/raid1/www/Hosts/bankrupt/TCRAP_Public/020102.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

             Wednesday, January 2, 2002, Vol. 5, No. 1

                             Headlines

A U S T R A L I A

ANSETT: Administrators Seek Federal Court's Plan Approval
AVIVA CORPORATION: Pays Obligations To Golden Casket
CENTAUR MINING: Ceases To Be HRR Substantial Holder
IOCOM LIMITED: Responds To ASX Query Re Annual Report
SOUTHERN CROSS: Posts Case Profile


C H I N A   &   H O N G  K O N G

BIG RESOURCES: Winding Up Petition Heard
FORTUNE HORSE: Winding Up Sought By Fortune Horse
G&P INTERNATIONAL: Winding Up Petition Slated For Hearing
GREAT SKY: Petition To Wind Up Heard
KEEN TIME: Winding Up Petition Hearing Set
NORTHEAST ELECTRICAL: Creditors File Liquidation Petition
NORTHEAST ELECTRICAL: Implements Asset Reorganization


I N D O N E S I A

PERUSAHAAN LISTRIK: Remains In Struggle With Financial Crisis


* JITF Meets IMF Letter Of Intent Targets


J A P A N

ASAHI BANK: Agrees To One-To-One Share Swap With Daiwa Bank
DAIKYO INC: Splits Into Three To Cut Debts
ISHIKAWA BANK: Bankruptcy Filing Planned
MATSUSHITA ELECTRIC: Reorganizes Group Businesses
MITSUBISHI HEAVY: Cutting Parent's Workforce By 4,000
TOMEN CORPORATION: S&P Affirms 'CCCpi' Rating
TOSHIBA CORP.: Downgraded to 'BBB/A-3'; Outlook Negative


K O R E A

DAEWOO ELECTRONICS: Files W350B Lawsuit Against Hi-Mart
DAEWOO GROUP: Former Units Fined W677M For Illegal Deals
DAEWOO GROUP: Debt-Equity Swap Plans Hit A Snag
HYNIX SEMICONDUCTOR: Selling DRAM Chip Business To Micron
HYUNDAI MOTOR: Workers Accept Wage Agreement
LG ELECTRONICS: Shareholders OK Split Resolution
SAMSUNG ELECTRONICS: Group Gives Chip Division "B" Rating


M A L A Y S I A

BRIDGECON HOLDINGS: KLSE Raps Company For Breach Of SBLR
COUNTRY HEIGHTS: Bonds' Maturity Date Extended Till 2005
HAI MING: Awaits KLSE's Time Extension Request Approval
PAN MALAYSIA: Voluntarily Winds Up Hong Kong Unit
PARK MAY: RAM Assigns Proposed Debt Issue BBB3/P3
SOUTH MALAYSIA: Enters DRA With Lenders, Creditors
SRI HARTAMAS: New firm To Take Over Listing


P H I L I P P I N E S

NATIONAL POWER: PSALM Seeks Creditors' Okay To Transfer Debts
PHILIPPINE AIRLINES: Cuts Staff, Halts Leases On Aircraft


S I N G A P O R E

BOUSTEAD SINGAPORE: Losses Widen To $5.4M
CAPITALAND: Unit Ascott Group Completes Junction 8, Funan Sale
ELTECH ELECTRONICS: Defers Financial Year Change To 2002
W&P PILING: High Court Stays Proceedings Until January 4


T H A I L A N D

INTER FAR: Court Extends Reorganization Plan Submission Deadline
PAKBARA COLD: Business Reorganization Petition Filed In Court
THAI DURABLE: Seamico Aids In Rehab Plan Preparation
THAI ENGINE: Reports Business Reorganization Plan Summary

       -  -  -  -  -  -  -  -

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


ANSETT: Administrators Seek Federal Court's Plan Approval
---------------------------------------------------------
Ansett's Administrators asked the Federal Court to approve a
plan that could lessen the considerable problems involved in
convening Ansett's second creditors' meeting scheduled for late
January.

The Administrators, Mark Mentha and Mark Korda of accounting
firm Arthur Andersen, filed an affidavit to Federal Court,
noting that the creditors' meeting notices could cost up to $28
million. Mr Mentha believes his statutory report into the
airline's affairs could run to several hundred pages as there
are 41 Ansett companies currently under administration.

To save costs, the Administrators have sought approval to post
all the documentation on two Web sites and advertise in major
newspapers advising creditors the venue and time of the meeting
and how they can access the reports. Their option involves
directly notifying just the estimated 7000 trade creditors and
credit card financiers, and sending all reports to the
headquarters of relevant Ansett unions.

On the other hand, the Administrators have suggested sending a
single page letter to each of the 4 million creditors advising
them where to read the notice of meeting and reports on the Web,
although they noted the cost of this could also be expensive,
Sydney Morning Herald reports.

The Administrators' application is scheduled for hearing before
the Federal Court on January 4 and the creditors' meeting is
likely to be held on January 29.


AVIVA CORPORATION: Pays Obligations To Golden Casket
-----------------------------------------------------
Since the sale of the finance broking business in April 2001,
Aviva Corporation Limited (Aviva), formerly known as Equico
Corporation Limited, has effectively had no business investment,
finding itself with a restricted balance sheet, comprising sale
receivables; cash in the bank and two onerous contingent
liabilities. With the share price having fallen from its high of
around $0.40 and now languishing around $0.01, a focused effort
is necessary if the company is to see a return in value to both
its balance sheet and share price.

Accordingly, in view of the relative stagnate position of the
company not least because of the balance sheet constraints that
have limited the company's potential, the new Board, appointed
on 4 October 2001, sought a temporary suspension of Aviva's
shares whilst it identified a strategy for the company.

With little occurring business activity, it remains the Board's
view that while work is underway to define a strategy going
forward & attend to the balance sheet exposures, it is
appropriate that the shares remain suspended. At least until
some conclusive results to our work can be presented to
shareholders. Otherwise the market would not be fully informed
and this would not serve the company or its vast body of
shareholders.

Aviva is happy to advise that AVIVA has been unconditionally
released from its contingent liability obligations to Golden
Casket, originally arising at the time of the sale of Equico
Capital Finance Group (ECFG) in April 2001 to Mr Chris Hogg.

