/raid1/www/Hosts/bankrupt/TCRAP_Public/030703.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

            Thursday, July 03 2003, Vol. 6, No. 130

                         Headlines


A U S T R A L I A

ANACONDA NICKEL: Appoints Gustiaman Deru as Non-Exec Director
COBRA RESOURCES: Takeovers Panel Publishes Reasons for Decision
COLES MYER: ACCC Supports Proposed Alliance With Shell
GOODMAN FIELDER: S&P Withdraws Ratings After BPC's Acquisition
POWERTEL LTD: TVG Releases Secondary Supplemental Statement

SHARE TREND: ASIC Obtains Winding Up Orders From Supreme Court
SIGNPROFILES (NSW): Former Director Charged With Fraud
TOWER LIMITED: Proposes NZ$210.8M Capital Raising
TRANZ RAIL: Issues Further Information on FY 2003 Breakdown
WESTERN METAL: Secures Short-Term Funding for US Noteholders


C H I N A   &   H O N G  K O N G

CHINA OCEAN: Winding Up Sought by Lin Kwok
CIL HOLDINGS: Price Movement Unexplainable
DAVID KWONG: Hearing of Winding Up Petition Set
DYNAMIC GLOBAL: Charles Chan Replaces E&Y as Auditors
HEALTH GUARD: Winding Up Petition Pending

HUDSON HOLDINGS: 2002 Operations Loss Widens to HK$134.691M
STAR EAST: Subscription Agreements Completion Date Extended
WELL TREASURE: Winding Up Hearing Scheduled on July 30


I N D O N E S I A

* IBRA Provides Debt Acknowledgement Status Update


J A P A N

ISUZU MOTORS: U.S. Sales Off 55.5% in June
KEI HOTEL: Files For Rehabilitation Proceedings
KDDI CORPORATION: May Sue Government Over Access Fees
RESONA HOLDINGS: Issues Update on Capital Injection
RESONA HOLDINGS: Offers Low-interest Loans to Employees

SKYNET ASIA: Asks Government Y300M Aid For New Route
SOFTBANK CORPORATION: OK's Sale of Aozora Stake
TOYOBO CO.: R&I Downgrades Rating to BBB


K O R E A

CHOHUNG BANK: Recovers US$3.3B in Deposits After Strike
HANARO TELECOM: Receives LG Invitation to Join Telecom Business
HYUNDAI CORPORATION: Falls on Probe Results


M A L A Y S I A

ABRAR CORPORATION: Updates Proposed Restructuring Scheme Status
AOKAM PERDANA: SC's Proposed Rescue Scheme Approval Pending
BESCORP INDUSTRIES: May Default in Payment Hits RM56.277M
BUKIT KATIL: Changes Registered Address
CONSTRUCTION AND SUPPLIES: Corp Restructuring Agreement Halted

HOTLINE FURNITURE: In the Midst of Proposal Implementation
KAI PENG: KPE, KPV Disposal Completed
KUALA LUMPUR: Moratorium Period Extended Until June Next Yr
KRAMAT TIN: 74th AGM Scheduled on July 17
MECHMAR CORP.: EGM Approves Proposed Disposal to Cartel Vista

MECHMAR CORPORATION: Provides Loan Under Default Report
NCK CORPORATION: Unit's Administrator Appointment Ends
REKAPACIFIC BHD: Restructuring Proposal Status Remains Unchanged
SASHIP HOLDINGS: Posts Rejected Resolutions at 28th AGM
SATERAS RESOURCES: Adviser Submits Regularization Plan

SPORTMA CORPORATION: Issues Defaulted Payment Status Update
SRI HARTAMAS: Moratorium Period Extended for a Year
SRI HARTAMAS: Releases June Financial Regularization Report
SRIWANI HOLDINGS: Investigative Audit Completion Time Extended
TAP RESOURCES: Issues RM35.716M RCSLS to Banks

TAT SANG: Restructuring Plan Temporarily On Hold
TIMBERMASTER INDUSTRIES: Meeting Audit Committee Requirements
WOO HING: Director Ghafar Bin Baba Retires


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: NEC Pursues US$237M Claim
FIRST PHILIPPINE: Extends Debt Repayment Date to July 15
FIRST PHILIPPINE: LTCP Rating Maintained at PRS Baa
FIRST PHILIPPINE: Unit Sells 50% Stake in PPC to Claredon
PHILIPPINE SEVEN: Expects Turnaround This Year

MANILA ELECTRIC: Tax Rebate Needs BIR Action
NATIONAL POWER: Government Starts Selling US$500M Bonds


S I N G A P O R E

ADROIT INNOVATIONS: Voluntarily Winds Up Units
SEATOWN CORPORATION: Unit Receives Court Order
VAN DER HORST: Directors Resign From Board

* ENRON: Asia Pacific's Case Summary & 18 Unsecured Creditors


T H A I L A N D

BANGCHAK PETROLEUM: Hires New Director as Bunsumpun Replacement
HEMARAJ LAND: Purchases Convertible Bonds
SINO-THAI ENGINEERING: SET Grants Listed Securities

     -  -  -  -  -  -  -  -

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


ANACONDA NICKEL: Appoints Gustiaman Deru as Non-Exec Director
-------------------------------------------------------------
The Board of Anaconda Nickel Limited has appointed Mr Gustiaman
Deru as a non-executive director of the Company.

Mr Deru, 43, is the regional manager for Asia for
MatlinPatterson. He holds an MBA from the Rotterdam School of
Management of Erasmus Universiteit and a Civil Engineering
degree from Universitas Katolik Parahyangan in Bandung,
Indonesia.

Commenting on the appointment, Anaconda Chairman, James Campbell
welcomed Mr Deru to the Board, and observed that the appointment
marked the start of a new and constructive chapter for the
Company. Mr Deru intends nominating Mr Lap-Wai Chan of
MatlinPatterson as his Alternate.


COBRA RESOURCES: Takeovers Panel Publishes Reasons for Decision
---------------------------------------------------------------
The Takeovers Panel has on Tuesday published the reasons for its
decision in the matter of Cobra Resources Limited.

The Australian Securities and Investments Commission (ASIC)
applied to the Panel on 16 May 2003. The application was made in
connection to various announcements by Mr Terry Stephens of his
intention to make a takeover bid for all the shares in Cobra,
and a document provided by Mr Stephens as a bidder's statement.
ASIC submitted, amongst other things, that there were material
deficiencies with the disclosure in the Bidder's Statement and
the proposed takeover.

The Panel announced its decision on 23 May 2003. It considered
that it was likely that the announcements and bidder's statement
contravened various sections of Chapter 6 of the Corporations
Act. They created confusion in the market for Cobra shares and
frustrated the principle that the acquisition of control over
the voting shares in a listed company take place in an
efficient, competitive and informed market.

The Panel declared that there were unacceptable circumstances in
relation to the affairs of Cobra. It made orders by consent that
Mr Stephens not proceed with the bid, and not make or announce
any other bid for Cobra, until he had lodged a fresh bidder's
statement with ASIC, and been informed by ASIC senior staff that
ASIC had accepted the document.

The Panel said that in the interests of efficient, competitive
and informed markets, persons announcing or commencing public
takeovers will normally require proper, experienced advice.

The Panel comprised Kevin McCann, John King and Teresa
Handicott.

The reasons are available on the Panel's website at:
http://www.takeovers.gov.au/Content/Decisions/2003/cobra_010703.
asp

CONTACT INFORMATION: Nigel Morris,
        Director, Takeovers Panel
        Level 47 Nauru House, 80 Collins Street
        Melbourne VIC 3000
        Ph: +61 3 9655 3501
        nigel.morris@takeovers.gov.au


COLES MYER: ACCC Supports Proposed Alliance With Shell
------------------------------------------------------
The Australian Competition and Consumer Commission will not
oppose the proposed alliance between Coles Myer and Shell, ACCC
Chairman, Mr Graeme Samuel, said Wednesday.

In May this year, Coles Myer and Shell announced their proposed
alliance whereby Coles Myer would takeover the management of
Shell's core retail service station network encompassing 584
sites across Australia.

Shell is part of the Royal Dutch/Shell Group of companies, which
is an Anglo-Dutch conglomerate and is one of the world's largest
oil companies. In Australia Shell is involved in upstream oil
and gas production and operates a downstream oil products
business. Shell is one of four vertically integrated
refiner/marketer companies operating in Australia.

Coles Myer is Australia's largest retailer and is involved in
traditional and discount department stores, grocery
supermarkets, liquor retailing, office supplies, direct
marketing and electronic retail businesses. It operates two
grocery supermarket businesses in Coles Supermarkets and Bi-Lo.

"The ACCC has carefully considered the competitive impact of the
proposed alliance and has conducted extensive market inquiries
consulting with a range of interested parties", Mr Samuel said.

"Although the ACCC notes a high level of concern expressed
regarding the proposed alliance, the proposal will not cross any
of the ACCC's concentration thresholds for the exercise of
market power. Shell will not increase its overall market share
in fuel wholesaling simply through its participation in the
proposed alliance whereas Coles Myer represents an entirely new
entrant into fuel retailing.

"In effect, the proposed alliance will result in Coles Myer
taking over an existing position in fuel retailing currently
occupied by Shell. On this basis, the ACCC concluded that the
proposed alliance is unlikely to result in a substantial
lessening of competition".

CONTACT INFORMATION: Ms Lin Enright
        Director, Public Relations
        Tel: (02) 6243 1108
        Mobile: (0414) 613 520


GOODMAN FIELDER: S&P Withdraws Ratings After BPC's Acquisition
--------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that is has
withdrawn Goodman Fielder Ltd.'s (Goodman) 'B+' corporate credit
rating, and the ratings on the company's associated debt issues.
The withdrawal of the ratings follows Burns, Philp & Co.
Ltd.'s (B+/Negative/-) successful acquisition of Goodman in
March 2003.

Burns Philp is one of the world's major producers and marketers
of yeast and spices, and benefits from Goodman's strong and
diversified branded food portfolio in Australia, New Zealand,
and the Pacific.


POWERTEL LTD: TVG Releases Secondary Supplemental Statement
-----------------------------------------------------------
Pursuant to s647(3) of the Corporations Act, Powertel Limited
disclosed a second supplementary bidder's statement from TCG
Consolidation Holdings SPRL dated July 2, 2003, which
incorporated a notice of waiver of conditions under s650F of the
Corporations Act and a notice variation under s550D of the
Corporations Act.

To see the statements and notices, go to
http://bankrupt.com/misc/TCRAP_PWT0703.pdf.


SHARE TREND: ASIC Obtains Winding Up Orders From Supreme Court
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Queensland winding up
Share Trend Software Pty Ltd (Share Trend), and appointing
Messrs Ivor Worrell and Michael Griffin of Worrells, as
liquidators .

ASIC made the winding-up application as a result of Share
Trend's failure to pay an award of costs in the sum of $58,000,
made in proceedings commenced by ASIC in the Supreme Court of
Victoria in October 2001 (the Victorian Proceedings).

