/raid1/www/Hosts/bankrupt/TCRAP_Public/030520.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

            Tuesday, May 20, 2003, Vol. 6, No. 98

                         Headlines


A U S T R A L I A

ADSTEAM MARINE: Announces Major Operations Overhaul  
AMP LIMITED: Investors Doubt Annual Assessment, Management
MIM HOLDINGS: Revises Profit Outlook for Second Half 2002/03
POLLOCK GROUP: NAB Seeks Return of 'Soils Ain't Soil' Brand
SOUTHCORP LIMITED: Lion Nathan Not Interested in Ailing Wine Biz

STOCKFORD LIMITED: Unsecured Creditors to Receive 50-100 Cents
WATER WHEEL: Key Pact Can Raise Creditors' Return to 80 cents


C H I N A   &   H O N G  K O N G

CIL HOLDINGS: Posts Update on Debt Restructuring
HO MAN: Receiver Sets General Meeting of Creditors on May 21
JUMBO SILVER: Special Style Limited Files Winding Up Petition
LAI SUN: To Record Loss Instead of Gain in Media Asset Sale
POLISPHERE LIMITED: Deadline for Proofs of Claim May 31

POPULA INVESTMENTS: Court Sets Winding Up Hearing on June 18
STD MANUFACTURING: High Court Sets Winding Up Hearing
SYNERGY SPORT: High Court to Consider Resolutions on June 3
TOP GLORY: Asks Employees to go on Unpaid Leaves to Cut Cost
VAFORD BUILDING: Winding Up Petition Set for Hearing Next Month

VILY WON: Hearing on Winding Up Petition June 11
WONG SZE: Proofs of Claim Must be in by May 30, Says Receiver


I N D O N E S I A

ASIA PULP: IBRA, Creditors Strike Compromise in Voting Threshold


J A P A N

ALL NIPPON: Suspends Kansai-Dalian-Shenyang Flights in June
ASAHI LIFE: Moody's Reviews Caa1 Rating For Possible Downgrade
FURUKAWA ELECTRIC: Widens FY02 Net Loss to Y114B
KENWOOD CORPORATION: Swings to Y4.22B Profit This Year
RESONA HOLDINGS: Completes Reorganization of Banking Units

RESONA HOLDINGS: Revises FY02 Earnings and Diviand Forecasts
RESONA HOLDINGS: Govt May Offer US$8B in Public Funds


K O R E A

HYNIX SEMICONDUCTOR: S. Korea Loses US Tariff Battle
SK GLOBAL: Samil Accounting May Issue Due Diligence Monday
SK GLOBAL: Quits Unprofitable Textile Businesses


M A L A Y S I A

HIAP AIK: Authorities Review Restructuring Scheme
PANTAI HOLDINGS: Unit Commences Winding Up Proceedings
TAP RESOURCES: Directors Extend Date For ICULS on June 6
SELOGA HOLDINGS: Issues Additional Shares
TRANS CAPITAL: Creditors OK's Scheme of Arrangement


P H I L I P P I N E S

MANILA ELECTRIC: Unhappy With FDC Refund Proposal
MANILA ELECTRIC: SC Ruling Might Hurt Economy, Says Wallace
MANILA ELECTRIC: Rate Hike Crucial Before June
MANILA ELECTRIC: Consults With PCCI on Refund Scheme
MANILA ELECTRIC: Widens Q103 Losses to P325M


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Searches For Business Ally in China
NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
WEE POH: Winding Up Unit


T H A I L A N D

THAI PETROCHEMICAL: Foreign Lenders Could Torpedo New Debt Body

     -  -  -  -  -  -  -  -   

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


ADSTEAM MARINE: Announces Major Operations Overhaul  
---------------------------------------------------
Adsteam Marine Limited has commenced a major restructuring of
its global operations and will dispose of assets that are not
directly complementary to its traditional ship assist business -
- that is its towage operations.

Details of the restructuring plans were announced today as part
of the comprehensive review of the company's operations
undertaken by new Managing Director, John Moller. Mr. Moller,
who joined Adsteam Marine in January this year, announced the
review in February when releasing the company's results for the
2002/03 first half.

Chairman of Adsteam Marine, Bruce Corlett said, "The Board
recognizes it has been a difficult 12 months for shareholders.

"With the appointment of John Moller as Managing Director, and
the rapid and wide ranging review of operations just completed,
the Board has moved to address the Group's disappointing
performance.

"Through John and his management team, the Board is committed to
the re-alignment of Adsteam's strategic and operational
priorities."

Key outcomes of the review include:

* Re focusing on Adsteam's traditional, core ship assist
business,

* The disposal of non-core assets, with the divestment process
to commence immediately,

* A strategy to reduce debt, including using proceeds from non
core asset sales,

* One off write downs and provisions effective in the current
financial year, associated with the refocus on the core ship
assist business,

* The establishment of a centralized operating centre in each of
the key Australian and UK markets, replacing the distributed
operating network,

* Significant operational earnings improvement for 2004/05 and
future years, and

* The resumption of diviands during the 2003/04 financial year,
with no final diviand to be paid for the current financial year.

Mr. Corlett said, "These outcomes represent a low risk strategy
which will capitalize on the company's existing capability. The
initiatives are not reliant on revenue growth."

STRONG BUSINESSES

"Despite challenging market conditions, Adsteam's fundamental
businesses remain strong, and can generate significant and
reliable cash flows," Mr. Corlett said.

"John Moller has the Board's full support to immediately
implement significant change. His extensive and decisive review
has identified areas in which the Group can deliver tangible
operational improvements in order to deliver increased
shareholder value.

"This restructuring is already underway, and while some of the
necessary remedial action will not deliver immediate benefits at
the profit line, we believe Adsteam Marine will be in a much
stronger position as a result of this business plan."

Mr. Moller said Adsteam has grown strongly through acquisitions
since 1998 to be one of the world's largest ship assist and
maritime services operators.

"As a result, the Group has considerable scale, strong market
positions in key ports and significant advantages in terms of
our maritime services knowledge," he said.

Mr. Moller commented further and said:

* Previous acquisitions have not been effectively integrated,

* We have yet to extract the significant benefits from our
substantial operations, and

* We have diluted our focus on our core ship assist business.
"Given the size and quality of our businesses, the restructure
will put Adsteam in a position to derive significant efficiency
gains from our operations whilst building the platform for
future growth."

CONCENTRATION ON STRONG CORE TUG OPERATIONS

"Adsteam's core tug operations would now focus on providing best
practice, low cost, efficient ship assist services only in
strategically important ports, where we have a significant
market presence," Mr Moller said.

"By virtue of our scale and market knowledge, we are in a
relatively strong strategic position and are capable of becoming
the lowest cost and most efficient and competitive operator in
each of our key markets.

