/raid1/www/Hosts/bankrupt/TCRAP_Public/011112.mbx       T R O U B L E D   C O M P A N Y   R E P O R T E R

                   A S I A   P A C I F I C

          Monday, November 12 2001, Vol. 4, No. 221

                         Headlines



A U S T R A L I A

ANSETT AIRLINES: Fox, Lew Preferred Bidders For $3.6B Deal
AURORA GOLD: Directors Advise to Reject Silvara Offer
BEACONSFIELD GOLD: Hints Of Third Party Investor
DIGITAL NOW: Announces Directors' Resignations, Appointment


C H I N A

KEENWAY RESOURCES: Court Issues Notice of Winding Up Petition
CLARECO INTERNATIONAL: Winding Up Petition Filed
MANDARIN RESOURCES: Top-Up Placing To Raise HK$12M
PACIFIC CENTURY: Raises US$750MM From Bond Issue
PHINKLAO INTERNATIONAL: Petition To Wind Up Issued

PHOENIX SATELLITE: Posts Three Months' Net Loss of HK$34.88M


I N D O N E S I A

GUMINDO PERKASA: Holdiko Sells Entire 43.2% Stake
SEMEN CIBINONG: EGM OKs Proposed US$1.2B Debt Restructuring
SEMEN GRESIK: "Status Quo" Maintained Re Semen Padang
SINAR MAS: Founder Signs Personal Debt Guarantee With IBRA


J A P A N

DAIEI INCORPORATED: Temporarily Opening Clothing Store
DAIWA SECURITIES: Lowers Early Retirement Minimum Age
MYCAL CORPORATION: Negotiations Begin With Seiyu Re Unit Sale
NIPPON TELEGRAPH: Y1.4T-Y1.5T FY Restructuring Charge Expected
NIPPON TELEGRAPH: Labor Union Oks Restructuring Plan

NTT DOCOMO: Posts 50% Drop In 1H Group Net Profit
TOKAI BANK: Merges Venture Capital Units With Sanwa,Toyo Trust


K O R E A

DAEWOO GROUP: KDIC Freezes Fugitive Kim's Hidden Assets
DAEWOO MOTOR: Slashes Plant Working Hours
HANBO STEEL: Kamco Devises "One-Shot Deal" For Hanbo Sale
HYNIX SEMICONDUCTOR: Boosts Structural Reforms
HYNIX SEMICONDUCTOR: Foreign Rivals Likely To Sue Over Bailout

HYUNDAI MERCHANT: Appoints Jang As New CEO


M A L A Y S I A

AVENUE ASSETS: Parties of Proposed Disposals Enter SPA
BERJAYA LAND: Corporate Exercise Implementation Planned
HAI MING: Clarifies Proposed Restructuring Exercise
L&M CORPORATION: Updates the Exchange on Default In Payments
PAN PACIFIC: Announces Default in Payment

TECHNO ASIA: Special Administrators Sign Novation Agreement
TENAGA NASIONAL: Appoints Independent, Non-Executive Director


P H I L I P P I N E S

BAYAN TELECOMMUNICATION: Considers Debt-Equity Swap
NATIONAL POWER: Concession Deals Seen In Privatization
NATIONAL POWER: Govt Considers Euro Bond Issue For Napocor


S I N G A P O R E

CREATIVE TECHNOLOGY: Posts Changes In Merrill Lynch' Interests
IPCO INT'L: Posts Posts Changes In Purwadi's Shareholding
SEMBCORP LOGISTICS: Forms Joint Venture With Swiss Company
SEMBCORP LOGISTICS: Post Changes In Capital Group's Interests
SPH ASIAONE: Concentrates On News, Careers, Database Services


T H A I L A N D

SUN TECH: Claims Exempted From Quarterly FR Submission

     -  -  -  -  -  -  -  -

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


ANSETT AIRLINES: Fox, Lew Preferred Bidders For $3.6B Deal
----------------------------------------------------------
Melbourne businessmen Lindsay Fox and Solomon Lew are the
preferred bidders for Ansett Airlines confirmed Victorian
Premier Steve Bracks in an ABC News reported on November 8. The
$3.6 billion deal includes a Fox-Lew commitment of $2.5 billion
for an all new fleet of Airbus aircraft.

Ansett administrators will soon deem the bid was successful,
though the deal is still subject to approval by creditors. A
meeting is scheduled for mid-December.

Federal Transport minister, John Anderson, says there will not
be a Government decision on the bid until after the election. "I
do not believe that that can happen ahead of the other creditors
working through the issue and then a formal position being put
to the government, whoever that might be after the weekend, and
then the government considering it," he said.


AURORA GOLD: Directors Advise to Reject Silvara Offer
-----------------------------------------------------
Aurora Gold Limited has recently received complaints from
shareholders concerning unsolicited telephone calls from persons
representing Silvara. Those persons are representing that:

* it is Silvara's intention to compulsorily acquire all
outstanding Aurora shares if it becomes entitled to do so
following the close of the offer; and

* in these circumstances, shareholders who have not accepted the
offer by the closing date may have a longer wait for payment
than the 5 day payment period under the offer, as the compulsory
acquisition process takes some time.

Aurora shareholders should be aware that Silvara must receive
acceptances for at least 90% of Aurora's shares to be entitled
to compulsorily acquire Aurora shares.

Silvara currently has a shareholding of 37.6%. Excluding the
shares acquired from Rio Tinto Limited, only 2.7% of that
shareholding has been acquired from other shareholders accepting
the Silvara takeover offer. Silvara therefore requires
acceptances of a further 52.4% of Aurora shares to be able to
proceed to compulsory acquisition. Aurora's share price
continues to trade on the ASX at prices above the Silvara offer
price and therefore it appears unlikely that the compulsory
acquisition threshold will be reached.

