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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

           Wednesday, September 5, 2001, Vol. 4, No. 173


                         Headlines



A U S T R A L I A

BEACONSFIELD GOLD: Posts Director Ryan's Notice Of Interests
CAPRAL ALUMUNIUM: Sells Stainless Steel Business
CAPRAL ALUMUNIUM: S&P Places 'BB' Rating On CW Negative
CONCEPT SYSTEMS: Sells Unit To Pay Debts
KUSP LIMITED: Senetas Acquires Shares
NEWCREST MINING: National Australia Lowers Shares
PASMINCO LIMITED: CBH To Acquire Broken Hill Operation
VICEROY RESOURCE: Executes Forbearance Agreement With Banks


C H I N A   &  H O N G  K O N G

CALMAR DEVELOPMENT: Petition To Wind Up
FIRST PACIFIC: Forex Losses Fall US$32.5M Into Red
FOURSEAS.COM: Requests Trading Suspension
FULL CHINA: Winding Up Petition Hearing Set
GATEWEST SHIPPING: Winding Up Petition Pending
HINET HOLDINGS: Share Price Decrease Unexplainable
MAYS TAILORING: Winding Up Petition Hearing Set
PACIFIC CENTURY: Modified Assets Test Application Approved
WORLDTEK LIMITED: Winding Up Sought By Pang Wai


I N D O N E S I A

PERUSAHAAN LISTRIK: Suffers H1 2001 Net Loss Of Rp6.98T
SEMEN GRESIK: Stocks Plunge Due To Spin-Off Speculation


J A P A N

DAIEI INC: To Achieve Pretax Profit Target
MYCAL CORPORATION: Retail Shops Sales Down


K O R E A

DAEWOO MOTORS: Poland Unit Filed For Bankruptcy
HYNIX SEMICON: Creditor Bank Reps Meeting Aborted
HYUNDAI MOTOR: Buys Hyundai Star for W50B
INCHON OIL: Applies for Corporate Liquidation
SAMSUNG GROUP: Cutting Jobs To Cope With Recession


M A L A Y S I A

ACTACORP HOLDINGS: Proposed Debt Scheme Under Lender Scrutiny
ARTWRIGHT HOLDINGS: Revised Debt Workout Proposal Pending
BRIDGECON HOLDINGS: Awaits KLSE Extension Approval
GEAHIN ENGINEERING: Debt Workout Scheme Awaiting KLSE Approval
KRETAM HOLDINGS: Posts Defaulted Interest Payment
MALAYSIAN GENERAL: KLSE Extension Approval Still Pending
MBF CAPITAL: Seeks Debt, Settlement Scheme With Creditors
RNC CORPORATION: Updates Corporate, Debt Workout Scheme Status
S & P FOOD:  Proposals Gets Authorities' Approval
UH DOVE: Seeks KLSE Proposals Time Extension Approval


P H I L I P P I N E S

MAYNILAD WATER:  Benpres Clarifies Maynilad Rate Hike News
NATIONAL POWER: Alcordo Calls For Inquiry, Threatens To Quit
VICTORIAS MILLING: Appoints Member and Alternate Member


S I N G A P O R E

ASIA PACIFIC: NYSE Delisting Set For Falling Below Minimum
CAPITALAND LIMITED: Subsidiary Director Resigns
L&M GROUP: Bank Facilities' Restructuring Plans Will Continue
SSANGYONG CEMENT: DBS Group Changes Interests
THAKRAL CORP: Clarifies Strait Times Report


T H A I L A N D

PERFECT PUBLIC: Notifies Result Of Creditors' Meeting
SANYO UNIVERSAL: Posts Delisting Presentation For Investors
SIKARIN PUBLIC: Posts Q2 2001 Financial Performance
STA PARA: Court Petition For Business Reorganization Filed

     -  -  -  -  -  -  -  -

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


BEACONSFIELD GOLD: Posts Director Ryan's Notice Of Interests
------------------------------------------------------------
Beaconsfield Gold NL posted Director Christopher Ryan's Notice of Interests:

NOTICE OF DIRECTOR'S INTERESTS
     Section 205G of the Corporations Law

INITIAL NOTICE

   Name of Director       Christopher Ryan

   Name of Company        Beaconsfield Gold NL
                          (Receiver and Manager Appointed)

   Date of Appointment    16/08/2001


"I have a relevant interest in the following securities of the
company or a related body corporate:

   Nil

"I have an interest in the following contracts to which I am a party or
under which I am entitled to a benefit that confer a right to call for or
deliver shares in, debentures of, or interests in a collective investment
scheme made available by, the company or related bodies corporate:

  Nil"


CAPRAL ALUMUNIUM: Sells Stainless Steel Business
------------------------------------------------
Capral Aluminium Limited announced the sale of its stainless
steel business to Midway Metals Pty Ltd. The transaction which
realized close to book value is effective from the close of business on 31
August 2001.


CAPRAL ALUMUNIUM: S&P Places 'BB' Rating On CW Negative
-------------------------------------------------------
Standard & Poor's placed its double-'B' long-term corporate credit rating on
Capral Aluminium Ltd. (Capral) on CreditWatch with negative implications.

The CreditWatch reflects Capral's significantly weaker-than-expected
first-half earnings result to June 30, 2001, which was impacted by a weak
Australian dollar and high metal input prices, and significant losses at the
company's remelt operations. The result, which was the company's first since
the divestment of its smelting operations in October 2000, also benefited
from a number of one-off items arising from discontinued businesses and
asset sales.

Resolution of the CreditWatch is expected to follow a review of Capral's: --
Strategy for its loss-making remelt operations; -- Cost reduction
program; -- Foreign exchange hedging program; and -- Medium-term financing
strategy.

Standard & Poor's expects that this review could result in a downgrade of
the long-term rating to the single-'B' category. This review is expected to
be concluded in the next one to two weeks.


CONCEPT SYSTEMS: Sells Unit To Pay Debts
----------------------------------------
Concept Systems International Limited signed an agreement to sell its
training subsidiary, Concept Training Institute Pty Ltd, for between
$5,000,000 and $5,500,000 in cash, to Solution 6. The proceeds are to be
used to retire existing debt and invest in core Concept businesses.

This agreement has now been completed and Concept has received the first
installment of $5,000,000 in cash. Concept has used part of these proceeds
to retire its debenture holder debts in full.


KUSP LIMITED: Senetas Acquires Shares
-------------------------------------
KUSP Limited advised that on 3 September 2001 Senetas Corporation Limited
had received acceptances from the holders of 76,543,968 fully paid ordinary
shares in the Company.

Senetas Corporation Limited now has a relevant interest in 111,107,301
ordinary fully paid shares in KUSP Limited which represents 89.9048 percent
of the company's issued fully paid ordinary share capital.