"There are substantial efficiency savings to be extracted from
Adsteam's business units. As part of the drive to become the
lowest cost proviar of ship assist services we must standardize
processes and functions and operate as a single global business.
We have now implemented a new organizational structure to
reflect this and have initiated significant operational change.

"An enhanced and re-oriented focus on our customers is required
in order to become the operator of choice in each of our key
markets.  Flexibility and adaptability in servicing customers,
in addition to being a low cost service proviar, will augment
our competitive advantage."

SALE OF NON-CORE ASSETS AND RESTRUCTURING COSTS

Non-core operations and assets not directly complementary to
Adsteam's core ship assist business will be sold.

They include the 50% investment in North American based ocean
barging and fuel distribution company, Northland Holdings, fuel
bunkering businesses in Australia and overseas, and an
investment in a stevedoring business in Australia.

The asset sales will be conducted in an orderly manner, with Mr
Moller adding, "We intend to set up a process to achieve
appropriate value for the business with the proceeds to be used
to retire debt."

Complementary ship services such as lines and mooring, deep sea
services, salvage and tug barging will be retained, as will our
investment in Flinders Ports.

The company will write down A$64m in goodwill and provia A$24m
for restructuring costs as a result of the operational review
this financial year. The restructuring is expected to deliver
recurring cost savings of A$3m in 2003/04 rising to A$10m in
2004/05.

DEBT REDUCTION

Mr Moller said paying down the Group's debt to a more
appropriate level in a relatively flat operating environment was
a clear priority for the Group.

"The strength of the Group's cash flows and the nature of the
business allows us to service reasonably high debt levels. Our
target is to achieve an interest coverage ratio (EBITA /
interest expense) of at least 3.0x in the medium term compared
to 2.1x currently," he said. "We have presented the business
plan to our bankers and they support our strategies."

Earnings outlook

Adsteam's results for the current 2002/03 financial year will
include the effects of write offs and provisions detailed today.
The underlying performance of core operating businesses in
Australia and the UK will be similar to that of last year.
Operating performance in the US business continues to
disappoint. Therefore earnings for the six months ending 30 June
2003 prior to write offs will be around A$10m.

"The impact of these measures will result in negative retained
earnings for the Group at June 2003," Mr Moller said.

"At this early stage, we expect operating earnings for 2003/04
to be slightly higher than the expected 2002/03 earnings. The
substantial positive impact on operating profits arising from
the operational review, start to kick in during 2004/05," he
said.

DIVIANDS

Mr Corlett said shareholder diviands are a major priority going
forward. "Our intention is to place the company in a position to
pay reliable diviands to our shareholders reflecting the
underlying operating performance of the business.

"However, as a consequence of the substantial write downs to be
effected during the current financial year, Adsteam Marine will
have negative retained earnings and therefore cannot pay a final
diviand this year.

"Notwithstanding this, the Board recognizes the importance of
diviands to its shareholders and remains committed to resuming
diviand payments in 2004."

It is the Board's current intention, subject to there being no
unforeseen circumstances, to declare a diviand in February 2004,
to be paid in April 2004. We expect this diviand to be fully
franked.

The policy for the 2003/04 interim and future diviands is for
the company to pay approximately 50% of NPAT by way of diviands.
This policy will be reviewed once the company's interest cover
target of at least 3.0x is achieved (expected at the end of
2004/05).


AMP LIMITED: Investors Doubt Annual Assessment, Management
----------------------------------------------------------
A survey conducted by research consultancy Brand Management
shows that shareholders distrust the company's pronouncement,
although they believe the current management is doing a good job
in turning around the company.

Citing the survey results, Sydney Morning Herald said 73 percent
agreed they had been profoundly misled, more than half thought
the company was untrustworthy and 66 percent described the
company as poor or very poor.  More than 80%, however, believe
AMP CEO Andrew Mohl is doing a good job and that the company was
a good long-term bet.

Meanwhile, most of shareholders surveyed blame the group's
recent woes on former executives, Paul Batchelor and George
Trumbull; long-serving directors, Richard Grellman and Lord
Killearn; and former chairman Stan Wallis.

About 240 shareholders, who were interviewed before and after
the annual meeting last Thursday, participated in the survey,
according to the report.

In related development, Mr. Mohl announced Sunday that AMP will
not raise more equity capital beyond its AU$1.7 billion offer,
but it could refinance a lot of its debt, including its hybrid
equity instruments.  He said each of AMP's life funds in the UK
had sufficient capital and met regulatory capital requirements.

Meanwhile, he said as long as AMP got regulatory approvals the
demerger of the UK assets would go ahead, despite reports on
Friday that a possible bid for the UK life assets could emerge
to alter the demerger plan.  Sources recently told the Sydney
Morning Herald that the chances of a Kohlberg Kravis & Roberts-
led consortium putting together a successful deal was less than
50-50, but there is certainly an air of takeover talk creeping
into the struggling UK life industry.


MIM HOLDINGS: Revises Profit Outlook for Second Half 2002/03
------------------------------------------------------------
MIM's estimated net profit after tax for the June half 2003 for
continuing operations has been revised downwards.

On 29 April, the company stated that it expected a range of $50
to $65 million subject to ongoing price and exchange movements
and the achievement of heavy shipping schedules.

The company's financial results are being adversely affected by
the strengthening Australian dollar compared to the US dollar,
which impacts not only sales for the balance of the period but
also inventory and debtors in hand.

Assuming that the A$/US$ exchange rate remains around 65 cents
and there is no material improvement in commodity prices, MIM
estimates that the net profit after tax for continuing
operations for the June half is unlikely to exceed the first
(December 2002) half's $33 million.

For more information, visit the company's Web site
(http://www.mim.com.au)or contact:  

Collin Myers (Media)                           
Bus: (61 7) 3833 8285                  
Mobile: 0419 703 145                    

Allan Ryan (Investors)
Bus: (61 7) 3833 8295
Mobile: 0419 781 380


POLLOCK GROUP: NAB Seeks Return of 'Soils Ain't Soil' Brand
-----------------------------------------------------------
In an attempt to recover some of its exposure to the Pollock
group of companies, the National Australia Bank has filed two
cases against a close aide of Kevin Pollock, The West Australian
reported yesterday.

According to the paper, the lawsuits seek to prevent Joanne de
Hollander, a former affiliate, from further appropriating the
brand name of Soils Ain't Soils, one of the best-known brands of
garden supply centers in West Australia.  

Citing the writ filed by bank-appointed administrator Brian
McMaster with the WA Supreme Court, the paper said Ms. de
Hollander currently owns the rights to the brand name, Soils
Ain't Soils, and its trademark.  The writ claims the transfer to
Ms. de Hollander was illegal, in that she knowingly participated
in a breach of a charge held by National Australia Bank over MM
Developments Pty Ltd.

Last month, according to the paper, receivers took control of 10
garden centers after the bank put them in charge of the de
Hollander-directed company Pasadena Holdings Pty Ltd.  But
uncertainty about ownership of the trademark and brand name has
put a cloud over any attempts to sell Pasadena's garden centers
complete with the valuable "Soils Ain't Soils" tag, the report
said.