ASIC commenced the Victorian Proceedings against Share Trend and
its directors, Mr Robert Szatmari and Mr Ian Thour, following
allegations that they had breached an enforceable undertaking,
accepted by ASIC in October 1998.

ASIC further alleged that Share Trend and its directors were
unlawfully providing investment advice without a license by
selling and distributing share trading software known as Stock
Market Navigator V3, and were engaging in misleading and
deceptive conduct through the marketing of the software.

In October 2000, ASIC sought injunctions restraining Share Trend
from selling and distributing the software.

Share Trend obtained two late adjournments of the trial dates
set for the hearing of the Victorian Proceedings in March and
September 2001. On both these occasions, Share Trend and its
directors were ordered to pay the legal costs incurred by ASIC
as a result of the late adjournments.

No final ruling was made in the Victorian Proceedings regarding
Share Trend's conduct.


SIGNPROFILES (NSW): Former Director Charged With Fraud
------------------------------------------------------
Mr John Robert Forwood has been charged under the NSW Crimes Act
with 17 counts of intending to defraud. The matter was listed on
Tuesday before the Downing Centre Local Court.

Mr Forwood, of Kenthurst Sydney, is a director of Signprofiles
(NSW) Pty Ltd. Signprofiles is in liquidation and has had a
receiver and manager appointed.

The charges were laid following an investigation by the
Australian Securities and Investments Commission (ASIC). ASIC
alleges that between November 2000 and January 2001, Mr Forwood
authorized and submitted falsified accounts and documents to
Navmost Pty Ltd, a debt factoring company trading as Business
Capital Finance Group.

The value of the false invoices purchased by Business Capital
Finance Group came to approximately $5.5 million.

The charges are being prosecuted by the Commonwealth Director of
Public Prosecutions.

Mr Forwood will appear at the Downing Centre on 12 August 2003.


TOWER LIMITED: Proposes NZ$210.8M Capital Raising
-------------------------------------------------
TOWER Limited intends to raise NZ$210.8 million through a fully
underwritten pro rata renounceable 4 for 3 Rights Issue at an
issue price of NZ$0.90 per share. This capital raising replaces
the previous capital raising proposal which comprised a
placement of shares to Guinness Peat Group Plc (GPG) and a pro
rata renounceable 3 for 5 Rights Issue fully underwritten by
GPG.

The Directors obtained advice from Grant Samuel as to the
relative merits of the two proposals. Grant Samuel's conclusion
was:

"In Grant Samuel's opinion the over-riding benefit of the
Alternative Recapitalization proposal is that it allows all
shareholders to participate in the recapitalization on an equal
basis. Directors will need to consider whether the impact of
extra fees of approximately 2 cents per share outweigh this
benefit. Subject to the confirmation of the final underwriting
arrangements and the removal of the remaining conditionality,
Grant Samuel believes that the Alternative Recapitalization is a
preferred alternative."

The independent Directors of TOWER's Board considered the terms
of the alternative capital raising proposal and the Grant Samuel
advice and determined that the alternative proposal is preferred
to the previous proposal.

The key reasons for the Directors view are:

   - The alternative proposal is fairer to all shareholders
(allowing all shareholders to participate on an equal basis) and
avoids the potential dilution shareholders would face as a
result of the placement of shares at a discount to market.

   - The alternative proposal became more certain than the
previous proposal.

The record date for calculating the rights entitlement will be
11 July 2003 and TOWER expects the Offer to open shortly
afterwards. An Offer Document will be made available when the
Shares are offered.

TOWER Limited shares will not be trading ex-rights on the ASX
following the resumption of trading. Details of the new ex-
rights dates and other details on timing will be provided soon.
Underwriting First NZ Capital Securities and Credit Suisse First
Boston Australia Limited have offered to underwrite the Rights
Issue with a number of institutions sub underwriting the issue.
The offer to underwrite does not require shareholder approval,
is irrevocable and is open until 4 July 2003.

The underwriting fee will be 2.75% plus a management fee of
0.5%. GPG has confirmed it will exercise its right to underwrite
this alternative proposal on the same terms. TOWER is holding
discussions with GPG to ascertain whether this is feasible and
achievable within the timeframe required.

Cancellation of Previous Proposal

The proposed 3 for 5 Rights Issue, which was to have been fully
underwritten by GPG, has been cancelled.  The proposal to place
50 million shares to GPG at NZ$1.35 per share has been withdrawn
with GPG's agreement.

Special Shareholder Meeting - 4 July 2003

The Special Meeting of Shareholders scheduled for Friday 4 July
2003 will be proceeding. The business of the meeting will be:

1. Special resolution to approve the early expiry of the 10%
Share Cap by amendment to TOWER's Constitution.


TRANZ RAIL: Issues Further Information on FY 2003 Breakdown
-----------------------------------------------------------
Tranz Rail Limited's shareholders, at last weeks shareholders
briefings, requested some further information on the breakdown
of the FY 2003 full year forecast out-turn compared to the
original July 2002 released 2003 budget.

In response to this request Tranz Rail has provided a worksheet
of further information on current divisional forecasts against
original budget for the 2003 year.

This does not represent a change to last week's forecasts and it
still remains forward looking information and should be viewed
as such. It is simply further detail on information previously
released last week.

This information will be placed on the company's website at:
http://www.tranzrail.co.nz/Newsroom/LatestFinancialReleases/
or, alter natively it can be requested from lcr@nzx.com.


WESTERN METAL: Secures Short-Term Funding for US Noteholders
------------------------------------------------------------
Western Metal Limited has secured additional short-term funding
from its US Noteholders for working capital purposes to assist
the Company pending formalization of debt and equity
restructuring of the Company presently in the course of
negotiation, and which was foreshadowed when the Company
requested and was granted a trading halt of its securities on
the Australian Stock Exchange on June 23, 2003.

The Company will continue to keep the market informed of
developments as they arise.


================================
C H I N A   &   H O N G  K O N G
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CHINA OCEAN: Winding Up Sought by Lin Kwok
------------------------------------------
Lin Kwok Keung is seeking the winding up of China Ocean
Engineering Limited. The petition was filed on May 23, 2003, and
will be heard before the High Court of Hong Kong on July 16,
2003.

Lin Kwok holds its registered office at Flat 2, 1/F., Fung Wong
Chuen, 12A Ngan Fung Street, Wong Tai Sin, Kowloon, Hong Kong.


CIL HOLDINGS: Price Movement Unexplainable
------------------------------------------
CIL Holdings Limited notes the recent increase in the share
price of the shares of the Company and states that the Board of
Directors are not aware of any reasons for such increase.

Save as disclosed in the announcement of the Company dated 27th
June, 2003 relating to the further delay in the publication of
the results of the Company for the year ended 30th June, 2002
and dispatch of the annual report and further delay in the
publication of the results for the six months ended 31st
December, 2002 and dispatch of the interim report, the Company
confirms that there are no negotiations or agreements relating
to the intended acquisitions or realizations which are
discloseable under paragraph 3 of the Listing Agreement, neither
is the Board aware of any matter discloseable under the general
obligation imposed by paragraph 2 of the Listing Agreement,
which is or may be of a price-sensitive nature.


DAVID KWONG: Hearing of Winding Up Petition Set
-----------------------------------------------
The petition to wind up David Kwong Company Limited is set for
hearing before the High Court of Hong Kong on July 23, 2003 at
9:30 in the morning.

The petition was filed with the court on May 26, 2003 by Siu Kun
Wai of Room 3203, Sui Ming House, Siu Sai Wan Estate, Hong Kong.


DYNAMIC GLOBAL: Charles Chan Replaces E&Y as Auditors
-----------------------------------------------------
The Board of Directors of Dynamic Global Holdings Limited
announces that with effect from 25 June 2003, Charles Chan, Ip &
Fung CPA Limited (Charles Chan) has been appointed as the
Auditors of the Company following the resignation of Ernst &
Young (E&Y) on 11 June 2003, and to hold office until the
conclusion of the next Annual General Meeting.

The resignation of E&Y is due to cost effectiveness to the
Company and they have confirmed in their notice of resignation
that there were no circumstances connected with their
resignation, which they considered, should be brought to the
attention of the members or creditors of the Company.

Furthermore, the Company confirms that the change of auditors
does not have any impact on the Company's annual results
announcement to be made on 7 July 2003.

At the end of 2001, Dynamic Global Holdings Limited had negative
working capital, as current liabilities were HK$258.62 million
while total current assets were only HK$64.54 million, Wrights
Investors' Service reported. It added that the company reported
losses during the previous 12 months and has not paid any
dividends during the previous 2 fiscal years.


HEALTH GUARD: Winding Up Petition Pending
-----------------------------------------
Health Guard Medicare Limited is facing a winding up petition,
which is slated to be heard before the High Court of Hong Kong
on July 23, 2003 at 9:30 in the morning.

The petition was filed on May 23, 2003 by Wong Yuen Ling of Room
2415, Ping Yan House, Ping Tin Estate, Lam Tin, Kowloon, Hong
Kong.


HUDSON HOLDINGS: 2002 Operations Loss Widens to HK$134.691M
-----------------------------------------------------------
Hudson Holdings Limited posted its financial announcement
summary for the year ended December 31, 2002:

Currency: HKD
Auditors' Report: Qualified
                                                 (Audited)
                              (Audited)          Last
                              Current            Corresponding
                              Period             Period
                              from 01/01/2002    from 01/01/2001
                              to 31/12/2002      to 31/12/2001
                              Note  ('000)       ('000)
Turnover                           : 73,710             121,746
Profit/(Loss) from Operations      : (134,691)          (32,523)
Finance cost                       : (24,195)           (24,685)
Share of Profit/(Loss) of
  Associates                       : (216)              (2,196)
Share of Profit/(Loss) of
  Jointly Controlled Entities      : 42,769             46,469
Profit/(Loss) after Tax & MI       : (118,932)          1,379
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.3907)           0.0046
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (118,932)          1,379
Final Dividend                     : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)
B/C Dates for
  Final Dividend                   : N/A
Payable Date                       : N/A
B/C Dates for Annual
  General Meeting                  : 25/07/2003         to
28/07/2003bdi.
Other Distribution for             : N/A
  Current Period
B/C Dates for Other
  Distribution                     : N/A

Remarks:

EARNINGS/(LOSS) PER SHARE

The calculation of basic loss per share is based on the net loss
from ordinary activities attributable to shareholders for the
year of HK$118,932,000 (2001: net profit of HK$1,379,000), and
the weighted average of 304,374,867 (2001: 299,811,970) ordinary
shares in issue during the year.

Diluted earnings/(loss) per share amounts of the year ended 31
December 2001 and 2002 have not been disclosed as the share
options and warrants outstanding during these years had an anti-
dilutive effect on the basic earnings/(loss) per share for these
years.