NEWCREST MINING: National Australia Lowers Shares
-------------------------------------------------
National Australia Bank Limited Group decreased its relevant interest in
Newcrest Mining Limited on 28/August/2001, from 15,729,823 ordinary shares
(6.5 percent) to 14,117,031 ordinary shares (5.05 percent).


PASMINCO LIMITED: CBH To Acquire Broken Hill Operation
------------------------------------------------------
Consolidated Broken Hill Ltd (CBH) announced that it has reached a Heads of
Agreement with Clough Engineering Limited for the joint development of
mining operations at Pasminco's Broken Hill Operation.

Clough is a major Australian listed engineering, construction and mining
company with significant experience in partnering underground base metal
mining operations.

CBH owns the mining lease (CML 7) that covers the central 3.8
kilometres of the Broken Hill zinc-lead-silver deposit. Pasminco
Limited is offering for sale its Broken Hill Operations, which adjoin CML 7
on three sides.

The Heads of Agreement, which is subject to board approvals, includes the
following commitments:

   * Clough will progressively subscribe for $2 million worth of
ordinary shares in Consolidated Broken Hill Ltd as part of the
capital requirement for the development of CML 7 and / or the
purchase of Pasminco's Broken Hill Operation.

   * CBH and Clough submitted a proposal to Pasminco Limited at close of
business on 31 August 2001 to acquire Pasminco's Broken Hill Operation
through a joint venture comprising CBH 85 percent and Clough 15 percent.

   * Clough will be awarded an alliance contract for future mining
operations on CML 7 as well as the Pasminco Broken Hill Operations if a
joint tender is successful.


VICEROY RESOURCE: Executes Forbearance Agreement With Banks
-----------------------------------------------------------
Viceroy Resource Corporation (TSE:VOY.) announces it has executed an
agreement with NM Rothschild & Sons (Australia) Limited and Macquarie Bank
Limited on a settlement arrangement to relieve Viceroy and its North
American subsidiaries of their obligations under agreements guaranteeing
certain borrowings and hedging agreements relating to the Australian
operations.

The arrangement requires the payment of $732,000 upon signing ($500,000
previously paid) with the further requirement for delivery, within two
business days of receipt of the Toronto Stock Exchange approval, of 23
million common shares of Viceroy Resource Corporation, common shares and a
secured bond that Viceroy holds in NovaGold Resources Inc. and a note for
$3,000,000.

The note accrues interest at libor plus 2 percent and is repayable from 60
percent of Viceroy's portion of the free cash flow from the Castle Mountain
Mine after November 30, 2001.

The notes outstanding after July 31, 2002 are convertible into common shares
at the average market price for the previous five days with any remaining
note outstanding as of December 31, 2003 converted to common shares. The
outstanding conditions of the agreement are expected to be completed by
September 21, 2001 and the issuance of the Viceroy common shares
contemplated by the arrangement will be subject to approval by the Toronto
Stock Exchange.

Viceroy believes that the agreement with Rothschild and Macquarie will
assist in the restructuring and disposal of the Australian assets while
leaving Viceroy with the ability to pursue new business opportunities.

The voluntary administration of Viceroy's Australian subsidiaries, Viceroy
Australia Pty Ltd. and Bounty (Victoria) Pty Ltd. is continuing. The Bounty
Mine continues to operate while the administrator reviews the affairs of the
Australian subsidiaries with a view to providing a report to creditors by
September 19, 2001.

Viceroy Resource Corporation is a gold producer with operations in Canada
and the United States. Viceroy shares, trading under the symbol VOY on the
Toronto Stock Exchange.


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


CALMAR DEVELOPMENT: Petition To Wind Up
---------------------------------------
The petition to wind up Calmar Development Limited is scheduled before the
High Court of Hong Kong on September 5, 2001 at 9:30 am.

The petition was filed on June 20, 2001 by Bank of China, Hong Kong Branch
whose principal place of business for its Hong Kong Branch is at Bank of
China Tower, No. 1 Garden Road, Central, Hong Kong.


FIRST PACIFIC: Forex Losses Fall US$32.5M Into Red
---------------------------------------------------
Foreign exchange losses cost conglomerate First Pacific US$32.5M, leading it
into the red in the first six months of the year.  The company posted an
interim net loss of US$12.1M compared with net profit of US$50.4M a year ago
as it fell victim to tumbling exchange rates in Southeast Asia.  The result
was slightly better than market forecasts of a US$13.5M loss.

The company owns Philippine Long Distance Telephone (PLDT) and Indonesia's
Indofood Sukses Makmur, the world's largest instant-noodle maker.  The
rupiah, peso and baht weakened 25%, 17% and 14% respectively against the US
dollar in the first six months of the year.  However, foreign exchange
losses are largely unrealized.

The company had no one-off gains during the period, compared with US$87.7M
last year.  Recurring profit fell 21.54% to US$20.4M largely reflecting
changes within the First Pacific Group.  The company sold major assets
including First Pacific bank and property consultant Savills over the past
year.


FOURSEAS.COM: Requests Trading Suspension
-----------------------------------------
At the request of Fourseas.com Limited (the "Company"), trading in its
shares will be suspended, effective 10:00 a.m. Tuesday (4/September/2001),
pending an announcement in relation to placement of the Company's shares.


FULL CHINA : Winding Up Petition Hearing Set
--------------------------------------------
The petition to wind up Full Chine Industrial Supplies Limited is scheduled
before the High Court of Hong Kong on October 10, 2001 at 9:30 am. The
petition was filed July 16, 2001 by Kincheng Banking Corporation of No. 55
Des Voeux Road Central, Hong Kong.


GATEWEST SHIPPING: Winding Up Petition Pending
----------------------------------------------
Gatewest Shipping Co. Limited is facing a winding up petition, which is
slated to be heard before the High Court of Hong Kong on October 10, 2001.
The petition was filed on July 16, 2001 by Hetherington Kingsbury Pty Ltd
whose registered office is situated at Unit 4, Level 1, 89-97 Jones Street,
Ultimo Sydney NSW 2007, Australia.


HINET HOLDINGS: Share Price Decrease Unexplainable
--------------------------------------------------
HiNet Holdings Limited (the Company) noted the recent decreases in the price
of the shares of the Company and stated that they are not aware of any
reasons for such decreases.

The Company also confirmed that there were no negotiations or agreements
relating to intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the Board aware of
any matter discloseable under the general obligation imposed by paragraph 2
of the Listing Agreement, which is or may be of a price-sensitive nature.


MAYS TAILORING: Winding Up Petition Hearing Set
-----------------------------------------------
The petition to wind up Mays Tailoring Company Limited is set for hearing
before the High Court of Hong Kong on November 21, 2001 at 9:30 am.

