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                        A S I A   P A C I F I C

                 Thursday, April 12, 2001, Vol. 4, No. 72


                               Headlines


A U S T R A L I A

ALPHA HEALTHCARE: Ramsay Is Shareholder
HARRIS SCARFE: Appoints Receivers, Managers
HARRIS SCARFE: Reports Financial Status
PASMINCO LIMITED: Appoints Chief Financial Officer
RECKON LIMITED: Posts Notice Of AGM
ROSETTO WINES: Creditors OK Company Deed
SEAFOOD ONLINE: Creditors Give A Month For Talks


C H I N A   &   H O N G  K O N G

TREASURE GOLD: Faces Winding Up Petition
TREASURE GOLD: Winding Up Petition Ahead
XINGSHEN INVESTMENT: To Cease Trading


I N D O N E S I A

BUNAS FINANCE: Completes Debt Restructuring Exercise
SINAR MAS MULTIFINACE: Completes Debt Restructuring
TIRTAMAS COMEXINDO: IBRA Searching For Evidence In Case


J A P A N

JUSCO COMPANY: To Post Y22-B Net Loss
MITSUBISHI MOTORS: OKs To Raise Stake Of DaimlerChrysler


K O R E A

ERUME COMPANY: Exchange Suspends Shares Trading
HYNIX SEMI: Requests Export Credit Maturity Extension
HYUNDAI GROUP: Gov't To Help N. Korean Ventures
KOOKMIN BANK: To Firm Up Merger Deal With H&CB


M A L A Y S I A

MAY PLASTICS: Reports Default In Payment
PANCARAN IKRAB: SC Approves Restructuring Bid
RENONG BERHAD: Defers Bid For Asset Transfer
RENONG BERHAD: UEM Reacts To Deferment Of Assets Transfer


P H I L I P P I N E S

NATIONAL POWER: Picks Five IPP Contracts
URBAN BANK: Small Depositors Offer To Tender Rehab Plan


S I N G A P O R E

ASIA PULP: Committees To Draft Debt Workout Plan
I-ONE.NET INTERNATIONAL: Shareholder To Dispose Of Stake


T H A I L A N D

LOXLEY PUBLIC: Reports Progress Of Restructuring Plan
SIAM GENERAL: To Suspend, Delist Warrants Trading
SUN TECH GROUP: Creditors Approve Reorg Plan
THAI ENGINE: Reports Summary Of Reorg Plan

     -  -  -  -  -  -  -  -  -  -  

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


ALPHA HEALTHCARE: Ramsay Is Shareholder
---------------------------------------
Alpha Healthcare Limited announced yesterday that Ramsay Centauri
Pty Limited became a substantial shareholder in Alpha Healthcare
Limited on April 9, 2001 with a relevant interest in the issued
share capital of 8,679,400 ordinary shares, or 19.9 percent of
the total stakes.


HARRIS SCARFE: Appoints Receivers, Managers
-------------------------------------------
Australia and New Zealand Banking Group Limited appointed Bruce
James Carter and John Menzies Spark April 6 as joint and several
receivers and managers of the company, and the following
subsidiaries of the company: Harris Scarfe Limited, Harris Scarfe
Wholesale Pty Limited, CN 009 476 153 Limited, CamWorks Pty
Limited, CDL Finance Pty Limited, D store Limited, Direct
Fulfilment Pty Limited, G P FitzGerald & Co Limited, Investment &
Merchant Finance Corporation Limited, Tasmanian Retail Services
Pty Limited.

The administrators convened the first statutory meeting of
creditors on Tuesday at the Thebarton Theatre, 112 Henley Beach
Road, Torrensville, SA.


HARRIS SCARFE: Reports Financial Status
---------------------------------------
In the first statutory meeting of creditors, Harris Scarfe
administrators Lindsay Maxsted and Michael Dwyer of KPMG reported
the following:

The Group operates 35 retail outlets and employs 2,600 permanent
and casual staff. Turnover was $406 million for the year ended  
July 31, 2000 and $248 million for the seven months to February
2001.

             Financial Position

The Group's financial position has been materially overstated for
some time. Based on current information available to the
Administrators, adjustments required for overstatement of assets
and understatement of liabilities are currently estimated at $46
million.

The Group's balance sheet as at 28 February 2001 can be
summarized as follows:

TABLE 1
HARRIS SCARFE GROUP

                          BOOK VALUE    ADJUSTMENTS   ADJUSTED
BOOK
                           28 FEB 2001   ($M)          VALUE
                           ($M)                        28/02/2001
                                                       ($M)

ASSETS
Cash                          3                           3
Debtors                      17            (1)           16
Stock                        98           (19)           79
Prepayments and Other        11            (2)            9
Property Plant & Equipment  114            (4)          110
Goodwill                     10                          10

                             253           (26)          227
LIABILITIES
Priority Liabilities
Employees                   (6)                         (6)
Secured Liabilities
ANZ Bank                   (67)                        (67)
            
                             (73)                        (73)   

Available for Unsecured
Creditors                   180           (26)          154

Unsecured Creditors          (73)          (20)          (93)

Surplus of Net Assets at
Book Value                  107           (46)           61


The figures are at book value and no reliance should be placed on
the figures in determining any return to creditors.