Additionally Mr Chris Hogg has met all payment obligations
arising from the purchase of ECFG, to date and in a timely
manner, with the most recent payment of $100,000 being received
on 14th December 2001. Three principal payments totaling
$900,000 remain to be paid, being:

     * On or before 15 January 2002 -   $250,000
     * On or before 15 February 2002 -  $250,000
     * On or before 30 March 2002 -     $400,000
     * Plus accrued interest on outstanding amounts

The Board of AVIVA has not been informed of any reason why these
future payments will not be met on their due dates.

The Board is continuing to work with Mr Chris Hogg to obtain an
unconditional release for AVIVA from its contingent liability
obligation to Bankwest, which also arose from the sale of ECFG.

The Board is also happy to advise that SMC Gold Limited has made
the final two payments under the former Edgerton Loan repayment
plan on 28 December 2001 in a timely manner. This concludes
payments due under the former Edgerton Loan repayment plan.

The Board is well advanced in identifying a strategy for the
company going forward, which the company is confident has the
potential to return value to the company's share price and
balance sheet, in a focused and appropriate commercial manner.
This is in conjunction to the Board's early successful efforts
mentioned above, in finding favorable resolutions to current
balance sheet constraints.

Accordingly, the company hope to be able to make some
announcements in the near future to shareholders thereby
allowing all shareholders to be informed on the underlying value
of the company, with resolution to the negative issues that have
stopped the company from undertaking any new investment since
the sale of ECFG.

The Directors are endeavoring to re-list the company at the
earliest possible time.

If shareholders have any questions please feel free to contact
Mr Jonathon Rea (Executive Director) on either (02) 9328 3255 or
on his mobile (0409) 4564 384 or fax (02) 9328 3299.


CENTAUR MINING: Ceases To Be HRR Substantial Holder
---------------------------------------------------
Centaur Mining & Exploration Ltd ceased to be a substantial
shareholder in Heron Resources Limited on 28 December, 2001.

TCR-AP's October 26 issue reported that Moody's Investors
Service has withdrawn the Ca rating of Centaur Mining &
Exploration Ltd's notes of US$225 million due 2007.

The Company was placed under receivership in March 2001
following the company's failure to replenish the debt service
reserve in relation to the Notes.


IOCOM LIMITED: Responds To ASX Query Re Annual Report
-----------------------------------------------------
Iocom Limited, in reference to ASX's letter on December 28, 2001
which outlines the Company's failure to make a specific
statement in its annual report as to whether it used the cash
and assets in a form readily convertible to cash that it had
at the time of admission in a way consistent with its business
objectives, advised that the Company indeed use the cash and
assets in a form readily convertible to cash that it had at the
time of admission in a way consistent with its business
objectives stated in the prospectus dated 26 October, 1999.

The Company believes it is in compliance with ASX listing rule
3.1.


SOUTHERN CROSS: Posts Case Profile
----------------------------------
Territory :  Australia
Company Name:  Southern Cross Airlines Holdings Limited (In
            Liquidation) (known as "Compass Mark II")
Lead Partner:  Ian Hall
Case Manager:  Nicholas Carter
Date of Appointment:  26 April 1993
Normal Contact  :  Cheryl Jolliffe
Contact Phone No  :  (07) 3257 8615

PwC Office

Location :  Brisbane
PO Box :  GPO Box 150
Street Address:  Waterfront Place, 1 Eagle Street
City  :  BRISBANE
State  :  QLD
Postcode :  4001
DX  :  DX 77 Brisbane
Phone  :  07 3257 8615
Fax  :  (07) 3257 8004
Appointor :  Supreme Court of Queensland
Company No/CAN  :  006 982 387
Type of Appointment :  Official Liquidator
Lead Partner - Full Name:  Richard Anthony Barber

Case Information (Last Updated 11/12/2001 12:09:58 PM)

First Creditors' Meeting

Date:  N/A

Second Creditors' Meeting (or adjournment)
Date:  N/A

Other Key Information

Report as to Affairs received from directors:
Filed with ASIC

Background Information

This company was also known as known as "Compass Mark II".
Richard Barber was appointed liquidator of this company on 27
April 1993, having been previously appointed a receiver and
manager on 4 March 1993 and then provisional liquidator on 11
March 1993. The liquidator brought actions against various
parties and has successfully recovered funds to shortly pay a
dividend to creditors.

Current status of assignment and actions required by creditors

    * First and Final dividend payment was paid on 24 November
2000.
    * Unclaimed monies have been sent to the ASIC on 5 December
2001.
    * Any person wishing to make a claim against these unclaimed
monies should contact ASIC, Unclaimed Monies on 1300 301 198.

Next milestone and estimated timetable

    * Issue of First and final dividend by approximately 30
November 2000.
    * Finalize liquidation and request cancellation of
registration of company in January 2002.

Likely outcome for creditors and timetable

Creditors received a first and final dividend of 32.06 cents in
the $ on 24 November 2000.


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


BIG RESOURCES: Winding Up Petition Heard
----------------------------------------
The petition to wind up Big Resources Investments Limited was
heard before the High Court of Hong Kong on December 19, 2001 at
9:30 am. The petition was filed with the court on August 25,
2001 by Bank of China (Hong Kong) Limited (the successor
corporation to The Kwangtung Provincial Bank Limited pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167)
of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong


FORTUNE HORSE: Winding Up Sought By Fortune Horse
-------------------------------------------------
Fortune Horse Air Freight Co. Ltd. is seeking the winding up of
Fortune Horse Limited. The petition was filed on October 8,
2001, and will be heard before the High Court of Hong Kong on
January 16, 2002. Fortune Horse houses its registered office at
1st Floor, No. 97 Section 2, Chien Kuo North Road, Taipei,
Taiwan.


G&P INTERNATIONAL: Winding Up Petition Slated For Hearing
---------------------------------------------------------
The petition to wind up G&P International Holdings Limited is
scheduled to be heard before the High Court of Hong Kong on
January 9, 2001 at 9:30 am. The petition was filed with the
court on September 10, 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 (Cap. 1167)
of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


GREAT SKY: Petition To Wind Up Heard
------------------------------------
The petition to wind up Great Sky Trading Limited was heard
before the High Court of Hong Kong on December 19, 2001. The
petition was filed with the court on November 30, 2001 by Bank
of China (Hong Kong) Limited (the successor corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap. 1167) of 14th Floor, Bank
of China Tower, 1 Garden Road, Central, Hong Kong.