Ms. de Hollander is listed as a director of Soiland Pty Ltd and
of Soils Ain't Soils 2002 Pty Ltd, the co-defendants in the
litigation over the trademark and brand name litigation.
Soiland, which is understood to have been a key proviar of
various peat and mulch products to Soils Ain't Soils garden
centers, has claimed to be owed about AU$2 million by Pasadena,
the report said.

"In their writ, the bank receivers are asking for a permanent
injunction against Ms. de Hollander and the companies preventing
them from using or otherwise appropriating the goodwill of the
Soils Ain't Soils brand name.  They want orders for the brand
name and trademark to be transferred back to Peat and MM.  They
are claiming compensation from Ms. de Hollander for the losses
caused by the alleged breaches of NAB's charges," the paper
said.

The paper estimates the bank's exposure to the Pollock group to
exceed AU$50 million.  Accordingly, the bank was forced to take
action against the group in March after the tax office began
taking actions to seize assets to recover tax claims of about
AU$16 million.


SOUTHCORP LIMITED: Lion Nathan Not Interested in Ailing Wine Biz
----------------------------------------------------------------
A potential buyer of Southcorp Limited announced Sunday his
company won't bid for the ailing winemaker due to incongruity in
the two companies' business model.

In an interview with Channel 9 Sunday, Lion Nathan CEO Gordon
Cairns said Southcorp doesn't have the model it wanted: "We've
got this strategy that says go at the top end."

"Southcorp are at the top end and all the way down, and we don't
want to be at the bottom end of the business.  That is not to
say it is not the right model so I don't want to be disparaging
about Southcorp because I respect what they have done and far be
it for us, when we make tuppence halfpenny from wine, it would
be arrogant for me to tell them they've got the wrong goods.

"We just don't happen to think it's the right strategy. So it
was never an option for us to look at Southcorp," he said.

He said Lion Nathan never understood Southcorp's strategy of
supplying more wine than its customers needed and hoping to sell
it with promotions.  He added Lion Nathan's "small but
beautiful" wine business was aimed at niche high-end restaurants
and had not suffered the deep discounting that other companies
had.

"We can't compete with the big guys, we can't compete on volume,
we can't compete on price, we've got to go at the top end," he
told Channel 9.

Among Lion Nathan's products are Tooheys, Hahn, XXXX and Swan.


STOCKFORD LIMITED: Unsecured Creditors to Receive 50-100 Cents
--------------------------------------------------------------
Creditors of the Stockford Group Companies are due to vote on a
proposed Deed of Company Arrangement on Tuesday 20 May 2003
which will provia an expected return to the unsecured creditors
of between 50 cents and 100 cents on the dollar.

Mark Korda and Mark Mentha from KordaMentha were appointed as
Administrators of the Stockford Group Companies on 23 February
2003.

Mr Korda said today: "Substantially all of the businesses of the
Stockford Group Companies have been sold." He said the
Administrators expected to receive proceeds of $19 million to
$20 million from the sale of the business units.

"Secured creditors and all employee entitlements and costs are
estimated at $10 million to $11 million and will be paid in
full," he said.

The return to unsecured creditors is dependent on the total
amount of unsecured claims, which are estimated at $10 million
to $20 million. Mr Korda indicated that the wide range proviad
for unsecured creditors was due to difficulties in estimating
the value of contingent and disputed claims. "The total return
to creditors is expected to be at least 50 cents but may be up
to 100 cents in the dollar," he said.

Mr Korda said that the Stockford Administrators expect to pay a
substantial diviand to the unsecured creditors by 31 October
2003.  Diviands to unsecured creditors may be delayed, however,
if creditors commence legal action.

Copies of the Deed of Company Arrangement and the
Administrators' Second Report to Creditors can be obtained at
the Stockford web site (http://www.stockford.com.au)

For more information, please contact:

Michael Smith
Phone: 0411 055 306


WATER WHEEL: Key Pact Can Raise Creditors' Return to 80 cents
-------------------------------------------------------------
Water Wheel administrator Nick Brooke announced recently that
the return to creditors could reach as much as 80 cents in the
dollar from 32 cents, adding that he is now finalizing a
settlement with a key creditor to make this happen.

In an interview with The Age, Mr. Brooke said he is currently
negotiating a settlement with Vicgrain, the company that
financed the construction of Water Wheel's rice dryer at Mitiamo
in northern Victoria.  Vicgrain is claiming a number of cross-
guarantees against the company's assets.

Owing about AU$18 million to hundreds of unsecured creditors and
the ANZ Bank, Water Wheel collapsed in February 2000, according
to the paper.  Recently, Justice Philip Mandie ruled that Water
Wheel directors John Elliott and Bernard Plymin allowed the
company to trade between September 14, 1999 and February 17,
2000, when it was clear the company could not pay its debts.

Mr. Brooke says creditors of Water Wheel Mills were unlikely to
receive more than 14.5 cents in the dollar for their claims.  He
has already paid diviands of 10 cents, and further negotiated
settlements with creditors would lift the final return to 14.5
cents, the paper said.

"In Water Wheel Holdings, our current indications are that we
will be able to pay 32 cents," Mr. Brooke said. "The impact of
settling that (Vicgrain) claim and causing the cross-guarantee
could potentially bring the returns close to 80 cents."


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


CIL HOLDINGS: Posts Update on Debt Restructuring
------------------------------------------------
On 16th May 2003, the Subscription Agreement and the Scheme were
successfully completed.  The Directors anticipate that the
relevant cheques and the share certificates for the Shares
issued under the Scheme will be dispatched to the Scheme
Creditors on 19th May 2003.

Upon completion of the Scheme and the Subscription Agreement,
the number of Shares held in public hands will fall below the
minimum prescribed percentage laid down in Rule 8.08 of the
Listing Rules, which is expected to be approximately 18.4%.

Accordingly, the Company has applied for a waiver from strict
compliance with Rule 8.08 of the Listing Rules until 16th June
2003. If the Stock Exchange believes that a false market exists
or may exist in the trading of the Shares or there are
insufficient Shares in public hands to maintain an orderly
market, it will consider exercising its discretion to suspend
the trading in the Shares.

The announcement of the final audited Company results for the
year ended 30th June 2002 will be further delayed to a date,
which will be on or before 30th June 2003 and the dispatch of
the annual report to approximately three weeks thereafter.
Due to the incompletion of the final audited results of the
Group of the year ended 30th June 2002, the announcement of the
interim results of the Group for the six months ended 31st
December 2002 will be postponed to on or before 15th August 2003
and the dispatch of the interim report to approximately three
weeks thereafter.