STAR EAST: Subscription Agreements Completion Date Extended
-----------------------------------------------------------
Reference is made to the announcements dated 1, 3 and 29 April
2003, 29 May 2003 and the special general meeting circular
issued by Star East Holdings Limited on 17 April 2003
respectively in relation to:

   (i) the placing of up to a maximum of 300,000,000 new Shares;
   (ii) the subscription of 500,000,000 new Shares by ITC
Corporation Limited;
   (iii) the subscription of 1,100,000,000 new Shares by
Strategic Media International Limited; and
   (iv) the proposed renewal of general mandates of the
Company to issue securities and repurchase Shares (the
"Documents").

The Board wishes to announce that as the confirmation from the
Executive that ITC and SMI (and parties acting in concert with
ITC and SMI respectively) are not parties acting in concert and
are not required to make a general offer under Rule 26.1 of the
Takeovers Code pursuant to the implementation of the Placing
Agreement, the ITC Subscription Agreement and the SMI
Subscription Agreement has yet to be obtained, the Company has
agreed with ITC and SMI to extend the long stop date for
completion of the ITC Subscription Agreement and the SMI
Subscription Agreement respectively from 30 June 2003 to 4 July
2003. The abovementioned Executive's confirmation is the only
remaining condition to be fulfilled for both the ITC
Subscription Agreement and the SMI Subscription Agreement. The
ITC Subscription Agreement and the SMI Subscription Agreement
are not inter-conditional on the completion of each other. The
Company will issue a further announcement once the ITC
Subscription Agreement and the SMI Subscription Agreement have
been completed.

In addition, the Board has noted the recent decrease in the
price of the shares of the Company and wishes to state that the
Board is not aware of any reasons for such fluctuation.

The Board also confirms that, save as disclosed in the
Documents, there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under paragraph 3 of the Listing Agreement, neither is the Board
aware of any matter discloseable under the general obligation
imposed by paragraph 2 of the Listing Agreement, which is or may
be of a price-sensitive nature.


WELL TREASURE: Winding Up Hearing Scheduled on July 30
------------------------------------------------------
The High Court of Hong Kong will hear on July 30, 2003 at 9:30
in the morning the petition seeking the winding up of Well
Treasure Development Limited.

Lau Chun Yu of Room 815, Block B, Hong Wah Court, Lam Tin,
Kowloon, Hong Kong filed the petition on May 30, 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 27th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.


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I N D O N E S I A
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* IBRA Provides Debt Acknowledgement Status Update
--------------------------------------------------
Based on the policy made by the Financial Sector Policy
Committee (FSPC), Indonesia Bank Restructuring Agency (IBRA) had
undertaken many efforts to accelerate the shareholder settlement
of 30 signatories of the debt acknowledgement. The aim of the
acceleration is to optimize the recovery rate of state fund to
the shareholders through the shareholder obligation settlement.
One of the efforts is, IBRA together with those shareholders had
signed the Settlement Acceleration Agreement and Temporary Total
Settlement on 30 June 2003 in Jakarta.

IBRA announces the progress of 30 shareholders who signed the
debt acknowledgement, as follow:

   * 3 shareholders had settled all their obligation in cash.
They are Hendra Liem (Bank Budi Internasional), Thee Ning King
(Bank Danahutama) and Siti Hardijanti Rukmana (Bank Yakin
Makmur) with their obligation respectively IDR17.63 billion;
IDR18.06 billion and IDR155.878 billion.

   * 18 shareholders had signed The Settlement Acceleration
Agreement and The Temporary Total Settlement. The settlement
scheme covers the cash settlement, the sale of group loan, the
sale of foreclose assets (BJDA), the other assets and the
transfer of Certificate on Entitlement (CoE). The shareholders
are Njoo Kok Kiong, Honggo Wendratno and Hasjim Djojohadikusumo
(Bank Papan Sejahtera), Ganda Eka Handria (Bank Sanho), Philip
S. Widjaja (Bank Mashill) and Suparno Adijanto (Bank Bumi Raya
Utama), with Andy H. Sardjito and Thee Ning Kong (Bank Baja
Internasional), Mulianto Tanaga (Bank Indotrade), Adisaputra
Januardy & James Januardy (Bank Namura Internusa - Yasonta), The
Tje Min (Bank Hastin Internasional), Husodo Angkosubroto (Bank
Sewu Internasional), Atang Latief (Bank Indonesia Raya), Ulung
Bursa (Bank Lautan Berlian), Iwan Suhardiman, Omar Putihrai dan
Lidia Muchtar (Bank Tamara) serta Nirwan D. Bakrie (Bank Nusa
Nasional).

   * One shareholder namely Marimutu Sinivasan will be reported
to the FSPC.

   * 8 uncooperative shareholders will be handled through legal
action according to the existing law. Some of them had been
reported to the National Police, they are Santoso Sumali (Bank
Metropolitan and Bank Bahari), Fadel Muhammad (Bank Intan),
Baringin MH Panggabean & Joseph Januardy (Bank Namura Internusa
- Maduma), and Trijono Gondokusumo (Bank Putera Surya Perkasa).
While the other had not yet been transferred to the National
Police, the shareholders are Hengky Wijaya & Tony Tanjung (Bank
Tata), I Gde Dermawan & Made Sudiarta (Bank Aken), and
Tarunojoyo Nusa & David Nusa Widjaya (Bank Umum Servitia).

The Settlement Acceleration Agreement and The Temporary Total
Settlement are made considering the shareholder commitment to
settle their obligation. Up to now, the shareholders who have
signed those agreements are cooperative and have paid part of
their obligation in cash and transferred their valuable assets
to IBRA. The asset type had been transferred to IBRA are group
loan, foreclosed assets, certificate on entitlement and the
other asset that would be appraised and or sold by IBRA.

In the agreement, the shareholders also agree to top up should
the cash and the asset being appraised (appraised by the
independent appraisal) and or sold by IBRA are not sufficient to
the value stated in the agreement.

IBRA sets the range of time to settle shareholders obligation
(including asset's appraisal and sell) within 3 months from now.

With the agreement, IBRA expects the certainty of the
cooperative shareholders who signed the debt acknowledgement and
also to optimize the recovery rate of the state fund.


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J A P A N
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ISUZU MOTORS: U.S. Sales Off 55.5% in June
------------------------------------------
Following are Isuzu Motors Ltd U.S. sales of cars and light
trucks in June 2003 versus the same year-earlier month and for
the year to date.

                       June 2003      June 2002    % Change
All Vehicles                 2,439          5,944      -55.5%
Domestic Car                     0              0        N.A.
Domestic Truck               2,338          3,331      -24.0%
Import Car                       0              0        N.A.
Import Truck                   101          2,613      -95.8%
Dom+Imp Cars                     0              0        N.A.
Dom+Imp Trucks               2,439          5,944      -55.5%
Domestic Vehicles            2,338          3,331      -24.0%
Imported Vehicles              101          2,613      -95.8%

                      Yr-to-Date      Prev Year    % Change

All Vehicles                16,316         26,947      -39.1%
Domestic Car                     0              0        N.A.
Domestic Truck              15,042         20,288      -25.4%
Import Car                       0              0        N.A.
Import Truck                 1,274          6,659      -80.7%
Dom+Imp Cars                     0              0        N.A.
Dom+Imp Trucks              16,316         26,947      -39.1%
Domestic Vehicles           15,042         20,288      -25.4%
Imported Vehicles            1,274          6,659      -80.7%

Percent changes are based on the daily sales rate, and reflect
24 selling days this month versus 26 in the month last year, and
152 this year to date versus 153 last year to date.

Isuzu Motors Ltd. posted a net loss of 144.30 billion yen for
2002 ending March 31 due to sluggish sales and expenses
connected to the liquidation of some United States operations,
the Troubled Company Reporter-Asia Pacific reported. The
carmaker booked a net loss of 42.99 billion yen the previous
year. The Company will continue to pay no dividend for the past
fiscal year.


KEI HOTEL: Files For Rehabilitation Proceedings
-----------------------------------------------
Resona Holdings, Inc. (Resona HD) announced that Kei Hotel
Kaihatsu Co., Ltd., which is a customer of its banking
subsidiary, Resona Bank, Ltd. (Resona Bank, President: Masaaki
Nomura), filed an application for commencement of civil
rehabilitation proceedings with the Kyoto District Court. As a
result of this development, there arose a concern that its
claims to the Company may become irrecoverable or its collection
may be delayed.

Details were announced as follows:

1. Outline of the Company

(1) Corporate name Tatsumi Jyutaku Co., Ltd.
(2) Address 2-1 Sanmei-cho, Abeno-ku, Osaka-shi
(3) Representative Akio Tatsumi
(4) Amount of capital 40 million yen
(5) Line of business Sales of ready-built houses

2. Fact Arisen to the Company and Its Date

The Company filed an application for commencement of civil
rehabilitation proceedings on June 26, 2003.

3. Amount of the Claims to the Company

Exposure of Kinki Osaka Bank: Loans 2.2 billion yen
Other banking subsidiaries of Resona HD, Resona Bank, Saitama
Resona Bank, and Nara Bank have no claims to the Company.

4. Impact of This Development on the Earnings Forecast of Resona
HD

This development does not affect the earnings forecasts of
Resona HD for the fiscal year ending March 31, 2004, which was
announced on June 10, 2003.

The press release can be accessed at
http://bankrupt.com/misc/tcrap_keihotel0702.pdf


KDDI CORPORATION: May Sue Government Over Access Fees
-----------------------------------------------------
KDDI Corporation plans to file a lawsuit against the Japanese
Telecommunications Ministry after the latter approved an access
fee hike for Nippon Telegraph and Telephone Corporation (NTT),
according to Reuters. The ministry approved requests by NTT's
regional units in April to raise fees paid by carriers to use
NTT networks by about five percent for two years. The Company
might file a lawsuit against the ministry to have the decision
reversed, and would decide whether to do so by late July.

KDDI is in the process of cutting group-based interest-bearing
debt to a target of one trillion yen (US$8.35 billion) by March
2005 from 1.5 trillion yen in March 2003. It has already moved
to unload some of its overseas holdings. TCR-AP reported in June
that KDDI would cut its annual capital spending to Y310 billion
by March 2005.


RESONA HOLDINGS: Issues Update on Capital Injection
---------------------------------------------------
Resona Bank, Ltd. (Resona Bank, President: Masaaki Nomura), one
of the banking subsidiaries of Resona Holdings, Inc. (Resona
HD), announced that it received subscription payments totaling
1.96 trillion yen for its Common Shares, Class One No.1
Preferred Shares, Class Two No.1 Preferred Shares and Class
Three No. 1 Preferred Shares. The issue date for these new
shares will be July 1, 2003.

Taking the infusion of a significant amount of public funds with
utmost seriousness, Resona Group regards that its mission will
be to become a financial group that can offer true value to its
customers, stockholders and regional communities and will work
on restoring its management soundness at an early date.

