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

                   A S I A   P A C I F I C

           Tuesday, October 2, 2001, Vol. 4, No. 192

                         Headlines


A U S T R A L I A

ANSETT: Bidders' Acquisition Talks Ongoing
AUSTAR UNITED: Signs Agreement With Telstra Re TelstraSaturn
HARTS AUSTRALASIA: Voluntary Administrator Appointed
NEWCREST MINING: CBA Lowers Stake To 7.07%
PACIFIC DUNLOP: Confirms Director D'Aquino's Resignation

PRESTON RESOURCES: Issues Bulong Operations Production Report
TELEZON LIMITED: Appoints Joint Administrators


C H I N A   &   H O N G  K O N G

SINOCAN HOLDINGS:  H101 Net Loss Widens To HK$35.73M
NOBLE FOCUS: Faces Winding Up Petition
WELLIN DEVELOPMENT: Winding Up Sought By Hang Land


I N D O N E S I A

BAKRIE FINANCE: Sells Stake In Oil Company
CITATAH INDUSTRI: Hopeful $42M Debt Workout Will Be Accepted


J A P A N

HINO MOTORS: Purchasing Isuzu Parts To Reduce Costs
HITACHI LTD: Plans DRAM Production Halt
MYCAL CORP: Venture With Wal-Mart Moves Forward
SONY CORPORATION: Shares Drop After Slow Earnings Forecast


K O R E A

DAEWOO MOTOR: Bupyeong Undergoes Changes
HAITAI CONFECTIONARY: Acquired By Foreign Consortium
HYUNDAI GROUP: 250 Employees To Be Hired By Units
KOOKMIN BANK: Holds Meeting With Shareholders For Merger Talks
SSANGYONG CEMENT: New Rescue Plan Drawn Up


M A L A Y S I A

ANSON PERDANA: To Submit SC Proposal Application By End Of Oct
ASSOCIATED KAOLIN: Awaits SC's Workout Proposal Approval
KELANAMAS INDUSTRIES: Proposed Restructuring Scheme Pending
KUALA LUMPUR: Workout Proposal Reaches Final Stage
MEASUREX CORP: Posts Proposed Debt/Restructuring Scheme

NCK CORPORATION: Defaulted Payments Status Remains Unchanged
NCK CORPORATION: No Change On Financial Condition Status
RENONG BERHAD: Posts PUTRA's Interest Payment Default
TIMBERMASTER IND: Posts Winding-Up Petition Hearing Dates
TRANS CAPITAL: KLSE Approves RA Extension Request


P H I L I P P I N E S

ATLAS MINING: Posts Clarification Of News Item
NATIONAL POWER: One-Day Power Sales Earn P634M
NATIONAL STEEL: Search Is On For New Plant Operator
UNIWIDE HOLDINGS: New Rehab Plan In Works


S I N G A P O R E

ASIA FOOD: Reports Plunging H101 Earnings
ASIA FOOD: Reports Half-Year Results, Financial Highlights
FHTK HOLDINGS: Announces Debt Restructuring Completion
GMG GLOBAL: Posts Changes In Director's Interests


T H A I L A N D

SAHAMITR PRESSURE: Shareholders Approve Rehabilitation Plan
SIAM GENERAL: Extraordinary Meeting Re Compensated Losses
THAI MODERN: SET Delists Securities Trading
THAI PETROCHEMICAL: Progress Report On Plan Implementation
THAI PACKAGING: Petition For Business Reorg Filed In Court

     -  -  -  -  -  -  -  -

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


ANSETT: Bidders' Acquisition Talks Ongoing
------------------------------------------
Deputy Prime Minister John Anderson said Monday that five
serious though undisclosed bidders were in talks about taking
over parts of Ansett Australia Holdings Ltd, Asian Wall Street
Journal reported.

"That is good news, it does confirm that we will have
significant new entrants and commercial strength on our trunk
routes," Anderson said.

Anderson ruled out the idea of pumping any government money into
failed Australian carrier.

"We've made it clear we are not going to buy an aviation
company," Anderson said.

Opposition leader Kim Beazley met former Ansett workers at a
rally last week at Sydney Airport and vowed to throw the carrier
a financial lifeline if he wins power at elections expected next
month.

But Anderson reiterated the government's promise to Ansett
customers to secure their ticket purchases.

"We're standing behind purchases of tickets in order to give
them the security they need to buy those tickets, to give the
airline, as the administrators seek to sell it, a fighting
chance," he said.


AUSTAR UNITED: Signs Agreement With Telstra Re TelstraSaturn
------------------------------------------------------------
Austar United Communications announced that it had reached an
agreement with Telstra Corporation in relation to a restructure
of the Shareholders Agreement for their New Zealand joint
venture TelstraSaturn Limited.

After the 2004 financial year end, Austar will have the right to
sell its shares in TelstraSaturn to Telstra. Similarly, Telstra
will have the right to acquire Austars shares in TelstraSaturn.
In both cases the sale or purchase will be governed by terms and
conditions to be set out in the Shareholders' Agreement.

Under the terms of the restructured arrangement, Telstra will,
in the short term, contribute funding in the form of
subordinated debt. The remaining terms of the agreement are
confidential.

As a result of the restructure Austar believes that it can
execute its current business plan without the need for
additional financing.


HARTS AUSTRALASIA: Voluntary Administrator Appointed
----------------------------------------------------
The Board of Directors of Harts Australasia Limited resolved
Monday to appoint John Rees, David Cassidy and Michael McCann of
Grant Thornton as Voluntary Administrators of Harts Australasia
Limited and its subsidiaries.

Executive Chairman, Steve Hart, advised "it was necessary to
appoint a Voluntary Administrator to the Company as it had been
advised that certain finance facilities available to the Company
had been withdrawn due to the publicity, surrounding the
Australian Securities and Investment Commission's application to
the Federal Court."

"The Directors and Senior Executives of the Company will provide
all possible assistance to the Voluntary Administrator in an
effort to move the Company through this difficult period."


NEWCREST MINING: CBA Lowers Stake To 7.07%
------------------------------------------
Commonwealth Bank of Australia decreased its relevant interest
in Newcrest Mining Limited on 26 September, 2001, from
23,051,333 ordinary shares (8.24 percent) to 19,767,005 ordinary
shares (7.07 percent).


PACIFIC DUNLOP: Confirms Director D'Aquino's Resignation
--------------------------------------------------------
Pacific Dunlop Limited, further to the notification of the ASX
on 4 September 2001, confirmed N A D'Aquino's resignation as a
Director of the Company, effective 30 September 2001.


PRESTON RESOURCES: Issues Bulong Operations Production Report
-------------------------------------------------------------
Preston Resources Limited announced that nickel and cobalt
dispatched for sale amounted to 524 and 35 tons, respectively.
Circuit inventories of nickel increased by about 10 tonnes for
the month. Plant throughput was affected by mechanical
availability in the leach circuit with unscheduled maintenance
being required as a consequence of the collapse of baffles in
the intermediate heater vessel, and heater pump seal failures.
Restrictions in the partial neutralization circuit also affected
plant performance. Performance of autoclave feed pumps was
improved with the installation of valves made from advanced
materials.

SAFETY AND ENVIRONMENT

There were eight significant injuries during the month.
Appropriate actions have been implemented to address all
affected areas of the operation.

PRODUCTION

Production statistics for the month of August are:

THIS MONTH

UNIT              ACTUAL       PLAN     VARIANCE     VARIANCE(%)

INPUTS
Leach Feed (t)    37,543      44,863    -7.321           -16.3%

Ni Grade (%)        1.80        1.80      0.00             0.2%

Co Grade (%)       0.138       0.105     0.033            31.2%

OUTPUTS
Ni (t)             523.9       660.5    -136.6           -20.7%

Co (t)            34.978      36.272    -1.294            -3.6%

YTD

UNIT              ACTUAL       PLAN     VARIANCE     VARIANCE(%)

INPUTS
Leach Feed (t)    80,042      83,551    -3.509            -4.2%

Ni Grade (%)        1.79        1.80      0.00             0.0%

Co Grade (%)       0.120       0.105     0.015            14.3%

OUTPUTS
Ni (t)           1,088.1     1,216.2    -128.2           -10.5%

Co (t)            60.272      66.739    -6.467            -9.7%

The leach feed throughput was below budget due to restricted
throughput through the partial neutralization circuit and major
mechanical failures in the first half of the month.

The Kwinana Nickel Refinery (KNR) residue trial commenced with
additions to ore feed being made at 1% with no adverse effects
to the leach plant, however high copper levels associated with
this material caused plating problems in the tank house.

Of the total cobalt production for August, 33.03 tons was as
cobalt cathode and 1.95 tons as cobalt contained in sulphide.

MINING

Mine production activities were carried out in the Federal, Gala
and Albion 2 pits with ore and waste mining.

Total pit movement was above expectations with high excavator
dig rates in the Albion pit being the main contributing factor.
The 'soft' waste material coupled with a short haul lead for in-
pit dumping of waste were the major reasons for good production
rates. Grade Control activities comprised trenching in the
Federal and Gala pits, with mining in Federal, Gala and Albion
2.

Detailed sampling of all reject material from the ore
preparation circuit is enabling the estimation of a more
representative beneficiation upgrade. This suggests an upgrade
of around 10% for nickel is being achieved by rejecting low-
grade streams from the ore preparation circuit.

LEACH PLANT

The leach plant operated at 60.8 dry tons per hour (dtph) with
an availability of 80.3%. The most significant down time in the
leach plant for the month was related to the collapse of two
baffles in an intermediate heater vessel, a number of mechanical
seal failures and the replacement of a choke and seat on ore or
the flash vessels.