Aurora's directors continue to recommend shareholders not accept
the takeover offer by Silvara Pty Limited for the reasons set
out in the Target's Statement previously sent, which includes an
expert report assessing the value of Aurora at between 38.5 and
55.3 cents per share. As of 30 September 2001, the cash backing
of Aurora shares had increased to 18.4 cents per share from 16.6
cents per share as at 30 June 2001.

The advisory continued that to reject the Silvara offer,
shareholders simply have to ignore all correspondence and
telephone calls from Silvara.


For further details please contact:
Alan Scott
Managing Director & CEO

Tel:       (61 8) 9424 3500
Facsimile: (61 8) 9424 3565
Email: ascott@auroragold.com.au


BEACONSFIELD GOLD: Hints Of Third Party Investor
------------------------------------------------
Beaconsfield Gold, in its letter to shareholders on November 8,
through Chairman J Jost, expressed its serious reservations
about Robert Catto's intentions and the absence of an
articulated plan for the company.

Chairman Jost said, "The existing board has worked energetically
for your interest for no reward or purpose other than the
fiercest desire to restore both company and shareholder values.

"This is a period of great challenge for your company. It has
been a difficult time for shareholders who perhaps thought that
all was lost. During this period, however, the directors have
worked long and hard to restore the value of the company and
preserve the interests of all of the existing shareholders.
Thankfully, there is now well-founded hope that Beaconsfield
Gold will be recapitalized, emerge from receivership and have
its shares recommence trading on the ASX.

"A third party investor has emerged that, under the right
circumstances, is willing to provide the necessary funds to
restore the company to a sound operating base. The challenge
confronting your board is to steer Beaconsfield Gold through the
future negotiations that will be necessary with the third party
investor and other parties before the terms of that funding can
be finalized.

"The current focus of the board is the culmination of three
months work that, because of its sensitive nature, had to be
kept confidential. It is not possible for the board to elaborate
on the above information at this time, for sound commercial
reasons. Rest assured, however, that shareholders will be given
the opportunity to critically evaluate any proposal before it is
adopted by the company.

"This brings me to the actions of Robert Catto and the group
trying to oust the board. Catto has a history of tangling with
public company boards with a view to extracting profit, often
involving litigation. In our case, he seeks control without
providing a credible plan for the recapitalization of the
company, without being able to indicate that he has access to
the necessary funds required to restore Beaconsfield Gold, and
with total disregard of the advice from the board that it was
confident of achieving a relatively early resolution to the
company's problems."


DIGITAL NOW: Announces Directors' Resignations, Appointment
-----------------------------------------------------------
Digital Now Inc announced Wednesday the following resignations
from the Company's Board of Directors effective immediately:

(a) Mr Abe Ostrovsky has resigned as Chairman and Director; and

(b) Mr Wiliam Lane has resigned as Director.

Mr Sal Catalano, a Director of Chimaera Capital Pty Ltd has been
appointed to the Board as a Director and has accepted the
position of Chairman of the Board of Directors. Chimaera Capital
Pty Ltd is a shareholder in the company.

Mr Catalano was previously the head of Donaldson Lufkin and
Jenrette's (DLJ) Australian division and following the takeover
of DLJ by Credit Suisse First Boston, was appointed as the
director of Credit Suisse First Boston International's
Alternative Capital Group in London.


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C H I N A
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KEENWAY RESOURCES: Court Issues Notice of Winding Up Petition
-------------------------------------------------------------
The High Court of Hong Kong released a notice that a Petition
for the Winding up of Keenway Resources Ltd on the 31st day of
August, 2001 filed by Wong Lai Wahof Room J, 14th Floor, Block
8, Saddle Ridge Garden, Ma On Shan Shatin, New Territories, Hong
Kong.

The Petition is scheduled before the Court at 10:00 am on the
19th day of December 2001.

TAM LEE PO LIN, NINA
For Director of Legal Aid
27th Floor, Queensway Government Offices,
66 Queensway,
Hong Kong




CLARECO INTERNATIONAL: Winding Up Petition Filed
------------------------------------------------
A petition for the winding up of Clareco International Ltd was
filed:

Notice is hereby given that a Petition for the Winding up of the
Clareco International by the High Court of Hong Kong on the 10th
day of August 2001 by Bank of China (Hong Kong) Limited, (the
successor corporation to Bank of China, Hong Kong Branch
pursuant to Bank of China (Hong Kong) Limited (Merger)
Ordinance, of Bank of China Tower, No. 1 Garden Road, Central,
Hong Kong.

The Petition will be heard before the Court at 9:30 am on the
21st day of November 2001.

KOO AND PARTNERS
Solicitors for the Petitioner,
5th Floor Wing On House
71 Des Voeux Road Central
Hong Kong


MANDARIN RESOURCES: Top-Up Placing To Raise HK$12M
---------------------------------------------------
Electrical equipment maker Mandarin Resources Corp. Ltd. will
raise HK$12 million through a top-up placing, using HK$6 million
of the net proceeds to settle immediate and short-term debts,
while the remaining HK$6 million will be used as general working
capital, Quamnet News Service reported November 9.

Shareholder 369 Holdings Ltd. will place 141 million existing
shares in Mandarin at 6 HK cents each, a 13-percent discount to
Mandarin's closing Thursday. The shares represent 13.3 percent
of the existing issued share capital of Mandarin. 369 will then
subscribe for 211 million new Mandarin shares, which represent
16.6 percent of the enlarged issued share capital.


PACIFIC CENTURY: Raises US$750MM From Bond Issue
------------------------------------------------
Pacific Century CyberWorks raised US$750 million from a bond
issue Wednesday, leveraging on the lower interest rate
environment to help refinance part of its syndicated bank loan,
Quamnet reported November 8. The issue, reportedly, was the
firm's second successful attempt in the past four months, and
represents about a fifth of an outstanding US$ 4.7 billion loan.

Fan Jiang, head of fixed-income research at Goldman Sachs, said,
"It is a good deal, but not a great deal. The market would have
anticipated a more comprehensive financing strategy instead of
the sporadic, piecemeal efforts."