Towards this objective, every member of management and staff,
under the leadership of the new management, steps up efforts
towards regenesis of Resona Group by innovating every aspect of
its management such as governance structure, asset quality and
business operations.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_resona0702.pdf


RESONA HOLDINGS: Offers Low-interest Loans to Employees
-------------------------------------------------------
Resona Holdings Inc., which had to eliminate this summer's
bonuses as a condition of its government bailout, is offering
employees low-interest loans, the Asahi Shimbun reported
Tuesday. The bank decided to take emergency measures to help
their cash-strapped employees.

Employees will be able to take out emergency loans of up to 1
million yen, at about the same rate the bank's other in-house
loans carry. The loan is not tied to any specific purpose, and
can be repaid in up to five years. Employees owing mortgages to
Resona will be allowed to skip repayments equivalent to part of
the value of the summer bonus they would have otherwise
received. The amount will be added to their final monthly
payment.


SKYNET ASIA: Asks Government Y300M Aid For New Route
----------------------------------------------------
Skynet Asia Airways has asked the Japanese government for an
injection of 300 million yen in financial aid to pursue its plan
to open a new route between Kumamoto and Tokyo's Haneda airport,
Kyodo News reports, citing airline President Shoji Shimoda.
Skynet Asia, launched last August, currently only operates a
Haneda-Miyazaki service.

The airline booked a net loss of 1.8 billion yen in the year
ended March 31 due to huge operating costs, TCR-AP reported
recently. The amount of deficit represents an increase of some
300 million yen from an earlier projection released in June last
year by the airline, based in the city of Miyazaki in
southwestern Japan.


SOFTBANK CORPORATION: OK's Sale of Aozora Stake
-----------------------------------------------
Softbank Corporation decided to sell its entire equity holdings
in Aozora Bank, Ltd. (Head office: Chiyoda-ku, Tokyo; President
& Director Hiroshi Maruyama; Aozora Bank) to Cerberus NCB
Acquisition, L.P. by its board resolution on June 30, 2003.

Softbank will take necessary procedures to sell its shares in
Aozora Bank through a TOB initiated by Cerberus. Cerberus is
required to obtain an approval for its purchase of Aozora shares
in accordance with the Long- Term Credit Bank Law.

1. Outline of Sale

(1) The total number of shares to be sold:
1,385,548,000 shares
* SOFTBANK ownership: 48.87 percent

(2) Sale amount:   101.1 billion yen (73 yen per share )
(3) Purchaser:    Cerberus NCB Acquisition, LP
(4) Schedule:    SOFTBANK will tender all of its shares in a
TOB by Cerberus.
(5) Closing date:   Late August, 2003 (scheduled)

2. Sale Objective and Use of Proceeds

The proceeds from the sale will be allocated to the broadband
business, which represents the core operations of the SOFTBANK
group.

3. Impact of the sale on the financial results for the fiscal
year ending March 31, 2004

(1) Impact on a non-consolidated basis:  Gain on sale of
investment in affiliates of approximately 50 billion yen

(2) Impact on a consolidated basis:  Loss on sale of investment
securities of approximately 3.5 billion yen

*1 Although loss on sale of investment securities on a
consolidated basis is calculated based on a book value as of
March 31, 2003, eventually it will be calculated based on the
amount including equity in gains/losses under the equity method
in the first quarter of Aozora Bank. For example, in case of
equity in gains under the equity method, the same amount of loss
on sale of investment securities would be increased.

*2 Assume sales of the entire holdings in Aozora Bank.

For your reference:

Aozora Bank, Inc.
Head office: 1-3-1, Kudan-minami, Chiyoda-ku, Tokyo
Established: April 1957
Capital: 419.8 billion Yen
Representative: Hiroshi Maruyama, President-Director

Meanwhile, the Associated Press reported that Softbank lost
99.99 billion yen in the year to March 31, the second straight
year of losses, largely because of huge outlays for Yahoo! BB.
Sales meanwhile inched up 0.5 percent to 406.9 billion yen.


TOYOBO CO.: R&I Downgrades Rating to BBB
----------------------------------------
Rating and Information Investment, Inc. (R&I) has downgraded the
senior long-term credit rating of Toyobo Co., Ltd. to BBB from
BBB+.

RATIONALE:

Toyobo's earnings capacity is steadily improving along with its
ongoing reform of its textiles business and an expansion of its
non-textiles business. In the last few years Toyobo has posted
substantial extraordinary losses due to securities valuation
losses and the costs of restructuring its textiles business.
Combined with an ongoing dividend burden, these losses have
steadily eroded its capital base. The Company's financial
stability has also declined, with land and securities portfolios
posting a large fall in hidden profits. R&I believes that
recovery of its financial base will require some time, and has
therefore reduced the Company's senior long-term credit rating
by one notch to BBB.

Toyobo has cut back its textiles business due to continuing
harsh conditions in the textiles industry, and it is
transforming its business structure through the expansion and
improvement of its non-textile products, such as chemicals,
functional materials, and biomedical products. However, if
conditions continue to deteriorate for its textiles business,
which still accounts for just under 50 percent of its sales, the
additional restructuring losses and capital outflows would
represent a considerable financial burden. Furthermore, although
it has fallen by just over 10 percent from its peak, the
Company's interest-bearing debt remains huge.


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


CHOHUNG BANK: Recovers US$3.3B in Deposits After Strike
-------------------------------------------------------
Chohung Bank has recovered more than 4 trillion won (US$3.3
billion) or 67.7 percent of the savings deposits withdrawn after
a four-day strike last month, Asia Pulse reports. Outstanding
deposits reached about 46.1 trillion at the end of last month,
up from 42.05 trillion won on June 22, when the strike ended.
Chohung's customers withdrew 5.97 trillion won during the
strike, raising the chances for a liquidity crisis. The
withdrawals forced the Bank of Korea (BOK) to provide 5 trillion
won of emergency funds.

Its outstanding credit, which amounted to 52.01 trillion won
before the strike, is still fluctuating in the range of 48
trillion won. Shinhan Financial Group is expected to finalize a
deal with the Korea Deposit Insurance Corporation (KDIC) around
July 9 to buy Chohung for 3.37 trillion won. The state deposit
insurer holds a controlling 80.04-percent stake in Chohung after
injecting 2.7 trillion won into the bank in the wake of the
nation's 1997-98 financial crisis.


HANARO TELECOM: Receives LG Invitation to Join Telecom Business
---------------------------------------------------------------
The LG Group wants Hanaro Telecom Inc. to join the
conglomerate's telecommunications business portfolio, a move
that is expected to reshape the beleaguered industry, the Korea
Herald reports. The LG Group currently holds a 13 percent stake
in Hanaro and is now set to beef up its telecom operations if
Hanaro accepts the deal.

Hanaro has been in talks with a foreign consortium that includes
AIG and Newbridge Capital for a deal worth US$450 million. It is
set to hold a board meeting July 3. With its financial condition
deteriorating, Hanaro has been hard-pressed to resolve its
problems and finalize a financing deal with the foreign
consortium for a much-needed injection of fresh funds.

In March, Hanaro was saddled with 2.1 trillion won in
liabilities, out of which 630 billion won will mature this
month, the Troubled Company Reporter-Asia Pacific reported
recently. Hanaro must pay back 380 billion won of its debts this
year. Former Hanaro Chairman Shin Yun-shik stepped down after
battles for a management control with the LG Group, Hanaro's top
shareholder. Its new Chief Executive Officer has yet to be
appointed.


HYUNDAI CORPORATION: Falls on Probe Results
-------------------------------------------
Stock value for Hyundai Corporation, the struggling trading arm
of the Hyundai Group, tumbled sharply on independent counsel's
announcement that the former Kim Dae-jung government paid US$100
million to North Korea through the Hyundai Group to hold a
historical inter-Korean summit in June 2000, the Korea Herald
reports. Analysts said the probe results dampened investment
sentiment toward the Company, whose fall was also accelerated by
news that it is planning to reduce its capital.


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


ABRAR CORPORATION: Updates Proposed Restructuring Scheme Status
---------------------------------------------------------------
In compliance with paragraph 4.1(b) of PN 4/2001, Abrar
Corporation Berhad (Special Administrators Appointed)
wishes to announce the following:

On 10 January 2002, the Special Administrators (the SAs) of the
Company held a briefing for interested parties with strong
assets backing and management expertise on the tender procedure
for the submission of offers / proposals on the restructuring
exercise of the Company. The interested parties were required to
submit the offers / proposals by 23 January 2002.

On 6 March 2002, the SAs conducted a restricted re-tender
exercise for the two (2) short listed bidders who were required
to submit their revised offers / proposals by 13 March 2002. On
15 April 2002, the SAs of the Company selected a White Knight to
participate in the corporate debt restructuring exercise of the
Company.

On 16 May 2002, the SAs, for and on behalf of ACB, entered into
a Memorandum of Understanding (MoU) with several parties (the
White Knight) to regulate and record the basic understanding of
the key areas of agreement pending finalization and approval of
the Company's corporate restructuring proposal (the Workout
Proposal).

On 23 May 2002, the Company announced that the moratorium under
Section 41 of the Pengurusan Danaharta Nasional Berhad Act, 1998
(the Danaharta Act), which took effect from 27 May 2000, i.e.
the date of the appointment of SAs to the Company and which
expires on 26 May 2002, has been further extended to 26 May
2003, pursuant to Section 41(3) of the Danaharta Act.

On 11 July 2002, the SAs entered into Facilitation of Listing
Agreement with OilCorp Berhad and with the White Knight pursuant
to the MoU dated 16 May 2002 inter alia to transfer the listing
status of the Company to OilCorp Berhad.

On 29 August 2002, Public Merchant Bank Berhad (PMBB), on behalf
of the Company, announced that the quantum and structure of the
proposed offer for sale of OilCorp Shares (Proposed Offer for
Sale) have been finalized. The Proposed Offer for Sale shall
involve an offer for sale of 43,900,000 ordinary shares of
RM1.00 each in OilCorp (OilCorp Shares) at an offer price of
RM1.10 by the creditors of ACB and the vendors of Oil-Line
Engineering & Associates Sdn Bhd (Oil-Line).

On 2 September 2002, PMBB, on behalf of the Company, announced
that the Company's corporate debt restructuring proposal
(Proposed Restructuring Scheme) has been submitted to the
Securities Commission for approval.

On 16 October 2002, PMBB, on behalf of the Company, announced
that the Foreign Investment Committee (FIC) had, via its letter
received on 15 October 2002, approved the Proposed Share
Exchange, the Proposed Debt Settlement, the Proposed Acquisition
and the Proposed Offer for Sale as proposed. The said FIC's
approval is subject to OilCorp Berhad having a 30% direct
Bumiputera equity interest upon the implementation of the
Proposed Restructuring Scheme.

On 1 November 2002, PMBB, on behalf of the Company, announced
that the Workout Proposal for ACB was approved by Danaharta in
accordance with Section 45(2) of the Danaharta Act via its
letter dated 28 October 2002. Under Section 46(4) of the
Danaharta Act, the Workout Proposal binds the Company, all
members and creditors of the Company and any other person
affected by the Workout Proposal.