The collapse of two baffles in the heater vessel resulted in
flow being restricted. Upset conditions in the leach plant
resulted in the failure of 10 heater pump mechanical seals over
about 48 hours. Over half of the seals failed only minutes after
being operated. The reason for the failures is being
investigated. No further incidents of failure have occurred.

An analysis of the down time is:

* Operational - 1.6% (14hrs). The majority or this time was
associated with autoclave heat ups (12hrs).

* Unscheduled Maintenance - 17.9% (133.13hrs).

* Final heater stage steam cross over lines failed (8hrs).

* Both autoclave feed pumps down due to failed valves and
diaphragm (9hrs).

* 9 Aug - Baffles collapsed in the second heater vessel
requiring removal (26hrs).

* 12 Aug - Mechanical seal failures on the triple feed pumps for
the third heater vessel (25hrs).

* 14 Aug - Autoclave discharge choke failed on flash vessel
(38hrs).

* The autoclave #5 agitator mechanical seal failed (20hrs).

REFINERY

The refinery produced 523.9 tons of nickel at 93.4% recovery and
35.0 tons of cobalt at 85.5% recovery. Overall availability for
the refinery was 80.4%. The majority of down time was associated
with low feed levels. Minor down time resulted from a Nickel
Solvent Extraction (Ni SX) gypsum blockage, and Cobalt Solvent
Extraction (Co SX) agitator failure.

Co SX averaged 91.51% cobalt recovery at 84.6% availability.
Cobalt recovery was again low due to low extractant
concentration and difficulties controlling ammonia flow.

The KNR residue trial contributed to poor recoveries, due to
elevated levels of cobalt and copper in Pregnant Liquor Storage
(PLS). Copper recovery was very poor, again due to insufficient
extractant concentration. Flows were restricted at month-end in
an attempt to control the copper deportment to nickel catholyte.

Nickel solvent extraction averaged 93.5% nickel recovery at
80.4% availability. Nickel recovery was effected by several
circuit start-ups and periodic pH probe problems.

The anode replacement program continued during August.

Copper contamination from the KNR trial caused major disruptions
in the tankhouse, with large amounts of button-like dendrites
growing on the cathodes and starter sheets. Cathode bag
consumption increased dramatically and there was a 100%
rejection rate of the starter sheets for a short period of time.
Mild steel was used until nickel starter stocks increased. It
appears that a copper level of greater than 25ppm in catholyte
contributes to poor cathode growth.

METALLURGICAL PERFORMANCE

The table below shows all estimate of the total plant
metallurgical balance.

OVERALL PLANT METAL BALANCE       ACTUAL                OPTIMUM
                           NICKEL    COBALT       NICKEL COBALT

Plant Feed Grade (%)          1.80      0.138        1.90
0.13

Plant Inputs (PAL Feed)(t)   675.1       51.7       889.3
60.8

Plant Recovery (%)           79.1       71.4        92.9    91.6

Plant Stock Increase(t)      10.4        1.9         0.0     0.0

Product(t)                  523.9       35.0       826.1    55.7

Stock Increase + Product(t) 534.3       36.9       826.1    55.7

Overall Plant Utilization(%)     69.9                  88.2

NB: Plant inputs X plant Recovery = Plant Stock Increase +
Product Availability = 1.ewa hours / Total hours

Autoclave extraction dropped from 92.9% in July to 91.01% in
August. A reduction in the autoclave discharge free acid was the
main contributor to the poor autoclave recovery. The free acid
level was reduced during the month in an attempt to reduce the
load on the partial neutralization circuit.

Overall leach plant recovery was down at 80.3% (83.6% July 2001)
for nickel and 82.2% for cobalt (82.6% July 2001) due to lower
autoclave extraction and Counter Current Decantation/Partial
Neutralization (CCD/PN) wash recovery.

OPERATING COSTS

The tables below summaries the breakdown of costs for the month
of August.

MINING COSTS

Total mining costs above budget due mainly to variation
in the contract mining area. Some of the variation was due to
the crushing and screening operations that were completed during
the period with non budgeted equipment hire (crusher and
loaders).

The other main cause of variation was the higher material
movement rates, especially waste mining, increasing over all
costs for the period.

LEACH PLANT COSTS

The leach operating costs for a ton of nickel to the PLS pond
was $60.80/t compared a budget of $54.70/t. There were no major
variations to costs.

REFINERY COSTS

Refinery was 21% under budget for the month. The main reason for
this was that the expected nickel extractant change-out expenses
were not incurred. If these costs are ignored, the refinery was
7% under target for the month. This is mainly associated with
the lower production levels.

MAINTENANCE COSTS

Maintenance costs totaled $903,000, being $218,000 over budget.
The major variance was in leaching.

PRODUCTION SERVICES COSTS

Costs were over budget because of increased spending associated
with capital works. Engineering administration was also over
budget.

COMMERCIAL COSTS

Supply - Product freight costs continue to be higher than
anticipated and as discussed last month, supply department are
investigating ways of reducing the increased charge.

Human Resources - Costs were $18,000 under budget as there has
been no need for recruitment of senior personnel. This results
in savings in the areas of advertising, relocation and agency
fees.

Site Administration - Costs are under budget by $3,000 and there
were no major variances.

REVENUE                                  AUGUST-2001
                                           A$'000

Nickel sales                                3,437
Cobalt sales                                  881

METAL PRODUCTION

Estimates of quarterly metal output, through to March 2002 are
shown in the table following.

QUARTER ENDING                      NICKEL
COBALT
                                             (IN TONS)

September 30, 2001                 1,750                    180
December 31, 2001                  2,105                    191
March 31, 2002                     2,007                    158

OUTLOOK

Plant availability and utilization improved during the course of
the month. Resulting in a good start to September. The ratio of
preventative maintenance to break down maintenance is steadily
improving resulting in improved plant performance. The next
scheduled 6 monthly planned maintenance shutdown will take place
at the end of October.


TELEZON LIMITED: Appoints Joint Administrators
----------------------------------------------
Telezon Limited (the Company) advised that the Directors have
resolved to place the Company in Administration and have
appointed Laurence Fitzgerald and Michael Humphris of the
accountancy firm, Sims Lockwood, as joint administrators.

The basis of the appointment is to enable an operational and
functional reorganization of the Company with a view to ensuring
its long-term viability.

In further developments, Glenton J Wall has resigned as Managing
Director but remains as a director of the Company. Peter Cook
has resigned as a Director of the Company. David Bird and Colin
Jones have been removed as Directors.

Richard Foo has been appointed as an additional Company
Secretary.



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


SINOCAN HOLDINGS:  H101 Net Loss Widens To HK$35.73M
----------------------------------------------------
Sinocan Holdings Ltd. said its net loss widened to HK$35.73
million for the six months through June, from HK$14.29 million a
year earlier, Quamnet News Service reported Friday.

Loss per share was 4.2 HK cents compared with 1.7 HK cents
previously.

Revenue fell 23 percent to HK$83.18 million. No interim dividend
will be distributed, unchanged from a year earlier.


NOBLE FOCUS: Faces Winding Up Petition
--------------------------------------
The petition to wind up Noble Focus Limited is set for hearing
before the High Court of Hong Kong on October 24, 2001 at 9:30
am. Kincheng Banking Corporation of No. 55 Des Voeux Road
Central, Hong Kong, filed the petition with the court on July
23, 2001.


WELLIN DEVELOPMENT: Winding Up Sought By Hang Land
--------------------------------------------------
Hang Land Company Limited is seeking the winding up of
Wellin Development Limited. The petition was filed on August 17,
2001, and will be heard before the High Court of Hong Kong on
December 12, 2001 at 9:30 am.

Hang Land holds it registered office at 9th Floor, Duke
Wellington House, Nos. 14-24 Wellington Street, Central and
United Overseas Bank Limited, a company established place of
business in Hong Kong at Room 2508, 25th Floor, Edinburgh Tower,
The Landmark, Central, Hong Kong.


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


BAKRIE FINANCE: Sells Stake In Oil Company
------------------------------------------
PT Bakrie Finance Corp, which has 1.8 billion convertible shares
worth Rp900 billion in the oil company PT Bumi Resources, has
offered its Rp212 billion stake to holders of  its bonds
maturing last April, Asia Pulse reported Friday, citing Finance
President Imbang J. Mangkuto.

Bakrie Finance failed in April to pay a Rp200 billion debt in
bonds it issued in 1997.

"The company is also seeking an agreement with other creditors
to restructure non-bond debts totaling Rp1.4 trillion. The debts
include US$60 million to Korean banks, US$20 million to
Commonwealth Development Capital and Rp113 billion to the
Indonesian Bank Restructuring Agency (IBRA)," Imbang said.

The Indonesian Supreme Court recently accepted a review of a
bankruptcy suit filed by the Korean banks against Bakrie
Finance.

Creditors met Wednesday and agreed to name Pricewaterhouse
Cooper as an independent financial advisor to handle due
diligence and find a solution to the debt problem before the end
of this year.


CITATAH INDUSTRI: Hopeful $42M Debt Workout Will Be Accepted
------------------------------------------------------------
Marble Manufacturer PT Citatah Industri Marmer Tbk is optimistic
that it will be able to win its creditors' approval for the
restructuring of $42 million in debt by end of this year,
IndoExchange reported Monday.

Citatah's finance director Tiffany Yohanes said that the debt
was owed to 14 banks, 80%, or $17 million of which, is owed to
BNP Paribas led bank syndication. The balance is owed to the
Indonesian Bank Restructuring Agency (IBRA).

The company is currently negotiating on the terms of the loans,
debt to equity swap and convertible notes.

"Around 44% of the creditors have agreed to the proposed
scheme," Yohanes added.


