/raid1/www/Hosts/bankrupt/TCRAP_Public/020501.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, May 01, 2002, Vol. 5, No. 85

                         Headlines

A U S T R A L I A

ANSETT GROUP: Administrators Rush to Sell Terminal Lease
UNITED MEDICAL: Medical Insurer Nears Collapse


C H I N A   &   H O N G  K O N G

ASIA GLOBAL: Sells JV Interests for US$120M
BILLION STAR: Winding Up Hearing Slated for July
CENTURY TALENT: Court Sets July Winding Up Hearing
CHINA APOLLO: Posts Full-Year Loss of HK$155.7M
E.MAN INVESTMENT: Faces Winding-Up Petition

i100: Narrows Loss to HK$118.5M
GUANGDONG KELON: Blames Price War for Y1.57B Loss
MARSIN M&E: Court Sets June Winding Up Hearing
NETEASE.COM: Full-Year Net Loss Widens to US$28.2M
SING TAO HOLDINGS: Newspaper Publisher Posts HK$65.76M Loss

TECHNOLOGY VENTURE: Posts HK$88.8M Loss for 2001
TENNIC INTERNATIONAL: Winding Up Hearing Slated for July


I N D O N E S I A

ARTHUR ANDERSEN: Indo Affiliate in Merger Talks With E&Y
BAKRIE & BROTHERS: Profit Seen as a Result of Restructuring
BANK NIAGA: Draws Bid From Commerce of Malaysia


J A P A N

ISHIKAWA BANK: Faces Suit From Shareholders
MITSUBISHI MOTORS: Accepts US$45M Aid to Save Australian Plant
MITSUBISHI MOTORS: Replaces Hubs on 10,232 Heavy Vehicles
NEC CORPORATION: Posts Full-Year Loss of JPY312B


K O R E A

DAEWOO MOTOR: Protesters Occupy Hall, Await GM Signing
DAEWOO MOTOR: GM Inks Final Deal to Establish New Company
HYNIX SEMICON: Board Rejects $3B Sale to Micron
HYNIX SEMICON: Union Members Quit to Protest Micron Deal
HYUNDAI MOTOR: Operations Expansion Planned in China

HYUNDAI PETROCHEMICAL: Creditors May Sell Assets to LG Chem

* KDIC Unveils Fraud at Three Firms *


M A L A Y S I A

MTD CAPITAL: Cuts Stake in WCT Engineering
RAHMAN HYDRAULIC: IJM to Take Over Listing Status
TECHNOLOGY RESOURCES: Tajudin Misses RM130M Deadline
TECHNOLOGY RESOURCES: Telekom Pays RM717M for 260.87M Shares


P H I L I P P I N E S

BAYAN TELECOM: Improving Telecom Industry Position a Priority  
NATIONAL POWER: Expects $750M Loan This Month
PHILIPPINE LONG: Inks Deal With Nortel for Network Expansion
REPUBLIC CEMENT: Planning Ahead Narrows Net Loss
SOUTHEAST ASIA CEMENT: Net Loss Widens to P943M


S I N G A P O R E

ABB LTD: Sirius International Likely in Order to Cut Debt
BENLINE INVESTMENT: Greeting Tomt Buying New Toyo Unit
LKN-PRIMEFIELD: Bondholders Study Debt Plan


T H A I L A N D

PRASIT PATANA: Posts Update on Rehabilitation Plan
PTT PUBLIC: AGM Settles Key Issues
SIKARIN PUBLIC: Reports Shareholders' Resolutions
THE COGENERATION: Reveals AGM Resolutions

     -  -  -  -  -  -  -  -

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


ANSETT GROUP: Administrators Rush to Sell Terminal Lease
---------------------------------------------------------
Ansett administrators have until midnight on May 2 to sell off
the valuable Sydney Airport terminal lease before the airport's
owners can move to reclaim the property.

According to Courier Mail, Federal Court Judge Alan Goldberg
gave the deadline to sign a deed of company arrangement, which
the Sydney Airport Corporation Ltd says, will trigger a buyback
clause in the lease agreement.

SACL has not indicated when it would move to reclaim the
property at a fair market value.

The terminal lease has an estimated value of between
$200 million and $400 million.

Either way, yesterday's decision has upset the sale process,
with disputes between administrators and SACL likely to deter
potential bidders and have a negative affect on the sale price.

Tenders to purchase assets from the collapsed Ansett Group will
close on May 6. Successful bidders will be named two days later.


UNITED MEDICAL: Medical Insurer Nears Collapse
----------------------------------------------
United Medical Protection (UMP), Australia's largest medical
insurer, will apply early next week to appoint a provisional
liquidator, BestWire reported.

The move casts doubt on the future of 60 percent of Australia's
doctors, who are insured by UMP.

UMP and its parent, Australasian Medical Insurance Ltd., had
said last week that UMP remained solvent. The government agreed
last month to pump A$35 million into the group, which has been
struggling under the weight of massive claims payouts.

The government reassured that the physicians and the medical
services UMP provides would stay protected until June 30.

Doctors have warned they may have to leave their profession if
the insurance company stops providing coverage.


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

ASIA GLOBAL: Sells JV Interests for US$120M
-------------------------------------------
Asia Global Crossing and Hutchison Telecommunications Limited, a
wholly owned subsidiary of Hutchison Whampoa Limited (HWL)
announced that they have reached an agreement for Hutchison to
acquire Asia Global Crossing's stake in their respective joint
venture companies in Hong Kong, namely Asia Global Crossing's 50
percent interest in Hutchison Global Crossing (HGC), its 42.5
percent interest in ESD Services and its 50 percent interest in
Hutchison Globalcenter, for a total consideration of US$120
million in cash.

Under the agreement, Hutchison Global Crossing and Hutchison
Globalcenter will become wholly owned subsidiaries of Hutchison,
while Hutchison will have an indirect 85 percent stake in ESD
Services.

HWL Group Managing Director Canning Fok said, "Hutchison Global
Crossing, Hutchison Globalcenter and ESD Services have always
been important assets of the Hutchison Group, and we are pleased
to acquire control of the Hong Kong businesses."

