/raid1/www/Hosts/bankrupt/TCRAP_Public/021213.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

         Friday, December 13, 2002, Vol. 5, No. 247

                        Headlines


A U S T R A L I A

HIH INSURANCE: Issues Royal Commission Sitting Schedule
HILLGROVE GOLD: Offer Closing Date Extended to January 6
PASMINCO: Posts Deed Administrator's Address to Shareholders
WESTERN METALS: Announces Expiry of Employee Options
WORLDWIDE TECHNOLOGY: Options Expiring December 31


C H I N A   &   H O N G  K O N G

CHOI SING: Faces Winding Up Petition
GOLDEN JADE: Winding Up Sought by Yeung Yung
HYCOMM WIRELESS: Seeks Circular Dispatch Time Extension
INNOVATIVE INTL: Operations Loss Narrows to HK$8M
KEEN BRIGHT: Winding Up Petition Set for Hearing

PCCW LIMITED: Equity Capital Raising Rumor Not True
SEAPOWER RESOURCES: HK Court OKs Scheme, CI Hearing Adjourned
WING LUEN: Winding Up Hearing Scheduled in January


I N D O N E S I A

ASIA PULP: IBRA Ignores Bondholders Proposal Rejection
ASTRA INTERNATIONAL: Creditors Support Debt Restructuring Plan


J A P A N

JAPAN AIRLINES: Has No Plans For Aggressive Restructuring
KK NAGASAKIYA: Court Approves Special Liquidation
KYOHO KAIHATSU: Golf Course Applies for Rehabilitation
MORITA DEVELOPMENT: Bankruptcy Application Update
NICHIMEN CORPORATION: S&P Downgrades Rating to B+, Watch Neg

NISSHO IWAI: JCR Places Ratings on Credit Monitor
NISSHO IWAI: JCR Places EMTN, Units Under Credit Monitor
NTT DOCOMO: Strategic Partnership With KPN Unchanged
TOKYO ELECTRIC: Submits Leak Tests Problem Report
TOKYO ELECTRIC: Likely to Suspend Nuclear Reactors' Operations

TOMEN CORPORATION: Guam Unit Enters Liquidation


K O R E A

CHOHUNG BANK: Shinhan Exceeds Cerberus Bid
HYNIX SEMICONDUCTOR: Creditors Revise Debt Restructuring Plan
KOREA THRUNET: Unveils 3Q02 Financial Results
KOREA THRUNET: Shareholders OK Reverse Stock Split


M A L A Y S I A

AUTOWAYS HOLDINGS: AmMerchant Bank Resigns as Adviser
BERJAYA SPORTS: Unit FEAB Properties Buys 8% ICULS
CAMERLIN GROUP: Loan Stock Interest Due in January
CHASE PERDANA: Pancar Generasi's Creditors Meeting Postponed
L&M CORPORATION: Submits Mandatory General Offer Waiver to SC

LIEN HOE: 2002/2007 ICULS Granted Listing
NCK CORPORATION: December 31 EGM Scheduled
PANGLOBAL BERHAD: Discloses Nov 2002 Coal Production Figures
PAN PACIFIC: Posts Default in Payment Update
PLUS EXPRESSWAYS: Parties Sign Proposed Indulgences Agreements

TAI WAH: EGM Set for December 27
TECHNO ASIA: SPA Cancellation Won't Affect Debt Restructuring
TIMBERMASTER INDUSTRIES: SC OKs Proposed Restructuring Scheme
WING TIEK: SC Guidelines Waiver Application Granted
YCS CORPORATION: Answers KLSE's Default Query


P H I L I P P I N E S

ATLAS CONSOLIDATED: Relates American Transfer Termination
BENPRES HOLDINGS: Clarifies Restructuring Halt Report
CEBU MEDICAL: City Mayor Gives Hospital `Six Months to Live'
MAYNILAD WATER: Seeks Water Concession Deal Termination


S I N G A P O R E

CHARTERED SEMICON: Re-posts Schedule 13G Filing by Merrill
CHARTERED SEMICONDUCTOR: Intel Chairman Issues Update
EXCEL MACHINE: Management Order Petition Hearing Set January 10
JADE TECHNOLOGIES: Narrows Net Loss to $1.7M
LKN-PRIMEFIELD: Updates Tax Assessment


T H A I L A N D

ADVANCED INFO: Plans Share Repurchasing for Management Purposes
ADVANCE PAINT: Reveals Additional ESM Information
BANGNA MACHINEWORKS: Files Reorganization Petition

* DebtTraders Real-Time Bond Pricing

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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HIH INSURANCE: Issues Royal Commission Sitting Schedule
-------------------------------------------------------
The HIH Royal Commission will sit on Friday 13 December 2002 to
take oral submissions on future policy directions. These
submissions will not be directed to specific factual
circumstances or to evidence received by the Commission
concerning the failure of HIH Insurance.

The hearing will commence at 10.00am with Mr Dick Bennett,
followed by Dr Ben Zehnwirth at 10.30am and Mr Tom Mullin at
11.15am.

Hours of Sitting

The sitting times are usually Monday to Friday 9:30AM to 11AM,
11:15AM to 12:45PM; and 2:15PM to 3:30PM and 3:45PM to 4:30PM.

Commission Location

Level 8, 'The Landmark' 345 George Street, Sydney


HILLGROVE GOLD: Offer Closing Date Extended to January 6
--------------------------------------------------------
HILLGROVE Gold Limited disclosed a letter from its lawyers,
Clayton UTZ:

HILLGROVE GOLD LIMITED (RECEIVERS AND MANAGERS APPOINTED)
(SUBJECT TO DEED OF COMPANY ARRANGEMENT) ACN 004 297 116

We act for Hillgrove.

We are instructed to notify the Australian Stock Exchange
Limited (ASX) in accordance with Listing Rule 3.1, that the
directors of Hillgrove have resolved to extend the closing date
of the offer of 15 million New Shares at an issue price of 10
cents per share, contained in the Offer Information Statement
lodged by Hillgrove with the Australian Securities and
Investments Commission (ASIC) and ASX on 17 October 2002
(Offer), from 11 December 2002 until 6 January 2003, in
accordance with the board's right to vary the dates and times of
the Offer.

The board of Hillgrove previously resolved to extend the offer
until 11 December 2002 on 11 November 2002 and notified the ASX
of this extension on the same day.

CONTACT INFORMATION: D Landy
                     PARTNER
                     (02) 9353 4175
                     dlandy@claytonutz.com

                     Jeremy Ying
                     SENIOR SOLICITOR
                     (02) 9353 4671
                     jking@claytonutz.co


PASMINCO: Posts Deed Administrator's Address to Shareholders
------------------------------------------------------------
Pasminco Limited posted Chairman/Deed Administrator M Rayner's
address to Shareholder at the Annual General Meeting held on
Thursday, December 12, 2002:

The Statement that I am about to make has been lodged with the
Australian Stock Exchange before this meeting began as required
by ASX Listing Rule 3.13.3. A copy of the Statement will also be
available for those shareholders who would like one as you leave
the meeting. Attached to that Statement is a Question and Answer
document that summarizes much of the information I will go
through today(December 12).

In preparing this Statement we have sought to address the key
issues that we consider are relevant to shareholders. To this
end, we have considered the correspondence we and Pasminco have
received during the course of the Administration and the
questions asked on Pasminco's shareholder information line.

A summary of the Statement will be shown on the screen above for
your convenience as I proceed.

The main areas I intend to cover are as follows:

   * The convening of the joint 2001 and 2002 AGMs.
   * The background to the appointment of the Administrators in
September 2001.
   * What happened to Pasminco.
   * The role of the Administrators and our investigations.
   * The 2001 and 2002 Annual Reports that have been distributed
to shareholders.
   * The restructure of Pasminco.
   * The position of shareholders.
   * What happens next.

Before I go any further, there are certain legal requirements I
am obliged to draw to your attention.

I will comment on the restructure of Pasminco and the preferred
restructure option which includes a proposed offer of shares in
a newly formed company, Pasminco Resources Limited.

Given publicity restrictions under Australian and other law, I
am unable to comment in detail about the proposed offer of
shares in Pasminco Resources Limited.

CONVENING OF THE JOINT 2001 AND 2002 AGMS.

As many of you would be aware, the AGM for Pasminco is normally
held by the end of November each year, about 1 month after the
Accounts are finalized and lodged.

When the Administrators were appointed on 19 September 2001,
Pasminco's 2001 Accounts were nearly complete. However the
appointment of the Administrators crystallized certain losses,
including Pasminco's hedge losses. It also meant that the
Accounts were no longer able to be prepared on a going concern
basis.

It was not therefore possible to finalize the Accounts and there
was no point in holding an AGM at that stage. We subsequently
applied to the Australian Securities and Investments Commission
for consent to delay completing the Accounts and holding the AGM
until there was greater certainty about the future of Pasminco.
ASIC agreed to our initial request and other subsequent requests
by way of issuing no action letters to us.

As the future of Pasminco became clearer during the
Administration, work re-commenced on completion of the 2001
Accounts and then on the 2002 Accounts. Both sets of Accounts
have been completed, lodged with ASIC and the ASX and forwarded
to shareholders within the timeframes allowed by ASIC.

Given that the Accounts for the 2001 and 2002 years were
completed relatively close together, the AGMs for these years
are being held jointly.

Following the appointment of Peter McCluskey and myself as
Administrators to Pasminco, we assumed control of the affairs of
the Group and the powers of the existing Board of Directors were
suspended. This remains the case today under the Deeds of
Company Arrangement.

The Directors of Pasminco Limited have not had any involvement
in the ongoing operation and restructure of the company since
our appointment in September 2001. On this basis, they chose not
to attend the AGM today.

Pasminco's Constitution and the ASX Listing Rules require the
company to offer for re-election one or more of its Directors at
each AGM. We are not considering a re-election or appointment of
any Director at today's AGMs. There is no purpose in electing
Directors given that their powers are suspended and they have
not had any involvement in the ongoing conduct of Pasminco. On
this basis, the existing Directors of Pasminco Limited remain in
office.

We have requested, and been granted, a waiver from the ASX of
the applicable Listing Rules on the basis that while the company
remains subject to a Deed of Company Arrangement, the Directors
are no more than caretaker Directors.

As a result, there are no resolutions to be put to the meeting
today. We were however, required to provide all shareholders
with copies of the 2001 and 2002 Accounts, a Notice of Meeting
and a proxy form to allow shareholders to appoint someone else
to represent them here today.

BACKGROUND TO APPOINTMENT OF ADMINISTRATORS

As many of you would be aware, Pasminco's businesses are
complex. Pasminco operates a diverse group of mining and
smelting operations in Australia, The Netherlands and the United
States.

Pasminco's financing arrangements are also complex given the
nature of its assets and the industry in which it operates.

You will be aware that the performance of Pasminco is strongly
linked to the world zinc price and, to a lesser extent, the lead
price. Pasminco also has significant exposure to movements in
exchange rates.

In the period prior to our appointment, the zinc price
deteriorated dramatically to levels that were not forecast and
had not been experienced since terminal market trading commenced
on the London Metals Exchange in 1986.

As a result, Pasminco's revenue and cashflow declined.
Pasminco's share price also declined as investors became more
concerned about the company's ability to generate wealth for its
shareholders.

On the screen above, is a graph of the world zinc price for the
12 months prior to our appointment. This movement represents a
decline of about one third of the zinc price in just 12 months
that was not expected by any of the leading zinc forecasters.

In early 2001, Pasminco was aware of its need to reduce debt
given falling zinc prices and placed the Broken Hill Mine on the
market for sale. As 2001 progressed and zinc prices continued to
deteriorate, Pasminco explored other initiatives to improve its
financial performance. In addition to implementing various cost
reduction measures, Pasminco considered that it needed a more
substantial restructure of its operations. The effect on
Pasminco's revenue of the falling zinc price and the cost
reduction initiatives being implemented were announced to the
market during June 2001.

By mid 2001, Pasminco developed a restructure plan focused on
its smelting business and the sale of its mines. In order to
achieve this restructure, Pasminco required the support of its
lenders during this phase.

In order to help the planned restructure proceed, Pasminco
requested its lenders to sign what was known as a Standstill
Agreement. The Standstill Agreement, once executed, would have
provided Pasminco with breathing space on some of its debt
commitments through extensions on loan facilities and waivers
while the planned restructure was implemented.