Pricing of the 10-year bond issue is believed to be between 350
and 360 basis points above the U.S. Treasury Bond rate.

CyberWorks planned to pre-pay an additional US$ 750 million off
its bank loans by the end of this year using its cash reserves,
said credit agency Standard & Poor's (S&P), which assigned a BBB
rating on the latest bond. Moody's Investors Service rated it an
equivalent BAA1.


PHINKLAO INTERNATIONAL: Petition To Wind Up Issued
--------------------------------------------------
A Petition for the Winding up of Phinklao International by the
High Court of Hong Kong was filed the 10th day of August 2001,
by Bank of China (Hong Kong) Limited, (the successor corporation
to Sin Hua Bank Limited pursuant to Bank of China (Hong Kong)
Limited (Merger) Ordinance, of Bank of China Tower, No. 1 Garden
Road, Central, Hong Kong.

The Petition will be heard before the Court at 9:30 am on the
28th day of November 2001.

KOO AND PARTNERS
Solicitors for the Petitioner,
5th Floor Wing On House
71 Des Voeux Road Central
Hong Kong



PHOENIX SATELLITE: Posts Three Months' Net Loss of HK$34.88M
------------------------------------------------------------
Rupert Murdoch's Star Television's unit, Phoenix Satellite
Television Holdings, posted a net loss of HK$34.88 million for
the three months to September 30, SCMP reported on November 9.

The net loss, which widened from HK$33.85M the previous quarter,
was higher than some analysts' projections. ABN Amro analyst
Mario Zhu reportedly expected Phoenix TV to record a net loss of
HK$25M for the first quarter of this financial year.

Deputy Chief Executive, Leung Noong-kong, said a downturn in
advertising and losses incurred in new operations such as the
InfoNews channel were to blame for the widening loss.


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


GUMINDO PERKASA: Holdiko Sells Entire 43.2% Stake
-------------------------------------------------
PT Holdiko Perkasa, a holding company set up by The Indonesian
Bank Restructuring Agency (IBRA), sold its entire 42.3%
shareholding in PT Gumindo Perkasa Industri, a seaweed-flour
manufacturing company, for $1.68 million, the IndoExchange
reported on November 2, 2001. It's entire shareholding was
acquired by existing shareholder and joint venture partner
Ridwan Suryadi.

The Gumindo stake sale, which began in August and was initiated
via an offer by Holdiko to all existing shareholders in respect
to their pre-emptive rights under Gumindo's Articles of
Association and Joint-Venture Agreement, was Holdiko's 10th
asset sale of the year following the sale of PT Salim Rengo
Containers in late September.

Holdiko's head of Investor Relations, Irawati Koswara-Simms,
said Holdiko continues to progress with the sale process of its
nine remaining assets for a total of 19 scheduled transactions
for 2001.

These transactions include the sale of Holdiko's ownership in PT
Indosiar Visual Mandiri, PT Berdikari Sari Utama Flour Mills, PT
Poli Contindo Nusa, PT Indomarco Adi Prima, Riau Industrial
Estate/PT Karimun Sembawang Shipyard, Guangdong Jiangmen ISN
Float Glass, PT Yakult Indonesia Persada and PT Indogift
Chuencher Indah and Sugar Group.

Holdiko Perkasa was established by IBRA to accommodate Salim
Group's assets pledged by the group to IBRA as a settlement for
Salim Group's emergency liquidity support it received from Bank
Indonesia via Bank Central Asia.


SEMEN CIBINONG: EGM OKs Proposed US$1.2B Debt Restructuring
-----------------------------------------------------------
PT Semen Cibinong's EGM has approved a proposed US$1.2 billion
debt restructuring scheme and the write-off of US$250 million in
deposits, PRNewsAsia reported November 5. The overall
restructuring will allow Holcim AG to acquire a 74.6 percent
stake in the company.

Semen Cibinong Corporate Secretary, Janus Hutapea, told
reporters after the meeting that under the restructuring
proposal, Semen Cibinong will issue new shares to Holcim. EGM
also appointed a new Board of Directors and Commissioners but he
declined to disclose theirnames.


SEMEN GRESIK: "Status Quo" Maintained Re Semen Padang
-----------------------------------------------------
Minister of Home Affairs Hari Sabarno said Thursday the
government would maintain the "status quo" in the high profile
PT Semen Padang case, Jakarta Post reported November 9. Hari
also ordered the West Sumatra administration to make sure that
protesting local people did not take over the Semen Padang
plant.

"For the time being, the status quo will be maintained in the
(Semen Padang) case, meaning it (the company) will not be spun
off nor will the put option be exercised. The important thing is
that the plant can still operate and provide benefit to the
local government and people," Hari was quoted as saying.

Hari did not provide details on the policy. The Office of the
State Minister for State Enterprises reportedly has set a
December 14 deadline for the sale of a 51 percent stake in
state-owned cement producer PT Semen Gresik, the parent of Semen
Padang, to Mexican cement giant, Cemex SA de CV, via a put
option deal. Cemex already owns 25 percent of Semen Gresik.

The initial deadline was Oct. 26, but it was put back due to
protests from West Sumatra people demanding that Semen Padang be
spun off from Semen Gresik before the government exercised the
put option.


SINAR MAS: Founder Signs Personal Debt Guarantee With IBRA
----------------------------------------------------------
Sinar Mas Group (SMG) founder, Eka Tjipta Widjaja, signed an
agreement with the Indonesian Bank Restructuring Agency (IBRA)
for the settlement of the group's debts with the agency which
included a personal guarantee, PRNewsAsia reported on November
8, which cited an IBRA statement. The personal guarantee was
made following the government's recent decision to issue hedge
bonds to cover the group's debts to Bank Internasional
Indonesia, worth US$1.059 billion and Rp1.8 trillion, that had
been transferred to the agency.