Mr. Fok reassured customers of the three companies that
operations will not be affected by the change in ownership and
the core management team will remain largely unchanged.

"We have a very good working relationship with the management of
Asia Global Crossing and our companies will continue commercial
relationships with Asia Global Crossing in Hong Kong," Mr. Fok
added.

Hutchison and Asia Global Crossing have agreed to continue to
use each other's services. Hutchison will access the Asia Global
Crossing networks for its regional capacity needs, and Asia
Global Crossing will continue to provide city-to-city services
in Hong Kong through Hutchison Global Crossing.

"The telecommunications industry and regulatory landscape have
changed since we formed Hutchison Global Crossing three years
ago, and Hutchison and Asia Global Crossing each have business
goals that are better met with a continuing commercial
relationship instead of through the existing joint venture.  
Asia Global Crossing's business strategy is to be the leading
telecommunications infrastructure and services provider among
the major business centers in Asia, so we are pleased to
continue to connect to Hutchison Global Crossing for our Hong
Kong requirements," said Jack Scanlon, vice chairman and acting
chief executive officer, Asia Global Crossing.

"Additionally, this divestiture benefits our ongoing financial
restructuring activities, and we expect that the US$120 million
will extend our runway well into 2003."

Hutchison Whampoa - www.hutchison-whampoa.com - is a Hong Kong-
based multinational conglomerate with origins dating back to the
1800s. Hutchison is also part of the Li Ka-shing group of
companies, which together represent about 15% of the total
market capitalization of the Hong Kong stock market. In 2001,
HWL's consolidated turnover (including associates) was HK$89,038
million and net profit was HK$12,088 million.

With over 100,000 employees worldwide, Hutchison operates and
invests in five core businesses in 36 countries: ports and
related services; telecommunications; property and hotels;
retail and manufacturing; and energy and infrastructure.
Worldwide, the Group is one of the leading owners and operators
of telecommunications infrastructure, offering a wide range of
related services. These include mobile telephony (voice and
data), fixed-line services, Internet services, fibre optic
broadband networks, paging, trunked mobile radio and radio
broadcasting services.

Asia Global Crossing, a company whose largest shareholders
include Global Crossing, Softbank, and Microsoft, provides the
Asia Pacific region with a full range of integrated
telecommunications and IP services. Through a combination of
undersea cables, terrestrial networks, city fiber rings and
complex web hosting data centers, Asia Global Crossing is
building one of the first truly pan-Asian networks, which will
provide seamless connectivity among the region's major business
centers. In addition, in combination with the Global Crossing
Network, Asia Global Crossing provides access to more than 200
cities worldwide. As part of its strategy to provide city-to-
city services, Asia Global Crossing partners with leading
companies in each country it connects to provide backhaul
networks.

For further information, contact:

Hutchison Whampoa Ltd
Laura Cheung, Group Corporate Affairs, (852) 2128 1289, or fax,
(852) 2128 1766, laurac@Hutchison.com.hk

Asia Global Crossing
Press: Madelyn Smith, Los Angeles, CA, +1 310 385 3716 or
+1 310 962 9644, madelyn.smith@asiaglobalcrossing.com, or Selene
Lo, Hong Kong, (852) 2121 2936, selene.lo@asiaglobalcrossing.com
Investors:
Investor Relations, Los Angeles, CA, +1 310 385 5283


BILLION STAR: Winding Up Hearing Slated for July
------------------------------------------------
The petition to wind up Billion Star Investment Limited is set
for hearing before the High Court of Hong Kong on July 03, 2002
at 11:00 am.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong, filed the petition
with the Hong Kong court on March 27, 2002.


CENTURY TALENT: Court Sets July Winding Up Hearing
--------------------------------------------------
The petition to wind up Century Talent Investment Limited is set
for hearing before the High Court of Hong Kong on July 03, 2002
at 9:30 am.

Danzas AEI (HK) Limited, whose registered office is at 33rd
Floor, Millennium City, Tower 1, 388 Kwun Tong Road, Kowloon,
Hong Kong, filed the petition with the court on March 11, 2002.


CHINA APOLLO: Posts Full-Year Loss of HK$155.7M
-----------------------------------------------
China Apollo Holdings reported a net loss of HK$155.7 million
for last year, compared with a net loss of HK$117.2 million for
2000.

The mainland health products maker posted a 19.5 percent fall in
turnover to HK$127.2 million for the year ended December 31,
2001. No final dividend was recommended.


E.MAN INVESTMENT: Faces Winding-Up Petition
-------------------------------------------
E.Man Investment Limited is facing a winding up petition that
will be heard before the High Court of Hong Kong on May 29, 2002
at 9:30 am.

Express Fund Investment Limited of Unit 709, 7th Floor, Star
House, 3 Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong filed
the petition on February 8, 2002, and was amended on April 16.


i100: Narrows Loss to HK$118.5M
-------------------------------
Information technology services provider i100 revealed a net
loss of HK$118.5 million for the year ended December 31, 2001,
compared with a net loss of HK$132.6 million for 2000, the South
China Morning Post reported.

The Company posted a 19.8 percent fall in turnover to HK$198.1
million for 2001. No final dividend was recommended.


GUANGDONG KELON: Blames Price War for Y1.57B Loss
-------------------------------------------------
Troubled H share Guangdong Kelon Electrical Holdings has plunged
deeper into the red, with its net loss ballooning to 1.57
billion yuan from 846.11 million yuan in 2000.

The refrigerator and appliance maker blamed a fierce price war
in the appliance sector.

The Company's mainland-listed A shares now fall subject to
special trading curbs reserved for companies which post
consecutive losses and its auditor Arthur Andersen Huaqiang cast
doubt on the Company's ability to survive.

"We believe Kelon has serious problems in the ability to
continue their business operations," it said yesterday in a
statement to the Shenzhen Stock Exchange, citing a "massive"
operating loss and negative working capital.

It added that if the Company were unable to recover debts owed
by former parent Rongsheng Group, its losses were likely to
continue to grow this year.

Control of the firm changed hands late last year when the
controlling shareholder of Growth Enterprise Market-listed
Greencool Technology Holdings, Gu Chujun, bought a 20.64 percent
stake from Rongsheng.

