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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

                 Monday, April 23, 2001, Vol. 4, No. 79


                               Headlines


A U S T R A L I A

BHP LIMITED: Mitsui To Pre-empt Caemi Acquisition Bid
HARRIS SCARFE: Group Sale Attracts Buyers  
HIH INSURANCE: Collapse Hurts EPIC, Its Subsidiaries
HIH INSURANCE: Collapse To Effect Premiums Hike
MAXIS CORPORATION: Signs Deal With Creditors, Administrators
SPACEDEV AUSTRALIA: ASIC Places Stop Order On Prospectus


C H I N A   &   H O N G  K O N G

DAIRY FARM: Franklins Sold To Alliance Of Grocers
GUANGDONG BUILDING: Proposes To Change Company Name
PACIFIC PLYWOOD: Posts $82.6M loss
SOHU.COM: Posts $8.5-M Loss


I N D O N E S I A


PT PLN: Strikes Power Price Deal With IPPs


J A P A N

ASAHI LILFE: `Baa3' Rating Under Review
SEGA CORP: To Cut Workforce, Sell Non-Core Units


K O R E A

DAEWOO MOTOR: Posts Record Loss Of W13.7 Trillion
DONG AH: Libyan Gov't Wants Project To Stay
HYUNDAI HEAVY: Relation With Group Hurts Stock Price
SAEHAN MEDIA: To Post Profits In First Quarter


M A L A Y S I A

AMALGAMATED CONTAINERS: Debt Restructuring Completed
ARAH CIPTA: HICOM Bids To Acquire Entire Capital
LBR TECHNOLOGIES: Faces Suit
LBR INDUSTRIES: Faces Litigation
MBF HOLDINGS: Court Sanctions Debt Scheme
SISTEM TELEVISYEN: Court Orders Creditors' Meet
ZAITUN BERHAD: Court Moves Petition Hearing To May 30


P H I L I P P I N E S

BANCO FILIPINO: Settles P8.7-B Debts To BSP
BENPRES HOLDINGS: Denies Receipt Of Funding From ABS-CBN
PILIPINO TELEPHONE: Posts Net Loss Of P5.15-B In 2000


S I N G A P O R E

ASEAN FUND: Will Wind Up If NAV Falls To US$15-M


T H A I L A N D

AROMATICS THAILAND: Inks Debt Deal
COUNTRY THAILAND: Undergoes Rehab Exercise


     -  -  -  -  -  -  -  -  -  -

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


BHP LIMITED: Mitsui To Pre-empt Caemi Acquisition Bid
-----------------------------------------------------
BHP Limited (BHP) announced Friday last week that Mitsui & Co
Ltd had given a notice of acceptance exercising its right of
first refusal to acquire a 20 percent equity interest in
Brazilian company Caemi Mineracao e Metalurgia SA (Caemi).

BHP's agreement to acquire this equity interest has terminated.

Last month BHP announced its successful bid, subject to the
waiver by Mitsui of its right of first refusal and European
Commission approval, to acquire the Caemi 20 percent equity
interest.

Caemi is a diversified company with interests in iron ore,
kaolin and transport and logistics.

BHP Minerals President Ron McNeilly said: "Naturally, we are
disappointed Mitsui has chosen to exercise its right of first
refusal with regard to Caemi. However, we understand Mitsui's
desire to increase its stake in Brazilian iron ore in
association with an existing local partner."

BHP also stated it no longer intends to proceed with a planned
tender offer for preferred shares in Caemi. The proposed tender
offer was subject to BHP successfully completing the initial 20
per cent equity acquisition.


HARRIS SCARFE: Group Sale Attracts Buyers  
-----------------------------------------
More than 30 potential buyers have indicated their interest in
purchasing retailer Harris Scarfe. The merchant bank charged
with the transaction is confident that the group will be sold as
a going concern as early as June.

Hindal Corporate Director, David Beatty said customer loyalty
and the profile of the Harris Scarfe brand had contributed to
strong ongoing sales in recent weeks - underpinning the
likelihood of a purchaser acquiring the Harris Scarfe chain
intact.

"We have been very pleased with the level of interest shown by
potential purchasers from Australia and overseas and are aiming
to commence detailed discussions with them in early May with a
view to concluding a sale in June," Beatty said.

"The task of finding a buyer for the chain has been made easier
by a strong demonstration of loyalty from Harris Scarfe's
customers, the commitment of its staff and the obvious goodwill
the brand has built in the Australian marketplace over more than
150 years."

Last week Hindal Corporate was appointed to sell Harris Scarfe
by the company's joint Receivers and Managers, Bruce Carter and
John Spark of specialist turnaround and corporate recovery firm
Ferrier Hodgson.

Hindal Corporate's successes include securing a buyer and future
for retailer Sportsgirl and its Sportscraft and David Lawrence
brands early last year as well as selling leading carpet group
Shaw Industries Australia Pty Ltd for approximately $120 million
to Feltex Carpets of New Zealand, also in 2000.

Harris Scarfe, founded more than 150 years ago, is a familiar
shopping icon with customers spending more than $400 million in
its 35 stores across Australia in 1999-2000. The group employs
approximately 2,800 people nationally.



HIH INSURANCE: Collapse Hurts EPIC, Its Subsidiaries
----------------------------------------------------
Equity & Property Investment Corporation said Friday last week
that its subsidiary EPIC properties Pty Ltd entered into a
contract to sell its property known as Bourke Street,
Melbourne, Victoria on April 18 for $8.6 million.

            HIH Collapse

The company said that its financial position is detrimentally
affected as an aftermath of the financial collapse of HIH
Insurance.

The company's subsidiary EPIC Securities Limited (ESL) was
anticipating that claims made against it would be paid by its
insurer HIH. As a consequence of the HIH collapse, ESL is now
unable to recover the $1 million settlement of a claim from HIH.

EPIC does not expect to recover any of this money from HIH,
including other outstanding costs and claims on HIH.

There are outstanding claims of more than $2 million and any
adverse court decisions on these claims would not be recoverable
from HIH insurance due to its financial collapse.

HIH's overall asset position would be seriously affected by the
reduction in value commensurate with the amount paid out to
settle such claims.


HIH INSURANCE: Collapse To Effect Premiums Hike
-----------------------------------------------
HIH Insurance's crash, according to insurance broking and
consulting firm Marsh, may cause a ripple effect, not only on
the insurance sector, but Australian businesses. Insurance
premiums may climb by as much as 25 percent this year, after
last year's double-digit percentage rise, The Australian
reported Thursday last week.