The reported adjustments required to reflect a more accurate
financial position by year is estimated as follows:

TABLE 2
HARRIS SCARFE GROUP

FINANCIAL YEAR                      ADJUSTMENTS ($'000)

                        OVERSTATED       UNDERSTATED      TOTAL
                        ASSETS           LIABILITIES      
ADJUSTMENTS

1997                       253                -               253
1998                     2,857                -             2,857
1999                     6,731            2,178             8,909
2000                     3,700            8,646            12,346
(half year to            3,700            5,547             9,247     
Jan 2001)
Sub-total               17,241           16,371            33,612  
Unallocated                                                12,764
TOTAL                                                      46,376

A record of certain adjustments, particularly those that relate
to the overstatement of stock, has been maintained by senior
management and, the administrators were informed, not disclosed
to the board.

The supporting documentation was recently produced to the auditor
and has subsequently been supplied to the administrators who are
compiling their own supporting documentation files to assist with
their investigation.

The systematic overstatement of profit has been funded by   
increased debt, both to the bank and to creditors.

Once the Bank and the creditors refused to supply further credit,
the requirement to repay creditors led to a more thorough
investigation of the cashflow projections, which revealed that
the liabilities of the company had been understated and the
assets overstated.

When the chief operating officer resigned in the week ended  
March 23, 2001 and the chief financial officer announced his
intention to take sick leave on March 28, 2001, the
administrators were informed that the remaining management
revealed the irregularities to the executive chairman, who
immediately called in the auditor to investigate and report to
the board.

When the additional liabilities and reduced stock were taken into
account in the projected cashflows, the Board realized that the
Group was unable to pay all its debts as and when they fell due.
The administrators understand that this occurred on Thursday,  
March 29, 2001.

KPMG was called into the company that day and advised the board
to take steps to ensure no further liabilities were incurred and
that no creditors were paid to avoid preferential payments.

KPMG suggested to the board that the first ranking secured
creditor and largest creditor, the ANZ Bank, be advised
immediately.

At a meeting with the bank on Friday, March 30, 2001, the bank
was advised that if attempts to attract a significant cash
injection over the weekend failed, the Group would have no
alternative but to cease trading and, on advice, appoint an
administrator.

KPMG met with the bank on Sunday following the meeting with the
auditor. The then current nature and extent of the financial
irregularities were outlined to the bank.

On Monday, April 2, 2001, the board was informed that an equity
injection or arrangement to sell or merge the assets was not an
option. The board had met with the bank, which advised that on
the appointment of an administrator the Bank intended to
immediately appoint receivers and managers. Negotiations with the
bank ensued in an attempt to avoid the appointment of receivers
and managers as the board believed the appointment of
administrators would allow for a more orderly restructuring of
the business and for the proposal of a deed of company
arrangement.

When these negotiations failed, the board resolved on Monday,  
April 2, 2001 to appoint administrators on Tuesday, April 3, 2001
if no satisfactory arrangement could be put in place with the
bank.

On Tuesday, April 3, 2001 at 9:30 am the board resolved to
appoint Michael Dwyer and Lindsay Maxsted as administrators of
all companies in the Group.

Following the appointment of administrators, the executive
chairman of the Group advised the regional commissioner of the
Australian Securities Investments Commission (ASIC) of the
financial irregularities.

ASIC has advised that they have commenced a formal investigation
into possible accounting, disclosure and other offences.
Accordingly the administrators have taken steps to secure all
relevant financial information and will be assisting ASIC with
their enquiries.

The administrators continued to trade the operations of the
company whilst they conducted their investigations into the
ongoing viability of the business.

     Appointment of Receivers and Managers

On Friday, April 6, 2001 at 8:30 am, Bruce Carter and John Spark
of Ferrier Hodgson were appointed Receivers and Managers by the
ANZ Bank.

The effect of the appointment of the receivers and managers is to
transfer responsibility for all ongoing trading activities to
them, as is customary in these circumstances. The receivers and
managers will now consider the best options available for
repayment to their appointor, the ANZ Bank, and all other
creditors and shareholders. The administrators' role will now
revert to the statutory responsibilities including the convening
of meetings of creditors and the investigation of the Group's
affairs. The following key aspects will be incorporated in the
investigation:

* identification of any voidable transactions;

* review of possible insolvent trading;

* review of the conduct of the Board, management and the
auditors;

* confirmation and quantification of financial irregularities and
their impact; and

* assisting ASIC with their formal investigations as required.

        Trading Under Administration

Since the date of their appointment, the administrators have been
working to establish the current financial position of the Group
and the projected trading results for the coming months.

It is evident that a number of the stores are unprofitable and
that any restructure of the business may require some store
closures. A financial model for a restructured business is being
examined in conjunction with the Receivers who have the
responsibility for ongoing trading.

The administrators also began the search for a purchaser of the
business. An information memorandum is being prepared and there
has been significant interest in the business. The task of
maximizing the return to stakeholders from any sale of the
business assets will now shift to the receivers and managers.