Pasminco received continued support from its lenders through
various waivers and ongoing financial accommodation while the
Standstill Agreement was being negotiated. This support and the
proposed restructure were announced to the market during July
2001.

In early September 2001, Pasminco announced its unaudited
results for the 2001 year and provided further details of its
restructuring plan and the support required of its lenders.

At this time, the Standstill Agreement was not in place. The
Directors required the Standstill Agreement to be signed by 28
September so they could be certain of meeting forward financial
obligations as and when they fell due. This in turn would enable
them to sign Pasminco's Accounts. September 28 was the last
business day of the September quarter, at which time Pasminco
was required to lodge its Accounts.

However, it became apparent to the Directors that there were a
number of issues that may prevent all lenders signing the
Standstill Agreement by that date.

Following meetings that took place on 19 September 2001, the
Directors determined that they were no longer satisfied that the
Standstill Agreement would be signed by 28 September 2001. As a
result of the Directors' concern as to the ongoing support of
its lenders, the Board resolved to appoint Administrators at
that time. This means that the Directors formed the view that,
without the Standstill Agreement confirming the lenders' ongoing
support, Pasminco was insolvent or likely to become insolvent.

The Directors were not obliged to seek the approval of
Pasminco's lenders or shareholders to appoint Administrators
under the Corporations Act. The Directors have a duty not to
allow a company to trade if it were to become insolvent and
therefore they appointed Administrators. It was simply not
possible or consistent with this duty to wait out the current
business cycle given the company's financial position and to do
so may have been a breach of their duty as Directors.

WHAT HAPPENED TO PASMINCO

As Administrators, we were obliged to investigate Pasminco's
business, property, affairs and financial circumstances and
provide a report to the company's creditors. As part of this
investigation, we considered the reasons for the company's
failure.

We have formed the view that Pasminco's financial position was
largely a result of the substantial decline in the zinc price,
but also a combination of the following additional factors:

   * The size of Pasminco's debt burden.
   * The acquisition and subsequent under-performance of the
Savage assets.
   * Pasminco's hedge book.
   * Inadequate management information systems.

Pasminco's large debt levels resulted from funding obtained for
the acquisition and development of the Century Mine and the
takeover of Savage Resources. While Century is an excellent
asset and has a long and viable future, the performance of the
Savage assets failed to meet expectations.

Savage also had a substantial hedge book, part of which could
not be determined from generally available information when the
acquisition occurred. Combined with Pasminco's own hedge book,
this led to a substantial contingent exposure for the company as
the Australian dollar depreciated against the US dollar in 2001.

Pasminco entered into its hedge contracts in a couple of
tranches, broadly at times when the Australian dollar was at
then historically low levels against the US dollar. As with many
other mining companies, the contracts entered into were designed
to protect against an appreciation of the Australian dollar
against the US dollar. This strategy was based on consensus
Australian dollar forecasts at the time with the result that
Pasminco was unable to benefit from a further substantial
decline in the value of the Australian dollar.

The US dollar zinc price also fell and these hedges prevented
Pasminco from capturing the benefit that the lower Australian
dollar would have brought in bolstering Australian dollar
revenues.

We also consider that Pasminco's management information systems
were not adequate for a company of its size and did not help it
deal with the financial crisis created for the company from the
other factors that I have referred to. Substantial work has been
done to improve these systems since this time.

Some shareholders have queried how Pasminco's financial position
could have deteriorated so quickly. In summary, Pasminco lost a
material portion of its revenue base following a 33% reduction
in the zinc price in a short period of time while the
depreciation of the Australian dollar resulted in greater debt,
albeit largely on a contingent basis, from Pasminco's hedge
book.

ROLE OF THE ADMINISTRATORS

We were appointed as Administrators by a resolution of the Board
of Directors of Pasminco Limited and 21 other subsidiary
companies.

Once we were appointed, we took control of the affairs of
Pasminco and those subsidiaries and assumed the powers of the
Directors.

An Administrator cannot be appointed to a company indefinitely.
An Administrator is obliged to determine options available to a
company to restore it to financial health or alternatively seek
to provide a greater return to creditors than in a formal
winding up.

An Administrator is also obliged to investigate the reasons for
the failure of the company and determine whether there are any
recoveries that may be made from any parties for the benefit of
the company as a result of any breaches of the law.

Accordingly we were obliged to investigate Pasminco's affairs
and the conduct of its directors, officers and advisors to
determine whether there are any recoveries that may be available
to a Liquidator or Deed Administrator.

We have conducted a detailed investigation of Pasminco and the
circumstances surrounding the failure of the company.

We have lodged a confidential report with the Australian
Securities and Investments Commission regarding the matters
investigated by us. We are unable to comment in detail regarding
these investigations as some of them have not been concluded.

The particular areas that we have investigated are:

   * Whether Pasminco traded while insolvent.
   * The conduct of Pasminco's hedge book.
   * The acquisition of Savage Resources.
   * The accounting records and management information systems
maintained by Pasminco.

We formed the view that Pasminco did not trade while insolvent.
The key factor in our conclusion was that Pasminco had the
support of its lenders prior to our appointment. This is
demonstrated by funding that was provided and waivers that were
granted.

Following meetings held on 19 September, the Directors formed
the view that the Standstill Agreement may not be signed by
their deadline of 28 September 2001 and therefore considered
they may no longer have the support of their lenders beyond that
date. The critical factor is that the Directors considered they
had the support of their lenders up until this time.

We also concluded that there were no other transactions that
would only be available to a Liquidator as a voidable
transaction if Pasminco was wound up.

Other investigations we are undertaking are yet to be concluded.
As such I am unable to comment on these matters any further
other than to state they are complex and further work is being
performed in order for us to finalize a view.

You should be aware, however, that if any proceedings were to be
commenced by us, they would be made on behalf of the company. As
such, any amounts recovered would be available for creditors in
the first instance. In addition, proceedings would only be
commenced if we were satisfied that reasonable grounds existed
to bring those proceedings and that a material return could be
achieved.

We would also like to point out that we are unable to comment on
whether shareholders have any grounds to bring an action against
any party. Shareholders should obtain their own advice on this
matter. Our obligation is to consider avenues of recovery
available for the company, not individual shareholders.

In order to explain the restructure of Pasminco that is being
implemented and the position of shareholders, I will now discuss
the 2001 and 2002 Annual Reports for the company.

THE 2001 AND 2002 ANNUAL REPORTS

On the screen above we have provided a summarized position of
the results for the 2001 and 2002 financial years.

Summary of Results for the 2001 and 2002 financial years:

                                2001  AUD mil     2002 AUD mil
Revenue                             2,319            2,040
Asset Writedowns                   (1,185)            (162)
Hedge Losses                         (843)              14
Operating Expenses                 (2,604)          (2,230)
Other Costs                          (105)             (73)
Net Profit/(Loss)*                ($2,418)           ($411)

* Excluding movement in Reserves (AUD6m)

These results reflect a number of key factors that have affected
the accounts in these periods. These key factors include:

* Asset write downs reflecting the effect of the lower forecast
zinc price on Pasminco's earnings.

* The crystallization of losses on Pasminco's hedge contracts.

* The Accounts not being prepared on a going concern basis.

This has resulted in losses of $2.4 billion and $411 million for
the 2001 and 2002 financial years respectively. These loss
figures are obviously substantial, however, at an operating
level, Pasminco's performance was reasonable given increased
production and unit cost savings that have been achieved,
particularly in the 2002 financial year.

At a balance sheet level, Pasminco's assets, liabilities and
equity position in the 2001 and 2002 accounts are shown on the
screen above.

Summary of Balance Sheet for the 2001 and 2002 financial years:

                               2001 AUD mil   2002 AUD mil
Property, Plant & Equipment       1,840           1,693
Inventories                         360             349
Other Assets                        249             341
Total Assets                      2,449           2,383
Interest Bearing Liabilities     (1,673)         (2,980)
Provisions                       (1,089)           (499)
Other Liabilities                  (544)           (166)
Total Liabilities                (3,306)         (3,645)
Total Equity                      ($857)        ($1,262)

Clearly, Pasminco's liabilities exceed its assets. These
liabilities also exceed the assets even if hedging losses were
excluded.

We note the following key issues regarding the Accounts based on
queries made of us to date:

   * The Accounts have not been prepared on a going concern
basis given that under the restructure plan that has been
selected, Pasminco Limited will cease to operate.

   * The Accounts incorporate borrowings made by the
Administrators to fund the ongoing operations of Pasminco
following our appointment.

   * The PPT assets at Century and liabilities relating to those
assets have been brought on balance sheet with effect from 1
July 2000.

   * In the 2002 Accounts, assets and liabilities of Pasminco
have been classified from non current to current given the
restructure process being implemented.

   * Pasminco's revenue has declined despite increased
production given the decline in the world zinc price.

THE RESTRUCTURE OF PASMINCO

The restructure of Pasminco has been a complicated process. Many
of you would be aware that Pasminco's business is complicated
given the interdependencies of those assets, Pasminco's
corporate structure and its financing arrangements.

Following our appointment as Administrators, there were two
broad options available to us:

   * Firstly, seek a sale of all of Pasminco's assets. This
would have resulted in the assets being sold, or possibly closed
in some instances, and proceeds distributed in the order of
priority set out by the Corporations Act.

   * The second option available was to continue to trade with a
view to restructuring Pasminco.

What was unclear to us in the early days of the Administration
was the best way to achieve this restructure. Our obligation was
to generate as much value as possible from Pasminco's assets for
the benefit of stakeholders.

At the time of our appointment, Pasminco's Century and Broken
Hill mines were on the market for sale. We continued these sale
processes while other strategic options were developed and
assessed. While we were able to achieve a sale of the Broken
Hill mine, we did not believe that offers made for Century
reflected that mine's longer term value. We considered that we
could generate a greater return for creditors by restructuring
Pasminco than by an immediate sale of all its assets at a time
of low zinc prices.

During late 2001 and early 2002, we continued to assess
different restructuring and strategic options for Pasminco,
again with the aim of generating as much value as possible for
Pasminco's assets.

It became apparent however, that no matter which restructure
option was selected, it would not be possible to generate
sufficient value to repay all Pasminco's existing liabilities
and provide a surplus for shareholders. Having arrived at this
view, we advised shareholders on 15 November 2001 that there was
no practical value left in their shares. That is; that their
equity had no value.

It is important for shareholders to note that in an insolvency,
the Corporations Act dictates that all creditors must be paid in
full before shareholders are entitled to receive any return.

We did not consider that a sale of Pasminco's assets could
generate the maximum value from the Group's assets. We therefore
considered the option of restructuring Pasminco's debt by
issuing new shares in Pasminco to creditors in exchange for
their debt - a transaction that is referred to as a debt for
equity swap.

In order to issue new shares in Pasminco Limited we either
required exemptions from ASIC from the takeovers provisions or
we would have had to use a Scheme of Arrangement under the
Corporations Act, which automatically contains the relevant
exemptions for the type of restructure proposed.

Schemes of Arrangement are an older legislative procedure that
are sometimes used by large companies to reorganize their
affairs. Schemes are however, cumbersome, time consuming and
relatively inflexible to implement. We therefore applied to ASIC
for exemptions from the relevant takeovers provisions. When ASIC
refused our application we applied to the Takeovers Panel to
review ASIC's decision.

Unfortunately some of the reporting of this process suggested
that our application was to deprive shareholders of their
rights. This is not the case. Our application was made to enable
us to proceed with the restructure in as simple a form as
possible.

By law, we were also not permitted to comment publicly while our
application was being considered by the Panel, even where we
considered the position was not being accurately conveyed.

The Panel granted our application. The majority of Panel members
acknowledged that the "Administrators are primarily responsible
to the company's creditors, not the shareholders" and that they
"consider that it is inappropriate to require the issue of the
shares ... to be subject to the approval of existing Pasminco
shareholders..."

Ultimately, despite the Panel deciding in our favor that the
relevant exemptions should be provided, the work we and our
advisors had performed in the meantime led to an alternative
method of restructure becoming the preferred method of
implementation.

The restructure option that has been selected for Pasminco will
result in the current operating assets of the Group being
transferred to the control of a new holding company, known as
Pasminco Resources Limited. Equity in the new company will be
transferred to creditors with a percentage yet to be determined
that is proposed to be sold to investors prior to an ASX listing
of Pasminco Resources Limited.

The Deeds of Company Arrangement that implement the restructure
also contain fallback restructure options if the proposed float
is unable to proceed. These options include a sale of all of
Pasminco's assets, a formal winding up of Pasminco and the issue
of shares to creditors in Pasminco Limited, which was the
subject of the Takeovers Panel application.