On 21 November 2002, PMBB, on behalf of the Company, announced
that all the relevant parties to the Facilitation of Listing
Agreement dated 11 July 2002 have agreed to extend all the
approvals that are to be obtained before 12 November 2002 to 11
January 2003.

On 23 December 2002, PMBB, on behalf of the Company, announced
that the Securities Commission had via its letters dated 18
December 2002 and 20 December 2002 approved the Company's
Proposed Restructuring Scheme as proposed, subject to certain
conditions to be fulfilled.

On 14 January 2003, PMBB, on behalf of the Company, announced
that the Company, OilCorp Berhad and the relevant parties to the
Company's Proposed Restructuring Scheme had deliberated on the
Securities Commission's decision and conditions imposed on the
Proposed Restructuring Scheme and had agreed to accept the said
Securities Commission's decision and conditions imposed.

On 21 January 2003, PMBB, on behalf of the Company, announced
that the relevant parties to the Share Sale Agreements of the
Proposed Acquisitions, and the Listing Agreement have agreed to
extend the date of which the parties were to obtain all
approvals for the Proposed Restructuring Scheme to 11 March
2003.

On 17 February 2003, the SAs appointed an audit firm; Messrs.
Shamsir Jasani Grant Thornton to conduct an investigative audit
on the Company, in compliance with the conditions imposed by the
Securities Commission in approving the Company's Proposed
Restructuring Scheme via its letters dated 18 December 2002 and
20 December 2002.

On 26 February 2003, PMBB, on behalf of the Company, announced
inter alia that ACB and Oil-Line have proposed to modify the
Proposed Offer For Sale to 44,000,000 OilCorp Shares ("the
Proposed OFS Modification") at an offer price of RM1.10 per
share.

On 27 March 2003, PMBB, on behalf of the Company, announced that
ACB and Oil-Line have proposed to further modify the Proposed
Offer For Sale to 44,161,000 OilCorp Shares at an offer price of
RM1.10 per share and an application with regards to the
variation to the Proposed OFS Modification was subsequently made
to the Securities Commission.

On 29 April 2003, PMBB, on behalf of the Company, announced that
ACB and Oil-Line have proposed to modify the allocation of
15,000,000 OilCorp Shares (the Proposed Allocation) to
Bumiputera investors (the Proposed Modification) to be approved
by Ministry of International Trade and Industry (MITI). The
Proposed Modification now involves the allocation of the OilCorp
Shares to public investors to be identified via private
placement.

On 27 May 2003, the Company announced that the moratorium under
Section 41 of the Danaharta Act, which took effect from 27 May
2000, i.e. the date of appointment of SAs to the Company and
which expires on 26 May 2003, has been further extended to 26
May 2004. The extension of the moratorium is pursuant to Section
41(3) of the Danaharta Act.

On 28 May 2003, PMBB, on behalf of the Company, announced inter
alia that:

   1. the Securities Commission had via its letter dated 27 May
2003 approved the Proposed OFS Modification as proposed;

   2. the FIC had via its letter dated 27 May 2003 approved the
Proposed OFS Modification as proposed, subject to OilCorp Berhad
having a 30% direct Bumiputera equity interests in OilCorp
Berhad upon listing on the Main Board of the Exchange; and

   3. MITI had via its letter dated 27 May 2003 approved the
Proposed Allocation of 15,000,000 OilCorp Shares to public
investors via private placement instead of to Bumiputera
investors to be identified by MITI, subject to approvals being
obtained from the Securities Commission and the FIC.

On 29 May 2003, PMBB, on behalf of the Company, announced that
the relevant parties to the Share Sale Agreements of the
Proposed Acquisitions, and the Listing Agreement have agreed to
extend the date of which the parties were to obtain all
approvals for the Proposed Restructuring Scheme to 30 June 2003.
On 13 June 2003, PMBB, on behalf of the Company, announced that
the Securities Commission had via its letter dated 11 June 2003
approved the Company's application to extend the period for
implementation of the Proposed Restructuring Scheme for an
additional six (6) months to 18 December 2003.

On 17 June 2003, PMBB, on behalf of the Company, announced that
the Register of Depositors of ACB would be closed on 24 June
2003 for the purposes of implementing the Company's Proposed
Restructuring Scheme.

On 18 June 2003, the Information Circular in relation to the
Company's Proposed Restructuring Scheme was issued to the
Company's Shareholders.

On 30 June 2003, the Prospectus in conjunction with the listing
of OilCorp Berhad on the Main Board of the Exchange was issued.

The Company's Proposed Restructuring Scheme will inter alia take
into consideration the interest of all stakeholders that will
also deal with the Company's plans to regularize its financial
condition, its inadequate level of operations and the minimum RM
60 million paid - up capital requirement for companies listed on
the Main Board of the Exchange.


AOKAM PERDANA: SC's Proposed Rescue Scheme Approval Pending
-----------------------------------------------------------
Further to Aokam Perdana Berhad's announcement dated 2 June 2003
made pursuant to Paragraph 4.1(b) of PN 4, Aokam, as the
affected listed issuer as defined under Paragraph 2.1(a) of PN 4
due to deficit in the adjusted shareholders' equity on a
consolidated basis, wishes to announce that it had obtained
conditional approvals from the following regulatory authorities
on the Proposed Rescue Scheme and Proposed Employees Share
Option Scheme of Aokam:

   (i) Labuan Offshore Financial Services Authority via their
letter dated 20 January 2003

   (ii) Foreign Investment Committee via their letter dated 27
January 2003

   (iii) Bank Negara Malaysia via their letter dated 28 January
2003

   (iv) Ministry of International Trade and Industry via their
letter dated 13 February 2003

   (v) The High Court of Malaya had on 28 March 2003 granted an
order-in-terms (Order) for the relevant petitioners to convene
creditors' meeting pursuant to Section 176 (1) of the Companies
Act 1965 (the Act) and the relevant Restraining Order pursuant
to Section 176 (10) of the Act.

The approval from the Securities Commission is still pending.


BESCORP INDUSTRIES: May Default in Payment Hits RM56.277M
---------------------------------------------------------
As required by the Kuala Lumpur Stock Exchange Practice Note
1/2001, Bescorp Industries Berhad (Special Administrators
Appointed) provided an update on its default in payment, as
enclosed in http://bankrupt.com/misc/TCRAP_Bescorp0703.xls.

The default by BIB as at 31 May 2003 amounted to RM56,277,326.57
made up of a principal sum of RM32,220,139.42 plus
RM24,057,187.15 in interest for revolving credit facilities.

As at 31 May 2003, the remaining subsidiary companies of BIB,
namely Bescorp Construction Sdn Bhd (In Liquidation), Bescorp
Piling Sdn Bhd (In Liquidation), Bescorp Concrete Sdn Bhd (In
Liquidation), Bespile Sdn Bhd (In Liquidation), Farlil Sdn Bhd
(In Liquidation) and Waktu Cerah Sdn Bhd, defaulted on a total
sum of RM99,576,269.82 made up of a principal sum of
RM60,905,258.44 plus RM38,671,011.38 in interest for revolving
credit facilities, term loan, banker's acceptance, hire purchase
and lease facilities, and RM59,834,982.86 for overdraft
facilities.


BUKIT KATIL: Changes Registered Address
---------------------------------------
Bukit Katil Resources Berhad posted this notice:

Change description : Correspondence
Old address        : 9TH FLOOR, WISMA E & C, NO. 2, LORONG
                     DUNGUN KIRI, DAMANSARA HEIGHTS, 50490
                     KUALA LUMPUR
New address        : 53, JALAN 5/58, GASING INDAH, 46000
                     PETALING JAYA, SELANGOR DARUL EHSAN
Telephone no       : 03-77825215
Facsimile no       : 03-77851971
Effective date     : 01/07/2003

Remark             : The Company is shifting its office to the
new address as stated above with effect from 1 July 2003.

The Troubled Company Reporter - Asia Pacific reported on the
Company's borrowings in default as at 30 April 2003 with OCBC
Bank (Malaysia) Berhad. Details can be found at
http://bankrupt.com/misc/TCRAP_Bkatil0603.pdf.


CONSTRUCTION AND SUPPLIES: Corp Restructuring Agreement Halted
--------------------------------------------------------------
On 28 February 2002, CASH had made the "requisite announcement"
in accordance with Practice Note No 4/2001 (PN4) issued by the
Kuala Lumpur Stock Exchange (KLSE) whereby it had proposed
several proposals to regularize the financial condition of
Construction and Supplies House Berhad (CASH) (Proposals). CASH
had made the submissions in respect of the Proposals to both the
Securities Commission (SC) and Foreign Investment Committee
(FIC) on 26 August 2002. The Proposals collectively refers to
the following:

   ú Proposed members' scheme of arrangement involving Permata
Sentral Holdings Berhad (Newco) pursuant to Section 176 of the
Companies Act, 1965 (Act) (Proposed SOA) encompassing the
following:

     - Proposed share capital reduction and consolidation
pursuant to Section 64 of the Act (Proposed Share Capital
Reduction);

     - Proposed share premium reduction pursuant to Sections 60
and 64 of the Act (Proposed Share Premium Reduction);

     - Proposed Share Exchange;

   ú Proposed Rights Issue;

   ú Proposed Acquisition of Permata Sentral Sdn Bhd (PSSB)
(Proposed Acquisition);

   ú Proposed Debt Restructuring;

   ú Proposed listing of and quotation for the enlarged issued
and paid-up share capital of Newco (Proposed Listing of Newco);
and

   ú Proposed Waiver.

The SC had, via its letters dated 30 December 2002 and 6 March
2003, approved the Proposals, with conditions attached while the
FIC had, via its letter dated 18 November 2002 approved the
Proposals subject to the condition that Newco (the company
proposed to take over the listing status of CASH on the Main
Board of the KLSE) maintains at least 30% direct Bumiputera
equity at the time of its listing.

Under the Proposals, Newco will also be acquiring Permata
Sentral Sdn Bhd (PSSB), a company that will be principally
involved in the operations of resorts and hotels as well as a
time-share business. PSSB is a company controlled by Dato' Musa
bin Haji Sheikh Fadzir (Dato' Musa), the "white knight" for
CASH.

In view of certain external factors such as the recent outbreak
of the Severe Acute Respiratory Syndrome (SARS) and the attack
on Iraq, the overall economy has been affected to a certain
extent. In particular, the travel and hospitality industry has
been one of worst affected sectors. This is evidenced by various
statistics showing lower tourist arrivals and decrease in hotel
occupancy rates.

The above has also had a negative effect on the assets, which
are proposed to be acquired by PSSB (collectively referred to as
"the PSSB Assets"), which are all in the hospitality industry,
which is the most affected industry. In view of the above, the
operations of the PSSB Assets have been hampered by the decline
in tourist arrivals and their dependence on the travel industry.
The recent events have also affected PSSB's plans to implement
its proposed time-share scheme in a timely manner. With the
poorer prospects of the PSSB Assets, the injection of PSSB into
Newco may not be able to achieve its objective to restructure
CASH and to allow it to stand on a firmer financial footing.