Marsh, through its Chairman John Richardson, said premiums may
be hard-pressed even more with the nosedive this year of the
financial markets, in which insurance companies invest premiums
for revenues to compensate for claims expenditures.

"It means that we think it is unlikely we will see the same
competitive insurance market in a Australia for a few years,"
Richardson said, as quoted by The Australian.

Small and medium enterprises are expected to suffer more from
the premiums hike will due to lack of coverage options
available.


MAXIS CORPORATION: Signs Deal With Creditors, Administrators
------------------------------------------------------------
Maxis Corporation Limited announced on Tuesday April 17, 2001,
that the company, its subsidiary NDT Pty Ltd trading as Managed
Networks (NDT), the Administrators of its two other subsidiaries
ARBT Pty Limited (Heartland) and ABT Supplyline Pty Limited,
together with the Receiver and Manager of Australian Business
Technologies Pty Limited (ABTPL) and Compaq Computers Australia
Pty Limited, collectively reached an agreement to help
facilitate the execution of the Deed of Company Arrangement
(DCA), the supplementary report of which was unanimously
approved by creditors on 6 April 2001.

In accordance with the short minutes of order made by consent
between the parties and noted in open court by Justice Windeyer
in the Equity
Division of the Supreme Court of NSW:

1) NDT was fully released from its undertakings given to the
court on February 14, 2001 and as varied by subsequent orders.

2) Maxis and NDT provided an amount of $1,000,000 in partial
satisfaction of the principal amount outstanding to Compaq under
a charge dated September 30, 1996 granted by ABTPL to Compaq.

3) Compaq agreed to participate in the DCA as an unsecured
creditor and in accordance with the terms of the DCA.

4) Compaq agreed not to enforce its charge in respect to NDT,
its business and its assets, unless and until the DCA is
completed or the conditions precedent to the DCA have not been
satisfied.

5) The proceedings and cross-claim are discontinued with no
order as to costs.

6) Compaq and the Receiver and Manager of ABTPL agreed not to
bring any claims against the companies in Administration
alleging the same or similar matters as in the current
proceedings.

7) The Director of ABTPL acknowledged that the charge held by
Compaq and the appointment of the Receiver and Manager to ABTPL
by Compaq is valid.

      Important Condition Precedent To DCA

The agreement and the dismissal of the proceedings satisfied an
important condition precedent of the DCA, thereby facilitating
the final execution of the DCA.

In this regard, Maxis also wishes to advise that the
Administrators of Heartland and Supplyline indicated in open
court that they intend to apply for a 14 day extension for the
completion of the DCA, since the number of public holidays and
the proceeding referred to above interrupted the ability of the
parties to the DCA to complete the process within the requisite
21 day period.

The Maxis Board is pleased with the significant progress made to
date in respect to the anticipated retirement of the
Administrators and the Receiver and Manager from its
subsidiaries.

Maxis anticipates that in accordance with the terms of the DCA
and following the satisfaction of the debt owing to Compaq, the
control of its subsidiaries will revert to Maxis upon the
execution of the DCA in early May 2001.

When this process is completed, Maxis will release its
intentions to the market in respect of the businesses of
Heartland and Managed Networks.


SPACEDEV AUSTRALIA: ASIC Places Stop Order On Prospectus
--------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
placed a final stop order on a prospectus dated February 27,
2001 for Spacedev Australia Limited (Spacedev).

Spacedev sought to raise approximately $8 million to fund a
range of space-related enterprises including selling small
satellites in the Australian market and the development of the
sub-orbital space tourism.

The final order followed a hearing and two interim stop orders
being placed on the prospectus.

ASIC had a number of concerns in relation to this prospectus,
such as the failure to disclose in the original prospectus that
all funds raised under the prospectus would be transferred to
related companies in Australia and the United States of America.

ASIC was particularly concerned that financial projections had
been included in the prospectus.

"Where prospectuses contain financial forecasts and projections,
ASIC may review the projections and assumptions underpinning
that information. This enables us to be certain that directors
meet their obligations to ensure that the information is
reliable and not misleading," ASIC Director Regulation,  
Jennifer O'Donnell said.


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


DAIRY FARM: Franklins Sold To Alliance Of Grocers
-------------------------------------------------
DAIRY Farm has sold its Australian loss-making supermarket chain
Franklins to an alliance of independent grocery operators and
retail giant Woolworths.

The deal is estimated to be worth about A$300 million.

Dairy Farm acquired the franchise 22 years ago but was never
able to capitalize on the additional cash flow and turn a
profit. It recorded a US$129 million write-down last year,
reflecting a US$71 million loss by Franklins in 2000.


GUANGDONG BUILDING: Proposes To Change Company Name
---------------------------------------------------
Hi Sun Limited, through Rich Global Limited, its wholly-owned
subsidiary, is the controlling shareholder of Guangdong Building
Industries Limited.

An agreement, as evidenced by the relevant instrument of
transfer and bought and sold notes, was entered into on April 17
2001 between Rich Global Limited and an independent third party
whereby Rich Global Limited agreed to sell and such independent
third party agreed to buy 6,300,000 existing ordinary shares of
HK$1.00 each of Guangdong Building Industries Limited,
representing approximately 7.48 percent of the existing issued
share capital of Guangdong Building Industries Limited at a
price of HK$0.589 per share of Guangdong Building Industries
Limited.

Hi Sun Limited, through its wholly-owned subsidiary, currently
holds approximately 82.39 percent of the existing issued share
capital of Guangdong Building Industries Limited.

The Placing reduced the aggregate attributable interest of Hi
Sun Limited in Guangdong Building Industries Limited to
approximately 74.91 percent of the existing issued share capital
of Guangdong Building Industries Limited.

Completion of the placment occurred concurrently with the
entering into of the April 17th agreement.

The directors of the Guangdong Building Industries Limited
propose to change the existing name of Guangdong Building
Industries Limited to "Hi Sun Holdings Limited".

Completion of the company name change is subject to the passing
of a special resolution by the shareholders of Guangdong
Building Industries Limited at the annual general meeting of
Guangdong Building Industries Limited which is proposed to be
held at Suite 2316, 23/F, One International Finance Centre, 1
Harbour View Street, Central, Hong Kong on Wednesday, May 23,
2001 at 10:00 am (or the adjournment thereof) and the issuance
of the Certificate of Change of Name of Guangdong Building
Industries Limited from the Companies Registry in Hong Kong
which date shall be around June 8, 2001.