The delay in publication of the audited final results for the
year ended 30th June 2002 and the delay in the dispatch of the
annual report of the Company constitute a breach of paragraphs
8(1) and 11(1) of appendix of 7b of the Listing Rules. The delay
in publication of the interim results for the six months ended
31st December 2002 and dispatch of the interim report of the
Company constitute a breach of paragraphs 10(1) and 11(6) of
appendix of 7b of the Listing Rules. In this regards, the
Stock Exchange has reserved its right to take appropriate action
against the Company and/or its Directors.  Shareholders and
investors should exercise caution when dealing in the Shares.

For the complete text of the press release, please click on this
link: http://bankrupt.com/misc/cil_holdings.pdf


HO MAN: Receiver Sets General Meeting of Creditors on May 21
------------------------------------------------------------
E.T. O'Connell, the official receiver of Ho Man Kit, announces
that a general meeting of creditors has been scheduled to take
place on May 21, 2003 at 10:15 in the morning.  He will host the
meeting at his office on the 10th floor, Queensway Government
Offices, 66 Queensway, Hong Kong.


JUMBO SILVER: Special Style Limited Files Winding Up Petition
-------------------------------------------------------------
The petition seeking the winding up of Jumbo Silver Limited is
scheduled for hearing before the High Court of Hong Kong on June
18, 2003 at 10:00 in the morning.

Special Style Limited whose registered office is located on the
9th Floor, Yardley Commercial Building, 3 Connaught Road West,
Hong Kong filed the petition on April 28, 2003.  Messrs. Patrick
Wong & Co. represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs.
Patrick Wong & Co., which holds office at Room 1202, Harcourt
House, 39 Gloucester Road, Hong Kong.


LAI SUN: To Record Loss Instead of Gain in Media Asset Sale
-----------------------------------------------------------
Lai Sun's disposal of its 32.75% stake in Asia Television as
well as a 50% stake in HKATV.com will now push through, but the
property development company will book a loss from the
transaction, The Standard said yesterday.

In an announcement recently, Lai Sun said the value of the
transaction would only amount to HK$230 million, far below the
originally agreed price of HK$360 million.  The stakes would be
sold to ATV CEO Chan Wing-kee.  The Standard said Lai Sun will
have to buy the 50 percent in HKATV.com from its associate eSun
for HK$33.58 million before reselling it to Mr. Chan together
with 32.75 percent of ATV, Hong Kong's No.2 broadcaster.

"Taking into account the cost of acquisition of the 50 percent
stake in HKATV.com for HK$33.58 million, the loss before
expenses on disposal of the 130 million ATV shares and HKATV.com
shares will be HK$99.58 million calculated on a proforma basis,"
Lai Sun said in a statement.  Without the reduction in price,
Lai Sun was expected to reap a gain of HK$31 million.

Market sources told the paper Mr. Chan will resell the stake to
bus television advertising firm, Roadshow Holdings, by means of
convertible bonds. The transactions are expected to be completed
in July, after being postponed by Mr. Chan, the paper said.

Lai Sun has HK$7.9 billion in debt.


POLISPHERE LIMITED: Deadline for Proofs of Claim May 31
-------------------------------------------------------
Creditors of Polisphere Limited have until May 31, 2003 to show
their proofs of claim, according to E.T. O'Connell, the firm's
official receiver and liquidator.  They should send their proofs
to the liquidator's registered office on the 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.


POPULA INVESTMENTS: Court Sets Winding Up Hearing on June 18
------------------------------------------------------------
A petition seeking the winding up of Popula Investments Limited
will be heard by the High Court of Hong Kong on June 18, 2003 at
10:00 in the morning.

Bank of China (Hong Kong) Limited whose registered office is
located at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Hong Kong filed the petition on May 5, 2003.  Messrs. Wat & Co.
represents the petitioners.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Messrs. Wat &
Co., which holds office on the 12th Floor, Chuang's Tower 30&32
Connaught Road Central, Hong Kong.


STD MANUFACTURING: High Court Sets Winding Up Hearing
-----------------------------------------------------
The High Court of Hong Kong will hear on June 11, 2003 at 10:00
in the morning the petition seeking the winding up of STD
Manufacturing Limited.

Panasonic Shun Hing Industrial Sales (Hong Kong) Co. Ltd., whose
registered office is located on the 11th Floor, Great Eagle
Centre, 23 Harbour Road, Wanchai, Hong Kong filed the petition
on April 14, 2003.  Edmund Cheung & Co. represents the
petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Edmund Cheung
& Co., which holds office on 20th Floor, Asia Standard Tower,
59-65 Queen's Road Central Hong Kong.


SYNERGY SPORT: High Court to Consider Resolutions on June 3
-----------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations of
the first meeting of creditors held on 10th April 2003 and the
first meeting of contributories and the adjourned first meeting
of contributories held on 10th April 2003 and 17th April 2003
respectively, deciding the differences and making such order of
appointments as the court may think fit.

Date and Time of Hearing: 3rd June 2003 (Tuesday) at 10:30 a.m.

Place of hearing: High Court Building, No. 38 Queensway, Hong
Kong

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

By E.T. O'CONNELL
Official Receiver & Provisional Liquidator


TOP GLORY: Asks Employees to go on Unpaid Leaves to Cut Cost
------------------------------------------------------------
Top Glory International Holdings, a real estate and hotel
investment firm in Hong Kong, admitted recently that it had
asked some of its employees to go on unpaid leaves to counter
the adverse effects of the SARS outbreak.

"Occupancy rates have dropped to 10-20 percent, compared with
70-80 percent a year earlier," Top Glory Vice-Chairman and
Managing Director Xue Guoping told The Standard. "We have asked
some of our hotel employees to take unpaid leave to cut costs,
at least to cover our operating costs."

As much as 50% of employees in worst performing hotels have been
asked to take leave, Xue said.  

Just recently, the company announced its parent, privately held
Cofco Hong Kong, China's biggest grain trader, had offered to
buy all shares it doesn't already own in Top Glory for 74 HK
cents a share.  The offer price represented an 85 percent
premium to the last traded price of 40 cents before trading was
suspended on April 22 pending the announcement.  

"We are confident that the proposed privatization will be
approved as it is a good chance for our minority investors to
cash in," Xue said, adding the privatisation would be completed
in August.

Top Glory invests in real estate in Hong Kong and the mainland,
as well as hotels in China.  Among its hotel holdings are
Beijing Gloria Plaza Hotel and Shenyang Gloria Plaza Hotel, both
65 percent-owned.  It also has a 70 percent stake in Dalian
Gloria Plaza Hotel, 100 percent in Sanya Gloria resort and 20.7
percent in Shenzhen Shangri-La Hotel, The Standard said.


VAFORD BUILDING: Winding Up Petition Set for Hearing Next Month
---------------------------------------------------------------
Vaford Building Supplies Limited faces a winding up petition,
which the High Court of Hong Kong will hear on June 11, 2003 at
10:00 in the morning.