Due to the foregoing reason, CASH and Dato' Musa had on 30 June
2003 mutually agreed to terminate the corporate restructuring
agreement dated 28 February 2002 entered into between the same
parties (Corporate Restructuring Agreement) which is the
integral agreement to record the understanding of the parties
for the Proposals. The mutual termination of the Corporate
Restructuring Agreement would mean that in effect, the Proposals
will be terminated.

Other than the Corporate Restructuring Agreement entered into
between CASH and Dato' Musa, there were several other agreements
entered into between various parties in connection with the
Proposals. Resulting from the termination of the Corporate
Restructuring Agreement, it is envisaged that a number of these
agreements will not be able to proceed as these are conditional
upon the completion of the Proposals. Such agreements are as
follows:

   (i) Debt restructuring agreement dated 1 April 2002 entered
into between CASH and Innosabah Securities Berhad (ISB) for the
restructuring of debts due by CASH to ISB;

   (ii) Subscription agreement dated 28 February 2002 entered
into between Dato' Musa and PSSB for Dato' Musa to subscribe for
new ordinary shares in PSSB; and

   (iii) Sale and purchase agreement dated 28 February 2002
entered into between PSSB and Aseania Resorts Berhad (ARB) for
the acquisition of Aseania Resort Langkawi by PSSB.

However, the various agreements entered into between PSSB and
the various vendors for the acquisitions of Blue Coral Resort
and Aseania Resort Pulau Besar (formerly known as Radin Resort)
and the various parcels of lands on which these two resorts are
situated on will proceed as these do not involve CASH and are
not conditional upon the completion of the Proposals.

The marketing agreement dated 23 January 2002 entered into
between ARB and Tanco Resorts Berhad (TRB), which was
subsequently assigned by ARB to PSSB via a supplemental
agreement dated 5 July 2002, for the marketing of PSSB's
proposed time-share scheme by TRB is also not conditional upon
the completion of the Proposals. The conditions precedent to
this marketing agreement have yet to be fully met to date.

With the termination of the Proposals, CASH would need to secure
a new "white knight" in order to regularize its financial
condition. To date, CASH has yet to secure any suitable
candidate as its new "white knight".

Appropriate announcements to update on the status of CASH will
be made as and when required to inform the KLSE on any further
developments, which may take place.


HOTLINE FURNITURE: In the Midst of Proposal Implementation
----------------------------------------------------------
The Board of Directors of Hotline Furniture Berhad wishes to
announce that the Company is in the midst of implementing the
Proposed Restructuring Scheme (Proposal) and finalizing the
Explanatory Statement and Circular for the Proposal to be
dispatched to the shareholders of HFB.

The Company had on 20 June 2003 appointed Messrs. Anuarul Azizan
Chew & Co. as the independent investigative auditors to carry
out an investigative audit on the losses of the HFB Group
pursuant to one of the conditions imposed by the Securities
Commission.


KAI PENG: KPE, KPV Disposal Completed
-------------------------------------
Kai Peng Berhad refers to an advertisement in The Malay Mail
dated 30 June 2003 with regards to Winding-up Petitions by
Weldcentre (M) Sdn Bhd served on Kai Peng Engineering Sdn Bhd
(KPE) and Kai Peng Vessels Sdn Bhd (KPV) and also a Winding-up
Petition served by Singmetal (M) Sdn Bhd on KPV.

Kai Peng Berhad also refers to the Company's announcement dated
20 March 2003 and 22 March 2003 in relation to the Disposal of
Kai Peng Engineering Sdn Bhd and Kai Peng Vessels Sdn Bhd.

The Board announced that the said disposal of KPE and KPV have
been completed on June 30, 2003. Therefore, KPE and KPV are no
longer subsidiaries of Kai Peng Berhad. As such, the Winding-up
Petitions will have no financial and operational effect on the
Kai Peng Group.


KUALA LUMPUR: Moratorium Period Extended Until June Next Yr
-----------------------------------------------------------
Kuala Lumpur Industries Holdings Berhad announced that the
moratorium under Section 41 of the Pengurusan Danaharta Nasional
Berhad Act, 1998 (the Act) which took effect from 30 June 2000
has been extended to 29 June 2004 pursuant to Section 41(3) of
the Act. During the period of the moratorium, no creditor may
take action against the Company except in accordance with
Section 41 of the Act.

The Troubled Company Reporter - Asia Pacific reported that the
Securities Commission (SC) has via its letter dated 5 May 2003
approved the revised proposal as announced on 24 March 2003. For
Revised Proposal details, refer to the Troubled Company Reporter
- Asia Pacific Thursday, May 08 2003, Vol. 6, No. 90 issue.


KRAMAT TIN: 74th AGM Scheduled on July 17
----------------------------------------
Please be advised that the 74th Annual General Meeting of Kramat
Tin Dredging Berhad will be held at the PNB Theatrette, 2nd
Floor, Menara PNB, 201-A, Jalan Tun Razak, 50400 Kuala Lumpur on
Thursday, 17 July 2003 at 10:00 a.m.

The notice of the above said meeting can be found at
http://bankrupt.com/misc/TCRAP_Kramat0703.jpg.

On May 8, the Troubled Company Reporter - Asia Pacific reported
the Company is currently continuing its efforts in identifying a
suitable new core business, the implementation of which will
enable KTD to ensure a level of operations that is adequate to
warrant continued trading and/or listing on the Official List.


MECHMAR CORP.: EGM Approves Proposed Disposal to Cartel Vista
--------------------------------------------------------------
The Board of Directors of Mechmar Corporation (Malaysia) Berhad
is pleased to inform that at the Extraordinary General Meeting
of the Company held on 30 June 2003 at The Auditorium of the
Company, No. 1, Jalan Perunding U1/17, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan
at 10.15 a.m., the following ordinary resolutions were duly
passed by the shareholders present at the said meeting:

That approval be and is hereby given for the Company to dispose
off:

   1) 100% shareholdings in Bells Properties Sdn Bhd comprising
of 2,563,225 ordinary shares of RM1.00 each for a total cash
consideration of Rm7,920,000;

   2) stock in trade of Handi-Mart (Malaysia) Sdn Bhd amounted
to RM1,134,000 as at 31 march 2003 (after due diligence) plus
goodwill of RM270,000 for a total cash consideration of
RM1,404,000; and

   3) assets of Handi-Mart (USJ) Sdn Bhd amounted to Rm546, 000
as at 31 march 2003 (after due diligence) for a total cash
consideration of RM546, 000

to Cartel Vista Sdn Bhd.

and that the Directors of the Company be and are hereby
empowered and authorized to do all acts, deeds and things as may
be necessary to give effect and complete the sales and purchase
agreement dated 24 February 2003 entered into between the
Company and the Purchaser in respect of the said Disposal.


MECHMAR CORPORATION: Provides Loan Under Default Report
-------------------------------------------------------
Mechmar Corporation (Malaysia) Berhad provided a report on loans
under default as at 30 June 2003. Details are at
http://bankrupt.com/misc/TCRAP_Mechmar0703.xls.

Another principal repayment of RM7M is due on 30 June 2003 on
the syndicated term loan of RM26M increasing the amount in
default to RM18M. Indulgence has been granted by the 6
syndicated lenders to extend repayment pending the disposal of
another piece of land identified under an agreed asset disposal
plan.

The rest of the loans in default are being repaid as per agreed
revised schedules.


NCK CORPORATION: Unit's Administrator Appointment Ends
------------------------------------------------------
Reference is made to the announcement on 6 February 2003 in
relation to the Proposed disposal of NCK Metal Sdn Bhd (Special
Administrators Appointed) (NCK Metal) to Oriental Castle Sdn Bhd
for a net cash consideration of  RM1,514,048 (Proposed Disposal
of NCK Metal).

On behalf of NCK Corporation Berhad (Special Administrators
Appointed), Alliance Merchant Bank Berhad, wishes to announce
the completion of the Proposed Disposal of NCK Metal on 30 June
2003. Accordingly, the appointment of the Special Administrators
in respect of NCK Metal is terminated by Pengurusan Danaharta
Nasional Berhad with effect from 30 June 2003.


REKAPACIFIC BHD: Restructuring Proposal Status Remains Unchanged
----------------------------------------------------------------
The Board of Directors of RekaPacific Berhad wishes to make the
following announcement in relation to the status of the
Restructuring Proposal (the Twenty Ninth Monthly Status
Announcement):

   1. There is no change to the status of the Restructuring
Proposal.

   2. In respect of the Notice of De-Listing dated 7 April 2003
(details as per the Company's announcement dated 5 February
2003), the developments are as follows:

     i) On 6 June 2003, the Company attended an Oral Hearing on
De-listing of Securities of the Company before the Listing Sub-
Committee of the Exchange (LSC); and

   ii) On 11 June 2003, the Company submitted its Additional
Representation to the LSC.

Currently, the outcome of the said de-listing remains pending
before the LSC.


SASHIP HOLDINGS: Posts Rejected Resolutions at 28th AGM
--------------------------------------------------------
At the 28th Annual General Meeting of Saship Holdings Berhad
(Special Administrators Appointed) held on June 30, 2003, all
the following resolutions tabled were not carried as the members
present unanimously voted against the resolutions.

Resolution No. 1

"To receive and adopt the Audited Financial Statements for the
year ended 31 December, 2002 together with the Directors' and
Auditors' Reports thereon."

Resolution No. 2

"To re-elect Brigadier General (R) Dato' Mohd Fahami Bin Hassain
who retires in accordance with Article 96(1) of the Company's
Articles of Association and being eligible, offers himself for
re-election."

Resolution No. 3

"To re-elect Tuan Haji Mohd Zaki Bin Hamzah who retires in
accordance with Article 96(1) of the Company's Articles of
Association and being eligible, offers himself for re-election."

Resolution No. 4

"To re-elect Datuk' Shuaib bin Hjaji Lazim who retires in
accordance with Article 96(1) of the Company's Articles of
Association and being eligible, offers himself for re-election."

The following resolutions tabled was not carried as a majority
of the members present voted against the resolution.

Resolution No. 5

"To re-appoint Messrs KPMG as Auditors of the Company and to
authorize the Directors to fix their remuneration."

The Board of Directors of SHB now comprise of the following:

   Name                                 Designation

1. Dato' Mohd Nor bin Abdul Wahid    Executive Chairman
2. Mr. Yoong Weng Yip Independent    Non-Executive Director
3. En Rusli bin Hj. Idris            Independent Non-Executive
                                     Director
4. En. Rahiman bin Bustaman          Independent Non-Executive
                                     Director
5. En. Mohd Zin bin Arif             Independent Non-Executive
                                     Director


SATERAS RESOURCES: Adviser Submits Regularization Plan
------------------------------------------------------
Further to the announcement made on 2nd June 2003, pursuant to
Paragraph 4.1b of the Practice Note No. 4/2001 in relation to
Paragraph 8.14 of the Listing Requirements.