Trading of the shares of Guangdong Building Industries Limited
has been suspended with effect from 10:00 am on April 18, 2001
at the request of the directors of the Guangdong Building
Industries Limited pending the release of this announcement.
Application has been made to the Stock Exchange of Hong Kong
Limited for resumption of the trading of the shares of Guangdong
Building Industries Limited with effect from 10:00 am on April
19, 2001.

              Agreement Particulars

Vendor: Hi Sun Limited, through Rich Global Limited, its wholly
owned subsidiary, is the controlling shareholder of Guangdong
Building Industries Limited.

Number of Placing Shares: The placing of 6,300,000 shares of
Guangdong Building, which represent approximately 7.48 percent
of the existing issued share capital of Guangdong Building.

Placee: An independent third party.

Placing Price: HK$0.589 per share of Guangdong Building, which
is at a discount of approximately 15.86 percent to the closing
price of HK$0.70 of per share on April 17, 2001.

The placing price of the Placing Shares is determined after
arm's length discussions between Hi Sun and the Placee. Pursuant
to the agreement between Rich Global and the Placee, the Placing
Price in the aggregate amount of HK$3,710,700 is to be paid by
the Placee to Rich Global on April 19, 2001 which is two days
after completion of the placing.

The reason for the placing is to maintain at least 25 percent of
the issued share capital of Guangdong Building in public hands.

After the Placing, there shall be approximately 25.09 percent of
the issued share capital of Guangdong Building in public hands
representing a market value of approximately HK$14,789,395
calculated on the basis of the closing price of HK$0.70 per
Share on April 17, 2001, the day preceding the suspension of
trading of the shares as detailed below.

The Placee and its beneficial owner are independent of and not
connected with any of the directors, chief executives or
substantial shareholder of Guangdong Building or any of its
subsidiaries, or any of their respective associates (as such
terms are defined in the Rules Governing the Listing of
Securities on the Stock Exchange of Hong Kong Limited and the
Australian Stock Exchange Limited).

Completion of the placing took place at the same time when the
agreement was entered into.

    Shareholding of the Controlling Shareholder

Hi Sun, through Rich Global, its wholly-owned subsidiary,
currently holds approximately 82.39 percent of the existing
issued share capital of Guangdong Building.

The placing reduced the aggregate attributable interest of Hi
Sun in Guangdong Building from approximately 82.39 percent to
approximately 74.91 percent of the existing issued share capital
of Guangdong Building.

           Proposed Change of Name

The directors of Guangdong Building propose to change the
existing name of Guangdong Building to "Hi Sun Holdings
Limited". Completion of the Change of Company Name is subject to
the passing of a special resolution by the Shareholders at the
annual general meeting of Guangdong Building, which is proposed
to be held at Suite 2316, 23/F, One International Finance
Centre, 1 Harbour View Street, Central, Hong Kong on Wednesday,  
May 23, 2001 at 10:00 am (or the adjournment thereof) and the
issuance of the Certificate of Change of Name from the Companies
Registry in Hong Kong will be around June 8, 2001.

Subject to the passing of the special resolution, Guangdong
Building will carry out the necessary filing procedures with the
Companies Registry in Hong Kong.

            Rationale

Guangdong Building underwent a change of shareholding structure
in March 2001 as a result of which Hi Sun became the controlling
shareholder of Guangdong Building and Guangdong Building became
part of the Hi Sun group of companies.

Following the change of shareholding structure, there was a
change of management, which took effect from 10th April, 2001.
The new management would like to change the name of Guangdong
Building to a name, which is more closely aligned and associated
with the new management.

           Dealings

The proposed Change of Company Name will not affect any of the
rights of the Shareholders. After the Change of Company Name
becomes effective, all existing share certificates in issue
having the former name of Guangdong Building will continue to be
evidence of title to the relevant shares of Guangdong Building
and be valid for trading, settlement and delivery for the same
number of shares in the new name of Guangdong Building.

There will be no special arrangement for exchange of the
existing share certificates of Guangdong Building for the new
share certificate(s) printed in Guangdong Building's new name.

However, Shareholders who apply for issuance or exchange of
share certificates after May 23, 2001 will receive new share
certificates printed in Guangdong Building's new name at a fee
as normally charged by the share registrar of Guangdong
Building. Unless otherwise instructed, new share certificates
will be issued in board lots of 1000.

        Suspension/Resumption of Trading

Trading of the Shares has been suspended with effect from 10:00
am on April 18, 2001 at the request of the Directors pending the
release of this announcement. Application has been made to the
Stock Exchange for resumption of the trading of the Shares with
effect from 10:00 am on April 19, 2001.


PACIFIC PLYWOOD: Posts $82.6M loss
----------------------------------
Pacific Plywood Holdings has reported a net loss of US$10.6
million, or 0.19 cent per share, in 2000, partly due to a 7
percent drop in revenues.

Revenues fell to US$130 million in 2000 from US$139.8 million in
1999, and on an operating level Pacific Plywood's earnings swung
to a loss of US$1.74 million from a profit of US$11.0 million.


SOHU.COM: Posts $8.5-M Loss
---------------------------
Nasdaq-listed Sohu.com posted for the year ended March 31 a loss
of $8.5 million from loss of $4.1 million incurred in the
preceding year, Bloomberg reported late last week. The loss was
made on revenues of $2.5 million.

Meanwhile, the company's shares on the Nasdaq skirted around $1
in the past weeks, which, according to Nasdaq regulations, may
tip towards delisting, if this goes on within 90 straight
trading days, Bloomberg said. Believing that Sohu is not up to
make a quick recovery, shareholder Intel Corporation now intends
to sell its 8 percent stake.


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


PT PLN: Strikes Power Price Deal With IPPs
------------------------------------------
State-owned power utility firm PT PLN has struck a deal on price
terms in the power purchase contracts with three independent
power producers (IPPs), The Jakarta Post reported late last
week. The IPPs are PT Energy Sengkang, PT Jawa Power, and
Japanese firm Sumitomo, each with power plants, either existing
or under construction, in South Sulawesi, Probolinggo in East
Java, and Jepara Central Java, respectively.