A large number of creditors have claimed retention of title of
goods supplied to the business prior to the appointment of the
administrators.

Claims received by the administrators have been dealt with as
quickly as possible. Undertakings have been provided by the
administrators that the goods, or the cost of the goods, will be
accounted for to the supplier in the event that the claim for
retention of title is found to be valid. From the date of the
receivers and managers appointment, they are addressing all
matters relating to the business including retention of title
issues.

         Creditors' Meeting

At the first meeting of creditors, which was required to be
convened within 5 business days of the date of our appointment,
creditors will be asked to consider appointing a Committee of
Creditors. The Committee's role will be to consult with the
administrators. Additionally, creditors may by resolution remove
the administrators and appoint other administrators in their
place.

The second statutory meeting of creditors is to be convened to
decide the Group's future. At that stage, creditors will have the
benefit of the report of the administrators into the company's
circumstances. This will include an assessment as to which course
of action available to creditors may be in their best interest,
including details of any proposed Deed of Company Arrangement.

It is likely in the circumstances, that an application will be
made to the Court to extend the convening period to allow for a
more detailed investigation to be conducted and the options for
creditors and shareholders to be fully explored.

The creditors will then determine by resolution at the second
meeting whether:

* the Group should execute a Deed of Company Arrangement; or

* the Administration should end (in which case control of the
Group would revert to the Directors); or

* the companies in the Group should be wound up (in which case
the Administrators become the Liquidators of the companies and
the liquidation proceeds as a Creditors Voluntary winding up).

It is too early for the administrators to provide any advice as
to their preliminary findings, however it is the view of the
Administrators that:

1. the continued operation of the business by the receivers and
managers, whilst any sale of the business, restructuring options
and any possible Deed of Company Arrangement is pursued, is
currently in the best interest of creditors and shareholders;

2. as the board has informed the administrators that they relied
on representations from senior management and reports from their
auditors, the duties of the board to discharge its statutory
responsibilities requires further investigation;

3. the role and conduct of senior management and their apparent
assertions that the Board were fully aware of the accounting
irregularities, requires further investigation; and

4. the conduct of the auditors over the last five to six years
requires further investigation.

The administrators will naturally be keeping creditors fully
informed of their progress. They will be relying on any Committee
of Creditors elected at this meeting to assist them where
appropriate.

Letter From Ferrier Hodgson - Chartered Accountes

"As many of you will know doubt now be aware, Bruce Carter and
John Spark of Ferrier Hodgson were appointed Receivers and
Managers of Harris Scarfe and its associated companies on Friday  
April 6, 2001.

"The practical effect of the appointment is that day to day
control of the groups trading and financial affairs has passed to
the Receivers.

"The Receivers have advised me that Harris Scarfe will continue
to trade normally whilst they assess the group's financial
affairs, and in particular focus their efforts on finding a
purchaser for the business.

"The Administrators will work with the Receivers to achieve the
best outcome for the business and for creditors.

"The Receivers have requested me to advise you that they have
written to all creditors advising of their appointment and
confirming future arrangements for outstanding purchase orders
and the supply of future product and services.

"Creditors should receive their letter from Ferrier Hodgson
within a day or so.

"There will be representatives of the Receivers available after
today's meeting to deal with any particular query a supplier or
creditor may have."


PASMINCO LIMITED: Appoints Chief Financial Officer
--------------------------------------------------
Pasminco Limited has announced that Tony Barnes has been
appointed as Executive General Manager of Finance & Services  
effective late April 2001. The appointment concluded a search
that began in December last year.

Barnes, 50, brings considerable depth of experience to Pasminco
with more than thirty years experience in accounting and finance
positions in Australia and overseas.

He worked with BHP Ltd in various accounting and finance
positions at business unit, corporate and divisional level. He
was Group General Manager Finance for the Petroleum Division from
1991 to 1997.

Barnes was President of BHP Power until its sale in 1999. Most
recently, he has been providing strategic management support as
General Manager of Kingstream Steel Limited, working to develop
the Kingstream merchant slab steel plant venture in Western
Australia.

Pasminco Managing Director and Chief Executive David Stewart said
that Barnes would bring a tremendous wealth of financial and
resources sector knowledge to the role.

Barnes has a Bachelor of Commerce degree from the University of
Melbourne.


RECKON LIMITED: Posts Notice Of AGM
-----------------------------------
Notice is hereby given that the Annual General Meeting of Reckon
Limited will be held at the office of the company on Level 2, 35
Saunders Street, Prymont, New South Wales, 2009 on Friday May 4,
2001, at 9 a.m.

         AGM's General Business  

To receive and consider the Directors' Report for the financial
year ended December 31, 2000, the Annual Financial Report for
that year, the Directors' Declaration and the Independent Audit
Report.

To consider and if thought fit, pass the following resolution as
an ordinary resolution:

"That the appointment of Gary Burg as a director of Reckon
Limited is approved."

To consider, and if thought fit, pass the following resolution as
an ordinary resolution: "That John Thame be re-elected as a
director of the company."