The petition was filed August 10, 2001 by Standard Chartered Bank, a body
corporate incorporated in England with limited liability by Royal Charter
whose head office in Hong Kong is located on 3rd Floor, 4-4A Des Voeux Road
Central, Hong Kong.


PACIFIC CENTURY: Modified Assets Test Application Approved
----------------------------------------------------------
The directors of Pacific Century CyberWorks Limited (the Company) announced
that on August 30, 2001 The Stock Exchange of Hong Kong Limited (the Stock
Exchange) approved the Company's application for the right to apply the
"modified assets test" for purposes of Rules 14.24(5) and 14.25(1) and for
purposes of certain provisions of Appendices 7A and 16, and Practice Notes
13, 15 and 19, of the Rules Governing the Listing of Securities on The Stock
Exchange (the Listing Rules), as more fully described below.

Reason for the Company's Application

The Company has negative net tangible assets as a result of the requirement
under the relevant accounting standards to write-off to reserves HK$172,014
million goodwill arising from the acquisition of subsidiaries, including the
acquisition of Cable & Wireless HKT Limited (now called PCCW-HKT Limited)
(HKT), on August 17, 2000.  The negative net tangible asset value of the
Company does not arise as a result of operational losses.

As a result of the negative net tangible asset value of the Company as
described above, the Company may have difficulties in complying fully with
those provisions of the Listing Rules which require comparisons to be made
with its net tangible assets or net assets.

As the Stock Exchange has noted in the Announcement, adoption of the
modified assets test under the Modified Calculation Concession will ensure
investor protection without imposing undue costs for issuers' compliance.

Basis for the Company's application

The Company's application for the right to apply the "modified assets test"
under the Modified Calculation Concession as described above was based on
the unaudited pro forma consolidated balance sheet as of December 31, 2000,
which was published in the Company's announcement dated June 1, 2001.

Based on the Company's unaudited pro forma consolidated balance sheet, as of
December 31, 2000, which was published in the Company's announcement dated
June 1, 2001, the "modified assets" of the Company are equal to HK$43,324
million, being gross assets (HK$59,588 million) less intangibles (HK$3,242
million) and current liabilities (HK$13,022 million).

Application of the "Modified Assets Test" under the Modified Calculation
Concession

The Stock Exchange approved the Company's application for the right to apply
the "modified assets test" under the Modified Calculation Concession with
respect to the following items set forth in the Announcement:

(1) Modified Assets Test Only while Maintaining the Percentage Ratios
Prescribed under the Relevant Rules

   In relation to references to net tangible assets, or net assets, as
applicable, in the following rules, the basis set out in the modified assets
test under the Modified Calculation Concession will be adopted as the basis
for comparison to determine the relevant disclosure requirements under those
rules:

ú Paragraph 17(2) of Appendix 7A;

ú Paragraph 5.1 of Practice Note 13;

ú Paragraph 3(e)(ii) of Practice Note 15;

ú Paragraph 36 of Appendix 16; and

ú Paragraph 1.3 of Practice Note 19.

Since the numerator and denominator will be using the same modified basis,
there is no need to change the current percentage ratios prescribed under
these rules.

(2) Modified Assets Test and Different Percentage Ratios

   For the following rules, in relation to references to net tangible
assets, or net assets, as applicable, the basis set out in the modified
assets test under the Modified Calculation Concession will be adopted as the
basis for comparison to determine the relevant disclosure or shareholder
approval requirements.  In addition, percentage ratio thresholds prescribed
under those rules will be amended as a result of the change in basis:

   ú Paragraph 15.2 of Appendix 16 - ratio of 1 percent;

   ú Paragraph 23 of Appendix 16 - ratio of 5 percent;

   ú Paragraph 3.2.1 of Practice Note 19 - ratio of 8 percent;

   ú Paragraph 3.2.2 of Practice Note 19 - ratio of 3 percent; and

   ú Paragraph 3.3 of Practice Note 19 - ratio of 8 percent.

(3) Connected Transactions

   In relation to references to net tangible assets set out under Rules
14.24 and 14.25 for connected transactions, the basis set out in the
modified assets test under the Modified Calculation Concession will be
adopted.  In addition, the percentage ratio thresholds to determine
disclosure and shareholder approval requirements will be amended as
follows:-

   ú in Rule 14.24(5) the applicable threshold will be the higher of either:

(i) HK$1,000,000, or

(ii) 0.01 per cent of the modified assets basis.

   Based on the Company's unaudited pro forma consolidated balance sheet as
of December 31, 2000, which was published in the Company's announcement
dated June 1, 2001, the relevant threshold in sub-item (ii) above is equal
to HK$4.33 million.

    ú in Rule 14.25(1) the applicable threshold will be the higher of
either:

   (i) HK$10,000,000, or

   (ii) 1 per cent of the modified assets basis.

Based on the Company's unaudited pro forma consolidated balance sheet as of
December 31, 2000, which was published in the Company's announcement dated
June 1, 2001, the relevant threshold in sub-item (ii) above is equal to
HK$433.24 million.

Period for which the Modified Assets Test will apply

The Stock Exchange's approval for the use of the modified assets test
described above will remain in effect from August 30, 2001 until the
publication or the due date of publication of the Company's next annual
report, whichever is earlier.


WORLDTEK LIMITED: Winding Up Sought By Pang Wai
-----------------------------------------------
Pang Wai Hang is seeking the winding up of Worldtek Limited. The petition
was filed on May 28, 2001 and will be heard before the High Court of Hong
Kong on September 12, 2001 at 9:30 am.

Pang Wai holds it registered office at Flat B, 40th Floor, Tower 1,
Discovery Park, Tsuen Wan, New Territories, Hong Kong.


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


PERUSAHAAN LISTRIK: Suffers H1 2001 Net Loss Of Rp6.98T
-------------------------------------------------------
PT Perusahaan Listrik Negara (PLN) reported net loss of Rp6.98 trillion in
the first six months of 2001 due to high operating expenses, IndoExchange
reported Monday, however, such loss was lower than the Rp11.58 trillion loss
endured in the year-ago period.

The company booked a 23.61 percent increase in sales revenue,
from Rp10.12 trillion during January-June 2000 to Rp12.51 trillion same
period this year.

Operating expense rose to Rp14.55 trillion from Rp12.31 trillion last year.

Operating loss stands at Rp4.70 trillion in the first semester this year,
lower than Rp9.18 trillion loss in the corresponding period a year ago.

PLN is facing a severe financial problem after the economic crisis in 1997,
which caused rupiah severe depreciation against the dollar. Most of PLN's
operating expenses are dollar-denominated while the revenue is in rupiah,
aside from having foreign currency-denominated debts.