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


HINO MOTORS: Purchasing Isuzu Parts To Reduce Costs
----------------------------------------------------
Hino Motors Limited will buy air suspension systems from Isuzu
Motors Limited to eliminate the development costs of auto parts,
in the wake of a prolonged slump in truck sales, News On Japan
reported September 30.

Current demand for air suspension systems have been rising
because they are tailor-made for transporting goods like
beverages and precision equipment, which are particularly
vulnerable to vibrations.

According to a Wright Investors' Service report, at the end of
2001, the company had negative working capital, as current
liabilities were �532.09 billion while total current assets were
only �389.66 billion. The fact that the company has negative
working capital could indicate that the company will have
problems in expanding.
"However, negative working capital in and of itself is not
necessarily bad, and could indicate that the company is very
efficient at turning over inventory, or that the company has
large financial subsidiaries," Wright Investors' added.

HITACHI LTD: Plans DRAM Production Halt
---------------------------------------
Due to declining profits in the dynamicrandom access memory
(DRAM) business, Hitachi Limited has plans to withdraw from DRAM
chip production, the Asian Wall Street Journal reported Monday.

The Japanese company plans to stop DRAM production in Germany by
the end of March next year, and in Singapore, after April 2003.

Due to plunging profits in the DRAM business, Hitachi now
expects losses of Y95 billion in the current fiscal year.


MYCAL CORP: Venture With Wal-Mart Moves Forward
-----------------------------------------------
Former Mycal Corp. President Kozo Yamashita said that the
company has ceased conducting pre-bankruptcy tie-up negotiations
with Japan's largest supermarket chain operator Aeon Co,
formerly knows as Jusco Co. Wal-Mart Stores Inc. of the United
States remains in the negotiations, Asia Intelligence Newswire
reported Monday.

Dai-Ichi Kangyo Bank and former Mycal President Osamu Shikata
started negotiations with Aeon in June. In August, however,
Mycal suddenly switched to Wal-Mart for tie-up negotiations when
Aeon's interest declined.

"Mycal and Wal-Mart are planning to integrate the management of
Mycal's twenty to thirty profitable stores, while scrapping some
of the rest," Yamashita said.

He said Wal-Mart's executives visited Japan three times to
inspect Mycal stores to judge whether Wal-Mart's distribution
and management styles could work in the Japanese market.


SONY CORPORATION: Shares Drop After Slow Earnings Forecast
----------------------------------------------------------
After slashing their earnings forecasts Friday due to the recent
terrorist attacks in the U.S., the share prices of Sony
Corporation and NEC Corporation dropped dramatically Monday
morning, the Asian Wall Street Journal reported October 1.

As of 0018 GMT, Sony was ask-only at Y4,190, compared with its
Friday close of Y4,390. NEC, on the other hand, was down 3.4
percent at Y940.

Sony significantly lowered its prediction for consolidated net
profit by a whopping 89 percent and lowered by half its estimate
for operating profit, as its central electronics business
weakens.

Presently, Sony merely expects group net profit of Y10 billion
this business year, far worse than the Y90 billion profit
previously forecast.


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


DAEWOO MOTOR: Bupyeong Undergoes Changes
----------------------------------------
Daewoo's Bupyeong plant, excluded from takeover talks between
General Motors and creditor banks supposedly because of its low
productivity, aging facilities and a militant union, has been
undergoing changes for several months now, according to a
Digital Chosun Monday report.

The workforce, for example, has been cut by 42 percent, down to
4,118 from 7,000 in February.  The remaining workers are showing
more organization, are currently normalizing operations in the
factory and after a hard day's work, are sometimes doubling as
salesmen at night, there are even graphs to show their
performance as such.  They have also made efforts to reduce
inventory, only buying parts necessary for the targeted daily
production.

The plant is developing a new car, the T-200, to be marketed
February next year and is currently developing 2,000cc and
2,500cc XK engines to improve its mid-sized cars' performance.


HAITAI CONFECTIONARY: Acquired By Foreign Consortium
----------------------------------------------------
A foreign consortium composed of CVC Capital, JP Morgan and UBS
Capital paid a full W415 billion to acquire Haitai
Confectionary, Korea Herald reported Monday citing the spokesman
for the consortium.

The consortium, planning to launch Haitai Foods Company next
month by using assets of the Korean confectionary, made payment
after signing a deal with Haitai last July.

Haitai Confectionery was placed under receivership in May, after
defaulting on its loan payments.


HYUNDAI GROUP: 250 Employees To Be Hired By Units
-------------------------------------------------
Hyundai Heavy Industries (HHI) and Mipo Shipbuilding, both units
of the Hyundai Group, plan to hire 200 employees and 50
employees, respectively, in the fourth quarter.

However, since these two companies are soon to be separated from
the whole group, no so-called "pure" Hyundai affiliates have
recruitment plans, the Korea Herald reports Monday.

HHI and Mipo Shipbuilding's separation from the Hyundai Group
may push through in February 2002.


KOOKMIN BANK: Holds Meeting With Shareholders For Merger Talks
--------------------------------------------------------------
Kookmin Bank and Housing and Commercial Bank (H&CB) hold
shareholder's meetings Friday to approve their upcoming merger.
Kookmin's labor union, determined to block the meetings, called
the merger "unfair", the Korea Herald reported Friday.

During the meetings, shareholders of both banks are expected to
approve the merger contract, nominate directors and select
incorporators of the new entity. The merger is supposed to push
through as planned because the U.S. Securities and Exchange
Commission to approve the consolidation have given the banks
only until September.

The merged entity is tentatively called Kookmin Bank and is
slated for a November opening.


SSANGYONG CEMENT: New Rescue Plan Drawn Up
------------------------------------------
Creditor banks of the ailing Ssangyong Cement have come up with
a rescue plan consisting of a debt-to-equity conversion totaling
W1.7 trillion and a fresh loan of W200 billion. The new plan is
supposed to be up for approval early next month, the Digital
Chosun reports October 1.

The proposal of the massive bailout plan came at the heels of
the creditors decision that the company would be able to get
back on its feet upon the injection of new funds.


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


ANSON PERDANA: To Submit SC Proposal Application By End Of Oct
--------------------------------------------------------------
The Board of Directors of Anson Perdana Berhad (Anson or The
Company) has authorized Malaysian International Merchant Bankers
Berhad to release this announcement on behalf of the Company:

"QUOTE

In the announcement to the Kuala Lumpur Stock Exchange dated 23
February 2001 relating to the captioned matter, it was stated
that the application to the Securities Commission (SC) for the
Proposed Debt Restructuring and Proposed Rights Issue with
Warrants (Proposals) is expected to be submitted by end-
September 2001.

The Company is currently in the midst of finalizing the SC
Application, as such the submission to the relevant authorities
for the Proposals is only expected to be made by end-October
2001.


ASSOCIATED KAOLIN: Awaits SC's Workout Proposal Approval
--------------------------------------------------------
Associated Kaolin Industries Berhad (AKI), pursuant to Practice
Note No. 4/2001 in relation to paragraph 8.14 of the Revamped
Listing Requirements, announced the following:

* Further to our announcement dated 3 September 2001,
Pengurusan Danaharta Nasional Berhad (Danaharta) had on 17
September 2001 approved the Special Administrators (SAs) Workout
Proposal in respect of AKI's corporate and debt restructuring.
Details of the SA Workout Proposal had been announced to the
Exchange on 26 September 2001.

* AKI's application for approval to the Securities Commission
on the terms of the SA Workout Proposal is expected to be made
within four (4) months.


KELANAMAS INDUSTRIES: Proposed Restructuring Scheme Pending
-----------------------------------------------------------
Kelanamas Industries Berhad (KIB or The Company), in relation to
Criteria and Obligations Pursuant to Paragraph 8.14(2) of Kuala
Lumpur Stock Exchange (' KLSE ')'s Listing Requirements,
announced:

As of 28 September 2001, the status of KIB's plan to regularize
its financial position remain the same as contained in the First
Announcement on 20 February 2001.

The Proposed Rescue cum Restructuring Scheme and Proposed
Special Warrants Issue are conditional upon approvals of the
following being obtained:

   1. the Securities Commission (SC);

   2. the Foreign Investment Committee (FIC);

   3. the KLSE, for the transfer of the listing status of KIB to
NEWCO and the subsequent listing of and quotation for the NEWCO
Shares arising from the Proposed Rescue cum Restructuring
Scheme;

   4. the KLSE, for the admission of the NEWCO Warrants
2001/2004 pursuant to the Proposed Special Warrrant Issue on the
Official List of the KLSE and for the listing of and quotation
for the NEWCO Warrants 2001/2004 as well as NEWCO Shares to be
issued upon exercise of the NEWCO Warrants 2001/2004;

   5. the High Court pursuant to Section 64 and Section 176 of
the Companies Act, 1965;

   6. the shareholders of KIB at a general meeting to be
convened;

   7. the shareholders of NEWCO at a general meeting to be
convened; and

   8. any other relevant authorities.

Status of the Proposed Rescue cum Restructuring Scheme are as
follows:

   I. FIC has approved the application vide a letter dated 19
December 2000 subject to a condition that the NEWCO incorporated
pursuant to the Proposed Rescue cum Restructuring Scheme shall
have at least 15 percent Bumiputra participation by 30 June
2001. Subsequently based on an appeal by KIB, FIC vide a letter
dated 24 March 2001 has extended the period from 30 June 2001 to
1 January 2002.

   II. On 11 April 2001, KIB obtained a Court Order to extend
the time period to convene the Court Convened Meeting for a
further period of ninety (90) days from 11 April 2001. An
application will be made by the Company to obtain to convene the
Court Convened Meeting pending the outcome of the KIB's appeal
application to SC.