The Board of Directors of Sateras Resources (Malaysia) Berhad
wishes to announce that in response to the Decision of the Kuala
Lumpur Stock Exchange in respect of de-listing procedures
commenced against Sateras, the Company had on 19th June 2003
forwarded written representation to the KLSE on its failure to
submit its regularization plan to the relevant authorities for
approval within the Extended Time Frame and why the Exchange
should not proceed to de-list the securities of the Company from
the official list of the KLSE for consideration of the Exchange.
The Listing Sub-Committee will meet to deliberate on whether or
not the securities of the Company should be de-listed from the
official list of the Exchange on 2nd July 2003.

Notwithstanding the meeting's outcome, the Company, via its
Adviser, Public Merchant Bank Berhad, has submitted its
regularization plan to Securities Commission, Foreign Investment
Committee and Ministry of International Trade and Industry for
approval.


SPORTMA CORPORATION: Issues Defaulted Payment Status Update
-----------------------------------------------------------
As required by the KLSE Practice Note 1/2001, Sportma
Corporation Berhad (Special Administrators Appointed) provided
an estimate of its default in payment as at 31 May 2003, as
attached in Appendix A at
http://bankrupt.com/misc/TCRAP_Sportma0703.xls.

The total default by Sportma on the principal sum plus interest
as at 31 May 2003 amounted to RM235,762,861.29. The default
payment is in respect of revolving credit facilities, trade
financing and overdraft utilized by Sportma.


SRI HARTAMAS: Moratorium Period Extended for a Year
---------------------------------------------------
The Special Administrators of Sri Hartamas Berhad (Special
Administrators Appointed) wish to announce that the moratorium
under Section 41 of the Act, which took effect from 16 June 2000
to 15 June 2003, has been extended to 15 June 2004.

The extension is pursuant to Section 41(3) of the Pengurusan
Danaharta Nasional Berhad Act, 1998. During the period of the
moratorium, no creditor may take action against the Company
except in accordance with Section 41 of the Act. All dealings
and enquiries may be directed to the Special Administrators.


SRI HARTAMAS: Releases June Financial Regularization Report
-----------------------------------------------------------
Sri Hartamas Berhad (Special Administrators Appointed) refers to
the Practice Note No. 4/2001 on the criteria and obligations
pursuant to paragraph 8.14 of the Listing Requirements. SHB set
out below the monthly report for the month of June 2003 for kind
attention:

On behalf of SHB, Commerce International Merchant Bankers Berhad
(CIMB) had on 3 June 2003 announced that SHB had entered into a
supplemental letter with FACB Resorts Berhad (FACB) and Hartamas
Group Sdn Bhd (HGB) on 30 May 2003 which serves to amend and
revise the terms of the reconstruction agreement dated 23 May
2001 as supplemented by the first supplemental reconstruction
agreement dated 20 March 2003.

On behalf of SHB, CIMB had also on 3 June 2003 announced that
the Securities Commission (SC) has via its letter dated 27 May
2003 granted its approval on the Proposed Waiver for the Concert
Parties from having to undertake the Mandatory Offer under
Practice Note 2.9.3 of the Malaysian Code on Take-overs and
Mergers 1998 (Code). Notwithstanding the above, the Proposed
Waiver for the proposals/exercises which represent future
obligations of the Concert Parties, namely the exercise of the
warrants of HGB (HGB Warrant) by the Concert Parties and/or the
exercise of the put option (Put Option) by the creditors of SHB
(SHB Creditors) to sell the HGB Shares to the Concert Parties,
would only be considered by the SC when the Concert Parties have
obtained approval from the non-interested shareholders of HGB in
accordance with the 'white-wash' procedures under Practice Note
2.9.1 of the Code. The said approval from the non-interested
shareholders of HGB, if any, is valid for the entire tenure of
the HGB Warrants or the Put Option.

On behalf of SHB, CIMB had on 24 June 2003 announced that FACB
has informed SHB that the resolution for the participation of
FACB in the Proposed Scheme of Arrangement as contained in the
Notice of Extraordinary General Meeting in the Circular to
Shareholders of FACB dated 9 June 2003, has been duly approved
by the shareholders of FACB at its Extraordinary General Meeting
held on 24 June 2003.

In this respect, the Special Administrators of SHB and the
management of FACB continue to take the necessary steps to
fulfill all the conditions relating to the Proposed Scheme of
Arrangement.


SRIWANI HOLDINGS: Investigative Audit Completion Time Extended
--------------------------------------------------------------
Sriwani Holdings Berhad refers to the announcement dated 5
November 2002 in relation to the Proposals, comprising:

   ú Proposed Capital Reduction and Consolidation;
   ú Proposed Restricted Issue;
   ú Proposed Rights Issue;
   ú Proposed Debt Restructuring Scheme;
   ú Proposed Assets Injection;
   ú Proposed Ma Sepang Debt Settlement; and
   ú Proposed Additional Issue.

On behalf of SHB, Commerce International Merchant Bankers Berhad
hereby announces that the Securities Commission has on 30 June
2003 approved an extension of time to 31 August 2003 for the
completion of the investigative audit.


TAP RESOURCES: Issues RM35.716M RCSLS to Banks
----------------------------------------------
Further to the announcement dated 25 June 2003 regarding the
Proposed Debt Restructuring, Proposed Profit Guarantee Waiver
and Proposed Rights Issue (Proposals).

The Board of Directors of TAP Resources Berhad wishes to
announce that pursuant to the Debt Restructuring of TAP,
RM35,716,932 nominal value 5% coupon redeemable convertible
secured loan stocks (RCSLS) has been issued to the following
banks on 30 June 2003:

   1) RM17,503,000 nominal value 5% coupon RCSLS to AmBank
Berhad (RCSLS-A);

   2) RM10,066,000 nominal value 5% coupon RCSLS to AmMerchant
Bank Berhad (RCSLS-B); and

   3) RM8,147,932 nominal value 5% coupon RCSLS to Hong Leong
Bank Berhad (RCSLS-C).

The Company also released its quarterly report for the year
2003. Go to http://bankrupt.com/misc/TCRAP_TAP0703.xlsto see
full copy of the said report.


TAT SANG: Restructuring Plan Temporarily On Hold
------------------------------------------------
Refer to the announcement dated 19 June 2003, the composition of
the Board of Directors would subject to change due to the notice
of Extraordinary General Meeting (EGM) scheduled to be held on
21 July 2003 called by two of the shareholders, namely Eventful
Venture Sdn. Bhd. and Mr. Soh Yaw Hian .

The Board of Directors of Tat Sang Holdings Berhad is seeking
for legal advise to confirm the validity of the notice and thus
the restructuring plan will temporarily on hold till the
composition of the Board of Directors are confirmed.


TIMBERMASTER INDUSTRIES: Meeting Audit Committee Requirements
-------------------------------------------------------------
In respect of paragraphs 15.10 (1) (a), (b), (c), 15.19 and
15.20 of the KLSE Listing Requirements, Timbermaster Industries
Berhad (Special Administrators Appointed) informed that it will
continue to make concerted efforts to secure new appointment(s)
to its Board of Directors and consequently, its Audit Committee
in order to comply with the same.

The Company has had much difficulty in securing suitably
qualified candidates for its positions of directorships, mainly
due to the negative market perception of TMIB being a
financially distressed company, which is classified as a PN4
company. Nevertheless, TMIB will endeavor to explore other
avenues in order to comply with the said audit committee
requirements.

Meanwhile, TMIB has written to the Exchange for a further
extension of time from 30 June 2003 to 31 October 2003 to comply
with the aforesaid requirements.


WOO HING: Director Ghafar Bin Baba Retires
------------------------------------------
Woo Hing Brothers (Malaya) Berhad posted this Change in
Boardroom Notice:

Date of change : 30/06/2003
Type of change : Retirement
Designation    : Director
Directorate    : Independent & Non Executive
Name           : Y.A.Bhg.Tun Abdul Ghafar Bin Baba
Age            : 78
Nationality    : Malaysian
Qualifications : Graduate of Maktab Perguruan Sultan Idris
                 Tanjung Malim

Working experience and occupation: Y. A. Bhg. Tun Abdul Ghafar
Bin Baba held numerous State and Cabinet appointments in the
Government throughout his long political career. His portfolio
of political duties included the post of Chief Minister of
Malacca and Minister of Land and Rural Development. He served as
Malaysia's Deputy Prime Minister for seven years from 1986 to
1993. Currently, he is the Member of Parliament of Batu Berendam
constituency in Malacca. He was appointed the Chairman of TH
Group Berhad in December 1993, subsequently, he resigned and was
reappointed independent Director and Non-Executive Chairman on
22 February 1999.

Directorship of public companies (if any) : TH Group Berhad

Last week, the Troubled Company Reporter - Asia Pacific reported
that revision to the Kamdar Proposals has been submitted to the
Special Administrators and Pengurusan Danaharta Nasional Berhad
for their consideration. Refer to the Troubled Company Reporter
- Asia Pacific Thursday, January 30, 2003, Vol. 6, No. 20 issue
for details of the Kamdar Proposals.


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


DIGITAL TELECOMMUNICATIONS: NEC Pursues US$237M Claim
-----------------------------------------------------
NEC Philippines Inc. will pursue its claim before the
international arbitration court against Gokongwei-owned Digital
Telecommunications Philippines Inc. (Digitel) for the payment of
US$237 million in unpaid equipment, the Philippine Star reports.

NEC is also demanding that JG Summit Holdings, Inc., parent
Company of Digitel, step into the shoes of its subsidiary and
settle 57 percent of the outstanding debt of Digitel to NEC,
which JG Summit has guaranteed. The arbitrators are scheduled to
meet in Singapore next month, possibly with the counsel from
both NEC and Digitel, to start hearings on the matter.


FIRST PHILIPPINE: Extends Debt Repayment Date to July 15
--------------------------------------------------------
Creditors of FGHC International Ltd., a unit of the Lopez-
controlled First Philippine Holdings Corp. (FPHC), agreed to
extend until July 15 the repayment date of some US$60 million
worth of debt, the Manila Times said on Wednesday. FPHC already
paid some US$15 million last month. FPHC said it sought the
extension to give it more time to raise sufficient funds by
means of dividends from relevant companies.

Apart from the sales proceeds, the Company is also anticipating
the US$35-million borrowings from Asian Infrastructure Mezzanine
Capital Fund (AIMCF) Ltd., which was executed through a note
purchase agreement for the issuance of term notes due 2011. FPHC
would also be settling 560 million pesos worth of long-term
commercial papers (LTCPs) due in November and December, and
short-term loans worth 220 million pesos.


FIRST PHILIPPINE: LTCP Rating Maintained at PRS Baa
---------------------------------------------------
Philippine Rating Services Corporation (PhilRatings) has
maintained its PRS Baa rating for First Philippine Holding
Corporation (FPHC)'s 800 million pesos in long-term commercial
papers, maturing starting November 2003 until January 2004. PRS
Baa is defined as "Neither highly protected nor poorly secured.
Interest payments and principal security appear adequate for the
present but certain elements may be lacking or
characteristically unreliable over any great length of time."