IBRA said that under the personal guarantee, Widjaja is
committed to fulfill the obligations of the Sinar Mas Group and
the obligations of Widjaja's sons, who have also previously
submitted personal guarantees.

The legally binding guarantee also includes involuntary payment
should the Sinar Mas Group and Eka Tjipa Widjaja's sons fail to
meet their obligations at the due period.

"[In accord with] the willingness of Eka Tjipta Widjaja, IBRA
asserts to assist the debt restructuring process of the Sinar
Mas Group," IBRA said.


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J A P A N
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DAIEI INCORPORATED: Temporarily Opening Clothing Store
------------------------------------------------------
The cash-strapped Daiei, Inc., once one of the leading chain
operators of general merchandise stores, will temporarily open
an outlet that specializes in low-priced casual wear and men's
clothing, according to the Daily Yomiuri on Friday.

The new store, appropriately called Ginza Hyakkaten (Ginza
Hundred Day Store), will be open for only 100 days. It will
promptly close in February as it is located in the remodeled
Daiei Ginza Building, currently up for sale by Daiei in order to
reduce debts as part of its current corporate restructuring.


DAIWA SECURITIES: Lowers Early Retirement Minimum Age
-----------------------------------------------------
In order to cut down on labor costs, ailing Japanese brokerage
firm Daiwa Securities Group Inc. plans to lower the minimum
application age for its early retirement scheme to 40 years from
the original 50, PRNewsAsia reported November 8.

This decision will result into some 1,100 workers becoming
eligible for the said scheme. Furthermore, the company plans to
slash remuneration for managers by up to 30 percent. Managers
connected with the company's group firms are included under the
said remuneration reductions.

Barely a week ago, Daiwa posted a group net loss of Y131.60
billion for the first half ended September 30 a sharp turnaround
from the profit of Y41.95 billion it posted during the same
period for last year.


MYCAL CORPORATION: Negotiations Begin With Seiyu Re Unit Sale
-------------------------------------------------------------
Mycal Corporation, which filed for creditor protection in
September, has entered into talks with Seiyu Ltd. regarding the
transfer of its wholly owned unit, Pororoca, PRNewsAsia reported
November 8.

Pororoca, a food-oriented supermarket operator, is currently
working on some 50 food supermarket outlets, most of them
located in the western part of Japan where Seiyu lacks a strong
outlet base.


NIPPON TELEGRAPH: Y1.4T-Y1.5T FY Restructuring Charge Expected
--------------------------------------------------------------
In order to finance a planned relocation of some 11,000 workers,
Nippon Telegraph and Telephone Corporation (NTT) is forecast to
take Y1.4-Y1.5 trillion restructuring charges for this year to
March 2002, according to Yomiuri Shimbum on November 7.

Part of the restructuring charge may be financed by the company
with sales of its assets and borrowings from banks. However, the
telecommunications giant nonetheless expects to see several
hundred billion in net loss in the year to March 2002.

NTT has just recently downgraded its year to March net profit
forecast to 3.0b yen from 89.0b yen due to a sharp decline in
net earnings of its mobile phone carrier unit, NTT DoCoMo Inc.


NIPPON TELEGRAPH: Labor Union Oks Restructuring Plan
----------------------------------------------------
A restructuring plan to slash wage costs as well as to transfer
some 11,000 Nippon Telegraph & Telephone Corporation workers to
its subsidiaries was approved on Thursday by the company's labor
union, the Asian Wall Street Journal reported Thursday.

The plan, estimated to cost the company somewhere between Y1.4-
Y1.5 billion, also includes about Y1.1 trillion in retirement
allowances and roughly Y300 billion in compensation allowances.


NTT DOCOMO: Posts 50% Drop In 1H Group Net Profit
-------------------------------------------------
Japan's largest mobile telecommunications operator, NTT DoCoMo,
dropped more than 50% in its first-half group net profit after
writing down its soured Dutch KPN Mobile investment, a victim of
the technology slump, SCMP reported November 8.

The write-off pushed the parent company into the red for the
first time since 1994, with a net loss of Y27.81 billion for the
six months to September, a sharp turnaround from a record profit
of 101.4B yen a year ago, according to Reuters.


TOKAI BANK: Merges Venture Capital Units With Sanwa,Toyo Trust
--------------------------------------------------------------
Tokai Bank of Japan plans to consolidate its venture capital
units with fellow UFJ Group members Sanwa Bank, and Toyo Trust
and Banking in order to form UFJ Capital, PRNewsAsia reported on
Friday.

The new firm, to be created in January, will be capitalized at
Y2.2 billion, and is also expected to posses Y40 billion in
assets invested in 1,100 companies.

To recall, international rating agency, Fitch in August, lowered
the Individual rating of Tokai Bank to 'D/E' from the previous
'D'.


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K O R E A
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DAEWOO GROUP: KDIC Freezes Fugitive Kim's Hidden Assets
-------------------------------------------------------
Korea Deposit Insurance Corp. (KDIC) has found and immediately
frozen around W140 billion of supposedly hidden assets of
fugitive founder and chairman of Daewoo group, Kim Woo-choong.
His attorneys immediately denounced the announcement as
"inappropriate", the Korea Times reported Friday.

Following the inspection it has conducted on two troubled
groups, namely Daewoo and Kohap, the state-run financial
supervisory authority announced it also discovered W411.8
billion worth of financial responsibility incurred by former
Kohap group chairman Chang Chi-hyuk and 31 other executives.
The investigation revealed that the ex-Daewoo chairman
clandestinely hid assets that included a stake in a golf course,
real estate and stocks under his wife, or children's name.

The Daewoo group, which had estimated liabilities of W89
trillion, was broken up in 1999 following its creditors'
decision to place the group's 12 units under debt-workout
programs.


DAEWOO MOTOR: Slashes Plant Working Hours
-----------------------------------------
Citing reduced domestic sales and exports, Daewoo Motor Corp.
announced on Wednesday that it has cut the number of working
hours at its domestic plants since November 1, according to the
Digital Chosun on November 9.