The financial difficulties urged PLN to renegotiate electricity contracts
with independent power producers (IPP) owned by international power
companies.


SEMEN GRESIK: Stocks Plunge Due To Spin-Off Speculation
-------------------------------------------------------
Cement producer PT Semen Gresik's stocks plummeted Monday following
investors' profit taking, IndoExchange reported.

The commotion was triggered by the news that President Megawati supported
the spin off plan of PT Semen Padang (SP) from the company.

Stock opened down Rp550, or 6.18 percent, to Rp8,350. It even quoted lower
at Rp8,300 per share.

"Megawati said that would order State Minister for State Enterprises
Laksamana Sukardi to follow up SP's spin off plan from Semen Gresik," Semen
Gresik Spin Off Team Chairman Anwar Syamsudin said last weekend.

SP's separation from Semen Gresik caused negative sentiment because the
subsidiary's significant contribution to Semen Gresik's sales.

Last week, investors kept purchasing Semen Gresik's stocks after the
government, through State Minister for State Enterprises, considered
reselling 51 percent of its ownership in Semen Gresik to Cemex SA.

The stocks were bought through put option agreements, which mature October
26.


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


DAIEI INC: To Achieve Pretax Profit Target
------------------------------------------
Daiei Inc's unconsolidated pretax profit for the first half of the 2001
business year will increase to more than Y6 billion from a year earlier,
Japan Today reported on September 1, 2001, as its cost reduction efforts
have been more successful than previously expected.

The ailing retailer, which is in corporate rehabilitation, will almost
achieve the projection in April of Y7 billion in pretax profit for the
March-August period.

Daiei officials said the company planned to more than triple the number of
graduating students it will hire to 400 in 2002. The need to boost the
number rooted from a labor shortage and a past workforce downsizing program,
under which it encouraged employees to leave in exchange for special
retirement allowances.


MYCAL CORPORATION: Retail Shops Sales Down
------------------------------------------
Ailing supermarket-chain operator Mycal Corp said that sales at the Saty
mass-retail shops and Vivre clothing stores fell 5.7 percent in first half
of the current business year from the year-ago period, Japan Today reported
Tuesday.

The slump in the March-August period was greater than the 3 percent decline
projection the company made earlier.


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


DAEWOO MOTORS: Poland Unit Filed For Bankruptcy
------------------------------------------------
Daewoo Motors Polska has filed for the bankruptcy of its Lublin-based van
plant owing to mounting debts and failure to find a buyer, AFP reported
Tuesday.

In June, the subsidiary of the South Korean car maker agreed to sell a 75
percent Polish group PolMot Holding, but the deal was contingent on
restructuring the company's bank loans which totaled more than US$100M.


HYNIX SEMICON: Creditor Bank Reps Meeting Aborted
-------------------------------------------------
Hynix Semiconductor creditor bank representatives' Monday meeting has been
canceled due to a wide gap in the opinions over how to resolve the company's
crisis, Digital Chosun reported on September 3.

A working-level officials' meeting, however, took the place of the
representatives' meeting, and Korea Exchange Bank (KEB), Hynix' largest
creditor, took the occasion of a low-level officials' meeting to table its
new proposal for bailing out the firm.

KEB presented a new rescue plan for Hynix, including extending a total of
W500 billion in fresh loans to the firm. Korea Development Bank (KDB)'s
president Jung Keun-yong, however, made it clear that his bank will not
provide any new funds to the firm because the US government would claim that
such assistance was the Korean government's direct subsidy as KDB is
state-owned.

Meanwhile, Lee Keun-young, head of the Financial Supervisory Commission,
called for his staff and the Financial Supervisory Service to halt
intervention into the Hynix crisis.


HYUNDAI MOTOR: Buys Hyundai Star for W50B
-----------------------------------------
Hyundai Motor bought Hyundai Star Commercial Vehicle System, capitalized at
100 billion won with the same amount in assets, as one of the company's
affiliates, increasing the number of Hyundai Motor Group's affiliates
increased to 17 with 38,049 billion won in total assets, Korea Inc reported
on September 3.

Hyundai Motor purchased the company, engaged in manufacturing and sale of
commercial vehicle engines, at 50 billion won by acquiring its 10 million
shares, or 50 percent stake in the company. The deal was made as part of the
company strategic collaboration with DaimerChrysler.


INCHON OIL: Applies for Corporate Liquidation
---------------------------------------------
Inchon Oil filed an application for corporate liquidation in the Inchon
District Court on September 1, 2001 aimed at rebuilding the company. The
decision was made at the board of directors' meeting held on August 31,
2001, Korea Inc reported September 3.

Meanwhile, a company spokesman announced Monday that the company has decided
to file an application for court receivership to Inchon District Court.

Inchon failed to pay about W44 billion bill that it has to settle with
Hanvit Bank for its import of crude oil. Hyundai Oil is the largest
shareholder of the company with a 38.9 percent stake.

Inchon's financial trouble worsened because of toughening competition among
local firms at a time when demand for petroleum products shrink as a result
of economic downturn.

The company borrowed a total of 1.5 trillion won (US$1.2 billion) from local
financial institutions, which include 381 billion won of loan from Hanvit
Bank.


SAMSUNG GROUP: Cutting Jobs To Cope With Recession
--------------------------------------------------
Samsung Group firms, including Samsung Electronics and Samsung Life
Insurance, are again cutting jobs in their bid to cope with unfavorable
business conditions. Samsung Electronics plans to reduce the workforce by 10
percent, including natural attrition, by the end of the year, the Korea
Herald reported September 4.

Samsung Electronics has begun downsizing its staff and executives, with
several divisions of the firm started accepting voluntary resignations as
part of an incentive plan of paying 12-months of basic salary to those who
volunteer to leave. The downsizing will most affect poorly performing
divisions, such as semiconductors and digital media, Digital Chosun reported
on September 3.

Samsung Electronics, however, said it has not set any concrete target for
the retrenchment plan, but it has been working on a plan to cut its manpower
down by ten percent by the end of this year through voluntary resignations
and spin-offs of marginal divisions.

The company has a total of 48,500 staff and workers on the payroll as at
June-end, but would fall to around 44,000 by year-end.

Samsung Life Insurance also announced a plan to cut 1,050 of its 8,000
officials on the payroll.

Samsung Corp.'s construction division also plans to cut the workforce by 10
percent, including 3-4 percent in natural attrition, by the end of the year.
The company is reviewing plans for voluntary retirements, but said that it
will adjust its manpower reduction plan based on its order taking
performance.

Samsung SDI cut some 100 jobs in the process of relocating its facilities
from the Suwon complex to China in the first half of the year. The company
said it will reduce the payroll on an ongoing basis by accepting voluntary
retirements.

