75,000,000
new ordinary shares of RM1.00 each to be issued pursuant to the
Proposed Restricted Issue will upon issue and allotment, rank
pari passu in all respects with the TV3 ordinary shares after the
proposed capital reconstruction and will be entitled to the
proposed offer of warrants but are not entitled to the proposed
restricted offer for sale.

          Proposed Bonds With Warrants Issue

The proposed issue of RM125 million nominal amount of bonds with
120,119,250 detachable warrants will be structured on a bought
deal basis. The bonds which are expected to be bank guaranteed
shall have coupon rate of 4.5 percent per annum payable semi-
annually in arrears and a tenure of five years from the date of
issue of the bonds.

The bonds with the rights to allotment of the warrants will be
issued by TV3 to a primary subscriber at 100 percent of the
nominal value of the Bonds. The primary subscriber shall detach
the rights to allotment of the warrants from the bonds and
undertake a private placement of the entire RM125 million nominal
value of the bonds (without the warrants) to financial
institutions and/or selected investors as prescribed in Schedule
2 of the Securities Commission Act, 1993.

The primary subscriber shall then undertake an offer for sale of
the rights to allotment of 120,119,250 warrants in TV3 at an
offer price to be determined to entitled shareholders of the
company on a renounceable basis of three warrants for every four
existing TV3 shares held after the proposed restricted issue.

The warrants shall have a proposed exercise price of RM1.50 per
warrant, subject to the approval of the Securities Commission
(SC). The warrants may be exercised at any time on or before the
maturity date falling five (5) years from the date of issue of
the warrants. The Warrants will be listed on the KLSE.

          Proposed ROS of Ordinary Shares

Pursuant to the Proposed Restructuring Scheme, the Scheme
Creditors will undertake a restricted offer for sale of the
rights to allotment of 63,869,254 ordinary shares to the
shareholders of TV3 on the basis of three ordinary shares for
every four ordinary shares held in TV3 after the Proposed Capital
Reconstruction at an offer price of RM1.00 per share. The
proposed ROS is not renounceable and is not underwritten.

             Proposed ROS of ICPS

Pursuant to the proposed restructuring scheme, the scheme
creditors will also undertake a restricted offer for sale of the
rights to allotment of 42,579,503 ICPS to the shareholders of TV3
on the basis of one ICPS for every four ordinary shares held in
TV3 after the proposed capital reconstruction at an offer price
of RM1.00 per ICPS. The Proposed ROS is not renounceable and is
not underwritten.

The proposed restricted offer for sale will enable the existing
shareholders to partly restore their equity stakes in TV3 after
the proposed capital reconstruction.

The proceeds to be raised from the proposed restricted issue and
proposed bonds with warrants issue are expected to be utilized
for the proposed cash settlement, expenses relating to the
proposed restructuring scheme and working capital of TV3.

The proposed restructuring scheme has been formulated to address
the current debt level and financial constraints of TV3, which
hinder the business prospects and competitiveness of TV3 in the
media and broadcasting industry.

The proposed restructuring scheme will alleviate TV3's heavy debt
burden and mitigate the impending threat of liquidation. It
enables TV3 to remain as a going concern as well as comply with
the KLSE PN4/2001 requirements to safeguard its continued listing
and quotation of its shares on the KLSE.

The proposed restructuring Scheme will not have any impact on the
earnings of TV3 for the financial year ended 31 August 2001 as it
is expected to be completed thereafter. However, the proposed
restructuring scheme is expected to return TV3 Group to
profitability and address part of the accumulated losses.

Based on the audited consolidated balance sheet of TV3 as at 31
August 2000, the total borrowing (excluding trade and other
creditors) is approximately RM542.3 million. Upon completion of
the proposed restructuring scheme, the total borrowings will be
reduced to RM126.9 million (principally represented by the bonds
issued as part of the proposed restructuring scheme).

None of the directors or substantial shareholders of TV3 or any
other persons connected with them has any material interest,
direct or indirect, in the proposed restructuring scheme save for
Encik Mohd Ibrahim bin Mohd Nor who is the Executive Vice
Chairman of TV3 as well as the Director and substantial
shareholder of Simpletech Sdn Bhd, which would be subscribing for
the 75 million ordinary shares to be issued pursuant to the
proposed restricted issue.