Law Siu Leung of Room 610, Yiu Fai House, Yiu Tung Estate,
Shaukeiwan, Hong Kong filed the petition on April 14, 2003.  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 34th Floor, Hopewell
Centre, 183 Queen's Road East, Wanchai Hong Kong.


VILY WON: Hearing on Winding Up Petition June 11
------------------------------------------------
The High Court of Hong Kong will hear on June 11, 2003 at 9:30
in the morning the petition seeking the winding up Vily Won
Limited.

Bank of China (Hong Kong) Limited whose registered office is
located at 14th Floor, Bank of China Tower, No. 1 Garden Road,
Hong Kong filed the petition on April 9, 2003.  Koo and Partners
represents the petitioner.

Creditors and other interested parties are encouraged to attend
the hearing.  They only need to notify in writing Koo and
Partners, which holds office on the 21st Floor, Bank of China,
Tower No. 1 Garden Road
Hong Kong.


WONG SZE: Proofs of Claim Must be in by May 30, Says Receiver
-------------------------------------------------------------
Creditors of Wong Sze Chin Ricky have until May 30, 2003 to show
their proofs of claim or they cannot be entitled to receive a
diviand, according to E.T. O'Connell, the company's official
receiver and trustee.


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


ASIA PULP: IBRA, Creditors Strike Compromise in Voting Threshold
----------------------------------------------------------------
To end the deadlock in the restructuring of Asia Pulp & Paper's
US$6.7 billion-debt, the Indonesian Bank Restructuring Agency
(IBRA) and foreign institutional creditors have come up with a
new proposal, The Jakarta Post reported over the weekend.

IBRA said it had reached an agreement with Export Credit Agency
(ECA), which represents the foreign institutional creditors, on
a mechanism to discourage APP from defaulting again on its
debts.

"APP is now considering the new proposal and will respond to it
next week," IBRA said in a press release issued late last week.

According to the report, the new mechanism was drafted after ECA
rejected APP's proposal that a default could only be declared if
75 percent of the creditors agreed.   Under the new proposal, if
the creditors fail to obtain 75 percent support for default,
they can take a second vote within 30 days with a threshold of
only 25 percent, the paper said.

ECA had argued that the APP proposal was not feasible given the
fact that the company's creditors -- which comprise hundreds of
banks, bondholders, export credit agencies and others -- are
spread across the world.  

The new revision is the latest of several changes that have been
introduced into APP's debt plan.  In December last year, IBRA
and APP drafted the outline for a debt rescheduling deal, under
which the four troubled Indonesian APP units would have repaid
US$1.2 billion of the US$6.7 billion they owed over the next 10
years, with the remainder of the debt to be refinanced or
exchanged for convertible bonds.  But the creditors rejected the
plan, saying it encouraged APP to default again on its debts
since no penalties were in place in the event of a default.

APP owes ECA, which includes export credit agencies from Europe,
the U.S. and Japan, some $960 million collectively, the paper
said.  IBRA is APP's single largest creditor with total debts of
US$1 billion.  The agency took over the debts from troubled
local banks in the wake of the late 1990s financial crisis.


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


ALL NIPPON: Suspends Kansai-Dalian-Shenyang Flights in June
-----------------------------------------------------------
All Nippon Airways Co. (ANA) will suspend its flights linking
Kansai airport near Osaka and Shenyang via Dalian, on June 1-15,
because of falling demand following the outbreak of severe acute
respiratory syndrome (SARS), Kyodo News reported on Saturday.
The airline will also reduce the six weekly flights linking
Narita airport near Tokyo and Dalian to three flights per week
on Tuesdays, Fridays and Sundays.

Due to the slump in international travel, largely caused by the
severe acute respiratory syndrome (SARS) scare, All Nippon
Airways, along with another Japanese carrier, has asked the
Development Bank of Japan for financial aid similar to those
granted to U.S. counterparts, the Troubled Company Reporter-Asia
Pacific reported recently. The Financial Times says it is not
yet clear how much money the carriers are asking or in what form
the aid will be packaged.


ASAHI LIFE: Moody's Reviews Caa1 Rating For Possible Downgrade
--------------------------------------------------------------
Moody's Investors Service has placed Asahi Mutual Life Insurance
Company (Asahi Life) Caa1 insurance financial strength rating
under review for possible downgrade. The rating review reflects
the potential for continued deterioration in the Company's
operating environment and franchise value. In Moody's view, this
deterioration could be accelerated by Asahi Life's recent
announcement that it will defer interest on its foundation funds
- permitted under the Insurance Business Law - and its decision
to not make any diviand payments, which are non-cumulative, to
policyholders this year. Moody's views foundation funds as a
form of subordinated debt.

As of September 30, 2002, Asahi Life held Yen 211 billion in
such funds, extended to the Company from affiliated banks and
corporations. Furthermore, Moody's believes that Asahi Life's
recent announcement reflects the ongoing deterioration in both
its balance sheet and profitability, in light of a declining
stock market and increasing policyholder concerns over the
credit quality of life insurers.

In its review, Moody's will focus on the potential impact on
Asahi Life's financial strength and operating franchise of the
interest deferral on foundation funds and the diviand waiver.


FURUKAWA ELECTRIC: Widens FY02 Net Loss to Y114B
------------------------------------------------
Furukawa Electric posted a net loss of 114 billion yen in the 12
months to March, versus a loss of 3.24 billion in the previous
year, The Financial Times reports. The Company said the weakness
of its United States optic fibre unit accounted for a large part
of the decline. The Company is planning to cut hundreds of jobs
at the U.S. unit and would announce details in the next two
months. It has already reduced the number of employees at the
unit from 6,300 to 2,090 since last year.


KENWOOD CORPORATION: Swings to Y4.22B Profit This Year
------------------------------------------------------
Kenwood Corporation incurred a group net profit of 4.22 billion
yen this year versus a net loss of 26.66 billion yen a year
earlier, the Financial Times reported on Friday. The struggling
audio equipment maker said cost-cutting measures, allied to
brisk overseas sales of car audio systems, helped the firm
returned to profitability after straight years of losses.

Last year, the firm reduced its workforce by 45 percent to
4,855, sold plants in China and Mexico and closed a production
facility in Hungary. Meanwhile, strong demand for its car
electronics products in overseas markets, especially in Europe
and the U.S., led the growth.


RESONA HOLDINGS: Completes Reorganization of Banking Units
----------------------------------------------------------
In the fiscal year ending March 2003, Resona Group has completed
the planned reorganization among its banking units to set up
Resona Bank and Saitama Resona Bank. Group banks have also
worked on restoration of their financial soundness by taking
such measures as:  

1) Accelerating removal of non-performing claims from their
balance sheets. 2) Drastically disposing of latent losses on
equity securities. 3) Reversing significant amount of deferred
tax assets, and other proactive measures. In addition, Resona
Holdings disposed of the latent losses on its investments in
banking subsidiaries accompanying the erosion of their net
assets.