            Special Business

To consider, and if thought fit, pass the following resolution as
an ordinary resolution:

"That for all purposes, including the requirements of Listing
Rule 7.4 of the Australian Stock Exchange Limited, the company's
issue of 657,895 shares to Gray Matter Enterprises Pty Ltd as
consideration for the acquisition of the 50 percent of the
intellectual property rights in the software sold under the name
of QuickPOS not already owned by the Company pursuant to the
QuickPOS purchase agreement between the parties dated 10 August
2000 is approved."

               Proxies

A member entitled to vote at the meeting has a right to appoint a
proxy to attend and vote instead of the member. A proxy need not
be a member. A member who is entitled to cast 2 or more votes may
appoint 2 proxies and may specify the proportion or number of
votes each proxy is appointed to exercise.  If a member appoints
2 proxies and does not specify the proportion or number of votes,
which each proxy is to exercise then, in accordance with section
249X(3) of the Corporations Law, each proxy may exercise half of
the votes for which the proxies are appointed.

A form for appointment of proxy is enclosed.  To be effective the
document appointing the proxy (and the original, or a certified
copy, of the power of attorney or other instrument under which
the document appointing the proxy is signed or executed) must be
received by the company at least 48 hours before the meeting.  
The documents should be delivered to the Company at Level 2, 35
Saunders Street, Pyrmont, New South Wales, 2009, Australia or
sent by facsimile to (02) 9577 5555  (international: 612 9577
5555).

      Corporate Representatives

A representative of a company attending the meeting must present
at the meeting satisfactory evidence of his or her appointment to
attend on the company's behalf, unless previously lodged with the
company.

          Entitlement To Vote

For the purposes of section 1109N of the Corporations Law, the
board has determined that in relation to the Annual General
Meeting of the company convened by the notice of meeting, shares
will be taken to be held by the persons who are the registered
holders at 9.00am (Sydney time) on 2 May 2001. Accordingly, share
transfers registered after that time will be disregarded in
determining entitlements to attend and vote at the meeting.

The company will disregard any votes cast on Resolution 3 by:

a) any of Gray Matter Enterprises Pty Ltd, Tony Gray; and

b) any associate of any person named in paragraph (a) above.

However, the Company need not disregard a vote if:

* it is cast by a person as proxy for a person who is entitled to
vote, in accordance with the directions on the proxy form; or

* it is cast by the person chairing the meeting as proxy for a
person who is entitled to vote, in accordance with a direction on
the proxy form to vote as the proxy decides.


ROSETTO WINES: Creditors OK Company Deed
----------------------------------------
Rosetto Wines' creditors, in an effort to rescue the troubled
company's business, sanctioned a proposed restructuring program.  
A deed of company arrangement was also approved involving Frank
Sergi, a Griffith investor, ABC News Online reported Monday,
citing appointed administrator Robert Whitton.

Rosetto's debt obligations amount to $8 million, while
obligations to unsecured creditors have reached $1.5 million.

According to Whitton, the report said, Sergi's plan gives
creditors two choices: a one-time payment of about 40 cents in
the dollar, or 10 to 15 cents on the dollar with a share in
future profits.


SEAFOOD ONLINE: Creditors Give A Month For Talks
------------------------------------------------
Seafood Online has but a month to undertake negotiations with
parties interested in a takeover, ABC News Online reported
Monday. Should it fail to meet the deadline set by creditors, the
troubled dotcom firm, which operates an aquaculture farm in
northern Queensland, will face liquidation.

In February this year, Seafood Online was placed in the care of
Knights Voluntary Administration.

Meanwhile, Farallon Capital, a private investment entity, and
Roadships Transport have called in the administrators to begin
negotiations on the aquaculture project, ABC said. A positive
outcome of the negotiations with either of the two firms would
mean 50 cents on the dollar going to the creditors.


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


TREASURE GOLD: Faces Winding Up Petition
----------------------------------------
Treasure Gold Investment Limited is facing a winding up petition
before the High Court of Hong Kong on May 23, 2001 at 10 am. The
petition was filed on March 21, 2001 by Chui Choi Hung of Room
404, Cheong Yat House, Nam Cheong Estate, Sham Shui Po, Kowloon,
Hong Kong.


TREASURE GOLD: Winding Up Petition Ahead
----------------------------------------
Treasure Gold Investment Limited is scheduled for a winding up
petition before the High Court of Hong Kong on May 23, 2001 at 10
am. The petition was filed on March 21, 2001 by Chui Choi Hung of
Room 404, Cheong Yat House, Nam Cheong Estate, Sham Shui Po,
Kowloon, Hong Kong.


XINGSHEN INVESTMENT: To Cease Trading
-------------------------------------
Shenyang Xingshen Investment Fund, an old-style closed fund, will
halt trading Tuesday next week, along with Shenyang Jiusheng
Investment Fund and Fudao Investment Fund. The three funds will
merge into Jiufu Securities Investment Fund, AWSJ reported
Monday, citing a report by China Daily. Bank of Communications
will be appointed trustee.