According to PLN President Eddie Widiono, agreements were signed
April 12, the report said.

PLN, under this preliminary agreement, will pay Sengkang 4.286
US cents per kilowatt-hour (kWh) for power supplies from its
135-Megawatt (MW) power plant, apart from an additional charge
of 0.132 cents per kWh for the use of transmission facilities
built by Sengkang, the Post said.

In a separate tentative agreement with Jawa Power, PLN agreed to
pay Jawa Power 3 cents per Kwh when operations reach 80 percent
capacity, and 4.86 cents, 40 percent capacity.

Widiono said PLN has concurred to purchase power from the
Tanjung Jati B power plant in Central Java, currently under
construction undertaken by Japanese firm Sumitomo. "The firm
will build a coal-fired power plant with the capacity of 1,200
MW, with construction expected to be completed in 2004," Mr
Widiono told Post.

These agreements, Widiono said, is expected to earn for PLN as
savings of around $45 million in purchasing costs, Post
reported.


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


ASAHI LILFE: `Baa3' Rating Under Review
---------------------------------------
Moody's Investors Service has placed Asahi Mutual Life Insurance
Company's Baa3 insurance financial strength rating under review
for possible downgrade.

Moody's says that the rating action reflects its view that Asahi
Life is now under additional business stress stemming from a
continuing decline of policies in force, the negative spread of
its guaranteed returns to policyholders exceeding its yield on
investments in Japan's low interest environment, and the rating
agency's concerns over the quality of its investment portfolio.

The Japanese stock market's recent gyrations have proven the
high volatility and weakness of capital with high reliance on
unrealized gains. This situation applies to most traditional
Japanese life insurers, which rely heavily on unrealized gains
to support their earnings and capital.

The situation is of greater concern, however, for the companies
with weaker financial fundamentals including Asahi Life.

Moody's believes that Asahi Life will face increasing pressure
to meet the challenges of restructuring in order to reverse its
deteriorating financial condition.

As a key part of its restructuring plans, Asahi Life has formed
the "Millea Insurance Group" with The Tokio Marine and Fire
Insurance Co., Ltd. (Tokio Marine, Aa1 insurance financial
strength rating with stable outlook), The Nichido Fire and
Marine Insurance Co., Ltd. (Nichido Fire, Aa2 insurance
financial strength rating with stable outlook) and The Kyoei
Mutual Fire and Marine Insurance Co. (Kyoei Fire, not rated).

Asahi Life has also disclosed its plan of demutualization and
intent to enter a joint-holding company with Tokio Marine and
Nichido Fire by 2004. Kyoei Fire also enters the holding
company.

Although the creation of this insurance group alliance could
have positive credit implications, a number of issues remain
unresolved, however, including the issue of "possible" business
integration with the life subsidiaries of Tokio Marine and
Nichido Fire and the separate issue of capital raising
initiatives at Asahi Life at the time of or after its planned
demutualization.

In its review, Moody's will look at the feasibility of Asahi
Life's plan to re-build its business franchise and capital,
improve its balance sheet and profitability, and formulate a
successful alliance strategy in a changing business environment.

Asahi Mutual Life Insurance Company, with headquarters in Tokyo,
is the fifth largest Japanese life insurance company in terms of
assets. Asahi Life had total assets of Yen 11,361.7 billion as
of September 30, 2000.


SEGA CORP: To Cut Workforce, Sell Non-Core Units
------------------------------------------------
Sega Corporation, according to its Chief Operating Officer Tetsu
Kayama, is going to reduce its workforce by 28 percent to about
700 from 1,081 by March next year, as part of its efforts to
ensure profitability, Asian Wall Street Journal reported
Thursday last week. The company also plans to sell its non-core
units or half of its 58 group companies to ease its liquidity
crunch.

Earlier, the company has divested its video-game hardware
business to focus on its core software production, and dropped
200 people from its staff at the Tokyo headquarters, the report
said, citing company spokesman Munehiro Umemura.

Meanwhile, Sega is undergoing corporate restructuring, which
also entails a shift to games production that caters to a larger
market on the following platforms: PlayStation 2, Game Boy
Advance and in-the-can Gamecube, both of Nintendo, and Xbox of
Microsoft Corporation, Journal reported.

For the year ended in March, Sega estimates a group net loss of
Y58.3 billion on sales revenues of Y260 billion, attributed to
the weak performance of Dreamcast. For the current year, the
company expects to earn both group and parent operating profits,
as it targets to pull off a positive cash flow by March next
year.

By March 2004, the company hopes to make a return on equity of a
minimum of 15 percent, and cut its interest-bearing debts by as
much as Y65 billion.


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


DAEWOO MOTOR: Posts Record Loss Of W13.7 Trillion
-------------------------------------------------
Daewoo Motor Company reported that it's net loss for year 2000
soared W13.7 trillion, largely due to its writing off of the
company's assets abroad, and the plunge of investments and
goodwill value, all contributing W10.5 trillion, Bloomberg
reported Thursday last week.

The company also suffered from the reduced sales of cars and
trucks.

The results, Bloomberg noted, came out in the wake of General
Motors' study on the Korean automaker before it releases its
decision on the takeover deal. According to Ahn Kwon & Company,
the accountant for Daewoo's financial affairs, the results has
"raised doubts" about the company's viability, and may have
adverse effects on its fate.

Moreover, Bloomberg quoted Suh Sung Moon, ING Barings Limited
industry analyst, "Daewoo plans to shut down most of its
overseas plants, except two or three, so that its previous
investments are likely to be valueless."

Daewoo's debts have already reached W22.33 trillion as of
December, while its assets value has been cut to W9.15 trillion.


DONG AH: Libyan Gov't Wants Project To Stay
-------------------------------------------
Libyan officials in charge of the "Great Man-made River
Project", together with Libyan Ambassador to Korea Ahmed Mohamed
Tabuli, initiated a negotiation with Korea's Minister of
Construction and Transportation Oh Jang-seop for the retention
of the liquidated unit of Dong Ah Construction in the Arab
country to carry on the said project, The Digital Chosun
reported late last week.

According to MOCT, Chosun reported, the Libyan project officials
asked for the support of the Korean government on `opening up
letters of credit' to enable Libya defray construction material
costs.

Meanwhile, creditors of Dong Ah, which is currently stepping up
liquidation proceedings, have approved to grant payment
guarantees necessary for the completion of the project, Chosun
said.