In summary, based on the work performed by us and our advisors,
the restructure method that has been adopted provides the
greatest opportunity to maximize the value of Pasminco for
stakeholders. It is not possible, however, to provide a return
to shareholders. I will talk about the position of shareholders
further in a moment.

We have also been conscious throughout the Administration of the
importance of Pasminco to various stakeholders. Many people have
focused on what the restructure means for creditors compared to
shareholders but it is also important to remember the importance
of Pasminco to its approximately 3,500 employees who have
substantial accrued entitlements, the local communities where
Pasminco operates and its employees live and thousands of
customers and suppliers around the world.

We believe the restructure proposal that has been adopted
provides the best opportunity to ensure the various Pasminco
assets continue to operate, which benefits employees, local
communities, suppliers and customers.

We have tried to keep shareholders informed of the development
of the restructure of Pasminco. It is difficult, however, to
provide Pasminco's approximately 57,000 shareholders with
regular and detailed reports. Many shareholders are aware that
Pasminco's website is kept up to date with all media releases
and reports to creditors. These documents have also been lodged
with the ASX as required. For those shareholders that would like
further information on the restructure of Pasminco, we encourage
you to visit Pasminco's website where you can download copies of
the Administrators' Reports and other information available.

THE POSITION OF SHAREHOLDERS

Shareholders have asked why they have not been consulted in the
restructure process and why they will not receive any interest
in the restructured entity.

We have tried to show you today the financial position that
Pasminco was in when we were appointed as Administrators.
Pasminco could no longer meet its financial commitments without
the support of its lenders and the company's liabilities
exceeded its assets. On this basis, Pasminco was insolvent or
likely to become insolvent shortly thereafter.

Under the law, creditors are entitled to repayment of all
amounts due to them before shareholders are entitled to any
return of their capital. This is the risk that any shareholder
takes on by investing in shares. In our assessment, under
whatever restructure scenario was adopted for Pasminco, it is
not possible to generate sufficient value to repay all
liabilities that existed at the date of our appointment and
provide a surplus for shareholders.

We and Pasminco regret that it is not possible to provide
shareholders with any return or interest in the new entity and
we understand that shareholders have lost money; in many cases a
lot of money. We would also prefer it if no employees had been
made redundant, if creditors could be paid in full and other
parties were not affected by the Administration.

The restructure that is being implemented for Pasminco is about
securing the future of Pasminco's operations. We have tried to
focus on ensuring the best future for Pasminco and its
stakeholders in the circumstances and we consider that the
restructure is the best possible outcome in the circumstances.

Shareholders have not been consulted in the restructure process
as the Corporations Act, which governs the operation of
Voluntary Administrations, requires that creditors alone
determine the future of a company in administration. Again this
is predicated on the basis that shareholders have no economic
interest in the company given its insolvency.

Some shareholders have also asked us about their tax position.
We are unable to advise any shareholder of their individual tax
position, however we have been seeking to clarify the position
as best we can for shareholders generally.

In particular, shareholders have queried whether they can claim
a tax loss given their shares are of no value. The Income Tax
Assessment Act allows capital losses to be claimed in certain
circumstances. One of those circumstances is where a liquidator
declares the shares are of no value. Pasminco is in
administration, not liquidation, and the legislation does not
give similar powers to Administrators or Deed Administrators as
it does to a liquidator.

In order to clarify the position, we requested a class ruling
from the Commissioner of Taxation. The ruling has recently been
received and confirms that a tax loss cannot be claimed for a
company in administration or subject to a Deed of Company
Arrangement.

We consider this position to be unfair for Pasminco
shareholders. The position may have arisen due to the fact that
Voluntary Administrations did not exist when the relevant
provisions of the tax legislation were originally written. As a
result, we have recently approached the Federal Government with
a request for a change in the legislation so that statements by
an Administrator or Deed Administrator regarding the value of
shares in an insolvent company will have the same effect as a
statement by a Liquidator.

We do not know if the Government will agree to seek to amend the
legislation or if any changes that are made will be made
retrospectively.

It is also not currently possible for shareholders to transfer
their shares for a nominal amount to crystallize a tax loss in
that way. This is because the Corporations Act prohibits such
transfers during Administration except with a Court Order. This
position is also reflected in the Deeds of Company Arrangement
and applies to off-market share transfers.

We have indicated previously that it is our intention to provide
shareholders of Pasminco Limited with a priority allocation in
any public offering of shares in Pasminco Resources if it
proceeds.

I am unable to comment any further on this matter in this forum
given publicity restrictions that exist in relation to public
offerings, however further details are expected to be made
available early next year.

WHAT HAPPENS NEXT

We will continue to prepare Pasminco for the proposed public
offering.

We will write to shareholders when details of any priority offer
are available.

We will continue to liaise with the Federal Government to seek
to change the legislation regarding the tax position of
shareholders of companies in Administration.

We will continue to update Pasminco's website regarding future
developments and we invite shareholders to access the site for
information that may affect them or contact the Pasminco
shareholder help line with any queries.


WESTERN METALS: Announces Expiry of Employee Options
----------------------------------------------------
Western Metals Limited advised that on December 8 2002, a total
of 1,680,000 unlisted employee options issued under the Western
Metals Employee Option Plan expired. A total of 800,000 unlisted
executive options also expired on December 8, 2002.

The unlisted employee options that remain outstanding at
December 11 2002 are shown below.

NUMBER             EXERCISE         EXPIRY              CLASS
OF OPTIONS         PRICE            DATE

2,945,500       62 cents        15 November 2004       Employee

800,000         83 cents        8 December 2002      Executive

At the end of 2002, the Company had negative working capital, as
current liabilities were A$77.56 million while total current
assets were only A$73.17 million, Wrights Investors' Service
reports.


WORLDWIDE TECHNOLOGY: Options Expiring December 31
--------------------------------------------------
Worldwide Technology Group Limited advised that it has received
a waiver from the Australian Stock Exchange with respect to the
information required by the Listing Rules in paragraph 6.1 of
Appendix 6A in relation to 31 December 2002 Options (WWTOA).

In accordance with the ASX waiver, the Company provides the
following information:

1. Total number of Options due to expire on 31 December 2002 is
   138,232,500.

2. The exercise price is 20 cents.

3. The due date for payment is 31 December 2002.

4. The last date of quotation for the Options will be 20
December 2002.

5. Non-payment of the exercise price will result in expiry of
the Options.

6. There has been no trading in the Options during the last 3
months.

7. The latest market price of the underlying shares in the
Company (WWT) is 0.01 cents.

8. There has been no trading in underlying shares during the
last 3 months.

Notices will be sent to option holders if there is a substantial
increase in the trading price of the options or if the market
price of the underlying shares exceeds 15 cents before 31
December 2002.

On April 10, The Troubled Company Reporter-Asia Pacific reported
that in line with the capital raising, the Company is undergoing
a restructuring exercise to streamline its regional operations.


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


CHOI SING: Faces Winding Up Petition
------------------------------------
The petition to wind up Choi Sing Co. Ltd is scheduled for
hearing before the High Court of Hong Kong on January 29, 2003
at 9:30 am.

The petition was filed with the court on November 14, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong. Solicitors for the Petitioner is Tsang, Chan
& Wong.


GOLDEN JADE: Winding Up Sought by Yeung Yung
--------------------------------------------
Yeung Yung Man is seeking the winding up of Golden Jade Seafood
Restaurant Limited. The petition was filed on November 6, 2002,
and will be heard before the High Court of Hong Kong on January
15, 2003 at 10:00 am.

Yeung Yung holds its registered office at Room 1409, 14/F., Wang
Yuk House, Luk Fu Estate, Junction Road, Kowloon, Hong Kong.


HYCOMM WIRELESS: Seeks Circular Dispatch Time Extension
-------------------------------------------------------
Reference is made to the announcement dated 19 November, 2002
made by HyComm Wireless Limited (formerly known as Plotio
Holdings) in relation to a discloseable and connected
transaction involving issue of new shares.

Pursuant to Rules 14.13(2) and 14.29(2) of the Listing Rules,
Hycomm Wireless Limited is required to dispatch to its
shareholders a circular containing details of the discloseable
and connected transaction within 21 days after the publication
of the announcement, which will be 11 December, 2002.

As extra time is required for the finalization of various
matters which include, amongst others, the terms of the Netphone
Distribution Agreement and the Netphone Services Agreement, the
Company has applied to the Stock Exchange for a waiver from the
strict compliance of the requirements of Rules 14.13(2) and
14.29(2) of the Listing Rules and an extension of the deadline
for the dispatch of the Circular from 11 December, 2002 to a
date not later than 31 December, 2002.

The Troubled Company Reporter - Asia Pacific reported that the
Company booked a net loss of HK$97.822 million for the year to
March, against a loss of HK$327.182 million the previous year.
Operating loss was recorded at HK$84.178 million from
HK$197.776 million, on sales of HK$53.4 million in 2002 and
HK$165.368 million in 2001.


INNOVATIVE INTL: Operations Loss Narrows to HK$8M
-------------------------------------------------
Innovative International (Holdings) Limited announced on
11/12/2002:

Year end date: 31/3/2003
Currency: HKD
Auditors' Report: N/A
Review of Interim Report by: Both Audit Committee and Auditors
with qualified opinion
                                                (Unaudited)
                              (Unaudited)        Last
                              Current            Corresponding
                              Period             Period
                              from 01/04/2002    from 01/04/2001
                              to 30/09/2002      to 30/09/2001
                              Note  ('000)       ('000)
Turnover                           : 6,531           60,783
Profit/(Loss) from Operations      : (8,055)         (61,761)
Finance cost                       : (16,202)        (27,244)
Share of Profit/(Loss) of
  Associates                       : N/A             (10)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A              N/A
Profit/(Loss) after Tax & MI       : (19,582)        (87,380)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0338)        (0.1509)
         -Diluted (in dollars)     : N/A              N/A
Extraordinary (ETD) Gain/(Loss)    : N/A              N/A
Profit/(Loss) after ETD Items      : (19,582)        (87,380)
Interim Dividend                   : NIL              NIL
  per Share
(Specify if with other             : N/A              N/A
  options)

B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.      LOSS FROM OPERATIONS
                                   (Unaudited)     (Unaudited)
                                    6 months        6 months
                                     ended           ended
                                   30.9.2002       30.9.2001
                                   (HK$'000)       (HK$'000)
Loss from operations is arrived at
after charging:

Amortization                            -               1,950
Depreciation                            519             590
Directors' emoluments                   351             351
Provision for doubtful debts            -               12,666
Receivers' remuneration                 3,151           -
Staff costs                             *               3,953

And after crediting:

Exchange gain (net)                     -               350
Interest income                         62              658

* Information is not available.

2.      LOSS PER SHARE

The basic loss per share is calculated based on the loss
attributable to shareholders of HK$19,582,000
(2001:HK$87,380,000) and on the weighted average of 579,039,594
ordinary shares (2001: weighted average of 579,039,594 ordinary
shares) in issue during the six months period.

Diluted loss per share has not been presented for the reporting
and the preceding periods as no diluting events existed during
these periods.


KEEN BRIGHT: Winding Up Petition Set for Hearing
------------------------------------------------
The petition to wind up Keen Bright Industrial Limited is
scheduled for hearing before the High Court of Hong Kong on
January 8, 2003 at 9:30 am.

The petition was filed with the court on October 28, 2002 by
Bank of China (Hong Kong) Limited whose registered office is
situated at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Central, Hong Kong.


PCCW LIMITED: Equity Capital Raising Rumor Not True
---------------------------------------------------
PCCW Limited (formerly known as Pacific Century Cyberworks
Limited) noted Wednesday's press reports with respect to market
rumors that the Company will shortly be raising fresh equity
capital. The Directors would like to confirm that these rumors
are incorrect and unfounded. In particular the Company has no
intention to undertake a rights issue.

According to Wrights Investors' Service, at the end of 2001, the
company had negative common shareholder's equity of -HK$7.64
billion. This means that at the present time, the common
shareholders have essentially no equity in the company. This is
further compounded by the fact that among the assets the company
does have on its balance sheet, there are HK$2.75 billion in
intangible assets. This company's total liabilities are higher
than total equity, which means that the money this company owes
are greater than all of the assets of the company.


SEAPOWER RESOURCES: HK Court OKs Scheme, CI Hearing Adjourned
-------------------------------------------------------------
The Provisional Liquidators of Seapower Resources International
Limited announced that Hong Kong Court Sanction the Scheme on
December 10, 2002.