The Proposed Restructuring Scheme is subject to the
approvals/sanction as the case may be of the following:

(i) the SC;

(ii) the Foreign Investment Committee;

(iii) the Scheme Creditors for the Proposed Scheme of
Arrangement;

(iv) the shareholders of TV3 at an Extraordinary General Meeting
to be convened;

(v) the High Court of Malaya for the Proposed Scheme of
Arrangement, Proposed Capital Reduction and Proposed Share
Premium Account Reduction;

(vi) the KLSE: a) for the listing of and quotation for the new
TV3 securities arising from the Proposed Restricted Issue,
Proposed Debt-Equity Swap, upon exercise of the Warrants and upon
conversion of ICPS; b) for the admission to the Official List of
the KLSE for the Warrants and ICPS to be issued; and

(vii) any other relevant authorities.

The Board is of the view that the successful implementation of
the proposed restructuring scheme would mitigate an impending
liquidation, suspension and delisting of TV3. In that respect,
the proposed restructuring scheme would significantly strengthen
the financial sub-stratum of TV3 to ensure its continued business
viability.

The Board of Directors of TV3 has appointed Arab-Malaysian as the
adviser to TV3 on the proposed restructuring scheme and Alliance
Merchant Bank Berhad (formerly known as Amanah Merchant Bank
Berhad) to act as an independent adviser for the minority
shareholders of TV3.


TECHNO ASIA: Halts Operations Of Subsidiary
-------------------------------------------
Techno Asia Holdings Berhad (TECASIA) has announced that
operations of Prima Moulds Manufacturing Sdn Bhd (PMMSB), its
wholly owned subsidiary, ceased on April 4, 2001.

PMMSB was principally involved in the manufacturing of standard
steel mould and custom steel mould bases from a shared rented
premises at Plot 241, Lorong Perusahaan 8, Prai Industrial
Estate, Penang.

PMMSB was unable to continue as a viable operating concern as  
demand for its mould bases had deteriorated significantly.

The inability of PMMSB to circumvent the high cost of production
and the absence of an effective team of technical personnel have
further impeded its business and operations from the resulting
decline in orders.

The current financial position of the company is insolvent. The
cessation of trading took effect to minimize further losses and
to preserve the remaining assets for its creditors.

The cessation of PMMSB's operations will involve the retrenchment
of 16 employees and the cost of retrenchment is estimated at
RM66,000.

TECASIA is expected to reduce its losses by approximately
RM900,000 for the financial year ending December 31, 2001 as a
result of the cessation of PMMSB's operations.

The cessation of PMMSB's operations has no material impact on the
net tangible assets and earnings per share of TECASIA for the
financial year ending December 31, 2001.


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


MANILA ELECTRIC: Debt Waiver From ADB Granted
---------------------------------------------
Asian Development Bank has provided a debt waiver to Manila
Electric Company (Meralco), despite the latter's falling short of
its required rate of return for the last three years, Business
World reported Friday last week.

According Satish H. Rao, ADB manager for energy division East
Asia, in a letter dated March 9, Meralco's financial condition is
still in top shape, notwithstanding its lower level of rate-on-
return base (RORB), which is used as the gauge for the firm's
profitability. Meralco's loan agreement with ADB required that
the power-distributing firm must achieve an 8 percent RORB, World
said.  

For the year 2000, the firm's RORB slipped to 4.7 percent from
5.5 percent in the previous year, World said, resulting from a
drop of 24.78 percent in its net income to P2.498 billion from
P3.309 billion in 1999.

Rao, in the same letter, further said: "Based on the reason for
non-compliance provided, combined with the fact that Meralco has
still a relatively strong cash flow despite slippage in its ROR
target, I would like to inform you that, on an exceptional basis,
ADB has waived Meralco's compliance with a ROR covenant for the
2000 fiscal year."

Meralco, through its senior vice-president and head of finance
Daniel D. Tagaza, claimed that this vote of confidence from ADB
is a welcome relief, adding that the ADB letter to Meralco also
served as a warning to the company, citing the "exceptional
basis" clause.

Tagaza further said that, upon this warning, it would be
imperative for Meralco to get the approval of the Energy
Regulatory Board for its pending rate increase petition, which
would increase rates by P0.30 per kilowatt hour (kWh), World
said.

Meralco was able to increase its energy sales by 7 percent and
its customer base by 200,000 in 2000. It would need added funds
to finance its expansion projects in order to serve its growing
constituency.