   III. SC has rejected the Proposed Rescue Cum Restructuring
Scheme vide a letter dated 13 June 2001 as SC deems that DB is
not suitable to undertake the rescue and restructuring of KIB.
On 18 June 2001, the Board of Directors of KIB has resolved that
an application will be made by the Company to appeal against the
SC's above said decision within one (1) month from 13 June 2001.

The appeal application was submitted to SC on 14 July 2001. SC
has revised and approved the total valuation of the landed
properties of Dolomite Berhad and its subsidiary companies at RM
222,570,000 vide its letter dated 5 September 2001. KIB has made
an application to KLSE on 10 September 2001 for an extension of
time of three (3) months from 14 September 2001 in order to
comply with the Practice Note 4/2001 in relation to Criteria and
Obligation of the KLSE's Listing Requirement.

However, KLSE has approved an extension of two (2) months from
15 September 2001 to 14 November 2001 to enable the Company to
resubmit the revised Proposed Scheme to the Securities
Commission.


KUALA LUMPUR: Workout Proposal Reaches Final Stage
--------------------------------------------------
The Special Administrators of Kuala Lumpur Industries Holdings
Berhad, pursuant to paragraph 4.1(b) of Pratice Note No. 4/2001
of the Listing Requirements of the Kuala Lumpur Stock Exchange,
announced the Workout Proposals, in relation to its financial
condition Regularization, are in the finalization stage. A full
announcement will be made upon completion of the Proposals.


MEASUREX CORP: Posts Proposed Debt/Restructuring Scheme
-------------------------------------------------------
On behalf of Measurex Corporation Berhad (MCB), Commerce
International Merchant Bankers Berhad (CIMB) announced that
pursuant to the Proposed Debt Restructuring Scheme these
agreements have been entered into:

(i) On 26 September 2001, a Deed of Compromise and Settlement
was entered into between MH, MCB, EDIL and PIL;

(ii) On 26 September 2001, a Deed of Compromise and Settlement
was entered into between PIL, EDIL and MCB;

(iii) On 26 September 2001, an Agreement for the Transfer of
Equity Interest in Measurex Wuxi was entered into between MH and
Newco;

(iv) On 26 September 2001, a Settlement Agreement was entered
into between the Funding Parties; and

(v) On 26 September 2001, a Payment Agreement was entered into
between MP and MCB.

(Collectively known as the "Agreements")

Background:

MCB had on 10 August 2000, 18 August 2000, 5 September 2000, 6
September 2000, 14 September 2000, 21 September 2000 and 20
February 2001 respectively announced, inter-alia, that three of
its subsidiaries namely, Measurex Holding Pte. Ltd. (MH),
Measurex Engineering Pte. Ltd. (ME) and Measurex Precision Pte.
Ltd (MPhave been placed under Judicial Management Order (JMO)
and Judicial Managers (JMhave been duly appointed for the
Companies by the High Court of Singapore. In furtherance, on 28
February 2001 and 17 September 2001, MCB announced that all the
three JMO for MH, ME and MP have been extended to 15 March 2002.

On 26 February 2001, MCB announced that the Company is an
affected listed issuer pursuant to the requirements of Practice
Note 4/2001, Criteria and Obligations Pursuant to Paragraph 8.14
of the Listing Requirements of the Kuala Lumpur Stock Exchange
(KLSE).

The following agreements were entered into by MCB and the
various parties stipulated hereunder and were announced on 6
October 1999, 30 December 1999, 5 December 2000, 19 and 20
December 2000, 10 January 2001 and 15 January 2001 respectively:

(i) A sale and purchase agreement dated 1 October 1999 between
(a) Pentcost International Limited (PIL), (b) Eaton Drive
Investments Limited (EDIL) and (c) MCB for the sale and purchase
of 49% of the 10,000,000 issued and paid-up ordinary shares of
Singapore Dollars (S$)1.00 each in MH (the Principal Agreement);

(ii) A supplemental agreement to the Principal Agreement dated 1
October 1999 between (a) PIL, (b) EDIL and (c) MCB replacing
certain schedules thereto (Supplemental Agreement);

(iii) A put and call option dated 1 October 1999 between (a)
PIL, (b) EDIL and (c) MCB giving effect to the intent and
purpose of the Principal Agreement (the Put and Call Agreement);

(iv) A principal restructuring agreement dated 15 December 1999
between (a) MH and (b) MCB for the intent and purpose of
restructuring and rationalization of the group structure of MH
and its subsidiaries (collectively, MH Group), the particulars
whereof are set out in Schedule 3 to the Principal Agreement
(the Restructuring Agreement);

(v) A shareholders' agreement dated 24 January 2000 between (a)
PIL, (b) EDIL, (c) MCB and (d) MH for the intent and purpose of
regulating the rights of the parties and the affairs of MH (the
"Shareholders' Agreement");

(vi) A memorandum of intent dated 30 November 2000 between (a)
PIL, (b) EDIL and (c) MCB for the intent and purpose of
facilitating injection of new additional funds into MH Group and
resuscitating the business and operations of MH Group (MOI);

(vii) An addendum to the MOI dated 15 December 2000 between (a)
PIL, (b) EDIL and (c) MCB amending the respective parties'
contribution of new funds to MH Group and the terms upon which
the Put and Call Agreement was extended (the "Addendum"); and

(viii) By an agreement made on 5 January 2001 between (a) MP,
(b) Mc William International Limited (Mc Williams), (c) MCB, (d)
ME and (e) Measurex Precision (II) Pte. Ltd (MPII), the parties
thereto (the "Funding Parties") established MPII as a special
purpose vehicle for the purpose of receiving funds from Mc
Williams, MCB and MP for the purpose of providing continued
interim financial support for MH's subsidiary namely, Measurex
Engineering (Wuxi) Co.Ltd. (Measurex Wuxi) in order that (a)
PIL, (b) EDIL and (c) MCB as shareholders of MH may have time to
propose and produce the overall rehabilitation and rescue scheme
for MH Group for the approval of its creditors (the "Funding
Agreement").

MCB, EDIL, PIL and the Funding Parties acknowledge and agree
that for the mutual benefits of all parties and by way of full
and final settlement of their respective rights and obligations
arising from the abovementioned agreements, the parties have
finalized a debt and corporate restructuring scheme to
regularize the financial condition of the MH Group.

The debt and corporate restructuring scheme involves, inter-alia
the following:

(i) Compromise and Settlement;

(ii) Proposed Transfer of Equity Interest;

(iii) Settlement of the Funding Agreement; and

(iv) Payment Agreement.

DETAILS OF THE PROPOSED DEBT AND CORPORATE RESTRUCTURING SCHEME

COMPROMISE AND SETTLEMENT

A deed of compromise and settlement was entered into on 26
September 2001 between MH, MCB, PIL and EDIL, inter-alia, settle
of their respective rights and obligations and unconditionally
releases and discharges each other from any liabilities and
duties arising from Shareholders' Agreements referred to in
paragraph 1 of this announcement. A second deed of compromise
and settlement was entered into on the same day between PIL and
EDIL and MCB to inter alia settle of their respective rights and
obligations arising from the Principal Agreement, Supplemental
Agreement, the Put and Call Agreement, the MOI and Addendum
(Relevant Agreements) referred to in paragraph 1 of this
announcement.

The salient terms of the first deed are as follows:

(i) Each of the parties irrevocably and unconditionally agrees
that the Shareholders' Agreement is deemed terminated with
effect from the date of the deed.

(ii) Each of the parties to the deed irrevocably and
unconditionally releases and discharges each other and the
Specified Persons (being Mc Williams, the affiliates of PIL,
EDIL, Mc Williams, MH and MCB and all past , present and future
employees, directors, agent and representatives of PIL, EDIL, Mc
Williams, MH and MCB) from any and all duties and obligations,
liabilities, claims or actions of whatever kind arising from or
in connection with or referable to the Shareholders' Agreements
(including any ancillary documents thereto).

(iii) The release and discharge mentioned in item (ii) shall not
prejudice or howsoever affect::

   (a) MCB's rights, title, interest, entitlement and benefit
against MH arising out of, or in connection with, the Inter-
company Loan (as defined in the Shareholders' Agreement) which
shall not be regarded as waived by MCB against MH; and

   (b) PIL's, EDIL's and/or Mc Williams' rights, title,
interest, entitlement and benefit against MH arising out of, or
in connection with, the loans of RM45,000,000 (equivalent to US
Dollar ("US$")11,842,105.26) advanced by PIL and EDIL to MH
which were assigned to Mc Williams, which loans shall not be
regarded as waived by PIL, EDIL and/or Mc Williams against MH.

The salient terms of the second deed are as follows:

   (i) The parties acknowledge that the Principal Agreement and
the Supplemental agreement are duly completed and further
irrevocably and unconditionally agree and confirm with each
other that there is no claims whatsoever arising from the said
agreements.

   (ii) The parties irrevocably and unconditionally agree that
the Put and Call Agreement is deemed terminated with effect from
the date of the deed and the parties irrevocably and
unconditionally agree and confirm with each other that there is
no claims whatsoever arising from the Put and Call Agreement.

   (iii) Each of the parties to the deed irrevocably and
unconditionally releases and discharges each other from any and
all duties and obligations, liabilities, claims or actions of
whatever kind arising from or in connection with or referable to
any of the Relevant Agreements (including any ancillary
documents thereto) and all the provisions in those agreement
including, without limitation, any provision which is expressed
to survive, operate or have effect after the expiry or
termination of any of the Relevant Agreements.

   (iv) Each of the parties irrevocably and unconditionally
acknowledges and agrees that each of the MOI and Addendum is,
and has always been, non-binding and of no legal effect on and
between the parties.