Implementing a three-day workweek has allowed the cuts. Daewoo's
Bupyeong plant, for example, will be fully operational on
Monday, Tuesday and Wednesday, and will rest for the remainder
of the days of the workweek.

The three-day workweek is also being implemented at Daewoo's
Gunsan plant. Operations in the firm's Changwon plant have been
normal, however, company management decided to take Saturdays
off should orders contract.


HANBO STEEL: Kamco Devises "One-Shot Deal" For Hanbo Sale
---------------------------------------------------------
Following its announcement on Tuesday calling for a new round of
international bidding for the sale of ailing Hanbo Steel, Korea
Asset Management Corp. has devised a new sale method called the
"one-shot deal" to ensure the successful sale of the bankrupt
steel-maker, the Korea Herald said November 9.

KAMCO announced that under the "one-shot deal", the potential
buyer who offers the highest price during the bidding will be
obliged to pay US$10 million in guarantee money to ensure a
binding contract. Moreover, should either party fail to comply
with the contract, they will be denied the guarantee money and
would be forced to pay compensation.

Kamco said, "The new method is designed to minimize
uncertainties surrounding the conclusion of a final contract and
complete the sale process within the shortest possible time
period."


HYNIX SEMICONDUCTOR: Boosts Structural Reforms
----------------------------------------------
As part of the rehabilitation plans it promised to creditors in
exchange for new loans and debt-equity swaps, Hynix
Semiconductor Inc. will push ahead with structural reforms,
slashing the number of business units to 188 from 281, and
spinning off its management support and chip plant maintenance
business units, News on Korea reported on November 7.

Furthermore, in a bid to streamline to core business units, the
ailing chipmaker also plans to spin off all units, except those
focused on research and development as well as production and
marketing.


HYNIX SEMICONDUCTOR: Foreign Rivals Likely To Sue Over Bailout
--------------------------------------------------------------
Hynix Semiconductor Inc. is facing opposition from its foreign
rivals who claim that the Korean chipmaker's recent rescue
package runs counter to World Trade Organization regulations,
which prohibited government intervention during the bailout, the
Korea Herald reported Friday.

These developments surface at a time when Hynix's outlook seems
to improve. Hynix has been selling off non-core assets and
progress is being made in its cash flow.

Following Hynix's creditors extension of a massive bailout
package totaling US$7 billion, chief executives of Hynix rivals,
Micron Technology of the U.S. and Germany's Infineon
Technologies AG, joined forces to denounce the rescue measure,
saying it runs contrary to basic free market principles.


HYUNDAI MERCHANT: Appoints Jang As New CEO
------------------------------------------
Hyundai Merchant Marine Co. Ltd. announced that its Board of
Directors has voted to appoint Senior Executive Vice President
C.S. Jang as the company's new President and Chief Executive
Officer, PRNewsAsia reported Friday.

Final approval from shareholders and the Board of Directors for
Jang's appointment is expected by late December.

HMM former President, Kim Chung-shik, submitted his resignation
last month following the Hyundai Group's refusal to honor his
request to withdraw support to its other units.


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M A L A Y S I A
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AVENUE ASSETS: Parties of Proposed Disposals Enter SPA
------------------------------------------------------
Commerce International Merchant Bankers Berhad (CIMB), on behalf
of the Board of Directors of Avenue Assets Berhad (AAB),
announced Thursday that the respective parties of the Proposed
Carparks Disposals have entered into separate supplemental
agreements (SPA) to vary the mode of satisfaction of the
purchase considerations.

The announcement is in reference to the 6 September 2000
Proposed Carparks Disposals:

ú Proposed disposal of 2/4-storey basement block comprising
approximately 1,115 car park bays together with the equipment
and facilities, machinery and facilities to operate the carpark
located in a building known as Megan Phileo Promenade for a
total cash consideration of RM16,725,000;

ú Proposed disposal of 4-storey basement block comprising
approximately 1,577 car park bays together with the equipment,
machinery and facilities to operate the carpark located in a
building known as Megan Phileo Avenue for a total cash
consideration of RM23,655,000;

ú Proposed disposal of a 3-storey basement block comprising
approximately 2,665 car park bays together with the equipment,
machinery and facilities to operate the carpark located in a
building known as Pusat Dagangan Phileo Damansara I for a total
cash consideration of RM39,975,000;

ú Proposed disposal of 4-storey basement block comprising
approximately 1,286 car park bays together with the equipment,
machinery and facilities to operate the carpark located in a
building known as Dagangan Phileo Damansara II for a total cash
consideration of RM19,290,000
(Collectively referred to as "Proposed Carparks Disposals")

Pursuant to the supplemental agreements, notwithstanding that
AAB has not obtained the approval of its shareholders for the
Proposed Carparks Disposals ("Shareholders' Approval"), the
vendors agree that the balance of the purchase consideration
(being the total purchase consideration net of the deposits paid
upon the execution of the sale and purchase agreements on 6
September 2000) ("Balance Purchase Consideration") may be paid
and satisfied in the following manner:

(a) the delivery to the respective vendors of a letter from the
acquirors' financiers undertaking to pay to the respective
vendors the amount of the loan granted ("Loan") to the
respective acquirors within one (1) month from the date of the
Shareholders' Approval; and

(b) the payment by the respective acquirors to the vendors of
the differential sum between the Balance Purchase Consideration
and the Loan;

on or before 31 December 2001.


BERJAYA LAND: Corporate Exercise Implementation Planned
-------------------------------------------------------
The Board of Directors of Berjaya Land (B-Land) estimates that
the application to the Securities Commission (SC) for its May 23
announced Proposed Corporate Exercise will be made within six
(6) months from the date of this notice. The company will make
an appropriate announcement should there be any change to the
Proposed Corporate Exercise.