Samsung Corning received applications for voluntary retirement in June and
July and started a retraining course for the applicants in late August,
while Samsung Electro-Mechanic, which started a massive restructuring plan,
has reduced its manpower from 13,000 to 11,000.

Samsung Engineering and Samsung General Chemicals downsized their workforce
late last year through a voluntary retirement program.


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


ACTACORP HOLDINGS: Proposed Debt Scheme Under Lender Scrutiny
-------------------------------------------------------------
The Board of Directors of Actacorp Holdings Berhad announced that its
Proposed Debt Restructuring Scheme, under the purview of the Corporate Debt
Restructuring Committee (CDRC), is currently being evaluated by the Actacorp
Holdings Berhad Group lenders.

Meanwhile the Company, through its main adviser, Southern Investment Bank
Berhad (SIBB) has written to Kuala Lumpur Stock Exchange (KLSE) seeking for
an extension of three (3) months to make the Requisite Announcement pursuant
to Practice Note 4/2001 of the Kuala Lumpur Stock Exchange (KLSE).


ARTWRIGHT HOLDINGS: Revised Debt Workout Proposal Pending
---------------------------------------------------------
The Board of Directors of Artwright Holdings Berhad announced that the
Proposed Strategic Alliance and Revised Proposed Debt Restructuring
proposals are still pending approval of the authorities.


BRIDGECON HOLDINGS: Awaits KLSE Extension Approval
--------------------------------------------------
Bridgecon Holdings Berhad (Special Administrators Appointed) (the Company)
is still awaiting the KLSE's approval of the application for extension of
time to release the detailed plan to regularize its financial condition (the
Requisite Announcement).

The Special Administrators of the Company invited interested parties to
participate in the Proposed Debt Restructuring Scheme via a proposed tender
exercise on 3rd September 2001.


GEAHIN ENGINEERING: Debt Workout Scheme Awaiting KLSE Approval
--------------------------------------------------------------
The Directors of Geahin Engineering Berhad (Company)announced:

(1) The Company made an application for an extension of time under paragraph
5.6 of the Practice Note No. 4/2001 on 23rd July 2001, but as at to date the
application is still pending approval from the Exchange .

(2 ) The Company is still awaiting further information pertaining to the
restructuring scheme from a statutory corporation (The White Knight) which,
inter alia, entails the following :

   * A proposed capital reduction under Section 64 of the Companies Act,
1965.

   * A proposed debt restructuring exercise via formal schemes of
arrangement and reconstruction.

   * A proposed rights issue of new ordinary shares on the basis of 2 for 1
to the existing shareholders.

  * Proposed acquisition of new income generating assets / businesses of the
White Knight via issue of new shares.


KRETAM HOLDINGS: Posts Defaulted Interest Payment
-------------------------------------------------
The Default on Interest payment for the Kretam Holdings Berhad Group, as of
31 August 2001, is:

Company Facility Default in Interest Payment
(RM)

Kretam Holdings Berhad RM63 Million 263,295. 89
Revolving Credit

Kretam Holdings Berhad RM3.5 Million 36,208. 22    Revolving Credit

Kretam Holdings Berhad RM140 Million 581,626. 19
Revolving Credit

The Kretam Group was unable to service the interest to the respective
financial institutions due to its tight cash flow position arising from the
depressed Crude Palm Oil prices and low trading on the Kuala Lumpur Stock
Exchange during the first half of this year.

The Kretam Group is currently in negotiations with its lenders to
restructure its Group borrowings. The proposed debt-restructuring scheme,
which still maintains the plantation operations as the Group's core
business, will be announced upon finalization.

The implication of the default in the aforesaid interest payments is that
the financial institutions will be entitled to enforce the charge over the
pledged landed properties of the Group. To-date, these financial
institutions have neither served a letter of demand nor taken any action to
enforce the charge by Kretam.


MALAYSIAN GENERAL: KLSE Extension Approval Still Pending
--------------------------------------------------------
Malaysian General Investment Corporation Berhad (MGIC or Company), announced
that the KLSE's decision on the Company's appeal and extension of time
application on the Proposed Restructuring Scheme is still pending.

On 30 August 2001, Arab-Malaysian Merchant Bank Berhad (Arab-Malaysian), on
behalf of the Company announced that details of a new restructuring scheme
which involves, amongst others, a proposed debt restructuring with the
creditors of MGIC and two (2) of its subsidiaries, MGIC Construction Sdn Bhd
and Magic Hill Resort Sdn Bhd and the proposed acquisition of the entire
issued and paid-up share capital of Trans MSB Sdn Bhd (Proposed
Restructuring Scheme).

The submission of the application on the Proposed Restructuring Scheme to
the relevant authorities will be made latest by 30 October 2001, subject to
the decision of the KLSE on the Company's appeal and extension of time
application which was submitted to the KLSE on 10 August 2001.


MBF CAPITAL: Seeks Debt, Settlement Scheme With Creditors
---------------------------------------------------------
Alliance Merchant Bank Berhad (Alliance) on behalf of MBf Capital announced
that the Company had on 10 August 2001 and 20 August 2001 issued a
comprehensive scheme of arrangement to regularize its financial condition.

The Company is currently in negotiation with its creditors to procure an
agreement on a debt restructuring and settlement scheme.


RNC CORPORATION: Updates Corporate, Debt Workout Scheme Status
--------------------------------------------------------------
RNC Corporation Berhad updated the status of the Proposed Corporate and Debt
Restructuring Scheme (PRS) as follows:

(a) The PRS is still pending the approval of Kuala Lumpur Stock Exchange
(KLSE) for the listing and quotation for the ordinary shares, Redeemable
Convertible Secured Loan Stocks (RCSLS) and Redeemable Convertible Unsecured
Loan Stocks (RCULS) on the Main Board of KLSE pursuant to the PRS; and

(b) The Special Administrators and Affin Merchant Bank Berhad are in the
midst of preparing an Information Circular detailing the approved PRS, which
will be sent out to shareholders in due course after the receipt of
clearance from the KLSE on the content of the circular.


S & P FOOD:  Proposals Gets Authorities' Approval
-------------------------------------------------
S & P Food Industries (M) Bhd stated the Proposals, pertaining to the
Proposed Capital Reduction and the Ordinary Resolutions pertaining to the
Proposed Debt Restructuring, Proposed Claim Settlement, Proposed
Acquisitions, Proposed Capitalization of Debts, Proposed Shareholders'
Advance and Proposed Disposal of Existing Business had received approvals
from:

   (i) Foreign Investment Committee;

   (ii) Ministry of International Trade and Industry;

   (iii) Securities Commission;

   (iv) shareholders of SPF at an Extraordinary General Meeting and Court
Convened Meeting convened on 28 August 2001; and

   (v) sanction of the High Court of Malaya for the Proposed Capital
Reduction and Proposed Scheme of Arrangement.