The Provisional Liquidators also announced that Cayman Islands
Court hearing of the Petition to sanction the Scheme, originally
scheduled for December 10, 2002, has been postponed due to the
unavailability of the Cayman Islands Court to hear the matter.
Further announcements in relation to the rescheduled hearing
date and the result of the Cayman Islands (CI) Court hearing
will be issued as and when appropriate.

The Scheme involves, inter alia, Capital Reorganization, Debt
Restructuring involving Creditors' Schemes of Arrangement in
accordance with Section 86 of the Cayman Companies Law and
Section 166 of the Companies Ordinance, Subscription of New
Shares and Warrants, Whitewash Waiver, other proposals regarding
Adoption of New Shares Option Scheme and General Mandate to
Issue New Shares.


WING LUEN: Winding Up Hearing Scheduled in January
--------------------------------------------------
The High Court of Hong Kong will hear on January 15, 2003 at
9:30 in the morning the petition seeking the winding up of Wing
Luen China Cargo Company Limited.

Cheung Kam Onof No. 5, Shui Tong Road, Chung Uk Tsuen, Tuen Mun,
New Territories, Hong Kong filed the petition on October 30,
2002.  Tam Lee Po Lin, Nina represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Tam Lee Po
Lin, Nina, which holds office on the 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


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


ASIA PULP: IBRA Ignores Bondholders Proposal Rejection
------------------------------------------------------
Asia Pulp & Paper's major lender, Indonesia Bank Restructuring
Agency, will sign a debt agreement in December despite rejection
by bondholders, Reuters reported Thursday, citing Deputy
Chairman Mohammad Syahrial.

"On December 18, we will sign (the agreement)...others who want
to join in will be given time until May 31," Mohammad Syahrial
said, adding that the bondholder rejection is not considered
official since not formal written was dispatched.

IBRA has targeted signing an interim agreement, which precedes a
final debt accord expected by May 31 next year to restructure
about half of the group's US$13.9 billion debts, with APP and
other major creditors on December 18. Earlier this week, a
bondholder committee's steering group rejected the terms of the
repayment deal. The bondholder committee's steering group
represents about $2.8 billion of APP's debt.

On December 4, APP said it would sign a final debt repayment
agreement with lenders by May 31 as part of the landmark deal
reached in September to restructure about half of its massive
debt at four key Indonesian units, namely PT Indah Kiat Pulp &
Paper , PT Tjiwi Kimia , PT Lontar Papyprus Pulp & Paper
Industry and PT Pindo Deli Pulp & Paper Mills.


ASTRA INTERNATIONAL: Creditors Support Debt Restructuring Plan
--------------------------------------------------------------
The creditors of PT Astra International have approved two debt
restructuring resolutions, which paves the way for the company
to proceed with its planned rights issue, AFX-Asia reports
quoting Astra Finance Director John Slack.

"The creditors have approved both resolutions. We will be
proceeding (with) the rights (issue) now... We hope to get the
rights money in by January," Slack said, adding that the company
will disclose details of the rights offer on Dec 17 after a
meeting of the audit committee.

"We would not have any problems if Toyota decided not to
subscribe to the rights issue... there will be standby buyers,"
Slack said when asked to comment on reports that Astra
shareholder Toyota Motor Corp may not subscribe to the rights
issue. He declined to disclose who the stand-by buyers are.


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


JAPAN AIRLINES: Has No Plans for Aggressive Restructuring
---------------------------------------------------------
Japan Airlines System Corp. (JAL) is not planning any aggressive
restructuring measures such as job cuts despite sluggish
profits, Dow Jones reports, citing JAL President Isao Kaneko
said on Wednesday.

The airline has been hurt by poorly performing U.S.-bound
passenger services and lower domestic fares resulting from
competition, but air traffic demand will continue to grow in the
medium- and long-term.

JAL has continuously streamlined its operations and has already
made necessary staff reductions since 1991.

Meanwhile, Japan Airlines and Japan Air System plan to merge and
reorganize their operations into international, domestic and
cargo service companies by spring 2004, but the group is already
trying to consolidate the two units' online reservation system
and mileage program services.

The Troubled Company Reporter-Asia Pacific reported in June that
Japan Airlines Co Ltd (JAL) would redeem its 17-year
exchangeable corporate bonds issued on December 13, 1987 ahead
of the bonds' redemption date of March 31, 2005, in view of the
approaching joint venture with Japan Air System in October 2002.

As of June 18, 2002, a total of 18.664 billion yen worth of
bonds have not yet been redeemed. JAL issued a total of 25
billion yen of exchangeable bonds carrying a coupon of 1.6
percent.


KK NAGASAKIYA: Court Approves Special Liquidation
-------------------------------------------------
On November 26, 2002, the Tokyo District Court approved the
start of special liquidation for KK Nagasakiya Leasing, reports
the Tokyo Shoko Research. The Company has total liabilities of
47.5 billion yen. The personal credit institution is located at
Kyoto-si, Kyoto, Japan.


KYOHO KAIHATSU: Golf Course Applies for Rehabilitation
------------------------------------------------------
Kyoho Kaihatsu KK, which has total liabilities of 21.597 billion
yen, recently applied for civil rehabilitation proceedings,
according to Tokyo Shoko Research. The golf course has 147
employees and is located at Osaka-si, Osaka, Japan.


MORITA DEVELOPMENT: Bankruptcy Application Update
-------------------------------------------------
Resona Holdings, Inc. announced that Morita Development Co.,
Ltd., a customer of its subsidiary banks, The Daiwa Bank, Ltd.
(Daiwa Bank, President: Yasuhisa Katsuta) and The Kinki Osaka
Bank, Ltd. (Kinki Osaka Bank, President: Yasuhiro Takatani)
filed an application to the Osaka District Court for
commencement of bankruptcy proceedings.

Due to this development, there arose a concern that the claims
to the Company may become irrecoverable or its collection may be
delayed. Details are announced as follows:

1. Outline of the Companies

(1) Corporate Name             Morita Development Co., Ltd.
(2) Address                    15-15 Ishigatsuji-cho, Tennouji-
                               ku, Osaka-shi
(3) Representative             Shouhei Matsumura
(4) Amount of Capital          488 million yen
(5) Line of Business           Construction

2. Fact Arisen to the Companies

On December 11, 2002, the Company filed an application to the
Osaka District Court for commencement of bankruptcy proceedings.

3. Amount of Claims to the Company

Exposure of Daiwa Bank                    Loans: 2.0 billion yen
Exposure of Kinki Osaka Bank              Loans: 0.5 billion yen

Asahi Bank and Nara Bank, which are subsidiaries of Resona HD,
have no claims to the Company.

4. Impact of This Development on The Consolidated Earnings
Forecast of Daiwa Bank HD.

This development does not affect the forecasted earnings of
Resona HD for the fiscal year ending March 31, 2003, which was
announced on November 25, 2002.


NICHIMEN CORPORATION: S&P Downgrades Rating to B+, Watch Neg
------------------------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit rating on Nichimen Corporation to 'B+' from
'BB-' and its short-term rating to 'C' from 'B'.

The downgrade reflects ongoing weakness in Nichimen's financial
profile, and the likelihood that its financial standing will
deteriorate further as a result of its planned integration with
the larger and financially weaker Nissho Iwai Corp. (B-pi).

At the same time, Standard & Poor's placed the long-term rating
on Nichimen on CreditWatch with negative implications.

"The CreditWatch placement will be resolved after evaluating the
likely effects of the consolidation on Nichimen's asset quality
and equity base, the degree to which its credit profile will
converge with that of Nissho Iwai, and the impact of ongoing
pressure on Nichimen's financing stability and liquidity," said
Takahiro Saimen, a credit analyst at Standard & Poor's in Tokyo.

"We will also evaluate the impact of the consolidation on Nissho
Iwai's business profile and financial profile," said Mr. Saimen.

Nichimen and Nissho Iwai recently announced that they will
consolidate under a holding Company in April 2003. The
consolidation plan is intended to enhance the capital of the two
companies, and allow the reorganization and streamlining of
unprofitable businesses. Given the weak business and financial
profiles of Nichimen and Nissho Iwai, however, drastic
restructuring efforts could generate additional losses at the
companies.

In view of the difficult business conditions facing Japanese
general traders, the firms could find it difficult to achieve
the recurring profits of 100 billion yen they are targeting
within five years of the merger.


NISSHO IWAI: JCR Places Ratings on Credit Monitor
-------------------------------------------------
Japan Credit Rating Agency (JCR) has placed the ratings of
preliminary BB+ and J-3 of Nissho Iwai Corporation on the
following shelf registration, bonds and CP program under Credit
Monitor, respectively.

Shelf Registration
Maximum: 200 billion yen
Valid: two years from May 28, 2000

Issues Amount (bn) Issue Date Due Date Coupon
callable convertible bonds no.1 Y50/Aug. 22, 1996/Sept. 30, 2003
/0.65 %
callable bonds no.3 Y10/Feb. 26, 1996/Feb. 26, 2003/2.60 %*1
callable bonds no.5 Y10/ Mar. 26, 1996/Mar. 26, 2003/2.925 %*2
FRN no.7 Y10/Feb. 20, 1997/Feb. 20, 2003/floating
callable bonds no.9 Y5/July 10, 1997/July 10, 2003/2.10 %
FRN no.10 Y5/Nov. 20, 1997/Nov. 20, 2007/floating
FRN no.11 Y3/Nov. 20, 1997/Nov. 20, 2007/ floating
exchangeable-for-other shares bonds no.1 Y12.5/Mar. 27, 1998/
Mar. 27, 2003/1.00 %
bonds no.17 Y10/May 15, 1998/May 15, 2003/2.35 %
bonds no.19 Y4/Aug. 27, 1998/Aug. 26, 2005/3.00 %

*1: 4.00 % on and after February 27, 2001
*2: 4.00 % on and after March 27, 2001

CP Maximum: Y500 billion Backup Line: 0 %

RATIONALE:

Nissho Iwai and Nichimen recently announced that they would
integrate their operations and establish a holding Company via
stock-swap. Each of the two companies will be a wholly owned
subsidiary of the holding Company. They plan to create synergy
and well-balanced business portfolio as well as cut the SG & A
expenses by 80 billion yen.

Both companies have been restructuring their operations.
However, the external environment has been severe due to the
stagnant economy and credit squeeze. It is necessary to take
drastic measures to improve the earnings. JCR will pay close
attention to the future developments as to the realization of
synergy and cost reductions. The asset quality is expected to
deteriorate along with the deepening of deflation.

Risk management should be strengthened as well. JCR placed the
rating for Nissho Iwai under Credit Monitor to examine carefully
the impact of the integration on the improvement in the earnings
and financial structure of the Company.


NISSHO IWAI: JCR Places EMTN, Units Under Credit Monitor
--------------------------------------------------------
Japan Credit Rating Agency (JCR) has placed Nissho Iwai Corp.'s
BB+ rating on the following euro medium term note program under
Credit Monitor.

Issuer:

Nissho Iwai Corporation (securities code no. 8063)
Nissho Iwai HK (Cayman) Ltd.
Nissho Iwai International Finance (Cayman) Limited

Program: Euro Medium Term Note Programme
Amount: equivalent of US$3 billion
Program Established: August 16, 2000
Program Revised: October 26, 2001
Maturities: To be decided for each issue.
More than 1 year for the notes denominated in the Swiss francs.
Status: Unsecured and un subordinated obligations ranking pari
passu with other unsecured and un subordinated indebtedness of
issuer.

Credit Enhancement: Guaranteed by Nissho Iwai Corporation
Covenants: Negative Pledge & Cross Default

RATIONALE:

This program is established jointly by Nissho Iwai Corporation,
Nissho Iwai HK (Cayman) Ltd., and Nissho Iwai International
Finance (Cayman) Limited.

Nissho Iwai HK (Cayman) Ltd. and Nissho Iwai International
Finance (Cayman) Limited are directly or indirectly wholly owned
subsidiaries of Nissho Iwai Corporation and are under complete
control of the parent Company.

The debt service capabilities of subsidiaries concerning the
issues under this program are considered the same as that of the
parent Company because of the guarantee by it. JCR placed the
rating for the parent Company under Credit Monitor today. The
Credit Monitor on the program reflects the Credit Monitor on the
parent Company.