KEEN TIME: Winding Up Petition Hearing Set
------------------------------------------
The petition to wind up Keen Time Frozen Food Enterprise Company
Limited is scheduled for hearing before the High Court of Hong
Kong on January 9, 2002 at 9:30 am.

The petition was filed with the court on September 10, 2001 by
Bank of China (Hong Kong) Limited (the successor corporation to
Sin Hua Trust, Savings & Commercial Bank Limited pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap. 1167)
of 14th Floor, Bank of China Tower, 1 Garden Road, Central, Hong
Kong.


NORTHEAST ELECTRICAL: Creditors File Liquidation Petition
---------------------------------------------------------
A creditor consortium led by CICC Finance has filed a
liquidation petition against Northeast Electrical and
Transmission & Transformation Machinery Manufacturing
on Thursday, December 27, 2001 to the Hong Kong High Court,
South Morning Post reports.

The lawsuit was filed after the company failed to resolve
repayment arrangements with its creditors of more than US$43.1
million in debts. The creditors threatened to file for the
company's liquidation last month if it could not meet the
repayment deadline on December 6. Nevertheless, as a mainland
incorporated entity, any liquidation is likely to be handled in
China, where employees get paid before creditors.

The loan, which matured in May this year, was granted in 1998
for production facilities investment and acquisition of other
firms.

Northeast Electrical has seen its financial health deteriorate
for more than 2.5 years. It incurred a combined loss of 638.74
million yuan (about HK$598.49 million) in the 2.5 years to June
30.


NORTHEAST ELECTRICAL: Implements Asset Reorganization
-----------------------------------------------------
Northeast Electrical and Transmission & Transformation Machinery
Manufacturing, in a disclosure in Hong Kong Stock Exchange,
announced an asset reorganization, as detailed below:

"In view of the actual situation of the Company, the board of
directors of the Company considered that the implementation of
assets reorganization to be a vital and effective means to
ensure and speed up enhancement in the quality of its assets and
core competitiveness of the Company so as to cope with the
difficulties experienced by the Company as soon as possible.

"The Company was devoted to seeking strong strategic partners to
participate in the assets reorganization in the past one odd
year. A number of companies were contacted and negotiated in
this regard. However, owing to various kinds of restrictions and
limitations, there was no explicit progress over the matter and
no agreement in respect of the assets reorganization has been
entered into to date.

"In accordance with the latest delisting regulation promulgated
by China Securities Regulatory Commission, a company with
consecutive three-year loss will be suspended trading until
delisting. In order to avoid delisting, the assets
reorganization of the Company is needed promptly. The board of
directors of the Company will spare no efforts in making
significant progress on the assets reorganization as soon as
possible."


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


PERUSAHAAN LISTRIK: Remains In Struggle With Financial Crisis
-------------------------------------------------------------
Public utility PT Perusahaan Listrik Negara (PLN) continued to
struggle to cope with the problems and difficulties it have been
facing since the start of the economic crisis in the middle of
1997, according to December 28 issue of Jakarta Post.

Last year, PLN was busy renegotiating the power purchase
agreements (PPA) that it had signed with independent power
producers (IPP) prior to the crisis, so as to alleviate the
financial burdens caused by the crisis.

PLN needs around US$28.45 billion over the next 10 years to
build new power plants and a power network to stave off a power
crisis in Java, Bali and other parts of the country. PLN posted
losses of Rp0.6 trillion in 1997, Rp9.2 trillion in 1998, Rp11.4
trillion in 1999 and Rp23.4 trillion in 2000. This year, its
losses are projected at Rp8.5 trillion.

On October 21, 2001, TCR-AP reported that PLN was seeking
foreign loans to finance power generation projects in a bid to
avoid power shortages in Java and Bali in 2004.


* JITF Meets IMF Letter Of Intent Targets
-----------------------------------------
Bacelius Ruru, Chairman of the Jakarta Initiative Task Force
(JITF), announced that the task force had met its debt
restructuring targets set forth in the current Letter of Intent
with the International Monetary Fund. In the Letter of Intent,
the JITF was required by December 31, 2001, to have assisted in
the execution of memoranda of understanding with respect to US$
14 billion in cumulative debt. As of December 2001, the JITF had
done so with respect to US$14.2 billion in aggregate
indebtedness. "This represents the third consecutive time the
JITF has satisfied the targets set out in the LOI. We are
understandably happy, but the real credit goes to the Indonesian
companies and their creditors who have worked so hard over the
last six months to deal with a really difficult situation," said
Mr. Ruru.

The JITF, chartered in 1998 to provide free mediation services
to debtors and creditors seeking to restructure their financial
affairs, is currently dealing with approximately US$ 22.2
billion in distressed debt. According to Samuel Tobing, Chief
Operating Officer of the JITF, significant cases for which
memoranda of understanding were executed over the past 6 (six)
months include PT GT Kabel Indonesia, Tbk., PT Argha Karya Prima
Industry, Tbk., PT Aneka Kimia Raya Tbk and PT Sorini
Corporation Tbk. Additionally, large conglomerates PT Bakrie &
Brothers and PT Semen Cibinong closed transactions for which
memoranda of understanding had previously been negotiated.

In addition to the successes of individual restructuring
negotiations, the JITF announced that it had also seen progress
in obtaining regulatory and tax breaks for restructuring
Indonesian companies. "We have been encouraged to see that the
Indonesian Director General of Taxation has authorized the grant
of targeted tax incentives to 2 (two) companies restructuring
under the JITF," said Mr. Tobing. Tax incentives available to
cooperative JITF companies include qualified tax-neutrality for
debt-to-equity swaps, favorable treatment on withholding tax and
a 30% discount on tax generated by haircuts and debt to asset
swap.

The JITF did warn, however, of a worsening environment for debt
restructuring. Said Mr. Tobing, "Although there have been some
bright spots, we have also seen renewed pressure on corporate
cash flows brought about by a deteriorating global economic
picture and difficulties in obtaining working capital. Many
cases are now being renegotiated and, if this signals a trend,
next year could prove to be a challenging one for Indonesian
debt restructuring."


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


ASAHI BANK: Agrees To One-To-One Share Swap With Daiwa Bank
-----------------------------------------------------------
Daiwa Bank Holdings Inc will swap its shares with Asahi Bank Ltd
on a one-to-one basis in a business integration due to take
effect this year. On March 1, 2002, investors holding one share
in Asahi Bank will receive one share in Daiwa Bank Holdings, a
Daiwa bank-led holding company, created on December 12 by
combining regional banks Kinki Osaka Bank and Nara Bank, Japan
Today reported on December 26.