The three entities have direct investments in local industries
and not in securities. Because of the merger, the three funds'
fixed assets will be sold to Great Wall Securities, Xingcai
Securities and Jilin Trust & Investment Company, as included in
the restructuring plans, AWSJ reported.


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


BUNAS FINANCE: Completes Debt Restructuring Exercise
----------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced that
the debt restructuring exercise of multifinance company PT Bunas
Finance Indonesia, Jakarta Post reported Tuesday.

Bunas Finance's restructuring was conducted by a steering
committee composed of 44 international bank creditors and 5
domestic banks, Post reported. The finance firm's debts totaled
US$265.09 million, including $35.95 million in debts, or 13.56
percent of the company's entire debt picture, are owed to IBRA.

The Jakarta Commercial Court, according to IBRA, sanctioned the
debt restructuring agreement, Post said.


SINAR MAS MULTIFINACE: Completes Debt Restructuring
---------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) announced that PT
Sinar Mas Multifinance has completed the restructuring of its
debts of Rp65 billion, in addition to another $2.5-billion debt,
Jakarta Post reported Tuesday. The deal was completed through an
arrangement consisting of a cash settlement and asset settlement.
Only about Rp10 billion of the total amount was paid in cash.


TIRTAMAS COMEXINDO: IBRA Searching For Evidence In Case
-------------------------------------------------------
The Indonesian Bank Restructuring Agency (IBRA) will be seeking  
new evidence and legal action to resolve the case of Tirtamas
Comexindo should the Supreme Court reject its motion to
reconsider a previous decision, Jakarta Post reported Tuesday,
citing IBRA litigation department head Tubagus Adhi Faiz.

IBRA submitted its application for the review on March 6. The
Supreme Court's decision is expected to be released later in the
month.

According to Tubagus, the agency is also mulling over filing
criminal charges against Tirtamas, a large trading firm
controlled by tycoon Hashim Djojohadikusumo, if substantial
evidence is discovered.

IBRA has been lobbying for the Jakarta Commercial Court to
declare Tirtamas bankrupt. Tirtamas had outstanding debt
obligations totaling Rp1.5 trillion, which include loans,
represented by IBRA, worth Rp38.19 billion to Bank Tamara.


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


JUSCO COMPANY: To Post Y22-B Net Loss
-------------------------------------
Jusco Company (TSE:8267) anticipates a consolidated net loss of
Y22 billion for the year ending February 2002. The loss is
attributable to a hefty extraordinary charge to eliminate its
loss in pension and retirement pay obligations, Asia Pulse
reported Tuesday. On a parent-only basis, it expects further a
net loss of Y39 billion.

The supermarket operator's group consolidated pension reserve
deficit amounts to Y78 billion, while on a non-consolidated
basis, Y57.2 billion. The figures are computed with the
assumption of a discount rate of 3 percent.

Losses for the parent company, to be incurred from the
liquidation proceedings for underperforming units, may stand at
Y29 billion.

However, consolidated operation profit is expected to rise, for
the second straight year, by 14 percent to Y105 billion.

Operating profit, for the parent company, may also rise by 19
percent to Y28 billion, while group profit in the firm's
subsidiary Aeon Credit Service Company (TSE:8570) could climb by
19 percent to Y23.8 billion. The group also forecasts that its
subsidiary, Ministop Company (TSE:9946), will post a 6-percent
rise in group operating profit to Y9 billion.

The report also said that Jusco group expects to open 10
additional supermarkets within the current fiscal year.


MITSUBISHI MOTORS: OKs To Raise Stake Of DaimlerChrysler
--------------------------------------------------------
DaimlerChrysler AG will likely hike its stake in Mitsubishi
Motors Corporation (MMC) after the Japanese automaker sanctioned
the raise in the former's capital ratio, Japan Times Online
reported yesterday, citing an MMC official.

MMC's decision came after AB Volvo offered to sell its 3.3
percent stake in the company, a move by Volvo to complete its
pull out from its alliance with MMC in the truck and bus
business. As a result, MMC will have to amend its contract with
DaimlerChrysler, lifting the restrictions on the capital ratio.  

DaimlerChrysler was scheduled to announce its position on the
matter yesterday, and whether it would decide to acquire Volvo's
remaining shares or not. If the buy-out happens, DaimlerChrysler
stake will rise to 37.3 percent.


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


ERUME COMPANY: Exchange Suspends Shares Trading
-----------------------------------------------
The Korea Stock Exchange suspended the shares trading of Erume
Company for an hour, following the company's announcement that
its creditors declared the company insolvent, AFX-Asia reported
Sunday. The company's failure to repay promissory notes worth
W7.2 billion Saturday last week prompted the creditors' move.


                 Background

Wrights Investors Service reported that, as of December 1999, the
company's long-term debt stood at W23.44 billion and total
liabilities (i.e., all monies owed) W63.02 billion. The long-term
debt to equity ratio of the company is 0.82. This is
significantly higher than the long-term debt to equity ratio in
December 1998 at only 0.27.