The Proposals are still subject to the approval of the KLSE for the listing
of and quotation for the new Cepatwawasan Group Berhad ordinary shares
arising from the Proposed Scheme of Arrangement, Proposed Acquisitions,
Proposed Capitalization of Debts and upon conversion of the irredeemable
convertible unsecured loan stocks to be issued pursuant to the Proposed Debt
Restructuring and Proposed Claim Settlement.


UH DOVE: Seeks KLSE Proposals Time Extension Approval
-----------------------------------------------------
UH Dove Holdings Berhad (the Company) announced that it is awaiting the
outcome of the Company's application for a time extension from the Kuala
Lumpur Stock Exchange (KLSE) to obtain all necessary approvals for the
Proposals. The Proposals involve the Proposed Rescue/Debt Restructuring
Scheme, in accordance with Paragraph 4.1(c) and Paragraph 5.1(c) of the
Practice Note 4/2001.

Meanwhile, the Company is also awaiting the Securities Commission's (SC)
approval on the application in respect to the Proposed Rescue/Debt
Restructuring Scheme. The Scheme is subject to the increase in bumiputra
equity in U.H. Industries Sdn. Bhd., a wholly owned subsidiary of the
Company to 30 percent by 22 August 2003 in compliance with the terms and
conditions of its Manufacturing Licence.

The Company submitted a plan to regularize its financial condition to the
SC, the Foreign Investment Committee (FIC) and the Ministry of International
Trade and Industry on 28 February 2001.

The Board also, on 15 August 2001, announced the FIC, via its letters dated
26 April 2001 and 14 August 2001, given its approval on the Company's
application in respect of the Proposed Rescue/Debt Restructuring subject to
the increase in bumiputra equity to 30 percent by 30 June 2002.


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


MAYNILAD WATER:  Benpres Clarifies Maynilad Rate Hike News
----------------------------------------------------------
Debt-laden Maynilad Water Services Incorporated's parent company Benpres
Holdings Corporation (BPC), in its letter, stated:

"xxx Maynilad Water Services Inc. has not received any official notification
from the MWSS disallowing nor approving the Maynilad rate hike. xxx"

This is with reference to the news article entitled "MWSS disallows Maynilad
rate hike" published in the 25 August 2001 issue of the Philippine Star. The
article reported that "The Metropolitan Waterworks and Sewerage System
Regulatory Office has prohibited concessionaire Maynilad Water Services,
Inc. (MWSI) from raising water rates by PhP4.75 per cubic meter. The
resolution was passed Aug. 16, or two weeks after the resignation of chief
regulator Rex Tantiongco over a controversial memorandum of agreement he
brokered that would have allowed Maynilad to recoup its foreign exchange
losses in 18 months. In a five-page resolution, the MWSS Regulatory Office
said the planned water rate hike violates the terms of the original 1997
concession agreement the government entered into with the Lopez-controlled
Maynilad, which services the western area."


NATIONAL POWER: Alcordo Calls For Inquiry, Threatens To Quit
------------------------------------------------------------
National Power Corp (Napocor) president Jesus Alcordo announced Monday that
he would call for a Senate inquiry into the $10-billion Napocor insurance
policy and stated he is ready to quit his job if the GSIS does not give what
is due to Napocor, ABS-CBN reported on September 3.

"I am willing [to have] the Senate investigate this matter. I challenge him
[Garcia] to tell us where the $13.8 million in premium insurance payment
made by the Napocor last year went," Alcordo said.

Alcordo also said, "I am putting my job on the line. If I don't get anything
for Napocor or if somebody can point to me that what I am doing is wrong,
then the most honorable for me to do is to resign immediately."

Napocor's $10-billion insurable asset is the biggest single insurance policy
in the country. In January of this year, reinsurers offered a $1.5-million
"advance partial payment" for claims arising from the damage wrought by
Typhoon Loleng on October 23, 1998. However, only $75,000 was received from
the GSIS," Alcordo said.

"The reinsurers reportedly remitted their share of $1.42 million to the GSIS
in March or April 2001, but the Napocor has not received it. Despite the
large amount that we pay in insurance premium, we have not received any
meaningful technical or claims advice and service from the GSIS or the
broker. The April 1 to September 30, 2001 renewal was done on a negotiated
basis, without the benefit of a public tender," he said.

Government Service Insurance System (GSIS) president Winston Garcia,
however, countered, saying that the claims are waiting to be dispersed. "We
cannot disperse them because Napocor has not submitted the required
documents," he said.

He added that the GSIS had the receipt to show that Napocor "has been fully
paid for all their completed claims."

"The law is clear and unequivocal about which entity has the responsibility
to insure and even to reinsure government assets and it is the GSIS."


VICTORIAS MILLING: Appoints Member and Alternate Member
-------------------------------------------------------
Victorias Milling Company, Inc. (VMC) furnished the Exchange with a copy of
the "Urgent Manifestation and Motion" dated 13 August 2001 in its Petition
for the Declaration of a State of Suspension of Payments, for the Approval
of a Rehabilitation Plan, and the Appointment of a Management Committee,
docketed as SEC Case No. 07-97-5693, which reads:

"xxx

THE MANAGEMENT COMMITTEE OF THE VICTORIAS MILLING COMPANY, INC. ('VMC
MANCOM'), xxx to this Honorable Commission respectfully manifests that in a
letter dated 10 August 2001, the VMC Mancom was informed by the Bank of the
Philippine Islands ("BPI"), through its Executive Vice President Gil A.
Buenaventura and Vice President Alberto E. Pascual, who are currently Member
and Alternate Member of the VMC Mancom representing the secured creditors,
that in connection with BPI's participation in the VMC Mancom, they will be
replaced, effective upon their appointment, by Oscar S. Molinyawe and Ms.
Georgina A. Gamboa, respectively, and the latter shall exercise all the
appurtenant functions and duties of a Member and Alternate Member of the VMC
Mancom.

Accordingly, it is therefore respectfully moved that this Honorable
Commission appoint Oscar S. Molinyawe and Georgina A. Gamboa as Member and
Alternate Member of the VMC Mancom representing the Secured Creditors in
lieu of Gil A. Buenaventura and Alberto E. Pascual. xxx"


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


ASIA PACIFIC: NYSE Delisting Set For Falling Below Minimum
----------------------------------------------------------
Asia Pacific Resources International Holdings Ltd. (NYSE: ARH) (APRIL or the
Company) announced August 31, 2001 that the New York Stock Exchange has
advised that it has determined the Company's Class "A" common stock will be
suspended and the issue will be removed from the NYSE's trading list as a
result of falling below the NYSE's minimum $1 share price continued listing
criterion.