HYUNDAI HEAVY: Relation With Group Hurts Stock Price
----------------------------------------------------
Hyundai Heavy Industries (HHI) stock price plunged to W23,000
from its loft at W36,950, as disclosures came out concerning the
shipbuilder's clandestine liaison with the Hyundai Group
companies, The Korea Herald reported Thursday last week. It was
found out that HHI has provided Hynix Semiconductor payment
guarantees worth $1.2 billion.

Brokerages, JP Morgan, CSFB, CLSA and ING Baring agree that
prospects for HHI are dimming, including its bid to break away
from the Hyundai Group later this year.

In the breakaway bid, HHI will have to reduce its stakes to
below 3 percent and 15 percent respectively in listed and
unlisted Hyundai Group companies.  

This means that HHI will have to divest some of its holdings in
the following group companies: Hyundai Corporation, 2.9 percent;
Hyundai Securities, 0.24 percent; Korea Industrial Development,
19.8 percent; Hyundai Petrochemical, 34.8 percent; Hyundai
Oilbank, 17.21 percent; and Hyundai Asan, 4.84 percent.


SAEHAN MEDIA: To Post Profits In First Quarter
----------------------------------------------
Creditors of Saehan Media expect the company will post profits,
despite a projected deficit, in the first quarter as it has
settled current debts and made interest payments on loans, The
Korea Herald reported last week.

Creditors believe that exports revenues, accounting for 90
percent of total sales, will help boost the company's profits,
Herald said. In addition, a debt-for-equity swap deal and sale
of bonds cushioned the company's financial condition.


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


AMALGAMATED CONTAINERS: Debt Restructuring Completed
----------------------------------------------------
Amalgamated Containers Berhad announced on March 22, 1999 that
the Amalgamated Containers Group had not serviced some of its
principal borrowings and interest payments.

As of April 16, 2001, approximately RM48.3 million of the
Amalgamated Containers Group's total bank borrowings amounting
to approximately RM277.4 million were proposed to be
restructured on an entity by entity work-out approach.

With the signing of debt restructuring agreements between
Amalgamated Containers and Century Container Industries Sdn Bhd
(CCI), all of the Amalgamated Containers Group's applicable
borrowings have been restructured.

Pursuant to debt restructuring agreements signed between
Amalgamated Containers and three financial institutions on April
16, 2001, all the bank borrowings of Amalgamated Containers
amounting to RM44,037,354.79 have been restructured.

Amalgamated Containers is principally an investment holding
company.

CCI is a wholly-owned subsidiary of Bright Steel Sdn Bhd, which
in turn, is wholly-owned by Amalgamated Containers.

Pursuant to debt restructuring agreements signed between CCI and
four financial institutions on April 16, 2001, all the bank
borrowings of CCI amounting to RM4,236,722.77 have been
restructured.

CCI is principally an investment holding company.

The Debt Restructuring Exercise is not subject to the approvals
of any regulatory authorities.


ARAH CIPTA: HICOM Bids To Acquire Entire Capital
------------------------------------------------
HICOM Holdings Berhad, a subsidiary of DRB-HICOM Berhad
(formerly known as Diversified Resources Berhad) has proposes to
acquire the entire issued and paid-up share capital in a private
company, Arah Cipta Sdn Bhd, by exercising a call option granted
by the existing shareholders of Arah Cipta.

In an agreement dated December 27, 1999 the Call Option
Agreement executed by (1) HICOM, (2) the existing shareholders
of Arah Cipta, namely, Firuz Saidin and Sharifah Fatijah
(Grantors), (3) Comtrac Sdn Bhd, a subsidiary of HICOM, and (4)
Arah Cipta, in consideration of HICOM agreeing to grant a
shareholder's advance to Comtrac, and in consideration of
Comtrac agreeing to on-lend the advance to Arah Cipta upon the
terms and conditions of a loan agreement dated December 27, 1999
between Arah Cipta and Comtrac, the Grantors granted HICOM the
call option over the entire issued and paid-up share capital in
Arah Cipta existing at the time of the exercise of the call
option subject to the terms and conditions therein.

The call option is exercisable during the period commencing from
December 27, 1999 until the date of full settlement of all sums
owing by Arah Cipta to Comtrac under the loan agreement and the
security documents thereto upon the happening of an event of
default under the loan agreement.

By exercising the call option, the grantors are required to sell
to HICOM all the option shares at the option price of RM15
million. The option price is settled by HICOM paying, for the
benefit of Arah Cipta, the option price to Comtrac as settlement
of the secured amount.

In turn, Comtrac will set-off the option price against the
shareholder's advance. Thereafter, HICOM is entitled to register
itself as the owner of the option shares and Arah Cipta shall
become a wholly owned subsidiary of HICOM.

On April 17, 2001, Comtrac, by its solicitors, notified Arah
Cipta that various events of default had occurred under the loan
agreement and demanded, inter alia, the repayment of all sums
due thereunder.

Pursuant to the said events of default, on April 18, 2001, HICOM
gave notice to the grantors of the exercise of the call option.

The objective of the proposed acquisition is primarily to ensure
recovery by HICOM of the amount owing by Comtrac under the
shareholder's advance, and, through the exercise of the call
option, recovery by Comtrac of the secured amount owing by Arah
Cipta.

The proposed acquisition is subject to the approval of the
Foreign Investment Committee.


LBR TECHNOLOGIES: Faces Suit
----------------------------
Rumpun Hijau Capital Berhad received a writ of summon on
February 9, 2001 filed by Arab-Malaysian Bank Berhad (AMBB) in
the Kuala Lumpur High Court under Suit No. D6-22-198-2001
against the company's wholly-owned subsidiary, LBR Industries
Sdn Bhd (Company No. 250595-M), and the company as 2nd defendant
for a sum of RM1,653,419.10, allegedly due from a corporate
guarantee granted to AMBB for the Overdraft, Trust Receipts and
Bankers Acceptance facilities extended to LBR.

The company is currently filing their defense against the suit.

              Profile

Rumpun Hijau commenced operations in 1979 with the manufacture
and sale of rubber products carried out at the Bukit Kemuning
industrial area, Klang.

It is presently the largest manufacturer of rubber mats in
Malaysia, enjoying an estimated 46 percent share of the domestic
market. It is also a leading supplier and designated OEM of
rubber mats for the major car assemblers in Malaysia such as
Perusahaan Otomobil Nasional Bhd, Tan Chong and Sons Motors,
Daihatsu, AMIM Holdings and Assembly Services.