The board of directors of B-Land, on 23 May 2001, announced the:

- proposed bonus issue;
- proposed voluntary general offer by B-Land for the remaining
ordinary shares in Berjaya Capital Berhad (BCapital) and Cosway
Corporation Berhad (Cosway) not held by Berjaya Group Berhad
(BGroup) (Proposed VGOs);
- proposed transfer of Berjaya General Insurance Berhad, Inter-
Pacific Capital Sdn Bhd and Cosway (M) Sdn Bhd to B-Land; and
- proposed transfer of B-Land's equity interest in BCapital and
Cosway (arising from the Proposed VGOs) to a new company to be
incorporated to take-over the listing status of BGroup pursuant
to the proposed BGroup restructuring exercise.

Due to the continuing sluggish stock market condition and
economy, which are further aggravated by the September 11, 2001
terrorist attack, the company is reviewing the proposed
corporate exercise.


HAI MING: Clarifies Proposed Restructuring Exercise
---------------------------------------------------
Public Merchant Bank, further to its announcements dated 31
October 2001 and 6 November 2001 on behalf of Hai Ming Holdings
Berhad (HMHB), further clarifies these matters:

1) The original cost of investment in KPS of each vendors and
the dates of such investment are set out in table 1.

2) The Proposed Debt Settlement and the Proposed Acquisition are
inter-conditional as stated in Section 9 of the HMHB's
announcement dated 31 October 2001. Hence, the estimated time
frame for the completion of the Proposed Acquisition is also
expected to be within five (5) months (i.e. by 31 March 2002)
from the date of the Debt Restructuring Agreement as set out in
Section 2.2 of the HMHB's announcement dated 31 October 2001. An
announcement would be made to the KLSE in the event that the
Proposed Restructuring Exercise could not be completed by 31
March 2002; and

3) The amount of profit after tax of the KPS Group for the
financial years ending 31 December 2002 and 2003 guaranteed by
the vendors shall not be less than 80% of the forecasted profit
after tax of the KPS group of companies comprising Akateak Sdn
Bhd ("ASB"), Yap Swee Thiam & Sons Industries Sdn Bhd ("YSB")
and Vector Marketing Sdn Bhd, for each of the said financial
years. The forecasted profit after tax of the KPS group of
companies for the financial years ending 31 December 2002 and 31
December 2003 are RM12,100,000 and RM12,500,000, respectively.
These forecasted profits after tax are subject to the review of,
inter alia, the reporting accountants for the Proposed
Restructuring Exercise.

TABLE 1 - KPS
Cost of investment by the Vendors:

(i) Koh Poh Seng

    Date                    Cost of investment
                                            RM
    10 Jul 90                                3
    12 Nov 90                           40,000
    25 Feb 92                           59,996
    29 Apr 92                          400,000
     3 Jan 94                          500,000
    10 Apr 95                        2,999,997
    27 Nov 95                        2,999,997
     1 Jun 96                        2,999,997
    13 Mar 00                          (49,000)
                          Total      9,950,990
                                    ==========

(ii) Koh Cheng Tuan @ Ko Bong Sing

    Date                    Cost of investment
                                            RM
    31 May 91                                1
    10 Apr 95                                3
    27 Nov 95                                3
     1 Jun 96                                3
                          Total             10
                                          ====

(iii) Chai Kim Hua

    Date                    Cost of investment
                                            RM
    13 Mar 00                           49,000
                           Total        49,000
                                       =======

(iv) Lim Yen Yen

    ASB                     Cost of investment
    Date                                    RM
    25 Oct 99                          100,000
    28 Mar 00                               (1)
    9 Jun 00                           400,000
                           Total       499,999
                                      ========

(v) Yap Swee Thiam

    YST
    Date                    Cost of investment
                                            RM
    27 Sep 84                                1
     8 Feb 85                           29,998
    27 Nov 89                           40,000
    12 Apr 93                           50,000
     5 Jul 97                          585,001
    29 Jan 99                        1,057,500
    30 May 00                       (1,312,500)
                       Total           450,000
                                    ==========

Note:
(1) The above cost of investment in KPS are based on their cost
of investments in ASB and YST respectively since there is no
additional investments required by them pursuant to the Internal
Rationalisation Exercise as set out in Section 3.1 of the HMHB's
announcement dated 31 October 2001.

Query Letter content:
We refer to your announcement on behalf of HMHB dated 31 October
2001. In this connection, kindly furnish the Exchange
immediately with the following  additional information for
public release:
1) The original cost of investment in KPS to the vendors and the
dates of such investment.
2) The estimated time frame for the completion of the Proposed
Restructuring Exercise.
3) The amount of profit after tax of the KPS Group for the
financial years ending 31 December 2002 and 2003 guaranteed by
the vendors.
4) The weighted average market price for HMHB's shares for the 5
market days prior to the date on which the terms of the Proposed
Restructuring Exercise were agreed upon.
5) The financial effects of the Proposed Restructuring Exercise
on the dividend rate of HMHB.
6) The rate of redemption of the redeemable convertible secured
loan stocks to be issued pursuant to the Proposed Debt
Settlement.

Kindly furnish the Exchange with your reply within two (2)
market days from the date hereof.

Yours faithfully
KUALA LUMPUR STOCK EXCHANGE


L&M CORPORATION: Updates the Exchange on Default In Payments
------------------------------------------------------------
With reference to the announcement dated 5 October 2001 in
respect of the default in interest payments, the Board of
Directors of L & M Corporation (M) Bhd updated the Exchange on
the default in payments by the L&M Group on Thursday. As of 31
October, the total default payments to financial institutions in
respect to various credit facilities by L&M Group is
RM191,048,235-11.

There are no new developments since the previous announcement
regarding steps taken to address the default.


PAN PACIFIC: Announces Default in Payment
-----------------------------------------
Pan Pacific Asia Berhad (PPAB) announced Wednesday the Default
in Payment as of 31 October 2001 of PPAB and its subsidiaries in
accordance with the Practice Note No. 1/2001.