DAIKYO INC: Splits Into Three To Cut Debts
------------------------------------------
Condominium builder Daikyo Inc announced it will divide its
corporate structure into three in-house divisions on January 1,
2001 to help cut its group interest-bearing debts of more than 1
trillion yen, according to Kyodo News.

The three new divisions will be:

       a) Daikyo's mainline condominium development business
       b) a noncondominium real estate unit and
       c) an administrative division.


ISHIKAWA BANK: Bankruptcy Filing Planned
----------------------------------------
Ishikawa Bank has decided to file for bankruptcy with the
Financial Services Agency (FSA) as the second-tier regional bank
has failed to rehabilitate itself, Japan Today reported Friday
citing unidentified financial sources.

The bank, based in Kanazawa, capital of Ishikawa Prefecture,
had a board meeting on Friday to formalize the decision. The
sources added that deposits at the bank are protected under the
Deposit Insurance Law.


MATSUSHITA ELECTRIC: Reorganizes Group Businesses
-------------------------------------------------
Matsushita Electric Industrial Co plans to transform some of its
group firms, including listed companies Matsushita Kotobuki
Electronics Industries Ltd, Kyushu Matsushita Electric Co and
Matsushita Communication Industrial Co, and the unlisted firm
Matsushita Graphic Communication Systems Inc, into wholly owned
subsidiaries. Reorganizing its group businesses and make
operations more efficient, Japan Today reported on December 25.

Mitsubishi Electric Corp will also establish Mitsubishi Electric
U.S. Holdings Inc, a holding company in Los Angeles, on April 1,
2001 to enhance management efficiency and strengthen cooperation
between the seven subsidiaries, located across the United
States, which account for total sales to some Y430 billion in
fiscal 2003 and overall workforce to about 5,000 people in the
year, Japan Today reported Thursday.


MITSUBISHI HEAVY: Cutting Parent's Workforce By 4,000
-----------------------------------------------------
Japan's largest heavy machinery maker Mitsubishi Heavy
Industries Ltd would cut 4,000 jobs from its parent workforce of
37,000 by the end of the business year through March 2006, as
part of the company's new four-year business plan starting next
April to boost its group operating profit to Y170 billion in
2005-06 from an estimated Y80 billion this year, Japan Today
reported on December 26.


TOMEN CORPORATION: S&P Affirms 'CCCpi' Rating
---------------------------------------------
Standard & Poor's affirmed on Wednesday its triple-'Cpi' rating
on Tomen Corp.

The rating reflects Tomen's very weak credit standing and still
precarious financial structure characterized by an extremely
thin equity cushion, following the granting of debt forgiveness
by its lending banks. The rating also reflects concerns over
deterioration in the business environment for the trading
industry overall, such as the slowdown of the global economy and
the continued deflationary trend in Japan.

Although the company devised a management improvement plan in
February 2000 to overhaul its operations, liquidate unprofitable
enterprises such as its real estate business, and streamline its
subsidiaries, Tomen posted an aggregate 400 billion loss for
fiscal 2000 (ended March 2001), largely as a result of the
failure of its property investment business. Facing insolvency,
Tomen was granted 200 billion in loan forgiveness by its main
banks

However, Tomen's capital has not recovered since the large
write-off of problem assets. Its weak capital structure has been
further exacerbated by losses on its securities holdings for the
six months ended September 2001, following the introduction of
marked-to-market accounting rules, and its net worth (excluding
minority stakeholder's equity) fell to 2 billion in September
2001 from Y8 billion in March 2001, with a very thin equity
ratio of 0.1%. As a result, Tomen cannot absorb any additional
write-offs, and further asset-quality problems could result in a
rapid deterioration of its credit quality.

In addition, the company relies heavily on short-term bank
borrowings, with the ratio of short-term debt to total debt as
high as 74% as of September 2001. This has left Tomen dependent
on its main banks for continued financing, the prospects for
which are uncertain given the difficulties facing the Japanese
banking industry.


TOSHIBA CORP.: Downgraded to 'BBB/A-3'; Outlook Negative
--------------------------------------------------------
Standard & Poor's lowered on December 28, 2001 its long-term
rating on Toshiba Corp. to triple-'B' from triple-'B'-plus and
its short-term rating to 'A-3' from 'A-2', and removed the
ratings from CreditWatch, where they were placed on Nov. 5,
2001. The outlook on the long-term rating is negative.

The downgrade reflects Toshiba's weakening profitability and
cash flow protection, largely resulting from its weakening
business base. The downgrade also reflects our expectation that
Toshiba will not achieve a marked improvement in its fundamental
earnings and cash flow generation in the short term.

Toshiba's earning base has been eroded by its weakening
operating performance in its mainstay businesses, such as
electronic devices and IT-related equipment, which have faced
stagnant demand and strong pricing pressures. In addition, the
company has been slow to react to competitive pressures in the
global market resulting from improved technological and cost
competitiveness among Korean and Taiwanese manufacturers and
from China's emergence as an international production center.

Amid this challenging operating environment, Toshiba has been
taking measures to realign its business portfolio and strengthen
its earning base. The company plans to phase out the production
of commodity-type dynamic random access memory (DRAM) chips by
June 2002. The DRAM business is projected to be a major cause of
operating losses in 2001, and this scaling back will help
stabilize Toshiba's earning performance to some degree. However,
Standard & Poor's believes that this measure is not sufficient
for the company to achieve longer-term earnings stability in its
electronic devices business.

Toshiba is placing a strategic emphasis on flash memory, system
LSI, and discrete devices as sources of stable earnings. While
Toshiba is hoping to continue to leverage its technological
strengths in NAND-type flash memory, it is likely to face higher
pricing pressure from lower cost producers, such as Samsung
Electronics Co. Ltd., and needs additional measures to improve
its competitiveness in this commodity-like product area to
assure stable profit contributions in the coming years. The
company is also facing stiff competition in the system LSI
segment-which entails high R&D costs but tends to generate more
stable earnings than commodity-type memory chips-as many
industry players have identified this market as a strategic
growth area. Thus, it is uncertain whether Toshiba will be able
to establish a strong enough earnings base in these areas to
support the overall performance of its electronic devices
segment.