Kelon attributed last year's loss to higher advertising
expenditure, provisions for fixed assets investments and
clearance sales of inventories. The loss came despite a 13.2
percent rise in turnover to 4.38 billion yuan.

The Company also made provisions for its property and other
"special investments" and one-off amortization for the balance
of goodwill. It did not give figures on the amount of the
provisions or details about the amortization. The provisions
were included in other operating expenses of 83.8 million yuan
last year, up from 13.98 million yuan in 2000.

Operating loss rose 57.34 percent to 1.49 billion yuan. Basic
loss per share was 1.58 yuan. No final dividend will be paid.


MARSIN M&E: Court Sets June Winding Up Hearing
----------------------------------------------
Marsin M&E Engineering Limited is facing a winding up petition
that will be heard before the High Court of Hong Kong on June
12, 2002 at 9:30 am.

Industrial Accoustics Company (H.K.) Limited of Suite 2501,
Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong filed
the petition on February 22, 2002.


NETEASE.COM: Full-Year Net Loss Widens to US$28.2M
--------------------------------------------------
China-focused Internet portal NetEase.com said its net loss for
last year widened by 38 percent to US$28.2 million as a tough
online advertising market eroded its revenue, the South China
Morning Post reported.

Beijing-based NetEase, which did not file financial statements
last year as it sorted through accounting difficulties, said
revenue slipped 15 percent to US$3.4 million from US$4 million
in 2000.


SING TAO HOLDINGS: Newspaper Publisher Posts HK$65.76M Loss
-----------------------------------------------------------
Sing Tao Holdings, publisher of newspapers Sing Tao Daily and
iMail, saw a loss of HK$65.76 million for the nine months to
December 31, compared with a loss of HK$62.29 million to March
31 last year, the South China Morning Post reported.

Meanwhile, its parent, Global China Technology, made a loss of
HK$131.44 million for the nine months to December 31.


TECHNOLOGY VENTURE: Posts HK$88.8M Loss for 2001
------------------------------------------------
Banking and telecom systems integrator Technology Venture
Holdings reported a net loss of HK$88.8 million for the year to
December 31.

The loss, according to a South China Morning Post report, was
attributed to a provision of HK$33.88 million made for
outstanding receivables.

Technology Venture Holdings - http://www.tvh.com.hk/-  
distributes computer hardware and software products. TVH
provides procurement, marketing and computer technology
services. It also operates bank and finance systems and network
of more than 10 regional offices in China.


TENNIC INTERNATIONAL: Winding Up Hearing Slated for July
--------------------------------------------------------
The petition to wind up Tennic International (Holding) Limited
is set for hearing before the High Court of Hong Kong on July
03, 2002 at 9:30 am.

Bank of China (Hong Kong) Limited of 14th Floor, Bank of China
Tower, 1 Garden Road, Central, Hong Kong, filed the petition
with the Hong Kong court on March 08, 2002.


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


ARTHUR ANDERSEN: Indo Affiliate in Merger Talks With E&Y
--------------------------------------------------------
Ernst & Young LLP has countered April 24 media reports that
negotiations with Arthur Andersen LLP's Indonesian affiliate
Prasetio Utomo & Co. had broken down.

"We're active in both countries,"' E&Y global Chief Executive
Officer-elect Rick Bobrow said at a press conference in Sydney.

"No, we did not pull out (of Indonesia). That was reported and
so much that's been reported is not accurate."

Ernst & Young has already agreed to merge with Andersen
affiliates in Singapore, Malaysia and the Philippines. It has
also agreed to merge with Andersen in Australia and New Zealand.


BAKRIE & BROTHERS: Profit Seen as a Result of Restructuring
-----------------------------------------------------------
PT Bakrie & Brothers earned a profit in 2001 on gains from
restructuring debt, Bloomberg reported.

The Company, which ended four years of losses, returned a profit
of 955.7 billion rupiah ($102 million), or 191 rupiah a share
last year. In the previous year it lost 1.1 trillion rupiah, or
55 rupiah.

The rupiah's strengthening against the U.S. dollar has helped
Indonesian companies reduce currency losses as well as repay
debts.

Last year Bakrie  transferred 95 percent of equity to creditors
in exchange for $1.08 billion in debt. It recorded a 990 billion
rupiah gain as part of the debt restructuring.

PT Bakrie & Brothers Terbuka - http://www.bakrie.co.id/-  
produces steel pipes, corrugated metal products, cast iron
products for automotive part industry and fiber cement building
products. The company also provides multidiscipline fabrication
and site engineering services, and landline and cellular
telecommunication services. It operates rubber, palm oil and
cocoa plantations and commodity trading activity and minority
interests in companies engaged in mining, petrochemicals and
power generation.


BANK NIAGA: Draws Bid From Commerce of Malaysia
-----------------------------------------------
Commerce Asset-Holdings Bhd. is bidding for PT Bank Niaga with
Asia Fund, a former official at the Indonesian Bank
Restructuring Agency said.

According to a Bloomberg report, an international private equity
fund was also part of the group. Commerce officials declined to
identify the fund.

Commerce is competing with Australia & New Zealand Banking Group
Ltd., PT Bank Victoria International and Batavia Investment Fund
II Ltd., which were selected as bidders in mid-April.


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


ISHIKAWA BANK: Faces Suit From Shareholders
-------------------------------------------
Ishikawa Bank has faced a further blow when its shareholders
filed a damages suit with the Kanazawa District Court on
Tuesday, Kyodo News reported.

The shareholders are demanding from the failed bank and its
management 880 million yen in compensation for misleading them
into buying shares when the bank was close to bankruptcy.


MITSUBISHI MOTORS: Accepts US$45M Aid to Save Australian Plant
--------------------------------------------------------------
Japanese carmaker Mitsubishi has accepted a A$85 million (US$45
million) offer from Australian authorities to save its Adelaide
plant, Agence France-Presse reported.

The offer ensured the immediate future of Mitsubishi's 3,200
workforce in Australia.

Prime Minister John Howard has offered A$35 million dollars from
federal coffers and A$50 million from South Australian state
government funding in exchange for 1,300 new jobs in a deal to
keep Mitsubishi's Australian car operations open.