UNITED COCONUT: Non-Performing Loans Cause Big Loss  
---------------------------------------------------
United Coconut Planters Bank (UCPB) incurred last year a net loss
of P280 million, opposed to its net profit of P1 billion in the
preceding year, Business World reported Friday last week.
According to the bank's President Lorenzo Tan, this was brought
about by the bank's non-performing loans, which increased last
year to 18 percent of the total loan portfolio. This is up from
14 percent in 1999 due to the rising trend of bad loans in the
general banking sector.

Tan also cited the bank's loan loss provisions, which, as
required by the central bank, burgeoned to P6.2 billion or 50
percent of the total non-performing loans, World reported.  
Jeronimo Kilayko, UCPB chairman, said that the bank has already
stopped giving out new loans, due to its huge portfolio.

UCPB is currently preparing the sell off of its real properties
worth P6 billion. Bank officials also said UCPB needed to secure
fresh capital, from P5 billion to P20 billion, to place it in
competitive form with other domestic banks. At present its
capitalization stands at P10 billion.


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


ARIS DESIGNTOOLS: Voluntary Winding Up
--------------------------------------
The Board of Directors of Omni Industries Limited (OI) announced
Friday last week that Aris Designtools Pte Ltd (Aris), an
associate company in which OI has 33.33 percent shareholding had
appointed Mr Tay Tiang Song of 1 Sophia Road #05-14/16 Peace
Centre, Singapore 228149 as liquidator for voluntary winding up.

The voluntary winding up is not expected to have any material
impact on OI's net earnings per share or net tangible assets per
share for the financial year ending December 31, 2001.


ASIA PULP: To Begin $12-B Debt Reorg
------------------------------------
Asia Pulp & Paper Company was set to meet yesterday for the first
time with its creditors regarding the company's financial status
as it had defaulted repayment of its $12 billion last month,
Bloomberg reported yesterday.

The meeting was expected to be attended by bondholders, banks,
export credit agencies and trading companies. In the same
occasion, Asia Pulp was expected to present its proposition for
the reorganization of its debts, and reveal how much it actually
owes, Bloomberg continued.

Also expected to attend the meeting were representatives from the
Indonesian Bank Restructuring Agency (IBRA). Sinar Mas Group,
Asia Pulp's parent company pledged to IBRA that its assets would
be used to guarantee the $1.3-billion loan extended to the parent
company. Because of this, other Asia Pulp creditors already
feared that there wouldn't be anything left for them should Asia
Pulp be liquidated, Bloomberg said.

Last week, the company revealed that it lost an additional $220
million in debts from two foreign currency swap deal entered into
in 1997.

Justin Ferrier, director of Asia Debt Management Hong Kong Ltd, a
creditor of Asia Pulp, said in the Bloomberg report: "You've got
to work out what debt they've got, what assets they've got and
who has claim over those assets -- that will take some time."

"The government of Indonesia and IBRA recognize the critical
importance of the Asia Pulp debt restructuring, not only for its
direct impact on the Indonesian economy, but also for its
potential to impact Indonesia's continued access to international
capital markets," Edwin Gerungan of IBRA said in the Bloomberg
report.

Asia Pulp operates 17 pulp and paper plants in Indonesia, China
and India. Last month, the company appointed Credit Suisse First
Boston as its adviser for its debt reorganization, and J.P.
Morgan Chase & Co. for the asset sales.


HOTEL PLAZA: Dissolves Joint Venture
------------------------------------
Hotel Plaza Limited (HPL) has agreed to terminate the joint
venture agreement dated April 29, 1998 made by its wholly-owned
subsidiary Plaza Pacific Hotels & Resorts International Pte Ltd
(PPHR), SPHC Asia Limited (formerly Travelodge Limited) and SPHC
Plaza Pte Ltd, the joint venture company.

The HPL Group, through its related companies and other joint
venture companies, owns three hotels in Singapore, four hotels in
Australia, two in West Malaysia and two in Vietnam. The three
hotels in Singapore and one hotel in Vietnam which were under the
overall supervision of SPHC Plaza Pte Ltd (SPHC Plaza) will
continue to be managed by PPHR, and the Group would like to thank
and assure its customers that it will spare no efforts to ensure
the standard of service of its employees and the quality of its
hotels would be maintained.

Following the termination of the JV Agreement SPHC Plaza would be
placed under members' voluntary liquidation and would, upon
liquidation, cease to be an associate of HPL.