Moreover, Toshiba has also been trying to increase earnings from
its software and service solution businesses, amid severe margin
pressure on hardware equipment and systems. However, Standard &
Poor's expects that the company will find it difficult to boost
competitiveness and to achieve meaningful earnings in this
business area in the short term.

Toshiba's financial profile is weak for its current rating
category. In particular, profitability and cash flow are likely
to deteriorate substantially in fiscal 2001, with fund from
operations to total debt expected to fall to less than 10%.
Toshiba currently does not plan to increase its debt usage, and
expects to use its cash on hand as a liquidity buffer. However,
total debt to capital is set to weaken to 60% from 52%,
excluding financial subsidiaries, resulting from an erosion of
equity led by a sizable net loss.

OUTLOOK: NEGATIVE

The rating on Toshiba could be lowered if the company fails to
improve its earnings and cash flow by reforming its earnings
bases, and if, as a result, its credit protection measures fall
below a level consistent with the current rating.

RATINGS LOWERED, OFF CREDITWATCH

Toshiba Corp.
Corp credit rtg                               BBB/Negative/A-3
Sr unsecd debt                                BBB
CP                                            A-3

Toshiba America Inc.
Corp credit rtg                               BBB/Negative/A-3

Toshiba America Capital Corp.
Sr unsecd debt
(Gtd: Toshiba Corp., Toshiba America Inc.)    BBB
CP (Gtd: Toshiba Corp., Toshiba America Inc.) A-3

Toshiba Capital (Asia) Ltd.
Long-term corp credit rtg                     BBB/Negative
Sr unsecd debt(Gtd: Toshiba Corp.)            BBB
CP (Gtd: Toshiba Corp.)                       A-3

Toshiba International Finance (Netherlands) B.V.
Sr unsecd debt (Gtd: Toshiba Corp.)           BBB
CP (Gtd: Toshiba Corp.)                       A-3

Toshiba International Finance (U.K.) PLC
CP (Gtd: Toshiba Corp.)                       A-3


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K O R E A
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DAEWOO ELECTRONICS: Files W350B Lawsuit Against Hi-Mart
-------------------------------------------------------
Daewoo Electronics filed a lawsuit against electronics dealer
Hi-mart with the western branch of the Seoul District Court on
December 24 for the payment of W350 billion of the W540 billion
total debt, Korea Times reported on December 25. Daewoo got the
court's permission to seize the Hi-mart's assets and exercise
its right to the dealer's four outlets in Sadang, Pongchon,
Kangnam and Nonhyon, all in Seoul, on December 17.

Daewoo Electronics handed over W457.6 billion in credit to Hi-
mart, then Daewoo's sister firm, in 1998. Hi-mart repaid some
W120 billion of the debt, but is still liable for the rest along
with the interest generated.

Daewoo plans to exercise its legal right gradually to some 50
outlets, or more than 20 percent of the total number owned by
the company. Daewoo said it seized Hi-mart's assets as the
dealer rejected the suggestion that Daewoo get 20 percent of Hi-
mart shares and the right to name one third of its ranking
officials.

A Hi-mart official said, "Since Daewoo raised the issue of the
debt, we have suggested that the two parties bring the case
before the court. We also have demanded that we leave the case
to the court's authoritative interpretation."

According to Hi-mart, it has reached agreement with Daewoo in
June last year that Hi-mart reimburse Daewoo gradually, paying
back W10 billion last year and W15 billion every year since
then. While calling the temporary seizure unfair, Hi-mart
contended that Daewoo broke the agreement and has demanded
participation in the company's management and the payment of the
debt. Daewoo, however, claims another agreement was forged in
September annulling the June agreement.


DAEWOO GROUP: Former Units Fined W677M For Illegal Deals
--------------------------------------------------------
The Fair Trade Commission (FTC) said Friday that former
subsidiaries of Daewoo Group, including Daewoo Corp., Daewoo
Capital and Diners' Club Korea (now Hyundai Card) were
discovered to have engaged in illegal transactions among
themselves totaling W521.2 billion between 1997 and 1999. FTC
imposed a total of W677 million in fines on involved companies,
excluding Daewoo Corp, which is in the process of liquidation,
Korea Herald reported Saturday.

FTC said Daewoo Corp received six construction orders worth over
W40 billion from Taechon Development in April 1997, but the
company did not receive any payment from the client, and did not
even record the contracts on its account books. After Daewoo
Corp was put under a debt-workout program, Daewoo Engineering
and Construction provided support to Taechon, FTC added. Daewoo
Corp was also found to have received no interest payments from
another construction firm to which it lent W17.1 billion.

FTC also discovered that Diners' Club Korea, which was bought by
Hyundai Motor, purchased corporate bills worth W464 billion
issued by Daewoo Corp at discounted interest rates, in March and
April 1999, months before Daewoo group was dismantled. The
credit card firm also indirectly supported Daewoo Corp by
purchasing these bills through five small construction firms.


DAEWOO GROUP: Debt-Equity Swap Plans Hit A Snag
-----------------------------------------------
Dissension among creditors of Daewoo Engineering & Construction
and Daewoo International will likely delay the planned debt-for-
equity swaps of more than 1 trillion won to two former
subsidiaries of the Daewoo Group, Korea Herald reported Friday.
Main creditor Hanvit Bank said it has set up an arbitration
committee comprising seven civilians to work out differences
among creditors, Korea Herald reported Friday.

Hanvit said, "We were forced to file for mediation as the Korea
Asset Management Corp. (KAMCO) took issue with the standards for
the debt-for-equity swaps." KAMCO is the largest creditor of the
two companies.

KAMCO reportedly requested that W1.1 trillion worth of
commercial paper issued by the two companies be excluded from
the debt-for-equity swaps, but Hanvit and other creditors argue
that KAMCO's CP holdings should be subject to the bailout
programs. Meanwhile, the creditor of Daewoo Engineering &
Construction and Daewoo International also disagree on whether
the debt-for-equity swaps should be based on the face or market
values of the two companies' shares.


HYNIX SEMICONDUCTOR: Selling DRAM Chip Business To Micron
---------------------------------------------------------
Hynix Semiconductor is set to withdraw from general-purpose DRAM
chip production and it has been working on measures to sell off
its entire core DRAM chip operations to Micron Technology,
Digital Chosun reported Friday. A Hynix official said his
company and Micron will likely conclude the talks by inking a
preliminary agreement in January next year.