The latest offer comes on top of the A$200 million (US$106
million) in federal assistance and a A$20 million interest-free
loan from the state government Mitsubishi was promised last
August.

At the end of 2001, Mitsubishi Motors had negative working
capital, as current liabilities were Y1.95 trillion while total
current assets were only Y1.23 trillion.


MITSUBISHI MOTORS: Replaces Hubs on 10,232 Heavy Vehicles
---------------------------------------------------------
Mitsubishi Motors Corp has replaced the front-wheel hubs on
10,232 heavy vehicles since it launched inspections, AFX Asia
reported.

The inspection was a result of an accident that occurred in
January where a tire came off one of its tractors, killing a
woman pedestrian.

As of April 22, the Company had inspected 62,843 vehicles, with
a further 16,325 booked in for inspection, representing 90.8
percent of the total covered by the campaign.

Mitsubishi Motors has replaced hubs on 16.3 percent of the total
vehicles covered and is contacting owners again and sending out
staff to inspect vehicles on site to increase the level of
inspections.


NEC CORPORATION: Posts Full-Year Loss of JPY312B
------------------------------------------------
NEC, Japan's No. 2 chipmaker, posted a record loss of 312
billion yen, or 172.9 yen a share, in the year ended March 31,
compared with 57 billion yen net income, or 34.6 yen, a year
earlier. The loss was hurt by costs to revamp its operations and
cut jobs.

The electronics giant in April said that it would start a new
venture in Shanghai, China, producing displays for computers and
televisions as it seeks to cut costs and shift production
overseas.

The Y50 billion (US$385 million) venture will be funded 25
percent by NEC and 75 percent by Shanghai General Electronics
Co., and is expected to begin operations by the end of 2002.


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

DAEWOO MOTOR: Protesters Occupy Hall, Await GM Signing
------------------------------------------------------
About 60 protesters occupied a hotel conference room where
General Motors Corp. planned to sign a US$1.2 billion deal
Tuesday to acquire parts of South Korea's Daewoo Motor Co.

According to an Associated Press report, the Daewoo union
workers refused to leave the hall at the Hilton hotel in Seoul.
They oppose the acquisition for fear it will lead to mass
layoffs.

The Daewoo-GM deal will have symbolic significance for the South
Korean government, serving as a litmus test of its resolve to
restructure the corporate sector following the 1997-98 Asian
financial crisis.


DAEWOO MOTOR: GM Inks Final Deal to Establish New Company
---------------------------------------------------------
General Motors Corporation, Daewoo Motor Company, and the Korea
Development Bank, acting on behalf of the Daewoo Motor Creditors
Committee, signed Monday the final definitive agreements for the
establishment of a new automotive company.

GM, certain of its business partners, and the creditors will be
the stockholders in the new company.

The new company will have annual revenues of about US$5 billion
and would own and operate selected domestic and foreign assets
of Daewoo Motor Company.

The transaction is expected to close within two to three months,
pending court and government approvals. Daewoo will continue to
manage and operate its businesses until closing.

"This is an important day for GM," said GM Chairman John F.
Smith, Jr. "GM's investment in this new company allows us to
participate in the important South Korean market, and share in
the benefits associated with its outstanding product development
and manufacturing capabilities. This enterprise will produce a
new generation of cost competitive vehicles that can be marketed
around the world."

Monday's agreements represent a significant milestone for
Korea. These agreements not only save thousands of jobs in South
Korea, but also provide a powerful boost for the industry and
the economy as a whole," said Jung Keun- yong, governor of the
Korean Development Bank.

"They send a powerful message that Korea is open for business --
that Korea is a good place to invest and a good place in which
to do business."

GM will invest US$251 million, a 42.1 percent stake in the new
company, which has yet to be named. Daewoo creditors will hold a
33 percent stake. Certain of GM's business partners will share
the remaining 24.9 percent equity interest.

The basic framework for the definitive agreements include:

*  The new company will be capitalized through cash
contributions of US$400 million from GM and its participating
business partners, and US$197 million from Daewoo creditors for
ownership stakes equaling 67 percent and 33 percent
respectively.

*  In return for the creditors contributing selected Daewoo
automotive assets, the new company will issue to the creditors a
long-term redeemable preferred equity with a face value of
US$1.2 billion and an average annual coupon rate of 3.5 percent.

*  The assets to be contributed to the new company include a
total of nine overseas subsidiaries and three manufacturing
plants. The sales subsidiaries include those in Austria, the
Benelux countries, France, Germany, Italy, Puerto Rico, Spain,
Switzerland, plus Daewoo's European parts operations in the
Netherlands. The manufacturing plants are located in Changwon
and Kunsan, South Korea, and the automobile operations in Hanoi,
Vietnam.

*  The manufacturing facility in Bupyong, South Korea, will
remain open and continue to supply the new company with
vehicles, engines, transmissions and components for at least six
years. The agreements give the new company an option to acquire
this plant any time within the next six years.

*  The new company will continue to use the Daewoo brand in
Korea, in countries where overseas subsidiaries are acquired
such as those in Western Europe, and in certain countries where
independent distributors exist. In addition, the new company's
products will be exported to new markets, such as Mexico and use
established GM or GM-affiliated brands. Final branding and
distribution plans are still under development and will be
announced after the transaction close.

*  The new company will also assume US$573 million of primarily
operating liabilities.

*  The new company will also acquire inventories associated with
the acquired assets with a value of US$385 million.

*  Long-term committed working capital facilities of US$2
billion will be provided to the new company by the South Korean
creditors.

*  Provisions will be made to ensure that Daewoo's existing
customer warranty obligations are satisfied following completion
of the transaction.

*  For those overseas manufacturing facilities of Daewoo Motor
Company that are not being acquired by the new company, several
will continue to be supplied parts, components and technical
assistance from the new company for a period of time.

*  Many of the existing sales subsidiaries in Western Europe
will be acquired by the new company. In the United Kingdom, the
sales subsidiaries will not be acquired and it is intended that
a new sales operation be created. The distribution set-up in
other European markets, which has been handled by independent
importers will be reviewed. It is intended that the new company
will establish a European Operations Center to direct and
coordinate its business in Europe.