The company also informed that there are no material changes in
PPAB's status of default from the date of last announcement
until 31 October 2001.

Please see http://bankrupt.com/misc/PPAB-Summary1.htmfor the
Summary of Borrowings in Default as at 31 October 2001.


TECHNO ASIA: Special Administrators Sign Novation Agreement
-----------------------------------------------------------
Arab-Malaysian Merchant Bank Berhad announced Thursday, on
behalf of Techno Asia Holdings Berhad (TAHB), that the Special
Administrators on behalf of TAHB had on 6 November 2001 signed a
novation agreement ("with Dr. Yu Kuan Chon ("Investor"), Semai
Warnasari Sdn Bhd ("Semai") and Giant Express Sdn Bhd ("the
Transferee").

The Novation Agreement was entered into by the abovementioned
parties pursuant to Clause 5 of the Principal Agreement signed
on 7 September 2001 by the Company, Investor and Semai. Clause 5
allows Semai to novate their rights, benefits and obligations
under the Principal Agreement to the Transferee, subject to the
approval of TAHB and the Investor.

A nominal sum of Ringgit Malaysia One (RM1.00) was paid by the
Transferee to Semai in consideration for the novation. The
Novation Agreement entails:

(a) Semai hereby novates to the Transferee and the Transferee
hereby accepts the novation of all rights, title, interest and
obligations of Semai under the Principal Agreement as at and
from the date of the Principal Agreement ("Substitution Date");

(b) Semai shall cease to be entitled to any such rights, title
and interest and shall be released from any such obligations
under the Principal Agreement;

(c) the Transferee shall become, and the Company and the
Investor shall be bound to recognise the Transferee as if the
Transferee had been a party to the Principal Agreement as from
the Substitution Date ; and

(d) the Company and the Investor hereby releases and discharges
Semai from all future claims and demands whatsoever under the
Principal Agreement and accepts the liability of the Transferee
as if the Transferee had been named in the Principal Agreement
as a party in place of Semai as at and from the Substitution
Date.


TENAGA NASIONAL: Appoints Independent, Non-Executive Director
-------------------------------------------------------------
Tenaga Nasional announced Thursday the appointment of Shaziman
Bin Abu Mansor as independent and non-executive director:

Date of change : 07/11/2001
Type of change : Appointment
Designation : Director
Directorate : Independent & Non Executive
Name : Shaziman Bin Abu Mansor
Age : 37
Nationality : Malaysian
Qualifications : Bachelor of Science in Civil Engineering
Working experience and occupation  : (I) Aokam Tin Bhd (1989)
(2) Shaziman Enterprise, Enterpreneur (1990 - Present)
(3) Suria Electroniks Sdn. Bhd.,Executive Director (1994-1998)
(4) Inter-Builders (M) Sdn Bhd, Director (1995-PRESENT)
Directorship of public companies (if any) : Nil
Family relationship with any director and/or major shareholder
of the listed issuer : Nil
Details of any interest in the securities of the listed issuer
or its subsidiaries : Nil

Composition of Audit Committee (Name and Directorate of members
after change) : Dato' Lau Yin Pin (Independent Non-Executive
Chairman)
Tan Sri Daro' Chan Choong Tak(Independent Non-Executive
Director)
Dato' Hari Narayanan A/L Govindasamy (Independent Non-Executive
Director)
Dato' Mohd Yusof Bin Ibrahim (Independent Non-Executive
Director)
Shaziman Bin Abu Mansor (Independent Non-Executive Director)


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


BAYAN TELECOMMUNICATION: Considers Debt-Equity Swap
---------------------------------------------------
Debt-ridden BenPres Holdings unit Bayan Telecommunications Inc,
is going over various debt-to-equity swap plans to resolve its
debt woes, PRNewsAsia reported November 8.

In the most extreme scenario, a company source said that
creditors could end up with "majority or all of the company". As
of the moment, Benpres lawyers, as well as financial adviser
Bank of America, are currently in talks in order to come up with
a preliminary agreement on the debts before the end of the year.

BayanTel has US$477 million in debts, US$277 million of which is
owed to banks and another US$200 million to bondholders.
Moreover, US$26 million of the total bank loans are unsecured.


NATIONAL POWER: Concession Deals Seen In Privatization
------------------------------------------------------
Instead of an outright sale, the government has decided to enter
into concession agreements with private power firms to dispose
of National Power Corporation's (Napocor) transmission assets
estimated to total over US$2 billion as part of the mandated
privatization set early next year, the Inquirer News Service
reported Thursday.

The government insisted on concession agreements this time
because it still wanted to retain control over the country's
transmission lines. Moreover, feasibility studies also showed
that concession agreements benefit the government by giving it a
more flexible position with regard to tax matters related to the
power firms transmission assets.


NATIONAL POWER: Govt Considers Euro Bond Issue For Napocor
----------------------------------------------------------
In order to generate funds for the state-run National Power
Corporation, the national government may issue euro bonds worth
EUR300 million (US$270 million), ABS-CBN News Service reported
on November 8, citing a national government official.

The ailing power company will be privatized early next year. For
the year 2002, the company has already earmarked some US$1
billion as a financing requirement.

An unnamed government official said that a euro bond is
primarily being considered because of the current liquidity in
the European market. The euro bonds will reportedly have a five-
year maturity.