A Hynix creditors organization official said the ongoing
negotiations indicate Hynix will sell off its entire DRAM sector
to Micron, with the latter expected to pay for the acquisition
through its stocks and by making investments into Hynix' non-
memory operations.


HYUNDAI MOTOR: Workers Accept Wage Agreement
--------------------------------------------
Hyundai Motor's workers voted for an agreement on wage
increases, which will raise their basic salaries by about US$65
per month and offer year-end bonuses of 150 percent of monthly
salaries for the year until April 2002. The unionized workers
will get an additional US$1,100 as a one-off bonus,
channelnewsasia.com reported Friday.

DebtTraders reports that Hyundai Motor's 7.330% bond due in 2005
(HMTR2) trades between 97.000 and 100.000. For real-time bond
pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HMTR2


LG ELECTRONICS: Shareholders OK Split Resolution
------------------------------------------------
LG Electronics shareholders in its special general meeting
Friday passed the resolution to separate the firm into a holding
firm, called LGEI, and into a new LG Electronics, a subsidiary
of the holding firm and the unit in charge of all current
operations. The division of the company will take effect on
April 1, 2002, Digital Chosun reported Friday. The holding firm
will be in charge of investments and asset management, while LG
Electronics will continue carrying out its current production
operation and to take control of other electronics units of LG
group, including LG-Philips LCD and LG-Philips Display.

LG shareholders will be entitled to claim new shares of the
divided firms in the ratio of one of LGEI to nine of LG
Electronics. Trading of LG Electronics shares will be suspended
from March 29, 2002, while new shares of the two companies will
be listed around April 25.

The attending shareholders, representing 53.4 percent of the
total shares with votes or 84.96 million votes, approved
unanimously the split plan, Korea Herald reported. After the
division, LGEI will have W2.12 trillion in assets, W727.3
billion in debts and W1.39 trillion in equity capital, with its
debt-to-equity ratio standing at 52 percent. The new LGE also
has W9.54 trillion in assets, W6.61 trillion in debts and W2.93
trillion in equity capital, with the debt-to-equity ratio
reaching 225 percent.


SAMSUNG ELECTRONICS: Group Gives Chip Division "B" Rating
---------------------------------------------------------
Samsung Group, in an in-house evaluation of group affiliates'
performances in the second half last year, rated "B"
Samsung Electronics' semiconductor division, Korea Herald
reported Saturday. In the evaluation, subsidiaries were rated
"A," "B" or "C."

Samsung Electronics' information technology division was rated
"A" for its outstanding performance this year. Most of the
group's financial units, including Samsung Life Insurance,
Samsung Card and Samsung Capital, were also given an "A" rating.


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


BRIDGECON HOLDINGS: KLSE Raps Company For Breach Of SBLR
--------------------------------------------------------
The Kuala Lumpur Stock Exchange has publicly reprimanded
Bridgecon Holdings Bhd for breach of second board listing
requirements (SBLR) which require listed companies to make
immediate announcement on any application filed with a court to
wind up a company or any of its subsidiaries, the Star reports.

Bridgecon was reprimanded for failing to make an immediate
announcement to the KLSE in respect of a winding-up petition
served on the company on Feb 15, 2001, by Ann Joo Trading Sdn
Bhd pursuant to a corporate guarantee dated Oct 15, 1999, which
was executed by Bridgecon in favor of Ann Joo Trading. The KLSE
said the exchange was informed only on Feb 23, 2001, after a
delay of six market days.

The exchange said the public reprimand on Bridgecon was imposed
pursuant to clause 12.1 of the SBLR and paragraph 16.17 of the
listing requirements after taking into consideration various
relevant factors and after consultation with the Securities
Commission.


COUNTRY HEIGHTS: Bonds' Maturity Date Extended Till 2005
--------------------------------------------------------
Country Heights Holdings Berhad (CHHB) has announced that the
tenure of its RM200 million Redeemable Bonds (the Bonds) has
been extended for another 4 years, from 31 December 2001 to 31
December 2005, following a further indulgence granted to the
Company by the bondholders. New conditions imposed include an
annual RM50 million repayment of the Bonds and an increase in
interest rate, from 6% per annum to 8% per annum. 2% of the 8%
interest rate will be capitalized for the first 3 years and
repaid in the final year in 2 equal installments, i.e. 6 May and
6 November 2005. Interest for the period from 6 November 2005 to
31 December 2005 shall be repaid on 31 December 2005. The
extension of the Bonds is currently pending approval from the
Securities Commission.

The Bonds, rated BB2 by Rating Agency Malaysia Berhad (RAM),
were placed on Rating Watch with a negative outlook on 4 April
2001. The Rating Watch was premised on CHHB's weak cash flow
position and RAM's opinion that CHHB's proposed fund-raising
exercises would not be completed in time to meet the full
redemption of the Bonds on its initial maturity date of 6 May
2001, due to the lag time necessary to secure new financing.
Subsequently, CHHB, with the consent of the bondholders,
extended the Bonds' tenure for 8 months, from 6 May 2001 to 31
December 2001. The agreement with the bondholders for that
extension, included a RM50 million reduction in the outstanding
amount of the Bonds, from the original RM250 million to RM200
million. There was also an increase in interest rate to 6% per
annum from 3% per annum.

RAM is maintaining the Rating Watch on CHHB's Bonds pending a
full review on the debt issue.


HAI MING: Awaits KLSE's Time Extension Request Approval
-------------------------------------------------------
On behalf of the Board of Hai Ming Holdings Berhad (HMHB or the
Company), Public Merchant Bank Berhad (PMBB), as required by the
Kuala Lumpur Stock Exchange to submit its plan to regularize its
financial condition to the relevant authorities for approvals,
within two (2) months from the date of the Requisite
Announcement, i.e. by 31 December 2001, announced that HMHB had,
vide its letter to the KLSE dated 28 December 2001, requested
for an extension of 2 weeks (i.e. up to 14 January 2002)
(Extension) to comply with the requirements of paragraph 5.1(b)
of PN4/2001. The Company is awaiting the KLSE's reply to its
request for the Extension.