NTT DOCOMO: Strategic Partnership With KPN Unchanged
----------------------------------------------------
In a Company statement, KPN announced its decision to
recapitalize its mobile activities through conversion of 14
billion euros of shareholder loans from KPN into equity at KPN
Mobile before year-end.

To maintain its shareholding, NTT DoCoMo had the right to
subscribe to additional shares of KPN Mobile. At that time, KPN
already indicated that it anticipated that NTT DoCoMo would not
exercise this right. At present, NTT DoCoMo announced that it
has decided not to exercise its right.

As a result, the Board and the shareholders of KPN Mobile N.V
have decided on Tuesday to issue to KPN 7 billion shares of 2
euros nominal per share. NTT DoCoMo's voting interest will be
diluted from 15 percent to approximately 2.2 percent.

KPN fully respects NTT DoCoMo's decision and looks forward to
continuing the successful strategic partnership with NTT DoCoMo.

According to the Troubled Company Reporter-Asia Pacific, the
evaporating value of its foreign holdings forced DoCoMo to book
813 billion yen in appraisal losses in the last business year to
March and another 573 billion yen in the first half of this
year, when it wrote down its KPN Mobile stake to zero.


TOKYO ELECTRIC: Submits Leak Tests Problem Report
-------------------------------------------------
Tokyo Electric Power Co. (TEPCO) submitted Wednesday the final
report concerning the problem of leak tests on the primary
containment vessel at Fukushima Daiichi Nuclear Power Station
Unit-1 to the Minister of Economy, Trade and Industry.

As soon as the suspicion had arisen that air was being injected
into the primary containment vessel, TEPCO asked an outside team
consisting of five independent expert lawyers to investigate the
situation. The investigation lasted about two months and after
its completion the team reported to TEPCO on its findings.
TEPCO's report demonstrates its recognition of the findings of
the investigation team, and describes the measures it will take
in the future.

The conclusions of the investigation team are the same as those
in the interim report issued on October 25:

1. It was confirmed that dishonest acts had taken place,
including injecting air into the primary containment vessel in
order to lower the leak rate while TEPCO's workers were involved
in the 15th and 16th periodic inspections at Fukushima Daiichi
Station's Unit-1.

2. Apart from the above-mentioned acts at Fukushima Daiichi
Station's Unit-1 no dishonest practice was found in any other
leak tests conducted in the past at any nuclear power plants.

TEPCO would like to express its sincere apologies, both to those
in the vicinity of its nuclear power stations and to all members
of society, for conducting dishonest practices during the
government's regular nuclear safety inspections.

TEPCO will make strenuous efforts to prevent reoccurrence of
such errors and to regain public confidence in the company and
in nuclear power.

The Company will do this by creating "a system that will never
allow workers to engage in dishonest practice" and "a climate in
which workers will never engage in dishonest practice"

For a copy of the press release, go to www.tepco.co.jp


TOKYO ELECTRIC: Likely to Suspend Nuclear Reactors' Operations
--------------------------------------------------------------
The Tokyo Electric Power Co (TEPCO) may suspend operations at
its 17 nuclear reactors next spring due to regular or advanced
inspections, after revelations that the Company had falsified
reports on defects at its nuclear facilities, Kyodo News said on
Wednesday.

TEPCO recently told the Fukushima prefectural government of its
intention to shut them down sometime between late March and
early April in response to the government's call for thorough
inspections.


TOMEN CORPORATION: Guam Unit Enters Liquidation
-----------------------------------------------
Trading house Tomen Corporation decided to liquidate its unit
Tomen Development (Guam) Inc. in line with the group's
restructuring program, according to Kyodo News on Thursday.

The unit was established in 1989 and will be liquidated on
December 16, the report said.

According to the Troubled Company Reporter-Asia Pacific, Toyota
Motor is close to reaching a decision on whether to bail out
Tomen Corporation, the struggling Japanese trading house that
pleaded for its help in November. Tomen is saddled with 860
billion yen in interest-bearing debt.


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


CHOHUNG BANK: Shinhan Exceeds Cerberus Bid
------------------------------------------
Shinhan Financial Group has bid 6,000-6,100 won per share for
Chohung Bank, with the Cerberus-led consortium bidding 5,000-
5,100 won, Money Today and AFX News said on Thursday.

The government wants at least 6,400 won a share for Chohung
Bank, which is 80.04 percent owned by the state-run Korea
Deposit Insurance Corp.

The Public Fund Oversight Committee (PFOC), a policy-setting
body to oversee the use of public funds, had not made a decision
as of Wednesday on the bids.  PFOC said the two bids were higher
than the market price of Chohung Bank, but gave no further
details.

Meanwhile, Bloomberg reported that the government is selling the
stake to recoup some of the 157 trillion won ($129 billion) it
spent bailing out banks, insurance companies and investment
trusts after the 1997-98 financial crisis. Chohung was bailed
out by the government in 1999 because of mounting bad loans from
years of state-directed lending to companies.


HYNIX SEMICONDUCTOR: Creditors Revise Debt Restructuring Plan
-------------------------------------------------------------
The Korea Exchange Band (KEB) and other major creditors of Hynix
Semiconductor Inc. may accept a call from non-bank creditors
that the proposed debt conversion into the chipmaker's shares
should be made at the current price, the Korea Herald said on
Thursday. KEB has proposed a 21:1 capital write-down to other
creditors, the official said.

KEB has informed each creditor that the conversion price of debt
into the chipmaker's shares will be set at the lower limit of
450 won per share.

"We revised the restructuring plans drawn by Deutsche Bank,"
said an unnamed KEB official. "The official proposal will be
sent to each creditor either on Thursday or Friday."

Deutsche Bank is the Company's financial advisor.

Creditor banks and other financial institutions originally have
planned to convene early this week to discuss the proportion of
debt to be converted into Hynix shares, but delayed the meeting
indefinitely due to diverging views among creditors on the
proposed debt schemes.

In the meantime, Korea Exchange Bank is likely to propose a 21:1
capital write-down to each creditor, and to a shareholder's
meeting slated for February next year, meaning all shareholders
will bear the Company's loss of value.

If the capital reduction plan is approved, Hynix's capital base
will be reduced to 1.2 trillion won from the current 26 trillion
won, with 5.2 billion shares outstanding to be reduced to 250
million shares.


KOREA THRUNET: Unveils 3Q02 Financial Results
---------------------------------------------
Korea Thrunet Co. Ltd. reported third-quarter losses of $63.5 in
the year to September, Dow Jones reports.

The Company has completed the first stage of its restructuring
plan with recent asset sales that raised 429.9 billion won in
total and enabled it to repay all outstanding debt falling due
in 2002.

In early November, Korea Thrunet received a Nasdaq delisting
notice for failure to comply with the $1 minimum bid price. The
Company has requested a hearing to review the staff
determination.

3rd Quarter Results to September 30, 2002:

Figures in Korean won

                    2002                 2001

Revenue       KRW130,742,031,000   KRW123,625,356,000
Net income       (77,939,854,000)     (39,442,815,000)
Shr earns
Net income       (424,000)            (402,000)

Figures in parentheses are losses.


KOREA THRUNET: Shareholders OK Reverse Stock Split
-------------------------------------------------
Korea Thrunet Co., Ltd., a major provider of broadband Internet-
access services in Korea, recently announced that shareholders
of the Company have approved the reverse stock split proposed by
the Board of Directors at an extraordinary shareholders meeting
held on November 25, 2002.

According to this resolution, three shares of the existing
common stock of the Company will be consolidated into one share
carrying the same par value.

As a result, the total number of outstanding shares of the
Company will be reduced to 77.63 million shares from 232.9
million shares. However, there will be no change in the ratio of
stakes held by shareholders. The reverse stock split will take
effect on January 20, 2003, at which time the Company will issue
new share certificates.

For more information, go to http://english.thrunet.com/

On November 6, 2002, Thrunet has received a Nasdaq Staff
Determination indicating its securities would be delisted from
the Nasdaq National Market. As for the determination, the
Company has requested a hearing based on written submissions
before a Nasdaq Listing Qualifications Panel to review the Staff
Determination. There can be no assurance that the Panel will
grant Thrunet's request for continued listing.


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


AUTOWAYS HOLDINGS: AmMerchant Bank Resigns as Adviser
-----------------------------------------------------
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), further to the announcement by Autoways
Holdings Berhad on 30 August 2002, announced that AmMerchant
Bank has resigned from acting as adviser to the Company on its
proposal to regularize its financial position.

COMPANY PROFILE

On 21 May 1999, Autoways announced a proposed restructuring
scheme to enable it to continue as a going concern and return
it to profitability.

The Shah Alam High Court granted the Company and subsidiary,
Autoways Construction Sdn Bhd, a restraining order pursuant to
Section 176 (10) of the Companies Act, 1965, which had been
extended and expired on 19 December 2000. The Company and the
Group are currently formulating a revised proposed
restructuring scheme. Details and timing of the scheme are
pending finalization.

CONTACT INFORMATION: 2nd Floor, Wisma Socfin
                     Jalan Semantan
                     Damansara Heights
                     50490 Kuala Lumpur
                     Tel : 03-4680050
                     Fax: 03-4680051


BERJAYA SPORTS: Unit FEAB Properties Buys 8% ICULS
--------------------------------------------------
The Board of Directors of Berjaya Sports Toto Berhad
wishes to inform that its wholly-owned subsidiary, FEAB
Properties Sdn Bhd has purchased ICULS in BToto as follows:

1. Date of Purchase : 11 December 2002

2. Number of ICULS Purchased : 100,000

3. Minimum price paid for each ICULS : RM2.85

4. Maximum price paid for each ICULS : RM2.87

5. Total consideration paid : RM287,574.44

6. Total number of ICULS held to-date : 7,512,000

7. Cumulative consideration : RM21,424,035.94
paid to-date

The Company has obtained the necessary approvals for the above
purchase of ICULS up to an amount not exceeding RM1.2 billion.
Details on the ICULS purchase were disclosed in the Company's
Circular to Sharesholders dated 5th April 2002 and the Abridged
Prospectus relating to the Rights Issue of ICULS dated 20th
June 2002.

CONTACT INFORMATION: Level 17, Shahzan Prudential Tower
                     30 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2935 2373/2381;
                     Fax : 03-2935 8043


CAMERLIN GROUP: Loan Stock Interest Due in January
--------------------------------------------------
Camerlin Group Berhad posted this Notice of Book Closure:

EX-date          : 27/12/2002
Entitlement date : 31/12/2002
Entitlement time : 12:30:00 PM
Entitlement subject    : Loan Stock Interest
Entitlement description: FIRST INTEREST PAYMENT ON THE
OUTSTANDING RM129,393,315.00 NOMINAL VALUE OF 5.5% FIVE(5)-YEAR
IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS 2002/2007
Period of interest payment     : 15/07/2002 to 15/01/2003
For year ending/Period ending/ended : Share transfer book &
register of members will be closed from (both dates inclusive)
for the purpose of determining the entitlements : to
Registrar's name ,address, telephone no:
          Hong Leong Nominees Sendirian Berhad
          Level 5, Wisma Hong Leong
          18 Jalan Perak
          50450 Kuala Lumpur
          Tel No. 03-21641818
Payment date  :  15/01/2003

a) Securities transferred into the Depositor's Securities
Account before 12:30 pm in respect of ordinary transfers:
31/12/2002

b) Securities deposited into the Depositor's Securities Account
before 12:30 pm in respect of securities exempted from
mandatory deposit:

c) Securities bought on KLSE on a cum entitlement basis
according to the Rules of the KLSE.

Number of new shares/securities issued (units) (If applicable)
:
Entitlement indicator : Percentage
Entitlement in percentage (%) : 5.5

Remarks: Interest payable semi-annually at 5.5% per annum.

Wrights Investors' Service reports that at the end of 2001, the
Company had negative working capital, as current liabilities
were 309.93 million Malaysian Ringgits while total current
assets were only 140.42 million Malaysian Ringgits. The company
has paid no dividends during the last 12 months. It also
reported losses during the previous 12 months.


CHASE PERDANA: Pancar Generasi's Creditors Meeting Postponed
------------------------------------------------------------
On behalf of Chase Perdana Berhad, Southern Investment Bank
Berhad announced that the Court Convened Meeting of Unsecured
Creditors of Pancar Generasi (M) Sdn Bhd originally convened on
3 December 2002 at 9.30 a.m. which had been adjourned to 9
December 2002 has been further adjourned to 27 December 2002
starting at 9.30 a.m. and continuing until 10.30 a.m. unless
concluded earlier at Suite 5.2, 5th Floor, Wisma Chase Perdana,
Off Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur.