*  Nick Reilly will serve as president and chief executive
officer of the new company. In the interim, a transition team
consisting of Daewoo management, and management personnel from
GM and its business partners will be appointed to ensure a
successful startup after closing.

*  It is expected that employment levels in Korea will be
maintained at current levels.

*  Other facilities, subsidiaries, ventures, debts and
liabilities not included as part of the definitive agreements
will be the responsibility of the existing Daewoo Motor Company.

GM, Daewoo Motor Company and the Daewoo Motor Creditors
Committee began formal negotiations in May 2001 following more
than six months of evaluation and business plan development. The
three sides signed a non-binding memorandum of understanding in
September outlining the framework for the negotiation of a
definitive agreement.

Additional information about this transaction can be found at
http://media.gm.com.


HYNIX SEMICON: Board Rejects $3B Sale to Micron
-----------------------------------------------
Hynix Semiconductor Inc.'s Board of Directors rejected a $3
billion sale to Micron Technology Inc., saying the South Korean
chipmaker can survive without an investment by the U.S. rival.

According to Hynix chief spokesman Park Chan Jong, the accord
with Micron announced last week and approved by Hynix creditors
Monday is now null and void.

"Any further talks with Micron are unlikely," the spokesman
said.

Under the proposal, Micron planned to pay 108.6 million shares,
now worth $2.87 billion, for Hynix's main memory chip business
and $200 million for a 15 percent stake in its other business.

The Boards of the two companies had final say over the decision,
according to the memorandum of understanding.

Hynix Chief Executive Officer Park Chong Sup offered his
resignation after the Board's unanimous decision.


HYNIX SEMICON: Union Members Quit to Protest Micron Deal
--------------------------------------------------------
Over 80 percent of 8,200 unionized workers of Hynix
Semiconductor Inc have handed in their resignations in protest
of the government and creditors' plan to sell the company to US
rival Micron Technology, AFX Asia reported.

The resignations came as Hynix held a Board meeting to determine
whether to accept a non-binding memorandum of understanding to
sell its memory operations and a 15 percent stake to Micron.

A union leader said that non-union members are also offering to
resign, joining the union's campaign to stop the sale of Hynix's
key assets to Micron.

The Company has a payroll of 13,000.


HYUNDAI MOTOR: Operations Expansion Planned in China
----------------------------------------------------
Hyundai Motor and Chinese partner Beijing Automotive Industry
Holding Co. has sealed a contract to establish a new 50-50 auto
manufacturing venture, Beijing Hyundai Motor, revealing a long-
term plan to expand its annual output capacity to 200,000 units
in 2005 and 500,000 units in 2010.

According to a report from Digital Chosun, Hyundai Motor is
planning to invest a total of $1.1 billion by 2010, including an
initial investment of $100 million and additional $330 million
by 2005.

Under the joint-venture agreement signed by Hyundai Motor
Chairman Chung Mong-koo and his Chinese counterpart,
construction for the joint venture car plant is set to begin in
June for completion in December.

Beijing Hyundai Motor will begin with production of EF Sonata
mid-size sedan from late this year. The production line is set
to spread to Avante XD compact and other Chinese market-oriented
models.

In addition to the Hyundai models, the joint venture plant plans
to develop its own models suitable to local motorists' tastes.

As of December 2001, Hyundai Motor's current assets stood at
US$3.72 billion against current liabilities of US$45.7 billion.


HYUNDAI PETROCHEMICAL: Creditors May Sell Assets to LG Chem
-----------------------------------------------------------
LG Chem Ltd., which has just finished a feasibility study on
Hyundai Petrochemical Co., is interested in acquiring shares and
other assets of the debt-ridden company to increase its
competitiveness, Dow Jones Newswires reports.

Creditors, who now fully own Hyundai Petrochemical following a
debt bailout, plan to sell all shares in the company by year-
end.

Hanvit Bank, a Hyundai Petrochemical creditor, is leading the
company's restructuring on behalf of other creditors.

The petrochemical company had a debt totaling KRW2.6 trillion as
of June 2001.


* KDIC Unveils Fraud at Three Firms *
-------------------------------------
State liquidation agency Korea Deposit Insurance Corp. (KDIC)
announced on Monday that a total of 93 major shareholders and
current and former executives of Jindo, Bosung International and
SKM were found to be responsible for causing company losses of a
total of W1.39 trillion losses.

According to a Digital Chosun report, 31 of the 93 shareholders
and executives have been referred to the prosecutors' formal
investigation on suspicion of fraud, misappropriation and
dereliction of duty.

The KDIC also said that it found that the major shareholders of
the three firms had vast private assets of real estate,
buildings, stocks and golf club memberships, adding that the
agency requested creditor organizations of the firms to seize
the assets.

Kim Young-jin, the former largest shareholder of Jindo, and 29
other executives of the firm were found to have caused a total
of W524.1 billion in losses for the firm, the Chosun added.

Kim Ho-jun, president of Bosung, and 44 executives were also
found to have caused W772 billion in losses, while SKM's former
chair Choi Jong-uk and 17 executives were responsible for W101.1
billion in losses.


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


MTD CAPITAL: Cuts Stake in WCT Engineering
------------------------------------------
MTD Capital Bhd sold 500,000 shares in WCT Engineering Bhd at
RM5.05 per share via a direct deal on Friday, the Star reported.

The Company issued a statement saying that through the sale, its
stake in WCT has been reduced to 16.8 percent.

MTD Capital Berhad - http://www.mtdcap.com/- provides  
investment holding, civil engineering, road construction works,
trading, servicing and dealing in road construction equipment,
property development and toll collection.


RAHMAN HYDRAULIC: IJM to Take Over Listing Status
-------------------------------------------------
IJM Corp Bhd and wholly owned subsidiary IJM Plantations Sdn Bhd
(IJMP) have signed an agreement with the special administrators
of Rahman Hydraulic Tin Bhd to acquire the Company's listing
status.

According to a report from The Star, Rahman Hydraulic
shareholders would be paid new IJMP shares valued at not less
than RM1.944 million. The actual number of IJMP shares accruing
to Rahman Hydraulic shareholders would be determined by the
final valuation of IJMP.