Erume Company Limited does not appear to be very efficient in
collecting payments: as of December 1999, the accounts receivable
for the company were W23.40 billion, equivalent to 201 days of
sales. This is sharply higher than at the end of 1998, when the
company had 155 days of sales in accounts receivable.


HYNIX SEMI: Requests Export Credit Maturity Extension
-----------------------------------------------------
Hynix Semiconductors Inc, the spun-off Hyundai Electronics
Industries, is appealing to creditor banks for an extension of
the maturity of its export credits amounting to $430 million,
Korea Herald reported Tuesday, citing a company official. It
proposed to postpone maturity to the year's end.

Creditors, the report said, might call for a meeting of the
steering committee to consider the company's appeal.

The official said: "We have made the request as about $810
million in documents against acceptance (D/A) will mature in
April and May. The concentration of D/A maturities results from a
mismatch of HEI's D/A maturity structures."

D/A, according to the Herald report, is a form of export
financing facility in which the exporter sources fund from a bank
by "discounting a time draft accepted by the buyer."

Hynix is in a temporary cash crisis owing to its maturing D/As,
and according to a company official, this is aggravated by the
failure of creditors to fully fulfill their commitments regarding
the ceiling expansion for the company's D/A and letters of
credit, Herald said. Earlier this year, creditors approved to
expand the company's export credit ceiling to $1.4 billion from
$800 million.

Hynix's cash crisis broke in late February after its subsidiary,
Hyundai Semiconductor America (HAS) defaulted debt payments of
about $57 million.

Through new loans sought from Chohung, Shinhan, and KorAm banks,
the company was able to repay the debt early in March.


HYUNDAI GROUP: Gov't To Help N. Korean Ventures
-----------------------------------------------
The South Korean government has offered to help Hyundai's tourism
projects in North Korea, by bolstering Mount Kumgang cruise tours
with the South-North Cooperation Fund, The Digital Chosun
reported yesterday. According to the Unification Ministry,
however, this aid depends on Pyongyang's approval of a proposal
to open its land route to Mount Kumgang.

The Hyundai-operated joint tourism venture between the two Koreas
is burdened with debts amounting to US$250 million.


KOOKMIN BANK: To Firm Up Merger Deal With H&CB
----------------------------------------------
Kookmin Bank is firming up its negotiations to merge with Housing
and Commercial Bank (H&CB). Both parties are ironing out their
disagreement regarding key terms, especially on the share
exchange ratio, Korea Herald reported yesterday. The two banks,
according to sources in the industry, are expected to formally
sign the merger deal.

An official, at the Financial Supervisory Commission said in the
Herald report: "The merger of the two banks should not be
ruptured. Merger negotiations between the two banks are nearing
the home stretch."

Another source from the merger task force, whose main function is
to broker the deal, added, "Should the merger fall apart, Kookmin
and H&CB themselves will be hit hardest. The task force will
resolve all disputed points."

The disputed points, the report said, include the share exchange
ratio, the name of the new merged entity, and the selection of a
remaining corporation. To discuss each of their positions and
bridge their differences on these issues, the top officials of
the two banks have been meeting regularly.

This merger of the country's largest banks is considered by the
government a model bank merger case, expected to set precedence
for future mergers, which are in line with the government's
campaign for consolidation of the financial sector. However,
workers of both banks belonging to unions are opposing this
merger move.

While the merger talks have yet to reach their end and have gone
beyond the March 31 deadline, analysts have remained optimistic
regarding the outcome of the negotiations.


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


MAY PLASTICS: Reports Default In Payment
----------------------------------------
May Plastics Industries Berhad announced default in payment, as
of March 31, 2001, as follows:

               Short-term borrowings

From Danaharta Urus Sdn Bhd (Bank Bumiputra Malaysia Berhad):
Trade Line borrowing - RM4,356,639.16, principal amount plus
estimated interest; Overdraft - RM1,299,032.98.

From Overseas Union Bank (Malaysia) Berhad: Trade Line
RM4,734,163.94, including interest; Revolving Credit -
RM15,610.96 interest to principal amount of RM4,500,000.00.
   
From Oriental Bank Berhad: Trade Line - RM4,329,763.49, principal
and interest; Revolving Credit - RM2,000,000.00 in principal
amount; Overdraft - RM994,250.73 in interest for the principal
amount of RM4,960,998.94; Term Loan (Overdue Installments &
Interest) RM3,863,349.79, principal including interest.

From Hong Kong Bank Malaysia Berhad; Import line - RM53,499.79 in
interest from the principal of RM1,789,688.39.

From the United Overseas Bank (Malaysia) Berhad: Overdraft -
RM137,308.31 in principal amount.                       
                      
From the Malayan Banking Berhad: Overdraft - RM1,988,801.00 in
principal amount.                      -                         

From the Arab-Malaysian Bank Berhad: Revolving Credit -
RM3,000,000.00 in principal and RM9,994.52 in interest.
    
Sum of all principal amounts is RM37,634,186.17, RM2,402,040.57
in interest, and RM18,357,272.38 in defaulted payments.