Please refer to
http://www.bankrupt.com/misc/TCRAP_Chase1213.doc for the
Notice of the Court Convened Meeting.


L&M CORPORATION: Submits Mandatory General Offer Waiver to SC
-------------------------------------------------------------
Further to L & M Corporation (M) Bhd's announcement on 2
December 2002 pertaining to its Monthly Status on its Plan to
Regularize its Financial Conditions for November 2002, the
Special Administrators of L & M wish to inform that L & M has
submitted its application for a waiver from Mandatory General
Offer obligation in respect of the Proposed Corporate And Debt
Restructuring Scheme to the Securities Commission and are
presently waiting for its approval.

COMPANY PROFILE

L&M and its subsidiaries had mainly provided specialized
engineering and construction services. However, currently, L&M
is under the management of Special Administrators (SA)
appointed by Pengurusan Danaharta Nasional Berhad on 22 August
2002. The SA are in the process of finding of a new owner for L
& M.

CONTACT INFORMATION: No. 6, Persiaran Kerjaya (Jalan Glenmarie)
                     Seksyen U1
                     40150 Shah Alam, Selangor
                     Tel : 03-5031 8318/5514 6888
                     Fax : 03-5031 8325


LIEN HOE: 2002/2007 ICULS Granted Listing
-----------------------------------------
Lien Hoe Corporation Berhad advised that the its additional
1,000,000 new ordinary shares of RM1.00 each issued pursuant to
the Conversion of Rm1,000,000 Nominal Value of 2% 2002/2007
Irredeemable Convertible Unsecured Loan Stocks will be granted
listing and quotation with effect from 9.00 a.m., Friday, 13
December 2002.

COMPANY PROFILE

Originally the Company (LHC) and its subsidiaries were engaged
in the manufacture and trading of building materials. In 1982
and 1983, Peak Hua Holdings Bhd (PHH), a company involved in
real estate and securities investment, acquired the majority
shareholding in LHC. LHC then embarked upon a restructuring
exercise which resulted in diversification into property
development in June 1983. Distribution of scientific/medical
supplies was added in mid 1988 as was the manufacture of
kitchen cabinets and knock down furniture. In 1988 the Company
ceased to be a subsidiary of PHH.

Subsequent to a scheme of financial restructuring in 1990, LHC
branched into property investment and management through
acquisitions. Over the years, LHC has also ventured into timber
logging and hotel property.

Currently, the Group is in the process of implementing a
proposed restructuring scheme which comprises capital reduction
and share consolidation; acquisition of Billiontex Industries
Sdn Bhd, Rusella Teguh Sdn Bhd and Atria Properties Sdn Bhd;
restricted offer for sale; debt restructuring; and rights issue
of warrants. The scheme was approved by the SC on 30 .5.2000
and shareholders of the Company on 23 November 2000.

CONTACT INFORMATION: 18th Floor, Menara Lien Hoe
               No. 8, Persiaran Tropicana
               Tropicana Golf & Country Resort
               47410 Petaling Jaya
               Tel : 03-7805 1331;
               Fax : 03-7805 3112


NCK CORPORATION: December 31 EGM Scheduled
------------------------------------------
NCK Corporation Berhad (Special Administrators Appointed)
notified that an Extraordinary General Meeting of the Company
will be held at Corus 1, Level 1, Corus Hotel Kuala Lumpur
(Formerly known as MingCourt Vista Kuala Lumpur), Jalan Ampang,
50450 Kuala Lumpur on Monday, 30 December 2002 at 10.30 a.m. or
immediately following the conclusion or adjournment (as the
case may be) of the Seventeenth Annual General Meeting of the
Company which is scheduled to be held at the same venue and on
the same date, at 10.00 a.m., whichever is later, to transact
the following business:

Ordinary Resolution

PROPOSED SHAREHOLDERS' RATIFICATION FOR RECURRENT RELATED PARTY
TRANSACTIONS

"THAT the Recurrent Related Party Transactions as set out in
item 2.4 of the Circular to Shareholders dated 12 December 2002
for the above (RRPT) which have been entered into by the
relevant companies in NCK Group from 1 June 2001 until 31
December 2002 be hereby ratified.


PANGLOBAL BERHAD: Discloses Nov 2002 Coal Production Figures
------------------------------------------------------------
PanGlobal Berhad wishes to announce that the production volume
of coal of its wholly-owned subsidiary, Global Minerals
(Sarawak) Sdn Bhd for the month of November 2002 was
43,592.04mt

COMPANY PROFILE

The Group's principal activities include general insurance
business, extraction of logs, sawmilling and manufacturing of
veneer, coal mining, property investment and development,
rental of office and commercial premises and operation of hotel
apartments.

The Company was originally a housing developer. In 1966, the
Company disposed of these activities and entered into the towel
and yarn manufacturing business. Over the years, the Company
diversified its activities into property development, computers
and insurance. The Company maintains its insurance operations
through PanGlobal Insurance Bhd, with head office in Kuala
Lumpur and branches in 12 states. It transferred its towel
manufacturing operations to one of its subsidiaries in 1987,
thus becoming a purely investment holding company.
Subsequently, the Company, in 1994, disposed of its property
development division and computer division and, in 1995, its
textile operations.

Following this, the Company became involved in timber
extraction and related activities and operation of a coal mine.
Both activities are carried out in Sarawak.

An affected listed issuer under Practice Note 4/2001 of KLSE's
Listing Requirements, the Company has submitted a proposed
composite scheme of debt arrangement to the SC and the relevant
authorities. The proposals are awaiting approval from SC, the
High Court of Malaya and shareholders. A Restraining Order
under Section 176 of the Companies Act, 1965, granted to
PanGlobal together with four of its subsidiaries (PanGlobal
Properties Sdn Bhd, Menara PanGlobal Sdn Bhd, Global Minerals
(Sarawak) Sdn Bhd and Limbang Trading (Limbang) Sdn Bhd) has
been extended to 15 November 2002. This Restraining Order
affects only banking creditors.

CONTACT INFORMATION: Level 27, Menara IMC
                     8 Jalan Sultan Ismail
                     50250 Kuala Lumpur
                     Tel : 03-2019199
                     Fax : 03-2023977


PAN PACIFIC: Posts Default in Payment Update
--------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad posted the
Default in Payment as at 30 November 2002 of PPAB and its
subsidiaries in accordance with the Practice Note No. 1/2001.
Details can be found at
http://www.bankrupt.com/misc/TCRAP_PanPacific1213.doc

The Board also informed that there are no material changes in
PPAB's status of default from the date of last announcement
until 30 November 2002.

COMPANY PROFILE

Prior to its public issue, Pan Pacific undertook a
restructuring exercise involving the acquisition of
stockbroking companies. In 1995, the Company embarked on
timber-related activities when it completed a restructuring
exercise which involved the acquisition of five timber
companies: Caritimas Sdn Bhd, Kawood Sdn Bhd, Leaderade Sdn
Bhd, Propagate Industry Sdn Bhd and Wansuria Sdn Bhd. At the
same time, the Company divested its interest in stockbroking
company, South Johor Securities Sdn Bhd.

On 26 December 2000, Pan Pacific entered into a conditional
Share Sale Agreement with K & N Kenanga Bhd for the proposed
disposal of the entire issued and paid-up share capital of
Peninsula Securities Sdn Bhd (PSSB). On 24 August 2001, the
proposed disposal of PSSB to K & N Kenanga was approved by the
shareholders of Pan Pacific. The disposal was subsequently
completed on 30 August 2001.

Pursuant to the revamped listing requirements of Practice Note
4/2001 which requires affected listed issuers to announce plans
to regularize their financial condition, the Company has
commenced negotiations with one of its major financiers for its
debt restructuring. Pan Pacific also plans to utilize part of
the proceeds from its divestment of the stockbroking subsidiary
to establish a manufacturing facility for biodegradeable
packaging for food and beverages.

CONTACT INFORMATION: Suite 6.2, Level 6, Menara Pelangi
                     Jalan Kuning, Taman Pelangi
                     80400 Johor Bahru
                     Tel : 07-3343008
                     Fax : 07-3339163


PLUS EXPRESSWAYS: Parties Sign Proposed Indulgences Agreements
--------------------------------------------------------------
On behalf of the Board of Directors of PLUS Expressways Berhad,
further to the announcement on Indulgences and Consent in
Respect of Terms of the Designated Debt Security Documents of
Projek Lebuhraya Utara-Selatan Berhad (PLUS), a wholly owned
subsidiary of the Company, RHB Sakura Merchant Bankers Berhad
wishes to inform that the relevant parties had on 11 December
2002 signed the relevant supplemental agreements in relation to
the Proposed Indulgences and Consent.

For further details on the Proposed Indulgences and Consent,
refer to Thursday, December 12, 2002, Vol. 5, No. 246. issue of
The Troubled Company Reporter - Asia Pacific.


TAI WAH: EGM Set for December 27
--------------------------------
The Board of Directors of Tai Wah Garments Manufacturing Berhad
wishes to announce that an Extraordinary General Meeting of the
Company will be held at the following date, time and venue to
pass Ordinary Resolutions in relation to the Proposed Disposals
and Proposed Utilization of Proceeds:

   Date : 27 December 2002, Friday
   Time : 9.30 a.m.
   Venue : Matahari Room III, Level 5, Cititel Mid Valley, Mid
           Valley City, Lingkaran Syed Putra, 59200 Kuala
Lumpur

A copy for the Notice of Extraordinary General Meeting is found
at http://www.bankrupt.com/misc/TCRAP_Chase1213.doc

CONTACT INFORMATION: 519, Block A
                     5th Floor, Kelana Business Centre
                     97, Jalan SS7/2
                     Kelana Jaya, Petaling Jaya.
                     Tel : 03-5821818
                     Fax : 03-5821933.


TECHNO ASIA: SPA Cancellation Won't Affect Debt Restructuring
-------------------------------------------------------------
Techno Asia Holdings Berhad (Special Administrators Appointed)
refers to the announcement dated 23 October 2001, whereby
AmMerchant Bank Berhad (formerly known as Arab-Malaysian
Merchant Bank Berhad), on behalf of TAHB, had announced that
TAHB and Westmont Offshore Sdn Bhd ("WOSB") (a wholly-owned
subsidiary of TAHB) (collectively known as the "Vendors") had
entered into a conditional sale and purchase agreement ("SPA")
with Cergas Senja Sdn Bhd ("CSSB") on 16 October 2001 to
dispose their entire equity interests in Westmont Power (Kenya)
Limited ("WPKL") for a total cash consideration of USD$15
million (or equivalent to RM57 million, based on the exchange
rate of USD$1.00 = RM3.80).

On 9 December 2002, TAHB and WOSB vide its solicitors, had
received a letter from the solicitors of CSSB, notifying TAHB
and WOSB that CSSB is rescinding the SPA as certain conditions
precedent have not been fulfilled within the expiry of the
Approval Period i.e. 12 months from the date of the SPA. TAHB
and WOSB vide their solicitors have responded to CSSB
acknowledging the rescission of the SPA.

The rescission of this SPA will not have an impact on the
proposed restructuring of TAHB as the proposals are not inter-
conditional.

CONTACT INFORMATION: No. 17-2, Jalan 5/152
                     Taman Industri OUG
                     58200 Kuala Lumpur
                     Tel : 03-7782 5575
                     Fax : 03-7783 5575


TIMBERMASTER INDUSTRIES: SC OKs Proposed Restructuring Scheme
-------------------------------------------------------------
Aseambankers Malaysia Berhad, on behalf of Timbermaster
Industries Berhad (Special Administrators Appointed), announced
that Securities Commission (SC) had vide its letter dated 2
December 2002, which was received on 4 December 2002, approved
the Proposed Restructuring Scheme of TMIB as proposed.

The SC takes note that LRB has proposed to undertake a
valuation of the Forest Concession of MWTI (Temenggor Forest
Reserve, Gerik). The SC has informed that it has no objection
to the assets valuation of Kota Pinang Sdn Bhd ("KPSB"),
Sesenduk Air Sdn Bhd ("SASB") and Petralman Sdn Bhd ("PSB") in
terms of its revaluation. However, for the valuation of the
forest concession of MWTI, a Forest Inventory Report is
required to be submitted to the Asset Valuation Audit
Department of the SC in order for them to value the forest
concession. The revaluation of the forest concession together
with the revaluation of the freehold land and factory buildings
of MWTI will be informed later by the SC.