FPHC has managed to extend the maturity of FGHC International
Limited (FIL)'s outstanding USD 60 million facility, guaranteed
by FPHC. The new maturity will now be on July 15, 2003, extended
from June 30, 2003. The original maturity, however, was May 22,
2003.

With the extension, FPHC has disclosed that it partially paid
USD 15 million of the outstanding amount plus interest of about
USD 0.261M on June 30. This will leave a balance of USD 45
million under the facility. It is likewise working on the
documentation of a new financing facility, which will be used to
settle the existing loan. Adding to the Company's sources of
funds too will be proceeds from the sale of ownership interest
in Panay Power Corporation (PPC) by several companies under the
FPHC Group. From this asset sale, FPHC will receive about USD 20
million, as its share, considering its stakes in the companies
that sold their ownership in PPC.


FIRST PHILIPPINE: Unit Sells 50% Stake in PPC to Claredon
---------------------------------------------------------
In a disclosure to the Philippine Stock Exchange, First
Philippine Holdings Corporation power generation unit First
Generation Holdings Corporation sold on June 27 its 50 percent
ownership interest in Panay Power Corporation to Claredon Towers
Holdings, Inc. a wholly-owned subsidiary of First Metro
Investment Corporation for P1,164,500,000. PPC owns and operates
a 72 MW bunker diesel power plant in Barangay Ingore, Lapaz,
Iloilo Likewise, First Private Power Corporation which is 40
percent owned by First Gen, sold its 20 percent ownership stake
in PPC to Claredon Towers for P465,800,000.

Panay Electric Company (PECO), the power distribution Company
operating in Iloilo, also informed FPHC that it sold its 30
percent in PPC for P698,700,000 thus completing the acquisition
by Claredon Towers of the interest of the shareholders of PPC
for the total amount of P2,329,000,000. FPHC holds a 30 percent
stake in PECO.


PHILIPPINE SEVEN: Expects Turnaround This Year
----------------------------------------------
After three consecutive years of losses, Philippine Seven
Corporation is now expecting a net income of 30 million pesos
(US$560,517) by the end of 2003. The Company is even targeting
to open 32 new stores this year, bringing to 200 the total
number of its 7-Eleven stores, Business World reported on
Monday, citing Philippine Seven President Yeong-Hsiang Yeh. This
would represent a turnaround from last year's net loss of
PhP38.8 million. Chairman Vicente T. Paterno said the Company is
still on track to meet its targets, as it hopes to break even by
the first half of the year.


MANILA ELECTRIC: Tax Rebate Needs BIR Action
--------------------------------------------
The Bureau of Internal Revenue (BIR) is set to meet with the
Manila Electric Co. (Meralco) this week to discuss Meralco's
demand for a 9 billion pesos tax rebate and to determine if
there is any legal basis for Meralco's claims, the Manila Times
reports, citing Finance Secretary Jose Isidro N. Camacho.

Meralco has been ordered by the Supreme Court to refund its
customers some 29 billion pesos for surcharges covering February
1994 to May 2003. Meralco officials argued that the refund
effectively wiped out Meralco's profit for those years.  The
government should, therefore, return previous income tax
payments that Meralco made during the period, the Company said.
Last week, Meralco authorized its legal department to prepare
the 9 billion pesos tax claim. The government owns about 25
percent of Meralco.


NATIONAL POWER: Government Starts Selling US$500M Bonds
-------------------------------------------------------
The Philippine government has officially put on sale at least
US$500-million worth of sovereign bonds to cover the National
Power Corp. (Napocor)'s operations and pay part of its debts
this year, the Manila Times reports. The Department of Finance
announced that the government had appointed Citigroup Global
Markets, Deutsche Bank Securities and JPMorgan as its
"bookrunners" for the sovereign bond float for Napocor. Napocor
needs at least US$1.2 billion this year to cover its capital
expenditures and service its debts. It has already raised US$200
million on its own.


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


ADROIT INNOVATIONS: Voluntarily Winds Up Units
----------------------------------------------
The Board of Directors of Adroit Innovations Limited announced
that Adroit Innovations Philippines, Inc. AIP, a wholly owned
subsidiary of the Company, has commenced member's voluntary
liquidation. The liquidation of AIP is part of the ongoing
rationalization of the operations of AIL's group of companies.

As part of the rationalization, the Company will also commence
the voluntary winding up of its wholly owned subsidiary in Hong
Kong, Adroit Innovations (HK) Limited AIHK, which is a dormant
Company.

The voluntary winding up of AIP and AIHK are not expected to
have any material impact on the consolidated net tangible assets
of the Group for the financial year ended 30 June 2003 or
earnings per share of the Company.


SEATOWN CORPORATION: Unit Receives Court Order
----------------------------------------------
The Board of Directors of Seatown Corporation announced that
Fermold Pte Ltd, its 70 percent - owned subsidiary, has on 13
June 2003 obtained an Order of Court staying certain proceedings
against it under section 210(10) of the Companies Act, Cap. 50
of the Singapore Statutes, save for DC Suit No. 1145/2003C. The
Order of Court was obtained in connection with proceedings
commenced by certain creditors of Fermold Pte Ltd. DC Suit No.
1145/2003C represented a suit taken by Ann Aik Pte Ltd against
Fermold Pte Ltd for an amount of S$125,595 for goods delivered
which are in dispute.


VAN DER HORST: Directors Resign From Board
------------------------------------------
The Board of Directors announced that the following directors
have resigned from the board of directors of the Company and the
Audit Committee of the Company with effect from 1 July 2003:

1. Lee Lee King;
2. Hamish Alexander Christie; and
3. Nga Seg Min

The Judicial Managers of Van der Horst Ltd (Under Judicial
Management) announced that at the Extraordinary General Meeting
(EGM) of the Company held on 30 June 2003, all resolutions
relating to matters set out in the Notice of the meeting were
duly passed, TCR-AP reported recently.

Pursuant to an order of Court dated 28 March 2003, the judicial
management order in relation to the Company will remain in force
until 30 June 2003. Therefore, the appointment of the Judicial
Managers will terminate at midnight on 30 June 2003.


* ENRON: Asia Pacific's Case Summary & 18 Unsecured Creditors
-------------------------------------------------------------
Debtor: Enron Asia Pacific/Africa/China LLC
1400 Smith Street
Houston, Texas 77002

Bankruptcy Case No.: 03-14225

Type of Business: The Debtor is an affiliate of Enron Corp.

Chapter 11 Petition Date: June 27, 2003

Court: Southern District of New York (Manhattan)

Judge: Arthur J. Gonzalez

Debtors' Counsel: Brian S. Rosen, Esq.
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Tel: 212-310-8602
Fax : 212-310-8007

Estimated Assets: More than $100 Million

Estimated Debts: More than $100 Million

Debtor's 18 Largest Unsecured Creditors:

Entity Nature Of Claim Claim Amount
------ --------------- ------------
Mitsui Fudosan Jutaku Trade Debt $36,158
Lease Co. Ltd.

Milbank, Tweed, Hadley Legal Fees $29,344
& Mccloy

Hunter & Hunter Legal Fees $10,837

Proact Technologies Corp Trade Debt $8,000

Ken Corporation KK Trade Debt $6,327

Japan Translation Trade Debt $3,246

Officeteam Trade Debt $2,432

AT&T Trade Debt $1,161

Eastman Kodak Company 2074 Trade Debt $779

Asap Software Express, Inc. Trade Debt $731

Zhang Wei 6666 Trade Debt $642

Skytel Trade Debt $348

Carey Sloan 4812 Trade Debt $313

Houston Chronicle 801 Trade Debt $253

Vinson & Elkins L.L.P. Legal Fees $225

Intl Medicine Center Trade Debt $220

Fs Language Services Inc Trade Debt $204

Federal Express Trade Debt $23
Corporation Post

(TCR-Reporter - Vol. No.6, Issue No. 129, July 2, 2003)


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


BANGCHAK PETROLEUM: Hires New Director as Bunsumpun Replacement
---------------------------------------------------------------
The Bangchak Petroleum Public Company Limited (BCP) previously
announced that Mr. Prasert Bunsumpun has resigned his
directorship from the Board of Directors effective from June 26,
2003 onwards.

In view to the above, the Board of Directors Meeting No.7/2003
held on June 27, 2003 has passed a resolution to approve the
appointment of Mr. Apisit Rujikeatkamjorn to be the Company's
Director, filling in the vacancy, with effective date from June
27, 2003 onwards.

Early last month, the Troubled Company Reporter - Asia Pacific
reported that the Local state-run commercial banks Krung Thai
Bank Plc and Government Savings Bank were expected to grant
Bangchak Petroleum Plc a Bt3.6 billion- loan to cover the three-
year debentures, which matured on June 21, 2003.


HEMARAJ LAND: Purchases Convertible Bonds
-----------------------------------------
Hemaraj Land and Development Public Company Limited refers to
the issuance of the Convertible Bonds due 9th September 2003 in
the amount of 60,000 units at the face value of USD 1,000 per
unit, totaling US$60,000,000 at the interest rate of 3.5 percent
issued on 9th September, 1993 to the Company and its
subsidiaries had made an offer to purchase the Bonds from
existing  bondholders.

As a result of such offer, the Company and its subsidiaries have
purchased 14,900 units of the Bonds and these purchased Bonds
have been cancelled. The reduction in liabilities from this
purchase on June 30, 2003 will be approximately Bt896.95
million. Total Gains from the transaction would be approximately
Bt577.79 million.

As of June 30, 2003, there are 8,326 units of outstanding Bonds.


SINO-THAI ENGINEERING: SET Grants Listed Securities
---------------------------------------------------
Starting from July 3, 2003, the Stock Exchange of Thailand
(SET) allows the securities of Sino-Thai Engineering and
Construction Public Co.,Ltd. (STECON) to be traded on the SET
after finishing capital increase procedures.

   Name                      : STECON
   Paid up Capital
                         Old : 850,000,000 Baht
                              (810,000,000 common shares/
                               40,000,000 preferred shares)
                         New : 906,196,640 Baht
                              (866,196,640 common shares/
                               40,000,000 preferred shares)
   Par Value                 : 1 Baht/share
   Allocate to               : Warrant holders 5,619,664 units
                               exercise to subscribe 56,196,640
                               common shares
   Exercise Ratio            : 1 warrant to 10 common shares
   Exercise Price Per Share  : 1 Baht
   Exercise date             : May 30, 2003

The Troubled Company Reporter - Asia Pacific reported on May 12
that the company's prepaid outstanding loan principal under the
restructuring agreements totals Bt100 million in this
quarter. The prepayment caused a Bt8.27 million reduction
in the amount of the interest to be paid on the loans in
the future as recorded by the company.


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 2003.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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