In addition, Rumpun is the only designated OEM supplier of
rubber mats from Malaysia to Nissan Motor of Japan.

It exports more than 50 percent of its production, which
constitutes an approximately 45 percent share of the total
export by Malaysian manufacturers, to overseas markets such as
South Korea, Hong Kong, New Zealand, Singapore, Brunei, Italy,
England and Japan.

Rumpun pioneered the manufacture of rubber escolite soling
sheets in Malaysia. It has an approximately 40 percent share of
the domestic market for rubber unit soles and soling sheets,
approximately 30 percent share of the total exports by Malaysian
manufacturers, and approximately 90 percent share of the
domestic market.

Rumpun is also the country's sole exporter of rubber studded
floor tiles.

The company has also expanded the manufacturing of rubber-based
footwear component products to China. In 1998, the company
diversified its activities to include marketing of IT and
networking solutions.

The change of name to Rumpun Hijau Capital Bhd in 1998 is to
reflect the change in the controlling shareholders and to
project the Group's expansion from rubber-based products
manufacturing into other industry sectors.


LBR INDUSTRIES: Faces Litigation
--------------------------------
Rumpun Hijau Capital Berhad announced the following additional
information on the litigation for the company's wholly-owned
subsidiary, LBR Industries Sdn Bhd (LBR).

1. The writ of summons dated February 9, 2001 was served on LBR
on April 2, 2001.

2. There is no operational impact on the Group arising from the
suit. The financial impact on the Group is minimal as it only
involves a sum not exceeding RM2 million only.

3. Other than the obligation to repay the Arab-Malaysian Bank
Berhad the outstanding amount due, there is additional expenses
arising from legal fees for defending the suit of approximately
RM10,000.00.

4. The date of the hearing is expected to be finalized at the
end of April 2001.

5. Circumstances that lead to filing of the writ of summons is
due to LBR unable to pay the following:

Overdraft, overdue since October 31, 2000 - RM482,572.32

Trust receipt, overdue since October 31, 2000 - RM299,040.05

Banker's Acceptance, overdue since March 31, 2000 - RM925,806.73

Negotiations have been carried out to settle the matter with the
Bank.

6. The total cost of investment of RHCB in LBR is RM22.5
million.


MBF HOLDINGS: Court Sanctions Debt Scheme
-----------------------------------------
MBF Holdings Berhad, through Alliance Merchant Bank Berhad
(AMB), announced April 17, 2001 the High Court of Malaya
approved the company's proposed debt restructuring schemes, as
follows:

In Petition No. D8-26-16-2001, in the matter of an application
to approve a Scheme of Arrangement pursuant to s176(3) of the
Companies Act, 1965, the High Court of Malaya at Kuala Lumpur,
subject to the approvals of the relevant authorities, has
granted its sanction to the Proposed Local Restructuring Schemes
and in particular, the Proposed Debt Restructuring Schemes for
the Approved Schemes (Schemes B, C, D, F and I) as envisaged and
contained in the Explanatory Statement dated March 9, 1999 with
amendments and/or modifications mentioned in the Petition so as
to be binding on --

a) the Company, MBF Property Services Sdn Bhd, MBF Flexible
Packaging Sdn Bhd, MBF Automobile Sdn Bhd and MBf Daewoo Sdn
Bhd;

b) their Shareholders; and

c) the Scheme Creditors, including their nominees, permitted
assigns and/or successors in title.

In the same Petition No: D8-26-16-2001, in the matter of a
petition to reduce the share capital and share premium of the
Company pursuant to s60 and s64 of the Act, the High Court of
Malaya at Kuala Lumpur has sanctioned and confirmed the
Company's Proposed Share Capital and Share Premium Reduction as
envisaged and contained in the Shareholders' Circular dated  
December 19,2000 and as approved by the Shareholders of the
Company on January 10, 2001.


SISTEM TELEVISYEN: Court Orders Creditors' Meet
-----------------------------------------------
Arab-Malaysian Merchant Bank Berhad, on behalf of Sistem
Televisyen Malaysia Berhad-TV3, announced that TV3 was granted
an order pursuant to the Section 176(1) of the Companies Act,
1965 by the High Court of Malaya on April 17, 2001.

The Court Order specified that, inter-alia, a scheme creditors'
meeting has to be convened in Kuala Lumpur no later than 5
months from the date of the Court Order, at a venue and date to
be decided by the Board of Directors of TV3.


ZAITUN BERHAD: Court Moves Petition Hearing To May 30
-----------------------------------------------------
Hearing of the petition to wind up Zaitun Berhad has been
postponed by the Court to May 30, 2001 at 9 am.

               Profile

Zaitun's core business consists of the manufacturing and
marketing of toiletries, cosmetics and food products under its
own brand name of Zaitun.

Zaitun is the pioneer producer and the market leader for
toiletries and cosmetic products in the Muslim market segment.
The Group's products mainly cater to Muslim men and women with
household incomes of RM500 and above.

The products are also exported to countries such as Brunei,
Singapore, Indonesia and China.

Zaitun's products are distributed through high traffic outlets,
retailers and wholesalers. These main outlets are serviced by 30
sales representatives and executives operating from seven branch
offices in West Malaysia.

Most of the Zaitun's raw materials are imported, while some are
procured from local suppliers. However, the imported raw
materials are currently supplied by local distributing houses.

Following the termination of the last exclusive distributorship,
the Group has commenced distributing and selling its own
products. To strengthen further the efficiency of its
distribution network, the Group is in the process of appointing
jobbers at strategic locations.

Negotiations with several agency houses are already underway for
the exclusive distributorship of the Group's products. To-date,
the Group has not secured any satisfactory distributor.


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


BANCO FILIPINO: Settles P8.7-B Debts To BSP
-------------------------------------------
Banco Filipino Savings and Mortgage Bank has settled its debts
amounting to P8.7 billion with the Bangko Sentral ng Pilipinas
(BSP) through the dacion en pago (payment in kind) agreement
with the central bank, Business Worlds reported last week.
However, assets worth P2.4 billion have been transferred to the
central bank, and the rest of the transactions to be completed
by the middle of this year at different stages.

These debts were incurred in 1984 when the bank, experiencing
heavy withdrawals, accessed emergency advances from the then
Central Bank of the Philippines.