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


ONE HOLDING: Court Accepts Rehab Petition
-----------------------------------------
The Central Bankruptcy Court has accepted a rehabilitation
petition of One Holding Plc, The Nation reported Friday last
week. It was filed by One Holding creditors, namely, Siripinyo
Company, Interlife John Hancock Assurance and APC Accom
Corporation. The petition will be heard on April 30.

Prior to this, the court rejected a previous rehabilitation plan,
The Nation said. The company's liabilities stood at Bt8.9
billion, and assets at Bt1.9 billion, as of December 31, 2000.

The new rehabilitation plan would call for a reduction of the
company's registered capital, the sale of non-core assets and
investments in listed companies, debt-to-equity swap deal, and
the establishment of a new production line.

Creditors are determined to rehabilitate One Holding because of
its production capacity and value, citing that it exports 80
percent of its latex thread produce, and that the company is able
to produce 7,000 tons of thread that could generate annual
revenues of over Bt400 million.


THAI ENGINE: Presents Reorg Plan
--------------------------------
The Central Bankruptcy Court ordered on April 21, 2000 the
reorganization of the business of Thai Engine Manufacturing
Public Company Limited (TEM) pursuant to the Bankruptcy Act B.E.
2483 as amended, appointing Churchill Pryce Planner Company
Limited as Planner.  The TEM creditors meeting held on 7th
November 2000 voted in favor of TEM's reorganization plan and on
20th December 2000 the Central Bankruptcy Court approved the
reorganization plan ("Approved Plan") and appointed Churchill
Pryce Planner Company Limited as Plan Administrator.

The Business Reorganization Plan consists of 7 steps:
Step One      - Restructure of Existing Indebtedness
Step Two      - Transfer of Selected Assets and Liabilities to
AMCs
Step Three    - Transfer of Collateral to Remaining Secured
Creditors with value of 29 MB
Step Four     - Multiple Capital Reduction to THB 3.75 million
Step Five     - Capital Increase and Swapping of Debt for Equity
Step Six      - Forgiveness of Remaining Debt
Step Seven    - Re-listing of TEM Operating Business Unit

Step 1
It was completed on December 21, 2000. The Official Receiver
still has 2 of the total 244 creditor claims to be finalized
before Stage 2, the assignment of creditor claims to AMC I and
AMC II, can be completed.

Step 2
The asset management companies are incorporated on 18 January
2001. The "TEM Assets Recovery Co Ltd" will collect debt owed to
TEM. The "T.E.M. Business Operations Co Ltd" will manufacture
small diesel engines as TEM.

The proposed Assignment Agreements have been reviewed by the
creditors Committee and are now being distributed to creditors.
The signing of the Agreements is scheduled from 23 April to 27
April 2001. The final order from the Official Receiver on the
remaining 2 claims determines the signing date and the completion
of this stage.

Step 3
To be implemented after signing of Assignment Agreements.

Step 4
To be implemented after signing of Assignment Agreements.

Step 5
To be implemented after signing of Assignment Agreements.

Step 6
To be implemented after signing of Assignment Agreements but
subject to MHI issuing a license for AMCII on terms acceptable to
the creditors committee.

Step 7
To be implemented after the forgiveness by creditors of the
remaining debt of TEM.

For the time being, the structure of TEM, AMC I and AMCII and the
role of stakeholders in these companies cannot be precisely
specified. They depend on the result of final order from the
Official Receiver and, consequently, the assignment of debts.  
The progress will be reported once all matters are finalized.

Meanwhile, operations at TEM are continuing, albeit currently at
a low rate of output to conserve working capital. 62 staff
workers, approximately 26 percent of TEM's labor force, have
accepted voluntary redundancy packages at a total cost of THB 5.4
million. The staff reductions are part of the process of right
sizing the business. Mitsubishi has terminated the license
agreement with TEM on the grounds of the insolvency of TEM and
AMC II is applying for a new modified Mitsubishi License in it's
own right. Alternative engine models are being sort in case no
new license agreement can be agreed with Mitsubishi. Bank of
America has been retained to seek new investors for TEM and
feedback is expected by early April 2001. Thus, the listing
status of TEM will be determined by the new investor.

The reorganization of TEM is proceeding in accordance with the
approved plan and the process remains on schedule and on budget.   


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.

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