Rahman Hydraulic would also receive RM25 million in cash to
enable it to partially settle its debts.

Upon completion of the proposed acquisition, the listing status
of Rahman Hydraulic would be transferred to IJMP.


SASHIP BHD: Says 1.5% Difference in Audited, Unaudited Result
-------------------------------------------------------------
The Board of Directors of Saship Holdings Berhad, formerly known
as Westmont Industries Berhad, said Monday that there is no
material difference between the audited financial statement of
the Company and the Group and the unaudited results that was
announced on 27 February 2002.

The net loss for the year ended 31 December 2001 was RM80.723
million as compared with the unaudited net loss of RM81.990
million which is a difference of only 1.5 percent.

For the audited financial statements for the year ended 31
December 2001, the Auditors have qualified their report as
follows:

During the year, the Group and the Company incurred a gross loss
of RM21,326,000 and RM1,810,000 respectively, which gives an
indication that an impairment loss of the Group's and the
Company's property, plant and equipment may have occurred.

During the year, the Company made an allowance for impairment
loss of RM1,658,000 on its leasehold buildings. However, the
Group and the Company did not make a formal estimate of the
recoverable amount of the remaining property, plant and
equipment. We are unable to ascertain the reasonableness of the
carrying value of the Group's and the Company's property, plant
and equipment.

Contract work in progress of the Group at year-end includes
three power barges with a total cost of RM194.4 million. The
Directors have made full provision for the capitalized cost
incurred on two of the barges amounting to RM11.6 million. The
remaining carrying value of RM182.8 million relates to a
substantially completed barge. An interim court injunction was
obtained by a third party restraining the subsidiary from
removing, disposing, selling and/or dealing with certain
equipment forming a substantial part of the substantially
completed barge. In August 2000, an independent consulting
engineering firm was commissioned to undertake a financial audit
on the power barges. The evaluated cost of the power barges on
the "as-built" basis, taking into consideration the effects of
certain risk factors affecting the resale value, was assessed at
RM129.0 million. No provision for foreseeable loss is made in
the financial statements to reduce the carrying value of the
power barges to the evaluated cost as the Directors are of the
opinion that the financial audit does not constitute a valuation
performed by professional valuers. Had the provision for
foreseeable loss been made, the loss after taxation of the Group
for the year ended 31 December 2000 would have been RM134.9
million and the deficit in the shareholders' funds at 31
December 2001 would have been RM540.4 million. The company is
unable to ascertain the reasonableness of the carrying value of
RM182.8 million relating to the third barge.

The Company is uncertain of the full recovery of certain trade
debtors of the Group amounting to RM193.8 million at year end,
as a substantial amount of the proceeds on the barges sold have
not been received yet.

As mentioned, the Group is unable to exercise management control
over Sabah Shipyard Philippines, Inc. (incorporated in
Philippines), Sabah Shipyard Pakistan Ltd (incorporated in
Pakistan) and Westmont Power and Resources Corporation
(incorporated in Philippines). These companies were
deconsolidated in previous years. The Companies Act, 1965
requires the financial statements of the subsidiaries to be
annexed to this set of financial statements. The requirement is
not complied with as the financial statements of the
subsidiaries are not available.

As mentioned, a subsidiary defaulted on its term loans repayment
in the previous years, rendering the full amounts of these loans
becoming immediately payable.

The Company, together with a subsidiary, filed a 1998 Scheme of
Arrangement under Section 176 of the Companies Act, 1965 to
reorganize the amount due to their debenture holders, partially
secured creditors and other unsecured creditors. The Scheme of
Arrangement was approved by the required number of creditors on
10 August 1999 and the Securities Commission on 19 September
2000. The Proposed Scheme of Arrangement was also approved by
the members at the Extraordinary General Meeting of the Company
held on 16 October 2001. The Company is in the process of
obtaining all other relevant approvals/sanction from the
authorities to implement the Scheme of Arrangement.

No adjustments have been made in the financial statements to
reduce/increase the value of assets to their recoverable
amounts, to provide for any further liabilities which may arise
and to reclassify fixed and non-current assets and long term
liabilities as current assets and current liabilities
respectively, as it is the Group's and Company's intention to
continue their operations.

The ability of the Group and Company to operate as a going
concern is dependent upon future profitable operations, the
continuous financial support from their bankers and creditors
and successful implementation and conclusion of the Scheme of
Arrangement.

Without future profitable operations, the financial support of
their bankers and creditors and the successful implementation
and conclusion of the Scheme of Arrangement, there is
substantial doubt that the Group and the Company will be able to
continue as a going concern and, therefore, as appropriate
realize their assets and discharge their liabilities in the
normal course of business. Consequently, adjustments may be
required to the recoverability and classification of recorded
asset amounts or to amounts and classification of liabilities.

The Company and its subsidiaries are engaged in various
litigations, which may have a material effect on the financial
position of the Group and of the Company. Full provision has not
been made in the financial statements as the Directors contend
that the outcome of these litigations, which have been included
in the Scheme of Arrangement, are highly uncertain. The ability
of the Group and Company to operate as a going concern is also
dependent on the satisfactory resolution of these litigations.

In view of the significant effects of the above matters, we are
unable to form an opinion as to whether:

a) The financial statements are properly drawn up in accordance
with the provision of the Companies Act, 1965 and applicable
approved accounting standards in Malaysia so as to give a true
and fair view of:

i) the state of affairs of the Group and of the Company at 31
December 2001 and the results of their operations and cash flows
for the year ended on that date; and

ii) the matters required by Section 169 of the Companies Act,
1965 to be dealt with in the financial statements of the Group
and of the Company; and

b) The accounting records required by the Companies Act, 1965 to
be kept by the Company and the subsidiaries of which we have
acted as auditors have been properly kept in accordance with the
provisions of the said Act.

However, the registers required by the Companies Act, 1965 to be
kept by the Company and its subsidiary companies of which we
have acted as auditors have been properly kept in accordance
with the provisions of the said Act.


TECHNOLOGY RESOURCES: Tajudin Misses RM130M Deadline
----------------------------------------------------
Technology Resources Industries Bhd Chairman Tan Sri Tajudin
Ramli has failed to meet the April 26 midnight deadline set by
Pengurusan Danaharta Nasional Bhd to pay the RM130 million due
for his rights shares subscription, a Danaharta spokesperson
told theedgedaily.com.