As a result of taking these proactive measures, Resona Holdings
could not secure sufficient distributable profits to pay
diviands on its preferred stocks including the stocks subscribed
by the government and the diviands for preferred securities
issued by its finance units are also suspended. In addition,
capital adequacy ratio is supposed to decline noticeably.

Reflecting these developments, Resona Group has decided to renew
its management, raising its capital adequacy as early as
possible, and strengthen its earnings by drastically
rationalizing its operations. Resona Group will step up its
efforts towards creating a financial group that offers true
value to its customers.

1. Renewal of Management

Accepting the responsibility for the results of fiscal year
2002, following directors of Resona Group will resign.
Retirement allowances will not be paid to these retiring
directors.

Takashi Kaiho Chairman of Resona Holdings
Yasuhisa Katsuta President of Resona Holdings, and
President of Resona Bank
Yukio Yanase Deputy President of Resona Holdings
Tetsuo Morishige Deputy President of Resona Bank
Akihiko Umeda Deputy President of Resona Bank

As successors, Kenji Kawada (current director and senior
executive officer of Resona Holdings) and Yoshikatsu Nakashima
(current director and executive officer of Resona Bank) will be
appointed as President and Deputy President of Resona Holdings,
respectively. Masaaki Nomura (current executive officer of
Resona Holdings) and Hiroyuki Mizuta (current director and
executive officer of Resona Bank) and Hiroyuki Mizuta (current
executive officer of Resona Bank) will be appointed as President
and Deputy President of Resona Bank, respectively.

From a viewpoint of accelerating innovation of management,
Resona Holdings intends to invite as Chairman, from outside the
group, a person who has displayed great ability to manage
private companies.

New management body including appointments and resignations of
directors other than those mentioned above will be announced
hereafter. Basic direction of the management renewal would be to
achieve noticeable rejuvenation. The number of directors will
also be reduced further.

2. Innovation of Management

Resona Group innovates its management by implementing the
measures outlined below with a view to creating a financial
group that offers true value to its customers.

(1) Restoration of financial soundness (Strengthening of capital
with public funds) Resona Holdings and Resona Bank received
today the Business Reform Orders (so called "Prompt Corrective
Action, respectively, from the Financial Services Agency (FSA)
based on the Article 52-33-1 and the Article 26-1 of the Banking
Law of Japan since their capital adequacy ratios are estimated
to be below 4 percent.
Resona Group will formulate its Business Reform Plan including a
specific plan for capital increase and submit it to FSA.
Although details are determined hereafter, basically, Resona
Bank will apply for an injection of public funds to strengthen
its capital, on the condition that it will be recognized as a
qualified institution under the Article 102-1 of the Deposit
Insurance Law of Japan.

With the injection of public funds, Resona Group will restore
its capital adequacy as early as possible and implement sweeping
measures to improve its financial soundness.

(2) Strengthening of Earnings

Resona Group intends to announce its earnings plan hereafter. It
will drastically review its cost structure by implementing
rationalization measures outlined below. Through these efforts,
it will aim at establishing a strong earnings base, which can
generate stable profits even under adverse operational
environments.

a) Reduction of salaries for employees

Reflecting the severe results of fiscal 2002, Resona Group will
review its employee salary system, and reduce their bonuses.
Through the implementation of these measures, the level of
employee salary and bonus is supposed to be reduced by 30
percent on average from the second half of the current fiscal
year.

A new retirement allowance and pension system, which includes a
reduction of pension payment, was just introduced in March this
year. However, considerations will be given to putting such
retirement benefit system under further review.

Furthermore, the number of employees will also be reduced.

b) Significant reduction of affiliated companies
The number of affiliated companies within the group at present
is approximately 50. Through integration and reorganization, the
number will be almost halved within a target period of one year.
Directors of these affiliated companies will also be reduced and
rejuvenated.

Group banks and affiliated companies will abolish corporate
adviser system, too.

(3) Priority on satisfaction of customers

As a "federation of regional financial institutions" that
differentiate itself from the so called mega bank groups, Resona
Group will clarify its priority on satisfaction of customers in
regional communities.

The Company apologized for the inconveniences caused and
concerns arising from the suspension of diviands, decline of our
capital adequacy ratio, and other related developments. We
appreciate your understandings and supports towards us as we
endeavor to improve the soundness of our operations, and
continue to serve our customers in each region.


RESONA HOLDINGS: Revises FY02 Earnings and Diviand Forecasts
------------------------------------------------------------
Resona Holdings, Inc. (Resona HD) revised its consolidated and
non-consolidated earnings and diviand forecasts for the fiscal
year ended March 2003 as follows, primarily due to the revision
by Resona Bank, Ltd. (Resona Bank, President: Yasuhisa Katsuta)
of its earnings estimate for the year.

1. Consolidated Earnings Forecast for the Fiscal Year Ended
March 2003

(Millions of Yen, %)

       Ordinary Income       Ordinary            Net
                             Profit(Loss)       Income(Loss)

Previous Forecast  1,200,000  (292,000)         (290,000)
Revised Forecast   1,260,000  (510,000)         (838,000)
Increase / (Decrease) 60,000  (218,000)         (548,000)
Rate of Increase/        5.0  (74.7)            (189.0)
(Decrease)

*Previous forecast was announced on March 11, 2003.

Please refer to the attachment for earnings forecasts of each
banking subsidiary.

2. Non-consolidated Earnings Forecast for the Fiscal Year Ended
March 2003

(Millions of Yen, %)

       Ordinary Income       Ordinary            Net
                             Profit(Loss)       Income(Loss)

Previous Forecast 14,000     1,200              5,500
Revised Forecast  13,000     1,800              (1,154,000)
Increase/(Decrease) (1,000)  600                (1,159,500)
Rate of Increase/   (7.1)    50.0               ---

*Previous forecast was announced on November 25, 2002

3. Revision of Diviands Forecast for the Fiscal Year 2002
Previous Forecast Revised Forecast

Class A No.1 Preferred Stock 24.75 yen ---
Class B No.1 Preferred Stock 6.36 yen ---
Class C No.1 Preferred Stock 6.80 yen ---
Class D No.1 Preferred Stock 10.00 yen ---
Class E No.1 Preferred Stock 14.38 yen ---
Class F No.1 Preferred Stock 18.50 yen ---


RESONA HOLDINGS: Gov't May Offer US$8B in Public Funds
------------------------------------------------------
The Japanese government is prepared to offer more than eight
billion dollars in public funds to Resona Holdings Inc., which
will effectively place the debt-ridden banking group under
government control, AP Online and Nihon Keizai Shimbun reported
on Saturday. Resona decided to seek public support owing to its
capital shortage after closing its books for the year ending in
March 31.

After being hard hit by the disposal of bad loans and slumping
share prices, the banking group's financial strength has further
deteriorated. Resona was reportedly requesting one trillion yen
(8.6 billion US dollars) in public funds, according to Kyodo and
Jiji Press news agencies. Other media suggested the request
could be as much as twice that.