During the month, the borrowing with the Overseas Union Bank
(Malaysia) Berhad had been remedied in accordance with the S176
Schemes as approved by the relevant authorities. This involved
bank overdrafts and term loans, which were owed by one of the
company's subsidiaries, and have been regularized by converting
into a term loan with repayment starting on March 31, 2001.


PANCARAN IKRAB: SC Approves Restructuring Bid
---------------------------------------------
Pancaran Ikrab Bhd announced that the Securities Commission (SC)
had, via its letter dated April 4, 2001, approved the following:

(i) Issuance of 2,825,122 as opposed to 2,522,599 new ordinary
shares of RM1.00 each in Promenade Consolidated Berhad which was
earlier approved by the SC;

(ii) Issuance of RM13,452,131 as opposed to RM12,171,332 nominal
amount of Redeemable Convertible Unsecured Loan Stock Series B
which was earlier approved by the SC; and

(iii) Cash settlement, amounting to RM14,504,523, based a on
completion date of the restructuring scheme of 31 December 2001
as opposed to RM11,344,649 which was earlier approved by the SC.

                Background

The Company (PIB) is principally an investment holding and
management company.

PIB's subsidiaries, namely, Syarikat Pembinaan Beng Teck Sdn Bhd,
RC Consultancy Sdn Bhd (RCC), Handal Saujana Sdn Bhd and the
Powerdrive Group are involved in construction, development,
construction and development consultancy services, and industrial
fastening solutions business.

Currently, the PIB Group is undergoing a restructuring scheme
with the primary objective to resuscitate the financial and
operational ability of the Group.

The plan involves, amongst others, a capital reduction exercise,
a proposal of compromise with selected creditors, acquisition of
Promenade Hotel Sdn Bhd and the transfer of PIB's listing status
to a new company to be named Promenade Consolidated Bhd.

Upon completion of its restructuring plan, hotel operations will
emerge as one of the Group's main activities in addition to
construction.


RENONG BERHAD: Defers Bid For Asset Transfer
--------------------------------------------
Renong Berhad announced that it has deferred the application to
the Securities Commission for the transfer of assets to United
Engineers (Malaysia) Berhad (UEM) for another four months, The
Edge reported Tuesday.

Involved in this assets transfer, which was agreed in November,
are the following: Renong's stake in Crest Petroleum Bhd, Time
Enginering Bhd, Park May Bhd, Faber Group Bhd, Commerce Asset-
Holding Bhd, Camerlin Group Bhd, Projek Usahasama Transit Ringan
Automatik Sdn Bhd and Amra Holdings Bhd - the holding company of
Prolink Development Sdn Bhd. These assets will be acquired by UEM
for a combined price of RM5.43 billion.

In the same agreement, Renong will retain its stake in UEM.  


RENONG BERHAD: UEM Reacts To Deferment Of Assets Transfer
---------------------------------------------------------
United Engineers (Malaysia) Berhad announced Tuesday that the
company is not in a position now to make submissions to the
relevant authorities as there are certain matters that are still
being discussed between Renong Berhad and the company on the
proposed acquisitions.

The company would inform the Kuala Lumpur Stock Exchange once the
relevant submissions have been made to the authorities.


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


NATIONAL POWER: Picks Five IPP Contracts
----------------------------------------
National Power Corporation (Napocor), the state-owned troubled
power firm, has identified five contracts with independent power
producers (IPP) for review, which had been deferred pending the
passage of the Power Bill, Philippine Star reported Tuesday,
citing Napocor President Jesus Alcordo.

According to Alcordo, as quoted in the Star report, the firm has
identified cases, which are "less difficult", and in which
recommendations would be made ahead of the passage of the bill.
He also added that discussions could start right away.

The passage of the Power Restructuring Bill will begin the
creation of another corporation, which will then be tasked to
make a similar review. That's why the postponement of the review
by Napocor was recommended to prevent duplication of works, Star
reported.

The review, according to Alcordo, will have no bearing on IPP's
creditors, adding the whatever its outcome is expected to help
company cut its losses.

"We could save some money if this (review of IPP contracts) would
be implemented. This is what we want to reduce our losses,"
Alcordo told the Star.


URBAN BANK: Small Depositors Offer To Tender Rehab Plan
-------------------------------------------------------
The National Association of Urban Bank Inc and Urbancorp
Investments Inc Depositors and Creditors (Naud), in a letter
addressed to Philippine Deposit Insurance Corporation (PDIC),
proposed to tender a rehabilitation plan for the closed bank and
its investment unit if a rescuer hasn't surfaced by April 26,
Philippine Daily Inquirer reported Tuesday.   

In the same letter, Naud stated: "We formally submit our position
that should there be no new investor group or, should PDIC and
the SEC (Securities and Exchange Commission) not find the
rehabilitation plan submitted by any investor group viable, then
we, the major stakeholders of the institutions, propose to lead
the rehabilitation and reopening of UBI and UII."

Naud is composed of Urban Bank's small depositors whose combined
deposits of about P3.6 billion have remained in the bank, and
according to the newspaper's report, this is different from the
group composed of the bank's three leading creditors. These three
creditors are San Miguel Corporation, with P1.2 billion deposits
in the bank, Petron Corporation, P1 billion, and Manila Electric
Company, P500 million.