"We have not received the payment and we will now consider all
recovery actions," the spokesman added.

Tajudin in March had failed to subscribe for the rights
entitlement to the TRI shares that he had pledged to Danaharta,
which led to the latter stepping in with the payment for the
rights shares.


TECHNOLOGY RESOURCES: Telekom Pays RM717M for 260.87M Shares
------------------------------------------------------------
Telekom Malaysia Bhd will pay RM717.39 million cash to
Pengurusan Danaharta Nasional Bhd for 260.87 million Technology
Resources Industries Bhd (TRI) shares.

In a statement to the Kuala Lumpur Stock Exchange on April 29,
Telekom said the acquisition was made through its wholly owned
unit Telekom Enterprise Sdn Bhd, which would emerge as TRI's
substantial shareholder with a 13.2 percent stake.

The acquisition will be financed with internal cash.


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


BAYAN TELECOM: Improving Telecom Industry Position a Priority  
-------------------------------------------------------------
Bayan Telecommunications, Inc. (BayanTel) is determined to
improve its position in the telecommunications industry despite
the glut in fixed lines and the continuing high demand for
wireless units, reports Business World.

According to BayanTel's Chief Financial Officer, Gary B. Olivar,
operators of landlines can very well manage to keep their market
share even with the strong demand for the wireless technology.

BayanTel has $477 million in obligations, of which $277 million
is owed to banks and $200 million to bondholders. About 5
percent, or $26 million of the bank loans and all the bonds are
unsecured.


NATIONAL POWER: Expects $750M Loan This Month
---------------------------------------------
State-owned National Power Corp. expects to receive this month a
$750 million loan it secured through the government,
BusinessWorld reports, quoting Napocor officer, Roland Quilala.

The loan will be used to cover Napocor's financial requirements
for the first half of the year.

The government in January lent Napocor $250 million that formed
part of the total proceeds of a global bond float that month.
Another $500 million was lent in February.

Meanwhile, Energy Secretary Vincent Perez said the government
might not be able to meet its original target of privatizing
Napocor's transmission assets by June or July due to delays in
the passage of a bill that would allow Napocor's National
Transmission Company (Transco) to transfer its franchise to
operate to its concessionaire.

The government needs to secure the approval of Congress to allow
the transfer of Napocor's franchise to the concessionaire before
conducting a bidding.


PHILIPPINE LONG: Inks Deal With Nortel for Network Expansion
------------------------------------------------------------
The Philippine Long Distance Telephone Co has signed a multi-
million dollar contract with Nortel Networks for the expansion
of its domestic fiber optic network, AFX Asia reported.

PLDT Senior Vice President, George Lim said the network
expansion is meant to address increased demand for additional
bandwidth requirements of customers and to service the rising
consumer base of its mobile venture, Smart Communications.

The country's telecommunications giant has US$1.3 billion in
debt maturing up to 2004. It received a BB- rating from Fitch
and Ba3 rating from Moody's Investors Service for the US$350
million issue of unsecured notes due in 2007 and 2012.


REPUBLIC CEMENT: Planning Ahead Narrows Net Loss
------------------------------------------------
Republic Cement Corp posted a net loss of P1.810 billion in 2001
due to provisioning for doubtful accounts totaling P1.565
billion, AFX Asia reported.

The Makati-based cement trader and manufacturer said that
without the provisions, the net loss would have narrowed to
P420.9 million, compared with a loss of P245.9 million a year
earlier.

Republic Cement decided to take provisions due to expectations
that some assets will not be operational for some years given
the decline in cement demand.


SOUTHEAST ASIA CEMENT: Net Loss Widens to P943M
-----------------------------------------------
Southeast Asia Cement posted a net loss of P943 million in 2001,
compared with a loss of P772 million a year earlier, with the
2001 result hit by a P316 million provision against doubtful
accounts, AFX Asia reported yesterday.

The Company's 2001 revenue fell 7.7 percent to P2.25 billion,
while operating loss totaled P326 million.

Southeast Asia Cement manufactures and markets Pozzolan,
Portland cement and other cement related products.


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


ABB LTD: Sirius International Likely in Order to Cut Debt
---------------------------------------------------------
ABB, Europe's biggest electrical engineering company, is said to
be selling its reinsurance unit, Sirius International Insurance
Corporation, to help cut debt of at least US$1.5 billion this
year.

European newspaper The Business says General Electric's GE
Capital financial services unit and Swiss Reinsurance are
interested in the Singaporean firm.

Sirius Singapore says it has yet to be notified about the sale.
About 11 employees will be affected in the planned sale.


BENLINE INVESTMENT: Greeting Tomt Buying New Toyo Unit
------------------------------------------------------
Singapore's New Toyo International Holdings is selling its loss
making tissue paper unit, Benline Investment to Hong Kong's
Greeting Tomt for S$40.6 million.

Under a put option agreement, the Company will transfer to
Greeting Tomt all inter-company loans owed to New Toyo and New
Toyo units by Benline. These loans totaled S$74.4 million as of
December last year.

Last year, Benline recorded losses of S$7.5 million, bringing
total losses to S$20.3 million.


LKN-PRIMEFIELD: Bondholders Study Debt Plan
-------------------------------------------
LKN-Primefield Ltd, the IT, hotel and construction group, said
Monday its new debt-restructuring plan is being considered by
its bondholders.

According to a report from the Business Times, LKN-Primefield
auditor PricewaterhouseCoopers has expressed concern over the
ability of the company to carry on as a going concern.

This came after the firm breached the financial covenants of the
debt-restructuring agreement under which LKN is required to make
a principal repayment of $57 million by March 2003.

The Troubled Company Reporter Asia Pacific said in April that
the purpose of the proposed restructuring plan is to convert
part of the secured bonds into equities and to reduce the
interest burden of the Company.

"Judging from the initial response from the majority of the
bondholders, the management is hopeful that the bondholders will
consider the new debt-restructuring plan in a positive manner,"
LKN said.