Resona Holdings, a major regional bank based in Japan's second
city of Osaka, was established a year ago by the merger of Daiwa
Bank Holdings Inc. and Asahi Bank in what analysts described as
a marriage of weaklings.


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


HYNIX SEMICONDUCTOR: S. Korea Loses US Tariff Battle
----------------------------------------------------
South Korea has lost its battle to save Hynix Semiconductor
Manufacturing from tariffs on exports to the United States after
talks between South Korea and U.S. trade negotiators in Paris
broke down on Friday without an agreement. Washington is likely
to go ahead with its threat to impose a 57 percent import duty
on Hynix products in June.

The proposed tariffs cast further doubt on the future of debt-
laden Hynix, which last week announced first-quarter losses of
$833 million, bringing the Company's total deficit over the past
three years to more than $8 billion.

DebtTraders reports that Hyundai Semiconductor's 8.625 percent
bond due in 2007 (HYUS07KRA1) trades between 72 and 75.5 For
real-time bond pricing, go to
http://www.debttraders.com/price.cfm?dt_sec_ticker=HYUS07KRA1


SK GLOBAL: Samil Accounting May Issue Due Diligence Monday
----------------------------------------------------------
Samil Accounting Corporation, which has been designated to look
over SK Global's books, will probably make its due diligence
report on May 19, Asia Pulse reported Friday. Officials in the
creditors steering committee hinted that the size of the debt
would probably reach around 6 trillion won (US$5 billion), with
4.5 trillion won in impaired capital.


SK GLOBAL: Quits Unprofitable Textile Businesses
------------------------------------------------
SK Global will quit its unprofitable textile businesses and
concentrate on core lines like petroleum import, handset sales,
information technology and steel as part of its new management
plan, reports the Korea Herald. The Company will transfer
control of its fabrics and garments business and some of its
overseas sales network to Segye Corp. Segye Corporation is a
former Daewoo unit that graduated from court receivership in
December when SK purchased a 28.97 percent share of the firm. It
currently produces domestic brands "Omphalos" and "Basso."


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


HIAP AIK: Authorities Review Restructuring Scheme
-------------------------------------------------
Reference is made to the announcement made by AmMerchant Bank
Berhad (formerly known as Arab-Malaysian Merchant Bank Berhad)
(AmMerchant Bank) on 9 April 2003 with regards to the extension
of time to obtain all the necessary approvals from the
regulatory authorities for the implementation of the Proposed
Restructuring Scheme.

AmMerchant Bank, on behalf of Hiap Aik Construction Berhad,
informed that to date, the remaining relevant authority is still
currently in the midst of reviewing the Proposed Restructuring
Scheme. An application has been made to the Kuala Lumpur Stock
Exchange by the Company for a further extension of time of three
(3) months, i.e. until 19 August 2003 to obtain the necessary
approvals for the implementation of the Proposed Restructuring
Scheme.


PANTAI HOLDINGS: Unit Commences Winding Up Proceedings
------------------------------------------------------
Pantai Holdings Berhad announced that Pantai Investments
(Cayman) Ltd (PICL) has commenced winding up proceedings
voluntarily, when a Special Resolution was passed to voluntarily
wind up PICL on 16 May 2003. PICL is a wholly owned subsidiary
of Cyberwide Finance Limited, which in turn is a wholly owned
subsidiary of Pantai Group Resources Sdn Bhd, a wholly owned
subsidiary of Pantai Holdings Berhad.

PICL was incorporated on 7 December 1995 in Cayman Islands, as
an investment holding company.

The winding up of PICL will not have any material impact on the
Group's earnings for the year ending 30 June 2003.


TAP RESOURCES: Directors Extend Date For ICULS on June 6
--------------------------------------------------------
Prospectus dated 30 April 2003 in relation to the issuance of up
to a maximum of RM43,178,831 nominal value of 2 percent 3-year
Irredeemable Convertible Unsecured Loan Stocks (ICULS) on the
basis of RM1.00 nominal value of ICULS for every RM1.00 nominal
value of debt owing to the creditors as at the cut-off date.

Further to the announcement dated 29 April 2003, on behalf of
Tap Resources Berhad (TAP), Malaysian International Merchant
Bankers Berhad (MIMB) announced that pursuant to Section 13.1 of
the abovementioned Prospectus, the Directors of TAP have
collectively agreed to extend the last time and day for
acceptance of the (Irredeemable Convertible Unsecured Loan
Stocks) ICULS from 5.00 p.m. on 22 May 2003 to 5.00 p.m. on 6
June 2003.

If acceptance of the ICULS by the respective creditors is not
received by the Registrar by 5.00 p.m. on 6 June 2003, the ICULS
will be deemed to have been declined by the respective creditors
and such ICULS so declined will be cancelled.


SELOGA HOLDINGS: Issues Additional Shares
-----------------------------------------
Seloga Holdings Berhad issued additional 62,987,410 shares as
follows:

(a) 22,400,000 Shares issued pursuant to the Renounceable Two-
Call Rights Issue;

(b) 28,000,000 Shares issued pursuant to the Restricted Issue;

(c) 4,910,178 Shares issued pursuant to the Settlement of Joint-
Venture; and

(d) 7,677,232 Shares issued pursuant to the Debt Settlement
Scheme will be granted listing and quotation with effect from
9.00 a.m, Tuesday, 20 May 2003.

On behalf of Seloga, AmMerchant Bank announced that Seloga
Holdings and Bumiputra-Commerce Trustee Berhad had on 18 April
2003 executed the trust deed governing the RM24 million nominal
amount of irredeemable convertible unsecured loan stocks to be
issued by the Company pursuant to the Segi-Seloga Jaya JV, TCRAP
reported recently.


TRANS CAPITAL: Creditors OK's Scheme of Arrangement
---------------------------------------------------
Trans Capital Holdings Berhad (TCHB) refers to the notices dated
24 April 2003 in relation to the meeting of members of TCHB and
meetings of Scheme Creditors (as defined in the Explanatory
Statement and Circular of TCHB dated 24 April 2003) of TCHB,
Trans Capital Sdn Bhd (In Receivership), Trans Capital
Electronics Sdn Bhd and Trans Capital Technology Sdn Bhd.

In relation thereto, AmMerchant Bank Berhad, on behalf of the
Company, wishes to announce that the Proposed Schemes of
Arrangement and Compromise under Section 176 of the Companies
Act, 1965 have been approved by its members and respective
Scheme Creditors at the Court convened meetings held on 16 May
2003.