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


CREATIVE TECHNOLOGY: Posts Changes In Merrill Lynch' Interests
--------------------------------------------------------------
Creative Technology Limited posted on November 8 a notice of
changes in substantial shareholder Merrill Lynch & Co. Inc.'s
deemed interests:

Notice Of Changes In Substantial Shareholder's Deemed Interests

Name of substantial shareholder: Merrill Lynch & Co., Inc.
Date of notice to company: November 8, 2001
Date of change of shareholding: November 5, 2001
Name of registered holder: Citibank (Singapore)
Circumstance giving rise to the change: Others
Please specify details: Open market sale

Shares held in the name of registered holder

No. of shares of the change: (10,000)
Percent of issued share capital: (0.014)
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: SGD 10.75
No. of shares held before change: 43,500
Percent of issued share capital: 0.06
No. of shares held after change: 33,500
Percent of issued share capital: 0.046

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed               Direct
No. of shares held before change:  4,229,058
Percent of issued share capital:     5.845
No. of shares held after change:   4,219,058
Percent of issued share capital:     5.831
Total shares:

No. of Warrants
No. of Options
No. of Rights
No. of Indirect Interest


IPCO INT'L: Posts Posts Changes In Purwadi's Shareholding
---------------------------------------------------------
IPCO International Limited issued Thursday a notice of changes
regarding the deemed substantial shareholding of shareholder
Purwadi:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: Purwadi
Date of notice to company: November 7, 2001
Date of change of interest: November 7, 2001
Name of registered holder: Kim Eng Securities (Private) Limited
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: 11,441,000
Percent of issued share capital: 1.55
Amount of consideration
per share excluding brokerage,
GST,stamp duties, clearing fee: S$0.10
No. of shares held before change: 145,479,364
Percent of issued share capital: 19.73
No. of shares held after change: 134,038,364
Percent of issued share capital: 18.18

Holdings of Substantial Shareholder including direct and deemed
interest
                                    Deemed            Direct
No. of shares held before change: 162,750,000
Percent of issued share capital:     22.07
No. of shares held after change:  151,309,000
Percent of issued share capital:     20.52
Total shares:                     151,309,000

No. of Warrants = NIL
No. of Options = NIL
No. of Rights = NIL
No. of Indirect Interest = 151,309,000
Percent of shares are arrived at based on paid up capital of
737,341,612 shares of S$0.20 each as of November 7, 2001.


SEMBCORP LOGISTICS: Forms Joint Venture With Swiss Company
----------------------------------------------------------
SembCorp Logistics announced on November 8 that it has formed a
joint venture company, ST-KN Pte Ltd, with Kuehne & Nagel Asia
Pacific Holdings, AG (Switzerland) in the shareholding ratio of
49 percent and 51 percent respectively. The authorized share
capital of ST-KN is S$1,000,000 and its initial paid up capital
is S$200,000.

Kuehne & Nagel Asia Pacific is a wholly owned Asia Pacific
subsidiary of Kuehne & Nagel International (KNI). KNI is
SembCorp Logistics' global strategic partner and 20 percent
owned associated company.

ST-KN is set up to provide freight forwarding services targeted
at the Temasek and Singapore Technologies groups of companies.
ST-KN will leverage KNI's international freight forwarding
network and global track and trace capabilities.

This investment is not expected to have a significant impact on
the net tangible asset and earnings per share of the Company.


SEMBCORP LOGISTICS: Post Changes In Capital Group's Interests
-------------------------------------------------------------
SembCorp Logistics Limited on Thursday announced changes in the
deemed substantial shareholding of The Capital Group Companies:

Notice Of Changes In Deemed Substantial Shareholding

Name of substantial shareholder: The Capital Group Companies,
                                 Inc.
Date of notice to company: November 8, 2001
Date of change of deemed interest: November 6, 2001
Name of registered holder: DBS Nominees Pte Ltd
Circumstance giving rise to the change: Open market purchase

Shares held in the name of registered holder
No. of shares of the change: 148,000
Percent of issued share capital: 0.02
Amount of consideration
per share excluding brokerage,
GST, stamp duties, clearing fee: S$1.6300
No. of shares held before change: 56,260,400
Percent of issued share capital: 6.61
No. of shares held after change: 56,408,400
Percent of issued share capital: 6.63

Holdings of Substantial Shareholder including direct and deemed
interest
                                   Deemed              Direct
No. of shares held before change: 88,621,200
Percent of issued share capital:    10.41
No. of shares held after change:  88,769,200
Percent of issued share capital:    10.43
Total shares:                     88,769,200


SPH ASIAONE: Concentrates On News, Careers, Database Services
-------------------------------------------------------------
SPH AsiaOne Ltd (AsiaOne) announced on Friday that it has
restructured its businesses to focus on online news, careers and
database services. It has also downsized its web publishing, e-
shop and lifestyle content businesses. The company has also
fired 23 employees.

The retrenched staff will be paid compensation benefits
according to their years of service. The one-time cost of
retrenchment is about S$340,000.

Including natural staff attrition, AsiaOne's staff strength will
be reduced from the current 111 to 79 employees. Staff costs
will be lowered S$1.8 million per year.

"It is important that AsiaOne focuses on areas that have growth
potential and downsizes those businesses which are likely to
incur more losses in view of the difficult business
environment," said Mr Low Huan Ping, AsiaOne CEO. "We have
decided to bite the bullet early. This decision taken is
independent of the privatization scheme which is progressing on
schedule."

With cost containment measures in place, AsiaOne is expected to
lower its cash burn in the current year. However, AsiaOne
expects to continue to make a loss for the year.

Mr James Heng, Chief Operating Officer of AsiaOne, will be
transferred to SPH to head a newly formed department in SPH's
Marketing Division effective from November 12, 2001.


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


SUN TECH: Claims Exempted From Quarterly FR Submission
------------------------------------------------------
Sun Tech Group Public Co. Ltd. will not submit the company's
Financial Report (FR) for the first quarter ended September 30,
2001 because the company is under trading suspension (SP) due to
its being in rehabilitation, in accordance with Bankruptcy law.

The announcement was made along with the letter from the SEC and
in compliance with the Court, which approved the company's
Rehabilitation Plan dated May 3,2001.

Sun Tech will, however, submit the Financial Report for semi-
annual period as the letter from the SEC specified.



S U B S C R I P T I O N  I N F O R M A T I O N

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

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                 *** End of Transmission ***