PAN MALAYSIA: Voluntarily Winds Up Hong Kong Unit
-------------------------------------------------
Pan Malaysia Holdings Berhad (PMH) announced that PMH had on 28
December 2001 resolved to wind up Pengkalen (Hong Kong) Limited
(PHK), a wholly-owned subsidiary by way of a members' voluntary
winding-up and to appoint Mr Heng Kwoo Seng as the Liquidator.

DETAILS OF PHK

PHK is a private limited company incorporated in Hong Kong on 1
November 1983. PHK was principally engaged in shares investment.
The cost of PMH's investment in PHK is HK$2.00.

EFFECTS OF THE WINDING-UP

The Winding-Up is not expected to have any material effect on
the earnings and net liabilities, and operations of the PMH
Group.

RATIONALE

The Winding-Up is part of PMH's continuing rationalization
efforts to divest and wind up non-core businesses and focus on
financial services activities, primarily in stockbroking.

DIRECTORS' AND MAJOR SHAREHOLDERS' INTEREST

None of the directors, major shareholders and persons connected
with the directors and major shareholders of PMH has any
interest, direct or indirect, in the Winding-Up.


PARK MAY: RAM Assigns Proposed Debt Issue BBB3/P3
-------------------------------------------------
Rating Agency Malaysia Berhad (RAM) has assigned long and short-
term ratings of BBB3 and P3 respectively to Park May Berhad's
(PMB) proposed RM120.0 million Commercial Paper/Medium-Term
Notes (CP/MTN) Program (2002/2007). Concurrently, the long-term
rating of PMB's existing RM149.93 million Redeemable Convertible
Bonds (Bonds) (2000/2005) has been upgraded from BB3 to BBB3.
Proceeds from the proposed RM120.0 million CP/MTN will be
utilized for the early redemption of PMB's existing Bonds, which
will be maturing in 2005. Meanwhile, RM10.0 million of the
proceeds will be used to fund the proposed expansion of its
express bus segment.

The ratings reflect the improvement in PMB's financial
performance, following the successful implementation of its
revised fare structure and the expansion of its lucrative
express bus segment. As the Group's proposed expansion of its
express bus segment is currently in the offing, PMB's cash-
generating capability is expected to be boosted further, moving
forward. Additionally, the recent substantial increases in
domestic airfares and the current economic slowdown are also
likely to provide upside potential for the Group, as there may
be a switch in demand from more expensive modes of transport to
PMB's express bus services.

The ratings are, however, moderated by the Group's weak, albeit
improved financial position and limited operational flexibility
as a result of the Government's regulated fare structure and
escalating maintenance costs. Although PMB's first quarter FYE
30 June 2002 results showed some cost reduction, the long-term
effectiveness of its cost control measures remain to be seen.
Meanwhile, Syarikat Danasaham Sdn Bhd's takeover of United
Engineers (Malaysia) Berhad (UEM) brought about a change in
PMB's ownership. In UEM's recent announcement of its
restructuring plan, PMB was identified as an asset to be
divested by its major shareholder, Renong Berhad. At this
juncture, it remains unclear as to which party PMB will be sold
to. Should the change in ownership have a significant impact on
the Group's credit profile, RAM will re-assess the ratings
accordingly.


SOUTH MALAYSIA: Enters DRA With Lenders, Creditors
--------------------------------------------------
South Malaysia Industries Berhad (SMI or Company, further to the
announcements made on 16 November 2000, 16 February 2001 and 7
November 2001 on in relation to the Proposed bonds
restructuring; Proposed debt restructuring; Proposed two-call
rights issue; and Proposed share premium reduction, announced
that the lenders and creditors of the group, who are parties to
the debt restructuring agreement (DRA), holding approximately
90% of the total debt to be restructured have signed the DRA on
27 December 2001. The salient terms of which were previously set
out in the said announcements.


SRI HARTAMAS: New firm To Take Over Listing
-------------------------------------------
A new company Hartamas Group Bhd will be formed to take over the
listing status of Sri Hartamas Bhd upon the restructuring of the
operating firm, the Bernama reports, citing Tan Kim Chuan,
representative of the special administrators from KPMG Corporate
Services Sdn Bhd.

"Sri Hartamas had on Sept 29 submitted a scheme for
restructuring its operations and once the scheme was approved,
it would be implemented in time for completion by April 2002,"
Kim Chuan said, adding "Sri Hartamas and five of its
subsidiaries were placed under the administration of special
administrators appointed by Pengurusan Danaharta Nasional Bhd."

The restructuring scheme involves FACB Resorts Bhd as the white
knight, which will inject two assets into the Hartamas group.
The two assets are Nexus Resort Karambunai, a five star
international beach front resort in Sabah and a 915-acre piece
of development land in Bukit Unggul EcoMedia City.

According to Kim Chuan, Sri Hartamas and the subsidiaries under
special administration had realized a substantial portion of
their assets comprising development land in Sri Hartamas, but
the development land in Port Dickson and Johor had not been sold
yet.

The Sri Hartamas group incurred a loss after tax and minority
interests of RM364.017mil for the financial year ended June 30,
2001.


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


NATIONAL POWER: PSALM Seeks Creditors' Okay To Transfer Debts
-------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corporation
(PSALM) is in negotiations with the National Power Corporation's
(NPC) creditors for the transfer of NPC's debts under its
charge, the Manila Bulletin reports.

These creditors reportedly include Asian Development Bank, Japan
Bank for International Cooperation, and the World Bank.


PHILIPPINE AIRLINES: Cuts 150 Staff, Halts Leases On 3 Aircraft
---------------------------------------------------------------
Flag carrier Philippine Airlines, Inc. (PAL) is cutting 150
probationary cabin attendants out of its workforce and will
discontinue the lease on three Boeing 747-200 standby aircraft.

PAL president and chief operating officer Avelino L. Zapanta
told Business World that the lease halt forced the company to
discontinue services of 36 pilots who man the standby aircraft.
The pilots, who were not PAL pilots but were from Aero
Pilipinas, manned aircraft which were being used as alternates
whenever there were "disruptions".

"We are not pushing through with our expansion," Mr. Zapanta
told the World, adding, "When we get out of difficulty, when the
industry turns around and recovers, we will consider them."

Mr. Zapanta said PAL's losses, due in part to the September
terrorist attacks in the United States, were more than three
times what was expected at P684 million, according to the World.