The bank, moreover, had not paid since for the said loans, but
instead, went on to file damage suits worth P18.8 billion
against regulators for allegedly illegal closure, the report
said. Banco Filipino Chairman and President Teodoro Arcenas told
World that the bank would push with the said case but this time
against Central Bank-Board of Liquidators, which took up the
liabilities of the former central bank.  

For the year 2000, Banco Filipino incurred a total net income of
P305 million, falling 6 percent short of the preceding year's.
Annual gross revenues dropped 35 percent to P2.14 billion from
P3.32 billion incurred in 1999. Deposits, on the other hand, saw
an increase by 22.5 percent to P4.56 billion.


BENPRES HOLDINGS: Denies Receipt Of Funding From ABS-CBN
--------------------------------------------------------
Benpres Holdings Corporation has denied reports that the Lopez-
controlled group had been receiving funding from its flagship
company ABS-CBN Broadcasting Corporation to defray debts and
projects, ABS-CBN News reported last week. According to Benpres
Executive Vice President Angel Ong, the figures that were
referred to by an Inquirer report must have been the advances to
ABS-CBN units.

Ong, in an announcement posted at the Philippine Stock Exchange,
said that Benpres is already entertaining a move to let go of
its interest and at the same time keep its control in the Lopez
Group's media entity.


PILIPINO TELEPHONE: Posts Net Loss Of P5.15-B In 2000
-----------------------------------------------------
Another blow strikes the Pilipino Telephone Corporation (Piltel)
as the trouble telecommunications company recorded a net loss of
P5.15 billion for 2000, up 41 percent from the preceding year's
net loss P3.9 billion, The Philippine Star reported Thursday
last week.

In addition, Piltel's net operating revenues further slid by
16.9 percent to P3.07 billion, as the company's customer case
has shifted to prepaid services. Operating expenditures, on the
one hand, jacked up from P6.4 billion to P6.78 billion,
attributed largely to escalating costs in depreciation and
amortization, and marketing.

According to Piltel President Napoleon Nazareno, marketing costs
swelled by roughly 220 percent to P1.48 billion last year from
P464 million recorded in 1999. He also noted that the company
will start executing its debt restructuring program involving a
sum of P41.75 billion by the end of the first half-year.

"There are still a number of legal and regulatory approvals that
are needed. However, once the program is implemented, we can
begin to manage our asset base and reduce our depreciation
expense. Hopefully, we will realize a positive EBITDA (earnings
before income tax, depreciation and amortization) by the first
quarter of 2002 and reduce our losses from that point on,"
Nazareno told The Star.

Piltel boasts of a cellular customer base of 656,814, making it
the third biggest in the mobile phone service business. Along
with this business, the company has operations in fixed phone
line and paging services.


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


ASEAN FUND: Will Wind Up If NAV Falls To US$15-M
---------------------------------------------------
Asean Fund Limited announced that the company shall be
dissolved, according to Article 115, on the 20th anniversary of
the first issue and allotment of Redeemable Preference Shares of
the company or if the Net Assets of the Company fall to a sum of
US$15 million or less, whichever event first occurs. The
Directors shall, as soon as practicable, convene a general
meeting of the members to resolve that the company be wound up
voluntarily in accordance with Section 290 of the Company Act.

The Board of Directors wishes to bring to the attention of the
shareholders that the net asset value (NAV) of the company, as
of April 12, 2001, the latest practicable valuation date is
US$17,203,665.51.

Upon the NAV first falling to US$15 million or less, an
announcement thereof shall be made. A Board of Directors'
Meeting will also be held as soon as practicable for the
Directors to consider the Statement of Affairs 1, make the
Statutory Declaration of Solvency 2, and convene an
extraordinary general meeting (EGM) of the shareholders to
resolve that the company be wound up voluntarily. The notice of
EGM will be issued to shareholders thereafter.

The EGM will be held within 5 weeks from the date of the
Statutory Declaration of Solvency (i.e. the date of the Board
Meeting). At the EGM, shareholders' approval will be sought
(pursuant to a special resolution) for inter alia -

(i) the voluntary liquidation of the company,

(ii) the formal appointment of the liquidator who will be
responsible for winding up the company's affairs and
distributing the assets of the company, and for

(iii) the delisting of the shares.

In conjunction with the winding up of the company, the company
has obtained in-principle approval from the Singapore Exchange
Securities Trading Limited (SGX) for:

(i) the delisting of the shares from the Main Board of the SGX-
ST pursuant to the voluntary liquidation of the company, and

(ii) the waiver of the requirements under the Listing Manual
that the delisting resolution must not be voted against by 10
percent or more in nominal value of the shares of the company
held by Shareholders present and voting, and that an independent
financial adviser must be appointed to advise on the exit offer;
subject to:

(a) the NAV of the company falling to US$15 million or less, and

(b) shareholders' approval being obtained for the proposed
voluntary liquidation of the company.

Such approval from the SGX-ST is not to be taken as reflective
of the merits of the delisting of the Shares or the voluntary
liquidation of the company. Subject to the approval of the
shareholders being obtained at the EGM, it is expected that the
shares will be delisted from the SGX-ST on the third Market Day
3 after the EGM.

Trading of the shares on the SGX-ST will be suspended on the day
of the EGM, and will remain suspended until the Shares are
delisted, upon which trading will cease.

Prior to the EGM, shareholders may continue with the redemption
of their shares in accordance with the usual procedures as set
out in the Articles 4, subject to the limitation set out in
Article 13(5) (i.e. the total number of shares that may be
redeemed on any relevant Valuation Day shall not be more than 10
percent of the total number of shares then in issue).

Redemptions of shares will proceed up to the last Valuation Day
prior to the EGM. Accordingly, Redemption Notices received in
respect of any subsequent Valuation Day shall be rejected.

Shareholders, whose shares are not registered in their own names
and who do not intend to sell their shares, are advised to lodge
their share transfer forms and share certificates with the share
registrar as soon as practicable.

Since the investments of the company comprise mostly of liquid
marketable securities, the company's fund manager, HSBC Asset
Management (Bahamas) Limited, does not anticipate any
difficulties in disposing them off in an orderly manner.

Upon the commencement of the winding up proceedings, all
liabilities of the company will be discharged as soon as
practicable. After deducting the liquidation expenses, the
surplus assets of the company will be distributed to the
shareholders in cash.