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


MANILA ELECTRIC: Unhappy With FDC Refund Proposal
-------------------------------------------------
The Manila Electric Co. (Meralco) is not so keen on the Freedom
from Debt Coalition (FDC)'s proposal to the Energy Regulatory
Commission (FDC) to convert into shares Meralco's refund for its
medium to large customers, the Philippine Star said on Monday.
"It is in the bottom of our options. It is not a priority,"
Meralco Chief Finance Officer Daniel Tagaza said. FDC said
instead of awarding the refund in cash, Meralco could issue
stocks worth 28 billion pesos instead. The Department of Energy
(DOE) is not also in favor of equity swap. The government owns
24 percent of Meralco.

Meralco cannot say how many more phases the refund period will
take but definitely it will not exceed nine years. "It should
not exceed nine years as ordered by the Supreme Court," Tagaza
said. The Supreme Court found Meralco guilty of overcharging its
customers of 16.7 centavos per kWh over the period of more than
nine years or from February 1994 to May 2003.


MANILA ELECTRIC: SC Ruling Might Hurt Economy, Says Wallace
-----------------------------------------------------------
Peter Wallace, a prominent economist, said that a recent Supreme
Court (SC) ruling ordering the Manila Electric Co. (Meralco) to
refund billions of pesos in income tax deductions to electricity
consumers might pose as a serious setback to the government's
program to attract more investments, the Philippine Star
reports.

Wallace added that while the Supreme Court was legally correct
in rendering its controversial decision pertaining to Meralco's
case, the Tribunal failed to consider the negative impact its
ruling will have on the national economy.


MANILA ELECTRIC: Rate Hike Crucial Before June
----------------------------------------------
The Manila Electric Co. (Meralco) stressed the need to get a
rate increase before June this year in order to be profitable in
the second quarter, ABS-CBN said on Monday.

Meralco President Jesus Francisco said that the utility firm
stands to gain from its pending unbundling rate hike plea even
if it will roll back P16.7 centavos per kilowatt-hour (kWh)
starting June.

"If we get a rate increase starting June 1 then maybe we will
already be profitable in the second quarter. No more net loss.
We would just have to offset the 16.7 centavo-per-kWh rollback
to the rate increase that we are banking on," Francisco said.


MANILA ELECTRIC: Consults With PCCI on Refund Scheme
----------------------------------------------------
The Manila Electric Company (Meralco) will consult the
Philippine Chamber of Commerce and Industry (PCCI) on what would
be an acceptable scheme on the refund due them based on an
earlier ruling of the Supreme Court, the Manila Bulletin
reports. There have been proposals to credit the refund of big-
ticket commercial establishments and industries in their future
billings; and the recovery shall be spread over nine years or
the same length when the excessive collection was made.


MANILA ELECTRIC: Widens Q103 Losses to P325M
--------------------------------------------
Manila Electric Co. (Meralco) widened its losses to 325.1
million pesos in the first quarter of this year, versus a loss
of 72.8 million pesos in the same period a year earlier due to
the refund it has to undertake during the period, according to
the Philippine Star on Saturday. Meralco reported that it
registered a net loss of 2.01 billion pesos in 2002 due to the
absence of a rate increase, system loss, and provision for
losses, low sales and other financial matters.


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


CHARTERED SEMICONDUCTOR: Searches For Business Ally in China
------------------------------------------------------------
Chartered Semiconductor Manufacturing (CSM)'s search for a
business ally in China has not been hampered by the outbreak of
severe acute respiratory syndrome (SARS), Business Times
reports, citing CSM Chief Executive Officer Chia Song Hwee.

The Company, which makes chips for customers such as Motorola,
is shutting down its oldest factory and wants to shift some
chip-building equipment to a partner in China, to benefit from
lower wage costs. The Company wants to draw up an agreement with
a Chinese firm by next March, when it is scheduled to wind down
its oldest factory in Singapore, Mr Chia said.

Shutting the factory is part of the Company's plan to focus on
making more advanced chips to accelerate its return to
profitability. The Company has been unprofitable for nine
consecutive quarters.


NEPTUNE ORIENT: Posts Notice of Shareholder's Interest
------------------------------------------------------
Neptune Orient Lines Limited posted a notice of changes in
substantial shareholder Temasek Holdings (Private) Ltd.'s
interests:

Date of notice to Company: 16 May 2003
Date of change of deemed interest: 08 May 2003
Name of registered holder: CDP: DBS VICKERS SEC
Circumstance(s) giving rise to the interest: Others
Please specify details: Securities Lending/Borrowing Transaction

Information relating to shares held in the name of the
registered holder:  
No. of shares which are the subject of the transaction: (10,000)
% of issued share capital: 0
Amount of consideration (excluding brokerage and stamp duties)
per share paid or received:  
No. of shares held before the transaction: 1
% of issued share capital:  
No. of shares held after the transaction: 2
% of issued share capital:  

Holdings of Substantial Shareholder including direct and deemed
interest
                                           Deemed    Direct
No. of shares held before the transaction: 4,903,304 383,465,362
% of issued share capital:                 0.42      32.59
No. of shares held after the transaction:  4,893,304 383,465,362
% of issued share capital:                 0.42      32.59
Total shares:   

Note: Under "Shares held in the name of registered holder",
Temasek will revert with the figures for 1 & 2 when they are
available.

Based on NOL's paid up capital of 1,176,545,462 as at
14/05/2003.


WEE POH: Winding Up Unit
------------------------
Further to our announcement dated 28 April 2003, the Board of
Directors of Wee Poh Holdings announced that, at the Court
hearing for the winding-up petition served by Wili Marketing Pte
Ltd (the Petition) on the Company's subsidiary, W&P Piling Pte
Ltd (WPP), on 16 May 2003, the Court had granted the Petition to
wind-up WPP.


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


THAI PETROCHEMICAL: Foreign Lenders Could Torpedo New Debt Body
---------------------------------------------------------------
Deputy Prime Minister Somkid Jatusripitak admitted to Business
Day recently he has already received five nominees that Bangkok
Bank wants included in the new debt-restructuring committee of
Thai Petrochemical Industry (TPI).

Bangkok Bank, according to the paper, is one of TPI's largest
creditors, holding 23 percent of the company's US$2.8 billion
debts.

Last week, Prime Minister Thaksin Shinawatra intervened in the
row between TPI and its creditors and ordered Mr. Somkid to form
a new 15-member debt-restructuring committee.  He also directed
both parties to come up with a list of 15 members, from which
Mr. Somkid will select seven members to represent each side. A
government representative will be the 15th member of the
committee.

Mr. Somkid told reporters recently Bangkok Bank Executive
Chairman Kosit Panpiemras and President Chartsiri Sophonpanich
informed the prime minister on Friday of their nominations.

The paper, meanwhile, believes that the appointment of a new
committee could be delayed should foreign creditors -- who have
objected to the government's intervention and the decision by
the court to place former president Prachai Leophairatana back
in the company as an interim manager -- not propose their
representatives.

These foreign creditors include among others the International
Finance Corp., Citibank, KfW and US Export Import Banks.



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,
Mavy Nineza-Merlin, Maria Cristina Pernites-Lao, Editors.

Copyright 2003.  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 ***