   (v) Each of the parties hereby warrants and undertakes that
neither it nor any party purporting to derive any right through
it will now or at any time hereafter make any claim whatsoever
or bring any action or proceedings against any party to this
deed or any of the Specified Persons (as defined earlier) which
arises from or is in connection with or is referable to any of
the Relevant Agreements or the MOI and Addendum or any ancillary
document in relation thereto.

   (vi) PIL and EDIL undertake severally to MCB to procure that
Mc Williams shall contemporaneously with the execution of the
deed execute an assignment assigning in favor of Newco (details
of Newco is set out in paragraph 2.2.2 of this announcement),
70% of Mc William's rights, title and benefits in and to the
distributions due to Mc Williams upon the liquidation of MPII.
MCB undertakes with PIL and EDIL to procure that Newco shall
utilize the aforesaid assigned distributions for the purposes of
the business of Measurex Wuxi only.

Both of the abovementioned deeds shall be governed by and
construed in accordance with the laws of Singapore.

PROPOSED TRANSFER OF EQUITY INTEREST

An agreement was entered into on 26 September 2001 between MH
and Newco to transfer 100% equity interest of Measurex Wuxi
which is a wholly foreign-owned enterprise of MH (SPA) to Newco.

The salient terms of the abovementioned agreement are as
follows:-

(i) The transfer of 100% equity interest shall be effected on
the date of approval by the examination and approval authority
of the People's Republic of China Government (Authority)
(Transfer Date) without any mortgage, pledge, lien and other
encumbrances attached therein.

(ii) The consideration for the transfer shall be Singapore
Dollar (S$)100,000 which is payable to an escrow agent on the
date of the SPA (Consideration). The payment has already been
made.

The agreement is subject to the following conditions precedent
(CPs):

(a) MH having obtained the approvals from its creditors to
transfer Measurex Wuxi 100% equity interest to Newco;

(b) MH, Measurex Wuxi and such other designated companies having
entered into a deed of set off and mutual release on such terms
and conditions acceptable to all parties;

(c) The board of directors of Measurex Wuxi having passed a
board resolution approving the transfer and the second
supplemental articles being the supplemental agreement to amend
the Articles of Association of Measurex Wuxi.

If any of the CPs is not fulfilled by the agreed date (the date
which is two months from the date of the agreement), the
agreement shall forthwith be terminated and either party may
notify the escrow agent to refund the Consideration to Newco
without any interest thereof.

In the event the Authority fails to approve the transfer within
90 days after the submission of application by MH and unless the
parties otherwise agree, MH shall withdraw the application and
thereafter this agreement and the supplemental articles shall be
deemed terminated. Either party may notify the escrow agent to
refund the Consideration to Newco (without interest) after such
termination.

The agreement shall be governed by and construed in accordance
with the laws of People's Republic of China (PRC).

Background Information on Measurex Wuxi

Measurex Wuxi was incorporated in PRC on 7 December 1995 under
its present name.

The present authorized share capital of Measurex Wuxi is US$31.8
million of which US$31.8 million share capital has been issued
and fully paid-up.

Measurex Wuxi is principally involved in manufacturing of
moulds, jigs and fixtures, die-casting, precision machining
design and drawing of new products for manufacture and cleanroom
assembly.

The Directors and substantial shareholders of Measurex Wuxi and
their respective shareholdings in Measurex Wuxi as at 31 August
2001 are set out in Table 1 at
http://www.bankrupt.com/misc/measurex_corp.html

The summary of the audited results of Measurex Wuxi for 5
financial years ended 31 December 2000 is set out in Table 2 at
http://www.bankrupt.com/misc/measurex_corp.html

Measurex Wuxi operates from its office cum factory building
located at Lot 115 and 116 of Xianchuang Road 3, Wuxi-Singapore
Industrial Park, Wuxi City, Jiangsu Province, PRC and Lot 189 of
Xin Xi Road 2, Wuxi-Singapore Industrial Park, Wuxi City,
Jiangsu Province, PRC. It occupies approximately 295,858 sq. ft.
of land area with a build-up area of 213,583 sq. ft.. The said
land is a leasehold land which will expire in the year 2046. The
unexpired term of the said lease is approximately 45 years.

Background Information on Newco

Newco was incorporated in Singapore on 23 August 2001 under the
name of Enchance Investments Pte. Ltd.. It subsequently changed
its name to Xiptech Holdings Pte. Ltd. on 13 September 2001.

The present authorized share capital of Newco is S$ 100,000
comprising 100,000 ordinary shares of S$1.00 each of which 100
ordinary shares of S$1.00 each have been issued and fully paid-
up.

Newco is currently dormant.

The Directors and substantial shareholders of Newco and their
respective shareholdings as at 13 September 2001 are set out in
Table 3 at http://www.bankrupt.com/misc/measurex_corp.html

Basis for arriving at the disposal consideration

The consideration for the Proposed Transfer of Equity Interest
was arrived at on a willing buyer-willing seller basis after
taking into consideration the audited net tangible assets of
Measurex Wuxi of Chinese Renminbi (RMB)298 million based on its
latest audited accounts as at 31 December 2000.

Original cost of investment

MCB acquired Measurex Wuxi via it subsidiary, MH in 15 December
1999 at a cost of S$57,582,836.

Proposed utilization of proceeds from the Proposed Transfer of
Equity Interest

The proceeds from the Proposed Transfer of Equity Interest will
be managed by JM towards settling the debts of MH.

Liabilities assumed by Newco pursuant to the Proposed Transfer
of Equity Interest

There is no liability to be assumed by Newco pursuant to the
Proposed Transfer of Equity Interest.

PAYMENT AGREEMENT AND SETTLEMENT OF THE FUNDING AGREEMENT

A settlement agreement has been entered into on 26 September
2001 between MP, Mc Williams, MCB, ME and MPII to, inter alia,
terminate the Funding Agreement (Settlement Agreement).

The salient terms of the Settlement Agreement are as follows:

   (i) In consideration of the parties agreeing that ME, as the
sole shareholder of MPII, shall place MPII in a members' or
creditors' voluntary liquidation and procure the consent of Mr.
Ong Yew Huat and/or Mr. Nagaraj Sivaram to be appointed as the
joint liquidators and/or several liquidators of MPII, it is
agreed that the assets of MPII shall be distributed in
accordance to the Settlement Agreement.

(ii) Pending the liquidation of MPII and the distribution
mentioned above, the Funding Parties agree that MPII shall repay
the sum as set out in column 3 of table 4 to the Funding Parties
which names appear in column 1 of table 4  at
http://www.bankrupt.com/misc/measurex_corp.html
in reduction of the amounts due to each of them as set out in
item (viii) below.

(iii) The parties agree that the funds of MPII shall continue to
be used to fulfill the purchase orders accepted or received by
MPII on or before 15 July 2001 ("MPII POs") and all proceeds
arising under MPII POs shall be retained by MPII and shall be
available for distribution upon liquidation.

(iv) All purchase orders accepted or received by MPII after 15
July 2001 ("MP POs") shall be processed by MPII for and on the
account of MP. MP shall advance and/ or reimburse MPII all costs
and expenses incurred by MPII after 15 July 2001 in fulfilling
the MP POs. All proceeds arising under MP POs shall be due and
payable to MP immediately upon receipt of the same by MPII.

(v) Under the Proposed Transfer of Equity Interest, MH is to
transfer its equity interest in Measurex Wuxi to Newco. The
parties agree that upon Transfer Date, MPII shall transfer to
Newco all purchase orders accepted by MPII but not carried out
always subject to the consent of the respective customers. In
the event the customers are not agreeable to the transfer then
MPII shall continue to process such orders for and on the
account of Newco ("Newco POs") and Newco shall advance and/ or
reimburse MPII all costs and expenses incurred by MPII in
fulfilling the Newco POs. All proceeds arising under Newco POs
shall be due and payable to Newco immediately upon receiving the
same by MPII.

(vi) Upon fulfillment of all purchase order stipulated in item
(iii), (iv) and (v) above, MCB shall procure Measurex Wuxi and/
or Newco to reimburse MPII the costs of all inventory purchased
by MPII but not used to process the MPII POs, MP POs and Newco
POs. Upon receipt of such reimbursement, MPII shall pay MP its
share of the amounts that have been advanced by MP to MPII to
finance the purchase of such inventory.

(vii) Upon liquidation of MPII, the Funding Parties shall rank
as unsecured creditors of MPII and shall be entitled to
distribute of dividends in the liquidation on a pari-passu basis
with other unsecured creditors of MPII except that the amounts
due to the Funding Parties shall be subordinated to the unpaid
fees of MPII directors and Messrs Ernst & Young;

(viii) Upon liquidation of MPII, the distribution of assets
shall not exceed the aggregate amount actually disbursed by each
of them to MPII under the Funding Agreement excluding any
interest. The details of the proportion advanced by the Funding
Parties as at the date of the agreement and its respective
proportion of the total advancement made by the Funding Parties
are as set out in column 2 and 3 of table 4 at
http://www.bankrupt.com/misc/measurex_corp.html

The Funding Parties agree and confirm that by entering to the
agreement, the parties mutually discharge and release each other
and the Relevant Persons (being the affiliates of Mc Williams,
MCB, MP, ME and MPII and all past , present and future
employees, directors, agent and representatives of Mc Williams,
MCB, MP, ME and MPII) of their obligations under and/or in
connection with the Funding Agreement or the setting up and
running of MPII and they shall have no further claims against
each others and/ or the Relevant Persons and/or the JM of MP, ME
and/ or MH arising therefrom or in connection therewith.