The SC's approval is conditional upon the following:

   (i) Leweko Resources Berhad ("LRB") is required to issue the
Information Circular to shareholders of LRB and Abridged
Prospectus in relation to the Proposed Restructuring Scheme.
The Information Circular must disclose the trade debts of Maju
Weko Timber Industries Sdn Bhd ("MWTI"), Maju Leweko Timber Sdn
Bhd ("MLT"), Syarikat Amiziz (M) Sdn Bhd ("SAM"), KPSB, SASB
and PSB together with their respective ageing analysis and the
debts that have exceeded the credit period. In addition, the
directors of MWTI, MLT, SAM, KPSB, SASB and PSB are also to
disclose in the Information Circular their comments/statements
on the recoverability of the trade debts that have exceeded the
credit period;

   (ii) Full provision has to be made on the following trade
debts where:
     (a) the amounts have been disputed;
     (b) legal proceedings have been initiated/taken; and
     (c) have been outstanding for more than 6 months;

   (iii) The directors of LRB are required to provide written
declaration to the SC that the trade debts which have exceeded
their credit periods are recoverable and the provision for
doubtful and bad debts have been incorporated into the accounts
and financial forecast prior to the issuance of Information
Circular to shareholders and the Abridged Prospectus of LRB;

   (iv) The Vendors of MWTI, MLT, SAM, KPSB, SASB and PSB are
required to settle any bad debts which have not been provided
for or disclosed on the completion date of the Proposed
Restructuring;

   (v) The Vendors of the Proposed Acquisitions of Vendor
Companies are subject to a moratorium on fifty percent (50%) of
their consideration shares whereby they will not be allowed to
sell, transfer or assign their shareholdings for at least
one(1) year from the date of the listing of the new LRB Shares.
Thereafter, the Vendors will be allowed to sell, transfer or
assign only up to a maximum of one third per annum (on a
straight line basis) of their respective shareholdings under
moratorium. The proposed moratorium as proposed by LRB to be
imposed are tabled at
http://www.bankrupt.com/misc/TCRAP_TIMP1213.pdf.

LRB/Aseambankers is required to provide the list of the
shareholders of LRB and the total number of shares that are
placed under moratorium. Accordingly, these LRB shareholders,
whose shares are placed under moratorium, are required to
provide undertaking not to sell, transfer or assign their
respective shareholdings during the entire moratorium period.
However, LRB can follow the new SC guidelines in relation to
moratorium on the sale of shares. The new SC guidelines, which
will be announced in due course, are in accordance with the
disclosure-based regulation;

(vi) TMIB is required to nominate an independent audit firm
(which is experienced in investigative audit and has not been
the past and is not the current auditor of TMIB Group) within
the next two months from the date of the letter of approval of
SC to conduct an investigative audit on the past business
losses of TMIB. TMIB is also required to take the necessary
steps to recover such losses. Based on the findings of the
investigative audit, TMIB has to report to the relevant
authorities if there has been any breach to any laws, rules,
guidelines and/or Memorandum and Articles of Association by
directors of TMIB and/or other parties which resulted in the
losses of TMIB. The investigative audit has to be completed
within 6 months from the date of the appointment of the said
independent audit firm and the resultant findings have to be
reported. Two copies of the investigative audit report have to
be submitted to the SC after the completion of the
investigative audit;

   (vii) Upon completion of the Proposed Restructuring, LRB
must ensure that at least 25% of its issued and paid-up share
capital are in the hands of the public;

   (viii) LRB is required to carry out an effective management
succession plan to ensure continuity of the company's
management following the implementation of the Proposed
Restructuring;

   (ix) LRB is required to provide comprehensive information on
the following in the Information Circular and Abridged
Prospectus:

      (a) Management succession plan as mentioned in (viii)
above;

      (b) Future prospects of LRB; and

      (c) Risk Management Plan of LRB following the
implementation of the Proposed Restructuring.

   (x) In relation to the related parties advances, the vendors
of MWTI, MLT, SAM, KPSB, SASB and PSB are required to fully
settle the related parties advances prior to the completion of
the Proposed Restructuring of TMIB. All future transactions
between LRB Group and potential director(s), substantial
shareholder(s) of LRB or related parties or those essential to
the potential director(s) and substantial shareholder(s) of LRB
must be on arms-length basis and not on detrimental terms to
the LRB Group. In relation to this, the audit committee of LRB
has to monitor, and the directors of LRB need to report any
transaction of such nature in the annual report of LRB;

   (xi) In relation to the Proposed Acquisitions of MWTI, MLT,
SAM, KPSB, SASB and PSB, LRB is required to state the basis for
each of the purchase considerations. In this connection,
Aseambankers is required to comment on the reasonableness of
the purchase considerations in the Information Circular to
shareholders as well as the Abridged Prospectus of LRB;

   (xii) MWTI is required to obtain the relevant logging
permit(s) for its timber concessions prior to the completion of
the said Proposed Restructuring. In the event that MWTI fails
to obtain the logging permit(s) prior to the implementation of
the Proposed Restructuring, LRB is required to confirm to the
SC that they have sufficient supply of logs for its consumption
and this has to be disclosed in the Information Circular and
Abridged Prospectus of LRB;

   (xiii) In relation to the 4 parcels of leasehold land leased
by SASB, PSB and KPSB from the Perbadanan Pembangunan Pertanian
Negeri Perak ("PPPNP"), the promoters/vendors have to obtain
confirmation that the consent of PPPNP has been obtained prior
to the execution of the sub-lease agreements with SASB, PSB and
KPSB and that the waiver on the minimum Bumiputera shareholding
requirement of 51% in KPSB and SASB respectively has been
obtained for the entire period of the sub-lease before the
Proposed Restructuring is implemented;

   (xiv) In relation to the debentures between MWTI and Malayan
Banking Berhad ("MBB"), MWTI is required to obtain consent from
MBB for the change in ownership of MWTI resulting from the
Proposed Restructuring, prior to the implementation of the
Proposed Restructuring.

   (xv) In relation to the Compliance with Licenses and Local
Authority Regulations, MWTI is required to obtain consent from
the State Authority for the conditions stated in Kiln Drying
Chamber License No. P3/94 and Sawmill License No. 106/74 on the
changes in the shareholdings of MWTI as a result of the
Proposed Restructuring and to obtain the certificate of fitness
for the land and buildings located on Lots No. 1219, 1220 and
11841 Mukim of Gerik, prior to the implementation of the
Proposed Restructuring;

   (xvi) In relation to the Forest Certification issued by the
Malaysian Timber Certification Council, LRB should endeavor to
obtain the said Forest Certification for its forest
concession(s). The measures taken to obtain such Certification
and its impact on the business of LRB have to be stated in the
Information Circular to shareholders and Abridged Prospectus of
LRB;

   (xvii) In relation to the revaluation of the land and
building of KPSB, SASB and PSB as stated above, the lessee has
to provide an undertaking to register the lease on the title of
the land within 6 months after the title is issued by the
relevant authority;

   (xviii) The Information Circular to shareholders of LRB has
to be submitted to the SC for clearance;

   (xix) Aseambankers/LRB have to meet the conditions imposed
by Foreign Investment Committee and Ministry of International
Trade and Industry; and

   (xx) Aseambankers/LRB/TMIB are required to comply with the
relevant requirements of the Policies and Guidelines on
Issue/Offer of Securities.

The Special Administrators and the Vendors of MWTI, MLT, SAM,
KPSB, SASB and PSB are currently deliberating on the
abovementioned terms and conditions. An announcement will be
made in due course.

CONTACT INFORMATION: 152, Persiaran Raja Muda Musa
                     42000 Port Klang, Selangor
                     Tel : 03-3686733
                     Fax : 03-3682155


WING TIEK: SC Guidelines Waiver Application Granted
---------------------------------------------------
As announced on 30 August 2002 and 2 December 2002, RM60
million nominal value of the RCSLS-A and RM35 million nominal
value of the RCSLS-B are proposed to be distributed to the
Scheme Creditors as part of the Proposed Debt Restructuring
Scheme under the Proposed CDRS. It has been proposed that the
RCSLS-A and the RCSLS-B shall be convertible into new JAKS
Resources Shares at par, i.e. RM1.00 per JAKS Resources Share.
JAKS Resources is the new company set up to take over the
listing status of WTHB pursuant to the Proposed Corporate and
Debt Restructuring Scheme.

Wing Tiek Holdings Berhad, through RHB Sakura Merchant Bankers
Berhad, had applied to the SC for a waiver from compliance with
the requirement of the SC Guidelines that the conversion price
of any convertible securities be fixed at a discount of not
more than 10% from the 5-day weighted average market price of
the underlying shares at a price-fixing date to be determined
upon the receipt of the SC's approval as JAKS Resources is
currently unlisted.

In this regard, WTHB is pleased to announce that the SC has,
via its letter dated 4 December 2002, granted a waiver to WTHB
from compliance with the aforesaid SC Guidelines. This
announcement is dated 11 December 2002 and is made on behalf of
WTHB.

CONTACT INFORMATION: 10th Floor - Tower Block
                     Kompleks Antarabangsa
                     Jln Sultan Ismail, 50250 Kuala Lumpur
                     Tel : 03-2454337
                     Fax : 03-2415757


YCS CORPORATION: Answers KLSE's Default Query
---------------------------------------------
YCS Corporation Berhad, in reply to Query Letter by KLSE
reference ID: KM-021204-43776 dated 9th December 2002 on the
Default in Payment Of Interest In Respect Of Rm58,520,000
Irredeemable Convertible Unsecured Loan Stock - A2000/2005
(ICULS) posted:

1. The company is at present progressively settling the
outstanding interest payment to the ICULS holders and we do not
anticipate any financial implication if the outstanding
interest are settled over a period of time.

2. Refer to the legal opinion, the Restraining Order dated 15th
February 2000 is still applicable.

3. The ICULS holders can take legal action against the company.

4. Indulgence given by lender are in default only.

Below is a copy of the Kuala Lumpur Stock Exchange's Query
letter:

We refer to your announcements dated 27 September 2002 and 9
October 2002 in relation to Default in Payment Of Interest In
Respect Of Rm58,520,000 Irredeemable Convertible Unsecured Loan
Stock - A2000/2005 (ICULS).

In this respect, please be advised that pursuant to paragraph
3.2 of Practice Note No 1/2001, you are required to make
periodic announcements on monthly basis of the current status
of the Default and the steps taken by the listed issuer to
address the Default until such time when the Default is
remedied.

In addition, you are also required to furnish the Exchange with
further clarification in relation to your reply to the
following queries, which was announced to the Exchange on 9
October 2002. Please be advised that the request for the
aforesaid clarification has been verbally communicated to your
Mr Chai
Kok Kheang and Mr Low Ten Pow on numerous occasions.

Financial implications in respect of the default in payments
including the extent of YCS Corporations Berhad's ("YCS")
liability in respect of the obligations incurred under the
agreements for the indebtedness. The status of the restraining
order dated 15 February 2000. Lines of action available to the
ICULS holders against YCS. Whether the default in payment
constitutes an event of default under a  different agreement
for indebtedness (cross default) and the details thereof.

Please furnish the Exchange with your reply for public release
within two (2) market days from the date hereof.


Yours faithfully,

INDERJIT SINGH
Senior Manager
Listing Operations
CKM


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


ATLAS CONSOLIDATED: Relates American Transfer Termination
---------------------------------------------------------
Atlas Consolidated Mining and Development Corporation informed
the Philippine Stock Exchange in a letter dated December 5, 2002
regarding the status of the American Stock Transfer & Trust Co.,
the transfer agent of the Corporation in the United States.

The Corporation advised that:

1. The services of the American Transfer Agent was terminated
sometime on or about May 5, 1995, the effective date when Atlas
shares were delisted in the US Stock Exchange as per the
attached copy of the application for Delisting filed by the
American Stock Exchange Inc. before their own Securities and
Exchange Commission.

2. With respect to those shares held in the United States of
America, as per the information given to us by Atlas' local
Stock Transfer Agent which we hereto quote: 'For this reason,
trading of U.S. Registry shares cannot be effected in the PSE
since the stock certificates originating in the U.S. will
require the validation of Atlas' U.S. Transfer Agent. The stock
and transfer books of Atlas' U.S. registry should therefore be
transferred first in the Philippines before any transaction of
said shares could be properly validated and effected in the
books of Atlas.