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


PRASIT PATANA: Posts Update on Rehabilitation Plan
--------------------------------------------------
In accordance with the result of the corporate structure vote in
which it was confirmed that the four company structure would be
retained, Clifford Chance Wirot, the legal advisor to the
financial creditors, has prepared the necessary drafting
revisions to the draft documents that were appended to the
Plans, both in Thai and English.

- The Creditor Committee has postponed the voting date for
approval of restructuring documents to allow adequate time for
all voting.

- Prasit Patana Public Company Limited has proceeded with
development and installation of new IT systems hardware and
software. Budget and actual investment up to 28 February 2002
were 76.72 MB and 62.49 MB, respectively.

- Registered capital reduction

- For unissued registered capital reduction through reduction of
15 million unissued common share. This reduces registered
capital to Bt900 million, consisting of 90 million common shares
with par value of Bt10.

- In accordance with clause 9.23 of the Plans, PPCL has written
off shares formerly held by PYT2 in PPCL, consisting of
5,036,900 shares, thereby reducing its registered and paid up
capital by that number of shares.

PYT2 has consented to this capital reduction. After these
reductions, PPCL now has registered and paid up capital of
Bt849.631 million comprising 84,963,100 common shares with a par
value of Bt10.

PPCL has not paid for share capital reduction. Instead, PPCL
will use those amounts to reduce its retained deficit.


PTT PUBLIC: AGM Settles Key Issues
----------------------------------
The 2002 Annual General Shareholders Meeting of PTT Public
Company Limited held on 29th April 2002 at 1.30 p.m. has
resolved:

1. That the Operating Results of the Directors of PTT for the
year 2001 and the Directors' Report be approved.

2. That the audited consolidated and company's balance sheet,
profit and loss statements, statements of change in
shareholders' equity, statements of cash flows and auditor's
report for the accounting period ended 31st December, 2001 be
approved.

3. That the allocation of net profit equal to 10 percent of the
registered capital to a reserve fund and the distribution of
dividends of Bt2.50 per share to the shareholders be approved.

4. That the rotation of the directors and the appointment of the
new directors to replace the retiring directors be approved.

- Retiring directors:
1. Mr. Manu Leopairote
2. Police General Sant Sarutanond
3. Mr. Sunthad Somchevita
4. Mr. Chaiwat Wongwattanasan
5. Mr. Chulchit Bunyaketu (resigned)

- Newly appointed directors:
1. Mr. Manu Leopairote
2. Police General Sant Sarutanond
3. Mr. Sunthad Somchevita
4. Mr. Chaiwat Wongwattanasan
5. Mr. Somchai Wongsawat

5. That the remuneration of the directors for the year 2002 in
an amount of not exceeding Bt11 million be approved.

6. That the appointment of The Office of the Auditor General as
PTT's auditor for the accounting period ended 31st December,
2002 and the remuneration of auditor of Bt1.7 million, excluding
disbursements be approved.


SIKARIN PUBLIC: Reports Shareholders' Resolutions
-------------------------------------------------
Sikarin Public Company Limited issued the Shareholders'
resolution made at no. 24 hold on April 29, 2002:

1. To certify the minutes of the ordinary general meeting of
shareholder no.23

2. To reappoint the following members of the Board of Directors
after their retirement

1. Mr.Kittipan Sasanavin
2. Mr.U-thai Skulkroo
3. Mr.Viranart Viravaidhya
4. Mr.Amnart Wongsuwan

3. To approve the company balance sheets and profit and loss
statement as at December 31, 2001

4. To appoint BDO Richfield Limited By Mr.Boonsri Techavarutama
(Certified Public Accountant (Thailand) No.3336) or Mr.Anurak
Lelapiyamitr (Certified Public Accountant (Thailand) No.3462) as
company auditor for the three-month period ended 31st March,
2002. The company must pay no higher than Bt170,000. To appoint
DHARMNITI AUDITING CO., LTD by Mr.Jadesada Hungsapruek
(Certified Public Accountant (Thailand) No.3759) or Mr.Pichai
Dachanapirom (Certified Public Accountant (Thailand) No.2421) as
company auditor for the three-month period ended 30th June,
2002, 30th September, 2002 and 31st December 2002. The company
must pay no higher than Bt560,000.


THE COGENERATION: Reveals AGM Resolutions
-----------------------------------------
Power producer Cogeneration Public Company Limited reported
Monday the resolutions of the Annual General Meeting of the Year
2002, which was held on April 29, 2002 at 14.00-15.30 hours:

1. The Shareholders resolved to acknowledge the annual report of
the year 2001.

2. The Shareholders resolved to approve the audited balance
Sheet, Profit and Loss Statements for the fiscal year ended
December 31, 2001.

3. Since the Company carries retained unappropriated deficit,

4. The Shareholders resolved to approve the Company's auditor
and fixed the auditing fee for the fiscal year ended December
31, 2002 as follows:

Mr. Suphamit Techamontrikul whose auditor license number is 3356
or Ms. Chongchitt Leekbhai whose auditor license number is 2649
or Ms. Nachalee Boonyakarnkul whose auditor license number is
3126 or Mr. Niti Jungnitnirundr whose auditor license number is
3809 working for Deloitte Touche Tomastsu Jaiyos Co., Ltd., as
the Company's auditor for the year 2002, ending 31 December
2002.

The auditor's fee will not exceed Bt881,650.

5. The Shareholders resolved to approve to re-elect the retiring
directors by rotation to resume the directorship of the Company
for another term. The Directors are:

1. Mr. Kovit Poshyananda
2. Mrs. Supapun Ruttanaporn
3. Mr. Dirk Beeuwsaert
4. Mr. Guy Simon
5. Mr. Eric Kenis

The Shareholders also resolved to approve the director's fiscal
year 2001 remuneration and meeting allowance as follows:

The total remuneration for the fiscal year 2001 is Bt600,000 and
will only be paid to the independent directors at Bt200,000
each.

The meeting allowance for the fiscal year 2002 will only be paid
to the independent directors at Bt35,000 per meeting attended.

The payment of the remuneration and the meeting allowance as
mentioned above will be effected and applied following this
meeting.

The Company will bear 10 percent of the withholding tax.






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

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