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


BOUSTEAD SINGAPORE: Losses Widen To $5.4M
-----------------------------------------
Boustead Singapore's losses have increased to $5.4 million from
$1.4 million for the six months ended September 30, the Straits
Times reports, with sales falling to $56.5 million from $59.2
million. No dividend was declared.


CAPITALAND: Unit Ascott Group Completes Junction 8, Funan Sale
--------------------------------------------------------------
Further to The Ascott Group Limited announcement on November 28,
2001 that CapitaLand Commercial Limited (CCL) had exercised the
call option under the Put and Call Option Agreement between CCL
and the company to require the company's wholly owned
subsidiaries, Ventura Development Pte Ltd (Ventura) and Funan IT
Mall Limited (Funan), to divest the two commercial properties
known as Junction 8 Shopping Center and Funan (collectively, the
Properties) owned by Ventura and Funan respectively, to CCL's
nominee, Bermuda Trust (Singapore) Limited, the trustee of the
SingMall Property Trust (the Purchaser), for a total cash
consideration of S$486 million, and that Ventura and Funan had
entered into separate sale and purchase agreements with the
Purchaser for the sale of the Properties to the Purchaser, the
board of directors announced that the divestment of the
Properties has been completed Friday, December 28, 2001.

The proceeds received from the sale of the properties will be
held in trust for the retirement of notes outstanding under the
Junction 8 Limited and SH Malls Limited MTN Programmes totaling
S$233 million, and the remainder will be used to repay bank
borrowings. The Ascott Group Limited is a subsidiary of
CapitaLand Limited.


ELTECH ELECTRONICS: Defers Financial Year Change To 2002
--------------------------------------------------------
Further to its announcement on the change of financial year-end
made on November 12, 2001, the Board of Directors of Eltech
Electronics Limited informed that the financial year end of the
company for year 2001 will remain as at December 31. The
accounting period for the financial year 2001 will be for a
period of 12 months from 1 January 2001 to 31 December 2001.

The change of the company's financial year will only take place
in 2002, with the accounting period following the change will be
for a period of 6 months from January 1, 2002 to June 30, 2002.

As the company's application with the Registrar of Companies and
Businesses for an extension of time to hold its annual general
meeting for year 2002 was not granted and to comply with the
requirements of the Companies Act, Cap. 50, the change of the
company's financial year from December 31 to June 30 has been
deferred to year 2002.


W&P PILING: High Court Stays Proceedings Until January 4
--------------------------------------------------------
Wee Poh Holdings Limited (WPH), which holds a 51% interest in
W&P Piling Pte Ltd (WPP), announced on December 22, 2001 that
WPP intends to seek a scheme of arrangement with its creditors.

On 26 December 2001, the High Court of Singapore issued an order
that all present, pending, contingent or fresh suits, actions or
proceedings against W&P Piling Pte Limited be stayed (save with
the leave of the Court) until and including 4 January 2002.

On 4 January 2002, the High Court will hear the application of
WPP for a court ordered meeting of WPP's creditors that will be
the first step towards seeking creditors' approval for and
implementing the said scheme of arrangement.

WPP is in the process of preparing and finalizing the terms of
the proposed scheme of arrangement.


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


INTER FAR: Court Extends Reorganization Plan Submission Deadline
----------------------------------------------------------------
Inter Far East Engineering Plc., further to the Bankruptcy
Court's order on the business reorganization of the Company, as
black case no.289/2544, red case no.346/2544 on 18 July 2001,
the appointed planner, Mr.Sukhato Poummalee and Mr.Damri
Aimmanoj, to submit the plan to the Official within 21 December
2001, has requested an extension for another month whereby the
Bankruptcy Court has ordered the permission already.


PAKBARA COLD: Business Reorganization Petition Filed In Court
-------------------------------------------------------------
The Petition for Business Reorganization of Pakbara Cold Storage
Company Limited (DEBTOR), engaged in cold storage and seafood in
ice, was filed to the Central Bankruptcy Court:

     Black Case Number 1036/2543

     Red Case Number 604/2543

Petitioner: PAKBARA COLD STORAGE COMPANY LIMITED

Planner: PAKBARA PLANNER COMPANY LIMITED

Debts Owed to the Petitioning Creditor: Bt994,770,000

Date of Court Acceptance of the Petition: December 14, 2000

Date of Examining the Petition: January 16, 2001 at 9.00 AM

Court postponed the Date of Examining the Petition: February 21,
2001

Appointment of the Court Hearing: March 15, 2001 at 13.30 PM

Court postponed the Examination Date to March 19, 2001

Court postponed another Examination Date to June 22, 2001

Appointment for the Court hearing: July 31, 2001

Court Order for Business Reorganization and Appointment of
Planner: July 31, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Matichon Public Company Limited
and Siam Rath Company Limited: August 14, 2001

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette: September 4,
2001

Deadline for the Planner to submit the Reorganization Plan to
Official Receiver: December 4, 2001

Contact: Miss Bang-Orn Tel, 6792525 ext 113


THAI DURABLE: Seamico Aids In Rehab Plan Preparation
----------------------------------------------------
Thai Durable Textile Public Company Limited is now with the
assistance of Seamico Securities Public Company Limited as
the financial advisor, preparing the rehabilitation plan and
financial projection for submission to the shareholders for
consideration and approval.  The company expects to complete the
plan by the first quarter of year 2002.

As previously announced Thai Durable Textile Public Company
Limited had signed the debt restructuring agreement with its
major bank and sole secured lender, Bangkok Bank Public Company
Limited. In addition, the company had completed its capital
increase in July 2001.


THAI ENGINE: Reports Business Reorganization Plan Summary
----------------------------------------------------------
Churchill Pryce Planner Company Limited, Plan Administrator of
Thai Engine Manufacturing Public Company Limited, reported the
progress of Reorganization Plan as:

The Business Reorganization Plan consists of 7 steps:

Step One      - Restructure of Existing Indebtedness
Step Two      - Transfer of Selected Assets and Liabilities to
          AMCs
Step Three    - Transfer of Collateral to Remaining Secured
Creditors with value of 29 MB
Step Five     - Capital Increase and Swapping of Debt for Equity
Step Six      - Forgiveness of Remaining Debt
Step Seven    - Re-listing of TEM Operating Business Unit

These steps of Reorganization are proceeding in accordance with
the Approved Plan.


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA.  Lyndsey Resnick
and Maria Vyrna Nineza-Merlin, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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                   *** End of Transmission ***