The Settlement Agreement shall be governed by and construed in
accordance with the laws of Singapore.

A payment agreement ("Payment Agreement") was entered into
between MP and MCB on 26 September 2001.

The salient terms of the Payment Agreement are as follows:

   (i) In consideration of MP agreeing to pay MCB an amount
equal to half of the amount MP will receive pursuant to the
liquidation and distribution of the assets of MPII under the
Settlement Agreement towards such sums which MPII was to have
paid on behalf of Measurex Wuxi under the Funding Agreement
between the period of 5 January 2001 and 15 July 2001, which
have not been paid, MCB agrees to procure from Measurex Wuxi a
confirmation that such a payment is in full satisfaction of all
MPII obligations and liabilities to Measurex Wuxi and MCB
further agrees to indemnify MPII against any claims made by
Measurex Wuxi in connection with the Funding Agreement.

   (ii) The Payment Agreement is conditional upon the execution
of the agreement in relation to the Proposed Transfer of Equity
Interest, which was executed on 26 September 2001.

   (iii) There shall not be any claims by MCB and/ or Measurex
Wuxi against MH, ME, MP, Measurex Thailand and/ or MPII in
relation to any amounts or any obligations whatsoever alleged to
be due to MCB and/ or Measurex Wuxi in connection to the Funding
Agreement.

The Payment Agreement shall be governed by and construed in
accordance with the laws of Singapore.

Background Information on MPII

MPII was incorporated in Singapore on 3 October 2000 under the
name of Onero Pte. Ltd.. It subsequently resumed its present
name on 3 January 2001.

The present authorized share capital of MPII is S$100,000
comprising 100,000 ordinary shares of S$1.00 each of which 2
ordinary shares of S$1.00 each have been issued and fully paid-
up.

MPII was established as a special purpose vehicle to receive
funds from Mc Williams, MCB, EDIL and PIL for the purpose of
providing continue interim financial support to Measurex Wuxi in
order to sustain the operation of Measurex Wuxi.

The Directors and substantial shareholders of MPII and their
respective shareholdings in MPII as at 13 September 2001 are set
out in Table 5 at
http://www.bankrupt.com/misc/measurex_corp.html

RATIONALE FOR PROPOSED DEBT AND CORPORATE RESTRUCTURING SCHEME

MCB Group has been incurring losses for the past two (2)
financial years ended 31 December 2000 as a result of severe
price erosion and harsh market conditions. The Board of
Directors of the Company is of the view that the Proposals are
necessary in order to regularize MCB Group's financial
condition.

EFFECTS OF THE PROPOSED DEBT AND CORPORATE RESTRUCTURING SCHEME

The effects of the Proposals are as follows:

Share Capital

The Proposed Debt and Corporate Restructuring Scheme will not
have any effect on the issued and paid-up share capital of MCB.

Earnings

The Proposed Debt and Corporate Restructuring Scheme are
expected to be completed by 31 December 2001 and as such is not
expected to have material effect on the earnings of the current
financial year ending 31 December 2001. The Proposed Debt and
Corporate Restructuring Scheme however are expected to
contribute positively to earnings thereafter.

NTA

The Proposed Debt and Corporate Restructuring Scheme would not
have any effect on the consolidated NTA and gearing of the MCB
Group and Newco.

Substantial Shareholders

The Proposed Debt and Corporate Restructuring Scheme will not
have any effect on the shareholdings of the substantial
shareholders of MCB.

APPROVALS REQUIRED

The Proposed Transfer of Equity Interest is subject to the
following approvals being obtained:

   (i) The examination and approval authority of the PRC
Government;

   (ii) The creditors of MH;

   (iii) The board of directors of Measurex Wuxi.

DEPARTURE FROM THE POLICIES AND GUIDELINES ON ISSUE/OFFER OF
SECURITIES ISSUED BY THE SC ("SC GUIDELINES")

MCB is not aware of any departure from any of the SC Guidelines
in relation to the Proposed Debt and Corporate Restructuring
Scheme.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

None of the Directors and substantial shareholders of MCB or any
persons connected to the Directors and substantial shareholders
of MCB have any interest, direct or indirect, in the Proposed
Debt and Corporate Restructuring Scheme.

DIRECTORS' STATEMENT

Having considered all aspects of the Proposed Debt and Corporate
Restructuring Scheme, the Directors of MCB Group are of the
opinion that the Proposed Debt and Corporate Restructuring
Scheme is in the best interests of the Company.

ADVISERS

MCB has appointed CIMB as the merchant bank for the purposes of
making this Requisite Announcement.

DOCUMENTS AVAILABLE FOR INSPECTION

Copies of the following documents are available for inspection
during normal business hours at the Registered Office of MCB, at
Mezzanine, 8A, Jalan Sri Semantan Satu, Damansara Heights, 50490
Kuala Lumpur, from Monday to Friday (except on public holidays)
for a period of three (3) months from the date of this
announcement::

   (i) Deed of Compromise and Settlement dated 26 September
2001;

   (ii) Deed of Compromise and Settlement 26 September 2001;

   (iii) Agreement for Transfer of Equity Interest dated 26
September 2001;

   (iv) Settlement Agreement dated 26 September 2001; and

   (v) Payment Agreement dated 26 September 2001.


NCK CORPORATION: Defaulted Payments Status Remains Unchanged
------------------------------------------------------------
NCK Corporation Bhd (Special Administrators Appointed), in
compliance with Practice Note No. 1/2001, announced that there
is no change to the status in respect of the default in payment
to the Lenders as announced previously on 29 August 2001. Check
http://www.bankrupt.com/misc/Nck_Details.docto see details of
Default Payments.


NCK CORPORATION: No Change On Financial Condition Status
--------------------------------------------------------
Nck Corporation Berhad (Special Administrators Appointed), in
compliance with paragraph 4.1(b) of PN No. 4/2001, announced
that there is no change in the status of the Company's plan to
regularize its financial condition since the Company's previous
Monthly Announcement made on 3 September 2001.

The Company had, on 12 September 2001, submitted to KLSE the 1st
progress report on the development and/or latest status of the
regularization exercise for the period 28 July 2001 to 11
September 2001.


RENONG BERHAD: Posts PUTRA's Interest Payment Default
-----------------------------------------------------
Renong Berhad (Renong) announced that further to the
announcement made on 30 August 2001, Projek Usahasama Transit
Ringan Automatik Sdn Bhd (Putra), a wholly owned subsidiary of
Renong,  has remained in default of its interest servicing
obligations in respect of its RM2.0 billion Commercial Financing
Facilities. The outstanding interest/profit payment as at 27
September 2001 is RM385.3 million.

On 20 April 2001, PUTRA requested the indulgence of its
financiers to extend the moratorium period on the
interest/profit payments and to waive the penalty margin of 1%
per annum (where applicable) on all interest/profit payments
outstanding for the period beginning 30 September 1999 until
PUTRA's Proposed Debt Restructuring Scheme (the Scheme) is in
place. The decision from the financiers on this matter is still
pending.

Currently, PUTRA is working closely with the relevant agencies
on the Scheme.


TIMBERMASTER IND: Posts Winding-Up Petition Hearing Dates
---------------------------------------------------------
Special Administrators Appointed of TimberMaster Industries
Berhad (TMIB) announced the dates of hearing of the winding-up
petitions served on its 9 subsidiary companies:

Subsidiary companies/ Respondents   Date of hearing
                    of the petitions

Lagenda Ria Sdn Bhd (Company No. 279010-V) 16 November 2001

TM Capital Sdn Bhd (Company No. 312840-H)  16 November 2001

Dawning Enterprise Sdn Bhd
(Company No. 309845-W)     16 November 2001

SHDC Timbermaster Sdn Bhd
(Company No. 390814-X)     16 November 2001

Timbermaster Management Sdn Bhd
(Company No. 126862-H)     1 November 2001

Timbermaster Realty Sdn Bhd
(Company No. 439556-T)     1 November 2001

Miracle Creation Sdn Bhd (Company No. 268979-P) 11 January 2002

Forest Forever (M) Sdn Bhd
(Company No. 211068-H)     11 January 2002

Timbermaster Products Sdn Bhd
(Company No. 337492-P)     1 November 2001


TRANS CAPITAL: KLSE Approves RA Extension Request
-------------------------------------------------
The Board of Directors of Trans Capital Holding Berhad (TCHB)
announced that TCHB has received the Kuala Lumpur Stock
Exchange's approval (KLSE) for a two-month extension from 22
August 2001 to 21 October 2001. The extension is to provide TCHB
time to revise its regularization plan and to make a revised
Requisite Announcement (RA) to the KLSE for public release.


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


ATLAS MINING: Posts Clarification Of News Item
----------------------------------------------
Atlas Consolidated Mining & Development Corporation has
disclosed a clarification regarding a news item published by the
Philippine Daily Inquirer on the Philippine Stock Exchange. The
article reported that "ATLAS Consolidated Mining and
Development Corp. is developing a multibillion-peso nickel
mining project in Palawan. Atlas said in a company document
obtained Friday that the Barong nickel project in Palawan is a
`well-advanced prospect with significant drilling and test pit
work having already taken place. With the Barong nickel project,
Atlas said it was considering 'various alternatives including
(the) sale of shipping grade (ore) material to certain Far East
markets.' Atlas said it also planned to develop a high pressure
acid leach system to process the lower nickel grade but high
cobalt ores at an annual rate of more than 50 million pounds of
nickel. x x x It is finalizing a prospectus, incorporating the
Palawan nickel project and the reopening of the Toledo copper
mine in tandem with its planned listing in the capital markets
of Australia and United Kingdom. Xxx"

Atlas Consolidated Mining and Development Corporation (AT), in
its letter dated 24 September 2001, clarified:

"xxx Please be advised that we have not caused the publication
of the news article and is not aware of any information
contained in the news item except that we do have claims to
nickel mining project located at Berong in Palawan. The
Operating Agreement we signed with Long Point Mining in 1995 to
undertake an extensive exploration at the property is under
arbitration due to failure of Long Point to comply with the
provisions of the agreement. Xxx"


NATIONAL POWER: One-Day Power Sales Earn P634M
----------------------------------------------
For the first eight months of the year, National Power
Corporation (Napocor) earned P634.02 million from its one-day
power sales (ODPS), still two-thirds short of the projected
full-year income target of P1 billion, the ABS-CBN reported
Monday.