As previously announced, the New York Stock Exchange notified APRIL that its
shares had fallen below the continued listing criteria requiring an average
price of at least one dollar. The NYSE has the right to suspend from trading
and delist shares that do not meet any continued listing criteria.

Unfortunately, APRIL's share price continues to be affected by several
issues beyond management's control, including weak commodity prices and poor
investor sentiment toward the pulp and paper sector and Indonesia.

Management examined several options to achieve continued listing status but
concluded that all options failed to offer a meaningful and permanent
solution to the NYSE's $1 minimum share price rule so long as the negative
macro environment continues.

Trading on the NYSE will be suspended prior to the opening on 24
September 2001.  The Company expects that the shares will commence trading
on the NASD "Over the Counter Bulletin Board (OTC BB)" in the United States
after delisting from the NSYE and will provide additional information to
investors in due course.  The NYSE will continue to trade the Company's
stock until 24 September and will then make the appropriate filings with the
Securities and Exchange Commission pending the completion of its applicable
procedures.

APRIL's operations, sales and marketing and financial position are not
affected by the NYSE's delisting action.

Company Summary

APRIL, with corporate offices in Singapore, is a major Asian producer of
pulp and paper. The Group is committed to protecting the natural resources
in its care through responsible management of its mills and forest
operations to benefit future generations.  APRIL produces ECF pulp in line
with international quality and environmental standards.

     The APRIL Group has:

     * 98.5 percent ownership of P.T. Riau Andalan Pulp & Paper ("Riaupulp")
Indonesia, which operates a 1,300,000 tonnes per year BHK pulp mill,

     * 100 percent interest in APRIL Fine Paper, which holds a 99.8 percent
interest in P.T. Riau Andalan Kertas ("Riaupaper").  Riaupaper operates a
350,000 tonns per year uncoated wood-free paper machine physically
integrated with Riaupulp and is constructing a second identical machine on
the same site.

     * 100 percent interest in a stationery plant in Suzhou, near Shanghai,
China.


CAPITALAND LIMITED: Subsidiary Director Resigns
-----------------------------------------------
Australand Holdings Limited (AHL), a subsidiary of CapitaLand Limited,
announced the resignation of Director Stephen Roy McMillan, effective 31
August 2001.


L&M GROUP: Bank Facilities' Restructuring Plans Will Continue
-------------------------------------------------------------
L&M Group announced that the directors believe there are reasonable grounds
for the company to continue as a going concern and that the company is
currently in discussion with its creditor bank on the restructuring of its
bank facilities.

The company stated:

ACQUISITION OF TWO GAS PIPELINE PROJECTS IN INDONESIA

   Further to the announcement by the company on 30 July 2001, the company's
wholly-owned subsidiary, L&M Petromas Pte Ltd has entered into a Sale and
Purchase Agreement with PT Petroimpex Nuansa Corporindo and PT Moeladi on
the acquisition of shares in PT Petroinsana Mitra Mandiri for the sum of
US$923,000.00.

   The acquisition is conditional upon, inter alia, the approval by the
Singapore Exchange Securities Trading Limited (SGX-ST) to the acquisition
and to the payment of the US$923,000.00 consideration by way of an issuance
of the Company's shares. An application shall be made shortly to the SGX-ST
for their approval to the transaction.

INCORPORATION OF A NEW COMPANY IN THE PHILIPPINES FOR L&M FOUNDATION
SPECIALIST PTE LTD

   The board of directors of L&M announced that its wholly-owned subsidiary
in Singapore, L&M Foundation Specialist Pte Ltd (LMFS), has subscribed for
400 new shares of PhP1,000 each in the share capital of L&M Foundation
Philippines, Inc. (LMP), representing an interest of 40 percent in the
issued and paid-up capital of LMP (the Transaction).

   LMP is a company incorporated in Philippines with an authorized share
capital of PhP2,000,000 divided into 2,000 shares of PhP1,000 each and an
initial issued and paid-up share capital of PhP1,000,000 divided into 1,000
shares of PhP1,000 each. The principal business of LMP is foundation and
geotechnical engineering, other underground engineering and trading of
related specialist equipment and products.

   The Transaction is not expected to have any material effect on the net
tangible assets or earnings per share of the company based on its financial
position as at 31 December 2000.

   None of the Directors of L&M have any interest, direct or indirect, in
the Transaction and they are not aware of any substantial shareholders
having any interest, direct or indirect, in the Transaction.

PT SIWANI TRIMITRA TBK

   Further to the announcement made on 23 August 2001, the company announced
that the issuance and the listing of the 720 million shares in PT Siwani
Trimitra Tbk to the company has been approved by the Indonesian authorities
on 31 August 2001.

RESIGNATION OF CHIEF FINANCIAL OFFICER

   Ms Jessie Goh Chwee Cheng resigned from the position of chief financial
officer with effect from 31 August 2001.


SSANGYONG CEMENT: DBS Group Changes Interests
---------------------------------------------
Ssangyong Cement (Singapore) Limited posted a notice of substantial
shareholder DBS Group Holdings Ltd/ DBS Bank's interest as follows:

Date of notice to company:  01 Sep 2001 Date of change of
deemed interest:            21 Aug 2001
Name of registered holder:  The Insurance Corporation of
Singapore Ltd CDP : DBS NOM

Circumstance giving rise to the change: Others

Please specify details:     ICS ceased to be a subsidiary of DBS Group
Holdings Ltd on 21 August 2001.

Therefore DBS Group Holdings/DBS Bank is no longer deemed interested in ICS'
holdings in other companies.

Shares held in the name of registered holder
No. of shares of the change: (260,000)
% of issued share capital:   0.337
Amount of consideration
per share excluding
brokerage, GST, stamp
duties, clearing fee:        NA

No. of shares held before change:   4,103,600
% of issued share capital:          5.31
No. of shares held after change:    3,843,600
% of issued share capital:          4.98

Holdings of Substantial Shareholder including direct and deemed interest
                                    Deemed          Direct
No. of shares held before change:   4,103,600
% of issued share capital:          5.31
No. of shares held after change:    3,843,600
% of issued share capital:          4.98
Total shares:                       3,843,600


THAKRAL CORP: Clarifies Strait Times Report
--------------------------------------------
In addition to the article titled "Thakral to Call Creditors' Meeting",
published in The Straits Times on 30 August 2001, it was reported that
"creditors stand to recover $0.69 to the dollar as compared with a
liquidation scenario where they may receive just $0.22 to the dollar".

The company emphasized that this is subject to various regulatory approvals
for the debt restructuring plan, including approval from the company's
creditors and shareholders.