The April 26 deadline was set by PDIC President Norberto
Nazareno. Nazareno said: "On or before April 26, we would have
announced a decision on what the best offer was or if there was
no attractive offer at all. If Naud makes good on its word, then
we could safely rule out a liquidation of Urban Bank."


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


ASIA PULP: Committees To Draft Debt Workout Plan
------------------------------------------------
Creditors of Asia Pulp & Paper approved of the proposed creation
of informal working committees to constitute the whole process of
drafting the company's debt restructuring plan, Business Times
reported yesterday. The decision was made in the first creditors'
meeting since the company announced it defaulted on its debt
servicing.

APP CFO Hendrik Tee said, through a company statement: "Informal
committees representing our bank, export credit agency and
trading company creditors have been formed. An informal committee
representing holders of a substantial portion of our bond
indebtedness has also been formed.

"We understand that these informal committees are in the process
of forming a combined informal steering committee to work with
the company to formulate a successful consensual debt
restructuring plan."


I-ONE.NET INTERNATIONAL: Shareholder To Dispose Of Stake
--------------------------------------------------------
The Board of Directors of i-One.Net International Limited has
received a letter from its Director/controlling shareholder,  
Fong Kah Kuen @ Foong Kah Kuen, informing that he met his margin
creditors Tuesday, who collectively hold 193,500,000 shares in
the capital of the company that are beneficially owned by Fong or
representing a 41.9 percent stake in the cmpany, to resolve his
personal financial obligations to them.

In the letter, Fong suggested the disposal of this entire stake
in an orderly manner in the interest of all parties.


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


LOXLEY PUBLIC: Reports Progress Of Restructuring Plan
-----------------------------------------------------
Loxley Public Company Limited announced that in the
implementation of its restructuring plan, the company had already
issued 65 million shares and offered to the existing shareholders
and traded in the Stock Exchange of Thailand on January 22, 2001.
The company received Bt568.75 million to sell shares in this
process.

Loxley had already issued 10 million shares and offered to the
directors and employees and traded in the Stock Exchange of
Thailand on March 14, 2001. The company received Bt 87.50 million
to sell shares on this process.

The company had already issued 85 million shares to ECD holders
who exercised their rights to convert ECD1 and ECD2.  There were
totally 84,807,897 shares to converted and consisted of: ECD 1
holders exercised their right to convert 42,419,250 shares and
ECD 2 holders exercised their right to convert 42,388,647 shares.

The remaining shares, in the amount 192,103 shares, were due to
ECD holders given up the conversion right. The company will deal
with the remaining shares by reporting to the shareholders and
find out the resolution.

The proceeds obtained from the capital increase shall be used as
the company's working capital to enhance its capability. After
such conversion, the indebtedness under ECD1 and ECD2 will be
reduced and remain only US$140 million.

The repayment of US$140 million shall be extended to 8 years with
bear interest, ranging from 7.00 percent to 8.75 percent per
year. This remaining indebtedness shall be without the feature of
conversion right into the company's shares.  

Following the aforementioned restructuring, each ECD and accrued
interest will be terminated.


SIAM GENERAL: To Suspend, Delist Warrants Trading
-------------------------------------------------
Siam General Factoring Public Company Limited (SGF) announced
yesterday that the final warrant exercise date to subscribe to
its common shares (SGF-W) will be May 15, 2001. The closure of
the warrant registration is scheduled from April 24, 2001,
beginning at noon, until May 15, 2001 and the warrant exercise
period is scheduled from April 17, 2001 until May 15, 2001. After
May 16,  2001 these warrants will no longer be listed securities
on the Exchange.

To comply with the settlement and securities transfer system, SGF
has asked the SET to suspend trading of its warrants (SGF-W)
effective from April 19, 2001 until May 15, 2001.

By virtue of Clause 5(6) of the SET's Rules, Conditions and
Procedures for the Temporary Prohibition of Trading of Listed
Securities, issued on February 9, 1995, the SET will suspend
trading on warrants of Siam General Factoring Public Company
Limited marked as SGF-W from April 19, 2001 until May 15, 2001 as
the company requested.


SUN TECH GROUP: Creditors Approve Reorg Plan
--------------------------------------------
Srisongkram Planner Company Limited, appointed planner of Sun
Tech Group Public Company Limited announced that the creditors of
the Sun Tech Group have resolved to approve the company's
business reorganization plan. Following the approval of the plan
by the creditors, the court will consider for approval of the
plan on April 19, 2001 at 1:30 p.m. at the Central Bankruptcy
Court.


THAI ENGINE: Reports Summary Of Reorg Plan
------------------------------------------
The Central Bankruptcy Court ordered on April 21, 2000
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 November 7,
2000 voted in favor of TEM's reorganization plan and on December
20, 2000, the Central Bankruptcy Court approved the
reorganization 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 April 23 to April
27, 2001. The final order from the Official Receiver on the
remaining 2 claims (total of Bt456,049) 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

o 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,
approximately 26 percent of TEM's labor force, has 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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