The state-owned power company's august OPDS report stated that
total sales compared with the same period last year increased by
1.77 percent to 175 gigawatt-hours (gWh). In July, an increase
of 13.42 percent was recorded.

Under the ODPS, Napocor sells its unused capacity via an
electronic, on-line bidding system to its customers. These
customers should have at least a self-generation capacity of one
megawatt to be able to participate in the daily bidding.


NATIONAL STEEL: Search Is On For New Plant Operator
---------------------------------------------------
Since only one group, Voest Alpine, submitted lease proposals
for the mothballed facilities of the National Steel Corporation,
the Securities and Exchange Commission decided to reopen its
search for the most qualified group to undertake NSC's lease and
operation, the Manila Times reported Monday.

SEC chair, Lilia Bautista, said that she willing to entertain
new lease proposals from Allengoal Steel Farbrication Inc. and
Cathay Pacific Steel Company (Capasco). Allengoal did not show
up on the supposed Sept.21 submission of lease proposals because
it was convinced it had the support of National Steel's
Malaysian owner, Hotticks Investment Limited and its
stockholders. Capasco, on the other hand chose to back off its
offer pending the resolution of the Allengoal controversy.


UNIWIDE HOLDINGS: New Rehab Plan In Works
-----------------------------------------
Uniwide Holdings Incorporated issued a statement saying it is
finalizing a new rehabilitation plan. Without providing any
additional details, the company said the plans take into
consideration "the absence of an investor", the Asian Wall
Street Journal reported Sunday.

Once it finishes debt settlement with its three creditor banks,
United Coconut Planters Bank, Metropolitan Bank & Trust Company
and International Exchange Bank, Uniwide plans to submit its new
plans to regulators.

However, the company said that even in light of a new
rehabilitation plan, it will continue its search for an
investor.


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


ASIA FOOD: Reports Plunging H101 Earnings
-----------------------------------------
Due to the low prices of palm oil, Asia Food & Properties
Limited and Golden Agri-Resources Limited, both part of the
Sinar Mas Group of companies, reported a drastic drop in their
earnings for the first half of this year, the Asian Wall Street
Journal reported October 1.

Asia Food recorded a 4.3 percent decline in turnover to S $658.6
million for the first six months. It also posted a net operating
loss, after accounting for tax and extraordinary items, of a
staggering S$153.7 million.

Both companies attributed their losses to the current economical
and political events unfolding in the United States and Asia,
which according to them, "affects overall investor and consumer
confidence."  Moreover the depressed prices of crude palm oil
attributed to both of the companies' poor performance.


ASIA FOOD: Reports Half-Year Results, Financial Highlights
----------------------------------------------------------
Asia Food & Properties Limited, in a press release on the
Singapore Stock Exchange, announced its half-year reports and
financial highlights. Full text:

FINANCIAL HIGHLIGHTS (SINGAPORE DOLLAR)

    Half-Year Ended   Half-Year Ended   % Change
                30 June 2001       30 June 2000   Increase/
                  S$'000             S$000         (Decrease)

Turnover          658,566           687,976          (4.3)

Operating profit
before tax, minority
interests, extraordinary
items, interest on
borrowings,
depreciation and
amortization, foreign
exchange gain/(loss)
and exceptional
items              67,443            142,523         (52.7)

Net profit/(loss)
after tax,
minority interests
and extraordinary
items             (153,683)          (48,236)         218.6

Earnings/(loss)
per share        (5.29)cents        (1.67)cents       216.8

Net tangible asset
(NTA) per share    85 cents           94 cents        (9.6)

28 September 2001, Singapore - Asia Food & Properties Ltd (AFP)
today announced a Group net loss of approximately S$154 million
after tax, minority interests and extraordinary items, for the
half-year ended 30 June 2001. The Group reported a marginal
decline of four percent in its half-year turnover from
approximately S$688 million to S$659 million.

This was mainly due to a substantial decrease in the turnover of
the Group's Agri-business. However, this was offset by a
significant improvement in the Group's Food and Property
Divisions. The China Food Division reported a 14 percent
increase in its half-year turnover to S$88 million. The Property
Division posted a turnover of S$162 million, which was a 49
percent jump from half-year 2000.

Summarizing the half-year performance, Chairman and Chief
Executive Officer, Mr. Franky Widjaja said that the Group
operated under very tough conditions. "The financial performance
of the Group was adversely affected by the weak Crude Palm Oil
(CPO) price and Indonesian Rupiah."

The average international CPO price (CIF Rotterdam) during the
first half of year 2001 remained at US$240 per tonne. The
Indonesian Rupiah was at a low of Rupiah 11,380 (Year-end 2000:
Rupiah 9,650) against the US Dollar as at end June.

Accounting for some four percent of the world's CPO production,
the Group, through its Indonesia Agri-business Division,
maintained its position as one of the world's largest vertically
integrated palm oil plantation companies. Despite a lower
turnover, the Indonesia Agri-business Division increased its
half-year CPO production by approximately 20 percent to 460,000
tonnes, as a result of its maturing plantations.

The Group's Property Division continued to outperform the
market, especially in Indonesia where the Division further
strengthened its position as an industry leader. This was
reflected in the strong improvement of its half-year turnover.
However, the Group had exercised prudence in the reporting of
its half-year results, which included provisions for diminution
in value of assets and investments totaling S$72 million.

On the back of a higher half-year turnover of S$98 million, or
88 percent increase, the Indonesia Property Division earned an
operating profit of S$22 million. The continued good performance
of the Division can be attributed to the increased demand for
strata titles or long lease commercial space, which supply was
limited. There was further increase in the demand for
residential properties as well as rental income from office
space.

AFP Land Group reported a 105 percent jump in turnover to S$59
million, which was generated from the sale of non-core property
assets in Singapore.

Despite an operating loss, the China Food Division showed an
improvement in its turnover as a result of its aggressive
marketing and promotions.

However, Mr. Widjaja also sounded a cautionary note. "The
political and economic developments in the United States and
Central Asia may impact on the Group's second-half year
performance, especially given the location of its operations in
China, Indonesia, Singapore and Malaysia and its export markets
include India and Pakistan."

The following is a summary of the Group's prospects for the
second half of the year.

UPDATE ON DEBT RESTRUCTURING:

As at end August, the Group (including Golden Agri-Resources Ltd
and its subsidiaries) restructured US$107 million of its
outstanding debts and was in continuous discussions to
restructure its indebtedness. In September, an AFP subsidiary
restructured an additional outstanding debt of US$3.3 million,
bringing the total amount to US$110.3 million.

The directors are confident that with the continuing support of
its creditors and the CPO price recovery, the Group will be able
to meet its obligations and continue to operate. The Group will
continue to enhance value and strengthen its business through
strategic partnerships. The directors will make further
announcements as and when such partnerships are formally
completed.

In relation to its deposits with BII Bank Limited, Cook Islands
(BII Bank Ltd), since its 30 August corporate announcement, the
Group has withdrawn an additional US$8.2 million in September.
This brings the total withdrawn to US$24 million since end-March
2001. The Group is in negotiations with the bank on the
repayment schedule and the security package proposed by the
bank. Legal and financial due diligence are currently underway.


FHTK HOLDINGS: Announces Debt Restructuring Completion
------------------------------------------------------
FHTK Holdings announced the completion of its debt restructuring
exercises. Full text of the announcement, which was posted in
the Singapore Stock Exchange, is:

Completion of Debt Restructuring Exercise

Further to the Company's announcements of 6 August 2001 and 28
August 2001, the Company is pleased to announce that on 28
September 2001, a total of 573,088,925 ordinary shares of S$0.05
each in the capital of the Company (the "Conversion Ordinary
Shares") were issued for the benefit of the Group's Creditor
Banks. The Company's Debt Restructuring Exercise has now been
completed upon issue of the Conversion Ordinary Shares.

The Conversion Ordinary Shares were issued on the basis of ten
(10) Conversion Ordinary Shares for every S$3.20 of indebtedness
owed by Fook Huat Tong Kee Pte Ltd and Fook Yong Pte Ltd to the
Creditor Banks (i.e. one share for every S$0.32 of
indebtedness). The total debt converted as of 28 September 2001
was S$183,388,456.64.

Arthur Andersen Associates (S) Pte Ltd, as escrow agent, holds
the Conversion Ordinary Shares for the benefit of the Creditor
Banks.

Listing and quotation of the Conversion Ordinary Shares on the
Main Board of the Singapore Exchange Securities Trading Limited
will commence with effect from 9:00 am on 1 October 2001.