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


PERFECT PUBLIC: Notifies Result Of Creditors' Meeting
-----------------------------------------------------
The Official Receiver has convened a Creditors' Meeting for Property Perfect
Public Company Limited (the Company) on August 29, 2001 for the
consideration of the rehabilitation plan (the
Plan) of the Company in accordance with Section 90/44 of the Bankruptcy Act
B.E. 2483.

At the meeting, the total of 60.1 percent of all the creditors cast the
votes in favor of  accepting the Plan, which is more than 50 percent of all
the creditors who were present at
the meeting and were able to cast the vote, together with at least one of
the groups of the creditors having passed a special resolution in favor of
accepting the Plan, it was thereby
considered that the Plan was accepted in accordance with Section 90/46(2),
90/48 and Section 6 of the Bankruptcy Act B.E. 2483

The Central Bankruptcy Court has set a 5 September, 2001 date for the
consideration of the Plan, which has been accepted by the creditors.


SANYO UNIVERSAL: Posts Delisting Presentation For Investors
-----------------------------------------------------------
Sanyo Universal Electric Public Company Limited (SUE) issued a summary of
the questions and answers in the presentation to the general investors held
on August 31, 2001, about SUE's delisting:

The meeting started at 2.10 p.m.

(1) Have the two major shareholders (Premier group and Sanyo group) ever
reached any agreement among themselves before making the tender offer?

Answer:  No and Sanyo group has no intention to sell its shares in this
tender offer.

(2) Could you please tell us about the support to SUE provided by Sanyo
Japan before and after the delisting?

Answer:  Hit by the keen competition in the domestic market and the economic
downturn, SUE needs to accentuate more on the overseas markets and plans to
boost its export sales, potentially to 50 percent from the existing 20
percent.  To achieve this, the Company must have the information about the
foreign market demand and upgrade the product design, which involves a huge
investment and can only be done by world-class producers.  Sanyo Japan has
all along given the relevant assistance to the Company and will further step
up its effort in this matter.

(3) Which assumptions were applied in the share price valuation by the
discounted cash flow approach? And why did the share price come out with a
negative value?

Answer:  Taking into account the fast-changing environment, the 10-year
projection was made on a conservative basis with a gradual sales growth,
thus resulting in a small profit margin.  SUE carries an enormous amount of
debt. As a result, the share price valuation by the DCF method turned out
negative.

The meeting was adjourned at 2:50 p.m.


SIKARIN PUBLIC: Posts Q2 2001 Financial Performance
---------------------------------------------------
Sikarin Public Company Limited's second quarter 2001 interim financial
statements ending June 30,2001 indicated a net profit of Bt44.44 million.
Details are as follows:

(1) The revenue from sale increases amount of Bt30.47 million from second
quarter year 2000 or increase 25.28 percent.

(2) Profit from restructuring loan amount of Bt26.93 million (Restructuring
with 1 bank and 2 finance)

(3) For the three month period ending June 30,2001, the company did not
record the compensation claimed by former management. For the three month
period ending June 30,2000, the company recorded the compensation claimed by
former management
amounting to Bt6.43 million.

The compensation claimed by former management as remuneration for management
serviced provided and for which the litigation. Such legal case was
finalized on 1st November 2000, and the company was required to pay a total
compensation amount of Bt5.12 million.

It therefore made a reversal for the remaining balance of Bt93.60 million
and recorded this as other income in the statements of earnings for the year
2000. On 3rd November, 2000 the same former management filed a legal case
against the company for Bt498.03 million for the accrued management
remuneration due from May 17 to October 2000.

This is addition to the above compensation case, and as it is still in the
legal process the company has not yet therefore set aside any provision.

(4) Interest decreases amount of Bt8.82 million from second quarter year
2000.

Year 2000, the company had restructuring with two bank.

Restructure debt by revised interest rate and term of payment.  The company
restructuring loan with one financial and paid by cash with Financial Sector
Restructure Authority.

Year 2001, the company had restructuring with one bank and two financial.


STA PARA: Court Petition For Business Reorganization Filed
----------------------------------------------------------
Para Rubber Producer, seller and importer Sta Para Plywood Company Limited's
(DEBTOR) Petition for Business Reorganization
was filed to the Central Bankruptcy Court:

Black Case Number Phor. 13/2543

Red Case Number Phor. 18/2543

Petitioner: STA PARA PLYWOOD COMPANY LIMITED

Planner: Deloitte Touch Tomatsu Company Limited

Debts Owed to the Petitioning Creditor: Bt2,140,000,000

Date of Court Acceptance of the Petition: March 27, 2000

Date of Examining the Petition: April 26, 2000 at 9.00 A.M.
Court Order for Business Reorganization and Appointment of Planner on April
26, 2000

Announcement of Court Order for Business Reorganization and Appointment of
the Planner: in Matichon Public Company Limited and Siam Rath Company
Limited on May 8, 2000

Announcement of Court Order for Business Reorganization and Appointment of
the Planner: in Government Gazette on June 13, 2000

Deadline for Creditors to submit Applications for Payment in Business
Reorganization: July 13, 2000

Deadline to object Applications for Payment in Business Reorganization: July
27, 2000

Deadline for the Planner to submit the Business Reorganization Plan to the
Official Receiver: September 13, 2000

Deadline for the Planner to submit the Plan to the Official Receiver -
Postponed 1st: October 13, 2000

Deadline for the Planner to submit the Plan to the Official Receiver -
Postponed 2nd: November 13, 2000

Appointment Date of the Creditors' Meeting for the Plan Consideration:
December 22, 2000 at 13.30 pm. Convention Room no. 1105, 11th Floor Bangkok
Insurance Building

The Meeting had a resolution accepting the reorganization plan
Court hearing has been set on January 15, 2001

Court issued an Order Accepting the Reorganization Plan: January 16, 2000
and Appointed Deloitte Touch Tomatsu Company Limited to be as the Plan
Administrator

Announcement of Court Order for Accepting the Reorganization Plan: in
Matichon Public Company Limited and Siam Rath Company Limited on January 25,
2001

Announcement of Court Order for Accepting the Reorganization Plan: in
Government Gazette on February 15, 2001

Court had issued the order on May 24, 2001 for Appointment of Arthur
Andersen Company Limited to be a New Plan Administrator

Announcement of Court Order for Appointment of a New Plan Administrator: in
Matichon Public Company Limited and Siam Rath Company Limited on June 12,
2001

Announcement of Court Order for Appointment of a New Plan Administrator: in
Government Gazette on July 19, 2001

Contact: Mr. Chalermkiat Tel 6792513


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, Maria Vyrna Nineza, Roy Tabamo,
Editors.

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

This material is copyrighted and any commercial use, resale or publication
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