As shareholders may be aware, the specified income 5 of the
company has, since inception, been exempt from tax pursuant to
Section 13C of the Income Tax Act (Chapter 134).

The tax advisors of the company, PricewaterhouseCoopers, have
advised that provided the company continues to satisfy all the
conditions and requirements to qualify for the tax exemption,
the specified income of the company will continue to be tax-
exempt when the company is being voluntarily liquidated.
Appropriate steps will be taken to ensure that the company
continues to comply with the applicable conditions and
requirements for the tax exemption in the course of its
liquidation.

          UK Distributing Fund Status

As shareholders may be aware, the Fund has, on a yearly basis
since 1992, applied for certification by the United Kingdom
Board of Inland Revenue as a Distributing Fund for the purposes
of Chapter V of Part XVII of the United Kingdom Income and
Corporation Taxes Act 1988.

The benefit of the Distributing Fund status accrues to UK-
resident investors of the company, who by virtue of such status,
are able to have their gains from the sale of the Company's
shares subject to capital gains tax instead of income tax.

In order for a UK-resident investor to qualify for capital gains
tax treatment, the company must be certified as a Distributing
Fund during the entire period of the investor's holding. As
such, the company has applied for and been granted the said
status from the financial year ended October 31, 1992 to the
financial year ended October 31, 1997.

Applications for the financial years ended October 31, 1998 and  
October 31, 1999 are presently under consideration by the United
Kingdom Board of Inland Revenue and the outcome will be
announced to shareholders in due course.

With respect to the financial year ended October 31, 2000, the
company did not apply for certification as a Distributing Fund
as it did not distribute any dividend to its shareholders.

The company does not intend to make any application for
certification as a Distributing Fund for this financial year
ending October 31, 2001, and for future financial years.

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


AROMATICS THAILAND: Inks Debt Deal
----------------------------------
The Aromatics (Thailand) Public Company, Limited (ATC) has
signed the Amendment on Shareholders Support Agreement, in
regard to its debt restructuring, with the principal
shareholders, namely Petroleum Authority of Thailand (PTT), Siam
Cement Public Company Limited, Banpu Public Company Limited, and
Bureau of The Crown Property.

The Amendment of all loan agreements, which ATC entered into
with the group of lenders led by The Sanwa Bank Limited, were
effective on March 30, 2001. The principal of debt restructuring
are as follows:

a) The lenders extend the US$53 million principal repayments of
commercial loans, which was formerly due in the four-and-a-half-
year period from the year 2000, to the 2007 to 2009;

b) The lenders provide an additional long-term facility of
approximately US$72 million for the company to repay Exim Bank
Credit Agreements, which will be due during the same period from
the year 2000 (the said facility will be due in the years 2007
to 2009);

c) The principal shareholders are required to provide the
remaining support of US$90 million according to the original
Shareholders Support Agreement (US$70.81 million has been
withdrawn up to present);

(d) PTT committed to provide additional support of US$ 90
million if changes in circumstances indicate that the
shareholders support in (c) may not be adequate;

(e) PTT agrees to extend the final maturity date of Finished
Products Purchases and Sales Agreements to cover the period up
to 2009.

With the completion and implementation of ATC' s debt
restructuring plan, regardless of the any forthcoming economy
downturn, the company is expected to generate sufficient
liquidity in order to achieve full debt service ability.

Moreover, this restructure plan will enable ATC to decrease its
current portion of the foreign currency debt by 10 to 25 percent
of total debts, thus, resulting in a favorable effect on the
foreign exchange fluctuation risk.

Furthermore, ATC has improved several operating performances in
the attempt to minimize cost and increase revenue to the company
by cooperating with Yokogawa (Thailand) Co, Ltd to design and
install hardware and software for Advance Process Control, which
will enhance the consistency of production process and maximize
the equipment capability.

The benefits are product yield improvement and utility saving.
The expected completion of the work is end of 2001. The total
investment is US$1.1 million, which will be totally paid by
Yokogawa and the company will gradually repay such investment in
form of benefit sharing after the project has been completed.

The Aromatics (Thailand) Public Co., Ltd. (ATC) manufactures
aromatics used in petrochemical industry. The company's products
consist of the following: main product - benzene, toluene,
paraxylene, orthoxylene, mixed xylene; and by-products - light
naphtha, raffinate, liquid petroleum gas (LPG), hydrogen-rich
gas, condensate residue, heavy aromatics.



COUNTRY THAILAND: Undergoes Rehab Exercise
------------------------------------------
Country (Thailand) Public Company Limited has entered into the
rehabilitation process under the procedures of the Central
Bankruptcy Court and on August 22, 2000 the Court appointed the
company to be the Plan Preparer for the Rehabilitation Plan.  

The Plan Preparer submitted the Rehabilitation Plan to the
Court on February 21, 2001.

A creditors' meeting was held on April 11, 2001 to consider and
resolve the proposed rehabilitation plan. The meeting of
creditors resolved to disapprove such proposed plan.

Currently, the receiver is preparing to submit a report to the
Court so that the court may make a review and issue an
appropriate order thereafter.

            Background

In 1999, Country negotiated for debt restructuring by
transferring of assets for making debt settlement as follows:

On April 30, 1999, the company negotiated for debt restructuring
with a financial institution, loan creditor, by entering into
agreement to transfer Onnuj project for the entire amount of
debt settlement, which include principal and interest payable of
Bt263,845,431.36.    

The cost of the transferred project was Bt272,240,925.45,
incurring a difference amount of Bt8,395,494.09. The company
recorded this as loss from  debt restructuring, which was
presented as selling and administrative expenses in statements
of income.

On November 18, 1999, Country negotiated for debt restructuring
with a lender bank by entering into an agreement to transfer
Praeksa Project for the entire amount of debt settlement, which
included principal and interest payable of Bt268,911,433.33.

The cost of the transferred project was Bt214,966,311.43,
incurring gain from debt restructuring, which was represented as
extraordinary items in statements of income for the year in
amount of Bt187,921,433.33 and also incurring loss from
transferring of land and building for debt restructuring of
Bt133,976,311.43, which was included in selling and
administrative expenses in statements of income.

On December 31, 1999, loans from other bank and financial
institutions were under negotiation for debt restructuring. On
December 31, 2000, Country was making its rehabilitation plan. On
Febuary 21, 2001, the company submitted the rehabilitation plan
to the Central Bankruptcy Court.


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

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