Please be advised that the Exchange has requested for additional
information regarding the aforesaid matter and will inform the
general investing public upon further advise by the Corporation.

For more information, go to
http://bankrupt.com/misc/tcrap_atlas1212.pdf


BENPRES HOLDINGS: Clarifies Restructuring Halt Report
-----------------------------------------------------
Benpres Holdings responded to the news article entitled "Benpres
credit restructuring on hold - Awaiting resolution of Meralco
problem" published in the December 11, 2002 issue of the Manila
Standard. The article reported that:

"Creditors of Benpres Holdings Corp. are holding off deciding on
the Company's balance sheet management plan given the unresolved
issues on subsidiary Manila Electric Co. Benpres Chief Financial
Officer Angel Ong said discussions with the Company's creditors
are ongoing but it would be too early at this time to say how
many of the are agreeable to the plan. Company officials were in
Hong Kong last week to talk to creditors. Meralco's fate is
crucial in the successful implementation of Benpres' credit
restructuring plan. "We are depending largely on dividends from
our unit First Philippine Holdings Inc., which also has a stake
in Meralco," Ong said.

Benpres Holdings Corporation, in its letter dated December 11,
2002, disclosed that:

"Please be informed that Benpres continues to discuss the terms
of the restructuring of debts with its creditors."

For a copy of the press release, visit
http://bankrupt.com/misc/tcrap_benpres1212.pdf


CEBU MEDICAL: City Mayor Gives Hospital `Six Months to Live'
-----------------------------------------------------------
Cebu City Mayor Tomas Osme¤a has ordered the City Council to
give the Cebu City Medical Center (CCMC) no more than a six-
month budget to June next year, leaving the option of closing
the hospital in July if he sees no "positive development," Cebu
Daily News reports.

Instead of the 105 million pesos budget for the hospital as
included in the 2003 annual appropriations, Osme¤a said he
wanted it halved.

"We will spend the remaining 50 million pesos either for their
termination fees, or to continue their operation for six more
months," Osme¤a said.

Osme¤a is currently studying many options, which includes the
privatization of the city-run hospital.

"We are spending much money, but I don't see it happening,"
Osme¤a said of the 40-year-old hospital.


MAYNILAD WATER: Seeks Water Concession Deal Termination
-------------------------------------------------------
Benpres' water service arm, Maynilad Water Services, is planning
to seek early termination of its water concession agreement with
the government, according to DebtTraders, citing the
Metropolitan Waterworks and Sewerage System.

It seems that Benpres is reacting to the Supreme Court's ruling
on its power-generating arm, Meralco. DebtTraders believe the
news is a credit negative in the short run. Hopefully, the
escalation will speed up the negotiation process.

DebtTraders reports that Benpres Holdings' 7.875 percent bond
due in 2002 (BENP02PHS1) trades between 53 and 58. For real-time
bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=BENP02PHS1


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


CHARTERED SEMICON: Re-posts Schedule 13G Filing by Merrill
----------------------------------------------------------
Chartered Semiconductor Manufacturing Co. is re-posting the
attached Schedule 13G filed by Merrill Lynch & Co., Inc with the
United States Securities and Exchange Commission (SEC) on 9
December 2002 on Masnet for the conveniences of investors,
shareholders and other members of the public in Singapore.

For a copy of the 13G Filing, visit
http://bankrupt.com/misc/tcrap_csm1212.pdf


CHARTERED SEMICONDUCTOR: Intel Chairman Issues Update
-----------------------------------------------------
A flurry of upward revisions by Intel Corp., AMD Inc. and
Chartered Semiconductor on their fourth revenue outlooks on
better than expected demand have lent some optimism to the
beleaguered semiconductor industry, Kelive reports.  However, it
may yet be too early to predict a strong recovery heading into
next year.

In a keynote speech at the International Electron Devices
Meeting held by IEEE earlier on Thursday, Intel Corp. Chairman,
Andy Grove, said that it was too early to forecast a rebound
despite recent indications of a better quarter.  Global sales of
semiconductor declined by 30 percent to US$140bn in 2001.  The
Semiconductor Industry Association reported in November that
global sales were recovering and forecast the semiconductor
sales to rise from 2003.

However, Grove believes that semiconductor companies need to
curtail chip-making capacity to emerge from its current
tailspin.  According to Grove, inherent oversupply problems
still remain.  He said the semiconductor industry continued to
operate way ahead of underlying demand following a spate of
massive investment and spending on technology during the 1990s.
We do not consider the current rebound to be sustainable and
continue to hold a bearish view on semiconductor stocks in
Singapore.

For more information on Kelive market analysis, go to
http://www.kelive.com/kelive/userview/Home.jsp


EXCEL MACHINE: Management Order Petition Hearing Set January 10
---------------------------------------------------------------
In the announcement made by Excel Machine Tools Limited on
November 30, 2002 in respect to the joint petition for judicial
management order, it was stated that the High Court of Singapore
would hear the Petition on 13 December 2002.

The Company has been notified that the Court has now scheduled
the Petition for hearing on January 10, 2003 instead, at the
request of the Petitioners.


JADE TECHNOLOGIES: Narrows Net Loss to $1.7M
--------------------------------------------
Jade Technologies posted a net loss of $1.7 million versus a
loss of 13.4 million a year earlier in the year to September, GK
Goh reports.  Retrenchment cost and impairment of fixed assets
incurred in connection with the winding down of subsidiary, Jade
Tech Europe (JTE).

Depreciation expense decreased from $12.3m to $6.6m,
attributable mainly to the cessation of JTE's manufacturing
activities in Mar02. Loss per shr was 5.31cts; NTA/shr 57.16cts.

GK Goh added that while there are signs of recovery, business
conditions in the electronics industry remain uncertain and
highly competitive. The effect of further reforms made to the
cost structure in the early part of fiscal 2003 is expected to
place the group in stronger position for more aggressive
competition.


LKN-PRIMEFIELD: Updates Tax Assessment
--------------------------------------
LKN-Primefield Limited recently received an amended assessment
from the Inland Revenue Authority of Singapore IRAS to discharge
the tax payable of S$18 million for the year of assessment Y/A
1998 with regard to the extraordinary gain on its previous sale
of land at No. 429 Bukit Timah Road (Land at Hotel Equatorial).

As regards the S$3.5m tax payable from Y/A 1999 to Y/A 2002,
IRAS has also issued an amended assessment to reduce the tax
payable to about S$0.4m. The Company and its tax consultants are
currently looking into the assessment. Objection will be made,
if necessary.

LKN-Primefield Limited said its bondholders have appointed KPMG
Corporate Restructuring Services (KPMG) as their financial
adviser on its Debt Restructuring Proposal, TCRAP reports.

The Company has signed the engagement letter with KPMG.
It is expected that the preliminary report from KPMG on the
Proposal would be available in the first half of November 2002.


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


ADVANCED INFO: Plans Share Repurchasing for Management Purposes
---------------------------------------------------------------
Advanced Info Service Public Company Limited posted the Form
for Reporting Share Repurchases dated December 11, 2002:

1. Procedure for repurchasing shares on the Stock Exchange of
Thailand

  The due date of the share repurchase project June 1, 2003
(This process of share repurchase must be completed within 6
months)

2. Share repurchasing for financial management purposes

   2.1 Date of the resolution of the board of directors to
undertake share repurchases November 14, 2002

   2.2 The results of share repurchase
       Total Number of shares purchased 90,000,000 shares or
equal to 3.07% of paid-up        capital.

Repurchased    Date    No of   Highest price  Lowest price
Total
                      shares   (Bt/share)    (Bt/share)
(Baht)
                   repurchased
December 11, 2002    52,000    34.50        34.25
1,793,500

   2.3 Cumulative number of shares repurchased

       -  Cumulative number of shares repurchased to date
(including item 2.2) 307,000 shares or equal to 0.010% of paid-
up capital which is 10,582,700 baht in total.

       The company certifies that the information contained in
this report are true and complete in all respects.

Wrights Investors' Service reports that at the end of 2001,
Advanced Info Service had negative working capital, as current
liabilities were 32.88 billion Thai Bahts while total current
assets were only 31.07 billion Thai Bahts.


ADVANCE PAINT: Reveals Additional ESM Information
-------------------------------------------------
Advance Paint and Chemical (Thailand) Public Company Limited,
in reference to its extraordinary shareholders meeting
No.1/2545 held on 9 December 2002, reported additional details
of the meeting relating to the issuing of warrant.

The meeting has voted in favor of the resolution to allocated
warrant to existing shareholders with the ratio of 2 existing
ordinary shares for 3 warrants. In the event that the
conversion of Warrant resulted in a number of warrant with
decimal, the decimal amount will not be counted. The conditions
of the new warrant will be:

   Warrant  W1 ( 5 years term)
   Allocation  : 2 existing shares for 1 Warrant  W1
   Offer price : allocated free of charge to existing share
                 holders
   Term        : not more than 5 years from the date of issue
   Conversion rate : 1 Warrant  W1 for 1 new ordinary share
   Conversion price: 1.00 Baht per share (par value of share =
                     10 Baht)
   Conversion period: every 3 months starting from 30 June 2003

   Warrant  W2 ( 7 years term)
   Allocation      : 2 existing shares for 2 Warrant  W2
   Offer price     : allocated free of charge to existing share
                     holders
   Term    : not more than 7 years from the date of issue
   Conversion rate : 1 Warrant  W2 for 1 new ordinary share
   Conversion price: 1.00 Baht per share (par value of share =
                     10 Baht)
   Conversion period: every 3 months starting from 30 June 2003

It was agreed that the Managing Director will establish other
details.


BANGNA MACHINEWORKS: Files Reorganization Petition
--------------------------------------------------
Manufacturing iron line Bangna Machineworks Company Limited
(DEBTOR)'s Petition for Business Reorganization was filed in
the Central Bankruptcy Court:

   Black Case Number 717/2543

   Red Case Number 740/2543

Petitioner: BANGNA MACHINEWORKS COMPANY LIMITED

Debts Owed to the Petitioning Creditor : 691,520,879 Baht

Planner : B.N.S. SteelGroup Company Limited

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

Date of Examining the Petition: October 9, 2000 at 9.00 A.M.

Court Order for Business Reorganization and Appointment of
Planner : October 9, 2000

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

Announcement of Court Order for Business Reorganization and
Appointment of the Planner in Government Gazette : November 9,
2000

Deadline for Planner to submit the Business Reorganization Plan
to Official Receiver : February 9 , 2001

Planner postponed the date to submit the reorganization plan #
1st : March 9, 2001

Planner postponed the date to submit the reorganization plan #
2nd : April 9, 2001

Appointment Date of the Meeting of Creditors for the Plan
Consideration : May 10, 2001 at 9.30 am. Convention Room no.
1105, 11th Floor Bangkok Insurance Building, South Sathorn Rd.

The Meeting of Creditors had passed the resolution not
accepting the reorganization plan

Court had issued an Order for Cancelled the order for Business
Reorganization pursuant to Section 90/48 since July 3, 2001

Announcement of Court Order for Cancelled the order for
Business Reorganization in Matichon Public Company Limited and
Siam
Rath Company Limited: July 17, 2001

Announcement of Court Order for Cancelled the order for
Business Reorganization in Government Gazette : August 16, 2001

Contact : Ms Bang-Orn Tel, 6792525 ext 112


* DebtTraders Real-Time Bond Pricing
------------------------------------

Issuer             Coupon   Maturity   Bid - Ask   Weekly
change
------             ------   --------   ---------   ------------
-

Asia Pulp & Paper     FRN     due 2001   5.5 - 6.5       +0.5
Asia Pulp & Paper     11.75%  due 2005    31 - 32        0
APP China             14.0%   due 2010    29 - 31        +1
Asia Global Crossing  13.375% due 2006     9 - 11        0
Bayan Telecom         13.5%   due 2006    16 - 18        0
Daya Guna Sumudera    10.0%   due 2007     2 - 4         0
Hyundai Semiconductor8 .625%  due 2007    61 - 64        -1
Indah Kiat            11.875% due 2002    34 - 35        0
Indah Kiat            10.0%   due 2007    27 - 29        0
Paiton Energy         9.34%   due 2014    70 - 75        0
Tjiwi Kimia           10.0%   due 2004    26 - 28        -0.5
Zhuahi Highway        11.5%   due 2008    35 - 37        0

Bond pricing, appearing in each Friday's edition of the
TCR-AP, is provided by DebtTraders in New York. DebtTraders is
a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at www.debttraders.com


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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***