GMG GLOBAL: Posts Changes In Director's Interests
-------------------------------------------------
GMG GLOBAL LIMITED posted in the Singapore Stock Exchange a
notice of changes in Director Tay Puan Siong deemed interests.
Full text of the announcement:

Notice Of Changes In Director's Deemed Interests

Name of director: Tay Puan Siong
Date of notice to company: 28 Sep 2001
Date of change of interest: 01 see 19te
Name of registered holder: Singapore Nominees Pte Ltd

Circumstance giving rise to the change: Sales in open market at
own discretion

Shares held in the name of registered holder

No. of shares of the change: 2,804,000
Percent of issued share capital: 0.139
Amount of consideration per share excluding brokerage, GST,
stamp duties, clearing fee: Please see note
No. of shares held before change: 5,000,000
Percent of issued share capital: 0.247
No. of shares held after change: 2,196,000
Percent of issued share capital: 0.109

Holdings of Director including direct and deemed interest

                                    Deemed            Direct
No. of shares held before change: 5,000,000              0
Percent of issued share capital:    0.247                0
No. of shares held after change:  2,196,000              0
Percent of issued share capital:    0.109                0
Total shares:                     2,196,000              0

Note:

(a) 200,000 shares at US$0.025 on 26/09/2001
(b) 1,000,000 shares at US$0.025 on 27/09/2001
(c) 1,600,000 shares at US$0.025 on 28/09/2001
(d) 4,000 shares at US$0.030 on 28/09/2001


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


SAHAMITR PRESSURE: Shareholders Approve Rehabilitation Plan
-----------------------------------------------------------
Sahamitr Pressure Container Public Company Limited announced
that the Extraordinary Shareholders Meeting No.1/2001 held on
September 28, 2001, acknowledged and approved the following
items:

   1. Approval of the minutes of the Ordinary Shareholders
Meeting No. 1/2001.

   2. Approval of the SMPC's Rehabilitation Plan by majority 3/4
of the total voting rights of the eligible shareholders.

   3. No other matters concerns.


SIAM GENERAL: Extraordinary Meeting Re Compensated Losses
---------------------------------------------------------
The Board of Directors' Meeting No.9/2001 of Siam General
Factoring Public Company Limited held on September 27th, 2001
between 10.00 a.m. and 12.00 a.m. at the 5th floor, the head
office of the company, located at 232/13-14 Moo 5, Srinakarin
Road, Samrong Nua District, Amphoe Muang, Samutprakarn, has
resolved as follows:

1. That the minutes of the Board of Directors' Meeting
No.8/2001, be certified.

2. That the Company's making compensation for the retain losses
Bt1,316,677,867.98 (One thousand three hundred and sixteen
million six hundred and seventy seven thousand eight hundred and
sixty seven Baht ninety eight Satang) on June 30th, 2001 by the
legal reserve Bt13,405,791.73 (Thirteen million four hundred and
five thousand seven hundred and ninety one Baht seventy three
Satang) and Premium on share capital Bt621,217,705.00 (Six
hundred and twenty one million two hundred and seventeen
thousand seven hundred and five Baht only), so the remaining
retain losses Baht 682,054,371.25 (Six hundred eighty two
million fifty four thousand three hundred and seventy one Baht
twenty five Satang).

3. That the Extraordinary General Meeting of Shareholder
No.2/2001 be held on November 1st, 2001 at 10.00 a.m. at the
Pacific Room No.3-4 , 21st floor, The Pan Pacific Hotel Bangkok,
952  Rama IV Road, Suriyawongse, Bangrak, Bangkok 10500. The
agenda is as follows:

   1. To certify the Minutes of the Ordinary General Meeting of
Shareholders in 2001, held on April 24th, 2001.

   2.To consider and approve the Company's making compensation
for the retain losses by the legal reserve and Premium on share
capital.

   3.To consider any issues (if any).

   4.That the share register book be closed from October 12th,
2001 at 12.00 a.m. until conclusion of the shareholders' meeting
in order to determine the shareholders' entitlement to attend
the Extraordinary General Meeting of Shareholders No.2/2001.


THAI MODERN: SET Delists Securities Trading
-------------------------------------------
The SET Board of Governors, pursuant to the power granted in
Section 171 (4) of Securities and Exchange Act B.E. 2535, has
passed a resolution to delist Thai Modern Plastic Industry
Public Company Limited (TM) securities effective 1 October 2001
onwards.

>From the SET's announcement on 8 June 1998, the securities of
Thai Modern Plastic Industry Public Company Limited (TM) were
classified as facing possible delisting because the company
disclosed false information in the financial statement as of
31 December 1997.

Later, TM participated in the delisting rehabilitation plan
under bankruptcy law and the South Satorn Planners CO., Ltd. was
appointed to be the plan administrator of TM.  In addition, the
plan administrator resubmitted the true financial statement as
of 31 December 1998 and disclosed to shareholders and investors
on 4 May 1999.

However, its 1997 annual financial report showed a negative
shareholders' equity of Bt4,965 million that faced possible
delisting.

On 17 August 2001, the plan administrator informed the sale
of core assets of TM to the SET. This will result in TM's
discontinuing its operations which generate no revenue from
operation after the liquidation of core assets and the proceeds
from selling assets will not be sufficient to repay to
creditors.


THAI PETROCHEMICAL: Progress Report On Plan Implementation
----------------------------------------------------------
Thai Petrochemical Industry Public Company Limited's (TPI) Plan
Administrator, Effective Planners Limited, set out below a
summary of the progress report sent to the Official Receiver:

1 Administration

Scheme Security
Registration of mortgage documentation has been completed.  See
the original documents currently held by JSM will be delivered
to Bangkok Bank as security holder.

Inter-Creditor Deed
At the time of writing, the Inter-Creditor Deed was unsigned by
five Creditors representing around 4% of the required
signatories and less than 1% of the total principal debt.

Post-Closing Debt Trading
There were no debt trading transactions during the months of
July and August 2001. However two debt transfer transactions
between foreign creditors occurred in September 2001.

2 Initial Payment

The members of the TPI Committee of Creditors (the COC) who had
deferred their entitlements to the interest component of the
initial payment (approx. USD 25.5 million) in order to support
TPI pending receipt of additional working capital facilities
were paid in August 2001

3 Interest

Tier (i) interest for the period of June to August 2001 was
remitted in full to all Creditors on 29 June 2001, 1 August
2001, and 31 August 2001, respectively, detailed as follow.

June
Currency    Amount (unit: million)
Thai Baht                   223.45
US Dollars                    4.17
Yen                          10.73
Euros                         0.14
July
Currency    Amount (unit: million)
Thai Baht                   239.11
US Dollars                    4.23
Yen                          11.14
Euros                         0.15

August
Currency    Amount (unit: million)
Thai Baht                   248.94
US Dollars                    4.11
Yen                          11.18
Euros                         0.15

Note that in cases where principal amounts were not yet
adjudicated by the Official Receiver the Plan Administrator (PA)
used principal balances as confirmed with the
relevant creditors.

4 Finalization of Creditors Claims

Adjudication of Total Claim Amounts At the date of writing there
remained fourteen (14) claims under adjudication by the
Official Receiver, of which six (6) claims relate to Scheme
Debt.  In addition to this, another fifteen (15) previously
adjudicated claims are under appeal at the Bankruptcy
Court.

Please note that the principal balances used to calculate the
debt to equity conversion are still subject to change.  It
follows that the equity allocations may be adjusted after
the adjudication process is complete.

5 Repayment of Class 14 (Trade) Creditors

At the time of writing, there are four (4) claims pending, all
of which are claims for damages.

6 Asset Sales

Power Assets
Indicative, non-binding bids were opened at noon on Friday 7
September 2001. The original transaction timetable allowed for
one week to select a shortlist of bidders to proceed to final
due diligence.

However, due to the quality of the bids, and bidders'
willingness to favorably consider conditions imposed by the PA
without imposing any significant conditions of their own, the PA
was able to complete the review and select a shortlist that same
day.  Four bidders have been short listed, comprising a mix
of both local and international energy companies.  A detailed
Information Package has been distributed to the four short
listed bidders, and two separate, identical Data Rooms opened on
12th September, again earlier than originally planned, to allow
bidders to proceed with final due diligence.

Additional site visits as well as meetings with TPI management
have been scheduled for late September and early October for
each bidder.

TPI Polene Equity
The PA is continuing to evaluate all available options with a
view to maximizing the value in TPI's 49% equity stake in TPI
Polene, and is keeping a close watch on the progress of TPI
Polene's own restructuring process.


THAI PACKAGING: Petition For Business Reorg Filed In Court
----------------------------------------------------------
Packaging Box Seller Thai Packaging Industry Public Company
Limited (DEBTOR), Petition for Business Reorganization was filed
in the Central Bankruptcy Court:

      Black Case Number 396/2543

      Red Case Number 470/2543

Petitioner: THAI PACKAGING INDUSTRY PUBLIC COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt2,016,904,559.08

Planner: NSP Logistic Consultant Company Limited

Date of Court Acceptance of the Petition: May 26, 2000

Date of Examining the Petition: June 26, 2000 at 9.00 AM
Court Order for Business Reorganization and Appointment of
Planner in June 26, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner: in Government Gazette on August 3,
2000

Deadline for the Planner to submit the Business Reorganization
Plan to the Official Receiver: November 3, 2000

Planner postponed the date for submitting the Plan #1st:
December 3, 2000

Planner postponed the date for submitting the Plan #2nd: January
3, 2001

Appointment Date of the Creditors' Meeting for the Plan
Consideration: January 29, 2001 at 9.30 am. Convention Room no.
1103, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Creditors' meeting had a special resolution accepting the
plan

Court Order for Accepting the reorganization plan: March 6, 2001
and appointed NSP Logistic Consultant Company Limited to be the
Plan Administrator

Announcement of Court Order for Accepting the Reorganization
Plan: in Matichon Public Company Limited and Siam Rath Company
Limited on March 16, 2001

Announcement of Court Order for Accepting the Reorganization
Plan: in Government Gazette in April 10, 2001

Contact: Mr. Kanjana Tel 6792525 Ext. 133


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
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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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